Total Revenue

+188% (from $43.22M to $124.47M in Q1 2025)

Total Revenue surged due to a dramatic operational turnaround where improved interest income and other income components drove revenue growth. Compared to the previous period, earnings from core lending and investment activities were bolstered by higher yields and an expanded loan and securities portfolio, contributing to the 188% YoY jump. " " "

Interest Income

+55% (from $83.89M in Q1 2024 to $129.73M in Q1 2025)

Interest Income increased substantially as a result of enhanced investments primarily in Agency RMBS and business purpose loans, which built on the investments seen in Q1 2024. The previous period’s lower baseline was improved by both increased origination volume and favorable market conditions that supported higher yield investments. " "

Net Interest Income

+85% (from $17.86M in Q1 2024 to $33.10M in Q1 2025)

Net Interest Income grew significantly driven by the combined effects of higher interest earnings and relatively controlled financing costs. The larger spread reflects not only the increase in interest income but also adjustments in financing expenses compared to Q1 2024, underscoring improved asset yield and liquidity management. " "

Net Income

Turned positive at $37.07M vs. a loss of $80.06M in Q1 2024

Net Income reversed dramatically from a substantial loss to a positive figure, mainly due to a reduction in real estate losses, increased other income from investment activities, and cost reductions in operating expenses. The turnaround builds on previous period adjustments and market improvements that mitigated earlier operational challenges. " "

Total Assets

+34% (from ~$7.45B in Q1 2024 to ~$10.00B in Q1 2025)

Total Assets expanded markedly as investments in securities and residential loans increased significantly, pushed by acquisitions and favorable fair value adjustments in Agency RMBS. This growth builds on the asset base from Q1 2024, where a smaller portfolio was bolstered by more aggressive investment and origination strategies in Q1 2025. " "

Total Liabilities

+45% (from ~$5.93B in Q1 2024 to ~$8.59B in Q1 2025)

Total Liabilities rose sharply reflecting increased reliance on short-term financing such as repurchase agreements, collateralized debt obligations, and additional senior unsecured notes issuance. Compared to Q1 2024, the financing mix has shifted toward more aggressive debt funding to support the expanded asset side, which carries forward heightened leverage. " "

Stockholders’ Equity

Declined by roughly 6%

Stockholders’ Equity contracted slightly as the rapid increase in financing (liabilities) outpaced the positive effects of the turnaround in net income. While improvements in operating results helped somewhat, the continuing dividend distributions and adjustments in the capital structure resulted in a modest decline compared to the previous period. " "

Investment Activity

Q2 2025

no prior guidance

“continue growing its balance sheet, primarily focusing on Agency RMBS” " " "

no prior guidance

Portfolio Strategy

Q2 2025

no prior guidance

“preference for Agency RMBS over Residential Credit given widening Agency spreads” " "

no prior guidance

Capital Allocation

Q2 2025

no prior guidance

“maintain flexibility to shift capital allocation between Agency RMBS and Residential Credit” " "

no prior guidance

Dividend Support

Q2 2025

no prior guidance

“continue supporting its current dividend of $0.20 per share” "

no prior guidance

Market Conditions

Q2 2025

no prior guidance

“anticipates further volatility and plans to preserve some capital for better entry points” "

no prior guidance

Multifamily Portfolio

Q2 2025

no prior guidance

“expects robust payoff rates in 2025 for its multifamily mezzanine loan portfolio” "

no prior guidance

Agency RMBS Strategy

In Q2–Q4 2024, Agency RMBS was repeatedly described as a core strategy with targeted coupon allocations, volatility management, and an emphasis on capturing wide spreads and recessionary resilience. " " "

In Q1 2025, NYMT significantly increased its allocation—purchasing about $1.5B—and emphasized the asset class’ liquidity, attractive spread environment, and recessionary advantages. " " "

Increased emphasis and aggressive allocation, building on a recurring, positive outlook. " "

Capital Allocation Flexibility

Across Q2–Q4 2024, the company consistently discussed balancing investments across Agency RMBS, Residential Credit, and other asset classes using excess liquidity and non-mark-to-market financing strategies. " " "

Q1 2025 reaffirmed this approach by stressing dynamic shifts between Agency RMBS and Residential Credit, preserving capital for optimal entry points amid market volatility. " " "

Consistent focus with refined execution, reinforcing flexibility to adapt to evolving conditions.

