In This Article:
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Earnings Per Share (EPS): $0.36 for the third quarter.
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Undepreciated Earnings Per Share: $0.39 in the third quarter, compared to a loss of $0.25 in the second quarter.
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Adjusted Interest Income: Over $100 million in the third quarter, a 39% year-to-date increase.
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Net Interest Income: Increased to $0.22 per share in the current quarter from $0.21 in the second quarter.
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Portfolio Growth: Increased by $1 billion or 17% from the last quarter.
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Liquidity: $408 million at the end of the third quarter, $6 million more than the first quarter.
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Book Value Per Share: $10.87, down $1.4 from the second quarter.
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Dividend: $0.20 per common share, unchanged from the prior quarter.
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Recourse Leverage Ratio: Increased to 2.6 times from 2.1 times as of June 30.
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Residential Loan and Bond Portfolios: Contributed $1.07 per share of unrealized gains.
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Multifamily Real Estate Dispositions: Six assets disposed, net proceeds of approximately $34.7 million, and $13.6 million of net gains.
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Debt Issuance Expenses: $2.4 million related to two securitization deals.
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Agency RMBS Portfolio: Almost $3 billion, constituting 42% of the asset portfolio.
Release Date: October 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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New York Mortgage Trust Inc (NASDAQ:NYMT) reported a significant increase in earnings per share to $0.36 for the third quarter, driven by a strategic shift towards interest income.
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The company successfully increased its portfolio by $1 billion or 17% from the previous quarter, demonstrating strong growth.
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NYMT maintained strong liquidity with $408 million at the end of the third quarter, providing flexibility for future investments.
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The company achieved a 39% year-to-date increase in adjusted interest income, reflecting effective capital deployment.
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NYMT completed six securitizations in 2024, marking its most active year in issuance and contributing to stable liquidity management.
Negative Points
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The company expressed concerns about high US debt levels potentially impacting private market trades.
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Despite portfolio growth, NYMT admitted to being underinvested earlier in the year, which affected earnings potential.
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The company experienced a 1% to 2% decline in adjusted book value quarter-to-date, indicating some volatility.
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NYMT's net loss from real estate was $7.5 million during the quarter, although this was an improvement from the previous quarter.
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The company's recourse leverage ratio increased to 2.6 times, reflecting higher financing of investment securities.