Document:

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                                                                   Exhibit 10.36

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                                 HSBC BANK USA

                                      AND

                       THE NEW YORK MORTGAGE COMPANY LLC

                          ---------------------------

                                    GUARANTY

                                JOSEPH V. FIERRO

                          ---------------------------

                           Dated as of March 30, 2001

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<PAGE>
                                    GUARANTY

                                JOSEPH V. FIERRO

      In consideration of any extension of credit whether heretofore or
hereafter made by HSBC BANK USA, a banking corporation organized under the laws
of the State of New York ("Secured Party") to THE NEW YORK MORTGAGE COMPANY
LLC, a New York limited liability company (the "Company"), the undersigned
hereby guarantees (a) the full and prompt payment to Secured Party when due,
whether by acceleration or otherwise, of any and all indebtedness and other
liabilities of the Company to Secured Party arising out of a Credit and
Security Agreement between Secured Party and the Company dated as of even date
herewith ("Credit Agreement") whether now existing or hereafter incurred, of
every kind and character, direct or indirect and whether such indebtedness is
from time to time reduced and thereafter increased, or entirely extinguished
and thereafter reincurred ("Indebtedness"), and (b) the full and complete
performance of all the Company's obligations and compliance with all the
Company's covenants set forth in the Credit Agreement. The undersigned further
agrees to pay all costs and expenses, including, without limitation, attorneys'
fees, at any time paid or incurred by Secured Party in endeavoring to collect
the Indebtedness or any part thereof and in enforcing this Guaranty.

      This Guaranty is, and is intended to be, a continuing guaranty of the
payment of the Indebtedness (irrespective of the aggregate amount thereof)
independent of and in addition to any other guaranty, indorsement or collateral
held by Secured Party therefor whether or not furnished by the undersigned. The
undersigned shall have no right of subrogation with respect to any payments
made by the undersigned hereunder until all of the Indebtedness is paid in full.

      If any default shall be made in the payment of any Indebtedness, the
undersigned hereby agrees to pay the same to the extent above specified: (i)
without requiring protest or notice of nonpayment or notice of default to the
undersigned, to the Company, or to any other person; (ii) without proof of
demand; (iii) without requiring Secured Party to resort first to the Company or
to any other guaranty or any collateral which Secured Party may hold; (iv)
without requiring notice of acceptance hereof or assent hereto by Secured
Party; and (v) without requiring notice that any indebtedness has been
incurred, all of which the undersigned hereby waives.

      The undersigned authorizes Secured Party, without notice or demand and
without releasing, impairing or affecting the undersigned's obligations
hereunder, from time to time: (i) to take from any party and hold collateral
for the payment of the Indebtedness or any part thereof, and to exchange,
enforce or release such collateral or any part thereof; (ii) to accept and hold
any indorsement or guaranty of payment of the Indebtedness or any part thereof
and to release or substitute any such indorser or guarantor, or any party who
has given any security interest in any collateral as security for the payment
of the Indebtedness or any part thereof, or any other party in any way
obligated to pay the Indebtedness or any part thereof; (iii) to direct the
order or manner of the disposition of any and all collateral and the
enforcement of any and all indorsements and guaranties relating to the
Indebtedness or any part thereof as Secured Party, in its sole discretion, may
determine; and (iv) to determine how, when and what application of payments and
credits, if any,
<PAGE>
shall be made on the Indebtedness or any part thereof, and to apply the same
upon principal or interest or the portion thereof, if any, in excess of the
amount of this Guaranty.

     No delay or omission by Secured Party in exercising any right or remedy
hereunder shall operate as a waiver thereof or of any other right or remedy, and
no single or partial exercise thereof shall preclude any other or further
exercise thereof or the exercise of any other right or remedy. All rights and
remedies of Secured Party hereunder are cumulative.

     This Guaranty is absolute and unconditional and shall not be affected by
any act or thing whatsoever, except as herein provided. No modification or
amendment of any provision of this Guaranty shall be effective unless in writing
and subscribed by a duly authorized officer of Secured Party.

     This Guaranty shall be governed by and construed under the laws of the
State of New York, whose laws the undersigned expressly elects to apply to this
Guaranty. The undersigned agrees that any action or proceeding brought to
enforce or arising out of this Guaranty may be commenced in the New York Supreme
Court for the County of Erie, or in the District Court of the United States for
the Western District of New York, and the undersigned waives personal service of
process and agrees that a summons and complaint commencing an action or
proceeding in any such court shall be properly served and shall confer personal
jurisdiction if served by registered mail to the undersigned, or as otherwise
provided by the laws of the State of New York or the United States.

     The undersigned hereby knowingly, voluntarily, unconditionally and
irrevocably waives the right to a trial by jury in every jurisdiction in any
action, proceeding or counterclaim brought by or against the undersigned, its
personal representatives, successors or assigns, in respect of any matter
arising out of this Guaranty or the Indebtedness, including without limitation
any exercise of rights hereunder, any attempt to cancel, void, or rescind this
Guaranty, and any course of conduct or course of dealing in connection herewith.

     Secured Party and the undersigned as used herein shall include the estates,
executors or administrators, or successors or assigns, of those parties.

     IN WITNESS WHEREOF, this Guaranty has been signed by the undersigned
at       , this 20 day of March, 2001.

