- 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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- Book value per common share was $11.20, slightly up from $11.19 in the previous quarter.
- Debt-to-equity ratio increased modestly to 2.6x from 2.2x to support loan growth.
- Liquidity at quarter end was $236.4 million, including $165.9 million cash and $66.1 million undrawn credit capacity.
- Loan portfolio grew by 15% in Q2 2025, with a 100% performing loan book and no 5-rated loans, only 2 rated 4.
- Repurchased 1.7 million common shares for $12.5 million, generating $0.08 per share of book value accretion.
- Sold 2 REO properties at a combined GAAP gain of $7 million, reducing REO exposure to about 5% of total assets.
- TRTX reported GAAP net income of $16.9 million or $0.21 per common share and distributable earnings of $0.24 per common share, covering the quarterly dividend of $0.24 per share.
- Weighted average credit spread on new loans was 2.86%.
- Interest expense was $1.1 million this quarter, expected to rise to $1.7 million next quarter due to leverage on upcoming residential acquisitions.
- Next quarter guidance includes adjusted EBITDA of approximately $20.5 million, distributable earnings between $0.44 and $0.46 per share, and adjusted EPS between $0.21 and $0.23 per share.
- Recurring cash compensation decreased by $3.5 million sequentially to $38.6 million due to cost containment measures; recurring G&A decreased by $1.2 million to $9.5 million.
- Recurring service revenues were approximately $44 million, down $1.5 million sequentially due to lower property management fees at RMR Residential, partially offset by seasonal improvements in Sonesta-related fees.
- RMR reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million for Q3 2025, all in line with expectations.
- Agency RMBS modestly outperformed treasury hedges but underperformed swap hedges due to tightening swap spreads.
- Agency RMBS portfolio decreased 15% quarter-over-quarter due to risk management amid trade policy uncertainty.
- Debt-to-equity ratio decreased from 7.1x at the end of March to 6.5x at the end of June.
- Hedge notional declined from $4.5 billion to $4.3 billion, with hedge ratio increasing from 85% to 94%.
- Levered gross ROEs on higher coupons are in the low 20s, representing an attractive entry point for mortgage investors.
- Repurchase agreements collateralized by Agency RMBS and CMBS declined from $5.4 billion to $4.6 billion.
- Swap spreads tightened significantly, negatively impacting book value during the quarter.
- The $5.2 billion investment portfolio consisted of $4.3 billion in agency mortgages and $900 million in Agency CMBS.
- The economic return for the quarter was negative 4.8%, consisting of a $0.34 dividend per common share and a $0.76 decline in book value per common share.
- Brandywine Realty Trust reported a second quarter net loss of $89 million or $0.51 per share, including $63.4 million in impairments in the Austin portfolio.
- Capital ratio improved to 4.1%, below the 2025 business plan range, due to capital control and construction efficiencies.
- Deferred tenant improvement costs recognized were $5.5 million or $0.03 per share in CAD ratio; accrued but unpaid preferred dividends were $3.8 million or $0.02 per share.
- Development projects incurred $0.14 per share of negative carry, including $0.10 per share in noncash preferred charges.
- FFO contribution from unconsolidated joint ventures was negative $5.8 million, impacted by higher concessions at Solaris House during lease-up.
- FFO for the quarter was $26.1 million or $0.15 per diluted share, meeting consensus estimates.
- Interest expense was $0.5 million less than forecast due to capitalized interest.
- Mark-to-market was 2.1% on a GAAP basis and negative on a cash basis, with increased guidance ranges based on executed leases.
- Second quarter occupancy was 88.6% with 91.1% leased; Philadelphia occupancy was 93.5% and Austin occupancy improved due to asset sales.
- Loan-to-deposit ratio improved to 96% from 102% a year ago, reflecting improved liquidity.
- Net income for Q3 2025 was $23.8 million or $1.46 per diluted share, up from $19.6 million or $1.22 per diluted share in Q3 2024.
- Net income for the first nine months of 2025 totaled $65.9 million or $4.06 per diluted share, compared to $60 million or $3.72 per diluted share in the prior year period.
- Net interest margin remained stable at 3.5%, declining only 2 basis points despite a 96 basis point drop in SOFR over five quarters.
- Noninterest expenses increased by $2.4 million in Q3 and $7.3 million year-to-date, driven by higher salaries, benefits, and data processing costs.
- Provision for credit losses was $200,000 in Q3 2025 and $3.9 million for the first nine months, down from $1.1 million and $5.9 million respectively in 2024.
- Return on average assets was 1.5% and return on average equity was 14.7% for 2025.
- Tangible book value per share increased by 13% over the last four quarters, with a five-year CAGR of 8.4%.
- Asset quality remained stable with criticized loans down 8% quarter-over-quarter and allowance coverage at 1.04%.
- Charge-offs increased to $12 million annualized (33 bps) from $8 million (25 bps) in Q1.
- Earnings per diluted share excluding notable items remained flat at $0.19 due to 7 million shares issued in the Territorial acquisition.
- Net income excluding notable items was $24.5 million in Q2 2025, up 7% from $22.9 million in Q1 2025.
