New York Mortgage Trust, Inc. (NYMT) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total assets, which rose to $8.9 billion from $7.4 billion at the end of 2023. This growth was primarily driven by an increase in residential loans, which reached $3.8 billion, up from $3.1 billion, and investment securities available for sale, which surged to $3.4 billion from $2.0 billion.
For the three months ended September 30, 2024, NYMT reported interest income of $108.4 million, a substantial increase from $65.2 million in the same period last year. Total net interest income also improved, rising to $20.2 million from $16.8 million. The company achieved a net income attributable to common stockholders of $32.4 million, a significant turnaround from a loss of $94.8 million in the prior year. Basic earnings per share for the quarter were $0.36, compared to a loss of $1.04 per share in the same quarter of 2023.
Despite these positive results, the company reported a net loss of $61.9 million for the nine months ended September 30, 2024, an improvement from a loss of $121.5 million in the same period of 2023. The net loss from real estate operations for the quarter was $(7.5 million), slightly better than the $(7.8 million) loss reported in the previous year.
Strategically, NYMT has been active in managing its investment portfolio, focusing on acquiring residential loans and investment securities. The company completed a re-securitization of its investment in certain subordinated securities, generating approximately $73 million in net proceeds. Additionally, NYMT issued $60 million in 9.125% Senior Notes due 2029, which will be used for general corporate purposes, including acquiring single-family residential assets.
The company has also been managing its liabilities prudently, with total liabilities increasing to $7.4 billion from $5.8 billion. The increase in liabilities was largely due to higher repurchase agreements, which rose to $3.6 billion from $2.5 billion. NYMT's stockholders' equity decreased to $1.4 billion from $1.6 billion, reflecting the ongoing challenges in the real estate market.
Overall, NYMT's performance in Q3 2024 reflects a recovery in its financial metrics, driven by strategic acquisitions and improved interest income, despite ongoing challenges in the real estate sector and a focus on managing liabilities effectively.
About NEW YORK MORTGAGE TRUST INC
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