Signature of Guarantor                       Address

/s/ Joseph V. Fierro                         300 E. 74th Street
---------------------------                  -----------------------------
JOSEPH V. FIERRO                             New York, NY 10021
                                             -----------------------------
<PAGE>
                                      -3-

STATE OF NEW YORK   )
                    ) SS.:
COUNTY OF QUEENS    )

     On the 20 day of March, 2001 before me, the undersigned, a notary public in
and for said state, personally appeared Joseph V. Fierro, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual whose
name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted,
executed the instrument.

                                                   /s/  Anna Marin
                                             ----------------------------

                                                      ANNA MARIN
                                           Notary Public State of New York
                                                   No. 01MA5039882
                                              Qualified in Queens County
                                           Commission Expires March 6, 2003<PAGE>

                                                                   EXHIBIT 10.56

                                                                  EXECUTION COPY

                             CONTRIBUTION AGREEMENT

                                  BY AND AMONG

                                STEVEN B. SCHNALL

                                       AND

                                JOSEPH V. FIERRO,

                              AS THE CONTRIBUTORS,

                                       AND

                          NEW YORK MORTGAGE TRUST, INC.
                             A MARYLAND CORPORATION,

                                 AS THE ACQUIRER

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                      Page
<S>                                                                                                                   <C>
ARTICLE I THE CONTRIBUTION.......................................................................................       1
         1.1        Contribution of Contributed Interests........................................................       1
         1.2        Consideration................................................................................       2
         1.3        Earn-Out Provision...........................................................................       2
         1.4        Payment and Delivery Instructions............................................................       3
         1.5        Tax Treatment of Transaction.................................................................       3

ARTICLE II REPRESENTATIONS, WARRANTIES, COVENANTS AND OTHER AGREEMENTS...........................................       4
         2.1        Representations and Warranties by Acquirer...................................................       4
         2.2        Representations and Warranties by Contributors...............................................       5
         2.3        Covenants by Contributors....................................................................       6
         2.4        Satisfaction of Conditions...................................................................       7
         2.5        Acquirer's Indemnity.........................................................................       7

ARTICLE III CONDITIONS PRECEDENT TO THE CLOSING..................................................................       7
         3.1        Conditions to Acquirer's Obligations.........................................................       7
         3.2        Conditions to Contributors' Obligations......................................................       8

ARTICLE IV CLOSING AND CLOSING DOCUMENTS.........................................................................       8
         4.1        Closing......................................................................................       8
         4.2        Contributors' Deliveries.....................................................................       8
         4.3        Acquirer's Deliveries........................................................................       9
         4.4        Fees and Expenses; Closing Costs.............................................................       9

ARTICLE V MISCELLANEOUS..........................................................................................       9
         5.1        Notices......................................................................................       9
         5.2        Entire Agreement; Modifications and Waivers; Cumulative Remedies.............................      10
         5.3        Exhibits.....................................................................................      11
         5.4        Successors and Assigns.......................................................................      11
         5.5        Article Headings.............................................................................      11
         5.6        Governing Law................................................................................      11
         5.7        Counterparts.................................................................................      11
         5.8        Survival.....................................................................................      11
         5.9        Further Acts.................................................................................      11
         5.10       Severability.................................................................................      12
         5.11       Attorneys' Fees..............................................................................      12
         5.12       Confidentiality..............................................................................      12
EXHIBITS

         A        Form of Assignment of Membership Interest
</TABLE>

<PAGE>

                             CONTRIBUTION AGREEMENT

         THIS CONTRIBUTION AGREEMENT (this "Agreement") is made as of the 22nd
day of December, 2003, by and among STEVEN B. SCHNALL, a member of The New York
Mortgage Company, LLC ("Schnall") and JOSEPH V. FIERRO, a member of The New York
Mortgage Company, LLC ("Fierro") (Schnall and Fierro together are the
"Contributors"); and NEW YORK MORTGAGE TRUST, INC., a Maryland corporation (the
"Acquirer").

                                    RECITALS

         A.       The New York Mortgage Company, LLC, a New York limited
liability company (the "Company"), was formed in 1998 as the result of a
combination of the assets and staff of its two principals' predecessor firms,
New York Mortgage Corp. and First Security Financial Services Inc. The Company
is governed by the terms of that certain Amended and Restated Operating
Agreement of the Company dated as of June 30, 1999 (the "LLC Agreement") by and
between the Contributors.

         B.       Schnall is the record and beneficial owner of a 70% membership
interest in the Company (the "Schnall Interest"). Fierro is the record and
beneficial owner of a 30% membership interest in the Company (the "Fierro
Interest"). Together, the Contributors are the record and beneficial owners of
100% of the membership interests in the Company (the "Contributed Interests").
The Contributors desire to contribute the Contributed Interests to the Acquirer,
and the Acquirer desires to acquire the Contributed Interests from the
Contributors, on the terms and conditions hereinafter set forth.

                                    AGREEMENT

         NOW, THEREFORE, for and in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

                                    ARTICLE I

                                THE CONTRIBUTION

         1.1      Contribution of Contributed Interests.

         The Contributors agree to contribute and transfer the Contributed
Interests to the Acquirer, and the Acquirer agrees to accept transfer of the
Contributed Interests pursuant to the terms and conditions set forth in this
Agreement. The Contributed Interests shall be transferred to the Acquirer free
and clear of all liens, encumbrances, security interests, prior assignments or
conveyances, conditions, restrictions, claims, and other matters affecting title
thereto.

