NYMT - New York Mortgage Trust Q1 earnings tops estimates but NII weakens

2023-05-03 19:01:02 ET

New York Mortgage Trust ( NASDAQ: NYMT ) on Wednesday posted Q1 earnings above estimates , but net interest income dropped 20% from the previous quarter due to lower adjusted interest income attributable to BPL bridge portfolio runoff.

Q1 EPS was $0.11 vs. -$0.89 in Q1 2022. Net interest income slumped to $17.80M, down 51.9% Y/Y.

Book value per share at March 31 was $12.95, compared with $13.27 at the end of Q4 and $17.42 at the end of Q1 2022. Adj. book value per share was $15.41.

New York Mortgage Trust ( NYMT ) bought ~$88.5M in residential loans during Q1 and ~$106.1M of Agency RMBS.

The REIT funded ~$21.9M of Mezzanine Lending investments and repurchased $59.9M par value of its residential loan securitization CDOs for ~$58.4M.

The firm repurchased 377.5K shares under its stock buyback program for ~$3.6M at an average price of $9.56/share and ~19.2K series G preferred shares ( NYMTZ ) at an average price of $16.64/preferred share.

Shares +4.1 after the bell.

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