New York Mortgage Trust to reposition away from multifamily JV equity portfolio

New York Mortgage Trust announced that its board of directors has approved a strategic repositioning of its business by opportunistically disposing of the company’s joint venture equity interests in multifamily properties over time and reallocating its capital away from such assets to its targeted assets.

The company held $265 million in joint venture equity interests in multi-family properties as of June 30, 2022, representing 5.7 percent of its total investment portfolio. As of Sept. 22, the company held $336.6 million in cash.

“Beginning in 2020, we saw an exciting opportunity within the multifamily property sector to utilize our sourcing network and add equity exposure to over 20 properties through joint ventures,” said Jason Serrano, the CEO and president of the company.  “Due to various factors, the multi-family property sector recorded historical increases in per unit rent in several targeted markets resulting in opportunities that we believe will unloc