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Ladder Capital Corp

LADR

Financial Services

3mo

Financial Performance Summary

Adjusted leverage was modest at 1.6x as of quarter end, with total gross leverage at 1.9x, below the target range of 2x to 3x.
Declared and paid a $0.23 per share dividend; repurchased $6.6 million of common stock in Q2 with $93.4 million remaining in the repurchase program.
Ladder generated distributable earnings of $30.9 million or $0.23 per share in Q2 2025, achieving a return on equity of 7.7%.
Loan portfolio totaled $1.6 billion with a weighted average yield of approximately 9%, and 5 loans on nonaccrual totaling $162.3 million (3.6% of total assets).
Real estate portfolio of $936 million generated $15.1 million in net operating income, primarily from net lease properties with long-term leases to investment-grade tenants.
Securities portfolio was $2 billion, up 82% from year-end, with a weighted average yield of 5.9%, 99% investment-grade and 97% AAA rated.

Veris Residential, Inc.

VRE

Financial Services

3mo

Financial Performance Summary

Controllable expenses decreased 3.7% year-over-year and were flat year-to-date, driven by lower marketing, administrative, and repairs and maintenance costs.
Net debt-to-EBITDA was 11.3x trailing 12 months, not reflecting recent asset sales and contracts.
Net income available to common shareholders was $0.12 per fully diluted share in Q2 versus $0.03 prior year and a net loss of $0.12 in Q1.
Non-controllable expenses were down 3.2% year-over-year and 2.6% year-to-date due to lower insurance and real estate tax expenses.
Same Store NOI grew 5.6% in the quarter and 4.4% year-to-date.
Same Store rental revenue was up 2.5% for the quarter, or 3.8% excluding Liberty Towers and other income recognized last year.
Second quarter Core FFO was $0.17 per share, up $0.01 from the first quarter, including $0.01 of nonrecurring other income and property management expense savings.
Weighted average effective interest rate was 4.86%, a reduction of over 20 basis points prior to the credit facility amendment.
Year-to-date Core FFO was $0.33 per share versus $0.32 last year.

Dynex Capital, Inc.

DX

Financial Services

3mo

Financial Performance Summary

Book value was nearly unchanged from quarter end after accrued dividends were accounted for.
Capital raised totaled $560 million this year, primarily through common equity issued above book value, accretive to shareholders.
Dynex Capital's market capitalization grew nearly 50% year-over-year to over $1.5 billion as of June 30, 2025.
Liquidity remained strong at $891 million, representing 55% of total equity.
Net interest income increased due to new investments with attractive yields and positive carry from agency RMBS and swaps.
ROEs on newly acquired positions, fully hedged, ranged from mid-teens to low 20% range.
The portfolio grew to $14 billion, a 25% increase from the prior quarter and over 50% from the prior year.

NexPoint Residential Trust, Inc.

NXRT

Financial Services

2mo

Financial Performance Summary

Completed 555 full and partial upgrades in Q2, leased 381 upgraded units with an average rent premium of $73 and 26% ROI.
Core FFO for Q2 was $18 million or $0.71 per diluted share, up from $0.69 in Q2 2024.
Entered a new 5-year $100 million SOFR swap at 3.489% fixed rate.
Net loss for Q2 2025 was $7 million or $0.28 loss per diluted share on total revenue of $63.1 million, compared to net income of $10.6 million or $0.40 EPS on $64.2 million revenue in Q2 2024.
NOI was $38 million on 35 properties versus $38.9 million on 36 properties in Q2 2024.
Paid a Q2 dividend of $0.51 per share, a 147.6% increase since inception, with 1.39x core FFO coverage and 72.2% payout ratio.
Repurchased 223,109 shares for $7.6 million at an average price of $34.29 per share.
Same-store rent and occupancy decreased 1.3% and 0.8%, respectively, leading to a 1.1% decrease in same-store NOI compared to Q2 2024.
Since inception, 9,113 upgrades installed with average monthly rental increases of $165, $50, and $43 for full/partial upgrades, kitchen/laundry appliances, and tech packages respectively, with strong ROI.

