Business ExpansionEfforts to grow the company's wholly-owned residential and commercial transitional lending business, Genesis Capital, are viewed constructively.
Growth PotentialThe stock remains a favorite way to buy a turnaround/growth story in an asset manager, with the option to unlock higher returns and valuation in the mortgage business if interest rates fall.
UndervaluationThe shares are considered undervalued based on price-to-book value and theoretical sum-of-the-parts basis.