New York Mortgage Trust Appoints Jason Serrano as President and Provides Update Regarding Fourth Quarter Investment Activity...
January 07 2019 - 4:31PM
New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company,"
"we," "our" or "us") today announced that its Board of Directors
has named Jason T. Serrano as President of the Company, effective
January 7, 2019. Mr. Serrano will report to Steven R. Mumma,
the Company’s CEO.
Mr. Serrano was a Partner at Oak Hill Advisors,
L.P. (“OHA”), an alternative investment management firm, from
January 2014 to December 2018 and a Managing Director at OHA
from April 2008 to December 2013. While at OHA, Mr. Serrano ran the
mortgage investment business. Prior to joining OHA, Mr. Serrano
served as a Principal at The Blackstone Group, where he led the
structured finance investment team. Prior to Blackstone, Mr.
Serrano spent five years at Fortress Investment Group as Vice
President, assisting in the management of $2 billion of distressed
structured products and whole-loan portfolios.
“I'm pleased to welcome Jason to NYMT,"
said Steven R. Mumma, CEO of NYMT. "I have been continually
impressed by Jason's leadership, vision and instinct and believe
his experience in managing and growing the mortgage investment
business and driving revenue at scale will help us continue to
strengthen our position as a leader in the hybrid mortgage REIT
industry.”
Mr. Serrano added, "I'm excited and honored to
join NYMT and I look forward to applying my experiences to help
Steve and the team continue to build a premier financial firm.”
Fourth Quarter 2018 Investment Activity
Update
NYMT also announced today that it acquired
approximately $944.4 million of credit investments during the
quarter ended December 31, 2018, including approximately
$570.3 million of residential mortgage loans, $119.5 million of
non-agency RMBS and $254.6 million of structured multi-family
property investments, including CMBS and preferred equity
investments.
The Company also announced that it closed on a
new master repurchase agreement during the fourth quarter of 2018
with Credit Suisse AG and certain of its affiliates with a maximum
aggregate uncommitted principal amount of $750 million to fund
purchases of residential mortgage loans, expiring on November
28, 2019.
About New York Mortgage
TrustNew 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 targets multi-family
CMBS, direct financing to owners of multi-family properties through
preferred equity and mezzanine loan investments, residential
mortgage loans, including second mortgages and loans sourced from
distressed markets, non-Agency RMBS, Agency RMBS and other
mortgage-related and residential housing-related
investments.
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, 2017, 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 COMPANYKristine R.
Nario-Eng
Chief Financial
Officer
Phone:
646-216-2363
Email: knario@nymtrust.com
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