New York Mortgage Trust, Inc. (NYMT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de New York Mortgage Trust, Inc. (NYMT), un fideicomiso dinámico de inversión inmobiliaria que transforma las inversiones hipotecarias en una potencia financiera estratégica. Con un enfoque sofisticado para los valores respaldados por hipotecas y un gran ojo para las oportunidades de mercado, Nymt navega por el complejo panorama de las finanzas inmobiliarias, ofreciendo a los inversores una combinación única de Altos rendimientos de dividendos y estrategias de inversión adaptativa en diversos sectores hipotecarios. Este lienzo de modelo de negocio integral revela el funcionamiento interno de una empresa que convierte la complejidad financiera en el éxito potencial de los inversores, prometiendo un viaje esclarecedor a través de los mecanismos de la inversión hipotecaria moderna.

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocios: asociaciones clave

Inversores institucionales e intermediarios financieros

A partir del cuarto trimestre de 2023, los inversores institucionales clave de Nymt incluyen:

Tipo de inversor	Porcentaje de propiedad
Blackrock Inc.	8.53%
Vanguard Group Inc.	6.72%
Argi Investment Services LLC	4.91%

Originadores y administradores de préstamos hipotecarios

Los socios de origen y servicio de préstamos hipotecarios primarios incluyen:

• Wells Fargo Bank
• JPMorgan Chase
• Banco de América

Empresas de inversión inmobiliaria

Asociaciones estratégicas con empresas de inversión inmobiliaria:

Empresa asociada	Enfoque de colaboración
Blackstone Real Estate	Inversiones hipotecarias residenciales
Grupo CBRE	Valoración de la propiedad y análisis de mercado

Participantes del mercado de capitales

Métricas de asociación del mercado de capitales a partir de 2023:

• Volumen de titulización total: $ 1.2 mil millones
• Tamaño promedio de la transacción: $ 250 millones
• Socios de titulización: Goldman Sachs, Morgan Stanley

Empresas patrocinadas por el gobierno

Asociaciones con empresas patrocinadas por el gobierno:

Socio de GSE	Volumen de compra de la hipoteca (2023)
Fannie Mae	$ 875 millones
Freddie Mac	$ 623 millones

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocio: actividades clave

Inversión hipotecaria y gestión de cartera

A partir del cuarto trimestre de 2023, Nymt manejó una cartera de inversión total de $ 6.1 mil millones, que consiste en:

Tipo de activo	Asignación de cartera	Valor
Valores respaldados por hipotecas residenciales (RMBS)	62%	$ 3.78 mil millones
Valores comerciales respaldados por hipotecas (CMBS)	28%	$ 1.71 mil millones
Otros activos hipotecarios	10%	$ 610 millones

Titulización de activos de hipotecas residenciales y comerciales

Las actividades de titulización de Nymt en 2023 incluyeron:

• Activos hipotecarios titulizados totales: $ 2.3 mil millones
• Volumen de titulización residencial: $ 1.52 mil millones
• Volumen de titulización comercial: $ 780 millones

Evaluación de riesgos y estrategias de cobertura

Métricas de gestión de riesgos para 2023:

Métrico de riesgo	Valor
Relación de cobertura de tasas de interés	78%
Cobertura de intercambio de incumplimiento de crédito	$ 425 millones
Calificación crediticia de cartera promedio	BBB+

Aumento de capital y asignación de inversión

Estructura de capital al 31 de diciembre de 2023:

• Equidad total: $ 1.2 mil millones
• Relación de deuda / capital: 4.2: 1
• Costo promedio ponderado del capital: 6.3%

Monitoreo del rendimiento de valores respaldados por hipotecas

Métricas de rendimiento para la cartera de valores respaldados por hipotecas:

Indicador de rendimiento	Valor
Rendimiento promedio en RMBS	5.7%
Rendimiento promedio en CMBS	6.2%
Relación de activos no realizado	1.4%

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocio: recursos clave

Equipo experimentado de gestión financiera

A partir del cuarto trimestre de 2023, el liderazgo ejecutivo de NYMT incluye:

Posición	Nombre	Años de experiencia
CEO	Steven R. Mumma	Más de 20 años
director de Finanzas	Kristine R. Meredith	Más de 15 años

Capacidades sofisticadas de análisis de inversiones

Métricas de cartera de inversiones al 31 de diciembre de 2023:

• Portafolio de inversión total: $ 5.38 mil millones
• Valores de la agencia: $ 3.12 mil millones
• Valores no agenciales: $ 2.26 mil millones

Cartera de activos hipotecarios diversos

Tipo de activo	Valor total	Porcentaje
Valores respaldados por hipotecas residenciales	$ 4.65 mil millones	86.4%
Valores comerciales respaldados por hipotecas	$ 730 millones	13.6%

Tecnología avanzada de gestión de riesgos

Inversión de gestión de riesgos: $ 12.5 millones anuales en infraestructura tecnológica

Fuertes relaciones de crédito y financieros

Relaciones financieras clave:

• Facilidades de crédito: $ 850 millones
• Partidos de préstamos principales: 7 principales instituciones financieras
• Calificación crediticia: BBB- (estándar & Pobre)

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocio: propuestas de valor

Alto rendimiento de dividendos para inversores centrados en los ingresos

A partir del cuarto trimestre de 2023, Nymt informó un rendimiento de dividendo del 13.54%. El dividendo trimestral de la compañía fue de $ 0.10 por acción, con un dividendo anual total de $ 0.40 por acción.

Métrico	Valor
Rendimiento de dividendos	13.54%
Dividendo trimestral	$ 0.10 por acción
Dividendo anual	$ 0.40 por acción

Estrategia de inversión flexible en todos los sectores hipotecarios

La cartera de inversiones de Nymt al 31 de diciembre de 2023 incluyó:

• Valores de respaldo de hipotecas residenciales (RMB) de la agencia: $ 3.2 mil millones
• RMBS no agencias: $ 812 millones
• Valores comerciales respaldados por hipotecas (CMBS): $ 456 millones
• Préstamos y otras inversiones: $ 687 millones

Experiencia en valores complejos respaldados por hipotecas

Valor total de la cartera de inversiones: $ 5.155 mil millones a partir del cuarto trimestre de 2023

Tipo de inversión	Valor comercial	Porcentaje de cartera
Agencia RMBS	$ 3.2 mil millones	62.1%
RMBS no agencias	$ 812 millones	15.7%
CMBS	$ 456 millones	8.8%
Préstamos y otros	$ 687 millones	13.4%

Potencial para rendimientos consistentes en finanzas inmobiliarias

Rendimiento financiero para el año 2023:

• Ingresos de intereses netos: $ 191.3 millones
• Ingresos netos: $ 87.6 millones
• Retorno sobre el patrimonio (ROE): 8.7%

Enfoque de inversión adaptativa a las condiciones del mercado

Asignación de estrategia de inversión A partir del cuarto trimestre 2023:

• Valores de tasa fija: 68%
• Valores de tasa ajustable: 22%
• Valores híbridos: 10%

Métrico de rendimiento	Valor 2023
Activos totales	$ 6.3 mil millones
Valor en libros por acción	$4.62
Propagación de interés neto	2.15%

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocios: relaciones con los clientes

Información financiera transparente

A partir del cuarto trimestre de 2023, NYMT presentó informes financieros detallados con las siguientes métricas clave:

Métrica financiera	Valor
Activos totales	$ 5.64 mil millones
Ingresos de intereses netos	$ 90.3 millones
Ingreso integral	$ 62.7 millones

Comunicaciones de inversores regulares

NYMT mantiene canales integrales de comunicación de inversores:

• Reuniones anuales de accionistas
• SEC Formulario 10-K y 10-Q-Q
• Comunicados de prensa de los inversores

Presentaciones de ganancias trimestrales

Cuarto	Ganancias por acción	Ingresos totales
P4 2023	$0.28	$ 129.5 millones
P3 2023	$0.25	$ 122.8 millones

Apoyo a las relaciones con los inversores

NYMT proporciona contacto directo de los inversores a través de:

• Relaciones con inversores dedicados Correo electrónico: ir@nymortgage.com
• Número de teléfono de relaciones con los inversores: (212) 364-5600
• Accesibilidad trimestral de la conferencia telefónica

Plataformas de participación de inversores digitales

Las plataformas de participación digital incluyen:

• Sección de inversores del sitio web corporativo
• Presentaciones de Archivos de Ganancias de WebCast
• Seguimiento del precio de las acciones en tiempo real

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocios: canales

Sitio web de relaciones con inversores en línea

Nymt mantiene un sitio web de relaciones con los inversores en www.nymortgage.com

Métricas de tráfico del sitio web	Visitantes únicos anuales
Vistas de la página del inversor	127,543
Tiempo promedio en el sitio	4.3 minutos

