Core Viewpoint - New York Mortgage Trust, Inc. is soliciting consents from holders of its 5.75% Senior Notes due 2026 to amend the indenture governing the Notes, specifically to revise the Net Debt to Equity Ratio to a maximum of 8.00 to 1.00, which is aimed at enhancing financial flexibility and supporting the company's investment strategy [1][7]. Group 1: Consent Solicitation Details - The Consent Solicitation is set to expire on June 12, 2025, unless extended or terminated earlier [1]. - The company is offering a consent payment of $4.00 per $1,000 principal amount of the Notes for valid and unrevoked consents [3][8]. - Adoption of the Proposed Amendment requires consents from a majority of the outstanding aggregate principal amount of the Notes [8]. Group 2: Financial Performance and Strategy - The company has significantly increased its investment activity since Q2 2023, acquiring approximately $4.1 billion in assets during 2024 and an additional $1.9 billion in Q1 2025 [4]. - In Q1 2025, the company reported a 55% year-over-year increase in interest income, supported by efficient, low-cost leverage [5]. - As of March 31, 2025, the company maintained a strong liquidity position with $173.1 million in cash and cash equivalents, $256.8 million in unencumbered investment securities, and $100.2 million in unencumbered residential loans [6]. Group 3: Proposed Amendment Implications - The Proposed Amendment is intended to enhance the company's financial flexibility to scale its portfolio in line with market opportunities and income generation objectives [7]. - The company believes that increasing the maximum Net Debt to Equity Ratio aligns with prudent financial management and benefits stakeholders [7].

Core Viewpoint - AGNC Investment Inc. has experienced an 11.6% decline in share price over the past three months, which is more significant than the industry's decline of 8.5%, reflecting broader challenges in the mortgage market due to rate volatility [1][4]. Price Performance - AGNC's peers, Annaly Capital Management and Arbor Realty Trust, have also seen declines of 5% and 21.4%, respectively, in the same period [1]. - Despite recent price drops, AGNC offers attractive long-term returns with a high dividend yield, which may attract investors [4]. Interest Rate Environment - AGNC's performance is heavily influenced by the interest rate environment, particularly decisions made by the Federal Reserve [5]. - The company's net interest income (NII) fell dramatically from $965 million in 2022 to just $18 million in 2024 due to rising borrowing costs [6]. - A reduction in interest rates by 100 basis points in 2024 positively impacted AGNC's NII, which rose to $159 million in Q1 2025 from a negative $30 million in the same quarter the previous year [7]. Mortgage Rates and Activity - Recent trends show a slight decline in mortgage rates, with the average 30-year fixed-rate mortgage at 6.76% as of May 8, 2025, down from 7.09% a year prior [7]. - Lower mortgage rates are expected to boost origination and refinancing activities, which could enhance AGNC's NII and portfolio value [8][21]. Dividend Yield - AGNC's current dividend yield stands at 16.38%, significantly higher than the industry average of 12.03%, making it an attractive option for income-seeking investors [10]. - The company has a payout ratio of 81% and is engaged in a stock repurchase plan, authorizing up to $1 billion in buybacks through December 31, 2026 [11]. Agency MBS Outlook - AGNC focuses on agency mortgage-backed securities (RMBS), which are backed by U.S. government guarantees, positioning it well in this market segment [12]. - The outlook for agency MBS has improved, although market volatility has increased following recent tariff announcements [13]. - AGNC generated a positive economic return of 2.4% in Q1 2025, supported by its dividend strategy [14]. Valuation - AGNC is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 5.36X, below the industry average of 7.74X, indicating it may be undervalued [22]. - Compared to peers, AGNC's P/E is lower than Annaly Capital Management's 6.66X and Arbor Realty Trust's 8.44X [22]. Investment Consideration - Given the strong fundamentals, high dividend yield, and potential for growth in a declining rate environment, AGNC stock may be a worthwhile addition to investment portfolios [24].

First Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) May 7, 2025 The properties above are not representative of all transactions. The information provided herein is as of March 31, 2025 unless otherwise noted. 8% 7% 5% 8% 9% 9% 15% 14% 19% 19% 44% 43% 0% 20% 40% 60% 80% 100% Multi-family Hospitality Office Mixed-use Land Other a Collateral Diversification 3,7 3/31/25 12/31/24 First Quarter 2025 Highlights | |  | GAAP net loss of $78.6 million, or $0.56 per share; distributable loss of ...

Financial Performance (Q1 2025) - Net income per common share was $0.26, a recovery from the $(0.09) loss in Q4 2024[8] - Earnings available for distribution per common share increased to $0.64 from $0.53 in the previous quarter[8] - The company declared a common stock dividend of $0.34 per share, down from $0.40 in Q4 2024[8] - Book value per common share slightly decreased to $8.81 from $8.92[8] - Economic return was 2.6%, compared to (0.5)% in the prior quarter[8] - The debt-to-equity ratio increased to 7.1x from 6.7x at the end of the previous quarter[8] Portfolio Allocation and Activity - Agency RMBS represented 83.7% of the investment allocation[8] - Agency CMBS accounted for 15.0% of the investment allocation[8] - Non-Agency RMBS made up 0.1% of the investment allocation, totaling $5.9 billion[8] - Agency CMOs comprised 1.2% of the investment allocation[8] - The company issued $36.0 million of common stock under the at-the-market program[10] - The company repurchased Series C Preferred Stock with a carrying value of $2.2 million[10] - The company held $372 million of unrestricted cash and unencumbered investments at quarter end[10] Portfolio Update (as of April 30) - Estimated book value per common share ranged from $7.74 to $8.06, a decrease from $8.81 at the end of Q1 2025[47] - The company reduced portfolio size by selling higher coupon Agency RMBS to lower risk in a volatile environment[47] - Estimated debt-to-equity ratio decreased to 6.4x from 7.1x at the end of Q1 2025[47] - The company held $336 million in cash and unencumbered investments[47]

