EX-99.1

2 exhibit991q22026.htm

EX-99.1

Document

Adamas Trust, Inc. Reports Second Quarter 2026 Results, Delivers Fourth Consecutive Quarter of Book Value Growth

NEW YORK, July 29, 2026 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three and six months ended June 30, 2026.

Financial Highlights for Second Quarter 2026:

•GAAP basic earnings per share of $0.48;

•Earnings available for distribution (or "EAD") (1) per common share of $0.30, up 36.4% year-over-year and 3.4% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum;

•Quarterly economic return (2) of 4.51%; Quarterly economic return on adjusted book value (1)(2) of 4.81%;

•Book value per share of $10.16, up 1.8% quarter-over-quarter;

•Adjusted book value (1) per share of $11.05, up 2.3% quarter-over-quarter;

•Total net interest income of $50.2 million, up 3.7% quarter-over-quarter; Total adjusted net interest income (1) of $50.3 million, up 4.4% quarter-over-quarter;

•Declared second quarter common stock dividend of $0.27 per share, representing a 11.5% annualized yield (3);

•Cumulative stockholder return (4) of 31.2% for the quarter; 58.5% over the last twelve months; and

•Company Recourse Leverage Ratio of 5.5x; Portfolio Recourse Leverage Ratio of 5.2x.

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “The second quarter marked another significant step forward in Adamas' evolution. Over the past eighteen months, we have built a larger and more diversified investment platform, strengthened our earnings power, sharpened our competitive edge with the addition of Constructive, and preserved the financial flexibility to keep growing across market environments. This quarter's results, with sustained growth in earnings, book value, and our investment portfolio, reflect the efficacy and durability of our business model. As we move into the second half of the year, we believe that continued execution of our strategy will build on this momentum, driving further shareholder value and reinforcing the intrinsic value of the Company.”

(1) Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Non-GAAP Financial Measures."

(2) Economic return on book value and economic return on adjusted book value are based on the periodic change in GAAP book value and adjusted book value, respectively, per common share plus dividends declared per common share, if any, during the period.

(3) Annualized yield is calculated using the current quarter dividend declared on common stock (annualized) and the closing share price of the Company's common stock on June 30, 2026.

(4) Cumulative stockholder return includes common stock price appreciation and common stock dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date.

Business Highlights:

Investing & Origination Activity

•Acquired $1.5 billion of new single-family residential investments during the quarter, including $798.3 million of Agency investments and $632.3 million of business purpose loans (5)

•Expanded Agency investment portfolio to $7.2 billion, with 89% of holdings in specified pools and an average coupon of 5.48%

•BPL-Rental portfolio grew to $2.3 billion in UPB, supported by strong credit fundamentals, including average FICO of 750, average LTV of 71% and average DSCR of 1.35x

•Constructive originated $427.6 million of business purpose loans in the quarter, surpassing $6.9 billion in cumulative originations since inception in 2017 (6)

•Received approximately $11.4 million in proceeds from the redemption of a Mezzanine Lending investment

Financing & Capital

•Issued $521.2 million of BPL-Rental securitizations across two transactions with a 5.48% effective cost (7)

•Redeemed a residential loan securitization with an outstanding principal balance at the time of redemption of approximately $243.6 million

•Increased warehouse capacity to $3.7 billion, up $250.0 million in the quarter

Stockholder Value

•Raised common stock dividend to $0.27, an increase of 17.4%

•$1.5 billion in cumulative common stock dividends declared since June 2004

Subsequent Events

•Priced $341 million BPL-Rental securitization with a 5.73% effective cost (7)

(5) Acquired business purpose loans include $381.5 million of loans originated by Constructive and transferred at fair value to the Company's investment portfolio.

(6) Origination amounts represent total loan commitments.

(7) Effective cost represents the weighted average yield at issuance of all tranches sold in the securitizations, weighted by the issuance proceeds of each tranche, and reflecting the modeling assumptions set forth in the related offering documents.

Capital Allocation

The following table sets forth our allocated capital at June

EX-99.1

2 exhibit991q12026.htm

EX-99.1

Document

Adamas Trust, Inc. Reports First Quarter 2026 Results

NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2026.

Financial Highlights:

•GAAP basic earnings per share of $0.41

•Earnings available for distribution (or "EAD") (1) per common share of $0.29, up 45% year-over-year and 26% quarter-over-quarter, reflecting continued portfolio expansion and earnings momentum

•Quarterly economic return (2) of 6.35%; Quarterly economic return on adjusted book value (1)(2) of 3.76%

•Book value per share of $9.98, up 4.0% quarter-over-quarter

•Adjusted book value (1) per share of $10.80, up 1.6% quarter-over-quarter

•Total net interest income of $48.4 million, up 12.1% quarter-over-quarter; Total adjusted net interest income (1) of $48.2 million, up 3.9% quarter-over-quarter

•Declared first quarter common stock dividend of $0.23 per share, representing a 12.50% annualized yield (3)

•Cumulative stockholder return (4) of 4.06% for the quarter; 28.58% over the last twelve months

•Company Recourse Leverage Ratio of 5.2x; Portfolio Recourse Leverage Ratio of 4.9x

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “Adamas delivered strong first quarter results, with continued growth in earnings and book value despite a volatile macro environment. We delivered GAAP earnings of $0.41 per share and EAD of $0.29 per share, well ahead of our dividend, highlighting the strength and scalability of our platform. Our diversified strategy, pairing Agency RMBS with a growing credit and origination business, has performed as designed, generating stable book value and expanded earnings. We also saw meaningful contribution and operating leverage from our Constructive platform during the quarter. We are energized by the flexibility of our balance sheet and its ability to drive long-term stockholder value.”

(1) Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Non-GAAP Financial Measures."

(2) Economic return on book value and economic return on adjusted book value are based on the periodic change in GAAP book value and adjusted book value, respectively, per common share plus dividends declared per common share, if any, during the period.

(3) Annualized yield is calculated using the current quarter dividend declared on common stock (annualized) and the closing share price of the Company's common stock on March 31, 2026.

(4) Cumulative stockholder return includes common stock price appreciation and common stock dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date.

Business Highlights:

Investing & Origination Activity

•Acquired $1.0 billion of new single-family residential investments during the quarter, including $510.1 million of Agency investments and $487.2 million of business purpose loans (5)

•Expanded Agency investment portfolio to $6.8 billion, with 96% of holdings in specified pools and an average coupon of 5.50%

•BPL-Rental portfolio grew to $1.8 billion in UPB, supported by strong credit fundamentals, including average FICO of 748, average LTV of 71% and average DSCR of 1.35x

•Constructive originated $422.2 million of business purpose loans in the quarter, surpassing $6.5 billion in cumulative originations since inception in 2017 (6)

•Sold a property within our Cross-collateralized mezzanine lending investment, resulting in a net gain attributable to Adamas of $13.8 million

Financing & Capital

•Issued $90.0 million of 9.250% senior unsecured notes due 2031

•Redeemed $100.0 million of 5.75% senior unsecured notes due 2026

•Completed a $310.4 million BPL-Rental securitization at a 4.88% effective cost (7)

•Subsequent to quarter end, completed an additional $261.5 million BPL-Rental securitization at a 5.54% effective cost (7)

Stockholder Value

•Repurchased 612,464 shares of common stock at an accretive price of $8.17 per share

•$1.5 billion in cumulative common stock dividends declared since June 2004

(5) Acquired business purpose loans include $252.6 million of loans originated by Constructive and transferred at fair value to the Company's investment portfolio.

(6) Origination amounts represent total loan commitments.

(7) Effective cost represents the weighted average yield at issuance of all tranches sold in the securitization, weighted by the issuance proceeds of each tranche, and reflecting the modeling assumptions set forth in the related offering documents.

Capital Allocation

The following table sets forth our allocated capital at March 31, 2026 (dollar amounts in thousands):

Investment Portfolio (1)

Constructive Corporate/OtherTotal

Investment securities available for sale and TBAs (2) $7,108,203 $— $—

EX-99.1

2 exhibit991q42025.htm

EX-99.1

Document

Adamas Trust, Inc. Reports Fourth Quarter

and Full Year 2025 Results

NEW YORK, February 18, 2026 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three months and year ended December 31, 2025, respectively.

