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Panel Discussions | JMP Securities: Financial Services Conference

Panel Discussions

The St. Regis New York
2 East 55th Street, New York, NY 10022

(as of November)

InsurTech: Revolutionizing the $100 Billion Homeowners’ Market

9:00 AM, Fontainebleau

Moderator:
Matt Carletti, Senior Analyst, Insurance

Panelists:
Sean Harper, Co-Founder & Chief Executive Officer, Kin Insurance (Private)
Tim Bixby, Chief Financial Officer, Lemonade (Private)
Paresh Patel, Chief Executive Officer, TypTap (an HCI Group, Inc. subsidiary)

Description:
This panel will host three leading companies in the InsurTech landscape, all of which are focused on modernizing the $100-billion renters’/homeowners’ insurance market. Excelling at direct-to-consumer marketing through digital and social media channels, and with an operating expense advantage versus legacy peers, these companies are growing quickly, and their longstanding legacy peers have taken notice.

Late-Cycle Strategies in the Large CRE Loan Market

9:00 AM, Versailles

Moderator:
Steve DeLaney, Director of Specialty Finance Research

Panelists:
Sang Yu, Head of U.S. Originations, Apollo Commercial Real Estate Finance, Inc. (ARI)
Patrick Mattson, Chief Operating Officer, KKR Real Estate Finance Trust Inc. (KREF)
Adam Siper, MD and Co-Head of Origination, Ladder Capital Corp (LADR)
Dennis Schuh, Chief Originations Officer, Starwood Property Trust, Inc. (STWD)
Peter Smith, Vice President and Head of Originations, TPG RE Finance Trust, Inc. (TRTX)

Description:
As we end the 10th year of the current economic and real estate recovery, we ask five highly experienced New York-based CRE lending executives to discuss current conditions in the senior floating-rate loan market, with a specific focus on loans in the $75M to $250M+ loan size. Has the length and strength of the current real estate cycle lead you to consider modifications to normal loan terms and underwriting standards? Are there Top 10 to 15 U.S. markets that you would choose to avoid or particularly like at this time, and similarly are there certain property types that you now favor or view with caution?

Outlook for the Wealth Management Market in the U.S. and the Emerging Frontier in China

9:45 AM, Fontainebleau

Moderator:
Devin Ryan, Senior Analyst, Investment Banks & Brokers and Alternative Asset Managers

Panelists:
Chao Zhu, Chief Executive Officer, Asset Pro Group Holdings Ltd. (Private)
Ron Kruszewski, Chief Executive Officer, Stifel Financial Corp. (SF)

Description:
Forthcoming

Non-Traditional Strategies for Adding Value as a Hybrid REIT

9:45 AM, Versailles

Moderator:
Trevor Cranston, Senior Analyst, Mortgage Finance

Panelists:
TJ Durkin, Chief Investment Officer, AG Mortgage Investment Trust, Inc. (MITT)
Mark Tecotzky, Co-Chief Investment Officer, Ellington Financial Inc. (EFC)
John Anzalone, Chief Executive Officer, Invesco Mortgage Capital Inc. (IVR)
William Greenberg, Co-Deputy Chief Investment Officer, Two Harbors Investment Corp (TWO)

Description:
The hybrid REIT group of companies has become increasingly diverse over time, as legacy distressed credit opportunities have become scarcer and companies seek new opportunities to create value. Many companies have expanded into asset classes which have historically not been cornerstones of mortgage REIT portfolios, such as MSRs, residential and commercial whole loans, agency CMBS, agency credit risk transfer (CRT) securities, and more. In this panel we will discuss some of these opportunities, why they are attractive, how they fit into an overall portfolio, financing markets, and where companies believe they can create a competitive advantage versus peers.

Middle Market Activity from an Advisory and Lending Perspective

10:30 AM, Fontainebleau

Moderator:
Devin Ryan, Senior Analyst, Investment Banks & Brokers and Alternative Asset Managers

Panelists:
Kevin Salmini, Co-Head of Private Equity Coverage, Houlihan Lokey, Inc. (HLI)
Catherine Madigan, Managing Director, KKR & Co. Inc. (KKR)
Chad Abraham, Chief Executive Officer, Piper Jaffray Companies (PJC)

Description:
We will explore the Middle Markets with executives at two leading M&A advisory firms along with a leading Middle Markets investor from a global financial sponsor. Given the importance of this market to the economy and its differences with the large cap M&A market, we will dive into the current drivers of activity (and the evolution of the industry), what sectors are more attractive (and less attractive) today, and discuss the outlook for business over the intermediate-term, including risks to the market.

