Fannie Mae's Portfolio Surge Is the Biggest in over a Decade
Fannie Mae’s retained portfolio surged to $168.74 billion in March, marking the largest monthly increase since 2009 and the highest level since the Great Financial Crisis. The $18.3 billion jump lifted combined GSE retained assets to $308.5 billion, a peak not seen since early 2021. By contrast, Freddie Mac’s portfolio grew modestly to $139.76 billion, highlighting a divergent trend between the two agencies. The rise occurs as the housing market steadies and mortgage rates hover near historic lows, giving the GSEs room to retain higher‑yielding assets.
Shell Beat Profit Forecasts. So Why Did Its Shares Fall?
Shell reported a $6.92 billion first‑quarter adjusted profit, topping the $6.36 billion consensus and marking its strongest result in two years. The company lifted its dividend by 5% but trimmed the quarterly share‑buyback programme to $3 billion from $3.5 billion. Production slipped 4% due...
Navitas Revenue Grows 18% in Q1
Navitas Semiconductor posted Q1 2026 revenue of $8.6 million, an 18% sequential increase, as high‑power GaN and SiC markets now account for the bulk of sales and grew roughly 35% year‑over‑year. GAAP gross margin remained negative at 9.3%, while non‑GAAP margin edged...
MRF Q4 Net Profit Rises 38% to ₹702 Crore; Revenue up 14%
MRF Ltd reported a 38% jump in Q4 net profit to ₹702.25 crore (≈$84 million), with revenue up 13.7% at ₹8,044.22 crore (≈$965 million). For the full FY2026, consolidated net profit rose 29.5% to ₹2,426.10 crore (≈$291 million) on a 10.6% revenue increase to ₹31,149.01 crore (≈$3.74 billion)....
Pronto Extends Series B to $45 Million at $200 Million Valuation
Pronto, the instant household‑services platform, announced a $45 million Series B extension that lifts its valuation to $200 million, effectively doubling the figure within a month. The round includes a $20 million commitment from Lachy Groom, co‑founder of Physical Intelligence, alongside existing backers such...
Amundi Lists Its US Dollar-Denominated Emerging Markets Government Bond ETF on the London Stock Exchange
Amundi will list its USD‑denominated Emerging Markets Government Bond UCITS ETF Acc on the London Stock Exchange starting 7 May 2026. The fund tracks the J.P. Morgan EMBI Global Diversified Select Index, uses a sampled physical replication method and charges a low 0.25%...
Apollo Commits to Providing Private Credit Daily Pricing
Apollo Global Management will begin publishing daily valuations for its private‑credit funds by the end of September, shifting away from the traditional quarterly pricing model. The change aligns marks with the lowest observable price when co‑invested, aiming to mirror public‑market...
Angelini Pharma to Acquire Catalyst Pharmaceuticals for ~$4.1B
Angelini Pharma announced a definitive agreement to acquire Catalyst Pharmaceuticals for $31.5 per share, valuing the deal at roughly $4.1 billion. The transaction, expected to close in the third quarter of 2026, marks Angelini’s first direct entry into the U.S. pharmaceutical...
Do Banks Still Need to Validate GenAI Models?
U.S. banks rolled out Microsoft Copilot and other generative AI tools at unprecedented speed, classifying them as productivity software to bypass the traditional SR 11‑7 model‑validation regime. Regulators responded by replacing SR 11‑7 with SR 26‑2, explicitly excluding GenAI models from mandatory validation....
Japan’s Advantage Seeks to Double AUM in One Year
Japan’s Advantage, a private‑equity manager, announced an aggressive plan to double its assets under management (AUM) within the next twelve months. The initiative follows the sale of a 5% equity stake to Australia’s Pinnacle Investment Management in January, providing fresh...
CPMI-IOSCO Consult on Updated Guidance and Public Disclosures to Implement Initial Margin Proposals
On 6 May 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and IOSCO launched a consultation on amending the CCP resilience guidance and the public quantitative disclosure standards (PQDs). The proposals embed Basel Committee recommendations on initial‑margin transparency,...
Capital Reform Push Could Restore Wall Street’s Edge in Global Markets
The Federal Reserve has proposed rolling back capital requirements for the largest U.S. banks, cutting aggregate buffers by roughly 5%. The change aims to free balance‑sheet capacity, allowing banks to expand market‑making and reclaim business lost to non‑bank firms. Analysts...
