Comparable RevPAR growth in Q2 2025 was 0.1%, driven by a 1.1% increase in rate and an 80 basis point decline in occupancy.
Corporate adjusted EBITDA was $90.5 million and adjusted FFO per share was $0.35.
Food and beverage revenues increased 3.1%, with F&B profit growing over 6% and margins expanding by 105 basis points due to operational improvements.
Free cash flow per share for the trailing 12 months increased approximately 4.5% to $0.63 per share.
Group room revenue increased 0.8%, business transient revenue rose 4.2%, while leisure transient revenue declined 1.6%.
Hotel EBITDA margins contracted 97 basis points overall but would have expanded 30 basis points excluding the Chicago tax increase.
Operating expenses increased 0.7% excluding a large property tax increase in Chicago; wages and benefits rose 3.1%.
Total RevPAR growth was 1.1%, boosted by a 4.2% increase in out-of-room revenues per occupied room, reaching a new quarterly high of $160 per occupied room.
Adjusted operating expenses were $331 million, stable sequentially, with a decline in adjusted long-term incentives and an 8% increase in non-compensation expenses due to marketing, G&A, and acquisitions.
Adjusted revenue increased 2% sequentially and 9% year-over-year, driven by higher management fees on increased average AUM and improved mutual fund performance fees.
Assets under management (AUM) increased 23% to $457.3 billion, the highest quarterly AUM ever, driven by the Guardian partnership, market gains, and favorable currency adjustments.
Excluding Guardian, net flows remained positive despite market volatility, with 15 strategies including 4 ETFs each having at least $100 million of net inflows.
Investment performance improved meaningfully in the 1-year period, with at least two-thirds of assets beating benchmarks across 1-, 3-, 5-, and 10-year periods and over 70% of AUM in the top 2 Morningstar quartiles.
Janus Henderson delivered a solid second quarter 2025 with adjusted diluted EPS of $0.90, a 6% increase year-over-year.
Net inflows for the quarter were $46.7 billion, including $46.5 billion from Guardian's general account, marking the fifth consecutive quarter of positive net flows.
Net management fee margin was 47.5 basis points in Q2, down from the prior quarter due to mix shifts and one-time adjustments.
The adjusted operating margin was 33.5%, and the firm maintained a strong balance sheet with $900 million in cash and cash equivalents.
The company returned $202 million to shareholders in the first half of 2025 through dividends and share repurchases, reducing shares outstanding by over 22% since 2018.
Credit costs remained low with a $7.5 million provision expense and net charge-offs at 6 basis points; one day 1 PCD charge-off of $17 million was recorded on an acquired relationship.
Loan production increased 57% from about $2 billion to over $3 billion quarter-over-quarter, contributing to solid loan growth.
Net interest income increased by $33 million over Q1, driven by loan coupon yields, securities portfolio restructuring, and lower cost of deposits.
Noninterest expenses were $351 million, at the low end of guidance, resulting in a second quarter efficiency ratio of 49.1%, bringing the year-to-date ratio below 50%.
Noninterest income remained stable at $87 million, with gains in correspondent business offset by a slight decline in mortgage revenue.
SouthState reported a strong Q2 2025 with adjusted return on assets at 1.45% and return on tangible common equity near 20%, excluding merger costs.
Tangible book value per share increased 8.5% year-over-year to $51.96 despite dilution from the IBTX merger; CET1 capital ratio improved compared to June 2024.
Contribution profit was $69 million with a margin of 4.4%, down from $95 million and 6.3% in Q2 2024 due to a higher mix of older inventory.
Issued $325 million of convertible senior notes due 2030, extending maturities and adding $75 million in cash to the balance sheet.
Opendoor reported $1.6 billion in revenue for Q2 2025, achieving adjusted EBITDA profitability of $23 million, the first positive quarter in three years.
The company ended the quarter with 4,538 homes in inventory valued at $1.5 billion and $1.1 billion in total capital, including $789 million in unrestricted cash.
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.
Dafinchi