NEW YORK MORTGAG(NYMTZ) - 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, a significant recovery from 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] 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 in the prior year, marking an increase of 54.7%[28] - Interest income for the three months ended March 31, 2025, was $129.734 million, an increase from $118.253 million in the previous quarter[30] - The net interest benefit from interest rate swaps was $5,840 in Q4 2024, compared to $8,453 in Q3 2024, indicating a decrease of approximately 30.5%[37] Net Interest Income - Net interest income for the three months ended March 31, 2025, was $33,098 thousand, compared to $17,863 thousand for the same period in 2024, reflecting an increase of 85.1%[28] - Total net interest income rose to $33.098 million, compared to $26.711 million in the prior quarter, reflecting a growth of approximately 24.5%[30] - Adjusted net interest income for the three months ended March 31, 2025, was $36.210 million, up from $33.098 million in the previous quarter[36] - GAAP total net interest income for Q4 2024 was $26,711, a decrease from $20,237 in Q3 2024, reflecting a decline of approximately 19.5%[37] Asset and Liability Management - 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 total investment portfolio carrying value was $8,270,581,000 as of March 31, 2025[11] - The company reported a Company Recourse Leverage Ratio of 3.4x and a Portfolio Recourse Leverage Ratio of 3.2x[12] Shareholder Returns and Dividends - 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] - The company repurchased 231,200 shares of common stock for a total cost of approximately $1.5 million, averaging $6.50 per share[7] - Dividends declared per common share remained stable at $0.20, consistent with the previous quarter[30] - Preferred stock dividends amounted to $11,870 thousand for the three months ended March 31, 2025, compared to $10,439 thousand for the same period in 2024[28] Strategic Initiatives - The company completed the issuance of $82.5 million in Senior Notes due 2030, with net proceeds of approximately $79.3 million[8] - Two securitizations of residential loans generated approximately $326.3 million in net proceeds after expenses[8] - The strategic repositioning included the acquisition of assets such as Agency RMBS and business purpose loans, aimed at expanding interest income levels[40] - The company is repositioning its business by opportunistically disposing of joint venture equity investments in multi-family properties[52] 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 in the same period of 2024[28] - The company recorded unrealized gains (losses) of $(118.203) million in Q1 2025, compared to $131.576 million in Q4 2024[44] Other Financial Metrics - The yield on average interest earning assets was 6.47%, with a net interest spread of 1.32%[3] - The yield on average interest-earning assets was 6.47%, slightly down from 6.57% in the previous quarter[30] - The net interest spread decreased to 1.32%, compared to 1.37% in the prior quarter[30] - The cumulative depreciation expense on real estate was $22.989 million for Q1 2025, compared to $20.837 million for Q4 2024[50]