- Closed inaugural $500 million 5-year investment-grade unsecured bond at 5.5%, tightest spread in company history.
- Distributable earnings of $32.1 million or $0.25 per share in Q3 2025.
- Liquidity of $879 million including $49 million cash and $830 million undrawn revolver capacity.
- Loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets.
- Non-accrual loans reduced to $123 million or 2.6% of total assets with no new additions.
- Real estate portfolio generated $15.1 million in net operating income, stable and predictable.
- Return on equity (ROE) of 8.3% with adjusted leverage of 1.7x.
- Securities portfolio totaled $1.9 billion, 40% of total assets, with a weighted average yield of 5.7%.
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- Balance sheet remains strong with an adjusted tangible equity ratio of 9.8%, up from 8.2% a year ago.
- Consumer Lending segment NIM was 232 basis points, down from 276 basis points in Q1, impacted by loans entering 91+ days delinquency and related accrued interest reserve adjustments.
- Delinquency rates increased: FFELP >90-day delinquency at 10.1%, consumer lending 91+ day delinquency rose to 3%, partly due to disaster forbearance roll-offs.
- Loan originations doubled year-over-year, with $443 million in refinance loans this quarter and over $1 billion in total originations year-to-date.
- Navient reported core earnings per share of $0.20 in Q2 2025, or $0.21 on a core basis after adjusting for regulatory and restructuring expenses.
- Net interest margin (NIM) for the Federal Education Loan segment was 70 basis points, exceeding guidance, with full year NIM expected between 55 and 65 basis points.
- Operating expenses declined by $82 million year-over-year to $100 million, driven by business sales and expense reduction initiatives.
- Provision expenses were elevated due to macroeconomic outlook deterioration, higher delinquency trends, and increased loan originations.
- Returned $40 million to shareholders via share repurchases and dividends; repurchased 1.9 million shares for $24 million.
- Adjusted Funds From Operations (AFFO) was $53.1 million or $0.24 per share in Q2 2025.
- GNL reported Q2 2025 revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million.
- Gross outstanding debt was reduced to $3.1 billion, down $2 billion from Q2 2024, with 85% fixed-rate debt and a weighted average interest rate of 4.3%.
- Liquidity increased to approximately $1 billion with $1.1 billion capacity on the revolving credit facility.
- Net debt to adjusted EBITDA ratio improved significantly to 6.6x from 8.1x a year ago.
- Adjusted free cash flow was $25 million, a more than tenfold increase compared to Q2 2024.
- Gross loss ratio improved significantly to 67% in Q2 2025 from 79% in Q2 2024, with a trailing 12-month gross loss ratio of 70%, the best in company history.
- Gross profit grew over 100% in Q2, with a gross margin of 39%, among the highest recorded.
- Lemonade reported strong Q2 2025 financial results with 29% year-on-year growth in in force premium (IFP), marking the seventh consecutive quarter of growth acceleration.
- Net loss narrowed to $44 million ($0.60 per share) from $57 million ($0.81 per share) in the prior year, and adjusted EBITDA loss improved slightly to $41 million from $43 million.
- Operating expenses excluding loss and loss adjustment expense increased 21% to $129 million, driven by growth spend and a $12 million one-time tax refund benefit.
- Revenue increased 35% year-over-year to $164 million, driven by gross earned premium growth, higher ceding commission rates, and a 16% increase in investment income.
- Total cash, cash equivalents, and investments ended at approximately $1.03 billion, up $11 million from year-end 2024.
- Agency business revenue was $717 million, up 16%, reflecting first quarter economic activity due to reporting lag.
- Closed orders increased 2%, with average revenue per order up 30% due to broad-based strength across asset classes and transaction sizes.
- Commercial revenue increased 33%, setting an all-time record in the National Commercial Services division for fee per file in a quarter.
- Debt-to-capital ratio was 32.1%, or 23.1% excluding secured financings payable.
- Effective tax rate was 24.6%, slightly above the normalized rate of 24%.
- First American reported second quarter adjusted earnings per share of $1.53, including $0.12 per share related to executive separation costs.
- GAAP earnings were $1.41 per diluted share; adjusted earnings excluded net investment losses and purchase-related intangible amortization.
- Home Warranty pretax income rose 35%, driven by a lower loss rate and revenue growth through the direct-to-consumer channel.
- Home Warranty revenue was $110 million, up 3%, with a loss ratio improvement from 46% to 41%.
- Information and other revenues rose 10%, primarily from Canadian operations with higher refinance activity.
- Investment income grew 17%, driven by escrow deposits and higher interest income from the investment portfolio.
- Pretax margin in the title segment was 12.6% (13.2% adjusted); Home Warranty pretax margin was 20.2% (20.7% adjusted).
- Provision for policy losses was $39 million or 3.0% of title premiums and escrow fees, unchanged from prior year.
- Residential purchase revenue declined 3% due to lower demand for new homes, while refinance revenue increased 54% but remains only 5% of direct revenue.
- Share repurchases totaled 1 million shares for $61 million in Q2, with an additional 577,000 shares repurchased in July.
- Title segment revenue was $1.7 billion, up 13%, with commercial revenue at $234 million, a 33% increase.
- 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.
- Book value increased to $6.7 billion or $12.71 per share, up from $12.39 in the prior quarter.
- Dividend yield remains strong at 8.9%, paying out $0.25 per share.
- Genesis Capital achieved a record quarter with origination north of $4 billion, more than doubling since acquisition in 2022.
- Newrez's servicing portfolio grew to $864 billion with a typical ROE around 20%.
- Return on equity (ROE) for the entire company was 17%, with earnings available for distribution at $291.1 million or $0.54 per diluted share, representing an 18% ROE.
- Rithm Capital reported GAAP net income of $283.9 million or $0.53 per diluted share for Q2 2025.
- Sculptor's asset management business saw $3.5 billion of AUM growth since acquisition, with strong fundraising and performance.
- The company ended the quarter with a record $2.1 billion in cash and liquidity.
- Balance sheet remains strong with over $1.8 billion liquidity, including $560 million cash, and net debt to EBITDA of 4x.
- Core FFO was $0.59 per share, a $0.01 increase over the prior quarter excluding one-time termination revenue.
- Market rents declined approximately 3.5% sequentially and 12.8% year-over-year, but tenant health remained strong with bad debt at only 6 basis points of revenue.
- Net effective and cash leasing spreads for comparable leases were 21% and 8%, respectively, with embedded rent steps averaging 3.7%.
- Rexford Industrial delivered second quarter 2025 results in line with expectations, including 1.7 million square feet of leases executed and same-property occupancy increasing to 96.1%.
- Year-to-date dispositions totaled $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%.
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