I created a NYMT position during the last SPO. The SPO was for 10M shares on a 22.5M float (30%). That was a huge SPO and drove the stock price down 4 percent.
NYMT also pays divys quarterly which makes for a much more volatile stock (check Sept 18, down 3.5 percent). Adding to all the volatility is the huge SPO. Any negative news (company or industry) may send the stock on a steep slide with the new SPO investors in panic mode.
I personally like the monthly divy payers, the stock remains stable. ARR has 20% of their assets in adjustable rate MBS which makes for easier hedging and less surprises. NYMT allows for some non-agency MBS however they have stated their primary focus is agency. Looking at the balance sheet, they have very little non-agency.
I'm sticking with ARR as a core position with a smaller position in NYMT.