New York Mortgage Trust, Inc. (NYMT): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine behind New York Mortgage Trust, Inc., and honestly, it's a classic mortgage REIT play: generating high income by owning a mix of agency assets and residential credit, but with a modern twist via their Business Purpose Loan (BPL) platform, Constructive. As a former head analyst, I see their core value proposition clearly: delivering that consistent quarterly dividend, which they held steady at $0.20 per share through 2025, supported by an $8.6 billion investment portfolio and Q2 2025 Earnings Available for Distribution (EAD) of $0.22 per share. To see if this structure holds up against interest rate swings and financing costs-their defintely major expense-you need to look closely at the Key Partnerships and Cost Structure below. This canvas breaks down exactly how New York Mortgage Trust, Inc. turns financing and credit risk into shareholder payouts.

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

You're looking at the core relationships that let New York Mortgage Trust, Inc. operate and grow its mortgage-related asset portfolio as of late 2025. These are the firms that provide the capital, the market access, and the operational backbone.

Investment banks for debt issuance and securitization underwriting.

New York Mortgage Trust, Inc. relies on investment banks to underwrite its debt offerings and structure its securitizations. For instance, in January 2025, the joint book-running managers for a senior notes offering included Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC. The firm executed several significant financing transactions in mid-2025 to support its deployment strategy.

Transaction Type	Date (2025)	Amount	Key Rate/Cost
Senior Notes Issuance (9.875% due 2030)	July 8	$90.0 million principal amount	9.875% coupon
Rated Securitization	Subsequent to Q2-end	$370 million	5.70% effective cost
Residential Loan Securitization (Net Proceeds)	July 24	Approx. $345.9 million net proceeds	N/A
Company-Sponsored CDOs Outstanding	June 30	N/A	Carrying value of $2.3 billion (Residential loan securitization CDOs)

By June 30, 2025, New York Mortgage Trust, Inc. had 15 Company-sponsored securitizations with CDOs outstanding. This activity builds on the six securitizations executed in 2024.

Government-Sponsored Enterprises (GSEs) for Agency RMBS transactions.

Agency RMBS (Residential Mortgage-Backed Securities) are a core asset class, making GSEs like Fannie Mae and Freddie Mac critical partners by providing the underlying market for these securities. The strategic focus on these assets is clear in capital deployment figures.

• Portfolio allocation to Single-Family Agency as of Q2 2025: 18%.
• Agency investments acquired in Q2 2025: Approx. $503.7 million.
• Average coupon on Q2 2025 Agency acquisitions: 5.29%.
• Total investment portfolio size as of June 30, 2025: $8.6 billion.

Repo financing counterparties providing short-term funding lines.

Short-term funding, primarily through repurchase agreements (repo), is essential for financing the asset portfolio. The leverage ratios reflect the reliance on these counterparties for liquidity.

• Company recourse leverage ratio as of June 30, 2025: Approx. 3.8 to 1.
• Portfolio recourse leverage ratio as of June 30, 2025: Approx. 3.6 to 1.
• Excess liquidity capacity reported as of Q2-end 2025: $416 million (including $260 million in available financing).

These ratios include recourse repurchase agreement financing, which is the direct measure of this funding reliance.

Third-party loan servicers managing the residential credit portfolio.

New York Mortgage Trust, Inc. depends on external providers to manage the operational aspects of its loan book, especially as the business purpose loan (BPL) portfolio grows. The company noted that failures by these providers could adversely impact results. The growth in the loan portfolio since June 30, 2024, directly increased the residential loan servicing fees recognized as of June 30, 2025. Furthermore, the July 2025 acquisition of Constructive Loans, LLC, a residential loan origination platform, integrates more of the origination and financing activities in-house, though servicing remains largely outsourced.

The Q2 2025 investment activity included acquiring approximately $280.2 million in residential loans with an average gross coupon of 9.76%.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of New York Mortgage Trust, Inc. (NYMT) operations as of late 2025, focusing on the actions that drive its returns in the mortgage-related asset space. It's all about deployment, optimization, and risk management, honestly.

Active management of a $8.6 billion investment portfolio.

The investment portfolio reached a total size of $8.6 billion as of the second quarter of 2025. Total acquisitions for the first half of 2025 exceeded $2.8 billion. The management activity involves a strategic allocation across different asset classes to capture the best risk-adjusted returns.

Here's a look at the portfolio breakdown as of Q2 2025:

Portfolio Segment	Allocation Percentage (Q2 2025)	Recent Acquisition Example (Q2 2025)
Single-Family Credit/Other (Includes BPLs)	44%	$280 million in Residential Loans (99% BPL) acquired
Single-Family Agency (Agency RMBS)	18%	$504 million in Agency RMBS acquired with a 5.29% average coupon
Multi-Family Investments	38%	Portfolio composition includes these interests

The focus remains on Agency RMBS, which represented 57% of portfolio assets and 38% of capital at the end of Q2 2025.

Sourcing and originating Business Purpose Loans (BPLs) via Constructive.

New York Mortgage Trust, Inc. solidified its control over its BPL origination platform by acquiring the remaining 50% ownership interest in Constructive Loans, LLC in July 2025 for approximately $38.4 million in cash consideration. This move gives direct access to the platform's origination volume, which was over $1.7 billion in the twelve months ending June 30, 2025. Constructive's origination volume reached over $5.1 billion in the first half of 2025.

