FAD was $0.33 per share, a $0.04 sequential increase, representing a 96% payout ratio, a significant improvement from the first quarter.
Net debt to adjusted EBITDA sits at 6x, with expectations to decrease into the mid-5x area by year-end.
Normalized FFO was $0.41 per share, a $0.02 sequential increase, and up nearly 7% year-over-year, driven by strong occupancy gains, disciplined cost management, and a decrease in share count.
Same-store occupancy was 90%, a 40 basis point sequential increase, with same-store NOI growth of 5.1%, a 280 basis point sequential increase, the highest in 9 years.
The company completed a successful renewal of its revolver, extended the tenor of term loans, and raised 2025 normalized FFO per share guidance to $1.57 to $1.61.
Year-to-date asset sales increased to $211 million at a blended 6.2% cap rate, with over $700 million of additional assets under contract or LOI.
Adjusted EBITDAC increased 24.5% to $308 million, with margin expansion of 50 basis points to 36.1%.
GAAP interest expense is expected to be approximately $223 million in 2025, with $57 million in Q3.
M&A remains a top priority with net leverage at 3.5x, and the company is willing to temporarily exceed comfort levels for strategic acquisitions.
Ryan Specialty Holdings reported total revenue growth of 23% in Q2 2025 to $855 million, driven by 7.1% organic growth and 13 percentage points from M&A.
The adjusted effective tax rate was 26%, expected to remain similar for the rest of 2025.
Adjusted operating expenses plus stock-based compensation increased only 6% year-over-year, leading to 56% adjusted EBITDA margins and 81% incremental adjusted EBITDA margins.
Assets under custody doubled year-over-year to more than $0.25 trillion, with average assets per funded customer surpassing $10,000 for the first time.
Bitstamp acquisition closed, adding a growing institutional business and over 600,000 international customers.
Earnings per share doubled from a year ago.
Interest-earning assets increased over 50%, driven by cash sweep, margin, and securities lending activities, with Gold cash sweep balances crossing $30 billion.
Net deposits remained strong with the third highest quarter ever, exceeding $10 billion for six consecutive quarters and continuing momentum into July with around $6 billion in net deposits.
Retirement assets exceeded $20 billion, more than doubling in the past year.
Revenue grew 45% year-over-year to nearly $1 billion in Q2 2025, driven by strong business growth and record trading volumes across equities, options, prediction markets, index options, and futures.
Robinhood Gold subscribers reached a record 3.5 million, representing 13% adoption overall and over 35% adoption among new customers in Q2.
Robinhood Strategies grew to over 100,000 funded customers and $0.5 billion in assets shortly after launch.
Dafinchi