Exhibit 25.1

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

¨ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

A National Banking Association	31-0841368
(Jurisdiction of incorporation or	(I.R.S. Employer
organization if not a U.S. national	Identification No.)
bank)

800 Nicollet Mall
Minneapolis, Minnesota	55402
(Address of principal executive offices)	(Zip code)

Michelle Mena-Rosado
U.S. Bank Trust Company, National Association

100 Wall Street, 6^th Floor

New York, New York 10005

(212) 951-8579

(Name, address and telephone number of agent for service)

New York Mortgage Trust, Inc.

(Exact name of obligor as specified in its charter)

Maryland	47-0934168
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

90 Park Avenue
New York, New York	10016
(Address of principal executive offices)	(Zip code)

Senior Debt Securities

(Title of the indenture securities)

Item 1. General Information. Furnish the following information as to the trustee:

(a)	Name and address of each examining or supervising authority to which it is subject.
	Comptroller of the Currency
	Treasury Department
	Washington, D.C.

(b)	Whether it is authorized to exercise corporate trust powers.
	Yes

Item 2.	Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.
	None

Items 3-15. Items 3-15 are not applicable because to the best of the Trustee’s knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.

Item 16. List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.

Exhibit 1.	A copy of the Articles of Association of the Trustee.*
Exhibit 2.	A copy of the certificate of authority of the Trustee to commence business.
Exhibit 3.	A copy of the certificate of authority of the Trustee to exercise corporate trust powers, included as Exhibit 2.
Exhibit 4.	A copy of the existing bylaws of the Trustee.**
Exhibit 5.	A copy of each Indenture referred to in Item 4. Not applicable.
Exhibit 6.	The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, as amended.
Exhibit 7.	Report of Condition of the Trustee as of June 30, 2018 published pursuant to law or the requirements of its supervising or examining authority.

*      Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on Form S-4, Registration Number 333-128217, filed on November 15, 2005.

**    Incorporated by reference to Exhibit 25.1 to registration statement on Form S-4, Registration Number 333-166527, filed on May 5, 2010.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, State of New York on the 26th day of July, 2024.

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

/s/ Michelle Mena-Rosado

Michelle Mena-Rosado

Vice President

Exhibit 2

 

Exhibit 6

CONSENT

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: July 26, 2024

By:	/s/ Michelle Mena-Rosado
	Michelle Mena-Rosado
	Vice President

Exhibit 7

U.S. Bank Trust Company, National Association

Statement of Financial Condition

As of 3/31/2024

($000’s)

	3/31/2024
Assets
Cash and Balances Due From Depository Institutions	$	1,429,213
Securities		4,389
Federal Funds		0
Loans & Lease Financing Receivables		0
Fixed Assets		1,270
Intangible Assets		577,915
Other Assets		161,425
Total Assets	$	2,174,212
Liabilities
Deposits	$	0
Fed Funds		0
Treasury Demand Notes		0
Trading Liabilities		0
Other Borrowed Money		0
Acceptances		0
Subordinated Notes and Debentures		0
Other Liabilities		361,240
Total Liabilities	$	361,240
Equity
Common and Preferred Stock		200
Surplus		1,171,635
Undivided Profits		641,137
Minority Interest in Subsidiaries		0
Total Equity Capital	$	1,812,972
Total Liabilities and Equity Capital	$	2,174,212