Crispin Love • Piper Sandler & Co.

Answer

Co-CIO Mark Tecotzky and CEO Laurence Penn detailed their strategy of making smaller, highly efficient equity investments in familiar originators rather than large acquisitions. CFO JR Herlihy confirmed that only one significant workout asset remains and that overall realized losses are extremely low. Penn quantified the drag from the remaining workout as minimal, less than a penny per share annually, with a potential positive swing upon its expected resolution in 2026.

Ask Fintool Equity Research AI

Answer

CFO JR Herlihy noted modest net portfolio growth in April, with capital deployed into non-QM, closed-end seconds, proprietary reverse loans, and opportunistic non-agency MBS. Co-CIO Mark Tecotzky detailed how extreme spread widening in non-QM securitizations created buying opportunities. Regarding loan resolutions, JR Herlihy and CEO Laurence Penn explained that a discounted payoff and an REO sale freed up $20-$25 million in capital, eliminated negative carry assets, and left only one significant workout asset remaining.

Ask Fintool Equity Research AI

Answer

Co-CIO Mark Tecotzky described the second lien strategy as targeting high-FICO borrowers with low-rate first mortgages, viewing it as a large, long-lived opportunity. On GSE reform, Tecotzky sees a more immediate opportunity in the GSEs shrinking their footprint, creating space for private capital. CEO Laurence Penn added that he believes a full exit from conservatorship is a lower probability, highly complex process that would take a very long time.

Ask Fintool Equity Research AI

Answer

CFO Andrew Ahlborn provided a detailed path to positive earnings, starting from the Q2 loss and adding back benefits from the recent asset sale's reduced negative carry ($0.05/share) and future reinvestment ($0.02/share), plus contributions from increased SBA and USDA volumes. CEO Thomas Capasse noted that in the interim, capital would be deployed into liquid CMBS. Chief Credit Officer Adam Zausmer described the loan sale buyer as a partnership between a multifamily operator and a fund, with the sale price at approximately 77% of UPB, effectively eliminating exposure to two specific syndicators.

Ask Fintool Equity Research AI

Answer

Executive Andrew Ahlborn explained that a significant change in earnings will be catalyzed by the Q2 liquidation of noncore assets and subsequent reinvestment of capital. He projected Q2's earnings profile would be similar to Q1's, with an upward trend beginning thereafter. Regarding capital allocation, Ahlborn noted the company continuously balances the benefits of share buybacks against upcoming debt maturities and the need to rebuild net interest income, expressing confidence in their ability to access capital markets for refinancing.

Ask Fintool Equity Research AI

Answer

Executive Andrew Ahlborn explained that Q1 2025 will be the lowest earnings quarter of the year as the non-core portfolio moves to non-accrual status. However, he stated the company expects to cover the new dividend approximately 1.5x over the full year, with earnings ramping up as the year progresses. Ahlborn provided a bridge to this coverage, citing future OpEx savings, contributions from the Madison One USDA lending platform, exponential growth in the SBA business, and the accretive impact of the UDF merger.

Ask Fintool Equity Research AI

Answer

Executive Andrew Ahlborn detailed that Ready Capital settled $331 million in loans, generating $55 million in proceeds with an $0.11 per share loss. He confirmed $218 million in loans remain for sale. Ahlborn clarified that over 20% of top-line interest income was PIK or accrued, with a significant portion from construction loans acquired in the Mosaic transaction, which are expected to become cash-paying in Q4.

Ask Fintool Equity Research AI

Answer

President Jonathan Levin confirmed that a first close for GSF four occurred in July, subsequent to the quarter's end, and that a first close for their CIS for infrastructure product is expected toward the end of the year. CEO Michael Sacks affirmed that the company's full-year guidance for 5% to 8% growth in private markets management fees remains unchanged.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Michael Sacks explained that short-term fee growth is influenced by the mix of fundraising between 'pay on committed' versus 'pay on invested' capital, as well as the deployment pace from the latter. He affirmed confidence in the firm's long-term goals. Regarding international growth, both Michael Sacks and President Jon Levin emphasized that opportunities are global and not viewed in a domestic vs. international framework. They highlighted the individual investor channel as a massive, worldwide opportunity that will be a key focus, while noting the firm's geographic AUM mix has been historically stable.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Michael Sacks confirmed that GCM Grosvenor sees continued operating leverage and opportunity for FRE margin expansion over the next several years, without specifying a long-term cap. President Jonathan Levin added that while 2025 fundraising is expected to exceed 2024 based on a bottoms-up analysis, the quarterly cadence is difficult to predict due to the timing of large, individual client commitments.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Michael Sacks expressed high confidence in meeting the fundraising goal, citing a 70% year-over-year increase in the late-stage pipeline. He affirmed the company's focus on growing fee-related earnings (FRE) but noted significant latent earnings power in carried interest, expecting adjusted EBITDA and net income to grow faster than FRE over the next four years, especially with a potential post-election pickup in M&A activity.

