Q3 2024 New York Mortgage Trust Inc Earnings Call Transcript
Key Points
- New York Mortgage Trust Inc (NYMT) reported a significant increase in earnings per share to $0.36 for the third quarter, driven by a strategic shift towards interest income.
- The company successfully increased its portfolio by $1 billion or 17% from the previous quarter, demonstrating strong growth.
- NYMT maintained strong liquidity with $408 million at the end of the third quarter, providing flexibility for future investments.
- The company achieved a 39% year-to-date increase in adjusted interest income, reflecting effective capital deployment.
- NYMT completed six securitizations in 2024, marking its most active year in issuance and contributing to stable liquidity management.
- The company expressed concerns about high US debt levels potentially impacting private market trades.
- Despite portfolio growth, NYMT admitted to being underinvested earlier in the year, which affected earnings potential.
- The company experienced a 1% to 2% decline in adjusted book value quarter-to-date, indicating some volatility.
- NYMT's net loss from real estate was $7.5 million during the quarter, although this was an improvement from the previous quarter.
- The company's recourse leverage ratio increased to 2.6 times, reflecting higher financing of investment securities.
Good morning, ladies and gentlemen. And thank you for standing by. Welcome to the New York Mortgage Trust third quarter, 2024 results conference call. (Operator Instructions)
This conference is being recorded on Thursday, October 31, 2024.
I would now like to turn the call over to Kristi Mussallem, Investor Relations. Please go ahead.
Good morning and thank you all for joining New York Mortgage Trust third quarter, 2024 earnings call. A press release and supplemental financial presentation with New York Mortgage Trust, third quarter, 2024 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.nymtrust.com.
Additionally, we're hosting a live webcast of today's call which you can access in the events and presentations section of the company's website. At this time, management would like me to
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