Management Update To Our Stockholders

Jason Serrano, Chief Executive Officer, commented: “2025 was a pivotal year for Adamas, defined by substantial investment portfolio expansion, greater profitability and our strategic acquisition of Constructive. Over the course of the year, we increased quarterly EAD by 44%, generated more than $100 million in net income, expanded the portfolio by $3.1 billion, and raised the dividend by 15%, all while increasing book value. Through the disciplined execution of our strategy, we increased Company recurring income, enhanced liquidity and established a more durable earnings foundation. We begin 2026 with meaningful momentum and strong conviction in our ability to further grow EAD and create long-term value for our stockholders.”

Summary of Fourth Quarter and Full Year 2025:

(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2025For the Year Ended December 31, 2025

Net income attributable to Company's common stockholders $41,605 $101,106

Net income attributable to Company's common stockholders per share (basic) $0.46 $1.12

Earnings available for distribution attributable to Company's common stockholders (1) $20,414 $80,624

Earnings available for distribution per common share (1) $0.23 $0.89

Yield on average interest earning assets (1) (2) 6.23 %6.36 %

Interest income$170,680 $601,948

Interest expense$127,510 $452,647

Net interest income$43,170 $149,301

Net interest spread (1) (3) 1.52 %1.46 %

Book value per common share at the end of the period$9.60 $9.60

Adjusted book value per common share at the end of the period (1) $10.63 $10.63

Economic return on book value (4) 6.85 %12.72 %

Economic return on adjusted book value (5) 4.62 %11.01 %

Dividends per common share$0.23 $0.86

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Fourth Quarter 2025

•Purchased approximately $412.1 million of investment securities, including $346.7 million of Agency RMBS.

•Acquired approximately $462.4 million of residential loans.

Full Year 2025 Investing Activities

•Purchased approximately $4.4 billion of investment securities, including $4.1 billion of Agency investments.

•Acquired approximately $1.7 billion of residential loans.

•Exited remaining multi-family joint venture equity investments in disposal group.

•Received approximately $79.2 million in proceeds from redemptions of Mezzanine Lending investments.

•Acquired the outstanding 50% ownership interests in Constructive that were not previously owned by the Company through the consummation of a membership interest purchase agreement on July 15, 2025.

Full Year 2025 Financing Activities

•Completed the issuance of $82.5 million in aggregate principal amount of our 9.125% Senior Notes due 2030 in an underwritten public offering. The total net proceeds to us from the offering of the notes, after deducting the underwriters' discount and commissions and offering expenses, were approximately $79.3 million.

•Completed the issuance of $115.0 million in aggregate principal amount of our 9.875% Senior Notes due 2030 in public offerings. The total net proceeds to us from the offerings of the notes, after deducting the underwriters' discount and commissions and offering expenses, as applicable, were approximately $111.4 million.

•Completed four securitizations of residential loans, resulting in approximately $945.5 million in aggregate net proceeds to us after deducting expenses associated with the securitization transactions.

•Exercised our right to optional redemptions of three residential loan securitizations with aggregate outstanding principal balances of $424.6 million at the time of redemption.

•Increased common stock dividend declared

EX-99.1

2 exhibit991q32025.htm

EX-99.1

Document

Adamas Trust, Inc. Reports

Third Quarter 2025 Results

NEW YORK, October 29, 2025 (GLOBE NEWSWIRE) - Adamas Trust, Inc. (Nasdaq: ADAM) (“Adamas,” the “Company,” “we,” “our” or “us”) today reported results for the three and nine months ended September 30, 2025.

Summary of Third Quarter 2025:

(dollar amounts in thousands, except per share data)

Net income attributable to Company's common stockholders $32,702

Net income attributable to Company's common stockholders per share (basic) $0.36

Earnings available for distribution attributable to Company's common stockholders (1) $21,991

Earnings available for distribution per common share (1) $0.24

Yield on average interest earning assets (1) (2) 6.33 %

Interest income$160,633

Interest expense$124,047

Net interest income$36,586

Net interest spread (1) (3) 1.50 %

Book value per common share at the end of the period$9.20

Adjusted book value per common share at the end of the period (1) $10.38

Economic return on book value (4) 3.51 %

Economic return on adjusted book value (5) 3.41 %

Dividends per common share$0.23

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Acquired approximately $1.8 billion of Agency investments with an average coupon of 5.27%.

•Acquired approximately $525.7 million in residential loans with an average gross coupon of 8.81%.

•Exited remaining joint venture equity investments at their approximate carrying value of $17.0 million.

•Received approximately $26.4 million in proceeds from redemptions of Mezzanine Lending investments.

•Acquired the outstanding 50% ownership interests in Constructive Loans, LLC ("Constructive") that were not previously owned by the Company through the consummation of a membership interest purchase agreement.

Financing Activities

•Completed the issuance of $115.0 million in aggregate principal amount of our 9.875% Senior Notes due 2030 in underwritten public offerings. The total proceeds to us from the offerings of the notes, after deducting the underwriters' discount and commissions and offering expenses, as applicable, were approximately $111.4 million.

•Completed two securitizations of residential loans, resulting in approximately $619.2 million in net proceeds to us after deducting expenses associated with the transactions. We utilized a portion of the net proceeds to redeem two residential loan securitizations and to repay approximately $270.5 million on outstanding repurchase agreements related to residential loans.

•Increased common stock dividend declared in September 2025 to $0.23 per common share.

Management Overview

Jason Serrano, Chief Executive Officer, commented: “The third quarter was an active and strategically significant period for Adamas.  We marked the Company’s recent rebranding with its highest level of quarterly investment activity since inception, expanding the investment portfolio by $1.8 billion.  The momentum generated from our disciplined and deliberate capital rotation that focuses on assets with greater earnings durability has allowed for a meaningful increase in the Company’s quarterly dividend.  Additionally, we deepened relationships across the investment ecosystem in the quarter with our acquisition of the remaining 50% interest in a market leading business purpose loan origination platform.  Together, these initiatives drove earnings available for distribution higher for the sixth consecutive quarter, reinforcing our commitment to long-term value creation for our stockholders.”

Capital Allocation

The following table sets forth our allocated capital at September 30, 2025 (dollar amounts in thousands):

Investment Portfolio (1)

Constructive Corporate/OtherTotal

Investment securities available for sale and TBAs (2) $6,869,358 $— $— $6,869,358

Residential loans4,096,213 55,434 — 4,151,647

Consolidated SLST CDOs(1,016,952)— — (1,016,952)

Residential loans held for sale — 105,036 — 105,036

Multi-family loans68,647 — — 68,647

Equity investments28,825 — — 28,825

Equity investments in

EX-99.1

2 exhibit991q22025.htm

EX-99.1

Document

New York Mortgage Trust Reports

Second Quarter 2025 Results

NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and six months ended June 30, 2025.

Summary of Second Quarter 2025:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders $(3,486)

Net loss attributable to Company's common stockholders per share (basic) $(0.04)

Earnings available for distribution attributable to Company's common stockholders (1) $20,024

Earnings available for distribution per common share (1) $0.22

Yield on average interest earning assets (1) (2) 6.48 %

Interest income$140,901

Interest expense$104,454

Net interest income$36,447

Net interest spread (1) (3) 1.50 %

Book value per common share at the end of the period$9.11

Adjusted book value per common share at the end of the period (1) $10.26

Economic return on book value (4) (0.64)%

Economic return on adjusted book value (5) 0.29 %

Dividends per common share$0.20

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Acquired approximately $503.7 million of Agency investments with an average coupon of 5.29%.

•Acquired approximately $280.2 million in residential loans with an average gross coupon of 9.76%.

•Received approximately $13.0 million in proceeds from the redemption of a Mezzanine Lending investment.

Subsequent Events

•On July 8, 2025, we completed the issuance of $90.0 million in aggregate principal amount of our 9.875% Senior Notes due 2030 in an underwritten public offering. The total proceeds to us from the offering of the notes, after deducting the underwriters' discount and commissions and offering expenses, were approximately $86.6 million.

•On July 15, 2025, we acquired the outstanding 50% ownership interests in Constructive Loans, LLC ("Constructive") that were not previously owned by the Company through the consummation of a membership interest purchase agreement and cash consideration of approximately $38.4 million, subject to a customary post-closing reconciliation, including a net book value adjustment, and settlement of certain contingent consideration. Constructive is a leading originator of business purpose loans for residential real estate investors.