Ask Fintool Equity Research AI

Answer

President Connor Teskey described a "robust recovery" in real estate, citing that year-to-date deployment has doubled and monetizations have quadrupled compared to the prior year. He noted record leasing in major cities and significantly improved financing markets. He stated the market is discerning but rewards high-quality assets, making it an ideal environment for Brookfield to deploy capital into opportunities and sell stabilized assets.

Ask Fintool Equity Research AI

Answer

CEO Ivan Kaufman explained that agency competitiveness varies, and the record $1 billion July volume was driven by large transactions with loyal sponsors. He stated that a recent successful SFR CLO securitization allows Arbor to be more aggressive in growing its market share in the high-return SFR space. CFO Paul Elenio projected that net interest income would likely bottom in the next one to two quarters, with portfolio growth helping to offset some drag from non-performing assets.

Ask Fintool Equity Research AI

Answer

President and CEO Ivan Kaufman projected $1.5 to $2.0 billion in bridge originations for 2025, spread evenly throughout the year. Executive Paul Elenio noted that Q1 agency originations are expected to be light, potentially in the $600-$800 million range, due to seasonality and higher rates. Regarding regulatory inquiries, Kaufman stated the company does not comment on them but noted that elevated costs are due to enhanced auditing and compliance procedures.

Ask Fintool Equity Research AI

Answer

President and CEO Ivan Kaufman stated that bridge lending is now more attractive and projected closing $300 million to $400 million in bridge loans by year-end, with potential for substantial growth if short-term rates fall. Regarding the dividend, Kaufman and Executive Paul Elenio both affirmed their confidence, explaining that the Board takes a long-term view. They highlighted the diversified business model, where factors like increased agency volume and lower borrowing costs are expected to offset other pressures over time.

Ask Fintool Equity Research AI

Answer

Co-CEO Marc Lipschultz stated that while the market is growing, Blue Owl's leadership in net lease has accelerated, not diminished. He emphasized that the firm remains the 'go-to' partner with a growing pipeline and strong investor trust, as demonstrated by the successful $2.1 billion first close of its latest flagship fund. He conveyed confidence that Blue Owl is the unquestioned market leader and is not seeing any meaningful shift in the competitive dynamic.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Alan Kirshenbaum directly addressed the question by reaffirming the company's full-year guidance. He stated, 'We still stick with that guidance. We still fully expect that we'll come in 57% to 58%.'

Ask Fintool Equity Research AI

Answer

Co-Chief Executive Officer Marc S. Lipschultz positioned DeepSeek as a positive development that accelerates AI adoption, reinforcing the 'picks and shovels' investment thesis for data center infrastructure. He emphasized that Blue Owl's strategy is focused on downside-protected, stable returns by providing essential infrastructure for major tech companies, which are increasing their capital spending.

Ask Fintool Equity Research AI

Answer

Co-Chief Executive Officer Marc Lipschultz explained that while the dividend is set based on a conservative rate view, a stabilizing rate environment would inevitably unlock significant PE deal activity, driving deployment. Chief Financial Officer Alan Kirshenbaum added that, specific to Part 1 fees, continued fundraising and deployment in the growing BDC business would provide a partial offset to rate headwinds.

Ask Fintool Equity Research AI

Answer

President Dashiell Robinson stated that the marks reflect levels where they have been executing sales and that buyers are varied, with resolutions happening on a line-by-line basis. He emphasized the short earn-back period for redeploying the unlocked capital. CEO Christopher Abate noted that strong Sequoia margins are driven by efficient, regimented securitization issuance and that while they are optimistic, they hesitate to forecast above the long-term average.

