New York Mortgage Trust, Inc. NYMT

Competitive advantage analysis · real-estate

Lender Specialized
Overall moat score
57/100
Moderate

Ranked against 66 peers in REIT - Mortgage

Key strengths

  • Strong Net Interest Margin Net interest margin proxy is strong (score 0.81).
  • Industry-Leading Efficiency Operational efficiency is excellent (score 0.81).

Key risks

  • Credit Quality Concerns Credit quality is concerning (asset quality score 0.00).
  • Revenue Concentration Risk Revenue concentration is concerning (growth stability 0.03).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Funding & Return Stability

Moderate
53
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Signals, strengths and risks for Funding & Return Stability

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Signals, strengths and risks for Lending Advantage

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Signals, strengths and risks for Capital Strength

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Signals, strengths and risks for Cost Discipline

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Signals, strengths and risks for Revenue Diversification

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Signals, strengths and risks for Risk Management

Where NYMT ranks in REIT - Mortgage

New York Mortgage Trust, Inc. ranks #17 of 49 scored companies in REIT - Mortgage by moat score — the top 35%. The widest moat in the group is AGNC Investment Corp. - Deposit (AGNCM) at 73/100.

# Company Moat score Rating
13 NexPoint Real Estate Finance, I NREF 59/100 Moderate
14 Two Harbors Investment Corp TWO 58/100 Moderate
15 STARWOOD PROPERTY TRUST, INC. S STWD 57/100 Moderate
16 ACRES Commercial Realty Corp. ACR 57/100 Moderate
17 New York Mortgage Trust, Inc. NYMT 57/100 Moderate
18 Seven Hills Realty Trust SEVN 57/100 Moderate
19 Lument Finance Trust, Inc. LFT 56/100 Moderate
20 Dynex Capital, Inc. DX 56/100 Moderate
21 Rithm Property Trust Inc. RPT 56/100 Moderate

See every Mortgage REITs company ranked by moat score →

How NYMT scores on the Lender Specialized defenses

Funding & Return Stability

Score 53 · 22% of the moat score

A lender without deposits buys all of its funding, so its first test is whether the business still earns a decent return when that funding gets dearer.

Lending Advantage

Score 75 · 18% of the moat score

Outside banking, a lending advantage usually comes from origination: a channel or a data edge that finds good borrowers more cheaply than rivals, or a niche such as subprime auto, student loans or agency mortgages where experience in underwriting and servicing is hard to copy.

Capital Strength

Score 36 · 20% of the moat score

Without deposit insurance or a central-bank backstop, equity is what keeps a lender in business when its lenders get nervous.

Cost Discipline

Score 71 · 16% of the moat score

Origination, servicing and collections are largely fixed-cost operations, so scale and automation decide how much of the spread survives to the bottom line.

Revenue Diversification

Score 51 · 14% of the moat score

A lender that earns only on the spread of one product is exposed to that product's cycle and to the market that funds it.

Risk Management

Score 67 · 10% of the moat score

Credit losses at a non-bank lender arrive late and all at once, and with borrowed funding they can turn into a liquidity problem in weeks.

How each Lender Specialized defense is measured, in full →

Understanding NYMT's moat

What is New York Mortgage Trust, Inc.'s moat score?

New York Mortgage Trust, Inc. (NYMT) scores 57 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #17 of 49 scored companies in REIT - Mortgage, the top 35%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 66 companies in REIT - Mortgage. Its strongest defense is Lending Advantage (75/100) and its weakest is Capital Strength (36/100).

How does New York Mortgage Trust, Inc. compare with other REIT - Mortgage companies?

New York Mortgage Trust, Inc. ranks #17 of 49 scored companies in REIT - Mortgage by moat score. The widest moat in REIT - Mortgage is AGNC Investment Corp. - Deposit (AGNCM) at 73/100. The companies ranked closest are ACRES Commercial Realty Corp. (ACR) at 57 just above it and Seven Hills Realty Trust (SEVN) at 57 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Lender Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 66 companies in REIT - Mortgage. The defenses are then weighted to produce the overall score out of 100.

Why is New York Mortgage Trust, Inc. scored with the Lender Specialized template?

Card and instalment lenders, mortgage originators and mortgage REITs make money the way a bank does, by earning more on what they lend than they pay for the money they lend, but they do not take deposits. They borrow in the debt markets instead: securitisations, warehouse lines, repo and bonds, money that has to be refinanced and repriced as rates move. The Lender template scores what decides whether such a business lasts: how well its returns hold up as funding costs change, what it lends against, how much equity stands behind the book, and whether it has been pricing credit honestly.

Which competitive defenses are measured for New York Mortgage Trust, Inc.?

The Lender Specialized template measures 6 defenses, and NYMT scores: Funding & Return Stability (53), Lending Advantage (75), Capital Strength (36), Cost Discipline (71), Revenue Diversification (51), Risk Management (67). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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