VR Exchange

Fundamental Investing, 7 years within financial space, not financial advice

[VR Exchange @VR_Exchange]

As expected $PGY earnings is July 30th before markets open at 8:30am ET.

Looking for credit impairment to ideally normalize, potentially to ~ 30m

Additionally an edge up in FRLPC margin close to 4.7% would be ideal.

Looking forward to guidance!

[VR Exchange @VR_Exchange]

$HITI New shareholder right plan provides more protection/refinement to any unwanted hostile takeover of the firm.

This should put to bed majority of the fear of fire sale buyout. Keeping true to the script and see let’s what $HITI.NE can do this year!
$MSOS

[VR Exchange @VR_Exchange]

$NVDA $CRWV $MU Samsung earnings really show market is slightly irrational, with this growth and firm adjustments like in Samsung to focus on AI - anything less than perfect is punishable.

Avoid the noise and invest in what you believe in

[VR Exchange @VR_Exchange]

$PGY
Another great day, at these valuations and the growth that Pagaya has. Potentially with the Klarna deal siding with Pagaya, this firm could be incredibly cheap!

DYOD

[VR Exchange @VR_Exchange]

@Jonatha29815168 Honestly, relative to peers that’s not far fetched. Can see it happening in 1-1.5years

[VR Exchange @VR_Exchange]

$PGY lovely price action today, a slow grind up with current P/E at ~15 with forward P/E at a surprised ~5. Trying to understand this as the growth is there with occasional beats on earnings.

Don’t see any major red flags but some concern on credit developments and partnerships

[VR Exchange @VR_Exchange]

$TMDX wow surprised with the stock movement but also skeptical with the stifel report. Currently looking at this as a 50/50 event as it may be more dry runs but estimates are now in line with street targets which isn’t horrible. Also, they are the only report indicating this

[VR Exchange @VR_Exchange]

@BlindCuntATZ They do through Upgrade via Flexpay. Definitely not Klarna size but some exposure. If BNPL still relatively resilient, would help narrative with credit in general especially $PGY.

[VR Exchange @VR_Exchange]

$AFRM posting a strong earnings with beats. Rev came in at 1.04B and EPS came in at $0.30 vs last year $0.01. This show despite inflation headwinds the BNPL industry is still relatively strong.

However, average order volume dropped y/y from $273 to $255

$PGY $HAPN

[VR Exchange @VR_Exchange]

$HITI $MSOS Never would have thought I’d have Raj following me so truly a great feeling. Looking forward to keeping this going 🙌! A great CEO and leading a great firm.

Thank you all for the support, and will continue to post objective analysis and help others find gems 🙌 DYODD

[VR Exchange @VR_Exchange]

@minneappleis They did in the earning filing, it’s definitely something I wanna keep an eye out for

[VR Exchange @VR_Exchange]

$HITI $MSOS At first review earnings, I do like the bear on revenue and important EPS (even a beat on a non-adjusted basis). Remexian rebounding from late 2025 drop, Q3 should be quite good.

Did note Factoring has been on the rise for Remexian, wondering the rationale for that?

[VR Exchange @VR_Exchange]

$PGY $UPST $AFRM Pagaya continues to deliver with 4th upsized personal ABS ($800M), YTD. This is rated AAA, show the flight to quality in $PGY products. Now over $40B in loans

Collateral for this one partly coming from Affirm and Upstart as well!

[VR Exchange @VR_Exchange]

$HITI $MSOS At first review earnings, I do like the bear on revenue and important EPS (even a beat on a non-adjusted basis). Remexian rebounding from late 2025 drop, Q3 should be quite good.

Did note Factoring has been on the rise for Remexian, wondering the rationale for that?

[VR Exchange @VR_Exchange]

$HITI Opened 4 stores in Ontario to push total count to 103 in Ontario.

Overall, these stores are good locations as all are located near big box stores, large name grocery stores etc. Additionally located near busy road ways (401, 418 etc.)

Also these stores rev are $2.1m each!

[VR Exchange @VR_Exchange]

Great find for @KingForaDay__1
If this TD article holds true, this is pretty good news for $HITI being able to grow and absorb locations from $SNDL while it is forced to pause expansion.

Given this situation will set precedent will look to see how the government tackles this.

[King For A Day!! @KingForaDay__1]

$hiti $msos $sndl New High Tide TD note is out regarding the 4 new stores purchased!

Looks like SNDL is in deep trouble!! Going to have to divest 46 stores in Ontario including Value Buds stores.

I always wondered how they were circumventing the Ontario Cannabis rules regarding LP's not owning retail. Now I know.

[VR Exchange @VR_Exchange]

$HITI $MSOS Has confirmed this loan is with BMO. Top 3 largest banks in Canada with quite stringent credit analysis, thus this is highly indicative of positive potential in High tide

Will do a brief summary as usual in the new stores opened as well! Btw today’s earnings 😏

[VR Exchange @VR_Exchange]

$HITI has secured a $40M term sheet with a big 5 Canadian bank.

Given the economy and rigor of these banks, the interest rate is only prime + 2%/3% which is very favourable, showing keen interest from the banks.

This would effectively replace the previous credit facility!

[VR Exchange @VR_Exchange]

$HITI $SNDL $MSOS
Interesting news regarding Sundials ownership and potential addition divestures of stores. Ontario market more competitive and possible help High tide long term.

Their recent termination of their store expansion makes this interesting

https://t.co/MOGxAhphHG

[VR Exchange @VR_Exchange]

$HITI $MSOS
Nice to see a recovery in Canadian sales since end of 2025 and nice y/y growth.

With price compressions in the Canadian market will be focused on seeing when the floor kicks in.

Hightide continues to hold their 12% MS which is great in this market scene

[VR Exchange @VR_Exchange]

$PGY bringing Terry O’Neil to the team as a Chief Commercial Officer.

This would generate a more seasoned management team helping develop deeper relationships.

Terry had a few experiences from CITI as the Chief Marketing Officer, MD for strategic partnerships to name a few!