New York Mortgage Trust, Inc. (NASDAQ:NYMT) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Jason Serrano - Chief Executive Officer Kristine Nario - Chief Financial Officer Nick Mah - President Conference Call Participants Doug Harter - Credit Suisse Eric Hagen - BTIG Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust First Quarter 2023 Financial Results Conference Call. During today's presentation, all parties will ...

Multi-Family Portfolio Overview 19 Property Operating Update • In 2022, 32% of Mezzanine Lending investments prepaid. 1. Excludes properties that are under construction. 2. Not Applicable as the underlying property is under construction. See Glossary and End Notes in the Appendix. | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------|-------|-------| | | | | | | | Utilize a Strong Balance Sheet to Capture Opportunity: | | | | • | Maximize liquidity wit ...

Investment Portfolio - As of December 31, 2022, the company owned $260.1 million in non-Agency RMBS, which are collateralized by residential credit assets[31]. - The company owned 491 single-family rental properties, primarily located in Illinois and Maryland, as of December 31, 2022[33]. - The company held approximately $137.7 million of preferred equity interests in a joint venture owning 13 multi-family properties across seven states as of December 31, 2022[43]. - The company’s investments in multi-family CMBS included first loss PO securities, which represented 7.5% of the overall securitization totaling approximately $1.0 billion in multi-family residential loans[45]. - Approximately 17.4% of the total investment portfolio represented direct or indirect investments in multi-family properties as of December 31, 2022[111]. - As of December 31, 2022, approximately 78.0% of the total investment portfolio was comprised of residential loans and non-Agency RMBS[112]. - As of December 31, 2022, 100% of the total investment portfolio was comprised of "credit assets"[101]. - The company holds $388.8 million in joint venture equity interests in multi-family properties, representing approximately 10.2% of its total investment portfolio as of December 31, 2022[146]. Leverage and Financing - The company has historically employed leverage through repurchase agreements in managing its Agency RMBS portfolio[32]. - The company’s recourse leverage ratio was approximately 0.3 to 1, indicating a conservative use of debt relative to equity[53]. - The company targets maximum leverage ratios of 8:1 for liquid Agency securities and between 4:1 and 6:1 for illiquid assets, with a total debt leverage ratio not exceeding 3:1[52]. - The company completed nine non-recourse securitizations and three non-mark-to-market repurchase agreement financings since Q1 2020, enhancing its financing strategy[51]. - The company has entered into three repurchase agreements with an aggregate outstanding balance of $446.8 million as of December 31, 2022, which are not subject to margin calls[57]. - The company utilizes leverage through various forms of debt, which can exacerbate losses and reduce cash available for distribution to stockholders[172]. - The company has historically used leverage to enhance returns, but current market volatility may limit its ability to leverage assets, potentially diminishing returns and distributions to stockholders[174]. - The company utilizes non-recourse securitizations and structured financings, which expose it to risks that could result in losses and affect its ability to finance assets[175]. Risk Factors - The company faces risks from changes in interest rates, credit spreads, and market volatility, which could impact asset values and financial performance[88]. - The company may experience increased volatility in GAAP results due to the fair value option elected for most investments[92]. - Risks include potential losses from inaccurate estimates of loss-adjusted yields and the impact of economic downturns on asset performance[92]. - The company is subject to extensive regulation, and failure to comply with REIT requirements could adversely affect operations and liquidity[94]. - Changes in government policies and economic conditions, including the impact of COVID-19, may affect the company's business and market conditions[94]. - The planned discontinuation of LIBOR and transition to alternative reference rates may adversely impact the company's borrowings and assets[94]. - The company faces risks related to credit-sensitive assets, including potential inaccuracies in loss-adjusted yield estimates[104]. - Residential loans are subject to increased risks of loss, particularly as they are not guaranteed by the federal government or any GSE[113]. - Business purpose loans are directly exposed to losses from default and foreclosure, with potential liquidation proceeds insufficient to recover the cost basis in the loan[117]. - Economic disruptions may lead to increased delinquencies and defaults, adversely affecting net interest income and earnings[190]. Compliance and Regulation - The company is structured as a REIT and is generally not subject to U.S. federal income tax on distributed taxable income, but failure to qualify as a REIT could adversely impact operations and distributions[78]. - Subsidiaries investing in residential mortgage loans rely on an exemption under the Investment Company Act, requiring at least 55% of assets to be qualifying real estate assets[80]. - The company must maintain compliance with the Investment Company Act to avoid significant operational changes or asset sales that could negatively affect stock value and business sustainability[79]. - The company is required to distribute at least 90% of its REIT taxable income to avoid corporate income tax, which could impact liquidity[215]. - If the company fails to qualify as a REIT, it would be subject to U.S. federal income tax at regular corporate rates, potentially requiring asset liquidation or borrowing[213]. - The company’s investments in repurchase agreements may be challenged by the IRS, potentially affecting REIT qualification[223]. - The company’s mezzanine loans may not meet IRS requirements for qualifying real estate assets, posing a risk to REIT status[224]. Workforce and Diversity - The company has a fully flexible workplace policy adopted in 2022, allowing employees to choose their work environment[70]. - As of December 31, 2022, women comprised 24% of the workforce, and 30% identified as ethnically diverse, reflecting the company's commitment to diversity[68]. - The company has not laid off or furloughed any employees due to the COVID-19 pandemic, maintaining workforce stability[71]. Market Conditions and Economic Impact - The company anticipates that increases in interest rates will generally decrease net income and the market value of the investment portfolio[98]. - Rising interest rates may reduce the availability of targeted assets and increase interest expenses, adversely affecting earnings and distributions[105]. - The company’s portfolio may be concentrated in certain asset types, increasing exposure to economic downturns and risks associated with the real estate and lending industries[110]. - Competition in the market for investment opportunities has increased, leading to reduced levels of investment and negatively impacting net earnings during periods of high demand[156]. - Government actions in response to the COVID-19 pandemic and inflation may create volatility and uncertainty in financial markets, impacting the company's operations[191]. - The uncertainty surrounding U.S. government policies and regulations has increased macroeconomic and political risks, potentially impacting the company's financial condition and operations[192]. Asset Management and Valuation - The company’s valuation models may be based on incomplete information, exposing it to risks if assumptions prove inaccurate[151]. - The company’s fair value determinations of assets may differ from market realizations, potentially affecting its financial condition and results of operations[152]. - The company's investments in residential loans are challenging to value, particularly for re-performing loans (RPLs) and non-performing loans (NPLs), which could adversely affect liquidity and operational results[153]. - The ability to sell RPLs for profit is contingent on borrowers continuing to make payments; a shift to NPLs could reduce earnings[153]. - Changes in prepayment rates can adversely affect the performance of the company's assets, impacting income and cash flows[124]. Cybersecurity and Operational Risks - Cybersecurity and data security are critical, as breaches could harm reputation and materially impact financial results; the company has implemented measures to protect sensitive information[157]. - The company is highly dependent on information systems, and any operational disruptions could adversely affect business and financial condition[163]. - Access to financing sources may be limited, particularly during market volatility, which could adversely affect operations and ability to distribute to stockholders[165].