Swisscom Q1 2026 Revenue Falls as 5G, Broadband and Italy Synergies Support Cash Flow Growth
Swisscom’s Q1 2026 revenue fell 4.1% to CHF 3.61 billion (≈$3.97 billion) while EBITDAaL rose 0.8% to CHF 1.29 billion (≈$1.42 billion). Operating free cash flow jumped 22.6% to CHF 594 million (≈$653 million) thanks to cost cuts and synergies from the Vodafone Italia‑Fastweb merger. In Switzerland, 5G+ coverage hit 89%...
STEW: Allocation To Berkshire May Cause Underperformance (Rating Downgrade)
The SRH Total Return Fund (STEW), a closed‑end fund that markets a high dividend yield, is under pressure as its dividend policy has become a drag on total returns. Recent analysis led to a rating downgrade, highlighting concerns about the...
InCred Files Updated DRHP; Plans Rs 1,250 Cr Fresh Issue
India’s InCred Holdings Ltd has filed an updated draft red herring prospectus with SEBI for an IPO that includes a fresh equity raise of Rs 1,250 crore (≈$153 million) and an offer‑for‑sale of up to 9.9 million shares. Private‑equity firms KKR and MNI Ventures...
South Korean Power Firms Unable to Project Long-Term Coal Losses Amid 2040 Phaseout Push: Report
South Korean state‑run power generators reported they cannot produce long‑term financial forecasts for their coal‑fired assets beyond 2030, citing uncertainty over fuel costs, utilization rates and carbon‑permit allocations. The five utilities—KOEN, KOSPO, EWP, WP and KOMIPO—are unable to estimate profitability,...
Euro Area Financial Integration Improves Despite Persistent Fragmentation, ECB Report Shows
The European Central Bank’s latest financial‑integration report shows that euro‑area markets have become more cohesive since late 2022, driven by falling redenomination risk premia and EU‑wide policy support. Cross‑border holdings of debt securities and interbank lending have risen, enhancing risk sharing...
‘We Are Not Going to Do Charity’: Kingfisher Beer Maker United Breweries to Exit Unprofitable States
United Breweries (Kingfisher) announced it will pull back from Indian states where strict price caps and soaring input costs erode margins. The brewer projects a ₹400‑₹500 crore ($48‑$60 million) profit hit this year, driven by higher glass, aluminium, fuel and logistics expenses....
Hong Kong Explores Financial Cooperation With Uzbekistan During Tashkent Visit
Hong Kong’s financial services chief Christopher Hui met Uzbek officials in Tashkent to launch talks on gold‑trading links, capital‑market access and a possible double‑taxation treaty. Hong Kong is rolling out a central gold‑clearing system and expanding storage capacity to over...
The OG of Private Credit: Par for the Course
Loans are valued by credit risk and market risk. Despite macro noise, BDC loan portfolios have been trading essentially at par, offering a reassuring data point. However, the surge of retail capital into private credit creates a mismatch, as retail...
Chart of the Week: Value Proposition
The latest Kroll Bond Rating Agency (KBRA) DLD Default Research shows that roughly 89% of its covered universe is rated above 95 as of April 28, 2026. A score above 95 signals strong valuation metrics and low default probability, suggesting credit stability...
Super Retail Group Makes $30 Million Play Ahead of Further Volatility
Super Retail Group (SRG) is allocating AUD$30 million (≈US$20 million) to bolster inventory ahead of expected price hikes, citing a "record" half‑year of sales but a slowdown in like‑for‑like growth to 0.4% year‑on‑year. The dip reflects the impact of the Middle East...
2025 ABA Private Target M&A Deal Points Study: What's Market?
The American Bar Association’s 2025 Private Target M&A Deal Points Study examined 139 purchase agreements closed in 2024 and early 2025. It reveals that purchase‑price adjustment escrows now appear in 58% of deals, while representation‑and‑warranty insurance (RWI) is referenced in...
How to Finance Automation Investments Amid Uncertainty
Manufacturers are shifting the business case for automation from pure labor‑cost cuts to resilience, margin protection, and operational flexibility. In a constrained capital environment they favor phased, modular projects with paybacks under 18 months, using leasing, vendor‑finance and as‑a‑service models...
OpenAI Is so Yesterday — Even for SoftBank
SoftBank has committed $30 billion to OpenAI, boosting its stake to about 13% and generating $45 billion in paper gains as the startup’s valuation hit $852 billion. Yet the conglomerate now faces a liquidity crunch, needing a $10 billion margin loan at roughly 7.9%...