Ask Fintool Equity Research AI

Answer

CFO Brooke Carillo explained the ROE ramp is driven by reallocating capital from non-strategic investments to high-return operating businesses. She clarified the 9-12% is a target run rate for the second half of 2025. She also confirmed an existing share repurchase authorization of over $100 million is being actively evaluated. CEO Christopher Abate added that a low near-term debt maturity profile provides flexibility.

Ask Fintool Equity Research AI

Answer

CFO Drew LaBenne confirmed that strong underlying credit performance has continued, noting the Q1 qualitative provision was a forward-looking measure. CEO Scott Sanborn added that they have seen no impact from the resumption of student loan payments. Drew LaBenne also stated the expectation is to maintain a double-digit ROTCE in Q4, similar to the Q3 guidance.

Ask Fintool Equity Research AI

Answer

CEO Scott Sanborn noted that Q2 is seasonally strong and that economic uncertainty can actually drive more demand for their debt consolidation product. CFO Andrew LaBenne described the insurance market as a 'massive' opportunity, explaining that the new rated product allows for direct sales to this large capital pool. Sanborn added that this rated product is another tool that provides pricing between whole loan sales to banks and unrated certificates.

Ask Fintool Equity Research AI

Answer

Chairman, President & CEO Michael Nierenberg highlighted the dramatic growth in the non-QM business and noted key executive hires will drive further growth and tech efficiencies. NewRez President Baron Silverstein added that AI initiatives are successfully lowering servicing costs. Regarding corporate structure, Nierenberg stated that while a C-Corp conversion is being evaluated, it requires achieving greater scale in both the REIT and fee-related earnings at the asset management level first.

Ask Fintool Equity Research AI

Answer

Michael Nierenberg, Chairman, President & CEO, highlighted significant growth in the non-QM business and the impact of recent key hires focused on consumer growth and technology. Baron Silverstein, President of NewRez, added that technology and AI initiatives are driving cost efficiencies. Regarding corporate structure, Nierenberg explained that while a C-Corp conversion is being evaluated, it requires achieving greater scale in the REIT and higher fee-related earnings in the asset management business first.

Ask Fintool Equity Research AI

Answer

CEO Michael Nierenberg stated that Rithm consistently targets mid-teens returns on equity across its businesses. Regarding the election, he explained the company is positioned defensively with high liquidity and a low-risk profile to navigate potential volatility, regardless of the outcome, noting the growing national deficit as a key challenge.

Ask Fintool Equity Research AI

Answer

CEO Michael Nierenberg stated that Rithm consistently targets mid-teens returns on equity, which he believes is sustainable as the asset management business grows. Regarding the election, he noted the primary risk is the growing federal deficit but explained that Rithm is positioned defensively with high liquidity and a low-risk profile to navigate potential volatility, regardless of the outcome.

Ask Fintool Equity Research AI

Answer

President & CEO George Aylward explained that private market valuations remain higher than public ones and that strategic fit is the primary driver for any transaction. He confirmed that the positive flow momentum from June continued and even slightly increased in July, with particular strength in fixed income and ETFs. He also highlighted new opportunities in style-agnostic and aggressive growth equity SMAs.

Ask Fintool Equity Research AI

Answer

President and CEO George Aylward clarified that January retail fund flows were tracking similarly to Q4, while ETF flows were running ahead of the Q4 average. He noted the known institutional pipeline for Q1 showed modest net outflows but was an improvement over Q4's underlying trend. Regarding the redemption, Aylward described it as a large, important relationship where the client added a new sub-adviser, resulting in a reallocation from all existing managers, including Virtus.

Ask Fintool Equity Research AI

Answer

President and CEO George Aylward noted that positive flows continued in October for retail separate accounts, ETFs, and global funds, but cautioned about potential volatility in November and December due to the election and tax season. Regarding expenses, Aylward and CFO Michael Angerthal explained that the lower operating expense level reflects the success of cost optimization initiatives, such as streamlining investment systems and data usage, which have offset inflationary pressures. Angerthal confirmed the Q3 level is a reasonable run rate for near-term modeling.

