Core Insights - Brookfield Corporation reported a 13% increase in distributable earnings before realizations, reaching $1.3 billion or $0.80 per share for the quarter ended June 30, 2025 [1][3][7] - The company achieved over $55 billion in asset monetizations since the beginning of the year, indicating strong capital returns to investors [2][12] - Deployable capital reached a record $177 billion, positioning the company well for future investment opportunities [2][19] Financial Performance - Total consolidated net income for the quarter was $1.1 billion, compared to a loss of $285 million in the same quarter last year [4][23] - Net income attributable to Brookfield shareholders was $272 million for the quarter, up from $43 million in the prior year [4][28] - Distributable earnings for the last twelve months (LTM) were $5.3 billion, translating to $3.36 per share, an increase from $4.38 billion in the previous year [5][7] Asset Management and Wealth Solutions - The asset management business saw a 16% increase in fee-related earnings compared to the prior year quarter, driven by strong fundraising across diversified fund offerings [5][6] - Wealth solutions generated $391 million in distributable earnings for the quarter, up from $292 million in the previous year [13][25] - The company originated over $4 billion in retail and institutional annuity sales during the quarter, increasing insurance assets to $135 billion [13] Monetization and Investment Activity - The company completed significant asset sales, including $12 billion in real estate and $9 billion in infrastructure assets, with most sales at or above carrying values [12][13] - Earnings from the monetization of mature assets were $132 million for the quarter and $554 million for the LTM [11][13] - Total accumulated unrealized carried interest was $11.3 billion at quarter end, with expectations for significant realizations in the coming years [13] Stock Split and Dividends - The Board of Directors approved a three-for-two stock split to enhance share liquidity and accessibility for individual shareholders [14][15] - A quarterly dividend of $0.09 per share was declared, payable on September 29, 2025 [20][21] Capital Structure and Financing - The company executed $94 billion in financings so far this year, including $53 billion in the latest quarter, strengthening its capital structure [19] - Corporate debt has a weighted-average term of 14 years, with no maturities through the end of 2025 [19] - Total group capital is approximately $16 billion, including $71 billion in cash and undrawn credit lines [19][48]

Financial Performance - GAAP Net Income was $24.4 million, or $0.19 per diluted common share and $0.21 per fully converted share[12] - Distributable Earnings reached $29.0 million, translating to $0.27 per fully converted share[12] - A cash dividend of $0.355 per share was declared, representing an annualized yield of 9.6% on fully-converted book value per share[12] - Dividend coverage from GAAP and Distributable Earnings was 58% and 76%, respectively[12] Capitalization and Liquidity - Fully-converted book value per share stood at $14.82, compared to $14.95 in Q1 2025[12] - Net debt to equity ratio was 2.2x, while recourse net debt to equity was 0.3x[12] - 79% of financing sources are non-mark-to-market on the core book[12] - Liquidity amounted to $501 million, including $77 million in cash and $79 million available for CLO reinvestment/ramp[12] Portfolio and Investments - The Core Portfolio's principal balance decreased by $263 million during the quarter[12] - New loan commitments of $61 million were closed, and $91 million of principal balance was funded, including future funding on existing loans[12] - Loan repayments totaled $317 million, and $37 million was transferred to real estate owned (REO)[12]

Financial Performance - GAAP Net Loss was $(231) million, or $(019) per share[7] - Distributable Earnings were $34 million, or $003 per share[7] - Adjusted Distributable Earnings reached $229 million, or $018 per share[7] - A dividend of $016 per share was declared and paid for Q2'25, representing a 130% yield on the current share price[7] Portfolio Overview - Total at-share assets amounted to $35 billion, predominantly in floating-rate senior loans[7,8] - The loan portfolio totaled $24 billion with an average loan size of $30 million and a W A unlevered yield of 78%[7] - Positive net deployment during Q2'25 was $86 million[7] - The company committed $98 million of capital across two new loans and a cross-collateralized preferred equity investment in Q2'25[7] Liquidity and Capitalization - Available liquidity was $325 million, including unrestricted cash, revolver capacity, and approved undrawn borrowings[7] - Total master repurchase facility capacity was $20 billion with $12 billion of availability[7] - The company repurchased 06 million shares of Class A common stock for $29 million at a blended price of $519 per share[7] Loan Portfolio Risk - The W A risk ranking of the loan portfolio improved to 31 from 32 in Q1'25[7] - Watch list loans decreased to 5 loans totaling $202 million, representing 9% of the loan portfolio, a ~50% reduction from Q1'25[7] - Total CECL reserve was $137 million, or $106 per share[7]

