- Fee income was $95 million for the quarter, fully recovering from losses last quarter, with management fees of $57 million and performance fees of $39 million.
- Gross premiums written were $3.4 billion, flat year-over-year, with net premiums written at $2.7 billion, also flat, but with shifts at the class of business level.
- Operating expense ratio was 5.2%, up about 1 point from last year, reflecting continued investment in the business.
- RenaissanceRe delivered a 24% operating return on equity this quarter and grew tangible book value per share by 10% year-to-date and over 20% over the past 12 months despite significant catastrophe losses and share repurchases.
- Retained net investment income was $286 million, slightly up from the first quarter, driven by growth in invested assets and a cautious but accretive investment approach.
- Share repurchases totaled $808 million year-to-date, with 3.3 million shares repurchased, demonstrating strong capital management and conviction in stock value.
- The new 15% Bermuda corporate income tax impacted results with a tax expense of $177 million and an effective tax rate on GAAP net income of 13%.
- Underwriting income was $602 million, up 26% from last year, with an adjusted combined ratio of 73%, reflecting low catastrophe losses and favorable development.
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- Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
- Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
- Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
- NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
- Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
- Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
- Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.
- Deposit costs were managed below 2%, with cumulative deposit beta reaching mid-50% range, matching terminal beta from the rising rate cycle.
- Loan growth was strong, with commercial loans up about $3 billion year-to-date, and average loans up $1.6 billion period-end.
- Net charge-offs were $102 million, down 7% sequentially, with credit metrics improving for the sixth consecutive quarter.
- Net interest income grew 28% year-over-year and 4% sequentially, with net interest margin increasing 8 basis points to 2.66%.
- Noninterest income rose 10% year-over-year, driven by investment banking, commercial mortgage servicing, commercial payments, and wealth management.
- Pre-provision net revenue increased by $44 million sequentially, marking the fifth consecutive quarter of growth, with aggregate PPNR up over 60% since Q1 2024.
- Reported second quarter earnings per share of $0.35, with revenues up 21% year-over-year and expenses up about 6% excluding charitable contributions.
- Tangible book value per share increased 3% sequentially and 27% year-over-year.
- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
- Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
- Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
- Cash balance ended at $234 million, supporting capital deployment and dividend payments.
- GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
- No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
- Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
- Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
- Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.
- First Merchants delivered 9.1% annualized loan growth and $0.98 earnings per share in Q2 2025.
- Net charge-offs were low at 0.07% of average loans annualized, with a provision reflecting improved asset quality and macroeconomic factors.
- Net income was $56.4 million, up 43% year-over-year, supported by improved credit quality and a lower provision for credit losses of $5.6 million versus $24.5 million in Q2 2024.
- Net interest income increased by $2.7 million and noninterest income by $1.3 million in Q2.
- Noninterest expense was well controlled at $93.6 million, a modest increase primarily due to marketing and loan origination costs.
- Noninterest income totaled $31.3 million, with customer-related fees up $1.6 million year-over-year, driven by mortgage sales and treasury management fees.
- Return on assets was 1.23% and efficiency ratio was 54%, reflecting strong operational discipline.
- Tangible common equity ratio improved to 8.92%, above target, supporting capital flexibility.
- Year-to-date net income was $111.2 million, a 28% increase from 2024, with earnings per share up 30% to $1.92.
- Liquidity remained strong at over $1 billion, representing more than 50% of total equity.
- Net interest income increased due to new investments with attractive yields and swaps adding carry value.
- Over $130 million gains realized on the portfolio in Q3 from spread tightening.
- Raised $254 million in new capital in Q3, $776 million year-to-date, growing the portfolio by 10% since Q2 and over 50% since the start of the year.
- Third quarter net interest income did not include the impact of the September FOMC rate cut, expected to boost Q4 margins.
- Total economic return was 10.3% for the quarter and 11.5% year-to-date.
- Year-to-date shareholder returns were 20%, 23% over the last year, and nearly 72% over three years with dividends reinvested.
- A $0.25 cash dividend was paid for the quarter.
- Book value per share was $13.84 as of June 30, 2025.
- Distributable loss was $3 million primarily due to taking ownership of the West Hollywood property.
- KKR Real Estate Finance Trust reported a GAAP net loss of $35 million or negative $0.53 per share for Q2 2025.
- Liquidity remained strong with $757 million available, including $108 million cash and $620 million revolver capacity.
- Originations totaled $211 million with repayments totaling $450 million in Q2.
- Prior to realized losses, distributable earnings were $16 million or $0.24 per share.
Dafinchi