Ask Fintool Equity Research AI

Answer

Head of Agency V.S. Srinivasan noted that demand from fixed income funds and strong CMO issuance have been supportive, while demand from banks and overseas accounts remains muted. He believes spreads can tighten 3-5 basis points even without them, but the real bull case involves regulatory reform and Fed easing bringing those buyers back. CEO & Co-CIO David Finkelstein added that as the Fed cuts rates, banks will likely turn to Agency MBS to replace lost net interest margin.

Ask Fintool Equity Research AI

Answer

Head of Agency Vyas Srinivasan noted strong demand from fixed-income funds and CMO issuance, which has supported the market even without significant bank or overseas participation. He believes spreads can tighten on fundamentals alone, but the bull case involves regulatory reform and Fed easing, which would materially increase bank and foreign demand.

Ask Fintool Equity Research AI

Answer

EVP & CFO, COO Sean Denham explained that investments are focused on hiring ahead of anticipated sales in the Investment Managers segment and streamlining technology for scalability, noting that Q2 margin levels are expected to be consistent going forward. CEO Ryan Hicke, with additional color from Executive VP Sanjay Sharma, attributed the private banking delays to market volatility in April that pushed deal closings, but affirmed the underlying pipeline remains strong and well-balanced.

Ask Fintool Equity Research AI

Answer

CEO Ryan Hicke attributed the sales momentum to three factors: a strong foundation of client engagement, a differentiated market positioning as a horizontal solutions provider, and higher overall activity levels. For alternatives, executive Phil McCabe highlighted SEI's global leadership in private credit, along with strong activity in private equity, real estate, and infrastructure. He noted that investments in on-the-ground talent in the U.K. are successfully attracting large global managers.

Ask Fintool Equity Research AI

Answer

Executive Ryan Hicke confirmed sales events were broad-based, not reliant on a single deal. Executives Philip McCabe and Paul Klauder added that strength in the Investment Managers segment came from secular tailwinds like the retailization of alternatives, while the Adviser segment saw strong adoption in SMAs and strategies, offsetting mutual fund headwinds. Ryan Hicke noted the enterprise sales vision is still in its 'early innings'.

Ask Fintool Equity Research AI

Answer

Founder, Chairman & CEO Charles Williams attributed the MPP growth to post-IPO capital deployment, bringing previously participated loans back onto the balance sheet, and strong execution by the sales team. EVP & CFO Brad Howes addressed the NIM, reiterating the full-year guidance of 2.45% to 2.55% but noting it would likely be at the lower end, contingent on an improved loan mix and favorable funding costs in H2. President & Secretary Kevin Comps confirmed that demand for AIO loans remains strong for both their held-for-investment portfolio and their specialized servicing business.

Ask Fintool Equity Research AI

Answer

CFO Daniel Perotti attributed the lower ROE to reduced production margins and higher MSR cash flow realization but noted margins were improving. CEO David Spector confirmed this positive trend. Perotti explained the hedging strategy now better incorporates the increased capacity of the direct lending channel as a natural hedge, which is expected to lower costs and improve consistency while maintaining the 80-90% hedge ratio target.

Ask Fintool Equity Research AI

Answer

Executive David Spector observed that while activity declined with rising rates, it was less than expected, attributing this to a lag in correspondent activity and persistent demand from borrowers refinancing high-rate loans. Executive Daniel Perotti added that while rate volatility increased hedge costs early in Q2, the team successfully insulated the company from significant rate impacts. He noted the target hedge ratio is currently in the 80% to 90% range.

Ask Fintool Equity Research AI

Answer

Executive Daniel Perotti explained the rise in correspondent locks was due to a lag effect, with Q4 funding reflecting lower rates from Q3, and also due to increased activity in sourcing investor loans. Executive David Spector commented that unprecedented daily rate volatility validates their balanced business model, which is prepared to capitalize on opportunities whether rates rise or fall.

Ask Fintool Equity Research AI

Answer

Daniel Perotti (executive) explained that Q4 operating ROE will be rate-dependent but is expected to be in the mid-to-high teens. The 2025 ROE forecast is based on a production market similar to or slightly above 2024, with lower rates pushing results to the higher end of the range. He affirmed that a $2.3 trillion market is achievable with lower rates but emphasized that PFSI's balanced model is built to perform well in any rate environment.

