Dafinchi AI

OPEN

Financial Services

Contribution profit was $69 million with a margin of 4.4%, down from $95 million and 6.3% in Q2 2024 due to a higher mix of older inventory.
Issued $325 million of convertible senior notes due 2030, extending maturities and adding $75 million in cash to the balance sheet.
Opendoor reported $1.6 billion in revenue for Q2 2025, achieving adjusted EBITDA profitability of $23 million, the first positive quarter in three years.
The company ended the quarter with 4,538 homes in inventory valued at $1.5 billion and $1.1 billion in total capital, including $789 million in unrestricted cash.

MPW

Financial Services

Cash rent from new tenants increased from $3.4 million in Q1 to $11 million in Q2, expected to reach $17 million in Q3.
Contracted annualized cash rent as of Q3 start is over $60 million, about 40% of fully ramped rent expected by October 2026.
Interest expense fully loaded for incremental cost of new secured notes, but growing rental income substantially offset this.
Lower G&A expense due to reduced stock compensation impacted GAAP results.
Net impairments and fair market value adjustments totaled approximately $111 million, mainly related to PHP investment.
Normalized FFO for Q2 2025 was $0.14 per share, despite full incremental interest from $2.5 billion refinanced debt.
Second quarter saw a $30 million sale of a stand-alone LTAC near original investment value.

EPRT

Financial Services

AFFO per share increased 7% year-over-year to $0.46, with total AFFO up 21% to $93 million.
Cash G&A was $7.2 million, representing 5.2% of total revenue, down from 5.6% a year ago.
Declared a cash dividend of $0.30 per share, representing a 65% AFFO payout ratio.
Diluted share count was 199.6 million, including 0.6 million shares from unsettled forward equity.
General & Administrative expenses rose to $10.7 million from $8.7 million in Q2 2024, mainly due to increased compensation.
Income-producing gross assets reached $6.6 billion at quarter end.
In Q2 2025, Essential Properties invested $334 million at a weighted average cash yield of 7.9% and a GAAP yield of 9.7%.
Pro forma net debt to annualized adjusted EBITDAre was 3.5x at quarter end.
Retained free cash flow after dividends reached $34.4 million for the quarter, over $130 million annualized.

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