New York Mortgage Trust(NYMT) - 2025 Q4 - Annual Results

Financial Performance - In Q4 2025, Adamas Trust, Inc. reported a net income of $41.6 million, with a full-year net income of $101.1 million, representing a significant increase in profitability [4]. - The company increased its quarterly earnings available for distribution by 44% year-over-year, reaching $20.4 million in Q4 2025 and $80.6 million for the full year [3][4]. - Economic return on book value was 6.85% for Q4 2025 and 12.72% for the full year, reflecting effective capital management [4][8]. - The company reported a net income attributable to common stockholders of $101.1 million for the year ended December 31, 2025, compared to a net loss of $103.8 million in 2024 [30]. - Net income attributable to the Company for the three months ended December 31, 2025, was $53,527,000, and for the year it was $149,048,000 [15][16]. - Basic earnings per common share increased to $0.46 from $0.36, showing a positive trend in profitability [32]. - GAAP net income attributable to common stockholders for Q4 2025 was $41.605 million, compared to a loss of $41.828 million in Q4 2024 [46]. Investment and Asset Management - Adamas expanded its investment portfolio by $3.1 billion in 2025, with total investments amounting to $10.7 billion by year-end [3][10]. - The company completed the acquisition of Constructive for approximately $462.4 million in residential loans, enhancing its market position [8]. - The company exited its remaining multi-family joint venture equity investments, streamlining its investment strategy [8]. - Total assets increased to $12.64 billion as of December 31, 2025, up from $9.22 billion in 2024, representing a 37.5% growth [27]. - The company reported unrealized gains of $217.4 million for the year ended December 31, 2025, compared to unrealized losses of $90.5 million in 2024 [30]. - The net equity investment in consolidated multi-family properties as of December 31, 2025, was $153.477 million [56]. Income and Expenses - Total net interest income for the three months ended December 31, 2025, was $43,170,000, with a net loss from real estate of $3,292,000 [15]. - For the year ended December 31, 2025, total net interest income was $149,301,000, with a net loss from real estate of $12,417,000 [16]. - General, administrative, and operating expenses for the three months ended December 31, 2025, totaled $36,123,000 [15]. - General and administrative expenses increased to $72.7 million in 2025, compared to $48.7 million in 2024, reflecting a 49.3% increase [30]. - The Constructive segment incurred $10.2 million in direct general and administrative expenses and $4.3 million in direct loan origination costs for the three months ended December 31, 2025 [15]. Dividends and Shareholder Returns - The company raised its dividend by 15%, declaring $0.23 per common share for the last two quarters of 2025, totaling $0.86 for the full year [4][8]. - Dividends declared per common share were consistent at $0.23, maintaining shareholder returns [32]. - Earnings available for distribution (EAD) for Q4 2025 was $20.414 million, with EAD per common share at $0.23, slightly down from $0.24 in Q3 2025 [46]. Financing and Capital Structure - The company issued $82.5 million in 9.125% Senior Notes due 2030 and $115.0 million in 9.875% Senior Notes due 2030, raising approximately $190.7 million in net proceeds [8]. - As of December 31, 2025, Adamas had a net company capital allocated of $1.4 billion, with a recourse leverage ratio of 5.0x [10]. - Total liabilities increased to $11.21 billion as of December 31, 2025, from $7.81 billion in 2024, marking a 43.5% rise [27]. Performance Metrics - The yield on average interest-earning assets was 6.23% for Q4 2025 and 6.36% for the full year, indicating strong asset performance [4]. - The weighted average shares outstanding for basic earnings were 90.4 million in 2025, slightly down from 90.6 million in 2024 [30]. - The net interest spread remained stable at 1.52%, compared to 1.50% in the previous quarter [32]. - Adjusted book value per common share increased to $10.63 as of December 31, 2025, up from $10.38 in September 2025 [52]. Strategic Initiatives - The company executed a strategic repositioning by disposing of certain joint venture equity investments and acquiring assets to enhance interest income levels [43]. - Adamas Trust focuses on generating durable earnings and long-term value for stockholders through disciplined portfolio management [19]. - The Company plans to release a supplemental financial presentation accompanying the conference call on its website [18].