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Jun 30, 2021
NYMT Q2 2021 Earnings Report
Reported solid results with GAAP earnings per share of $0.11, comprehensive earnings per share of $0.12, and an increase in book value per common share to $4.74.
Key Takeaways
New York Mortgage Trust reported a net income attributable to common stockholders of $42.944 million, or $0.11 per share, for the second quarter of 2021. The company's book value per common share increased to $4.74, and the portfolio net interest margin was 2.97%. They also completed a securitization of business purpose loans and a private placement of senior unsecured notes.
Purchased approximately $257.8 million in residential loans and $19.0 million in non-Agency RMBS.
Received approximately $28.1 million in proceeds from redemptions of multi-family preferred equity and mezzanine loan investments and approximately $63.3 million in proceeds from redemption of an equity investment in an entity that invested in residential loans.
Completed a securitization of business purpose loans resulting in approximately $178.4 million of net proceeds to the Company, of which $117.1 million was used to repay an outstanding repurchase agreement.
Completed a private placement of $100.0 million in aggregate principal amount of 5.75% senior unsecured notes due April 2026 at par.
Revenue by Segment
Forward Guidance
Company expects loan securitization financing costs to improve, and is optimistic about future earnings growth.
Positive Outlook
- Demand for new paper far outweighs net supply.
- BPL securitization lowered interest cost by 58 bps for such loans.
- Term financing through securitizations is highly attractive.
- Opportunity to optimize financing by calling certain previously issued deals.
- Building loan pipeline and attractive securitization financing options.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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