- 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.
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- FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
- Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
- Other income averaged about $20 million per quarter, consistent with recent history.
- Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
- Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
- Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
- Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
- Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
- Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.
- AMG's second quarter of 2025 marked the strongest quarter in 12 years for organic growth, with a 15% increase in economic earnings per share.
- This growth was primarily driven by record inflows into alternative strategies, totaling over $8 billion in net client cash flows.
- The shift towards alternative assets and secular growth areas is a core part of AMG's strategic evolution, with a focus on private markets and liquid alternatives.
- 85% of executed leases in 2025 came from street and urban portfolio compared to 30% in 2024.
- Balance sheet liquidity of approximately $600 million with net debt to EBITDA at 5.5x.
- Executed approximately $7.5 million of new leases in first half of 2025, nearly 100% increase over $3.8 million in 2024.
- FFO as adjusted for realized gains from Albertsons stock sales was $0.32 per share, in line with expectations.
- New 5-year $250 million term loan executed at 120 basis points over SOFR, all-in cost about 4.6% after swaps.
- Projected year-over-year NAREIT FFO growth of about 10% at the midpoint of 2025 guidance.
- Reported NAREIT FFO of $0.27 per share in Q2 2025, an 8% increase over $0.25 in Q2 2024.
- Same-store NOI growth reaffirmed at 5% to 6% for 2025, trending towards midpoint or slightly ahead.
- Total core occupancy increased by 50 basis points to 92.2%, with expectation to reach 94% to 95% by year-end.
- 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.
- Adjusted diluted EPS was $3.92, a 22% increase year-over-year, more than doubling from three years ago.
- Adjusted operating margin reached nearly 53%, improving over 500 basis points from the prior year.
- Free cash flow guidance increased to approximately $2.5 billion, with share repurchase guidance raised to at least $1.5 billion, targeting over 85% free cash flow returned to shareholders.
- MIS adjusted operating margin expanded 560 basis points to 65.2%, with full-year guidance raised to 63-64%.
- MIS segment revenue grew 12%, surpassing $1 billion for the third consecutive quarter, with strong issuance and tight spreads.
- Moody's achieved record quarterly revenue exceeding $2 billion, up 11% year-over-year in Q3 2025.
- Moody's Analytics adjusted operating margin improved 400 basis points to 34.3%, with full-year margin guidance increased to approximately 33%.
- Moody's Analytics revenue grew 9% year-over-year, with ARR reaching nearly $3.4 billion, up 8%.
- Veris Residential has sold or entered contracts for $542 million of non-strategic assets, surpassing the initial $300-$500 million target and raising it to $650 million.
- The company expects the Harborside 8/9 sale to close early next year, generating $0.04 of run rate earnings and further reducing net debt-to-EBITDA to around 9x.
- Proceeds from asset sales are being used to pay down debt, with a goal to delever to below 8x by the end of 2026, significantly strengthening the balance sheet.
- Management emphasized that these strategic asset sales are central to their plan to unlock value and improve financing options, including reducing the cost of capital.
- The company’s focus on monetizing non-core assets is expected to create more optionality and flexibility for future financing and growth strategies.
- Byline Bancorp reported net income of $30 million or $0.66 per diluted share on revenue of $110 million for Q2 2025, including merger and secondary offering charges.
- Capital levels remained strong with TCE above 10% and CET1 just under 12%; repurchased 418,000 shares returning $10 million to shareholders.
- Credit costs were $11.9 million, including $7.7 million net charge-offs and a $4.2 million net reserve build; NPLs increased to 92 basis points from 76 basis points.
- Efficiency ratio was 48.2% adjusted, and cost-to-asset ratio improved to 228 basis points, down 18 basis points quarter-over-quarter.
- Excluding those charges, net income was $33.8 million or $0.75 per diluted share.
- Expenses were $60 million including charges; adjusted expenses were $54.7 million, a 2% decrease from prior quarter.
- Loans ended at $7.4 billion, deposits at $7.8 billion, with organic loan growth of $155 million (9%) and deposit growth of 6.4% excluding brokered deposits.
- Noninterest income declined slightly due to a negative fair value mark on servicing assets despite higher gain on sale revenue and fees.
- Pretax pre-provision income was $51 million with a pretax pre-provision ROA of 212 basis points, marking the 11th consecutive quarter above 200 basis points.
- ROA was 1.25% (1.41% adjusted) and ROTCE was just under 13% (14.4% adjusted), exceeding cost of capital despite a growing capital base.
- Total revenue increased 11% year-over-year to $110.5 million, driven by a 9% increase in net interest income due to higher balances and margin expansion of 11 basis points to 4.18%.
- TrustCo's strategy over recent years has been to amass capital specifically to lend out during periods of favorable interest rates.
- The company has capitalized on rising loan demand and competitive borrowing conditions to increase lending activities.
- This approach has supported margin expansion and loan growth, with a focus on community lending.
- Adjusted net interest income per share rose 10% quarter-over-quarter and 47% year-over-year to $0.44 per share.
- GAAP book value and adjusted book value per share decreased to $9.11 and $10.26 respectively, representing a 2.8% and 1.6% decrease compared to March 31.
- Net interest spread increased to 150 basis points from 132 basis points in the first quarter, driven by a 17 basis point reduction in average financing costs.
- Net loss from real estate increased slightly to $3 million due to higher operating expenses.
- NYMT reported strong second quarter performance with Earnings Available for Distribution (EAD) surpassing the current common dividend by $0.02, reaching $0.22 per share, a 10% increase quarter-over-quarter.
- Realized net losses of approximately $3.8 million were mostly offset by reversals of previously recognized unrealized losses.
- Recorded $24.6 million in net unrealized gains mainly from Agency RMBS and residential loan portfolios, offset by $36.3 million in unrealized losses on derivative instruments.
- Recourse leverage ratio increased to 3.8x from 3.4x, primarily due to financing activity supporting Agency RMBS acquisitions.
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