New York Mortgage Trust, Inc. (NYMT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de New York Mortgage Trust, Inc. (NYMT), une fiducie d'investissement immobilier dynamique qui transforme les investissements hypothécaires en une puissance financière stratégique. Avec une approche sophistiquée des titres adossés à des créances hypothécaires et un œil vif pour les opportunités de marché, NYMT navigue dans le paysage complexe du financement immobilier, offrant aux investisseurs un mélange unique de Haute rendements de dividendes et les stratégies d'investissement adaptatives dans divers secteurs hypothécaires. Cette toile complète du modèle commercial révèle le fonctionnement interne d'une entreprise qui transforme la complexité financière en succès potentiel des investisseurs, promettant un voyage éclairant à travers les mécanismes de l'investissement hypothécaire moderne.

New York Mortgage Trust, Inc. (NYMT) - Modèle commercial: partenariats clés

Investisseurs institutionnels et intermédiaires financiers

Depuis le quatrième trimestre 2023, les principaux investisseurs institutionnels de NYMT comprennent:

Type d'investisseur	Pourcentage de propriété
BlackRock Inc.	8.53%
Vanguard Group Inc.	6.72%
Argi Investment Services LLC	4.91%

Améliorités et agents de prêt hypothécaire

Les partenaires d'origine et de service des prêts hypothécaires primaires comprennent:

• Banque Wells Fargo
• JPMorgan Chase
• Banque d'Amérique

Sociétés d'investissement immobilier

Partenariats stratégiques avec les sociétés d'investissement immobilier:

Entreprise partenaire	Focus de la collaboration
Blackstone Real Estate	Investissements hypothécaires résidentiels
Groupe CBRE	Évaluation des biens et analyse du marché

Participants au marché des capitaux

Mesures de partenariat du marché des capitaux à partir de 2023:

• Volume total de titrisation: 1,2 milliard de dollars
• Taille moyenne des transactions: 250 millions de dollars
• Partners de titrisation: Goldman Sachs, Morgan Stanley

Entreprises parrainées par le gouvernement

Partenariats avec les entreprises parrainées par le gouvernement:

Partenaire GSE	Volume d'achat hypothécaire (2023)
Fannie Mae	875 millions de dollars
Freddie Mac	623 millions de dollars

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: Activités clés

Investissement hypothécaire et gestion du portefeuille

Au quatrième trimestre 2023, NYMT a géré un portefeuille d'investissement total de 6,1 milliards de dollars, comprenant:

Type d'actif	Allocation de portefeuille	Valeur
Titres adossés à des créances hypothécaires (RMBS)	62%	3,78 milliards de dollars
Titirités adossées à des créances hypothécaires (CMBS)	28%	1,71 milliard de dollars
Autres actifs hypothécaires	10%	610 millions de dollars

Titrisation des actifs hypothécaires résidentiels et commerciaux

Les activités de titrisation de la NYMT en 2023 comprenaient:

• Actifs hypothécaires titrisés totaux: 2,3 milliards de dollars
• Volume de titrisation résidentiel: 1,52 milliard de dollars
• Volume de titrisation commerciale: 780 millions de dollars

Évaluation des risques et stratégies de couverture

Mesures de gestion des risques pour 2023:

Métrique à risque	Valeur
Ratio de couverture des taux d'intérêt	78%
Crédit la couverture d'échange par défaut	425 millions de dollars
Note de crédit moyen du portefeuille	Bbb +

Levée de capital et l'allocation des investissements

Structure du capital au 31 décembre 2023:

• Équité totale: 1,2 milliard de dollars
• Ratio de dette / fonds propres: 4,2: 1
• Coût moyen pondéré du capital: 6,3%

Surveillance du rendement des titres adossés à des créances hypothécaires

Métriques de performance pour le portefeuille de valeurs mobilières adossé à des hypothèques:

Indicateur de performance	Valeur
Rendement moyen sur RMBS	5.7%
Rendement moyen sur CMBS	6.2%
Ratio d'actifs non performants	1.4%

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: Ressources clés

Équipe de gestion financière expérimentée

Au quatrième trimestre 2023, le leadership exécutif de NYMT comprend:

Position	Nom	Années d'expérience
PDG	Steven R. Mumma	20 ans et plus
Directeur financier	Kristine R. Meredith	15 ans et plus

Capacités sophistiquées d'analyse des investissements

Mesures du portefeuille d'investissement au 31 décembre 2023:

• Portfolio d'investissement total: 5,38 milliards de dollars
• Titres de l'agence: 3,12 milliards de dollars
• Titres non agences: 2,26 milliards de dollars

