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]

Core Viewpoint - New York Mortgage Trust (NYMT) reported quarterly earnings of $0.39 per share, significantly exceeding the Zacks Consensus Estimate of $0.06 per share, marking an earnings surprise of 550% compared to a loss of $0.25 per share in the previous quarter [1][2]. Financial Performance - The company posted revenues of $20.24 million for the quarter ended September 2024, which was 8.43% below the Zacks Consensus Estimate, and an increase from $16.79 million year-over-year [2]. - Over the last four quarters, NYMT has surpassed consensus EPS estimates only once [2]. Stock Performance - NYMT shares have declined approximately 36.2% since the beginning of the year, contrasting with the S&P 500's gain of 22.3% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $23.48 million, while for the current fiscal year, the estimate is -$0.78 on revenues of $82.51 million [7]. - The trend of estimate revisions for NYMT is mixed, which may change following the recent earnings report [6]. Industry Context - The REIT and Equity Trust industry, to which NYMT belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8].

Financial Performance - Net income attributable to common stockholders for Q3 2024 was $32,410,000, with earnings per share of $0.36[2] - Net income attributable to the company's common stockholders was $32,410 thousand in 2024, compared to a loss of $94,819 thousand in 2023[23] - Basic earnings per common share improved to $0.36 in 2024 from a loss of $1.04 in 2023[23] - Net income attributable to the Company for Q3 2024 was $42,849, compared to a net loss of $15,589 in Q2 2024[24] Income and Expenses - Total income from real estate decreased to $106,446 thousand in 2024, down 17.4% from $128,913 thousand in 2023[23] - The net loss from real estate was $36,968 thousand in 2024, compared to a loss of $24,494 thousand in 2023, reflecting a deterioration in performance[23] - Total other income for 2024 was $52,875 thousand, a turnaround from a loss of $85,943 thousand in 2023[23] - General and administrative expenses increased slightly to $36,643 thousand in 2024 from $37,824 thousand in 2023[23] Interest Income and Net Interest Income - Total Adjusted Net Interest Income increased by 39% year-over-year to $29 million[8] - Net interest income for 2024 was $57,144 thousand, an increase of 14.9% compared to $49,726 thousand in 2023[23] - Interest income for Q3 2024 was $108,361, an increase of 20.0% from $90,775 in Q2 2024[24] - Total net interest income for Q3 2024 was $20,237, up 6.3% from $19,044 in Q2 2024[24] Assets and Liabilities - As of September 30, 2024, total assets increased to $8,905,914 thousand from $7,401,328 thousand as of December 31, 2023, representing a growth of approximately 20.3%[20] - Total liabilities increased to $7,433,952 thousand from $5,773,202 thousand, marking an increase of around 29%[21] - Cash and cash equivalents increased to $195,066 thousand from $187,107 thousand, showing a growth of about 4.7%[20] Book Value and Equity - Book value per common share at the end of the period was $9.83, with an adjusted book value of $10.87[2] - The company's stockholders' equity decreased to $1,444,147 thousand from $1,579,612 thousand, a decline of approximately 8.5%[22] - The adjusted book value as of September 30, 2024, is $984,363,000, down from $1,147,533,000 on December 31, 2023, indicating a decrease of about 14.2%[43] Strategic Initiatives - The company plans to unlock excess liquidity for continued portfolio growth, with no corporate debt maturity until 2026[9] - The company plans to file its Quarterly Report on Form 10-Q with the SEC on or about November 1, 2024, which will include detailed financial and operating data for Q3 2024[14] - The company is internally managed and focuses on acquiring, investing in, financing, and managing primarily mortgage-related assets[15] Joint Ventures and Investments - A joint venture sold a multi-family apartment community for approximately $56.4 million, resulting in a net gain of $8.7 million[3] - The company has classified certain joint venture equity investments as held for sale as of September 30, 2024, indicating a strategic repositioning of its business[45] - The company owns joint venture equity investments in multi-family properties, consolidating the assets, liabilities, income, and expenses of the VIEs where it is the primary beneficiary[44]

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported results for the three and nine months ended September 30, 2024. Summary of Third Quarter 2024: (dollar amounts in thousands, except per share data) | --- | --- | --- | |--------------------------------------------------------------------------------------|-------------|-------| | | | | | | | | | Net income attributable to Company's common stockholders | $ 32,41 ...

NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the "Company") is scheduled to report financial results for the three and nine months ended September 30, 2024 after the close of market on October 30, 2024. New York Mortgage Trust's executive management will host a conference call and audio webcast at 9:00 a.m., Eastern Time, on Thursday, October 31, 2024. To access the conference call, please pre-register using this link. Registrants will receive confirmation with d ...

NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the "Company") announced today that its Board of Directors (the "Board") declared a regular quarterly cash dividend of $0.20 per share on shares of its common stock for the quarter ending September 30, 2024. The dividend will be payable on October 28, 2024 to common stockholders of record as of the close of business on September 30, 2024. In addition, the Board declared cash dividends on the Company's 8.000% Series D ...