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    Chris Muller

    Vice President of Equity Research at Citizens JMP

    Chris Muller is a Vice President of Equity Research at Citizens JMP Securities, specializing in real estate investment trusts (REITs) and related sectors. He covers specific companies including Arbor Realty Trust, Sachem Capital, Granite Point Mortgage Trust, Ares Commercial Real Estate, Two Harbors Investments, and Redwood Trust, with a career success rate of approximately 41% and an average return of 2.7% across 33 tracked ratings. Muller began his finance career after earning a BS in finance from Rutgers University, holds the CFA designation, and joined Citizens JMP following positions at other financial institutions. He maintains FINRA registration and is recognized for his analytical expertise in the real estate capital markets.

    Chris Muller's questions to Advanced Flower Capital (AFCG) leadership

    Chris Muller's questions to Advanced Flower Capital (AFCG) leadership • Q2 2025

    Question

    Chris Muller from Citizens JMP questioned if recent rescheduling discussions have spurred borrower interest, the drivers behind the increased CECL reserve, and how the BDC conversion might affect credit facilities and long-term portfolio composition.

    Answer

    CEO Daniel Neville noted that the market is in a 'holding pattern' regarding rescheduling, with no significant change in activity yet. CFO Brandon Hetzel attributed the higher CECL reserve to loan-specific fundamentals rather than macro factors. President and CIO Robyn Tannenbaum explained that while a BDC structure could offer better financing terms, new credit lines remain constrained by bank participation in the cannabis sector. She stated it is too early to predict the future portfolio mix.

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    Chris Muller's questions to Greystone Housing Impact Investors (GHI) leadership

    Chris Muller's questions to Greystone Housing Impact Investors (GHI) leadership • Q2 2025

    Question

    Inquired about the new investor in the construction JV and the reasons for additional capital contributions to several Vantage properties.

    Answer

    The new JV investor resulted from a mutual discovery process during GHI's outreach and the investor's evaluation of the sector. The additional capital for Vantage properties was primarily needed to cover property taxes for a longer-than-expected holding period. This additional capital does not change GHI's economic interest or waterfall position, and Vantage partners have contributed on a case-by-case basis when asked.

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    Chris Muller's questions to Greystone Housing Impact Investors (GHI) leadership • Q2 2025

    Question

    Chris Muller from Citizens JMP Securities asked about the circumstances leading to a new institutional investor joining the construction JV and questioned the reasons for additional capital contributions to four Vantage properties.

    Answer

    CEO Kenneth Rogozinski described the new investor partnership as a 'two-way conversation' resulting from GHI's outreach and the investor's search for opportunities in the muni sector. He explained the additional capital for the Vantage properties was primarily to cover property taxes for longer-than-expected hold periods. He clarified this does not alter ownership percentages and is treated as an additional capital contribution, noting that Vantage partners have also contributed capital on a case-by-case basis when requested.

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    Chris Muller's questions to Ares Commercial Real Estate (ACRE) leadership

    Chris Muller's questions to Ares Commercial Real Estate (ACRE) leadership • Q2 2025

    Question

    Chris Muller from Citizens JMP sought clarification on the accounting for the $33 million realized loss and the associated CECL reserve release, and asked if new loan originations will be smaller in size going forward.

    Answer

    CFO & Treasurer Jeffrey Gonzales clarified that the $33 million gross loss on the life sciences loan was offset by a $19 million specific reserve, resulting in a $14 million net impact to book value. CEO & Director Bryan Donohoe added that the average loan size is likely to decrease to improve diversification.

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    Chris Muller's questions to ACRES Commercial Realty (ACR) leadership

    Chris Muller's questions to ACRES Commercial Realty (ACR) leadership • Q2 2025

    Question

    Chris Muller from Citizens JMP asked about the company's near-term leverage targets, whether the REO properties are financed, and the potential timing for a new CLO. He also questioned what milestones, such as REO sales or EAD growth, are needed before the dividend is reinstated.

    Answer

    Andrew Fentress, Chairman of the Board, stated that leverage could comfortably increase to 3.5x to 4.0x, primarily through non-recourse CRE CLO financing. He confirmed the REO properties are levered at the asset level. Fentress projected a new CLO for Q4 2025 or Q1 2026 and explained that reinstating the dividend is contingent upon monetizing REO assets and ramping the loan portfolio to drive sufficient Earnings Available for Distribution (EAD).

