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New York Mortgage Trust Reports First Quarter 2025 Results
NYMTNew York Mortgage Trust(NYMT) GlobeNewswire·2025-04-30 20:05

Core Insights - New York Mortgage Trust, Inc. reported a net income of 30.285millionforthefirstquarterof2025,translatingtoabasicearningspershareof30.285 million for the first quarter of 2025, translating to a basic earnings per share of 0.33, a significant recovery from a net loss of 68.34millioninthesameperiodofthepreviousyear[2][37][41]−Thecompanyachievedaneconomicreturnonbookvalueof3.1368.34 million in the same period of the previous year [2][37][41] - The company achieved an economic return on book value of 3.13% and an economic return on adjusted book value of 2.71% for the quarter [2][4] - The company completed the issuance of 82.5 million in senior notes, raising approximately 79.3millioninnetproceeds,whichwillsupportitsinvestmentactivities[6]FinancialPerformance−Interestincomeforthequarterwasreportedat79.3 million in net proceeds, which will support its investment activities [6] Financial Performance - Interest income for the quarter was reported at 129.734 million, up from 83.892millionyear−over−year,whileinterestexpenseincreasedto83.892 million year-over-year, while interest expense increased to 96.636 million from 66.029million[37][41]−Thenetinterestincomeforthequarterwas66.029 million [37][41] - The net interest income for the quarter was 33.098 million, compared to 17.863millioninthesamequarterofthepreviousyear[37][41]−Theyieldonaverageinterest−earningassetswas6.4717.863 million in the same quarter of the previous year [37][41] - The yield on average interest-earning assets was 6.47%, with a net interest spread of 1.32% [2][23] Investment Activities - The company purchased approximately 1.5 billion in Agency RMBS with an average coupon of 5.35% and 396.8millioninresidentialloanswithanaveragegrosscouponof9.33396.8 million in residential loans with an average gross coupon of 9.33% [7] - Two securitizations of residential loans were completed, resulting in net proceeds of approximately 326.3 million [8] - The company repurchased 231,200 shares of its common stock for a total cost of approximately 1.5million,averaging1.5 million, averaging 6.50 per share [9] Capital Allocation - As of March 31, 2025, the total investment portfolio carrying value was 8.270581billion,withsignificantallocationsinresidentialloansandinvestmentsecurities[11]−Thecompanyreportedtotalassetsof8.270581 billion, with significant allocations in residential loans and investment securities [11] - The company reported total assets of 10.004055 billion, an increase from $9.217282 billion at the end of the previous year [35] Management Commentary - The CEO highlighted that the increased investment activity in the first quarter was a response to more attractive market conditions, leading to a substantial boost in earnings [10] - The management believes that the strengthened balance sheet will provide flexibility to capitalize on market dislocations and further grow earnings throughout the year [11]