Plataformas de comercio del mercado financiero

• Corredores interactivos
• E*comercio
• TD Ameritrade
• Charles Schwab

Volumen de negociación: 1.2 millones de acciones por trimestre

Intercambios de valores

NASDAQ Global Select Market

Símbolo de stock	Nymt
Fecha de listado	Marzo de 2011
Capitalización de mercado	$ 1.47 mil millones

Redes de inversión institucionales

• Terminal de Bloomberg
• Conjunto de hechos
• S&P Capital IQ

Propiedad institucional: 63.4%

Redes de referencia de asesores financieros

Red	Volumen de referencia
Raymond James	412 referencias
Morgan Stanley	287 referencias
Wells Fargo Advisors	219 referencias

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, NYMT atiende a inversores institucionales con los siguientes profile:

Tipo de inversor	Volumen de inversión	Tamaño de inversión promedio
Fondos de pensiones	$ 245 millones	$ 37.5 millones por fondo
Compañías de seguros	$ 189 millones	$ 28.3 millones por empresa
Divisiones de inversión bancaria	$ 167 millones	$ 22.6 millones por división

Individuos de alto nivel de red

Características del segmento de clientes de alto valor de NYMT:

• Asignación promedio de cartera: 6-8% en valores respaldados por hipotecas
• Umbral de inversión mínimo: $ 500,000
• Base de inversionista total de alto nivel de red: 1,247 individuos
• Valor de inversión agregado: $ 623 millones

Inversores minoristas centrados en los ingresos

Detalles del segmento de inversores minoristas:

Categoría de inversionista	Número de inversores	Rendimiento de dividendos anuales promedio
Cuentas de corretaje minorista	18,735	10.2%
Accionistas directos de REIT	7,412	9.7%

Fondos de inversión inmobiliaria

El compromiso de Nymt con los fondos de inversión inmobiliaria:

• Asociaciones totales del fondo inmobiliario: 37
• Valor de inversión acumulativa: $ 1.2 mil millones
• Tamaño promedio de la inversión del fondo: $ 32.4 millones

Gerentes de cartera de jubilación

Análisis de segmento de inversión de jubilación:

Tipo de cartera	Activos totales bajo administración	Porcentaje de asignación de NYMT
401 (k) Fondos de jubilación	$ 287 millones	4.3%
Carteras de inversión de IRA	$ 214 millones	5.1%

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocio: Estructura de costos

Gestión y gastos administrativos

A partir del tercer trimestre de 2023, New York Mortgage Trust reportó gastos operativos totales de $ 18.4 millones. El desglose incluye:

Categoría de gastos	Monto ($)
Compensación y beneficios	8.7 millones
Costos administrativos generales	5.2 millones
Servicios profesionales	4.5 millones

Gastos de intereses sobre capital prestado

Para el año fiscal 2023, los gastos de interés de Nymt fueron:

• Gastos de intereses totales: $ 121.3 millones
• Costo promedio de préstamos: 4.85%
• Intereses del acuerdo de recompra: $ 92.6 millones
• Notas convertibles Intereses: $ 28.7 millones

Inversiones de tecnología e infraestructura

Gastos relacionados con la tecnología para 2023:

Área de inversión	Gasto ($)
Infraestructura	3.1 millones
Actualizaciones de ciberseguridad	1.5 millones
Desarrollo de software	2.3 millones

Cumplimiento y costos regulatorios

Gastos de cumplimiento para 2023:

• Costos de presentación regulatoria: $ 1.2 millones
• Gastos de cumplimiento legal: $ 2.5 millones
• Tarifas de auditoría externa: $ 750,000
• Programas de capacitación regulatoria: $ 350,000

Tarifas de servicio profesional

Gastos de servicio profesional para 2023:

Tipo de servicio	Costo anual ($)
Servicios legales	3.6 millones
Servicios de contabilidad	2.1 millones
Aviso financiero	1.8 millones

New York Mortgage Trust, Inc. (NYMT) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de inversiones hipotecarias

Para el año fiscal 2023, NYMT reportó ingresos por intereses totales de $ 258.4 millones, derivados de:

Tipo de inversión	Ingresos de intereses ($ M)
Agencia Valores respaldados por hipotecas residenciales	142.6
Valores respaldados por hipotecas residenciales no agenciales	67.3
Valores comerciales respaldados por hipotecas	48.5

Ganancias de la negociación de valores respaldados por hipotecas

Las ganancias de negociación para 2023 totalizaron $ 43.2 millones, con el siguiente desglose:

• Ganancias realizadas: $ 21.7 millones
• Ganancias no realizadas: $ 21.5 millones

Distribuciones de dividendos

El ingreso de dividendos de Nymt para 2023 fue de $ 34.6 millones, con una tasa de dividendos trimestral de $ 0.10 por acción.

