- Long-term incentive compensation expense increased by $23.9 million year-over-year, with $5.8 million expensed this quarter.
- New customer origination volume increased 40% year-over-year in Q2 and 35% year-to-date, returning to pre-COVID levels.
- New customer portfolio grew 35% year-over-year, the largest growth in four years.
- Overall portfolio grew 1.5% year-over-year by the end of Q2, recovering from a 4% decline at the start of the fiscal year.
- Portfolio yield improved by over 130 basis points year-over-year.
- Reported a GAAP loss for the quarter impacted by one-time expenses totaling approximately $1.61 per share after tax.
- Repurchased and canceled $170 million of bonds and established a $175 million warehouse facility.
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- Adjusted Funds From Operations (AFFO) was $53.1 million or $0.24 per share in Q2 2025.
- GNL reported Q2 2025 revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million.
- Gross outstanding debt was reduced to $3.1 billion, down $2 billion from Q2 2024, with 85% fixed-rate debt and a weighted average interest rate of 4.3%.
- Liquidity increased to approximately $1 billion with $1.1 billion capacity on the revolving credit facility.
- Net debt to adjusted EBITDA ratio improved significantly to 6.6x from 8.1x a year ago.
- Adjusted compensation margin remained at 67% of revenues for the second quarter.
- Adjusted non-compensation expenses were $36 million for the quarter, down from prior year and quarter, driven by lower litigation costs.
- Adjusted tax rate for the first half was 30%, in line with expectations.
- Capital returned to equity holders totaled $24 million in the second quarter and 1.7 million shares repurchased in the first half.
- Declared a quarterly dividend of $0.07 per share.
- In 2025, revenue composition broadened by industry, product, and geography with a higher average fee per engagement.
- Non-compensation expenses for the first half were $86 million, up 9.5% year-over-year, with a mid-single-digit increase expected for the full year.
- Second quarter revenues were $155 million, with first half revenues totaling $367 million, flat year-over-year.
- The company ended the quarter with $145 million in cash, no debt, 63 million Class A shares, and 25 million partnership units outstanding.
- The first half of 2024 included 2 transactions accounting for over 35% of revenue, contributing to a record second quarter last year.
- Blue Foundry Bancorp reported a net loss of $2 million or $0.10 per diluted share for Q2 2025, an improvement of $735,000 from the prior quarter.
- Cost of funds declined by 13 basis points to 2.72%, with deposit costs down 13 basis points to 2.62% and borrowings cost down 9 basis points to 3.30%.
- Deposits increased by $29.1 million or 2%, with core deposits growing approximately 4%, fueled by full banking relationships with commercial customers.
- Gross loans increased by $47.4 million during the quarter, with organic growth in owner-occupied commercial real estate and construction, plus $45 million in credit-enhanced consumer loan purchases.
- Interest income rose by $725,000 primarily due to loan growth, while interest expense declined by $171,000 reflecting lower deposit costs.
- Loan portfolio yield improved by 8 basis points to 4.80%, and total interest-earning assets yield increased by 7 basis points to 4.58%.
- Net interest income increased by $896,000 or 8.3%, driven by a 12 basis point expansion in net interest margin and loan growth.
- Noninterest expense decreased by $90,000 compared to prior quarter, mainly due to seasonal occupancy expense, and is expected to remain in the mid- to high $13 million range.
- Nonperforming assets and loans increased slightly but remain low at 0.30% and 0.38% respectively, with allowance coverage ratios slightly decreased but still strong.
- Provision for credit losses was $463,000, primarily for reserves on unfunded loan commitments scheduled to close in Q3.
Dafinchi