Financial Performance - Net income attributable to common stockholders was $0.33 per share for the first quarter of 2025[247]. - Earnings available for distribution was $0.20 per share for the first quarter of 2025, indicating continued momentum in portfolio growth and income generation[247]. - Net income attributable to the Company's common stockholders for Q1 2025 was $30,285,000, with a basic earnings per share of $0.33[269]. - The Company reported a net income attributable to common stockholders of $30.285 million for the three months ended March 31, 2025, compared to a loss of $68.340 million in 2024, an improvement of $98.625 million[282]. - Basic earnings per common share improved to $0.33 in 2025 from a loss of $0.75 in 2024, reflecting a change of $1.08[282]. - Economic return on book value for Q1 2025 was 3.13%, while the economic return on adjusted book value was 2.71%[269]. Investment Portfolio - The total investment portfolio reached $8.26 billion as of March 31, 2025, after accounting for acquisitions and repayments[242]. - The fair value of residential loans increased to $2.95 billion as of March 31, 2025, from $2.88 billion at the end of 2024[242]. - Agency RMBS holdings grew to $4.56 billion as of March 31, 2025, up from $3.14 billion at the end of 2024[242]. - The Company allocated $3,913,268,000 to residential loans and $4,646,812,000 to investment securities available for sale as of March 31, 2025[276]. - The total fair value of residential loan securitizations increased to $1.554 billion as of March 31, 2025, compared to $1.253 billion on December 31, 2024, representing a growth of approximately 24%[348]. - The investment securities portfolio's fair value increased to $4.794 billion as of March 31, 2025, from $3.977 billion on December 31, 2024, marking an increase of approximately 20.5%[350]. Interest Income and Expenses - Interest income increased by 55% and adjusted interest income increased by more than 57% for the first quarter of 2025 compared to the same period in 2024[247]. - Interest income for the same period was $129,734,000, while interest expense was $96,636,000, resulting in a net interest income of $33,098,000[269]. - The yield on average interest-earning assets was 6.47%, and the net interest spread was 1.32%[269]. - Adjusted interest income for the three months ended March 31, 2025, increased by approximately $44.7 million to $122.770 million compared to $78.091 million in the same period of 2024[313]. - Adjusted interest expense rose by approximately $34.7 million to $86.560 million for the three months ended March 31, 2025, compared to $51.896 million in 2024[314]. - Adjusted net interest income for the three months ended March 31, 2025, was $36.210 million, up from $26.195 million in 2024, reflecting a year-over-year increase of 38.3%[315]. Asset Acquisition and Disposition - The company acquired approximately $4.1 billion of assets during the year ending December 31, 2024, and an additional $1.9 billion during the three months ended March 31, 2025[246][247]. - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[243]. - The company expects to continue opportunistically disposing of assets from its multi-family portfolio while focusing on investments in the residential housing sector[251]. - The company has maintained its qualification as a REIT and intends to continue compliance with the Internal Revenue Code provisions[245]. Economic and Market Conditions - The U.S. GDP contracted by 0.3% in the first quarter of 2025, marking the first quarter of contraction since Q1 2022, compared to a 2.4% growth in Q4 2024[255]. - The unemployment rate in the U.S. was 4.2% at the end of March 2025, slightly up from 4.1% at the end of December 2024, with 7.1 million unemployed persons[256]. - Effective rents for professionally managed apartments grew 1.1% for the twelve months ended March 2025, but there were significant regional disparities in rent growth[260]. - Investment grade credit spreads widened by 15 basis points and high-yield spreads by 63 basis points during the first quarter of 2025[261]. Debt and Financing - The Company completed the issuance of $82.5 million in aggregate principal amount of 9.125% Senior Notes due 2030, with net proceeds of approximately $79.3 million[272]. - The Company had $4.1 billion outstanding under repurchase agreements as of March 31, 2025, with a weighted average interest rate of 4.49%[354][355]. - The company had commitments to fund up to $184.8 million of additional advances on existing business purpose loans as of March 31, 2025[424]. - The common stock repurchase program had $189.7 million remaining available as of March 31, 2025, and it also expires on March 31, 2026[419]. Joint Ventures and Equity Investments - The Company’s net equity in consolidated joint venture equity investments totaled $155.9 million as of March 31, 2025, compared to $153.7 million on December 31, 2024[368]. - The net joint venture equity investments in consolidated multi-family properties not in disposal group held for sale totaled $136.0 million as of March 31, 2025[373]. - The company recognized no joint venture equity investments reclassified from disposal group held for sale in Q1 2025, compared to a loss of $14,636,000 in Q1 2024[294]. Risk Management - The company utilizes interest rate caps and swaps to manage interest rate risk in its portfolio[431]. - Changes in interest rates could impact adjusted net interest income significantly, with a +200 basis point change resulting in a decrease of $90,470 thousand[433]. - The company may be required to enter into interest rate cap contracts as part of its financing arrangements[416].

