New York Mortgage Trust(US:NYMT)2025-11-04 22:13Investment Securities - For the three months ended September 30, 2025, total investment securities increased to $10,511.648 million, up from $8,603.269 million[304]. - The company acquired $1,856.142 million in new investment securities during the quarter, while repayments totaled $516.156 million[304]. - The fair value of Agency RMBS and TBAs rose to $6,658.646 million, reflecting an increase of $1,718.683 million[304]. - The company reported a total of $158.791 million in consolidated SLST investment securities as of September 30, 2025[305]. - As of September 30, 2025, total investments amounted to $10,518,504, an increase from $7,392,338 as of December 31, 2024, representing a growth of approximately 42.8%[337][338]. - The company had $6.1 billion outstanding under repurchase agreements as of September 30, 2025, with a weighted average interest rate of 4.43%[404][405]. - The fair value of investment securities pledged as collateral under repurchase agreements was $6.3 billion as of September 30, 2025, compared to $3.7 billion as of December 31, 2024[402]. - The total unrealized gains on investment securities were $111.4 million as of September 30, 2025, compared to $23.9 million as of December 31, 2024[401]. - The carrying value of Agency RMBS and TBAs increased to $8.01 billion as of September 30, 2025, compared to $4.24 billion as of December 31, 2024, indicating significant growth in this segment[400][401]. - The weighted average yield for total investment securities was 5.86% as of September 30, 2025, up from 5.94% as of December 31, 2024[401][405]. Financial Performance - Net income attributable to common stockholders for Q3 2025 was $32.7 million, or $0.36 per share, with Earnings Available for Distribution (EAD) increasing 9% quarter-over-quarter to $0.24 per share, marking a 140% year-over-year improvement[311]. - The company achieved a quarterly economic return of 3.51% on GAAP book value per share and 3.41% on adjusted book value per share[311]. - The company reported a net income attributable to common stockholders of $32,702 for the three months ended September 30, 2025, slightly up from $32,410 in 2024, while for the nine months, it was $59,501, down from $121,458 in 2024[342]. - The company reported a comprehensive income attributable to common stockholders of $59.5 million for the nine months ended September 30, 2025, compared to a loss of $61.9 million in 2024[363]. - The economic return on book value for the nine months ended September 30, 2025, was 5.93%[333]. - The Company’s recourse leverage ratio as of September 30, 2025, was 5.0x, an increase from 3.0x as of December 31, 2024[338]. - The Company declared a quarterly dividend of $0.23 per share, a 15% increase from the prior quarter, equating to a 13.2% annualized dividend yield as of September 30, 2025[311]. - The Company increased its common stock dividend to $0.23 per share in September 2025[334]. Loan Performance - Residential loans at fair value decreased slightly to $2,969.048 million from $2,826.644 million[304]. - The fair value of residential loans held for sale was reported at $105.036 million[304]. - Constructive originated approximately $1.8 billion of loans over the twelve months ended September 30, 2025, including $439.3 million in Q3 2025, a 9% increase from the prior quarter[313]. - The current fair value of residential loans backing first loss subordinated securities is $1,182,599,000, up from $965,672,000 as of December 31, 2024, representing a 22.5% increase[419]. - The current unpaid principal balance of these loans increased to $1,329,199,000 from $1,111,633,000, reflecting a growth of 19.6%[419]. - The number of loans backing these securities rose to 8,763 from 7,246, indicating an increase of 20.9%[419]. - The delinquency status showed that 94.7% of residential loans were current as of September 30, 2025, an increase from 91.2% as of December 31, 2024[415]. Expenses and Liabilities - The Company incurred general and administrative expenses of $23,349 for the three months ended September 30, 2025, up from $11,941 in 2024, reflecting a 95.5% increase[342]. - Total liabilities as of September 30, 2025, were $6,511,835, which includes repurchase agreements and warehouse facilities totaling $6,363,494[337][338]. - The Company’s preferred stock dividends for the nine months ended September 30, 2025, were $(36,021), compared to $(31,317) in 2024, indicating an increase in dividend payments[342]. - Total expenses related to real estate decreased by $16.416 million to $22.982 million for the three months ended September 30, 2025, from $39.398 million in 2024[344]. Market Conditions - The U.S. GDP grew at an annualized rate of 3.9% in Q3 2025, continuing the growth trend from Q2 2025[321]. - The unemployment rate trended up slightly to 4.3% at the end of August 2025, indicating a cooling labor market[322]. - Effective rents for professionally managed apartments fell 0.3% in Q3 2025, indicating a potential decline in rental housing fundamentals[326]. - The median existing-home sales price in August 2025 was $422,600, up 2.0% from $414,200 in August 2024, marking 26 consecutive months of year-over-year price increases[326]. - Total housing inventory as of the end of August 2025 was up 11.7% year-over-year, indicating potential moderation in the residential real estate market[326]. Strategic Initiatives - The company is focused on reallocating capital away from joint venture equity investments in multi-family properties to targeted assets[306]. - The company executed a strategic repositioning by disposing of certain joint venture equity investments and acquiring assets to expand interest income levels, including Agency RMBS and business purpose loans[382]. - The Company has repositioned its business by reallocating capital from joint venture equity investments in multi-family properties to targeted assets[436]. - The Company sold its equity interests in two joint venture entities during the three months ended September 30, 2025, with a fair value of $1,338,000 as of December 31, 2024[443]. Debt and Financing - The Company completed the issuance of $115 million in Senior Notes due 2030, resulting in net proceeds of approximately $111.4 million after expenses[334]. - The Company issued $90.0 million in aggregate principal amount of its 9.875% Senior Notes due 2030 on July 8, 2025, and an additional $25.0 million on August 22, 2025[452]. - The Company approved a $100.0 million preferred stock repurchase program, with $97.6 million remaining available as of September 30, 2025[486]. - The common stock repurchase program was increased to $246.0 million, with $188.2 million remaining available as of September 30, 2025[487]. - The Company’s debt as of September 30, 2025, includes senior unsecured notes and subordinated debentures, with trust preferred securities outstanding of $45.0 million at a weighted average interest rate of 8.24%[456]. Cash Flow - Net cash flows from operating activities totaled $72.0 million for the nine months ended September 30, 2025[466]. - Net cash flows used in investing activities were $2.7 billion, primarily due to purchases of investment securities and residential loans[467]. - Net cash flows provided by financing activities amounted to $2.6 billion, mainly from repurchase agreements and issuance of CDOs[470]. - The company had an aggregate amount at risk under repurchase agreements of approximately $93.5 million as of September 30, 2025[472].