G&A expenses were $14.6 million for the quarter, representing only 1.5% of total revenue, among the lowest ratios in the triple net REIT sector and across all REITs.
Liquidity totaled approximately $2.9 billion, including $325.6 million from outstanding forwards, $2.4 billion available under revolving credit facility, and $233 million in cash.
Total debt stands at $17.1 billion with net debt to annualized Q2 adjusted EBITDA at approximately 5.1x, within the target leverage range of 5 to 5.5x.
VICI Properties reported FFO per share of $0.60 for Q2 2025, a 4.9% increase from $0.57 in Q2 2024, highlighting efficient triple net model with margins in the high 90% range excluding noncash items.
Weighted average interest rate is 4.47% adjusted for hedging, with a weighted average debt maturity of 6.5 years.
Capital deployment totaled $595 million, including $250 million upfront for Revolution Medicines and $200 million milestone payment related to Adstiladrin.
Cash and equivalents stood at $632 million with investment-grade debt of $8.2 billion and leverage at approximately 3x total debt to EBITDA.
Net interest was a positive $8 million due to timing of interest payments and cash interest received.
Operating and professional costs were 12.9% of Portfolio Receipts including a $35 million one-time internalization expense; excluding this, costs were just over 8%.
Portfolio cash flow (adjusted EBITDA less net interest paid) was $641 million, representing an 88% margin.
Royalty Pharma delivered 20% growth in Portfolio Receipts to $727 million in Q2 2025, exceeding guidance of $700 million to $725 million.
Royalty Receipts grew 11% to $672 million, contributing to 11% growth in the first half of 2025.
Weighted average share count declined by 35 million shares due to share buybacks.
Average loan yields increased to 5.93%, driven by higher-yielding loan categories and a 7.29% average rate on new loan production.
Banc of California reported net income of $18.4 million or $0.12 per share and adjusted net income of $48.4 million or $0.31 per share for Q2 2025.
Credit quality improved with declines in nonperforming loans, classified loans, and special mention loans as a percentage of total loans by 19, 46, and 115 basis points respectively.
Net charge-offs excluding loan sale impacts were 12 basis points of loans.
Net interest income increased 3.4% quarter-over-quarter to $240 million, with net interest margin expanding to 3.10%.
Noninterest expense was $185.9 million, slightly up from Q1 but below the target range of $190 million to $195 million per quarter.
Noninterest income was $32.6 million, down 3% from the prior quarter due to mark-to-market fluctuations on CRA-related equity investments and credit-linked notes.
Pretax pre-provision income grew 6% quarter-over-quarter driven by solid revenue growth outpacing a slight increase in expenses.
Tangible book value per share grew for the fifth consecutive quarter to $16.46.
Total annualized loan growth was 9%, supported by broad-based commercial loan production and loan originations of $1.2 billion, the highest since the merger.
Annualized net interest margin improved to 3.68%, up 25 basis points from the prior year and 11 basis points from Q1 2025.
Capital position remained strong with total stockholders' equity at $622.4 million, representing 10.6% of total assets and a book value of $54.61 per share.
Loan portfolio declined 3.3% to $4.6 billion due to higher loan payoffs, including a $30 million payoff on the last day of the quarter.
Net income for Q2 2025 was $19.8 million or $1.72 per diluted common share, up from $17.0 million or $1.45 per share in Q2 2024.
Net interest income increased to $51.0 million, an 8.9% improvement year-over-year, supported by higher loan and investment yields and lower funding costs.
Noninterest expenses declined 3.9% year-over-year to $35.0 million, driven by lower legal and professional fees and reduced expenses on other real estate owned, partially offset by increased technology investments.
Noninterest income decreased 16.5% year-over-year to $8.2 million, impacted by timing of tax credit partnership income and prior year software vendor termination income.
Nonperforming assets were $8.1 million or 0.14% of total assets, with net recoveries on loans of $111,000 and no provision for credit losses on outstanding loans.
The company redeemed $75 million of subordinated notes early, saving future interest costs, and repurchased nearly 176,000 shares in the quarter.
Total deposits were $4.68 billion at quarter end, up 1.7% from December 31, 2024, but down 1.6% from Q1 2025, with brokered deposits and checking accounts increasing while retail CDs declined.
Core bank ROA was approximately 1.38%, supported by a low cost of deposits around 1.75%.
Core expenses normalized to approximately $21 million, with expected reductions from technology savings and amortization ending.
Net interest income would have been $27.5 million excluding interest reversals, up from $26.4 million in Q1 and $24.9 million a year ago.
Net interest margin (NIM) excluding consumer program effects was 3.15%, up from 3.13% last quarter and 2.80% a year ago.
Noninterest income was $10.6 million, driven primarily by increased mortgage revenue.
Pretax pre-provision earnings were about $8.4 million after adjustments for mortgage support costs and interest write-offs.
Primis Financial Corp. reported $8.4 million in net income or $0.34 per share for Q2 2025, including a $7.5 million pretax gain on a portion of its interest in PFH.
Provision expense was $1.2 million, with no provision required for the consumer program this quarter.
Dafinchi