New York Mortgage Trust ( NASDAQ: NYMT ) stock rose in Wednesday after-hours trading after the mortgage REIT released Q4 results, reflecting a narrower loss vs Q3, and announced a $200M share repurchase program.
The company also announced a one-for-four reverse stock split that is expected to take effect on March 9 at 12:01 AM ET. The repurchase program will be in effect from March 31, 2023 to March 31, 2024. NYMT stock gained 0.7% in after-hours trading.
"As a result of actions taken to shorten the duration of our portfolio after the market disruptions in the first quarter of 2020 related to the pandemic, and more recently, decisions to limit investment activity, we believe we have cleared a path for aggressive portfolio growth in the near future," said CEO Jason Serrano.
Q4 GAAP EPS of -$0.12, falling short of the $0.01 consensus, narrowed from -$0.33 in Q3 2022 and $0.06 in Q4 2021.
Total net interest income of $22.3M vs. $14.2M in the prior quarter and $32.9M in the year-ago quarter.
Q4 adjusted net interest income of $22.3M vs. $30.4M in Q3 and
Q4 book value per common share was $3.32 at Dec. 31, 2022 vs. $3.65 at Sept. 30, 2022. Adjusted book value per common share of $3.97 vs. $4.17 at Sept. 30.
Economic return on book value was -6.30% vs. -7.64% in Q3; economic return on adjusted book value of -2.40%.
Total investment portfolio carrying value was $3.80B at the end of Q4 vs. $4.22BB at the end of Q3.
During the quarter, New York Mortgage Trust ( NYMT ) funded ~$106.0M of portfolio investments, repurchased $50.0M par value of its residential loan securitization CDOs for ~$46.5M, and received ~$36.2M in proceeds from redemptions of mezzanine lending investments.
Conference call on Feb. 23 at 9:00 AM ET.
Earlier, New York Mortgage Trust ( NYMT ) GAAP EPS of -$0.13 misses by $0.14
For further details see:
New York Mortgage Trust Q4 loss narrows from prior quarter; starts $200M buyback