Core Insights - Noor Darwish, a former management consultant at BCG, focuses on investing in companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned to other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment strategy includes focusing on substantial discounts to net asset value and liquidation value, alongside crypto investments [1] - The successful rotation into crypto and subsequent sales highlight a strategy that capitalizes on market volatility and growth potential in the crypto sector [1] - The move to Puerto Rico is a strategic decision to maximize tax efficiency on capital gains, particularly in anticipation of future gains from crypto investments [1] Job Application Service - Noor operates OverApply, a job application service that allows clients to outsource their job search, resulting in over 300,000 job applications, 4,000 interviews, and 500 job offers [1]

Financial Data and Key Metrics Changes - The recurring earnings in Q1 2025 increased to a level consistent with the company's dividend of $0.20 per share, reflecting a strategic portfolio restructuring initiated two years ago [6][7] - Earnings Available for Distribution (EAD) per share rose to $0.20 in Q1 2025 from $0.16 in Q4 2024, while quarterly EPS contribution from adjusted net interest income increased to $0.40 per share, up from $0.36 in the prior quarter [12][13] - GAAP book value and adjusted book value per share increased to $9.37 and $10.43 respectively, representing a 1% increase compared to the end of 2024 [17] Business Line Data and Key Metrics Changes - Agency RMBS investments now account for over 50% of company assets, with approximately $1.5 billion of Agency RMBS purchased in Q1 2025, nearly four times more than the previous quarter [11][18] - In the residential credit sector, $397 million of whole loans were purchased, with a focus on bridge loans and rental loans [19][20] - The portfolio recourse leverage ratio decreased to 0.5 times from 1.1 times, reflecting successful securitizations in the residential loan sector [10][17] Market Data and Key Metrics Changes - The market experienced spread widening in Agency RMBS and residential credit, with current coupon agency spreads widening from 135 basis points to 143 basis points [22] - As of April 2025, adjusted book value is estimated to be down approximately 1.5% [38] Company Strategy and Development Direction - The company aims to maintain a strong focus on Agency RMBS while also exploring opportunities in residential credit, particularly BPL rental loans [21][41] - The strategic shift towards more liquid agency RMBS is intended to enhance flexibility in capital allocation depending on market conditions [21][22] - The company has reduced its JV equity exposure to less than 1% of the overall portfolio, indicating a shift in investment strategy [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for additional revenue generation through service fee income and highlighted the importance of operational efficiencies in supporting dividend coverage [8][12] - The company anticipates continued market volatility but is prepared to deploy liquidity into attractive investment opportunities as they arise [21][22] - Management does not foresee significant impacts from potential GSE reforms in the near to medium term [33][34] Other Important Information - The company recognized net unrealized gains of $118.2 million during the quarter, primarily from higher valuations in the agency RMBS portfolio [14] - General and administrative expenses increased slightly due to non-recurring employee severance costs related to restructuring initiatives [16] Q&A Session Summary Question: Impact of FHFA and GSEs changes on business - Management discussed potential GSE reforms, indicating that it could lead to higher mortgage rates and liquidity issues, but does not expect significant changes in the near term [33][34] Question: Update on book value performance in Q2 - As of April 2025, adjusted book value is estimated to be down approximately 1.5% [38] Question: Capital allocation strategy amidst market volatility - Management confirmed a continued focus on Agency RMBS and BPL, with a preference for BPL rental over BPL bridge loans [40][41] Question: Timing surrounding mezzanine and multifamily investments - The 10% payoff rate mentioned was year-to-date as of early April, with expectations for continued resolutions in the multifamily mezzanine portfolio [44] Question: Future capital allocation preferences - Management expressed a preference for Agency RMBS in the near term but acknowledged the potential for shifts depending on market conditions [46]

