Core Insights - Old National Bancorp has appointed Matt Keen as Chief Information Officer (CIO), joining the Executive Leadership Team [1][2] - Keen brings over 30 years of technology leadership experience, including roles at American Express, Ameriprise Financial, and Bremer Bank [2][4] - The appointment aligns with Old National's strategy to enhance technology capabilities to meet client needs during its expansion in the Midwest and Southeast [2][3] Company Overview - Old National Bancorp is the fifth largest commercial bank headquartered in the Midwest, with approximately $70 billion in assets and $37 billion in assets under management [6] - The company focuses on building long-term partnerships with clients and supporting the communities it serves [6] - Old National offers a range of services, including consumer and commercial banking, wealth management, and capital markets services [6] Leadership Transition - Matt Keen succeeds retiring CIO Paul S. Kilroy, who led significant improvements in contact center quality and received the "Tech Exec of the Year" award in 2024 [5] - Keen aims to advance the technology foundation established by Kilroy and enhance client and team member experiences through innovation [3][4]

I ventured into investing in high school in 2011, mainly in REITs, preferred stocks, and high-yield bonds, starting a fascination with markets and the economy that has not faded despite the years. More recently I have been combining long stock positions with covered calls and cash secured puts. I approach investing purely from a fundamental long-term point of view. On Seeking Alpha I mostly cover REITs and financials, with occasional articles on ETFs and other stocks driven by a macro trade idea.Analyst’s D ...

T2 Metals Reports Results from the Third Drill Program at the Sherridon VMS Project, Manitoba Includes High Grade Gold and Silver Intersection Grading 7.2 g/t Au, and 145.5 g/t Ag June 04, 2025 8:00 AM EDT | Source: T2 Metals Corp. Vancouver, British Columbia--(Newsfile Corp. - June 4, 2025) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (WKN: A2DR6E) ("T2" or the "Company") is pleased to announce results from the Q1 2025 drill program at the Sherridon Volcanogenic Massive Sulphide ("VMS") project in central ...

Core Insights - The article discusses the anticipated decline in book value for mortgage REITs during Q1 2025, indicating a negative trend in the sector [1][4][6] - Two Harbors is highlighted as a significant underperformer among agency mortgage REITs, facing legal challenges that could further impact its book value [4][5] - The overall volatility in the mortgage REIT market is contributing to the decline in book values, with most companies projected to see decreases ranging from 1.4% to 14.5% [6][7] Mortgage REITs - The article notes that volatility in the market, including tariff issues and bond market fluctuations, is detrimental to mortgage REITs [6] - Most mortgage REITs are expected to experience declines in book value per share, with only one REIT estimated to have a slight increase of less than 1% [7] - ARMOUR Residential REIT is mentioned as one of the larger projected losers in terms of book value [8] Business Development Companies (BDCs) - In contrast to mortgage REITs, BDCs are showing more stability in book value, with gains of about 1% for the top performers and declines of around 2% for the worst performers [9] Legal and Management Issues - Two Harbors' management faced criticism for their performance during the pandemic, leading to a legal battle that may result in significant financial losses for shareholders [4][5] - The potential legal loss for Two Harbors could allow the former external manager to collect approximately $140 million, raising concerns about corporate governance and accountability [4][5] Investment Strategy - The article emphasizes a preference for lower-risk shares due to the current volatility in the market, suggesting a cautious approach to investment in mortgage REITs [10]

Core Viewpoint - T2 Metals Corp is actively monitoring the wildfire situation near its Sherridon copper-gold-zinc Project in Manitoba, prioritizing the safety of personnel and the local community [2][4]. Group 1: Wildfire Situation - The Manitoba Wildfire Service has reported active fires close to the Sherridon community and the company's mineral concessions [2]. - As a precaution, T2 Metals has temporarily suspended field activities at the Sherridon project site to ensure safety and allow for continuous monitoring of the situation [3]. Group 2: Company Response - T2 Metals maintains clear communication with the Manitoba Wildfire Service and local authorities for real-time updates and guidance [3]. - CEO Mark Saxon expressed concern for the affected community and emphasized that the safety of the team and residents is the top priority, with plans to resume operations once it is safe [4]. Group 3: Company Overview - T2 Metals Corp is focused on enhancing shareholder value through exploration and discovery in under-explored areas, including the Sherridon, Lida, Cora, and Copper Eagle projects [5].

Group 1 - The article focuses on the analysis of Two Harbors Investment Corporation (NYSE: TWO) and its recent developments in the context of an exchange-traded fixed-income security IPO [1] - The analysis is part of a series of informative articles aimed at active investors, encouraging participation in discussions and sharing insights in a chat room with experienced traders [1] Group 2 - The article does not provide specific financial data or performance metrics related to Two Harbors Investment Corporation [2] - There is no recommendation or advice given regarding the suitability of investments for particular investors [2]

Core Viewpoint - Two Harbors Investment Corp. experienced a significant drop in share price in April, reaching a new 1-year low, but has since undergone a substantial recovery, partly driven by its earnings performance [1] Group 1 - The share price of Two Harbors Investment Corp. fell to a new 1-year low in April [1] - Following the low, the company has seen a profound recovery in its share price [1] - The recovery was aided by the mortgage REIT's earnings scorecard [1]

Group 1 - The article discusses the preferred stock and baby bond market activity, providing both bottom-up analysis of individual news and events, and top-down overview of the broader market [1] - ADS Analytics is a team of analysts with experience in research and trading at leading global investment banks, focusing on generating income ideas from various security types including CEFs, ETFs, mutual funds, BDCs, and individual preferred stocks and baby bonds [1]