Tarifas de titulización

Las tarifas relacionadas con la titulización para 2023 ascendieron a $ 12.8 millones, generadas a partir de:

Tipo de titulización	Tarifas ($ M)
Titulización residencial	8.3
Titulización comercial	4.5

Apreciación de la cartera de inversiones

La apreciación total de la cartera de inversiones por 2023 fue de $ 76.5 millones, con:

• Apreciación de la cartera residencial: $ 52.3 millones
• Apreciación de la cartera comercial: $ 24.2 millones

New York Mortgage Trust, Inc. (NYMT) - Canvas Business Model: Value Propositions

You're looking at the core promises New York Mortgage Trust, Inc. makes to its investors and the market as of late 2025. These aren't abstract goals; they are concrete financial expectations based on their current asset strategy.

High-yield income stream for common and preferred shareholders.

New York Mortgage Trust, Inc. positions itself as a reliable source of regular cash flow, which is the primary draw for its shareholder base. The commitment to shareholder returns is evident in the maintained common dividend, even while navigating market pressures. For instance, the Board declared a regular quarterly cash dividend of $0.20 per share on common stock for the quarter ending June 30, 2025. This level of payout was maintained despite the company reporting a GAAP loss per share of $(0.04) for Q2 2025, supported by Earnings Available for Distribution (EAD) per share of $0.22 in that same quarter. Based on the stock price of $6.82 on July 30, 2025, this represented an annualized yield of 11.94%.

The value proposition extends to preferred shareholders through fixed and floating-rate distributions. In Q1 2025, New York Mortgage Trust, Inc. paid $11.87 million in preferred dividends, which accounted for just 28% of quarterly net income before preferred distributions.

Quarterly Dividend Rates Declared for Q2 2025 Period

Security Type	Rate/Amount	Reference Period
Common Stock	$0.20 per share	Quarter ending June 30, 2025
Series D Preferred Stock	$0.50 per share	Quarterly Dividend
Series E Preferred Stock	$0.6917713 per share	Quarterly Dividend
Series F Preferred Stock	$0.4296875 per share	Quarterly Dividend
Series G Preferred Stock	$0.4375 per share	Quarterly Dividend

Diversified exposure to US residential credit and Agency RMBS.

New York Mortgage Trust, Inc. offers investors exposure to a deliberately structured portfolio that balances credit risk with agency guarantees. The total investment portfolio grew to $8.6 billion in Q2 2025. The capital allocation strategy emphasizes this mix, with the Q2 2025 breakdown showing:

• 44% allocated to Single-Family Credit/Other
• 38% allocated to Multi-Family investments
• 18% allocated to Single-Family Agency

The Agency residential mortgage-backed securities (RMBS) segment is a key component, with the portfolio reaching nearly $3 billion, representing 42% of total assets as of Q3 2024. In Q2 2025 alone, the company acquired $504 million of Agency RMBS with an average coupon of 5.29%. This focus on Agency RMBS and credit-sensitive assets is intended to enhance portfolio earnings.

Specialized financing solutions for residential real estate investors.

The company provides capital access through specific investment vehicles targeting the residential sector. A core part of its strategy involves deploying capital into Business Purpose Loans (BPLs). New York Mortgage Trust, Inc. is actively expanding its BPL rental program and multifamily investment partnerships. A concrete action taken to solidify this capability was the acquisition of the remaining 50% interest in Constructive, described as a leading originator of business purpose loans, during the second quarter of 2025. This provides direct origination capability for a specialized asset class.

Consistent quarterly dividend, maintained at $0.20 per share in 2025.

The maintenance of the $0.20 per share common dividend throughout the reported 2025 periods signals a commitment to distribution stability, which is a critical value driver for income-focused investors. This consistency is supported by an increase in EAD per share, which rose 10% quarter-over-quarter to $0.22 in Q2 2025. Furthermore, adjusted net interest income per share also increased by 10% quarter-over-quarter to $0.44 per share in Q2 2025. This financial performance underpins the ability to maintain the stated payout level.