•On July 24, 2025, we completed a securitization of residential loans, resulting in approximately $345.9 million in net proceeds to us after deducting expenses associated with the transaction. We utilized the net proceeds to redeem two residential loan securitizations in the third quarter of 2025.

Management Overview

Jason Serrano, Chief Executive Officer, commented: “NYMT’s solid second quarter performance, with recurring earnings surpassing the dividend, demonstrates the effective execution of our long-term capital allocation strategy and strength of our liquidity position. The acquisition of Constructive represents a pivotal milestone for the Company, accelerating our expansion into residential business purpose lending. This strategic move will enhance our ability to meet the growing demand for non-agency credit and supports the continued evolution of a more diversified balance sheet designed to deliver greater value to our stockholders.”

Capital Allocation

The following table sets forth, by investment category, our allocated capital at June 30, 2025 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$4,026,027 $— $— $4,026,027

Consolidated SLST CDOs(1,031,897)— — (1,031,897)

Investment securities available for sale and TBAs (2) 4,979,330 — 140,435 5,119,765

Multi-family loans— 74,999 — 74,999

Equity investments— 54,324 37,116 91,440

Equity investments in consolidated multi-family properties (3)

— 155,581 — 155,581

Equity investments in disposal group held for sale (4) — 17,386 — 17,386

Single-family rental properties137,075 — — 137,075

Mortgage servicing rights 19,449 — — 19,449

Tot

EX-99.1

2 exhibit991q12025.htm

EX-99.1

Document

New York Mortgage Trust Reports

First Quarter 2025 Results

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2025.

Summary of First Quarter 2025:

(dollar amounts in thousands, except per share data)

Net income attributable to Company's common stockholders $30,285

Net income attributable to Company's common stockholders per share (basic) $0.33

Earnings available for distribution attributable to Company's common stockholders (1) $18,194

Earnings available for distribution per common share (1) $0.20

Yield on average interest earning assets (1) (2) 6.47 %

Interest income$129,734

Interest expense$96,636

Net interest income$33,098

Net interest spread (1) (3) 1.32 %

Book value per common share at the end of the period$9.37

Adjusted book value per common share at the end of the period (1) $10.43

Economic return on book value (4) 3.13 %

Economic return on adjusted book value (5) 2.71 %

Dividends per common share$0.20

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $1.5 billion of Agency RMBS with an average coupon of 5.35%.

•Purchased approximately $396.8 million in residential loans with an average gross coupon of 9.33%.

•Received approximately $22.1 million in proceeds from the redemption of a Mezzanine Lending investment.

Financing Activities

•Completed the issuance of $82.5 million in aggregate principal amount of our 9.125% Senior Notes due 2030 in an underwritten public offering. The total proceeds to us from the offering of the notes, after the underwriters' discount and commissions and offering expenses, were approximately $79.3 million.

•Completed two securitizations of residential loans, resulting in approximately $326.3 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to redeem one residential loan securitization with an outstanding balance of approximately $54.4 million at the time of redemption.

Subsequent Events

•In April 2025, the Company repurchased 231,200 shares of its common stock pursuant to the common stock repurchase program for a total cost of approximately $1.5 million, including fees and commissions paid to the broker, representing an average repurchase price of $6.50 per common share.

Management Overview

Jason Serrano, Chief Executive Officer, commented: “Against a market backdrop which provided more attractive entry points in the first quarter, the Company significantly increased investment activity, resulting in a substantial boost to earnings. We are pleased to report that recurring earnings reached a level this quarter consistent with the Company’s dividend. This milestone reflects the success of a strategic portfolio restructuring effort that began over two years ago, focused on sustainably enhancing interest income through investments in highly liquid assets.

In our view, the resulting balance sheet strength will provide the Company with the flexibility to remain active during a period of market dislocation, which we believe offers a compelling opportunity to further grow earnings throughout the year.”

Capital Allocation

The following table sets forth, by investment category, our allocated capital at March 31, 2025 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,913,268 $— $— $3,913,268

Consolidated SLST CDOs(805,273)— — (805,273)

Investment securities available for sale4,622,507 — 24,305 4,646,812

Multi-family loans— 87,222 — 87,222

Equity investments— 54,362 39,637 93,999

Equity investments in consolidated multi-family properties (2)

— 154,234 — 154,234

Equity investments in disposal group held for sale (3) — 19,906 — 19,906

Single-family rental properties140,116 — — 140,116

Mortgage servicing rights 20,297 — — 20,297

Total investment portfolio carrying value7,890,915

EX-99.1

2 exhibit991q42024.htm

EX-99.1

Document

New York Mortgage Trust Reports

Fourth Quarter and Full Year 2024 Results

NEW YORK, February 19, 2025 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three months and year ended December 31, 2024, respectively.

Summary of Fourth Quarter and Full Year 2024:

(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2024

For the Year Ended December 31, 2024

Net loss attributable to Company's common stockholders $(41,828)$(103,785)

Net loss attributable to Company's common stockholders per share (basic) $(0.46)$(1.14)

Undepreciated loss (1) $(39,800)$(91,759)

Undepreciated loss per common share (1) $(0.44)$(1.01)

Comprehensive loss attributable to Company's common stockholders $(41,828)$(103,781)

Comprehensive loss attributable to Company's common stockholders per share (basic) $(0.46)$(1.14)

Yield on average interest earning assets (1) (2) 6.57 %6.54 %

Interest income$118,253 $401,280

Interest expense$91,542 $317,425

Net interest income$26,711 $83,855

Net interest spread (1) (3) 1.37 %1.33 %

Book value per common share at the end of the period$9.28 $9.28

Adjusted book value per common share at the end of the period (1) $10.35 $10.35

Economic return on book value (4) (3.56)%(10.88)%

Economic return on adjusted book value (5) (2.94)%(11.93)%

Dividends per common share$0.20 $0.80

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Fourth Quarter 2024

•Purchased approximately $362.8 million of Agency RMBS with an average coupon of 5.55%.

•Purchased approximately $542.3 million of residential loans with an average gross coupon of 9.37%.

•Completed a securitization of residential loans, resulting in approximately $292.9 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to repay approximately $271.6 million on outstanding repurchase agreements related to residential loans.

Full Year 2024 Investing Activities

•Purchased approximately $2.2 billion of investment securities, including $1.5 billion of Agency RMBS with an average coupon of 5.69%.

•Purchased approximately $1.9 billion of residential loans with an average gross coupon of 9.93%.

•Sold three multi-family apartment communities held by joint venture equity investments which generated a net gain attributable to the Company's common stockholders of approximately $12.3 million.

•Sold or distributed equity interests in joint venture equity investments that owned ten multi-family apartment communities which generated a gain on de-consolidation attributable to the Company's common stockholders of approximately $5.7 million.

Full Year 2024 Financing Activities

•Completed five securitizations of residential loans and a re-securitization of our investment in certain subordinated securities issued by Consolidated SLST, resulting in approximately $1.3 billion in net proceeds to us after deducting expenses associated with the transactions. We utilized a portion of the net proceeds to repay approximately $865.4 million on outstanding repurchase agreements related to residential loans and investment securities. We also redeemed two residential loan securitizations with an outstanding balance of approximately $193.3 million at the time of redemption.

•Completed the issuance of $60.0 million of 9.125% Senior Notes due 2029 in an underwritten public offering at par, resulting in approximately $57.5 million in net proceeds to us after deducting the underwriters' discount and commissions and offering expenses.

•Repurchased 587,347 shares of common stock for approximately $3.5 million at an accretive average repurchase price of $5.95 per common share.

Subsequent Developments

•On January 14, 2025, we completed the issuance of $82.5 million in aggregate principal amount of our 9.125% Senior Notes due 2030 in an underwritten public offering. The total net proceeds to us from the offering of the no

EX-99.1

2 exhibit991q32024.htm

EX-99.1

Document

New York Mortgage Trust Reports

Third Quarter 2024 Results

NEW YORK, October 30, 2024 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and nine months ended September 30, 2024.

