- 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.
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- Adjusted compensation expense was $504 million in Q2 with a ratio of 65.5%, and adjusted non-compensation expense was $157 million with a ratio of 20.4%.
- Adjusted effective tax rate for Q2 was 36.5%, expected full year 2025 rate in mid-20% range.
- Asset Management adjusted net revenue was $268 million in Q2, up 1% year-over-year, with average AUM of $239 billion, 3% lower than Q2 2024 but up 3% sequentially.
- Asset Management delivered adjusted net revenue of $533 million for the first half, with AUM increasing 10% year-to-date and positive net flows in Q2.
- Financial Advisory achieved a record first half with adjusted net revenue of $861 million, driven by geographic and product diversity including record revenue in France and Germany.
- Lazard reported total firm-wide adjusted net revenue of $1.4 billion for the first half of 2025.
- Returned $60 million to shareholders in Q2 including a $47 million dividend; declared quarterly dividend of $0.50 per share.
- Second quarter firm-wide adjusted net revenue was $770 million, up 12% year-over-year, with Financial Advisory revenue up 20% to $491 million.
- Wintrust reported a record quarterly net income of $195.5 million, up from $189 million last quarter.
- Net interest income also reached a quarterly record of $547 million, driven by broad-based loan growth of $2.3 billion.
- Management emphasized the strong financial performance and consistent results aligned with expectations.
- NBT Bancorp reported net income of $22.5 million or $0.44 per diluted common share for Q2 2025.
- Net interest margin increased 15 basis points to 3.59%, with net interest income at $124.2 million, up $17 million from the prior quarter.
- Noninterest income, excluding securities gains, was $46.8 million, down 1.5% sequentially but up 8% year-over-year.
- Operating earnings per share, excluding acquisition expenses and related items, were $0.88, up $0.08 from the prior quarter.
- Provision for loan losses was $17.8 million, up from $7.6 million in Q1 2025, driven by $13 million acquisition-related provision and a modest economic forecast deterioration.
- Revenues grew approximately 10.5% from the prior quarter and 22% year-over-year, driven by net interest income improvements and the Evans merger.
- Tangible book value per share was $24.57, 9% higher than a year ago, with a tangible equity ratio above pre-merger levels.
- Total operating expenses, excluding acquisition costs, were $105.4 million, a 6.3% increase from the prior quarter, mainly due to Evans acquisition and merit pay increases.
- 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.
- FFO and core FFO per share for Q2 2025 were $0.33 and $0.35 respectively, down from $0.36 in Q2 2024.
- Net assets increased from $1.16 billion to $1.2 billion mainly due to two industrial acquisitions totaling $78.95 million.
- Operating expenses decreased to $25.1 million in Q2 2025 from $26.0 million in Q2 2024, due to incentive fee waivers and lower depreciation, offset by higher property expenses.
- Same-store rents increased by 6.4% in the first half of 2025 compared to the same period in 2024.
- Total operating revenues increased to $39.5 million in Q2 2025 from $37.1 million in Q2 2024, driven by higher recovery and rental rates.
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