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    Steve Delaney • Citizens JMP Securities, LLC

    Steve Delaney's questions to MFA Financial Inc (MFA) leadership

    Steve Delaney's questions to MFA Financial Inc (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 Inc (FBRT) leadership

    Steve Delaney's questions to Franklin BSP Realty Trust Inc (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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