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NYMTN - New York Mortgage Trust: Most Improved Award For Preferreds Holders
New York Mortgage Trust Inc. 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
NYMT has updated its Q4 figures which gives us a chance to review its risk profile from the perspective of preferreds holders.
NYMT ran into trouble in Q1 of last year, failing to meet margin calls though its book value drop was relatively contained and it dipped into illiquidity only on 23 March.
To enhance its liquidity profile NYMT sharply dialed down its leverage, got rid of non-agency leverage and shifted partly to non-mark-to-market repo.
Big picture, NYMT preferreds offer attractive yield for the portfolio profile though we would watch the agency allocation and path of leverage going forward.