Dafinchi AI

Invesco Mortgage Capital Inc.

IVR

Financial Services

2w

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.

Employers Holdings, Inc.

EIG

Financial Services

1w

Financial Performance Summary

Adjusted net income was $11.5 million, a 58.8% decrease compared to prior year's adjusted net income of $27.9 million.
Commission expense ratio decreased to 13.2% from 13.9% a year ago.
Current accident year loss and LAE ratio on voluntary business was 69%, up from 66% in the first quarter of 2025.
Gross written premium decreased by 2.2% compared to 2024 due to a decrease in new business written premium within the middle market.
Net investment income was $27.1 million, slightly higher than the second quarter of 2024.
Net premiums earned increased 5.6%, primarily due to strong increases in net written premium in 2024.
Repurchased $23 million of common stock at an average price of $48.08 per share during the quarter.
Total investment return was $57.5 million compared to $26.5 million for the prior year.
Underwriting expense ratio decreased to 21.7% from 22.4% a year ago.

LXP Industrial Trust

LXP

Financial Services

2w

Financial Performance Summary

Adjusted company FFO in Q2 was $0.16 per diluted common share or approximately $47 million.
Net debt to adjusted EBITDA was 5.8x at quarter end, down 0.4 turns over the last 12 months.
Portfolio occupancy increased to 94.1% in Q2, up from 93.3% in Q1.
Repurchased approximately $28 million of floating rate trust preferred securities at a 5% discount to par, yielding approximately 6.6%.
Same-store NOI growth was 4.7% in Q2 with same-store portfolio 98% leased at quarter end.
Sold a property in Chillicothe, Ohio for approximately $40 million at a 4.3% cash capitalization rate.

Credit Acceptance Corporation

CACC

Financial Services

1w

Financial Performance Summary

Financed over 85,000 contracts and collected $1.4 billion overall during the quarter.
Forecasted net cash flows declined by 0.5% or $56 million.
Loan performance declined this quarter with 2022, 2023, and 2024 vintages underperforming expectations, while the 2025 vintage exceeded expectations.
Loan portfolio reached a record-high of $9.1 billion on an adjusted basis, up 6% from last Q2.
Market share in the core segment of used vehicles financed by subprime consumers was 5.4% for the first 5 months of the year, down from 6.6% in the same period in 2024.
Paid $63 million in dealer holdback and accelerated dealer holdback to dealers.
Unit and dollar volumes declined, impacted by Q3 2024 scorecard change and increased competition.

Zions Bancorporation, National Association

ZION

Financial Services

3w

Financial Performance Summary

Adjusted noninterest expense decreased $12 million versus prior year to $521 million, reflecting seasonality and lower technology costs, but increased 3% year-over-year due to higher incentive compensation.
Average loans grew 5.6% annualized quarter-over-quarter and 3.7% year-over-year, with average deposits up 0.5% year-over-year but down 1.4% annualized quarter-over-quarter.
Common Equity Tier 1 ratio was 11%, with tangible book value per share growing 20% year-over-year.
Credit quality remained strong with net charge-offs at $10 million (7 bps annualized), nonperforming assets at 0.51% of loans, and allowance for credit losses at 1.2% of loans.
Diluted earnings per share was $1.63, up from $1.13 in the prior period and $1.28 year-over-year, including a $0.05 per share benefit from an SBIC portfolio investment.
Net earnings for Q2 2025 were $243 million, a 28% increase year-over-year and 44% increase quarter-over-quarter.
Net interest margin expanded for the sixth consecutive quarter to 3.17%, driven by lower funding costs and improved earning asset mix.
Noninterest income increased 4% quarter-over-quarter and 7% year-over-year, led by capital markets activity and customer-related fees.

Globe Life Inc.

GL

Financial Services

2w

Financial Performance Summary

Administrative expenses were $86 million, up 5% from prior year, representing 7.1% of premium.
Book value per share as of June 30 is $66.07 (GAAP) and $90.26 excluding AOCI, up 10% from a year ago.
Excess investment income was $35 million, down $8 million from a year ago; net investment income was $282 million, down 1%.
Health insurance premium revenue grew 8% to $378 million; health underwriting margin was down 2% to $98 million due to higher obligations at United American.
Invested assets totaled $21.5 billion, with $18.9 billion in fixed maturities, mostly investment grade rated A-.
Life Insurance premium revenue increased 3% to $840 million; life underwriting margin was $340 million, up 6%.
Net income for the second quarter was $253 million or $3.05 per share compared to $258 million or $2.83 per share a year ago.
Net operating income was $271 million or $3.27 per share, a 10% increase over $2.97 per share from a year ago.
Return on equity through June 30 is 18.8% on a GAAP basis and 14.4% excluding accumulated other comprehensive income (AOCI).
The fixed maturity portfolio has a net unrealized loss of approximately $1.6 billion due to higher market rates but is not a concern due to intent to hold to maturity.