Summary of Third Quarter 2024:

(dollar amounts in thousands, except per share data)

Net income attributable to Company's common stockholders $32,410

Net income attributable to Company's common stockholders per share (basic) $0.36

Undepreciated earnings (1) $34,941

Undepreciated earnings per common share (1) $0.39

Comprehensive income attributable to Company's common stockholders $32,410

Comprehensive income attributable to Company's common stockholders per share (basic) $0.36

Yield on average interest earning assets (1) (2) 6.69 %

Interest income$108,361

Interest expense$88,124

Net interest income$20,237

Net interest spread (1) (3) 1.32 %

Book value per common share at the end of the period$9.83

Adjusted book value per common share at the end of the period (1) $10.87

Economic return on book value (4) 3.51 %

Economic return on adjusted book value (5) 0.45 %

Dividends per common share$0.20

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•A joint venture in which we held a common equity investment sold its multi-family apartment community for approximately $56.4 million. The sale generated a net gain attributable to the Company's common stockholders of approximately $8.7 million.

•A joint venture in which we hold a combined preferred equity and common equity investment sold a multi-family apartment community for approximately $43.5 million. The sale generated a net gain attributable to the Company's common stockholders of approximately $1.5 million.

•Purchased approximately $372.2 million of Agency RMBS with an average coupon of 5.33%.

•Purchased approximately $624.2 million in residential loans with an average gross coupon of 9.72%.

Financing Activities

•Completed a securitization of business purpose loans, resulting in approximately $235.8 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to repay approximately $184.6 million on outstanding repurchase agreements related to residential loans.

•Completed a re-securitization of our investment in certain subordinated securities issued by Consolidated SLST, resulting in approximately $73.0 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to repay approximately $48.8 million on outstanding repurchase agreement financing related to our investment in Consolidated SLST.

Management Overview

Jason Serrano, Chief Executive Officer, commented: "The Company reported sharply higher earnings per share of $0.36 in the third quarter. The improved earnings were the result of a portfolio rotation which began over a year ago. As part of the plan, we focused on acquisitions that can deliver high recurring interest income by rotating from under-performing, total return opportunities. Consequently, the Company reported Total Adjusted Net Interest Income of $29 million in the third quarter, up 39% year-over-year.

Over the year, we maintained a deliberate approach to balance sheet growth by prioritizing investments containing fundamentally stable income and did not veer from our objective. Going forward, we intend to unlock the Company’s excess liquidity for continued portfolio growth to further enhance Company earnings, particularly without any corporate debt maturity until 2026. We believe a patient approach for earnings growth is prudent in this market environment to increase stockholder value."

Capital Allocation

The following table sets forth, by investment category, our allocated capital at September 30, 2024 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,777,144 $— $— $3,777,144

EX-99.1

2 exhibit991q22024.htm

EX-99.1

Document

New York Mortgage Trust Reports

Second Quarter 2024 Results

NEW YORK, July 31, 2024 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and six months ended June 30, 2024.

Summary of Second Quarter 2024:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders $(26,028)

Net loss attributable to Company's common stockholders per share (basic) $(0.29)

Undepreciated loss (1) $(22,330)

Undepreciated loss per common share (1) $(0.25)

Comprehensive loss attributable to Company's common stockholders $(26,028)

Comprehensive loss attributable to Company's common stockholders per share (basic) $(0.29)

Yield on average interest earning assets (1) (2) 6.46 %

Interest income$90,775

Interest expense$71,731

Net interest income$19,044

Net interest spread (1) (3) 1.33 %

Book value per common share at the end of the period$9.69

Adjusted book value per common share at the end of the period (1) $11.02

Economic return on book value (4) (3.13)%

Economic return on adjusted book value (5) (2.52)%

Dividends per common share$0.20

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $467.5 million of Agency RMBS with an average coupon of 6.00%.

•Purchased approximately $420.7 million in residential loans with an average gross coupon of 10.42%.

Financing Activities

•Completed a securitization of business purpose loans, resulting in approximately $241.6 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to repay approximately $163.6 million on outstanding repurchase agreements related to residential loans.

•Repurchased 587,347 shares of common stock for approximately $3.5 million at an accretive average repurchase price of $5.95 per common share.

•Completed the issuance of $60.0 million of 9.125% Senior Notes due 2029 in an underwritten public offering at par, resulting in approximately $57.5 million in net proceeds to us after deducting the underwriters' discount and commissions and estimated offering expenses.

Management Overview

Jason Serrano, Chief Executive Officer, commented: "Recent interest rate market activity is falling in line with moderating inflation and an expected slowing of the economy, as evidenced by a 29 basis point decline in the 2-year Treasury yield from its second quarter peak. In anticipation of these events, we continued our capital rotation plan to divest from lower current yield portfolio assets while simultaneously utilizing excess liquidity to raise Company recurring income. This resulted in second quarter Adjusted Interest Income of $84 million, a 63% increase from the same period in 2023. With potential excess liquidity of $424 million, or 42% of NYMT’s market capitalization at the end of the second quarter, we are focused on meaningfully raising current income in subsequent quarters.

We are excited about the opportunity for continued portfolio growth while also optimizing expenses over the second half of 2024. We seek to maintain flexibility by remaining short duration in credit assets and liquid in Agency RMBS to capture investment opportunities if a distressed market environment materializes. We believe that the flexibility provided by our excess liquidity and portfolio composition in shifting market conditions will be vital to Company outperformance over the coming years."

Capital Allocation

The following table sets forth, by investment category, our allocated capital at June 30, 2024 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,503,191 $— $— $3,503,191

Consolidated SLST CDOs(844,032)— — (844,032)

Investment securities available for sale2,672,079 — — 2,672,079

Multi-family loans— 92,997 — 92,997

Equity investments— 104,071 38,844 142,915

Equity investments in consolidated multi-family prop

EX-99.1

2 exhibit991q12024.htm

EX-99.1

Document

New York Mortgage Trust Reports

First Quarter 2024 Results

NEW YORK, May 1, 2024 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2024.

Summary of First Quarter 2024:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders $(68,340)

Net loss attributable to Company's common stockholders per share (basic) $(0.75)

Undepreciated loss (1) $(62,014)

Undepreciated loss per common share (1) $(0.68)

Comprehensive loss attributable to Company's common stockholders $(68,336)

Comprehensive loss attributable to Company's common stockholders per share (basic) $(0.75)

Yield on average interest earning assets (1) (2) 6.38 %

Interest income$83,892

Interest expense$66,029

Net interest income$17,863

Net interest spread (1) (3) 1.31 %

Book value per common share at the end of the period$10.21

Adjusted book value per common share at the end of the period (1) $11.51

Economic return on book value (4) (7.96)%

Economic return on adjusted book value (5) (7.50)%

Dividends per common share$0.20

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $297.6 million of Agency RMBS with an average coupon of 5.8%.

•Purchased approximately $305.7 million in residential loans with an average gross coupon of 10.7%.

Financing Activities

•Completed a securitization of business purpose loans, resulting in approximately $223.2 million in net proceeds to us after deducting expenses associated with the transaction. We utilized a portion of the net proceeds to repay approximately $136.6 million on outstanding repurchase agreements related to residential loans.

•Redeemed a residential loan securitization with an outstanding balance of approximately $147.6 million at the time of redemption and completed a new securitization of residential loans, resulting in approximately $273.7 million of net proceeds to us after deducting expenses associated with the transaction. We also utilized a portion of the net proceeds to repay approximately $60.3 million on outstanding repurchase agreements related to residential loans.

Management Overview

Jason Serrano, Chief Executive Officer, commented: "The March 2024 U.S. GDP report surprised the market with a lower-than-expected growth rate of 1.6%, signaling potential late-stage cycle conditions in the U.S. economy. Without further depletion of U.S. consumer savings in the first quarter, GDP could have been 100 bps lower. We expect slow-to-moderate growth for the rest of the year with an increasing risk of recession. In response, we continue to take a balanced approach to opportunities by intentionally lowering credit exposure or by avoiding identifiable risks. We believe that fixed income investments, particularly short-duration mortgage credit and Agency RMBS, continue to provide compelling returns in this economic backdrop.