Li Ka-Shing Plans More Telecom Sales in ‘Cash Is King’ Strategy
CK Hutchison, now led by Victor Li, is pursuing additional telecom divestitures after selling its UK mobile business for US$5.8 billion, part of a US$20 billion UK asset sell‑off this year. The conglomerate’s cash balance rose to roughly US$18 billion by the end...
China Asks Banks to Pause New Loans to US-Sanctioned Refiners
China’s National Financial Regulatory Administration has instructed the nation’s largest banks to temporarily suspend new yuan‑denominated loans to five refiners sanctioned by the United States for alleged Iranian oil ties, including major private player Hengli Petrochemical. The directive allows banks...
Gevo Inc (GEVO) Q1 2026 Earnings Call Transcript
Gevo reported Q1 2026 revenue of $43 million, up from $29 million a year earlier, and posted a non‑GAAP adjusted EBITDA of $9 million, a turnaround from a $15 million loss. The company sold 57% of its carbon attributes and...
VTEX (VTEX) Q1 2026 Earnings Call Transcript
VTEX reported Q1 2026 GMV of $5.1 billion, up 17% in U.S. dollars, and subscription revenue of $60 million, a 14% increase. Non‑GAAP subscription gross margin rose to 81.5%, expanding 240 basis points, while total gross margin reached 80% after a 400‑basis‑point...
Red Cat Holdings Inc (RCAT) Q1 2026 Earnings Call Transcript
Red Cat Holdings reported a record $26.2 million revenue for the quarter, a $25 million year‑over‑year increase, and lifted full‑year revenue to $40.7 million. The company dramatically expanded its cash balance to $167.9 million and scaled production to 50 Black...
Middleby Corp (MIDD) Q1 2026 Earnings Call Transcript
Middleby Corp completed the sale of a 51% stake in its Residential Kitchen segment, generating roughly $565 million in cash and retaining a 49% interest. The company used proceeds and existing cash to repurchase 6.6 million shares for about $960 million, cutting the...
Stratasys Ltd (SSYS) Q1 2026 Earnings Call Transcript
Stratasys reported Q1 2026 revenue of $140 million, down 6.9% year‑over‑year, with GAAP gross margin slipping to 36.8% and a GAAP net loss of $18.9 million. Non‑GAAP metrics showed modest profitability, delivering $6.2 million net income. The company highlighted expanding manufacturing revenue to...
Better Home & Finance Holding Co (BETR) Q1 2026 Earnings Call Transcript
Better Home & Finance Holding reported Q1 2026 net income of $11.4 million, or $1.45 per share, a 6% year‑over‑year gain. Net interest margin expanded to 4.16% as funding costs fell, pushing net interest income to a record $34.5 million. Deposits rose...
Celsius Holdings Inc (CELH) Q1 2026 Earnings Call Transcript
Celsius Holdings reported record first‑quarter 2026 revenue of $783 million, driven by strong performance across its CELSIUS, Alani Nu and Rockstar brands. Net sales for Alani Nu surged 60% year‑over‑year after the PepsiCo distribution transition, while CELSIUS grew 6% and Rockstar contributed $67 million....
Suburban Propane Partners LP (SPH) Q2 2026 Earnings Call Transcript
Suburban Propane Partners reported Q2 FY2026 adjusted EBITDA of $175.3 million, essentially flat year‑over‑year, while adjusted net income rose modestly to $139.3 million. Retail propane volumes held steady at 161.6 million gallons, offset by a 3% increase in the East...
Granite Ridge Resources Inc (GRNT) Q1 2026 Earnings Call Transcript
Granite Ridge Resources reported Q4 2025 results, showing a 27% production increase to 35,100 barrels of oil equivalent per day and adjusted EBITDAX of $69.5 million, with full‑year EBITDAX of $315 million. Capital expenditures fell to $401 million, and the company trimmed development...
Datadog Inc (Pre-Reincorporation) (DDOG) Q1 2026 Earnings Call Transcript
Datadog posted Q1 2026 revenue of $1.01 billion, up 32% YoY and above the high end of guidance, while total ARR surpassed $4 billion. The quarter delivered a 6% sequential revenue increase—the strongest Q1 growth since 2022—and generated $289 million in free cash...
Research Frontiers Inc (REFR) Q1 2026 Earnings Call Transcript
Research Frontiers Inc. (REFR) posted Q1 2026 revenue decline, primarily from GAAP royalty timing and the absence of a one‑off upfront license fee recorded in early 2025. Cash and cash equivalents more than doubled to $1.28 million after a targeted financing round, while...
