Core Viewpoint - Pineapple Financial Inc. has announced a public offering of 10,000,000 units at a price of $0.15 per unit, each unit consisting of one share of common stock and one warrant to purchase an additional share [1][2]. Group 1: Offering Details - The offering is expected to close on or about May 5, 2025, subject to customary closing conditions [2]. - D. Boral Capital LLC is acting as the Exclusive Placement Agent for the offering [2]. - The offering is conducted under the Company's registration statement on Form S-1, which was declared effective by the SEC on May 1, 2025 [3]. Group 2: Company Overview - Pineapple Financial Inc. is a leading Canadian mortgage technology and brokerage firm focused on enhancing the mortgage process for brokers, lenders, and clients [5]. - The company provides advanced tools, marketing automation, analytics, and proprietary technology aimed at simplifying the mortgage experience [5]. - Pineapple is committed to innovation and aims to set a new standard for excellence in the mortgage industry [5].

Primary Mortgage Market Survey® U.S. weekly average mortgage rates as of 05/01/2025 MCLEAN, Va., May 01, 2025 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.76%. “Mortgage rates again declined this week,” said Sam Khater, Freddie Mac’s Chief Economist. “In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83%.” ...

Core Insights - Noor Darwish, a former management consultant at BCG, focuses on investing in companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned to other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment strategy includes focusing on substantial discounts to net asset value and liquidation value, alongside crypto investments [1] - The successful rotation into crypto and subsequent sales highlight a strategy that capitalizes on market volatility and growth potential in the crypto sector [1] - The move to Puerto Rico is a strategic decision to maximize tax efficiency on capital gains, particularly in anticipation of future gains from crypto investments [1] Job Application Service - Noor operates OverApply, a job application service that allows clients to outsource their job search, resulting in over 300,000 job applications, 4,000 interviews, and 500 job offers [1]

Group 1 - The mortgage market is experiencing significant activity, with rates at a critical juncture, as evidenced by Blackstone Mortgage Trust, Inc.'s month-over-month performance [1] - There are notable dislocations between the market value of Blackstone Mortgage Trust and its fundamental performance, indicating potential investment opportunities [1] Group 2 - Pearl Gray is an independent market research firm that specializes in systematic analysis of bonds, investment funds, and REITs, primarily focusing on the financial and real estate sectors [1] - The mission of Pearl Gray is to discover actionable total return ideas by integrating rigorous academic theories with practical experience and common sense [1]

Financial Data and Key Metrics Changes - Earnings available for distribution (EAD) was $0.52 per diluted share, representing an 8% year-over-year growth, marking the 22nd consecutive quarter where EAD exceeded common dividends paid [17] - GAAP net income was $36.5 million or $0.07 per diluted share, with a 2% return on equity [17] - Book value at the end of the quarter was $12.39, with the company trading at $10.40, indicating that equity is perceived as severely undervalued [19][30] Business Line Data and Key Metrics Changes - Genesis Capital produced nearly $1 billion in production, a 7% increase year-over-year, with 33 new sponsors added in the quarter [20][34] - Sculptor's asset management business reported $35 billion of assets under management (AUM) with $1.4 billion of gross inflows across the platform [21][37] - Newrez, as the third-largest servicer and fifth-largest originator, generated $270 million of pre-tax income with a funded volume of nearly $12 billion [23][43] Market Data and Key Metrics Changes - The company has over $80 billion of assets under management, with significant growth in the mortgage servicing and asset management sectors [15][16] - The servicing portfolio for Newrez is approximately $850 billion, which includes $509 billion of owned mortgage servicing rights (MSRs) [47] Company Strategy and Development Direction - The company aims to grow off-balance sheet capital and expand investment verticals, including energy transition and infrastructure funds [26][27] - There is a focus on building partnerships with limited partners (LPs) to enhance capital raising efforts and improve overall business performance [28][72] - The company is exploring various capital actions to unlock shareholder value, including potential public listings and restructuring [59][113] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility, emphasizing the importance of performance and risk management [6][7] - The outlook for the asset management business remains positive, with expectations for continued fundraising momentum despite market conditions [72][104] - Management is optimistic about the potential for acquisitions in both the mortgage and asset management sectors, particularly in light of lower valuations [68][70] Other Important Information - The company is rolling out MSR funds, which are expected to attract significant demand in the marketplace [12][85] - The SPAC initiative aims to generate asset management fees and create off-balance sheet investment opportunities [40][108] Q&A Session Summary Question: Update on the Cooper Rocket transaction and its impact on Newrez - Management indicated that it would be business as usual for Newrez, with potential opportunities for subservicing arising from the transaction [56] Question: Thoughts on potential acquisition opportunities - Management confirmed an active M&A pipeline, particularly in the mortgage and asset management spaces, with a focus on scaling the credit business [68][70] Question: Fundraising activity and LP appetite amid volatility - Management reported strong brand recognition and active fundraising efforts, emphasizing the importance of partnerships with LPs [72][74] Question: Performance and returns at Sculptor - Management highlighted strong performance across the credit and real estate businesses, with significant commitments in the real estate fund [80][82] Question: Insights on MSR funds and expected returns - Management noted that the MSR funds are still in development, with anticipated demand and returns to be determined [85] Question: Credit performance within the Genesis portfolio - Management reported steady performance with low delinquency rates, emphasizing disciplined underwriting practices [92] Question: Market conditions for securitization - Management indicated that the market remains open for deals, with opportunities arising from wider spreads [96][97] Question: Update on Sculptor's fundraising targets - Management stated that multiple funds are in the market, focusing on credit, real estate, and energy infrastructure [106] Question: Motivation behind the SPAC vehicle - Management explained that the SPAC provides a low-cost option for generating asset management fees and deploying capital [108] Question: Triggers for potential listing of Newrez - Management expressed hope for capital actions in 2025, driven by performance improvements and market conditions [114]