• Residential Loans acquired in Q2 2025 were 99% BPL.
• The company completed two securitizations in the BPL sector during Q1 2025.

Securitizing residential loans to optimize capital and liquidity.

Securitization is a key activity for recycling capital and managing leverage. On July 24, 2025, New York Mortgage Trust, Inc. completed a securitization of residential loans, netting approximately $345.9 million in proceeds after expenses. Subsequent to the second quarter-end, the company completed another significant financing transaction: a $370 million rated securitization with an effective cost of 5.70%. The pool for the NYMT Loan Trust 2025-INV1 securitization consisted of 1,493 business-purpose investment property loans.

Hedging interest rate risk using derivative instruments like swaps.

Managing interest rate exposure is critical for protecting the net interest margin (NIM). In the second quarter of 2025, New York Mortgage Trust, Inc. recorded $36.3 million in unrealized losses on derivative instruments, which were primarily interest rate swaps. This activity is part of a program designed to protect capital from a potential higher rate environment.

Raising capital through common stock and senior notes offerings.

The company actively raises capital through both debt and equity channels to fund asset acquisition. Subsequent to Q2 2025, New York Mortgage Trust, Inc. issued $90 million aggregate principal amount of its 9.875% Senior Notes due 2030. Earlier in 2025, in January, the company priced an offering of $75 million aggregate principal amount of its 9.125% senior notes due 2030. In Q1 2025, a substantial $83 million unsecured note issuance was also completed. Furthermore, the company engaged in share repurchases in Q2 2025, buying back 231,200 shares of common stock at an average price of $6.50 per share.

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

The Key Resources for New York Mortgage Trust, Inc. center on its capital structure, specialized internal capabilities, and strategic asset origination control.

Substantial capital base, including equity and debt financing

New York Mortgage Trust, Inc. supports its investment activities with a significant capital base, balancing equity and various forms of debt. As of June 30, 2025, the company's GAAP book value per share stood at $9.11, with an adjusted book value per common share at $10.26. The total investment portfolio size expanded to $8.6 billion by the end of the second quarter of 2025. The firm's leverage profile shows a Recourse Leverage Ratio of 3.8x as of June 30, 2025.

The capital base is augmented through debt issuances, such as the January 2025 underwritten public offering of $75 million aggregate principal amount of 9.125% senior notes due 2030. Furthermore, in July 2025, New York Mortgage Trust, Inc. issued $90.0 million of 9.875% Senior Notes due 2030, with net proceeds of approximately $86.6 million predominantly used to acquire targeted assets.

Metric	Value (as of mid-2025)	Date/Period
GAAP Book Value Per Share	$9.11	June 30, 2025
Adjusted Book Value Per Share	$10.26	June 30, 2025
Total Investment Portfolio Size	$8.6 billion	Q2 2025
Recourse Leverage Ratio	3.8x	June 30, 2025
January 2025 Senior Notes Issuance	$75 million	January 2025
July 2025 Senior Notes Issuance (Net Proceeds)	Approx. $86.6 million	July 2025

Internal management team and specialized credit expertise

New York Mortgage Trust, Inc. operates as an internally-managed REIT, relying on its in-house team for execution. Key personnel include CEO Jason Serrano and President Nicholas Mah. This internal structure supports specialized credit expertise, particularly in the Business Purpose Lending (BPL) sector.

Proprietary BPL origination platform, Constructive Loans, LLC

A critical resource is the proprietary origination capability secured through the full acquisition of Constructive Loans, LLC on July 15, 2025. This move integrated the platform, which had originated over $1.7 billion in business purpose loans in the twelve months ending June 30, 2025. The cash consideration for the remaining 50% stake was approximately $38.4 million, subject to post-closing adjustments. As of March 31, 2025, BPL-bridge loans represented 13% and BPL-rental loans represented 11% of the company's $8.30 billion in assets.

• Acquisition Date of Remaining Interest: July 15, 2025
• Constructive Loans Origination Volume (12 months ending June 30, 2025): Over $1.7 billion
• Cash Consideration for Remaining Stake: Approx. $38.4 million
• BPL-Bridge as % of Assets (March 31, 2025): 13%

Access to diverse financing markets, including repo and unsecured notes

New York Mortgage Trust, Inc. maintains access to various debt capital markets to fund its investment activities. In the first half of 2025, the company completed two new residential loan securitizations, yielding approximately $326.3 million in net proceeds. In July 2025, the company completed a rated securitization for approximately $370 million with an effective cost of 5.70%. As of June 30, 2025, 65% of the company's debt (excluding certain items) is subject to mark-to-market margin calls, with 59% of that debt collateralized by Agency RMBS.

REIT tax status, which mandates high dividend distribution

As a REIT, New York Mortgage Trust, Inc. is required to distribute a significant portion of its taxable income. The company has historically maintained a consistent quarterly dividend, holding it at $0.20 per share for seven consecutive quarters leading up to the Q2 2025 earnings call. For the second quarter of 2025, Earnings Available for Distribution (EAD) per share was $0.22, which surpassed the dividend. More recently, the company declared a Third Quarter 2025 common stock dividend of $0.23 per share.

Here's the quick math on the dividend coverage for recent periods:

• Q1 2025 EAD per Share: $0.20
• Q2 2025 EAD per Share: $0.22
• Quarterly Dividend (Historical): $0.20 per share
• Q3 2025 Declared Dividend: $0.23 per share

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.