Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
Radian's Capital Return Strategy and Liquidity Management in 2025
Radian expects to pay up to $795 million in total distributions to shareholders in 2025, with $400 million already paid in the first half.
The company maintains a stable PMIERs cushion of $2 billion, indicating strong capital buffers.
Total holding company liquidity was $784 million at the end of Q2, down from over $1 billion two years ago due to share repurchases.
The company has an undrawn credit facility of $275 million, providing additional financial flexibility.
Management emphasizes a cautious yet opportunistic approach to liquidity and capital allocation, balancing share repurchases with maintaining sufficient buffers.
Dafinchi