<SEC-DOCUMENT>0001104659-24-076316.txt : 20240628
<SEC-HEADER>0001104659-24-076316.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628163354
ACCESSION NUMBER:		0001104659-24-076316
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		28
CONFORMED PERIOD OF REPORT:	20240628
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK MORTGAGE TRUST INC
		CENTRAL INDEX KEY:			0001273685
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				470934168
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32216
		FILM NUMBER:		241086252

	BUSINESS ADDRESS:	
		STREET 1:		90 PARK AVENUE. 23RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 792-0107

	MAIL ADDRESS:	
		STREET 1:		90 PARK AVENUE. 23RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2418480d2_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:us-roles="http://fasb.org/us-roles/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:country="http://xbrl.sec.gov/country/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:nymt="http://nymtrust.com/20240628">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html"/>
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02C_US%2DGAAP%2D2023 -->
<!-- Field: Set; Name: xdx; ID: xdx_039_nymt_nymtrust.com_20240628 -->
<!-- Field: Set; Name: xdx; ID: xdx_04D_20240628_20240628 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DEntityCentralIndexKey_0001273685 -->
<!-- Field: Set; Name: xdx; ID: xdx_072_SO_T%2D%2D\DeptFiles%2DiXBRL 8%2DK Covers Templates\+++%2DROOT%2DElement%2D+++\DocumentInformationLineItems.xdxs -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000003" name="dei:AmendmentFlag">false</ix:nonNumeric>
  <ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000004" name="dei:EntityCentralIndexKey">0001273685</ix:nonNumeric>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="nymt-20240628.xsd" xlink:type="simple"/>
  </ix:references>
 <ix:resources>
    <xbrli:context id="AsOf2024-06-28">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001273685</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-06-28</xbrli:startDate>
        <xbrli:endDate>2024-06-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-06-282024-06-28_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001273685</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-06-28</xbrli:startDate>
        <xbrli:endDate>2024-06-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001273685</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-06-28</xbrli:startDate>
        <xbrli:endDate>2024-06-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001273685</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-06-28</xbrli:startDate>
        <xbrli:endDate>2024-06-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001273685</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-06-28</xbrli:startDate>
        <xbrli:endDate>2024-06-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001273685</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2024-06-28</xbrli:startDate>
        <xbrli:endDate>2024-06-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
  </ix:resources>
 </ix:header>
</div>


<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="margin: 0"></p>

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_904_edei--DocumentType_c20240628__20240628_zfpruscj53Af"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000010" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
reported): <span id="xdx_905_edei--DocumentPeriodEndDate_c20240628__20240628_zEfBqvce6a2f"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt:datemonthdayyearen" id="Fact000011" name="dei:DocumentPeriodEndDate">June 28, 2024</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90C_edei--EntityRegistrantName_c20240628__20240628_zDFfAj0DbKPk"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000012" name="dei:EntityRegistrantName">NEW YORK MORTGAGE TRUST, INC.</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified
in its charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 32%; text-align: center"><b><span style="text-decoration: underline"><span id="xdx_90C_edei--EntityIncorporationStateCountryCode_c20240628__20240628_zRRqaksYZImk"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt-sec:stateprovnameen" id="Fact000013" name="dei:EntityIncorporationStateCountryCode">Maryland</ix:nonNumeric></span></span></b></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 32%; text-align: center"><b><span style="text-decoration: underline"><span id="xdx_90E_edei--EntityFileNumber_c20240628__20240628_zRAJzyHFkkv"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000014" name="dei:EntityFileNumber">001-32216</ix:nonNumeric></span></span></b></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 32%; text-align: center"><b><span style="text-decoration: underline"><span id="xdx_90D_edei--EntityTaxIdentificationNumber_c20240628__20240628_ze95nmpiZ3Qe"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000015" name="dei:EntityTaxIdentificationNumber">47-0934168</ix:nonNumeric></span></span></b></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">(State or other jurisdiction of<br/>
 incorporation)</td>
    <td>&#160;</td>
    <td style="text-align: center">(Commission File Number)</td>
    <td>&#160;</td>
    <td style="text-align: center">(IRS Employer Identification No.)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20240628__20240628_zPpjjn0tO0xf"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000016" name="dei:EntityAddressAddressLine1">90 Park Avenue</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_907_edei--EntityAddressCityOrTown_c20240628__20240628_zn5DqVUPqjJ7"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000017" name="dei:EntityAddressCityOrTown">New York</ix:nonNumeric></span>, <span id="xdx_907_edei--EntityAddressStateOrProvince_c20240628__20240628_zyxWpnVgLiOg"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt-sec:stateprovnameen" id="Fact000018" name="dei:EntityAddressStateOrProvince">New York</ix:nonNumeric></span> <span id="xdx_905_edei--EntityAddressPostalZipCode_c20240628__20240628_zYzqEEUvuY1b"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000019" name="dei:EntityAddressPostalZipCode">10016</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and zip code of</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">principal executive offices)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
area code: <b>(<span id="xdx_90A_edei--CityAreaCode_c20240628__20240628_zdkLY6eA7Jw6"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000020" name="dei:CityAreaCode">212</ix:nonNumeric></span>) <span id="xdx_90F_edei--LocalPhoneNumber_c20240628__20240628_zi8cB6rXxg2j"><ix:nonNumeric contextRef="AsOf2024-06-28" id="Fact000021" name="dei:LocalPhoneNumber">792-0107</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span id="xdx_905_edei--WrittenCommunications_c20240628__20240628_zWGKGpoZZ4zi" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt:booleanfalse" id="Fact000022" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></td><td style="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span id="xdx_900_edei--SolicitingMaterial_c20240628__20240628_z4DvY1eFUoT4" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt:booleanfalse" id="Fact000023" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></td><td style="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span id="xdx_90E_edei--PreCommencementTenderOffer_c20240628__20240628_zsoZwndNAN04" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt:booleanfalse" id="Fact000024" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span id="xdx_90B_edei--PreCommencementIssuerTenderOffer_c20240628__20240628_zoqV1VojECwl" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt:booleanfalse" id="Fact000025" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered pursuant to Section
12(b) of the Act:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 58%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Title&#160;of&#160;Each&#160;Class</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Trading<br/>
Symbol(s)</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 25%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name&#160;of&#160;Each&#160;Exchange&#160;on<br/>
Which&#160;Registered</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-align: center; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--Security12bTitle_c20240628__20240628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_znTSC55zmms7"><ix:nonNumeric contextRef="From2024-06-282024-06-28_us-gaap_CommonStockMember" id="Fact000026" name="dei:Security12bTitle">Common Stock, par value $0.01 per share</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--TradingSymbol_c20240628__20240628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zw5wQ7UPhxy8"><ix:nonNumeric contextRef="From2024-06-282024-06-28_us-gaap_CommonStockMember" id="Fact000027" name="dei:TradingSymbol">NYMT</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_edei--SecurityExchangeName_c20240628__20240628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z5BZ7pDyKse8"><ix:nonNumeric contextRef="From2024-06-282024-06-28_us-gaap_CommonStockMember" format="ixt-sec:exchnameen" id="Fact000028" name="dei:SecurityExchangeName">NASDAQ Stock Market</ix:nonNumeric></span></span></td></tr>
<tr style="font-size: 7pt; vertical-align: top">
    <td style="font-size: 7pt; padding-left: 10pt; text-align: center; text-indent: -10pt">&#160;</td>
    <td style="font-size: 7pt">&#160;</td>
    <td style="font-size: 7pt; text-align: center">&#160;</td>
    <td style="font-size: 7pt">&#160;</td>
    <td style="font-size: 7pt; text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><span id="xdx_900_edei--Security12bTitle_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zcVhw7hYZx79"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000029" name="dei:Security12bTitle">8.000%
Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="vertical-align: middle; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--TradingSymbol_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_z1phkGeDQoz9"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000030" name="dei:TradingSymbol">NYMTN</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="vertical-align: middle; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--SecurityExchangeName_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zLJPGX8U7gIg"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" format="ixt-sec:exchnameen" id="Fact000031" name="dei:SecurityExchangeName">NASDAQ Stock Market</ix:nonNumeric></span></span></td></tr>
<tr style="font-size: 7pt; vertical-align: top">
    <td style="font-size: 7pt; text-align: center">&#160;</td>
    <td style="font-size: 7pt">&#160;</td>
    <td style="font-size: 7pt; text-align: center">&#160;</td>
    <td style="font-size: 7pt">&#160;</td>
    <td style="font-size: 7pt; text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><span id="xdx_903_edei--Security12bTitle_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zhCUDJdpEzGf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000032" name="dei:Security12bTitle">7.875%
    Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par
    value $0.01 per share, $25.00 Liquidation Preference</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_edei--TradingSymbol_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zqYgnjBPMsNh"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000033" name="dei:TradingSymbol">NYMTM</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_edei--SecurityExchangeName_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zGM1YeXBmus4"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" format="ixt-sec:exchnameen" id="Fact000034" name="dei:SecurityExchangeName">NASDAQ Stock Market</ix:nonNumeric></span></span></td></tr>
<tr style="font-size: 7pt; vertical-align: top">
    <td style="font-size: 7pt; text-align: center">&#160;</td>
    <td style="font-size: 7pt">&#160;</td>
    <td style="font-size: 7pt; text-align: center">&#160;</td>
    <td style="font-size: 7pt">&#160;</td>
    <td style="font-size: 7pt; text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><span id="xdx_906_edei--Security12bTitle_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zQRiHp37hbG9"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000035" name="dei:Security12bTitle">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_edei--TradingSymbol_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_ziQnkSJFKl39"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000036" name="dei:TradingSymbol">NYMTL</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_edei--SecurityExchangeName_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zVb5a3RV0d2f"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" format="ixt-sec:exchnameen" id="Fact000037" name="dei:SecurityExchangeName">NASDAQ Stock Market</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><span id="xdx_90A_edei--Security12bTitle_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zi1qpe5QPPA9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000038" name="dei:Security12bTitle">7.000%
Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_edei--TradingSymbol_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zQbh3ecWZtj3"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" id="Fact000039" name="dei:TradingSymbol">NYMTZ</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--SecurityExchangeName_c20240628__20240628__us-gaap--StatementClassOfStockAxis__custom--A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_zZR7rPYBP3yi"><ix:nonNumeric contextRef="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" format="ixt-sec:exchnameen" id="Fact000040" name="dei:SecurityExchangeName">NASDAQ Stock Market</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (&#167;230.405 of this chapter) or Rule 12b-2 under the Exchange Act (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.75in; text-indent: 1.5in">Emerging Growth Company <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_90F_edei--EntityEmergingGrowthCompany_c20240628__20240628_zXEzF4ZP2Iul"><ix:nonNumeric contextRef="AsOf2024-06-28" format="ixt:booleanfalse" id="Fact000041" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>



<p style="margin: 0 0 0 0in">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 8.01.</b></td><td><b>Other Events.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June&#160;28, 2024, New York Mortgage Trust,&#160;Inc.,
a Maryland corporation (the &#8220;Company&#8221;), completed the issuance and sale of $60 million aggregate principal amount of its 9.125%
Senior Notes due 2029 (the &#8220;Notes&#8221;), in a public offering pursuant to the Company&#8217;s registration statement on Form&#160;S-3ASR
(File No.&#160;333-258589) (the &#8220;Registration Statement&#8221;) and a related prospectus, as supplemented by a preliminary prospectus
supplement, dated June&#160;25, 2024 and a final prospectus supplement dated June&#160;25, 2024, each filed with the Securities Exchange
Commission pursuant to Rule&#160;424(b)&#160;under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). Pursuant
to the Underwriting Agreement (as defined below), the Company also granted the Underwriters (as defined below) a 30-day option to purchase
up to an additional $9.0 million aggregate principal amount of the Notes to cover over-allotments, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes were sold pursuant to an underwriting
agreement (the &#8220;Underwriting Agreement&#8221;), dated as of June&#160;25, 2024, by and among the Company and Morgan Stanley&#160;&amp;
Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&#160;&amp; Woods,&#160;Inc. and Piper
Sandler&#160;&amp; Co. as representatives of the several underwriters named therein (collectively, the &#8220;Underwriters&#8221;), whereby
the Company agreed to sell to the Underwriters and the Underwriters agreed to purchase from the Company, subject to and upon the terms
and conditions set forth in the Underwriting Agreement, the Notes. The Company made certain customary representations, warranties and
covenants concerning the Company and the Registration Statement in the Underwriting Agreement and also agreed to indemnify the Underwriters
against certain liabilities, including liabilities under the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes were issued at 100% of the principal
amount, bear interest at a rate equal to 9.125% per year, payable in cash quarterly in arrears on January&#160;1, April&#160;1, July&#160;1
and October&#160;1 of each year, beginning on October&#160;1, 2024, and are expected to mature July&#160;1, 2029 (the &#8220;Maturity
Date&#8221;), unless earlier redeemed. The Company may redeem the Notes in whole or in part at any time or from time to time at the Company&#8217;s
option on or after July&#160;1, 2026, upon not less than 30 days nor more than 60 days written notice to holders prior to the redemption
date, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest
to, but excluding, the redemption date, as described in greater detail in the Indenture (as defined below).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes were issued under the indenture, dated January&#160;23, 2017 (the &#8220;Base Indenture&#8221;), as supplemented by the second supplemental
indenture, dated June&#160;28, 2024 (the &#8220;Second Supplemental Indenture,&#8221; and together with the Base Indenture, the &#8220;Indenture&#8221;),
by and between the Company and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee.
</span><span style="font-size: 10pt">The </span>Notes are senior unsecured obligations of the Company that rank senior in right of payment
to any future indebtedness of the Company that is expressly subordinated in right of payment to the Notes, equal in right of payment to
the Company&#8217;s existing and future unsecured indebtedness that is not so subordinated, including the Company&#8217;s 5.75% Senior
Notes due 2026, effectively subordinated in right of payment to any of the Company&#8217;s existing and future secured indebtedness to
the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness
and other liabilities (including trade payables) and (to the extent not held by the Company) preferred stock, if any, of the Company&#8217;s
subsidiaries and of any entity the Company accounts for using the equity method of accounting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture contains customary events of default.
If there is an event of default under the Notes, the principal amount of the Notes, plus accrued and unpaid interest (including additional
interest, if any), may be declared immediately due and payable, subject to certain conditions set forth in the Indenture.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds to the Company from the sale
of the Notes, after deducting the Underwriters&#8217; discounts and commissions and estimated offering expenses, are expected to be approximately
$57.5 million. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include, among
other things, acquiring the Company&#8217;s targeted assets, including both single-family and multi-family residential assets, and various
other types of mortgage-, residential housing- and credit-related assets that the Company may target from time to time and general working
capital purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Copies of the Underwriting Agreement, the Base
Indenture, the Second Supplemental Indenture and the form of the Notes are attached hereto as Exhibit&#160;1.1, Exhibit&#160;4.1, Exhibit&#160;4.2
and Exhibit&#160;4.3, respectively, and are incorporated herein by reference. The foregoing summaries do not purport to be complete and
are qualified in their entirety by reference to the Underwriting Agreement, the Base Indenture, the Supplemental Indenture and the form
of the Notes. In connection with the registration of the Notes under the Securities Act, the legal opinions of Venable LLP and Vinson&#160;&amp;
Elkins L.L.P. relating to the legality of the Notes are attached as Exhibit&#160;5.1 and Exhibit&#160;5.2, respectively, to this Current
Report on Form&#160;8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="width: 92%; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2418480d2_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></a></td>
    <td><a href="tm2418480d2_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated June&#160;25, 2024, by and among the Company and Morgan Stanley&#160;&amp; Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&#160;&amp; Woods,&#160;Inc. and Piper Sandler&#160;&amp; Co. as representatives of the several underwriters named therein.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="https://www.sec.gov/Archives/edgar/data/1273685/000110465917003482/a17-2952_1ex4d1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></a></td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1273685/000110465917003482/a17-2952_1ex4d1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture, dated January&#160;23, 2017, between the Company and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee (incorporated herein by reference to Exhibit&#160;4.1 to the Company&#8217;s Form&#160;8-K, dated January&#160;23, 2017).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="https://www.sec.gov/Archives/edgar/data/1273685/000110465924076267/tm2418480d1_ex4-9.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></a></td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1273685/000110465924076267/tm2418480d1_ex4-9.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Supplemental Indenture, dated June&#160;28, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated herein by reference to Exhibit&#160;4.9 to the Company&#8217;s Registration Statement on Form&#160;8-A, dated June&#160;28, 2024).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="https://www.sec.gov/Archives/edgar/data/1273685/000110465924076267/tm2418480d1_ex4-9.htm#a_001" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></a></td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/1273685/000110465924076267/tm2418480d1_ex4-9.htm#a_001" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of 9.125% Senior Notes Due 2029 of the Company (attached as Exhibit&#160;A to the Second Supplemental Indenture, incorporated herein by reference to Exhibit&#160;4.9 to the Company&#8217;s Registration Statement on Form&#160;8-A, dated June&#160;28, 2024).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2418480d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
    <td><a href="tm2418480d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Venable LLP regarding the legality of the Notes.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2418480d2_ex5-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</span></a></td>
    <td><a href="tm2418480d2_ex5-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Vinson&#160;&amp; Elkins L.L.P. regarding the legality of the Notes.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2418480d2_ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></a></td>
    <td><a href="tm2418480d2_ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Vinson&#160;&amp; Elkins L.L.P. regarding certain tax matters. </span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2418480d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td><a href="tm2418480d2_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Venable LLP (included in Exhibit&#160;5.1 hereto).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Vinson&#160;&amp; Elkins L.L.P. (included in <a href="tm2418480d2_ex5-2.htm">Exhibits 5.2</a> and <a href="tm2418480d2_ex8-1.htm">8.1</a> hereto).</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File (formatted as Inline XBRL).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Page; Sequence: 3 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>SIGNATURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">NEW YORK MORTGAGE TRUST,&#160;INC.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">(Registrant)</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><span style="font-size: 10pt">/s/ Kristine R. Nario-Eng</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Name: Kristine R. Nario-Eng</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Title: Chief Financial Officer</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June&#160;28, 2024</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- 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 -->
</body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2418480d2_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NEW
YORK MORTGAGE TRUST,&nbsp;INC.<BR>
$</B></FONT><B>60,000,000 9.125% Senior Notes due 2029<BR>
UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">June&nbsp;25, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">RBC Capital Markets, LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brookfield Place, 200 Vesey Street, 8th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">New York, New York 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Securities LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1285 Avenue of Americas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Wells Fargo Securities, LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">550 South Tryon Street, 5th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charlotte, North Carolina 28202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">787 Seventh Avenue, 4th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Piper Sandler&nbsp;&amp; Co.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1251 Avenue of the Americas, 6th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the<BR>
Several Underwriters named<BR>
in <U>Schedule&nbsp;I</U> attached hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">New York Mortgage Trust,&nbsp;Inc.,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell, subject to the conditions hereinafter stated, to
the several Underwriters named in <U>Schedule I</U> attached hereto (the &ldquo;<B>Underwriters</B>&rdquo;) $60,000,000 aggregate principal
amount of its 9.125% Senior Notes due 2029 (the &ldquo;<B>Firm Securities</B>&rdquo;). At the option of the Underwriters, the Company
also proposes to issue and sell to the Underwriters up to an additional $9,000,000 aggregate principal amount of its 9.125% Senior Notes
due 2029 (the &ldquo;<B>Optional Securities</B>&rdquo; and together with the Firm Securities, the &ldquo;<B>Securities</B>&rdquo;) to
cover over-allotments, if any. The Securities will be issued pursuant to an Indenture, dated as of January&nbsp;23, 2017 (the &ldquo;<B>Base
Indenture</B>&rdquo;), between the Company and U.S. Bank National Association, as trustee (the &ldquo;<B>Trustee</B>&rdquo;), as supplemented
by a second supplemental indenture (the &ldquo;<B>Supplemental Indenture</B>&rdquo; and, together with the Base Indenture, the &ldquo;<B>Indenture</B>&rdquo;),
to be dated as of June&nbsp;28, 2024 between the Company and the Trustee. The offering and sale of the Securities contemplated herein
is hereinafter referred to as the &ldquo;<B>Offering</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Morgan Stanley&nbsp;&amp; Co.
LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc. and Piper
Sandler&nbsp;&amp; Co. shall act as the representatives (the &ldquo;<B>Representatives</B>&rdquo;) of the several Underwriters. The terms
 &ldquo;Representatives&rdquo; and &ldquo;Underwriters&rdquo; shall mean either the singular or plural as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This is to confirm the agreement concerning the purchase
of the Securities from the Company by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Representations
and Warranties of the Company.&nbsp;</B>The Company represents and warrants to, and agrees with, each Underwriter that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration statement
on Form&nbsp;S-3ASR (File No.&nbsp;333-258589) (the &ldquo;<B>Shelf Registration Statement</B>&rdquo;) under the Securities Act of 1933,
as amended (the &ldquo;<B>Securities Act</B>&rdquo; or &ldquo;<B>Act</B>&rdquo;), and the rules&nbsp;and regulations (the &ldquo;<B>Rules&nbsp;and
Regulations</B>&rdquo;) of the Commission promulgated thereunder, and such amendments to such registration statement as may have been
required to the date of this Underwriting Agreement (this &ldquo;<B>Agreement</B>&rdquo;).&nbsp;The Shelf Registration Statement became
automatically effective upon filing with the Commission on August&nbsp;6, 2021. The Shelf Registration Statement at any given time, including
amendments thereto to such time, the exhibits and any schedules thereto at such time, the documents incorporated by reference therein
pursuant to Item&nbsp;12 of Form&nbsp;S-3 under the Securities Act at such time and the documents and information otherwise deemed to
be a part thereof or included therein by Rule&nbsp;430B under the Securities Act (the &ldquo;<B>Rule&nbsp;430B Information</B>&rdquo;)
or otherwise pursuant to the Rules&nbsp;and Regulations at such time are collectively herein called the &ldquo;<B>Registration Statement</B>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Shelf Registration Statement
includes a base prospectus dated August&nbsp;6, 2021 (the &ldquo;<B>Base Prospectus</B>&rdquo;).&nbsp;Each preliminary prospectus supplement
to the Base Prospectus (including the Base Prospectus as so supplemented) that describes the Securities and the Offering thereof, that
omitted the Rule&nbsp;430B Information and that was used prior to the filing of the final prospectus supplement referred to in the following
sentence is herein called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo;&nbsp;Promptly after execution and delivery of this Agreement,
the Company will prepare and file with the Commission a final prospectus supplement to the Base Prospectus relating to the Securities
and the Offering thereof in accordance with the provisions of Rule&nbsp;430B and Rule&nbsp;424(b)&nbsp;of the Rules&nbsp;and Regulations.&nbsp;Such
final supplemental form of prospectus (including the Base Prospectus as so supplemented), in the form filed with the Commission pursuant
to Rule&nbsp;424(b), is herein called the &ldquo;<B>Prospectus</B>.&rdquo;&nbsp;Any reference herein to the Base Prospectus, any Preliminary
Prospectus or the Prospectus shall be deemed to include the documents incorporated by reference therein pursuant to Item&nbsp;12 of Form&nbsp;S-3
under the Securities Act as of the date of such prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of this Agreement,
all references to the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Prospectus or any amendment or supplement
to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis
and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;).&nbsp;All references in this Agreement to financial statements and schedules and other
information that is &ldquo;described,&rdquo; &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus (or other references of like import) shall be deemed to mean
and include all such financial statements and schedules and other information that is incorporated by reference in or otherwise deemed
by the Rules&nbsp;and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, any Preliminary Prospectus
or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement,
the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include the subsequent filing of any document
under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), prior to, in the case of the Preliminary
Prospectus, the Time of Sale (defined below) and, in the case of the Prospectus, prior to the termination of this Offering, and any document
that is deemed to be incorporated therein by reference or otherwise deemed by the Rules&nbsp;and Regulations to be a part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has complied to the Commission&rsquo;s satisfaction with all requests of the Commission for additional or supplemental information.&nbsp;No
stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose or pursuant to
Section&nbsp;8A of the Securities Act against the Company or related to the Offering have been instituted or are pending or, to the knowledge
of the Company, are contemplated or threatened by the Commission.&nbsp;As used herein, the phrase &ldquo;to the knowledge of the Company&rdquo;
and similar phrases means such knowledge after due inquiry by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Time of Sale Disclosure Package (as defined below) at the Time of Sale (as defined below) complied in all material respects with the requirements
of the Securities Act and the Rules&nbsp;and Regulations and did not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading.&nbsp;The preceding sentence does not apply to statements in or omissions from the Time of Sale Disclosure
Package based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives
specifically for use therein; it being understood and agreed that the only such information furnished by the Representatives consists
of the information described as such in Section&nbsp;12 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
part of the Registration Statement, at the time such part became effective (including each deemed effective date with respect to the Representatives
pursuant to Rule&nbsp;430B of the Rules&nbsp;and Regulations or otherwise under the Securities Act), at all other subsequent times until
the expiration of the Prospectus Delivery Period (as defined below), and at each Closing Date (as defined below), and the Prospectus,
at the time of filing or the time of first use within the meaning of the Rules&nbsp;and Regulations, at all subsequent times until expiration
of the Prospectus Delivery Period, and at each Closing Date complied and will comply in all material respects with the applicable requirements
and provisions of the Securities Act, the Rules&nbsp;and Regulations, the Exchange Act and the Trust Indenture Act of 1939, as amended,
and the rules&nbsp;and regulations of the Commission promulgated thereunder (collectively the &ldquo;<B>Trust Indenture Act</B>&rdquo;).&nbsp;Each
part of the Registration Statement at the time such part became effective, did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.&nbsp;The Prospectus,
as amended or supplemented, as of its date, or the time of first use within the meaning of the Rules&nbsp;and Regulations, at all subsequent
times until the expiration of the Prospectus Delivery Period, and at each Closing Date did not and will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.&nbsp;The representations and warranties set forth in the two immediately preceding sentences
do not apply to statements in or omissions from the Registration Statement or the Prospectus made in reliance upon and in conformity with
written information relating to the Representatives furnished to the Company by any Underwriter through the Representatives specifically
for use therein; it being understood and agreed that the only such information furnished by the Representatives consists of the information
described as such in Section&nbsp;12 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
(A)&nbsp;any Issuer General-Use Free Writing Prospectus(es) issued at or prior to the Time of Sale and set forth on <U>Schedule II</U>
attached hereto and the Statutory Prospectus at the Time of Sale, all considered together (collectively, the &ldquo;<B>Time of Sale Disclosure
Package</B>&rdquo;), nor (B)&nbsp;any individual Issuer Limited-Use Free Writing Prospectus, when considered together with the Time of
Sale Disclosure Package, includes or included as of the Time of Sale any untrue statement of a material fact or omits or omitted as of
the Time of Sale to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.&nbsp;The preceding sentence does not apply to statements in or omissions from any Statutory Prospectus
or any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by any Underwriter
through the Representatives specifically for use therein; it being understood and agreed that the only such information furnished by any
Underwriter through the Representatives consists of the information described as such in Section&nbsp;12 hereof. As used in this paragraph
and elsewhere in this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B>Time
of Sale</B>&rdquo; means 3:45 p.m.&nbsp;(New York City time) on the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B>Statutory
Prospectus</B>&rdquo; means the Base Prospectus, as amended and supplemented immediately prior to the Time of Sale, including any document
incorporated by reference therein and any prospectus supplement deemed to be a part thereof.&nbsp;For purposes of this definition, Rule&nbsp;430B
Information contained in a form of prospectus that is deemed retroactively to be a part of the Registration Statement shall be considered
to be included in the Statutory Prospectus as of the actual time that such form of prospectus is filed with the Commission pursuant to
Rule&nbsp;424(b)&nbsp;of the Rules&nbsp;and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433 of the Rules&nbsp;and
Regulations, relating to the Securities that (A)&nbsp;is required to be filed with the Commission by the Company, (B)&nbsp;is exempt from
filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;of the Rules&nbsp;and Regulations because it contains a description of the Securities or
of the Offering that does not reflect the final terms, or (C)&nbsp;is a &ldquo;<I>bona fide</I> electronic roadshow,&rdquo; as defined
in Rule&nbsp;433 of the Rules&nbsp;and Regulations, in each case in the form filed or required to be filed with the Commission or, if
not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule&nbsp;433(g)&nbsp;of the Rules&nbsp;and
Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B>Issuer
General-Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective
investors (other than a &ldquo;<I>bona fide</I> electronic road show,&rdquo; as defined in Rule&nbsp;433 of the Rules&nbsp;and Regulations),
as evidenced by its being specified in <U>Schedule&nbsp;II</U> attached hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;<B>Issuer
Limited-Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General-Use Free Writing
Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the Prospectus Delivery Period or until any earlier
date that the Company notified or notifies the Representatives as prescribed in Section&nbsp;11 hereof, did not, does not and will not
include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, any
Statutory Prospectus or the Prospectus.&nbsp;The foregoing sentence does not apply to statements in or omissions from any Issuer Free
Writing Prospectus made in reliance upon and in conformity with written information furnished in writing to the Company by any Underwriter
through the Representatives specifically for use therein; it being understood and agreed that the only such information furnished by any
Underwriter through the Representatives consists of the information described as such in Section&nbsp;12 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(1)&nbsp;At
the earliest time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona fide</I>
offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;of the Rules&nbsp;and Regulations) of the Securities and (2)&nbsp;at the date hereof,
the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405 of the Rules&nbsp;and Regulations (without
taking account of any determination by the Commission pursuant to Rule&nbsp;405 of the Rules&nbsp;and Regulations that it is not necessary
that the Company be considered an ineligible issuer), nor an &ldquo;excluded issuer&rdquo; as defined in Rule&nbsp;164 of the Rules&nbsp;and
Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Issuer Free Writing Prospectus satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period, all
other conditions to use thereof as set forth in Rules&nbsp;164 and 433 of the Rules&nbsp;and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has not distributed and will not distribute, prior to the later of the Option Closing Date (as defined below) and the completion
of the Underwriters&rsquo; distribution of the Securities, any offering material in connection with the Offering other than any Preliminary
Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Representatives and listed in <U>Schedule
II</U> attached hereto, or the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Grant
Thornton LLP (&ldquo;<B>Grant Thornton</B>&rdquo;), whose reports are incorporated by reference in the Registration Statement, and are
included or incorporated by reference in the Time of Sale Disclosure Package and the Prospectus, is an independent registered public accounting
firm as required by the Securities Act, the Rules&nbsp;and Regulations and the Public Company Accounting Oversight Board (including the
rules&nbsp;and regulations promulgated by such entity, the &ldquo;<B>PCAOB</B>&rdquo;).&nbsp;To the knowledge of the Company, Grant Thornton
is duly registered and in good standing with the PCAOB.&nbsp;Grant Thornton has not during the periods covered by the financial statements
incorporated by reference or included in the Registration Statement and in the Time of Sale Disclosure Package and Prospectus, provided
to the Company any non-audit services, as such term is defined in Section&nbsp;10A(g)&nbsp;of the Exchange Act, except for such non-audit
services as have been pre-approved by the Audit Committee of the Company&rsquo;s Board of Directors.&nbsp;The financial statements and
schedules (including the related notes) incorporated by reference or included in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus present fairly the financial condition, the results of the operations and changes in financial condition of
the entities purported to be shown thereby at the dates or for the periods indicated and have been prepared in accordance with generally
accepted accounting principles as applied in the United States and on a consistent basis throughout the periods indicated.&nbsp;All adjustments
necessary for a fair presentation of results for such periods have been made. The consolidated financial statements of the Company and
its consolidated subsidiaries, together with related notes and schedules as set forth or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus, comply in all material respects with the applicable accounting requirements
of the Securities Act. The selected financial, operating and statistical data set forth or incorporated by reference in the Preliminary
Prospectus and the Prospectus under the caption &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations</I>&rdquo; fairly present, when read in conjunction with the Company&rsquo;s financial statements and the related notes
and schedules and on the basis stated in the Registration Statement, the information set forth therein and such data has been compiled
on a basis consistent with the financial statements presented therein and the books and records of the Company. There are no financial
statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement, the
Time of Sale Disclosure Package or the Prospectus under applicable law or the Rules&nbsp;and Regulations that are not so included. The
interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus fairly present the information called for in all material respects and have been prepared in accordance with
the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Company and its subsidiaries (each, a &ldquo;<B>Subsidiary</B>&rdquo; and, together, the &ldquo;<B>Subsidiaries</B>&rdquo;) has
been duly incorporated or organized and is validly existing as a corporation, general or limited partnership, limited liability company
or statutory trust, as the case may be, in good standing under the laws of the jurisdiction of its organization, with full corporate,
partnership or limited liability company power, as the case may be, and authority to own, lease or operate its respective properties and
conduct its respective business as presently conducted and as described in the Time of Sale Disclosure Package and the Prospectus, and
is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the character of the business
conducted by it or the location of the properties owned or leased by it makes such qualification necessary and, except where any failure
to do so would not reasonably be expected to result in a material adverse effect on the condition (financial or otherwise), business,
prospects, properties or results of operations of the Company and the Subsidiaries taken as a whole (a &ldquo;<B>Material Adverse Effect</B>&rdquo;);
each of the Company and the Subsidiaries is in possession of and operating in compliance with all necessary authorizations, licenses,
permits, consents, certificates and orders required for the conduct of its business, all of which are valid and in full force and effect,
except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; and neither the Company nor any
of the Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such authorization, license,
permit, consent, certificate or order which, individually or in the aggregate, if the subject of an unfavorable decision, would reasonably
be expected to result, individually or in the aggregate, in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
capitalization of the Company as of March&nbsp;31, 2024 is as set forth in the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for
the quarter ended March&nbsp;31, 2024, as filed with the Commission on May&nbsp;3, 2024, incorporated by reference into the Time of Sale
Disclosure Package and the Prospectus. The Indenture and the Securities will conform in all material respects to the descriptions thereof
contained under the captions &ldquo;<I>Description of the Notes</I>&rdquo; and &ldquo;<I>Description of Debt Securities</I>&rdquo; in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus. The outstanding shares of capital stock have been
duly authorized and validly issued and are fully paid and nonassessable.&nbsp;There are no preemptive rights or other rights to subscribe
for or to purchase, or any restriction upon the voting or transfer of, any shares of capital stock pursuant to the Company&rsquo;s charter,
bylaws or other governing documents or any agreement or other instrument to which the Company or any of the Subsidiaries is a party or
by which any of them may be bound other than those described in the Time of Sale Disclosure Package and the Prospectus.&nbsp;None of the
outstanding shares of the Company&rsquo;s capital stock were issued in violation of any preemptive rights, rights of first refusal or
other similar rights to subscribe for or purchase securities of the Company.&nbsp;There are no authorized or outstanding options, warrants,
preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable
or exercisable for, any capital stock of the Company other than those specifically described in the Time of Sale Disclosure Package and
the Prospectus.&nbsp;The Company has no obligations to register for resale under the Securities Act any of its outstanding securities,
including, but not limited to, any that would, as a result of the filing of the Registration Statement or the Offering as contemplated
by this Agreement, give rise to any rights for or relating to the registration of any shares of Common Stock, Preferred Stock or other
securities.&nbsp;All of the outstanding limited liability company, partnership or other equity interests of each Subsidiary of the Company
have been duly authorized and validly issued, are fully paid and nonassessable and, except for the Subsidiaries listed on <U>Schedule
I(j)</U>&nbsp;of this Agreement, are owned by the Company directly or through Subsidiaries, free and clear of any claim, lien, encumbrance
or security interest.&nbsp;There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other
rights to purchase, or other interests convertible into or exchangeable or exercisable for, any limited liability company, partnership
or other equity interests of any Subsidiary other than those described in the Time of Sale Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subsequent
to the respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, and except as described
or contemplated in the Time of Sale Disclosure Package and the Prospectus or otherwise disclosed to the Representatives in writing, neither
the Company nor any of the Subsidiaries has incurred any liabilities or obligations, direct or contingent, nor entered into any transactions
not in the ordinary course of business, which are material to the Company and the Subsidiaries, considered as one entity; there has not
been any Material Adverse Effect nor any development or event that would reasonably be expected to have a Material Adverse Effect; and
there has been no dividend or other distribution of any kind declared, paid or made by the Company on any class of its capital stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of the Subsidiaries is, or with the giving of notice or lapse of time or both would be, in violation of or in default
under, nor will the execution or delivery hereof or consummation of the transactions contemplated hereby result in a violation of, or
constitute a default under (i)&nbsp;the charter, bylaws or other governing documents of the Company or any of the Subsidiaries, or (ii)&nbsp;any
agreement, contract, mortgage, deed of trust, loan agreement, note, lease, indenture or other instrument, to which the Company or any
of the Subsidiaries is a party or by which any of them is bound, or to which any of their properties is subject, (iii)&nbsp;any law, rule,
administrative regulation or decree of any court, or any governmental agency or body having jurisdiction over the Company, the Subsidiaries
or any of their properties, or (iv)&nbsp;result in the creation or imposition of any lien, charge, claim or encumbrance upon any property
or asset of the Company or any of the Subsidiaries, except with respect to clauses (ii)&nbsp;through (iv)&nbsp;above, any such breach
or violation or default that would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Base Indenture has been duly authorized and executed by the Company, and duly qualified under the Trust Indenture Act. The Base Indenture
constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as may
be limited by bankruptcy, insolvency, reorganization or other similar legal requirements affecting the enforcement of creditors&rsquo;
rights generally and by general principles of equity and except to the extent that the indemnification provisions of the Base Indenture
may be limited by federal or state securities laws and public policy considerations in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Supplemental Indenture has been duly authorized by the Company and, at the First Closing Date (as defined below), the Supplemental Indenture
will have been duly executed by the Company and duly qualified under the Trust Indenture Act and will constitute a valid and binding agreement
of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization
or other similar legal requirements affecting the enforcement of creditors&rsquo; rights generally and by general principles of equity
and except to the extent that the indemnification provisions of the Supplemental Indenture may be limited by federal or state securities
laws and public policy considerations in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has all requisite corporate power and authority to execute, issue, sell and perform its obligations under the Indenture and the
Securities. The Securities to be purchased by the Underwriters from the Company have been duly authorized and, at the applicable Closing
Date (as defined below), will have been duly executed by the Company and, when authenticated, issued and delivered in the manner provided
for in the Indenture and delivered against payment therefor pursuant to this Agreement, will constitute valid and binding obligations
of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their terms, except as may
be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium
or other similar legal requirements affecting the enforcement of creditors&rsquo; rights generally and by general principles of equity
(regardless of whether enforcement is considered in a proceeding in equity or at law) and except to the extent that the indemnification
provisions thereof may be limited by federal or state securities laws and public policy considerations in respect thereof, and will be
in the form contemplated by, and entitled to the benefits of, the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, owned by them and good title to
all personal property, if any, owned by them, in each case clear of all liens, encumbrances and defects except such as are described or
referred to in the Time of Sale Disclosure Package and Prospectus or such as would not reasonably be expected to have a Material Adverse
Effect; and any real property and buildings held under lease by the Company and the Subsidiaries are held by them under valid, existing
and enforceable leases with such exceptions (A)&nbsp;as would not reasonably be expected to result in a Material Adverse Effect or (B)&nbsp;as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally, and
by general principles of equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">There
is no litigation or governmental proceeding to which the Company or any of the Subsidiaries is a party or to which any property of the
Company or any of the Subsidiaries is subject or that is pending or, to the knowledge of the Company, threatened against the Company which,
individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, which would materially and adversely
affect the consummation of this Agreement or the transactions contemplated hereby or which is required to be disclosed in the Time of
Sale Disclosure Package and Prospectus but is not so disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor any Subsidiary is in violation of any law, statute, ordinance, rule&nbsp;or regulation or any court decree, ruling or
order to which it or any of its assets may be subject which violation would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
for permitted activity under Regulation M, the Company has not taken, directly or indirectly, any action designed to cause or result in,
or which has constituted or which would reasonably be expected to constitute, the stabilization or manipulation of the price of any securities
