The ECN Capital website on 3.26.2024 said that manufactured home industry lender Triad Financial Services is an “ECN Capital Company.” “About Triad,” ECN stated: “Secured consumer loan portfolios – Manufactured Housing Loans” “Pioneer in the [manufactured home loan] industry, 60+ years in business.” All that might be demonstrably true, but it failed to point to something not mentioned. Manufactured housing 50, 60 or 25 years ago was a bigger industry than it is today as measured by the important metric of new home production. MHProNews recently reported on the tough hit on Legacy Housing (LEGH) by an analyst at B.Riley. Despite previously reporting solid financial performance, Legacy’s stock slid on what was termed “industry softness” as reported by financial news sites such as MarketBeat and Defense World. Fast forward a few days to now. ECN Capital is making admissions and perhaps it is no surprise that their stock is taking a hit on valuation too. While there may be apparent differences, let’s consider briefly some similarities between ECN/Triad and Legacy. Both ECN/Triad and Legacy are Manufactured Housing Institute (MHI) members. MHI says they represent “all segments” of the industry. Industry performance as measured by the key metric of production was markedly down in 2023 vs. 2022. The question must be asked. Would the same hits on the share value of ECN and Legacy have occurred if manufactured housing was perceived by investors as growing instead of shrinking in 2023? To what extent have arguably significant actions/inactions by board members and other leaders at the Manufactured Housing Institute (MHI) contributed to the slide in valuations at MHI members ECN/Triad and Legacy?

As a modestly relevant aside to frame their reports below, according to Bing’s AI powered Copilot: “Interestingly, Defense World is a publication of MarketBeat Media, LLC, a South Dakota Limited Liability Company.” That may help explain why the reports by Defense World and MarketBeat on ECN Capital, or previously in a fact check and analysis of those two financial news platforms on Legacy Housing (LEGH), are so similar.

That noted and disclosed, as Part III of this article will explore, the reporting on ECN will arguably underscore the points made Sunday in the MHProNews report on MHI and Legacy.

Part I of this report with analysis will be a press release from ECN Capital on their “strategic simplification” process.

Part II will be information from MarketBeat and DefenseWorld on ECN Capital.

Part III is additional information with more MHProNews Analysis and Commentary, Including from Triad Parent ECN Capital which advised investors that “2023 was a difficult year” and the headline (of this report) admission of “Material Implementation Mistakes.”

Part III will also ask the question from Sunday 3.24.2024 again – to what extent have actions/inactions by corporate and staff leaders at MHI contributed to millions to billions in lost revenues for companies and/or the manufactured housing industry more broadly? At what point will investors, attorneys, stakeholders, and/or public officials step in, formally investigate and take corrective action?

New readers and longer-time followers of this platform should recall that MHProNews issued a cautionary report in late 2022 that manufactured housing was a ‘target rich environment’ for attorneys. Some months later, the first of a series of legal actions was launched against several prominent MHI member brands and/or against companies that are members of MHI-linked state association affiliates. While the windshield of the future is not as clear as the proverbial rearview mirror, there are evidence-based reasons to believe that multiple manufactured housing industry firms are at risk of significant legal actions. Will MHI be directly involved at some point in current or future litigation due to their purported role in market manipulation that has limited manufactured housing to the benefit of industry consolidators? Based on the research of Samuel Strommen and others, that is not as far fetched as it may have seemed just 2 years ago.

Part IV is our Daily Business News on MHProNews manufactured housing connected markets recap.

Part I – According to ECN Capital Press Release on 3.21.2024

Strategic Execution and Corporate Simplification Continues – ECN Capital Announces Completion of the Sale of Red Oak Inventory Finance to BharCap Partners

March 21, 2024 17:58 ET| Source: ECN Capital Corp.

TORONTO, March 21, 2024 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today announced the sale of Red Oak Inventory Finance (“Red Oak”) to BharCap Partners. The transaction closed on February 21, 2024.

This transaction is another milestone in ECN Capital’s corporate simplification plan and strategic review process for the Company’s RV & Marine platform. The net proceeds from the transaction were initially used to pay down debt under the Company’s credit facility and are expected to be available to be redeployed into ECN’s manufactured housing and RV & Marine origination platforms.

