Group 1: Company Updates - Palo Alto Networks has completed its acquisition of CyberArk for $45 per share in cash and 2.2005 shares of Palo Alto stock [1] - Millrose Properties is set to release its fourth-quarter financial results on February 26 [2] - Visa reported quarterly earnings of $3.17 per share, exceeding the consensus estimate of $3.14, with quarterly revenue of $10.9 billion, surpassing the Street estimate of $10.69 billion [3] - Apple reported fiscal first-quarter revenue of $143.76 billion, beating analyst estimates of $138.42 billion, and earnings of $2.84 per share, exceeding estimates of $2.66 per share [4] Group 2: Stock Performance - Palo Alto shares fell 0.1% to close at $165.30 [5] - Millrose Properties shares gained 1.1% to close at $31.84 [5] - Visa shares gained 0.3% to settle at $329.24 [5] - Apple shares gained 0.7% to settle at $275.50 [5]

Core Insights - Millrose Properties, Inc. (NYSE:MRP) has initiated dividend payments, highlighting its financial strength and commitment to returning earnings to shareholders [2][3]. Dividend Announcements - On March 17, Millrose Properties announced its first dividend of $65 million, equating to $0.38 per share for both Class A and Class B common stock [2]. - On December 22, the company declared a quarterly cash dividend of approximately $124.5 million, with a payout of $0.75 per share for Class A and Class B common stock, indicating a significant increase in capital returned to investors [3]. Company Performance and Strategy - The CEO, Darren Richman, emphasized that the company's first year as a public entity was marked by steady growth and enhanced industry relationships, with the recent dividend increase reflecting the strength of Millrose's homesite option platform [4]. - Richman noted that well-located finished homesites are a scarce resource in housing, and Millrose's platform supports various building strategies, providing builders with essential inventory [5]. - Millrose Properties offers operational and capital solutions for homebuilders and land developers through its Homesite Option Purchase Platform, known as HOPP'R [6].

Core Viewpoint - Millrose Properties, Inc. (MRP) has performed well since its spin-off from Lennar (LEN), with a gain of approximately 11% since the beginning of the year, although shares have recently declined over 10% from their peak [1] Company Performance - MRP shares have shown a solid performance post-spin-off, gaining about 11% [1] - Despite the overall gain, there has been a recent decline of over 10% from the highest share price [1] Analyst Insights - The analyst has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1] - The focus is on achieving outsized returns with a favorable risk/reward profile [1]

MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, "Millrose†), the Homesite Option Purchase Platform for residential homebuilders, today announced that its Board of Directors has declared a quarterly cash dividend of approximately $124.5 million, or $0.75, per share of Class A and Class B common stock. The dividend will be paid on January 15, 2026, to shareholders of record as of January 5, 2026. "Millrose's first year as a public company has been defined by disciplined growth and deepening pa ...

Core Viewpoint - Lennar Corporation has completed an exchange offer to swap shares of Millrose Properties, Inc. for its own Class A common stock, with the offer expiring on November 21, 2025 [1][2]. Exchange Offer Details - Lennar accepted 8,049,594 shares of its Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock [2]. - The exchange offer was oversubscribed, leading to a pro rata acceptance of shares tendered, with a final proration factor of 8.604228% applied to validly tendered shares [3][8]. - "Odd-lot" shareholders, those owning fewer than 100 shares, were not subject to proration and all their shares were accepted [3]. Final Results - A total of 85,296,924 shares of Lennar Class A common stock were validly tendered, with 84,518,299 shares subject to proration [8]. - Shares that were tendered but not accepted will be returned to the stockholders, and shares of Millrose Class A common stock will be credited to the accounts of those whose shares were accepted [4]. Advisory and Management - Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as dealer managers for the exchange offer, while Vestra Advisors, LLC served as the exclusive financial advisor to Millrose [5].

Core Points - Lennar Corporation announced that its Exchange Offer for Millrose Properties, Inc. Class A stock was oversubscribed, with 91,972,752 shares of Lennar Class A common stock validly tendered [1][3] - The final exchange ratio was set at 4.1367 shares of Millrose Class A common stock for each share of Lennar Class A common stock tendered [2][15] - Due to the oversubscription, only a portion of the tendered shares will be accepted on a pro rata basis, with approximately 7.97% of the tendered shares expected to be exchanged [4][5] Exchange Offer Details - The Exchange Offer expired on November 21, 2025, with a guaranteed delivery period extending until November 25, 2025 [1] - Stockholders who tendered fewer than 100 shares will not be subject to proration [4] - The total number of shares accepted in the Exchange Offer was 8,049,596 [7] Financial Implications - Shares of Lennar Class A common stock that were not accepted will be returned to stockholders in book-entry form [6] - The Exchange Agent will credit shares of Millrose Class A common stock to accounts of tendering stockholders whose shares were accepted [6] - Checks for fractional shares will be delivered after aggregation and sale in the open market [6]

