Group 1 - The article discusses the preferred stock and baby bond market activity, providing both bottom-up insights on individual news and events, as well as top-down analysis of the broader market [1] - It highlights the importance of yield and risk management considerations in the Income Portfolios offered by the company [1] - The article encourages the use of Interactive Investor Tools to navigate various markets including BDC, CEF, OEF, preferred, and baby bonds [1] Group 2 - The company offers Investor Guides for CEFs, Preferreds, and PIMCO CEFs to assist investors [2] - A promotional offer for a 2-week free trial is available, allowing potential investors to explore services without risk [2]

Core Viewpoint - New York Mortgage Trust, Inc. has acquired the remaining 50% ownership interest in Constructive Loans, LLC, enhancing its strategy to diversify and scale recurring earnings through a leading operating platform [1][2]. Group 1: Acquisition Details - The acquisition is an all-cash transaction completed through a wholly owned subsidiary of the Company, marking a significant milestone in its growth strategy [1]. - This acquisition builds on the Company's initial strategic investment in Constructive made in 2021, reflecting confidence in Constructive's growth potential and value to the residential credit market [2]. Group 2: Constructive Loans Performance - Constructive has originated over $1.7 billion in business purpose loans over the last twelve months ending June 30, 2025, demonstrating solid profitability and performance since its founding in 2017 [3]. - Constructive will continue to operate as an independent subsidiary with its experienced leadership team remaining in place [3]. Group 3: Management Insights - The CEO of the Company expressed excitement about the partnership with Constructive, emphasizing that the acquisition will diversify the Company's recurring income and expand its presence in residential credit markets [4]. - The President of the Company highlighted Constructive's ability to maintain solid loan performance while expanding origination volume, positioning it well to meet the financing needs of single-family investors [4]. Group 4: Company Background - New York Mortgage Trust, Inc. is an internally managed real estate investment trust focused on acquiring, investing in, financing, and managing primarily mortgage-related residential assets [5]. - Constructive Loans, LLC specializes in rental and transitional loans for real estate investors and operates in 48 states and D.C., with a workforce of 165 employees [6].

Group 1 - The article focuses on newly listed fixed-income securities on the exchange, specifically highlighting New York Mortgage Trust [1] - It invites active investors to join a free trial and engage in discussions with sophisticated traders and investors [1] Group 2 - The article does not provide specific investment recommendations or advice, emphasizing that past performance is not indicative of future results [2] - It clarifies that the views expressed may not reflect those of Seeking Alpha as a whole, and the analysts involved may not be licensed or certified [2]

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently combined long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoint - New York Mortgage Trust, Inc. is set to report its financial results for the second quarter of 2025 on July 30, 2025, with a conference call scheduled for July 31, 2025 [1][2]. Company Overview - New York Mortgage Trust, Inc. is a Maryland corporation that operates as a real estate investment trust (REIT) for federal income tax purposes [3]. - The company is internally managed and focuses on acquiring, investing in, financing, and managing primarily mortgage-related single-family and multi-family residential assets [3].

Core Points - New York Mortgage Trust, Inc. successfully completed a consent solicitation, securing necessary consents from holders of a majority of its outstanding 5.75% Senior Notes due 2026 to approve a proposed amendment to the indenture governing the Notes [1][2] - The Company will pay a cash payment of $4.00 per $1,000 principal amount of Notes for which valid consents were delivered by the expiration date [3] - The consent payment is contingent upon the satisfaction or waiver of certain conditions outlined in the Consent Solicitation Statement [4] Company Overview - New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (REIT) for federal income tax purposes, focusing on acquiring, investing in, financing, and managing primarily mortgage-related residential assets [5]

Core Points - New York Mortgage Trust, Inc. declared a regular quarterly cash dividend of $0.20 per share for the quarter ending June 30, 2025, payable on July 30, 2025, to stockholders of record as of June 23, 2025 [1] - The Board also declared cash dividends for its preferred stock series, including Series D, E, F, and G, with payment dates set for July 15, 2025 [2][3] Dividend Details - The cash dividends for the preferred stock series are as follows: - Series D: $0.50 per share - Series E: $0.6917713 per share - Series F: $0.4296875 per share - Series G: $0.4375 per share - All preferred stock dividends are for the period from April 15, 2025, to July 14, 2025, with a record date of July 1, 2025 [3] Company Overview - New York Mortgage Trust, Inc. is a Maryland corporation that operates as a real estate investment trust (REIT), focusing on acquiring, investing in, financing, and managing primarily mortgage-related single-family and multi-family residential assets [4]

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoint - New York Mortgage Trust, Inc. is soliciting consents from holders of its 5.75% Senior Notes due 2026 to amend the indenture governing the Notes, specifically to revise the Net Debt to Equity Ratio to a maximum of 8.00 to 1.00, which is aimed at enhancing financial flexibility and supporting the company's investment strategy [1][7]. Group 1: Consent Solicitation Details - The Consent Solicitation is set to expire on June 12, 2025, unless extended or terminated earlier [1]. - The company is offering a consent payment of $4.00 per $1,000 principal amount of the Notes for valid and unrevoked consents [3][8]. - Adoption of the Proposed Amendment requires consents from a majority of the outstanding aggregate principal amount of the Notes [8]. Group 2: Financial Performance and Strategy - The company has significantly increased its investment activity since Q2 2023, acquiring approximately $4.1 billion in assets during 2024 and an additional $1.9 billion in Q1 2025 [4]. - In Q1 2025, the company reported a 55% year-over-year increase in interest income, supported by efficient, low-cost leverage [5]. - As of March 31, 2025, the company maintained a strong liquidity position with $173.1 million in cash and cash equivalents, $256.8 million in unencumbered investment securities, and $100.2 million in unencumbered residential loans [6]. Group 3: Proposed Amendment Implications - The Proposed Amendment is intended to enhance the company's financial flexibility to scale its portfolio in line with market opportunities and income generation objectives [7]. - The company believes that increasing the maximum Net Debt to Equity Ratio aligns with prudent financial management and benefits stakeholders [7].