Ask Fintool Equity Research AI

Answer

CFO Daniel Perotti affirmed the Board's comfort with the $0.40 dividend, citing the upward trajectory of the run-rate earnings and the company's historical preference for dividend stability. He added that taxable income is trending towards and supportive of the current dividend level. Regarding book value, Perotti reported that it was 'very stable' in July compared to the end of the second quarter.

Ask Fintool Equity Research AI

Answer

Peter Federico, President, CEO & CIO, indicated that core returns are in the high teens (18-20%), aligning with current mortgage valuations, and expects net spread income to remain in the mid-to-high 30s to low-to-mid 40s cents range. He noted that about half the capital raised in Q2 was deployed during the quarter, with another billion dollars invested post-quarter end, primarily in higher coupon (5-6%) specified pools. He clarified that Q2's high issuance was opportunistic and not indicative of future levels.

Ask Fintool Equity Research AI

Answer

Peter Federico, President, CEO, and CIO, credited the company's ability to navigate the volatility to its strong starting position, including moderate leverage of 7.5x and a significant liquidity position of $6 billion (63% of tangible equity). This allowed AGNC to avoid forced selling. He noted that while current wide spreads could support attractive returns at lower leverage, he does not expect these spread levels to be sustainable long-term.

Ask Fintool Equity Research AI

Answer

Peter Federico, Director, President and CEO, explained that the hedge ratio was increased to 91% due to heightened uncertainty and expected volatility surrounding the presidential election and fiscal policy. He noted a belief that the backup in rates was not temporary. Regarding demand, he stated that the supply/demand outlook for Agency MBS appears well-balanced, with steady demand from money managers and potential upside from increased bank participation.

Ask Fintool Equity Research AI

Answer

Peter Federico, President and CEO, expressed confidence in the dividend's sustainability, stating that wide and stable Agency MBS spreads are generating attractive returns. He noted that current coupon spreads translate to ROEs in the 16-18% range. Regarding mortgage rates, he projected they would likely remain above 6.5% for an extended period, which improves the technical backdrop for the mortgage market by slowing supply.

Ask Fintool Equity Research AI

Answer

Portfolio Manager Gregory Borenstein confirmed they accelerated capital deployment in April to capitalize on market weakness. CEO Laurence Penn explained that a 'fully deployed' state could exceed $300 million, contingent on the portfolio's asset mix and leverage, which is managed by risk limits rather than strict regulatory constraints. Penn also reaffirmed the previous outlook for ADE, expecting it may not cover the dividend in calendar Q2 but should resume coverage in Q3.

Ask Fintool Equity Research AI

Answer

CEO Jay Jackson stated that the high level of capital deployment was driven by successful origination efforts and strong investor demand, which enables the company to efficiently recycle capital by placing policies into investment products. He confirmed Abacus is in a strong position with approximately $44 million in cash and flexibility from recent capital raises. On the carrier buyback program, Mr. Jackson noted continued activity in Q1 but highlighted that carriers now face increased competition for policies from other institutional investors, a trend he expects to continue.

Ask Fintool Equity Research AI

Answer

CEO Jay Jackson stated that significant capital was deployed late in Q4, but the company entered Q1 with a strong cash position of around $131 million, supporting the 2025 guidance and precluding the need for more equity raises. He explained the balance sheet policy value will naturally hover between $370M-$450M as the company targets two inventory turns per year, meaning sold policies are constantly being replaced.

Ask Fintool Equity Research AI

Answer

CEO Jay Jackson confirmed that the historical trend of a stronger Q4 for originations is expected to continue, driven by policyholders aiming to close transactions by year-end. He noted that a very strong Q3 also signals a bullish outlook for continued origination growth. CFO William McCauley provided the Q3 originated face value figure of $471.6 million.

Ask Fintool Equity Research AI

Answer

CEO T.J. Durkin described the securitization market as having paused in early April but since reopening with wider spreads of 50 to 75 basis points. CIO Nick Smith expressed confidence in the home equity market's durability, noting the 'lock-in effect' on existing mortgages makes the sector resilient to all but the most significant rate rallies, positioning it for continued growth.

Ask Fintool Equity Research AI

Answer

CEO & CIO Scott Bluestein affirmed confidence in the portfolio's credit quality, noting minimal changes in credit ratings and only two loans on non-accrual. He observed that some companies are pausing decisions due to policy uncertainty. Bluestein confirmed VCs remain valuation-sensitive, but highlighted that Hercules' portfolio companies still successfully raised $2.5 billion in new capital during Q1.