Core Points - Lennar Corporation is proceeding with an Exchange Offer to exchange approximately 20% of its total outstanding shares of Millrose Properties, Inc. for outstanding shares of Lennar Class A common stock, set to expire on November 21, 2025 [1][2] - Millrose has requested the acceleration of the effectiveness of its registration statement with the SEC, which is necessary for the completion of the Exchange Offer [2] - If the SEC does not declare the registration statement effective by the expiration date, Lennar may need to extend or terminate the Exchange Offer [2] Company Overview - Lennar Corporation, founded in 1954, is a leading builder of quality homes across various segments, including affordable, move-up, and active adult homes [3] - The company also provides financial services, including mortgage financing and title services, primarily for its homebuyers, and develops high-quality multifamily rental properties [3] Additional Information - The Exchange Offer is made solely by the Prospectus, which contains important information about the offer and the companies involved [6][7] - Holders of Lennar Class A common stock can access the Prospectus and related documents free of charge on the SEC's website [8]

Financial Performance - Great Elm Group (GEG) grew pro forma Fee-Paying Assets Under Management (FPAUM) by 10% year-over-year as of September 30, 2025[6] - Great Elm Group (GEG) grew pro forma Assets Under Management (AUM) by 7% year-over-year as of September 30, 2025, reaching $792 million[6, 33] - GECC raised approximately $28 million in gross proceeds through equity issuances[7] - GECC issued $57.5 million principal amount of its 7.75% Notes due December 31, 2030[7] - Monomoy BTS sold its second property for approximately $7.4 million, resulting in a gain of $0.5 million[7] Strategic Partnerships and Investments - Great Elm announced a strategic partnership with Kennedy Lewis Investment Management (KLIM), delivering up to $150 million in leverageable capital[6] - Woodstead Value Fund, L.P purchased 4.0 million shares of GEG at $2.25 per share, totaling $9 million[6] - GECC sold 1.3 million shares to an affiliate of Booker Smith at $11.65 per share for gross proceeds of $15 million[6] Capital Allocation - GEG's Board authorized an additional $5 million of stock repurchases, bringing the total stock repurchase program to $25 million[6] - As of November 11, 2025, GEG repurchased 5.6 million shares for $10.9 million at an average price of $1.93 per share[6]

Core Viewpoint - Lennar Corporation is extending the expiration date of its Exchange Offer for shares of Millrose Properties, Inc. due to the ongoing U.S. federal government shutdown, which has prevented the SEC from declaring registration statements effective [1][10]. Exchange Offer Details - The Exchange Offer, initially set to expire on November 14, 2025, has been extended to November 21, 2025 [1]. - The Exchange Offer involves Lennar exchanging approximately 20% of its shares in Millrose for outstanding shares of Lennar Class A common stock [1]. - Completion of the Exchange Offer is contingent upon the SEC declaring the Registration Statement effective, which is currently delayed due to the government shutdown [1][2]. Future Announcements - If the government shutdown persists past November 14, 2025, Lennar will announce whether it will further extend the Exchange Offer or terminate it by 11:59 p.m. on that date [2]. Company Background - Lennar Corporation, founded in 1954, is a leading builder of quality homes across various segments, including affordable and active adult homes [3]. - The company also provides mortgage financing and develops multifamily rental properties nationwide [3].

Core Points - Lennar Corporation is extending the expiration date for its Exchange Offer for Millrose Properties shares due to the ongoing U.S. federal government shutdown [1][2] - The new expiration date for the Exchange Offer is now set for November 14, 2025, instead of the previously scheduled November 7, 2025 [1][2] - The Exchange Offer cannot be completed until the SEC declares the Registration Statement effective, which is currently delayed due to the government shutdown [2][3] Company Information - Lennar Corporation, founded in 1954, is a leading builder of quality homes across various segments, including affordable and active adult homes [5] - The company also provides mortgage financing and title services through its Financial Services segment and develops multifamily rental properties [5] Exchange Offer Details - If the SEC does not declare the Registration Statement effective by the new expiration date, Lennar may further extend the Exchange Offer or terminate it without accepting any shares [3][4] - All other terms and conditions of the Exchange Offer will remain unchanged, and Lennar reserves the right to amend or withdraw the offer at any time [4]