RBC Capital Markets acted as sole financial advisor to the Company, and Cravath, Swaine & Moore LLP acted as legal advisor to the Company in connection with the transaction.

About ECN Capital Corp.

With managed assets of US$4.8 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors (collectively our “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance or floorplan) loans. Our Partners are seeking high quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicles and Marine Finance. For more information about ECN Capital, visit www.ecncapitalcorp.com.

About Bharcap Partners

BharCap Partners, LLC is a private investment firm investing in businesses across the financial services industry including insurance distribution and insurance services; asset and wealth management; financial technology and tech-enabled business services. BharCap is a minority-owned and controlled firm and manages over $2.2 billion of capital across 11 investments since inception. For more information, visit www.bharcap.com. …”##

Part II – Financial News Sites Reports on ECN Capital, Parent to Triad Financial Services

According to Defense World: “ECN Capital (TSE:ECN) Hits New 52-Week Low After Analyst Downgrade.” Similarly but rephrased, the financial news site MarketBeat reported: “ECN Capital (TSE:ECN) Reaches New 12-Month Low After Analyst Downgrade.” As they are traded on the Toronto Stock Exchange (TSE), the figures are denominated in Canadian dollars.

Shares of ECN Capital Corp. (TSE:ECN…) reached a new 52-week low during mid-day trading on Monday after CIBC lowered their price target on the stock from C$3.00 to C$1.90. CIBC currently has a neutral rating on the stock. ECN Capital traded as low as C$1.60 and last traded at C$1.79, with a volume of 906780 shares changing hands. The stock had previously closed at C$1.80.”

Other equities analysts have also issued research reports about the stock. TD Securities dropped their target price on shares of ECN Capital from C$3.00 to C$2.75 and set a “hold” rating on the stock in a report on Friday. Royal Bank of Canada dropped their target price on shares of ECN Capital from C$3.00 to C$2.25 and set a “sector perform” rating on the stock in a report on Friday. Finally, National Bankshares dropped their price objective on shares of ECN Capital from C$2.75 to C$2.00 and set a “sector perform” rating on the stock in a report on Friday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of C$2.54.

In other ECN Capital news, Director William Wayne Lovatt bought 200,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average price of C$1.71 per share, for a total transaction of C$342,000.00. Company insiders own 17.99% of the company’s stock.”

MarketBeat said the following.

TORONTO, March 21, 2024 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today announced the sale of Red Oak Inventory Finance (“Red Oak”) to BharCap Partners. The transaction closed on February 21, 2024.

This transaction is another milestone in ECN Capital’s corporate simplification plan and strategic review process for the Company’s RV & Marine platform. The net proceeds from the transaction were initially used to pay down debt under the Company’s credit facility and are expected to be available to be redeployed into ECN’s manufactured housing and RV & Marine origination platforms.”

Also, from MarketBeat.

ECN Capital Corp. (TSE:ECN – Get Free Report)’s share price hit a new 52-week low during trading on Monday after CIBC lowered their price target on the stock from C$3.00 to C$1.90. CIBC currently has a neutral rating on the stock. ECN Capital traded as low as C$1.60 and last traded at C$1.79, with a volume of 906780 shares trading hands. The stock had previously closed at C$1.80.

Several other analysts have also recently commented on ECN. Royal Bank of Canada dropped their target price on shares of ECN Capital from C$3.00 to C$2.25 and set a “sector perform” rating for the company in a research report on Friday. National Bankshares decreased their price target on shares of ECN Capital from C$2.75 to C$2.00 and set a “sector perform” rating for the company in a report on Friday. Finally, TD Securities decreased their price target on shares of ECN Capital from C$3.00 to C$2.75 and set a “hold” rating for the company in a report on Friday. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$2.54. …”

Part III – Additional Information, Including from Triad Parent ECN Capital, Along with More MHProNews Analysis and Commentary

A) The screen capture below is from Yahoo Finance, with the call out boxes, arrows, logos and other additions by MHProNews.

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From ECN Capital’s most recent investor relations (IR) pitch deck are the following remarks.