Financial Data and Key Metrics Changes - The company reported an undepreciated loss per share of $0.12 in Q4 2022, an improvement of over 50% compared to a loss of $0.27 in Q3 2022 [11] - Adjusted book value per share ended at $3.97, down 4.8% from September 30, translating to a negative 2.4% economic return on adjusted book value during the quarter [59][28] - Net interest income was $22.2 million, contributing $0.06 per share, down from $0.08 per share in the previous quarter [30] Business Line Data and Key Metrics Changes - The company significantly reduced its investment activity, with Q4 2022 acquisitions at $106 million, 89% lower than the peak in Q2 2022 [66] - The bridge loan portfolio experienced an increase in delinquencies from 8% to 13.5%, attributed to the late-stage cycle of the portfolio [72] - The multifamily portfolio saw rental growth of 11% in 2022, with stable occupancy at 93% [78] Market Data and Key Metrics Changes - U.S. mortgage rates more than doubled from the mid-3% range to above 7% in 2022, leading to a significant increase in housing expense to income, now approximately 35% higher than last year [7] - The company noted that housing affordability is at a critical level, impacting new home buyers and leading to potential home price declines of 20% to 25% in certain markets [7] Company Strategy and Development Direction - The company is focusing on a low-cost platform and aims to obtain additional savings in 2023, with a deliberate approach to managing costs [2] - The strategy includes avoiding significant losses by not tying up capital in long-term losing propositions and instead waiting for better entry points in the market [6] - The company plans to utilize its strong liquidity and low-cost structure to remain selective in the residential housing sector, anticipating a buyer's market [81] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about increasing delinquencies across various asset classes, particularly for loans originated over the past 18 months to low FICO score borrowers [19] - The company anticipates that consumption challenges will significantly weigh on GDP in 2023, with a tight relationship between existing home supply and home price appreciation [19] - Management remains optimistic about the potential for portfolio growth and higher earnings through strategic asset management and investment in distressed opportunities [10][26] Other Important Information - The company reduced its leverage ratio to 0.3 times and ended the quarter with $224 million in cash [9] - The company has a clear path to drive EPS higher without diluting shareholders through equity raises, focusing on asset-based financing [22] Q&A Session Summary Question: Update on monetizing JV multifamily assets - Management is actively exploring various options for monetizing 19 assets, with traction noted despite a quiet market in December and January [87] Question: Thoughts on dividend policy and earnings outlook - The company evaluates its dividend policy quarterly, considering a 12 to 18-month forecast based on interest income and realized capital gains [91] Question: Rationale behind debt repurchases - Management sees opportunities to repurchase debt at discounts, which is accretive and provides greater flexibility for future transactions [96]

