NEW YORK MORTGAG(NYMTZ) - 2024 Q4 - Annual Results

Financial Performance - Net loss attributable to common stockholders for Q4 2024 was $41.8 million, or $0.46 per share, and for the full year 2024, it was $103.8 million, or $1.14 per share[3]. - Economic return on book value for the full year 2024 was -10.88%[3]. - Dividends per common share for the full year 2024 were $0.80[3]. - Net interest income for Q4 2024 was $26,711,000, an increase of 59% compared to $16,800,000 in Q4 2023[27]. - Total net loss from real estate for Q4 2024 was $(5,871,000), a slight improvement from $(6,807,000) in Q4 2023[27]. - Total other (loss) income for Q4 2024 was $(31,710,000), compared to a gain of $40,685,000 in Q4 2023[27]. - General, administrative, and operating expenses increased to $20,929,000 in Q4 2024 from $17,813,000 in Q4 2023[27]. - Net loss attributable to common stockholders for Q4 2024 was $(41,828,000), compared to a profit of $31,465,000 in Q4 2023[29]. - Basic and diluted loss per common share for Q4 2024 was $(0.46), down from earnings of $0.35 in Q4 2023[29]. Asset and Liability Growth - Total assets increased to $9,217,282 thousand as of December 31, 2024, up from $7,401,328 thousand in 2023, representing a growth of approximately 24.5%[25]. - Total liabilities grew to $7,806,148 thousand in 2024, up from $5,773,202 thousand in 2023, indicating an increase of around 35.2%[25]. - Repurchase agreements surged to $4,012,225 thousand in 2024, compared to $2,471,113 thousand in 2023, which is an increase of approximately 62.3%[25]. - The company's accumulated deficit increased to $(1,430,675) thousand in 2024 from $(1,253,817) thousand in 2023, reflecting a deterioration of about 14.1%[25]. - Cash and cash equivalents decreased to $167,422 thousand in 2024 from $187,107 thousand in 2023, a decline of approximately 10.5%[25]. Investment Portfolio - The company's portfolio grew by $2.2 billion, or 44%, primarily through acquisitions in liquid agency bond markets and higher-spread bridge loan markets[9]. - Total investment portfolio carrying value at December 31, 2024, was $7.39 billion[10]. - Residential loans at fair value rose to $3,841,738 thousand in 2024, compared to $3,084,303 thousand in 2023, marking an increase of about 24.6%[25]. - Investment securities available for sale at fair value increased significantly to $3,828,544 thousand in 2024 from $2,013,817 thousand in 2023, reflecting an increase of approximately 90%[25]. Stock Repurchase and Dividends - The company repurchased 587,347 shares of common stock for approximately $3.5 million at an average repurchase price of $5.95 per share[8]. - The company has $189.7 million remaining for common stock repurchase and $97.6 million for preferred stock repurchase as of February 2025[8]. - Preferred stock dividends remained consistent at approximately $10,439,000 for both Q4 2024 and Q4 2023[29]. Future Plans and Reporting - The company plans to file its Annual Report on Form 10-K for the year ended December 31, 2024, with the SEC on or about February 21, 2025[16]. - The conference call to discuss financial results is scheduled for February 20, 2025, at 9:00 a.m. Eastern Time[15]. Management and Strategy - The company is internally managed and focuses on acquiring, investing in, financing, and managing primarily mortgage-related residential assets[17]. - The company aims to provide investors with a clearer understanding of its financial performance through non-GAAP measures[34]. - The company has classified certain joint venture equity investments as held for sale as of December 31, 2024, indicating a strategic repositioning of its business[47]. Book Value and Adjustments - As of December 31, 2024, the company's GAAP book value is $840.610 million, down from $1,025.502 million in December 2023, reflecting a decrease of approximately 18%[45]. - The adjusted book value as of December 31, 2024, is $937.361 million, compared to $1,147.533 million in December 2023, indicating a decline of about 18.3%[45]. - The adjusted book value per common share is $10.35 as of December 31, 2024, down from $12.66 in December 2023, reflecting a decrease of approximately 18.3%[45]. - The cumulative adjustment of redeemable non-controlling interest to estimated redemption value is $40.675 million as of December 31, 2024, up from $30.062 million in December 2023[45].