of the Company, to facilitate the sale or resale of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Subsidiaries have filed (i)&nbsp;all federal and state franchise and income tax returns and (ii)&nbsp;all other material
income tax returns, and all such tax returns are complete and correct in all material respects, except where any omission or inaccuracy
would not reasonably be expected to have a Material Adverse Effect, and the Company and the Subsidiaries have not failed to pay any material
taxes which were payable pursuant to said returns or any assessments with respect thereto.&nbsp;The Company has no knowledge of any tax
deficiency which has been or is likely to be threatened or asserted against the Company or the Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company maintains a system or systems of internal accounting controls sufficient to provide reasonable assurances that (i)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary
to permit preparation of the consolidated financial statements of the Company in conformity with generally accepted accounting principles
as applied in the United States and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance
with management&rsquo;s general or specific authorization; (iv)&nbsp;the recorded accountability for assets is compared with existing
assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v)&nbsp;the interactive data in eXtensible
Business Reporting Language incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus
fairly present the information called for in all material respects and are prepared in accordance with the Commission&rsquo;s rules&nbsp;and
guidelines applicable thereto. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus,
since the date of the most recent evaluation of such system of internal accounting controls, there has been no material change in internal
control over financial reporting, including any corrective actions with regard to significant deficiencies or material weaknesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has established and maintains disclosure controls and procedures (as defined in Rule&nbsp;13a-15 under the Exchange Act).&nbsp;Such
disclosure controls and procedures are designed to ensure that material information relating to the Company is made known to the Company&rsquo;s
principal executive officer and its principal financial officer, particularly during the periods in which the periodic reports required
under the Exchange Act are being prepared.&nbsp;To the Company&rsquo;s knowledge, such disclosure controls and procedures are effective
in timely alerting the Company&rsquo;s principal executive officer and principal financial officer to material information required to
be included in the Company&rsquo;s periodic reports required under the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company maintains insurance of the types and in the amounts as are, in the reasonable opinion of management, prudent for its business,
all of which insurance is in full force and effect.&nbsp;The Company has not been refused any insurance coverage sought or applied for,
and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be
expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the
Company or any of the Subsidiaries: (i)&nbsp;has used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; (ii)&nbsp;has made any direct or indirect unlawful contribution or payment to any official
of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds; (iii)&nbsp;has made any bribe, unlawful
rebate, payoff, influence payment, kickback or other unlawful payment; or (iv)&nbsp;is aware of or has taken any action, directly or indirectly,
that would result in a violation by such persons of the OECD Convention on Bribery of Foreign Public Officials in International Business
Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder (collectively, the
 &ldquo;<B>FCPA</B>&rdquo;) or any similar law or regulation to which the Company, any of the Subsidiaries, any director, officer, agent,
employee, affiliate or other person associated with or acting on behalf of the Company or any of the Subsidiaries is subject. Each of
the Company, the Subsidiaries and their respective affiliates has conducted its businesses in compliance with the FCPA and any applicable
similar law or regulation and has instituted and maintains policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith. None of the Company or any of the Subsidiaries will use, directly or indirectly,
the proceeds of the Offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any person in violation of any anti-corruption laws, including the FCPA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
operations of the Company and the Subsidiaries are and have been conducted at all times in material compliance with all applicable financial
recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the applicable anti-money laundering statutes of all jurisdictions where the Company or
any Subsidiaries conduct business, the rules&nbsp;and regulations thereunder and any related or similar applicable rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of the Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of the Subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of
the Company or any of the Subsidiaries is, or is owned or controlled by one or more persons that are, (A)&nbsp;currently subject to any
sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<B>OFAC</B>&rdquo;),
the United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury, or other relevant sanctions authority to which
the Company or any of the Subsidiaries is subject (collectively, &ldquo;<B>Sanctions</B>&rdquo;) or (B)&nbsp;located, organized or resident
in a country or territory that is the subject of Sanctions (including, without limitation, Cuba,&nbsp;Iran, North Korea, Syria, Russia,
Belarus and the Crimea, so-called Donetsk People&rsquo;s Republic and so-called Luhansk People&rsquo;s Republic regions of Ukraine),
and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any Sanctions or in any other manner that will result in a violation of Sanctions by any person (including any person
participating in the Offering, whether as underwriter, advisor, investor or otherwise). For the past five years, the Company and the
Subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with
any person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is not and, after giving effect to the Offering and the application of the proceeds thereof as described under the caption &ldquo;<I>Use
of Proceeds</I>&rdquo; in the Time of Sale Disclosure Package or the Prospectus, will not be required to register as an &ldquo;investment
company&rdquo; as defined in the Investment Company Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has applied to have the Securities listed for trading on the NASDAQ (as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is in material compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 that are currently effective and the
rules&nbsp;and regulations promulgated in connection therewith. There are no outstanding loans or other extensions of credit made by the
Company to any executive officer (as defined in Rule&nbsp;3b-7 under the Exchange Act) or director of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
consent, approval, authorization or order of, or filing with, any governmental agency or body is required for the consummation of the
transactions contemplated by this Agreement in connection with the issuance and sale of the Firm Securities by the Company, except such
as have been obtained or made, or will be obtained or made on or before the First Closing Date, under the Securities Act and such as may
be required by the Nasdaq Global Select Market or Nasdaq Global Market (collectively, &ldquo;<B>NASDAQ</B>&rdquo;), the Financial Industry
Regulatory Authority,&nbsp;Inc. (&ldquo;<B>FINRA</B>&rdquo;) or under state securities laws or the laws of any foreign jurisdiction. No
consent, approval, authorization or order of, or filing with, any governmental agency or body is required for the consummation of the
transactions contemplated by this Agreement in connection with the issuance and sale of the Optional Securities by the Company, except
such as have been obtained or made, or will be obtained or made on or before any Option Closing Date, under the Securities Act and such
as may be required by NASDAQ, FINRA or under state securities laws or the laws of any foreign jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
execution, delivery and performance of this Agreement and the issuance and sale of the Securities will not result in a breach or violation
of any of the terms and provisions of, or constitute a default under: (i)&nbsp;any statute, any rule, regulation or order of any governmental
agency or body or any court, domestic or foreign, having jurisdiction over the Company, except in the case of this clause (i)&nbsp;for
such breaches, violations or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect; (ii)&nbsp;any agreement or instrument to which the Company is a party or by which the Company is bound, except in the case of
this clause (ii)&nbsp;for such breaches, violations or defaults which would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect; or (iii)&nbsp;the charter or bylaws of the Company, and the Company has full power and authority to
authorize, issue and sell the Securities as contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
labor dispute with the employees of the Company or the Subsidiaries exists or, to the knowledge of the Company, is imminent, that would
reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company or the Subsidiaries own or possess the right to use any trademarks, trade names, patent rights, copyrights, domain names, licenses,
approvals, trade secrets, inventions, technology, know-how and other similar rights (collectively, &ldquo;<B>Intellectual Property Rights</B>&rdquo;)
that would reasonably be deemed necessary or material to conduct its business as now conducted and as described in the Time of Sale Disclosure
Package and the Prospectus.&nbsp;There is no pending or, to the knowledge of the Company, threatened action, suit, proceeding, or claim
by others challenging the rights of the Company or any of the Subsidiaries in or to any Intellectual Property Rights.&nbsp;There is no
pending, or to the Company&rsquo;s knowledge, threatened action, suit, proceeding, or claim by others that the Company&rsquo;s or any
Subsidiaries&rsquo; use of the Intellectual Property Rights infringes, misappropriates or otherwise violates any intellectual property
rights of others.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as would not reasonably be expected to have a Material Adverse Effect, neither the Company nor any of the Subsidiaries has breached and
is currently in breach of any provision of any license, contract or other agreement governing the use by the Company or the Subsidiaries
of Intellectual Property Rights owned by third parties (collectively, the &ldquo;<B>Licenses</B>&rdquo;) and, except as described in the
Time of Sale Disclosure Package and the Prospectus, no third party has alleged any such breach and the Company is unaware of any facts
that would form a reasonable basis for such a claim.&nbsp;Each of the Licenses is in full force and effect and constitutes a valid and
binding agreement between the parties thereto, enforceable in accordance with its terms, and there has not occurred any breach or default
under any such Licenses or any event that with the giving of notice or lapse of time would constitute a breach or default thereunder.&nbsp;Except
as would not reasonably be expected to have a Material Adverse Effect, neither the Company nor any of the Subsidiaries has been and is
currently involved in any disputes regarding the Licenses. Except as would not reasonably be expected to have a Material Adverse Effect,
the Company and the Subsidiaries own or have a valid right to access and use all computer systems, networks, hardware, software, databases,
websites, and equipment used to process, store, maintain and operate data, information, and functions used in connection with the business
of the Company and the Subsidiaries (the &ldquo;<B>Company IT Systems</B>&rdquo;). The Company IT Systems are adequate for, and operate
and perform in all material respects as required in connection with, the operation of the business of the Company and the Subsidiaries
as currently conducted, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
The Company and the Subsidiaries have implemented commercially reasonable backup, security and disaster recovery technology, and to the
Company&rsquo;s knowledge there have been no breaches, violations, outages or unauthorized uses of or accesses to the Company IT Systems
and data (including all personal, personally identifiable, sensitive, confidential or regulated data), nor any incidents under internal
review or investigations relating to the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is organized and has operated in conformity with the requirements for qualification as a real estate investment trust (a &ldquo;<B>REIT</B>&rdquo;)
under the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;); the Company qualified as a REIT for the taxable years
ended December&nbsp;31, 2004 through December&nbsp;31, 2023 and the present and contemplated method of operation of the Company and the
Subsidiaries will enable the Company to meet the requirements for qualification and taxation as a REIT under the Code for its tax year
ending December&nbsp;31, 2024 and subsequent taxable years; the Company intends to continue to qualify as a REIT until the Board of Directors
of the Company determines that it is no longer in the best interests of the Company to continue to qualify as a REIT; and neither the
Company nor any of the Subsidiaries has taken any action that would reasonably be expected to cause the Company to fail to qualify as
a REIT under the Code at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
description of the Company&rsquo;s organization and actual and proposed method of operation and its qualification and taxation as a REIT
set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus is accurate and presents fairly the matters
referred to therein in all material respects; the Company&rsquo;s operating policies described in the Registration Statement, the Time
of Sale Disclosure Package and the Prospectus accurately reflect in all material respects the current intentions of the Company with respect
to the operation of its business, and no material deviation from such policies is currently contemplated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">There
are no relationships or related-party transactions involving the Company or any Subsidiary or any other person required by the Securities
Act to be described in the Time of Sale Disclosure Package and the Prospectus that have not been so described.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i)&nbsp;neither the Company
nor any of the Subsidiaries is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection
of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases
of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively,
 &ldquo;<B>Materials of Environmental Concern</B>&rdquo;), or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &ldquo;<B>Environmental Laws</B>&rdquo;),
which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the
operation of the business of the Company under applicable Environmental Laws, or noncompliance with the terms and conditions thereof,
nor has the Company or any of the Subsidiaries received any written communication, whether from a governmental authority, citizens group,
employee or otherwise, that alleges that the Company or any of the Subsidiaries is in violation of any Environmental Law; (ii)&nbsp;there
is no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company
or any of the Subsidiaries has received written notice, and no written notice by any person or entity alleging potential liability for
investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys&rsquo;
fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental
Concern at any location owned, leased or operated by the Company or any of the Subsidiaries, now or in the past (collectively, &ldquo;<B>Environmental
Claims</B>&rdquo;), pending or, to the knowledge of the Company, threatened against the Company, any of the Subsidiaries, or any person
or entity whose liability for any Environmental Claim the Company or any of the Subsidiaries has retained or assumed either contractually
or by operation of law; and (iii)&nbsp;to the knowledge of the Company, there are no past or present actions, activities, circumstances,
conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material
of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental
Claim against the Company, any of the Subsidiaries, or against any person or entity whose liability for any Environmental Claim the Company
or any of the Subsidiaries has retained or assumed either contractually or by operation of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the Employee Retirement
Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &ldquo;<B>ERISA</B>&rdquo;).&nbsp;No
 &ldquo;reportable event&rdquo; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &ldquo;pension
plan&rdquo; (as defined under ERISA) for which the Company or any of the Subsidiaries would have any material liability.&nbsp;Neither
the Company, nor any of the Subsidiaries has incurred or reasonably expects to incur any liability under (i)&nbsp;Title&nbsp;IV of ERISA
with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections&nbsp;412 or 4971 of the Code.&nbsp;Each
 &ldquo;pension plan&rdquo; for which the Company or any of the Subsidiaries that is intended to be qualified under Section&nbsp;401(a)&nbsp;of
the Code is so qualified and nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification,
the result of which would reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
market data and industry forecasts included in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus were
obtained or derived from industry publications that are and were not at any time under the Company&rsquo;s control and that the Company
reasonably and in good faith believes are reliable and accurate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
 &ldquo;non-GAAP financial measures&rdquo; (as defined in the Rules&nbsp;and Regulations), if any, included in the Registration Statement,
the Time of Sale Disclosure Package or the Prospectus comply with the requirements of Regulation G and Item 10 of Regulation S-K under
the Rules&nbsp;and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
the knowledge of the Company, no director, officer or other key person of the Company, the Subsidiaries or their respective affiliates
named in the Time of Sale Disclosure Package, plans to terminate his or her employment with the Company, the Subsidiaries or their respective
affiliates. None of the directors, officers or other key persons of the Company named in the Time of Sale Disclosure Package is subject
to any noncompete, nondisclosure, confidentiality, employment, consulting or similar agreement that would be violated by the present or
proposed business activities of the Company as described in the Time of Sale Disclosure Package.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has not offered, or caused the Underwriters to offer, the Securities to any person or entity with the intention of unlawfully
influencing a journalist or publication to write or publish favorable information about the Company or any such affiliate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as described in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus or as contemplated by this Agreement,
there are no (1)&nbsp;claims, payments, arrangements, agreements or understandings relating to the payment of a finder&rsquo;s, consulting
or origination fee or commission or similar payment by the Company of any Underwriter with respect to the sale of the Securities hereunder
or (2)&nbsp;arrangements, agreements or understandings of the Company or any affiliate of the Company that may affect such Underwriter&rsquo;s
compensation, as determined by FINRA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
for those subsidiaries of the Company listed on <U>Schedule I(tt)</U> hereto, no Subsidiary of the Company is currently prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s capital stock,
from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s
property or assets to the Company or any other Subsidiary of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any certificate signed by an
officer of the Company and delivered to the Representatives or to counsel for the Underwriters shall be deemed to be a representation
and warranty by the Company to each Underwriter as to the matters set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company acknowledges that
the Underwriters and, for purposes of the opinions to be delivered pursuant to Section&nbsp;6 hereof, counsel to the Company and counsel
to the Underwriters will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Representations
and Warranties of the Underwriters</B>. Each Underwriter severally represents and agrees that:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
has not and will not use, authorize use of, refer to or participate in the planning for use of, any &ldquo;free writing prospectus,&rdquo;
as defined in Rule&nbsp;405 of the Rules&nbsp;and Regulations (which term includes use of any written information furnished to the Commission
by the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) required
to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433 of the Rules&nbsp;and Regulations, other
than (i)&nbsp;any Issuer Free Writing Prospectus or (ii)&nbsp;any other free writing prospectus that the parties hereto shall hereafter
expressly agree in writing to treat as part of the Time of Sale Disclosure Package.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
will retain copies of each free writing prospectus used or referred to by it to the extent required by Rule&nbsp;433 of the Rules&nbsp;and
Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Purchase
of the Securities by the Underwriters.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the terms and conditions and upon the basis of the representations, warranties and agreements herein set forth, the Company agrees
to issue and sell to the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company the
respective principal amount of Firm Securities set forth opposite such Underwriter&rsquo;s name in <U>Schedule I</U> attached hereto,
subject to such adjustment as the Representatives may determine to ensure that the Firm Securities are issued in minimum denominations
of $25 and whole multiples of $25 in excess thereof, and subject to adjustment in accordance with Section&nbsp;8 hereof, at a price equal
to 96.85% of the principal amount thereof (the &ldquo;<B>Purchase Price</B>&rdquo;). Each Underwriter agrees, severally and not jointly,
to offer the Firm Securities to the public as set forth in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company hereby grants to the Representatives and its designees an option to purchase from the Company all or any portion of the Optional
Securities for a period of thirty (30) days from the date hereof at a price equal to the Purchase Price, to cover over-allotments, if
any.&nbsp;The Optional Securities shall be purchased from the Company for the accounts of the several Underwriters in proportion to the
number of Firm Securities set forth opposite such Underwriter&rsquo;s name in <U>Schedule I</U> hereto (subject to such adjustment as
the Representatives may determine to ensure that the Optional Securities are issued in minimum denominations of $25 and whole multiples
of $25 in excess thereof).&nbsp;No Optional Securities shall be sold and delivered unless the Firm Securities previously have been, or
simultaneously are, sold and delivered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Delivery
of and Payment for Securities.&nbsp;</B>Delivery of a global note representing the Firm Securities to be purchased by the Underwriters
from the Company against payments for such securities shall be made through the facilities of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;)
or at the offices of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, One Manhattan West, New York, New York 10001 (or such other place
as mutually may be agreed upon) at 10:00&nbsp;a.m., New York City time, on the third full Business Day following the date hereof or, if
the pricing of the Firm Securities occurs after 4:30&nbsp;p.m., New York City time, at such time on the third full Business Day thereafter,
or at such other date and time as shall be determined by the Representatives and the Company (the &ldquo;<B>First Closing Date</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The option to purchase Optional
Securities granted in Section&nbsp;3(b)&nbsp;hereof may be exercised during the term thereof by written notice to the Company from the
Representatives.&nbsp;The option may be exercised in whole or part, and if in part, the option may be exercised on multiple occasions.&nbsp;Such
notice shall set forth the aggregate principal amount of Optional Securities as to which the option is being exercised and the time and
date, not earlier than either the First Closing Date or the second Business Day after the date on which the option shall have been exercised
nor later than the fifth Business Day after the date of such exercise, as determined by the Representatives, when the Optional Securities
are to be delivered (the &ldquo;<B>Option Closing Date</B>&rdquo;). Delivery and payment for such Optional Securities is to be at the
offices set forth above for delivery and payment of the Firm Securities. The First Closing Date and the Option Closing Date are herein
individually referred to as the &ldquo;<B>Closing Date</B>&rdquo; and collectively referred to as the &ldquo;<B>Closing Dates</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Delivery of a global note representing
the Firm Securities and a global note representing the Optional Securities shall be made through the facilities of DTC by or on behalf
of the Company to the Representatives, for the respective accounts of the Underwriters, against payment by the Representatives, for the
several accounts of the Underwriters, of the purchase price therefor by wire transfer of immediately available funds to a bank account
designated by the Company.&nbsp;The global notes representing the Firm Securities and the Optional Securities shall be registered in such
names and denominations as the Representatives shall have requested at least one full Business Day prior to the applicable Closing Date
and shall be made available for checking and packaging at a location in New York, New York as may be designated by the Representatives
at least one full Business Day prior to such Closing Date.&nbsp;Time shall be of the essence and delivery at the time and place specified