Portefeuille d'actifs hypothécaires diversifiés

Type d'actif	Valeur totale	Pourcentage
Titres adossés à des créances hypothécaires résidentielles	4,65 milliards de dollars	86.4%
Titres adossés à des créances hypothécaires commerciaux	730 millions de dollars	13.6%

Technologie avancée de gestion des risques

Investissement de gestion des risques: 12,5 millions de dollars par an dans l'infrastructure technologique

Crédit et relations financières solides

Relations financières clés:

• Facilités de crédit: 850 millions de dollars
• Partners de prêt primaires: 7 grandes institutions financières
• Note de crédit: BBB- (Standard & Pauvre)

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: propositions de valeur

Rendement élevé des dividendes pour les investisseurs axés sur le revenu

Depuis le quatrième trimestre 2023, NYMT a signalé un rendement de dividende de 13,54%. Le dividende trimestriel de la société était de 0,10 $ par action, avec un dividende annuel total de 0,40 $ par action.

Métrique	Valeur
Rendement des dividendes	13.54%
Dividende trimestriel	0,10 $ par action
Dividende annuel	0,40 $ par action

Stratégie d'investissement flexible dans les secteurs hypothécaires

Le portefeuille d'investissement de NYMT au 31 décembre 2023, comprenait:

• Titres adossés à des hypothèques résidentielles de l'agence (RMBS): 3,2 milliards de dollars
• RMBS non agences: 812 millions de dollars
• Titirités adossées à des créances hypothécaires (CMBS): 456 millions de dollars
• Prêts et autres investissements: 687 millions de dollars

Expertise en titres complexes adossés à des hypothèques

Valeur du portefeuille d'investissement total: 5,155 milliards de dollars au quatrième trimestre 2023

Type d'investissement	Valeur marchande	Pourcentage de portefeuille
RMBS d'agence	3,2 milliards de dollars	62.1%
RMBS non agences	812 millions de dollars	15.7%
Cmbs	456 millions de dollars	8.8%
Prêts et autres	687 millions de dollars	13.4%

Potentiel de rendements cohérents dans le financement immobilier

Performance financière pour l'année 2023:

• Revenu des intérêts nets: 191,3 millions de dollars
• Revenu net: 87,6 millions de dollars
• Retour des capitaux propres (ROE): 8,7%

Approche d'investissement adaptative des conditions du marché

Attribution de la stratégie d'investissement Au quatrième trimestre 2023:

• Titres à taux fixe: 68%
• Titres à taux réglable: 22%
• Titres hybrides: 10%

Métrique de performance	Valeur 2023
Actif total	6,3 milliards de dollars
Valeur comptable par action	$4.62
Propagation de l'intérêt net	2.15%

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: relations avec les clients

Information financière transparente

Au quatrième trimestre 2023, NYMT a déposé des rapports financiers détaillés avec les mesures clés suivantes:

Métrique financière	Valeur
Actif total	5,64 milliards de dollars
Revenu net d'intérêt	90,3 millions de dollars
Revenu complet	62,7 millions de dollars

Communications des investisseurs réguliers

NYMT maintient les canaux de communication des investisseurs complets:

• Réunions annuelles des actionnaires
• Formulaire SEC 10-K et 10-Q
• Communiqués de presse des investisseurs

Présentations de bénéfices trimestriels

Quart	Bénéfice par action	Revenus totaux
Q4 2023	$0.28	129,5 millions de dollars
Q3 2023	$0.25	122,8 millions de dollars

Soutien aux relations avec les investisseurs

NYMT fournit un contact direct sur les investisseurs:

• Relations des investisseurs dédiés Courriel: ir@nymortgage.com
• Relations des investisseurs Numéro de téléphone: (212) 364-5600
• Accessibilité trimestrielle de la conférence téléphonique

Plateformes d'engagement des investisseurs numériques

Les plateformes d'engagement numérique comprennent:

• Section des investisseurs de site Web d'entreprise
• Archives de présentations sur les webdits de présentations
• Suivi du cours des actions en temps réel

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

NYMT maintient un site Web de relations avec les investisseurs à www.nymortgage.com

Métriques de trafic de site Web	Visiteurs uniques annuels
Pages d'investisseurs View	127,543
Temps moyen sur place	4,3 minutes

Plateformes de trading du marché financier

• Courtiers interactifs
• E * Commerce
• Améritrade TD
• Charles Schwab

Volume de négociation: 1,2 million d'actions par trimestre

Échanges de valeurs mobilières

NASDAQ Global Select Market

Symbole à bourse	NYMT
Date d'inscription	Mars 2011
Capitalisation boursière	1,47 milliard de dollars

Réseaux d'investissement institutionnels

• Bloomberg Terminal
• Infacturation
• S&P Capital IQ

Propriété institutionnelle: 63,4%

Réseaux de référence du conseiller financier

Réseau	Volume de référence
Raymond James	412 références
Morgan Stanley	287 références
Conseillers de Wells Fargo	219 références

