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.
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.
Brookline Bancorp reported second quarter earnings of approximately $22 million or $0.25 per share.
Customer deposits increased by $59 million and net interest margin improved by 10 basis points to 3.32%.
Merger expenses were $439,000 and largely non-tax deductible, contributing to a higher effective tax rate.
Net interest income increased by $2.9 million to $88.7 million, and fee income was slightly higher at $6 million, bringing total revenues to $94.7 million, up 3% from Q1 and 10% year-over-year.
Noninterest expense, excluding merger charges, decreased by $1.3 million from Q1 to $57.7 million, with marketing expenses increasing by $503,000.
Provision for credit losses was $7 million, $1 million higher than Q1, with total net charge-offs of $5.1 million and increased reserves for Boston office market credits.
Reserve coverage increased to 132 basis points of total loans.
The Board approved maintaining the quarterly dividend at $0.135 per share.
The loan portfolio contracted by $61 million intentionally, with reductions in commercial real estate and specialty vehicles, while commercial and consumer loans grew.
Dafinchi