in this Agreement is a further condition to the obligations of each Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Covenants
of the Company.&nbsp;</B>The Company covenants and agrees with each Underwriter as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
such period beginning on the Time of Sale and ending on the later of the Closing Date or such date, as in the opinion of counsel for the
Underwriters, the Prospectus is no longer required by law to be delivered in connection with sales as contemplated by this Agreement by
an Underwriter or dealer, including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 of the Rules&nbsp;and
Regulations (the &ldquo;<B>Prospectus Delivery Period</B>&rdquo;), prior to amending or supplementing the Registration Statement, the
Time of Sale Disclosure Package or the Prospectus, the Company shall furnish to the Representatives for review a copy of each such proposed
amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Representatives reasonably
object.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">After
the date of this Agreement and through the Prospectus Delivery Period, the Company shall promptly advise the Representatives in writing
(i)&nbsp;when the Registration Statement, if not effective at the date and time this Agreement is executed and delivered to the parties,
shall have become effective, (ii)&nbsp;of the receipt of any comments of, or requests for additional or supplemental information from,
the Commission, (iii)&nbsp;of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment
or supplement to any preliminary prospectus or the Prospectus, (iv)&nbsp;of the time and date that any post-effective amendment to the
Registration Statement becomes effective, (v)&nbsp;of the initiation or threatening of any proceeding pursuant to Section&nbsp;8A of the
Securities Act and (vi)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, any
preliminary prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock
from any securities exchange upon which it is listed (or approved for listing) for trading or included or designated (or approved for
inclusion or designation) for quotation, or of the threatening or initiation of any proceedings for any of such purposes.&nbsp;The Company
shall use its commercially reasonable efforts to prevent the issuance of any such stop order or prevention or suspension of such use.&nbsp;If
the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its commercially
reasonable efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use
its commercially reasonable efforts to have such new registration statement declared effective as soon as practicable.&nbsp;Additionally,
the Company agrees that it shall comply with the provisions of Rules&nbsp;424(b)&nbsp;and 434, as applicable, of the Rules&nbsp;and Regulations,
including with respect to the timely filing of documents thereunder, and will use its commercially reasonable efforts to confirm that
any filings made by the Company under such Rule&nbsp;424(b)&nbsp;of the Rules&nbsp;and Regulations were received in a timely manner by
the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;
If any event or development shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale
Disclosure Package in order to make the statements therein, in the light of the circumstances under which they were made or then prevailing,
as the case may be, not misleading (in which case the Company agrees to notify the Representatives of any such event or condition), or
if in the reasonable opinion of the Representatives it is otherwise necessary to amend or supplement the Time of Sale Disclosure Package
to comply with law, the Company agrees to promptly prepare, file with the Commission and furnish to the Underwriters, at its own expense,
amendments or supplements to the Time of Sale Disclosure Package, and to furnish to the Underwriters such number of copies of such amendment
or supplement as the Underwriters may reasonably request, so that the statements in the Time of Sale Disclosure Package as so amended
or supplemented will not be, in the light of the circumstances under which they were made or then prevailing, as the case may be, misleading
or so that the Time of Sale Disclosure Package, as amended or supplemented, will comply with law; (ii)&nbsp;if, during the Prospectus
Delivery Period, any event or development shall occur or condition exist as a result of which it is necessary to amend or supplement the
Registration Statement or the Prospectus in order to make the statements therein, in the light of the circumstances under which they were
made or then prevailing, as the case may be, not misleading (in which case the Company agrees to notify the Representatives of any such
event or condition), or if in the reasonable opinion of the Representatives it is otherwise necessary to amend or supplement the Registration
Statement or the Prospectus to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to promptly
prepare, file with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration
statement to be declared effective) and furnish to the Underwriters, amendments or supplements to the Registration Statement or the Prospectus,
or any new registration statement, and to furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters
may reasonably request, so that the statements in the Registration Statement or the Prospectus as so amended or supplemented will not
be, in the light of the circumstances under which they were made or then prevailing, as the case may be, misleading or so that the Registration
Statement or the Prospectus, as amended or supplemented, will comply with law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company agrees that, until the Option Closing Date, unless it obtains the prior written consent of the Representatives, it will not make
any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free
writing prospectus&rdquo; (as defined in Rule&nbsp;405 of the Rules&nbsp;and Regulations) required to be filed by the Company with the
Commission or retained by the Company under Rule&nbsp;433 of the Rules&nbsp;and Regulations; provided that the prior written consent of
the Representatives shall be deemed to have been given in respect of any Issuer Free Writing Prospectuses included in <U>Schedule II</U>
attached hereto.&nbsp;Any such free writing prospectus consented to by the Representatives is hereinafter referred to as a &ldquo;<B>Permitted
Free Writing Prospectus</B>.&rdquo;&nbsp;The Company agrees that it (i)&nbsp;has treated and will treat, as the case may be, each Permitted
Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii)&nbsp;has complied and will comply, as the case may be, with the
requirements of Rules&nbsp;164 and 433 of the Rules&nbsp;and Regulations applicable to any Permitted Free Writing Prospectus, including
in respect of timely filing with the Commission where required, legending and record keeping.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall furnish to the Underwriters upon request, from time to time and without charge, copies of the Registration Statement of
which three shall be signed and shall include exhibits and all amendments and supplements to any of such Registration Statement, in each
case as soon as available and in such quantities as the Representatives may from time to time reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall take or cause to be taken all necessary action and furnish to whomever the Representatives may direct such information as
may be required in qualifying the Securities for sale under the laws of such jurisdictions which the Representatives shall designate and
to continue such qualifications in effect for as long as may be necessary for the distribution of the Securities; except that in no event
shall the Company be obligated in connection therewith to qualify as a foreign corporation, to execute a general consent for service of
process or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall make generally available to its securityholders, in the manner contemplated by Rule&nbsp;158(b)&nbsp;of the Rules&nbsp;and
Regulations, as soon as practicable but in any event not later than 60 days after the end of its fiscal quarter in which the first anniversary
date of the effective date of the Registration Statement occurs, an earning statement which will comply with Section&nbsp;11(a)&nbsp;of
the Securities Act covering a period of at least 12 consecutive months beginning after the effective date of the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
for the Securities to be issued hereunder or any debt securities to be issued by the Company or any of the Subsidiaries in an asset securitization
transaction, during the period beginning on the date hereof and continuing to and including 30 days after the date hereof (the &ldquo;<B>Lock-Up
Period</B>&rdquo;), without the prior written consent of the Representatives (which consent may be withheld in the Representatives&rsquo;
sole discretion) on behalf of the Underwriters, the Company will not sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, any debt securities issued or guaranteed
by the Company or the Subsidiaries or any securities convertible into or exchangeable or exercisable for debt securities issued or guaranteed
by the Company or the Subsidiaries or file or cause to be declared effective a registration statement under the Securities Act with respect
to any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall maintain, at its expense, a registrar and paying agent for the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall apply the net proceeds of the sale of the Securities substantially in the manner specified in the Prospectus under the heading
 &ldquo;<I>Use of Proceeds.</I>&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will furnish to its securityholders annual reports containing financial statements audited by independent public accountants and
quarterly reports containing financial statements and financial information which may be unaudited.&nbsp;During the period of two years
from the date hereof, the Company will furnish to the Representatives and, upon request, to each of the other Underwriters, copies of
each annual report of the Company and each other report furnished by the Company to its securityholders and will deliver to the Representatives,
as soon as they are available, copies of any other reports (financial or otherwise) which the Company shall publish or otherwise make
available to any of its securityholders as such, and as soon as they are available, copies of any reports and financial statements furnished
to or filed with the Commission. Provided that any materials described in this Section&nbsp;5(k)&nbsp;that are filed with the Commission
and available through EDGAR shall be deemed automatically furnished without any further action by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will use its commercially reasonable efforts to cause the Securities to be listed for trading on the NASDAQ within the time period
specified in the Time of Sale Disclosure Package and to maintain such listing and to file with NASDAQ all documents and notices required
by NASDAQ of companies that have securities that are listed on NASDAQ. Prior to the time of the Initial Closing, the Company will cause
the Securities to be registered under the Exchange Act by filing with the Commission a registration statement on Form&nbsp;8-A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will use its best efforts to enable the Company to meet the requirements to qualify as a REIT under the Code until the Board of
Directors of the Company determines that it is no longer in the best interests of the Company to qualify as a REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
for activity permitted under Regulation M, the Company will not take, directly or indirectly, any action designed to or that would constitute
or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company
to facilitate the sale or resale of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
the period of five&nbsp;(5)&nbsp;years hereafter, the Company will furnish to the Representatives and, upon request, to each of the other
Underwriters, as soon as practicable after the end of each fiscal year, a copy of its annual report to shareholders for such year; and
the Company will furnish to the Representatives (A)&nbsp;as soon as available, a copy of each report and any definitive proxy statement
of the Company filed with the Commission under the Exchange Act or mailed to shareholders, and (B)&nbsp;from time to time, such other
information concerning the Company as the Representatives may reasonably request.&nbsp;However, so long as the Company is subject to the
reporting requirements of either Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act and is timely filing reports with the
Commission on EDGAR, it is not required to furnish such reports or statements to the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall pay or cause to be paid (A)&nbsp;all expenses (including stock transfer taxes) incurred in connection with the delivery
to the several Underwriters of the Securities, (B)&nbsp;all fees and expenses (including, without limitation, fees and expenses of the
Company&rsquo;s accountants and counsel) in connection with the preparation, printing, filing, delivery and shipping of the Registration
Statement (including the financial statements therein and all amendments and exhibits thereto), each preliminary prospectus, the Time
of Sale Disclosure Package and the Prospectus as amended or supplemented, (C)&nbsp;any applicable listing fees, (D)&nbsp;to the extent
necessary, the cost of printing global notes representing the Securities, (E)&nbsp;the fees and expenses of the Trustee and any paying
agent (including related fees and expenses of any counsel to such parties) (F)&nbsp;the cost and charges of any paying agent or registrar
for the Securities, (G)&nbsp;the reasonable fees and expenses of counsel for the Underwriters, up to $150,000 and (H)&nbsp;all other costs
and expenses incident to the performance of its obligations hereunder which are not otherwise provided for in this subsection.&nbsp;The
Company, on the one hand, and the Underwriters, on the other hand, shall be responsible for their own expenses in connection with any
road shows and other presentations undertaken in connection with the Offering (including all travel, hotel and food expenses for their
respective personnel). The Company shall not in any event be liable to any of the Underwriters for loss of anticipated profits from the
transactions covered by this Agreement.&nbsp;The Representatives may deduct, after providing the Company with an itemized list and supporting
documentation of expenses actually incurred, from the net proceeds of the Offering payable to the Company on the applicable Closing Date
the expenses set forth above (which shall be mutually agreed upon between the Company and the Representatives prior to the applicable
Closing Date) to be paid by the Company to the Underwriters and others.&nbsp;If the Offering is not consummated for any reason whatsoever,
other than a breach of this Agreement by the Underwriters, a default pursuant to Section&nbsp;8 hereof or a termination of this Agreement
pursuant to Section&nbsp;9(iii), (v), (vi), (vii)&nbsp;or (viii), then the Company shall reimburse the Underwriters in full for their
respective out-of-pocket accountable expenses actually incurred through such date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Conditions
of Underwriters&rsquo; Obligations.&nbsp;</B>The respective obligations of the several Underwriters hereunder are subject to the accuracy,
at and as of the date hereof and the First Closing Date (as if made at the First Closing Date) and, with respect to the Optional Securities,
the Option Closing Date (as if made at the Option Closing Date), of the representations and warranties of the Company contained herein,
to the performance by the Company of its obligations hereunder and to the following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Registration Statement shall be effective and remain effective on the date of this Agreement, or such later time and date as the Representatives
shall approve, and all filings required by Rules&nbsp;424, 430A and 433 of the Rules&nbsp;and Regulations shall have been timely made;
no stop order suspending the effectiveness of the Registration Statement or any amendment thereof shall have been issued; no proceedings
for the issuance of such an order shall have been initiated or threatened; and any request of the Commission for additional information
(to be included in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus
or otherwise) shall have been complied with to the Representatives&rsquo; satisfaction. The Prospectus shall have been filed with the
Commission in a timely manner in accordance with Section&nbsp;5(b)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
each Closing Date, the Representatives shall have received the favorable opinions of (i)&nbsp;Vinson&nbsp;&amp; Elkins L.L.P., counsel
for the Company, dated as of such Closing Date, in form and substance satisfactory to counsel for the Underwriters, substantially to the
effect set forth in <U>Exhibits A-1</U>, <U>A-2</U> and <U>A-3</U> attached hereto and (ii)&nbsp;Venable LLP, special Maryland counsel
to the Company, dated as of such Closing Date, in form and substance satisfactory to counsel for the Underwriters, substantially to the
effect set forth in <U>Exhibit&nbsp;A-4</U> attached hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
each Closing Date, the Representatives shall have received the favorable opinion of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP,
counsel for the Underwriters, dated as of such Closing Date, in form and substance satisfactory to the Representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">There
shall have been furnished to the Representatives a certificate of the Company, dated as of each Closing Date and addressed to the Representatives,
signed by the Chief Executive Officer or the President and by the Chief Financial Officer of the Company to the effect that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
representations and warranties of the Company in this Agreement, are true and correct, as if made at and as of such Closing Date (except
to the extent that such representations and warranties speak as of another date, in which case such representations and warranties shall
be true and correct as of such other date);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied, in each case with
respect to the Offering, at or prior to such Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
stop order suspending the effectiveness of the Registration Statement has been issued, and no proceedings for that purpose have been initiated
or are pending or, to their knowledge, contemplated by the Commission;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
and all filings required of the Company by Rules&nbsp;424, 430A, 430B and 430C of the Rules&nbsp;and Regulations have been timely made;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
signers of said certificate have carefully examined the Registration Statement and the Time of Sale Disclosure Package and the Prospectus,
and any amendments or supplements thereto, and such documents contain all statements and information required to be included therein;
the Registration Statement or any amendment thereto does not include any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading; and the Time of Sale Disclosure Package
and the Prospectus or any supplements thereto do not include any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Since
the effective date of the Registration Statement, there has occurred no event required to be set forth in an amendment to the Registration
Statement which has not been so set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
the date hereof, and on each Closing Date, the Representatives shall have received from Grant Thornton a letter dated such date addressed
to the Representatives, on behalf of the several Underwriters, in form and substance satisfactory to the Representatives, containing statements
and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters, delivered according
to Statement of Auditing Standards No.&nbsp;72 (or any successor bulletin), with respect to the audited and unaudited financial statements
and certain financial information included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Since
the date of the Prospectus, there has not been a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Between
the date of this Agreement and the applicable Closing Date, there shall not have occurred any downgrading in the rating of debt securities,
if any, of the Company by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined in Section&nbsp;3(a)(62)
of the Exchange Act), or any public announcement that any such organization has under surveillance or review its rating of any debt securities
of the Company (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading,
of such rating).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Securities shall be eligible for clearance and settlement through DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
or before each Closing Date, the Representatives and counsel for the Underwriters shall have received such information, certificates,
agreements, opinions and other documents as they may reasonably require.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company shall furnish the
Representatives with such conformed copies of such opinions, certificates, letters and other documents as the Representatives shall reasonably
request.&nbsp;If any of the conditions specified in this Section&nbsp;6 shall not have been fulfilled when and as required by this Agreement,
this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the First Closing Date or
the Option Closing Date, as the case may be, by the Representatives.&nbsp;Any such cancellation shall be without liability of the Underwriters
to the Company.&nbsp;Notice of such cancellation shall be given to the Company in writing, or by telegraph or telephone and promptly confirmed
in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Indemnification
and Contribution.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company agrees to indemnify, defend and hold harmless each Underwriter and any person who controls any Underwriter within the meaning
of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and the respective directors, officers, employees, affiliates
and agents of each Underwriter from and against any loss, expense, liability, damage or claim (including the reasonable cost of investigation)
which, jointly or severally, any such Underwriter or controlling person may incur under the Securities Act, the Exchange Act or otherwise,
insofar as such loss, expense, liability, damage or claim arises out of or is based upon (A)&nbsp;any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereof), the Preliminary Prospectus, any Issuer
Free Writing Prospectus or the Prospectus, (B)&nbsp;any omission or alleged omission to state a material fact required to be stated in
any such Registration Statement, or necessary to make the statements made therein not misleading, (C)&nbsp;any omission or alleged omission
from the Preliminary Prospectus, any Issuer Free Writing Prospectus or Prospectus of a material fact necessary to make the statements
made therein, in the light of the circumstances under which they were made, not misleading; except in the case of (A), (B)&nbsp;and (C)&nbsp;above
for any such loss, expense, liability, damage or claim that arises out of or is based upon information furnished in writing by any Underwriter
through the Representatives to the Company expressly for use in such Registration Statement, Preliminary Prospectus,&nbsp;Issuer Free
Writing Prospectus or Prospectus, it being understood and agreed that the only such information consists of the information described
as such in Section&nbsp;12 hereof; and to reimburse the Underwriters or any such director, officer, employee, agent or controlling person
for any legal and other expense reasonably incurred by the Underwriters or any such director, officer, employee or controlling person
in connection with investigating, defending, settling, compromising or paying any such loss, expense, liability, damage or claim. The
indemnity agreement set forth in this Section&nbsp;7(a)&nbsp;shall be in addition to any liability which the Company may otherwise have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Underwriter agrees, severally and not jointly, to indemnify, defend and hold harmless the Company, and its respective directors and officers
that signed the Registration Statement, and any person who controls the Company within the meaning of Section&nbsp;15 of the Securities
Act or Section&nbsp;20 of the Exchange Act, from and against any loss, expense, liability, damage or claim (including the reasonable cost
of investigation) which the Company or any such person may incur under the Securities Act, the Exchange Act or otherwise, insofar as such
loss, expense, liability, damage or claim arises out of or is based upon (A)&nbsp;any untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement (or any amendment thereof), the Preliminary Prospectus, any Issuer Free Writing
Prospectus or Prospectus, (B)&nbsp;any omission or alleged omission to state a material fact required to be stated in any such Registration
Statement, or necessary to make the statements made therein not misleading, or (C)&nbsp;any omission or alleged omission from the Preliminary
Prospectus, any such Issuer Free Writing Prospectus or Prospectus of a material fact necessary to make the statements made therein, in
the light of the circumstances under which they were made, not misleading, but in each case only insofar as such untrue statement or alleged
untrue statement or omission or alleged omission was made in such Registration Statement, Preliminary Prospectus,&nbsp;Issuer Free Writing
Prospectus or Prospectus in reliance upon and in conformity with information furnished in writing by or on behalf of any Underwriter through
the Representatives to the Company expressly for use therein, it being understood and agreed that the only such information furnished
by any Underwriter through the Representatives consists of the information described as such in Section&nbsp;12 hereof; and to reimburse
the Company or any such director, officer, employee or controlling person for any legal and other expense reasonably incurred by the Company
or any such director, officer, employee or controlling person in connection with investigating, defending, settling, compromising or paying
any such loss, expense, liability, damage or claim.&nbsp;The indemnity agreement set forth in this Section&nbsp;7(b)&nbsp;shall be in
addition to any liabilities that each Underwriter may otherwise have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it
in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve
it from any liability which it may have otherwise than on account of this indemnity agreement.&nbsp;In the case of parties indemnified
pursuant to Section&nbsp;7(a)&nbsp;above, counsel to the indemnified parties shall be selected by the Representatives, and, in the case
