The following is a summary of the New York Mortgage Trust, Inc. (NYMT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• New York Mortgage Trust reported earnings per share of $0.35, with an adjusted interest income rise of 22% quarter-over-quarter to $72.5 million.

• The company's adjusted book value per share fell to $12.66, a decrease of 2.09%.

• Despite valuation improvements leading to unrealized gains, losses on certain real estate assets offset this, leading to an undepreciated Q4 earnings per share of $0.37.

• The company increased its investment portfolio by roughly $0.4 billion in Q4 and $1.3 billion across the year, closing at $5.1 billion as of December 31.

• Net interest income remained steady at $16.8 million, while adjusted net interest income rose to $23.5 million, driven by investments in agency RMBS and BPL bridge loans.

Business Progress:

• The company plans for 2024 include building an earnings base with a portfolio marked by reduced credit risk and asset duration.

• It increased warehouse line capacity to $2.2 billion and aims to capitalize on the dislocated market and opportunities in the residential loan market.

• NYMT is shifting portfolio exposure to agency RMBS and short-duration high coupon residential property bridge loans for income stability.

• The company declared a dividend of $0.20 per common share, down from $0.30 in the previous quarter and aims to reassess their dividend policy each quarter.

• The company plans to increase the portfolio allocation to agencies under the current market condition and continue growing BPL bridge purchases in the forthcoming quarters.

More details: New York Mortgage Trust Inc IR

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