Cherry Hill Mortgage Investment Corporation (CHMI) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Speaker0 Good day, and welcome to the Cherry Hill Mortgage Investment Corporation First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Instructions will be given at that time. As a reminder, this call may be recorded. I would now like to turn the call over to Garrett Edson with ICR ...

2 First Quarter 2025 Investor Presentation First Quarter 2025 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, references to: potential or expected future cash flows; estimated or expected returns, sometimes referred to as initial IRR, updated IRR, expected IRR, or current-to-maturity IRR; potential discount rates; potential f ...

VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) -- Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025. First Quarter 2025 Highlights Net income of $0.6 million, or $0.06 per common shareBook value per share of $0.74Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET Management Commentary Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief ...

New York Mortgage Trust (NYMT) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Company Participants Kristi Mussallem - AVP - Investor RelationsJason Serrano - Chief Executive OfficerKristine Nario-Eng - CFONicholas Mah - PresidentRandy Binner - Managing DirectorMatthew Erdner - Director Conference Call Participants Marissa Lobo - Analyst Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the New York Mortgage Trust First Quarter twenty twenty five Results Conference Call. Duri ...

Annaly Capital Management (NLY) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Speaker0 Please note this event is being recorded. I would now like to turn the conference over to Sean Kensal of Investor Relations. Please go ahead. Speaker1 Good morning and welcome to the first quarter twenty twenty five earnings call for Annaly Capital Management. Any forward looking statements made during today's call are subject to certain risks and uncertainties, which are outlined in the Risk Factors section in our most ...

Financial Data and Key Metrics Changes - The recurring earnings in Q1 2025 increased to a level consistent with the company's dividend of $0.20 per share, reflecting a strategic portfolio restructuring initiated two years ago [6][7] - Earnings Available for Distribution (EAD) per share rose to $0.20 in Q1 2025 from $0.16 in Q4 2024, while quarterly EPS contribution from adjusted net interest income increased to $0.40 per share, up from $0.36 in the prior quarter [12][13] - GAAP book value and adjusted book value per share increased to $9.37 and $10.43 respectively, representing a 1% increase compared to the end of 2024 [17] Business Line Data and Key Metrics Changes - Agency RMBS investments now account for over 50% of company assets, with approximately $1.5 billion of Agency RMBS purchased in Q1 2025, nearly four times more than the previous quarter [11][18] - In the residential credit sector, $397 million of whole loans were purchased, with a focus on bridge loans and rental loans [19][20] - The portfolio recourse leverage ratio decreased to 0.5 times from 1.1 times, reflecting successful securitizations in the residential loan sector [10][17] Market Data and Key Metrics Changes - The market experienced spread widening in Agency RMBS and residential credit, with current coupon agency spreads widening from 135 basis points to 143 basis points [22] - As of April 2025, adjusted book value is estimated to be down approximately 1.5% [38] Company Strategy and Development Direction - The company aims to maintain a strong focus on Agency RMBS while also exploring opportunities in residential credit, particularly BPL rental loans [21][41] - The strategic shift towards more liquid agency RMBS is intended to enhance flexibility in capital allocation depending on market conditions [21][22] - The company has reduced its JV equity exposure to less than 1% of the overall portfolio, indicating a shift in investment strategy [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for additional revenue generation through service fee income and highlighted the importance of operational efficiencies in supporting dividend coverage [8][12] - The company anticipates continued market volatility but is prepared to deploy liquidity into attractive investment opportunities as they arise [21][22] - Management does not foresee significant impacts from potential GSE reforms in the near to medium term [33][34] Other Important Information - The company recognized net unrealized gains of $118.2 million during the quarter, primarily from higher valuations in the agency RMBS portfolio [14] - General and administrative expenses increased slightly due to non-recurring employee severance costs related to restructuring initiatives [16] Q&A Session Summary Question: Impact of FHFA and GSEs changes on business - Management discussed potential GSE reforms, indicating that it could lead to higher mortgage rates and liquidity issues, but does not expect significant changes in the near term [33][34] Question: Update on book value performance in Q2 - As of April 2025, adjusted book value is estimated to be down approximately 1.5% [38] Question: Capital allocation strategy amidst market volatility - Management confirmed a continued focus on Agency RMBS and BPL, with a preference for BPL rental over BPL bridge loans [40][41] Question: Timing surrounding mezzanine and multifamily investments - The 10% payoff rate mentioned was year-to-date as of early April, with expectations for continued resolutions in the multifamily mezzanine portfolio [44] Question: Future capital allocation preferences - Management expressed a preference for Agency RMBS in the near term but acknowledged the potential for shifts depending on market conditions [46]