New York Mortgage Trust, Inc. (NYMT): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at New York Mortgage Trust, Inc. right now, trying to figure out if this mortgage REIT's aggressive pivot into credit-deploying capital into assets like its $8.6 billion portfolio as of Q2 2025-is a smart play or a risk. As an old hand from BlackRock, I see a clear tension: they're chasing that high 11.25% forward yield, supported by a recent rebrand to Adamas Trust, Inc., while the stock trades below its intrinsic value. We're going to cut through the noise and map out their entire market strategy-Product, Place, Promotion, and Price-to see exactly how they are positioning for the rest of 2025, starting with that $0.20 quarterly common stock dividend. Stick around; this defintely matters for your income strategy.

New York Mortgage Trust, Inc. (NYMT) - Marketing Mix: Product

The product offering from New York Mortgage Trust, Inc. (NYMT) centers on its investment portfolio, which functions as the core asset base generating returns for its investors. This portfolio is strategically structured to balance credit risk with liquidity and yield generation, a key differentiator in the specialty finance sector.

The core investment portfolio reached $8.6 billion as of the second quarter of 2025, marking an increase of 4% or $339 million from the previous quarter. This expansion reflects an active deployment of capital aligned with the company's stated strategy. Total adjusted interest income supported this growth, rising to $132.5 million in Q2 2025, an 8% increase quarter-over-quarter.

NYMT's assets are categorized to serve distinct investment objectives. The credit-sensitive assets primarily consist of single-family and multi-family residential loans, which typically offer higher yields but carry greater credit risk. Conversely, the company maintains a significant allocation to Agency RMBS (Residential Mortgage-Backed Securities). These Agency RMBS are crucial for providing liquidity and a stable yield component to the overall portfolio structure.

A major strategic enhancement to the product suite was the full acquisition of Constructive Loans, LLC, completed on July 15, 2025. This move solidified NYMT's Business Purpose Loans (BPLs) platform. Constructive Loans originated over $1.7 billion in business purpose loans during the twelve months ending June 30, 2025, giving NYMT direct access to proprietary origination channels and a broad distribution network in this growing residential credit segment.

The investment structure as of Q2 2025 shows a clear capital allocation strategy across its asset classes:

Asset Segment	Portfolio Allocation (as of Q2 2025)	Investment Focus
Single-Family Credit/Other	44%	Credit-sensitive loans, including BPLs
Multi-Family Investments	38%	Multi-family residential loans and related assets
Single-Family Agency	18%	Agency RMBS for liquidity and yield

The company's publicly traded securities represent the ownership claims on this underlying asset portfolio. NYMT offers both Common Stock and multiple series of Preferred Stock, which rank senior to common equity regarding dividends and liquidation preference. As of June 30, 2025, there were 22,339,909 shares of Preferred Stock issued and outstanding.

The specific preferred stock series outstanding as of mid-2025 include:

• 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
• 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
• 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
• 7.000% Series G Cumulative Redeemable Preferred Stock.

For common stockholders, the regular quarterly cash dividend declared for the quarter ending June 30, 2025, was $0.20 per share, payable on July 30, 2025. Analysts estimate the full-year 2025 common dividend to be $0.80 per share. The company had $97.6 million remaining under an approved preferred stock repurchase program that expires on March 31, 2026. The acquisition of Constructive Loans is expected to be immediately accretive to earnings, supporting the ongoing dividend structure.

New York Mortgage Trust, Inc. (NYMT) - Marketing Mix: Place

The 'Place' strategy for New York Mortgage Trust, Inc., now operating as Adamas Trust, Inc. as of September 3, 2025, centers on where and how its financial products and capital are distributed and accessed across the United States. This involves maintaining a public listing for tradability and deploying capital directly into targeted asset classes through integrated platforms.

Securities Listed and Traded on the NASDAQ Exchange

New York Mortgage Trust, Inc. securities were traded on the NASDAQ exchange under the ticker NYMT. Following the corporate rebrand effective September 3, 2025, the common stock trades under the new ticker symbol ADAM. Specific senior notes also transitioned their symbols; for instance, the 9.875% Senior Notes due 2030 moved from NYMTH to ADAMH.

Capital Deployment Across the United States

New York Mortgage Trust, Inc. deploys its capital across the United States, focusing on a diversified mix of residential and multi-family mortgage-related assets, with a strategic pivot toward single-family credit. As of the second quarter of 2025, the total investment portfolio reached $8.6 billion. Management indicated an expectation to allocate more capital to single-family credit assets relative to multi-family credit assets in 2025 and beyond.

