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Trevor John Cranston

Director and Senior Equity Research Analyst at Citizens Financial Group Inc/ri

Trevor John Cranston is a Director and Senior Equity Research Analyst at Citizens JMP Securities LLC, specializing in mortgage finance and residential mortgage REITs. He actively covers leading companies such as Annaly Capital Management and Invesco Mortgage Capital, and his research recommendations have resulted in a success rate of approximately 48-52% with an average return per transaction ranging from -0.8% to 2.7%, including standout calls like a 225.8% return on PennyMac Financial Services. Cranston began his financial services career in the mid-2000s and has been with JMP Securities (now Citizens JMP) for several years, building a track record as a mortgage REIT specialist. He is a registered broker with FINRA (CRD# 5014580) and holds the necessary securities industry licenses.

Trevor John Cranston's questions to ANNALY CAPITAL MANAGEMENT (NLY) leadership

Question · Q3 2025

Trevor John Cranston asked about the refi responsiveness within the non-agency OBX securitization portfolio as mortgage rates have declined, and the return sensitivity on subordinate positions to faster prepayment speeds.

Answer

Mike Fania, Co-Chief Investment Officer and Head of Residential Credit, noted that 2023 vintage OBX deals are paying slower than anticipated, partly due to prepayment penalties on investor loans. He added that the actual return profile on retained transactions has been higher because speeds have been slower than forecasted assumptions.

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