Dafinchi AI

Granite Point Mortgage Trust Inc.

GPMT

Financial Services

1w

Portfolio De-Risking and Asset Resolutions

Significant reduction in risk-rated 5 loans from 7 to 2, with Louisville student housing loan resolved at over $3 million above carrying value.
Resolution of two nonaccrual loans totaling $132 million, including a $21 million write-off for a Phoenix office property and a $15 million write-off for a Minneapolis hotel.
Remaining 2 risk-rated 5 loans with a total UPB of $173 million, with ongoing resolution efforts for office and hotel assets.
Sale of Phoenix office REO property at $16.7 million, generating a small gain, with two REO properties remaining.
Active leasing and redevelopment efforts at Miami Beach office property, with positive leasing trends and ongoing negotiations.

Granite Point Mortgage Trust Inc.

GPMT

Financial Services

1w

Financial Performance Summary

Book value per common share declined by about $0.25 to $7.99, partially offset by accretive share buybacks estimated to add $0.15 per share.
CECL reserve declined by $25 million to $155 million, driven by $36 million of write-offs partially offset by an $11 million provision increase.
Distributable loss for the quarter was $45.3 million or negative $0.94 per basic common share, including $36.1 million of write-offs related to nonaccrual loan resolutions.
Provision for credit losses was $11 million or negative $0.23 per basic common share due to a less favorable macroeconomic forecast in the CECL model.
Reported a GAAP net loss attributable to common stockholders of $17 million or negative $0.35 per basic common share in Q2 2025.
Total leverage decreased slightly to 2.1x, with unrestricted cash of about $85 million at quarter end.

Eagle Bancorp, Inc.

EGBN

Financial Services

3w

Proactive Resolution of Challenged Office Loans and Structural Industry Changes

The company is actively addressing long-term, structural issues in the office sector, including valuation pressures and nonperforming loans.
Significant provisioning was made, with a 31.2% reserve for substandard office loans and an 11.5% coverage ratio.
Progress includes restructuring a large nonaccrual office loan into an AB note, with some loans moved to 'held for sale' and an expected sale closing in Q3.
Management emphasizes that these are deliberate, strategic steps to normalize provisioning and mitigate long-term risks.

MidWestOne Financial Group, Inc.

MOFG

Financial Services

3w

Isolated CRE Credit Event and Asset Resolution

A $24 million nonowner-occupied office loan in Twin Cities moved to nonaccrual, with receiver appointed and resolution actions underway.
The loan was originated in June 2022, with 85% occupancy, but faced rollover risk in 2025, potentially dropping to 65%.
The bank has taken legal control and expects to reflect a charge-off in Q3 after detailed asset evaluation.
Other large CRE assets include a $12 million downtown Minneapolis property with good cash flow and an $8.2 million substandard asset supported by a sponsor.

TPG RE Finance Trust, Inc.

TRTX

Financial Services

2w

Financial Performance Summary

Book value per common share was $11.20, slightly up from $11.19 in the previous quarter.
Debt-to-equity ratio increased modestly to 2.6x from 2.2x to support loan growth.
Liquidity at quarter end was $236.4 million, including $165.9 million cash and $66.1 million undrawn credit capacity.
Loan portfolio grew by 15% in Q2 2025, with a 100% performing loan book and no 5-rated loans, only 2 rated 4.
Repurchased 1.7 million common shares for $12.5 million, generating $0.08 per share of book value accretion.
Sold 2 REO properties at a combined GAAP gain of $7 million, reducing REO exposure to about 5% of total assets.
TRTX reported GAAP net income of $16.9 million or $0.21 per common share and distributable earnings of $0.24 per common share, covering the quarterly dividend of $0.24 per share.
Weighted average credit spread on new loans was 2.86%.

Piedmont Office Realty Trust, Inc.

PDM

Financial Services

2w

Record Leasing Activity and Market Rebound in 2025

Q2 leasing totaled 712,000 sq ft, the most since 2018, with over 1 million sq ft year-to-date.
Approximately 2/3 of leasing activity involved new tenants, including full-floor deals.
Leasing momentum has driven lease percentage up 140 basis points YoY to 88.7%, approaching the 89-90% target for year-end.
Out-of-service portfolio (Minneapolis, Orlando) is performing well, with leasing approaching 60%, expected to stabilize by end of 2026.
Rental rates for trophy offices and new construction hit record highs, with asking rents at $92/sq ft, up 27% YoY, driven by limited new supply and high construction costs.

Piedmont Office Realty Trust, Inc.

PDM

Financial Services

2w

Financial Performance Summary

AFFO generated during Q2 2025 was approximately $16 million.
Core FFO per diluted share for Q2 2025 was $0.36 versus $0.37 in Q2 2024, with a $0.01 decrease due to higher net interest expense from refinancing activity.
No final debt maturities until 2028 and $450 million available under revolving credit line.
Portfolio trading at roughly $200 per square foot valuation with an implied yield on cost after CapEx of more than 10%.
Repurchased approximately $68 million of 9.25% bonds, recognizing a $7.5 million loss on early extinguishment of debt but expected to save $7.5 million in total interest over 3 years.
Sale of three nonstrategic projects and downtime from lease expirations offset growth from higher economic occupancy and rental rate growth.

SL Green Realty Corp.

SLG

Financial Services

4w

Financial Performance Summary

Closed over $500 million of fund commitments in Q2, totaling over $1 billion to date, providing over $2 billion in combined liquidity and fund availability.
Discounted debt extinguishment gains are maintained at $20 million in guidance, with potential for higher gains from debt purchases at 1552-1560 Broadway.
Earnings guidance was raised by $0.40 per share at the midpoint, reflecting substantial increased profit.
Interest expense is trending about $0.10 per share above expectations due to timing of asset sales and debt payoff delays.
NOI is trending slightly better than original expectations, offset by some underperformance at SUMMIT due to temporary closure of a premium experience.
Sale of 50% participation interest in preferred equity position at 625 Madison Avenue generated significant liquidity.
SL Green concluded over 540,000 square feet of leasing in Q2 2025, bringing year-to-date leasing to 1.3 million square feet, with a pipeline of over 1 million square feet for near-term execution.
The company realized nearly $90 million profit on a $130 million investment in 522 Fifth Avenue mortgage position within a year.

Starwood Property Trust, Inc.

STWD

Financial Services

1w

Financial Performance Summary

Commercial lending loan portfolio grew by $946 million to $15.5 billion, with $1.9 billion in loan originations and $1.3 billion funded during the quarter.
Liquidity stood at $1.1 billion post-quarter with $9.3 billion of credit availability and an adjusted debt to undepreciated equity ratio of 2.5x.
Starwood Property Trust reported distributable earnings (DE) of $151 million or $0.43 per share for Q2 2025, with GAAP net income at $130 million or $0.38 per share.
The company committed $3.2 billion towards new investments in the quarter, including $1.9 billion in commercial lending and $700 million in infrastructure lending, surpassing the full year 2024 capital deployment with $5.5 billion in the first half of 2025.
The infrastructure lending portfolio reached a record $3.1 billion with $642 million funded in the quarter and repayments of $288 million.
The Property segment contributed $17 million of DE, driven by the Woodstar affordable multifamily portfolio with partial impact from new HUD rent increases.

Alexandria Real Estate Equities, Inc.

ARE

Financial Services

3w

Financial Performance Summary

FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
Other income averaged about $20 million per quarter, consistent with recent history.
Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.