2023 was a difficult year

Strategic Review – Completion of process establishes a streamlined & improved ECN coming into better operating environment, but at materially higher cost than anticipated

• Land Home (“LH”) – LH challenges were worse than we anticipated as late as Q3 2023; even though loan rates improved in Q4 bids didn’t follow resulting in higher than anticipated losses to clear portfolio issues. Well positioned now to grow again under new management and LH pricing in 2024
• Funding – While ECN smartly moved to diversify funding prior to 2023, bank and credit unions pulled back more than anticipated resulting in elevated balance sheet use in a rising rate environment and a reduced margin profile from new buyers. Banks and credit unions have returned in 2024 and we have diversified funding sources to grow again
• Originations – Economic uncertainty resulted in slower originations in 2023 than expected. However, we have great end markets that have originations rebounding in early 2024

ECN has great businesses that are well positioned in attractive markets and can now resume a growth path following a difficult 2023 (Page 6) …”

From page 7 of the same ECN IR document are the following remarks.

Strategic Review Complete
Strategic review launched in response to external interest in the company in early 2023; ECN engaged CIBC, BMO Capital Markets and Goldman Sachs as strategic advisors
1. Determined an industry partnership was the best path forward for Triad
• Skyline Champion (SKY – NYSE) acquired a 19.9% interest in ECN for C$185 million (US$138 million) or an implied value of $3.04 per share.
• Separately, ECN & Skyline formed Champion Financing, a captive finance company, owned 51% by Skyline and 49% by ECN. Champion Financing, which launched in 2024
• Discussions on expanding strategic partnership continue
2. Completed the RV & Marine strategic review in Q1; determined that the best path to maximize shareholder value for now is to continue to execute its business plan and commitment to grow:
• Significantly enhanced funding prospects in 2024
• Improving originations & industry outlook
• Servicing build-out or acquisition is a strategic necessity…”

MHProNews notes that it is entirely debatable that the “best path forward for Triad” was to create an “industry partnership” which was revealed as Skyline Champion (SKY).

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There are items potentially hiding in plain sight based on ECN’s remarks. MHProNews will withhold comment at this time, beyond what is being said, to see how events further unfold. But we will editorially note apparent reasons for concern, which the hit on the firm’s stock apparently reflects. That noted, more from Triad parent ECN’s investor pitch follows.

From page 9 of ECN’s investor pitch.

Strategic Review Costs
2023 Strategic Review costs
Transaction & Strategic Review Costs – $11.5 million
Assets sale & Restructuring Costs – $24.0 million
Red Oak Sale related expenses – $4 million
• Includes expenses from several M&A transactions that included substantial due diligence but did not move forward; and the ECN, Triad & RV Marine Strategic Reviews
• Includes personnel expense for senior management and headcount reductions, office closure & corporate asset disposal

From Page 10 of Triad parent ECN’s presentation.

Land Home 7 Point Plan
1. Land Home business launched in August 2022 under former Triad management
2. Material implementation mistakes were made on product design, pricing and risk management
3. Industry Backlogs extended throughout 2022 & 2023
4. Federal Reserve began raising rates aggressively
5. Major credit union LH funding partner unexpectedly reduced capacity
6. Early approved production was not priced properly resulting in an underwater construction book that sold at a material loss
7. Hedge Ineffectiveness
$47.5 million in 2023 realized losses
✓ New management team including Lance Hull, President & James Barry, CFO
✓ Replaced entire LH team from launch with experienced mortgage and LH professionals
✓ Process changes implemented to reduce cycle times and improve construction loan turnover
✓ Pricing – significant rate increases implemented across LH business & rate committee established
✓ Dealer portal in progress to digitize documents and streamline underwriting & monitoring
✓ Improved funding pipeline – incremental funding capacity for 2024
✓ Chris Johnson named SVP head of Capital Markets – hedging responsibility

There is more to know, and MHProNews plans a follow up on these items in the near term. But for now, in no particular order of importance, let’s note the following items.

B) Per ECN’s own remarks: “Industry Backlogs extended throughout 2022 & 2023” MHProNews reported on the ripple effects of this on several occasions. See the reports linked below as examples.

C) Had manufactured housing continued to rise, even modestly, as it had been for some years in the last part of 2022 and on into 2023 instead of falling, that difference in trajectory may well have mitigated some of the impacts on ECN (and other manufactured home industry firms).

