New York Mortgage Trust, Inc. (NYMT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo do New York Mortgage Trust, Inc. (NYMT), uma confiança dinâmica de investimento imobiliário que transforma os investimentos em hipotecas em uma potência financeira estratégica. Com uma abordagem sofisticada de títulos apoiados por hipotecas e um olhar atento às oportunidades de mercado, o Nymt navega no cenário complexo de finanças imobiliárias, oferecendo aos investidores uma mistura única de Altos rendimentos de dividendos e estratégias de investimento adaptáveis ​​em diversos setores hipotecários. Esse modelo abrangente de negócios Canvas revela o funcionamento interno de uma empresa que transforma a complexidade financeira em potencial sucesso do investidor, prometendo uma jornada esclarecedor através dos mecanismos do investimento hipotecário moderno.

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: Parcerias -chave

Investidores institucionais e intermediários financeiros

A partir do quarto trimestre 2023, os principais investidores institucionais da NYMT incluem:

Tipo de investidor	Porcentagem de propriedade
BlackRock Inc.	8.53%
Vanguard Group Inc.	6.72%
Argi Investment Services LLC	4.91%

Originadores de empréstimos hipotecários e funcionários

Os parceiros primários de origem e manutenção de empréstimos hipotecários incluem:

• Wells Fargo Bank
• JPMorgan Chase
• Bank of America

Empresas de investimento imobiliário

Parcerias estratégicas com empresas de investimento imobiliário:

Empresa parceira	Foco de colaboração
Blackstone Real Estate	Investimentos de hipotecas residenciais
Grupo CBRE	Avaliação de propriedades e análise de mercado

Participantes do mercado de capitais

Métricas de parceria do mercado de capitais em 2023:

• Volume total de securitização: US $ 1,2 bilhão
• Tamanho médio da transação: US $ 250 milhões
• Parceiros de securitização: Goldman Sachs, Morgan Stanley

Empresas patrocinadas pelo governo

Parcerias com empresas patrocinadas pelo governo:

GSE parceiro	Volume de compra de hipoteca (2023)
Fannie Mae	US $ 875 milhões
Freddie Mac	US $ 623 milhões

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: Atividades -chave

Investimento de hipoteca e gerenciamento de portfólio

A partir do quarto trimestre 2023, a NYMT conseguiu um portfólio total de investimentos de US $ 6,1 bilhões, consistindo em:

Tipo de ativo	Alocação de portfólio	Valor
Valores mobiliários lastreados em hipotecas residenciais (RMBs)	62%	US $ 3,78 bilhões
Valores mobiliários com hipotecas comerciais (CMBs)	28%	US $ 1,71 bilhão
Outros ativos hipotecários	10%	US $ 610 milhões

Securitização de ativos de hipoteca residencial e comercial

As atividades de securitização da NYMT em 2023 incluíram:

• Total de ativos hipotecários securitizados: US $ 2,3 bilhões
• Volume de securitização residencial: US $ 1,52 bilhão
• Volume de securitização comercial: US $ 780 milhões

Estratégias de avaliação e hedge de avaliação de risco

Métricas de gerenciamento de riscos para 2023:

Métrica de risco	Valor
Taxa de hedge de taxa de juros	78%
Cobertura de troca padrão de crédito	US $ 425 milhões
Classificação de crédito médio de portfólio	BBB+

Criação de capital e alocação de investimento

Estrutura de capital em 31 de dezembro de 2023:

• Patrimônio total: US $ 1,2 bilhão
• Taxa de dívida / patrimônio: 4.2: 1
• Custo médio ponderado de capital: 6,3%

Monitoramento de desempenho de títulos lastreados em hipotecas

Métricas de desempenho para portfólio de valores mobiliários apoiados por hipotecas:

Indicador de desempenho	Valor
Rendimento médio em RMBs	5.7%
Rendimento médio no CMBS	6.2%
Índice de ativos não-desempenho	1.4%

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: Recursos -chave

Equipe de gestão financeira experiente

A partir do quarto trimestre 2023, a liderança executiva da NYMT inclui:

Posição	Nome	Anos de experiência
CEO	Steven R. Mumma	Mais de 20 anos
Diretor Financeiro	Kristine R. Meredith	Mais de 15 anos

Recursos sofisticados de análise de investimento

Métricas de portfólio de investimentos em 31 de dezembro de 2023:

• Portfólio de investimentos totais: US $ 5,38 bilhões
• Valores mobiliários da agência: US $ 3,12 bilhões
• Títulos não Agência: US $ 2,26 bilhões

Portfólio de ativos hipotecários diversificados

Tipo de ativo	Valor total	Percentagem
Valores mobiliários apoiados por hipotecas residenciais	US $ 4,65 bilhões	86.4%
Valores mobiliários lastreados em hipotecas comerciais	US $ 730 milhões	13.6%

