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    Randolph Binner

    Managing Director in the Capital Markets group at B. Riley Financial, Inc.

    Randy Binner is a Managing Director in the Capital Markets group at B. Riley Securities, with a specialization in financials, insurance, asset management, specialty finance, and financial technology. Throughout his research and analyst career, he has covered over 75 companies including major insurance and asset management firms, and earned recognition for his performance and industry impact, with B. Riley Financial analysts as a group holding a success rate of over 50% and an average return of approximately 12%. Binner began his career at The Travelers Insurance Company before moving to Fannie Mae and then spent 15 years as an Equity Research Analyst, ultimately becoming Group Head of the Financials and Real Estate Research Group, before transitioning to his current role. He holds a B.A. from The Colorado College, an M.B.A. in Finance from George Washington University, and maintains active securities industry registrations as a licensed FINRA professional.

    Randolph Binner's questions to Carlyle Credit Income Fund (CCIF) leadership

    Randolph Binner's questions to Carlyle Credit Income Fund (CCIF) leadership • Q2 2025

    Question

    Randolph Binner inquired about the forward outlook for net investment income, specifically questioning the impact of a 12 basis point lag from repricing and the percentage of the portfolio affected. He also asked for the percentage of the portfolio with an interest coverage ratio below 1x and about the ongoing trend of out-of-court restructurings.

    Answer

    Nishil Mehta, Principal Executive Officer and President, clarified that the 12 bps drag from loan repricings was separate from the 18% of the portfolio that missed payments due to accretive resets and refinancings. He noted that repricing activity has halted due to recent market volatility. Lauren Basmadjian, Chair and Global Head of Liquid Credit, added that less than 3% of Carlyle's broader loan portfolio has an interest coverage ratio below 1x and confirmed that while out-of-court restructurings are elevated, they are expected to remain the norm.

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    Randolph Binner's questions to Abacus Global Management (ABL) leadership

    Randolph Binner's questions to Abacus Global Management (ABL) leadership • Q1 2025

    Question

    Randolph Binner asked for quantification of the carrier buyback program's contribution to Life Solutions revenue and for an update on the Technology Solutions business, including client numbers and its stage in the life cycle.

    Answer

    CEO Jay Jackson explained that policy sales are driven by securing the highest price, with the process becoming more competitive due to broad investor demand. He emphasized that relationships with carriers are expanding beyond buybacks to services like mortality verification, creating multiple revenue streams. For Technology Solutions, Jackson noted the key metric is 'number of lives,' which is nearly 1 million, with another 700,000 in trial, positioning the business as an entry point for other services.

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    Randolph Binner's questions to Abacus Global Management (ABL) leadership • Q4 2024

    Question

    Randolph Binner asked for an update on the carrier buyback program's performance in Q4 and its outlook for 2025. He also questioned whether the current economic environment is changing the behavior or propensity of individuals to life settle their policies.

    Answer

    CEO Jay Jackson reported that the carrier buyback program continues to expand with new relationships, including with reinsurers, and he is positive about its growth, though he noted transactions can be lumpy. On consumer behavior, Jackson explained that market volatility can be a net positive, as it drives individuals to seek liquidity and increases investor demand for uncorrelated alternative assets, positioning Abacus well in the current environment.

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    Randolph Binner's questions to Ellington Financial (EFC) leadership

    Randolph Binner's questions to Ellington Financial (EFC) leadership • Q1 2025

    Question

    Randolph Binner requested details on the timing and potential impact of two new originator joint ventures and asked for perspective on the increasing value of consumer relationships in the mortgage space.

    Answer

    CFO JR Herlihy stated the two JV investments are small (under $5 million total) and expected to close in the next one to two quarters, serving to further diversify loan sourcing channels. CEO Laurence Penn emphasized the win-win nature of these deals. Co-CIO Mark Tecotzky explained that the high value of consumer relationships, seen in deals like Rocket-Mr. Cooper, reflects a broader trend of capturing a customer's entire home-buying lifecycle, from commissions to multiple loans and cross-selling opportunities.