Here's the quick math on the asset allocation as of Q2 2025:

Asset Class	Allocation Percentage
Single-Family Credit/Other	44%
Multi-Family Investments	38%
Single-Family Agency (Agency RMBS)	18%

During Q2 2025 alone, the company acquired $798 million of new single-family investments, which included $504 million of Agency RMBS and $280 million of Residential Loans (99% Business Purpose Loans or BPLs).

Direct Loan Origination Channel

The distribution channel for business purpose loans was significantly enhanced by the vertical integration of the Constructive Loans platform. On July 15, 2025, New York Mortgage Trust, Inc. acquired the remaining 50% ownership interest, making Constructive Loans, LLC a wholly-owned subsidiary. This move secures direct control over proprietary origination channels and third-party distribution networks. Constructive originated over $1.7 billion in business purpose loans during the twelve months ending June 30, 2025. This acquisition helped grow New York Mortgage Trust, Inc.'s broader BPL portfolio to almost $2 billion.

Public Offerings of Senior Notes via Underwriters

Capital raising for asset acquisition and general corporate purposes is achieved through underwritten public offerings of Senior Notes. New York Mortgage Trust, Inc. executed multiple offerings in 2025:

• Pricing of $75 million aggregate principal amount of 9.125% senior notes due 2030, expected to close January 14, 2025.
• Pricing of $85 million aggregate principal amount of 9.875% senior notes due 2030, expected to close July 8, 2025.
• Subsequent to Q2 2025, the company issued $90.0 million in 9.875% Senior Notes due 2030, yielding net proceeds of approximately $86.6 million.

The January offering included an option for underwriters to purchase an additional $11.25 million, and the June offering had an over-allotment option of up to $12.75 million.

Corporate Operations Based in Key US Cities

The central corporate operations that manage this distribution and deployment strategy are geographically anchored in several key US locations. New York Mortgage Trust, Inc. operates in New York, Charlotte, and Los Angeles. The company's headquarters is located in New York City, New York.

New York Mortgage Trust, Inc. (NYMT) - Marketing Mix: Promotion

You're looking at how New York Mortgage Trust, Inc. (NYMT), now operating as Adamas Trust, Inc. since September 2025, communicates its value proposition to the market. For a REIT like this, promotion is heavily weighted toward investor relations and financial transparency, which is key to maintaining market confidence and liquidity.

The primary promotional channel for institutional visibility is the regular cadence of earnings calls. For instance, the executive management hosted a conference call and audio webcast for the Second Quarter 2025 results on Thursday, July 31, 2025, at 9:00 a.m. Eastern Time. This commitment to regular updates helps manage expectations.

To support these calls, the Investor Relations website is a crucial hub. Following the Q2 2025 release, a press release and a supplemental financial presentation were made available on the company's website, www.nymtrust.com, for investors to review. Post-rebrand, the new corporate website, www.AdamasREIT.com, went live on Wednesday, September 3, 2025.

Management has been strategic in its messaging, using press releases to frame recent performance. A key communication theme has been highlighting significant capital deployment. The company has actively communicated that its total 2025 asset acquisitions have exceeded $2.8 billion. This figure is often paired with the specific Q2 acquisition of $915 million in assets during that quarter alone.

The most significant recent promotional event was the corporate rebrand. A press release on September 02, 2025, announced the change to Adamas Trust, Inc., effective September 3, 2025, with the new ticker symbol ADAM. The CEO, Jason Serrano, framed this as a statement of resilience and long-term vision, noting the name Adamas means "firm," "unbreakable," and "lasting."

Management consistently uses the stock's valuation relative to its book value as a direct promotional talking point. As of the June 30, 2025, reporting period, the management team was actively communicating that the common stock was trading at a significant discount to its adjusted book value of $10.26 per share. This discount, which represented a potential upside of $3.56 per share according to management's analysis, is a direct appeal to value-oriented investors.