In the first quarter, we continued to reduce our exposure to multi-family joint venture equity investments (“JV Equity”), which represents less than 5% of the Company’s capital allocation at the end of the quarter. Divestment of the JV Equity portfolio has been a challenge in a higher rate environment alongside unfavorable market conditions, which has negatively impacted valuations. The impairments in the JV Equity book are the primary driver of the -9.08% decline of Adjusted Book Value in the first quarter. However, as our exposure to JV Equity approaches zero and our allocations to Agency RMBS increase, we expect book value volatility to subside. With the Company’s current liquidity, we are excited to prudently grow the Company’s balance sheet for income growth in the year."

Capital Allocation

The following table sets forth, by investment category, our allocated capital at March 31, 2024 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,10

EX-99.1

2 exhibit991q42023.htm

EX-99.1

Document

New York Mortgage Trust Reports

Fourth Quarter and Full Year 2023 Results

NEW YORK, February 21, 2024 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and twelve months ended December 31, 2023.

Summary of Fourth Quarter and Full Year 2023:

(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2023 (1)

For the Twelve Months Ended December 31, 2023 (1)

Net income (loss) attributable to Company's common stockholders$31,465 $(90,035)

Net income (loss) attributable to Company's common stockholders per share (basic) $0.35 $(0.99)

Undepreciated earnings (loss) (2) $33,697 $(81,321)

Undepreciated earnings (loss) per common share (2) $0.37 $(0.89)

Comprehensive income (loss) attributable to Company's common stockholders$33,288 $(88,069)

Comprehensive income (loss) attributable to Company's common stockholders per share (basic)$0.37 $(0.97)

Yield on average interest earning assets (2) (3) 6.21 %6.14 %

Interest income$78,789 $258,660

Interest expense$61,989 $192,134

Net interest income$16,800 $66,526

Net interest spread (2) (4) 1.02 %0.74 %

Book value per common share at the end of the period$11.31 $11.31

Adjusted book value per common share at the end of the period (2) $12.66 $12.66

Economic return on book value (5) 2.22 %(5.73)%

Economic return on adjusted book value (6) (0.54)%(12.78)%

Dividends per common share$0.20 $1.20

(1)For all periods presented, all per common share amounts and common shares outstanding have been adjusted to reflect the Company’s one-for-four reverse stock split which was effected on March 9, 2023.

(2)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(3)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(4)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(5)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(6)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Fourth Quarter 2023

•Purchased approximately $416.4 million of Agency RMBS and approximately $237.7 million in residential loans.

•Sold investment securities for approximately $39.3 million in proceeds.

•Received approximately $29.8 million in proceeds from the redemption of a Mezzanine Lending investment.

•Renewed and amended repurchase agreements for residential loans and single-family rental properties with existing counterparties increasing maximum aggregate purchase price to $2.2 billion.

•Suspended the marketing of nine multi-family properties held by joint venture equity investments that were in disposal group held for sale primarily due to unfavorable market conditions and a lack of transactional activity in the multi-family market which resulted in a loss upon reclassification of these investments from disposal group held for sale to held and used of approximately $16.2 million.

Full Year 2023 Investing Activities

•Purchased approximately $2.0 billion of Agency RMBS and approximately $620.3 million in residential loans.

•Sold investment securities for approximately $64.7 million in proceeds and residential loans for approximately $25.1 million in proceeds.

•Funded approximately $55.9 million of Mezzanine Lending investments. Received approximately $94.6 million in proceeds from redemptions of Mezzanine Lending investments.

•Sold five multi-family properties held by joint venture equity investments representing total net equity investments of $43.2 million.

•Repurchased $59.9 million par value of our residential loan securitization CDOs for approximately $58.4 million.

•Recognized $89.5 million of impairment losses due to declines in estimated fair value of multi-family properties held by joint venture equity investments in disposal group held for sale driven by wider cap rates and lower net operating income at the properties.

Full Year 2023 Financing Activities

•Obtained approximately $84.9 million of financing for residential loans through a repurchase agreement with a new counterparty.

•Obtained approximately $74.3 million of financing for single-family rental properties through a repurchase agreement with an existing counterparty.

•Effected a one-for-four reverse stock split of our issued, outstanding and authoriz

EX-99.1

2 exhibit991q32023.htm

EX-99.1

Document

New York Mortgage Trust Reports

Third Quarter 2023 Results

NEW YORK, November 1, 2023 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and nine months ended September 30, 2023.

Summary of Third Quarter 2023:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders$(94,819)

Net loss attributable to Company's common stockholders per share (basic) (1) $(1.04)

Undepreciated loss (2) $(92,637)

Undepreciated loss per common share (2) $(1.02)

Comprehensive loss attributable to Company's common stockholders$(94,884)

Comprehensive loss attributable to Company's common stockholders per share (basic)$(1.04)

Yield on average interest earning assets (2) (3) 6.03 %

Interest income$65,195

Interest expense$48,406

Net interest income$16,789

Net interest spread (2) (4) 0.90 %

Book value per common share at the end of the period$11.26

Adjusted book value per common share at the end of the period (2) $12.93

Economic return on book value (5) (7.07)%

Economic return on adjusted book value (6) (7.61)%

Dividends per common share$0.30

(1)For all periods presented, all per common share amounts and common shares outstanding have been adjusted to reflect the Company’s one-for-four reverse stock split which was effected on March 9, 2023.

(2)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(3)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(4)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(5)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(6)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $946.2 million of Agency RMBS and approximately $187.8 million in residential loans.

•Received approximately $25.8 million in proceeds from redemptions of Mezzanine Lending investments.

•Executed PSA for the sale of the multi-family property held by a joint venture equity investment representing a net equity investment of $5.2 million.

Financing Activities

•Entered into repurchase agreement with a new counterparty with a maximum aggregate purchase price of $200.0 million to fund the purchase of residential loans.

•Repurchased 560,342 shares of common stock for approximately $5.0 million at an average repurchase price of $8.93 per common share and 63,540 shares of preferred stock for approximately $1.4 million at an average repurchase price of $22.23 per preferred share.

Management Overview

Jason Serrano, Chief Executive Officer, commented: "Fixed income investment valuations suffered in the third quarter against heightened rate volatility, leading to low transaction volumes across the credit spectrum. With higher rates, negative investor sentiment poured into the market, bringing asset values lower. As a result, our adjusted book value declined by 9.71% in the third quarter, led by lower asset valuations and impairment losses related to our multi-family joint venture equity portfolio.

Over a year ago, management determined to reduce credit exposure by allowing our short duration credit portfolio to organically run-off. As a result, the Company’s credit portfolio declined by $1.0 billion year-over-year from the end of the third quarter of 2022. This strategy has allowed us to build out an accretive, high coupon Agency RMBS portfolio which drove Company interest income up 15% from the prior quarter. With Agency RMBS spreads at one of the widest levels since 2008, we believe we can continue to meaningfully expand interest earnings. In an economic downturn, we believe book value and liquidity will be supported with increased exposure to Agency RMBS.

Against a myriad of challenges, U.S. consumers may have exhausted their ability to keep the U.S. economy out of recession. We believe the decisive actions taken by the Company over the past 18 months to reposition the portfolio and reduce credit exposure will enable the Company to provide long-term, sustainable value in a likely downturn."

Capital Allocation

The following table sets forth, by investment category, our allocated capital at September 30, 2023 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/Oth

EX-99.1

2 exhibit991q22023.htm

EX-99.1

Document

New York Mortgage Trust Reports

Second Quarter 2023 Results

NEW YORK, August 2, 2023 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and six months ended June 30, 2023.

Summary of Second Quarter 2023:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders$(37,202)

Net loss attributable to Company's common stockholders per share (basic) (1) $(0.41)

Undepreciated loss (2) $(35,022)

Undepreciated loss per common share (2) $(0.38)

Comprehensive loss attributable to Company's common stockholders$(37,585)

Comprehensive loss attributable to Company's common stockholders per share (basic)$(0.41)

Yield on average interest earning assets (2) (3) 6.07 %

Interest income$57,540

Interest expense$42,404

Net interest income$15,136

Net interest spread (2) (4) 0.48 %

Book value per common share at the end of the period$12.44

Adjusted book value per common share at the end of the period (2) $14.32

Economic return on book value (5) (1.62)%

Economic return on adjusted book value (6) (5.13)%

Dividends per common share$0.30

(1)For all periods presented, all per common share amounts and common shares outstanding have been adjusted to reflect the Company’s one-for-four reverse stock split which was effected on March 9, 2023.

