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    Leon Cooperman

    Research Analyst at Omega Family Office

    Leon Cooperman is the Chairman and CEO of Omega Family Office, Inc., specializing in value-driven investment management focused on public equities and long-term wealth preservation. A Wall Street veteran, he began his career at Goldman Sachs in 1967 and spent over two decades there, becoming general partner, chairman, and CEO of Goldman Sachs Asset Management before founding Omega Advisors in 1991. Cooperman has overseen investments in prominent U.S. companies across diverse industries, with his fund managing over $10 billion at its peak and earning recognition such as nine consecutive years being ranked the number-one portfolio strategist by Institutional Investor Magazine. He holds an MBA from Columbia Business School, is a Chartered Financial Analyst, and has received honors including Columbia’s Distinguished Leadership in Business Award and recognition by Bloomberg Markets as one of the world’s most influential money managers.

    Leon Cooperman's questions to Fidelis Insurance Holdings (FIHL) leadership

    Leon Cooperman's questions to Fidelis Insurance Holdings (FIHL) leadership • Q2 2025

    Question

    Leon Cooperman of Omega Advisors asked for management's perspective on why Fidelis's stock trades at a discount to its peers despite strong performance, questioning if the corporate structure was a factor, and whether a 15% ROE is a reasonable expectation.

    Answer

    CEO Dan Burrows agreed the stock is undervalued and sees the current price as an opportunity for accretive share buybacks. He affirmed the company's structure is working as intended, with strong underlying results ex-Russia/Ukraine. Burrows expressed confidence in delivering on their through-the-cycle targets, including a potential 15% ROE, contingent on second-half catastrophe activity.

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    Leon Cooperman's questions to Fidelis Insurance Holdings (FIHL) leadership • Q1 2025

    Question

    Leon Cooperman asked why Fidelis's stock trades at a discount to book value despite its 13-16% ROE target, a return level for which peers trade at a premium. He also questioned if the company would fully utilize its remaining share repurchase authorization given the current stock price.

    Answer

    CEO Dan Burrows agreed the stock is undervalued, attributing the discount to the relative newness of the company's public structure and the need to build a longer track record with investors. An unnamed executive confirmed that share repurchases are considered a highly accretive use of capital at current prices and that the company will continue to balance deploying capital for profitable underwriting with opportunistic buybacks.

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    Leon Cooperman's questions to Fidelis Insurance Holdings (FIHL) leadership • Q4 2024

    Question

    Leon Cooperman asserted that the stock appears significantly mispriced based on its price-to-book and normalized earnings potential relative to its ROE targets. He asked about the company's excess capital and its willingness to fully utilize its share repurchase authorization.

    Answer

    CEO Dan Burrows agreed that the company is undervalued and expressed confidence in its through-the-cycle ROE target of 13-15%. While declining to quantify excess capital, he affirmed that Fidelis has a strong capital position to both fund growth and execute on capital management initiatives, including the accretive share repurchase program.

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    Leon Cooperman's questions to Fidelis Insurance Holdings (FIHL) leadership • Q3 2024

    Question

    Leon Cooperman asked about the relative attractiveness of stock repurchases versus writing more business, the anticipated top-line growth for 2025, the current amount of excess capital, and the end-of-quarter fully diluted share count. He also commented on the stock's valuation.

    Answer

    CEO Dan Burrows stated the first priority is profitable underwriting growth, but excess capital is used for accretive share buybacks, agreeing the stock is undervalued. He declined to give a 2025 growth forecast but reiterated targets for the combined ratio and ROE. He did not disclose the amount of excess capital. CFO Allan Decleir provided the specific end-of-quarter share count of 111,726,363.

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    Leon Cooperman's questions to ARBOR REALTY TRUST (ABR) leadership

    Leon Cooperman's questions to ARBOR REALTY TRUST (ABR) leadership • Q1 2025

    Question

    Leon Cooperman questioned the rationale for expecting lower interest rates, asked for the quarter-end book value, and inquired about the company's current stance on executing its share buyback authorization.

    Answer

    President and CEO Ivan Kaufman clarified his comments were about how different rate environments impact the business, not a prediction, noting a recent rate dip significantly boosted their pipeline. Executive Paul Elenio stated the book value was $11.98 per share. Kaufman confirmed that while liquidity is a priority, they would evaluate buybacks if it represents a good return on investment.

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    Leon Cooperman's questions to ARBOR REALTY TRUST (ABR) leadership • Q4 2024

    Question

    Leon Cooperman asked about management's confidence in the stated book value, their willingness to repurchase stock if it falls below book value, and the expected recurring return on equity in a normal environment.

    Answer

    President and CEO Ivan Kaufman expressed strong confidence in the book value, citing a successful track record of managing distressed loans with appropriate reserves. He indicated that the focus for capital is on funding growth in the SFR, construction, and bridge lending businesses, which offer mid-teens returns. However, he suggested he and management would likely be active buyers if the stock price dropped significantly. Executive Paul Elenio estimated a realistic ROE of 10-12% based on current guidance, down from 14% in 2024.

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    Leon Cooperman's questions to Sierra Metals (SMTSF) leadership

    Leon Cooperman's questions to Sierra Metals (SMTSF) leadership • Q4 2024

    Question

    Asked for clarification on the 2025 EBITDA forecast, future earnings potential, CapEx, and free cash flow. Also inquired about the behavior of a major shareholder, Alberto Arias, and the projected year-end debt.

    Answer

    The company confirmed the EBITDA forecast is around $130 million for 2025 and will be steady into 2026 as production stabilizes. CapEx will be high (~$75M) for the next two years for development. They declined to speculate on the shareholder's motives but confirmed he has been selling shares. Year-end debt is projected to be around $85 million.

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    Leon Cooperman's questions to Sierra Metals (SMTSF) leadership • Q4 2024

    Question

    Leon Cooperman asked for clarification on the 2025 EBITDA forecast, questioning if it was $100 million or the previously mentioned $130 million. He also inquired about the company's earnings potential in subsequent years, the projected capital expenditures, and the projected year-end debt. Additionally, he questioned the motives behind shareholder Alberto Arias's consistent selling of shares.

    Answer

    CEO Ernesto Balarezo Valdéz confirmed the 2025 EBITDA projection is approximately $130 million. He stated that production and EBITDA would likely remain steady for the next two years, assuming stable metal prices. Mr. Balarezo noted that CapEx will be high at around $75 million for the next two years for mine development before decreasing. He declined to speculate on Alberto Arias's motives. CFO Jean Pierre Del Rio later added that projected year-end debt is expected to be around $85 million.

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