Tecnologia avançada de gerenciamento de riscos

Investimento de gerenciamento de riscos: US $ 12,5 milhões anualmente em infraestrutura tecnológica

Forte crédito e relações financeiras

Relacionamentos financeiros -chave:

• Linhas de crédito: US $ 850 milhões
• Parceiros de empréstimos primários: 7 principais instituições financeiras
• Classificação de crédito: bbb- (padrão & Poor's)

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: proposições de valor

Alto rendimento de dividendos para investidores focados em renda

A partir do quarto trimestre de 2023, o NYMT relatou um rendimento de dividendos de 13,54%. O dividendo trimestral da empresa foi de US $ 0,10 por ação, com um dividendo anual total de US $ 0,40 por ação.

Métrica	Valor
Rendimento de dividendos	13.54%
Dividendo trimestral	US $ 0,10 por ação
Dividendo anual	US $ 0,40 por ação

Estratégia de investimento flexível entre setores hipotecários

O portfólio de investimentos da NYMT em 31 de dezembro de 2023 incluiu:

• Agency Securities (RMBs) lastreados em hipotecas residenciais: US $ 3,2 bilhões
• RMBs não Agência: US $ 812 milhões
• Valores mobiliários com hipotecas comerciais (CMBs): US $ 456 milhões
• Empréstimos e outros investimentos: US $ 687 milhões

Especialização em títulos complexos apoiados por hipotecas

Valor total do portfólio de investimentos: US $ 5,155 bilhões a partir do quarto trimestre 2023

Tipo de investimento	Valor de mercado	Porcentagem de portfólio
Agency RMBS	US $ 3,2 bilhões	62.1%
RMBs não agrence	US $ 812 milhões	15.7%
CMBS	US $ 456 milhões	8.8%
Empréstimos e outros	US $ 687 milhões	13.4%

Potencial para retornos consistentes em financiamento imobiliário

Desempenho financeiro para o ano de 2023:

• Receita de juros líquidos: US $ 191,3 milhões
• Lucro líquido: US $ 87,6 milhões
• Retorno sobre o patrimônio (ROE): 8,7%

Abordagem de investimento adaptável para as condições de mercado

Alocação de estratégia de investimento A partir do quarto trimestre 2023:

• Valores mobiliários de taxa fixa: 68%
• Valores mobiliários de taxa ajustável: 22%
• Valores mobiliários híbridos: 10%

Métrica de desempenho	2023 valor
Total de ativos	US $ 6,3 bilhões
Valor contábil por ação	$4.62
Spread de juros líquidos	2.15%

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: relacionamentos com o cliente

Relatórios financeiros transparentes

A partir do quarto trimestre 2023, o NYMT apresentou relatórios financeiros detalhados com as seguintes métricas -chave:

Métrica financeira	Valor
Total de ativos	US $ 5,64 bilhões
Receita de juros líquidos	US $ 90,3 milhões
Renda abrangente	US $ 62,7 milhões

Comunicações regulares de investidores

A NymT mantém canais abrangentes de comunicação de investidores:

• Reuniões anuais de acionistas
• Sec Formulário 10-K e 10-Q registros
• Comunicados de imprensa de investidores

Apresentações trimestrais de ganhos

Trimestre	Ganhos por ação	Receita total
Q4 2023	$0.28	US $ 129,5 milhões
Q3 2023	$0.25	US $ 122,8 milhões

Suporte de relações com investidores

O NYMT fornece contato direto ao investidor através:

• Relações com investidores dedicados E -mail: ir@nymortgage.com
• Número de telefone das relações com investidores: (212) 364-5600
• Acessibilidade trimestral da chamada em conferência

Plataformas de engajamento de investidores digitais

As plataformas de engajamento digital incluem:

• Seção de investidores do site corporativo
• Apresentações de arquivos de ganhos de webcast
• Rastreamento de preços das ações em tempo real

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: canais

Site de relações com investidores online

A Nymt mantém um site de relações com investidores em www.nymortgage.com

Métricas de tráfego do site	Visitantes únicos anuais
Visualizações de página do investidor	127,543
Tempo médio no local	4,3 minutos

Plataformas de negociação de mercado financeiro

• Corretores interativos
• E*comércio
• TD Ameritrade
• Charles Schwab

Volume de negociação: 1,2 milhão de ações por trimestre

Trocas de valores mobiliários

Nasdaq Global Select Market

Símbolo de estoque	Nymt
Data de listagem	Março de 2011
Capitalização de mercado	US $ 1,47 bilhão

Redes de investimentos institucionais

• Terminal Bloomberg
• FACTSET
• S&P Capital IQ

Propriedade institucional: 63,4%

Redes de referência de consultor financeiro

Rede	Volume de referência
Raymond James	412 referências
Morgan Stanley	287 referências
Wells Fargo Advisors	219 referências