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D) As MHProNews noted on Sunday, obviously a company’s management has some measure of responsibility for its own outcomes.  That ‘stating the obvious’ noted, there are serious concerns that should be explored involving the level of responsibility that the Manufactured Housing Institute (MHI) corporate-board and staff leaders have in the harm caused to industry companies when MHI leaders fail to take the obvious steps needed to advance manufactured housing in a robust fashion. A careful review of MHI’s own statements, followed by a careful review of MHI’s behaviors in the wake of those statements lead to a commonsense concern that MHI’s supposedly seasoned and educated leaders have routinely failed the industry for much of the 21st century.  For instance, MHI’s praising the New Dems plan (see report linked below) is illogical at best, for reasons that report details.

E) MHARR, as well as MHProNews and MHLivingNews, have each laid out facts and evidence that ought to point to steps that MHI should be taking if in fact industry growth was the goal. If manufactured housing was several times its current production levels, and ECN/Triad was generating far more volume, some costly mistakes might be spread out over a larger financial basis. But either way, if significantly more production was the rule, then opportunities obviously grow.

F) If there is something remarkable about the MarketBeat reports and ECN stock downgrade, it may be this. How rarely this is occurring, given the manufactured housing industry’s own pitch, as articulated by MHI and by several MHI member firms. It has been approaching a year since Cavco was politely whacked by analyst Greg Palm who asked the obvious. Why is the industry production so weak?

G) For Legacy a B. Riley analyst’s remark was about manufactured housing “industry softness.” Soft, weak, are similar and OBVIOUS observations.

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Manufactured Housing Institute Co Stock Slide-B.Riley Analyst Manufactured Home ‘Industry Softness’-Study-Does MHI Cost Companies-Shareholders Millions to Billions? Sunday MHVille Weekly Recap

H) It should be apparent that manufactured housing industry leaders involved in MHI are for whatever reasons failing to hold MHI accountable. That has ramifications and ripple effects. See the related reports to learn more.

Part IV – is our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.

This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report, so that investors can see at glance the type of topics may have influenced other investors. Thus, our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines.

The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.

In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.

Headlines from left-of-center CNN Business – 3.26.2024

• Cars, sugar and cruises: How the Port of Baltimore closure could hurt the economy
• Apple announces its annual developers conference is set for June 10
• Visa and Mastercard agree to $30 billion settlement that will lower merchant fees
• Tesla and SpaceX’s CEO Elon Musk pauses during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023.
• Judge’s stern rebuke of Elon Musk’s X gives researchers fresh hope
• BYD’s profit soared 80% in the year the Chinese EV giant overtook Tesla
• A house is for sale in Arlington, Virginia, July 13, 2023.
• There’s more bad news for potential homebuyers: Prices just hit another record
• The skyrocketing share price comes despite the fact that Trump Media is burning through cash, piling up losses and its main product – Truth Social – is losing users.
• Trump’s Truth Social is now a public company. Experts warn its multibillion-dollar valuation defies logic
• Is America at risk of a bond market meltdown? This watchdog thinks so
• Republican National Committee Chair Ronna McDaniel speaks to the audience before the start of the second Republican presidential primary debate hosted by Fox News at Ronald Reagan Presidential Library in Simi Valley, California, on September 27, 2023.
• NBC News boss Cesar Conde faces backlash from his network’s anchors over ‘inexplicable’ decision to hire ex-RNC chair Ronna McDaniel
• America’s largest companies are fueling inequality, says new study
• 3 ways Apple’s monopoly lawsuit could change the iPhone experience for fans
• Fed officials are now considering fewer rate cuts this year
• The winning numbers for an $800 million Powerball jackpot have been drawn – and a bigger Mega Millions prize is up Tuesday
• Donald Trump’s estimated net worth just doubled as Truth Social owner closes deal to go public
• Fisker shares halted as EV company navigates uncertain future
• The last time Trump took a ‘DJT’ business public, it ended up in bankruptcy
• Trader Joe’s just increased the price of a banana for the first time in more than 20 years
• Boeing timeline: Inside the air giant’s turbulent journey in recent years
• Boeing CEO Dave Calhoun to step down in wake of ongoing safety problems
• Florida governor signs law restricting social media access for children
• Trump is about to get $3 billion richer after deal is approved to take his company public. But it won’t solve his cash crunch
• Judge tosses Elon Musk’s case against hate speech watchdog in excoriating rebuke

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below the graphic below or click the image and follow the prompts.

