Financial Data and Key Metrics Changes - The company reported an undepreciated loss per share of $0.44 in Q4, compared to an undepreciated earnings per share of $0.39 in Q3 [19] - Adjusted net interest income EPS contribution increased to $0.36 per share in Q4, up from $0.32 in Q3 and $0.26 a year ago, representing a 12.5% increase quarter-over-quarter and a 38% increase year-over-year [19] - GAAP book value decreased by 5.6% during the quarter, while adjusted book value per share ended at $10.35, down 4.8% from Q3 [24] Business Line Data and Key Metrics Changes - The portfolio grew by 44% year-over-year, driven by $4.1 billion in acquisitions, primarily in liquid agency bonds and higher spread bridge loans [10] - The company recognized net unrealized losses of $131.6 million due to lower asset prices, primarily in the agency RMBS portfolio and residential loan book [21] - The company disposed of five multifamily real estate assets, resulting in net gains of $4.9 million, which will reduce the negative earnings drag from these properties [22] Market Data and Key Metrics Changes - The agency RMBS portfolio is valued at $3.1 billion, representing 42% of the asset portfolio and 23% of net equity [31] - Current coupon mortgage spreads widened by six basis points to 135 basis points, with spreads peaking at 154 basis points before normalizing [32] - The bridge securitization market saw deal issuance grow from $3 billion in 2023 to $8 billion in 2024, indicating strong market momentum [35] Company Strategy and Development Direction - The company aims to focus on sustainable recurring income through strategic deployment of excess liquidity, with a goal to optimize returns in 2025 [10][14] - The strategy includes prioritizing positive carry profiles across low payout spec pools and expanding into BPO rental strategy [33][38] - The company plans to maintain a competitive current yield for shareholders with a consistent dividend of $0.20 per common share [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the market shows signs of resiliency with strong fundamentals, despite elevated mortgage rates keeping housing demand in check [9] - The company expects to see significant value upside to current market capitalization levels, especially considering a 13% plus dividend yield [16] - Management expressed optimism about the potential for increased portfolio flexibility and recurring earnings improvement in 2025 [14] Other Important Information - The company issued six securitizations in 2024 and began 2025 with a detailed bridge securitization [12] - The company has excess liquidity totaling $343 million at the end of the year, which will be strategically deployed [13] Q&A Session Summary Question: Normalized earnings and ROE outlook - Management indicated that growth in earnings for 2024 supports alignment with the current dividend, with adjusted interest income increasing significantly [46] Question: Excess liquidity characterization - Management stated that excess liquidity will be rotated into both the agency market and residential credit, aligning with the outlook for the US housing market [48] Question: G&A and portfolio expense outlook - Management anticipates opportunities for G&A cost reduction as capital deployment continues, with a run rate of $11 to $11.5 million per quarter expected [55][56] Question: Update on book value performance - Management noted that adjusted book value is up between 1% to 2% as of the first quarter [59] Question: Update on remaining multifamily assets - Management provided details on the four remaining JV equity assets, with two in Florida for sale and two in Texas showing improved occupancy rates [64][66] Question: Prepayment speeds outlook - Management expects robust prepayment speeds in the RPL portfolio, regardless of rate outlook, due to the nature of the projects [75] Question: Opportunities to call and relever securitized debt - Management confirmed that several deals are callable and that this strategy will be employed on a deal-by-deal basis [78]

New York Mortgage Trust (NYMT) came out with a quarterly loss of $0.44 per share versus the Zacks Consensus Estimate of $0.08. This compares to loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -650%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.06 per share when it actually produced earnings of $0.39, delivering a surprise of 550%.Over the last four quarters, the ...

New York Mortgage Trust Reports Fourth Quarter and Full Year 2024 Results NEW YORK, February 19, 2025 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported results for the three months and year ended December 31, 2024, respectively. Summary of Fourth Quarter and Full Year 2024: (dollar amounts in thousands, except per share data) | | | For the Three Months Ended | | | | --- | --- | --- | --- | --- | | | | December 31, | | For the Year End ...

Core Viewpoint - New York Mortgage Trust, Inc. reported significant net losses for the fourth quarter and full year of 2024, with a strategic focus on expanding its portfolio and enhancing recurring income through investments in residential loans and agency RMBS. Financial Performance - For the three months ended December 31, 2024, the net loss attributable to common stockholders was $41.8 million, or $0.46 per share, compared to a net loss of $103.8 million, or $1.14 per share for the full year 2024 [2][35] - The company reported an interest income of $118.3 million for the fourth quarter and $401.3 million for the full year, with interest expenses of $91.5 million and $317.4 million respectively [2][35] - The net interest income for the fourth quarter was $26.7 million, up from $16.8 million in the same quarter of the previous year [35] Investment Activities - In Q4 2024, the company purchased approximately $362.8 million of Agency RMBS and $542.3 million of residential loans [5] - For the full year 2024, the company acquired about $2.2 billion in investment securities, including $1.5 billion of Agency RMBS and $1.9 billion of residential loans [11] Capital Structure and Financing - The company completed a securitization of residential loans, resulting in approximately $292.9 million in net proceeds, which were partially used to repay $271.6 million on outstanding repurchase agreements [6] - As of December 31, 2024, total assets were reported at $9.2 billion, with total liabilities of $7.8 billion [32] Management Strategy - The CEO highlighted a strategic focus on deploying excess liquidity to expand the balance sheet, resulting in a portfolio growth of $2.2 billion, or 44% year-over-year [10] - The adjusted interest income rose by 11% in Q4 2024, contributing to year-over-year growth [10] Stockholder Returns - The company declared dividends of $0.20 per common share for Q4 2024, totaling $0.80 for the full year [2] - The Board of Directors approved extensions of the common stock repurchase program, with $189.7 million remaining available for repurchase [11]

