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NEW YORK MTG(NYMTL) - 2024 Q3 - Quarterly Results
NYMTLNEW YORK MTG(NYMTL)2024-10-30 20:15

Financial Performance - Net income attributable to common stockholders for Q3 2024 was 32,410,000,resultinginearningspershareof32,410,000, resulting in earnings per share of 0.36[3] - Net income attributable to the company for the three months ended September 30, 2024, was 42,849,000,aturnaroundfromalossof42,849,000, a turnaround from a loss of (84,509,000) in the same period of 2023[26] - The company reported a net loss attributable to common stockholders of (61,957,000)fortheninemonthsendedSeptember30,2024,comparedto(61,957,000) for the nine months ended September 30, 2024, compared to (121,500,000) for the same period in 2023, showing improvement[26] - Basic earnings per common share for the three months ended September 30, 2024, was 0.36,comparedtoalossof0.36, compared to a loss of (1.04) in the same period of 2023[26] Income and Expenses - Total Adjusted Net Interest Income increased by 39% year-over-year to 29millioninQ32024[8]−ForthethreemonthsendedSeptember30,2024,netinterestincomeincreasedto29 million in Q3 2024[8] - For the three months ended September 30, 2024, net interest income increased to 20,237,000 from 16,789,000inthesameperiodof2023,representingagrowthof8.716,789,000 in the same period of 2023, representing a growth of 8.7%[26] - Total general, administrative, and operating expenses for the three months ended September 30, 2024, were 22,826,000, an increase from 16,987,000inthesameperiodof2023[26]−Thecompany′sGAAPinterestexpenseforthethreemonthsendedSeptember30,2024,was16,987,000 in the same period of 2023[26] - The company's GAAP interest expense for the three months ended September 30, 2024, was 88,124, which included 7,375relatedtoConsolidatedSLSTCDOs[34]AssetsandLiabilities−Totalassetsincreasedto7,375 related to Consolidated SLST CDOs[34] Assets and Liabilities - Total assets increased to 8,905,914 thousand as of September 30, 2024, up from 7,401,328thousandatDecember31,2023,representingagrowthofapproximately20.37,401,328 thousand at December 31, 2023, representing a growth of approximately 20.3%[24] - Total liabilities grew to 7,433,952 thousand as of September 30, 2024, compared to 5,773,202thousandatDecember31,2023,anincreaseofaround295,773,202 thousand at December 31, 2023, an increase of around 29%[24] - The company reported a total of 4,051,406 thousand in assets and 3,517,298thousandinliabilitiesfromconsolidatedvariableinterestentities(VIEs)asofSeptember30,2024[24]−ThetotalliabilitiesasofSeptember30,2024are3,517,298 thousand in liabilities from consolidated variable interest entities (VIEs) as of September 30, 2024[24] - The total liabilities as of September 30, 2024 are 685,107,000, which includes 492,321,000inmortgagespayableonrealestate[48]EquityandBookValue−Bookvaluepercommonshareattheendoftheperiodwas492,321,000 in mortgages payable on real estate[48] Equity and Book Value - Book value per common share at the end of the period was 9.83, with an adjusted book value of 10.87[3]−TheadjustedbookvaluepercommonshareasofSeptember30,2024,was10.87[3] - The adjusted book value per common share as of September 30, 2024, was 10.87, compared to 12.93asofSeptember30,2023[28]−Thecompany′saccumulateddeficitwidenedto12.93 as of September 30, 2023[28] - The company's accumulated deficit widened to (1,371,073) thousand as of September 30, 2024, compared to (1,253,817)thousandattheendof2023[24]−Stockholders′equitydecreasedto(1,253,817) thousand at the end of 2023[24] - Stockholders' equity decreased to 1,450,136 thousand from 1,600,065thousand,adeclineofabout9.41,600,065 thousand, a decline of about 9.4%[24] Investments and Securitization - The company completed a securitization of business purpose loans, generating approximately 235.8 million in net proceeds[7] - A joint venture sold a multi-family apartment community for approximately 56.4million,resultinginanetgainofabout56.4 million, resulting in a net gain of about 8.7 million[4] - The company owns joint venture equity investments in multi-family properties, consolidating all but two of these entities[45] - The Company is repositioning its business by classifying certain joint venture equity investments as held for sale as of September 30, 2024[46] Interest Rates and Yields - The yield on average interest earning assets was reported at 6.69% for the quarter[3] - The yield on average interest-earning assets for the three months ended September 30, 2024, was 6.69%, up from 6.03% in the same period of 2023[28] - The average financing cost for the period was calculated at 66,297,leadingtoanetinterestspreadofapproximately31.566,297, leading to a net interest spread of approximately 31.5%[34] - The net interest benefit of interest rate swaps contributed 8,453 to adjusted interest income for the three months ended September 30, 2024[34] Cash and Cash Equivalents - The company’s cash and cash equivalents increased to 195,066thousandfrom195,066 thousand from 187,107 thousand, a growth of approximately 4.9%[24]