New York Mortgage Trust, Inc. (NASDAQ:NYMT) Q3 2023 Earnings Conference Call November 2, 2023 9:00 AM ET

Company Participants

Christy Moussalem - Investor Relations.

Jason Serrano - Chief Executive Officer

Nick Ma - President

Kristine Nario - Chief Financial Officer

Conference Call Participants

Bose George - KBW

Matthew Erdner - Jones Trading

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Third Quarter 2023 Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. [Operator Instructions] This conference is being recorded on Thursday, November 2, 2023.

I would now like to turn the call over to Christy Moussalem of Investor Relations.

Christy Moussalem

Good morning and thank you all for joining New York Mortgage Trust's Third Quarter 2023 Earnings Call. With me on today's call are Jason Serrano, Chief Executive Officer, Nick Ma, President, and Christine Nario, Chief Financial Officer.

A press release and supplemental financial presentation with New York Mortgage Trust's Third Quarter 2023 Results was released yesterday. Both the press release and supplemental financial presentation are available on the Company's website at www.nymtrust.com.

Additionally, we are 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 me 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 Securities Litigation Reform Act of 1995.

Although New York Mortgage Trust believes the expectations reflected in any forward-looking statement 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.

Jason Serrano

Thanks, Christy. Good morning. Welcome to New York Mortgage Trust's Third Quarter Earnings Call. We have been discussing a seismic market shift that has been underway since early 2022. The impact is likely to be far-reaching given historic rate moves and curve inversions.

In anticipation of heavy Treasury issuance calendar and continued higher for longer narrative from the Fed, the market witnessed record short positions added in the futures and options market by hedge funds, likely causing the curve to flatten in recent weeks. Home affordability is now at the worst point since the 1970s. And yet earlier this week, Case-Shiller's August HPA showed an increase of 1.01% month-over-month, which is the fifth straight month increase.