Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
Cash balance ended at $234 million, supporting capital deployment and dividend payments.
GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.
Commission revenue increased 12% to a record $192 million driven by strong market volumes and new initiatives across three strategic channels.
Diluted earnings per share increased 11% to $1.91, or 16% excluding notable items.
Free cash flow over the trailing 12 months increased 5% to $360 million, with $80 million spent on share repurchases year-to-date.
MarketAxess delivered record second quarter 2025 financial results with 11% revenue growth to $219 million, including a 2 million USD benefit from foreign currency fluctuations.
Operating expenses increased 6% excluding notable items, driven by higher employee compensation and technology costs.
Average base minimum rent for Malls and Outlets increased 1.3% year-over-year; Mills increased 0.6%.
Domestic property NOI increased 4.2% year-over-year for the quarter and 3.8% for the first half of the year.
Funds from operation were $1.19 billion or $3.15 per share, an 8.6% increase from $1.09 billion or $2.90 per share last year.
Malls and Premium Outlets occupancy ended at 96.0%, up 10 basis points sequentially and 40 basis points year-over-year.
Occupancy costs remained flat sequentially at 13.1%.
Portfolio NOI, including international properties at constant currency, grew 4.7% for the quarter and 4.2% for the first half.
Real estate FFO was $3.05 per share in Q2 2025, up 4.1% from $2.93 in prior year.
Sales per square foot for Malls and Premium Outlets were $736 for the quarter.
Second quarter results included a $0.21 per share noncash after-tax gain from Catalyst Brands' deconsolidation of Forever 21 and a $0.13 per share noncash loss from mark-to-market adjustment on exchangeable bonds.
The Mills achieved a record 99.3% occupancy, up 90 basis points sequentially and 110 basis points year-over-year.
Dafinchi