NEW YORK MTG(NYMTL) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to common stockholders for Q3 2024 was $32,410,000, resulting in earnings per share of $0.36[3] - Net income attributable to the company for the three months ended September 30, 2024, was $42,849,000, a turnaround from a loss of $(84,509,000) in the same period of 2023[26] - The company reported a net loss attributable to common stockholders of $(61,957,000) for the nine months ended September 30, 2024, compared to $(121,500,000) for the same period in 2023, showing improvement[26] - Basic earnings per common share for the three months ended September 30, 2024, was $0.36, compared to a loss of $(1.04) in the same period of 2023[26] Income and Expenses - Total Adjusted Net Interest Income increased by 39% year-over-year to $29 million in Q3 2024[8] - For the three months ended September 30, 2024, net interest income increased to $20,237,000 from $16,789,000 in the same period of 2023, representing a growth of 8.7%[26] - Total general, administrative, and operating expenses for the three months ended September 30, 2024, were $22,826,000, an increase from $16,987,000 in the same period of 2023[26] - The company's GAAP interest expense for the three months ended September 30, 2024, was $88,124, which included $7,375 related to Consolidated SLST CDOs[34] Assets and Liabilities - Total assets increased to $8,905,914 thousand as of September 30, 2024, up from $7,401,328 thousand at December 31, 2023, representing a growth of approximately 20.3%[24] - Total liabilities grew to $7,433,952 thousand as of September 30, 2024, compared to $5,773,202 thousand at December 31, 2023, an increase of around 29%[24] - The company reported a total of $4,051,406 thousand in assets and $3,517,298 thousand in liabilities from consolidated variable interest entities (VIEs) as of September 30, 2024[24] - The total liabilities as of September 30, 2024 are $685,107,000, which includes $492,321,000 in mortgages payable on real estate[48] Equity and Book Value - Book value per common share at the end of the period was $9.83, with an adjusted book value of $10.87[3] - The adjusted book value per common share as of September 30, 2024, was $10.87, compared to $12.93 as of September 30, 2023[28] - The company's accumulated deficit widened to $(1,371,073) thousand as of September 30, 2024, compared to $(1,253,817) thousand at the end of 2023[24] - Stockholders' equity decreased to $1,450,136 thousand from $1,600,065 thousand, a decline of about 9.4%[24] Investments and Securitization - The company completed a securitization of business purpose loans, generating approximately $235.8 million in net proceeds[7] - A joint venture sold a multi-family apartment community for approximately $56.4 million, resulting in a net gain of about $8.7 million[4] - The company owns joint venture equity investments in multi-family properties, consolidating all but two of these entities[45] - The Company is repositioning its business by classifying certain joint venture equity investments as held for sale as of September 30, 2024[46] Interest Rates and Yields - The yield on average interest earning assets was reported at 6.69% for the quarter[3] - The yield on average interest-earning assets for the three months ended September 30, 2024, was 6.69%, up from 6.03% in the same period of 2023[28] - The average financing cost for the period was calculated at $66,297, leading to a net interest spread of approximately 31.5%[34] - The net interest benefit of interest rate swaps contributed $8,453 to adjusted interest income for the three months ended September 30, 2024[34] Cash and Cash Equivalents - The company’s cash and cash equivalents increased to $195,066 thousand from $187,107 thousand, a growth of approximately 4.9%[24]