NEW YORK MTG(NYMTL) - 2025 Q2 - Quarterly Results

Financial Performance - Net loss attributable to common stockholders for Q2 2025 was $3.486 million, resulting in a loss per share of $0.04[3] - Earnings available for distribution were $20.024 million, translating to $0.22 per common share[3] - The company reported an economic return on adjusted book value of 0.29% for the quarter[3] - Net income attributable to the company for the six months ended June 30, 2025, was $50,701,000, compared to a loss of $(73,489,000) 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), compared to a loss of $(13,106,000) for the same period in 2024, indicating a significant improvement[26] Interest Income and Expenses - Interest income for the quarter was $140.901 million, while interest expense totaled $104.454 million, leading to a net interest income of $36.447 million[3] - Net interest income for the three months ended June 30, 2025, was $36,447,000, a 91.7% increase from $19,044,000 for the same period in 2024[26] - Interest income for the three months ended June 30, 2025, was $140,901,000, up from $90,775,000 for the same period in 2024, reflecting a strong growth in interest earnings[28] - The yield on average interest-earning assets for the three months ended June 30, 2025, was 6.48%, slightly up from 6.46% for the same period in 2024[28] - The yield on average interest earning assets was 6.48%, with a net interest spread of 1.50%[3][10] Asset and Liability Management - 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, compared to $7,806,148 thousand at the end of 2024, marking 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 company's total equity of $1,383,873 thousand as of June 30, 2025, down from $1,398,775 thousand, indicating a decrease of approximately 1.1%[24] - The liabilities of consolidated variable interest entities (VIEs) totaled $3,859,442 thousand as of June 30, 2025, compared to $3,477,211 thousand at the end of 2024, representing an increase of about 11%[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 billion[8] - Residential loans at fair value rose to $4,026,027 thousand, compared to $3,841,738 thousand, indicating an increase of about 4.8%[24] - Investment securities available for sale at fair value increased to $5,109,601 thousand from $3,828,544 thousand, reflecting a growth of approximately 33.4%[24] Shareholder Returns and Dividends - Dividends declared per common share remained consistent at $0.20 for the three months ended June 30, 2025, unchanged from the previous quarters[28] - The company's preferred stock had an aggregate liquidation preference of $558,498 thousand as of June 30, 2025, slightly up from $554,110 thousand at the end of 2024[24] Non-GAAP Financial Measures - The company has transitioned to presenting earnings available for distribution (EAD) as a non-GAAP financial measure starting from March 31, 2025[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] - EAD serves as a useful indicator for evaluating performance and facilitating comparisons to industry peers[40] - Earnings available for distribution (EAD) attributable to common stockholders for the same period was $20,024 thousand, up from $18,194 thousand in the previous quarter, reflecting a 10% increase[42] Other Financial Metrics - Total general, administrative, and operating expenses for the three months ended June 30, 2025, were $19,890,000, a decrease from $23,599,000 for the same period in 2024[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 increased volatility in other income sources[28] - The adjusted book value per common share as of June 30, 2025, was $10.26, down from $10.43 as of March 31, 2025[28] - The company recorded unrealized gains on equity investments of $(24,614) thousand for the three months ended June 30, 2025[42] - The company’s redeemable non-controlling interest in consolidated VIEs was $12,782 thousand, with a cumulative adjustment to estimated redemption value of $(49,574) thousand[52]