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New York Mortgage Trust, Inc. (NYMT) is an internally-managed real estate investment trust (REIT) that specializes in acquiring, investing in, financing, and managing mortgage-related residential assets. The company focuses on delivering long-term stable distributions to its stockholders by leveraging a diversified portfolio of single-family and multi-family residential investments. NYMT's operations include loan servicing, securitization activities, and property management, supported by a balanced funding structure and geographic presence in New York, Los Angeles, and Charlotte.
- Single-Family Residential Assets - Focuses on credit-sensitive investments, including bridge loans and rental loans, to generate income and capital gains.
- Multi-Family Residential Assets - Invests in multi-family properties to diversify the portfolio and provide stable returns.
- Agency RMBS (Residential Mortgage-Backed Securities) - Includes fixed-income investments backed by government-sponsored entities, offering coupon income.
- Corporate/Other Investments - Comprises other fixed-income investments and activities designed to optimize funding and returns.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jason T. Serrano ExecutiveBoard | Chief Executive Officer | None | Jason T. Serrano has extensive experience in managing, sourcing, and creating multiple forms of single-family and multi-family credit assets. He has been with NYMT since January 2019 and became CEO on January 1, 2022. | View Report → |
Kristine R. Nario-Eng Executive | Chief Financial Officer | None | Kristine R. Nario-Eng has been with NYMT since November 2012, initially as Controller. She became CFO on May 14, 2014. She is a Certified Public Accountant (inactive). | |
Nicholas Mah Executive | President | None | Nicholas Mah joined NYMT in July 2018 as a Managing Director and became President on January 1, 2023. He has a background in portfolio management and trading of mortgage securities and whole loans. | |
Audrey E. Greenberg Board | Director | Co-Founder and Chief Business Officer of The Center for Breakthrough Medicines; Co-Founder of Discovery Labs; Board Member and Audit Committee Member at NLS Pharmaceutics Ltd. | Audrey E. Greenberg has been a director since July 2021. She has extensive operating and financial experience in private equity and real estate. | |
Eugenia R. Cheng Board | Director | Managing Principal of Prospect Avenue Partners; Board Member at Generation Income Properties, Inc. | Eugenia R. Cheng has been a director since June 2022. She has extensive operational experience in real estate-related capital raising and debt strategies. | |
Lisa A. Pendergast Board | Director | Executive Director of the Commercial Real Estate Finance Council (CREFC) | Lisa A. Pendergast has been a director since March 2018. She has extensive experience in commercial and residential real estate markets. | |
Michael B. Clement Board | Director | Professor of Accounting at the University of Texas at Austin; Board and Audit Committee Member at Equitable funds | Michael B. Clement has been a director since June 2016 and serves as Chair of the Audit Committee. He has a strong background in accounting and finance. | |
Steven G. Norcutt Board | Lead Independent Director | President of Schafer Richardson, Inc. | Steven G. Norcutt has been a member of the NYMT Board since June 2004 and Lead Independent Director since June 2022. He has extensive experience in finance and real estate. | |
Steven R. Mumma Board | Chairman of the Board | Founder of Silver Moss Capital | Steven R. Mumma has been with NYMT since 2003 and has served as Chairman since March 2015. He has over 30 years of experience in the mortgage-backed securities industry. |
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With your recourse leverage ratio increasing from 2.1x to 2.6x this quarter, how do you assess the risks associated with higher leverage in the current volatile interest rate environment, and what measures are you taking to manage potential liquidity pressures?
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Given your concerns about a slowing U.S. economy and high consumer debt levels, how do you justify the substantial $1 billion increase in your investment portfolio this quarter, and could this aggressive growth expose the company to heightened credit risks?
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You've mentioned rotating capital into high-coupon, short-duration credit loans and Agency RMBS at wider spreads; with recent volatility in Agency RMBS spreads, how confident are you in this strategy, and what impact could further spread widening have on your net interest income and earnings?
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Despite disposing of some multifamily real estate assets, there's still a $19 million exposure remaining in your JV equity book; how might this residual portfolio continue to impact your book value volatility, and what is the timeline for fully winding down these investments?
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Adjusted book value per share decreased by 1.4% this quarter due to reductions in the fair value of amortized cost liabilities; can you elaborate on the factors causing these fair value reductions and how you plan to mitigate their impact on shareholder value?
Recent press releases and 8-K filings for NYMT.
- Recurring earnings and dividend support: The company reported increased recurring earnings, with a new non-GAAP measure (EAD) rising from $0.16 to $0.20 per share, supporting a consistent dividend of $0.20 per share.
- Robust investment activity and liquidity: NYMT deployed $1.8 billion in investments this quarter, including locking in a $83 million senior note issuance, and ended the quarter with $407 million in excess liquidity – a nearly 20% increase quarter-over-quarter.
- Strategic portfolio repositioning amid market volatility: The firm emphasized its focus on Agency RMBS and Residential Credit to optimize returns and manage risk, with an adaptive capital allocation strategy in response to widening spreads and volatile market conditions.