- Leasing activity totaled approximately 405,000 square feet in Q2, the highest quarterly total since 2019, with a year-to-date total of about 690,000 square feet.
- Mark-to-market on 205,000 square feet of second-generation space was down 5.4% on a cash basis and up 2.6% on a GAAP basis.
- New York portfolio leased occupancy increased to 88.1%, the highest since early 2022, while San Francisco's occupancy was 75.1%, down due to the Google lease expiration.
- Paramount Group delivered a strong second quarter with core FFO of $0.17 per share, exceeding consensus by $0.03.
- The company ended the quarter with over $534 million in cash and restricted cash, and total debt of $3.2 billion with a weighted average interest rate of 4.3%.
Explore Similar Insights
- Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
- Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
- eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
- International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
- Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
- North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
- Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
- The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.
- Adjusted EBITDA reached a record $126 million, up 63% from $77 million a year ago.
- Commissions and related expenses as a percentage of revenue improved by 80 basis points to 81.84%.
- Compass delivered all-time high revenue of $2.06 billion in Q2 2025, a 21.1% year-over-year increase.
- Free cash flow hit a record $68 million, improving from $40.4 million in Q2 2024 despite a $28.75 million class action settlement payment.
- GAAP net income was $39.4 million, a 90% increase from $20.7 million in the prior year quarter.
- Market share rose to 6.09%, up 96 basis points year-over-year and 8 basis points sequentially.
- Non-GAAP operating expenses increased to $250 million, driven by acquisitions including Christie's International Real Estate.
- Total transactions increased 20.9% year-over-year, with organic transactions up 6.3%, outperforming the market decline of 0.9%.
- 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.
- 30-day delinquency rate improved to 6.6%, down 50 basis points sequentially and 30 basis points year-over-year.
- Book value per share reached $36.43 at quarter end.
- Capital generation was $16.9 million in Q2, with $26.8 million year-to-date.
- Net credit loss rate was 11.9%, improving 50 basis points sequentially and 80 basis points year-over-year.
- Net receivables grew by $70 million sequentially and were up 10.5% year-over-year.
- Operating expense ratio improved to 13.2%, an all-time best and 60 basis points better year-over-year.
- Quarterly revenue reached a record $157 million, up 10% year-over-year.
- Regional Management delivered net income of $10.1 million and diluted EPS of $1.03 in Q2 2025, a 20% year-over-year improvement.
- Returned $17.6 million to shareholders year-to-date via $11.6 million in stock repurchases and $6.1 million in dividends.
- Total originations hit a record $510 million, up 20% year-over-year.
- Ares Commercial Real Estate reported a GAAP net loss of approximately $11 million or $0.20 per diluted common share for Q2 2025.
- Distributable earnings for Q2 2025 were a net loss of approximately $28 million or $0.51 per diluted common share, including a $33 million realized loss related to the exit of a Massachusetts office life sciences loan.
- Excluding the realized loss, distributable earnings were approximately $5 million or $0.09 per diluted common share.
- Net debt-to-equity ratio, excluding CECL, was stable at 1.2x quarter-over-quarter and down from 1.9x year-over-year.
- Outstanding borrowings decreased 6% quarter-over-quarter and 39% year-over-year to $889 million.
- The Board declared a regular cash dividend of $0.15 per common share for Q3 2025, with an annualized dividend yield above 13% based on the stock price as of July 31, 2025.
- The CECL reserve declined by approximately $20 million to $119 million, representing about 9% of the total outstanding principal balance of loans held for investment.
- The company collected $30 million in repayments during Q2 2025, nearly three times the amount collected in the first half of 2024, strengthening liquidity and the balance sheet.
- Unfunded commitments were reduced by 50% quarter-over-quarter and 58% year-over-year to $37 million.
- Bankers Healthcare Group (BHG) had a strong quarter with fee revenues over $26 million and earnings growth guidance raised from 20% to approximately 40% for 2025.
- Deposit growth was 4.7% linked quarter annualized, slightly below initial expectations but expected to improve in the second half of the year.
- In 2Q 2025, Pinnacle Financial Partners reported revenue growth of 15.1% year-over-year, adjusted EPS growth of 22.7%, and tangible book value per share growth of 10.9%.
- Loans increased by 10.7% linked quarter annualized, exceeding initial expectations, with loan yield at 6.39%.
- Net charge-offs increased to 20 basis points from 16 basis points in the prior quarter, with reserves decreasing 2 basis points.
- Net interest income grew over 16% linked quarter annualized, with net interest margin (NIM) finishing at 3.23%, up 2 basis points from prior quarter.
- Adjusted compensation ratio improved to 65.4%, down 60 basis points year-over-year, while adjusted noncompensation expenses rose 9% due to technology and occupancy costs.
- Adjusted operating income was $157 million, a 37% increase versus Q2 2024, with adjusted EPS of $2.42, up 34% year-over-year.
- Advisory fees increased 23% year-over-year to $698 million, a record for the quarter.
- Asset Management and Administration Fees grew 3% to $21 million, driven by market appreciation and net inflows.
- Cash and investment securities totaled over $1.7 billion as of June 30, with positive cash flow and $532 million returned to shareholders in the first half through buybacks and dividends.
- Evercore delivered adjusted net revenues of $839 million in Q2 2025, up nearly 21% year-over-year, marking record revenues for both the quarter and first half of the year.
- GAAP net revenues, operating income, and EPS were $834 million, $150 million, and $2.36 per share respectively in Q2 2025.
- Share repurchases totaled approximately 1.7 million shares year-to-date at an average price of $258.5 per share, fully offsetting dilution from RSU grants.
- Underwriting revenues rose 4% to $32 million, commissions and related revenue increased 10% to $58 million.
- Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
- FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
- Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
- Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
- Liquidity remains robust at over $2.2 billion, including $228 million in cash.
- Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
- Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
- The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
Dafinchi