New York Mortgage Trust, Inc. (NYMT) reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company achieved a net interest income of $36.4 million for the second quarter, a 91% increase from $19.0 million in the same period last year. For the first half of 2025, net interest income reached $69.5 million, up from $36.9 million in the first half of 2024. The increase in interest income was primarily driven by a substantial rise in investments in Agency residential mortgage-backed securities (RMBS) and business purpose loans, which contributed to a 55% increase in total interest income to $140.9 million compared to $90.8 million in the prior year.
The company’s total assets grew to approximately $10.6 billion as of June 30, 2025, up from $9.2 billion at the end of 2024. This growth was largely attributed to an increase in residential loans, which rose to $4.0 billion from $3.8 billion, and investment securities available for sale, which increased to $5.1 billion from $3.8 billion. The company also reported a net loss attributable to common stockholders of $3.5 million, or $(0.04) per share, compared to a loss of $26.0 million, or $(0.29) per share, in the same quarter of the previous year. For the first half of 2025, net income attributable to common stockholders was $26.8 million, or $0.30 per share, a significant recovery from a loss of $94.4 million in the first half of 2024.
Strategically, NYMT has been repositioning its investment portfolio to enhance recurring income, focusing on acquiring assets with less price sensitivity to credit deterioration. The company completed the acquisition of the remaining 50% interest in Constructive Loans, LLC, a business purpose loan originator, for approximately $38.4 million. This acquisition is expected to bolster NYMT's access to proprietary origination channels and enhance its recurring earnings. Additionally, the company has been winding down its multi-family joint venture equity investments, reducing its exposure to $17.4 million across four properties, which were subsequently disposed of in July 2025.
Operationally, NYMT's leverage ratios increased, with the Company Recourse Leverage Ratio rising to 3.8x from 3.0x at the end of 2024, reflecting the financing of highly liquid Agency RMBS. As of June 30, 2025, 65% of the company's debt was subject to mark-to-market margin calls, with a significant portion collateralized by Agency RMBS. The company reported cash and cash equivalents of $156.1 million and unencumbered investment securities valued at $272.5 million, indicating a solid liquidity position to meet its obligations.
Looking ahead, NYMT anticipates continued growth in its investment portfolio, particularly in the residential housing sector, while maintaining a disciplined investment posture. The company plans to leverage its acquisition of Constructive to scale its operations and enhance its income generation capabilities. However, it remains cautious of potential market volatility and economic uncertainties that could impact its performance and asset values.
About NEW YORK MORTGAGE TRUST INC
New York Mortgage Trust, Inc. is a real estate investment trust focused on acquiring, financing, and managing mortgage-related residential assets, including single-family and multi-family loans, mortgage-backed securities, and credit-sensitive investments. It seeks to generate long-term stable distributions through net interest spreads and capital gains, leveraging diverse funding sources and strategic asset management in the U.S. housing and credit markets.
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