New York Mortgage Trust, Inc. has recently released its 10-Q report, detailing its activities and financial performance for the quarter. The company, incorporated in 2003 and headquartered in New York, acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets in the United States. It targets investments including residential loans, structured multi-family property investments, non-agency residential mortgage-backed securities, agency RMBS, commercial mortgage-backed securities, single-family rental properties, and other mortgage, residential housing, and credit-related assets. New York Mortgage Trust, Inc. also qualifies as a real estate investment trust for federal income tax purposes.
In its 10-Q report, New York Mortgage Trust, Inc. provided a detailed portfolio update for the three months ended June 30, 2024. The company's investment activity during this period included the purchase of Agency RMBS and selective pursuit of new single-family residential loans and non-Agency RMBS. The total investment portfolio as of June 30, 2024, amounted to $5,911,537, reflecting acquisitions of $5,348,306, repayments of $934,241, and sales and other changes totaling $43,555.
The report also highlighted the company's objective of delivering long-term stable distributions to its stockholders through a combination of net interest spread and capital gains from a diversified investment portfolio. New York Mortgage Trust, Inc. operates as an internally-managed REIT for U.S. federal income tax purposes and has complied with the provisions of the Internal Revenue Code. The company expects to be subject to some federal, state, and local taxes on income generated in its taxable REIT subsidiaries, even if it maintains its qualification as a REIT.
The executive summary in the report outlined the company's efforts to build out a low-levered, higher-yielding portfolio of credit-sensitive single-family and multi-family assets through proprietary sourcing channels. It also addressed the challenges faced in the market following the significant disruption in March 2020, as well as the impact of the Federal Reserve's actions to subdue inflation on the company's investment activity and portfolio stabilization efforts.
The 10-Q report provides a comprehensive insight into New York Mortgage Trust, Inc.'s financial condition, investment activities, and strategic approach to navigating the evolving market conditions, reflecting the company's commitment to transparency and accountability to its stakeholders. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $6.17. Check out the company's full 10-Q submission here.
