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Jun 30, 2020
NYMT Q2 2020 Earnings Report
Rebounded strongly after the most challenging quarter, generating GAAP earnings of $0.28 and comprehensive earnings of $0.50, increasing book value to $4.35.
Key Takeaways
New York Mortgage Trust reported a strong rebound in the second quarter of 2020, with a significant increase in GAAP earnings, comprehensive earnings, and book value per share. The company focused on stabilizing its funding strategy and retaining non-Agency credit assets, benefiting from a resilient housing market.
Reinstated quarterly dividends on common and preferred stock, including dividends in arrears for Q1 2020.
Completed a non-mark-to-market re-securitization backed by non-Agency RMBS, generating net proceeds of approximately $109.3 million.
Obtained additional financing of $248.8 million for residential loans under a repurchase agreement.
Reduced outstanding repurchase agreements to finance investment securities by $625.8 million from March 31, 2020.
Forward Guidance
The Company anticipates a path for stable growth under a now-reduced competitive landscape due to a sizeable current cash balance and advantageous financing.
Positive Outlook
- Disciplined conservative investment culture
- Retained assets with attractive price recovery potential
- Resilient U.S. housing market
- Tight supply and record low lending rates
- Avoided expensive recapitalization initiatives
Challenges Ahead
- Changes in business and investment strategy
- Changes in interest rates and the fair market value of the Company’s assets
- Volatility of the markets
- Changes in prepayment rates on the loans
- Increased rates of default or delinquencies
Historical Earnings Impact
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Avg. Return Before/After Earnings
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