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

Investidores institucionais

A partir do quarto trimestre 2023, a NYMT serve investidores institucionais com o seguinte profile:

Tipo de investidor	Volume de investimento	Tamanho médio de investimento
Fundos de pensão	US $ 245 milhões	US $ 37,5 milhões por fundo
Companhias de seguros	US $ 189 milhões	US $ 28,3 milhões por empresa
Divisões de investimento bancário	US $ 167 milhões	US $ 22,6 milhões por divisão

Indivíduos de alta rede

Características do segmento de clientes de alta rede da Nymt:

• Alocação média de portfólio: 6-8% em títulos lastreados em hipotecas
• Limite mínimo de investimento: US $ 500.000
• Base total de investidores de alta rede: 1.247 indivíduos
• Valor agregado de investimento: US $ 623 milhões

Investidores de varejo focados em renda

Detalhes do segmento de investidores de varejo:

Categoria de investidores	Número de investidores	Rendimento médio de dividendos anuais
Contas de corretagem de varejo	18,735	10.2%
Acionistas diretos do REIT	7,412	9.7%

Fundos de investimento imobiliário

O envolvimento da NYMT com fundos de investimento imobiliário:

• Total de Parcerias do Fundo Imobiliário: 37
• Valor cumulativo de investimento: US $ 1,2 bilhão
• Tamanho médio de investimento de fundos: US $ 32,4 milhões

Gerentes de portfólio de aposentadoria

Análise do segmento de investimento de aposentadoria:

Tipo de portfólio	Total de ativos sob gestão	Porcentagem de alocação de nimt
401 (k) Fundos de aposentadoria	US $ 287 milhões	4.3%
Portfólios de investimento do IRA	US $ 214 milhões	5.1%

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: estrutura de custos

Gestão e despesas administrativas

No terceiro trimestre de 2023, o New York Mortgage Trust registrou despesas operacionais totais de US $ 18,4 milhões. O colapso inclui:

Categoria de despesa	Valor ($)
Compensação e benefícios	8,7 milhões
Custos administrativos gerais	5,2 milhões
Serviços profissionais	4,5 milhões

Despesas de juros em capital emprestado

Para o ano fiscal de 2023, as despesas de juros da NYMT foram:

• Despesas de juros totais: US $ 121,3 milhões
• Custo médio de empréstimos: 4,85%
• Juros de contrato de recompra: US $ 92,6 milhões
• Notas conversíveis Juros: US $ 28,7 milhões

Investimentos de tecnologia e infraestrutura

Despesas relacionadas à tecnologia para 2023:

Área de investimento	Gastos ($)
Infraestrutura de TI	3,1 milhões
Atualizações de segurança cibernética	1,5 milhão
Desenvolvimento de software	2,3 milhões

Conformidade e custos regulatórios

Despesas de conformidade para 2023:

• Custos de arquivamento regulatório: US $ 1,2 milhão
• Despesas de conformidade legal: US $ 2,5 milhões
• Taxas de auditoria externa: US $ 750.000
• Programas de treinamento regulatório: US $ 350.000

Taxas de serviço profissional

Despesas de serviço profissional para 2023:

Tipo de serviço	Custo anual ($)
Serviços Jurídicos	3,6 milhões
Serviços de contabilidade	2,1 milhões
Aviso financeiro	1,8 milhão

New York Mortgage Trust, Inc. (NYMT) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos hipotecários

Para o ano fiscal de 2023, a NYMT registrou receita total de juros de US $ 258,4 milhões, derivada de:

Tipo de investimento	Receita de juros ($ m)
Agency Securities lastreados em hipotecas residenciais	142.6
Valores mobiliários lastreados em hipotecas residenciais sem agência	67.3
Valores mobiliários lastreados em hipotecas comerciais	48.5

Ganhos de negociação de valores mobiliários apoiados por hipotecas

Os ganhos de negociação para 2023 totalizaram US $ 43,2 milhões, com o seguinte quebra:

• Ganhos realizados: US $ 21,7 milhões
• Ganhos não realizados: US $ 21,5 milhões

Distribuições de dividendos

A receita de dividendos da NYMT em 2023 foi de US $ 34,6 milhões, com uma taxa trimestral de dividendos de US $ 0,10 por ação.

Taxas de securitização

As taxas relacionadas à securitização para 2023 totalizaram US $ 12,8 milhões, geradas a partir de:

Tipo de securitização	Taxas ($ m)
Securitização residencial	8.3
Securitização comercial	4.5

Apreciação do portfólio de investimentos

A apreciação total do portfólio de investimentos em 2023 foi de US $ 76,5 milhões, com:

• Apreciação do portfólio residencial: US $ 52,3 milhões
• Apreciação do portfólio comercial: US $ 24,2 milhões

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.