NEW YORK MORTGAG(NYMTZ) - 2024 Q4 - Annual Report

Real Estate Investments - As of December 31, 2024, the company owned 526 single-family rental properties, primarily located in Illinois and Maryland[30]. - The company has reduced exposure in its multi-family investments to $19.5 million over two properties after disposing of investments in 15 multi-family properties, generating net gains of approximately$16.0 million[41]. - The company anticipates allocating less capital to multi-family investments going forward, focusing on preferred equity investments and mezzanine loans[32]. - The company has entered into a joint venture owning 10 multi-family properties, holding approximately 27% common equity interest and $139.4 million in preferred equity interests as of December 31, 2024[40]. - The company may consolidate certain multi-family joint venture equity investments and preferred equity investments into its consolidated financial statements in accordance with GAAP[52]. Financial Performance - As of December 31, 2024, the company had approximately$9.2 billion in total assets, an increase from approximately $7.4 billion as of December 31, 2023[384]. - The company's acquired residential loans totaled$3.84 billion as of December 31, 2024, compared to $3.08 billion as of December 31, 2023, reflecting a growth of 24.6$14.1 million for the year ended December 31, 2024, despite a decrease in cash and cash equivalents by $1.6 million[449]. - Net cash flows used in investing activities totaled$2.2 billion, primarily due to purchases of investment securities and residential loans[450]. Leverage and Debt Management - The company's maximum leverage ratios are set at 15:1 for liquid Agency securities, between 4:1 and 6:1 for illiquid assets, and 8:1 for residential loans, with a target total debt leverage ratio not exceeding 4:1[46]. - As of December 31, 2024, the company's recourse leverage ratio was approximately 3.0 to 1, and the portfolio recourse leverage ratio was approximately 2.9 to 1[48]. - The company employs leverage through repurchase agreements, with terms ranging from 30 days to 24 months, linked to the Secured Overnight Funding Rate (SOFR)[49]. - The company maintains a portfolio recourse leverage ratio of 2.9x as of December 31, 2024, with 62% of its debt subject to mark-to-market margin calls[444]. - The company had $3.5 billion outstanding under repurchase agreements, with a weighted average interest rate of 4.84$1.39 billion from $1.58 billion in 2023, with an accumulated deficit of$1.43 billion[442]. - During the year ended December 31, 2024, the company repurchased 587,347 shares of common stock for approximately $3.5 million, averaging$5.95 per share[468]. - As of December 31, 2024, $97.6 million remained available for the repurchase of shares of preferred stock under the approved program[467]. - The company intends to make distributions to stockholders to maintain REIT status and minimize corporate income tax obligations[471]. Risk Management - The company utilizes interest rate swaps to hedge variable cash flows associated with its variable-rate borrowings[56]. - The company may utilize model-based risk analysis to project asset price and cash flow sensitivities over various interest rates and market scenarios[59]. - The company has obligations to purchase ownership interests from third-party investors in a joint venture, subject to certain conditions[476]. Workforce and Diversity - As of December 31, 2024, the company had 70 full-time employees across its offices in New York, Charlotte, and Woodland Hills[62]. - Women comprised 29$5.67 billion, with an amortized cost of $4.08 billion, resulting in unrealized losses of$130.1 million[402]. - The total fair value of Agency RMBS was $3.14 billion, with total unrealized losses of$39.08 million[402]. - The total fair value of Non-Agency RMBS was $69.69 million, with total unrealized losses of$2.61 million[402]. Future Outlook - The company plans to continue opportunistically disposing of assets to pursue investments in the residential housing sector, focusing on acquiring assets with less price sensitivity to credit deterioration[445]. - The company expects to roll outstanding amounts under its repurchase agreements into new agreements or repay them prior to or at maturity[406].