 

Headlines from right-of-center Newsmax – 3.26.2024

• Judge Bars Trump From Commenting on Witnesses, Others in Upcoming Case
• The trial, involving allegations related to so-called “hush money” paid during Trump’s 2016 campaign, allegedly to cover up marital-infidelity claims, had been in limbo after his lawyers complained about a recent deluge of nearly 200,000 pages of evidence from a previous federal investigation. Now it’s set for April 15. [Full Story]
• Israel at War
• Israel Truce Team Leaves Doha; Official Blames Hamas for ‘Dead End’
• Colombia Threatens to Break Ties With Israel
• Israel Foils Iranian Weapons Smuggling to Judea, Samaria
• Study: Half a Million Israelis Could Develop PTSD
• Israel Decries UN Cease-Fire Resolution, US Abstention
• Trump to Bibi: ‘Finish Up Your War’
• Hostage Talks Severed as Hamas Sticks to Maximalist Demands
• Hamas Sticking to Original Position on Cease-Fire
• Israeli Delegation’s Trip to US Nixed After UN Vote
• Newsmax TV
• Blackburn: Illegal Crossings Shift to Ariz.
• AG: DEI Has No Place in Public Institutions
• Mace: We’re Not Spending Money on Roads, Bridges
• Matthew Whitaker: Bridge Collapse Begs Infrastructure Question
• Holt, Shaffer: Putin Is ‘Winning War on Information’ | video
• Jesse Binnall: Confident Reason Wins on Appeal | video
• Nigel Farage: US Untrustworthy Under Biden | video
• Don Jr.: $175M Bond ‘Still Egregious’ | video
• Newsfront
• Baltimore Mayor Asks Media to Stop Showing Bridge Footage
• Baltimore Mayor Brandon Scott called on CNN and other media outlets on Tuesday to stop showing video footage of the early-morning collapse of the Francis Scott Key Bridge…. [Full Story]
• Related Stories
• 6 People Missing After Powerless Ship Collapses Baltimore Bridge
• Biden Says Federal Funds Will Rebuild Baltimore Bridge
• Baltimore Police: No Terrorism Indicated in Bridge Collapse
• Shippers Scramble to Reroute Cargo After Bridge Collapse
• Ship That Collided With Baltimore Bridge Was Chartered by Maersk
• Colleague Says Missing Construction Workers Were on Break When Bridge Fell
• Report: Ronna McDaniel Out at NBC News After Outcry
• NBC News is reportedly planning to drop former Republican National [Full Story]
• Judge Bars Trump From Commenting on Witnesses, Others in Upcoming Case
• A New York judge Tuesday issued a gag order barring Donald Trump from [Full Story]
• Ship ‘Lost Propulsion,’ Warned of Baltimore Bridge Strike
• The container ship that crashed into a Baltimore bridge Tuesday “lost [Full Story]
• Related
• DeSantis Offers Help After Baltimore Bridge Collapse
• Rescuers Search for Survivors After Ship Collides With Baltimore Bridge
• Singapore Cooperating With US on Baltimore Bridge Incident |video
• Baltimore Police: No Terrorism Indicated in Bridge Collapse
• Ship That Collided With Baltimore Bridge Was Chartered by Maersk |video
• Rasmussen Poll: Biden Seen as Weak Military Leader
• As America becomes tangentially involved in more conflicts around the [Full Story]
• Bloomberg Poll: Biden Closes Gap in Swing States
• President Joe Biden is closing the gap against presumptive Republican [Full Story]
• Related
• GOP Lawmakers Warn Trump on 15-Week Abortion Ban
• Trump Tells Mich. GOP Chair to Ramp Up Outreach to Black Voters in Detroit
• Biden Team Says Trump ‘Feeble, Confused, and Tired’
• Pew Poll: Black Voters Cool on Presidential Race
• Harvard Poll: Trump Up by 5; 63 Percent Say Biden Too Old
• Newsmax Confirms RFK Jr. to Name Shanahan Running Mate
• Texas AG Paxton to Avoid Trial in Securities Fraud Case
• An agreement was reached Tuesday with Texas Attorney General Ken [Full Story] | video
• Supreme Court Appears Skeptical of Challenge to Abortion Pill Access
• U.S. Supreme Court justices appeared skeptical Tuesday that the [Full Story]
• Related
• Abortion Protesters Arrested Outside Supreme Court
• Noted Anti-Islamist Leader Seeks Arizona Congressional Seat
• A Syrian-American physician aims to become the first Muslim [Full Story] | Platinum Article
• NATO Considering Shooting Down Russian Missiles
• Following a brief entry into Polish airspace, NATO member Poland is [Full Story]
• Ukraine Strikes Warship Russia Took From It in 2014
