- Average yields improved to 5.46% from 5.41% in the prior quarter, with average repo rate improving by 3 basis points to 4.5%.
- Book value per share increased 4.3% quarter-over-quarter to $19.25.
- Earnings available for distribution (EAD) per share was $0.73, exceeding the dividend of $0.70 for the quarter.
- Economic leverage ratio modestly decreased to 5.7x with $8.6 billion of repo principal added at attractive spreads.
- Efficiency ratios improved, with OpEx-to-equity ratio at 1.34%, one of the lowest in the mortgage REIT sector.
- Generated an economic return of 8.1% for Q3 2025 and 11.5% year-to-date, marking 8 consecutive quarters of positive economic returns.
- Net interest spread ex-PAA increased to 1.5%, with net interest margin ex-PAA stable at 1.7%.
- Residential Credit yields rose to 6.29% driven by record securitization and loan purchases.
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- Blended lease rate growth was 2.8%, driven by 5% renewal rate growth and 30 basis points new lease rate growth.
- Debt to enterprise value was 28%, net debt-to-EBITDAre was 5.5x, and liquidity was over $1.1 billion as of June 30.
- Occupancy averaged 96.9%, 30 basis points higher than historical second quarter averages.
- Second quarter FFO as adjusted per share was $0.64, exceeding the high end of prior guidance, a 5% sequential increase.
- UDR reported second quarter 2025 same-store revenue growth of 2.5% and NOI growth of 2.9%, both exceeding initial guidance.
- Year-over-year same-store expense growth was only 1.7%, better than expected due to favorable real estate taxes and insurance savings.
- Year-to-date results exceeded initial expectations, leading to a raised full year 2025 FFOA per share guidance range of $2.49 to $2.55.
- Asset quality remained stable with criticized loans declining $118 million, though other real estate owned increased by $167 million due to repossession of office properties.
- Capital ratios remained strong with CET1 at 11.2% and adjusted capital ratio at 11%, above peer median.
- Efficiency ratio improved to 52% from 56% in Q1, reflecting positive operating leverage.
- Net interest income grew 7.2% quarter-over-quarter to nearly $700 million, with net interest margin rising 6 basis points to 3.53%.
- Noninterest expense rose 3% to $515 million, mainly due to seasonal deposit cost increases.
- Noninterest income increased 16.4% to $148 million, driven by mortgage banking revenue of approximately $78 million.
- Provision expense was $40 million, reflecting organic loan growth and net charge-offs of approximately $30 million.
- Tangible book value per share increased 15% year-over-year to $55.87, with return on average tangible common equity at 14.9% and return on average assets at 1.1%.
- Western Alliance delivered strong Q2 2025 results, exceeding expectations with over $1 billion sequential loan growth and nearly $2 billion deposit growth.
- Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
- Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
- Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
- NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
- Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
- Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
- Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.
- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
- NBT Bancorp reported net income of $22.5 million or $0.44 per diluted common share for Q2 2025.
- Net interest margin increased 15 basis points to 3.59%, with net interest income at $124.2 million, up $17 million from the prior quarter.
- Noninterest income, excluding securities gains, was $46.8 million, down 1.5% sequentially but up 8% year-over-year.
- Operating earnings per share, excluding acquisition expenses and related items, were $0.88, up $0.08 from the prior quarter.
- Provision for loan losses was $17.8 million, up from $7.6 million in Q1 2025, driven by $13 million acquisition-related provision and a modest economic forecast deterioration.
- Revenues grew approximately 10.5% from the prior quarter and 22% year-over-year, driven by net interest income improvements and the Evans merger.
- Tangible book value per share was $24.57, 9% higher than a year ago, with a tangible equity ratio above pre-merger levels.
- Total operating expenses, excluding acquisition costs, were $105.4 million, a 6.3% increase from the prior quarter, mainly due to Evans acquisition and merit pay increases.
- Community operating expenses increased by 7%, mainly due to acquisitions and higher payroll and maintenance costs, but same-property operating expense ratio improved to 38.2% from 39.4% last year.
- Debt totaled approximately $659 million with a weighted average interest rate of 4.63%, mostly fixed rate, and total market capitalization increased 13% to approximately $2.4 billion.
- Gross sales of manufactured homes increased by 19% for the quarter, with gains from sales at 14% of total sales.
- Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with a 16% increase in normalized FFO in dollar terms to $19.5 million.
- Same-property rental and related income increased by 8%, and same-property NOI increased by 10% for the quarter.
- Total revenue increased approximately 10% year-over-year to $66.6 million, driven by a 9% increase in rental and related income and a sales record of $10.5 million in manufactured home sales.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by offshore Infrastructure K-Series vehicle performance allocation.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by performance allocation from offshore Infrastructure K-Series vehicle.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months ending June 30, 2025.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with all-in pretax ROE approaching 20%.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with pretax ROE approaching 20% when including related economics.
- KKR reported fee-related earnings (FRE) of $0.98 per share, total operating earnings (TOE) of $1.33 per share, and adjusted net income (ANI) of $1.18 per share for Q2 2025, all among the highest in company history.
- Management fees in Q2 were $996 million, up 18% year-over-year, driven by Americas XIV fund activation and broader fundraising and deployment initiatives.
- Private equity portfolio appreciated 5% in the quarter and 13% over 12 months; Real Assets and Credit portfolios showed positive returns across sub-segments.
- Private equity portfolio appreciated 5% in the quarter and 13% over the last 12 months; Real Assets and Credit portfolios also showed positive returns.
- Realized performance income was $419 million and realized investment income was $154 million, driven by public secondary sales, private transactions, and K-PRIME crystallization.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings driven by recurring earnings streams.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings from recurring streams over the last 12 months.
- Total transaction and monitoring fees were $234 million, with $200 million from Capital Markets, over half from European activities.
- Total transaction and monitoring fees were $234 million, with Capital Markets transaction fees at $200 million, over half from European activities.
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