Financial Data and Key Metrics Changes - The company reported distributable earnings of $46.3 million or $0.22 per share for Q4 2025, excluding one-time realized losses of $12.4 million and $7.3 million from reduced tax expenses [24][26] - Total non-performing assets were approximately $1.1 billion, down by over $130 million or 11% from the previous quarter [5][6] - The company estimates that resolving non-performing loans could add back as much as $100 million of income to the annual run rate, equating to about $0.48 per share [4][27] Business Line Data and Key Metrics Changes - The agency platform had a strong fourth quarter with $1.6 billion in origination volume, totaling $5 billion for the year, a 13.5% increase from 2024 [13] - The servicing portfolio grew by 8% in 2025 to over $36 billion, generating predictable annual income of over $128 million [14][31] - The balance sheet lending operation's investment portfolio grew to $12.1 billion, with an all-in yield of 7.08% [32][33] Market Data and Key Metrics Changes - The company is optimistic about the origination volume for 2026, targeting similar levels to 2025, contingent on interest rates and GSE caps [37] - The company noted that the interest rate environment has improved compared to the previous year, which is expected to support growth in origination volume [21] Company Strategy and Development Direction - The company is focused on resolving non-performing and sub-performing loans to improve income rates, with a goal to reduce REO assets to around $250 million-$300 million by the end of 2026 [7][11] - The strategy includes resetting interest rates on current loans to market spreads to ensure positive coverage of debt service [9][10] - The company plans to utilize proceeds from liquidating non-performing assets to buy back stock at a significant discount to book value [11][12] Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind them regarding delinquencies and is seeing steady progress in asset performance [9][21] - The company is experiencing some additional delinquencies but is optimistic about resolving more than are being added [25][53] - Management expressed confidence in the performance of the SFR book, noting it has not seen any delinquent loans [46] Other Important Information - The company has approximately $120 million left in its buyback plan and has already purchased about $20 million of stock at an average price of $7.40 [12] - The company expects to maintain its dividend in 2026, contingent on the resolution of delinquencies and the return to a stronger run rate of income [55][56] Q&A Session Summary Question: How are you thinking about 2026 GSE originations relative to the $5 billion number? - Management indicated that origination levels will depend on interest rates and GSE caps, expressing comfort in targeting similar levels to 2025 if conditions remain stable [37] Question: Do you expect servicing fee compression to continue into 2026? - Management explained that servicing fee compression is driven by the shift to shorter-term products and the normalization of fees post-COVID, with expectations that compression will level off by the end of the year [38][40] Question: Have you seen any credit issues in your build-to-rent borrowers? - Management reported that the SFR book is performing exceptionally well, with no delinquent loans, and highlighted strong returns on this business [45][46] Question: Can you provide geographic color on delinquent/REO book performance? - Management noted softness in markets like Houston and Atlanta, attributing issues to historical boom-bust cycles and immigration-related factors [48][49] Question: What are your thoughts on maintaining the dividend in 2026? - Management stated that the dividend is evaluated from a long-term perspective, with a focus on resolving delinquencies to restore earnings [55][56]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $46.3 million or $0.22 per share for Q4 2025, excluding one-time realized losses of $12.4 million and $7.3 million from reduced tax expenses [24][26] - Total non-performing assets were approximately $1.1 billion, down by over $130 million or 11% from the previous quarter [5][6] - The company estimates that non-performing loans are creating a temporary drag of $80 million-$100 million annually, translating to about $0.40-$0.48 per share [27][29] Business Line Data and Key Metrics Changes - The agency platform had a strong Q4 with $1.6 billion in origination volume, totaling $5 billion for the year, a 13.5% increase from 2024 [13] - The servicing portfolio grew by 8% in 2025 to over $36 billion, generating predictable annual income of over $128 million [14][31] - The balance sheet lending operation's investment portfolio grew to $12.1 billion, with an all-in yield of 7.08% [32][33] Market Data and Key Metrics Changes - The company is optimistic about the origination volume for 2026, targeting similar levels to 2025, contingent on interest rates and GSE caps [37] - The company noted that the interest rate environment has improved compared to the previous year, which is expected to support growth in origination volume [21] Company Strategy and Development Direction - The company aims to resolve non-performing loans to improve income, estimating an addition of $100 million to annual run rate income as these loans are resolved [4][5] - The strategy includes resetting interest rates on current loans to market spreads to enhance performance and reduce future loss risks [9][10] - The company plans to continue its buyback program, having purchased