分组1 - New York Mortgage Trust (NYMT) reported quarterly earnings of $0.20 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, compared to a loss of $0.30 per share a year ago, representing an earnings surprise of 100% [1] - The company posted revenues of $33.1 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.68%, and compared to year-ago revenues of $17.86 million [2] - Over the last four quarters, New York Mortgage Trust has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] 分组2 - The stock's immediate price movement will depend on management's commentary on the earnings call and future earnings expectations [3] - New York Mortgage Trust shares have lost about 3.1% since the beginning of the year, while the S&P 500 has declined by 5.5% [3] - The current consensus EPS estimate for the coming quarter is $0.13 on $33.06 million in revenues, and $0.49 on $135.96 million in revenues for the current fiscal year [7] 分组3 - The estimate revisions trend for New York Mortgage Trust is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The REIT and Equity Trust industry is currently in the bottom 43% of the Zacks industries, which may impact stock performance [8] - Ready Capital, another stock in the same industry, is expected to report quarterly earnings of $0.12 per share, representing a year-over-year change of -58.6% [9]

New York Mortgage Trust, Inc. 2025 First Quarter Financial Summary These and other risks, uncertainties and factors, including the risk factors and other information described in our most recent Annual Report on Form 10-K, as updated and supplemented from time to time, and our subsequent Quarterly Reports on Form 10-Q and other information that we file from time to time with the U.S. Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), could ...

Financial Performance - Net income attributable to common stockholders for Q1 2025 was $30,285,000, with earnings per share of $0.33[3] - The company reported a net income attributable to common stockholders of $30,285 thousand for the three months ended March 31, 2025, compared to a net loss of $68,340 thousand for the same period in 2024[28] - Net income attributable to the Company was $42.155 million, compared to a net loss of $31.389 million in the previous quarter[30] - GAAP net income attributable to common stockholders for Q1 2025 was $30.285 million, compared to a loss of $41.828 million in Q4 2024[44] - Earnings available for distribution (EAD) attributable to common stockholders for Q1 2025 was $18.194 million, up from $14.178 million in Q4 2024[44] Interest Income and Expenses - Interest income for the quarter was $129,734,000, while interest expense totaled $96,636,000, resulting in net interest income of $33,098,000[3] - Interest income rose to $129,734 thousand for the three months ended March 31, 2025, compared to $83,892 thousand for the same period in 2024, marking an increase of 54.7%[28] - Interest income for the three months ended March 31, 2025, was $129.734 million, an increase of 9.9% from $118.253 million in the previous quarter[30] - Total net interest income rose to $33.098 million, up 24% from $26.711 million in the previous quarter[30] - The net interest benefit of interest rate swaps contributed $5,840 to adjusted net interest income for December 31, 2024[37] Investment Activities - The company purchased approximately $1.5 billion of Agency RMBS with an average coupon of 5.35% and $396.8 million in residential loans with an average gross coupon of 9.33%[5] - Two securitizations of residential loans generated approximately $326.3 million in net proceeds after expenses[8] - The total investment portfolio carrying value was $8,270,581,000 as of March 31, 2025[11] Assets and Liabilities - Total assets increased to $10,004,055 thousand as of March 31, 2025, up from $9,217,282 thousand as of December 31, 2024, representing an increase of approximately 8.5%[26] - Total liabilities increased to $8,585,743 thousand as of March 31, 2025, from $7,806,148 thousand as of December 31, 2024, an increase of approximately 9.9%[26] - The company reported net equity investments in consolidated multi-family properties of $154.2 million and $19.9 million in disposal group held for sale as of March 31, 2025[54] Shareholder Actions - The company repurchased 231,200 shares of common stock for a total cost of approximately $1.5 million, averaging $6.50 per share[7] - The weighted average shares outstanding-basic decreased to 90,583 thousand for the three months ended March 31, 2025, from 91,117 thousand for the same period in 2024[28] - Weighted average shares outstanding for Q1 2025 were 90.583 million, slightly up from 90.579 million in Q4 2024[44] Book Value and Returns - The adjusted book value per common share at the end of the period was $10.43, with an economic return on adjusted book value of 2.71%[3] - Adjusted book value per common share as of March 31, 2025, was $10.43, compared to $10.35 as of December 31, 2024[50] - Book value per common share increased to $9.37, up from $9.28 in the previous quarter[30] Unrealized Gains and Losses - The company reported unrealized gains of $118,203 thousand for the three months ended March 31, 2025, compared to unrealized losses of $(39,390) thousand for the same period in 2024[28] - The company recorded unrealized gains (losses) of $(118.203) million in Q1 2025, compared to $131.576 million in Q4 2024[44] Strategic Repositioning - The strategic repositioning included the acquisition of Agency RMBS and business purpose loans to expand interest income levels[40] - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[52] - The company has classified certain joint venture equity investments as held for sale as of March 31, 2025[52] Earnings Available for Distribution - Earnings Available for Distribution (EAD) will replace undepreciated earnings as a non-GAAP financial measure starting from March 31, 2025[39] - EAD is defined as GAAP net income excluding various non-recurring and non-cash items, providing a clearer indication of the company's income-generating capacity[41] - The Board of Directors considers EAD among other factors when determining dividends on common stock, but it does not guarantee dividend payments[43]

