1e5db729cda01832a077deaf9c3c3d1c2826dc2e8883ef8b8f9cc6e40d68a31a

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

2c993147ae06d6e1d2b8106559936d5c1e198efaa5c4dc7883bc1539d26b46b9

ab493a9916b7c6e0172860a1816799b1a86c6364d8ac54203fb90929f682ca4b

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.  **[0001273685-24-000033_nymt-20231231.htm:120]** **[0001273685-24-000061_secondquarter2024supplem.htm:5]** **[0001273685-24-000079_thirdquarter2024suppleme.htm:5]** **[0001273685-24-000033_nymt-20231231.htm:198]** 

1. **Single-Family Residential Assets** - Focuses on credit-sensitive investments, including bridge loans and rental loans, to generate income and capital gains.  **[0001273685-24-000033_nymt-20231231.htm:120]** **[0001273685-24-000061_secondquarter2024supplem.htm:5]** **[0001273685-24-000079_thirdquarter2024suppleme.htm:5]** 
2. **Multi-Family Residential Assets** - Invests in multi-family properties to diversify the portfolio and provide stable returns.  **[0001273685-24-000033_nymt-20231231.htm:120]** **[0001273685-24-000061_secondquarter2024supplem.htm:5]** **[0001273685-24-000079_thirdquarter2024suppleme.htm:5]** 
3. **Agency RMBS (Residential Mortgage-Backed Securities)** - Includes fixed-income investments backed by government-sponsored entities, offering coupon income.  **[0001273685-24-000061_secondquarter2024supplem.htm:5]** **[0001273685-24-000079_thirdquarter2024suppleme.htm:5]** 
4. **Corporate/Other Investments** - Comprises other fixed-income investments and activities designed to optimize funding and returns.  **[0001273685-24-000033_nymt-20231231.htm:120]** **[0001273685-24-000061_secondquarter2024supplem.htm:5]** **[0001273685-24-000079_thirdquarter2024suppleme.htm:5]**

26d0f6cf201182b0134e04236d54ffbd80ca7eed0b96b651de6ecc63a52c6574

| Program Details          | Program 1 (Common Stock)                     | Program 2 (Preferred Stock)                  |
|--------------------------|-----------------------------------------------|----------------------------------------------|
| **Approval Date**        | February 2022 (initial), March 2023 (upsize)  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:72]**  | March 2023  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:69]**                          |
| **End Date/Duration**    | March 31, 2025  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:72]**                      | March 31, 2025  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:69]**                      |
| **Total Additional ($M)**| $246.0  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:72]**                              | $100.0  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:69]**                              |
| **Remaining ($M)**       | $189.7  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:72]**                              | $97.6  **[0001273685-24-000081_nymt-20240930.htm:155]** **[0001273685-24-000081_nymt-20240930.htm:139]** **[0001273685-24-000081_nymt-20240930.htm:69]**                               |
| **Details**              | Shares repurchased are cancelled and deemed authorized but unissued.  **[0001273685-23-000103_nymt-20230930.htm:143]** **[0001273685-24-000063_nymt-20240630.htm:145]** **[0001273685-24-000053_nymt-20240331.htm:129]**  | Shares repurchased are cancelled and deemed authorized but unissued.  **[0001273685-23-000103_nymt-20230930.htm:143]** **[0001273685-24-000063_nymt-20240630.htm:145]** **[0001273685-24-000053_nymt-20240331.htm:129]**  |

7615bcf05f669cff412f111d9eac8f9f4d0d36266fe615a255d1cd01ee1fa9e1

Interest Income

- Single-Family

- Multi-Family

- Corporate/Other

Real Estate Income

- Real Estate Expenses

- Net Real Estate Loss

Other Income

- Unrealized Gains/Losses

- Derivative Gains

- Other

Total Revenue

20d8126b48215ab7ca9753e3b8e44792c76e1efe97ebbca370e727801146577c

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name                  | Position                               | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------------|----------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Jason T. Serrano      | Chief Executive Officer                | January 1, 2022  | Jason 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.  **[0001273685-24-000047_nymt-20240426.htm:19]** **[0001273685-23-000066_nymt-20230427.htm:19]**  |
| Nicholas Mah          | President                              | January 1, 2023  | Nicholas 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.  **[0001273685-24-000047_nymt-20240426.htm:41]** **[0001273685-22-000111_nymt-20221212.htm:1]** **[0001273685-22-000111_exhibit101-nymtxemployment.htm:0]**  |
| Kristine R. Nario-Eng | Chief Financial Officer and Secretary  | May 14, 2014     | Kristine 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.  **[0001273685-24-000047_nymt-20240426.htm:41]**  |

51138bb7594df6f6c6215dae397237729a57d17c1d06c666b22b1fb858d51339

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?

