Dafinchi AI

MidWestOne Financial Group, Inc.

MOFG

Financial Services

3w

Isolated CRE Credit Event and Asset Resolution

A $24 million nonowner-occupied office loan in Twin Cities moved to nonaccrual, with receiver appointed and resolution actions underway.
The loan was originated in June 2022, with 85% occupancy, but faced rollover risk in 2025, potentially dropping to 65%.
The bank has taken legal control and expects to reflect a charge-off in Q3 after detailed asset evaluation.
Other large CRE assets include a $12 million downtown Minneapolis property with good cash flow and an $8.2 million substandard asset supported by a sponsor.

TPG RE Finance Trust, Inc.

TRTX

Financial Services

2w

Market Opportunity Driven by Bank Pullback in Direct Lending

Market conditions created an excellent window for TRTX to capitalize on widening loan spreads, especially as banks continued their reluctance to engage in direct lending.
TRTX executed 7 new loans totaling $696 million during the quarter, with a weighted average loan-to-value ratio of 68%.
The market backdrop allowed TRTX to leverage its dry powder and stable liability structure for attractive risk-adjusted returns.

Great Southern Bancorp, Inc.

GSBC

Financial Services

4w

Financial Performance Summary

Annualized net interest margin improved to 3.68%, up 25 basis points from the prior year and 11 basis points from Q1 2025.
Capital position remained strong with total stockholders' equity at $622.4 million, representing 10.6% of total assets and a book value of $54.61 per share.
Loan portfolio declined 3.3% to $4.6 billion due to higher loan payoffs, including a $30 million payoff on the last day of the quarter.
Net income for Q2 2025 was $19.8 million or $1.72 per diluted common share, up from $17.0 million or $1.45 per share in Q2 2024.
Net interest income increased to $51.0 million, an 8.9% improvement year-over-year, supported by higher loan and investment yields and lower funding costs.
Noninterest expenses declined 3.9% year-over-year to $35.0 million, driven by lower legal and professional fees and reduced expenses on other real estate owned, partially offset by increased technology investments.
Noninterest income decreased 16.5% year-over-year to $8.2 million, impacted by timing of tax credit partnership income and prior year software vendor termination income.
Nonperforming assets were $8.1 million or 0.14% of total assets, with net recoveries on loans of $111,000 and no provision for credit losses on outstanding loans.
The company redeemed $75 million of subordinated notes early, saving future interest costs, and repurchased nearly 176,000 shares in the quarter.
Total deposits were $4.68 billion at quarter end, up 1.7% from December 31, 2024, but down 1.6% from Q1 2025, with brokered deposits and checking accounts increasing while retail CDs declined.

Farmland Partners Inc.

FPI

Financial Services

3w

Financial Performance Summary

AFFO for Q2 2025 was $1.3 million or $0.03 per share, up from the prior year, positively impacted by lower interest expense and increased loan program activity.
AFFO for the six months was $3.6 million or $0.08 per share, higher than 2024, helped by lower interest expense, higher interest income, and proceeds from a solar lease arrangement.
For Q2 2025, net income was $7.8 million or $0.15 per share, higher than Q2 2024 due to gains on dispositions of 32 properties, lower G&A costs, lower interest expenses, and higher interest income.
For the six months ended June 30, 2025, net income was $9.9 million or $0.18 per share, higher than 2024 due to 34 property dispositions, debt reductions, lower G&A, and increased interest income.
Gain on disposition of assets was $25 million on $81.6 million of property sales in 2025, compared to a loss of $0.1 million in 2024.
General and administrative expenses decreased primarily due to a one-time severance expense in 2024.
Interest expense decreased by $2.8 million in Q2 and $5.2 million year-to-date due to debt reductions since October 2024.
Lines of credit were repaid in full with $23 million payments in early July 2025.
Undrawn capacity on lines of credit was approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets in 2025.

