Ravi Vaidya

Reynolds Pire

Todd Thomas

Antara Nag-Chaudhuri

Anthony (AJ) Peak

Anthony Peak

Dylan Burzinski

Haendel St. Juste

Matt Lichtman

Ronald Kamdem

- Adamas Trust, Inc. reported **net income attributable to common stockholders of $32.7 million**, or **$0.36 per basic common share**, and **Earnings Available for Distribution (EAD) of $22.0 million**, or **$0.24 per common share**, for the third quarter ended September 30, 2025.  **[1500217_59d23a4517914f30980057ebf4b0df7f_0]** **[1500217_59d23a4517914f30980057ebf4b0df7f_18]** **[1500217_59d23a4517914f30980057ebf4b0df7f_20]** 
- The company increased its common stock dividend declared in September 2025 to **$0.23 per common share**.  **[1500217_59d23a4517914f30980057ebf4b0df7f_1]** **[1500217_59d23a4517914f30980057ebf4b0df7f_20]** 
- Investment activities for the quarter included the acquisition of approximately **$1.8 billion of Agency investments** and **$525.7 million in residential loans**, which the CEO noted as the **highest level of quarterly investment activity since inception**.  **[1500217_59d23a4517914f30980057ebf4b0df7f_0]** **[1500217_59d23a4517914f30980057ebf4b0df7f_2]** 
- Financing activities included the issuance of **$115.0 million in aggregate principal amount of 9.875% Senior Notes** and two residential loan securitizations that generated approximately **$619.2 million in net proceeds**.  **[1500217_59d23a4517914f30980057ebf4b0df7f_1]** 
- Book value per common share stood at **$9.20** as of September 30, 2025.  **[1500217_59d23a4517914f30980057ebf4b0df7f_0]** **[1500217_59d23a4517914f30980057ebf4b0df7f_20]** **[1500217_59d23a4517914f30980057ebf4b0df7f_33]**

Adamas Trust, Inc. Reports Third Quarter 2025 Results

- American Assets Trust reported **Funds From Operations (FFO) of $0.49 per diluted share** and **net income of $0.07 per diluted share** for Q3 2025, with total revenue reaching **$110 million**.  **[0001500217_2216864_1]** **[0001500217_2216864_4]** 
- The company raised its full-year 2025 FFO guidance to a range of **$1.93-$2.01 per share**, with a midpoint of **$1.97**, representing a **$0.02 increase** from previous guidance.  **[0001500217_2216864_5]** 
- Portfolio-wide same-store Net Operating Income (NOI) decreased by **0.8%** in Q3 2025 compared to Q3 2024, with Office NOI increasing by **3.6%** but Retail, Multifamily, and Mixed-use NOIs declining.  **[0001500217_2216864_4]** 
- The Office portfolio ended the quarter **82% leased**, completing approximately **180,000 sq ft** of leasing with comparable cash rent spreads increasing **9%**; the Retail portfolio was **98% leased** with cash rent spreads increasing over **4%**.  **[0001500217_2216864_1]** **[0001500217_2216864_2]** 
- The Board approved a quarterly dividend of **$0.34 per share** for Q4 2025, payable on December 18 to shareholders of record as of December 4.  **[0001500217_2216864_3]**

