New York Mortgage Trust(NYMT) - 2025 Q1 - Quarterly Results

Financial Performance - Net income attributable to common stockholders for Q1 2025 was $30,285,000, with earnings per share of $0.33[3] - The company reported a net income attributable to common stockholders of $30,285 thousand for the three months ended March 31, 2025, compared to a net loss of $68,340 thousand for the same period in 2024[28] - Net income attributable to the Company was $42.155 million, compared to a net loss of $31.389 million in the previous quarter[30] - GAAP net income attributable to common stockholders for Q1 2025 was $30.285 million, compared to a loss of $41.828 million in Q4 2024[44] - Earnings available for distribution (EAD) attributable to common stockholders for Q1 2025 was $18.194 million, up from $14.178 million in Q4 2024[44] Interest Income and Expenses - Interest income for the quarter was $129,734,000, while interest expense totaled $96,636,000, resulting in net interest income of $33,098,000[3] - Interest income rose to $129,734 thousand for the three months ended March 31, 2025, compared to $83,892 thousand for the same period in 2024, marking an increase of 54.7%[28] - Interest income for the three months ended March 31, 2025, was $129.734 million, an increase of 9.9% from $118.253 million in the previous quarter[30] - Total net interest income rose to $33.098 million, up 24% from $26.711 million in the previous quarter[30] - The net interest benefit of interest rate swaps contributed $5,840 to adjusted net interest income for December 31, 2024[37] Investment Activities - The company purchased approximately $1.5 billion of Agency RMBS with an average coupon of 5.35% and $396.8 million in residential loans with an average gross coupon of 9.33%[5] - Two securitizations of residential loans generated approximately $326.3 million in net proceeds after expenses[8] - The total investment portfolio carrying value was $8,270,581,000 as of March 31, 2025[11] Assets and Liabilities - Total assets increased to $10,004,055 thousand as of March 31, 2025, up from $9,217,282 thousand as of December 31, 2024, representing an increase of approximately 8.5%[26] - Total liabilities increased to $8,585,743 thousand as of March 31, 2025, from $7,806,148 thousand as of December 31, 2024, an increase of approximately 9.9%[26] - The company reported net equity investments in consolidated multi-family properties of $154.2 million and $19.9 million in disposal group held for sale as of March 31, 2025[54] Shareholder Actions - The company repurchased 231,200 shares of common stock for a total cost of approximately $1.5 million, averaging $6.50 per share[7] - The weighted average shares outstanding-basic decreased to 90,583 thousand for the three months ended March 31, 2025, from 91,117 thousand for the same period in 2024[28] - Weighted average shares outstanding for Q1 2025 were 90.583 million, slightly up from 90.579 million in Q4 2024[44] Book Value and Returns - The adjusted book value per common share at the end of the period was $10.43, with an economic return on adjusted book value of 2.71%[3] - Adjusted book value per common share as of March 31, 2025, was $10.43, compared to $10.35 as of December 31, 2024[50] - Book value per common share increased to $9.37, up from $9.28 in the previous quarter[30] Unrealized Gains and Losses - The company reported unrealized gains of $118,203 thousand for the three months ended March 31, 2025, compared to unrealized losses of $(39,390) thousand for the same period in 2024[28] - The company recorded unrealized gains (losses) of $(118.203) million in Q1 2025, compared to $131.576 million in Q4 2024[44] Strategic Repositioning - The strategic repositioning included the acquisition of Agency RMBS and business purpose loans to expand interest income levels[40] - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[52] - The company has classified certain joint venture equity investments as held for sale as of March 31, 2025[52] Earnings Available for Distribution - Earnings Available for Distribution (EAD) will replace undepreciated earnings as a non-GAAP financial measure starting from March 31, 2025[39] - EAD is defined as GAAP net income excluding various non-recurring and non-cash items, providing a clearer indication of the company's income-generating capacity[41] - The Board of Directors considers EAD among other factors when determining dividends on common stock, but it does not guarantee dividend payments[43]