Here's a look at the key financial metrics used in recent promotional communications:

Metric	Value / Detail	Context Date
Total 2025 Acquisitions	Exceeded $2.8 billion	H1 2025 / Q2 2025 Reporting
Adjusted Book Value per Share	$10.26	June 30, 2025
Stock Price at June 30, 2025 Close	$6.82	July 30, 2025 Announcement
Implied Discount to Adj. BV	35% (or $3.56 per share upside)	July 30, 2025 Announcement
Q2 2025 EAD per Share	$0.22	June 30, 2025

The promotion strategy also emphasizes operational achievements that underpin the investment thesis. You can see this focus in the details shared during investor updates:

• Interest income expanded by 55% over the past year through portfolio realignment.
• Earnings Available for Distribution (EAD) per share increased to $0.22 in Q2 2025.
• Net interest spread improved to 150 basis points in Q2 2025, up from 132 basis points in Q1 2025.
• The company targeted an annual equity return of approximately 15% from the Constructive platform.
• The common stock dividend was maintained at $0.20 per share, representing an annualized yield of 11.94% at the $6.82 closing price.

Furthermore, the rebrand itself was promoted with specific changes to securities trading symbols, which is critical for market participants:

• Common Stock: NYMT changed to ADAM.
• Series D Preferred Stock: NYMTN changed to ADAMN (8.000% rate).
• Series E Preferred Stock: NYMTM changed to ADAMM (7.875% rate).
• Senior Notes due 2030: NYMTG changed to ADAMG (9.125% rate).

The communication around the stock's perceived value is direct. Management believes the gap between the market price and the $10.26 adjusted book value represents an opportunity for investors. Finance: draft Q3 2025 investor deck focusing on the post-rebrand strategy by next Tuesday.

New York Mortgage Trust, Inc. (NYMT) - Marketing Mix: Price

You're looking at how New York Mortgage Trust, Inc. (NYMT) prices its capital and its equity to attract investment, which is the core of its pricing strategy as a mortgage REIT. This isn't about consumer goods pricing; it's about the cost of capital and the yield offered to investors, making the stock itself a key part of the price discussion.

The commitment to shareholder return is evident in the common stock dividend, which you'll see was maintained at $0.20 per share through the third quarter of 2025. Honestly, this consistency is what income investors look for, especially when the market is volatile. This stability supports the forward dividend yield, which stood near 11.25% as of November 30, 2025, making the stock quite attractive for yield-seekers.

To fund asset growth, New York Mortgage Trust, Inc. has been willing to issue debt at rates reflecting the current economic environment. For instance, they completed an issuance of 9.875% Senior Notes due 2030. This 9.875% coupon rate is a clear indicator of the cost of long-term funding they are accepting to expand the portfolio, which includes significant agency RMBS holdings.

Here's a quick look at some of the key pricing and leverage metrics from the second quarter of 2025 and late 2025 data points:

Metric	Value	Reference Period/Date
Quarterly Common Stock Dividend	$0.20 per share	Maintained through Q3 2025
Forward Dividend Yield	11.25%	As of November 30, 2025
Recourse Leverage Ratio	3.8x	Q2 2025 end
Book Value Per Share (GAAP)	$9.11	Q2 2025 end
Adjusted Book Value Per Share	$10.26	Q2 2025 end
Stock Price (Example)	$7.11	December 01, 2025

The market price of the common stock suggests a valuation discount relative to the company's stated equity value. With the stock trading around $7.11 as of early December 2025, it sits below both the GAAP book value of $9.11 and the adjusted book value of $10.26 from Q2 2025. This discount implies the market prices New York Mortgage Trust, Inc. below what the balance sheet suggests, reflecting investor skepticism or a required rate of return higher than the current earnings yield.

The capital structure reflects an aggressive stance on deployment, which is priced into the leverage metrics. The recourse leverage ratio increased to 3.8x in Q2 2025, up from 3.2x in the prior quarter. This move to 3.8x signals a willingness to use more debt financing relative to equity to amplify returns on assets, a classic REIT pricing move, though it does increase the sensitivity to funding costs.

You can see the components of this pricing strategy through the following:

• The quarterly common stock dividend was held steady at $0.20 per share through Q3 2025.
• The forward dividend yield is priced to attract income investors at approximately 11.25% as of late 2025.
• New debt instruments carry a coupon of 9.875%, as seen with the Senior Notes due 2030.
• The stock trades at a discount, with a price around $7.11 against an adjusted book value of $10.26.
• The recourse leverage ratio moved to 3.8x in Q2 2025, showing more aggressive capital structure pricing.

Finance: draft a sensitivity analysis on the impact of a 50 basis point increase in short-term financing costs on the $0.20 dividend coverage by next Tuesday.