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Invesco Mortgage Capital Inc.

IVR

2025 Q2

Financial Services

3mo

Financial Performance Summary

Agency RMBS modestly outperformed treasury hedges but underperformed swap hedges due to tightening swap spreads.
Agency RMBS portfolio decreased 15% quarter-over-quarter due to risk management amid trade policy uncertainty.
Debt-to-equity ratio decreased from 7.1x at the end of March to 6.5x at the end of June.
Hedge notional declined from $4.5 billion to $4.3 billion, with hedge ratio increasing from 85% to 94%.
Levered gross ROEs on higher coupons are in the low 20s, representing an attractive entry point for mortgage investors.
Repurchase agreements collateralized by Agency RMBS and CMBS declined from $5.4 billion to $4.6 billion.
Swap spreads tightened significantly, negatively impacting book value during the quarter.
The $5.2 billion investment portfolio consisted of $4.3 billion in agency mortgages and $900 million in Agency CMBS.
The economic return for the quarter was negative 4.8%, consisting of a $0.34 dividend per common share and a $0.76 decline in book value per common share.

New York Mortgage Trust, Inc.

NYMT

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted net interest income per share rose 10% quarter-over-quarter and 47% year-over-year to $0.44 per share.
GAAP book value and adjusted book value per share decreased to $9.11 and $10.26 respectively, representing a 2.8% and 1.6% decrease compared to March 31.
Net interest spread increased to 150 basis points from 132 basis points in the first quarter, driven by a 17 basis point reduction in average financing costs.
Net loss from real estate increased slightly to $3 million due to higher operating expenses.
NYMT reported strong second quarter performance with Earnings Available for Distribution (EAD) surpassing the current common dividend by $0.02, reaching $0.22 per share, a 10% increase quarter-over-quarter.
Realized net losses of approximately $3.8 million were mostly offset by reversals of previously recognized unrealized losses.
Recorded $24.6 million in net unrealized gains mainly from Agency RMBS and residential loan portfolios, offset by $36.3 million in unrealized losses on derivative instruments.
Recourse leverage ratio increased to 3.8x from 3.4x, primarily due to financing activity supporting Agency RMBS acquisitions.

First Internet Bancorp

INBK

2025 Q2

Financial Services

3mo

Financial Performance Summary

Cost of interest-bearing liabilities declined to 3.96% from 4.02%, helped by CD repricing and growth in lower-cost fintech deposits.
Diluted earnings per share were $0.02 for the quarter, impacted by elevated credit provisions and changes in noninterest income.
Interest income increased while interest expense decreased in Q2 2025, resulting in a net interest margin above 2% on a tax-effective basis.
Net income for Q2 was $28 million ($29.1 million fully taxable equivalent), up 11.5% and 11% respectively from Q1.
Net interest margin improved to 1.96% (2.04% fully taxable equivalent), driven by higher loan yields and lower deposit costs.
Noninterest income was $5.6 million, including $1.6 million gain on sale of SBA loans, down $7 million from the prior quarter due to holding loans longer.
Yield on average interest-earning assets rose to 5.65% from 5.57%, with loan yields exceeding 7.5% on new originations.

Ellington Financial Inc.

EFC

2025 Q2

Financial Services

2mo

Financial Performance Summary

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).

InvenTrust Properties Corp.

IVT

2025 Q2

Financial Services

2mo

Strategic Portfolio Rotation from California to Sunbelt Markets

Completed sale of a 5-property California portfolio for approximately $306 million, with a remaining property in San Pedro, California expected to be sold by year-end.
The sale was a tactical reallocation of capital, not a monetization event, aimed at focusing on high-growth Sunbelt markets.
Successfully closed on 6 properties totaling approximately $230 million, with additional 2 properties under contract for nearly $126 million.
Focus on markets with strong population and job growth, business-friendly environments, and high quality of life, including Asheville, Charleston, Charlotte, Nashville, Phoenix, and Savannah.
The California portfolio's expected internal growth was less favorable compared to Southeast markets, influencing strategic reallocation.

The Macerich Company

MAC

2025 Q2

Financial Services

2mo

Financial Performance Summary

FFO adjusted for the quarter was approximately $87 million or $0.33 per share in Q2 2025.
Go-Forward Portfolio Centers NOI increased 2.4% in Q2 2025 compared to Q2 2024, with a 2% increase year-to-date.
Net debt to EBITDA was 7.9x at the end of Q2 2025, nearly a full turn lower than at the outset of the Path Forward plan.
Occupancy at the end of Q2 was 92%, down 60 basis points due to Forever 21 store closures; go-forward portfolio occupancy was 92.8%.
Portfolio sales at the end of Q2 were $849 per square foot, up $12 from Q1 2025; go-forward portfolio sales were $906 per square foot.
Trailing 12-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive spreads.

Invesco Ltd.

IVZ

2025 Q2

Financial Services

3mo

Assets Under Management Beat

$2 trillion

We also built on the momentum of our first quarter financial results. We continue to deliver profitable growth with adjusted operating income up 3% and operating margins expanding 30 basis points in the second quarter when compared to the same quarter last year.

Invesco Ltd.

IVZ

2025 Q2

Financial Services

3mo

Strategic Partnership and Capital Reallocation with MassMutual and Barings

Completed repurchase of $1 billion of preferred stock held by MassMutual, strengthening balance sheet.
MassMutual's plan to invest $150 million into Invesco Dynamic Credit Opportunity Fund, supporting private credit strategies.
Partnership with Barings focusing on U.S. wealth channel, with MassMutual supporting with $650 million of capital.
Emphasis on leveraging private markets growth, evolving wealth management offerings, and expanding private market manager partnerships.

Prudential Financial, Inc.

PRU

2025 Q2

Financial Services

2mo

Financial Performance Summary

Alternative investment income was $60 million below expectations due to lower private equity and real estate returns and a $50 million unfavorable impact from the annual assumption update process.
Capital position remains strong with cash and liquid assets at $3.9 billion, above the $3 billion minimum liquidity target.
Group insurance had one of its best earnings quarters recently with strong underwriting results and a benefit ratio improved to 80.9%.
Individual Life sales grew 10% year-over-year with improved earnings results.
Institutional Retirement delivered $9 billion in sales, including robust Longevity Risk Transfer transactions.
International businesses sales were up 4%, driven by retirement and savings products in Japan despite surrender headwinds.
PGIM's assets under management increased by 8% to $1.4 trillion, with total net flows of $400 million including $2.6 billion institutional inflows and $2.8 billion retail outflows.
Pretax adjusted operating income was $1.7 billion or $3.58 per share, up 9% from the prior year quarter.
Year-to-date return on equity was over 14%.

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