- 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.
Explore Similar Insights
- AFFO was $18.4 million or $0.18 per diluted share.
- FFO attributable to common shareholders was $19 million or $0.19 per diluted share.
- Liquidity remained strong at $172.2 million including revolving credit availability.
- Net debt to total adjusted EBITDA stood at 7.7x, and stabilized portfolio debt to adjusted EBITDA was 5.2x.
- Normalized FFO for Q2 2025 was $0.25 per diluted share, in line with guidance.
- Office occupancy remained high at 96.3%, retail occupancy at 94.2%, and multifamily occupancy dipped slightly to 94%.
- Same-store NOI increased 1.4% on a GAAP basis and 0.3% on a cash basis.
- Cash rent from new tenants increased from $3.4 million in Q1 to $11 million in Q2, expected to reach $17 million in Q3.
- Contracted annualized cash rent as of Q3 start is over $60 million, about 40% of fully ramped rent expected by October 2026.
- Interest expense fully loaded for incremental cost of new secured notes, but growing rental income substantially offset this.
- Lower G&A expense due to reduced stock compensation impacted GAAP results.
- Net impairments and fair market value adjustments totaled approximately $111 million, mainly related to PHP investment.
- Normalized FFO for Q2 2025 was $0.14 per share, despite full incremental interest from $2.5 billion refinanced debt.
- Second quarter saw a $30 million sale of a stand-alone LTAC near original investment value.
- Cash NOI from the managed senior housing portfolio increased to $25.3 million from $24.1 million in the prior quarter.
- Cash rental income from the triple-net portfolio increased by $2.3 million sequentially.
- Liquidity remains strong with approximately $1.2 billion available including cash, revolver, and ATM program.
- Net debt to adjusted EBITDA ratio decreased to 5x as of June 30, 2025, down from 5.19x in Q1 and 5.45x in Q2 2024.
- Normalized AFFO per share for Q2 2025 was $0.38, up from $0.37 in Q1.
- Normalized FFO per share for Q2 2025 was $0.37, up from $0.35 in Q1, representing a 6% improvement year-over-year.
- Normalized FFO totaled $89.2 million and normalized AFFO totaled $91.6 million in Q2 2025.
- Weighted average interest rate on debt decreased from 4.14% to 4.04% following refinancing.
- Old National’s tangible book value per share increased by 17% annualized over the last quarter.
- The company’s return on tangible common equity was 20%, with a ROA of 1.3%, both among the top decile of peers.
- Profitability was driven by margin expansion, fee income growth, and well-controlled expenses.
- Management highlighted that core EPS has grown 7.6% CAGR since 2018, with momentum heading into 2026.
Dafinchi