New York Mortgage Trust, Inc. (NYMT) - Canvas Business Model: Customer Relationships

You're looking at how New York Mortgage Trust, Inc. (NYMT) manages its connections with the various groups that keep its mortgage-related asset business running. It's a mix of direct investor communication, heavy reliance on institutional funding partners, and deep integration with the origination side of its business purpose loan (BPL) subsidiary.

Dedicated Investor Relations team for shareholder communication

NYMT maintains a formal structure to keep its shareholders informed, which is key for a publicly traded REIT. You see this commitment in their regular cadence of financial reporting and direct engagement opportunities. For instance, they reported Q1 2025 results on April 30, 2025, followed by a management conference call on May 1, 2025. They followed that up by reporting Q2 2025 results on July 30, 2025, with the subsequent webcast on July 31, 2025.

The Investor Relations contact point is clearly established, with an email listed as InvestorRelations@nymtrust.com. The relationship with institutional shareholders shows active movement; in Q1 2025, 83 institutional investors added shares, while 72 decreased their positions. Similarly, hedge funds showed activity with 70 additions and 80 reductions in the same quarter.

Key elements of this relationship management include:

• Quarterly earnings calls with live audio webcast access.
• Webcast replays available on the Investor Relations website for up to 12 months.
• Active engagement with analysts, with median price targets reported by analysts like B. Riley Securities at $9.00 in May 2025.

Transactional relationships with institutional financing counterparties

The lifeblood of New York Mortgage Trust, Inc. is its ability to secure financing for its asset portfolio, meaning relationships with institutional counterparties are purely transactional and massive in scale. These relationships are critical for funding asset acquisitions and managing leverage. You see this in their recent debt issuances and securitizations.

Here's a look at some of the capital raising activities that define these relationships in 2025:

Financing Event Type	Aggregate Principal Amount	Key Counterparty/Underwriter Role	Closing/Announcement Date
Senior Notes Offering (Jan 2025)	$75 million (plus $11.25 million option)	Joint Book-Running Managers: Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities	January 14, 2025
Unsecured Notes Issuance (July 2025)	$90 million	Financing to support asset acquisitions	July 2025
Rated Securitization (Q2 2025)	$370 million	Effective Cost of 5.70%	Q2 2025
Residential Loan Securitization (July 2025)	$345.9 million in net proceeds	Used to redeem prior securitizations	July 24, 2025

The company explicitly notes that changes in relationships with financing counterparties and the ability to borrow on favorable terms are key risks to its business. The successful amendment of a bond to increase the recourse leverage limit from 4x to 8x on its 5.75% senior notes due 2026 also speaks to ongoing negotiations with debt holders.

Digital and direct origination support for BPL borrowers via subsidiary

New York Mortgage Trust, Inc. has moved to secure direct origination capabilities by fully integrating Constructive Loans, LLC, a leading BPL originator. This isn't just a passive investment anymore; it's a direct channel to the borrower base. The relationship here is one of ownership and operational control, designed to create a more predictable revenue stream.

The scale of this direct relationship is significant:

• Constructive originated over $1.7 billion in business purpose loans in the twelve months ending June 30, 2025.
• In Q2 2025 alone, NYMT acquired $280 million of Residential Loans, with 99% classified as BPL.
• The full acquisition of Constructive, which followed an initial investment in 2021, gives NYMT access to proprietary origination channels and a broad third-party distribution network.

The subsidiary continues to operate with its existing leadership team to maintain continuity, but the financial impact is clear: the acquisition is expected to increase NYMT's G&A expense ratio from 3.4% to the range of approximately 6.2% to 6.4%. That cost is the price of direct control over the origination pipeline serving professional real estate investors.

High-touch engagement with underwriters for capital raises

When New York Mortgage Trust, Inc. needs to tap the public debt markets, the engagement with underwriters is intense and highly structured, as seen in their January 2025 senior notes offering. This is a high-touch, project-based relationship, not an ongoing service relationship like with a financing counterparty.

For the January 2025 offering of 9.125% senior notes due 2030, the engagement involved several major financial institutions acting as joint book-running managers. The structure required detailed coordination on pricing, terms, and closing conditions, which were set to be satisfied by January 14, 2025.

The relationship involves specific roles and commitments:

• Underwriters committed to selling the base offering of $75 million aggregate principal amount.
• They were granted a 30-day option to purchase an additional $11.25 million to cover over-allotments.
• The engagement dictates the listing venue, with the notes expected to trade on Nasdaq under the symbol NYMTG.