Repay Holdings Corporation

RPAY

Financial Services

4d

Financial Performance Summary

Adjusted EBITDA was $31.8 million, representing a 42% margin.
Adjusted net income was $19.1 million or $0.20 per share.
Free cash flow was $22.6 million, with a 71% free cash flow conversion rate.
Net leverage stood at approximately 2.5x with total debt of $507.5 million, including a $220 million convertible note due in February 2026.
REPAY reported Q2 2025 revenue of $75.6 million, a 1% year-over-year increase.
Reported gross profit declined 2% year-over-year, impacted by client losses and political media contributions; excluding these, gross profit grew single-digit year-over-year.
The company repurchased approximately 7.9 million shares year-to-date for $38 million.

Repay Holdings Corporation

RPAY

Financial Services

4d

REPAY's Strategic Focus on Organic Growth and Capital Allocation Priorities

REPAY emphasized its focus on organic growth and investments, with a clear priority on managing CapEx as a percentage of revenue.
The company plans to use cash on hand to reduce its $220 million convertible notes due in February 2026, indicating a strategic debt management approach.
Management highlighted the potential for opportunistic share repurchases, with $38 million spent on buying back 7.9 million shares year-to-date.
REPAY remains open to strategic tuck-in M&A to accelerate growth, focusing on verticals like consumer payments and business payments.
The company aims to maintain a strong balance sheet with ample liquidity, including $413 million in total liquidity, to support its strategic initiatives.

Home Bancorp, Inc.

HBCP

Financial Services

3w

Financial Performance Summary

Classified and nonperforming loans increased due to 4 downgraded loans totaling $18 million, but no expected losses due to conservative underwriting and collateral.
Deposits increased at an 11% annual rate, with noninterest-bearing deposits up $41.9 million, comprising 27% of total deposits.
Home Bancorp reported Q2 2025 net income of $11.3 million or $1.45 per share, up $0.08 from Q1 and $0.43 from a year ago.
Loans grew by $17.3 million (3%) in Q2, impacted by slower commercial construction activity and paydowns of about $20 million.
Net charge-offs were low at $335,000 for the quarter, or 3 basis points year-to-date.
Net interest margin (NIM) expanded for the fifth consecutive quarter to 4.04%, driven by an 8 basis point increase in earning asset yields and stable deposit costs.
Noninterest income was $3.7 million, in line with expectations, while noninterest expenses increased to $22.4 million due to compensation and a $987,000 SBA receivables write-down.
Share repurchases totaled 147,000 shares at an average price of $43.72, with 391,000 shares remaining on the buyback plan.

Piedmont Office Realty Trust, Inc.

PDM

Financial Services

2w

Financial Performance Summary

AFFO generated during Q2 2025 was approximately $16 million.
Core FFO per diluted share for Q2 2025 was $0.36 versus $0.37 in Q2 2024, with a $0.01 decrease due to higher net interest expense from refinancing activity.
No final debt maturities until 2028 and $450 million available under revolving credit line.
Portfolio trading at roughly $200 per square foot valuation with an implied yield on cost after CapEx of more than 10%.
Repurchased approximately $68 million of 9.25% bonds, recognizing a $7.5 million loss on early extinguishment of debt but expected to save $7.5 million in total interest over 3 years.
Sale of three nonstrategic projects and downtime from lease expirations offset growth from higher economic occupancy and rental rate growth.

Stellar Bancorp, Inc.

STEL

Financial Services

3w

Return to Organic Loan Growth Driven by Market Conditions and M&A Activity

Loan originations nearly doubled in Q2 2025 compared to Q1, reaching $640 million, marking the highest level since 2022.
Pipeline remains healthy, supporting continued growth.
Market dynamics, including increased M&A activity in Texas, are creating opportunities for customer acquisition and talent recruitment amid some disruption.

Granite Point Mortgage Trust Inc.

GPMT

Financial Services

1w

Portfolio De-Risking and Asset Resolutions

Significant reduction in risk-rated 5 loans from 7 to 2, with Louisville student housing loan resolved at over $3 million above carrying value.
Resolution of two nonaccrual loans totaling $132 million, including a $21 million write-off for a Phoenix office property and a $15 million write-off for a Minneapolis hotel.
Remaining 2 risk-rated 5 loans with a total UPB of $173 million, with ongoing resolution efforts for office and hotel assets.
Sale of Phoenix office REO property at $16.7 million, generating a small gain, with two REO properties remaining.
Active leasing and redevelopment efforts at Miami Beach office property, with positive leasing trends and ongoing negotiations.