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    Christopher Muller

    Vice President of Equity Research at Citizens JMP

    Christopher Muller is a Vice President of Equity Research at Citizens JMP Securities, specializing in coverage of real estate investment trusts (REITs), financial services, and technology-related growth companies. He covers specific companies such as Arbor Realty Trust, Sachem Capital, Granite Point Mortgage Trust, Ares Commercial Real Estate, Two Harbors Investments, and Redwood Trust, and has delivered an overall average return of 2.8% across 33 stock ratings with a Smart Score of 49%. Muller began his analyst career at Citizens JMP Securities in early 2017 and holds a BS in finance from Rutgers University along with the CFA charterholder designation. He is FINRA-registered (CRD# 6218154), meeting all required securities licensing standards for his role as an equity research analyst.

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

    Christopher Muller's questions to Advanced Flower Capital (AFCG) leadership • Q1 2025

    Question

    Inquired about the potential opportunity for private lenders if Pennsylvania adopts a state-run cannabis model, the composition and growth expectations for the deal pipeline, and whether borrowers are being affected by tariffs on supplies.

    Answer

    Executives stated that a state-run cannabis model in Pennsylvania is unlikely and not factored into their opportunity assessment. They reiterated a cautious and selective approach to originations with no set targets due to market volatility. They also noted that the impact of tariffs on their borrowers is minimal as most critical supplies like fertilizer are sourced domestically.

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    Christopher Muller's questions to Advanced Flower Capital (AFCG) leadership • Q1 2025

    Question

    Christopher Muller inquired about the potential opportunity for private lenders in Pennsylvania if a state-run cannabis model were adopted, the composition and growth expectations for the $287 million origination pipeline, and whether borrowers are feeling any impact from tariffs on items like fertilizer.

    Answer

    Chief Executive Officer Daniel Neville explained that a state-run model in Pennsylvania is not a likely outcome, as the proposal was recently rejected by a key Senate committee. President and CIO Robyn Tannenbaum clarified that their pipeline consists of cannabis deals and that originations will likely be muted given market volatility and their selective approach. Regarding tariffs, Daniel Neville stated the impact is de minimis, as the main exposure is on hardware and packaging, which is a small part of COGS, while critical inputs like fertilizer are typically sourced domestically.

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

    Christopher Muller's questions to Greystone Housing Impact Investors (GHI) leadership • Q1 2025

    Question

    Asked about the impact of tariffs on the BlackRock JV, the size of its pipeline, and whether the recent trend of lower gains on JV sales is expected to continue due to factors like insurance costs.

    Answer

    The executives stated that tariffs have not yet had a significant impact on the BlackRock JV pipeline. The pipeline has about $83 million committed with a goal to deploy $450 million in lending capacity over the next 12-18 months. Regarding lower gains, the significant insurance cost increase was specific to the Tomball asset and not a portfolio-wide issue. However, broader market headwinds like interest rates and stable cap rate expectations continue to pressure multifamily asset sales.

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    Christopher Muller's questions to Greystone Housing Impact Investors (GHI) leadership • Q4 2024

    Question

    Christopher Muller asked for management's policy 'wish list' for the affordable housing industry, the potential impact of GSE privatization, and visibility into the new JV pipeline.

    Answer

    CEO Kenneth Rogozinski's wish list includes LIHTC program modernization and a dedicated private activity bond allocation for affordable multifamily housing. He stated that GSE privatization poses little risk to existing financings but could raise future borrowing costs if the GSEs' credit is perceived as weaker. Regarding the pipeline, he confirmed ongoing discussions with partners but no firm commitments beyond what has been disclosed.

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    Christopher Muller's questions to Greystone Housing Impact Investors (GHI) leadership • Q3 2024

    Question

    Asked about the capital deployment outlook for the remainder of the year and into 2025, particularly regarding the MRB portfolio and pipeline visibility. Also questioned the potential to scale the new BlackRock construction JV beyond its initial commitment.

    Answer

    The executive explained that all new investments must be accretive to the current dividend yield, which is a key threshold. The new BlackRock JV is a priority for capital deployment. He clarified that this JV is not capped by partnership restrictions and can be scaled up if the right opportunities arise and more capital is committed by BlackRock or other institutional investors.

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    Christopher Muller's questions to Greystone Housing Impact Investors (GHI) leadership • Q3 2024

    Question

    Christopher Muller inquired about the outlook for capital deployment through year-end and into 2025, including portfolio growth trends and pipeline visibility. He also asked if the relatively small initial commitment to the BlackRock JV could be scaled up and if there were any partnership restrictions.