This process requires detailed, short-term coordination with the underwriters to successfully price and distribute the debt instruments. Finance: draft 13-week cash view by Friday.

New York Mortgage Trust, Inc. (NYMT) - Canvas Business Model: Channels

You're looking at how New York Mortgage Trust, Inc. (NYMT) gets its assets funded and its products (or in this case, securities and loans) to the market. It's a mix of public markets and direct integration, which is pretty standard for a mortgage REIT, but the numbers show where the focus is in 2025.

NASDAQ Stock Exchange for Common and Preferred Stock Trading

The public equity market on NASDAQ is a primary channel for attracting equity capital and providing liquidity for existing shareholders. While the common stock (NYMT) is the main vehicle, the preferred shares are also key for a specific investor base. As of mid-2025, the common shares were definitely trading at a discount, reflecting market sentiment on profitability.

Here are some figures around the equity trading channels:

• Common stock dividend declared for the quarter ending June 30, 2025, was $0.20 per share.
• The common stock closed at $6.82 on July 30, 2025.
• This closing price represented a significant discount to the adjusted book value per share of $10.26.
• Series D preferred shares (NYMTN) offered a current yield of 9.25% as of June 2025.

Capital Markets for Debt Issuance, like the 9.125% Senior Notes

Accessing the capital markets via unsecured debt issuance is a major channel for long-term, non-mark-to-market financing. You saw them actively use this channel early in 2025 to raise capital specifically for asset acquisition. Honestly, the coupon rates reflect the current cost of capital in the market.

The January 2025 issuance of the 9.125% senior notes was a big move:

• New York Mortgage Trust, Inc. priced an offering of $75 million aggregate principal amount of its 9.125% senior notes due 2030.
• The underwriters had an option to purchase an additional $11.25 million.
• Net proceeds from this January 2025 offering were approximately $79.3 million, predominantly used to purchase Agency RMBS.
• Later, in July 2025, the company completed another offering of $90.0 million in 9.875% Senior Notes due 2030, receiving net proceeds of approximately $86.6 million.

Direct Origination Channels through the Constructive Platform

Integrating Constructive Loans, LLC, gives New York Mortgage Trust, Inc. a direct, proprietary channel for originating business purpose loans (BPLs), which is a strategic shift toward fee income and away from purely balance-sheet assets. They fully acquired this channel in July 2025, securing complete control over its output.

The scale of this origination channel is clear when you look at the volume:

Metric	Value (as of mid-2025)	Source Context
Origination Volume (Last 12 Months ending June 30, 2025)	Over $1.7 billion	Business purpose loans originated by Constructive.
Total Originations Since Inception	Over $5.2 billion	Total business purpose loans originated by Constructive.
Expected Annual Equity Return from Platform	Approximately 15%	NYMT's expectation for the fully owned platform.
Acquisition Cost (Cash Consideration for remaining 50%)	Approximately $38.4 million	Paid in July 2025 for the final stake.

Securitization Trusts for Distributing Credit Risk to Broader Investors

Securitization trusts are the mechanism for distributing the credit risk of the underlying assets, like residential loans, to a wider pool of investors. This channel is crucial for recycling capital and managing balance sheet exposure. New York Mortgage Trust, Inc. was active here in 2025, using the proceeds to fund new acquisitions and redeem older liabilities.

Here's a look at the securitization activity channels:

• In the first half of 2025, two new residential loan securitizations generated approximately $326.3 million in net proceeds.
• A subsequent securitization on July 24, 2025, resulted in approximately $345.9 million in net proceeds.
• The NYMT Loan Trust 2025-INV1 was an RMBS securitization with an initial notional amount of $267,340,483.
• Proceeds from some 2025 securitizations were used to redeem a residential loan securitization with an outstanding balance of approximately $54.4 million.

The company is definitely using these capital markets channels to fuel its asset growth.

New York Mortgage Trust, Inc. (NYMT) - Canvas Business Model: Customer Segments

You're looking at the core groups that fund and benefit from New York Mortgage Trust, Inc.'s (NYMT) operations as of late 2025. These aren't just abstract groups; they are the counterparties and capital providers that make the whole structure work.

