NYMT is more asset sensitive compared to its peers like Annaly Capital (NYSE: NLY) and American Capital Agency (NASDAQ: AGNC) as a larger chunk of NYMT’s portfolio is in LIBOR-adjusting business loans, which yield more as interest rates increase. For American Capital and Annaly Capital, however, this is not true. Their spreads get compressed when rates increase. NYMT is making new investments in heavily collateralized loans. The loan-to-value ratios are below 50%, however, the ROEs are within the range of 15 - 20%.