    Answer

    CEO Kenneth Rogozinski explained that all new investments must be accretive to the current dividend yield, which serves as a primary hurdle. He noted a key goal is to deploy capital into the BlackRock JV to demonstrate success for potential future growth. He clarified that the JV size is not capped by partnership restrictions and can be scaled up if the right opportunities arise and additional capital becomes available from BlackRock or other institutional investors.

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    Christopher Muller's questions to Chicago Atlantic Real Estate Finance (REFI) leadership

    Christopher Muller's questions to Chicago Atlantic Real Estate Finance (REFI) leadership • Q1 2025

    Question

    Christopher Muller from JMP Securities asked for insight into near-term loan repayments and whether the company expects net portfolio growth in 2025. He also questioned the potential impact of federal cannabis rescheduling on the business, including long-term effects on loan yields and leverage.

    Answer

    Executive Peter Sack confirmed that the company aims for net portfolio growth in 2025 and will compete to refinance most of its upcoming maturities. Sack noted that rescheduling would be highly accretive by improving borrower cash flows but believes it will take more than just rescheduling for significant new lenders to enter the market and cause yield compression, suggesting the first benefits will go to the largest operators.

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    Christopher Muller's questions to Chicago Atlantic Real Estate Finance (REFI) leadership • Q4 2024

    Question

    Christopher Muller questioned if borrowers can operate effectively in the current status quo without federal reform and asked about the Board's rationale for consistently paying a special dividend rather than increasing the regular base dividend.

    Answer

    Managing Partner Peter Sack affirmed that borrowers can operate in the status quo and that the company's underwriting model assumes no federal reform occurs, viewing potential changes as a positive catalyst. Regarding the dividend, Sack stated the company prefers to maintain a regular dividend that investors view as having a significant cushion and a strong margin of safety, which is evaluated quarterly.

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

    Christopher Muller's questions to ACRES Commercial Realty (ACR) leadership • Q1 2025

    Question

    Christopher Muller inquired about the specifics of the two loan sales, the reasons for the drag from REO operations on earnings, and the health of the investment pipeline amid recent market volatility.

    Answer

    Mark Fogel, President and CEO, disclosed that one loan was sold at par, while another nonperforming hotel loan was sold at a $700,000 loss, which was a strategic decision. He attributed the REO drag to typical Q1 seasonality for its hotel assets, which he expects to reverse in subsequent quarters. Fogel also noted the investment pipeline is stronger than ever, as market volatility has sidelined competitors, and reaffirmed the company's growth targets.

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    Christopher Muller's questions to ACRES Commercial Realty (ACR) leadership • Q4 2024

    Question

    Christopher Muller of Citizens JMP Securities asked about the potential magnitude of gains from the remaining REO portfolio, the expected timeline for monetization, and the reason for the quarter-over-quarter increase in real estate expenses.

    Answer

    Chairman Andrew Fentress stated that while not providing specific guidance, the company anticipates future gains from REO sales and expects the monetization process to be largely completed in 2025. CFO Eldron Blackwell clarified that the Q4 increase in real estate expenses was due to one-time cleanup items and should not be considered a recurring run rate.

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    Christopher Muller's questions to ACRES Commercial Realty (ACR) leadership • Q3 2024

    Question

    Christopher Muller of Citizens JMP Securities inquired about the valuation of REO assets, the potential for gains upon sale, whether realized gains would impact EAD, and the reason for a change in the number of risk-rated 4 loans.

    Answer

    President and CEO Mark Fogel explained that REO assets are held at cost and gains are recognized only upon monetization, but he anticipates incremental gains. He confirmed that realized gains from these sales will flow through EAD. Fogel also clarified that the number of risk-rated 4 loans decreased because one loan was converted to REO during the quarter after the borrower was unable to keep it current.

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    Christopher Muller's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership

    Christopher Muller's questions to BLACKSTONE MORTGAGE TRUST (BXMT) leadership • Q1 2025

    Question

    Christopher Muller of Citizens Capital Markets asked about the impact of recent market volatility on new CLO issuance and whether BXMT might issue another CLO this year. He also inquired about the pace of resolving remaining impaired loans and if the bulk could be cleared in 2025.

    Answer

    CEO Katharine Keenan noted that the CLO market is stabilizing with capital available at wider spreads, and BXMT would consider another issuance if conditions are favorable. On impaired loans, she confirmed that resolving them is a top priority. While timing can be 'chunky', she stated they have a clear path on several assets and expect the positive resolution trajectory to continue through the year.

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

    Christopher Muller's questions to Seven Hills Realty Trust (SEVN) leadership • Q1 2025

    Question

    Christopher Muller inquired about the drivers behind the strong credit performance, particularly in the office portfolio, the impact of recent market volatility on the lending pipeline, and for an update on the Yardley office property.