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    Randolph Binner's questions to Sunrise Realty Trust (SUNS) leadership

    Randolph Binner's questions to Sunrise Realty Trust (SUNS) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley Financial, Inc. sought clarification on the management fee waiver schedule, the specific interest rate floor for the new Dallas loan, and the company's strategy for geographic expansion.

    Answer

    Executive Chairman Leonard Tannenbaum and CFO Brandon Hetzel clarified that a remaining portion of the $1 million fee waiver commitment will be applied in Q2. Hetzel specified the Dallas loan's floor is 3.9%, a detail Tannenbaum noted provides a significant spread over their credit line's floor. CEO Brian Sedrish confirmed a continued focus on Florida and Texas but also an active effort to diversify into other Southern markets like Atlanta, the Carolinas, Virginia, and Tennessee.

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    Randolph Binner's questions to Burford Capital (BUR) leadership

    Randolph Binner's questions to Burford Capital (BUR) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley Securities sought clarification on the 'new claim family,' asking about its specific litigation type. He also questioned why the overall portfolio didn't grow despite strong new commitments, noting that deployments offset them, and how this aligns with long-term growth goals.

    Answer

    Chief Executive Officer Christopher Bogart clarified that a 'claim family' refers to multiparty litigation where many parties have similar claims, creating efficiencies, and confirmed a new one was launched in Q1. Regarding portfolio size, he explained that periods with high realizations, like the current quarter, can result in flat or even shrinking portfolio growth, which he views as a positive outcome as it recycles capital for future deployment.

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    Randolph Binner's questions to Cherry Hill Mortgage Investment (CHMI) leadership

    Randolph Binner's questions to Cherry Hill Mortgage Investment (CHMI) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley Securities inquired about the conditions required for the company to increase its capital allocation to the RMBS portfolio and asked for the management's perspective on how potential GSE reform is being priced into the market.

    Answer

    Executive Jeffrey Lown clarified that all reinvestment income has been directed exclusively into MBS for several quarters, and a significant portfolio shift would necessitate selling MSR assets. Regarding GSE reform, Executive Julian Evans stated that it is too early for the market to price in any changes, as definitive plans, particularly concerning the government guarantee on securities, have not yet been detailed.

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    Randolph Binner's questions to Angel Oak Mortgage REIT (AOMR) leadership

    Randolph Binner's questions to Angel Oak Mortgage REIT (AOMR) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley FBR inquired about the mortgage rate threshold that would trigger problematic prepayment speeds and sought details on how day-to-day market volatility affects securitization strategy and execution.

    Answer

    CFO Brandon Filson clarified that for older, lower-coupon securitizations, mortgage rates would need to drop significantly (by about 200 basis points) to see speeds increase, while current coupon deals have about a 100 basis point buffer. CEO Sreeniwas Prabhu added that despite volatility in April, the market remained liquid, allowing them to execute the deal. He noted that while spreads widened temporarily to 180, the key was that capital markets remained open, reflecting their prudent risk management strategy.

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    Randolph Binner's questions to Ladder Capital (LADR) leadership

    Randolph Binner's questions to Ladder Capital (LADR) leadership • Q1 2025

    Question

    Randolph Binner asked about the wide spread on Q1 loan originations, which ranged from 270 to 700 basis points, and questioned if the average spread in the high 300s is a sustainable level for new investments in 2025. He also requested clarification on the percentage of Q1 originations backed by multifamily and industrial assets.

    Answer

    CEO Brian Harris explained that the wide spreads are due to 'special situations' in the current volatile market, where Ladder's ability to provide liquidity and speed allows it to command premium pricing. While he expects such opportunities to continue, he cautioned against extrapolating from a small sample size. He and Executive Adam Siper confirmed that 74% of the quarter's originations were in the multifamily and industrial sectors.

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    Randolph Binner's questions to DigitalBridge Group (DBRG) leadership

    Randolph Binner's questions to DigitalBridge Group (DBRG) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley Securities requested a review of the mark-to-market impact on carried interest in the quarter and asked for an outlook on how that line item might progress through the year.