08b56001158815f2130d07831bb77c8ad078fb7914170fcdebe4d1c39bee8b8b

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q3 2024
- **Guidance**:
  1. **Dividend Sustainability**: Commitment to maintaining a dividend of **$0.20 per common share**.  **[NYMT_3405191_4]** 
  2. **Portfolio Growth**: Investment portfolio increased by **$1 billion** during Q3 2024 and **$1.8 billion year-to-date**, ending at **$6.9 billion**.  **[NYMT_3405191_3]** 
  3. **Multifamily Asset Dispositions**: Expected earnings improvement by **$1 million to $1.5 million per quarter**.  **[NYMT_3405191_3]** 
  4. **Leverage and Financing**: Recourse leverage ratio increased to **2.6x**.  **[NYMT_3405191_4]** **[NYMT_3405191_1]** 
  5. **Earnings Growth**: Highlighted a **39% year-to-date increase in adjusted interest income**.  **[NYMT_3405191_1]** 
  6. **Book Value**: Adjusted book value per share ended Q3 2024 at **$10.87**.  **[NYMT_3405191_3]** 
  7. **Return on Equity (ROE)**: Expected gross ROEs of **20%+** for BPL Bridge Loans.  **[NYMT_3405191_8]** 

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q2 2024
- **Guidance**:
  1. **Dividend Sustainability**: Progress towards covering the dividend of **$0.20 per share**.  **[NYMT_3396085_4]** **[NYMT_3396085_9]** 
  2. **Portfolio Recourse Leverage**: Not expected to exceed **1x**.  **[NYMT_3396085_4]** 
  3. **Adjusted Book Value**: Estimated increase by **2% to 3% quarter-to-date**.  **[NYMT_3396085_9]** 
  4. **Earnings Improvement**: Expected improvement by **$2 million to $2.5 million per quarter**.  **[NYMT_3396085_3]** 
  5. **Agency RMBS Strategy**: Increase exposure to Agency RMBS.  **[NYMT_3396085_5]** 
  6. **Multifamily Mezzanine Loans**: Joint venture targeting up to **$300 million**.  **[NYMT_3396085_1]** **[NYMT_3396085_2]** 
  7. **Interest Rate Sensitivity**: Positioning for potential Federal Reserve rate cuts.  **[NYMT_3396085_10]** 
  8. **Prepayment Activity**: Slight increase expected for legacy RPLs.  **[NYMT_3396085_11]** 
  9. **Liquidity and Asset Selection**: Maintain high liquidity for selective capital deployment.  **[NYMT_3396085_7]** 

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Undepreciated Earnings Per Share**: Expected to remain below the current dividend.  **[NYMT_3382508_4]** 
  2. **Dividend Policy**: Commitment to maintaining an attractive yield.  **[NYMT_3382508_4]** 
  3. **Leverage**: Expected to increase with Agency RMBS expansion.  **[NYMT_3382508_4]** 
  4. **Portfolio Transition**: Reducing exposure to multifamily JV equity investments.  **[NYMT_3382508_1]** 
  5. **Expense Management**: Implementing measures to reduce expenses.  **[NYMT_3382508_7]** 
  6. **Securitization Strategy**: Increase use of securitizations.  **[NYMT_3382508_6]** **[NYMT_3382508_9]** 
  7. **Asset Acquisitions**: Growth in BPL-Bridge and BPL-Rental loans.  **[NYMT_3382508_5]** 
  8. **Market Outlook**: Anticipating slow to moderate economic growth.  **[NYMT_3382508_1]** 

