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Christopher Mueller

Director and Equity Analyst at Citizens JMP Securities

Chris Muller is a Director and Equity Analyst at Citizens JMP Securities, specializing in the finance sector with a focus on real estate finance and banking. He covers companies such as Chicago Atlantic Real Estate Finance, Greystone Housing Impact Investors, and First Merchants, among 12 publicly traded firms in his universe. Over the past year, his performance at Citizens JMP has been tracked by platforms like MarketBeat, though specific success rates and returns are not detailed in available data. Muller joined Citizens JMP after prior roles at eVestment and Edward Jones, holding a Bachelor's degree in Finance from 2009-2013, and is FINRA-registered as a broker (CRD# 6218154).

Christopher Mueller's questions to TPG RE Finance Trust (TRTX) leadership

Question · Q4 2025

Christopher Mueller asked about the expected origination pace for Q1 2026 and the full year, and whether the observed drop-off in spreads on new loans is a continuing trend due to market competition or asset types.

Answer

Interim CFO Brandon Fox and CEO Doug Bouquard indicated that origination activity is robust, with a strong pipeline driven by maturing five-year loans and clearer rate paths. Doug Bouquard explained that while new loan spreads were tighter, the cost of funds also moved in line, maintaining static ROEs due to strong demand for back leverage and aggressive bank relationships.

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Question · Q4 2025

Christopher Mueller asked about the expected pace of loan originations in Q1 2026 and for the full year, noting only one loan closed so far. He also inquired if the observed 50 basis point drop in spreads on new loans compared to the portfolio average is expected to continue, and whether it's driven by market competition or asset type.

Answer

Brandon Fox, Interim CFO, noted that the trend of bulk payoffs and new fundings occurring later in the quarter is expected to continue. Doug Bouquard, CEO, highlighted a robust pipeline across all property types and regions, driven by repeat borrowers, maturing five-year loans from 2020-2022, and increased clarity on interest rates. Regarding spreads, Mr. Bouquard explained that while loan spreads were tighter, the cost of funds also moved in line due to strong demand for back leverage, resulting in generally static ROEs. He attributed this to concentration in multifamily and industrial, sub-65% LTVs, and aggressive bank relationships.

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