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    Doug Harter

    Director and Senior Equity Research Analyst at UBS Group AG

    Doug Harter is a Director and Senior Equity Research Analyst at UBS, specializing in coverage of the financial services, real estate, and industrial sectors with a focus on mortgage REITs, asset management, and specialty insurance firms. He covers publicly traded companies such as Ares Capital (ARCC), Kayne Anderson BDC (KBDC), Mr. Cooper Group (COOP), Rocket Companies (RKT), Redwood Trust (RWT), and Ares Commercial Real Estate (ACRE), among others, and has issued 240 stock ratings with a success rate of approximately 59% and an average return of 12.6%. Harter began his analyst career at Credit Suisse before joining UBS and holds a Bachelor of Science degree from Villanova University. His professional credentials include multiple years of top quartile analyst rankings and a documented track record of consistently outperforming sector benchmarks.

    Doug Harter's questions to Ellington Credit (EARN) leadership

    Doug Harter's questions to Ellington Credit (EARN) leadership • Q2 2025

    Question

    Doug Harter of UBS inquired about the market dynamics causing CLO AAA spreads to not fully retrace compared to underlying loan spreads, and asked if this would lead to a continued portfolio allocation favoring CLO debt over equity.

    Answer

    Portfolio Manager Greg Borenstein explained that the lag in AAA spreads is a technical factor driven by slightly reduced demand compared to earlier in the year when they were priced very tightly relative to other credit products. He confirmed that if the current arbitrage challenge persists, the company would likely continue to favor CLO debt and secondary market opportunities over new issue CLO equity.

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    Doug Harter's questions to MSC INCOME FUND (MSIF) leadership

    Doug Harter's questions to MSC INCOME FUND (MSIF) leadership • Q1 2025

    Question

    Cory Johnson, on behalf of Doug Harter from UBS, asked about the pace of decline and potential for additional realized losses in the middle market portfolio, and also questioned the exit strategy for the lower middle market positions.

    Answer

    CEO Dwayne Hyzak and Managing Director Nicholas T. Meserve clarified that Q1 realized losses were from two long-underperforming middle market names that had been marked down for years, and the portfolio is now de minimis. Regarding the lower middle market, Dwayne Hyzak stated its wind-down will be a very long process as exit timing is controlled by their owner-operator partners, and the fund views these as valuable long-term investments.

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    Doug Harter's questions to Rithm Capital (RITM) leadership

    Doug Harter's questions to Rithm Capital (RITM) leadership • Q1 2025

    Question

    Inquired about potential M&A opportunities in the current environment and the appetite of limited partners (LPs) for fundraising amidst recent market volatility.

    Answer

    The M&A pipeline is very active, particularly for scaling the credit, energy, and infrastructure businesses, with recent market dislocation making valuations more attractive. LP appetite for fundraising remains strong, and the company is focused on building deep, strategic partnerships with investors rather than just transactional fundraising.

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    Doug Harter's questions to AG Mortgage Investment Trust (MITT) leadership

    Doug Harter's questions to AG Mortgage Investment Trust (MITT) leadership • Q4 2024

    Question

    Marissa Lobo, on behalf of Doug Harter from UBS Group AG, asked for a comparison of the relative attractiveness between non-QM and home equity assets, including their respective securitization markets, and questioned the strategy for managing the increased costs from preferred stock rolling to floating rates.

    Answer

    Chief Investment Officer Nicholas Smith explained that home equity is a newer, large addressable market where MITT sees a first-mover advantage, making it currently more attractive, though non-QM still offers relative value. CEO T.J. Durkin addressed the preferreds, stating the company had anticipated the floating rate switch and expects other financing efficiencies coming later in the year to help offset the increased cost at a corporate level.

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