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Mar 31, 2024
NYMT Q1 2024 Earnings Report
Reported a net loss attributable to company's common stockholders of $(68,340) thousand and a basic loss per share of $(0.75).
Key Takeaways
New York Mortgage Trust reported a net loss attributable to common stockholders of $(68,340,000) or $(0.75) per share for the first quarter of 2024. The company continues to reduce exposure to multi-family joint venture equity investments and increase allocations to Agency RMBS.
Purchased approximately $297.6 million of Agency RMBS with an average coupon of 5.8%.
Purchased approximately $305.7 million in residential loans with an average gross coupon of 10.7%.
Completed a securitization of business purpose loans, resulting in approximately $223.2 million in net proceeds.
Redeemed a residential loan securitization with an outstanding balance of approximately $147.6 million and completed a new securitization of residential loans, resulting in approximately $273.7 million of net proceeds.
Forward Guidance
The company expects slow-to-moderate growth for the rest of the year with an increasing risk of recession. They continue to take a balanced approach to opportunities by intentionally lowering credit exposure or by avoiding identifiable risks.
Positive Outlook
- Fixed income investments, particularly short-duration mortgage credit and Agency RMBS, continue to provide compelling returns.
- Exposure to JV Equity approaches zero.
- Allocations to Agency RMBS increase.
- Expect book value volatility to subside.
- With the Company’s current liquidity, the company is excited to prudently grow the Company’s balance sheet for income growth in the year.
Challenges Ahead
- March 2024 U.S. GDP report surprised the market with a lower-than-expected growth rate of 1.6%, signaling potential late-stage cycle conditions in the U.S. economy.
- Without further depletion of U.S. consumer savings in the first quarter, GDP could have been 100 bps lower.
- Expect slow-to-moderate growth for the rest of the year with an increasing risk of recession.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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