What does constructive — portfolio operating expenses mean?

Represents the direct costs associated with managing and maintaining the investment portfolio, such as property management fees, maintenance, or specific portfolio-related service costs. It isolates the operational costs of the assets themselves rather than the corporate overhead.

New York Mortgage Trust ADAM Constructive — Portfolio operating expenses

Other segment segments

Investment Portfolio

$6.14M—

Similar metrics at other companies

GATXPortfolio Management — Operating Costs and Expenses

$13.7M+12.3%

FOAPortfolio Management — Operating Expenses

$29.95M+26.2%

RITMInvestment Portfolio — Operating Expenses

$115.26M+25.6%

FOAPortfolio Management — Interest Expense, Operating

$401.33M-2.2%

CHCTProperty operating

$6.37M+4.5%

GATXPortfolio Management — Operating lease expense

$0—

Other financials

Income statement

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Revenue$172.1M+32.6%

Operating income$86.7M+130%

Net income$48.6M+15.3%

EPS (diluted)$0.40+21.2%

Balance sheet

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Cash & equivalents$365.4M+33.2%

Total debt$674.6M-14.2%

Total equity$1.5B+3.9%

Total assets$12.8B+27.9%

Cash flow

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Operating cash flow-$16.7M-165%

CapEx$2.0M-41.0%

Free cash flow$31.5M—

Valuation

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Market cap$831.22M+37.0%

Enterprise value$1.14B+1.5%

P/E5.4×-4.4×

P/S1.3×+0.1×

Profitability

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Operating margin29%+23.4pp

Net margin24.1%+15.6pp

FCF margin20.9%—

Returns & leverage

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Return on equity10.9%+8.2pp

Debt / equity0.5×-0.1×

Where this comes from

Reported directly by New York Mortgage Trust in its filing.

Tagged under the XBRL concept us-gaap:OtherCostAndExpenseOperating.

The official record: New York Mortgage Trust’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is New York Mortgage Trust's constructive — portfolio operating expenses?: New York Mortgage Trust (ADAM) reported constructive — portfolio operating expenses of $0 in Q1 2026.
What does constructive — portfolio operating expenses mean?: Represents the direct costs associated with managing and maintaining the investment portfolio, such as property management fees, maintenance, or specific portfolio-related service costs. It isolates the operational costs of the assets themselves rather than the corporate overhead.