• Ukraine hit the Konstantin Olshansky landing ship, which Russia [Full Story]
• Related
• Ukraine Shoots Down 12 Iran-Made Russian Attack Drones
• Ukraine Detains Suspected Russian Agents Trying to Blow Up Strategic Rail
• Belarus’ Lukashenko to Inspect Forces Near Lithuanian Border
• Ukraine Ramps Up Spending on Homemade Weapons
• Trump Blasts Judge Merchan Daughter’s Deep Dem Ties
• Former President Donald Trump took to his Truth Social on Tuesday [Full Story]
• Trump Jr. Rebukes New York’s ‘Squatters Rights’
• Former President Donald Trump’s son, Donald Trump Jr., castigated New [Full Story]
• Feds Widen Probe in Jim Biden’s Americore Dealings
• Investigations into the activities of Jim Biden reportedly are [Full Story]
• CNBC Poll: Biden Trims Trump Lead Despite Disapproval
• Forty-six percent of registered voters say they favor former [Full Story]
• Biden Mulls DACA-Like Policy for Longtime Illegals
• President Joe Biden is considering an immigration policy that would [Full Story]
• Rubio Wants Federal Probe of Planned Parenthood
• Marco Rubio, R-Fla., wants a federal investigation into Planned [Full Story]
• Puts Demands on Migrants at State-Run Shelters
• Massachusetts Democrat Gov. Maura Healey imposed requirements for [Full Story]
• Report: Dem Rep. Clyburn’s Charity Got ByteDance Cash
• A foundation connected to Rep. James Clyburn, D-S.C., accepted checks [Full Story]
• Consumer Confidence Dips on Cloudy Economic Outlook
• U.S. consumer confidence ticked down as Americans wrestle with higher [Full Story]
• Trump Media’s $8B Value Surpasses Macy’s, Revlon, Levi
• Shares of Donald Trump’s social media company jumped nearly 50% in [Full Story]
• Kim’s Sister: NKorea Has No Interest in Talks With Japan
• North Korea said Tuesday it had no interest in a summit with Japan [Full Story]
• MSNBC Goes Scorched Earth on Ronna McDaniel
• On-air talent at left-leaning MSNBC expressed outrage after learning [Full Story]
• China: US, UK Hacking Allegations ‘Political Maneuvering’
• China on Tuesday urged the U.S. and Britain to stop politicizing the [Full Story]
• Ohtani: ‘I Never Bet’ on Sports; Interpreter Stole, Told Lies
• Shohei Ohtani said Monday he never bet on sports or knowingly paid [Full Story]
• US Delivered ‘Duty to Warn’ on ISIS Threat to Russia
• The U.S. warning to Russia could not have been plainer: Two weeks [Full Story]
• UK Court Orders to Delay Assange Extradition to US
• A British court says Julian Assange cannot immediately be extradited [Full Story]
• The IRS Has 940K Unclaimed Tax Refunds From 2020
• The IRS is warning taxpayers that they may be leaving more than $1 [Full Story]
• Trump Joins Bloomberg’s 500 Wealthiest Post-Merger; Net Worth $6.5B
• Former President Donald Trump’s wealth surged after his social media [Full Story]
• Judicial Watch Sues for 911 Call in Laken Riley’s Death
• Judicial Watch is suing for the 911 call and arrest reports of Laken [Full Story] | video
• Trump Gets 10 Days to Pay $175M; ‘I Have a Lot of Cash’
• Former President Donald Trump now has 10 days to produce $175 million [Full Story] | video
• More Newsfront
• Finance
• Report: Ronna McDaniel Out at NBC News After Outcry
• NBC News is reportedly planning to drop former Republican National Committee Chair Ronna McDaniel as a paid network contributor after she made just one appearance, in the wake of network stars decrying the hire…. [Full Story]
• America Heading for Retirement Crisis
• Consumer Watchdog to Examine Credit Card Rewards
• Shippers Scramble to Reroute Cargo After Bridge Collapse
• AI in Hollywood Needs Guardrails: The Sooner the Better
• More Finance
• Health
• Playing This Game May Ward Off Dementia
• Playing bingo can improve cognitive function in people with dementia. Researchers found that playing the game for seven consecutive weeks helped boost the study participants’ memory, thinking, orientation, and language. According to HuffPost, it wasn’t winning or losing that…… [Full Story]
• Common Household Chemicals Could Harm the Brain
• 6 in 10 Stroke Survivors Develop Depression
• Pence: SCOTUS Needs to Overturn Mifepristone Ruling
• Drinking Coffee Reduces Colorectal Cancer Recurrence

