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].

Core Insights - Freddie Mac reported a decline in the average 30-year fixed-rate mortgage (FRM) to 6.76% as of May 1, 2025, down from 6.81% the previous week and significantly lower than 7.22% a year ago [1][5] - The 15-year FRM also decreased to 5.92%, compared to 5.94% last week and 6.47% a year ago [5] Summary by Category Mortgage Rates - The 30-year FRM averaged 6.76% as of May 1, 2025, reflecting a downward trend in mortgage rates [1][5] - The 15-year FRM averaged 5.92%, indicating a slight decrease from the previous week [5] Historical Comparison - The current 30-year FRM is lower than the first quarter average of 6.83% [1] - Year-over-year, the 30-year FRM has decreased from 7.22% to 6.76%, while the 15-year FRM has dropped from 6.47% to 5.92% [5] Freddie Mac's Role - Freddie Mac aims to enhance liquidity, stability, and affordability in the housing market, having assisted millions of families since its inception in 1970 [2]

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, reflecting a 7% increase year-over-year [20] - Sculptor's asset management business reported $35 billion of assets under management (AUM) with $1.4 billion of gross inflows across the platform [21] - Newrez, as the third-largest servicer and fifth-largest originator, had a funded volume of just under $12 billion, generating $270 million of pre-tax income [23][43] Market Data and Key Metrics Changes - The company has over $80 billion of assets under management, with significant growth in various sectors including real estate, credit, energy, and infrastructure [15][16] - The servicing portfolio at 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 [27][73] - 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 of continued inflows and strong performance across various funds [37][80] - Management is optimistic about the potential for acquisitions in both the mortgage and asset management sectors, particularly in light of lower valuations in the current market [68][69] 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][69] Question: Fundraising activity and LP appetite amid volatility - Management reported strong fundraising momentum and emphasized the importance of building relationships with LPs for future success [72][73] 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][81] Question: Insights on the securitization market amid volatility - Management noted that the market remains open for deals, with opportunities arising from wider spreads [95][96] Question: Update on the SPAC vehicle and its strategic rationale - Management explained that the SPAC provides a low-cost option for generating asset management fees and deploying capital effectively [108] Question: Potential structural changes to unlock value - Management is exploring various options, including the possibility of transitioning to a C-Corp structure to enhance valuation [127][130]

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]

Core Insights - PHH Mortgage has launched a proprietary reverse mortgage product named EquityIQ, aimed at helping senior homeowners access their home equity [1][2] - The product is designed to complement the existing Home Equity Conversion Mortgage (HECM) offerings and is targeted at a market with an estimated $14 trillion in senior home equity [2] - EquityIQ is expected to provide new opportunities for PHH's wholesale partners and their clients, enhancing the company's product offerings [2] Product Information - EquityIQ is a private jumbo reverse mortgage available to homeowners aged 55 and older, allowing access to more funds compared to traditional HECM [7] - The maximum loan amount for EquityIQ is $4 million, with no upfront or ongoing mortgage insurance and no monthly servicing fee [7] - Eligible property types include single-family homes, condominiums, townhomes, multi-family properties (2-4 units), and planned unit developments [7] - Borrowers must continue to pay property taxes, homeowners insurance, HOA fees, and maintenance costs, and must receive counseling from a PHH-approved housing counseling agency [7] Company Overview - PHH Mortgage is a subsidiary of Onity Group Inc., a leading non-bank financial services company focused on mortgage servicing and originations [4] - The company has been operational since 1988 and has a significant presence in the United States and internationally [4] - Liberty Reverse Mortgage, another brand under Onity Group, is one of the largest reverse mortgage lenders in the nation [4]

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]

Core Viewpoint - Rocket Companies' stock has surged significantly following an upgrade from Deutsche Bank, driven by a recent acquisition announcement [1][2]. Group 1: Stock Performance - Rocket Companies' stock gained 11.3% as of 11:50 a.m. ET, with an earlier peak increase of 15.7% [1]. - The stock's rise occurred alongside modest gains in the S&P 500 and Nasdaq Composite [1]. Group 2: Analyst Upgrade - Deutsche Bank analyst Mark DeVries upgraded Rocket's stock from a hold to a buy, raising the price target from $14 to $16 [2]. - The upgrade was influenced by Rocket's $9.4 billion acquisition of Mr. Cooper Group, a significant home-loan servicer [2]. Group 3: Acquisition Impact - The acquisition positions Rocket to achieve its 2027 market-share goals, including capturing 20% of the refinance market [3]. - DeVries estimates that the deal could lead to a 38% earnings per share accretion by 2027 and reduce earnings volatility due to the $1.5 trillion in loans acquired from Mr. Cooper Group [3]. Group 4: Market Position and Risks - The merger of the two mortgage companies creates a robust entity with substantial market share in both origination and servicing, enhancing resilience across market conditions [4]. - Despite the potential benefits, there are inherent risks associated with integrating such a large acquisition, and Rocket's stock appears expensive compared to competitors even with the anticipated earnings boost [4].

Core Insights - The CEO of United Wholesale Holdings Corp. emphasized the company's commitment to investing in advanced technology, including artificial intelligence, and in its workforce during the earnings call on February 26 [1] Company Summary - United Wholesale Holdings Corp. is the parent company of United Wholesale Mortgage, which is actively investing in cutting-edge technology and human resources to enhance its operations [1]