New York Mortgage Trust(NYMT) - 2024 Q3 - Quarterly Results

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]