New York Mortgage Trust(NYMT) - 2025 Q1 - Quarterly Report

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$4.794 billion as of March 31, 2025, from $3.977 billion on December 31, 2024, marking an increase of approximately 20.5$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$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$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].