NEW YORK MORTGAG(US:NYMTZ)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 during the quarter[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, the total investment securities amounted to $8.9 billion, with a fair value of $7.03 billion, reflecting an increase from $5.67 billion as of December 31, 2024[400][401]. - The carrying value of Agency RMBS and TBAs was $8.01 billion, with a fair value of $6.66 billion, showing a weighted average yield of 5.78%[400][402]. - 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, while unrealized losses amounted to $57.7 million[400][401]. 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 interest income of $36,586,000 for Q3 2025, with a net interest spread of 1.50%[333]. - Total net interest income for the three months ended September 30, 2025, was $36,586, compared to $20,237 in 2024, reflecting an increase of 80.5%[342]. - The company reported a net income attributable to common stockholders of $32.7 million for the three months ended September 30, 2025, compared to $32.4 million in 2024, reflecting a slight increase[363]. - The company reported a basic earnings per common share of $0.36 for the three months ended September 30, 2025, unchanged from the same period in 2024[342]. - The total other income for the nine months ended September 30, 2025, was $71.3 million, an increase from $16.5 million in 2024[365]. Dividends and Stockholder Returns - 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]. - Dividends declared for the three months ended September 30, 2025, were $21,416,000, translating to $0.24 per share[366]. - The common stock repurchase program was increased to $246.0 million, with $188.2 million remaining available as of September 30, 2025[487]. - During the nine months ended September 30, 2025, the Company repurchased 231,200 shares of common stock at an average price of $6.50 per share, totaling approximately $1.5 million[487]. Loans and Financing - Residential loans at fair value decreased slightly to $2,969.048 million from $2,826.644 million[304]. - The company completed two securitizations of residential loans totaling approximately $619.2 million in net proceeds during Q3 2025[314]. - The company acquired approximately $1.8 billion of Agency investments with an average coupon of 5.27% and $525.7 million in residential loans with an average gross coupon of 8.81% during Q3 2025[333]. - The total residential loans, including those held in Consolidated SLST, amounted to $4,256,683 thousand as of September 30, 2025, up from $3,841,738 thousand as of December 31, 2024, representing a growth of 10.8%[412]. - The company had repurchase agreements with a maximum principal amount of $3,225,000,000 as of September 30, 2025, compared to $2,775,000,000 at the end of 2024, a 16.2% increase[422]. - The company had $2.5 billion in carrying value for Company-sponsored residential loan securitization CDOs as of September 30, 2025[479]. Expenses and Losses - The Company incurred general and administrative expenses of $23,349 for the three months ended September 30, 2025, compared to $11,941 in 2024, reflecting an increase of 95.5%[342]. - The net loss from real estate for the three months ended September 30, 2025, improved to $(3,878) from $(7,495) in 2024, a positive change of 48.3%[342]. - The company recognized $5.6 million in net realized losses during the three months ended September 30, 2025, primarily due to losses on foreclosed properties[345]. - The Company recognized net unrealized losses of $50.0 thousand and $132.6 thousand for the three and nine months ended September 30, 2025, respectively, on its non-Agency RMBS re-securitization[410]. - The Company recognized $50.5 million in net realized losses during the nine months ended September 30, 2025, compared to $18.5 million in 2024, primarily related to foreclosed properties[346]. Economic Indicators - 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 average interest rate for a 30-year fixed mortgage was 6.34% as of October 2, 2025, up 0.22% year-over-year, contributing to affordability challenges for home buyers[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]. 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 plans to maintain a solid position in unrestricted cash while pursuing investments in less price-sensitive assets like Agency RMBS[461]. - The Company intends to focus on longer-term financing arrangements to reduce exposure to fluctuations in collateral repricing[462].