NYMTI: The New 9.125% Bond From Mortgage REIT New York Mortgage Trust

halbergman Historically, NYMT has been a credit-focused mortgage REIT. Several years ago the company made a strategic shift towards outright multi-family home ownership with its Joint Venture Equity strategy. This entailed equity ownership of a number of multi-family properties alongside an operating partner, primarily in the South and Southeast. The target IRR of the strategy was 13-17% with income coming from rental revenue and sales after improvements. This strategy has performed poorly and is largely re ...