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, NYMT sert les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Volume d'investissement	Taille moyenne de l'investissement
Fonds de pension	245 millions de dollars	37,5 millions de dollars par fonds
Compagnies d'assurance	189 millions de dollars	28,3 millions de dollars par entreprise
Divisions d'investissement bancaire	167 millions de dollars	22,6 millions de dollars par division

Individus à haute nette

Caractéristiques du segment de clientèle à haute teneur en nymt:

• Attribution moyenne du portefeuille: 6 à 8% en titres adossés à des créances hypothécaires
• Seuil d'investissement minimum: 500 000 $
• Base totale des investisseurs à forte intensité: 1 247 individus
• Valeur d'investissement globale: 623 millions de dollars

Investisseurs de détail axés sur le revenu

Détails du segment des investisseurs de détail:

Catégorie d'investisseurs	Nombre d'investisseurs	Rendement annuel moyen des dividendes
Comptes de courtage de détail	18,735	10.2%
Actionnaires directs du RPE	7,412	9.7%

Fonds d'investissement immobilier

L'engagement de la NYMT avec les fonds d'investissement immobilier:

• Partenariats totaux du Fonds immobilier: 37
• Valeur d'investissement cumulative: 1,2 milliard de dollars
• Taille moyenne des investissements du fonds: 32,4 millions de dollars

Gestionnaires du portefeuille de retraite

Analyse du segment des investissements à la retraite:

Type de portefeuille	Total des actifs sous gestion	Pourcentage d'allocation NYMT
401 (k) Fonds de retraite	287 millions de dollars	4.3%
Portefeuilles d'investissement IRA	214 millions de dollars	5.1%

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: Structure des coûts

Frais de gestion et administratifs

Au troisième trimestre 2023, New York Mortgage Trust a déclaré des frais d'exploitation totaux de 18,4 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Compensation et avantages sociaux	8,7 millions
Coûts administratifs généraux	5,2 millions
Services professionnels	4,5 millions

Dépenses d'intérêt sur le capital emprunté

Pour l'exercice 2023, les frais d'intérêt de la NYMT étaient:

• Intérêts totaux: 121,3 millions de dollars
• Coût d'emprunt moyen: 4,85%
• Intérêt de l'accord de rachat: 92,6 millions de dollars
• Notes convertibles Intérêt: 28,7 millions de dollars

Investissements technologiques et infrastructures

Dépenses liées à la technologie pour 2023:

Zone d'investissement	Dépenses ($)
Infrastructure informatique	3,1 millions
Mises à niveau de la cybersécurité	1,5 million
Développement de logiciels	2,3 millions

Contacments de conformité et de réglementation

Dépenses de conformité pour 2023:

• Coûts de dépôt réglementaire: 1,2 million de dollars
• Dépenses de conformité juridique: 2,5 millions de dollars
• Frais d'audit externe: 750 000 $
• Programmes de formation réglementaire: 350 000 $

Frais de service professionnels

Dépenses de service professionnel pour 2023:

Type de service	Coût annuel ($)
Services juridiques	3,6 millions
Services comptables	2,1 millions
Avis financier	1,8 million

New York Mortgage Trust, Inc. (NYMT) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements hypothécaires

Pour l'exercice 2023, NYMT a déclaré un revenu total d'intérêts de 258,4 millions de dollars, dérivé de:

Type d'investissement	Revenu des intérêts ($ m)
Titres adossés à des créances hypothécaires résidentielles d'agence	142.6
Titres adossés à des créances hypothécaires non agences	67.3
Titres adossés à des créances hypothécaires commerciaux	48.5

Gains de titres adossés à des créances hypothécaires

Les gains commerciaux pour 2023 ont totalisé 43,2 millions de dollars, avec la ventilation suivante:

• Gains réalisés: 21,7 millions de dollars
• Gains non réalisés: 21,5 millions de dollars

Distributions de dividendes

Le revenu de dividende de NYMT pour 2023 était de 34,6 millions de dollars, avec un taux de dividende trimestriel de 0,10 $ par action.

Frais de titrisation

Les frais liés à la titrisation pour 2023 s'élevaient à 12,8 millions de dollars, générés à partir de:

Type de titrisation	Frais ($ m)
Titrisation résidentielle	8.3
Titrisation commerciale	4.5

Appréciation du portefeuille d'investissement

L'appréciation totale du portefeuille d'investissement pour 2023 était de 76,5 millions de dollars, avec:

• Appréciation du portefeuille résidentiel: 52,3 millions de dollars
• Appréciation du portefeuille commercial: 24,2 millions de dollars

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.