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Timothy D'Agostino

Timothy D'Agostino

Research Analyst at B. Riley Financial, Inc.

New York, NY, US

Timothy D'Agostino is an Equity Research Associate at B. Riley Securities, specializing in real estate and mortgage finance sector coverage. He actively covers companies such as RPT Realty, Cherry Hill Mortgage, and New York Mortgage Trust, contributing to earnings calls and analytical research. D'Agostino began his equity research career with B. Riley and has gained experience through direct engagement with management teams and institutional clients since at least 2023. He holds FINRA registration and maintains securities licenses required for research analysts, reflecting established industry credentials.

Timothy D'Agostino's questions to Armour Residential REIT (ARR) leadership

Question · Q3 2025

Timothy D'Agostino asked about the factors needed for the economic net interest margin to continue widening or pick up pace through year-end and into 2026.

Answer

CFO Gordon Harper stated that the trend depends on the portfolio's construction and the pace of Fed rate cuts impacting financing costs. Co-Chief Investment Officer Desmond Macauley added that forward ROEs of 16%-18% on production coupons are considered, with the 18% dividend yield serving as a hurdle rate, indicating a constructive medium-term outlook for assets to exceed this rate with further tightening.

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Question · Q3 2025

Timothy D'Agostino from B. Riley Securities asked about the factors needed for the economic net interest margin, which widened by one basis point quarter-over-quarter, to continue or accelerate its trend through year-end and mid-2026.

Answer

CFO Gordon Harper stated that the trend depends on the portfolio and the pace of Fed rate cuts, which impact financing costs, emphasizing that the company does not typically provide forward-looking earnings statements. Co-Chief Investment Officer Desmond Macauley added that they focus on forward ROEs, with production coupons yielding 16% to 18%, aligning with their 18% hurdle rate (dividend yield plus operational expenses).

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Timothy D'Agostino's questions to Cherry Hill Mortgage Investment (CHMI) leadership

Question · Q2 2025

Timothy D'Agostino, on behalf of Randy Binner, inquired about the drivers behind lower-than-expected servicing costs and the company's outlook on financial leverage for the remainder of 2025.

Answer

An executive attributed lower servicing costs to the resolution of deboarding fees related to the Mr. Cooper acquisition and a declining loan count. Chief Investment Officer Julian Evans added that leverage is expected to 'creep up' through the end of the year, as a potentially more accommodative Fed policy would make spread assets more attractive.

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Timothy D'Agostino's questions to ONITY GROUP (ONIT) leadership

Question · Q2 2025

Timothy D'Agostino, on behalf of Randy Binner from B. Riley Securities, inquired about the company's perspective on M&A activity within the mortgage servicing sector, especially in contrast to recent origination-focused transactions in the industry.

Answer

CEO, President & Chair Glen Messina responded that M&A in the servicing sector is a trade-off against acquiring assets in the bulk market. He suggested that as long as the bulk MSR market remains robust, it will be the preferred channel for growth. However, if that supply diminishes while demand for servicing assets remains high, M&A activity on the servicing side could increase.

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Timothy D'Agostino's questions to Rithm Property Trust (RPT) leadership

Question · Q2 2025

Tim D'Agostino, on behalf of Randy Binner, asked about the anticipated quarterly pace of capital deployment and the specific asset classes being targeted for investment.

Answer

Michael Nierenberg, Chairman, President & CEO, stated that the target assets remain retail, multifamily, office, and industrial properties, along with SRT deals. He noted the company has approximately $100 million in liquidity and projects deploying about $50 million in the third quarter. For future capital needs, he indicated a preference for tapping the preferred stock market to avoid diluting common shareholders.

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Timothy D'Agostino's questions to NYMT leadership

Question · Q1 2025

Timothy D'Agostino of B. Riley Securities, on behalf of Randy Binner, asked for management's perspective on the potential impact of Government-Sponsored Enterprise (GSE) reform on NYMT's business and the broader mortgage market.

Answer

CEO Jason Serrano explained that NYMT's credit investments are primarily outside the GSE landscape. He stated that while significant GSE reform could increase mortgage rates, he does not see it as a near- or medium-term risk, noting the transition would likely take years and is not expected under the current or a potential new administration.

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