Vital Farms Inc (VITL) Q1 2026 Earnings Call Transcript
Vital Farms reported a record Q1 2026 revenue of $198.9 million, up 37.2% year‑over‑year, driven by strong volume growth and favorable price mix. Gross margin expanded to 37.7%, surpassing its 35% long‑term target, while adjusted EBITDA surged 81.3% to $27.4 million, representing...
Viatris Inc (VTRS) Q1 2026 Earnings Call Transcript
Viatris posted Q1 2026 revenue of $3.76 billion, a 1 percent decline, but achieved 1 percent operational growth when the indoor‑facility disruption is excluded. Europe saw modest gains, emerging markets grew 7 percent, and Greater China sales rose 9 percent, beating expectations. Adjusted gross margin...
PennantPark Floating Rate Capital Ltd (PFLT) Q2 2026 Earnings Call Transcript
PennantPark Floating Rate Capital reported core net investment income of $0.27 per share for Q2 2026, with GAAP net investment income of $0.26 per share and NAV essentially flat at $10.47. The firm reduced its debt‑to‑equity ratio to 1.5x and...
Oportun Financial Corp (OPRT) Q1 2026 Earnings Call Transcript
Oportun Financial reported Q1 2026 revenue of $229 million, down 3 percent, while achieving GAAP net income of $2.3 million, its sixth consecutive profitable quarter. Originations fell 11 percent, but 79 percent came from returning borrowers, improving delinquency and charge‑off metrics. The company reduced its...
Groupon Inc (GRPN) Q1 2026 Earnings Call Transcript
Groupon reported Q1 2021 results featuring $554 million in gross billings, $264 million in revenue and $30 million of adjusted EBITDA. The company highlighted a 56% recovery of North America Local billings versus 2019 and a 70% rebound in gross profit. Cost‑reduction initiatives...
Karat Packaging Inc (KRT) Q1 2026 Earnings Call Transcript
Karat Packaging reported Q1 2026 net sales of $116.9 million, up 12.9% year‑over‑year, driven by volume, mix and modest price hikes. Online sales rose nearly 10% to $19.5 million, and operating income increased 8.2% to $8.5 million despite a gross‑margin decline to 35.5%...
Kenvue Inc (KVUE) Q1 2026 Earnings Call Transcript
Kenvue reported a solid start to 2024, posting 1.9% organic revenue growth and a 290‑basis‑point rise in adjusted gross margin. Self‑Care sales climbed 4.2% and Essential Health grew 4.9%, while Skin Health and Beauty declined 4.5% on a 6.9% volume...
MBIA Inc (MBI) Q1 2026 Earnings Call Transcript
MBIA Inc reported a consolidated GAAP net loss of $51 million for 2025, a sharp improvement from the $447 million loss in 2024, while adjusted net income turned positive at $23 million. The insurer trimmed its PREPA‑related gross par by...
Reinsurance Group of America Inc (RGA) Q1 2026 Earnings Call Transcript
Reinsurance Group of America posted pretax adjusted operating income of $611 million and adjusted EPS of $6.97 in Q1 2026, delivering a 16.2% adjusted ROE for the trailing twelve months. Traditional premium growth was 5% globally, driven by strong performance in...
Organogenesis Holdings Inc (ORGO) Q1 2026 Earnings Call Transcript
Organogenesis Holdings reported a 58% drop in Q1 net product revenue to $36.3 million, driven primarily by a 63% plunge in advanced wound‑care sales after CMS reimbursement policy changes created clinician confusion. The company recorded a GAAP operating loss of...
ACI Worldwide Inc (ACIW) Q1 2026 Earnings Call Transcript
ACI Worldwide reported Q1 2021 revenue of $285 million, a 2% year‑over‑year decline but above its guidance range. Adjusted EBITDA rose 19% to $45 million, delivering a 23% margin, while recurring revenue increased 1% to $246 million. The company highlighted strong merchant segment...
ACM Research Inc (ACMR) Q1 2026 Earnings Call Transcript
ACM Research reported Q1 2026 revenue of $231.3 million, up 34 percent year‑over‑year, and shipments of $240.7 million, up 53.6 percent. Growth was driven by a tripling of electro‑chemical plating (ECP) revenue and strong advanced‑packaging sales, while gross margin reached 46.5 percent, above the midpoint...