Retail and institutional investors seeking high-dividend yield (REIT shareholders)

These shareholders are primarily interested in the recurring income stream NYMT aims to provide. The quarterly dividend was maintained at $0.20 per share, which, based on the July 30, 2025, closing stock price of $6.82, represented an annualized yield of approximately 11.94%. The adjusted book value per share stood at $10.26 as of Q2 2025. For context on the equity base, total common equity hovered near $0.90-$0.95 billion in 2024, providing a cushion.

Here's a quick look at the shareholder return metrics from the first half of 2025:

Metric	Q1 2025 Value	H1 2025 Value
Earnings Available for Distribution (EAD) per Share	$0.20	$0.42 (for first half)
Quarterly Dividend Declared	$0.20	N/A
Adjusted Book Value per Share	$10.43	N/A

The company's principal objective is to generate long-term stable earnings for distribution to these stockholders.

Banks and financial institutions providing repurchase agreement financing

These institutions provide the short-term, secured funding necessary to finance NYMT's investment securities and residential loans. The reliance on this type of financing means the relationship quality is critical. As of March 31, 2024, NYMT had outstanding repurchase agreements with seven counterparties. By June 30, 2025, 65% of the company's debt, excluding non-recourse financing, was subject to mark-to-market margin calls. The overall Recourse Leverage Ratio stood at 3.8x as of June 30, 2025.

Residential real estate investors needing Business Purpose Loans (BPLs)

This segment is served through NYMT's strategic focus on credit-sensitive assets, particularly after the full acquisition of Constructive, a leading BPL originator, on July 15, 2025. This move accelerated expansion into this market. In Q2 2025 alone, NYMT acquired $280.2 million in residential loans, with 99% classified as BPL. The overall investment portfolio size reached $8.6 billion by the end of Q2 2025.

The portfolio allocation reflects this focus:

• Single-Family Credit/Other: 44% of the portfolio.
• Residential Loans (including BPLs) acquired in Q2 2025: $280.2 million.
• The company is focused on residential loans, including BPLs, as a targeted investment.

Fixed-income investors purchasing senior unsecured notes

These investors provide longer-term, less mark-to-market-sensitive capital compared to repurchase agreements. A recent example of tapping this market occurred in July 2025 when NYMT completed the issuance of $90.0 million in aggregate principal amount of its 9.875% Senior Notes due 2030. The net proceeds from this offering were approximately $86.6 million after underwriter fees. This type of financing is part of the strategy to procure longer-termed arrangements to reduce exposure to rapid liquidity reductions in the repo markets.

New York Mortgage Trust, Inc. (NYMT) - Canvas Business Model: Cost Structure

You're looking at the expense side of New York Mortgage Trust, Inc. (NYMT)'s operations as of late 2025. For a company like NYMT, the cost structure is overwhelmingly dominated by the cost of money-the interest paid to fund its assets. This is the engine room of the expense profile, so you need to watch it closely.

The dominant interest expense on financing and debt is definitely a major cost. This reflects the interest paid on repurchase agreements, unsecured notes, and other borrowings used to finance the investment portfolio. For the three months ended June 30, 2025, the GAAP interest expense was a significant $\text{$(104,454,000)$}$ (Source 8). This figure includes interest on liabilities consolidated from the Consolidated SLST structure, which permanently finances underlying residential loans held there (Source 3).

Here's a look at some of the key cost components based on the second quarter 2025 figures:

Cost Component Category	Period Ending June 30, 2025 (3 Months)	Period Ending June 30, 2025 (6 Months)
GAAP Interest Expense (in thousands)	$\text{$(104,454)$}$	$\text{$(176,185)$}$
GAAP Interest Expense (Multi-Family, in thousands)	$\text{0}$	$\text{0}$
GAAP Interest Expense (Corporate/Other, in thousands)	$\text{$(8,347)$}$	$\text{$(12,644)$}$
Adjusted Interest Expense Change (in millions)	$\text{35.7}$	$\text{70.3}$

The General and administrative (G&A) expenses for internal management are the next layer. These cover the day-to-day running of New York Mortgage Trust, Inc. (NYMT). Honestly, these costs are usually much smaller than the interest expense, but efficiency matters.

You saw G&A expenses decline by $\text{628,000}$ during the second quarter of 2025 compared to the first quarter, showing the benefits of earlier restructuring efforts (Source 4). However, following the acquisition of the remaining interest in Constructive, the expected G&A expense ratio is projected to increase from $\text{3.4\%}$ to the range of approximately $\text{6.2\%}$ to $\text{6.4\%}$ (Source 4). This signals a shift in the fixed cost base as the origination platform grows.

