- Commercial lending loan portfolio grew by $946 million to $15.5 billion, with $1.9 billion in loan originations and $1.3 billion funded during the quarter.
- Liquidity stood at $1.1 billion post-quarter with $9.3 billion of credit availability and an adjusted debt to undepreciated equity ratio of 2.5x.
- Starwood Property Trust reported distributable earnings (DE) of $151 million or $0.43 per share for Q2 2025, with GAAP net income at $130 million or $0.38 per share.
- The company committed $3.2 billion towards new investments in the quarter, including $1.9 billion in commercial lending and $700 million in infrastructure lending, surpassing the full year 2024 capital deployment with $5.5 billion in the first half of 2025.
- The infrastructure lending portfolio reached a record $3.1 billion with $642 million funded in the quarter and repayments of $288 million.
- The Property segment contributed $17 million of DE, driven by the Woodstar affordable multifamily portfolio with partial impact from new HUD rent increases.
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- Asset quality remained stable with criticized loans declining $118 million, though other real estate owned increased by $167 million due to repossession of office properties.
- Capital ratios remained strong with CET1 at 11.2% and adjusted capital ratio at 11%, above peer median.
- Efficiency ratio improved to 52% from 56% in Q1, reflecting positive operating leverage.
- Net interest income grew 7.2% quarter-over-quarter to nearly $700 million, with net interest margin rising 6 basis points to 3.53%.
- Noninterest expense rose 3% to $515 million, mainly due to seasonal deposit cost increases.
- Noninterest income increased 16.4% to $148 million, driven by mortgage banking revenue of approximately $78 million.
- Provision expense was $40 million, reflecting organic loan growth and net charge-offs of approximately $30 million.
- Tangible book value per share increased 15% year-over-year to $55.87, with return on average tangible common equity at 14.9% and return on average assets at 1.1%.
- Western Alliance delivered strong Q2 2025 results, exceeding expectations with over $1 billion sequential loan growth and nearly $2 billion deposit growth.
- Liquidity remained strong at $4.7 billion as of June 30, including a revolving credit facility upsize and available equity proceeds.
- Net debt-to-EBITDA improved to 5.6x, a 40 basis point improvement since the start of the year.
- Outpatient medical and research portfolio reported 1.7% same-store cash NOI growth, with outpatient medical up 2.2%.
- Senior housing investments year-to-date totaled $1.1 billion, with $3 billion closed since the beginning of last year.
- SHOP same-store portfolio delivered 8.2% revenue growth and 13.3% NOI growth, with U.S. SHOP NOI up 18% after adjusting for a prior year tax refund.
- Total company same-store cash net operating income (NOI) increased 7%, led by SHOP increasing over 13%.
- Ventas reported strong earnings growth with normalized FFO per share growing 9% year-over-year in Q2 2025.
- Bad debt remains below 2%, indicating a healthy customer base.
- Flat same-store revenue growth in Q2 due to gradual rate growth progress.
- Interest income and expense were higher due to a higher-than-forecasted SOFR curve.
- Net rental income was positive 20 basis points in the quarter, partially offset by lower administrative fees and late fees.
- Positive year-over-year rate growth to new customers achieved for the first time since March 2022.
- Same-store expenses increased by 8.6%, driven by higher property taxes in legacy Life Storage properties.
- Same-store occupancy reached 94.6%, up 60 basis points year-over-year and 120 basis points sequentially from Q1.
- Tenant insurance income and management fee income were stronger than expected, augmenting flat same-store revenue.
- Adjusted EBITDAre increased 7% year-over-year to $73.6 million.
- Average monthly rate in SHOP segment increased 5.4% year-over-year with occupancy up 160 basis points to 80.6%.
- Consolidated SHOP NOI margin improved 180 basis points year-over-year to 11.2%.
- DHC reported Q2 2025 revenue of $382.7 million, a 3% increase year-over-year.
- Funds from Operations (FFO) surged 172% year-over-year to $18.6 million or $0.08 per share.
- Same-property cash basis NOI was $71.2 million, up 11.2% year-over-year but down 30 basis points sequentially.
- Same-property SHOP NOI rose 18.5% year-over-year to $37.4 million.
- Assets under management increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in Q2 and $212 billion over the last 12 months.
- Base management fees rose 14% to a record $1.9 billion in Q2, with total fee revenues up 27% year-over-year to $2.5 billion.
- Blackstone reported GAAP net income of $1.6 billion for Q2 2025, with distributable earnings also at $1.6 billion or $1.21 per common share.
- Distributable earnings increased 25% year-over-year to $1.6 billion in Q2 and 26% over the last twelve months to $6.4 billion or $5 per share.
- Dividend was increased by 26% to $4.26 per share, yielding 2.4% on the current share price, double the S&P 500 yield.
- Fee-related earnings grew 31% year-over-year, representing one of the best quarters in the firm's history.
- Fee-related performance revenues reached $472 million in Q2, more than 2.5 times the prior year quarter, driven by multiple perpetual strategies.
- Investment performance was strong with corporate private equity funds appreciating 5.1% in Q2 and 17% over the last 12 months.
- Other strategies such as Tactical Opportunities, secondaries, infrastructure, and Life Sciences also delivered strong returns.
- Private credit non-investment-grade strategies returned 3.0% in Q2 and over 13% for the last 12 months with low default rates.
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