Making Hay in the CRE Middle Market

10:30 AM, Versailles

Moderator:
Steve DeLaney, Director of Specialty Finance Research

Panelists:
Mark Fogel, Chief Executive Officer, ACRES Capital (Private)
Tae-Sik Yoon, Chief Financial Officer, Ares Commercial Real Estate Corporation (ACRE)
Robert Lieber, Chief Executive Officer, Exantas Capital Corp. (XAN)
Jack Taylor, Chief Executive Officer, Granite Point Mortgage Trust Inc. (GPMT)

Description:
One of the first decisions a commercial MREIT must make is to target the specific geographic markets and related individual loan sizes it desires for its held for investment loan portfolio. We define the “middle market” to generally consist of loans in the $25 million to $75 million size range with a broader geographic dispersion beyond just the Top 10 U.S. MSAs where the large loan market segment is concentrated. Is loan pricing less competitive/more attractive in the middle market? Do CLO investors and rating agencies view smaller loan sizes and greater diversification favorably? Are median-sized MSAs less over-bought and/or over-built and possibly more defensive in a downturn?

Examining Late-Cycle Similarities and Differences among Direct Lenders

11:15 AM, Fontainebleau

Moderator:
Chris York, Senior Analyst, Commercial & Specialty Finance

Panelists:
Tanner Powell, President & Chief Investment Officer, Apollo Investment Corporation (AINV)
Raj Vig, President & Chief Operating Officer, BlackRock TCP Capital Corp. (TCPC)
Ted Koenig, Managing Director, Monroe Capital Corporation (MRCC)

Description:
In ‘Examining Late-Cycle Similarities and Differences among Direct Lenders’, investors will hear from executives from Apollo Investment (AINV, MP), BlackRock Tennenbaum Capital Partners (TCPC, Market Outperform, $15.50PT), and Monroe Capital Corporation (MRCC, MP) that each represent a large direct lending, externally-managed investment platform with various product offerings besides traditional middle market cash flow lending (e.g. life sciences lending, asset based lending, middle market tech lending, equipment finance, etc.). We will begin exploring how co-investment exemption has created scale and diversification benefits for BDCs then gradually shift the discussion to the evolving commercial credit investment landscape among both direct lenders and banks.

Non-QM Loans and Other Non-Agency Lending Opportunities

11:15 AM, Versailles

Moderator:
Trevor Cranston, Senior Analyst, Mortgage Finance

Panelists:
Craig Knutson, Chief Executive Officer, MFA Financial, Inc. (MFA)
Chris Abate, Chief Executive Officer, Redwood Trust, Inc. (RWT)
Harris Trifon, Chief Investment Officer, Western Asset Mortgage Capital Corporation (WMC)

Description:
While non-agency mortgage lending has historically been an important part of the mortgage origination and investment landscape, it has been slow to return and gain scale since the financial crisis, as large banks and the GSEs continue to operate with conservative lending standards. However, activity has increased significantly over the last two years with significant growth in Non-QM originations, securitizations, and capital seeking attractive investment opportunities. We will discuss the origination landscape, available loan products and underwriting standards, the growth outlook, investment economics, and the potential impact of GSE reform.

Restructuring: Is the Next Cycle Upon Us?

12:00 PM, Fontainebleau

Moderator:
Devin Ryan, Senior Analyst, Investment Banks & Brokers and Alternative Asset Managers

Panelists:
Daniel Aronson, Senior Managing Director, Restructuring Advisory, Evercore Inc. (EVR)
Steve Zelin, Partner and Head of US Restructuring, PJT Partners Inc. (PJT)

Description:
With global tensions escalating and corporate debt outstanding at record levels, restructuring departments are preparing for the eventuality of the next “cycle.” We will explore themes and trends within the restructuring market today with two industry leading bankers, providing an overview of the current market backdrop, discussing how the restructuring landscape has evolved from the prior cycle, and how firms are preparing and thinking about the next cycle. The conversation should also display the strength of these platforms at each respective firm.

Multifamily Lending with the GSEs and Beyond….

12:00 PM, Versailles

Moderator:
Steve DeLaney, Director of Specialty Finance Research

Panelists:
Ivan Kaufman, Chief Executive Officer, Arbor Realty Trust, Inc. (ABR)
M. Walker, Chairman & Chief Executive Officer, Walker & Dunlop, Inc. (WD)

Description:
Multifamily properties represent the largest single component in terms of total mortgage debt outstanding among all commercial property types. With a continuing need for more affordable housing in the U.S., we see nothing on the horizon that should slow the demand for apartment financing. While recently increased and simplified GSE lending caps through 2020 remove near-term uncertainty regarding the significant role of Fannie Mae and Freddie Mac, longer-term uncertainty will remain as GSE reform unfolds. Major national multifamily lenders also strive to serve all of their developer/owner clients’ financial needs including bridge loans and non-agency CMBS loans. The two leading public company CEOs in the multifamily financing sector join us to discuss this crucial CRE financing segment.