Core Insights - New York Mortgage Trust, Inc. reported a net income of $30.285 million for the first quarter of 2025, translating to a basic earnings per share of $0.33, a significant recovery from a net loss of $68.34 million in the same period of the previous year [2][37][41] - The company achieved an economic return on book value of 3.13% and an economic return on adjusted book value of 2.71% for the quarter [2][4] - The company completed the issuance of $82.5 million in senior notes, raising approximately $79.3 million in net proceeds, which will support its investment activities [6] Financial Performance - Interest income for the quarter was reported at $129.734 million, up from $83.892 million year-over-year, while interest expense increased to $96.636 million from $66.029 million [37][41] - The net interest income for the quarter was $33.098 million, compared to $17.863 million in the same quarter of the previous year [37][41] - The yield on average interest-earning assets was 6.47%, with a net interest spread of 1.32% [2][23] Investment Activities - The company purchased approximately $1.5 billion in Agency RMBS with an average coupon of 5.35% and $396.8 million in residential loans with an average gross coupon of 9.33% [7] - Two securitizations of residential loans were completed, resulting in net proceeds of approximately $326.3 million [8] - The company repurchased 231,200 shares of its common stock for a total cost of approximately $1.5 million, averaging $6.50 per share [9] Capital Allocation - As of March 31, 2025, the total investment portfolio carrying value was $8.270581 billion, with significant allocations in residential loans and investment securities [11] - The company reported total assets of $10.004055 billion, an increase from $9.217282 billion at the end of the previous year [35] Management Commentary - The CEO highlighted that the increased investment activity in the first quarter was a response to more attractive market conditions, leading to a substantial boost in earnings [10] - The management believes that the strengthened balance sheet will provide flexibility to capitalize on market dislocations and further grow earnings throughout the year [11]

Core Viewpoint - New York Mortgage Trust, Inc. is set to report its financial results for Q1 2025 on April 30, 2025, followed by a conference call on May 1, 2025 [1] Company Information - New York Mortgage Trust, Inc. is a Maryland corporation that operates as a real estate investment trust (REIT) for federal income tax purposes [3] - The company focuses on acquiring, investing in, financing, and managing primarily mortgage-related single-family and multi-family residential assets [3]

Group 1 - New York Mortgage Trust (NYMT) has experienced significant selling pressure, resulting in a 15.7% decline over the past four weeks, but it is now considered to be in oversold territory with potential for recovery [1] - The Relative Strength Index (RSI) for NYMT is currently at 27.29, indicating that the heavy selling may be exhausting itself, suggesting a possible bounce back towards equilibrium [5] - Analysts have raised earnings estimates for NYMT by 0.7% over the last 30 days, which typically correlates with price appreciation in the near term [7] Group 2 - NYMT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [8]

Company Overview - New York Mortgage Trust (NYMT) shares increased by 5.2% to close at $5.66, following a significant trading volume compared to normal sessions, despite a 19.2% loss over the past four weeks [1] - The company is expected to report quarterly earnings of $0.11 per share, reflecting a year-over-year increase of 136.7%, with revenues projected at $22.91 million, up 28.3% from the previous year [3] Market Context - The surge in NYMT's stock price is attributed to a broader market rally, driven by optimism from Trump's announcement on April 9, 2025, regarding a 90-day pause on reciprocal tariffs for most trading partners, excluding China [2] - The tariff pause is expected to alleviate cost pressures, improving margins and profitability for mREIT stocks, thereby boosting investor confidence in NYMT [2] Earnings Estimates - The consensus EPS estimate for NYMT has been revised 3.9% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] - NYMT currently holds a Zacks Rank of 2 (Buy), suggesting favorable market sentiment towards the stock [4] Industry Comparison - In the same REIT and Equity Trust industry, BrightSpire (BRSP) also saw a 4.4% increase in its stock price, closing at $4.74, although it has experienced a -22.5% return over the past month [4]