- Adjusted EBITDA rose significantly to $147 million from $79 million in Q2 2024.
- Baseline EBITDA increased 12% year-over-year to $117 million in Q2 2025, with trailing 12-month baseline EBITDA at $425 million.
- GAAP EPS for Q2 2025 was a loss of $0.05 per share, improved from a loss of $0.43 per share in Q2 2024.
- Investment management fees grew 39% in Q2 to a record $36 million, with fee-bearing capital reaching $9.2 billion.
- Q2 asset sales generated $55 million in gains, contributing to $275 million cash proceeds year-to-date from noncore asset sales.
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- Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
- Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
- Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
- Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
- Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
- Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
- Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
- Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
- The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.
- Capital expenditures were $10 million in Q2, with full-year guidance of $60 million to $65 million excluding timberland acquisitions.
- Lumber shipments set a new quarterly record at 303 million board feet, up from 290 million in Q1.
- PotlatchDeltic reported second quarter total adjusted EBITDDA of $52 million, down from $63 million in the first quarter.
- Real Estate segment delivered $23 million in adjusted EBITDDA, consistent with Q1, selling 7,500 acres at an average price of $3,100 per acre including conservation sales at premiums.
- The company repurchased $56 million of common stock in Q2, totaling $60 million in the first half of 2025, at an average price of $39-$40 per share.
- The Timberlands segment's adjusted EBITDDA decreased slightly from $42 million to $40 million due to seasonally lower harvest volumes and higher forest management costs.
- Wood Products segment earned $2 million in adjusted EBITDDA, down from $12 million in Q1, impacted by lower lumber prices, increased processing costs, and a $3 million inventory impairment charge.
- Bad debt was up from a year ago in Q2 but in line year-to-date and within guidance range.
- Core FFO for Q2 was $88.2 million or $0.64 per diluted share, reflecting 8.5% per share growth.
- Core FFO per share increased 8.5% year-over-year.
- NAREIT FFO for Q2 was $86 million or $0.62 per diluted share, reflecting 8.8% per share growth.
- New leasing rent spreads were 34.6% comparable and 28.1% in-line.
- Portfolio occupancy ended Q2 at 97.4%, anchor occupancy at 98.9%, and in-line occupancy at 94.8%.
- Renewal rent spreads were strong with comparable renewal spreads at 19.1% and in-line renewal spreads at 20.7%.
- Same-center NOI increased 4.2% in Q2 2025.
- Tenant improvement costs for renewals were low at $0.49 per square foot.
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