- Private credit transactions accounted for nearly 25% of first-time mandates in Q2, with a 50% YoY increase in deals.
- Revenue related to private credit grew 75% in Q2 across multiple lines, offsetting issuance environment softness.
- Largest-ever private credit deal in the UK (GBP 1.5 billion for a European utility) highlights market scale.
- Moody's is investing in private credit transparency and serving emerging investor needs, including a partnership with MSCI.
- Private credit is expanding into sectors like AI data centers, transition finance, energy, and infrastructure, with increased demand for ratings.
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- Adjusted diluted EPS grew 10% year-over-year.
- Adjusted expenses increased moderately across divisions, driven by compensation, currency translation, and strategic investments.
- Adjusted expenses increased modestly across divisions, driven by compensation, currency translation, and strategic investments.
- Commodity Insights revenue grew 8%, with Energy & Resources Data & Insights up 10%; operating margin improved by 130 basis points to 48.6%.
- Commodity Insights revenue increased 8%, with Energy & Resources Data & Insights growing 10%.
- Energy Transition and Sustainability revenue grew 7% to $93 million in the quarter.
- Market Intelligence division achieved 7% organic constant currency revenue growth and more than 200 basis points of margin expansion in the quarter.
- Market Intelligence division achieved 7% organic constant currency revenue growth and over 200 basis points of margin expansion.
- Market Intelligence reported 5% revenue growth with 7% organic constant currency growth; operating margin improved by 240 basis points to 35.3%.
- Market Intelligence revenue increased 5% reported and 7% organic constant currency; operating margin improved by 240 basis points to 35.3%.
- Mobility revenue increased 10% year-over-year; margins improved 140 basis points to 42.3%.
- Private Market revenue increased 11% year-over-year to $148 million.
- Private markets revenue showed strong growth, led by private credit within Ratings.
- Ratings revenue increased 1% year-over-year, with transaction revenue down 4% and non-transaction revenue up 8%.
- Ratings revenue increased 1% year-over-year, with transaction revenue down 4% but non-transaction revenue up 8%.
- Revenue increased 6% year-over-year in the second quarter, with subscription revenue increasing 7%.
- S&P Dow Jones Indices revenue increased 15%, driven by Asset-Linked Fees up 17% and Exchange-Traded Derivatives revenue up 15%.
- S&P Dow Jones Indices revenue increased 15%, driven by Asset-Linked Fees up 17% and Exchange-Traded Derivatives revenue up 15%; operating margin improved 60 basis points to 71.3%.
- S&P Global reported 6% year-over-year revenue growth in Q2 2025, with subscription revenue up 7%.
- Trailing 12-month margin expanded by 150 basis points driven by disciplined expense management and strategic investments.
- Trailing 12-month margin expansion of 150 basis points was delivered through strategic investments and disciplined expense management.
- The company's CRE pipeline reached over $5 billion in June, indicating a robust build-up of new opportunities.
- Management expects the CRE pipeline to continue building through the second half of the year, potentially leading to growth later in 2025.
- The recent sale of out-of-footprint CRE loans was a strategic move to focus on core markets and relationships.
- CRE criticized balances declined by $813 million, but the pipeline's growth suggests future loan originations could offset this decline.
- Management sees the CRE pipeline as a key driver for future growth, with a focus on serving clients and managing risk.
- Assets under management (AUM) reached a record $465 billion at quarter-end, with $51 billion of organic inflows over the past 12 months.
- Carlyle delivered record fee-related earnings (FRE) of $323 million in Q2 2025, up 18% year-over-year, with year-to-date FRE at $634 million and a 48% margin.
- Corporate private equity returned nearly $15 billion to investors over the last 12 months, triple the industry average, with strong portfolio realizations and performance.
- Global Credit and Carlyle AlpInvest accounted for 55% of firm-wide FRE, up from less than 30% two years ago, reflecting diversification and growth.
- Management fees increased 7% to $590 million in Q2 and $1.1 billion year-to-date, while capital markets fees more than doubled to $48 million in Q2 and $126 million year-to-date.
- Annaly has maintained a diversified housing finance strategy that has delivered a 13% annualized economic return over the past three years.
- The company's portfolio includes Agency MBS, Residential Credit, and MSR, which collectively contributed to positive results in Q3 2025.
- Annaly's approach involves actively managing convexity and spread risks across different asset classes to optimize returns.
- The firm raised $1.1 billion of equity in Q3, including $800 million through ATM programs, highlighting strong investor confidence.
- Annaly's strategic focus on low note rate MSRs and proprietary assets has helped sustain cash flow stability amid market fluctuations.
- Mr. Cooper has launched its maiden MSR fund with $200 million in initial commitments.
- The company is working with blue-chip fixed-income investors who see the platform as key to maximizing MSR economics.
- The goal is to build an asset-light strategy that scales rapidly, leveraging investor trust and platform strength.
- First Merchants reported $262 million of commercial loan growth in Q2, over 10% annualized, and $430 million year-to-date, 9% annualized.
- Growth driven by CapEx financing, increased revolver usage, M&A financings, and new business conversions.
- Pipeline remains consistent with prior quarter, supporting continued loan growth and market share expansion into Q3.
- Dynex continues to emphasize its long-term strategy of investing in residential and commercial mortgage-backed securities with a focus on risk discipline and liquidity management.
- The company highlighted that agency RMBS spreads remain wide relative to their historical levels, presenting attractive investment opportunities.
- Management expects tighter agency mortgage spreads in the long term and sees developing opportunities outside of agency RMBS as increasingly interesting.
- Dynex's portfolio has grown over 50% since the beginning of 2025, driven by deliberate capital deployment and opportunistic investing.
- The firm is increasing its exposure to Agency CMBS, expecting spreads to tighten relative to RMBS, which could enhance future returns.
- LendingClub aims to grow its held-for-investment portfolio to approximately $500 million each quarter, balancing between growth and risk management.
- The company is actively managing its balance sheet to support both marketplace sales and internal retention, with over $11 billion in assets.
- Management emphasizes the importance of growing originations to meet both marketplace demand and balance sheet expansion goals.
- The company is leveraging its bank status to maintain a resilient balance sheet that supports recurring revenue streams.
- Credit union assets increased by $79 billion (3.5%) to $2.3 trillion in Q2 2025, reflecting sector resilience despite macroeconomic headwinds.
- Loan and share growth in credit unions also improved, with 3.6% and 4% year-over-year increases, respectively.
- Management sees increased refinancing activity driven by Federal Reserve rate cuts and stabilizing inflation, positioning Open Lending to capitalize on favorable market conditions.
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