How Will Industry-Leading BDCs Behave and Perform in the Next Cycle?

12:45 PM, Fontainebleau

Moderator:
Chris York, Senior Analyst, Commercial & Specialty Finance

Panelists:
Kipp deVeer, Chief Executive Officer, Ares Capital Corporation (ARCC)
Craig Packer, Co-Founder & Chief Executive Officer, Owl Rock Capital Corporation (ORCC)
Joshua Easterly, Chief Executive Officer, TPG Specialty Lending, Inc. (TSLX)

Description:
In ‘How Will Industry-leading BDCs Behave and Perform in the Next Cycle?’, investors will hear from CEOs of some of the biggest and best direct lending managers of three publicly-traded BDCs in Ares Capital Corporation (ARCC, Market Outperform, $20PT), TPG Specialty Lending (TSLX, Market Outperform, $22PT), and Owl Rock Capital Corp (ORCC, NC). In the tenth year of the current US economic cycle, many conditions (e.g. benign credit conditions, extremely competitive conditions for new originations, borrower friendly terms, etc.) seem to be the same for many direct lenders at this year’s conference but there are conditions and portfolios that seem to be evolving rapidly for direct lenders more quietly that may lead to a wide range of BDC stock performance in the next downturn and subsequent BDC asset growth in an economic recovery.

The Agency MBS and Repo Markets: Managing Through Volatility and Uncertainty

12:45 PM, Versailles

Moderator:
Trevor Cranston, Senior Analyst, Mortgage Finance

Panelists:
Peter Federico, Chief Operating Officer, AGNC Investment Corp. (AGNC)
Mark Gruber, Chief Investment Officer, ARMOUR Residential REIT, Inc. (ARR)
Byron Boston, President & Chief Executive Officer, Dynex Capital, Inc. (DX)

Description:
Fed easing cycles have historically been viewed as a favorable time to own agency mortgage REITs. Repo funding markets have also made headlines recently, following unexpectedly large spikes in financing rates, necessitating Federal Reserve intervention. We will discuss the outlook for agency MBS investment strategies in an historically low global interest rate environment, the impact of Fed policy, the current state of funding markets, and the potential impact of GSE reform.

How Big Data and Technology Evolution Are Impacting Wall Street?

1:30 PM, Fontainebleau

Moderator:
Devin Ryan, Senior Analyst, Investment Banks & Brokers and Alternative Asset Managers

Panelists:
Sherry Marcus, Co-Head of Data Science Core, BlackRock, Inc. (BLK)
Lena Mass-Cresnik, Chief Data Officer, Moelis & Company (MC)

Description:
Technology and big data capabilities have become essential across virtually all sectors for firms to succeed and thrive, including within Financial Services. We will be having a discussion with two data scientists from a leading investment bank and the largest global asset manager that will touch on the increasing importance of technology and leveraging big data, how Financial Services firms are evolving their businesses to adapt to the changing landscape, and the future of data science in the industry.

Expanding the Box Around Residential BPLs

1:30 PM, Versailles

Moderator:
Steve DeLaney, Director of Specialty Finance Research

Panelists:
Gudmundur Kristjansson, Co-Chief Investment Officer, MFA Financial, Inc. (MFA)
Dash Robinson, President, Redwood Trust, Inc. (RWT)

Description:
Recent demographic trends have led to an increased demand for affordable single-family homes for rent as household formation has exceeded the net supply of lower cost homes for sale. The fragmentation of permanent financing for investor-owned rental homes was reinforced by the FHFA’s decision in August 2018 to terminate the GSE’s single-family rental lending pilot programs. Recently, equity investors have had the opportunity to learn more about this specialized and high-yield financing market through Redwood Trust’s acquisition of 5 Arches in January 2019. Business purpose loans (BPLs) include permanent investor loans on single-family rental (SFR) homes, transitional or “fix and flip” (FNF) loans on residential properties, and even ground up construction loans on both for sale and for rent homes. Property ownership in this lending market is highly fragmented as over 90% of the estimated 11.1 million rental homes (aggregate value $3.7 trillion) in the U.S. are held by owners who own between one and ten rental properties.