approximately $20 million of stock at an average price of $7.40, which is 64% of book value [12] Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind them regarding delinquencies and is seeing steady progress in stabilizing properties [21][53] - The company is focused on resolving legacy issues and growing new business volumes, with a clear path to resolving the majority of delinquent assets in the coming quarters [10][35] - Management expressed confidence in the performance of the single-family rental (SFR) book, which has shown strong returns and no delinquent loans [46] Other Important Information - The company has approximately $120 million left in its buyback plan and is actively evaluating this strategy [12] - The agency business generates about 50% of net revenues, with a significant portion occurring before daily operations begin [14] Q&A Session Summary Question: How are you thinking about 2026 GSE originations relative to the $5 billion number? - Management indicated that 2026 origination levels will depend on interest rates and GSE caps, expressing comfort in targeting similar levels to 2025 if conditions remain stable [37] Question: Do you expect servicing fee compression to continue into 2026? - Management explained that servicing fee compression is driven by changes in loan products and expects this dynamic to level off towards the end of the year [38][40] Question: Have you seen any credit issues in your build-to-rent borrowers? - Management reported that the SFR book is performing exceptionally well, with no delinquent loans, and highlighted strong institutional backing for the sponsors [45][46] Question: Can you provide geographic color on delinquent/REO book performance? - Management noted softness in markets like Houston and Atlanta, attributing issues to historical boom-bust cycles and immigration-related factors [48][49] Question: What are your thoughts on maintaining the dividend in 2026? - Management stated that the dividend is evaluated from a long-term perspective, with a focus on resolving delinquencies to restore earnings [56][58]

Core Viewpoint - Direxion Daily AAPL Bear 1X Shares (AAPD) is not a traditional dividend stock fund, and its income generation is primarily from interest on cash collateral rather than company dividends [2][3] Income Generation - AAPD seeks daily investment results of -100% of Apple (AAPL)'s daily return using swap agreements and derivatives, with distributions coming from interest earned on cash collateral [3][7] Distribution Decline - AAPD's annual payouts peaked at $0.883 in 2023 but fell 21.3% to $0.695 in 2024 due to a changing interest rate environment, with Q4 2025 payment dropping to $0.108, the lowest in the fund's history [4][5][7] Interest Rate Impact - The Federal Reserve's rate-cutting cycle has significantly impacted AAPD's income, with the fed funds rate decreasing from 4.50% in early 2025 to 3.75% by February 2026, leading to reduced interest income from collateral [5][6] Price Erosion - AAPD has experienced a price erosion of 10.82% over the past year and nearly 40% since its inception in August 2022, primarily due to Apple's long-term upward trend and volatility decay from daily rebalancing [6][7]

Financial Highlights - Total assets reached $10.5 billion[13] - Total loans amounted to $7.3 billion[13] - Total deposits totaled $9.1 billion[13] - Tangible common equity stood at $1.1 billion[13] - Market capitalization was $683 million as of January 20, 2026[14] Capital & Liquidity - CET1 Ratio was 13.83%[19] - Tangible Common Equity / Tangible Assets was 10.87%[19] - Available liquidity covered uninsured deposits by 199%, with $4.7 billion in combined on-balance sheet liquidity and available borrowing capacity against $2.4 billion in uninsured deposits[19, 59] Income Statement - Net interest income increased by $0.1 million quarter over quarter[44] - Provision for credit losses decreased to $15.5 million, compared to $113.2 million for the prior quarter[49] - Noninterest income increased by $9.7 million[50] 2026 Outlook - Average deposits are projected to decrease by 4-7%[53] - Average loans are expected to decrease by 4-6%[53] - Net interest margin is forecasted to be between 2.60% - 2.80%[53]

Core Insights - Bank stocks are positioned to benefit from favorable conditions as interest rates decline and investment banking rebounds, making them a solid choice for portfolio diversification [2] Group 1: JPMorgan Chase - JPMorgan Chase is the largest bank in the U.S. with total assets exceeding $3.8 trillion, nearly 50% larger than Bank of America and more than Citigroup and Wells Fargo combined [4] - The bank has a strong track record under CEO Jamie Dimon, successfully navigating economic challenges and emerging from the 2008 financial crisis [5] - JPMorgan's net interest income is projected to reach around $95 billion next year, reflecting a 3% increase from the current year, supported by robust capital market activity [8] - The bank effectively managed the rising interest rate environment in 2022 and 2023, leading to significant growth in net interest income [6][7] Group 2: Goldman Sachs - Goldman Sachs is expected to benefit from a rebound in capital markets, with a 40% increase in initial public offerings (IPOs) this year compared to 2024, raising total proceeds to $36.4 billion, a 26% year-over-year increase [11] - Mergers and acquisitions (M&A) activity has increased by 8.3%, with total deal value surging 146.5% year-over-year, indicating a strong recovery in deal-making [12] - The bank's CFO noted strong momentum in their backlog, the highest in three years, suggesting continued growth in M&A activity heading into 2026 [13] Group 3: Citigroup - Citigroup has lagged behind peers in key metrics like return on equity, attributed to its complex business structure and regulatory challenges [14] - Under CEO Jane Fraser, Citigroup is undergoing a transformation, including cutting bonuses and selling off less profitable units, such as a 25% stake in its Mexico retail bank for approximately $2.3 billion [15][17] - Citigroup trades at a price-to-tangible book value (P/TBV) of 1.14, making it more attractive to value-seeking investors compared to JPMorgan Chase and Goldman Sachs [18]

