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NEW YORK MORTGAG(NYMTZ) - 2025 Q1 - Quarterly Results
NYMTZNEW YORK MORTGAG(NYMTZ)2025-04-30 20:13

Financial Performance - Net income attributable to common stockholders for Q1 2025 was 30,285,000,withearningspershareof30,285,000, with earnings per share of 0.33[3] - The company reported a net income attributable to common stockholders of 30,285thousandforthethreemonthsendedMarch31,2025,comparedtoanetlossof30,285 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 42.155million,asignificantrecoveryfromanetlossof42.155 million, a significant recovery from a net loss of 31.389 million in the previous quarter[30] - GAAP net income attributable to common stockholders for Q1 2025 was 30.285million,comparedtoalossof30.285 million, compared to a loss of 41.828 million in Q4 2024[44] Interest Income and Expenses - Interest income for the quarter was 129,734,000,whileinterestexpensetotaled129,734,000, while interest expense totaled 96,636,000, resulting in net interest income of 33,098,000[3]−Interestincomeroseto33,098,000[3] - Interest income rose to 129,734 thousand for the three months ended March 31, 2025, compared to 83,892thousandintheprioryear,markinganincreaseof54.783,892 thousand in the prior year, marking an increase of 54.7%[28] - Interest income for the three months ended March 31, 2025, was 129.734 million, an increase from 118.253millioninthepreviousquarter[30]−Thenetinterestbenefitfrominterestrateswapswas118.253 million in the previous quarter[30] - The net interest benefit from interest rate swaps was 5,840 in Q4 2024, compared to 8,453inQ32024,indicatingadecreaseofapproximately30.58,453 in Q3 2024, indicating a decrease of approximately 30.5%[37] Net Interest Income - Net interest income for the three months ended March 31, 2025, was 33,098 thousand, compared to 17,863thousandforthesameperiodin2024,reflectinganincreaseof85.117,863 thousand for the same period in 2024, reflecting an increase of 85.1%[28] - Total net interest income rose to 33.098 million, compared to 26.711millioninthepriorquarter,reflectingagrowthofapproximately24.526.711 million in the prior quarter, reflecting a growth of approximately 24.5%[30] - Adjusted net interest income for the three months ended March 31, 2025, was 36.210 million, up from 33.098millioninthepreviousquarter[36]−GAAPtotalnetinterestincomeforQ42024was33.098 million in the previous quarter[36] - GAAP total net interest income for Q4 2024 was 26,711, a decrease from 20,237inQ32024,reflectingadeclineofapproximately19.520,237 in Q3 2024, reflecting a decline of approximately 19.5%[37] Asset and Liability Management - Total assets increased to 10,004,055 thousand as of March 31, 2025, up from 9,217,282thousandasofDecember31,2024,representinganincreaseofapproximately8.59,217,282 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 7,806,148thousandasofDecember31,2024,anincreaseofapproximately9.97,806,148 thousand as of December 31, 2024, an increase of approximately 9.9%[26] - The total investment portfolio carrying value was 8,270,581,000 as of March 31, 2025[11] - The company reported a Company Recourse Leverage Ratio of 3.4x and a Portfolio Recourse Leverage Ratio of 3.2x[12] Shareholder Returns and Dividends - The adjusted book value per common share at the end of the period was 10.43,withaneconomicreturnonadjustedbookvalueof2.7110.43, with an economic return on adjusted book value of 2.71%[3] - The company repurchased 231,200 shares of common stock for a total cost of approximately 1.5 million, averaging 6.50pershare[7]−Dividendsdeclaredpercommonshareremainedstableat6.50 per share[7] - Dividends declared per common share remained stable at 0.20, consistent with the previous quarter[30] - Preferred stock dividends amounted to 11,870thousandforthethreemonthsendedMarch31,2025,comparedto11,870 thousand for the three months ended March 31, 2025, compared to 10,439 thousand for the same period in 2024[28] Strategic Initiatives - The company completed the issuance of 82.5millioninSeniorNotesdue2030,withnetproceedsofapproximately82.5 million in Senior Notes due 2030, with net proceeds of approximately 79.3 million[8] - Two securitizations of residential loans generated approximately 326.3millioninnetproceedsafterexpenses[8]−ThestrategicrepositioningincludedtheacquisitionofassetssuchasAgencyRMBSandbusinesspurposeloans,aimedatexpandinginterestincomelevels[40]−Thecompanyisrepositioningitsbusinessbyopportunisticallydisposingofjointventureequityinvestmentsinmulti−familyproperties[52]UnrealizedGainsandLosses−Thecompanyreportedunrealizedgainsof326.3 million in net proceeds after expenses[8] - The strategic repositioning included the acquisition of assets such as Agency RMBS and business purpose loans, aimed at expanding interest income levels[40] - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[52] 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)thousandinthesameperiodof2024[28]−Thecompanyrecordedunrealizedgains(losses)of(39,390) thousand in the same period of 2024[28] - The company recorded unrealized gains (losses) of (118.203) million in Q1 2025, compared to 131.576millioninQ42024[44]OtherFinancialMetrics−Theyieldonaverageinterestearningassetswas6.47131.576 million in Q4 2024[44] Other Financial Metrics - The yield on average interest earning assets was 6.47%, with a net interest spread of 1.32%[3] - The yield on average interest-earning assets was 6.47%, slightly down from 6.57% in the previous quarter[30] - The net interest spread decreased to 1.32%, compared to 1.37% in the prior quarter[30] - The cumulative depreciation expense on real estate was 22.989 million for Q1 2025, compared to $20.837 million for Q4 2024[50]