- Book value per share increased over 12.6% to $25.14, driven by strong operating earnings and higher investment valuations.
- Favorable prior year loss reserve development continued, benefiting the consolidated loss ratio by 2.1 percentage points.
- Net investment income increased 2.4% due to higher bond yields despite a lower invested asset base after a $500 million special dividend.
- Net operating income was $209 million for the quarter, up from $202 million last year, with earnings per share increasing 9% to $0.83 from $0.76.
- Old Republic International produced $267.5 million of consolidated pretax operating income in Q2 2025, up from $253.8 million in Q2 2024.
- Regular cash dividends of $71 million were paid, with minimal share repurchases during the quarter.
- Specialty Insurance net premiums earned grew 14.6% with pretax operating income of $253.7 million, up from $202.5 million last year, and a combined ratio improvement to 90.7 from 92.4.
- The consolidated combined ratio was 93.6 compared to 93.5 in the prior year quarter.
- Title Insurance premiums and fees earned grew 5.2% to $698 million, but pretax operating income declined to $24.2 million from $46 million, with the combined ratio rising to 99 from 95.4.
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- Entertainment segment posted record revenue of $143 million and adjusted EBITDAre of $34 million, driven by investments in Category 10, Block 21, and Southern Entertainment, though margin declined due to investments and one-time tax refunds.
- Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% respectively compared to the same time last year, with mid-single digit ADR growth.
- Leisure demand increased approximately 4% year-over-year, driven by strong performance at Gaylord Palms and Gaylord Rockies, partially offset by softness at Gaylord Opryland due to new hotel supply in Nashville.
- RevPAR was essentially flat year-over-year, with total RevPAR declining 160 basis points, impacted by Easter timing and a shift to higher association group mix with lower banquet and AV revenue.
- Ryman Hospitality Properties delivered record consolidated revenue in Q2 2025 with the same-store hospitality segment achieving the second-highest adjusted EBITDAre in its history, trailing only Q2 2024.
- Same-store hospitality segment adjusted EBITDAre was $187 million, down approximately $18 million year-over-year, with a 280 basis point margin decline due to timing of Easter, group mix shift, one-time franchise tax refunds last year, and wage increases.
- Year-to-date same-store hospitality adjusted EBITDAre came within $30,000 of the original operating plan despite a complex operating environment.
- Blended cash leasing spreads in Q2 were 17%, the highest in 5 years, with non-option renewal spreads near 20% for the quarter and 16% over 12 months.
- Blended cash leasing spreads reached 17%, the highest in 5 years, with non-option renewals at nearly 20% for the quarter and 16% over the last 12 months.
- Kite Realty Group delivered strong Q2 2025 results with NAREIT FFO per share of $0.51 and core FFO per share of $0.50.
- Net debt-to-EBITDA stands at 5.1x, among the lowest in the peer set, after significant transactional activity and opportunistic bond issuance.
- Net debt-to-EBITDA stands at 5.1x, among the lowest in the peer set, following asset sales, joint ventures, and opportunistic bond issuance.
- New leasing volume more than doubled sequentially, driven by 11 new anchor leases including grocery tenants Whole Foods and Trader Joe's.
- Same-property NOI grew 3.3%, driven by higher minimum rents (+250 bps), improved net recoveries (+50 bps), and overage rent (+30 bps).
- Small shop lease rates increased 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators at 3.4% for H1 2025.
- Small shop lease rates increased 30 basis points sequentially and 80 basis points year-over-year, with embedded escalators of 3.4% for the first half of 2025.
- The company sold 3 noncore assets and completed 2 joint ventures involving 4 assets totaling over $1 billion in gross transactional activity.
- Brokerage segment revenue growth was 17%, organic growth 5.3%, adjusted EBITDAC margin expanded 334 basis points to 36.4%.
- Completed 9 mergers in Q2 representing $290 million of estimated annualized revenue.
- For combined Brokerage and Risk Management segments, posted 16% revenue growth, 5.4% organic growth, net earnings margin of 17.3%, adjusted EBITDAC margin of 34.5% up 307 basis points YoY, adjusted EBITDAC growth of 26%.
- GAAP earnings per share of $2.11 and adjusted earnings per share of $2.95.
- Reinsurance, wholesale and specialty businesses delivered nearly 7% organic growth, including 5% from Gallagher Re and over 7% from wholesale and specialty.
- Retail operations delivered 4% organic growth; U.S. organic 5%, international operations around 3%.
- Risk Management segment revenue growth was 9%, organic growth 6.2%, adjusted EBITDAC margin was 21%, better than June expectations.
- Allowance for credit losses decreased by $11.7 million; provision for credit losses was $6.1 million, including $6 million for net charge-offs and $2.2 million due to macroeconomic factors, offset by releases due to loan growth and recoveries.
- Assets under management increased by $132.42 million to $3.1 billion, driven by higher market valuations and net new assets.
- Classified loans increased by $9.3 million or 4.5% to $215.4 million due to downgrades in CRE and commercial loans, partially offset by $50 million in charge-offs, payoffs, and loans sold.
- Core efficiency ratio was 66.35%, core ROA was 0.94%, and core ROE was 10.49%.
- Gross loans were down by $30 million to $7.2 billion, primarily due to increased prepayments offsetting loan production and some loans originated but not yet funded.
- Net interest income was $90.5 million, up $4.6 million, driven by higher average balances of securities and lower average balances and rates on time deposits.
- Net interest margin (NIM) was 3.81%, higher than projected due to recovery of interest on commercial loans including a fully paid off nonaccrual loan and a fully charged off loan.
- Noninterest income was $19.8 million, while noninterest expense was $74.4 million, higher than the guided $71.5 million due to noncore expenses and increased customer derivatives expenses.
- Nonperforming loans decreased by $41 million due to payoffs, loans sold, paydowns, and charge-offs.
- Pre-provision net revenue (PPNR) was $35.9 million in 2Q '25 compared to $33.9 million in 1Q '25; core PPNR was $37.1 million, up 17.7% from $31.5 million in 1Q '25.
- Provision for credit losses was $6.1 million, down $12.4 million from $18.4 million in the first quarter.
- Return on assets (ROA) improved to 0.90% and return on equity (ROE) to 10.1%, compared to 0.48% and 5.3% respectively in the prior quarter.
- Total assets reached $10.3 billion as of the close of the second quarter.
- Total deposits increased by $151.6 million to $8.3 billion, driven by growth in core deposits and a planned reduction of $51 million in broker deposits.
- Total investment securities were $2 billion, up by $209.2 million, including $120 million mortgage-backed securities classified as trading securities and $87 million available for sale.
- Capital ratios remain strong with total risk-based capital ratio at 16.25% and tangible common equity ratio at 9.95%.
- Net income and EPS grew 18% quarter-over-quarter excluding a $8.5 million loss on securities sales and related tax impact.
- Net interest income increased to $25.9 million, driven by higher average earning assets and a 7 basis point increase in net interest margin.
- Net interest margin expansion was due to a 1 basis point decrease in cost of deposits and a 6 basis point increase in average yield on earning assets.
- Noninterest income was negative due to the securities portfolio loss, but other noninterest income areas were consistent with prior quarter.
- No provision for credit losses was required due to stable loan portfolio and high reserves; allowance for credit losses remained at 1.44% of total loans.
- Pretax pre-provision net income increased 15% compared to prior quarter and 85% compared to prior year-to-date.
- Repurchased $2.2 million of shares during the quarter within a limited window.
- Total deposits declined in Q2 due to normal client activity but have grown year-to-date; more than 70% of Q2 deposit outflows recouped in July.
Dafinchi