NEW YORK MORTGAGE TRUST INC Files 10-Q for Q1 2024

TL;DR

<b>NEW YORK MORTGAGE TRUST INC filed its Q1 2024 10-Q report</b>.

AI Summary

NEW YORK MORTGAGE TRUST INC (ADAMI) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company's fiscal year ends December 31. Business and mailing address: 90 PARK AVENUE, 23RD FLOOR, NEW YORK, NY 10016. Business phone number: (212) 792-0107. Incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking NEW YORK MORTGAGE TRUST INC, this filing contains several important signals. This filing provides an update on the company's financial position and performance for the first quarter of 2024. Investors can use this report to assess the company's asset holdings, liabilities, and equity as of March 31, 2024.

Risk Assessment

Risk Level: low — NEW YORK MORTGAGE TRUST INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new information or material changes that would indicate high risk.

Analyst Insight

Review the balance sheet and income statement for changes in asset composition and profitability compared to the previous quarter.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed As Of Date)
• 143 — Public Document Count (Total number of documents filed)
• 6798 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• NEW YORK MORTGAGE TRUST INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-03 (date) — Filed as of date
• 90 PARK AVENUE, 23RD FLOOR (address) — Business address
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10016 (postal_code) — Business address zip
• (212) 792-0107 (phone_number) — Business phone

FAQ

Industry Context

NEW YORK MORTGAGE TRUST INC operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on mortgage-related assets.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information.

What Investors Should Do

1. Analyze the company's asset and liability structure as detailed in the balance sheet.
2. Examine revenue and expense items to understand profitability drivers.
3. Note any disclosures related to preferred stock series and their terms.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reflects this date.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted.

Year-Over-Year Comparison

This is the initial filing analyzed for the period. No prior filing data is available for comparison within this context.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share NYMT NASDAQ Stock Market 8.0
• $25.00 — erred Stock, par value $0.01 per share, $25.00 Liquidation Preference NYMTN NASDAQ Sto

Filing Documents

• nymt-20240331.htm (10-Q) — 4277KB
• exhibit1012024.htm (EX-10.1) — 98KB
• exhibit1022024.htm (EX-10.2) — 65KB
• exhibit1032024.htm (EX-10.3) — 55KB
• ex311march2024.htm (EX-31.1) — 11KB
• ex312march2024.htm (EX-31.2) — 11KB
• ex321march2024.htm (EX-32.1) — 8KB
• 0001273685-24-000053.txt (&nbsp;) — 20940KB
• nymt-20240331.xsd (EX-101.SCH) — 127KB
• nymt-20240331_cal.xml (EX-101.CAL) — 149KB
• nymt-20240331_def.xml (EX-101.DEF) — 874KB
• nymt-20240331_lab.xml (EX-101.LAB) — 1133KB
• nymt-20240331_pre.xml (EX-101.PRE) — 1056KB
• nymt-20240331_htm.xml (XML) — 4196KB

Financial Information

PART I. Financial Information

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2 023 4 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8 Unaudited Notes to the Condensed Consolidated Financial Statements 10 Note 1. Organization 10 Note 2. Summary of Significant Accounting Policies 11 Note 3. Residential Loans, at Fair Value 14 Note 4. Investment Securities Available For Sale, at Fair Value 16 Note 5. Multi-family Loans, at Fair Value 18 Note 6. Equity Investments, at Fair Value 19 Note 7. Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) 21 Note 8. Real Estate, Net 28 Note 9. Assets and Liabilities of Disposal Group Held for Sale 30 Note 10. Derivative Instruments and Hedging Activities 32 Note 11. Other Assets and Other Liabilities 38 Note 12. Repurchase Agreements 39 Note 13. Collateralized Debt Obligations 42 Note 14. Debt 44 Note 15. Commitments and Contingencies 47 Note 16. Fair Value of Financial Instruments 48 Note 17. Stockholders' Equity 58 Note 18. (Loss) Earnings Per Common Share 62 Note 19. Stock Based Compensation 63 Note 20. Income Taxes 66 Note 21. Net Interest Income 68 Note 22. Other (Loss) Income 69 Note 23. Subsequent Events 70

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 71

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 124

Controls and Procedures

Item 4. Controls and Procedures 130

OTHER INFORMATION

PART II. OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 131

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 131

Exhibits

Item 6. Exhibits 132

SIGNATURES

SIGNATURES 135 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements The accompanying notes are an integral part of the condensed consolidated financial statements. 3 Table of Contents NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Residential loans, at fair value $ 3,103,105 $ 3,084,303 Investment securities available for sale, at fair value 2,241,340 2,013,817 Multi-family loans, at fair value 91,905 95,792 Equity investments, at fair value 137,943 147,116 Cash and cash equivalents 226,939 187,107 Real estate, net 1,154,221 1,131,819 Assets of disposal group held for sale 146,363 426,017 Other assets 344,999 315,357 Total Assets (1) $ 7,446,815 $ 7,401,328 LIABILITIES AND EQUITY Liabilities: Repurchase agreements $ 2,512,008 $ 2,471,113 Collateralized debt obligations ($ 1,079,768 at fair value and $ 1,108,594 at amortized cost, net as of March 31, 2024 and $ 593,737 at fair value and $ 1,276,780 at amortized cost, net as of December 31, 2023) 2,188,362 1,870,517 Senior unsecured notes 98,299 98,111 Subordinated debentures 45,000 45,000 Mortgages payable on real estate, net 850,743 784,421 Liabilities of disposal group held for sale 122,318 386,024 Other liabilities 110,751 118,016 Total liabilities (1) 5,927,481 5,773,202 Commitments and Contingencies (See Note 15) Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities 20,128 28,061 Stockholders' Equity: Preferred stock, par value $ 0.01 per share, 31,500,000 shares authorized, 22,164,414 shares issued and outstanding ($ 554,110 aggregate liquidation preference) 535,445 535,445 Common stock, par value $ 0.01 per share, 200,000,000 shares authorized, 91,231,039 and 90,675,403 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 912 907 Additional paid-in capital 2,289,452 2,297,081 Accumula

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