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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