Core Viewpoint - Apollo Commercial Real Estate Finance, Inc. reported a net income of $0.12 per diluted share and distributable earnings of $0.26 per diluted share for the quarter ended June 30, 2025, indicating a solid performance in the first half of the year [1][2]. Financial Performance - For the first six months of 2025, the company committed $2.0 billion to new loans, utilizing capital from repayments and management of focus assets [2]. - The company recorded no realized losses in the consolidated statement of operations during the six months ended June 30, 2025 [7]. Distributable Earnings - Distributable Earnings, a non-GAAP financial measure, is defined as net income available to common stockholders adjusted for various non-cash items and unrealized gains or losses [4][6]. - The company believes that Distributable Earnings is a key factor in determining dividends and is useful for investors to evaluate performance [5][6]. Company Overview - Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust (REIT) that primarily focuses on originating, acquiring, and managing commercial first mortgage loans and related debt investments [10]. - The company is externally managed by ACREFI Management, LLC, a subsidiary of Apollo Global Management, which manages approximately $785 billion in assets as of March 31, 2025 [10].

Financial Performance - SEVN generated distributable earnings of $0.31 per diluted share, which was at the high end of their guidance[2,9] - Net income for the quarter was $2.7 million, or $0.18 per diluted share[9] - A quarterly distribution of $0.28 per common share, totaling approximately $4.2 million, was declared[5] - The quarterly distributable earnings payout ratio was 90%[11] Loan Portfolio - The fully performing loan portfolio totaled $665 million[2] - Two new loans were closed during the quarter, totaling $46 million[2,9] - $70.6 million of repayment proceeds were received during the quarter[9] - In July 2025, $53.8 million of repayment proceeds were received[9] - The company has $46 million in cash on hand and $322.8 million in unused financing capacity[8,9] Loan Portfolio Details - The weighted average coupon rate for the loan portfolio is S + 3.64%, with an All In Yield of 3.98%[9] - The weighted average LTV (loan-to-value) is 68%[8,18] - The weighted average risk rating of the loan portfolio is 2.9, with an allowance for credit losses representing 1.5% of total loan commitments[9]

Core Insights - Blackstone Inc. reported better-than-expected second-quarter financial results, driven by a 25% increase in distributable earnings and robust growth across key business segments, leading to total assets under management exceeding $1.2 trillion, a new industry record [1][3]. Financial Performance - Second-quarter fiscal year segment revenues reached $3.075 billion, reflecting a 22% year-over-year increase, surpassing the analyst consensus estimate of $2.778 billion [2]. - Distributable earnings rose 25% year-over-year to $1.57 billion [2]. Business Growth - The strong performance was attributed to broad growth across private wealth, credit and insurance, and infrastructure sectors [3]. - Blackstone achieved the highest level of fund appreciation in nearly four years, indicating strong investment performance for its limited partners [3]. Market Reaction - Following the earnings announcement, Blackstone shares gained 3.6%, closing at $178.11 [4]. - Analysts adjusted their price targets for Blackstone, with Deutsche Bank raising it from $170 to $192 and Keefe, Bruyette & Woods increasing it from $168 to $180 [9].

