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The following segment was excerpted from the Third Point Q2 2025 Investor Letter.
We initiated a position in Rocket Companies (NYSE:RKT) during the Second Quarter based on its transformative all-stock acquisition of Mr. Cooper (COOP
Rocket And Mr. Cooper: A Transformative, Synergy-Rich Merger
Summary
- Third Point initiated a position in Rocket Companies based on its transformative all-stock acquisition of Mr. Cooper.
- The merger combines the largest refi originator with the largest servicer, enabling Rocket to turn ecosystem unit economics on its head.
- Rocket is realizing benefits from AI-driven workflow automation, improving throughput and conversion while driving further market share gains.
Daniel Loeb is an American hedge fund manager and founder of Third Point LLC, a New York based hedge fund managing over $8.8 billion in assets. Loeb is well known in the financial world for writing public letters, in which he expresses disapproval of the performance and conduct of other financial executives. Supporters contend his letter writing is effective shareholder activism; critics counter that his letters are distracting for executives and uncomfortable for investors.[3] Less than 10% of Third Point's total assets under management goes to shareholder activism. (source: Wikipedia)