    Answer

    Thomas Lorenzini, President and CIO, attributed strong credit to diligent underwriting and a focus on well-capitalized sponsors willing to support their assets. Jared Lewis, Vice President, noted the pipeline remains robust despite market volatility due to ongoing refinancing needs. Regarding the Yardley property, Mr. Lorenzini stated it is performing well, contributing to earnings, and will likely remain on the books through 2025.

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    Christopher Muller's questions to Seven Hills Realty Trust (SEVN) leadership • Q4 2024

    Question

    Christopher Muller from Citizens JMP inquired about Seven Hills' leverage targets for 2025, noting its current ratio is well below industry norms. He also asked about the feasibility of the company utilizing a Collateralized Loan Obligation (CLO) given the improving conditions in securitization markets.

    Answer

    CFO and Treasurer Fernando Diaz stated that leverage, currently at 1.6x, could comfortably reach approximately 2.0x with planned originations, with a maximum target of around 2.5x. Vice President Jared Lewis addressed the CLO question, acknowledging the market's strength but explaining that Seven Hills' current portfolio size makes accessing the CRE-CLO market challenging, as those structures are typically much larger and concentrated in multifamily assets.

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    Christopher Muller's questions to Seven Hills Realty Trust (SEVN) leadership • Q3 2024

    Question

    Christopher Muller asked about the outlook for portfolio size over the next few quarters, whether the portfolio was near its trough size, and the maximum size the current capital base could support. He also inquired about current loan yields and spreads compared to the existing portfolio and requested an update on the Yardley office sale.

    Answer

    Jared Lewis, Vice President, stated they have a pipeline of $225-$250 million and can fund about $200 million in the next quarter, with a maximum potential portfolio size just under $1 billion. He noted that while spreads have tightened, increased transaction volume allows them to be selective for higher-yield deals. Thomas Lorenzini, President and Chief Investment Officer, added that they are holding the Yardley property for now, as strong leasing activity could significantly improve its value, making an immediate sale less urgent.

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    Christopher Muller's questions to Claros Mortgage Trust (CMTG) leadership

    Christopher Muller's questions to Claros Mortgage Trust (CMTG) leadership • Q4 2024

    Question

    Christopher Muller from Citizens JMP asked how aggressive CMTG plans to be in resolving watch list loans and if more loan sales should be expected. He also requested clarification on the fair value write-down of the REO hotel portfolio.

    Answer

    CEO Richard Mack stated the company will be more aggressive in creating liquidity in 2025, even if it requires trade-offs against maximizing value. EVP Priyanka Garg added that in the improving transaction environment, they will use discounted payoffs and short sales more actively. CFO John McGillis explained the hotel portfolio's value mark was primarily driven by uncertainty created by the New York City Safe Hotels Act legislation passed in Q4 2024.

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

    Christopher Muller's questions to Ares Commercial Real Estate (ACRE) leadership • Q4 2024

    Question

    Christopher Muller of Citizens JMP questioned the company's plans for a potential CLO issuance in 2025 and asked if the recent surge in repayments would influence the timing of new lending.

    Answer

    CEO Bryan Donohoe characterized the CLO market as an opportunistic, 'nice-to-have' financing tool, not a necessity. An executive added that current pricing from warehouse lenders is very competitive and represents the most attractive financing option at present. Regarding new lending, Donohoe stated that the strong cash position from repayments works in tandem with resolving problem assets, and together these factors will prompt a return to portfolio growth.

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

    Christopher Muller's questions to Sachem Capital (SACH) leadership • Q3 2024

    Question

    Inquired about the outlook for loan modifications, the potential for an increase in REO properties, and requested a breakdown of the CECL reserve between general and specific provisions.

    Answer

    Loan modifications are subject to stricter underwriting, with non-compliant loans being moved toward foreclosure or sale as part of a balance sheet 'cleansing'. A significant increase in long-term REO is not expected, though strategic, temporary REO acquisitions may occur to facilitate sales. The CECL reserve consists of approximately $14 million in indirect reserves against nonperforming assets and the rest as a general reserve for the performing pool.

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    Christopher Muller's questions to Sunrise Realty Trust (SUNS) leadership

    Christopher Muller's questions to Sunrise Realty Trust (SUNS) leadership • Q3 2024

    Question

    Christopher Muller from Citizens JMP asked about the potential portfolio size supported by the current capital structure and whether the declared $0.42 fourth-quarter dividend indicates a future run rate for distributable earnings.

    Answer

    Executive Chairman Leonard Tannenbaum outlined the company's medium-term capital structure goal: one-third equity, one-third sub-debt, and one-third senior debt, targeting 1.5x leverage. He stated that while the company cannot provide forward-looking guidance, earnings are expected to rise as the portfolio is deployed, which supports the dividend declaration.

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