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Sep 30, 2020
NYMT Q3 2020 Earnings Report
Reported solid results with increased book value and GAAP earnings per share.
Key Takeaways
New York Mortgage Trust reported a net income attributable to common stockholders of $91.344 million, or $0.24 per share, and comprehensive income of $113.834 million, or $0.30 per share. The company's book value increased to $4.58 per share, and they posted a total economic return of 7.0% for the quarter, including a dividend of $0.075 per common share.
Completed a residential loan securitization, resulting in approximately $241.1 million of net proceeds.
Obtained non-mark-to-market financing for residential loans, receiving net proceeds of approximately $47.2 million.
Sold non-Agency RMBS for proceeds of approximately $259.5 million and CMBS for approximately $110.7 million.
Completed the quarter with over $600 million in cash.
Forward Guidance
The Company believes that volatility around the election and the ongoing COVID-19 pandemic will present compelling investment opportunities during the fourth quarter and the early part of next year.
Positive Outlook
- Strong housing fundamentals bolstering housing demand, particularly in the South and Southeast of the U.S.
- Markedly lower level of competition.
- Balance sheet flexibility to capture significant opportunities.
- Investment opportunities increased dramatically in recent months.
- Highly selective approach to the market.
Challenges Ahead
- Tense geopolitical environment.
- Volatility around the election.
- Ongoing COVID-19 pandemic.
- Uncertainty in the market.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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