Ask Fintool Equity Research AI

Answer

CFO Seth Meyer and CEO Scott Bluestein clarified that the largest realized loss stemmed from the Convoy workout, of which $41.9 million was already recognized as an unrealized loss in 2023. Bluestein explained the increase in Grade 4 credits was due to three specific companies facing fundraising challenges. He attributed the Q4 funding surge to reduced uncertainty following the election and Federal Reserve rate decisions, which prompted companies to move forward with financing.

Ask Fintool Equity Research AI

Answer

Scott Bluestein, CEO and Chief Investment Officer, expressed long-term optimism for the venture ecosystem but noted that Q3 was intentionally slow as high-quality companies delayed financing decisions pending Fed rate actions and the presidential election. He highlighted that post-quarter-end pending commitments surged to over $600 million, signaling a positive shift. Regarding the election, Bluestein stated the primary concern is not a specific winner but the potential for a disputed outcome, which could create a period of paralysis and uncertainty in the market.

Ask Fintool Equity Research AI

Answer

CEO and Chief Investment Officer Scott Bluestein responded that he expects demand from quality late-stage companies to increase in a declining rate environment. Regarding credit, Bluestein explained that the write-off related to a small loan where the company's assets were sold. He expressed overall optimism about credit, pointing to stable weighted average credit ratings and a decreasing percentage of lower-rated (Grade 4 and 5) credits in the portfolio.

Ask Fintool Equity Research AI

Answer

Walter Phifer, an executive, responded that forecasting the margin is difficult in the current environment but emphasized the bank's asset-sensitive position. William C. (BJ) Losch III, an executive, addressed the loan growth concern, stating that the bank remains comfortable with the quality of its loan production and is maintaining a disciplined credit approval process.

Ask Fintool Equity Research AI

Answer

Chief Credit Officer Michael Cairns explained that the provision was primarily driven by broad-based weakness in the SBA loan portfolio, reflecting macro challenges like interest rates and inflation, rather than a few specific problem credits. Executive Walter Phifer projected a similar NIM in the near term due to the impact of recent rate cuts on the loan portfolio, but noted that repricing CDs would provide a tailwind. He affirmed the 3.50% NIM target for late 2025 is still possible but could shift to early 2026 depending on Fed actions.

Ask Fintool Equity Research AI

Answer

Executive William C. (BJ) Losch III explained that the record originations were broad-based, with a significant contribution from solar and seniors housing projects that had been delayed. He suggested a new normalized level would be closer to $1.2 billion, not $1.8 billion, but noted that pipelines remain very healthy. Chairman and CEO James Mahan added that the pipeline for hiring new lenders is also at an all-time high. Regarding the credit issues, Mahan described them as isolated incidents related to poor management transition, litigation overhang, and one simply not working out, stating it was not a systemic issue. Executive Michael Cairns concurred, seeing them as one-off events with no underlying theme in the broader portfolio.

Ask Fintool Equity Research AI

Answer

President and COO Jonathan Gray stated that the environment could change quickly with policy shifts, especially a resolution to tariff uncertainty. He described the IPO market as the most impacted and 'toughest' area. For M&A, he noted that financial buyers with access to private credit remain active, while strategics are more cautious. He believes the current slowdown is temporary and activity will rebound once stability returns.

Ask Fintool Equity Research AI

Answer

Jonathan Gray, President & COO, expressed confidence in continued disinflation, citing proprietary data from their portfolio, especially in shelter, where they see inflation around 1% versus official data of 4.6%. He also pointed to a balancing labor market. While he believes this data will be supportive for the Fed, he thinks the central bank has the "luxury of being patient" due to the strong economy and will likely wait to see the new administration's policies before acting.

Ask Fintool Equity Research AI

Answer

President & COO Jonathan Gray expressed his belief that the environment is improving for both M&A and IPOs, driven by lower debt costs and higher public market valuations. He noted that internal conversations about IPOs have become more practical and expects a significant pickup in 2025. While some companies may use continuation vehicles, a healthier IPO market is a clear positive for realizations.

Ask Fintool Equity Research AI