                                     - 1 -
<PAGE>

         1.2      Consideration.

         The total consideration (the "Consideration") for which the
Contributors agree to contribute and assign the Contributed Interests to the
Acquirer, and which the Acquirer agrees to pay or deliver to the Contributors,
subject to the terms of this Agreement, shall be,

                  (a)      to Schnall, Twenty Four Million Seven Hundred and
Five Thousand One Hundred and Sixty Nine and no/100s ($24,705,169.00), payable
in the form of shares of common stock of the Acquirer, par value $0.01 per share
("Common Stock") valued at the price per share (hereafter, the "IPO Price") at
which the shares of Common Stock are offered to the public in the Acquirer's
initial public offering of Common Stock (the "IPO"); and

                  (b)      to Fierro, Ten Million Five Hundred and Eighty Seven
Thousand Nine Hundred Twenty Nine and no/100s ($10,587,929.00), payable in the
form of shares of Common Stock valued at the IPO Price;

         provided, however, that the Acquirer shall have the right, in its
discretion, to pay up to an aggregate of $5,000,000 of the consideration payable
to Schnall and Fierro pursuant to clauses (a) and (b) above in the form of pro
rata cash payments (up to $3,500,000, or 70%, to Schnall and up to $1,500,000,
or 30%, to Fierro) in lieu of shares of Common Stock, in which case the number
of shares of Common Stock issuable to Schnall and Fierro hereunder would be
reduced in each case by a number equal to the amount of the cash payment to each
such individual divided by the IPO Price; provided, further, that the
determination whether to make pro rata cash payments to Schnall and Fierro in
lieu of issuing shares of Common Stock as provided above shall be subject to the
unanimous approval of the Acquirer's Board of Directors, other than Schnall, and
the agreement of the lead underwriter in the IPO.

         1.3      Earn-Out Provision.

         Notwithstanding anything to the contrary contained herein,
$7,000,000.00 of the shares of Common Stock valued at the IPO Price issuable to
Schnall under Section 1.2(a) (the "Escrowed Schnall Shares") and $3,000,000.00
of the shares of Common Stock valued at the IPO Price issuable to Fierro under
Section 1.2(b) (the "Escrowed Fierro Shares") will be deposited into a an escrow
account with an independent third party escrow agent that is mutually acceptable
to the parties hereto and held in such escrow account until the first to occur
of (i) the date on which one of the conditions set forth below in clauses (a),
(b) or (c) of this Section 1.3 is satisfied and (ii) the date on which none of
the conditions is capable of being satisfied (the "Escrow Period"). During the
Escrow Period, Schnall and Fierro shall not be permitted to, directly or
indirectly, sell, offer, pledge, contract or grant any option to sell (including
without limitation any short sale), loan, transfer, establish an open "put
equivalent position" within the meaning of Rule 16a-1(h) under the Securities
Exchange Act of 1934, as amended, or otherwise dispose of, or grant any rights
with respect to, any of such Escrowed Schnall Shares or Escrowed Fierro Shares,
or options or warrants to acquire any such shares, or publicly announce an
intention to do any of the foregoing. The foregoing restrictions shall lapse
automatically upon satisfaction of the first to be satisfied of the conditions
set forth below in clauses (a), (b) or (c) of this Section 1.3, such
satisfaction to be evidenced by written instructions from the Acquirer
accompanied by copies of the relevant audited financial statements of the
Acquirer and the

                                     - 2 -
<PAGE>

relevant written report or reports of the Mortgage Bankers Association of
America (the "MBAA") or, if the MBAA is no longer publishing such reports, by
another nationally recognized trade association or reporting institution or
agency that is mutually acceptable to the parties hereto, and the escrow agent
shall promptly deliver the Escrowed Schnall Shares directly to Schnall and the
Escrowed Fierro Shares directly to Fierro after receipt of such written
instructions, financial statements and reports. If none of the conditions is
satisfied by the time the Acquirer's audited financial statements for the year
ended December 31, 2005 are delivered by the Acquirer's independent auditors to
the Acquirer, the Escrowed Schnall Shares and the Escrowed Fierro Shares will be
delivered by the escrow agent directly to the Acquirer's transfer agent and
registrar with written instructions by the transfer agent, co-signed by the
Acquirer, to cancel such shares. Schnall and Fierro shall be entitled to receive
dividends on the Escrowed Schnall Shares and the Escrowed Fierro Shares,
respectively, during the Escrow Period.

                  (a)      The dollar amount of NYMC's and its affiliates' total
mortgage loan originations during the 2004 calendar year, as a percentage of the
dollar amount of NYMC's and its affiliates' total mortgage loan originations
during the 2003 calendar year, exceed the dollar amount of the total
industry-wide mortgage loan originations in the United States during the 2004
calendar year, as a percentage of the dollar amount of the total industry-wide
mortgage loan originations in the United States during the 2003 calendar year
(as reported by the MBAA); or

                  (b)      The dollar amount of NYMC's and its affiliates' total
mortgage loan originations during the 2004 calendar year exceed the dollar
amount of NYMC's and its affiliates' total mortgage loan originations during the
2003 calendar year; or, if neither of the conditions set forth in (a) or (b) is
satisfied, then

                  (c)      The dollar amount of NYMC's and its affiliates' total
mortgage loan originations during the 2004 and 2005 calendar years, as a
percentage of the dollar amount of NYMC's and its affiliates' total mortgage
loan originations during the 2003 calendar year, exceed the dollar amount of the
total industry-wide mortgage loan originations in the United States during the
2004 and 2005 calendar years, as a percentage of the dollar amount of the total
industry-wide mortgage loan originations in the United States during the 2003
calendar year (as reported by the MBAA).