- Net interest income increased 17% quarter-over-quarter to $118 million, driven by Territorial acquisition, organic loan growth, and margin expansion.
- Net interest margin expanded 15 basis points to 2.69%.
- Noninterest expense excluding notable items increased to $92 million from $81 million due to Territorial operations addition.
- Noninterest income excluding notable items rose 44% year-over-year to $15.9 million.
- Pretax pre-provision net revenue excluding notable items grew 17% quarter-over-quarter to $41.2 million.
- Provision for credit losses excluding notable items was $10.5 million, up from $5 million in Q1.
- Liquidity remained strong at over $1 billion, representing more than 50% of total equity.
- Net interest income increased due to new investments with attractive yields and swaps adding carry value.
- Over $130 million gains realized on the portfolio in Q3 from spread tightening.
- Raised $254 million in new capital in Q3, $776 million year-to-date, growing the portfolio by 10% since Q2 and over 50% since the start of the year.
- Third quarter net interest income did not include the impact of the September FOMC rate cut, expected to boost Q4 margins.
- Total economic return was 10.3% for the quarter and 11.5% year-to-date.
- Year-to-date shareholder returns were 20%, 23% over the last year, and nearly 72% over three years with dividends reinvested.
- Balance sheet remains strong with an adjusted tangible equity ratio of 9.8%, up from 8.2% a year ago.
- Consumer Lending segment NIM was 232 basis points, down from 276 basis points in Q1, impacted by loans entering 91+ days delinquency and related accrued interest reserve adjustments.
- Delinquency rates increased: FFELP >90-day delinquency at 10.1%, consumer lending 91+ day delinquency rose to 3%, partly due to disaster forbearance roll-offs.
- Loan originations doubled year-over-year, with $443 million in refinance loans this quarter and over $1 billion in total originations year-to-date.
- Navient reported core earnings per share of $0.20 in Q2 2025, or $0.21 on a core basis after adjusting for regulatory and restructuring expenses.
- Net interest margin (NIM) for the Federal Education Loan segment was 70 basis points, exceeding guidance, with full year NIM expected between 55 and 65 basis points.
- Operating expenses declined by $82 million year-over-year to $100 million, driven by business sales and expense reduction initiatives.
- Provision expenses were elevated due to macroeconomic outlook deterioration, higher delinquency trends, and increased loan originations.
- Returned $40 million to shareholders via share repurchases and dividends; repurchased 1.9 million shares for $24 million.
- Agency business revenue was $717 million, up 16%, reflecting first quarter economic activity due to reporting lag.
- Closed orders increased 2%, with average revenue per order up 30% due to broad-based strength across asset classes and transaction sizes.
- Commercial revenue increased 33%, setting an all-time record in the National Commercial Services division for fee per file in a quarter.
- Debt-to-capital ratio was 32.1%, or 23.1% excluding secured financings payable.
- Effective tax rate was 24.6%, slightly above the normalized rate of 24%.
- First American reported second quarter adjusted earnings per share of $1.53, including $0.12 per share related to executive separation costs.
- GAAP earnings were $1.41 per diluted share; adjusted earnings excluded net investment losses and purchase-related intangible amortization.
- Home Warranty pretax income rose 35%, driven by a lower loss rate and revenue growth through the direct-to-consumer channel.
- Home Warranty revenue was $110 million, up 3%, with a loss ratio improvement from 46% to 41%.
- Information and other revenues rose 10%, primarily from Canadian operations with higher refinance activity.
- Investment income grew 17%, driven by escrow deposits and higher interest income from the investment portfolio.
- Pretax margin in the title segment was 12.6% (13.2% adjusted); Home Warranty pretax margin was 20.2% (20.7% adjusted).
- Provision for policy losses was $39 million or 3.0% of title premiums and escrow fees, unchanged from prior year.
- Residential purchase revenue declined 3% due to lower demand for new homes, while refinance revenue increased 54% but remains only 5% of direct revenue.
- Share repurchases totaled 1 million shares for $61 million in Q2, with an additional 577,000 shares repurchased in July.
- Title segment revenue was $1.7 billion, up 13%, with commercial revenue at $234 million, a 33% increase.
- Assets under custody and administration grew 5% year over year to $17 trillion, while assets under management increased 9% year over year.
- Expenses increased 4.7% year over year, with positive operating leverage of 110 basis points and expense to trust fee ratio improving by 120 basis points to 112%.
- Net interest income on an FTE basis was $596 million, down 3% sequentially but up 5% year over year, with net interest margin increasing to 1.7%.
- Return on average common equity reached 14.8%, with a pretax margin expansion of nearly 200 basis points compared to the prior year.
- Revenue increased 6% year over year, driven by favorable equity markets and well-managed expense growth.
- Third quarter net income was $458 million with earnings per share of $2.29, reflecting a 14% increase year over year excluding notable items.
- Trust and investment servicing fees totaled $1.3 billion, up 6% year over year, with wealth management fees up 5% and asset servicing fees up 6%.
- Year to date, Northern Trust returned 110% of earnings to shareholders, including $431 million in the quarter through dividends and stock repurchases.
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