 

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below the graphic below or click the image and follow the prompts.

Notice: MHProNews invites the firms named in these reports to respond to any concerns about possibly inaccurate information via email that identifies the concern and offers evidence that sheds a different light on the topic discussed. That said, neither MHI nor MHI publicly traded ‘insider brands’ have done so. They’ve been repeatedly invited to do so, including but not limited to an outreach on Dec 7, 2o23 and Feb 25, 2024.

APO = Apolo Global Management – bought Inspire Communities

BAM = Brookfield Asset Management – owns and invests in manufactured home communities (MHCs).

BLK = BlackRock – conglomerate has investments in firms and operations involved in manufactured housing.

BRK-A = Berkshire Hathaway – includes outright ownership of Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance, other manufactured home industry linked firms (MHC brokerage, suppliers, etc.).

BX = Blackstone – Blackstone Group LP has made its first big bet on manufactured housing by buying a portfolio of communities sold by Tricon Capital Group Inc.

CDPYF = Canadian Apartment Properties Real Estate Investment Trust – also has manufactured home communities (MHCs).

CIGI = Colliers International Group Inc. – The Manufactured Housing and RV Group “We Assist Owners and Investors with Disposition, Acquisition, and Financing for Manufactured Housing Communities and RV Parks.”

CG = The Carlyle Group – has manufactured home communities investments.

CSGP = CoStar Group – is commercial real estate’s leading provider of information, analytics and online marketplaces. They acquired listing service Homes.com.

CVCO = Cavco Industries – manufactured home and other factory-built housing production, retail, finance, insurance.

ECNCF = ECN Capital Group – includes manufactured home lender Triad Financial Services.

ELS = Equity LifeStyle Properties – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations, and parent to Datacomp/MHVillage.

FGF = FG Financial Group – FG Communities “Owns and Operates Growing Portfolio of Manufactured Housing Communities.” KEY = KeyCorp – manufactured home community financing and manufactured home single-family mortgage financing.

KMMPF = Killam Apartment REITs- (includes manufactured home communities (MHCs).

LCII = LCI Industries – components for the manufactured home industry and others (RVs, housing, etc.).

LEGH = Legacy Housing – produces manufactured homes, tiny houses, retail, and captive finance operations.

LPX = Louisiana Pacific Corporation – components for the manufactured home industry and others (housing, etc.).

MHC-UN.TO = Flagship Communities Real Estate Investment Trust (REIT).

MHPC = Manufactured Housing Properties – land lease manufactured home communities (MHCs).

MMI = Marcus and Millichap – commercial real estate brokerage services that include land lease manufactured home communities (MHCs).

NOBH = Nobility Homes – produces and offers captive retail, financing, and insurance services for HUD Code manufactured homes and modular homes.

PATK = Patrick Industries – components for the manufactured home industry and others (RVs, housing, etc.).

SKY = Skyline Champion – produces and offers captive retail, financing, and insurance for HUD Code manufactured homes and modular homes.

SUI = Sun Communities – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations.

UMH = UMH Properties – includes land lease manufactured home communities and captive manufactured home retail, leasing, and financing operations.

UFPI = UFP Industries – components for the manufactured home industry and others (housing, etc.).

• • • NOTE 1: Chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
    • NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
    • NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.
    • Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
    • Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.

 

2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.

 

2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.

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Disclosure. MHProNews holds no positions in the stocks in this report.

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• Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
• Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
• Note 3:
  

  APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities,  KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but those sites get more much more total traffic). Statistics Data Infographics Research Facts Evidence and manufactured housing industry expert analysis make us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.