- Blue Owl Capital reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for Q2 2025.
- Direct lending portfolio gross returns were 3% in Q2 and 13.5% over the last 12 months; alternative credit gross returns were 2% in Q2 and 15.7% over last 12 months.
- Equity fundraising hit a record with over $12 billion raised in Q2 and over $36 billion over the last 12 months, nearly 90% increase from prior year.
- FRE margin guidance for the year is 57% to 58%, with Q2 printing at 57%.
- Management fees increased by 32% over the last 12 months, with 87% from permanent capital vehicles.
- Net lease gross returns were 4.1% for Q2; real estate credit investments yielded 8.1% yield to maturity and 11.1% debt yield.
- The company declared a dividend of $0.225 per share for Q2 payable on August 28 to holders of record as of August 14.
- The company maintained strong credit quality with average annual realized losses at 13 basis points in direct lending.
- The listing of the technology-focused BDC, OTF, contributed approximately $6 million in incremental management fees in Q2.
- Year-over-year on a last 12 months basis, FRE revenues grew by 29%, FRE by 23%, and DE by 20%.
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- Adjusted diluted EPS was $0.04.
- Adjusted EBITDA was $172 million, representing a 13% margin.
- Adjusted revenue reached $1.34 billion, above the high end of guidance, representing 9% year-over-year growth.
- Gain on sale margin for Q2 was 280 basis points, consistent with the 12-month average.
- Held $6 billion in available cash and $7.6 billion in mortgage servicing rights, totaling $13.6 billion in balance sheet value.
- Home equity loan volume nearly doubled year-over-year, hitting new records for units and volume.
- Net rate lock volume increased by 13% year-over-year, exceeding $28 billion.
- Redfin's financials were not included in Q2 results as the acquisition closed on July 1.
- Served over 100,000 origination clients, a 19% year-over-year increase, driven by home equity loan growth.
- Total liquidity stood at $9.1 billion, including cash, undrawn lines of credit, and MSR credit facilities.
- Common equity tier 1 (CET1) capital ratio increased 10 basis points to 10.7%.
- EPS grew by $0.13 sequentially, a 14% increase over Q2, reaching $1.50 in Q3 2025.
- Fee income grew 5% sequentially and 18% year-over-year, with Capital Markets delivering its second highest quarterly performance ever.
- Loans increased 1% period-end, with core retail loans growing by about $1 billion driven by home equity and mortgage.
- Net charge-offs decreased to 46 basis points from 48 basis points in the prior quarter, reflecting favorable credit trends.
- Net interest income (NII) increased 3.5% sequentially, driven by a 5 basis point expansion in net interest margin (NIM) to 3.0%.
- Operating leverage was positive at 3%, with expense growth limited to 1%.
- Private Bank deposits grew $3.8 billion to $12.5 billion, surpassing the year-end target of $12 billion.
- CET1 capital ratio was 10.7%, with adjusted CET1 including AOCI at 8.9%.
- Credit quality remained stable with nonperforming assets ratio at 0.44%, net charge-off ratio at 0.59%, and allowance for credit losses at 2.07% of loans.
- Generated 250 basis points of positive operating leverage year-over-year, marking the fourth consecutive quarter of revenue growth outpacing expense growth.
- Net interest margin declined 6 basis points sequentially, partly due to strategic loan sales and deposit pricing pressures.
- Reported Q2 2025 EPS of $1.11 on net income of $1.8 billion, with adjusted EPS growth of approximately 13% year-over-year.
- Return on tangible common equity was 18%, return on average assets was 1.08%, and efficiency ratio improved to the high-50s.
- Total average deposits decreased 0.7% linked quarter, average loans decreased 0.1% linked quarter due to loan sales, but C&I and credit card loans grew 7.1% and 4.4% year-over-year respectively.
- Total fee revenue grew 4.6% year-over-year, driven by diversified fee income businesses and organic growth.
- Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
- Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
- Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
- Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
- Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
- Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
- GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
- Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
- Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
- Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.
- Capital ratios remained strong with Tier 1 capital at 14.2% and total risk-based capital at 15.2%.
- Cost of deposits remained stable at 160 basis points, down 21 basis points year-over-year, with a beta of 29%.
- Cost of deposits remained stable at 160 basis points quarter-over-quarter and declined 21 basis points year-over-year.
- Dividends of $0.70 per common share were declared for the third quarter, with $28 million paid on common stock and $5.3 million on preferreds during the quarter.
- Dividends of $28 million on common stock and $5.3 million on preferred stock were paid; no share repurchases during the quarter.
- Earnings per share increased for the fourth consecutive quarter, reaching $1.06, driven by net interest income and margin expansion.
- Net income for Q2 2025 was $47.6 million with diluted EPS of $1.06, up $3.7 million and $0.09 respectively from the prior quarter.
- Net income for the quarter was $47.6 million, up $3.7 million from the previous quarter.
- Net interest income and net interest margin expanded for the fifth consecutive quarter, with NII increasing by $3.9 million and NIM by 7 basis points.
- Net interest income increased by $3.9 million and net interest margin expanded by 7 basis points, marking the fifth consecutive quarter of growth.
- Noninterest expense was $110.8 million, including a $1.4 million severance charge; excluding special items, expenses decreased by $600,000 from the prior quarter.
- Noninterest income increased slightly to $44.8 million, including a one-time gain of $800,000 from a BOLI recovery.