of parties indemnified pursuant to Section&nbsp;7(b)&nbsp;above, counsel to the indemnified parties shall be selected by the Company.&nbsp;An
indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying
party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party.&nbsp;In no event shall the
indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances.&nbsp;No indemnifying party shall, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification
or contribution could be sought under this Section&nbsp;7 (whether or not the indemnified parties are actual or potential parties thereto),
unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the indemnification provided for in this Section&nbsp;7 is unavailable or insufficient to hold harmless an indemnified party under subsections
(a)&nbsp;and (b)&nbsp;of this Section&nbsp;7 in respect of any losses, expenses, liabilities, damages or claims referred to therein, then
each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, expenses, liabilities, damages or claims (i)&nbsp;in such proportion as is appropriate
to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, from the Offering
or (ii)&nbsp;if (but only if) the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company,
on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such losses,
expenses, liabilities, damages or claims, as well as any other relevant equitable considerations.&nbsp;The relative benefits received
by the Company, on the one hand, and the Underwriters, on the other hand, shall be deemed to be in the same respective proportion as (i)&nbsp;the
total net proceeds (before deducting expenses) received by the Company from the sale of the Securities pursuant to this Agreement and
(ii)&nbsp;the difference between (x)&nbsp;the aggregate price to the public received by the Underwriters from the sale of the Securities
and (y)&nbsp;the aggregate price paid by the Underwriters to the Company for the Securities purchased pursuant to this Agreement, bear
to the aggregate price to the public received by the Underwriters from the sale of the Securities pursuant to this Agreement. The relative
fault of the Company, on the one hand, and of the Underwriters, on the other hand, shall be determined by reference to, among other things,
whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied
by the Company, on the one hand, or by the Underwriters, on the other hand, and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of
the losses, expenses, liabilities, damages and claims referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or defending any claim or action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company, on the one hand, and the Underwriters, on the other hand, agree that it would not be just and equitable if contribution pursuant
to this Section&nbsp;7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or
by any other method of allocation which does not take account of the equitable considerations referred to in subsection (d)(i)&nbsp;and,
if applicable (ii), above. Notwithstanding the provisions of this Section&nbsp;7, no Underwriter shall be required to contribute any amount
in excess of the aggregate difference between (x)&nbsp;the aggregate price to the public received by the Underwriter from the sale of
the Securities and (y)&nbsp;the aggregate price paid by the Underwriter to the Company for the Securities purchased by such Underwriter
pursuant to this Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo;
obligations to contribute pursuant to this Section&nbsp;7 are several in proportion to their respective underwriting commitments and not
joint. For purposes of this Section&nbsp;7, each person, if any, who controls an Underwriter within the meaning of Section&nbsp;15 of
the Securities Act or Section&nbsp;20 of the Exchange Act and such Underwriters&rsquo; directors, officers, employees, and agents shall
have the same rights to contribution as the Underwriters, and each director of the Company, each officer of the Company, and each person,
if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall
have the same rights to contribution as the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Substitution
of Underwriters.&nbsp;</B>If any Underwriter defaults in its obligation to purchase the aggregate principal amount of Securities which
it has agreed to purchase under this Agreement, the non-defaulting Underwriters shall be obligated to purchase (in the respective proportions
which the aggregate principal amount of Securities set forth opposite the name of each non-defaulting Underwriter in <U>Schedule&nbsp;I</U>
hereto bears to the total aggregate principal amount of Securities set forth opposite the names of all the non-defaulting Underwriters
in <U>Schedule&nbsp;I</U> hereto) the aggregate principal amount of Securities which the defaulting Underwriter agreed but failed to purchase
(the &ldquo;<B>Default Securities</B>&rdquo;); except that the non-defaulting Underwriters shall not be obligated to purchase any of the
aggregate principal amount of Securities if the total aggregate principal amount of Securities which the defaulting Underwriter or Underwriters
agreed but failed to purchase exceeds 10% of the total aggregate principal amount of Firm Securities, and any non-defaulting Underwriter
shall not be obligated to purchase more than 110% of the aggregate principal amount of Securities set forth opposite its name in <U>Schedule&nbsp;I</U>
attached hereto purchasable by it pursuant to the terms of Section&nbsp;3 hereof.&nbsp;If the foregoing maximums are exceeded, (i)&nbsp;the
non-defaulting Underwriters, and any other underwriters satisfactory to the Representatives who so agree, shall have the right, but shall
not be obligated, to purchase (in such proportions as may be agreed upon among them) all the Default Securities on the terms contained
herein.&nbsp;If the non-defaulting Underwriters or the other underwriters satisfactory to the Representatives do not elect to purchase
the Default Securities, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company
except for the payment of expenses to be borne by the Company and the Underwriters as provided in Section&nbsp;5 hereof and the indemnity
and contribution agreements of the Company and the Underwriters contained in Section&nbsp;7 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Nothing contained herein shall
relieve a defaulting Underwriter of any liability it may have for damages caused by its default.&nbsp;If the other underwriters satisfactory
to the Representatives are obligated or agree to purchase the aggregate principal amount of Securities of a defaulting Underwriter, either
the Representatives or the Company may postpone the First Closing Date for up to five full Business Days in order to effect any changes
that may be necessary in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus or in any other document or
agreement, and to file promptly any amendments or any supplements to the Registration Statement or the Time of Sale Disclosure Package
or the Prospectus which in the Representatives&rsquo; opinion may thereby be made necessary. The term &ldquo;Underwriter&rdquo; as used
in this Agreement shall include any party substituted under this Section&nbsp;8 with like effect as if it had originally been a party
to this Agreement with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Effective
Time and Termination. </B>Until the First Closing Date, this Agreement may be terminated by the Representatives by giving notice as hereinafter
provided to the Company, if (i)&nbsp;the Company shall have failed, refused or been unable, at or prior to the First Closing Date, to
perform any agreement on its part to be performed hereunder unless the failure to perform any agreement is due to the default or omission
by any Underwriter; (ii)&nbsp;any other condition of the obligations of the Underwriters hereunder is not fulfilled; (iii)&nbsp;trading
in securities generally on the New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;) or NASDAQ shall have been suspended or minimum
or maximum prices shall have been established on either of such exchanges by the Commission or by such exchange or other regulatory body
or governmental authority having jurisdiction; (iv)&nbsp;trading or quotation in any of the Company&rsquo;s securities shall have been
suspended or materially limited by the Commission or by the NYSE or Nasdaq Stock Market or other regulatory body of governmental authority
having jurisdiction; (v)&nbsp;a general banking moratorium has been declared by Federal or New York authorities; (vi)&nbsp;a material
disruption in securities settlement, payment or clearance services in the United States shall have occurred; (vii)&nbsp;there shall have
been any material adverse change in general economic, political or financial conditions or if the effect of international conditions on
the financial markets in the United States which, in the Representatives&rsquo; reasonable judgment, makes it inadvisable to proceed with
the delivery of the Securities; or (viii)&nbsp;any attack on, outbreak or escalation of hostilities, declaration of war or act of terrorism
involving the United States or any other national or international calamity or emergency has occurred if, in the Representatives&rsquo;
reasonable judgment, the effect of any such attack, outbreak, escalation, declaration, act, calamity or emergency makes it impractical
or inadvisable to proceed with the completion of the public offering or the delivery of the Securities.&nbsp;Any termination of this Agreement
pursuant to this Section&nbsp;9 shall be without liability on the part of the Company or any Underwriter, except as otherwise provided
in Sections 5 and 7 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any notice referred to above
may be given at the address of the Company as specified in Section&nbsp;11 hereof in writing or by telegraph or telephone, and if by telegraph
or telephone, shall be promptly confirmed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Survival
of Indemnities, Contribution, Warranties and Representations.&nbsp;</B>All representations, warranties and agreements of the Company and
the Underwriters herein or in certificates delivered pursuant hereto, and the agreements of the several Underwriters and the Company contained
in Section&nbsp;7 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of
any Underwriter or any affiliate or selling agent thereof, or any person controlling an Underwriter, any officers or directors of the
Company or any of the Company&rsquo;s officers, directors or controlling persons, and shall survive delivery of, and payment for, the
Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Notices.&nbsp;</B>All
communications hereunder shall be in writing and shall be deemed to have been duly given if mailed, hand delivered or transmitted by any
standard form of telecommunication to the parties hereto as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Representatives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Morgan Stanley&nbsp;&amp; Co. LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1585 Broadway, 29th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10036&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Investment Banking Division&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Fax: (212) 507-8999</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">RBC Capital Markets, LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Brookfield Place, 200 Vesey Street, 8th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10281&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Telephone: (212) 618-7706&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: TMGUS@rbccm.com&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: DCM Transaction Management/Scott Primrose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">UBS Securities LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1285 Avenue of the Americas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10019&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Fixed Income Syndicate&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Phone: (203) 719-1088</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Wells Fargo Securities, LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">550 South Tryon Street, 5th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Charlotte, NC 28202&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Transaction Management&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: tmgcapitalmarkets@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">787 Seventh Avenue, 4th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10019&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Capital Markets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Piper Sandler&nbsp;&amp; Co.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1251 Avenue of the Americas, 6th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10020&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: LegalCapMarkets@psc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Skadden, Arps, Slate, Meagher&nbsp;&amp;
Flom LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">One Manhattan West&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">New York, New York 10001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: David J. Goldschmidt<BR>
Email: David.Goldschmidt@skadden.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York Mortgage Trust,&nbsp;Inc.<BR>
90 Park Avenue, 23<SUP>rd</SUP> Floor<BR>
New York, New York 10016<BR>
Attention:&#8239;&#8239;Jason T. Serrano, CEO<BR>
Facsimile:&#8239;&#8239;(732) 559-8250</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Vinson&nbsp;&amp; Elkins L.L.P.<BR>
2200 Pennsylvania Avenue NW<BR>
Suite&nbsp;500 West<BR>
Washington, D.C. 20037-1701<BR>
Attention:&#8239;&#8239;Christopher C. Green,&nbsp;Esq.<BR>
Facsimile: (202) 879-8941</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company shall be entitled to act and rely upon
any request, consent, notice or agreement given or made on behalf of the Underwriters by the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Information
Furnished by Underwriters.&nbsp;</B>The statements set forth under the caption &ldquo;Underwriting&rdquo; in the fourth paragraph and
the tenth paragraph constitute the only written information furnished by or on behalf of any Underwriter referred to in paragraphs (c),
(d), (e)&nbsp;and (f)&nbsp;of Section&nbsp;1 hereof and in paragraphs (a)&nbsp;and (b)&nbsp;of Section&nbsp;7 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Parties.&nbsp;</B>This
Agreement is made solely for the benefit of the several Underwriters, the Company, any officer, director or controlling person referred
to in Section&nbsp;7 hereof, and their respective successors and assigns or heirs and legal representatives, as applicable, and no other
person shall acquire or have any right by virtue of this Agreement.&nbsp;The term &ldquo;successors and assigns,&rdquo; as used in this
Agreement, shall not include any purchaser of any of the Securities from any of the Underwriters merely by reason of such purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Recognition
of the U.S. Special Resolution Regimes</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
purposes of this Section&nbsp;14, a &ldquo;<B>BHC Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<B>Covered Entity</B>&rdquo; means any of the following:
(i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;252.82(b);
(ii)&nbsp;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;47.3(b);
or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;382.2(b).
 &ldquo;<B>Default Right</B>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect;
252.81, 47.2 or 382.1, as applicable. &ldquo;<B>U.S. Special Resolution Regime</B>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance
Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Definition
of &ldquo;Business Day.&rdquo;</B>&nbsp;For purposes of this Agreement, &ldquo;Business Day&rdquo; means any day on which NASDAQ is open
for trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Governing
Law.</B>&nbsp;This Agreement and any claim, controversy or dispute relating to or arising out of this Agreement shall be governed by and
construed in accordance with the internal law of the State of New York, including Section&nbsp;5-1401 of the General Obligations Law,
but otherwise without regard to conflict of laws principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Partial
Unenforceability.</B>&nbsp;The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall not affect
the validity or enforceability of any other section, paragraph or provision hereof.&nbsp;If any section, paragraph or provision of this
Agreement is for any reason determined to be invalid or unenforceable, there shall be permitted to be made such minor changes (and only
such minor changes) as are necessary to make it valid and enforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Absence
of Fiduciary Relationship.</B> The Company acknowledges and agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Underwriters have been retained solely to act as underwriters in connection with the sale of the Securities and that no fiduciary, advisory
or agency relationship between the Company, on the one hand, and the Underwriters, on the other hand, has been created in respect of any
of the transactions contemplated by this Agreement, irrespective of whether the Underwriters have advised or are advising the Company
on other matters;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
price of the Securities set forth in this Agreement was established by the Company following discussions and arm&rsquo;s length negotiations
with the Underwriters, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions
of the transactions contemplated by this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company has been advised that the Underwriters and their affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company, and that the Underwriters have no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company waives, to the fullest extent permitted by law, any claims it may have against the Underwriters for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that the Underwriters shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
stockholders, employees or creditors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>General
Provisions.</B>&nbsp;This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written
or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.&nbsp;This
Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.&nbsp;Electronic signatures complying with the New York Electronic Signatures and Records
Act (N.Y. State Tech. &sect;&sect; 301-309), as amended from time to time, or other applicable law will be deemed original signatures
for purposes of this Agreement. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition
herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.&nbsp;The section
headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Jury
Trial</B>. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and
each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Submission
to Jurisdiction</B>. Except as set forth below, no claim may be commenced, prosecuted or continued in any court other than the courts
of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of
New York in New York County, which courts shall have exclusive jurisdiction over the adjudication of such matters, and the Company consents
to the jurisdiction of such courts and personal service with respect thereto. The Company consents to personal jurisdiction, service and
venue in any court in which any claim arising out of or in any way relating to this Agreement is brought by any third party against any
Underwriter or any indemnified party. The Company agrees that a final judgment in any such action, proceeding or counterclaim brought
in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts to the jurisdiction of which
the Company is or may be subject by suit upon such judgment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B>Compliance
with USA Patriot Act</B>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26,
2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the
Company, which information may include the name and address of their respective clients, as well as other information that will allow
the Underwriters to properly identify their respective clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature page&nbsp;follows.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Please confirm, by signing and returning to us two
(2)&nbsp;counterparts of this Agreement, that the Representatives are acting on behalf of themselves and the several Underwriters and
that the foregoing correctly sets forth the agreement among the Company and the several Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD COLSPAN="2" STYLE="text-align: left">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 45%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">NEW YORK MORTGAGE TRUST,&nbsp;INC.</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/
                                            Jason T. Serrano </TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">Name:&nbsp;<FONT STYLE="font-size: 10pt">Jason
T. Serrano</font></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Title:&#8239;Chief Executive Officer</TD></TR>
     </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Confirmed and accepted as of the date first above mentioned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> MORGAN STANLEY&nbsp;&amp; CO. LLC</font></TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%">&nbsp;</TD><TD STYLE="text-align: left; width: 45%">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Michael Borut</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">Michael Borut</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:</TD><TD STYLE="text-align: left">Executive
Director</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">RBC CAPITAL MARKETS, LLC</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/
Saurabh Monga</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">Saurabh Monga</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:&#8239;</TD><TD STYLE="text-align: left">Managing Director<TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">UBS SECURITIES LLC</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/
Dominic Hills</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">Dominic Hills</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:</TD><TD STYLE="text-align: left">Associate Director</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/
Jay Anderson&#8239;&#8239;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:&#8239;</TD><TD STYLE="text-align: left">Jay Anderson</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:&#8239;</TD><TD STYLE="text-align: left">Managing Director</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">WELLS FARGO SECURITIES, LLC</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Carolyn Hurley&#8239;&#8239;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">Carolyn Hurley</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:&#8239;</TD><TD STYLE="text-align: left">Managing Director</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">[<I>Signature
Page&nbsp;to Underwriting Agreement</I>]</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 32; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">KEEFE, BRUYETTE&nbsp;&amp; WOODS,&nbsp;INC.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%">&nbsp;</TD><TD STYLE="text-align: left; width: 45%">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/
                                            Edward B. Conway</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">Edward B. Conway</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:&#8239;</TD><TD STYLE="text-align: left">Managing Director</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">PIPER SANDLER&nbsp;&amp; CO.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;/s/ James Furey
                                            </TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Name:</TD><TD STYLE="text-align: left">James Furey</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Title:</TD><TD STYLE="text-align: left">Managing
Director</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the Several Underwriters named in <U>Schedule
I</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to Underwriting Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriting Agreement dated June&nbsp;25, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Underwriters</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Principal Amount<BR> of Firm Securities<BR> to be&nbsp;Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 81%; font: 10pt Times New Roman, Times, Serif; text-align: left">Morgan Stanley&nbsp;&amp; Co. LLC</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">UBS Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Piper Sandler&nbsp;&amp; Co.</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">Total</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">60,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE I(j)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Entity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Company Ownership</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 81%; text-align: left; padding-bottom: 1pt">Constructive LLC</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">50.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Park Place JV, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Hanley Place Apts JV, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">VLC Holdings, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">3149 Landtree JV, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">GWR Lakeshore Holding, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">110 Summerfield JV, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Heritage Park, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Rain Dance, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">500 Jordan Stuart JV LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">1880 Destiny JV LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">GWR Pensacola Holding, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">828 ASCENT JV, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE I(tt)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust 2005-1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust 2005-2&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust 2005-3&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYM Preferred Trust I&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYM Preferred Trust II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust 2021-SP1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust 2022-SP1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust I, Series&nbsp;2022-BPL1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust 2022-CP1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust 2022-INV1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust, Series&nbsp;2024-BPL1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust 2024-CP1&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYMT Loan Trust, Series&nbsp;2024-BPL2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE II</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuer General-Use Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pricing Term Sheet, dated June&nbsp;25, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 37; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2418480d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 50%; text-align: justify; font-size: 10pt"><IMG SRC="tm2418480d2_ex5-1img001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; text-align: right; font-size: 10pt"><BR>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
