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    Steve Delaney

    Managing Director and Senior Equity Analyst at Citizens JMP Securities, LLC

    Steve Delaney is a Managing Director and Senior Equity Analyst at Citizens JMP Securities, LLC, specializing in financial sector research with a focus on mortgage REITs and credit-focused real estate companies. He covers notable firms such as ACRES Commercial Realty, MFA Financial, Velocity Financial, and Arbor Realty Trust, and holds a 4-star analyst rating with a 7.3% average return and a success rate above 52%; his calls have included top-performing recommendations such as a +364.60% return for TPG RE Finance Trust. Delaney began his analyst career in 2010, has contributed to over 490 stock ratings, and is recognized as a leading research voice on residential and commercial mortgage finance. He is a FINRA-registered professional with multiple securities licenses and is frequently ranked on benchmark platforms for his performance and investor impact.

    Steve Delaney's questions to MFA FINANCIAL (MFA) leadership

    Steve Delaney's questions to MFA FINANCIAL (MFA) leadership • Q2 2025

    Question

    Steve Delaney of Citizens JMP Securities, LLC asked for details on the 15 new loan officers hired at Lima One, including their geographic focus, product specialty, and the resulting total number of producers.

    Answer

    President & CIO Bryan Wulfsohn responded that the new hires are high-quality additions from competitors, with a focus on expanding in the West and Midwest. He noted that it takes a few months for new hires to ramp up but expects aggressive growth in the second half of the year. The team is now approaching 50 producers with a goal of growing to 80.

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    Steve Delaney's questions to Franklin BSP Realty Trust (FBRT) leadership

    Steve Delaney's questions to Franklin BSP Realty Trust (FBRT) leadership • Q2 2025

    Question

    Steve Delaney of Citizens JMP Securities, LLC asked for confirmation that the recent 'deluge of liquidity' was primarily in the bridge lending business and inquired about the quality of current originations compared to the 2021-2022 vintages.

    Answer

    Michael Comparato, President, clarified that the surge in liquidity is widespread across all credit sectors, especially in securitized products like CRE CLOs. He elaborated that current originations are of significantly higher quality, focusing on newer vintage assets needing a 'bridge of time' rather than heavy transitional business plans. He also stated that current credit metrics like debt yield and LTV are markedly better than those from three to five years ago.

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    Steve Delaney's questions to Franklin BSP Realty Trust (FBRT) leadership • Q2 2025

    Question

    Steve Delaney from Citizens JMP Securities, LLC sought color on the source of the "deluge of liquidity" in the credit markets and asked for a comparison of the credit quality of today's loan originations versus the 2021-2022 vintage.

    Answer

    Michael Comparato, President, attributed the liquidity to investors feeling the market is near a bottom. He contrasted current originations with the 2021-2022 vintage, noting today's loans are for higher-quality, newer multifamily assets requiring a "bridge of time" for lease-up rather than heavy transitional business plans. He stated that both asset quality and credit metrics like debt yield and LTV are markedly better now.

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