- Noninterest income was $44.8 million, including a one-time gain of $800,000 from a BOLI recovery.
- Provision for credit losses was $3.3 million; effective tax rate was 21.2%, expected full-year rate between 21% and 22%.
- Provision for credit losses was $3.3 million; effective tax rate was 21.2%, expected to be between 21% and 22% for the full year.
- Average loan yields increased to 5.93%, driven by higher-yielding loan categories and a 7.29% average rate on new loan production.
- Banc of California reported net income of $18.4 million or $0.12 per share and adjusted net income of $48.4 million or $0.31 per share for Q2 2025.
- Credit quality improved with declines in nonperforming loans, classified loans, and special mention loans as a percentage of total loans by 19, 46, and 115 basis points respectively.
- Net charge-offs excluding loan sale impacts were 12 basis points of loans.
- Net interest income increased 3.4% quarter-over-quarter to $240 million, with net interest margin expanding to 3.10%.
- Noninterest expense was $185.9 million, slightly up from Q1 but below the target range of $190 million to $195 million per quarter.
- Noninterest income was $32.6 million, down 3% from the prior quarter due to mark-to-market fluctuations on CRA-related equity investments and credit-linked notes.
- Pretax pre-provision income grew 6% quarter-over-quarter driven by solid revenue growth outpacing a slight increase in expenses.
- Tangible book value per share grew for the fifth consecutive quarter to $16.46.
- Total annualized loan growth was 9%, supported by broad-based commercial loan production and loan originations of $1.2 billion, the highest since the merger.
- Adjusted compensation margin remained at 67% of revenues for the second quarter.
- Adjusted non-compensation expenses were $36 million for the quarter, down from prior year and quarter, driven by lower litigation costs.
- Adjusted tax rate for the first half was 30%, in line with expectations.
- Capital returned to equity holders totaled $24 million in the second quarter and 1.7 million shares repurchased in the first half.
- Declared a quarterly dividend of $0.07 per share.
- In 2025, revenue composition broadened by industry, product, and geography with a higher average fee per engagement.
- Non-compensation expenses for the first half were $86 million, up 9.5% year-over-year, with a mid-single-digit increase expected for the full year.
- Second quarter revenues were $155 million, with first half revenues totaling $367 million, flat year-over-year.
- The company ended the quarter with $145 million in cash, no debt, 63 million Class A shares, and 25 million partnership units outstanding.
- The first half of 2024 included 2 transactions accounting for over 35% of revenue, contributing to a record second quarter last year.
- Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
- Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
- Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
- The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
- The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
- Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
- Capital ratios and tangible book value per share increased linked quarter driven by improved profitability and strategic balance sheet repositioning.
- Consumer loan balances decreased by $41 million due to strategic run down of indirect auto portfolio; residential mortgage lending modestly grew.
- Credit quality remained strong with substandard loans at 1.29%, nonperforming loans at 54 basis points, and net charge-offs near $254,000 or 2 basis points for the quarter.
- Horizon Bancorp reported strong second quarter 2025 earnings driven by core community banking franchise strength, significant net interest margin expansion, low net charge-offs of 2 basis points annualized, and improved ROAA and ROATCE metrics.
- Loan growth was solid with net loans held for investment growing $75.5 million or 1.5% in the quarter and 6.2% annualized, led by commercial loans growth of $117 million (14.8% quarterly growth).
- Net interest margin increased by 19 basis points to 3.23%, including 7 basis points of outsized interest recoveries; excluding recoveries, margin expanded driven by improved asset and liability mix and disciplined pricing.
- Noninterest income was stable with seasonal strength in interchange fees and mortgage gain on sale; expenses were well managed at $39.4 million, with full year expense outlook now approximately flat versus 2024.
- Reported earnings per share grew by 58% for the first six months of 2025 compared to the prior year.
- Allowance for credit losses to total loans was 1.28%, consistent with prior periods, and allowance to nonperforming loans improved to 175% from 122%.
- Effective tax rate was 14.6% for the quarter and 14.7% year-to-date.
- Efficiency ratio improved to 64.5% from 64.9% in the linked quarter and 72.6% in Q2 2024.
- Loan and lease portfolio grew at an annualized rate of 6.1%, with residential loans increasing by $42 million.
- Loan-to-deposit ratio was 98.6%, higher than targeted, with plans to reduce it to 90%-95%.
- Margin expanded by 13 basis points to 3.64% compared to the linked quarter.
- Net income for Q2 2025 was $11 million or $0.71 per diluted share, a 56% increase over Q2 2024 and a $847,000 increase over the linked quarter.
- Net interest income was $34.8 million, up 6.2% from the linked quarter, driven by a 13 basis point increase in earning asset yield to 5.84%.
- Noninterest expense was $27.5 million, a 1.3% increase over the first quarter due to merit increases and salary adjustments, but declined 3.2% from Q2 2024 due to fewer FTEs and reduced equipment expense.
- Noninterest income declined $1.3 million or 16.2% from the first quarter and $3.8 million from Q2 2024, mainly due to nonrecurring adjustments related to leasing operations.
- Pre-provision net revenue increased by $3.3 million or 37.5% over Q2 2024 and $770,000 or 6.7% over the linked quarter.
- Tier 1 leverage ratio was 8.8%, tangible common equity ratio was 6.7%, both improving post capital raise and acquisition.
Dafinchi