- 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.
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- Asset quality improved with net charge-offs declining and total NPAs to assets ratio at 0.45%, the lowest since September 2024.
- Capital markets revenue rebounded sharply to $24 million, up $14 million from the prior quarter, exceeding guidance.
- Core deposits grew $410 million or 8% annualized year-to-date, supporting strong funding base.
- Efficiency ratio improved to 55.8%, the lowest in four years, reflecting disciplined expense management.
- Loan growth accelerated by $286 million or 17% annualized, net of planned runoff from M2 equipment loans.
- Net interest income increased by $3 million or 18% annualized, driven by net interest margin (NIM) expansion and strong loan growth.
- Record quarterly net income of $37 million and earnings per share of $2.17, representing 26% growth compared to the prior quarter.
- Wealth management revenue grew 8% linked quarter to over $5 million, with year-over-year growth of 15% annualized.
- Long-term incentive compensation expense increased by $23.9 million year-over-year, with $5.8 million expensed this quarter.
- New customer origination volume increased 40% year-over-year in Q2 and 35% year-to-date, returning to pre-COVID levels.
- New customer portfolio grew 35% year-over-year, the largest growth in four years.
- Overall portfolio grew 1.5% year-over-year by the end of Q2, recovering from a 4% decline at the start of the fiscal year.
- Portfolio yield improved by over 130 basis points year-over-year.
- Reported a GAAP loss for the quarter impacted by one-time expenses totaling approximately $1.61 per share after tax.
- Repurchased and canceled $170 million of bonds and established a $175 million warehouse facility.
- Average base rent per leased square foot grew 5.3% year-over-year to $25.28.
- Bad debt for the quarter was just under 1% of revenues, consistent with prior year and within forecasted range.
- Debt-to-EBITDAre improved to 7.2x from 7.8x a year ago, with an expected year-end target of about 7x.
- G&A and interest expenses were reduced by about 6% compared to the prior year.
- Leasing spreads remained strong with straight-line leasing spreads of 17.9%, marking the 13th consecutive quarter above 17%.
- Occupancy increased 100 basis points sequentially from Q1 to 93.9%.
- Same-store NOI growth was 2.5% for the quarter and 3.9% for the 6 months, on track to meet the full-year target range of 3% to 4.5%.
- Whitestone REIT delivered core FFO per share of $0.26 for Q2 2025 and $0.51 for the first 6 months, representing a 5.4% and 5.6% year-over-year increase respectively.
- 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%.
Dafinchi