American Assets Trust Reports Q3 2025 Earnings and Raises Full-Year FFO Guidance

- American Assets Trust reported **Funds From Operations (FFO) of $0.49 per diluted share** and **net income attributable to common stockholders of $0.07 per diluted share** for Q3 2025, with **total revenue at $110 million**.  **[0001500217_2216609_4]** 
- The company raised its **full-year 2025 FFO guidance range to $1.93 to $2.01 per share**, with a midpoint of **$1.97 per share**, an increase of **$0.02** from prior guidance.  **[0001500217_2216609_5]** 
- Portfolio-wide same-store cash Net Operating Income (NOI) decreased by **0.8%** in Q3 2025 compared to the same period in 2024, with office NOI increasing by **3.6%**, while retail, multifamily, and mixed-use NOIs declined by **2.6%**, **8.3%**, and **10%**, respectively.  **[0001500217_2216609_4]** 
- The office portfolio ended the quarter **82% leased**, with **180,000 square feet** of office leasing completed and comparable rent spreads increasing **9%** on a cash basis.  **[0001500217_2216609_1]**  The retail portfolio was **98% leased**, with spreads increasing over **4%** on a cash basis.  **[0001500217_2216609_2]** 
- The Board approved a **quarterly dividend of $0.34 per share** for Q4, payable on December 18, 2025.  **[0001500217_2216609_3]**  The company's net debt to EBITDA ratio was **6.7 times** on a trailing 12-month basis, with a long-term target of **5.5 times** or lower.  **[0001500217_2216609_5]**

American Assets Trust Reports Q3 2025 Results and Raises Full-Year FFO Guidance

- American Assets Trust reported **Funds From Operations (FFO) of $0.49 per diluted share** and **net income of $0.07 per diluted share** for Q3 2025, with **total revenue reaching $110 million**.  **[0001500217_2211740_1]** **[0001500217_2211740_4]** 
- The company raised its **full-year 2025 FFO guidance** to a range of **$1.93 to $2.01 per share**, with a midpoint of **$1.97 per share**, an increase of **$0.02** from prior guidance.  **[0001500217_2211740_5]** 
- **Portfolio-wide same-store cash Net Operating Income (NOI) decreased by 0.8%** in Q3 2025 compared to Q3 2024, although **office same-store NOI increased by 3.6%**.  **[0001500217_2211740_4]** 
- The board approved a **quarterly dividend of $0.34 per share** for Q4, and the company maintained **total liquidity of approximately $539 million**, with a **net debt to EBITDA ratio of 6.7 times** on a trailing 12-month basis.  **[0001500217_2211740_3]** **[0001500217_2211740_5]**

- American Assets Trust reported **net income available to common stockholders** of **$4.5 million**, or **$0.07 per diluted share**, and **Funds from Operations (FFO) per diluted share** of **$0.49** for the third quarter ended September 30, 2025.  **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:0]** **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:1]** 
- The company **increased its 2025 FFO per diluted share guidance** to a range of **$1.93 to $2.01**, with a midpoint of **$1.97**, a **$0.02 increase** over prior guidance.  **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:0]** **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:3]** 
- **Same-store cash Net Operating Income (NOI)** **decreased 0.8%** year-over-year for the three months ended September 30, 2025, but **increased 0.6%** for the nine months ended September 30, 2025.  **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:0]** **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:3]** 
- Dividends of **$0.340 per share** were declared for both the third and fourth quarters of 2025.  **[1500217_0001500217-25-000062_a3q25earningsrelease.htm:3]**

American Assets Trust Reports Third Quarter 2025 Financial Results

- American Assets Trust reported **net income available to common stockholders** of **$4.5 million** or **$0.07 per diluted share** for the third quarter ended September 30, 2025.  **[1500217_cb3196c6525947a885d82d543296d943_0]** 
- **Funds from Operations (FFO) per diluted share** was **$0.49** for the third quarter and **$1.53** for the nine months ended September 30, 2025.  **[1500217_cb3196c6525947a885d82d543296d943_0]** 
- The company **increased its 2025 FFO per diluted share guidance** to a range of **$1.93 to $2.01**, with a midpoint of **$1.97**, representing a **$0.02 increase** over prior guidance.  **[1500217_cb3196c6525947a885d82d543296d943_0]** 
- **Same-store cash Net Operating Income (NOI)** **decreased 0.8%** year-over-year for the three months ended September 30, 2025, and **increased 0.6%** year-over-year for the nine months ended September 30, 2025.  **[1500217_cb3196c6525947a885d82d543296d943_0]**