         1.4      Payment and Delivery Instructions.

         Schnall and Fierro shall each provide written instructions to the
Acquirer at least 48 hours prior to the Closing setting out delivery
instructions for the delivery of the shares of Common Stock issuable pursuant to
Section 1.2(a) and Section 1.2(b), respectively, and, if applicable, wire
transfer instructions for payment of any cash payments payable pursuant to
Section 1.2.

         1.5      Tax Treatment of Transaction.

         Notwithstanding anything to the contrary contained in this Agreement,
including without limitation the use of words and phrases such as "sell,"
"sale," purchase," and "pay," the parties hereto acknowledge and agree that it
is their assumption and intention that the transaction contemplated hereby shall
be treated for federal income tax purposes as a tax-free nonrecognition
transaction under Section 351 or 354 of the Internal Revenue Code of 1986, as

                                     - 3 -
<PAGE>

amended (the "Code"). The parties further agree to cooperate with each other in
preparing any tax returns, statements, and forms consistent with that assumption
and necessary or appropriate to effectuate that intention.

                                   ARTICLE II

           REPRESENTATIONS, WARRANTIES, COVENANTS AND OTHER AGREEMENTS

         2.1      Representations and Warranties by Acquirer.

         The Acquirer hereby represents and warrants to the Contributors as of
the date of this Agreement and as of the Closing Date as follows:

                  (a)      Organization and Power. The Acquirer is duly
organized, validly existing, and in good standing under the laws of the State of
Maryland, and has full right, power, and authority to enter into this Agreement
and to assume and perform all of its obligations under this Agreement; and, the
execution and delivery of this Agreement and the performance by the Acquirer of
its obligations hereunder have been duly authorized by all requisite action of
the Acquirer and require no further action or approval of the Acquirer's
stockholders or of any other individuals or entities in order to constitute this
Agreement as a binding and enforceable obligation of the Acquirer.

                  (b)      Noncontravention. Neither the entry into nor the
performance of, or compliance with, this Agreement by the Acquirer has resulted,
or will result, in any violation of, or default under, or result in the
acceleration of, any obligation under any existing mortgage, indenture, lien
agreement, note, contract, permit, judgment, decree, order, restrictive
covenant, statute, rule, or regulation applicable to the Acquirer.

                  (c)      Litigation. There is no action, suit, or proceeding,
pending or known to be threatened, against or affecting the Acquirer in any
court or before any arbitrator or before any federal, state, municipal, or other
governmental department, commission, board, bureau, agency or instrumentality
which (i) in any manner raises any question affecting the validity or
enforceability of this Agreement, (ii) could materially and adversely affect the
business, financial position, or results of operations of the Acquirer, (iii)
could materially and adversely affect the ability of the Acquirer to perform its
obligations hereunder, or under any document to be delivered pursuant hereto.

                  (d)      Shares of Common Stock Validly Issued. The shares of
Common Stock, when issued to Schnall and Fierro, will have been duly and validly
authorized and issued, free of any preemptive or similar rights, and will be
fully paid and nonassessable.

                  (e)      Consents. Except as may otherwise be set forth in
Section 3.1 hereof, each consent, approval, authorization, order, license,
certificate, permit, registration, designation, or filing by or with any
governmental agency or body necessary for the execution, delivery, and
performance of this Agreement or the transactions contemplated hereby by the
Acquirer has been obtained or will be obtained on or before the Closing Date.

                                     - 4 -
<PAGE>

         2.2      Representations and Warranties by Contributors.

         Each of the Contributors hereby severally, and not jointly, makes the
following representations and warranties as of the date of this Agreement as of
the Closing Date:

                  (a)      Ownership, Organization and Power. Schnall is the
record and beneficial owner of the Schnall Interest. Fierro is the record and
beneficial owner of the Fierro Interest. Together, the Schnall Interest and the
Fierro Interest comprise 100% of the outstanding equity interests in the Company
and there are no outstanding options, warrants, subscriptions or other rights to
acquire equity interests in the Company or agreements to issue any such options,
warrants, subscriptions or other rights. The Company is a limited liability
company, duly organized, validly existing, and in good standing under the laws
of the State of New York. The Contributors have full right, power, and authority
to enter into this Agreement and to assume and perform all of their respective
obligations under this Agreement; and the execution and delivery of this
Agreement and the performance by the Contributors of their respective
obligations hereunder have been duly authorized by all requisite action of the
Contributors and require no further action or approval of the Company.

                  (b)      Litigation. To the knowledge of the Contributors,
there is no action, suit, or proceeding, pending or known to be threatened,
against or affecting the Contributors or the Company in any court or before any
arbitrator or before any federal, state, municipal, or other governmental
department, commission, board, bureau, agency or instrumentality which (A) in
any manner raises any question affecting the validity or enforceability of this
Agreement, (B) could materially and adversely affect the business, financial
position, or results of operations of the Company, (C) could materially and
adversely affect the ability of the Contributor to perform their respective
obligations hereunder, or under any document to be delivered pursuant hereto,
(D) could create a lien on the Contributed Interests or any interest therein, or
(E) could materially and adversely affect the Contributed Interests or the
Company or any interest therein.

