- 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.
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- Asset quality improved with decreases in nonaccrual loans, criticized loans, and past due loans.
- Deposits remained flat, partly due to efforts to control deposit costs.
- Loan growth was approximately 7% on an annualized basis in Q2, with early indications of increased loan demand in July.
- Loan loss reserves are deemed sufficient to cover any exposures.
- Net interest margin improved to 3.85% from 3.75% last quarter.
- Preferred Bank reported a second quarter net income of $32.8 million or $2.52 per share, showing reasonable improvement from the previous quarter.
- The bank repurchased $56 million of stock this quarter, which slightly impacted net interest income, PPNR, and net interest margin.
- AFFO per share increased by 1.7% year-over-year to $0.59 in the quarter.
- G&A ratio to cash rental and interest income was 9.9% for Q2 2025, flat compared to prior year periods.
- Getty Realty grew its annualized base rent by 9.9% to approximately $204 million during Q2 2025.
- Nearly 100% rent collections were maintained with annual rent increases averaging 1.8%.
- Net debt to EBITDA was 5.2x (4.6x including unsettled forward equity), within target leverage range of 4.5 to 5.5x.
- Total liquidity exceeded $400 million at quarter end, including revolver capacity, cash, and unsettled forward equity.
- Trailing 12 months rent coverage was strong at 2.6x, with improvements in convenience stores and car wash portfolios.
- Weighted average debt maturity was 5.1 years with a weighted average cost of debt at 4.5%, and no maturities until 2028.
- Average MBS increased to $6.9 billion from just under $6 billion in Q1.
- Book value decreased from $7.94 per share at 3/31 to $7.21 at 6/30.
- Dividends of $0.36 were paid in both quarters.
- Excluding realized and unrealized losses, net income was $0.16 per share, same as Q1.
- Leverage ratio decreased to 7.3 from 7.8 at 3/31.
- Liquidity improved to 54% from 52%.
- Prepayment speeds increased to 10.1% from 7.8% in Q1.
- Reported a loss of $0.29 per share in Q2 compared to income of $0.18 per share in Q1.
- Total return for the quarter was negative 4.66% compared to 2.6% in Q1.
- Approximately 59.9% of deposit relationships are over $5 million with an average tenure of 8.3 years.
- Efficiency ratio for the quarter was 41.03%.
- Five Star Bancorp reported $14.5 million of net income for Q2 2025, with earnings per share of $0.68.
- Interest-bearing deposits grew by $87.4 million, mainly from new money market accounts, and noninterest-bearing deposits grew by $68.7 million.
- Loans held for investment grew by $136.2 million or 15% annualized, and deposits grew by approximately $158.3 million or 17% annualized.
- Net interest margin expanded by 8 basis points to 3.53%, while the cost of total deposits declined by 2 basis points to 2.46%.
- Noninterest-bearing deposits represented 26% of total deposits, up from 25% last quarter.
- Nonperforming loans remained low at 6 basis points of total loans held for investment.
- Provision for credit losses was $2.5 million during the quarter.
- Return on average assets was 1.37% and return on average equity was 14.17%.
- Total assets increased by $168.4 million, driven largely by commercial real estate loan portfolio growth of $125.4 million.
- 1.28 million shares were repurchased in Q2 at an average price of $17.30.
- Allowance for credit losses was $78 million or 0.93% of gross loans, slightly down from Q1.
- Net charge-offs were $249,000 in Q2 compared to net recoveries in Q1; classified loans decreased to $73.42 million.
- Net earnings for Q2 2025 were $50.6 million or $0.36 per share, consistent with prior quarters, marking 193 consecutive quarters of profitability.
- Net interest income increased by $1.2 million from Q1 2025 to $111.6 million, with net interest margin stable at 3.31%.
- Noninterest expense decreased by $1.6 million to $57 million, improving the efficiency ratio to 45.6%.
- Noninterest income was $14.7 million, down $1.5 million from Q1 2025 due to absence of a $2.2 million gain on OREO sales.
- Return on average tangible common equity was 14.08% and return on average assets was 1.34%.
- Shareholders' equity increased by $11 million to $2.24 billion; tangible common equity ratio remained at 10%.
- Total deposits and customer repurchase agreements grew to $12.4 billion, up $123 million from Q1 2025 and $330 million year-over-year.
- Total loans declined slightly to $8.36 billion, with growth in commercial real estate and single-family loans offset by declines in C&I and dairy and livestock lines.
- Adjusted ROA on a last 12-month basis was 92 basis points, slightly up from 91 basis points in Q2 2024.
- Adjusted ROE excluding AOCI was 8.8%, up 40 basis points over Q2 2024.
- F&G reported adjusted net earnings of $103 million or $0.77 per share in Q2 2025.
- Investment income from alternative investments was $83 million below management's long-term expected return.
- Operating expenses to AUM before flow reinsurance decreased to 56 basis points from 61 basis points in Q2 2024.
- Record AUM before flow reinsurance reached $69.2 billion, a 13% increase over Q2 2024.
- Adjusted EBITDA was $195.7 million.
- Gain on sale margin increased to 113 basis points, up 19 basis points from Q1 2025.
- MSR portfolio stood at $211.2 billion UPB with a weighted average coupon of 5.51%.
- Net income was $314.5 million, including a $111 million decline in fair value of MSRs.
- Purchase originations totaled $27.3 billion, marking the third-best purchase quarter ever and tracking to over $100 billion for the year.
- Refinance volume doubled year-over-year to $12.4 billion, representing about 11% of the industry volume despite owning only 2% of the servicing market.
- Total equity increased to $1.7 billion and cash position was $490 million with total available liquidity of $2.2 billion.
- UWM reported $39.7 billion in production volume for Q2 2025, the best quarter since 2021 and nearly 20% higher than Q2 2024.
- Consolidated net investment income increased 2% to $59.3 million due to higher portfolio yields.
- Diluted earnings per share increased to $1.93 from $1.91 year-over-year and $1.69 sequentially.
- Essent Group Ltd. reported net income of $195 million for Q2 2025, slightly down from $204 million a year ago.
- Essent Re's risk in force was $2.3 billion, supporting diversification and growth.
- Mortgage insurance in force grew 3% year-over-year to $247 billion with strong credit quality (weighted average FICO 746, original LTV 93%).
- Mortgage insurance net premium earned was $234 million, including $13.6 million from Essent Re third-party business.
- Operating expenses declined to $36.3 million with an expense ratio of 15.5%.
- Persistency remained stable at 86% for 12-months ending June 30, 2025.
- Provision for losses and loss adjustment expenses decreased to $15.4 million from $30.7 million in the prior quarter.
- Return on average equity was 14% annualized for the quarter.
- The company repurchased nearly 7 million shares year-to-date for approximately $390 million and declared a $0.31 dividend for Q3 2025.
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