The following is a summary of the New York Mortgage Trust, Inc. (NYMT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• New York Mortgage Trust reported a GAAP book value decline of 9.73%, and earnings per share of negative $0.75 or $0.68 on an undepreciated basis, due to impairments to their JV Equity positions.

• Net interest income was $17.9 million, an increase from the previous quarter.

• Losses of $50.8 million were primarily incurred on certain multifamily real estate assets due to a decrease in their estimated fair value.

• The adjusted book value per share ended at $11.51, a 9% decrease from the year-end.

Business Progress:

• The company is lowering its exposure to multi-family joint venture equity investments to reduce book value volatilities and focusing on increasing its Agency RMBS holdings.

• New York Mortgage Trust purchased $608 million of assets in the form of BPL-Bridge loans and an Agency RMBS in the first quarter.

• The company plans to use its excess liquidity of $402 million in the higher-rate environment, anticipating mild-to-moderate economic growth for the rest of the year.

• The company purposes to increase savings by moving more assets into the securitization space and expects stability in their book value over time despite market and timing challenges.

More details: New York Mortgage Trust Inc IR

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