Acquisitions totaled just over $230 million in Q2 across 45 properties with an initial cap rate of 7.4% and average lease term over 17 years.
Annualized base rent increased nearly 7% year-over-year to $894 million at quarter-end.
Dispositions included 23 properties in Q2 generating over $50 million in proceeds, with year-to-date dispositions at 33 properties raising over $65 million.
Free cash flow after dividend was approximately $50 million in Q2.
Lease termination fees totaled $2.2 million, primarily from an auto parts store and a full-service restaurant, both resolved quickly.
NNN REIT reported core FFO of $0.84 per share and AFFO of $0.85 per share for Q2 2025, each up 1.2% year-over-year.
NOI margin was 98% for the quarter, with G&A expenses at about 5% of total revenues and NOI, and cash G&A at 3.7% of total revenues.
The balance sheet remains strong with nearly $1.5 billion in liquidity and an average debt maturity of 11 years.
Year-to-date acquisitions reached $460 million across 127 properties with similar cap rates and lease terms.
Adjusted EBITDA was $53 million and adjusted EPS was $0.36 based on 118 million diluted shares.
Auto business grew 87% sequentially and Home business grew 67% sequentially, both accelerating from Q1 growth rates.
Contribution margin improved to 58%, up 3 percentage points from the prior quarter and exceeding guidance.
GAAP net income was positive $6 million, achieving profitability a quarter earlier than expected.
GAAP operating expenses were $252 million, up 16% sequentially, driven by variable costs increasing 21% relative to a 55% increase in loan volume.
Loans held on balance sheet increased to $1.02 billion from $815 million in Q1, mainly due to growth in new products.
Originations on the platform reached $2.8 billion, the highest volume in three years, with 373,000 loan transactions representing over 250,000 new borrowers.
Small dollar loans grew 40% sequentially and crossed $100 million in quarterly originations alongside Auto.
Upstart reported exceptional Q2 2025 results with total revenue of approximately $257 million, up 102% year-on-year.
Adjusted compensation expenses were $372 million, up from $316 million last year, maintaining an adjusted compensation expense ratio of 61.5%.
Adjusted earnings per share were $2.14, up 75% compared to the same quarter last year.
Adjusted effective tax rate was negative 0.8% compared to 31.2% last year, due to a policy change excluding stock-based compensation vesting impact.
Adjusted non-compensation expenses increased to $94 million from $80 million, with a non-compensation expense ratio steady at 15.6%.
Corporate Finance revenues were $399 million, a 21% increase over last year's first quarter, with 125 transactions closed versus 116 last year.
Financial and Valuation Advisory revenues were $79 million, a 16% increase from the prior year, with 957 fee events versus 847 last year.
Financial Restructuring revenues were $128 million, a 9% increase year-over-year, with 35 transactions closed compared to 33 last year.
Houlihan Lokey reported revenues of $605 million for the first quarter of fiscal year 2026, an 18% increase year-over-year.
Other income and expense produced income of approximately $8 million versus $5 million last year, driven by increased interest and other income from investment securities.
Dafinchi