Core Viewpoint - New York Mortgage Trust, Inc. (NYMT) has announced the tax treatment of its common and preferred stock dividends declared in 2024, providing essential information for stockholders regarding their tax reporting requirements related to dividend distributions [1][2]. Dividend Distribution Summary - The total dividend distribution per share of common stock for 2024 is $1.00, with $0.80 classified as ordinary dividends and $0.20 as adjustments [4]. - The dividend distributions for the 8.000% Series D Preferred Stock total $2.00 per share, all classified as non-dividend distributions [6]. - The 7.875% Series E Preferred Stock has a total distribution of $1.96875 per share, also classified as non-dividend distributions [7]. - The 6.875% Series F Preferred Stock has a total distribution of $1.71875 per share, classified as non-dividend distributions [7]. - The 7.000% Series G Preferred Stock has a total distribution of $1.75000 per share, classified as non-dividend distributions [7]. Tax Treatment Details - No portion of the 2024 dividend distributions is expected to consist of excess inclusion income, which is relevant for certain tax-exempt investors [3]. - Distributions made on January 23, 2025, are treated as received by stockholders on December 31, 2024, due to the aggregate cash distributions exceeding 2024 earnings and profits [5]. - Stockholders are advised to consult their tax advisors regarding the specific tax treatment of the Company's dividend distributions [2][8]. Company Overview - New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (REIT) for federal income tax purposes, focusing on acquiring, investing in, financing, and managing primarily mortgage-related residential assets [9].

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.This short analysis is next in line in our series of informative articles dedicated to an exchange-traded fixed-income security IPO. With this study, we will turn our attention to New York Mortgage Trust, Inc.'s (Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companie ...

NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”) is scheduled to report financial results for the three and twelve months ended December 31, 2024 after the close of market on February 19, 2025. New York Mortgage Trust's executive management will host a conference call and audio webcast at 9:00 a.m., Eastern Time, on Thursday, February 20, 2025. To access the conference call, please pre-register using this link. Registrants will receive confirmation wit ...

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Financial Data and Key Metrics Changes - The company reported earnings per share of $0.36 in Q3 2024, a significant improvement from a loss per share of $0.25 in the previous quarter [7][22] - Adjusted interest income increased by 39% year-to-date, reaching over $100 million in Q3 [14] - The portfolio grew by $1 billion or 17% from the previous quarter, with a year-to-date growth of over one-third [12] - GAAP book value increased by 1.4% during the quarter, while adjusted book value per share decreased by 1.4% to $10.87 [30] Business Line Data and Key Metrics Changes - The investment portfolio increased by approximately $1 billion during Q3, ending at $6.9 billion [24] - Net interest income contribution rose to $0.22 in the current quarter from $0.21 in the previous quarter [25] - The company disposed of six multifamily real estate assets, generating net proceeds of approximately $34.7 million and realizing $13.6 million in net gains [27] Market Data and Key Metrics Changes - The Agency RMBS book is now nearly $3 billion, constituting 42% of the asset portfolio [41] - Current coupon mortgage spreads declined from 148 basis points to 129 basis points during the quarter [41] - The company has completed six securitizations in 2024, marking its most active year of issuance [36] Company Strategy and Development Direction - The company aims to build a consistent foundation of recurring earnings through interest income rather than relying on total returns [7] - A focus on rotating assets from multifamily portfolios to high coupon short-duration credit loans is emphasized [8] - The strategy includes maintaining a capital allocation of approximately 25% to 35% in the agency sector for downside support [18] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about a slowing U.S. economy and high consumer debt levels, which could impact certain sectors [10] - The company is well-positioned to navigate market volatility with a diversified mix of Agency RMBS and credit investments [34] - Future earnings are expected to improve without the negative drag from multifamily assets, with anticipated gains of $1 million to $1.5 million per quarter [28] Other Important Information - The company maintained a dividend of $0.20 per common share, unchanged from the prior quarter [33] - The recourse leverage ratio increased to 2.6 times, reflecting continued financing of investment securities [31] Q&A Session Summary Question: Is the book value largely bottomed, or should there be concerns regarding the multifamily piece? - Management indicated that the volatility in book value has stemmed from the JV equity book, which is now mostly resolved with minimal remaining value [48][49] Question: Any updates on book value quarter-to-date? - Adjusted book value is down between 1% to 2% as of the current week [50] Question: What is the gross ROE by strategy, particularly for Agency and BPL? - BPL bridge strategy shows gross ROEs of over 20% on a levered basis, while Agency ROEs are in the mid-teens due to recent volatility [53][54] Question: Has capital allocation shifted in response to wider spreads in the Agency sector? - Yes, the company has become more active in the Agency space as spreads have widened [56] Question: How has rate volatility impacted CRE and multifamily deal activity? - Overall deal activity has slowed due to increased rate volatility, with expectations for robust activity returning in early 2025 [59]