New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”)
announced today that, Steven R. Mumma, the Chairman of the Board of
Directors of the Company (the “Board”) and Chief Executive Officer,
will transition to the role of Executive Chairman of the Company
and that the Company’s President, Jason T. Serrano, will succeed
Mr. Mumma as Chief Executive Officer of the Company, each effective
on January 1, 2022.
As Executive Chairman, Mr. Mumma will remain
an integral member of the executive management team and continue to
play a significant role in the Company’s ongoing investment
decisions, risk management activities, and capital management
strategies. Mr. Mumma’s term as Executive Chairman will begin
on January 1, 2022 and continue through December 31,
2022, subject to extension upon mutual agreement of the
parties.
“We were extremely fortunate to have been able to
recruit Jason to the Company as our President in January 2019 after
building a distinguished career as an alternative credit asset
manager. Over the last two years, Jason has assumed leadership
roles across all of the Company’s investment strategies and
operations and greatly expanded our capabilities in self-managing,
sourcing and developing credit assets,” said Mr. Mumma. “While I
will remain actively engaged in important investment strategy
decisions and oversight of the Company’s operations, I am excited
about Jason’s capability to lead the Company’s day-to-day operating
activities moving forward.”
“As a Board, we are excited about the elevation
of Steve and Jason into these new leadership roles,” said Alan L.
Hainey, the Company’s lead independent director, and David R. Bock,
the Chairman of the Nominating & Corporate Governance Committee
of the Board. “Steve has been with the Company since it went public
in 2004 and as CEO helped build a successful and vibrant
organization and put together a talented and dedicated team. We are
so appreciative of what he has built here over the past 13 years as
CEO and pleased that he will continue on with us as Executive
Chairman. As President, Jason has proven himself to be a strong
leader and contributor to the success of NYMT and the Board is
looking forward to working closely with him in his new role as
CEO.”
Mr. Mumma has served as Chief Executive Officer
since February 2009 and Chairman of the Board since March 2015. Mr.
Mumma was appointed President, a role he held until May 2016, and
Co-Chief Executive Officer effective March 31, 2007 and served as
Chief Financial Officer from November 2006 to October 2010. Prior
to serving in the above capacities, Mr. Mumma served as the
Company’s Chief Investment Officer, a position to which he was
named in July 2005, and as Chief Operating Officer, commencing in
November 2003.
“I am honored to be selected by the Board as the
Company’s next Chief Executive Officer,” said Mr. Serrano. “I am
excited about the prospects for the Company and the opportunity to
lead an experienced group of investment professionals as we
endeavor to continue to deliver long-term stable distributions to
our stockholders over changing economic conditions,” said Mr.
Serrano. “I look forward to partnering with Steve and the rest of
the Board as we position the Company for future growth.”
Mr. Serrano has served as the Company’s President
since January 2019 and has been a member of the Board since March
2019. Prior to joining the Company, 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. Before Blackstone, he
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. He also spent five years at
Moody’s as a rating analyst for collateralized debt obligations and
derivatives.
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 (“REIT”) for federal income tax
purposes. NYMT is an internally managed REIT in the business of
acquiring, investing in, financing and managing primarily
mortgage-related single-family and multi-family residential
assets.
Forward-Looking Statements
When used in this press release, in future filings
with the Securities and Exchange Commission (the “SEC”) or in other
written or oral communications, statements which are not historical
in nature, including those containing words such as “will,”
“believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,”
“intend,” “could,” “would,” “should,” “may” or similar expressions,
are intended to identify “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and, as such, may involve known and unknown
risks, uncertainties and assumptions. Statements regarding the
following subject, among others, may be forward-looking: leadership
transition.
Forward-looking statements are based on estimates,
projections, beliefs and assumptions of management of the Company
at the time of such statements and are not guarantees of future
performance. Forward-looking statements involve risks and
uncertainties in predicting future results and conditions. Actual
results and outcomes could differ materially from those projected
in these forward-looking statements due to a variety of factors,
including, without limitation: changes in the Company’s business
and investment strategy; changes in interest rates and the fair
market value of the Company’s assets, including negative changes
resulting in margin calls relating to the financing of the
Company’s assets; changes in credit spreads; changes in the
long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and
Ginnie Mae; general volatility of the markets in which the Company
invests; changes in prepayment rates on the loans the Company owns
or that underlie the Company’s investment securities; increased
rates of default or delinquency and/or decreased recovery rates on
the Company’s assets; the Company’s ability to identify and acquire
targeted assets, including assets in its investment pipeline;
changes in relationships with the Company’s financing
counterparties and the Company’s ability to borrow to finance its
assets and the terms thereof; the Company’s ability to predict and
control costs; changes in laws, regulations or policies affecting
the Company’s business, including actions that may be taken to
contain or address the impact of the COVID-19 pandemic; the
Company’s ability to make distributions to its stockholders in the
future; the Company’s ability to maintain its qualification as a
REIT for federal tax purposes; the Company’s ability to maintain
its exemption from registration under the Investment Company Act of
1940, as amended; risks associated with investing in real estate
assets, including changes in business conditions and the general
economy, the availability of investment opportunities and the
conditions in the market for Agency RMBS, non-Agency RMBS, ABS and
CMBS securities, residential loans, structured multi-family
investments and other mortgage-, residential housing- and
credit-related assets, including changes resulting from the ongoing
spread and economic effects of COVID-19; and the impact of COVID-19
on the Company, its operations and its personnel.
These and other risks, uncertainties and factors,
including the risk factors described in the Company’s reports filed
with the SEC pursuant to the Exchange Act, could cause the
Company’s actual results to differ materially from those projected
in any forward-looking statements the Company makes. All
forward-looking statements speak only as of the date on which they
are made. New risks and uncertainties arise over time and it is not
possible to predict those events or how they may affect the
Company. Except as required by law, the Company is not obligated
to, and does 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 Investor RelationsPhone:
212-792-0107Email: InvestorRelations@nymtrust.com
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