                  (c)      No Encumbrances. (A) The Contributed Interests are
held by the Contributors free and clear of all liens, encumbrances, pledges,
conditions, restrictions, claims and security interests and any other matters
affecting title thereto, other than such liens, encumbrances, pledges,
conditions, restrictions, claims or security interests that will be terminated
or released prior to the Closing Date, and (B) the Contributors have not granted
any other person or entity an option to purchase or a right of first refusal
with respect to the Contributed Interests nor are there any agreements or
understandings between the Contributors and any other person or entity with
respect to the disposition of the Contributed Interests.

                  (d)      No Consents. Except as may otherwise be set forth in
Section 3.1 hereof, each consent, approval, authorization, order, license,
certificate, permit, registration, designation, or filing by or with any
governmental agency or body necessary for the execution, delivery, and
performance of this Agreement or the transactions contemplated hereby by the
Contributors have been obtained or will be obtained on or before the Closing
Date.

                  (e)      Tax Matters. (A) To the best of the know ledge of the
Contributors, (i) the Company has filed within the time periods (including any
extensions of such time periods filed by the Company) and in the manner
prescribed by law all federal, state, and local tax returns and

                                     - 5 -
<PAGE>

reports, including but not limited to income, gross receipts, intangible, real
property, excise, withholding, franchise, sales, use, employment, personal
property, and other tax returns and reports, required to be filed by the Company
under the laws of the United States and of each state or other jurisdiction in
which the Company conducts business activities requiring the filing of tax
returns or reports, (ii) all tax returns and reports filed by the Company are
true and correct in all material respects, (iii) the Company has paid in full
all material taxes of whatever kind or nature to be paid by the Company for the
periods covered by such returns (unless an extension of such periods has been
properly filed for such returns), (iv) the Company has no material tax
deficiency or claim outstanding, assessed, threatened, or proposed against it,
(v) the charges, accruals, and reserves for unpaid taxes on the books and
records of the Company as of the Closing Date are sufficient in all material
respects for the payment of all unpaid federal, state, and local taxes of the
Company accrued for or applicable to all periods ended on or before the Closing
Date, (vi) there are no material tax liens, whether imposed by the United
States, any state, local, or other taxing authority, outstanding against the
Company or any of its assets, and (vii) the federal, state, and local tax
returns of the Company are not currently under audit, nor has the Company
received any notice of any federal, state, or local audit.

                       (B)      The Contributors represent and warrant that the
Company has properly filed an Internal Revenue Service ("IRS") Form 8832 with
the IRS electing to be treated as a corporation for federal income tax purposes
and that such election will be effective no later than January 1, 2004. The
Contributors further represent and warrant that the Company has filed or will
file an IRS Form 2553 with the IRS electing to be treated as an S corporation
for federal income tax purposes and that such election will be effective no
later than January 1, 2004.

                       (C)      The Contributors represent and warrant that they
have obtained from their own counsel advice regarding the transaction
contemplated by this Agreement, including, without limitation, the tax
consequences of the transfer of the Contributed Interests to the Acquirer and
the receipt of Common Stock and/or cash as consideration therefor.

         2.3      Covenants by Contributors.

                  (a)      Between the date hereof and the Closing Date, the
Contributors will (A) operate the Company only in the usual, regular, and
ordinary manner consistent with such entity's prior practice and (B) maintain
the Company books of account and records in the usual, regular, and ordinary
manner, in accordance with sound accounting principles applied on a basis
consistent with the basis used in keeping its books in prior years. From the
date hereof until the Closing Date, the Contributors shall not take any action
or fail to take any action the result of which would (1) have a material adverse
effect on the Contributed Interests, the Company or the Acquirer's ability to
continue the operation thereof after the Closing Date in substantially the same
manner as presently conducted or (2) would cause any of the representations and
warranties contained in Section 2.2 to be untrue as of the Closing Date.

                  (b)      The Contributors hereby covenant and agree to take
all appropriate and reasonable actions necessary or advisable to facilitate
completion of the IPO. The Contributors shall not knowingly take any action that
could reasonably be expected to have an adverse effect on the completion of the
IPO.

                                     - 6 -
<PAGE>

         2.4      Satisfaction of Conditions.

         The Acquirer hereby covenants and agrees that the Acquirer shall: (a)
use commercially reasonable efforts and diligence in order to satisfy all of the
conditions set forth in subsections 3.1(d), (e) and (h), and Section 3.2 hereof,
and (b) cooperate and assist in the Contributors' efforts to satisfy the
conditions set forth in subsection 3.1(c) hereof; and the Contributors shall not
have any obligation to consummate the Closing hereunder unless and until all
such conditions have been satisfied or waived by the Contributors in writing.
The Contributors hereby covenant and agree that they shall: (a) use commercially
reasonable efforts and diligence in order to satisfy all of the conditions set
forth in subsections 3.1(a), (b) and (c) hereof, and (B) cooperate and assist in
the Acquirer's efforts to satisfy the conditions set forth in subsections 3.1(d)
and subsection 3.2(c) hereof; and the Acquirer shall not have any obligation to
consummate the Closing hereunder unless and until such conditions have been
satisfied or waived by the Acquirer in writing.

