- Cash and cash equivalents stood at approximately $98.6 million.
- Cash and cash equivalents were approximately $98.6 million.
- Earnings Available to Common (EAD) was about $100,000 or effectively zero.
- Second quarter GAAP income was $1.4 million or $0.03 per diluted share, similar to last quarter.
- Second quarter GAAP income was $1.4 million or $0.03 per diluted share, similar to the previous quarter.
- The company declared a second quarter common stock dividend of $0.06 per share, with no plans to reduce it soon.
- The company reported a common stock dividend of $0.06 per share and does not intend to reduce it soon.
- The stock traded at about $2.70, representing roughly a 50% discount to book value.
- The stock was trading at about $2.70, representing roughly a 50% discount to book value.
- Total equity was $2.95 million with a GAAP book value of $5.37 per share.
- Total equity was $2.95 million with GAAP book value at $5.37 per share.
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- Compensation, general, administrative, and servicing expenses were marginally lower, with transaction expenses down by $5 million.
- Earnings available for distribution were $32.1 million or $0.39 per share, and economic net interest income was $69 million.
- Economic return on GAAP book value was 0.5% for the quarter and 9.8% year-to-date; economic net interest income return on average equity was 10.5%.
- GAAP net income for Q2 2025 was $14 million or $0.17 per share, with GAAP book value at $20.91 per share.
- Total leverage was 4.5:1, with recourse leverage at 1.8:1, increased due to higher investments in agency securities.
- Yield on average interest-earning assets was 6%, average cost of funds was 4.5%, resulting in a net interest spread of 1.5%.
- Adjusted earnings were approximately $66 million or $0.69 per diluted share.
- Adjusted efficiency ratio improved by about 7 percentage points.
- Adjusted loan yields decreased 1 basis point to 6.18%.
- Adjusted pre-provision net revenue was $103 million.
- Adjusted total cost of deposits decreased 18 basis points to 2.04%.
- Allowance for credit losses (ACL) as a percentage of total loans increased 1 basis point to 1.57%.
- Capital ratios remain well above regulatory minimums.
- Core net interest margin expanded from 3.42% to 3.58%.
- Deposits increased by $361 million or 7% quarter-over-quarter.
- Loans increased by $312 million or 7% quarter-over-quarter.
- Net charge-offs were $12.1 million, mainly from two credits.
- Noninterest expense was $183.2 million, excluding $20.5 million merger/conversion expenses, core expense was $162.7 million.
- Noninterest income was $48.3 million, up $11.9 million linked quarter, driven by The First and mortgage division.
- Reported earnings were $1 million or $0.01 per diluted share for Q2 2025.
- Reported margin rose from 3.45% to 3.85% reflecting purchase accounting adjustments.
- Cash G&A expenses remained stable at $10.3 million, representing less than 4% of revenue excluding stock compensation.
- Depletion, depreciation, and amortization (DD&A) expense decreased to $31 million from $36 million due to lower depletion rates and sales in some assets.
- Net income reached a record $132.3 million or $2.01 per share, with adjusted net income of $118.8 million or $1.81 per share after discrete tax benefits.
- Operating cash flow was a record $153 million, up from $114 million in the prior year period.
- Royal Gold reported record revenue of $210 million for Q2 2025, a 20% increase year-over-year, driven primarily by a 40% increase in gold prices.
- FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
- Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
- Other income averaged about $20 million per quarter, consistent with recent history.
- Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
- Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
- Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
- Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
- Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
- Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.
- Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
- FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
- Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
- Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
- Liquidity remains robust at over $2.2 billion, including $228 million in cash.
- Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
- Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
- The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
- Blended rate growth was 3%, driven by a 5.2% renewal rate with 60% of residents renewing in the quarter.
- Equity Residential's second quarter 2025 results exceeded expectations with strong resident retention and sustained demand across markets.
- Expansion markets such as Atlanta and Dallas performed in line with expectations, with suburban acquisitions outperforming urban submarkets facing supply pressure.
- Markets like Los Angeles and Denver faced challenges from weak job growth, quality of life issues, and heavy concession use.
- Other strong markets included New York City with the highest occupancy and strong blended rate growth, and Washington, D.C. with high occupancy and rent growth despite recent softening.
- Physical occupancy was high at 96.6%, with new lease rates slightly negative due to price sensitivity and concession use in supply-heavy markets.
- San Francisco led the portfolio with 5.8% blended rate growth, driven by strong new lease and renewal increases and favorable migration patterns.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by offshore Infrastructure K-Series vehicle performance allocation.
- Fee-related performance revenues were $54 million, up 45% year-over-year, driven by performance allocation from offshore Infrastructure K-Series vehicle.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months.
- FRE margin improved by 360 basis points to 69%, and FRE per share increased 33% over the last 12 months ending June 30, 2025.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with all-in pretax ROE approaching 20%.
- Insurance segment operating earnings were $278 million, modestly ahead of prior guidance of $250 million plus/minus, with pretax ROE approaching 20% when including related economics.
- KKR reported fee-related earnings (FRE) of $0.98 per share, total operating earnings (TOE) of $1.33 per share, and adjusted net income (ANI) of $1.18 per share for Q2 2025, all among the highest in company history.
- Management fees in Q2 were $996 million, up 18% year-over-year, driven by Americas XIV fund activation and broader fundraising and deployment initiatives.
- Private equity portfolio appreciated 5% in the quarter and 13% over 12 months; Real Assets and Credit portfolios showed positive returns across sub-segments.
- Private equity portfolio appreciated 5% in the quarter and 13% over the last 12 months; Real Assets and Credit portfolios also showed positive returns.
- Realized performance income was $419 million and realized investment income was $154 million, driven by public secondary sales, private transactions, and K-PRIME crystallization.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings driven by recurring earnings streams.
- Strategic Holdings operating earnings were $29 million, with nearly 80% of segment earnings from recurring streams over the last 12 months.
- Total transaction and monitoring fees were $234 million, with $200 million from Capital Markets, over half from European activities.
- Total transaction and monitoring fees were $234 million, with Capital Markets transaction fees at $200 million, over half from European activities.
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