– USA, NY – New York Mortgage Trust, Inc. (Nasdaq: NYMT) today announced the appointment of President, Jason Serrano as CEO, effective on January 1, 2022., to succeed Board Chairman and CEO Steve Mumma who will transition to the role of Executive Chairman.
“As a Board, we are excited about the elevation of Steve and Jason into these new leadership roles. Steve has been with the Company since it went public in 2004 and as CEO helped build a successful and vibrant organization and put together a talented and dedicated team. We are so appreciative of what he has built here over the past 13 years as CEO and pleased that he will continue on with us as Executive Chairman. As President, Jason has proven himself to be a strong leader and contributor to the success of NYMT and the Board is looking forward to working closely with him in his new role as CEO,” said Lead Independent Director, Alan Hainey and David Bock, Chairman of the Nominating & Corporate Governance Committee.
About Steven R. Mumma
Mr. Mumma has served as CEO since February 2009 and Chairman of the Board since March 2015. Mr. Mumma was appointed President, a role he held until May 2016, and Co-CEO effective March 31, 2007, and served as CFO from November 2006 to October 2010. Before serving in the above capacities, Mr. Mumma served as the Company’s Chief Investment Officer, a position to which he was named in July 2005, and as COO, commencing in November 2003.
“We were extremely fortunate to have been able to recruit Jason to the Company as our President in January 2019 after building a distinguished career as an alternative credit asset manager. Over the last two years, Jason has assumed leadership roles across all of the Company’s investment strategies and operations and greatly expanded our capabilities in self-managing, sourcing, and developing credit assets,” said Steve Mumma. “While I will remain actively engaged in important investment strategy decisions and oversight of the Company’s operations, I am excited about Jason’s capability to lead the Company’s day-to-day operating activities moving forward.”
About Jason T. Serrano
Mr. Serrano has served as the President since January 2019 and has been a member of the Board since March 2019. Before joining the Company, Mr. Serrano was a Partner at Oak Hill Advisors, L.P., an alternative investment management firm, from January 2014 to December 2018 and a Managing Director at OHA from April 2008 to December 2013. While at OHA, Mr. Serrano ran the mortgage investment business. Before joining OHA, Mr. Serrano served as a Principal at The Blackstone Group, where he led the structured finance investment team. Before Blackstone, he spent five years at Fortress Investment Group as VP, assisting in the management of $2 billion of distressed structured products and whole-loan portfolios. He also spent five years at Moody’s as a rating analyst for collateralized debt obligations and derivatives.
“I am honored to be selected by the Board as the Company’s next CEO,” said Mr. Serrano. “I am excited about the prospects for the Company and the opportunity to lead an experienced group of investment professionals as we endeavor to continue to deliver long-term stable distributions to our stockholders over changing economic conditions,” said Mr. Serrano. “I look forward to partnering with Steve and the rest of the Board as we position the Company for future growth.”
About New York Mortgage Trust
New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing, and managing primarily mortgage-related single-family and multi-family residential assets.
For more information: https://www.nymtrust.com/
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