- Veris Residential has sold or entered contracts for $542 million of non-strategic assets, surpassing the initial $300-$500 million target and raising it to $650 million.
- The company expects the Harborside 8/9 sale to close early next year, generating $0.04 of run rate earnings and further reducing net debt-to-EBITDA to around 9x.
- Proceeds from asset sales are being used to pay down debt, with a goal to delever to below 8x by the end of 2026, significantly strengthening the balance sheet.
- Management emphasized that these strategic asset sales are central to their plan to unlock value and improve financing options, including reducing the cost of capital.
- The company’s focus on monetizing non-core assets is expected to create more optionality and flexibility for future financing and growth strategies.
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- PROG Holdings announced the sale of its Vive Financial credit card receivables portfolio to Atlantica Holdings for approximately $150 million, a move aimed at improving capital efficiency.
- The sale of Vive, which has been part of PROG since 2016, is expected to enhance the company's profitability profile and balance sheet strength.
- PROG will partner with Fortiva, a division of Atlanticus, to ensure continuity of payment options for retail partners and consumers, maintaining access to flexible payment solutions.
- The proceeds from the sale provide additional liquidity and flexibility, allowing PROG to focus on growth initiatives, M&A, and shareholder returns.
- Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
- Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
- Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
- Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.
- Eagle Bancorp reported progress in addressing asset quality issues, with a focus on the office portfolio which saw criticized loans decline from $302 million in March to $113.1 million in September.
- The company moved $121 million of criticized office loans to held for sale during Q3 and is actively working with buyers to sell these assets.
- Independent credit evaluations and internal reviews of CRE exposures support the adequacy of current provisioning, indicating management's confidence in the reserve levels.
- Management expects to complete the sale of a portion of held-for-sale assets by the end of 2025, aiming to reduce valuation stress and improve asset quality.
- Primis highlighted its wide operating leverage, with incremental margins in the mid-4% range, driven by the sale of the life premium portfolio and the addition of the warehouse lending team.
- The company emphasized that its digital platform is scalable and targeted, contributing $36 million at a 4.06% rate, supporting low-cost deposits and high-yield lending.
- Management stressed that deposit costs have decreased by 32% year-over-year to 2.89%, significantly improving margin and deposit competitiveness.
- Ares Commercial Real Estate reported a GAAP net loss of approximately $11 million or $0.20 per diluted common share for Q2 2025.
- Distributable earnings for Q2 2025 were a net loss of approximately $28 million or $0.51 per diluted common share, including a $33 million realized loss related to the exit of a Massachusetts office life sciences loan.
- Excluding the realized loss, distributable earnings were approximately $5 million or $0.09 per diluted common share.
- Net debt-to-equity ratio, excluding CECL, was stable at 1.2x quarter-over-quarter and down from 1.9x year-over-year.
- Outstanding borrowings decreased 6% quarter-over-quarter and 39% year-over-year to $889 million.
- The Board declared a regular cash dividend of $0.15 per common share for Q3 2025, with an annualized dividend yield above 13% based on the stock price as of July 31, 2025.
- The CECL reserve declined by approximately $20 million to $119 million, representing about 9% of the total outstanding principal balance of loans held for investment.
- The company collected $30 million in repayments during Q2 2025, nearly three times the amount collected in the first half of 2024, strengthening liquidity and the balance sheet.
- Unfunded commitments were reduced by 50% quarter-over-quarter and 58% year-over-year to $37 million.
- Annaly has maintained a diversified housing finance strategy that has delivered a 13% annualized economic return over the past three years.
- The company's portfolio includes Agency MBS, Residential Credit, and MSR, which collectively contributed to positive results in Q3 2025.
- Annaly's approach involves actively managing convexity and spread risks across different asset classes to optimize returns.
- The firm raised $1.1 billion of equity in Q3, including $800 million through ATM programs, highlighting strong investor confidence.
- Annaly's strategic focus on low note rate MSRs and proprietary assets has helped sustain cash flow stability amid market fluctuations.
- Completed sale of Safe Harbor Marinas for $5.25 billion on April 30, 2025, streamlining Sun as a pure-play owner/operator of manufactured housing and RV communities.
- Repositioning aimed at unlocking financial flexibility, reducing debt by approximately $3.3 billion, and focusing on core segments.
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