Q2 2024 New York Mortgage Trust Inc Earnings Call Transcript
Key Points
- New York Mortgage Trust Inc (NYMT) reported a 63% increase in adjusted interest income to $84 million compared to the same period last year.
- The company has successfully reduced its net loss from real estate from $16.4 million to $13.1 million, primarily due to the disposition of underperforming multifamily properties.
- NYMT has raised $60 million in senior unsecured notes at a 9.125% rate, providing additional funding for future opportunities.
- The company is pursuing a joint venture for multifamily mezzanine loans with a third-party cap provider, potentially allowing up to $300 million in funding.
- NYMT's portfolio acquisitions have increased significantly, with $934 million in total acquisitions during the quarter, representing a 54% increase from the prior quarter.
- NYMT reported an undepreciated loss per share of $0.25 in the second quarter, although this is an improvement from the $0.68 loss per share in the first quarter.
- The company experienced $16.5 million in unrealized losses due to lower asset prices in its Agency RMBS portfolio, primarily as a result of interest rate increases.
- NYMT's adjusted book value per share decreased by 4.3% from the first quarter, ending at $11.02.
- The company's recourse leverage ratio increased to 2.1x from 1.7x, and its portfolio recourse leverage ratio increased to 2x from 1.6x, indicating higher leverage levels.
- NYMT incurred a one-time expense of $4.6 million related to the issuance of senior unsecured notes and a residential securitization.
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Second Quarter 2024 Results Conference Call. [Operator Instructions] This conference is being recorded on Thursday, August 1, 2024. I would now like to turn the call over to Kristi Mussallem, Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Thank you for joining New York Mortgage Trust's Second Quarter 2024 Earnings Call. A press release and supplemental financial presentation with New York Mortgage Trust's second 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 are hosting a live webcast of today's call, which you can access in the Events & Presentations section of the company's website.
At this time, management would like me to inform you that
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