NEW YORK MORTGAG(NYMTZ) - 2025 Q2 - Quarterly Results

Financial Performance - Net loss attributable to common stockholders for Q2 2025 was $3,486,000, resulting in a loss per share of $0.04[3] - Earnings available for distribution were $20,024,000, translating to $0.22 per common share[3] - The company reported a net income attributable to the company of $8,546,000 for the three months ended June 30, 2025, compared to a net loss of $(15,589,000) for the same period in 2024[26] - Basic loss per common share for the three months ended June 30, 2025, was $(0.04), compared to $(0.29) for the same period in 2024[28] - Total net loss from real estate for the three months ended June 30, 2025, was $(3,014,000), an improvement from $(13,106,000) in the same period of 2024[26] Income and Expenses - Interest income for the quarter was $140,901,000, while interest expense was $104,454,000, leading to a net interest income of $36,447,000[3] - For the three months ended June 30, 2025, net interest income increased to $36,447,000 from $19,044,000 for the same period in 2024, representing an increase of 91.6%[26] - Total general, administrative, and operating expenses decreased to $19,890,000 for the three months ended June 30, 2025, from $23,599,000 in the same period of 2024, a reduction of 15.5%[28] - Total other (loss) income for the three months ended June 30, 2025, was $(9,264,000), compared to $(6,080,000) for the same period in 2024, indicating a decline in performance[28] Assets and Liabilities - Total assets increased to $10,552,332 thousand as of June 30, 2025, up from $9,217,282 thousand as of December 31, 2024, representing a growth of approximately 14.5%[24] - Total liabilities grew to $9,155,677 thousand as of June 30, 2025, up from $7,806,148 thousand, indicating an increase of around 17.3%[24] - The company's accumulated deficit stood at $(1,441,088) thousand as of June 30, 2025, compared to $(1,430,675) thousand at the end of 2024, showing a slight increase in the deficit[24] - The equity of the company's stockholders decreased to $1,381,203 thousand from $1,394,720 thousand, a decline of about 1.0%[24] Investment Activities - The company acquired approximately $503.7 million in Agency investments and $280.2 million in residential loans during the quarter[5] - The acquisition of Constructive Loans, LLC for approximately $38.4 million is expected to enhance the company's position in residential business purpose lending[6][7] - The total investment portfolio carrying value as of June 30, 2025, was $8,609,825,000[8] Interest Metrics - The yield on average interest-earning assets was 6.48%, with a net interest spread of 1.50%[3][10] - The yield on average interest-earning assets for the three months ended June 30, 2025, was 6.48%, slightly up from 6.46% in the same period of 2024[28] Strategic Repositioning - The company executed a strategic repositioning by disposing of certain joint venture equity investments and acquiring assets to expand interest income levels[38] - The company has classified certain joint venture equity investments as held for sale as of June 30, 2025, indicating a strategic repositioning of its business[50] Dividends and Non-GAAP Measures - The company declared dividends of $0.20 per common share for the three months ended June 30, 2025, consistent with the previous quarter[28] - Earnings Available for Distribution (EAD) is now presented as a non-GAAP financial measure, replacing the previously used undepreciated earnings[37] - 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[39] - The Board of Directors considers EAD among other factors when determining dividends, but it does not guarantee dividend payments[41] - The company emphasizes that EAD should not be considered a substitute for GAAP net income and may not be comparable to similar measures from other companies[40]