NEW YORK MORTGAG(NYMTZ) - 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 a loss of $(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] - The net income attributable to the Company's common stockholders for September 30, 2024, was $32,410, a significant recovery from a loss of $26,028 in the previous quarter[38] 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 8.6%[26] - Total general, administrative, and operating expenses increased to $22,826,000 for the three months ended September 30, 2024, from $16,987,000 in the same period of 2023[26] - The adjusted interest expense for September 30, 2024, was $72,296, down from $56,689 for June 30, 2024, reflecting a decrease of approximately 27.8%[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's stockholders' equity decreased to $1,444,147 thousand from $1,579,612 thousand, a decline of approximately 8.5%[24] - The liabilities of consolidated variable interest entities (VIEs) totaled $3,517,298 thousand as of September 30, 2024, compared to $3,076,818 thousand at December 31, 2023, reflecting an increase of about 14.3%[24] Investment and Financing - The company completed a securitization of business purpose loans, generating approximately $235.8 million in net proceeds[7] - The company purchased approximately $372.2 million of Agency RMBS with an average coupon of 5.33%[7] - The company plans to unlock excess liquidity for continued portfolio growth without any corporate debt maturity until 2026[9] - The company continues to focus on enhancing its financing strategy through the use of interest rate swaps to manage variable cash flows[32] Book Value and Returns - Book value per common share at the end of Q3 2024 was $9.83, while adjusted book value was $10.87[3] - Economic return on book value was 3.51% for the period[3] - The adjusted book value per common share was $10.87 as of September 30, 2024, down from $12.93 as of September 30, 2023[28] - The adjusted book value as of September 30, 2024, is $984,363,000, compared to $1,049,676,000 as of March 31, 2024, indicating a decline[44] Other Income and Losses - Total other income for the three months ended September 30, 2024, was $52,875,000, compared to a loss of $(85,943,000) in the same period of 2023, indicating a significant recovery[26] - Total net loss from real estate for the three months ended September 30, 2024, was $(7,495,000), a slight improvement from $(7,788,000) in the same period of 2023[26] Shareholder Information - Dividends declared per common share were $0.20[3] - The company reported a total of 90,579,449 common shares issued and outstanding as of September 30, 2024, slightly down from 90,675,403 shares at the end of 2023[24] - The company maintains a preferred stock liquidation preference of $554,110 thousand, with 22,164,414 shares issued and outstanding[24]