The investment is positioned to be accretive to AFFO and provides a right of first offer on future IQHQ asset sales, creating potential pipeline opportunities.
The timing aligns with a period of high fundraising in the life science sector, which is on track to be the highest since 2021, indicating strong investor confidence.
Funding will be sourced from cash on hand, credit draws, and future financing, with the investment sitting senior in IQHQ's capital stack, ahead of $4 billion in equity raised.
Brighthouse Financial reported second quarter 2025 adjusted earnings of $198 million or $3.43 per share, down from $245 million in Q1 2025 and $346 million in Q2 2024.
Corporate expenses were $202 million pretax, down from $239 million in Q1 2025 but slightly higher than $200 million in Q2 2024.
Estimated combined risk-based capital (RBC) ratio was between 405% and 425%, within the target range of 400% to 450%.
Holding company liquid assets exceeded $900 million as of June 30, 2025.
Life insurance sales reached $33 million in Q2, contributing to a record $69 million year-to-date, up 21% year-over-year.
Total annuity sales increased 16% sequentially to $2.6 billion, with Shield sales contributing $1.9 billion and fixed annuities $500 million.
Record Capital Raising and Growth in Fee-Related Earnings (FRE) and Distributable Earnings (DE)
Blue Owl raised $14 billion in new capital during Q2 2025, totaling $55 billion over the last 12 months, representing 28% growth in assets under management.
FRE increased by 29%, DE by 20%, and FRE by 23% year-over-year, supported by a substantial permanent capital base.
Management emphasized the momentum driven by fundraising and deployment, with strategic initiatives contributing to growth.
Dafinchi