Core Insights - Citigroup, Inc. is showing resilience and steady growth in its core banking operations, with net interest income (NII) increasing by 8% year over year to $29.2 million in the first half of 2025, driven by higher average deposit and loan balances, as well as improved deposit spreads [1][9] - The outlook for Citigroup's NII remains favorable, supported by a stable interest rate environment and solid balance sheet trends, with expectations for interest rates to hold steady in the near term [2][3] - Citigroup's management has raised its 2025 NII guidance to a growth of 4% year over year, up from a previous estimate of 2-3%, with 2024's NII reported at $54.9 billion [4][9] Comparative Analysis - Bank of America (BAC) has also seen a rise in NII, which increased by 4.9% year over year to $29.1 million in the first half of 2025, driven by strong loan demand and higher interest rates [5] - In contrast, Wells Fargo (WFC) experienced a decline in NII, which dropped nearly 4% year over year to $23.2 billion in the first half of 2025, primarily due to lower interest rates affecting floating-rate assets [6] Performance Metrics - Citigroup's shares have gained 33.9% year to date, outperforming the industry's growth of 21.8% [7] - The Zacks Consensus Estimate for Citigroup's earnings in 2025 and 2026 implies year-over-year increases of 27.4% and 27.7%, respectively, with upward revisions in estimates over the past 30 days [12] - Citigroup trades at a forward price-to-earnings (P/E) ratio of 10.43X, which is below the industry's average of 14.33X, indicating potential undervaluation [15]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $52.1 million or $0.25 per share, and $62.5 million or $0.30 per share excluding one-time realized losses of $10.5 million from the sale of two REO assets in the second quarter [17] - The total delinquencies decreased to $529 million as of June 30 from $654 million at March 31, with non-performing loans (NPLs) at approximately $472 million compared to $511 million last quarter [19][20] - The average yield on core investments decreased to 7.95% from 8.15% last quarter, primarily due to less back interest collected and additional delinquencies [24] Business Line Data and Key Metrics Changes - In the agency business, the company originated $850 million in loans during the second quarter and $1.5 billion for the first six months, with a strong July resulting in $1 billion in agency loans [11][12] - The single-family rental business generated approximately $230 million in new business in the second quarter, with a strong pipeline and successful conversion of construction loans into bridge loans [13] - The construction lending business closed $265 million in deals in the first six months and an additional $144 million in July, with a strong pipeline of applications [14] Market Data and Key Metrics Changes - The prolonged elevated rate environment has created challenges in the agency originations business, affecting borrowers' ability to transition to fixed-rate loans [7] - The company anticipates that the current year will be challenging due to the significant drag on earnings from REO assets and delinquencies, with expectations for a transitional year [9][15] - The competitive landscape in balance sheet lending remains strong, with a significant appetite for deals and a large amount of capital chasing transactions [10] Company Strategy and Development Direction - The company views 2025 as a transitional year focused on resolving REO assets and delinquencies to build a strong earnings foundation for 2026 [16] - The company aims to leverage its securitization platform to scale up its single-family rental business and gain market share, enhancing competitive advantages [6] - The strategy includes being selective in closing deals, with a focus on maintaining credit quality and structure despite competitive pressures [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the current elevated rate environment has created volatility and uncertainty, making it difficult to predict interest rate movements for the remainder of the year [7] - The company is optimistic about future earnings growth and dividend increases in 2026 if there is a sustained reduction in interest rates [9] - Management emphasized the importance of managing through the loan book effectively despite the challenges posed by the current economic environment [7] Other Important Information - The company successfully completed a high-yield unsecured debt offering, raising $500 million to pay off convertible debt and enhance liquidity [4][5] - The investment portfolio grew to $11.6 billion at June 30, with originations outpacing runoff for the second consecutive quarter [23] - The company recorded an additional $16 million in loan loss reserves in the second quarter, reflecting changes in the outlook on real estate values [22] Q&A Session Summary Question: