Jacksonville-based Dream Finders Homes Inc. is now fully in the mortgage banking business.
As the homebuilding company reported an increase in second-quarter earnings, it also said it acquired the remaining interest in a joint venture called Jet HomeLoans.
Dream Finders previously owned 60% of Jacksonville-based Jet and paid $9.3 million to acquire the remaining 40% of the mortgage company July 1.
“We are confident this transaction will enhance overall profitability for DFH and drive significant shareholder value,” Dream Finders CEO Patrick Zalupski said in an Aug. 1 news release.
Dream Finders reported second-quarter revenue rose 12% to $1.056 billion, with earnings rising 18% to $80.9 million, or 83 cents a share.
Home closings rose 10% to 1,846 in the quarter and net new orders rose 3% to 1,712.
The average sales price of homes closed rose 2% to $514,833.
“Despite the continued home affordability and interest rate challenges, Dream Finders achieved another strong quarter driven by our continued focus on strategic growth and operational efficiencies,” Zalupski said in the news release.
Dream Finders does not hold quarterly conference calls to discuss earnings.
Jet originated 2,061 home loans with a principal amount of $904 million in the first six months of the year, Dream Finders said.
The mortgage company generated $13 million in pretax income in the first half of 2024, when it was part of the joint venture and not a full subsidiary of Dream Finders.
“Acquiring the remaining 40% was an easy decision based on what we believe the earnings will be going forward,” Zalupski said.
Securities and Exchange Commission filings show Dream Finders owned 49.9% of Jet when the homebuilder went public in 2021.
Dream Finders increased its stake in Jet to 60% in September 2023.
The company acquired the remaining 40% from Orlando-based mortgage lender FBC Mortgage LLC.
Landstar System Inc. reported lower second-quarter earnings, as the Jacksonville-based trucking company continues to feel the impact of a weak freight market.
Revenue fell 11% to $1.225 billion, and earnings fell by 37 cents a share to $1.48.
“Landstar performed relatively well in the 2024 second quarter, considering that the freight environment continued to be characterized by soft demand and readily available truck capacity,” CEO Frank Lonegro said in a July 30 conference call with analysts.
Although results were below the second quarter of 2023, Landstar said revenue grew 5% from the first quarter of 2024, the first sequential quarter-to-quarter increase since the second quarter of 2022.
Landstar is projecting third-quarter revenue of $1.175 billion to $1.275 billion and earnings of $1.35 to $1.55 per share.
“As we move from June to July, our truck volumes have trended below normal sequential month-to-month patterns based on pre-pandemic seasonal performance trends. On the other hand, truck revenue per load has outperformed these pre-pandemic patterns,” Lonegro said.
Landstar also announced its board of directors increased its quarterly dividend by 3 cents to 36 cents a share.
Jacksonville-based shopping center developer Regency Centers Corp. reported a slight gain in second-quarter results and said tenant demand continues to be strong for space in its properties.
Funds from operations (basically earnings excluding non-cash charges) rose by 3 cents to $1.06 a share and core operating earnings rose by 6 cents a share to $1.02.
“While we recognize that the macro environment remains uncertain with mixed economic signals and inflationary pressures on consumers, our business continues to show strength,” CEO Lisa Palmer said in an Aug. 2 conference call.
“Consumers may be shopping with a new level of price awareness but that can be a benefit to our high-quality centers and our high-quality tenants given a focus on necessity, service, convenience and value,” she said.
Regency’s portfolio of 481 properties across the country was 95% leased as of June 30.
“Sales and traffic trends remained steady and leasing demand continues to be strong. We are taking advantage of the solid and consistent tenant demand to drive rent growth and leasing activity with strong new and existing tenants,” Palmer said.
Regency also announced July 31 it appointed former Prologis Inc. executive Gary Anderson as a director, increasing the size of its board to 12 members.
Anderson worked for the real estate logistics property operator for almost 30 years before retiring as chief operating officer of Prologis at the end of 2023.
The Fortegra Group’s revenue jumped 38% to $529.9 million and its adjusted earnings rose 34% to $40.3 million in the second quarter, according to parent company Tiptree Inc.’s quarterly report.
Jacksonville-based Fortegra is a specialty insurance company and the largest business of Connecticut-based investment company Tiptree.
Tiptree acquired Fortegra in 2014 and has twice attempted an initial public offering for the subsidiary, but it pulled the stock sales from the market in April 2021 and February 2024.
The company did not give an update on another try at a Fortegra IPO in its quarterly report.
“As always, we remain committed to growing long term shareholder value and will continue to seek constructive ways to more fully reflect the intrinsic value of Tiptree’s businesses in our share price,” Tiptree Executive Chairman Michael Barnes said in a July 31 news release.
Jacksonville-based Crowley and Fort Lauderdale-based Seacor Holdings Inc. said Aug. 1 it launched a joint venture called Fairwater Holdings LLC to support the transportation of petroleum products, chemicals and specialty parcels.
Fairwater will be headquartered in Fort Lauderdale, with an office in Jacksonville. It has a fleet of 31 vessels and nearly 1,700 employees.
Crowley is a privately owned maritime, energy and logistics company with $3.5 billion in annual revenue.
Seacor, with operations including Jacksonville-based marine freight company Trailer Bridge, is owned by investment company American Industrial Partners.
“Fairwater creates a new, dynamic leader with the broadest capabilities in our domestic industry for customers and carries forward the shared legacy of value, efficiency and high performance by Crowley and Seacor,” Crowley Corp. Chief Executive Officer Tom Crowley said in a news release.
Ashford Hospitality Trust Inc.’s June 27 sale of the One Ocean Resort & Spa in Atlantic Beach was part of an overall plan to restructure the company’s debt, CEO Stephen Zsigray said in a July 31 conference call.
Ashford launched a plan early this year that includes asset sales, debt refinancing and a preferred capital raise, he said, according to a company-posted transcript of the call.
“To date, we have sold seven assets for more than $310 million, with six of those sales closing in the second quarter,” Zsigray said.
Ashford sold the 193-room One Ocean for $87 million and applied $66.2 million in proceeds from that sale to a mortgage loan, he said.
Dallas-based Ashford bought the hotel then known as the Sea Turtle Inn for $23.05 million in 2004.
The company spent $24 million to upgrade the property in 2008, renaming it One Ocean.