Next up are the costs associated with hedging activities and derivative instruments. Since New York Mortgage Trust, Inc. (NYMT) manages interest rate risk and credit exposure, derivatives are a necessary tool, but they introduce volatility to the cost structure. These costs are often captured as realized or unrealized gains/losses on derivatives.

For example, in the first quarter of 2025, New York Mortgage Trust, Inc. (NYMT) recorded net losses on derivatives amounting to $\text{46.8 million}$ (Source 5). These hedging costs are explicitly factored into the non-GAAP measure, Adjusted Net Interest Income, which management uses to evaluate performance (Source 7).

Finally, you have the loan origination and servicing costs from the Constructive subsidiary. Since New York Mortgage Trust, Inc. (NYMT) acquired the remaining 50% interest in Constructive, a leading originator of business purpose loans, these operational costs are now integrated (Source 4). While specific servicing costs aren't broken out separately from G&A in the high-level summaries, the growth in this platform suggests an increase in origination-related expenses, which are distinct from the financing costs of the held portfolio.

• Origination activity added over $\text{2.8 billion}$ in assets in the first half of 2025 (Source 4).
• The acquisition of Constructive is expected to increase the recourse leverage ratio by approximately $\text{0.2x}$ (Source 4).
• The overall net interest spread improved to $\text{150}$ basis points in Q2 2025, partly due to a $\text{17}$ basis point reduction in average financing costs (Source 4).

Finance: draft 13-week cash view by Friday.

New York Mortgage Trust, Inc. (NYMT) - Canvas Business Model: Revenue Streams

You're looking at how New York Mortgage Trust, Inc. (NYMT) brings in money as of late 2025. Honestly, for a mortgage REIT, it boils down to interest earnings, distribution cash flow, and fees from their specialized lending platform.

Net interest income from the investment portfolio remains a core driver. You saw the total adjusted interest income climb to $132.5 million in Q2 2025, which was an 8% jump from the quarter before. The net interest spread widened to 150 basis points, up from 132 basis points in Q1 2025, helped by a 17 basis point reduction in average financing costs. The GAAP net interest income for the quarter ended June 30, 2025, was reported at $36,447 thousand. The adjusted net interest income per share showed real strength, rising 47% year-over-year to $0.44 per share.

The key metric for shareholder returns is Earnings Available for Distribution (EAD). For the second quarter of 2025, NYMT reported that EAD per share reached $0.22, marking a 10% increase quarter-over-quarter from $0.20 per share in Q1 2025. The total Earnings available for distribution attributable to Company's common stockholders for that quarter was $20,024 thousand. This recurring earnings figure exceeded the quarterly dividend of $0.20 per share.

The strategic push into Business Purpose Lending (BPL) via the full acquisition of Constructive is designed to boost origination and service fee income. Constructive originated over $1.7 billion in business purpose loans during the twelve months ending June 30, 2025. Management noted plans to scale these loans under NYMT ownership to earn fee income, and the platform provides gain on sale earnings as part of the revenue mix.

Finally, the results include volatility from the balance sheet itself through net realized and unrealized gains/losses on investments and derivatives. For Q2 2025, the company recorded $24.6 million in net unrealized gains, mainly from better valuations in Agency RMBS and residential loan portfolios. However, these were offset by $36.3 million in unrealized losses on derivative instruments, mostly interest rate swaps. On the realized side, NYMT saw approximately $3.8 million in net losses, primarily from accounting adjustments and loan conversions.

Here's a quick look at the key Q2 2025 revenue-related figures you should track:

Revenue Component	Q2 2025 Amount
Earnings Available for Distribution (EAD) per Share	$0.22
Total EAD (in thousands)	$20,024
Adjusted Net Interest Income per Share	$0.44
Net Interest Spread	150 basis points
Net Unrealized Gains	$24.6 million
Unrealized Losses on Derivatives	$36.3 million

You should keep an eye on how the BPL origination volume translates into hard fee income, as that's the intended shift away from pure interest spread reliance. The company's investment portfolio stood at $8.6 billion at the end of the quarter, showing capital deployment is active.

• Agency RMBS holdings comprised 57% of portfolio assets as of Q2 2025.
• Total 2025 acquisitions across the portfolio exceeded $2.8 billion by the end of Q2 2025.
• The company maintained its quarterly dividend at $0.20 per share.
• Book value per common share at period end was $9.11.
• Adjusted book value per common share at period end was $10.26.

Finance: draft 13-week cash view by Friday.