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Jun 30, 2022
NYMT Q2 2022 Earnings Report
Reported a net loss attributable to the company's common stockholders of $82.389 million and a basic loss per share of $0.22 for the second quarter of 2022.
Key Takeaways
New York Mortgage Trust reported results for the three months ended June 30, 2022. The company was able to limit the decline in its undepreciated book value to 4.7% despite historical levels of volatility that challenged the markets in the second quarter.
Purchased approximately $773.6 million in residential loans and $59.5 million in single-family rental properties.
Funded multi-family joint venture investments for approximately $57.1 million and received approximately $11.0 million in proceeds from redemptions of Mezzanine Lending investments.
Obtained $876.4 million of financing for residential loans through recourse and non-recourse repurchase agreements with new and existing counterparties.
Repurchased 2.8 million shares of common stock at an average repurchase price of $2.69 per share.
Forward Guidance
The premium priced loan markets that we saw earlier in the year, largely due to remarkably efficient financing, are no longer the norm. Today’s inefficient securitization financing markets combined with markedly reduced loan demand will provide new opportunities to take advantage of wider spreads.
Positive Outlook
- Increasing allocation to BPL bridge loans over the past year and a half combined with our holding recourse leverage below 1x has enabled our balance sheet to demonstrate resiliency through a rapidly rising interest rate environment.
- Housing fundamentals have exhibited continued strength after several months of historic price and rent growth, particularly in southern markets.
- The market is clearly undergoing a seismic opportunity shift ushering in a new paradigm.
- Today’s inefficient securitization financing markets combined with markedly reduced loan demand will provide new opportunities to take advantage of wider spreads.
- We have patiently positioned the Company’s balance sheet for high asset rotation and largely avoided vertical integration asset strategies that depend on consistent financing availability.
Challenges Ahead
- Despite historical levels of volatility that challenged the markets in the second quarter, the Company was able to limit the decline in its undepreciated book value to 4.7%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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