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: 2024
- **Guidance**:
  1. **Portfolio Strategy**: Growth in Agency RMBS and BPL bridge portfolio.  **[NYMT_3375005_6]** 
  2. **Leverage and Capital Deployment**: Increased warehouse lending capacity to $2.2 billion.  **[NYMT_3375005_1]** 
  3. **Market Outlook**: Seeking market dislocation for attractive entry points.  **[NYMT_3375005_14]** 
  4. **Dividend Policy**: Ongoing evaluation to maintain attractive yield.  **[NYMT_3375005_5]** 
  5. **Multifamily JV Equity**: No future equity funding for new positions.  **[NYMT_3375005_8]** 

This list exhaustively covers the guidance provided in each of the last four earnings calls.

ca50e12a664c8aa997fd226a1af59f804a2fb16394ed53065038b4991d9d1912

- **Declining Adjusted Book Value:** NYMT's adjusted book value per share has decreased by 3% quarter-to-date as of February 20, indicating ongoing pressure on book value due to rate movements adjusting yields higher on residential credit assets.  **[NYMT_3375005_18]** ,  **[NYMT_3375005_17]**
- **Challenges in Exiting Multifamily JV Equity Investments:** The company has been unable to sell its remaining multifamily joint venture equity investments, with no bids received on the marketed properties. This suggests difficulty in exiting these assets and the potential for further write-downs.  **[NYMT_3375005_11]**
- **Slow Deployment into Higher-Return Assets:** Despite significant available liquidity, NYMT is experiencing slower deployment of capital into higher-return BPL bridge loans due to a tighter credit box and longer procurement times. This may limit near-term earnings growth.  **[NYMT_3375005_13]** ,  **[NYMT_3375005_9]**

5591a3729d23d17b5bcd12e934c8a8c8fd91aef1ea9ee132cb6b7f1c6cc06710

- **NYMT has incurred impairments and unrealized losses in its multifamily JV equity investments due to lower valuations, higher cap rates, and depressed rents, leading to challenges in disposing of these assets.**  **[NYMT_3382508_11]**
- **The company expects undepreciated earnings per share to remain below the current dividend, suggesting the dividend may not be fully covered by earnings and could be unsustainable.**  **[NYMT_3382508_8]**
- **Efforts to reduce expenses may not yield significant savings in the near term, potentially impacting return on equity and overall profitability.**  **[NYMT_3382508_7]**

be715053d5be1d4fdfb8095ae8fa7e074f7c91dddbd7cf488e85143d4ce6a086

- NYMT expects **mid-teens returns** on their overall portfolio, indicating strong potential earnings growth.  **[NYMT_3375005_14]**
- The company has significant **liquidity of $431 million** in "dry powder" as of Q4, allowing them to capitalize on future investment opportunities, particularly in the credit space.  **[NYMT_3375005_14]**
- NYMT anticipates **attractive opportunities** arising from **$2.8 trillion of commercial real estate (CRE) debt maturing over the next four years**, positioning them to capitalize on potential market dislocations and enhance returns.  **[NYMT_3375005_14]**

79843b22b60484294f99314d0a0c0c1f01a576046790bb26d89b967a12af6750

- **Strong Expected Returns in BPL Bridge Strategy:** NYMT anticipates **gross ROEs exceeding 20%** on a levered basis in its BPL Bridge segment, driven by robust execution and recent securitizations.  **[NYMT_3405191_8]**
- **Increased Activity in Agency RMBS with Attractive ROEs:** With wider spreads in the agency market, NYMT plans to be **more active** in the agency space, targeting **mid-teens ROEs**, which could enhance profitability.  **[NYMT_3405191_9]** **[NYMT_3405191_8]**
- **Stabilization of Book Value Due to Reduction in JV Equity Exposure:** The company has significantly reduced its JV equity book to **$19 million**, alleviating previous book value volatility and leading to a **more stable book value** going forward.  **[NYMT_3405191_7]**

009b68c5f9a255078e364009ffc3a5669bea42288a86c8c139d3cae9982c2557

- **NYMT** is positioning its portfolio to capitalize on potential Federal Reserve rate cuts, which they believe will positively impact fixed income assets, by growing their book and selecting appropriate assets.  **[NYMT_3396085_10]**
- They are targeting higher-carry assets, such as **6% coupon** Agency RMBS, to increase income and expect spreads to tighten in the longer term, which would enhance returns.  **[NYMT_3396085_8]**
- NYMT is actively rotating out of lower-yielding, higher-cost assets into assets that generate recurring income, optimizing expenses, and focusing on sustaining their dividend; they estimate adjusted book value to be up between **2% to 3%** quarter-to-date.  **[NYMT_3396085_9]**