         2.5      Acquirer's Indemnity.

         The Acquirer agrees to indemnify and hold each of the Contributors
harmless of and from all liabilities, losses, damages, costs, claims,
obligations and expenses (including reasonable attorneys' fees) which either or
both of the Contributors may suffer or incur by reason of (a) any breach of the
Acquirer's representations, warranties, covenants or agreements contained in
this Agreement, (b) any act or cause of action occurring or accruing on or after
the Closing Date and arising from the ownership of the Contributed Interests or
the operation of the Company's business on or after the Closing Date and (c) any
guarantee by either or both of the Contributors in existence prior to or as of
the Closing Date of or relating to any liability or obligation of the Company
(the "Contributor Guarantees"). In addition, the Acquirer hereby agrees to take
all actions necessary to cause all Contributor Guarantees to be terminated or
released in full with any continuing liability or obligation on the part of the
Contributors as soon as reasonably practicable following the Closing Date.

                                   ARTICLE III

                       CONDITIONS PRECEDENT TO THE CLOSING

         3.1      Conditions to Acquirer's Obligations.

         In addition to any other conditions set forth in this Agreement, the
Acquirer's obligation to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth
in this Section 3.1, all of which shall be conditions precedent to the
Acquirer's obligations under this Agreement.

                  (a)      Contributors' Obligations. The Contributors shall
have performed all covenants, agreements and other obligations of the
Contributors hereunder which are to be performed prior to the Closing, and shall
have delivered or caused to be delivered to the Acquirer all of the documents
and other information required of the Contributors pursuant to Section 4.2.

                                     - 7 -
<PAGE>

                  (b)      Contributors' Representations and Warranties. The
Contributors' representations and warranties set forth in Section 2.2 shall be
true and correct as if made again on the Closing Date.

                  (c)      No Injunction. On the Closing Date, there shall be no
effective injunction, writ, preliminary restraining order or other order issued
by a court of competent jurisdiction restraining or prohibiting the consummation
of the transactions contemplated hereby.

                  (d)      Completion of IPO. The IPO shall have been completed.

         3.2      Conditions to Contributors' Obligations.

         In addition to any other conditions set forth in this Agreement, the
Contributors' obligations to consummate the Closing are subject to the timely
satisfaction of each and every one of the conditions and requirements set forth
in this Section 3.2, all of which shall be conditions precedent to the
Contributors' obligations under this Agreement.

                  (a)      Acquirer's Obligations. The Acquirer shall have
performed all covenants, agreements and other obligations of the Acquirer
hereunder which are to be performed prior to the Closing, and shall have
delivered or caused to be delivered to the Contributor, all of the documents and
other information required of the Acquirer pursuant to Section 4.3.

                  (b)      Acquirer's Representations and Warranties. The
Acquirer's representations and warranties set forth in Section 2.1 shall be true
and correct as if made again on the Closing Date.

                  (c)      Completion of IPO. The IPO shall have been completed.

                                   ARTICLE IV

                          CLOSING AND CLOSING DOCUMENTS

         4.1      Closing.

         The consummation and closing (the "Closing") of the transactions
contemplated under this Agreement shall take place at the offices of the
Acquirer in New York, New York, or such other place as is mutually agreeable to
the parties, on the date of the closing of the IPO (the "Closing Date");
provided, that this Agreement shall be terminated and the parties shall have no
obligations hereunder if the IPO closing does not occur by April 30, 2004.

         4.2      Contributors' Deliveries.

         At the Closing, the Contributors shall deliver the following to the
Acquirer in addition to all other items required to be delivered to the Acquirer
by the Contributors:

                  (a)      Contribution and Assignment of Contributed Interests.
Each Contributor shall have executed and delivered a Contribution and
Assignment, in substantially the form of Exhibit A attached hereto,
contributing, assigning, granting and conveying to the Acquirer good

                                     - 8 -
<PAGE>

and indefeasible title to the Contributed Interests owned by such Contributor,
free and clear of all liens, encumbrances, security interests, prior
assignments, conditions, restrictions, claims, and other matters affecting title
thereto.

                  (b)      Bring-Down Certificate. A certificate signed by both
Contributors that all conditions to the Acquirer's obligations set forth in
Section 3.1 hereof have been satisfied.

         4.3      Acquirer's Deliveries.

         At the Closing, the Acquirer shall deliver the following:

                  (a)      Certificates for Shares of Common Stock. If
certificates are issued, certificates representing shares of Common Stock duly
issued by the Acquirer in the name of the Contributors as of the Closing Date
representing the shares of Common Stock to which the Contributors are entitled
pursuant to Section 1.2 of this Agreement.

                  (b)      Bring-Down Certificate. A certificate signed by an
authorized officer of the Acquirer that all conditions to the Contributors'
obligations set forth in Section 3.2 hereof have been satisfied.

         4.4      Fees and Expenses; Closing Costs.

         The Acquirer shall pay all fees, expenses and closing costs relating to
the transactions contemplated by this Agreement.

