- Capital ratios and tangible book value per share increased linked quarter driven by improved profitability and strategic balance sheet repositioning.
- Consumer loan balances decreased by $41 million due to strategic run down of indirect auto portfolio; residential mortgage lending modestly grew.
- Credit quality remained strong with substandard loans at 1.29%, nonperforming loans at 54 basis points, and net charge-offs near $254,000 or 2 basis points for the quarter.
- Horizon Bancorp reported strong second quarter 2025 earnings driven by core community banking franchise strength, significant net interest margin expansion, low net charge-offs of 2 basis points annualized, and improved ROAA and ROATCE metrics.
- Loan growth was solid with net loans held for investment growing $75.5 million or 1.5% in the quarter and 6.2% annualized, led by commercial loans growth of $117 million (14.8% quarterly growth).
- Net interest margin increased by 19 basis points to 3.23%, including 7 basis points of outsized interest recoveries; excluding recoveries, margin expanded driven by improved asset and liability mix and disciplined pricing.
- Noninterest income was stable with seasonal strength in interchange fees and mortgage gain on sale; expenses were well managed at $39.4 million, with full year expense outlook now approximately flat versus 2024.
- Reported earnings per share grew by 58% for the first six months of 2025 compared to the prior year.
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- Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
- Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
- Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
- Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
- Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
- Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
- Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
- Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
- The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.
- Adjusted EBITDAre for the quarter was $38.9 million.
- Braemar Hotels & Resorts reported a net loss attributed to common stockholders of $16 million or $0.24 per diluted share for Q2 2025.
- Comparable hotel EBITDA grew 3.7% to $47.8 million with slightly stronger margins.
- Comparable RevPAR increased by 1.5% to $318, marking the third consecutive quarter of growth.
- Comparable total hotel revenue increased by 3.3% over the prior year period.
- Food and beverage revenue increased 6.6%, contributing to margin improvement of 11 basis points.
- Quarterly common stock dividend declared at $0.05 per share, equating to an annual yield of approximately 9.1%.
- Resort portfolio RevPAR increased 1.6% to $464 with a 6.9% increase in hotel EBITDA to $25.7 million.
- Urban hotels delivered 0.5% comparable RevPAR growth with notable revenue growth at the Clancy in San Francisco (+14%).
- Capital returned to shareholders totaled $650 million year-to-date, including $150 million in dividends and $500 million in share repurchases, with plans to repurchase shares toward the upper end of the $500 million to $1 billion range for 2025.
- Closed Block segment earnings declined significantly to $3.9 million from $24.4 million due to unfavorable Long-Term Care (LTC) benefits experience, with the LTC net premium ratio rising to 94.9%.
- Colonial Life segment increased adjusted operating income slightly to $117.4 million from $116.9 million, with premium growth of 3.6% and a benefit ratio of 48.3%, producing an ROE of 18.6%.
- Core operations premium growth was 4.6% in the quarter, driven by strong persistency and natural growth within the in-force block, keeping the company on track for its full year premium growth outlook of 3% to 6%.
- Group disability benefit ratio was 62.2%, higher than the prior year due to lower recoveries but still within the low 60s expected range, with a robust ROE in excess of 25%.
- Group life and AD&D benefit ratio increased to 69.7% from 65.4%, driven by higher average claim size, consistent with expectations of around 70%.
- Holding company cash ended the quarter at $2 billion with a risk-based capital ratio of approximately 485%, well above targets.
- International segment showed solid premium growth of 12% on a constant currency basis, with adjusted operating income slightly down to $41.6 million from $42.5 million, impacted by inflation differences.
- Investment income from alternative assets yielded 7% annualized, slightly below the long-term target of 8% to 10%, with total alternative invested assets valued at $1.5 billion.
- Unum Group reported second quarter 2025 adjusted after-tax operating income per share of $2.07, down from $2.16 in the same period last year, reflecting earnings pressure mainly from claims experience in group products and the Closed Block.
- Unum U.S. supplemental and voluntary lines saw adjusted operating income increase to $123.2 million from $115.2 million, with a benefit ratio of 44.3%, improved from 45.1% due to favorable benefits experience.
- Asset Servicing fees increased 6% year-over-year to $692 million, with assets under custody and administration reaching $16.9 trillion, up 9% year-over-year.
- Capital ratios remained strong with a common equity Tier 1 ratio of 12.2% and Tier 1 leverage ratio of 7.6%.
- Expenses increased 4.8% year-over-year excluding notable items, the lowest rate of growth in six quarters.
- Net interest income on an FTE basis was a record $615 million, up 7% sequentially and 16% year-over-year.
- Northern Trust reported second quarter net income of $421 million, earnings per share of $2.13, and a return on average common equity of 14.2%.
- Provision for credit losses increased to $16.5 million, mainly due to reserves for a small number of nonperforming loans, expected to normalize in future quarters.
- Returned $486 million to shareholders through dividends and share repurchases, reflecting a payout ratio of 117%.
- Revenue grew 8% year-over-year excluding notables, with trust, investment and other servicing fees totaling $1.2 billion, a 6% increase compared to last year.
- Wealth Management assets under management were $469 billion, up 12% year-over-year, with pretax profit increasing 18% over the prior year period.
- Blue Owl Capital reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for Q2 2025.
- Direct lending portfolio gross returns were 3% in Q2 and 13.5% over the last 12 months; alternative credit gross returns were 2% in Q2 and 15.7% over last 12 months.
- Equity fundraising hit a record with over $12 billion raised in Q2 and over $36 billion over the last 12 months, nearly 90% increase from prior year.
- FRE margin guidance for the year is 57% to 58%, with Q2 printing at 57%.
- Management fees increased by 32% over the last 12 months, with 87% from permanent capital vehicles.
- Net lease gross returns were 4.1% for Q2; real estate credit investments yielded 8.1% yield to maturity and 11.1% debt yield.
- The company declared a dividend of $0.225 per share for Q2 payable on August 28 to holders of record as of August 14.
- The company maintained strong credit quality with average annual realized losses at 13 basis points in direct lending.
- The listing of the technology-focused BDC, OTF, contributed approximately $6 million in incremental management fees in Q2.
- Year-over-year on a last 12 months basis, FRE revenues grew by 29%, FRE by 23%, and DE by 20%.
Dafinchi