Employee Benefits segment earnings rose 15% to $69 million, driven by improved loss ratios and favorable claims experience.
Investment Management net inflows were about $2 billion in Q2, contributing to nearly $10 billion year-to-date.
Investment Management segment posted $51 million in adjusted operating earnings for Q2 and $214 million over the last 12 months, increases of 2% and 15% respectively.
Retirement segment generated $235 million in adjusted operating earnings for the quarter, up 10% year-over-year, with over $860 million in the last 12 months, up 19%.
Total defined contribution net inflows were approximately $12 billion in Q2, with year-to-date net flows exceeding $40 billion.
Voya Financial reported adjusted operating earnings per share of $2.46 in Q2 2025, a 13% increase year-over-year.
Voya generated approximately $200 million of excess capital in Q2 and $400 million year-to-date, strengthening the balance sheet.
Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
Dividend declared at $0.29 per share payable on or before October 15, 2025.
Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
Adjusted compensation expenses were $372 million, up from $316 million last year, maintaining an adjusted compensation expense ratio of 61.5%.
Adjusted earnings per share were $2.14, up 75% compared to the same quarter last year.
Adjusted effective tax rate was negative 0.8% compared to 31.2% last year, due to a policy change excluding stock-based compensation vesting impact.
Adjusted non-compensation expenses increased to $94 million from $80 million, with a non-compensation expense ratio steady at 15.6%.
Corporate Finance revenues were $399 million, a 21% increase over last year's first quarter, with 125 transactions closed versus 116 last year.
Financial and Valuation Advisory revenues were $79 million, a 16% increase from the prior year, with 957 fee events versus 847 last year.
Financial Restructuring revenues were $128 million, a 9% increase year-over-year, with 35 transactions closed compared to 33 last year.
Houlihan Lokey reported revenues of $605 million for the first quarter of fiscal year 2026, an 18% increase year-over-year.
Other income and expense produced income of approximately $8 million versus $5 million last year, driven by increased interest and other income from investment securities.
Dafinchi