Adjusted net income was $96.5 million or $1.22 per diluted share, with a 16.3% adjusted return on equity.
Claims expense was $13.4 million in the quarter.
Defaults declined to 6,709 at June 30 from 6,859 at March 31, with a default rate of 1%.
GAAP net income was $96.2 million and diluted EPS was $1.21.
Investment income was $24.9 million, up from $23.7 million in Q1 and $20.7 million in Q2 2024.
National MI generated $12.5 billion of new insurance written (NIW) volume in Q2 2025, ending with a record $214.7 billion of primary insurance in force.
Net premiums earned were $149.1 million, slightly down from $149.4 million in Q1 2025 but up from $141.2 million in Q2 2024.
Net yield was 28 basis points; core yield (excluding reinsurance and cancellation earnings) was 34.2 basis points, up from 34.1 basis points in Q1.
Shareholders' equity was $2.4 billion with book value per share of $31.14, up 4% from Q1 and 16% from Q2 2024.
The company repurchased $23.2 million of common stock in Q2, retiring 628,000 shares at an average price of $36.90, with $281 million of repurchase capacity remaining.
Total cash and investments were $3 billion, including $169 million at the holding company.
Total revenue was a record $173.8 million, up from $173.2 million in Q1 2025 and $162.1 million in Q2 2024.
Underwriting and operating expenses were $29.5 million, down from $30.2 million in Q1, resulting in a record low expense ratio of 19.8%.
Core FFO per share reached a record $1.87, up 13% year-over-year and 6% higher than last quarter, reflecting strong upside from hyperscale commencements and better-than-expected 0-1 megawatt plus interconnection bookings.
Data center revenue increased 11% year-over-year, supported by strong renewal spreads, rent escalators and new lease commencements, offsetting disposition impacts.
Development CapEx was over $900 million gross, $700 million net to Digital Realty, with 96 megawatts of new capacity delivered (98% pre-leased) and 16 megawatts of new projects started construction.
Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO this quarter, driven by record lease commencements, low churn and higher fee income.
Gross data center development pipeline stands at $9 billion with a 12.2% expected stabilized yield; land bank grew to 3.7 gigawatts, extending runway to 5 gigawatts.
Leasing in the quarter totaled $177 million at 100% share, including $135 million at Digital Realty's share, with $90 million in the 0-1 megawatt plus interconnection category, an 18% increase over the prior record.
Renewal leases signed in the quarter totaled $177 million with a blended 7.3% cash basis increase, exceeding prior guidance.
Same-capital cash NOI grew 4.4% year-over-year, driven by 5.9% growth in data center revenue; on a constant currency basis, same-capital cash NOI rose 1.8%.
Total churn declined to 1%, with negligible churn in the greater than a megawatt category.
Dafinchi