Financial Highlights - New investment activity reached over $1 billion[7] - Investment assets and unrestricted cash totaled $4.7 billion, including $1.6 billion in senior secured first mortgage loans[8] - Total liquidity was approximately $1 billion, which included an $850 million undrawn unsecured corporate revolver[8] - The company issued $500 million in inaugural investment grade unsecured bonds[8] Portfolio Composition - First mortgage loans accounted for $1.6 billion, or 35%, of the total investment portfolio[11] - CRE equity represented $936 million, or 20%, of the portfolio[11] - Securities comprised $2 billion, or 42%, of the portfolio[11] - 82% of the company's assets are senior secured and/or investment grade rated[11] Key Metrics - Distributable earnings were $30.9 million, resulting in distributable EPS of $0.23 and a distributable ROAE (after-tax) of 7.7%[11] - The company declared a Q2 2025 cash dividend of $0.23 per share, representing an 8.3% annual dividend yield[11] - Unencumbered assets totaled $3.7 billion, which is 83% of total assets[11] - The adjusted leverage ratio was 1.6x, or 1.5x net of cash[11] - 74% of total debt was comprised of unsecured corporate bonds[11]

Q2 2025 Results - ARMOUR Residential REIT reported a GAAP net loss of $78.6 million or $0.94 per common share for Q2 2025 [6] - Net interest income was $33.1 million, with distributable earnings available to common stockholders amounting to $64.9 million, or $0.77 per common share [6][18] - The total economic return for Q2 2025 was -5.22% [6] Financial Position as of June 30, 2025 - Total stockholders' equity increased to $1,659.9 million from $1,361.4 million at the end of 2024 [7] - Book value per common share decreased to $16.90 from $19.07 at the end of Q1 2025 [7] - The company's portfolio totaled $15.4 billion, primarily consisting of 94.1% Agency mortgage-backed securities [6][9] Capital and Liquidity - ARMOUR raised $104.6 million by issuing 6,303,710 shares of common stock through an at-the-market offering program [6] - Liquidity, including cash and unencumbered securities, was reported at $772.9 million [6] - The debt to equity ratio was 7.72:1, indicating significant leverage [6] Dividend Information - The company paid monthly cash dividends of $0.24 per share for Q2 2025, with future dividends to be determined based on financial performance [23][25] - A cash dividend of $0.24 per share is scheduled for payment on July 30, 2025 [23] Investment Strategy - ARMOUR primarily invests in fixed-rate residential, adjustable-rate, and hybrid adjustable-rate residential mortgage-backed securities [26] - The company is externally managed by ARMOUR Capital Management LP, which is registered with the SEC [26]

Financial Performance - The company reported a net loss of $354 million, or ($053) per diluted share, which includes a CECL provision of $50 million, or ($074) per diluted share[9, 10] - Distributable loss was ($29) million, or ($004) per diluted share, including a realized loss of $20 million, or ($030) per diluted share[9, 10] - Book Value per Share (BVPS) is $1384, which includes a CECL allowance of $174 million, or ($264) per share as of June 30, 2025, representing 300 basis points of loan principal balance[9] Portfolio Activity - Originated and funded $211 million and $210 million, respectively, relating to two floating-rate loans[9] - The company's loan portfolio is predominantly senior, totaling $58 billion, with a weighted average unlevered all-in yield of 76%[8, 9] - Multifamily and industrial assets represent 62% of the loan portfolio[8, 9] - Received $450 million in loan repayments and funded $20 million for existing loans[9] - The company collected 100% of interest payments[9, 21] Liquidity and Capitalization - Available liquidity is $757 million, including $108 million of cash and $620 million of undrawn capacity on the corporate revolver[8, 9] - Diversified financing sources total $82 billion, with $32 billion of undrawn capacity[8, 9, 34] - 78% of secured financing is fully non-mark-to-market, with the remaining balance marked-to-credit only[8, 9, 35] - Repurchased 2 million shares at an average price of $921 per share, totaling $20 million[9]

Portfolio Overview - The loan investment portfolio totals $3.4 billion[6] - The weighted average all-in yield is 8.22%[6] - The weighted average credit spread is 3.66%[6] - 99.7% of the portfolio consists of floating rate loans[6] - The weighted average LTV (Loan-to-Value) is 66.1%[6] Liquidity and Capitalization - Available liquidity stands at $457.6 million[6] - 91.0% of financing is non-mark-to-market[6] - The debt-to-equity ratio is 2.2x[6] Dividend and Earnings - The common stock dividend declared for 1Q25 is $0.24 per share[6] - GAAP income per diluted share for 1Q25 is $0.12[6] - Distributable earnings per diluted share for 1Q25 is $0.24[6]