NEW YORK MORTGAG(US:NYMTZ)2025-05-02 21:01PART I. Financial Information Item 1. Condensed Consolidated Financial Statements New York Mortgage Trust reported a net income of $37.065 million in Q1 2025, reversing an $80.059 million loss in Q1 2024, and grew total assets to $10.004 billion Condensed Consolidated Balance Sheet Summary (in billions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $10.004 | $9.217 | | Residential loans, at fair value | $3.913 | $3.842 | | Investment securities available for sale, at fair value | $4.647 | $3.829 | | Total Liabilities | $8.586 | $7.806 | | Repurchase agreements | $4.486 | $4.012 | | Collateralized debt obligations | $3.187 | $2.978 | | Total Equity | $1.405 | $1.399 | Condensed Consolidated Statements of Operations Summary (in millions, except per share data) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total net interest income | $33.098 | $17.863 | | Total other income (loss) | $31.952 | $(57.323) | | Net Income (Loss) | $37.065 | $(80.059) | | Net Income (Loss) Attributable to Company's Common Stockholders | $30.285 | $(68.340) | | Diluted Earnings (Loss) per Common Share | $0.33 | $(0.75) | Condensed Consolidated Statements of Cash Flows Summary (in millions) | Cash Flow Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $25.819 | $(13.130) | | Net cash used in investing activities | $(794.225) | $(253.984) | | Net cash provided by financing activities | $713.783 | $327.203 | | Net (Decrease) Increase in Cash | $(54.623) | $60.089 | Management's Discussion and Analysis of Financial Condition and Results of Operations Management reported strong portfolio growth with $1.9 billion in Q1 2025 asset acquisitions, driving a 55% interest income increase and $0.33 net income per share - The company acquired approximately $1.9 billion of assets during Q1 2025, following $4.1 billion in acquisitions for the full year 2024, leading to a 55% increase in interest income for Q1 2025 compared to Q1 2024247 Q1 2025 Key Performance Metrics | Metric | Q1 2025 | | :--- | :--- | | Net income per share (basic) | $0.33 | | Earnings available for distribution per share (non-GAAP) | $0.20 | | Book value per common share | $9.37 | | Adjusted book value per common share (non-GAAP) | $10.43 | | Economic return on book value | 3.13% | | Dividends per common share | $0.20 | - The company is strategically repositioning its business by opportunistically selling its joint venture equity investments in multi-family properties and reallocating capital to targeted assets like residential loans and Agency RMBS248249 - Recourse Leverage Ratio increased to 3.4x as of March 31, 2025, up from 3.0x at year-end 2024, primarily due to financing highly liquid Agency RMBS, with 38% of debt having no exposure to mark-to-market margin calls250 Quantitative and Qualitative Disclosures about Market Risk The company actively manages market risks, with a 100 basis point interest rate increase estimated to decrease annualized adjusted net interest income by $44.935 million and portfolio fair value by 2.45% Interest Rate Sensitivity on Annualized Adjusted Net Interest Income (as of March 31, 2025, in millions) | Changes in Interest Rates (bps) | Changes in Adjusted Net Interest Income | | :--- | :--- | | +200 | $(90.470) | | +100 | $(44.935) | | -100 | $45.231 | | -200 | $90.472 | Interest Rate Sensitivity on Portfolio Fair Value (as of March 31, 2025, in millions) | Changes in Interest Rates (bps) | Changes in Fair Value | Percentage Change in Portfolio Fair Value | | :--- | :--- | :--- | | +200 | $(229.484) | (3.60)% | | +100 | $(156.225) | (2.45)% | | -100 | $142.826 | 2.24% | | -200 | $193.040 | 3.03% | - The primary liquidity risk arises from financing long-maturity assets with shorter-term borrowings, creating exposure to margin calls, which is managed by holding available cash, unencumbered securities, and utilizing longer-term financing like securitizations436438 - Credit risk is managed through a pre-acquisition due diligence process, factoring projected losses into purchase prices, and using credit default swaps, though recent inflation and trade policy uncertainty may increase this risk443444445 Controls and Procedures Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025458 - No changes occurred in the company's internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, these controls459 PART II. OTHER INFORMATION Item 1A. Risk Factors A new risk factor was added addressing the potential negative impact of global trade disruptions, trade barriers, and frictions on the company's business and financial results - A new risk factor was added to address the potential negative impact of global trade disruptions, trade barriers (tariffs), and trade frictions on the company's business and financial results461462463 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company did not repurchase common or preferred stock in Q1 2025, with $189.7 million and $97.6 million remaining available under repurchase programs expiring March 31, 2026 - No shares of common stock were repurchased in Q1 2025. As of March 31, 2025, $189.7 million remains available under the current repurchase program, which expires March 31, 2026466 - No shares of preferred stock were repurchased in Q1 2025. As of March 31, 2025, $97.6 million remains available under the current repurchase program, which expires March 31, 2026468 Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including corporate documents, debt indentures, and required CEO/CFO certifications and interactive data files