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    New York Mortgage Trust Inc (NYMT)

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    Business Description

    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.

    1. Single-Family Residential Assets - Focuses on credit-sensitive investments, including bridge loans and rental loans, to generate income and capital gains.
    2. Multi-Family Residential Assets - Invests in multi-family properties to diversify the portfolio and provide stable returns.
    3. Agency RMBS (Residential Mortgage-Backed Securities) - Includes fixed-income investments backed by government-sponsored entities, offering coupon income.
    4. Corporate/Other Investments - Comprises other fixed-income investments and activities designed to optimize funding and returns.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Jason T. SerranoChief Executive OfficerJanuary 1, 2022Jason T. Serrano has served as the Chief Executive Officer of NYMT since January 1, 2022. He joined the company as President in January 2019 and held that role until December 31, 2022. He has been a member of the Board of Directors since March 2019. Before joining NYMT, he was a Partner at Oak Hill Advisors, L.P., and held senior roles at The Blackstone Group, Fortress Investment Group, and Moody's. He holds a Bachelor of Science degree from Oswego State University.
    Nicholas MahPresidentJanuary 1, 2023Nicholas Mah has served as President of NYMT since January 1, 2023. Prior to this role, he was a Managing Director at NYMT from July 2018, overseeing portfolio management and trading of mortgage securities and whole loans. Before joining NYMT, he was a Portfolio Manager and Managing Director at Oak Hill Advisors, L.P., and worked at The Blackstone Group and Fortress Investment Group. He holds a Bachelor of Science degree from Carnegie Mellon University.
    Kristine R. Nario-EngChief Financial Officer and SecretaryMay 14, 2014Kristine R. Nario-Eng is the Chief Financial Officer and Secretary of NYMT. She was appointed as the Chief Financial Officer effective May 14, 2014. Before this role, she served as the Company's Controller since joining in November 2012. Prior to joining NYMT, she was an Assistant Vice President at Deutsche Bank AG and gained experience at Grant Thornton LLP. She is a Certified Public Accountant (inactive) and graduated Cum Laude from the University of Santo Thomas in Manila, Philippines.

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1 (Common Stock)Program 2 (Preferred Stock)
    Approval DateFebruary 2022 (initial), March 2023 (upsize) March 2023
    End Date/DurationMarch 31, 2025 March 31, 2025
    Total Additional ($M)$246.0 $100.0
    Remaining ($M)$189.7 $97.6
    DetailsShares repurchased are cancelled and deemed authorized but unissued. Shares repurchased are cancelled and deemed authorized but unissued.