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Independence Realty Trust, Inc.

IRT

2025 Q2

Financial Services

2mo

Financial Performance Summary

Average occupancy increased by 10 basis points, average effective monthly rents increased by 90 basis points, and bad debt improved by 20 basis points compared to the prior year.
Core FFO per share was $0.28 in Q2 2025, up from $0.27 in Q1 2025.
Noncontrollable expenses declined by 3%, including an 18% reduction in property insurance premiums.
Renewal rate increases of 3.9% and 58% retention supported 70 basis points of blended rent growth in the quarter.
Same-store NOI grew 2% in the quarter, driven by a 1% increase in same-store revenue and a 60 basis point decrease in operating expenses.
Same-store operating expenses decreased 60 basis points over the prior year quarter, fully offsetting softer revenue growth.
Second quarter same-store NOI and core FFO per share results were in line with expectations, with same-store revenues increasing 1% over the prior year.
Three wholly-owned communities were classified as held for sale during the quarter, and a $10.4 million gain from a JV property sale will be recorded in Q3 but excluded from core FFO.

RLI Corp.

RLI

2025 Q2

Financial Services

3mo

Financial Performance Summary

Book value per share increased 16% year-to-date, inclusive of dividends, on an 82% combined ratio and double-digit net investment income growth.
Casualty and Surety segments posted 7% premium growth each, with Casualty combined ratio at 96.5% and Surety at 87.9%.
Net earnings on a GAAP basis were $1.34 per share versus $0.89 in Q2 2024, influenced by $44 million unrealized equity gains this quarter compared to $4 million last year.
Operating cash flow for Q2 was $175 million, up $33 million from last year, with a 2.9% total return for the quarter and strong first half performance.
Property segment premiums declined 10%, influenced by rate decreases in E&S Property, but Marine and Hawaii Homeowners products grew.
Second quarter operating earnings were $0.84 per share, supported by solid underwriting performance and a 16% increase in investment income.
The total combined ratio was 84.5%, up from 81.5% last year, reflecting modest increases in loss and expense ratios but still within expectations.

Ryman Hospitality Properties, Inc.

RHP

2025 Q2

Financial Services

2mo

Financial Performance Summary

Entertainment segment posted record revenue of $143 million and adjusted EBITDAre of $34 million, driven by investments in Category 10, Block 21, and Southern Entertainment, though margin declined due to investments and one-time tax refunds.
Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% respectively compared to the same time last year, with mid-single digit ADR growth.
Leisure demand increased approximately 4% year-over-year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softness at Gaylord Opryland due to new hotel supply in Nashville.
RevPAR was essentially flat year-over-year, with total RevPAR declining 160 basis points, impacted by Easter timing and a shift to higher association group mix with lower banquet and AV revenue.
Ryman Hospitality Properties delivered record consolidated revenue in Q2 2025 with the same-store hospitality segment achieving the second-highest adjusted EBITDAre in its history, trailing only Q2 2024.
Same-store hospitality segment adjusted EBITDAre was $187 million, down approximately $18 million year-over-year, with a 280 basis point margin decline due to timing of Easter, group mix shift, one-time franchise tax refunds last year, and wage increases.
Year-to-date same-store hospitality adjusted EBITDAre came within $30,000 of the original operating plan despite a complex operating environment.

Park Hotels & Resorts Inc.

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted EBITDA for the quarter was $183 million and adjusted FFO per share was $0.64, both exceeding expectations.
July preliminary RevPAR declined approximately 4%, including renovation disruption at Royal Palm South Beach.
Q2 RevPAR was relatively flat year-over-year excluding Royal Palms South Beach, which suspended operations for renovation.
Q3 RevPAR is expected to decline by approximately 4% to 5%, with group pace down 14%, the weakest quarter of the year.
Q4 RevPAR growth is expected to reaccelerate to 3% to 5%, supported by an 18% increase in group revenue pace.
The sale of Hyatt Centric Fisherman's Wharf for $80 million at a 64x 2024 EBITDA multiple demonstrated strong underlying real estate value.
Total expense growth was just 40 basis points for the quarter or 1% excluding Royal Palm South Beach, marking the second consecutive quarter with expense growth of approximately 1% or less.
Total hotel revenues for the quarter were $645 million and hotel adjusted EBITDA was $191 million, with an adjusted EBITDA margin of 29.6%.

