NEW YORK MORTGAG(NYMTZ) - 2025 Q3 - Quarterly Results

Financial Performance - Net income attributable to common stockholders for Q3 2025 was $32,702,000, with earnings per share of $0.36[3] - The net income attributable to the Company's common stockholders for the three months ended September 30, 2025, was $32,702,000, while for the nine months it was $59,501,000[13] - The company reported a net loss attributable to non-controlling interests of $5,035,000 for the three months and $14,231,000 for the nine months ended September 30, 2025[13] - The company reported cumulative depreciation expense on real estate of $26,357 thousand as of September 30, 2025[48] - The company recorded unrealized gains of $(54,852) thousand for the three months ended September 30, 2025[42] Interest Income and Expenses - Interest income for the quarter reached $160,633,000, while interest expense was $124,047,000, resulting in net interest income of $36,586,000[3] - For the three months ended September 30, 2025, the total net interest income was $36,586,000, with a net loss from real estate of $(3,878,000)[13] - For the nine months ended September 30, 2025, the total net interest income was $106,131,000, with a net loss from real estate of $(9,126,000)[13] - Net interest income for the three months ended September 30, 2025, was $36,586 thousand, a 80.5% increase from $20,237 thousand in the same period of 2024[26] - Interest income rose to $160,633 thousand for the three months ended September 30, 2025, up 48.3% from $108,361 thousand in the same period of 2024[26] Assets and Liabilities - Total assets increased to $12,401,862 thousand as of September 30, 2025, up from $9,217,282 thousand as of December 31, 2024, representing a growth of 34.5%[24] - Total liabilities increased to $10,997,084 thousand as of September 30, 2025, compared to $7,806,148 thousand as of December 31, 2024, marking a rise of 40.3%[24] - The company's total assets as of September 30, 2025, amounted to $490,545 thousand, with total liabilities of $373,388 thousand[52] Dividends and Shareholder Returns - The quarterly dividend was increased to $0.23 per common share, marking a significant increase in shareholder returns[6] - Dividends declared per common share increased to $0.23 from $0.20 in the previous quarter[28] - The Board of Directors considers EAD among other factors when determining dividends on common stock, but it should not be viewed as a guarantee of dividend payments[41] Strategic Initiatives - The company acquired approximately $1.8 billion in Agency investments with an average coupon of 5.27% and $525.7 million in residential loans with an average gross coupon of 8.81%[4] - The strategic repositioning included the acquisition of assets that expand interest income levels, such as Agency RMBS and business purpose loans[38] - Adamas Trust focuses on generating durable earnings and long-term value through disciplined portfolio management[16] - The Company is internally managed and strategically deploys capital across complementary businesses[16] Conference Call and Presentations - The Company plans to host a conference call on October 30, 2025, to discuss its financial results[14] - A supplemental financial presentation will accompany the conference call, available on the Company's website[15] Economic Returns - Economic return on book value was reported at 3.51%, while the economic return on adjusted book value was 3.41%[3] - The company’s recourse leverage ratio stood at 5.0x, indicating a stable capital structure[9] Earnings Available for Distribution (EAD) - Earnings Available for Distribution (EAD) is now presented as a supplemental 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 company aims to provide additional transparency into operating performance through the EAD measure, facilitating comparisons to industry peers[40] - Earnings available for distribution (EAD) attributable to common stockholders was $21,991 thousand for the three months ended September 30, 2025, an increase from $20,024 thousand in the previous quarter[42]