New York Mortgage Trust, Inc. has recently released its 10-Q report, detailing its activities and financial performance for the quarter. The company, headquartered in New York, acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets in the United States. Its targeted investments include residential loans, structured multi-family property investments, non-agency residential mortgage-backed securities (RMBS), agency RMBS, commercial mortgage-backed securities (CMBS), single-family rental properties, and other mortgage, residential housing, and credit-related assets. The company also qualifies as a real estate investment trust for federal income tax purposes.
In its 10-Q report, New York Mortgage Trust discussed its portfolio update during the three months ended September 30, 2024. The company continued to expand its investment securities and residential loan portfolios during this period. The investment activity was offset primarily by prepayments, distributions received from sales of consolidated multi-family properties, and sales of joint venture equity ownership interests and residential loans. The total investment portfolio stood at $6.86 billion as of September 30, 2024.
The report also included an executive summary, highlighting the company's strategic shift in its investment activities. After significantly curtailing its investment activity in anticipation of a recession in 2022, the company began stabilizing its investment portfolio holdings through greater investment activity in the second quarter of 2023. New York Mortgage Trust focused on acquiring assets with less price sensitivity to credit deterioration, particularly Agency RMBS, which it believes is a compelling asset class to invest in over the near term due to historically wide spread levels and reduced demand from regional banks and the Federal Reserve. The company also remained selective in adding credit-related assets to its portfolio, targeting low duration, high-coupon business purpose loans while optimizing financing of the acquired loans. Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $5.72. If you want to know more, read the company's complete 10-Q report here.