Group 1 - New York Mortgage Trust (NYMT) has experienced significant selling pressure, resulting in a 15.7% decline over the past four weeks, but it is now considered to be in oversold territory with potential for recovery [1] - The Relative Strength Index (RSI) for NYMT is currently at 27.29, indicating that the heavy selling may be exhausting itself, suggesting a possible bounce back towards equilibrium [5] - Analysts have raised earnings estimates for NYMT by 0.7% over the last 30 days, which typically correlates with price appreciation in the near term [7] Group 2 - NYMT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [8]

I am a journalist based in Detroit, having spent almost my entire career writing about business and economic subjects for The Wall Street Journal, New York Times, Detroit Free Press and Bloomberg. I'm the author of two books and am an acknowledged expert on the world automotive industry. Mat Ishbia, CEO of United Wholesale Holdings Corp. (NYSE: UWMC ), the parent of United Wholesale Mortgage, in the company's Feb. 26 earnings call , asserted how his company "continued to invest in cutting- edge technology, ...

Financial Data and Key Metrics Changes - For the full year 2024, the company achieved $3.6 billion in funded loan volume, $108 million in revenue, and an adjusted EBITDA loss of $121 million, with a year-over-year revenue growth of 50% and a 19% increase in funded loan volume [8][9] - In Q4 2024, funded loan volume was $936 million, representing a 77% year-over-year increase, although it decreased approximately 10% sequentially due to seasonal factors [8][11] - The adjusted EBITDA loss in Q4 was $28 million, with total GAAP net loss around $59 million [46][47] Business Line Data and Key Metrics Changes - Funded loan volume growth in Q4 was driven by home equity products and refinance loans, with purchase loan volume increasing by 25% and refinance loan volume surging by 611% year-over-year [10][11] - The company reported a gain on sale margin improvement from 1.95% in 2023 to 2.17% in 2024, indicating enhanced revenue per loan through pricing and marketing optimization [9][10] Market Data and Key Metrics Changes - The overall HELOC and HELOAN originations increased by 10% in the third quarter, while the company’s origination volume grew by 619%, indicating significant market outperformance [10] - The mortgage market saw improvements in Q4 compared to the same period in 2023, but 30-year fixed mortgage rates remained high, impacting mortgage demand [11] Company Strategy and Development Direction - The company aims to leverage AI and technology to enhance operational efficiency, reduce costs, and improve customer experience, with a focus on achieving profitability in the medium term [6][8][45] - The strategic priorities include continuing to grow the business, diversifying distribution channels, and enhancing the technology platform to streamline the mortgage process [8][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by low housing affordability and high mortgage rates but expressed optimism about the company's growth trajectory and market share gains [8][11] - The outlook for 2025 anticipates funded loan volume growth in the low to mid double digits, driven by initiatives like Neo powered by Better, despite macroeconomic headwinds [49][50] Other Important Information - The company is winding down its UK businesses, which contributed to lower volume in Q4, and expects to fully exit this segment by Q2 2025 [34][48] - The introduction of Betsy, an AI voice-based loan assistant, has significantly improved customer interaction efficiency, with a 20x increase in customer interactions since its launch [14][27] Q&A Session Summary Question: How does the AI technology adjust for high property insurance costs? - Management explained that their AI system integrates multiple data sources to provide instant homeowners insurance quotes during the loan process, significantly reducing the need for manual intervention [54] Question: How does profitability affect risk-taking? - Management clarified that they operate a marketplace model, ensuring loans are pre-committed to investors before origination, thus minimizing