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Sep 30, 2024
NYMT Q3 2024 Earnings Report
Reported sharply higher earnings per share due to a portfolio rotation focused on high recurring interest income.
Key Takeaways
New York Mortgage Trust reported a net income attributable to common stockholders of $32.41 million, or $0.36 per share, for the third quarter of 2024. The improved earnings were attributed to a portfolio rotation towards acquisitions delivering high recurring interest income, resulting in a 39% year-over-year increase in Total Adjusted Net Interest Income to $29 million. The company intends to use excess liquidity for continued portfolio growth.
Reported earnings per share of $0.36 in Q3 2024.
Total Adjusted Net Interest Income increased by 39% year-over-year to $29 million.
Completed business purpose loan securitization, resulting in $235.8 million in net proceeds.
Completed investment re-securitization, resulting in $73.0 million in net proceeds.
Revenue by Segment
Forward Guidance
The Company intends to unlock excess liquidity for continued portfolio growth to enhance earnings, particularly without any corporate debt maturity until 2026. A patient approach for earnings growth is considered prudent to increase stockholder value.
Positive Outlook
- Focus on acquisitions delivering high recurring interest income.
- Prioritizing investments containing fundamentally stable income.
- Excess liquidity available for portfolio growth.
- No corporate debt maturity until 2026.
- Patient approach for earnings growth to increase stockholder value.
Challenges Ahead
- Changes in the Company’s business and investment strategy
- Inflation and changes in interest rates and the fair market value of the Company’s assets
- Changes in credit spreads
- General volatility of the markets in which the Company invests
Historical Earnings Impact
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Avg. Return Before/After Earnings
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