- Annualized base rent grew more than 10% year-over-year, reflecting strong tenant performance and portfolio health.
- Fixed charge coverage ratio was strong at 3.8x for the quarter.
- Net debt-to-EBITDA ratio stood at 5.1x (or 4.6x including unsettled forward equity), within target leverage range.
- Occupancy remained exceptionally high at 99.8% excluding active redevelopment sites.
- Quarterly AFFO per share increased by 5.1% compared to Q3 2024, reaching $0.62.
- Weighted average debt maturity lengthened to 4.8 years with no maturities until 2028.
- Weighted average lease term extended to 9.9 years, supporting long-term income stability.
- Year-to-date AFFO per share for the first nine months was $1.80, a 3.5% increase over the prior year.
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- Book value per share increased quarter-over-quarter to $13.49.
- Combined cash and unencumbered assets increased to about $920 million, more than 50% of total equity.
- Ellington Financial reported GAAP net income of $0.45 per share and adjusted distributable earnings (ADE) of $0.47 per share in Q2 2025.
- Leverage ratios remained stable with recourse debt-to-equity at 1.7:1 and overall debt-to-equity at 8.7:1 including securitizations.
- Longbridge segment contributed $0.13 per share to ADE, driven by strong origination volumes, securitization gains, and servicing income.
- Net interest margin (NIM) on the credit portfolio increased by 21 basis points, while the NIM on Agency decreased by 17 basis points.
- Portfolio size remained roughly unchanged quarter-over-quarter with growth in mortgage loan portfolios offset by securitizations and tactical sales.
- The company achieved an annualized economic return of nearly 14% and a total economic return of 3.3% for the quarter (non-annualized).
- Average cost of debt on core portfolio was SOFR plus 2.3%.
- Book value ended the quarter at $14.82 per fully converted share.
- Distributable earnings were $29 million or $0.27 per fully converted share.
- FBRT delivered economic returns of 6.6% over 12 months and 11.9% over 24 months, placing it at the top of its peer group.
- FBRT reported GAAP earnings of $24.4 million or $0.21 per fully converted common share for Q2 2025.
- Net leverage position was 2.2x with recourse leverage at 0.3x.
- NewPoint acquisition expected to contribute GAAP net income between $23 million and $27 million and distributable earnings between $13 million and $17 million for 2025.
- NewPoint's MSR portfolio valued at approximately $217 million with an implied life of 6.8 years.
- The Board maintained the Q2 dividend at $0.355 per share.
- FFO decreased to $0.37 per share and AFFO decreased to $54.5 million.
- G&A expenses remain low at approximately 4.9% of revenue.
- Revenue increased by 2.7% compared to Q2 2024.
- Same-property cash NOI declined by 1.1%, impacted by a large property tax refund in the prior year; excluding refunds, NOI was slightly positive.
- Plymouth commenced over 1.4 million square feet of leasing in Q2, bringing the year-to-date total to nearly 6 million square feet.
- Leasing activity is broad-based, with particular strength among life manufacturing users seeking long-term commitments.
- Management highlighted ongoing lease renewals and expansions, with a focus on large spaces and tenant retention, supporting occupancy near 96.5% by year-end.
- Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
- Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
- Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
- Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
- Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
- Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
- Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
- Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
- Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
- Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.
- Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
- FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
- Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
- Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
- Liquidity remains robust at over $2.2 billion, including $228 million in cash.
- Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
- Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
- The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
- Brokerage segment revenue growth was 17%, organic growth 5.3%, adjusted EBITDAC margin expanded 334 basis points to 36.4%.
- Completed 9 mergers in Q2 representing $290 million of estimated annualized revenue.
- For combined Brokerage and Risk Management segments, posted 16% revenue growth, 5.4% organic growth, net earnings margin of 17.3%, adjusted EBITDAC margin of 34.5% up 307 basis points YoY, adjusted EBITDAC growth of 26%.
- GAAP earnings per share of $2.11 and adjusted earnings per share of $2.95.
- Reinsurance, wholesale and specialty businesses delivered nearly 7% organic growth, including 5% from Gallagher Re and over 7% from wholesale and specialty.
- Retail operations delivered 4% organic growth; U.S. organic 5%, international operations around 3%.
- Risk Management segment revenue growth was 9%, organic growth 6.2%, adjusted EBITDAC margin was 21%, better than June expectations.
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