New York Mortgage Trust, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Second Quarter 2025 Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star key followed by 1-1 on your touchtone phone. If you would like to withdraw your question, please press the star key and 1-1 again. If you are using speaker equipment, we do ask that you please lift the handset before making your selection. This conference is being recorded on Thursday, July 31st, 2025. I would now like to turn the call over to Christine Muesalem, Investor Relations. Please go ahead.

Good morning and welcome to the Second Quarter 2025 earnings call for New York Mortgage Trust. A press release and supplemental financial presentation with New York Mortgage Trust Second Quarter 2025 Results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at .nyntrust.com. Additionally, we're hosting a live webcast of today's call, which you can access in the events and presentation section of the company's website. At this time, management would like you to inform you that certain statements made during the conference call, which are not historical, may be deemed forward-looking statements within the meaning of the Private Security Solidigation Reform Act of 1995. Although New York Mortgage Trust believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and from time to time in the company's filings with the Securities and Exchange Commission. Now at this time, I would like to introduce Jason Serrano, Chief Executive Officer. Jason, please go ahead.

Good morning. Thank you for joining NYMT's second quarter earnings call. Joining me today is Nick Ma, President, and Christine Ario, CFO. Christine will provide commentary on second quarter results and Nick will follow with an update on the progress of our business plan. We have a lot to cover this Thursday morning as we share our second quarter recap and insights into Q3 developments. NYMT's reported strong second quarter performance with EAD surpassing our current common dividend by 2 cents. This success demonstrates the effective execution of our long-term capital allocation strategy and the strength of our liquidity position. We maintain strong investment meant in the second quarter, deploying nearly 800 million into single family opportunities, aligned with our core strategies of agency RMBS and business purpose loans and compelling return profiles. The marked backdrop remained supportive for our balance sheet growth with volatility easing as investors look past tariff related concerns and progress made on trade agreements, as well as foreign suppliers absorbing part of the impact. Macroeconomic indicators softened slightly in the second quarter, prompting some economists to lower full year GDP forecast for 2025 and 26. We anticipate a steep annual curve in the months ahead. We believe our portfolio composition is well positioned to benefit from lower short term rates. While housing prices remain elevated, several formerly high growth markets from the post COVID era have begun to cool, showing modest year over year price declines. Meanwhile, rental demand continues to rise with national homeownership rate declining to 65% resembling levels in 1980s. Seeing a long-term potential to meet the growing demand for non-agency credit and rental housing, we announced the full acquisition of constructive on July 15th. The transaction marks a pivotal milestone, accelerating our expansion into residential business purpose lending and further diversifying our balance sheet to deliver greater value to our shareholders. Investor demand for BPL rental loans is robust. Hallmark traits in the sector include loans supported by property level rental income, borrower guarantees and five year prepay protection. A few years back, we identified constructed loans as a leading operator in space with a proven track record of originating and distributing BPLs to institutional buyers, generating attractive gain on sale income. Consistent with NYMT's conservative approach, we closely tracked the region's performance before moving into full control of the company with a $38.4 million acquisition just a few weeks ago, further meaning 50%. This transaction was a milestone in NYMT's history, reinforcing our long-term commitment to the BPL space while advancing our key strategic objectives. Constructive loans will aid as a compliment to NYMT's growing investments by further diversifying the portfolio recurring earnings. We expect this platform acquisition to be immediately creative to EAD and are focused on scaling constructive loans under NYMT's ownership, especially as we entered the third quarter with the $416 million of liquidity to play. In addition, the successful bond amendment to increase our recourse leverage limit from four times to eight times on our five and three quarter senior notes due to 2026 provides us with flexibility to continue expanding our agency RBS holdings, which is now 57% of the portfolio assets and 38% of capital at quarter end. With a stable foundation of net income supported by our expanded agency and residential credit portfolio, we are well positioned to grow earnings available for distribution, further enhanced by the compelling upside potential of our BPL regination platform. We believe NYMT's equity remains a compelling opportunity, the shares trading around 70% of book value, a significant discount. Our Q2 results which showed recurring earnings exceeding the dividend and ample liquidity to drive future growth, reinforced our view that NYMT shares offer exceptional value at current levels. At this time, I'll pass the call over to Christine to provide our second quarter financial highlights.