Debt to net debt to adjusted EBITDA ratio improved to below 3 times, the lowest leverage level in company history, with interest coverage over six times.
Expense growth in seniors housing operating portfolio was subdued at 0.2% year over year, contributing to margin expansion of 330 basis points to 30.7%.
Liquidity increased to $9.5 billion with modest upcoming debt maturities.
Long-term post-acute portfolio same-store NOI grew 2.7% year over year with EBITDAR coverage of 1.9 times.
Net income attributable to common stockholders was $0.45 per diluted share.
Senior housing operating portfolio posted 23.4% same-store NOI growth and 10% organic revenue growth driven by 420 basis points occupancy gains.
Senior housing triple net portfolio same-store NOI increased 5.1% year over year with trailing twelve-month EBITDAR coverage at 1.19 times.
Total portfolio same-store net operating income (NOI) increased 13.8% year over year, led by seniors housing operating portfolio growth exceeding 20% for the eleventh consecutive quarter.
UK portfolio showed 27% same-store NOI growth and 600 basis points occupancy increase, reflecting strong demand and favorable positioning.
Welltower Inc. reported strong second quarter 2025 financial results with normalized funds from operations (FFO) per diluted share of $1.28, representing 21.9% year-over-year growth.
Ares reported strong second quarter results with significant growth in AUM and fee-paying AUM driven by fundraising, investing efforts, and market appreciation.
Corporate private equity composite rose 3.3% gross, private equity secondaries generated 3.1% net and gross returns.
Credit strategies delivered strong quarterly gross returns ranging from 2.2% to 5.5%, with double-digit returns over the last 12 months.
Fee-paying AUM (FPAUM) increased to $350 billion, a 17% quarter-over-quarter organic growth on an annualized basis.
GCP acquisition contributed $103 million in revenues and $34 million in FRE with a 33% FRE margin, temporarily compressing overall FRE margin by 90 basis points.
Management fees grew 24% year-over-year, total fee-related revenue grew 29%, and fee-related earnings (FRE) grew 26%.
Management fees reached a record $900 million in the quarter.
Net accrued performance income increased 8.5% to $1.1 billion, with strong investment results across the business.
Other fees more than tripled year-over-year due to GCP's vertically integrated real estate capabilities.
Quarterly AUM increased to $572 billion, representing quarter-over-quarter organic growth of 19% on an annualized basis.
Real estate equity composite increased 3.4% gross, diversified nontraded REIT generated 4.5% net return for first half of the year.
Realized income totaled $398 million, a 10% year-over-year increase, with an effective tax rate of 9.5%.
Second quarter fee-related performance revenues totaled $17 million, mostly from APMF, with expected seasonality in future quarters.
Focus on Middle Market Sale-Leasebacks Amid Volatile Macroeconomic Environment
The company continued to source attractive investment opportunities in a volatile macroeconomic backdrop, emphasizing middle market sale leasebacks with growing operators.
88% of investments ($334 million) were supported by existing relationships, highlighting the importance of recurring tenant relationships.
Management highlighted the resilience of portfolio performance, with healthy tenant credit trends and rent performance, ahead of budgeted credit losses.
Book value per diluted share, excluding AOCI, increased 6% to $38.05.
Capital and liquidity remain strong with a consolidated RBC ratio of 378% and Holdco liquidity of $187 million.
CNO delivered strong Q2 2025 results with operating earnings per diluted share of $0.87, benefiting from favorable insurance product margins and solid investment results.
Net investment income grew 2% year-over-year, with average yield on allocated investments at 4.92%, up 11 basis points.
Operating return on equity was 11.8% on a trailing 12-month basis and 11.2% excluding significant items, on track to meet 2025 and 3-year targets.
Record total new annualized premiums reached $120 million, up 17%, with double-digit insurance sales growth in both Consumer and Worksite divisions.
Share repurchases totaled $100 million in the quarter, reducing weighted average diluted shares outstanding by 8%.
Dafinchi