    Answer

    CFO Tom Mayrhofer explained that the portfolio's asset values increased slightly but came in just below the preferred return hurdle for the quarter, resulting in a small reversal of previously accrued carried interest. He stated he does not expect unusual trends in asset values going forward. CEO Marc Ganzi added that the company maintains a conservative valuation philosophy, which has historically resulted in selling assets at a significant premium to their net asset value (NAV), and that the focus is on credible, defensible marks.

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    Randolph Binner's questions to DigitalBridge Group (DBRG) leadership • Q4 2024

    Question

    Randolph Binner asked if DigitalBridge would provide a gross fundraising target for 2025 or stick to a net FEEUM metric, and questioned if there were unusual items in the higher-than-expected Q4 administrative expenses.

    Answer

    CEO Marc Ganzi confirmed they will focus on FEEUM and FRE as the primary metrics, aligning with industry peers and reflecting the business's maturity. CFO Thomas Mayrhofer explained that Q4 administrative expenses were 'anomalously high' due to some noise related to significant fundraising efforts and other small items, and that future quarterly expenses would likely fall between the Q4 level and prior, lower run rates.

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    Randolph Binner's questions to BrightSpire Capital (BRSP) leadership

    Randolph Binner's questions to BrightSpire Capital (BRSP) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley asked for an update on the San Jose Hotel property, which constitutes a large portion of the watch list, and also inquired if there were any unusual, non-recurring items in the quarter's property operating expenses.

    Answer

    CEO Mike Mazzei stated that while he couldn't comment in detail due to the ongoing foreclosure process, the company believes a resolution for the San Jose Hotel is imminent. CFO Frank Saracino explained that the property operating expenses were not unusual and the increase was driven by a full quarter of expenses for a property foreclosed on in Q4 and the addition of another property taken over in Q1.

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    Randolph Binner's questions to BrightSpire Capital (BRSP) leadership • Q4 2024

    Question

    Randolph Binner requested more detail on the building blocks of the $1 billion origination goal, specifically regarding the pipeline's geographic and property type composition.

    Answer

    CEO Mike Mazzei explained that capital for originations will come from cash on hand and proceeds from resolving REO and under-levered assets. He stated that while the firm prefers loans in the $25-$50 million range, they might consider larger deals given better current debt yields. Mazzei noted that while they are quoting all property types except office, it is difficult to predict the exact composition of future originations due to the highly competitive market. He highlighted construction takeouts and select bridge-to-bridge loans as areas of focus.

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    Randolph Binner's questions to Franklin BSP Realty Trust (FBRT) leadership

    Randolph Binner's questions to Franklin BSP Realty Trust (FBRT) leadership • Q1 2025

    Question

    Randolph Binner from B. Riley Securities sought more detail on the commentary about a potential dividend review, asking about the specific triggers and how the cash expenditure for the NewPoint acquisition factors into the decision.

    Answer

    CFO Jerome Baglien stated that a dividend review would be considered if REO sales slow, creating a prolonged drag on earnings and book value. He clarified the cash for the NewPoint acquisition is a separate, short-term strategic matter and not the primary driver of dividend considerations. CEO Richard Byrne reiterated that the dividend is set based on long-term earnings power, not a single quarter's results.

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    Randolph Binner's questions to Franklin BSP Realty Trust (FBRT) leadership • Q4 2024

    Question

    Randolph Binner from B. Riley Securities asked for details on the quarterly change in available liquidity, specifically the 'financing available' category. He also requested a breakout of the 'other expenses' line item to quantify costs related to preparing REO properties for sale.

    Answer

    President Michael Comparato explained that the change in liquidity was due to more loan repayments occurring in CLOs that are in their amortization phase, which delays the recapture of equity. Regarding expenses, he reiterated that the elevated costs are mostly from REO properties and that these expenses and related revenues are roughly a net wash, without providing a specific breakout.

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    Randolph Binner's questions to Rithm Property Trust (RPT) leadership

    Randolph Binner's questions to Rithm Property Trust (RPT) leadership • Q1 2025

    Question

    Randolph Binner sought clarification on the potential for selling the remaining legacy asset portfolio and questioned the source of the unrealized gain/loss reported on the income statement.