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    Chris Muller's questions to TPG RE Finance Trust (TRTX) leadership

    Chris Muller's questions to TPG RE Finance Trust (TRTX) leadership • Q2 2025

    Question

    Chris Muller of Citizens JMP Securities, LLC asked about the Real Estate Owned (REO) portfolio, questioning if further gains could be expected on future sales given the successful dispositions in Q2. He also inquired why the remaining multifamily REO assets are currently unfinanced.

    Answer

    Robert Foley, CFO, responded by highlighting the company's historical success in selling all REO properties at a book gain. He stated that operating performance has been improved on remaining assets and that several will be brought to market in the near future. Mr. Foley explained that the multifamily REO assets are not financed primarily due to the frictional costs of securing financing on assets expected to be held for a relatively short term, though he affirmed they are 'eminently financeable'.

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    Chris Muller's questions to Seven Hills Realty Trust (SEVN) leadership

    Chris Muller's questions to Seven Hills Realty Trust (SEVN) leadership • Q2 2025

    Question

    Chris Muller of JMP Securities asked about the company's leverage outlook for the second half of 2025 and whether it would remain low until office loans mature. He also sought details on the drivers of net interest margin (NIM) compression and the potential impact of future Federal Reserve rate cuts.

    Answer

    CFO & Treasurer Matthew Brown stated that the debt-to-equity ratio is expected to remain consistent at its current 1.6x level, as the company is under-levered on its office loans, and leverage will likely stay there until that capital is recycled. Vice President Jared Lewis explained that NIM compression is most pronounced in the competitive multifamily sector, driven by CRE CLO financing. He noted that while Seven Hills benefits from favorable repo pricing, it wins business through flexibility rather than just price. Lewis also suggested that Fed rate cuts would primarily boost transaction volume by improving investor sentiment.

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    Chris Muller's questions to Seven Hills Realty Trust (SEVN) leadership • Q2 2025

    Question

    Chris Muller of JMP Securities inquired about the company's leverage outlook for the second half of the year, particularly given the low leverage on its office loans. He also asked about the primary drivers of net interest margin (NIM) compression and the potential impact of Federal Reserve rate cuts.

    Answer

    CFO & Treasurer Matthew Brown stated that leverage is expected to remain consistent at the current 1.6x debt-to-equity ratio until the under-levered office loans are recycled. Vice President Jared Lewis explained that NIM compression is most pronounced in the competitive multifamily sector, driven by CRE CLO financing. He added that potential Fed rate cuts would not only lower borrowing costs but, more importantly, would likely improve investor sentiment and spur transaction activity.

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    Chris Muller's questions to Ladder Capital (LADR) leadership

    Chris Muller's questions to Ladder Capital (LADR) leadership • Q2 2025

    Question

    Chris Muller of Citizens JMP asked about expectations for net loan portfolio growth in the second half of the year and if there is a target portfolio size. He also inquired about how levered returns on new loans compare to historical levels and sought to quantify the cost-of-funds benefit from the new investment grade rating.

    Answer

    CEO Brian Harris projected potentially writing another billion dollars in loans by year-end, driven by a pickup in acquisition financing. President Pamela McCormack added that with muted payoffs expected, they anticipate net portfolio growth. Harris noted that current unlevered returns are around 9%, which is healthy. Regarding the IG rating, he confirmed a significant benefit, estimating the coupon on the new bond would have been over 100 basis points higher without it. McCormack highlighted that spreads have already tightened since issuance and pointed to their unsecured revolver rate as a benchmark for future tightening.

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    Chris Muller's questions to Sachem Capital (SACH) leadership

    Chris Muller's questions to Sachem Capital (SACH) leadership • Q4 2024

    Question

    Inquired about the specifics of the recent loan sale, the activity in the loan sale market, and the expected timing and impact of selling REO and held-for-sale assets.

    Answer

    The company sold 32 loans with a $55.8 million UPB for approximately $36 million, a 65% net realization. While the market for that sale was active, the process was difficult, and they are not pursuing another bulk sale. They are now handling remaining held-for-sale loans individually and expect to resolve the increased REO balance relatively quickly, which could provide capital for future activities.

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