NEW YORK MTG(NYMTL) - 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] - Net income attributable to the company's common stockholders for Q1 2025 was $30,285 thousand, compared to a net loss of $68,340 thousand in Q1 2024, indicating a significant turnaround[28] - Basic earnings per common share for Q1 2025 was $0.33, compared to a loss of $(0.75) per share in Q1 2024[28] - 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 in Q1 2025, up from $83,892 thousand in Q1 2024, marking an increase of 54.7%[28] - Total net interest income rose to $33.098 million, compared to $26.711 million in the prior quarter, reflecting a 24.5% increase[30] - 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 was 1.32%, consistent with the previous quarter's spread of 1.37%[30] 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] - 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's equity investments at fair value decreased to $93,999 thousand as of March 31, 2025, down from $113,492 thousand as of December 31, 2024, a decline of 17.2%[26] 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 company completed the issuance of $82.5 million in Senior Notes due 2030, with net proceeds of approximately $79.3 million[8] Operational Metrics - 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] - The company’s total general, administrative, and operating expenses were $25,102 thousand for Q1 2025, slightly up from $24,341 thousand in Q1 2024[28] Changes in Accounting Measures - The company has transitioned to presenting earnings available for distribution (EAD) starting from Q1 2025, replacing the previously used undepreciated earnings measure[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 dividend distributions, but it does not guarantee dividend payments[43] Real Estate Performance - The company reported a total net loss from real estate of $(2,235) thousand for Q1 2025, an improvement from a loss of $(16,369) thousand in Q1 2024[28] - The company recorded realized losses of $41.1 million in Q1 2025, compared to $9.947 million in Q4 2024[44] - Unrealized gains for Q1 2025 were $(118.203) million, a significant change from the $131.576 million in Q4 2024[44] Business Repositioning - The strategic repositioning included the acquisition of 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] - As of March 31, 2025, the company has classified certain joint venture equity investments as held for sale[52]