Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 31, 2022, Steven R. Mumma's term as an employee and executive officer of New York Mortgage Trust, Inc. (the "Company") ended in accordance with the terms of the Fourth Amended and Restated Employment Agreement between Mr. Mumma and the Company dated December 23, 2021 and the leadership succession plan announced by the Company in November 2021. Mr. Mumma, who most recently served as Executive Chairman of the Company, will continue to serve as Chair of the Board of Directors (the "Board") of the Company.

As a non-employee Chair of the Board, Mr. Mumma will be compensated in a manner similar to the compensation paid to the Company's independent directors. A description of the fees and compensation paid to independent directors of the Company is set forth under the section entitled "Compensation of Directors" in the Company's 2022 proxy statement filed on April 27, 2022, which section is incorporated by reference herein.

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