Core FAD increased by $0.05 to $0.71, reflecting rent escalations and turnaround impact of deferred rent from the prior year.
Core FFO improved to $0.68 from $0.67 year-over-year, driven by decreased interest expense, increased fair market rent resets, and higher SHOP NOI.
Debt to annualized adjusted EBITDA for real estate was 4.2x, with an annualized adjusted fixed charge coverage ratio of 5.1x as of June 30.
SHOP portfolio NOI totaled $2.5 million in Q2 with average occupancy at 81%, generating approximately $780,000 more income than under prior triple net leases for the same period last year.
Total liquidity stood at $674 million, supported by a new 4-year unsecured credit agreement increasing revolver commitments from $425 million to $600 million, with potential to increase to $1.2 billion.
Asset quality remained strong with no net charge-offs, nonperforming assets steady at 0.19%, and classified loans showing a modest uptick.
Bridgewater reported strong revenue and balance sheet growth trends in Q2 2025, with net interest margin expanding by 11 basis points to 2.62%.
Expenses were well controlled with a slight increase due to FDIC insurance, charitable contributions, and marketing, resulting in an adjusted efficiency ratio of 51.5%.
Fee income reached record levels excluding one-time gains, including nearly $1 million in swap fee income and over $200,000 in investment advisory fees from the First Minnetonka City Bank acquisition.
Net interest income grew by $2.2 million during the quarter, driven by loan portfolio repricing and strong loan growth at a 12.5% annualized rate.
Noninterest income increased $773,000 or 37% excluding securities gain and FHLB prepayment income.
Tangible book value per share grew nearly 11% annualized year-to-date, with $1.6 million of common stock repurchased in Q2.
Ares reported strong second quarter results with significant growth in AUM and fee-paying AUM driven by fundraising, investing efforts, and market appreciation.
Corporate private equity composite rose 3.3% gross, private equity secondaries generated 3.1% net and gross returns.
Credit strategies delivered strong quarterly gross returns ranging from 2.2% to 5.5%, with double-digit returns over the last 12 months.
Fee-paying AUM (FPAUM) increased to $350 billion, a 17% quarter-over-quarter organic growth on an annualized basis.
GCP acquisition contributed $103 million in revenues and $34 million in FRE with a 33% FRE margin, temporarily compressing overall FRE margin by 90 basis points.
Management fees grew 24% year-over-year, total fee-related revenue grew 29%, and fee-related earnings (FRE) grew 26%.
Management fees reached a record $900 million in the quarter.
Net accrued performance income increased 8.5% to $1.1 billion, with strong investment results across the business.
Other fees more than tripled year-over-year due to GCP's vertically integrated real estate capabilities.
Quarterly AUM increased to $572 billion, representing quarter-over-quarter organic growth of 19% on an annualized basis.
Real estate equity composite increased 3.4% gross, diversified nontraded REIT generated 4.5% net return for first half of the year.
Realized income totaled $398 million, a 10% year-over-year increase, with an effective tax rate of 9.5%.
Second quarter fee-related performance revenues totaled $17 million, mostly from APMF, with expected seasonality in future quarters.
Adjusted operating expenses totaled $983 million, towards the low end of guidance, driven by technology-related savings and synergies.
Adjusted operating income increased 13% to a record $1.6 billion, building on 11% pro forma growth in Q2 2024.
Capital returned to shareholders totaled $532 million in the quarter, including $255 million in share repurchases.
Exchange segment net revenues were a record $1.4 billion, up 12% year-over-year.
Fixed Income and Data Services segment revenues totaled a record $597 million, up 8% year-over-year in ICE Bonds.
Leverage ended the quarter at target 3x EBITDA, ahead of schedule after the Black Knight acquisition.
Mortgage Technology revenues totaled $531 million, up 5% year-over-year, with recurring revenues increasing largely due to Data and Analytics and Servicing.
Net revenue increased 9% to a record $2.5 billion, with growth contributions from all three operating segments.
Record volumes and revenues were achieved across energy, interest rate, and credit default swap markets, contributing to strong first half results.
Second quarter adjusted earnings per share were a record $1.81, up 19% year-over-year.
Dafinchi