(2)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(3)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(4)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(5)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(6)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $545.6 million of Agency RMBS and approximately $106.3 million in residential loans.

•Received approximately $33.7 million in proceeds from redemptions of Mezzanine Lending investments.

•Sold four multi-family properties held by joint venture equity investments representing total net equity investments of $38 million.

Financing Activities

•Repurchased 37,863 shares of preferred stock at an average repurchase price of $18.88 per preferred share.

•Obtained $76.5 million of financing for single-family rental properties through a warehouse facility with an existing counterparty.

Management Overview

Jason Serrano, Chief Executive Officer, commented: "In the quarter, we maintained a defensive posture within the credit markets as accelerated Federal Government spending in the year neutralized the negative impact of fed rate hikes on economic growth. While U.S. unemployment is pinned below 4% and not a large concern for credit market pricing, we added over $0.5B of Agency RMBS in the quarter which helped to reverse a sequential decline of the portfolio’s interest income over the previous two quarters. With wider Agency RMBS spreads not seen since March 2020, we are constructive on the sector and will continue to allocate excess liquidity in anticipation of a declining credit market.

Changes to the bank regulatory landscape may accelerate opportunities in credit for NYMT. The recent announcement from the FDIC to increase certain bank capital requirements against portfolio holdings further diminishes bank balance sheet capacity and may further restrict the ability of property investors to source viable financing options. We believe these factors heading into year-end presents a favorable environment for secondary market acquisitions and primary market originations supporting an increase to Company earnings through balance sheet expansion."

Capital Allocation

The following table sets forth, by investment category, our allocated capital at June 30, 2023 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,136,812 $— $— $3,136,812

Consolidated SLST CDOs(617,168)— — (617,168)

Multi-family loans— 97,422 — 97,422

Investment securities available for sale703,875 30,397 — 734,272

Equity investments— 143,755 25,000 168,755

Equity investments in consolidated multi-family properties (2)

— 144,135 — 144,135

Equity investments in disposal group held for sale (3) — 189,592 — 189,592

Single-family rental properties162,233 — — 162,233

Total investment po

EX-99.1

2 exhibit991q12023.htm

EX-99.1

Document

New York Mortgage Trust Reports

First Quarter 2023 Results

NEW YORK, NY - May 3, 2023 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2023.

Summary of First Quarter 2023:

(dollar amounts in thousands, except per share data)

Net income attributable to Company's common stockholders$10,521

Net income attributable to Company's common stockholders per share (basic) (1) $0.12

Undepreciated earnings (2) $12,641

Undepreciated earnings per common share (2) $0.14

Comprehensive income attributable to Company's common stockholders$11,112

Comprehensive income attributable to Company's common stockholders per share (basic)$0.12

Yield on average interest earning assets (2) (3) 6.24 %

Interest income$57,136

Interest expense$39,335

Net interest income$17,801

Net interest spread (2) (4) 0.41 %

Book value per common share at the end of the period$12.95

Adjusted book value per common share at the end of the period (2) $15.41

Economic return on book value (5) 0.60 %

Economic return on adjusted book value (6) (0.50)%

Dividends per common share$0.40

(1)For all periods presented, all per common share amounts and common shares outstanding have been adjusted to reflect the Company’s one-for-four reverse stock split which was effected on March 9, 2023.

(2)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(3)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(4)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(5)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(6)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $88.5 million in residential loans and approximately $106.1 million of Agency RMBS.

•Funded approximately $21.9 million of Mezzanine Lending investments.

•Repurchased $59.9 million par value of our residential loan securitization CDOs for approximately $58.4 million.

•Executed PSAs for the sale of two multi-family properties held by joint venture equity investments representing total net equity investments of $23.7 million.

Financing Activities

•Effected a one-for-four reverse stock split of our issued, outstanding and authorized shares of common stock.

•Announced upsize of common stock repurchase program to $246.0 million and authorized preferred stock repurchase program under which the Company may repurchase up to $100.0 million of the Company’s preferred stock.

•Repurchased 377,508 shares of common stock pursuant to a stock repurchase program for approximately $3.6 million at an average repurchase price of $9.56 per share and 19,177 shares of Series G Preferred Stock at an average repurchase price of $16.64 per preferred share.

Subsequent Events

•Executed letters of intent for the sale of four multi-family properties held by joint venture equity investments representing total net equity investments of $38.4 million.

Management Overview

Jason Serrano, Chief Executive Officer, commented: "Historic fed rate increases have shifted the liquidity landscape, with the impact on full display after long-term fixed rate asset pricing deteriorated at regional banks. Consequently, liquidity is being redefined as simply free cash. With the market also reassessing credit risk against a weakening economy, we believe the market has entered the end stage of this growth cycle.

With these trends, we expect to see more attractive entry points that will decrease the opportunity cost of holding cash. We believe a patient approach to meaningful capital redeployment from our short duration portfolio will provide significant long-term value over a multiple year period. In this new investment paradigm, we see material advantages to invest with permanent capital and leverage our asset management capability to unlock value."

Capital Allocation

The following table sets forth, by investment category, our allocated capital at March 31, 2023 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,374,856 $— $— $3,374,856

Consolidated SLST CDOs(638,513)— — (638,513)

Multi-family loans— 95,309 — 95,309

Investment securities available for sale171,411 30,668 492 202,57

EX-99.1

2 exhibit991q42022.htm

EX-99.1

Document

New York Mortgage Trust Reports

Fourth Quarter and Full Year 2022 Results and Reverse Stock Split

NEW YORK, NY - February 22, 2023 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and twelve months ended December 31, 2022.

Summary of Fourth Quarter and Full Year 2022:

(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2022For the Twelve Months Ended December 31, 2022

Net loss attributable to Company's common stockholders$(48,076)$(340,577)

Net loss attributable to Company's common stockholders per share (basic)$(0.13)$(0.90)

Undepreciated loss (1) $(46,116)$(261,578)

Undepreciated loss per common share (1) $(0.12)$(0.69)

Comprehensive loss attributable to Company's common stockholders$(47,993)$(344,325)

Comprehensive loss attributable to Company's common stockholders per share (basic)$(0.13)$(0.91)

Yield on average interest earning assets (1) (2) 6.49 %6.66 %

Interest income$62,948 $258,388

Interest expense$40,651 $129,419

Net interest income$22,297 $128,969

Net interest spread (1) (3) 1.11 %2.47 %

Book value per common share at the end of the period$3.32 $3.32

Adjusted book value per common share at the end of the period (1) $3.97 $3.97

Economic return on book value (4) (6.30)%(20.85)%

Economic return on adjusted book value (5) (2.40)%(7.42)%

Dividends per common share$0.10 $0.40

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets and excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Our calculation of net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on adjusted book value is based on the periodic change in adjusted book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Fourth Quarter Investing Activities

•Funded approximately $106.0 million of portfolio investments.

•Repurchased $50.0 million par value of our residential loan securitization CDOs for approximately $46.5 million.

•Received approximately $36.2 million in proceeds from redemptions of Mezzanine Lending investments.

Fourth Quarter Financing Activities

•Completed a securitization of residential loans, resulting in approximately $232.0 million in net proceeds to the Company after deducting expenses associated with the transaction. The Company utilized the net proceeds to repay outstanding repurchase agreement financing related to residential loans.

•Repurchased 8.4 million shares of common stock pursuant to a stock repurchase program for approximately $22.5 million at an average repurchase price of $2.69 per share.

Full Year 2022 Investing Activities

•Purchased approximately $1.7 billion in residential loans and $112.9 million in single-family rental properties.

•Sold investment securities for approximately $85.4 million and recognized a realized gain of approximately $18.3 million.

•Funded approximately $199.9 million of multi-family joint venture equity investments and approximately $28.1 million of Mezzanine Lending investments. Received approximately $99.1 million in proceeds from redemptions of Mezzanine Lending investments.

•Announced a repositioning of our business through the opportunistic disposition over time of our joint venture equity investments in multi-family properties.

•A joint venture in which we held a common equity investment sold its multi-family apartment community for approximately $48.0 million. The sale generated a net gain attributable to the Company's common stockholders of approximately $14.4 million.

Full Year 2022 Financing Activities

•Redeemed our Convertible Notes at maturity for $138.0 million.