Adjusted Book Value & Valuation Metrics

In Q2–Q4 2024, adjusted book value figures generally declined or saw minor adjustments (e.g., a 4.8% drop in Q4, a 1.4% decrease in Q3), with shares trading at significant discounts and an emphasis on undervaluation. " "

In Q1 2025, ABV per share rose modestly to $10.43 (with a slight decline noted later) and the market still perceived the equity as undervalued—trading in the low to mid-60s percent of book value. " " "

Modest improvement with the undervaluation narrative persisting, signaling cautious optimism.

Dividend Sustainability & Recurring Earnings

Q2–Q4 2024 calls consistently reported a steady $0.20 dividend supported by recurring earnings improvements and strategic asset rotation, with management projecting closer alignment in future quarters. " " "

In Q1 2025, management reiterated that recurring earnings are well aligned with the sustainable $0.20 dividend, crediting recent portfolio restructuring efforts. " " "

Stable and well-aligned, reinforcing investor confidence through continuity in payout policy.

Multifamily Lending & Asset Resolution

In Q2–Q4 2024, discussions focused on reducing multifamily exposures with active asset dispositions and a clear strategy to wind down the JV equity book, reassigning proceeds to core strategies. " " "

In Q1 2025, NYMT continued its trend of reducing multifamily capital—from 27% to 19%—while progressing with asset resolutions and planning reinvestment into higher-yield investments. " "

Ongoing de-risking and portfolio reallocation, as the focus shifts away from multifamily exposures.

Regulatory & Reform Uncertainty (GST/GSE)

Not mentioned in Q2, Q3, or Q4 2024 earnings calls.

Q1 2025 introduced a discussion on GSE reforms, highlighting potential long-term impacts (e.g., higher mortgage rates and liquidity considerations) but dismissing near-term effects under the current administration. "

Newly emerging topic; while noted for its potential long‐term impact, it is not expected to affect current operations.

Expense Management & Cost Optimization

Q2–Q4 2024 featured ongoing efforts to optimize expenses, including G&A reductions, declining portfolio operating costs, and strategic initiatives to eliminate high-cost structures. " " "

Q1 2025 continued with the focus on cost efficiencies—reporting lower run-rate G&A expenses, though partly offset by one-off severance costs—while underscoring cost optimization as integral to supporting dividends and growth. " "

Consistent focus on maintaining low costs, with incremental improvements supporting overall profitability.

Interest Rate Environment & Market Volatility

Throughout Q2–Q4 2024, management addressed rate volatility affecting spreads, the impact of rate cuts, and mixed effects on asset valuations and financing costs via interest rate swaps. " " "

In Q1 2025, declining rates boosted valuations and widened spreads, enabling opportunistic, large-scale acquisitions and leveraging volatility to support agency asset performance. " " " "

More opportunistic sentiment; volatility is being actively leveraged for portfolio gains.

Liquidity Management & Investment Constraints

In Q2–Q4 2024, NYMT maintained robust liquidity levels through securitizations, repo capacity, and strategic liquidity deployment—ensuring funds were available despite market constraints. " " "

Q1 2025 reported strong liquidity with excess cash of $407M and a dynamic approach to balancing opportunities against investment constraints, particularly in residential credit and Agency RMBS. " " " "

Enhanced liquidity management, showing increased reserves and careful, selective deployment strategies.

Regional Market Pressures

In Q2 2024, regional pressures (increased insurance costs, taxes, housing supply issues) were raised as headwinds affecting specific markets (e.g., Austin) and multifamily performance. "

Q1, Q3, and Q4 2024 did not mention these pressures, indicating a shift away from regional factors in the narrative.

Topic has faded from recent discussions, suggesting a lower current focus on regional market issues.