W. P. Carey Inc.

WPC

Financial Services

2w

Financial Performance Summary

AFFO per share was $1.28 for the second quarter, representing a 9.4% increase year-over-year driven by accretive investment activity and sector-leading rent growth.
Comprehensive same-store rent growth was 4% year-over-year, reflecting rent collections, recovery of past due rent, leasing activity, and vacancies.
Contractual same-store rent growth for Q2 was 2.3% year-over-year, with CPI-linked escalations averaging 2.6% and fixed rent increases averaging 2.1%.
Dividend declared at $0.90 per share for Q2, a 3.4% increase over prior year, with a payout ratio of approximately 73% of AFFO per share.
G&A expenses are expected between $99 million and $102 million for the full year, with non-reimbursed property expenses between $50 million and $54 million.
Key leverage metrics remain within target ranges: debt to gross assets at 43.2% and net debt to adjusted EBITDA at 5.8x.
Liquidity at quarter end was about $1.7 billion, with $660 million drawn on the revolver, partially paid down after a $400 million bond issuance.
Nonoperating income is expected around $20 million for the full year, mainly from dividends on equity stakes.
Operating property NOI for 2025 is estimated between $55 million and $60 million, including hotel and student housing properties.
Tax expense on an AFFO basis is expected between $42 million and $46 million, primarily foreign taxes on European assets.

T. Rowe Price Group, Inc.

TROW

Financial Services

1w

Financial Performance Summary

Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.

VICI Properties Inc.

VICI

Financial Services

1w

Financial Performance Summary

G&A expenses were $14.6 million for the quarter, representing only 1.5% of total revenue, among the lowest ratios in the triple net REIT sector and across all REITs.
Liquidity totaled approximately $2.9 billion, including $325.6 million from outstanding forwards, $2.4 billion available under revolving credit facility, and $233 million in cash.
Total debt stands at $17.1 billion with net debt to annualized Q2 adjusted EBITDA at approximately 5.1x, within the target leverage range of 5 to 5.5x.
VICI Properties reported FFO per share of $0.60 for Q2 2025, a 4.9% increase from $0.57 in Q2 2024, highlighting efficient triple net model with margins in the high 90% range excluding noncash items.
Weighted average interest rate is 4.47% adjusted for hedging, with a weighted average debt maturity of 6.5 years.

CB

Financial Services

3w

Financial Performance Summary

Adjusted net investment income was nearly $1.7 billion, up 8%, with a fixed income portfolio yield of 5.1% and new money rate averaging 5.4%.
Annualized core operating return on tangible equity was 21%.
Core operating EPS was a record $6.14, up 14% from a year ago, supported by record underwriting, strong investment results and good premium revenue growth.
Core operating income of $2.5 billion was a record result, up 13%.
Current accident year underwriting income, excluding cats, was up almost 11.5%, supported by a combined ratio of 82.3%, nearly a full point improvement from prior year.
Global P&C premiums grew 5.8% and 6.4% in constant dollars, with commercial up 4.2% and consumer up 11.9%.
International general insurance premiums were up 8.5% or over 10% in constant dollar, with Asia growing over 12.5%, Europe over 8%, and Latin America over 17%.
Life division produced $305 million of pretax income, up about 10.5%.
Life Insurance premiums grew almost 17.5%.
North America P&C premiums, excluding agriculture, were up 5.3%, with personal insurance up 9.1% and commercial up 4.1%.
Operating cash flow in the quarter was $3.2 billion.
Pretax catastrophe losses were $630 million for the quarter, split 60% U.S. and 40% international.
Pretax prior period development was favorable $319 million, mostly short tail commercial property-related lines and personal auto.
Published underwriting income of $1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.
Renewal retention on a policy count basis was 86%.
Tangible book value growth was up 23.7% per share from a year ago and 8% from the previous quarter.