New York Mortgage Trust, Inc. (NASDAQ:NYMT) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET
Company Participants
Jason Serrano - Chief Executive Officer
Kristine Nario - Chief Financial Officer
Nick Mah - President
Conference Call Participants
Doug Harter - Credit Suisse
Eric Hagen - BTIG
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust First Quarter 2023 Financial 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, May 04, 2023.
A press release and supplemental financial presentation with New York Mortgage Trust's first 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 & Presentations 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 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 the 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 take it away.
Jason Serrano
Thank you, operator. Good morning, everybody. Thank you for joining our first quarter 2023 earnings call. On the call with me today is Nick Mah, President and Kristine Nario, Chief Financial Officer. I'll begin by providing some market information and briefly touch on the first quarter performance before passing the call to Christine, who will discuss our quarter results in more detail. Nick will then discuss an update to our portfolio and market opportunity.
The first quarter was a challenging environment, as you saw the real beginnings of a risk-off mentality after regional banks entered a type of liquidity vortex related to their deposits. Distortions to zero interest rates are on full display here. Left with a material portion of fixed rate assets or at below fed funds rate, some regional banks are caught in liquidity crunch. Liquidity is locked up in these assets and push into the distant future.