9030a0a2b47a472f4ebb24031174c27a4ccf046f31051ce04528162e6da4bfcb

- **NYMT is actively transitioning assets into securitizations to reduce financing costs, achieving savings of 25 to 50 basis points compared to repo financing, and benefiting from longer-term financing due to the inverted yield curve**.  **[NYMT_3382508_9]**
- **The company has increased adjusted interest income by 50% compared to last quarter of 2023, aiming to generate mid-teens returns through high portfolio turnover and opportunistic asset disposal**.  **[NYMT_3382508_8]**
- **NYMT is implementing cost-saving measures expected to reduce expenses over the course of the year, which should improve return on equity**.  **[NYMT_3382508_7]**

7ca310b57b3f2b129e83df9c293e0be9f126aadfb6041b2c678184295713b296

- The company's **adjusted book value per share decreased by 1%-2%** as of late October 2024, indicating challenges in maintaining shareholder value.  **[NYMT_3405191_7]**
- **Increased rate volatility has negatively impacted commercial real estate and multifamily deal activity**, potentially hindering the company's ability to deploy capital and generate returns in these sectors.  **[NYMT_3405191_10]**
- **Book value volatility has stemmed from the JV equity book**, with ongoing reductions due to the remaining multifamily investments, which could continue to affect the company's financial performance.  **[NYMT_3405191_7]**

4819b234a2802ad3c3385f86859df101a01f6281b696e78a08b289ed68470a4d

1. **Book Value Outlook**  
   **Q:** Has your book value bottomed out, or should we watch for further impacts?  
   **A:** The volatility in our book value stemmed mainly from our JV equity book, which now has only **$19 million** remaining across seven assets. Four assets have near-term resolutions reflected in current holding values, leaving about **$1.4 million** in remaining value. We expect book value volatility to subside as we wind down this portfolio.  **[NYMT_3405191_7]** 

2. **Gross ROE by Strategy**  
   **Q:** Where do you see gross ROE by strategy, specifically agency and BPL?  
   **A:** For our BPL bridge strategy, we see **20%+** gross ROEs on a levered basis. In the agency space, despite recent volatility, ROEs are in the **mid-teens**. Our BPL rental strategy also offers ROEs in the **mid to high teens**.  **[NYMT_3405191_8]** 

3. **Agency Allocation Amid Volatility**  
   **Q:** Given wider spreads and higher ROEs, have you shifted capital into agencies?  
   **A:** Yes, we adapt our agency strategy based on market conditions. Last quarter, with tight spreads, we deemphasized agencies. Now, with wider spreads, we plan to be more active in the agency space, aiming to grow the portfolio steadily.  **[NYMT_3405191_9]** 

4. **CRE and Multifamily Deal Activity**  
   **Q:** How has rate volatility impacted CRE and multifamily deals?  
   **A:** Increased rate volatility has slowed market activity and property purchases. We're finalizing a JV agreement to add up to **$300 million** in mezzanine loans, but pipelines are lower year-over-year and quarter-over-quarter. Recent rate hikes led to properties coming off the market as unhedged buyers withdrew. We expect subdued activity in November and December, with a rebound possible in January and February.  **[NYMT_3405191_10]** 

a060686afbb8255c8b8c37a4e741d56da94de731d087bca6f3dddbe45f95eb83

- **Potential for increased prepayments on reperforming loans if interest rates decline, which could reduce income and impact earnings.**  **[NYMT_3396085_10]**
- **Higher insurance costs and limited supply of homeowners insurance, especially in the South and multifamily sectors, could negatively affect property values and impact the company's real estate portfolio and earnings.**  **[NYMT_3396085_11]**
- **Underperforming assets in the portfolio, such as JV equity and SFR space, do not meet current dividend requirements, raising concerns about the sustainability of the dividend.**  **[NYMT_3396085_9]**

776f47f3b6744b6b411eb782b5f3a2a17649ce87fcd2f89ae497a2b673fc777a

New York Mortgage Trust Inc (NYMT)

Financials