Drop in net interest income from $75 million to $69 million - Management explained that the drop was due to increased delinquencies and less back interest collected on delinquent loans, with reversals impacting the figures [28][29] Question: Future REO levels and potential peak - Management indicated that they are aggressively managing non-performing loans and expect to see a peak in REO levels, with a focus on transitioning assets quickly [31][32] Question: Increased lending spreads and capital markets activity - Management noted that lower interest rates create opportunities for distressed deals, leading to increased interest in their REO and sub-performing loan books [37][38] Question: Losses related to REO this quarter - Management confirmed that losses were primarily from one property that was foreclosed and sold quickly, with another asset marked close to its value [50][51] Question: PIK interest on the balance sheet - Management confirmed that PIK interest is being capitalized in loan balances, with $95 million of PIK on the balance sheet as of June 30 [56][58] Question: Absorption of vacancy and property strategy - Management discussed that their portfolio is primarily in workforce housing, which is seeing steady growth in occupancy, and they are focused on repositioning underperforming assets [62][63] Question: Capital expenditures for portfolio repositioning - Management estimated that capital expenditures for repositioning assets would be in the range of $25 million to $50 million over time [70]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $81.6 million or $0.40 per share for Q4 2024, and $1.74 for the full year, translating to a return on equity (ROE) of approximately 14% [40] - The forecast for distributable earnings in 2025 has been adjusted to a range of $0.30 to $0.35 per quarter due to changes in the macroeconomic climate [41][12] - The company experienced elevated legal and consulting fees due to short-sell reports, estimated to impact earnings by approximately $0.03 to $0.05 per share going forward [42] Business Line Data and Key Metrics Changes - The company modified $4.7 billion of loans over the last two years, with $4.1 billion modified in 2024 alone, indicating a strong focus on loan modifications [15][16] - The agency business had a strong Q4 with $1.35 billion in new originations, closing the year with $4.3 billion in GSP agent fee volume [28][29] - The single-family rental business saw $1.7 billion in new loans in 2024, significantly above the previous year's production [32] Market Data and Key Metrics Changes - The company noted a 100 basis point decrease in SOFR, which has reduced earnings on cash and escrow balances [11][58] - Total delinquencies decreased by 13% to approximately $819 million as of December 31, down from $945 million at the end of Q3 [46] - The average yield on core investments decreased to 8.52% from 9.04% due to a reduction in SOFR [60] Company Strategy and Development Direction - The company is focused on repositioning REO assets and expects to significantly grow the NOI from these assets over the next 12 to 24 months [23][24] - A capital-light agency platform is a critical part of the company's strategy, allowing for significant long-dated income streams [26] - The company plans to originate between $1.5 billion to $2 billion in bridge loans in 2025, enhancing returns and efficiency [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenging interest rate environment, noting that they are well-capitalized and have a cushion between earnings and dividends [8][9] - The outlook suggests that elevated rates will persist, creating headwinds for agency origination volumes [10] - Management is optimistic about the potential for future earnings growth if interest rates decline [24][37] Other Important Information - The company has grown its book value by 26% over the last five years, contrasting with a 25% erosion in net asset values among peers [15][55] - The company has successfully transitioned new sponsors to manage assets, which is expected to create more predictable future income streams [17][19] Q&A Session Summary Question: Dividend expectations for 2025 - Management appreciates the clarity provided regarding dividend expectations, indicating that the market is better prepared for this information now rather than later [66] Question: Institutional money and distressed bridge loans - Management noted that there is institutional capital available for distressed assets, but the market is currently experiencing a pause due to rising interest rates [68][70] Question: Performance of modified loans - Management indicated that the majority of modified loans are performing well, with a focus on ensuring sponsors bring in additional capital [82][86] Question: Servicing escrow balances - Management explained that the reduction in earnings from escrows and cash is due to lower SOFR rates and decreased cash balances, projecting earnings of $80 million to $85 million going forward [90][92] Question: Confidence in book value and potential buybacks - Management expressed confidence in the book value, stating that while there may be minor adjustments, they believe they have adequately reserved for potential losses [115][123]

As filed with the U.S. Securities and Exchange Commission on June 21, 2023. Registration No. 333-264372 Amendment No. 10 to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LA ROSA HOLDINGS CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 6531 87-1641189 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identificatio ...