                                    ARTICLE V

                                  MISCELLANEOUS

         5.1      Notices.

         Any notice provided for by this Agreement and any other notice, demand,
or communication required hereunder shall be in writing and either delivered in
person (including by confirmed facsimile transmission) or sent by hand delivered
against receipt or sent by recognized overnight delivery service or by certified
or registered mail, postage prepaid, with return receipt requested. All notices
shall be addressed as follows:

                  Acquirer:

                  New York Mortgage Trust, Inc.
                  1301 Avenue of the Americas
                  New York, New York 10019
                  Attention: President
                  Fax No.: (212) 655-6269

                  with a copy to:

                  Hunton & Williams LLP

                                     - 9 -
<PAGE>

                  Riverfront Plaza, East Tower
                  951 E. Byrd Street
                  Richmond, Virginia 23219
                  Attention: Daniel M. LeBey, Esq.
                  Fax No.: (804) 788-8218

                  Contributors:

                  Steven B. Schnall
                  c/o The New York Mortgage Company, LLC
                  1301 Avenue of Americas
                  New York, New York 10019
                  Fax No.: (212) 634-9420

                  and

                  Joseph V. Fierro
                  c/o The New York Mortgage Company, LLC
                  1301 Avenue of Americas
                  New York, New York 10019
                  Fax No.: (212) 634-9420

         Any address or name specified above may be changed by a notice given by
the addressee to the other party. Any notice, demand or other communication
shall be deemed given and effective as of the date of delivery in person or
receipt set forth on the return receipt. The inability to deliver because of
changed address of which no notice was given, or rejection or other refusal to
accept any notice, demand or other communication, shall be deemed to be receipt
of the notice, demand or other communication as of the date of such attempt to
deliver or rejection or refusal to accept.

         5.2      Entire Agreement; Modifications and Waivers; Cumulative
Remedies.

         This Agreement supersedes any existing letter of intent between the
parties, constitutes the entire agreement among the parties hereto and may not
be modified or amended except by instrument in writing signed by the parties
hereto, and no provisions or conditions may be waived other than by a writing
signed by the party waiving such provisions or conditions. No delay or omission
in the exercise of any right or remedy accruing to the Contributors or the
Acquirer upon any breach under this Agreement shall impair such right or remedy
or be construed as a waiver of any such breach theretofore or thereafter
occurring. The waiver by the Contributors or the Acquirer of any breach of any
term, covenant, or condition herein stated shall not be deemed to be a waiver of
any other breach, or of a subsequent breach of the same or any other term,
covenant, or condition herein contained. All rights, powers, options, or
remedies afforded to Contributors or the Acquirer either hereunder or by law
shall be cumulative and not alternative, and the exercise of one right, power,
option, or remedy shall not bar other rights, powers, options, or remedies
allowed herein or by law, unless expressly provided to the contrary herein.

                                     - 10 -
<PAGE>

         5.3      Exhibits.

         All exhibits referred to in this Agreement and attached hereto are
hereby incorporated in this Agreement by reference.

         5.4      Successors and Assigns.

         Upon the request of the Acquirer, the Contributors agree to transfer at
Closing the Contributed Interests (or portions thereof) to the Acquirer or to
one or more wholly-controlled affiliates of the Acquirer. Except as set forth
above or elsewhere in this Agreement, this Agreement may not be assigned by the
Acquirer or the Contributors without the prior approval of the other party
hereto. This Agreement shall be binding upon, and inure to the benefit of, the
Contributors, the Acquirer, and their respective legal representatives,
successors, and permitted assigns.

         5.5      Article Headings.

         Article headings and article and section numbers are inserted herein
only as a matter of convenience and in no way define, limit, or prescribe the
scope or intent of this Agreement or any part hereof and shall not be considered
in interpreting or construing this Agreement.

         5.6      Governing Law.

         This Agreement shall be construed and interpreted in accordance with
the laws of the State of New York, without regard to conflicts of laws
principles.

         5.7      Counterparts.

         This Agreement may be executed in any number of counterparts and by any
party hereto on a separate counterpart, each of which when so executed and
delivered shall be deemed an original and all of which taken together shall
constitute but one and the same instrument.

         5.8      Survival.

         All representations and warranties contained in this Agreement, and all
covenants and agreements contained in the Agreement which contemplate
performance after the Closing Date (including, without limitation, those
covenants and agreements contained in Section 2.5 hereof) shall survive the
Closing.

         5.9      Further Acts.

         In addition to the acts, instruments and agreements recited herein and
contemplated to be performed, executed and delivered by the Acquirer and the
Contributors, the Acquirer and Contributors shall perform, execute, and deliver
or cause to be performed, executed, and delivered at the Closing or after the
Closing, any and all further acts, instruments, and agreements and provide such
further assurances as the other parties may reasonably require to consummate the
transaction contemplated hereunder.

                                     - 11 -
<PAGE>

         5.10     Severability.

         In case any one or more of the provisions contained in this Agreement
shall for any reason be held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any
other provision hereof, and this Agreement shall be construed as if such
invalid, illegal, or unenforceable provision had never been contained herein.

         5.11     Attorneys' Fees.

         Should a party employ an attorney or attorneys to enforce any of the
provisions hereof or to protect its interest in any manner arising under this
Agreement, or to recover damages for breach of this Agreement, any
non-prevailing party in any action pursued in a court of competent jurisdiction
(the finality of which is not legally contested) shall pay to the prevailing
party all reasonable costs, damages, and expenses, including reasonable
attorneys' fees, expended or incurred in connection therewith.