risk while focusing on efficiency and cost reduction to achieve profitability [58][62] Question: Can you elaborate on savings opportunities from Tin Man's AI application? - Management highlighted that AI-driven processes have reduced operational costs significantly, with potential savings of $2,000 per funded loan and $1,400 for AI-underwritten loans, contributing to improved margins [72][73] Question: How are gain on sale margins trending in Q1? - Management reported that gain on sale margins are trending higher in Q1, particularly with Neo loans performing better than the direct-to-consumer business, indicating improved efficiency and customer conversion [80][82] Question: Can you contextualize contribution profit per loan? - Management indicated that contribution margins have been improving, and they are focused on reducing costs in the mortgage business to enhance profitability while maintaining a balance with corporate cost reductions [93][94]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated $1.2 billion in adjusted revenue, representing a 34% year-over-year growth and at the high end of guidance [10][46] - Full-year 2024 adjusted revenue was $4.9 billion, a 30% year-over-year increase, with adjusted EPS at $0.23 [11][48] - Adjusted EBITDA margin improved to 18%, up from 2% the previous year, driven by operational efficiency [11][48] - Net rate lock volume for Q4 was $24 billion, up 47% year-over-year, while full-year net rate lock volume increased 28% to $101 billion [47][49] Business Line Data and Key Metrics Changes - The origination volume grew nearly 30% year-over-year, with a significant focus on purchase and home equity loans [49] - The servicing portfolio reached $593 billion in unpaid principal balance, a 17% increase, with 308,000 new servicing clients added [19][55] - The company reported a gain on sale margin of 295 basis points, up 32 basis points from 2023, driven by growth in both direct-to-consumer and Partner Network channels [48] Market Data and Key Metrics Changes - The company noted that no single player holds more than a single-digit market share in the purchase market, indicating significant growth opportunities [13][50] - The housing market is expected to see originations around $1.9 trillion in 2025, a 10% to 15% increase from 2024 [84] Company Strategy and Development Direction - The company is focused on transforming homeownership through strategic investments in marketing, servicing, and technology [61][70] - The "Own the Dream" campaign aims to elevate the brand and connect with diverse demographics, particularly first-time buyers [39][41] - The company is leveraging AI and automation to enhance operational efficiency and client experience [68][69] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing positive trends in housing inventory and equity levels [81][84] - The company anticipates continued market share gains and a stronger performance compared to 2024 [92][94] Other Important Information - The company ended 2024 with $2.9 billion in available cash and $7.6 billion in mortgage servicing rights, providing significant financial flexibility for strategic investments [71] - The brand refresh and the launch of Rocket.com have shown promising early results, with a 30% increase in brand lift [102] Q&A Session Summary Question: Can you unpack the first quarter revenue guide? - Management indicated optimism for 2025, expecting a 7% year-over-year growth in revenue, driven by volume increases and consistent gain on sale margins [80][81][92] Question: Any early indicators from the brand refresh and Rocket.com launch? - Early results show promising engagement metrics, with significant improvements in session length and conversion rates compared to previous platforms [101][102] Question: What drove the outperformance in Q4 expenses? - The company achieved 54% more efficiency in Q4, with volume up 47% and headcount down, showcasing the impact of AI on operational leverage [112] Question: How do you expect to drive market share gains in a volatile environment? - The focus remains on the purchase market, with strategies in place to enhance client experience and optimize conversion rates [130][132]