- Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
- Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
- Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
- Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
- Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
- Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
- Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
- Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
- Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
- Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.
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- Adjusted efficiency ratio improved by 90 basis points to 56.7%.
- Adjusted net income from continuing operations increased to $137.5 million or $0.73 per share.
- Adjusted noninterest expense increased $11.7 million, mainly due to First Chatham acquisition, business growth, and legal costs.
- Adjusted noninterest revenue increased $13 million or 15%, driven by mortgage originations, MSR valuation, wealth management, and other fees.
- Adjusted ROA was 1.14% for the quarter.
- Allowance for credit loss coverage remained flat at 1.34%.
- Core customer deposits increased at a 4.4% annualized rate, with growth mainly in noninterest-bearing deposits.
- Loan yields were 6.34%, up 1 basis point from the first quarter; new and renewed loans came in at just over 7%.
- Net charge-offs were $21 million or 24 basis points annualized, consistent with expectations.
- Net charge-offs were 24 basis points annualized for the quarter, down slightly from the first quarter.
- Net interest margin declined 6 basis points to 3.40%, but excluding securities impact, NIM increased 2 basis points.
- Net interest revenue increased $15 million or 4%, driven by loan growth and added securities.
- Organic loan growth was $1.1 billion for the quarter or 12.6% annualized.
- Pretax pre-provision net revenue increased to an all-time high of $206 million, up over 8% from the prior quarter.
- Regulatory capital levels remained strong with CET1 of 12.2%.
- Tangible book value increased to $22.94 per share.
- Total adjusted revenue was $476 million, an increase of $28 million or 6%.
- Total cost of deposits improved by 5 basis points to 2.30%; time deposit costs improved by 12 basis points.
- Adjusted EBITDA for Q2 was $76.3 million, down 12.5% year-over-year, with an adjusted EBITDA margin of 35%, the second highest quarterly margin in company history despite a 90 basis point decrease from last year.
- Capital Markets Compliance and Communications Management segment net sales declined 17.8% to $93.5 million due to lower transactional revenue and print volume.
- Donnelley Financial Solutions reported second quarter 2025 net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
- Donnelley Financial Solutions reported second quarter 2025 total net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
- Free cash flow was $51.7 million, $14.9 million higher than Q2 2024, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
- Free cash flow was $51.7 million, up $14.9 million year-over-year, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
- Investment Companies Compliance and Communications Management segment net sales decreased 25.2% to $32.4 million, primarily due to lower print and distribution volume impacted by regulatory changes.
- Investment Company Software Solutions segment net sales increased 17% to $33.1 million, driven by Tailored Shareholder Report solution revenue.
- Non-GAAP net leverage ratio was 0.7x as of June 30, 2025, with total debt at $190.1 million and $77 million drawn on the revolver.
- Non-GAAP net leverage ratio was 0.7x with total debt at $190.1 million and $156.3 million non-GAAP net debt as of June 30, 2025.
- Print and distribution net sales declined by approximately $14 million or 26%, primarily due to lower proxy statement and annual report volumes and the impact of the Tailored Shareholder Reports regulation.
- Segment results showed Capital Markets Software Solutions net sales increased 3.1% to $59.1 million, led by ActiveDisclosure's 11% growth, while Venue revenue was nearly flat but down 1% year-over-year.
- Software solutions net sales grew approximately 8% year-over-year, including 15% growth in recurring compliance software offerings, making up 42.3% of total net sales, up 700 basis points from last year.
- The company repurchased approximately 787,000 shares for $34.3 million in Q2, with a new $150 million share repurchase authorization effective May 16, 2025.
- Cannae has sold approximately $1.1 billion of public company stakes since February 2024, significantly reducing its public holdings from 63% to 22% of assets.
- The company expects to receive around $630 million from the sale of Dun & Bradstreet, which will be used for share repurchases, debt repayment, and dividends.
- Cannae has repurchased 7.6 million shares, or about 12% of outstanding shares, at an average price of $19.71, aiming to close the NAV discount.
- The company increased its quarterly dividend by 25% to $0.15 per share, reflecting a commitment to returning capital to shareholders.
- Since February 2024, Cannae has returned approximately $414 million through buybacks and dividends, demonstrating a strategic focus on capital deployment.
- Allowance for credit losses was $51.6 million or 1.26% of gross loans, down from $54.9 million in the prior quarter.
- Earnings for the June quarter were $1.39 diluted, unchanged from the prior quarter but up 17% year-over-year.
- Full year fiscal '25 earnings were $5.18 compared to $4.42 in fiscal '24, driven by stronger net interest income from 7% earning asset growth and net interest margin expansion.
- Net charge-offs totaled $5.3 million for the quarter, primarily from a special purpose CRE loan and a commercial contractor credit.
- Net interest margin for the quarter was 3.46%, up from 3.39% in the prior quarter, benefiting from higher loan yields and deployment of excess cash into loans.
- Noninterest expense rose 2.3% due to $425,000 consulting expenses and increased data processing costs.
- Noninterest income increased 9.2% quarter-over-quarter, driven by an additional card network bonus of $537,000.
- Provision for credit losses increased to $2.5 million from $932,000 in the prior quarter due to net charge-offs and loan growth.
- Quarterly dividend increased by $0.02 or 8.7% to $0.25 per share.
- Return on average assets was 1.21% and return on average equity was 11.4% for fiscal 2025.
- Tangible book value per share increased by $5.19 or just above 14% over the last 12 months to $41.87.
- Adjusted EBITDAre for the quarter was $38.9 million.
- Braemar Hotels & Resorts reported a net loss attributed to common stockholders of $16 million or $0.24 per diluted share for Q2 2025.
- Comparable hotel EBITDA grew 3.7% to $47.8 million with slightly stronger margins.
- Comparable RevPAR increased by 1.5% to $318, marking the third consecutive quarter of growth.
- Comparable total hotel revenue increased by 3.3% over the prior year period.
- Food and beverage revenue increased 6.6%, contributing to margin improvement of 11 basis points.
- Quarterly common stock dividend declared at $0.05 per share, equating to an annual yield of approximately 9.1%.
- Resort portfolio RevPAR increased 1.6% to $464 with a 6.9% increase in hotel EBITDA to $25.7 million.
- Urban hotels delivered 0.5% comparable RevPAR growth with notable revenue growth at the Clancy in San Francisco (+14%).
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