•Completed four securitizations of business purpose, performing and re-performing residential loans, resulting in approximately $970.0 million in net proceeds to the Company after deducting expenses associated with the transactions. The Company utilized the net proceeds to repay approximately $793.6 million on outstanding repurchase agreement financing related to residential loans.

•Obtained approximately $1.6 billion of financing for residential loans through recourse and non-recourse repurchase agreements with new and existing counterparties.

•Repurchased 16.6 million shares of common stock pursuant to a stock repurchase program for appro

EX-99.1

2 exhibit991q32022.htm

EX-99.1

Document

New York Mortgage Trust Reports

Third Quarter 2022 Results

NEW YORK, NY - November 2, 2022 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and nine months ended September 30, 2022.

Summary of Third Quarter 2022:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders$(125,770)

Net loss attributable to Company's common stockholders per share (basic)$(0.33)

Undepreciated loss (1) $(101,473)

Undepreciated loss per common share (1) $(0.27)

Comprehensive loss attributable to Company's common stockholders$(126,879)

Comprehensive loss attributable to Company's common stockholders per share (basic)$(0.34)

Yield on average interest earning assets (1) (2) 6.66 %

Interest income$68,920

Interest expense$54,699

Net interest income$14,221

Adjusted net interest income (1) (3) $30,357

Net interest spread (1) (3) 2.18 %

Book value per common share at the end of the period$3.65

Undepreciated book value per common share at the end of the period (1) $3.89

Economic return on book value (4) (7.64)%

Economic return on undepreciated book value (5) (5.90)%

Dividends per common share$0.10

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Calculated as the quotient of our adjusted interest income and our average interest earning assets, which excludes all Consolidated SLST assets other than those securities owned by the Company.

(3)Excludes interest expense recognized on mortgages payable on real estate. Our calculation of adjusted net interest income and net interest spread may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(4)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(5)Economic return on undepreciated book value is based on the periodic change in undepreciated book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•A joint venture in which we held a common equity investment sold its multi-family apartment community for approximately $48.0 million. The sale generated a net gain attributable to the Company's common stockholders of approximately $14.4 million.

•Sold investment securities for approximately $36.2 million and recognized a realized gain of approximately $18.0 million.

•Announced a repositioning of our business through the opportunistic disposition over time of our joint venture equity investments in multi-family properties.

Financing Activities

•Completed a securitization of residential loans, resulting in approximately $220.8 million in net proceeds to the Company after deducting expenses associated with the transaction. The Company utilized the net proceeds to repay outstanding repurchase agreement financing related to residential loans.

•Repurchased 5.5 million shares of common stock at an average repurchase price of $2.62 per share.

Subsequent Developments:

•Subsequent to quarter end, settled on the repurchase of an additional 2.1 million shares of common stock at an average repurchase price of $2.23 per share.

Management Overview

Jason Serrano, Chief Executive Officer and President, commented: “The historic rate volatility witnessed in September that was driven by heightened inflationary fears sharply lowered asset prices across the fixed income markets. Our pivot to effectively halting asset pipeline activity throughout the entirety of the third quarter proved to be appropriate and helped enhance our balance sheet while minimizing book value decline. By constraining strategies that deeply depend on securitization market execution, limiting mark-to-market financing exposure and constructing a short-duration investment portfolio that allows us to maintain elevated unrestricted cash, we are well positioned to quickly rotate and take advantage of the emerging dislocation in this higher rate environment and we believe opportunities in this channel will provide a superior path to capital deployment for attractive risk-adjusted returns. With a strong balance sheet and multiple decades of experience in the distressed investment space, we are prepared for and excited about NYMT’s future.”

Capital Allocation

The following table sets forth, by investment category, our allocated capital at September 30, 2022 (dollar amounts in thousands):

Single-Family (1)

Multi- FamilyCorporate/OtherTotal

Residential loans$3,933,176 $— $— $3,933,176

Consolidated SLST CDOs(660,069)— — (660,069)

Multi-family loans— 95,829 — 95,829

Investment sec

nymt-20221017

0001273685false00012736852022-10-172022-10-170001273685nymt:CommonStockParValue001PerShareMember2022-10-172022-10-170001273685nymt:A8000SeriesDFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember2022-10-172022-10-170001273685nymt:A7875SeriesEFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember2022-10-172022-10-170001273685nymt:A6875SeriesFFixedToFloatingRateCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember2022-10-172022-10-170001273685nymt:A7000SeriesGCumulativeRedeemablePreferredStockParValue001PerShare2500LiquidationPreferenceMember2022-10-172022-10-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 17, 2022

NEW YORK MORTGAGE TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland001-3221647-0934168

(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

90 Park Avenue

New York, New York 10016

(Address and zip code of

principal executive offices)

Registrant’s telephone number, including area code: (212) 792-0107

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share NYMTNASDAQ Stock Market

8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTNNASDAQ Stock Market

7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTMNASDAQ Stock Market

6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTLNASDAQStock Market

7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTZNASDAQStock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (§230.405 of this chapter) or Rule 12b-2 under the Exchange Act (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 17, 2022, New York Mortgage Trust, Inc. (the “Company”) issued a press release announcing preliminary estimates of select financial information as of and for the three months ended September 30, 2022. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 attached hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being filed with this Current Report on Form 8-K.

Exhibit No.Description

99.1† Press release dated as of October 17, 2022.

104Cover Page Interactive Data File-the cover page XBRL tags are embedded within the Inline XBRL document.

† Furnished herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NEW YORK MORTGAGE TRUST, INC.

(Registrant)

Date: October 17, 2022By:/s/ Kristine R. Nario-Eng

Kristine R. Nario-Eng

Chief Financial Officer

EX-99.1

2 exhibit991q22022.htm

EX-99.1

Document

New York Mortgage Trust Reports

Second Quarter 2022 Results

NEW YORK, NY - August 2, 2022 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended June 30, 2022.

Summary of Second Quarter 2022:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders$(82,389)

Net loss attributable to Company's common stockholders per share (basic)$(0.22)

Undepreciated loss (1) $(49,170)

Undepreciated loss per common share (1) $(0.13)

Comprehensive loss attributable to Company's common stockholders$(82,924)

Comprehensive loss attributable to Company's common stockholders per share (basic)$(0.22)

Yield on average interest earning assets6.69 %

Interest income$68,020

Interest expense$41,891

Net interest income$26,129

Portfolio net interest income (1) $41,437

Portfolio net interest margin (2) 3.48 %

Book value per common share at the end of the period$4.06

Undepreciated book value per common share at the end of the period (1) $4.24

Economic return on book value (3) (4.59)%

Economic return on undepreciated book value (4) (2.47)%

Dividends per common share$0.10

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Excludes interest expense generated by our subordinated debentures, convertible notes, senior unsecured notes and mortgages payable on real estate. Our calculation of portfolio net interest margin may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(3)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(4)Economic return on undepreciated book value is based on the periodic change in undepreciated book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $773.6 million in residential loans and $59.5 million in single-family rental properties.

•Funded multi-family joint venture investments for approximately $57.1 million and received approximately $11.0 million in proceeds from redemptions of Mezzanine Lending investments.

Financing Activities

•Obtained $876.4 million of financing for residential loans through recourse and non-recourse repurchase agreements with new and existing counterparties.

•Repurchased 2.8 million shares of common stock at an average repurchase price of $2.69 per share.

Subsequent Developments:

•Subsequent to quarter end, repurchased an additional 0.9 million shares of common stock at an average repurchase price of $2.73 per share.

Management Overview

Jason Serrano, Chief Executive Officer and President, commented: "Despite historical levels of volatility that challenged the markets in the second quarter, the Company was able to limit the decline in its undepreciated book value to 4.7%. The bid for duration remains thin as buyers seemed to wait out the market as spreads moved wider each month during the quarter. Our increasing allocation to BPL bridge loans over the past year and a half combined with our holding recourse leverage below 1x has enabled our balance sheet to demonstrate resiliency through a rapidly rising interest rate environment.

Against conforming mortgage rates, which ended the second quarter just below 6%, housing fundamentals have exhibited continued strength after several months of historic price and rent growth, particularly in southern markets. However, the market is clearly undergoing a seismic opportunity shift ushering in a new paradigm. The premium priced loan markets that we saw earlier in the year, largely due to remarkably efficient financing, are no longer the norm. Today’s inefficient securitization financing markets combined with markedly reduced loan demand will provide new opportunities to take advantage of wider spreads.

