- Asset Management revenue for Q3 was $294 million, up 8% year-over-year and 10% sequentially.
- Average AUM for Q3 was $257 billion, 5% higher than Q3 2024, with total AUM at $265 billion as of September 30, up 7% year-over-year.
- Compensation expense ratio improved to 65.5% in Q3 from 66% a year ago; noncompensation expense ratio improved to 20.5% from 21.4%.
- Effective tax rate for Q3 was 21.4%, down from 32.5% in Q3 2024; full year 2025 tax rate expected around 20%.
- Financial Advisory revenue in Q3 was $422 million, up 14% from the prior year.
- Firm-wide revenue for the first 9 months of 2025 was $2.1 billion, including record financial advisory revenue of $1.3 billion.
- Net positive flows of $1.6 billion year-to-date with record gross inflows in Q3 and first 9 months.
- Third quarter 2025 firm-wide revenue was a record $725 million, up 12% year-over-year.
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- Adjusted operating net income excluding merger expenses and CECL provision was $77.4 million or $1.55 diluted EPS.
- Assets under administration (AUA) in wealth management grew to $9.2 billion, including $1.4 billion from Enterprise acquisition.
- Commercial & Industrial (C&I) loan balances grew organically over 13% annualized in Q3.
- Commercial real estate (CRE) loan balances declined organically at a 6.7% annualized rate.
- Deposits grew organically by approximately 1% annualized, with demand deposits representing 28% of total deposits.
- GAAP net income for Q3 2025 was $34.3 million with diluted EPS of $0.69.
- Net interest margin improved to 3.62%, a 25 basis point increase from prior quarter.
- Operating return on average tangible common equity improved 283 basis points to 13.2%.
- Book value per share increased over 12.6% to $25.14, driven by strong operating earnings and higher investment valuations.
- Favorable prior year loss reserve development continued, benefiting the consolidated loss ratio by 2.1 percentage points.
- Net investment income increased 2.4% due to higher bond yields despite a lower invested asset base after a $500 million special dividend.
- Net operating income was $209 million for the quarter, up from $202 million last year, with earnings per share increasing 9% to $0.83 from $0.76.
- Old Republic International produced $267.5 million of consolidated pretax operating income in Q2 2025, up from $253.8 million in Q2 2024.
- Regular cash dividends of $71 million were paid, with minimal share repurchases during the quarter.
- Specialty Insurance net premiums earned grew 14.6% with pretax operating income of $253.7 million, up from $202.5 million last year, and a combined ratio improvement to 90.7 from 92.4.
- The consolidated combined ratio was 93.6 compared to 93.5 in the prior year quarter.
- Title Insurance premiums and fees earned grew 5.2% to $698 million, but pretax operating income declined to $24.2 million from $46 million, with the combined ratio rising to 99 from 95.4.
- Adjusted net income for the quarter was $25.9 million or $0.18 per share, excluding $2 million of acquisition-related costs and miscellaneous items.
- Assets under management (AUM) reached a record $126 billion at June 30, with U.S.-listed AUM at $85.2 billion and European AUM at $40.5 billion, both all-time highs.
- Digital assets AUM more than doubled since last quarter, reaching $350 million at quarter-end and approximately $500 million currently.
- WisdomTree reported revenues of $112.6 million for Q2 2025, up 4.2% sequentially and 5.2% year-over-year, driven by higher average AUM.
- Year-to-date inflows totaled $6.6 billion, with broad and diverse contributions across U.S., Europe, and digital assets.
- Year-to-date revenues grew 8.3%, supported by higher average AUM and increased other revenues from European listed products, partially offset by a lower average fee capture.
- 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.
- Adjusted net income was $978 million and adjusted diluted EPS was $2.68, both slightly above Q3 2024.
- Adjusted operating income was $1.1 billion with a 68.4% operating margin.
- Average rate per contract was $0.702, generating $1.2 billion in clearing and transaction fees.
- Capital expenditures were approximately $19 million for the quarter.
- Cash balance at quarter-end was approximately $2.6 billion.
- Dividends paid totaled $455 million in Q3 and $3.5 billion year-to-date.
- Market data revenue reached a record $203 million, up 14% year-over-year.
- Third quarter 2025 revenue was $1.5 billion, down 3% from Q3 2024.
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