# New York Mortgage Trust Inc. (NYMT) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NYMT/thesis · /stocks/NYMT/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: NYMT
company: New York Mortgage Trust, Inc.
step: "04"
title: Financial Snapshot
created: 2026-05-29
---

### Step 04 — Financial Snapshot
#### New York Mortgage Trust, Inc. (NYMT)

---

#### 1. Annual Income Statement Summary

| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|--------|--------|--------|--------|--------|
| Interest Income | ~$207M | ~$247M | ~$207M | $401.3M |
| Interest Expense | ~$79M | ~$118M | ~$141M | ~$317M |
| **Net Interest Income** | **$127.6M** | **$129.0M** | **$66.5M** | **$83.9M** |
| Non-Interest Income (loss) | ~$82M | (~$450M) | (~$87M) | (~$143M) |
| Operating Expenses | ~$65M | ~$59M | ~$48M | ~$44M |
| **GAAP Net Income (Loss)** | **$144.2M** | **($340.7M)** | **($90.0M)** | **($103.8M)** |
| **GAAP EPS (Diluted)** | **$1.51** | **($3.61)** | **($0.99)** | **($1.14)** |
| Dividends Per Share | $1.60 | $1.60 | $1.20 | $0.80 |

*Source: [S1] NYMT 10-K FY2024; [S2] StockAnalysis.com*

**Key observation:** FY2022–2024 GAAP net losses were driven by unrealized mark-to-market losses on the agency MBS portfolio as interest rates rose 525bps. These are non-cash losses. EAD (distributable earnings) is the economically meaningful metric.

---

#### 2. Balance Sheet Summary (Annual)

| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|--------|--------|--------|--------|--------|
| Total Assets | $5,658M | $6,241M | $7,401M | $9,217M |
| Agency RMBS | ~$2.4B | ~$2.6B | ~$3.1B | ~$3.9B |
| Credit Assets (est.) | ~$2.0B | ~$2.3B | ~$2.7B | ~$3.6B |
| Total Repo / Debt | $2,511M | $2,640M | $2,798M | $3,549M |
| Total Equity | $2,365M | $1,800M | $1,600M | $1,399M |
| **BVPS (common)** | **$24.58** | **$18.74** | **$17.35** | **$9.28** |
| Recourse Leverage | ~2.2x | ~2.8x | ~2.7x | ~3.0x |

*Note: BVPS common uses Q4 2024 press release figure of $9.28 reflecting common equity only (excl. preferred). Annual balance sheet BVPS of $15.36 includes preferred equity.*

---

#### 3. Book Value Per Share (BVPS) — Primary Valuation Metric

For mREITs, BVPS is the primary intrinsic value anchor. Track record:

| Period | Common BVPS | QoQ Change | Catalyst |
|--------|------------|------------|---------|
| Q4 2021 | $24.58 | — | Peak pre-rate-hike |
| Q4 2022 | ~$18.74 | −$5.84 | Fed rate hike; agency MBS markdown |
| Q4 2023 | ~$17.35 | −$1.39 | Continued rate pressure |
| Q3 2024 | ~$9.35 | — | Portfolio rotation complete |
| Q4 2024 | $9.28 | −$0.07 | Stable; small mark decline |
| Q1 2025 | $9.37 | +$0.09 | First QoQ increase; stabilization signal |

**BVPS erosion summary:** $24.58 → $9.37 = loss of $15.21/share (−62%) over 2021–2025. This was driven overwhelmingly by unrealized agency MBS losses, not credit losses or operating deficits. However, the market appropriately prices in this history.

**Adjusted (Economic) BVPS:** NYMT also reports "adjusted book value" of $10.43 (Q1 2025), which adds back the mark-to-market on liabilities at fair value — providing a more stable economic view of book value.

---

#### 4. EPS and EAD Bridge

| Metric | FY2022 | FY2023 | FY2024 | Q1 2025 (qtrly) |
|--------|--------|--------|--------|-----------------|
| GAAP EPS | ($3.61) | ($0.99) | ($1.14) | $0.33 |
| EAD per share (est.) | ~$0.60 | ~$0.40 | ~$0.60–$0.70 | $0.20 |
| Dividend per share | $1.60 | $1.20 | $0.80 | $0.20 |
| EAD Coverage | <1.0x | <1.0x | <1.0x | **1.0x** |

Q1 2025 marks the first quarter of full EAD dividend coverage since 2021.

