NEW YORK MTG(NYMTL) - 2023 Q4 - Annual Report

Financial Assets and Investments - As of December 31, 2023, the company owned $181.6 million of non-Agency RMBS, which are collateralized by residential credit assets[29] - The company owned 524 single-family rental properties, primarily located in Illinois and Maryland, as of December 31, 2023[30] - The company focuses on middle market multi-family apartment communities with approximately 150 to 600 units located in secondary and tertiary markets[31] - The company has a joint venture that owns 13 multi-family properties in seven states, with an approximate 24$1.3 billion as of December 31, 2023[447] - The Company’s recourse leverage ratio was approximately 1.6 to 1 as of December 31, 2023, excluding non-recourse financing[449] Cash Flow and Liquidity - The company had $171.5 million in available cash and cash equivalents as of December 31, 2023, indicating a strong liquidity position[433] - During the year ended December 31, 2023, the company generated net cash flows from operating activities of$30.0 million[437] - The net cash flows used in investing activities for the year ended December 31, 2023, were $1.2 billion, primarily due to purchases of investment securities and residential loans[438] - As of December 31, 2023, the net cash flows provided by financing activities were$1.1 billion, primarily from repurchase agreements related to investment securities and residential loans[441] - The Company had $171.5 million in cash and cash equivalents and$170.6 million in unencumbered investment securities available for margin requirements[444] Regulatory and Compliance - The company is subject to various regulatory requirements, including maintaining REIT qualification by distributing at least 90% of its ordinary taxable income to stockholders[67] - The company’s ability to maintain its qualification as a REIT for federal tax purposes is a critical factor for future distributions to stockholders[77] - The company intends to make distributions to stockholders to maintain REIT status and minimize corporate income tax obligations[458] Joint Ventures and Equity Investments - The company may consolidate certain joint venture equity investments into its financial statements, which could impact its balance sheets and equity investments[51] - The total assets of the consolidated joint venture equity investments amounted to $1.46 billion as of December 31, 2023, down from$1.73 billion in 2022, indicating a 15.7% decrease[413] - The net equity investment in consolidated joint ventures and disposal group held for sale was $236.3 million in 2023, compared to$388.8 million in 2022, representing a 39.1% decline[413] - The company has joint venture equity investments in multi-family properties totaling $199.5 million as of December 31, 2023, which do not meet the criteria to be classified as held for sale[414] Risk Management - The company utilizes interest rate swaps to hedge variable cash flows associated with its variable-rate borrowings, which helps offset repricing characteristics and cash flows of its financing arrangements[55] - The company employs a hedging strategy that includes derivative instruments such as interest rate swaps and options to manage market value risk[53] - The company faces competition from various financial institutions and investors, which may affect the acquisition of residential mortgage assets and result in higher prices and lower yields[59] Employee and Workforce - As of December 31, 2023, the company had 79 full-time employees across its offices in New York, Charlotte, and Woodland Hills, with no temporary or seasonal employees expected in the future[61] - The company is committed to maintaining a diverse workforce, with women comprising 30$7.4 billion in total assets, an increase from $6.2 billion in 2022[380] - The company's total residential loans amounted to$3.08 billion as of December 31, 2023, down from $3.53 billion in 2022, reflecting a decrease of approximately 12.6$2.01 billion as of December 31, 2023, compared to $99.56 million in the previous year[398] - The company's stockholders' equity decreased to$1.580 billion as of December 31, 2023, from $1.767 billion in 2022[429] Shareholder Actions - The Company repurchased 937,850 shares of common stock for approximately$8.6 million during the year ended December 31, 2023, with $193.2 million remaining available for repurchase[455] - The Company repurchased preferred stock for a total cost of approximately$2.4 million during the year ended December 31, 2023, with $97.6 million remaining available for repurchase[454]