- Manufactured housing same-property NOI increased 7.7% with occupancy up 60 basis points to 97.6%.
- Returned over $830 million to shareholders through special cash distribution and share repurchases.
- RV same-property NOI declined 1.1%, with a 0.9% revenue increase offset by a 3.1% expense increase.
- S&P Global upgraded Sun's credit rating to BBB+ and Moody's to Baa2, citing deleveraging and balance sheet strength.
- Sun Communities reported core FFO per share of $1.76 for Q2 2025, exceeding the high end of guidance.
- Sun paid down approximately $3.3 billion of debt during the quarter, improving balance sheet strength.
- Total North American same-property NOI grew 4.9% in Q2, driven primarily by manufactured housing and cost savings initiatives.
- U.K. same-property NOI increased 10.2% with revenue up 9.5%, partially offset by an 8.8% increase in expenses due to minimum wage hikes.
- Weighted average interest rate on debt was 3.4% with a weighted average maturity of 7.6 years and no floating rate debt outstanding.
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- A $37.7 million pretax gain on prior investments, including $29.4 million from Voyager Technologies, contributed to strong results.
- Average loans increased 12.7% to $36.4 billion and average deposits increased 10.7% to $55.6 billion, reflecting organic growth and Heartland acquisition impact.
- CET1 capital ratio increased 28 basis points to 10.39% following a $294 million Series B preferred stock offering and redemption of $115 million Series A preferred stock.
- Excluding acquisition and nonrecurring items, net operating income was $225.4 million or $2.96 per share.
- Legacy UMB average loan balances increased 15.3% annualized, outpacing peer banks' median 5.2% increase.
- Net charge-offs for legacy UMB were $9 million or 13 basis points; total net charge-offs including acquired loans were 17 basis points.
- Nonperforming loans to total loans improved 2 basis points to 26 basis points; legacy UMB NPLs were 10 basis points compared to peer median of 0.50%.
- UMB Financial reported net income available for common shareholders of $215.4 million in Q2 2025, including $13.5 million of acquisition expenses.
- Balance sheet remains strong with an adjusted tangible equity ratio of 9.8%, up from 8.2% a year ago.
- Consumer Lending segment NIM was 232 basis points, down from 276 basis points in Q1, impacted by loans entering 91+ days delinquency and related accrued interest reserve adjustments.
- Delinquency rates increased: FFELP >90-day delinquency at 10.1%, consumer lending 91+ day delinquency rose to 3%, partly due to disaster forbearance roll-offs.
- Loan originations doubled year-over-year, with $443 million in refinance loans this quarter and over $1 billion in total originations year-to-date.
- Navient reported core earnings per share of $0.20 in Q2 2025, or $0.21 on a core basis after adjusting for regulatory and restructuring expenses.
- Net interest margin (NIM) for the Federal Education Loan segment was 70 basis points, exceeding guidance, with full year NIM expected between 55 and 65 basis points.
- Operating expenses declined by $82 million year-over-year to $100 million, driven by business sales and expense reduction initiatives.
- Provision expenses were elevated due to macroeconomic outlook deterioration, higher delinquency trends, and increased loan originations.
- Returned $40 million to shareholders via share repurchases and dividends; repurchased 1.9 million shares for $24 million.
- Liquidity remained strong at over $1 billion, representing more than 50% of total equity.
- Net interest income increased due to new investments with attractive yields and swaps adding carry value.
- Over $130 million gains realized on the portfolio in Q3 from spread tightening.
- Raised $254 million in new capital in Q3, $776 million year-to-date, growing the portfolio by 10% since Q2 and over 50% since the start of the year.
- Third quarter net interest income did not include the impact of the September FOMC rate cut, expected to boost Q4 margins.
- Total economic return was 10.3% for the quarter and 11.5% year-to-date.
- Year-to-date shareholder returns were 20%, 23% over the last year, and nearly 72% over three years with dividends reinvested.
Dafinchi