Financial Performance - Net income attributable to common stockholders was $0.33 per share for the first quarter of 2025[247]. - Earnings available for distribution was $0.20 per share for the first quarter of 2025, indicating continued momentum in portfolio growth and income generation[247]. - Net income attributable to the Company's common stockholders for Q1 2025 was $30,285,000, with a basic earnings per share of $0.33[269]. - The Company reported a net income attributable to common stockholders of $30.285 million for the three months ended March 31, 2025, compared to a loss of $68.340 million in 2024, an improvement of $98.625 million[282]. - Basic earnings per common share improved to $0.33 in 2025 from a loss of $0.75 in 2024, reflecting a change of $1.08[282]. - Economic return on book value for Q1 2025 was 3.13%, while the economic return on adjusted book value was 2.71%[269]. Investment Portfolio - The total investment portfolio reached $8.26 billion as of March 31, 2025, after accounting for acquisitions and repayments[242]. - The fair value of residential loans increased to $2.95 billion as of March 31, 2025, from $2.88 billion at the end of 2024[242]. - Agency RMBS holdings grew to $4.56 billion as of March 31, 2025, up from $3.14 billion at the end of 2024[242]. - The Company allocated $3,913,268,000 to residential loans and $4,646,812,000 to investment securities available for sale as of March 31, 2025[276]. - The total fair value of residential loan securitizations increased to $1.554 billion as of March 31, 2025, compared to $1.253 billion on December 31, 2024, representing a growth of approximately 24%[348]. - The investment securities portfolio's fair value increased to $4.794 billion as of March 31, 2025, from $3.977 billion on December 31, 2024, marking an increase of approximately 20.5%[350]. Interest Income and Expenses - Interest income increased by 55% and adjusted interest income increased by more than 57% for the first quarter of 2025 compared to the same period in 2024[247]. - Interest income for the same period was $129,734,000, while interest expense was $96,636,000, resulting in a net interest income of $33,098,000[269]. - The yield on average interest-earning assets was 6.47%, and the net interest spread was 1.32%[269]. - Adjusted interest income for the three months ended March 31, 2025, increased by approximately $44.7 million to $122.770 million compared to $78.091 million in the same period of 2024[313]. - Adjusted interest expense rose by approximately $34.7 million to $86.560 million for the three months ended March 31, 2025, compared to $51.896 million in 2024[314]. - Adjusted net interest income for the three months ended March 31, 2025, was $36.210 million, up from $26.195 million in 2024, reflecting a year-over-year increase of 38.3%[315]. Asset Acquisition and Disposition - The company acquired approximately $4.1 billion of assets during the year ending December 31, 2024, and an additional $1.9 billion during the three months ended March 31, 2025[246][247]. - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[243]. - The company expects to continue opportunistically disposing of assets from its multi-family portfolio while focusing on investments in the residential housing sector[251]. - The company has maintained its qualification as a REIT and intends to continue compliance with the Internal Revenue Code provisions[245]. Economic and Market Conditions - The U.S. GDP contracted by 0.3% in the first quarter of 2025, marking the first quarter of contraction since Q1 2022, compared to a 2.4% growth in Q4 2024[255]. - The unemployment rate in the U.S. was 4.2% at the end of March 2025, slightly up from 4.1% at the end of December 2024, with 7.1 million unemployed persons[256]. - Effective rents for professionally managed apartments grew 1.1% for the twelve months ended March 2025, but there were significant regional disparities in rent growth[260]. - Investment grade credit spreads widened by 15 basis points and high-yield spreads by 63 basis points during the first quarter of 2025[261]. Debt and Financing - The Company completed the issuance of $82.5 million in aggregate principal amount of 9.125% Senior Notes due 2030, with net proceeds of approximately $79.3 million[272]. - The Company had $4.1 billion outstanding under repurchase agreements as of March 31, 2025, with a weighted average interest rate of 4.49%[354][355]. - The company had commitments to fund up to $184.8 million of additional advances on existing business purpose loans as of March 31, 2025[424]. - The common stock repurchase program had $189.7 million remaining available as of March 31, 2025, and it also expires on March 31, 2026[419]. Joint Ventures and Equity Investments - The Company’s net equity in consolidated joint venture equity investments totaled $155.9 million as of March 31, 2025, compared to $153.7 million on December 31, 2024[368]. - The net joint venture equity investments in consolidated multi-family properties not in disposal group held for sale totaled $136.0 million as of March 31, 2025[373]. - The company recognized no joint venture equity investments reclassified from disposal group held for sale in Q1 2025, compared to a loss of $14,636,000 in Q1 2024[294]. Risk Management - The company utilizes interest rate caps and swaps to manage interest rate risk in its portfolio[431]. - Changes in interest rates could impact adjusted net interest income significantly, with a +200 basis point change resulting in a decrease of $90,470 thousand[433]. - The company may be required to enter into interest rate cap contracts as part of its financing arrangements[416].