---

#### 5. Dividend History — Multiple Cuts

NYMT dividend history reflects the severe rate shock of 2022–2023:

| Period | Dividend/Quarter | Annual Rate | Change |
|--------|-----------------|------------|--------|
| 2019–2021 | $0.20–$0.25 | $0.80–$1.00 | Peak |
| Q1–Q4 2022 | $0.40 (declared as special+reg) | $1.60 | — |
| Q1 2023 | $0.30 | $1.20 annualized | **CUT #1: −25%** |
| Q2–Q4 2023 | $0.30 | $1.20 | Maintained |
| Q1 2024 | $0.20 | $0.80 annualized | **CUT #2: −33%** |
| Q2 2024–Q1 2025 | $0.20 | $0.80 | 5 consecutive quarters stable |

*Two dividend cuts in 3 years (2023 and 2024). However, 5 consecutive quarters at $0.20/quarter suggests stabilization. Q1 2025 EAD coverage of 1.0x is the critical near-term indicator of dividend sustainability.*

**Preferred dividends:** Preferred Series D, E, F pay fixed annual dividends; these are senior to common and must be paid before common distributions.

---

#### 6. Quarterly Income Statement (Recent)

| Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
|--------|---------|---------|---------|---------|
| Interest Income | ~$91M | ~$101M | ~$110M | $129.7M |
| Net Interest Income | ~$19M | ~$23M | ~$25M | $33.1M |
| GAAP Net Income (Loss) | ($26M) | $27M | ($41.8M) | $30.3M |
| EPS (Basic) | (~$0.29) | $0.30 | ($0.46) | $0.33 |
| EAD | ~$14M | ~$16M | ~$17M | $18.2M |
| EAD/share | ~$0.15 | ~$0.18 | ~$0.19 | $0.20 |

*GAAP income volatile quarter to quarter due to mark-to-market; NII trend is consistently positive.*

---

#### 7. Capital Raises and Dilution

NYMT has conducted equity raises that dilute existing shareholders:

| Year | Action | Approx. Shares Issued | Purpose |
|------|--------|----------------------|---------|
| 2021 | Common equity offering | ~15M shares | Portfolio expansion |
| 2022 | None (capital preservation) | — | — |
| 2023 | At-the-market (ATM) | ~5M shares | Incremental deployment |
| 2024 | ATM + follow-on | ~10M shares | $4.1B deployment funding |
| Q1 2025 | Buyback | (231K shares repurchased) | BV accretion |

Current diluted shares outstanding: ~91M common shares

The Q1 2025 buyback (231K shares at ~$6.50 vs. BVPS $9.37) is BV-accretive and signals management confidence. However, the scale is modest relative to total shares.

---

#### 8. Financial Quality Scorecard

| Dimension | Rating | Notes |
|-----------|--------|-------|
| Revenue quality | Moderate | NII is contractual but rate-sensitive |
| Earnings reliability | Low–Moderate | GAAP distorted; EAD more stable |
| Book value stability | Poor (historical) | 62% BV erosion 2021–2024; stabilizing |
| Dividend sustainability | Improving | 1.0x EAD coverage in Q1 2025 |
| Balance sheet risk | Moderate | 3.4x recourse leverage; conservative for sector |
| Transparency | Good | Internally managed; detailed press release data |
| GAAP vs. economic gap | High | Mark-to-market losses are non-cash and material |

---

#### 9. Valuation Summary (May 2025)

| Metric | Value |
|--------|-------|
| Stock price (est.) | ~$7.00 |
| BVPS (common, Q1 2025) | $9.37 |
| Price/Book | ~0.75x |
| Adjusted BVPS | $10.43 |
| Price/Adjusted Book | ~0.67x |
| Dividend yield (annualized) | ~11.4% |
| EAD yield (Q1 2025 annualized) | ~$0.80/$7.00 = ~11.4% |
| Analyst avg. price target | $7.61 |
| Analyst consensus | Buy (5–11 analysts) |

---

#### 10. Sources

| Code | Source |
|------|--------|
| [S1] | NYMT Form 10-K FY2024 |
| [S2] | StockAnalysis.com — Annual IS/BS |
| [S3] | Q4 2024 earnings press release |
| [S4] | Q1 2025 earnings press release (StockTitan) |
| [S5] | Analyst consensus (Benzinga, MarketBeat, B. Riley) |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NYMT/fundamental

## Navigation

- Overview: /stocks/NYMT
- Financials (this page): /stocks/NYMT/financials
- Thesis: /stocks/NYMT/thesis
- Investment Memo: /stocks/NYMT/memo
- Coverage universe: /stocks