LendingTree, Inc.

TREE

Financial Services

2mo

Revenue Beat

+19%

$250 million

Revenue for the quarter came in at $250 million, representing 19% year-over-year growth.

CareTrust REIT, Inc.

CTRE

Financial Services

2mo

Financial Performance Summary

Fixed charge coverage ratio was strong at 8.2x.
Net debt to annualized normalized EBITDA remained low at 2x, with net debt to enterprise value at 12.3%.
Normalized FAD increased 53.9% to $83.1 million, with a 16.2% increase per share to $0.43.
Normalized FFO increased 58.2% year-over-year to $83.1 million in Q2 2025.
Normalized FFO per share rose 19.4% to $0.43 per share.
Quarterly dividend increased by 15.5% year-over-year while maintaining a comfortable payout ratio.
Total revenues grew 63.3% year-over-year in Q2 2025.

EVR

Financial Services

2mo

Financial Performance Summary

Adjusted compensation ratio improved to 65.4%, down 60 basis points year-over-year, while adjusted noncompensation expenses rose 9% due to technology and occupancy costs.
Adjusted operating income was $157 million, a 37% increase versus Q2 2024, with adjusted EPS of $2.42, up 34% year-over-year.
Advisory fees increased 23% year-over-year to $698 million, a record for the quarter.
Asset Management and Administration Fees grew 3% to $21 million, driven by market appreciation and net inflows.
Cash and investment securities totaled over $1.7 billion as of June 30, with positive cash flow and $532 million returned to shareholders in the first half through buybacks and dividends.
Evercore delivered adjusted net revenues of $839 million in Q2 2025, up nearly 21% year-over-year, marking record revenues for both the quarter and first half of the year.
GAAP net revenues, operating income, and EPS were $834 million, $150 million, and $2.36 per share respectively in Q2 2025.
Share repurchases totaled approximately 1.7 million shares year-to-date at an average price of $258.5 per share, fully offsetting dilution from RSU grants.
Underwriting revenues rose 4% to $32 million, commissions and related revenue increased 10% to $58 million.

Rocket Companies, Inc.

RKT

Financial Services

2mo

Financial Performance Summary

Adjusted diluted EPS was $0.04.
Adjusted EBITDA was $172 million, representing a 13% margin.
Adjusted revenue reached $1.34 billion, above the high end of guidance, representing 9% year-over-year growth.
Gain on sale margin for Q2 was 280 basis points, consistent with the 12-month average.
Held $6 billion in available cash and $7.6 billion in mortgage servicing rights, totaling $13.6 billion in balance sheet value.
Home equity loan volume nearly doubled year-over-year, hitting new records for units and volume.
Net rate lock volume increased by 13% year-over-year, exceeding $28 billion.
Redfin's financials were not included in Q2 results as the acquisition closed on July 1.
Served over 100,000 origination clients, a 19% year-over-year increase, driven by home equity loan growth.
Total liquidity stood at $9.1 billion, including cash, undrawn lines of credit, and MSR credit facilities.

PLD

Financial Services

1w

Financial Performance Summary

Closed $2.3 billion in financing with a €1 billion raise at 3.5%, maintaining a low cost of debt at 3.2% with over eight years average maturity.
Core FFO including net promote expense was $1.49 per share, excluding net promotes $1.50, both ahead of forecast.
Energy business delivered 28 megawatts of solar generation and storage, progressing toward a one-gigawatt goal by year-end.
Lease mark to market ended at 19%, capturing $75 million of NOI this quarter and $900 million as leases roll.
Net effective rent change was 49% on a net effective basis and 29% on cash basis, highlighting durable lease mark to market.
Record leasing quarter with nearly 62 million square feet signed, driving occupancy to 95.3%, up 20 basis points.
Same-store net effective and cash NOI growth were 3.9% and 5.2%, respectively.