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Two Harbors Investment Corp.

TWO

2025 Q2

Financial Services

2mo

Financial Performance Summary

Agency RMBS repo markets remained stable with repurchase spreads around SOFR plus 20 basis points.
Comprehensive loss for the quarter was $221.8 million or $2.13 per share including the accrual, and $21.9 million or $0.21 per share excluding it.
For the first half of 2025, total economic return on book value was negative 10.3% including the accrual and positive 2.9% excluding it.
Including the accrual, book value decreased to $12.14 per share.
Mark-to-market gains and losses were lower by $93.4 million due to unfavorable market movements on MSR, swaps, TBAs, and futures, partially offset by positive movements on Agency RMBS.
MSR financing included $1.8 billion outstanding borrowings across 5 lenders with $837 million unused capacity.
Net interest and servicing income increased by $3.1 million driven by Agency RMBS portfolio growth and higher float income on MSR, partially offset by lower servicing fee income and higher financing costs.
The company issued $115 million of 9.38% senior notes due 2030 to refinance 6.25% senior notes due 2026.
The company took a loss contingency accrual of $199.9 million or $1.92 per share related to ongoing litigation from the termination of its management agreement with PRCM Advisers.
Two reported a total economic return of negative 14.5% for Q2 2025 including a loss contingency accrual of $1.92 per share, and negative 1.4% excluding the accrual.

Federated Hermes, Inc.

FHI

2025 Q2

Financial Services

2mo

Financial Performance Summary

Alternative private markets assets increased by $1.3 billion or 7%, mainly due to FX impact and net sales of $231 million.
Equity assets increased by $8.1 billion or 10% from the prior quarter, with second quarter equity net sales of $1.8 billion representing an organic growth rate just under 9%.
Federated Hermes ended Q2 2025 with record assets under management of $846 billion, driven by gains in equity strategies.
Fixed income assets decreased by about $800 million or 1% due mainly to net redemptions of $2.4 billion, partially offset by market valuations and FX gains of $1.6 billion.
MDT equity strategies had net sales of $3.8 billion in Q2, up from $3.3 billion in Q1, with strong performance rankings in Morningstar categories.
Money market fund assets reached a record high of $468 billion at the end of Q2, increasing by $3.1 billion despite seasonal factors.
Operating expenses increased mainly due to a VAT refund in Q1 not recurring, and compensation expenses rose due to higher incentive compensation and merit increases.
Q2 effective tax rate was 26.1%, expected to be in the 25% to 28% range for 2025.
The company repurchased approximately 1.5 million shares for about $64.5 million and approved a new share repurchase program for 5 million shares.
Total revenue for Q2 increased slightly from the prior quarter due to more days in the quarter and revenue from the Rivington acquisition, partially offset by lower performance fees and carried interest.

KeyCorp

KEY

2025 Q3

Financial Services

Financial Performance Summary

Common Equity Tier 1 (CET1) ratio approached 12%, maintaining peer-leading capital ratios.
Deposit balances increased while deposit costs declined, with total deposit cost down two basis points to 1.97%.
Net charge-offs were stable at 42 basis points annualized, within the full-year target range of 40 to 45 basis points.
Net interest income benefited from strong deposit and loan dynamics, achieving a 2.75% net interest margin (NIM), reaching year-end target one quarter early.
Nonperforming assets declined 6% sequentially, and criticized loans decreased by 3%.
Pre-provision net revenue increased by $33 million quarter-over-quarter, a 5% rise marking six consecutive quarters of improvement.
Reported earnings per share of $0.41, with return on assets surpassing 1%.
Revenues grew 17% year-over-year, adjusting for last year's securities portfolio repositioning.

Capital One Financial Corporation

COF

2025 Q2

Financial Services

3mo

Net Loss

$4.3 billion

On a GAAP basis, we had a net loss of $4.3 billion or a loss of $8.58 per diluted common share. Included in the results for the quarter were multiple adjusting items related to Discover as well as a small addition to our legal reserves.

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