750 E. PRATT STREET SUITE 900 BALTIMORE, MD 21202</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T
410.244.7400 <B>F</B> 410.244.7742 www.Venable.com</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #061E3C"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #061E3C"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June&nbsp;28, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90 Park Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">Re:</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement on Form&nbsp;S-3 (File No.&nbsp;333-258589)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to New York Mortgage
Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of
the filing of the above-referenced registration statement, and all amendments thereto (collectively, the &ldquo;Registration Statement&rdquo;),
by the Company with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933,
as amended (the &ldquo;1933 Act&rdquo;), relating to the registration of the offering and issuance of up to $69,000,000 in aggregate principal
amount of the Company&rsquo;s 9.125% Senior Notes due 2029 (the &ldquo;Notes&rdquo;), including up to $9,000,000 in Notes issuable upon
the exercise of an overallotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Registration Statement and the related form of prospectus included therein, in the form in which it was transmitted to the Commission
under the 1933 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Prospectus Supplement, dated June&nbsp;25, 2024, in the form filed with the Commission under the 1933 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Third Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Directors of the Company and a duly authorized committee thereof (a)&nbsp;at a
meeting duly called and held or (b)&nbsp;in an action by unanimous consent, relating to, among other matters, (i)&nbsp;the authorization
of the offering and issuance of the Notes and (ii)&nbsp;the Indenture (as defined below), certified as of the date hereof by an officer
of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2418480d2_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Indenture, dated as of January&nbsp;23, 2017 (the &ldquo;Base Indenture&rdquo;), by and between the Company and U.S. Bank National Association,
predecessor to U.S. Bank Trust Company, National Association;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Second Supplemental Indenture, dated as of June&nbsp;28, 2024 (the &ldquo;Second Supplemental Indenture, and, together with the Base Indenture,
the &ldquo;Indenture&rdquo;), by and between the Company and U.S. Bank Trust Company, National Association, as trustee; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information as to
matters of fact contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any
of the Documents, and there has been no waiver of any of the provisions of any of the Documents, by action or omission of the parties
or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2418480d2_ex5-1img003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The phrase &ldquo;known to us&rdquo; is limited to
the actual knowledge, without independent inquiry, of the lawyers currently at our firm who have performed legal services in connection
with the issuance of this opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and validly existing under the laws of the State of Maryland and is in good standing with the
SDAT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has the corporate power to enter into and perform its obligations under the Indenture. The Indenture has been duly authorized,
executed and, so far as is known to us, delivered by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
issuance of the Notes has been duly authorized by all necessary corporate action on the part of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance with any federal
or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent
transfers or the laws, codes or regulations of any municipality or other local jurisdiction. To the extent that any matter as to which
our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express
any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may permit the introduction
of parol evidence to modify the terms or the interpretation of agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2418480d2_ex5-1img004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the issuance of the Notes (the &ldquo;Current
Report&rdquo;), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an
exhibit to the Current Report and to the use of the name of our firm in the Prospectus Supplement. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section&nbsp;7 of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">/s/ Venable LLP</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm2418480d2_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2418480d2_ex5-2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90 Park Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>New York Mortgage Trust,&nbsp;Inc. &ndash; 9.125% Senior Notes Due 2029</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as special counsel
to New York Mortgage Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the issuance and
sale by the Company of up to $69,000,000 aggregate principal amount of 9.125% Senior Unsecured Notes Due 2029 of the Company (the &ldquo;<U>Notes</U>&rdquo;)
to be issued under a second supplemental indenture between the Company and U.S. Bank Trust Company, National Association, as trustee (the
 &ldquo;<U>Trustee</U>&rdquo;), dated as of the date hereof (the &ldquo;<U>Second Supplemental Indenture</U>&rdquo;), to the indenture
between the Company and U.S. Bank National Association, as predecessor to the Trustee, dated January&nbsp;23, 2017 (the &ldquo;<U>Base
Indenture</U>&rdquo; and, together with the Second Supplemental Indenture, the &ldquo;<U>Indenture</U>&rdquo;), and sold to the Underwriters
(as defined below) pursuant to the Underwriting Agreement, dated June&nbsp;25, 2024 (the &ldquo;<U>Underwriting Agreement</U>&rdquo;),
by and among the Company, on the one hand, and Morgan Stanley&nbsp;&amp; Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells
Fargo Securities, LLC, Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc. and Piper Sandler&nbsp;&amp; Co. (collectively, the &ldquo;<U>Underwriters</U>&rdquo;),
on the other hand, including up to an additional $9,000,000 aggregate principal amount of the Notes to be issued to the Underwriters upon
their exercise of the option to purchase additional Notes set forth in Section&nbsp;3(b)&nbsp;of the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is being furnished
in accordance with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In connection with the foregoing, we have examined
the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company&rsquo;s Registration Statement on Form&nbsp;S-3ASR (Registration No.&nbsp;333-258589), which became automatically effective upon
filing with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on August&nbsp;6, 2021 (such registration statement,
including the documents incorporated by reference therein, the &ldquo;<U>Registration Statement</U>&rdquo;) pursuant to the Securities
Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 377.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vinson&nbsp;&amp; Elkins LLP Attorneys at Law<BR>
</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austin Dallas Dubai Houston London Los Angeles New York<BR>
</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richmond San Francisco Tokyo Washington&nbsp;</P></TD>
    <TD STYLE="text-align: left; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2200 Pennsylvania Avenue NW, Suite&nbsp;500 West<BR>
</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20037-1701<BR>
</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tel</B> +1.202.639.6500 <B>Fax</B> +1.202.639.6604 <B>www.velaw.com</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right">June&nbsp;28,
2024 Page&nbsp;2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><P STYLE="text-indent: -0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
base prospectus, dated August&nbsp;6, 2021 (such base prospectus, including the documents incorporated by reference therein, the &ldquo;<U>Base
Prospectus</U>&rdquo;), which forms a part of and is included in the Registration Statement, as supplemented by the preliminary prospectus
supplement, dated June&nbsp;25, 2024, in the form filed with the Commission on June&nbsp;25, 2024 pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act (including the documents incorporated by reference therein);</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: -0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Issuer Free Writing Prospectus, dated June&nbsp;25, 2024, as filed with the Commission on June&nbsp;25, 2024;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: -0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
final prospectus supplement, dated June&nbsp;25, 2024, as filed with the Commission on June&nbsp;26, 2024 pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act (together with the Base Prospectus and the documents incorporated by reference therein);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: -0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
executed copy of the Underwriting Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: -0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
copies of the Base Indenture and the Second Supplemental Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: -0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
copy of the certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of the date hereof,
as to certain factual matters (the &ldquo;<U>Officers&rsquo; Certificate</U>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
global certificate used to evidence the Notes, as certified by the Secretary of the Company on the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our examination
of the documents referred to above, we also have examined originals or reproductions or certified copies of certain records of the Company
and certificates of officers of the Company and of public officials. In these examinations and for purposes of the opinions expressed
below, we have assumed (i)&nbsp;the authenticity of all documents submitted to us as originals, (ii)&nbsp;the conformity to the originals
of all documents submitted to us as copies and the authenticity of the originals of such documents, (iii)&nbsp;the due authorization,
execution and delivery of all documents by all parties, and, except to the extent expressly stated in the opinions contained herein, the
validity, binding effect and enforceability thereof, (iv)&nbsp;the legal capacity of natural persons, (v)&nbsp;the genuineness of all
signatures, (vi)&nbsp;the conformity of the documents filed with the Commission via the Electronic Data Gathering, Analysis and Retrieval
System, as supplemented by its Interactive Data Electronic Applications system (&ldquo;<U>EDGAR</U>&rdquo;), except for required EDGAR
formatting changes, to physical copies of the documents submitted for our examination, (vii)&nbsp;that the Notes have been duly authenticated,
issued and delivered by the Trustee and (viii)&nbsp;the accuracy of the representations and warranties, and the respective performance
of the agreements, of each of the Company and of the Underwriters in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024 Page&nbsp;3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 377.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As to factual matters, we
have relied upon the accuracy of the representations and warranties made in the Underwriting Agreement, on certificates of officers of
the Company and on certificates and oral advice of public officials. Without limiting the generality of the foregoing, for purposes of
our opinion, we have not searched any electronic or other databases, nor have we conducted a search of the dockets of any court or administrative
or other regulatory agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
and subject to the qualifications and limitations stated herein, we are of the opinion that the Notes, when executed and delivered by
the Company and duly authenticated by the Trustee in accordance with the provisions of the Indenture and delivered to and paid for by
the Underwriters in accordance with the terms of the Underwriting Agreement, will constitute valid and binding obligations of the Company,
enforceable in accordance with their terms under New York law, subject to the qualification that the enforceability of obligations of
the Company thereunder may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws
now or hereafter in effect relating to or affecting enforcement of creditors&rsquo; rights generally and by general principles of equity
(including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether such enforcement
is considered in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion concerning
(i)&nbsp;the validity or enforceability of any provisions contained in the Indenture that purport to waive or not give effect to rights
to notices, defenses, subrogation or other rights or benefits that cannot be effectively waived under applicable law or (ii)&nbsp;the
enforceability of indemnification provisions to the extent they purport to relate to liabilities resulting from or based upon negligence
or any violation of federal or state securities or blue sky laws. With respect to the opinions expressed, we express no opinion as to
the enforceability of provisions of the Indenture or the Notes (i)&nbsp;that provide for liquidated damages or any &ldquo;make whole,&rdquo;
 &ldquo;yield maintenance&rdquo; or &ldquo;premium amount&rdquo; to the extent they may be deemed a penalty or (ii)&nbsp;relating to amounts
payable on the Notes upon acceleration that may be deemed to be unearned interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not purport to express
any opinion on any laws other than the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024 Page&nbsp;4&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion of counsel as Exhibit&nbsp;5.2 to the Current Report on Form&nbsp;8-K of the Company dated on or about the date hereof,
to the incorporation by reference of this opinion of counsel into the Registration Statement and to the reference to our Firm under the
heading &ldquo;Legal Matters&rdquo; in the Prospectus. In giving this consent, we do not thereby admit that we come within the category
of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission promulgated
thereunder. This opinion is given as of the date hereof, and we do not undertake to advise you of any changes in the opinions expressed
herein from matters that might hereafter arise or be brought to our attention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 0.5in; width: 50%; text-align: left">Very truly yours,</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 0.5in; text-align: left">/s/ Vinson&nbsp;&amp; Elkins
LLP</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 377.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>tm2418480d2_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<IMG SRC="tm2418480d2_ex8-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;28, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York Mortgage Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90 Park Avenue, 23rd Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>New York Mortgage Trust,&nbsp;Inc. Qualification as a Real Estate Investment Trust</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel to New York Mortgage
Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the offer and sale of $60,000,000 in aggregate
principal amount of 9.125% Senior Notes due 2029 (the &ldquo;<U>Notes</U>&rdquo;), pursuant to a preliminary prospectus supplement dated
June&nbsp;25, 2024, and a final prospectus supplement dated June&nbsp;25, 2024 (together, the &ldquo;<U>Prospectus Supplement</U>&rdquo;)
to a prospectus dated August&nbsp;6, 2021 (the &ldquo;<U>Prospectus</U>&rdquo;), forming part of a registration statement on Form&nbsp;S-3
(File No.&nbsp;333-258589) filed with the Securities and Exchange Commission on August&nbsp;6, 2021 (the &ldquo;<U>Registration Statement</U>&rdquo;),
with respect to shares of common stock, $0.01 par value per share, of the Company, shares of preferred stock, $0.01 par value per share,
of the Company, and debt securities of the Company that may be offered and sold from time to time by the Company. You have requested our
opinion regarding certain U.S. federal income tax matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In giving this opinion letter,
we have examined the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company&rsquo;s Articles of Amendment and Restatement, as amended and supplemented;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company&rsquo;s Bylaws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Limited Liability Company Agreement of NYMT Securitization Sub-REIT, LLC, a Delaware limited liability company (&ldquo;<U>Sub-REIT</U>&rdquo;),
dated as of November&nbsp;15, 2021;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
organizational documents for New York Mortgage Funding, LLC (&ldquo;<U>NYMF</U>&rdquo;), Hypotheca Capital, LLC (&ldquo;<U>Hypotheca</U>&rdquo;),
NYMT Residential Tax, LLC (&ldquo;<U>NYMT Residential</U>&rdquo;), NYMT Residential Tax 2013-RP1, LLC (&ldquo;<U>Residential Tax 1</U>&rdquo;),
NYMT Residential Tax 2013-RP2, LLC (&ldquo;<U>Residential Tax 2</U>&rdquo;), NYMT Residential Tax 2013-RP3, LLC (&ldquo;<U>Residential
Tax 3</U>&rdquo;), NYMT Residential Tax 2016-RP1, LLC (&ldquo;<U>Residential Tax 4</U>&rdquo;), Headlands Asset Management Fund III (Cayman),
LP, Headlands Flagship Opportunity Fund Series&nbsp;I (&ldquo;Headlands&rdquo;), NYMT Commercial Management, LLC (&ldquo;<U>Commercial
Management</U>&rdquo;), NYMT Securitization Company, LLC (&ldquo;<U>Securitization Company</U>&rdquo;), and Aaro Asset Management, LLC
(&ldquo;<U>Aaro</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.85pt 0pt 0"><B>Vinson &amp; Elkins LLP Attorneys at Law</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austin Dallas Dubai Houston London Los Angeles New York</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richmond San Francisco Tokyo Washington&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">901 East Byrd Street, Suite 1500</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richmond, VA 23219</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tel </B> +1.804.327.6300 <B>Fax</B> +1.804.327.6301 <B>velaw.com</B></P></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"><IMG SRC="tm2418480d2_ex8-1img002.jpg" ALT=""></TD><TD STYLE="vertical-align: bottom; width: 50%; text-align: right">June 28, 2024 Page 2</TD>
</TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Registration Statement, the Prospectus, and the Prospectus Supplement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Underwriting Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
 &ldquo;taxable REIT subsidiary&rdquo; (&ldquo;<U>TRS</U>&rdquo;) election for Hypotheca, which election, as amended, lists The New York
Mortgage Company,&nbsp;Inc. and NYMC Loan Corporation as greater than 35%-owned subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for NYMF;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for NYMT Residential;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Residential Tax 1;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Residential Tax 2;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Residential Tax 3;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Residential Tax 4;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Headlands;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Commercial Management;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Securitization Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
TRS election for Aaro; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
other documents as we have deemed necessary or appropriate for purposes of this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the opinions
rendered below, we have assumed, with your consent, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
of the documents referred to above has been duly authorized, executed, and delivered; is authentic, if an original, or is accurate, if
a copy; and has not been amended;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"><IMG SRC="tm2418480d2_ex8-1img003.jpg" ALT=""></TD><TD STYLE="vertical-align: bottom; width: 50%; text-align: right">June 28, 2024 Page 3</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#8239;2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">during
its taxable year ending December&nbsp;31, 2024, and future taxable years, the Company has operated and will operate in a manner that will
make the representations contained in a certificate, dated the date hereof and executed by a duly appointed officer of the Company (the
 &ldquo;<U>Company Officer&rsquo;s Certificate</U>&rdquo;), true for such years, without regard to any qualifications as to knowledge or
belief;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;<FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">during
its taxable year ending December&nbsp;31, 2024, and future taxable years, Sub-REIT will operate in a manner that will make the representations
contained in a certificate, dated the date hereof and executed by a duly appointed officer of Sub-REIT (the &ldquo;<U>Sub-REIT Officer&rsquo;s
Certificate</U>&rdquo; and together with the Company Officer&rsquo;s Certificate, the &ldquo;<U>Officer&rsquo;s Certificates</U>&rdquo;),
true for such years, without regard to any qualifications as to knowledge or belief;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;<FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company will not make any amendments to its organizational documents or the organizational documents of NYMF, Hypotheca, Residential Tax
4, Commercial Management, Securitization Company, Aaro or any other subsidiary after the date of this opinion that would affect the Company&rsquo;s
qualification as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) for any taxable year;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;<FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Sub-REIT
will not make any amendments to its organizational documents or the organizational documents of any subsidiary after the date of this
opinion that would affect Sub-REIT&rsquo;s qualification as a REIT for any taxable year; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#8239;6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">no
action will be taken by the Company, Sub-REIT, NYMF, Hypotheca, Residential Tax 4, Commercial Management, Securitization Company, Aaro
or any other subsidiary after the date hereof that would have the effect of altering the facts upon which the opinions set forth below
are based.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the opinions
rendered below, we have also relied upon the correctness, without regard to any qualification as to knowledge or belief, of the factual
representations and covenants contained in the Officer&rsquo;s Certificates and the factual matters discussed in the Prospectus and the
Prospectus Supplement that relate to the Company&rsquo;s status as a REIT. We are not aware of any facts that are inconsistent with the
representations contained in the Officer&rsquo;s Certificates. Furthermore, where the factual representations in the Officer&rsquo;s Certificates
involve terms defined in the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), the Treasury regulations thereunder
(the &ldquo;<U>Regulations</U>&rdquo;), published rulings of the Internal Revenue Service (the &ldquo;<U>Service</U>&rdquo;), or other
relevant authority, we have reviewed with the individuals making such representations the relevant provisions of the Code, the applicable
Regulations, the published rulings of the Service, and other relevant authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"><IMG SRC="tm2418480d2_ex8-1img004.jpg" ALT=""></TD><TD STYLE="vertical-align: bottom; width: 50%; text-align: right">June 28, 2024 Page 4</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the documents and
assumptions set forth above, the representations and covenants set forth in the Officer&rsquo;s Certificates, and the factual matters
discussed in the Prospectus under the caption &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and in the Prospectus Supplement
under the caption &ldquo;Additional Material U.S. Federal Income Tax Considerations&rdquo; (which are incorporated herein by reference),
we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Code, for its short taxable year ended December&nbsp;31,
2004 and its taxable years ended December&nbsp;31, 2005 through December&nbsp;31, 2023, and the Company&rsquo;s organization and current
and proposed method of operation (as described in the Company Officer&rsquo;s Certificate) will enable it to continue to qualify as a
REIT under the Code for its taxable year ending December&nbsp;31, 2024 and thereafter; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
descriptions of law and the legal conclusions in the Prospectus under the caption &ldquo;Material U.S. Federal Income Tax Considerations&rdquo;
and in the Prospectus Supplement under the caption &ldquo;Additional Material U.S. Federal Income Tax Considerations&rdquo; are correct
in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not review on a continuing
basis the Company&rsquo;s or Sub-REIT&rsquo;s compliance with the documents or assumptions set forth above, or the representations set
forth in the Officer&rsquo;s Certificates. Accordingly, no assurance can be given that the actual results of the Company&rsquo;s operations
for any given taxable year will satisfy the requirements for qualification and taxation as a REIT. Although we have made such inquiries
and performed such investigations as we have deemed necessary to fulfill our professional responsibilities as counsel, we have not undertaken
an independent investigation of all the facts referred to in this opinion letter or the Officer&rsquo;s Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinions are
based on current provisions of the Code and the Regulations, published administrative interpretations thereof; and published court decisions.