- Banc of California, Inc. reported **diluted earnings per share of $0.38** for the third quarter of 2025, a significant increase from **$0.12** in the second quarter of 2025.  **[1500217_5ead0c8d5d9e42d89f157e46efa6de09_0]** 
- **Total revenue increased over 5%** to **$287.7 million** and **pre-tax pre-provision income increased 17%** to **$102.0 million** from the second quarter of 2025.  **[1500217_5ead0c8d5d9e42d89f157e46efa6de09_0]** 
- The company repurchased **2.2 million shares** of common stock for **$35.5 million** during the third quarter of 2025.  **[1500217_5ead0c8d5d9e42d89f157e46efa6de09_1]** 
- **Book value per share grew 3%** to **$19.09** and **tangible book value per share increased 3%** to **$16.99** compared to the second quarter of 2025.  **[1500217_5ead0c8d5d9e42d89f157e46efa6de09_1]**

Banc of California, Inc. Reports Third Quarter 2025 Financial Results

- **AmTrust Financial Services** and **Blackstone Credit & Insurance (BXCI)** have announced a **definitive agreement** to spin off certain **Managing General Agencies (MGAs)** and fee businesses from AmTrust in the US, UK, and Continental Europe into a **new, independent company**.  **[1500217_7a1ddea9241945d8a993777fba76dc26_0]** 
- The transaction involves **seven AmTrust subsidiaries** (ANV, Risico, Collegiate, AmTrust Nordic, Arc Legal, Qualis, and Abacus) and is expected to result in the new company employing **over 700 people**.  **[1500217_7a1ddea9241945d8a993777fba76dc26_0]** 
- **Adam Karkowsky**, AmTrust's current President, will leave AmTrust to become **Chairman and CEO of the new multinational MGA platform**.  **[1500217_7a1ddea9241945d8a993777fba76dc26_0]** 
- AmTrust will enter into a **ten-year capacity agreement** with the new company, remaining the insurer for the existing insurance portfolio offered by the MGAs, and will retain a **significant stake** in the new entity.  **[1500217_7a1ddea9241945d8a993777fba76dc26_0]** **[1500217_7a1ddea9241945d8a993777fba76dc26_1]** 
- The transaction has been approved by AmTrust's board and is expected to close by **end of 2025**, subject to customary closing conditions and regulatory approvals.  **[1500217_7a1ddea9241945d8a993777fba76dc26_1]**

AmTrust Financial Services and Blackstone Credit & Insurance Announce Strategic Transaction

- AIP Realty Trust reported a **net loss of $1,229,155** for the three months ended June 30, 2025, an improvement from a loss of $1,427,343 in the same period in 2024. Concurrently, **investment property net rental income increased by 5%** to **$104,087** for Q2 2025.  **[1500217_812e0fde548e4610af1c45347eab0086_1]** **[1500217_812e0fde548e4610af1c45347eab0086_3]** 
- The Trust announced a **fifth tranche of its non-brokered private placement**, aiming to issue up to **14,000,000 Preferred Units – Series B Convertible** at **US$0.50 per unit**, targeting aggregate gross proceeds of up to **US$7,000,000**.  **[1500217_812e0fde548e4610af1c45347eab0086_1]** 
- AIP Realty Trust has engaged Desjardins Capital Markets for a best efforts fully marketed offering of approximately **US$100,000,000** in securities, with proceeds intended to support the proposed **AllTrades Transaction** and for general working capital.  **[1500217_812e0fde548e4610af1c45347eab0086_1]** **[1500217_812e0fde548e4610af1c45347eab0086_2]** 
- The proposed **AllTrades Transaction**, a business combination with 2024 ATIP, Inc. for the purchase of six industrial facilities, is anticipated to close by the **end of the third quarter 2025**.  **[1500217_812e0fde548e4610af1c45347eab0086_2]** **[1500217_812e0fde548e4610af1c45347eab0086_4]**

American Assets Trust (AAT)