We have patiently positioned the Company’s balance sheet for high asset rotation and largely avoided vertical integration asset strategies that depend on consistent financing availability. Because of this, we are able to focus on secondary market investments without concern for the uncertainty of managing operating costs associated with an origination business. We believe there is an extraordinary opportunity for us in the current environment to create long-term value for our stockholders and we are energized to unlock that value behind our highly experienced asset management team."

Capital Allocation

The following tables set forth, by investment category, our allocated capital at June 30, 2022, our portfolio interest income, portfolio interest

EX-99.1

2 exhibit991q12022.htm

EX-99.1

Document

New York Mortgage Trust Reports

First Quarter 2022 Results

NEW YORK, NY - May 3, 2022 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three months ended March 31, 2022.

Summary of First Quarter 2022:

(dollar amounts in thousands, except per share data)

Net loss attributable to Company's common stockholders$(84,343)

Net loss attributable to Company's common stockholders per share (basic)$(0.22)

Undepreciated loss (1) $(64,205)

Undepreciated loss per common share (1) $(0.17)

Comprehensive loss attributable to Company's common stockholders$(86,531)

Comprehensive loss attributable to Company's common stockholders per share (basic)$(0.23)

Yield on average interest earning assets6.80 %

Net interest income$29,879

Portfolio net interest income (2) $39,536

Portfolio net interest margin3.87 %

Book value per common share at the end of the period$4.36

Undepreciated book value per common share at the end of the period (1) $4.45

Economic return on book value (3) (5.11)%

Economic return on undepreciated book value (4) (4.01)%

Dividends per common share$0.10

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Excludes interest expense generated by our subordinated debentures, convertible notes, senior unsecured notes and mortgages payable on real estate. Our calculation of portfolio net interest margin may not be comparable to similarly-titled measures of other companies who may use a different calculation.

(3)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(4)Economic return on undepreciated book value is based on the periodic change in undepreciated book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Investing Activities

•Purchased approximately $782.5 million in residential loans and $45.2 million in single-family rental properties.

•Funded multi-family joint venture investments and mezzanine lending investments for approximately $137.7 million and $19.2 million, respectively, and received approximately $31.8 million in proceeds from redemptions of mezzanine lending investments.

Financing Activities

•Completed a securitization of residential loans, resulting in approximately $286.1 million in net proceeds to the Company after deducting expenses associated with the transaction. The Company utilized the net proceeds to repay approximately $195.6 million on an outstanding repurchase agreement related to residential loans.

•Completed a securitization of business purpose loans, resulting in approximately $223.5 million in net proceeds to the Company after deducting expenses associated with the transaction. The Company utilized the net proceeds to repay approximately $121.1 million on an outstanding repurchase agreement related to business purpose loans.

•Redeemed our convertible notes at maturity for $138.0 million.

•The Company's Board of Directors authorized a share repurchase program for up to $200.0 million of the Company's common stock.

Subsequent Developments:

•Entered into non-mark-to-market, non-recourse repurchase agreement with a new counterparty with a maximum aggregate purchase price of $750 million to fund the purchase of business purpose loans.

Management Overview

Jason Serrano, Chief Executive Officer and President, commented: "In a challenging quarter with the Fed attempting to regain control of inflation, markets experienced heightened volatility, particularly with respect to interest rates. The volatility combined with a rapidly rising interest rate environment caused the fixed income market to underperform, driving the Company’s undepreciated book value down by 6%. Although the value of many mortgage-related assets fell during the quarter, we were able to strengthen our balance sheet by completing multiple loan securitizations, further protecting the Company against abrupt changes in financing availability while lowering the Company’s cost of funds.

During the quarter, we continued to execute on our strategic plan to generate high portfolio turnover by increasing our allocation to high coupon, short duration residential investor loans that we believe are supported by solid underlying fundamentals. Through our strong proprietary pipelines in this sector, we nearly doubled net investment activity with cash raised organically through a combination of maturity paydowns and financing activity of unencumbered loans. These investments helped push our portfolio yield to the highest level in nearly 10 years. We believe our focus on short duration residential l

EX-99.1

2 exhibit991q42021.htm

EX-99.1

Document

New York Mortgage Trust Reports

Fourth Quarter and Full Year 2021 Results

NEW YORK, NY - February 17, 2022 (GLOBE NEWSWIRE) - New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and twelve months ended December 31, 2021.

Summary of Fourth Quarter and Full Year 2021:

(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2021For the Twelve Months Ended December 31, 2021

Net income attributable to Company's common stockholders$22,460 $144,176

Net income attributable to Company's common stockholders per share (basic)$0.06 $0.38

Undepreciated earnings (1) $31,045 $159,881

Undepreciated earnings per common share (1) $0.08 $0.42

Comprehensive income attributable to Company's common stockholders$22,197 $144,960

Comprehensive income attributable to Company's common stockholders per share (basic)$0.06 $0.38

Net interest income$30,772 $123,618

Portfolio net interest margin3.63 %3.07 %

Book value per common share at the end of the period$4.70 $4.70

Undepreciated book value per common share at the end of the period (1) $4.74 $4.74

Economic return on book value (2) 1.27 %8.28 %

Economic return on undepreciated book value (3) 1.68 %9.13 %

Dividends per common share$0.10 $0.40

(1)Represents a non-GAAP financial measure. A reconciliation of the Company's non-GAAP financial measures to their most directly comparable GAAP measure is included below in "Reconciliation of Financial Information."

(2)Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period.

(3)Economic return on undepreciated book value is based on the periodic change in undepreciated book value per common share, a non-GAAP financial measure, plus dividends declared per common share, if any, during the period.

Key Developments:

Fourth Quarter Investing Activities

•Purchased approximately $606.2 million in residential loans and received approximately $245.1 million in repayments.

•Sold investment securities for aggregate proceeds of approximately $184.1 million.

•Funded multi-family joint venture investments for approximately $123.1 million and mezzanine lending investments in the amount of approximately $65.5 million.

Fourth Quarter Financing Activities

•Issued 7.000% Series G Cumulative Redeemable Preferred Stock for net proceeds of approximately $72.1 million and fully redeemed 7.750% Series B Cumulative Redeemable Preferred Stock for approximately $80.0 million, lowering the cost of capital represented by the redeemed shares by 75 basis points.

Full Year 2021 Investing Activities

•Purchased approximately $1.6 billion in residential loans and received approximately $858.2 million in repayments and sales proceeds of approximately $77.1 million.

•Purchased approximately $53.7 million in investment securities and received approximately $432.6 million in sales proceeds.

•Funded multi-family joint venture investments for approximately $198.5 million and mezzanine lending investments for approximately $108.4 million. Received approximately $96.0 million in proceeds from redemptions of mezzanine lending investments.

Full Year 2021 Financing Activities

•Issued $100.0 million in aggregate principal amount of 5.75% senior unsecured notes due April 2026 at par.

•Completed a securitization of bridge business purpose loans resulting in approximately $178.4 million of net proceeds to the Company, of which $117.1 million was used to repay an outstanding repurchase agreement.

•Redeemed one of the Company's residential loan securitizations with an outstanding balance of $203.5 million at the time of redemption and completed a new securitization of certain performing, re-performing and non-performing residential loans resulting in approximately $254.9 million of net proceeds to the Company.

•Issued 6.875% Series F Fixed-to-Floating-Rate Cumulative Redeemable Preferred Stock for net proceeds of approximately $138.6 million and fully redeemed 7.875% Series C Cumulative Redeemable Preferred Stock for approximately $104.9 million, lowering the cost of capital represented by the redeemed shares by 100 basis points.

•Issued 7.000% Series G Cumulative Redeemable Preferred Stock for net proceeds of approximately $72.1 million and fully redeemed 7.750% Series B Cumulative Redeemable Preferred Stock for approximately $80.0 million, lowering the cost of capital represented by the redeemed shares by 75 basis points.

Subsequent Developments:

•Completed a securitization of residential loans, resulting in approximately $286.3 million in net proceeds to the Company after deducting estimated expenses associated with the transaction. The Company utilized the net proceeds to repay approximately $195.6 million on an outstanding repurchase agreement related to residential loans.

•Completed