The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code relating to REIT
qualification. No assurance can be given that the law will not change in a way that will prevent the Company from qualifying as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinions are
limited to the U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other federal tax
matters or to any issues arising under the tax laws of any other country, or any state or locality. Additional issues may exist that could
affect the federal income tax treatment of the transaction or matter that is the subject of this opinion, and this opinion letter does
not consider or provide a conclusion with respect to any such additional issues. We undertake no obligation to update the opinions expressed
herein after the date of this letter. This opinion letter speaks only as of the date hereof. Except as provided in the next paragraph,
this opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental
agency without our express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><IMG SRC="tm2418480d2_ex8-1img005.jpg" ALT=""></TD><TD STYLE="vertical-align: bottom; text-align: right; width: 50%">June 28, 2024 Page 5</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement and to the use of our name under the captions &ldquo;Material U.S. Federal
Income Tax Considerations&rdquo; and &ldquo;Certain Legal Matters&rdquo; in the Prospectus and under the caption &ldquo;Legal Matters&rdquo;
in the Prospectus Supplement. In giving this consent, we do not admit that we are in the category of persons whose consent is required
by Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules&nbsp;and regulations promulgated thereunder by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%">Sincerely,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">/s/ Vinson&nbsp;&amp; Elkins LLP</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">VINSON&nbsp;&amp; ELKINS LLP</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>nymt-20240628.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.22c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWaCPmbOdzZR+iYkxtmB7bcl6jyAt2gXM2yxUs6OmUdcH -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:srt-types="http://fasb.org/srt-types/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:nymt="http://nymtrust.com/20240628" elementFormDefault="qualified" targetNamespace="http://nymtrust.com/20240628">
    <annotation>
      <appinfo>
        <link:roleType roleURI="http://nymtrust.com/role/Cover" id="Cover">
          <link:definition>00000001 - Document - Cover</link:definition>
          <link:usedOn>link:presentationLink</link:usedOn>
          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
        </link:roleType>
        <link:linkbaseRef xlink:type="simple" xlink:href="nymt-20240628_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
        <link:linkbaseRef xlink:type="simple" xlink:href="nymt-20240628_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
        <link:linkbaseRef xlink:type="simple" xlink:href="nymt-20240628_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd" />
    <import namespace="http://fasb.org/us-gaap/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd" />
    <import namespace="http://fasb.org/us-types/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2023" schemaLocation="https://xbrl.sec.gov/country/2023/country-2023.xsd" />
    <import namespace="http://fasb.org/srt/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd" />
    <import namespace="http://fasb.org/srt-types/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd" />
    <element id="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" name="A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" name="A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" name="A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" name="A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>7
<FILENAME>nymt-20240628_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.22c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://nymtrust.com/role/Cover" xlink:href="nymt-20240628.xsd#Cover" xlink:type="simple" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink xlink:type="extended" xlink:role="http://nymtrust.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_30" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_50" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType_70" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag_70" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription_70" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement_70" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport_70" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport_70" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport_70" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport_70" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate_70" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate_70" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate_70" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus_70" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus_70" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate_70" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber_70" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName_70" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey_70" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber_70" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber_70" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode_70" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1_70" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2_70" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3_70" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown_70" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince_70" xlink:type="arc" order="24" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry_70" xlink:type="arc" order="25" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode_70" xlink:type="arc" order="26" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion_70" xlink:type="arc" order="27" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode_70" xlink:type="arc" order="28" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber_70" xlink:type="arc" order="29" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="loc_deiExtension_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension_70" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications_70" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial_70" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer_70" xlink:type="arc" order="33" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer_70" xlink:type="arc" order="34" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle_70" xlink:type="arc" order="35" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag_70" xlink:type="arc" order="36" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol_70" xlink:type="arc" order="37" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName_70" xlink:type="arc" order="38" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle_70" xlink:type="arc" order="39" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation_70" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm_70" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements_70" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer_70" xlink:type="arc" order="43" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers_70" xlink:type="arc" order="44" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus_70" xlink:type="arc" order="45" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent_70" xlink:type="arc" order="46" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory_70" xlink:type="arc" order="47" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness_70" xlink:type="arc" order="48" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany_70" xlink:type="arc" order="49" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod_70" xlink:type="arc" order="50" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard_70" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber_70" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany_70" xlink:type="arc" order="53" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat_70" xlink:type="arc" order="54" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent_70" xlink:type="arc" order="55" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding_70" xlink:type="arc" order="56" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock_70" xlink:type="arc" order="57" />
    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>nymt-20240628_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.22c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xml:lang="en-US">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</link:label>
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xml:lang="en-US">7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</link:label>
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xml:lang="en-US">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</link:label>
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_lbl" xml:lang="en-US">7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentInformationLineItems_lbl" xml:lang="en-US">Document Information [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xml:lang="en-US">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xml:lang="en-US">7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xml:lang="en-US">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:to="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember_doc" xml:lang="en-US">7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>nymt-20240628_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.22c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://nymtrust.com/role/Cover" xlink:href="nymt-20240628.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://nymtrust.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiDocumentInformationLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="nymt-20240628.xsd#nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:label="loc_nymtA7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_nymtA7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>tm2418480d2_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  P -P# 2(  A$! Q$!_\0
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M8G#XI3^KXB-5TFXU(KEYHR5[QFK)QEI:UE]Y9WG^X?SZ_3Z>]+O/&5(SZ_\
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M3ZAJL3&UTJ;31XGTD6L%T VHM<LEJ7>UN=GOLLAB5GP[@?PQJ7=^RJJ@=2<
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MC.*_+W]@O_@JK\"O^"D&FZKXI_9I^&/[0]Y\-_#^MZGX3USXN>.O 'AGP?\
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M%U##<6][9W?[1'B""ZM;F"X22">TG@=XKJ"5&CFB=HF!#$'^+']K3X:_%/\
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MRPW>GW]O!?6LT>)(YK6Y@BN+:;:_!CF!=HV4,I4*5)P^/X>_^#@?]DK6X_\
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MA7=ZD<<:K+-!;MO%K&1\J?\ !+;]L_4_VZ?BO^WI\4]0^$OQ+^!=G\/?B_\
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M/]J7_@KA\/\ X&^#=6O_ (-_LU?MQ?M0_$;['=GP]X'^'/[%'[5>E:+<:O\
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EJUU.S325*MBJM6JJD'&ES3=)I13<%-J#6D6E*.K537M?1G__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2418480d2_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Z /<# 2(  A$! Q$!_\0
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2418480d2_ex5-1img003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex5-1img003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Z /<# 2(  A$! Q$!_\0
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm2418480d2_ex5-1img004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex5-1img004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Z /<# 2(  A$! Q$!_\0
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>tm2418480d2_ex5-2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex5-2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  < ,D# 2(  A$! Q$!_\0
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=9KVZJFF:99Z/81V-A#Y-M&,(FXMC\22:MT ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>tm2418480d2_ex8-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex8-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  = ,4# 2(  A$! Q$!_\0
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MO-7%C8ZO!=3P7+Q7GDR 1R,JN02 <J%.2#UQGBO4KC2K*[E>2>'<[@!CN89
MZ=#61J'@/PUJNJ?VE>Z;YMYD-YGGR+R/8,!^E ''?!6PO=/M]?ACO;F[\.)=
AB/2)I_XT&[<R_P"R?DY'!(..]%>IJH1 JC"J, 44 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>tm2418480d2_ex8-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex8-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  = $(# 2(  A$! Q$!_\0
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CT@_DU7=(T#3-"65=-MO($I!?]XS9QG'WB?4T :5%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>tm2418480d2_ex8-1img003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex8-1img003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  = $(# 2(  A$! Q$!_\0
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CT@_DU7=(T#3-"65=-MO($I!?]XS9QG'WB?4T :5%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>tm2418480d2_ex8-1img004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex8-1img004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  = $(# 2(  A$! Q$!_\0
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CT@_DU7=(T#3-"65=-MO($I!?]XS9QG'WB?4T :5%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>tm2418480d2_ex8-1img005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2418480d2_ex8-1img005.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  = $(# 2(  A$! Q$!_\0
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CT@_DU7=(T#3-"65=-MO($I!?]XS9QG'WB?4T :5%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.1.1.u2</span><table class="report" border="0" cellspacing="2" id="idm140558018531488">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jun. 28, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 28,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-32216<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NEW YORK MORTGAGE TRUST, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001273685<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-0934168<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">90 Park Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">792-0107<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember', window );">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">8.000%
Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember', window );">7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.875%
    Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par
    value $0.01 per share, $25.00 Liquidation Preference<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTM<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember', window );">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember', window );">7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.000%
Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTZ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>22
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M=]W3CHG&K=!X#;[Q3X?#KHG&J]!TZVDF)_VN:Z3I%FA"1N/K>A(5M>5 TR
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M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+
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MU4#E/]O4#6CV#30<D05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04
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M*KV:@[W<D5N[);<'AW;WX="N=FAW9PYM0%JVQ2L"?[MKC1QNUT*@@X#[HT'
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M              "  0    !D;V-0<F]P<R]A<' N>&UL4$L! A0#%     @
M.H3<6#7K7Y_O    *P(  !$              ( !KP   &1O8U!R;W!S+V-O
M<F4N>&UL4$L! A0#%     @ .H3<6)E<G",0!@  G"<  !,
M ( !S0$  'AL+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4    "  ZA-Q8UJUQ
M].H%  #*(0  &               @($."   >&PO=V]R:W-H965T<R]S:&5E
M=#$N>&UL4$L! A0#%     @ .H3<6)^@&_"Q @  X@P   T
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;72YX;6Q02P4&      D "0 ^ @  @A4

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.24.1.1.u2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>6</ContextCount>
  <ElementCount>22</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>5</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2418480d2_8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://nymtrust.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>nymt-20240628.xsd</File>
    <File>nymt-20240628_def.xml</File>
    <File>nymt-20240628_lab.xml</File>
    <File>nymt-20240628_pre.xml</File>
    <File doctype="8-K" isOnlyDei="true" isUsgaap="true" original="tm2418480d2_8k.htm">tm2418480d2_8k.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="34">http://xbrl.sec.gov/dei/2023</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>28
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "tm2418480d2_8k.htm": {
   "nsprefix": "nymt",
   "nsuri": "http://nymtrust.com/20240628",
   "dts": {
    "schema": {
     "local": [
      "nymt-20240628.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd",
      "https://xbrl.sec.gov/country/2023/country-2023.xsd",
      "https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
     ]
    },
    "definitionLink": {
     "local": [
      "nymt-20240628_def.xml"
     ]
    },
    "labelLink": {
     "local": [
      "nymt-20240628_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "nymt-20240628_pre.xml"
     ]
    },
    "inline": {
     "local": [
      "tm2418480d2_8k.htm"
     ]
    }
   },
   "keyStandard": 22,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 4,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2023": 2
   },
   "contextCount": 6,
   "entityCount": 1,
   "segmentCount": 5,
   "elementCount": 68,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2023": 34
   },
   "report": {
    "R1": {
     "role": "http://nymtrust.com/role/Cover",
     "longName": "00000001 - Document - Cover",
     "shortName": "Cover",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "AsOf2024-06-28",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2418480d2_8k.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "AsOf2024-06-28",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2418480d2_8k.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "nymt_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://nymtrust.com/20240628",
     "localname": "A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference",
        "documentation": "6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "nymt_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://nymtrust.com/20240628",
     "localname": "A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference",
        "documentation": "7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "nymt_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://nymtrust.com/20240628",
     "localname": "A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference",
        "documentation": "7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "nymt_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://nymtrust.com/20240628",
     "localname": "A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference",
        "documentation": "8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_AmendmentDescription": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentDescription",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amendment Description",
        "documentation": "Description of changes contained within amended document."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AnnualInformationForm": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AnnualInformationForm",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Information Form",
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_AuditedAnnualFinancialStatements": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AuditedAnnualFinancialStatements",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Audited Annual Financial Statements",
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CityAreaCode",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_ClassOfStockDomain": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "ClassOfStockDomain",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "auth_ref": []
    },
    "us-gaap_CommonStockMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "CommonStockMember",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Common Stock [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CountryRegion": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CountryRegion",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Country Region",
        "documentation": "Region code of country"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CurrentFiscalYearEndDate": {
     "xbrltype": "gMonthDayItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CurrentFiscalYearEndDate",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Current Fiscal Year End Date",
        "documentation": "End date of current fiscal year in the format --MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentAccountingStandard": {
     "xbrltype": "accountingStandardItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentAccountingStandard",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Accounting Standard",
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentAnnualReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentAnnualReport",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Annual Report",
        "documentation": "Boolean flag that is true only for a form used as an annual report."
       }
      }
     },
     "auth_ref": [
      "r11",
      "r13",
      "r14"
     ]
    },
    "dei_DocumentFiscalPeriodFocus": {
     "xbrltype": "fiscalPeriodItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentFiscalPeriodFocus",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Fiscal Period Focus",
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentFiscalYearFocus": {
     "xbrltype": "gYearItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentFiscalYearFocus",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Fiscal Year Focus",
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentInformationLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentInformationLineItems",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Information [Line Items]",
        "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodStartDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodStartDate",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Period Start Date",
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentQuarterlyReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentQuarterlyReport",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Quarterly Report",
        "documentation": "Boolean flag that is true only for a form used as an quarterly report."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_DocumentRegistrationStatement": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentRegistrationStatement",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Registration Statement",
        "documentation": "Boolean flag that is true only for a form used as a registration statement."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_DocumentShellCompanyEventDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentShellCompanyEventDate",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Shell Company Event Date",
        "documentation": "Date of event requiring a shell company report."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentShellCompanyReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentShellCompanyReport",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Shell Company Report",
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentTransitionReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentTransitionReport",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Transition Report",
        "documentation": "Boolean flag that is true only for a form used as a transition report."
       }
      }
     },
     "auth_ref": [
      "r15"
     ]
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentType",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Type",
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Documents Incorporated by Reference [Text Block]",
        "documentation": "Documents incorporated by reference."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine3": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine3",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line Three",
        "documentation": "Address Line 3 such as an Office Park"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCountry": {
     "xbrltype": "countryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCountry",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Country",
        "documentation": "ISO 3166-1 alpha-2 country code."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Bankruptcy Proceedings, Reporting Current",
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "xbrltype": "sharesItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCommonStockSharesOutstanding",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Common Stock, Shares Outstanding",
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCurrentReportingStatus": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCurrentReportingStatus",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Current Reporting Status",
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityExTransitionPeriod": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityExTransitionPeriod",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Elected Not To Use the Extended Transition Period",
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards."
       }
      }
     },
     "auth_ref": [
      "r19"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity File Number",
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityFilerCategory": {
     "xbrltype": "filerCategoryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFilerCategory",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Filer Category",
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityInteractiveDataCurrent": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityInteractiveDataCurrent",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Interactive Data Current",
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)."
       }
      }
     },
     "auth_ref": [
      "r16"
     ]
    },
    "dei_EntityPrimarySicNumber": {
     "xbrltype": "sicNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityPrimarySicNumber",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Primary SIC Number",
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_EntityPublicFloat": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityPublicFloat",
     "crdr": "credit",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Public Float",
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityShellCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityShellCompany",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Shell Company",
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntitySmallBusiness": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntitySmallBusiness",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Small Business",
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityVoluntaryFilers": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityVoluntaryFilers",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Voluntary Filers",
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityWellKnownSeasonedIssuer",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Well-known Seasoned Issuer",
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A."
       }
      }
     },
     "auth_ref": [
      "r17"
     ]
    },
    "dei_Extension": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Extension",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Extension",
        "documentation": "Extension number for local phone number."
       }
      }
     },
     "auth_ref": []
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_NoTradingSymbolFlag": {
     "xbrltype": "trueItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "NoTradingSymbolFlag",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Trading Symbol Flag",
        "documentation": "Boolean flag that is true only for a security having no trading symbol."
       }
      }
     },
     "auth_ref": []
    },
    "dei_OtherReportingStandardItemNumber": {
     "xbrltype": "otherReportingStandardItemNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "OtherReportingStandardItemNumber",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Reporting Standard Item Number",
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-commencement Issuer Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-commencement Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12bTitle",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_Security12gTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12gTitle",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Title of 12(g) Security",
        "documentation": "Title of a 12(g) registered security."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_SecurityReportingObligation": {
     "xbrltype": "securityReportingObligationItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityReportingObligation",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Reporting Obligation",
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Soliciting Material",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "us-gaap_StatementClassOfStockAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementClassOfStockAxis",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Class of Stock [Axis]"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_StatementTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementTable",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statement [Table]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "TradingSymbol",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://nymtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Written Communications",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act."
       }
      }
     },
     "auth_ref": [
      "r18"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "g"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12, 13, 15d"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "15",
   "Subsection": "d"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Section": "14a",
   "Number": "240",
   "Subsection": "12"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 10-K",
   "Number": "249",
   "Section": "310"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 10-Q",
   "Number": "240",
   "Section": "308",
   "Subsection": "a"
  },
  "r13": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 20-F",
   "Number": "249",
   "Section": "220",
   "Subsection": "f"
  },
  "r14": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 40-F",
   "Number": "249",
   "Section": "240",
   "Subsection": "f"
  },
  "r15": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r16": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Regulation S-T",
   "Number": "232",
   "Section": "405"
  },
  "r17": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "405"
  },
  "r18": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  },
  "r19": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "7A",
   "Section": "B",
   "Subsection": "2"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>29
<FILENAME>0001104659-24-076316-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-24-076316-xbrl.zip
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MJO'(1 ["4776A@95VP1C&L0>#(67*5W6= =&H34-B-:N#$E-Z!0H.G=:6$1
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M  [/>1YZD?%MQ01_@#K4# >Q 4Y1T8F=K&O-MD"-O(:J:D^1'5&+HLD/>K5
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M?3IRL^I!&U5F0 # "BHJF"-HX>HU1&W ((BAQ=EVV6/Z%&O+/E;Q<YHQ=%B
MA^>27.(5=.B4P,34P*.39-EB[(MZ4#<E59GR*'A&P!!#!V;:E?#M$+#$!1:=
M'%NVU Z/3(-*P61J\!"TA>9IHCH3(V23>:_H#] *+PR116S/ ]_'YO7+3*&J
M'B&G_KM?_L4,,JM0"(C>/MK!Z03,9"]BW<!M/-H_7Q&HL?E1YQ:*8;\;^VCY
M^IA!L.V"P(V8T>.;(=/50A#<@ <QCT3,]<$ZU!E1JL_9R(MD*PD]ZG=\T3KS
M DXEU\4NV;8AJ^R;2Q)9!OGFXCEKOK"^@_U2FHQYL<LY5@A-+W$K\EE&96KS
M%>M0M]%: G5GV62GGI>'%"@8!TP'0.2V @&SU%Z?23O8#"1VC+DV$](=,HG#
MR>O I.FHMJ*Z4VW4YYC(&I/;#C&RAN]"Y/(<[MS36@S\;5<K1=>+1>A:& D<
M%E17.#TNA#/, [!ZP*'.!6_%#YG?\X@:)9?DQV"11+% *  4.85%ONN@KH2N
M+W/O*MA$X\*IP6+\4\W,SZ&X7R0;G$V;M\8>@1'[@3ZX]05O;PC+<?#"P] C
MI)H6"9*_&^8'\%=5^'VV+1]!+?1:70?$YJ&'+7?:701P2OI4FRH-ERZ?,.[@
MGK>Q^7D;ON;<7D# &&!@JXHJ6:[KB_60WI1M-@7EF6]JV&PW9&A[4P\<B#4'
MH$8,WGRZ^?$'6)9VP'CBEAYZX[ZE!'N9&I-KL*K24'.2L7J7K\:\'>4'E^7<
M"CYKX@IQP&>-\AZVE_H+?OZ9!3!B7K''!V!VT)L#3T2ALB8Q,1F /X)IN8&?
M44:Q<Y?W HNUZ2KJB=79E%)_R,SK@*!I&3*LTNQ0)'*VLL5H:2PX6]R'5:@"
MJL*3D_#R&\2/**KMRA1?]WHQ.?X=YDT=,-4R#8NBWP_*&H<(K0(Z;HKU,6NB
M36)_Y0K)G!>\"CKT/+>Z[=_\#&#JHJ;:LX%1YGM49]$'+\1,<9EO&@R<$282
M8[S%^1 ]4XS+Q SWJ 7N-L(S&;2%M<AJ.# ME,=\;!:,F?%T!_HAJ',TZOIV
MC$28%U[U'@"C\Q=\HQ"Y/6"E!]!NQM#V0)F8/* R<./IB>U R[[!=%N"3PE(
MB.HDO+"O:R.88?3S N+-@8]:]$ _'NE&AG6' 3'9#3MY!/P#Y*5LF.HL4O54
MG 8]S%C(PWS28YV&6_#81'!9A6(@.0XLHF%Z4.FB%<8X=U_MJ(Z[@DS"&C+P
M)!OQ1&2&.?0PPWC#G,73O 7X['U2[KB@ 3O(@NZA,BYPN,_8,[@W,1AP(ZL8
MS'JSF;<<5W2]S1@6?<+^T:UC+Q]T5:MJ,9,,^$T"X\P%YQ;0.^S1KT#H@$Y+
M0B54_;I[7F&Z7 ALQ 2F9E$4B@.@T1Z,##RC>V[V)=59Q.7XN,'@N 1#:^C^
MR&U5NT/C>YP\3C:2?"^&J1)CUB.Z(HL9),P9N:1 YF8]EQ3#L\Y& '58'H)K
M!0Z^^VK5P&Y3,7'T!TCQ\N, XF]V'&!&M=<Z%! ]XH:.!JS"*W_X>8&=9%H(
M'Q>H3<]B3:/RME_4W_H,P5OG+<;CZR]ZK^O*68E??D.FL^=.THHY>G<6O7US
M[G;3\[&.1%4B?0M/=3H#,2L4L\6T(M[2L9 0DGUGL$Y2@.<RQ5\*74=X/2@6
M^1:+3R&\;&>6O)N=6;*!G=ED>";7R9)+K@)NA/O[CF/:NZG4:#1*VE1.]HR'
M5,F2^TB6%%5ZDI4"#I%2@EC(Y(NY%'N#>SJ;S^T(!4QO4113DE!(B#LY\5:@
MXZS"&=<;&^]@)&!\2Y)!^5&N$=;)UME5A.MW1[(^MW,0M5^Q_?8!?!; >G))
MA?V%5W&+CH<%W/(G4?_T(9=3EA6SZ4)>S!=2,Y,B@$G))G9>6S+%34KF>T'S
MZ5VZA3M]ZQ367Q&^G47"M^!03&BU7%J,X8=,KLJL_Y)NH>9K2F;F[23SM9&=
M<2LX>>X!H<#IYHIWNCFTJ[NU,.!4\F1FB>Q_B.,K+MQRZU\RY9Z_<-L %&<\
MNAH.KN(I9FNZ=1\9-OWC9UQ<_XROX+-L' K_C(?#YR0</O]?YX+B^B6N^'RY
MWP 4+^(";W_?D<9XI!0#&$GR9S/ !E2NF'D7FK]LZ+9[ZL2O^=U#(GQ7<6XG
MC&^?_CG6?IV3*D:FA-G,A"T1V< D+C,MWG8'8?9)VF/KQ&6:B&DQJ#O'$!_,
M$-^#E<K&>0%OC^$>H1>;!A0DMAE-*K!P(NQ"XQ;/(>%>D:KKFJI3\F._>;Q@
MOM:65>;IO99-ODATZ=YTYF-O^AWN33\EBJP"2[B![+Q+8#U,+5G"/4H/U'4F
M+?DUB/!%N_6#TU+[HED-[$UN$+;7./31"%VVMO!,K^5NFKL+@MG&6BR0HHA?