Stewart Information Services Corporation

STC

2025 Q2

Financial Services

3mo

Financial Performance Summary

Adjusted pretax margin improved 1% to 8.5%.
Agency gross revenues increased $61 million or 25%, net agent revenues up 21%.
Domestic commercial revenues increased $24 million or 46%, with average fee per file increasing 25% to $16,900.
Domestic residential fee per file slightly declined to $2,900 from $3,000 last year.
Employee cost ratio improved to 30% from 31%, other operating expense ratio improved to 25% from 26%.
Net cash provided by operations improved by $32 million compared to last year.
On an adjusted basis, second quarter net income was $38 million or $1.34 per diluted share compared to $25 million or $0.91 per diluted share last year.
Real estate solutions segment revenues improved $20 million or 22%, with adjusted pretax income 15% higher.
Stewart reported second quarter net income of $32 million or $1.13 per diluted share based on revenues of $722 million.
Title pretax income improved by $16 million or 48%, with adjusted pretax income $52 million, 35% better than last year.
Title segment operating revenues improved $96 million or 19%, driven by both direct and agency title operations.
Total cash and investments were approximately $390 million in excess of statutory premium reserve requirements.
Total stockholders' equity at June 30 was approximately $1.4 billion with a book value of $51 per share.
Total title loss expense increased slightly to $22 million, but title loss ratio improved to 3.6% from 4.2% last year.

Virtus Investment Partners, Inc.

VRTS

2025 Q2

Financial Services

3mo

Financial Performance Summary

Assets under management grew 2% in the quarter, reaching $171 billion at June 30, up $4 billion sequentially due to market performance.
Cash and equivalents were $172.2 million; net debt was $62.5 million or 0.2x EBITDA; gross debt-to-EBITDA remained at 0.7x.
Earnings per share as adjusted increased to $6.25 from $5.73 in the first quarter but decreased 4% year-over-year on lower average assets.
Employment expenses as adjusted decreased 11% sequentially to $97.2 million, reflecting seasonal expenses and lower variable incentive compensation.
ETFs had positive net flows and reached $3.7 billion in AUM with a 74% organic growth rate over the trailing 12 months.
Net income per share on a GAAP basis was $6.12, up from $4.05 in the first quarter due to seasonal items and fair value adjustments.
Operating margin improved to 31.3% from 27.6% sequentially, reflecting seasonal expense impacts.
Other operating expenses as adjusted were $32 million, a 2% sequential increase due to annual equity grants to the Board of Directors.
Total net outflows for the quarter were $3.9 billion, largely in equity strategies; fixed income, alternatives, and multi-assets had modest net outflows.
Total sales were $5.6 billion compared with $6.2 billion in the first quarter, with modest declines across products reflecting market disruption early in the quarter.

Empire State Realty Trust, Inc.

ESRT

2025 Q2

Financial Services

3mo

Core FFO Miss

$0.22 per diluted share

For the second quarter of 2025, we reported core FFO of $0.22 per diluted share. Same-store property cash NOI was down 3% year-over-year after the exclusion of lease termination fees and approximately $2 million of nonrecurring revenue items recognized in the second quarter of 2024.

RLJ Lodging Trust

RLJ

2025 Q2

Financial Services

2mo

Impact of Renovations and Asset Repositioning on Q2 Results

Transformational renovations at key properties in South Florida, Hawaii, and New York impacted Q2 RevPAR, with ramp-up expected in Q4.
Repositioning efforts include high-occupancy assets and high-value conversions, such as Nashville, Houston Medical Center, and Pittsburgh.
Renovations and closures, like the Austin Convention Center, caused temporary declines but are expected to support future growth.
Management highlighted the importance of asset upgrades in driving operational upside and long-term value.

Northern Trust Corporation

NTRS

2025 Q3

Financial Services

Financial Performance Summary

Assets under custody and administration grew 5% year over year to $17 trillion, while assets under management increased 9% year over year.
Expenses increased 4.7% year over year, with positive operating leverage of 110 basis points and expense to trust fee ratio improving by 120 basis points to 112%.
Net interest income on an FTE basis was $596 million, down 3% sequentially but up 5% year over year, with net interest margin increasing to 1.7%.
Return on average common equity reached 14.8%, with a pretax margin expansion of nearly 200 basis points compared to the prior year.
Revenue increased 6% year over year, driven by favorable equity markets and well-managed expense growth.
Third quarter net income was $458 million with earnings per share of $2.29, reflecting a 14% increase year over year excluding notable items.
Trust and investment servicing fees totaled $1.3 billion, up 6% year over year, with wealth management fees up 5% and asset servicing fees up 6%.
Year to date, Northern Trust returned 110% of earnings to shareholders, including $431 million in the quarter through dividends and stock repurchases.

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