         5.12     Confidentiality.

         The Contributors acknowledge that the matters relating to the Acquirer,
the IPO, this Agreement, and the other documents, terms, conditions and
information related thereto (collectively, the "Information") are confidential
in nature. Therefore, the Contributors covenant and agree to keep the
Information confidential and will not (except as required by applicable law,
regulation or legal process including applicable securities laws), without the
Acquirer's prior written consent, disclose any Information in any manner
whatsoever; provided, however, that the Information may be revealed only to the
Contributors' key employees, legal counsel and financial advisors, each of whom
shall be informed of the confidential nature of the Information and shall agree
to act in accordance with the terms of this Section 5.12. In the event that the
Contributors or their key employees, legal counsel or financial advisors
(collectively, the "Information Group") are requested pursuant to, or required
by, applicable law (other than in connection with the IPO), regulation or legal
process to disclose any of the Information, the applicable member of the
Information Group will notify the Acquirer promptly so that it may seek a
protective order or other appropriate remedy or, in its sole discretion, waive
compliance with the terms of this Section 5.12. In the event that no such
protective order or other remedy is obtained, or that the Acquirer waives
compliance with the terms of this Section 5.12, the applicable member of the
Information Group may furnish only that portion of the Information which it is
advised by counsel is legally required and will exercise all reasonable efforts
to obtain reliable assurance that confidential treatment will be accorded the
Information. The Contributors acknowledge that remedies at law may be inadequate
to protect the Acquirer against any actual or threatened breach of this Section
5.12, and, without prejudice to any other rights and remedies otherwise
available, the Contributors agree to the granting of injunctive relief in favor
of the Acquirer without proof of actual damages. Notwithstanding any other
express or implied agreement to the contrary, the parties agree and acknowledge
that each of them and each of their employees, representatives, and other agents
may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them
relating to such tax treatment and tax structure, except to the extent that
confidentiality is reasonably necessary to comply with U.S. federal or state
securities laws. For purposes of this paragraph,

                                     - 12 -
<PAGE>

the terms "tax treatment" and "tax structure" have the meanings specified in
Treasury Regulation section 1.6011-4(c).

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                     [SIGNATURES APPEAR ON FOLLOWING PAGE.]

                                     - 13 -
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been entered into effective as
of the 22nd day of December, 2003.

                                  CONTRIBUTOR:

                                  STEVEN B. SCHNALL

                                  By: /s/ Steven B. Schnall
                                     ________________________________________
                                  Name:  Steven B. Schnall
                                  Title: Member of The New York
                                         Mortgage Company, LLC

                                  CONTRIBUTOR:

                                  JOSEPH V. FIERRO

                                  By: /s/ Joseph V. Fierro
                                     ________________________________________
                                  Name:  Joseph V. Fierro
                                  Title: Member of The New York
                                         Mortgage Company, LLC

                                  ACQUIRER:

                                  NEW YORK MORTGAGE TRUST, INC.,
                                  a Maryland corporation

                                  By: /s/ David A. Akre
                                     ________________________________________
                                  Name:  David A. Akre
                                  Title: Co-Chief Executive
                                         Officer

                                     - 14 -
<PAGE>

                                    EXHIBIT A

                           CONTRIBUTION AND ASSIGNMENT

         Steven B. Schnall (the "Contributor"), the record and beneficial owners
of a 70% limited liability company membership interest (the "Contributed
Interest") in The New York Mortgage Company, LLC, a New York limited liability
company, for good and valuable consideration paid to the Contributor by New York
Mortgage Trust, Inc., a Maryland corporation ("Assignee"), pursuant to the
Contribution Agreement dated as of December 22, 2003, by and between the
Contributors (as defined in such Contribution Agreement) and Assignee (the
"Agreement") and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, does hereby contribute, assign,
transfer, convey and deliver to the Assignee good and indefeasible title to the
Contributed Interest, free and clear of all liens, encumbrances, security
interests, prior assignments, conditions, restrictions, claims, and other
matters affecting title thereto.

                  Capitalized terms used but not defined herein shall have the
respective meanings ascribed to them in the Agreement.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Contribution and Assignment to be signed by a duly authorized officer this 22nd
day of December, 2004.

                                  CONTRIBUTOR

                                  By: /s/ Steven B. Schnall
                                     _______________________________________
                                  Name:  Steven B. Schnall
                                  Title: Member of The New York
                                         Mortgage Company, LLC

<PAGE>

                                    EXHIBIT A

                           CONTRIBUTION AND ASSIGNMENT

         Joseph V. Fierro (the "Contributor"), the record and beneficial owners
of a 30% limited liability company membership interest (the "Contributed
Interest") in The New York Mortgage Company, LLC, a New York limited liability
company, for good and valuable consideration paid to the Contributor by New York
Mortgage Trust, Inc., a Maryland corporation ("Assignee"), pursuant to the
Contribution Agreement dated as of December 22, 2003, by and between the
Contributors (as defined in such Contribution Agreement) and Assignee (the
"Agreement") and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, does hereby contribute, assign,
transfer, convey and deliver to the Assignee good and indefeasible title to the
Contributed Interest, free and clear of all liens, encumbrances, security
interests, prior assignments, conditions, restrictions, claims, and other
matters affecting title thereto.

                  Capitalized terms used but not defined herein shall have the
respective meanings ascribed to them in the Agreement.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Contribution and Assignment to be signed by a duly authorized officer this 22nd
day of December, 2004.

                                  CONTRIBUTOR

                                  By: /s/ Joseph V. Fierro
                                    _______________________________________
                                  Name:  Joseph V. Fierro
                                  Title: Member of The New York
                                         Mortgage Company, LLC

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