Financial Data and Key Metrics Changes - The company generated a total economic return of 4.4% for Q1 2025, with both RMBS and MSR contributing positively to the results [4] - Book value increased to $14.66 per share at March 31, compared to $14.47 at December 31, including a $0.45 common stock dividend [10] - Comprehensive income for the first quarter was $64.9 million, or $0.62 per weighted average common share [11] - Economic debt to equity decreased to 6.2 times [15] Business Line Data and Key Metrics Changes - Net interest and servicing income increased by $5.2 million due to portfolio shifts into higher coupon agency RMBS and lower borrowing rates [11] - The company decreased its mortgage exposure by 30% and reduced leverage during the first quarter [15] - The MSR portfolio's prepayment speed was 4.2 CPR for Q1, down 0.7% quarter over quarter [24] Market Data and Key Metrics Changes - Interest rates across the US treasury yield curve ended the first quarter lower than at the end of 2024, with two-year and ten-year notes both decreasing by 36 basis points [5] - Prepayment rates for the thirty-year agency RMBS universe decreased by 1.4 percentage points quarter over quarter to 5.6% CPR [20] Company Strategy and Development Direction - The company aims to scale its direct-to-consumer originations platform, increase offerings of second liens, and explore opportunities in the Ginnie Mae market [6][7] - The focus is on growing the presence in third-party subservicing and generating cost efficiencies through technology and AI applications [7] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about economic uncertainty driven by proposals on tariffs and trade policy, which could impact the dollar's status as the world's reserve currency [6] - The company is managing its portfolio for long-term stability while keeping leverage and risk at muted levels until there is more clarity on the economic path forward [29] Other Important Information - The company has maintained high liquidity levels, with $950 million in unused MSR asset financing capacity and $47 million in unused capacity for service and advances [13] - The MSR market remains well supported, with transfer volume normalizing to pre-COVID levels [22] Q&A Session Summary Question: Update on book value through April and portfolio adjustments - Management indicated a 3.5% decline in book value through early April and noted further risk reduction in the portfolio due to increased volatility [33][34] Question: Impact of Rocket and Mr. Cooper merger on the servicing market - Management believes the merger's impact on demand for MSR will be muted, with combined demand likely equal to the sum of individual demands [41][42] Question: Comfort level with the dividend - Management expressed confidence in supporting the dividend given the current portfolio composition and wider spreads [50] Question: Sensitivity of book value to spread changes - Management explained that the sensitivity to spread changes is lower due to the allocation of capital between MSR and securities [52][56] Question: Liquidity levels and recapture efforts - Management confirmed high liquidity levels and noted that organic recapture from the direct-to-consumer channel remains low but is expected to improve as the platform scales [81][84] Question: Interest in the Ginnie Mae market - Management is exploring the Ginnie Mae market for potential opportunities and to enhance their service offerings [86]

Financial Data and Key Metrics Changes - The company generated a total economic return of 4.4% for Q1 2025, with both RMBS and MSR contributing positively [5] - Book value increased to $14.66 per share at March 31, compared to $14.47 at December 31 [10] - Comprehensive income for the first quarter was $64.9 million, or $0.62 per weighted average common share [11] Business Line Data and Key Metrics Changes - Net interest and servicing income increased by $5.2 million due to portfolio shifts into higher coupon agency RMBS and lower borrowing rates [11] - The company’s economic debt to equity decreased to 6.2 times, with a 30% reduction in mortgage exposure [16] - The MSR portfolio's prepayment speed was 4.2 CPR for Q1, down 0.7% quarter over quarter [25] Market Data and Key Metrics Changes - Interest rates across the US treasury yield curve ended the first quarter lower than at the end of 2024, with two-year and ten-year notes decreasing by 36 basis points [6] - Prepayment rates for the thirty-year agency RMBS universe decreased by 1.4 percentage points quarter over quarter to 5.6% CPR [21] Company Strategy and Development Direction - The company aims to scale its direct-to-consumer originations platform, increase offerings of second liens, and grow its presence in third-party subservicing [7][8] - The company is exploring opportunities in the Ginnie Mae market and diversifying its portfolio in response to the evolving mortgage finance landscape [8] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about economic uncertainty driven by trade policies and the Fed's response, indicating a cautious approach to portfolio risk [7][28] - The company sees attractive levered returns on Agency RMBS and expects stable cash flows from its low weighted average mortgage rate MSR portfolio [29] Other Important Information - The company maintained high liquidity levels with $950 million in unused MSR asset financing capacity [13] - The company is actively managing its portfolio to take advantage of market dislocations and attractive return opportunities [5][29] Q&A Session Summary Question: Update on book value through April and portfolio changes - Management reported a 3.5% decline in book value through early April and noted further risk reduction in the portfolio due to increased volatility [33][35] Question: Impact of Rocket and Mr. Cooper merger on competitive landscape - Management indicated that the merger may lead to slightly better bidding for MSR but does not represent a wholesale change in market dynamics [42][46] Question: Comfort level with the dividend - Management expressed confidence in supporting the dividend given the current portfolio composition and wider spreads [51] Question: Sensitivity of book value to spread changes - Management explained that the sensitivity to spread changes is lower due to the allocation of capital between servicing and securities [56][58] Question: Volatility and hedging activity impact on static return estimates - Management acknowledged higher convexity costs due to realized volatility but noted that wider spreads could mitigate some of these costs [67][68]