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Mar 31, 2021
NYMT Q1 2021 Earnings Report
NYMT reported a successful quarter with an economic return of 2.1%, GAAP earnings per share of $0.11, and comprehensive earnings per share of $0.12.
Key Takeaways
New York Mortgage Trust reported a net income attributable to common stockholders of $41.911 million, or $0.11 per share. The company's portfolio net interest margin expanded to 2.42%, and net interest income increased by $4.4 million from the previous quarter.
Sold non-Agency RMBS and CMBS for approximately $72.1 million and $39.5 million in proceeds, respectively.
Purchased approximately $347.3 million in residential loans.
Exercised right to an optional redemption of non-Agency RMBS re-securitization with an outstanding principal balance of $14.7 million.
Obtained non-mark-to-market financing for business purpose loans through a repurchase agreement with an existing counterparty, receiving net proceeds of approximately $160.4 million.
Revenue by Segment
Forward Guidance
NYMT expects improvement in both net interest margin and net interest income in future periods as it continues to transition out of lower-yielding CUSIP securities and focus increasingly on loans in both single-family and multi-family strategies.
Positive Outlook
- Expanded access to longer-termed, non-mark-to-market financing arrangements.
- Closed on first rated unsecured bond deal in April, a $100 million, 5.75%, 5-year financing.
- Expanded liquidity allows investment team to focus on sectors away from highly competitive, liquid securities markets.
- Pipeline currently sits at one of its highest levels.
- Consummation of a significant amount of pipeline opportunities will enhance EPS in future periods.
Challenges Ahead
- Changes in business and investment strategy.
- Changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s assets.
- Changes in credit spreads.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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