New York Mortgage Trust 2022 Fourth Quarter Financial Summary This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ____________ Commission file number 001-32216 NEW YORK MORTGAGE TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State ...

New York Mortgage Trust, Inc. (NASDAQ:NYMT) Q3 2022 Earnings Conference Call November 3, 2022 9:00 AM ET Company Participants Jason Serrano - President and CEO Kristine Nario-Eng - CFO Conference Call Participants Christopher Nolan - Ladenburg Thalmann Matthew Howlett - B. Riley Eric Hagen - BTIG Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Third Quarter 2022 Results Conference Call. [Operator Instructions] This conference is being record ...

Table of Contents Maryland 47-0934168 (I.R.S. Employer Identification No.) 90 Park Avenue, New York, New York 10016 (Address of Principal Executive Office) (Zip Code) For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ____________ Commission file number 001-32216 NEW YORK MORTGAGE TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of I ...

Financial Data and Key Metrics Changes - The company incurred a loss of $0.22 per share, largely due to an unrealized loss on the balance sheet, resulting in a negative 0.4% loss to book value for the quarter [3][7] - The GAAP book value per share was $4.06, and the undepreciated book value per share ended at $4.24, down 4.7% from the previous quarter, translating to a negative 2.5% economic return on depreciated book value [7][8] - The portfolio net interest margin decreased to 3.48%, a drop of 39 basis points from the previous quarter [8] Business Line Data and Key Metrics Changes - The company acquired $890 million in investments, primarily in bridge loans, and repurchased 2.8 million shares at attractive pricing [4][21] - Portfolio interest income increased by $9.3 million to $61.8 million, while portfolio interest expense rose by $7.4 million due to increased utilization of warehouse facilities [9][10] - Non-interest related losses amounted to $20.2 million, primarily from net unrealized losses of $67.7 million due to rising interest rates and credit spreads [10][11] Market Data and Key Metrics Changes - The market has transitioned to a buyer's market, with new originated assets trading at discounts due to rate changes [14][15] - The company is observing a slowdown in existing home sales, attributed to historically low inventory levels [17][18] - In the multifamily space, rent growth remains strong, particularly in the South, with positive migration trends and solid job markets [20][34] Company Strategy and Development Direction - The company aims to rotate its balance sheet into higher yielding assets and is focusing on gap funding opportunities in the multifamily space [15][20] - The strategy includes selectively adding to the portfolio while allowing existing assets to mature and redeploy into future opportunities [18][19] - The company is preparing for a sizable market in bridge loans, anticipating a maturity wall in the coming years [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is undergoing a seismic shift, with expectations for deep discount assets to become available [14][15] - The company is cautious about the current market conditions but believes that liquidity and cash availability will lead to opportunities [15][16] - Management expects leverage to remain low, with a focus on unlevered assets in the new market environment [63] Other Important Information - The company ended the quarter with $383 million in cash and expects this number to increase as opportunities arise [6][26] - The company has a low recourse leverage ratio of 0.7 times and portfolio leverage at 0.6 times [8][9] Q&A Session Summary Question: Can you talk about the multifamily JV portfolio and embedded gains? - The assets are held at cost basis less depreciation, and the company is exploring monetization opportunities [40][41] Question: How do you view the timing for monetization? - The company has sufficient cash to access opportunities without relying solely on multifamily equity [41] Question: What strategies are being considered for gap funding? - The company plans to provide lending rather than equity, focusing on recapitalizing assets that need additional capital [48][51] Question: How is the company addressing the current market conditions? - The company is observing a shift in cap rates and rental growth, which may offset increased funding costs [52][53] Question: What is the expected leverage moving forward? - The company anticipates leverage to decrease over time as more unencumbered assets are added to the balance sheet [63]

New York Mortgage Trust 2022 Second Quarter Financial Summary Forward Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can ...