M <YN!PX#N8E6E*$V(;(TM-DNF,HVSV9GGFS $\\VZNSV>(?V):WKG6=FVVAN
M!;1"0QW:L.ZDH=,W+! ^Y35/VSSK!,7"??=03I*G35OX]<%+;C:$I,6_6P[#
MX]-O<3%THJ"#]W973TJW:.C3ZA6Y/FL>D9.S9ON@=% E[>9%J^WMK)Z6G^M
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M__+3B].L+D C@YO_OJKAW2^RNBKR,DL.GX"<V]S#_,M/_V/,%*;]O%Y<&EB
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M'N7)D1,R._2EVAW[36!A\UK)#%QRE#"-,<P?SF@!:B1\.0:!?ID8T/7'J B
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MC8$!3S+<+#<7>/%YWA#7@(<ZQTE\Q7]T^&!GM,M_R[$-\R"A[6-@0]M;O,;
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M9HTI9"-*F8#IPH#(XZ<%VSVR@#0YR\=GHTRAN/E%RS//PCISS"RY(- R DG
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M#]M7).,(L=K'XH#A6]M>LI"L\>Z0:EDQ\)V%?33-VY&^HS%.8-%'C(\H-N1
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M ZN;E:Z_'5O;+^!!V[%N#ZLR_SQ<]T]4M==M&UP15#H>)J9=FJDIV=># &;
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MYUP#R6*OHL1B1A!;P7](3!%^=U[P#=RP,P+7A@&< ("TUB$L6XV6?UUAA0@
M)BYL:B,:@L"%B2@\Z-43>R&FR(0$L5]6N#M<F4I:Z9/SA_,[A!-5'4H<!B;Z
M>()&GRM])@XW]-I\<;SO&62,%<EN!*""*)EH)$Z2XA-ECKT<BZ=<78TZ3T^^
M*,!+3*ZPX:!<)H#7MC Y:5N2V#?R?[?1#W-U_%$V&D 5 5(1EP1!+4)!BGV7
MON\60_3QZKYK7'L4_5I$ZS<#YC:SC]BGPJ6\&S_B!B1Z)XPQ4A23&E(+CTWR
M?QW]@U5[$ 8EBI.CH M8-,:QGT75738T>5$LYDEDR^FTL3PP,8!1FMQ(C2H1
M!"E#,&?L@4),,U=3,\5R%JGFOYU"3R$4C@1-78)[714Q_?".&(>:!\:G$!DU
MZFJ/7:T) +#J-+K9Y&O&50ML:E?\*.'K%% _&'L<X\'PX='OQ1[*5[T&]Q"G
MODOJ>]B[E<1]!A8X'>$TSHHMTV+@GH\"05:.%M5]4"!)%K5OV>@VO768BR39
MAN0N3!)_Z#., 7_]$;$!@?>!G<B!H6!-<),KML/HWP@Q1@"RYZD,(YN!!0SW
M@IY785:^92<52IZSC'4$MDM93VG % =2&AS:V WQQ01KC0V-[SPZ)-> 6D)<
MCM![$U42GHV NB'']J2J*BX1[CD1IF2M=#RU!R-4>.GRH0V&WJH(ZYC)P>-I
MM HO5J,+QW/KX5N)-%WA!DZ>;R3]>/L.H^=>Y;-5 G<K'ZL2N%LI*H%K;E?-
MG-C59X.W@(JJ'6 _0@.0:' (8W)F:2SCN10F]+P(OXILJT@8/$@/@,;QFH8R
M3\0,,(FQN<&B?PJ&>>(OQ>*YY!0:K#:SK"%^[Y;TA'G3+<?AY'_>CEWD0K!,
MS1GG,,EQ27#=A./_:[B4AN<!MB=X+!.>T)O5.1HH[YF-GQLJ^0A ;,[H_LZQ
MS"CC*_8-NY2Y.2&V94%8.CV1L1C:C-?3Y#Q)O+G14XS=DW/EX3T([MM"Y=FE
M.GO$301U+TFEPFF$026I"3X/VQ*<K$)<I\ PUX&L-6XHRY+N,/L[FSK(J8/T
MB1)VMA1UQP7ELN;SI[*WR-8N'CE&\XSQ%ONP.6L4B(#8?\8J -(I(M4Z=6')
MGN0>MD6(&]ZJ \8^6W'.E/1LP$.,GP;_EJF>X0<NYRL2V(6V8E#$3BND_E-#
MC+&PH/6QMX%@SW7L\4@;C:.:OX 54!*HJY':$X/P"0Y(#)4*SNQ-ML[*5V51
ME!C2T5VT\LR\G.K.;N7;-J\U/W#2!NZ%0M\8? !LCE/,"QJM/!0]9+^IP(R4
MKRSR2FZFUO6 =2A!W2+(%J5 ^/5,CMPMR$PT\$HHUS I8MJL8Q_;3AC'209%
MLD7_?N0XX2[ S5ML\&VI/GB"J;G$3]$I.2VU 01'SW>":SYD/(&;'E1 Q(OK
M'=J-!9$5!U$,O@^$3!!5R%LA;+ G:H_1"8NM#:\TA8T'84)?/@C:Q1-9DAH
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M,C?7P9CD?.0[UQ)PK/:EM+E1JU2JV]NEE-2^JP3 %A'G&FK%)?($+_I%@%Z
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M,SK+1S-8DMWYJ@%$=@UFR-?=#"W/)GP^/&]='< ??@Y/NP?_!U!+ P04
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MFZT6.VZRL_.#'BY[?GP,/SZ?]([93JO%#@$))Q\^G1\WV(<CUFEW6IWN.D)
ML]G= =.KUS;;K69G<[/Y9A,V!@EZCR+#\J=O-CML,IDT?Q.*]R/1#/0X P48
MGZ@$_SN_)4/Y47^)5-4MUDDZ]N]$WNY3,>RQ0$?:[+*?6J_;QQOO[E11S#-
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MFJ$83Z:EX)-%TY\B@^P\,(-<"(BRPE)N#E!^'=/,V>9JBN;FE8 [&D#QH:#
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M<*.0$<ZS1W$"9L[)A+6JGY%4Q^ VB=.@6G#1$M9J*%%!9,5:*#\1!T,]LN"
M=4'(^U* 78JB*B3(%,X7/.')8Z28G\+A?*ZN[NX3N[JS$P0FT9*F0(R=GW^6
M2;FL46AB[XGI]1DF*\?HE?G]-%:U1@3X]8D)$"?70GI'NQXC&,LC*NHJ[G(J
M)]:YS;K1G>N;K-M+P%\Q65Z,)B7QG@H9#\!T3MYF0_45T,<J5*0# A@[.N#B
MQ_&GV'_/G#1 <057_P1\)(J>>YJ,!JC -2#G$E-G/FGNOMH28TSA)(O@;)U"
MT?M/S%# 'GF6P+#A&N'_X!GB/Q<^7"-:U&NK)<9#T#\5>%XG_*\XJ[P*_#?6
M"?\K3@RO O_-=<+_BO/"J\#_SCKA?\69UX?@/\F!K1/>5QP&> C>9^88UXD&
M*W;M'T*#V1G7=2+"BMW[AQ !\]2'Z$&O$=I7[ 0O'DU%SJ!<PK"'S)RMH8K$
MITI=C&JYQ&<.4PI/FP-5:!!($4B.%R602D$D Z'B\\#I&=7JST2UBSFW LQ2
M5;DD,3Z$1YZ[S!/C2H)!JA2@U:V8/A,1202D;&B7AB\G=!^5PQG5'&Y.JJ<L
MGAR%QUL)73%"8BD@'?.)&WD30J-P("3  <*Q.]@+0OQD#L%[?(2$/B3 ZM@.
M+52G0G@/WH-\\#[>K*B@I& #!_81D!1\7RY1H'TPT2I-#^B+T QJPXO/?W]Y
M27R_)+Y?$M\_)O'=_$&)[V8V\;WB<S?/;S.*^6JUBG9UTS.[VN/<BU@\M L>
MC]\OESALD'%2;<*H)$R?JB:G8 6FI^&;]>R%PEX41I+ENJE*[GH8[G<B8-(<
MK_?QCIWGQ4_T!4K *%A8TEPDP[?ETI#>,@U%LD RM)JT/X870GV\ P:@=$^\
M$F;N\\).:T[PZPT?08-QR_!Z( P9;^5X^8S:G3X(!/?U;;,> (#A"]?:-G/)
MQO36*/EDVB=71T[2.>1/YH8R,I8RFMLQ:M <%%%HK[5I.P1@?LO>2]:6.+RX
M]<788RY(JI#E$MB7G/6>OZ7P/4="EN'.Q[FH\J,E(KYTL@3WDWG,7RX]+O<G
M<RQ<84V>%SB_7)K-^N:HBKTQG/I,2\A/\7KQ@J:J<!MBE<)&UE76'N?:S_+7
M\0S_HW>D90"?T/@FI:82"N3<NT%"&M]\[GM]G>R\DCWR4<@UE$L@Q7/N>LR[
MLZ$O7V!\!&9K0BKI811">^:<AY7*0JC$"KV(/-@:>SU]^SN5E%3.ODV7K9!8
MML+<*P5ED)2M"+$D MFDV1OHA;MN6DKTQ>V,BEH_7G^<<W^+QXPU*=[X?UQ&
M1XCWLF%ZR7Z:#^.I)KIW!@_J36$F-ZU7\-;2_G%.)BX>VA?E$HV#D\!27;0\
M;IE?*+-0R5R:O4\'DH>I0+RTN90.M)9)AN5TP!3?,\-[R+\>]#'5#V!;AQ4J
M$@6X2'U$+QN")7CK#9@0K P=@@5\@/G5I8JY+Y%H'8GVE"!8. 9>:1QB-T=(
M":!\II8SD^9;24GI$:12A#<?BSZ;J<8S8CY%Y92S8;'?(B,O.?5L@<<U/HC+
ME1,IE4+)'(NV?<JEF4>E#>,!/I 7L2C)](:K:\A$*E5R5?(5\ ALA1K;7#6W
M.M:PI@:)3[$:B:^X"G&@F$;3&/DN'%3)>211IH8""[V,47YR."E"7P(FN#;^
M2'@H=@ 7T,EZV>E<X!4%W%.NF2Z)!@AR]9+K!_M[N1(64Y65W*(3/, R7(RJ
M"#0!,%CDV5GBBEB$+%LN3=?,B9L5JR%U/:X&,*Z,/- .22V:J0F#L(U@]5.N
MC'F<APJLK'46TLEC(ZRV9/, X205(\E&G(VS-8) 0/F(NT "A=LX:BOM?!3I
M85PY"SF08L25?IX$'%SK^(!7Y@%]8!?5UP)B')B7<]=NUV2\3Z-\I]?QC(OB
MO*067E(++ZF%'Y-:V/E!J86=GRRU\'1FWWLT9(FUVC)G-7P7#%T\8Q"$!2M8
MY[4K,Z/G>4LL[;*$Q5"99XJ52XML,;W!&XN3ZIG&F_%'O "#_H6NYG9NJ[E=
MF&INZ(6<H"&%3_74LZ'%Z5%2ZZY<FCMBRW6Y=94?./BF\3YB0\]<Z8%EHR7#
MM<NESQ?@AO7&E&BSEF+&4%^;PQ^;],T3!Q.M V-.>VC'^,Y4>+*1BVQM367\
M*D7V=_> 1%)$_0'9WZOEC32,=6!D1H%1%4YE!@#X5&*@7&J UC5L6T@FJ'E]
M0(_6=I-)S,PU-%-Q+/HNV:B0$?@(7#V4#/R"1[@$BNJ0@66(X7^;C-!E4BEZ
M LJ1O)L*\Q)A^S<F]@!J!=?&-4+1Q>%HB<-G0XB)1CU8MHC[5$JU:Q$C=OED
M2[Q^L$HPO+!F$:?-[E,)E^$/N^D ]WATG+"BQ_J@1H'RCA>IK"OZ>!N"X>I%
M.\+\$?_ZAH#JW492T*,F5&?O+"A;SU7]5%&HKRS-T1B/&&T3&HN[SIIVJ>)J
MCFZ:CBMCA3Z/4]@S4\\Z%^I>:.784'C1T(%VY=+2MDV5M!P@(VH;#SQ^7^@Q
MI9Z30WW<._H<K"83Y]&>>AQY49$7%BOBILN--:O2D]$!(PLHJ^<T0A4T5+V)
M7<VWB$N65KPKA.)0W ! /A /B_ PC =;1ARR&%)0K3HDP7V$R#'PHW<!)K&*
MLKYRK-]B_HCWTX3HW'/ H,U[D=?32>Q(XG;28[H<LF5X%!-=>E%73DX*>*=A
M%&0<+9$Z3(W3P3@*"YCFL_Q43"#8R\2 L^<W-6&G2N/&'+&0WC^%*'9TP5_)
M^@)WR20<#CI)BZ#Q&NSF/R?LE&CN7+0IC311=PA0376*$1J]@& 0M$Q@"T/Y
MQBI/>P'-P3IRF6,&K)9+G31,E9Q_Y2!BS,V.K(5]\8C%0MDC*KD =3]G>3K*
MJ[,(@IB\6TZ2JN3R?E''#2Y1>;8*N#Y],::3S*$-F.3(1)=3DTD7O[;&#\XB
ME=6?G@'C2JPVP'Y/R6X@NPM458DO9<Q;4,0FGIF%39(\1Y$93-MXE!"S^3%\
M5 HFJZ'9#@$!N\"L4^, IX,U@./(OH&&^BN4DTJ<X#<)=_CB"8=BA5E0NZD9
M88%C,71V!UQL^,/!)!=HNC3!/P,3(9:$B*O>ZOD 4RJ;VH/QS$H,0+N[JJC[
MATV7915A[!I,JT97X :@^=B:,PA9RP[J@HSE-H5;DT]&Y[>X6IT;232ZIADH
M JO H6<4Z*Q?+F7'[@)#[G+)^LYSSDF8B5=)9\9J8&[T%I[ZWL26[2VD&*M8
MMI\!4U,5+S(Q%7W@9RR!3_N2!@,\/S1C!*2C.:J/^:80W")S'P!VE-" &@^$
MI]D!/IO?(["YA#%7QBH1;N38\UJ PMBPT?R4^<D!;1F 02-]?(M)--IGOC-)
M4G.XV5JL$2P^$S(_OD_RC)7)2VC_);3_$MI?16A_)@?=$^S??5"P?RK GXW_
MSPSV[[X$^U?G7>/6U9W$NCVVGV"KT*YU\?P@6I0^; SZ9P+CQK,KRME3N;I%
MI/06BYN*3X=L.D2B%D9ERJ6EXO06Q(G]V9:VC@Y]-!99W&[VZ8VY(9M9,'3D
M96[XITH*OZ22W,(<8YS!G.@ I\/::C9F;R&BM]@7>/VUASZSTB[(0"B6T(>K
MV%L'6P;H=F/BR(:%?DU3],F/Y[2,P58_:#;S!<;B2$;DQ57)$1/9$Q-@3 PC
MKQ^?\[:G)^*37C=G)X]H"?QT"G5:(<Z4TFR'&S#7 >O>I))3> ^>U)R=?-&/
M:"9;>O)SIC]B\&VU34P9<M.I6(O\B:;UI#CY<G%Y\^DRAX_V?^#9;'RL<E/4
M_V_J',&JQ/T10#Z5+W%(/ID=["UI8\7U%]?BQ[L6/\[.W\8?;=::6/_8\_\!
M4$L! A0#%     @ .H3<6& ^@4(,!   P1(  !$              ( !
M &YY;70M,C R-# V,C@N>'-D4$L! A0#%     @ .H3<6+;\3"9S"0  Y7$
M !4              ( !.P0  &YY;70M,C R-# V,CA?9&5F+GAM;%!+ 0(4
M Q0    ( #J$W%B Q,(DN T   .J   5              "  >$-  !N>6UT
M+3(P,C0P-C(X7VQA8BYX;6Q02P$"% ,4    "  ZA-Q8-=#CI[L(  !S;
M%0              @ ',&P  ;GEM="TR,#(T,#8R.%]P<F4N>&UL4$L! A0#
M%     @ .H3<6#N&?0W"'P  >L8  !(              ( !NB0  '1M,C0Q
M.#0X,&0R7SAK+FAT;5!+ 0(4 Q0    ( #J$W%@,3+:?EH@  -1G P 5
M          "  :Q$  !T;3(T,3@T.#!D,E]E>#$M,2YH=&U02P$"% ,4
M"  ZA-Q8LEKF/TP/  !96@  %0              @ %US0  =&TR-#$X-#@P
M9#)?97@U+3$N:'1M4$L! A0#%     @ .H3<6/,[^Q)A$0  N58  !4
M         ( !]-P  '1M,C0Q.#0X,&0R7V5X-2TR+FAT;5!+ 0(4 Q0    (
M #J$W%@4^PV]RA(  /-Y   5              "  8CN  !T;3(T,3@T.#!D
A,E]E>#@M,2YH=&U02P4&      D "0!4 @  A0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>tm2418480d2_8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2023"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:nymt="http://nymtrust.com/20240628"
  xmlns:us-gaap="http://fasb.org/us-gaap/2023"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="nymt-20240628.xsd" xlink:type="simple"/>
    <context id="AsOf2024-06-28">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001273685</identifier>
        </entity>
        <period>
            <startDate>2024-06-28</startDate>
            <endDate>2024-06-28</endDate>
        </period>
    </context>
    <context id="From2024-06-282024-06-28_us-gaap_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001273685</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-06-28</startDate>
            <endDate>2024-06-28</endDate>
        </period>
    </context>
    <context id="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001273685</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-06-28</startDate>
            <endDate>2024-06-28</endDate>
        </period>
    </context>
    <context id="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001273685</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-06-28</startDate>
            <endDate>2024-06-28</endDate>
        </period>
    </context>
    <context id="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001273685</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-06-28</startDate>
            <endDate>2024-06-28</endDate>
        </period>
    </context>
    <context id="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001273685</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">nymt:A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-06-28</startDate>
            <endDate>2024-06-28</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:AmendmentFlag contextRef="AsOf2024-06-28" id="Fact000003">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey contextRef="AsOf2024-06-28" id="Fact000004">0001273685</dei:EntityCentralIndexKey>
    <dei:DocumentType contextRef="AsOf2024-06-28" id="Fact000010">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="AsOf2024-06-28" id="Fact000011">2024-06-28</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="AsOf2024-06-28" id="Fact000012">NEW YORK MORTGAGE TRUST, INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="AsOf2024-06-28" id="Fact000013">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="AsOf2024-06-28" id="Fact000014">001-32216</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="AsOf2024-06-28" id="Fact000015">47-0934168</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="AsOf2024-06-28" id="Fact000016">90 Park Avenue</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="AsOf2024-06-28" id="Fact000017">New York</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="AsOf2024-06-28" id="Fact000018">NY</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="AsOf2024-06-28" id="Fact000019">10016</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="AsOf2024-06-28" id="Fact000020">212</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="AsOf2024-06-28" id="Fact000021">792-0107</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="AsOf2024-06-28" id="Fact000022">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="AsOf2024-06-28" id="Fact000023">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="AsOf2024-06-28" id="Fact000024">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="AsOf2024-06-28" id="Fact000025">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="From2024-06-282024-06-28_us-gaap_CommonStockMember"
      id="Fact000026">Common Stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-06-282024-06-28_us-gaap_CommonStockMember"
      id="Fact000027">NYMT</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-06-282024-06-28_us-gaap_CommonStockMember"
      id="Fact000028">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000029">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000030">NYMTN</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-06-282024-06-28_custom_A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000031">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000032">7.875%     Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par     value $0.01 per share, $25.00 Liquidation Preference</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000033">NYMTM</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-06-282024-06-28_custom_A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000034">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000035">6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000036">NYMTL</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-06-282024-06-28_custom_A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000037">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000038">7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000039">NYMTZ</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-06-282024-06-28_custom_A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember"
      id="Fact000040">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="AsOf2024-06-28" id="Fact000041">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