    Answer

    Michael Nierenberg, Chairman, CEO, and President, stated that the ability to sell the remaining legacy portfolio is 'relatively limited,' with approximately $25 million of UPB that could potentially be sold. An unnamed executive clarified that the $4.4 million unrealized loss has an offset in OCI, resulting in a relatively flat impact on book value. Nierenberg added the activity was related to the sale of legacy assets, not a mark-to-market on the AAA CMBS portfolio.

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    Randolph Binner's questions to Rithm Capital (RITM) leadership

    Randolph Binner's questions to Rithm Capital (RITM) leadership • Q1 2025

    Question

    Asked about potential structural changes beyond a Newrez spin-off to unlock value, including a change in REIT status, and inquired about the potential impact of GSE reform.

    Answer

    The company is actively considering all structural options to address its 'frustrating' valuation, including a potential C-corp conversion, with a goal for action in 2025. GSE reform is viewed as a significant positive that would play to the company's strengths by creating more opportunities in non-guaranteed credit, though the timing of such reform is uncertain.

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    Randolph Binner's questions to Armour Residential REIT (ARR) leadership

    Randolph Binner's questions to Armour Residential REIT (ARR) leadership • Q1 2025

    Question

    Randolph Binner asked for perspective on GSE reform, including key developments to watch for, whether it could be a tailwind, and if the market has begun pricing in potential changes.

    Answer

    Scott Ulm, an executive, identified the sovereign backstop as the most critical element in GSE reform, impacting risk weights and market structure. He expressed hope for clear communication to avoid headline risk. Sergey Losyev, an executive, added that the market has not yet priced in reform due to a lack of a concrete plan. He anticipates the first steps will involve adjustments to loan-level risk fees before any long-term structural exits are considered.

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    Randolph Binner's questions to Armour Residential REIT (ARR) leadership • Q1 2025

    Question

    Randolph Binner of B. Riley Financial asked for perspective on the key indicators to watch for regarding potential GSE reform and whether the market has started pricing in these changes following recent comments from officials.

    Answer

    Executive Scott Ulm identified the sovereign backstop as the most critical element to watch in GSE reform, as it impacts risk weights and differentiates GSEs from private entities. Executive Sergey Losyev added that the market is awaiting a more concrete blueprint and that Ginnie/Fannie swaps have remained stable, suggesting the market has not yet priced in major structural changes. Losyev believes the first steps will involve adjusting risk fees rather than a full exit.

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    Randolph Binner's questions to Compass Diversified (CODI) leadership

    Randolph Binner's questions to Compass Diversified (CODI) leadership • Q4 2024

    Question

    Randolph Binner sought to clarify if Lugano's strong Q4 EBITDA margin was due to any unusual, non-recurring factors. He also asked for the locations of the three new salons and whether management was observing any regional changes in high-end consumer behavior.

    Answer

    Elias Sabo, an executive, confirmed there was nothing unusual in Lugano's Q4 margin performance, attributing it to operating leverage, a favorable revenue mix, and exceptional execution in sourcing. He cautioned that the three new salon openings in 2025 will increase costs and could temporarily dilute margin percentages. Patrick Maciariello, an executive, named Chicago as one new salon location. Elias Sabo also noted that Lugano's highly affluent customer base is well-insulated from broad economic shifts, with no significant regional changes observed.

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    Randolph Binner's questions to Eagle Point Credit Co (ECC) leadership

    Randolph Binner's questions to Eagle Point Credit Co (ECC) leadership • Q4 2024

    Question

    Randolph Binner of B. Riley Securities inquired about the elevated commission expense in the quarter and the company's methods for managing the high volume of data and liquidity in the very active CLO issuance market.

    Answer

    Executive Kenneth Onorio clarified that the primary driver for the commission expense was the ECCU notes issuance. Executive Thomas Majewski added that while costs are incurred for ATM common and perpetual preferred stock issuances, they are profit-generating activities, with the ATM issuances being NAV accretive. Majewski also described the company's proprietary data system used to analyze and track CLOs in real-time, which helps manage the significant market activity and information flow.

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