- 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.
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- 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%.
- Adjusted EPS of $0.51, up $0.06 from the prior quarter, with adjusted return on tangible common equity increasing by 135 basis points to 15%.
- Adjusted expenses increased by $45 million, primarily due to higher personnel costs, project expenses, technology, risk, and a $20 million contribution to the First Horizon Foundation.
- Common Equity Tier 1 (CET1) capital ratio remained flat at 11%, with a near-term target of 10.75% following annual stress testing.
- Deposit balances decreased by $52 million, driven by a $652 million decline in brokered CDs, offset by growth in index and promotional deposits and a $131 million increase in noninterest-bearing deposits.
- Fee income increased by $26 million excluding deferred compensation, driven by higher fixed income fees and mortgage servicing rights sales.
- Loan balances were slightly down, with mortgage company loans decreasing seasonally by $132 million, while C&I loans grew by $174 million quarter-over-quarter.
- Net charge-offs decreased by $7 million to $26 million, with a net charge-off ratio of 17 basis points and a loan loss provision credit of $5 million.
- Net interest income grew by $33 million with a 15 basis point expansion in net interest margin to 3.55%, aided by loan balance growth and Main Street lending accretion.
- Adjusted leverage was modest at 1.6x as of quarter end, with total gross leverage at 1.9x, below the target range of 2x to 3x.
- Declared and paid a $0.23 per share dividend; repurchased $6.6 million of common stock in Q2 with $93.4 million remaining in the repurchase program.
- Ladder generated distributable earnings of $30.9 million or $0.23 per share in Q2 2025, achieving a return on equity of 7.7%.
- Loan portfolio totaled $1.6 billion with a weighted average yield of approximately 9%, and 5 loans on nonaccrual totaling $162.3 million (3.6% of total assets).
- Real estate portfolio of $936 million generated $15.1 million in net operating income, primarily from net lease properties with long-term leases to investment-grade tenants.
- Securities portfolio was $2 billion, up 82% from year-end, with a weighted average yield of 5.9%, 99% investment-grade and 97% AAA rated.
Dafinchi