New York Mortgage Trust: The Bull Case For The Common And Series D Preferred Shares

2025-06-02 09:40:41 ET

Summary

• New York Mortgage Trust is a mREIT focused on single-family and multifamily residential mortgage backed securities.
• Preferred dividend coverage has improved over the past year, driven by legacy real estate sales and portfolio growth.
• The Series D preferred shares offer an attractive current yield which will likely increase in October 2027.
• The common shares trade well below book value, largely justified by current low profitability, but present a turnaround opportunity for patient investors.
• A rise in long-term interest rates and the Fed suffering from recency bias are key risks to consider.

Introduction

So far in 2025, New York Mortgage Trust ( NYMT )'s Series D ( NYMTN ) fixed-to-floating cumulative preferred shares have only marginally underperformed the iShares Preferred and Income Securities ETF ( PFF ), delivering a loss of ~3%:

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