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Jun 30, 2023
NYMT Q2 2023 Earnings Report
Reported results for the three and six months ended June 30, 2023.
Key Takeaways
New York Mortgage Trust reported a net loss attributable to common stockholders of $37.2 million, or $0.41 per share, for the second quarter of 2023. The company maintained a defensive posture within the credit markets, adding over $0.5B of Agency RMBS to reverse a sequential decline of the portfolio’s interest income.
Purchased approximately $545.6 million of Agency RMBS and approximately $106.3 million in residential loans.
Received approximately $33.7 million in proceeds from redemptions of Mezzanine Lending investments.
Sold four multi-family properties held by joint venture equity investments representing total net equity investments of $38 million.
Obtained $76.5 million of financing for single-family rental properties through a warehouse facility with an existing counterparty.
Revenue by Segment
Forward Guidance
Management anticipates a favorable environment for secondary market acquisitions and primary market originations supporting an increase to Company earnings through balance sheet expansion.
Positive Outlook
- Wider Agency RMBS spreads not seen since March 2020 present a constructive outlook for the sector.
- Excess liquidity will continue to be allocated in anticipation of a declining credit market.
- Changes to the bank regulatory landscape may accelerate opportunities in credit for NYMT.
- FDIC's announcement to increase certain bank capital requirements against portfolio holdings diminishes bank balance sheet capacity.
- Restricting the ability of property investors to source viable financing options.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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