New York Mortgage Trust Announces Resignation of its President and Promotions in Multifamily Group
September 19 2017 - 8:00AM
New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company,"
"we," "our" or "us"), an internally managed REIT in the business of
acquiring and managing residential and multifamily financial
assets, announced today that Kevin M. Donlon has resigned from his
position as President and as a member of the Company’s Board of
Directors to pursue new opportunities outside of the Company,
effective September 18, 2017. In addition, the Company announced
the promotions of Stephen Hogue to the role of Managing Director
and Head of Multifamily Asset Management and Steven Brannan to the
role of Managing Director and Head of Multifamily Credit
Acquisitions, effective immediately.
“Kevin and his talent and vision have been
instrumental in the success of New York Mortgage Trust since we
first partnered with him and RiverBanc back in 2011,” stated Steven
R. Mumma, the Company’s Chairman and Chief Executive Officer.
“Kevin grew the RiverBanc platform into a leading multifamily
credit investor that, as of June 30, 2017, sourced and managed over
$749.6 million of assets for or on behalf of NYMT. In May 2016,
NYMT acquired RiverBanc and internalized the strategy as a
long-term core investment for the Company. Kevin leaves us with a
talented and experienced team that is well-equipped to build upon
the Company’s previous successes in the multifamily space. While we
are disappointed to see Kevin go, we understand his passion for
starting and growing new businesses and we wish him every success
in his future endeavors.”
Mr. Mumma continued, “I am pleased to announce the
promotions of Steve Hogue and Steve Brannan. Both of these
individuals are seasoned and proven leaders in the field, have a
deep knowledge of the multifamily credit space and are uniquely
qualified to identify and manage the multifamily investments that
we target. I have great confidence that these individuals, along
with the rest of our team, will continue to help us to grow the
Company and deliver long-term stable distributions to our
stockholders.”
“In partnership with NYMT, we had the foresight to
pursue a credit strategy that we believed was under the radar and
capable of producing very attractive returns,” commented Mr.
Donlon. “I feel very fortunate to have partnered with and worked
for NYMT. I believe we have amassed a very experienced team of
multifamily investment professionals that has transformed NYMT into
a leading player in the multifamily credit space and am confident
that the Company is in great hands moving forward.”
About New York Mortgage
Trust
New York Mortgage Trust, Inc. is a Maryland
corporation that has elected to be taxed as a real estate
investment trust for federal income tax purposes (“REIT”). NYMT is
an internally managed REIT in the business of acquiring, investing
in, financing and managing mortgage-related and residential
housing-related assets and financial assets and targets residential
mortgage loans, including second mortgages and loans sourced from
distressed markets, multifamily CMBS, direct financing to owners of
multifamily properties through mezzanine loans and preferred equity
investments, other commercial and residential real estate-related
investments and Non-Agency RMBS. The Midway Group, L.P. and
Headlands Asset Management, LLC provide investment management
services to the Company with respect to certain of its asset
classes.
Forward-Looking StatementsThis
press release 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 possible events or factors, not all of which are known to
us, including those described in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2016, which has been filed with
the Securities and Exchange Commission. If a change occurs,
these forward-looking statements may vary materially from those
expressed in this release. All forward-looking statements speak
only as of the date on which they are made. Except as required by
law, we are not obligated to, and do not intend to, update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For Further Information
AT THE COMPANY
Kristine R.
Nario
Chief Financial
Officer
Phone:
646-216-2363
Email: knario@nymtrust.com
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