$ADAMN

NEW YORK MORTGAGE TRUST INC

CIK:0001273685|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
NET INTEREST INCOME:
Interest income	$ 174,393	$ 140,901	$ 346,459	$ 270,636
Interest expense	124,184	104,454	247,838	201,091
Total net interest income	50,209	36,447	98,621	69,545
NET LOSS FROM REAL ESTATE:
Rental income	11,983	17,806	24,607	35,340
Other real estate income	2,033	2,832	3,977	5,953
Total income from real estate	14,016	20,638	28,584	41,293
Interest expense, mortgages payable on real estate	3,350	5,882	7,171	11,890
Depreciation expense	4,486	5,928	9,109	11,823
Other real estate expenses	8,469	11,842	17,195	22,829
Total expenses related to real estate	16,305	23,652	33,475	46,542
Total net loss from real estate	(2,289)	(3,014)	(4,891)	(5,249)
OTHER INCOME (LOSS):
Realized losses, net	(12,960)	(3,771)	(23,640)	(44,871)
Unrealized (losses) gains, net	(8,499)	24,614	(71,067)	142,818
Gains (losses) on derivative instruments, net	48,789	(26,966)	136,604	(73,768)
Mortgage banking activities, net	16,208	0	31,537	0
(Loss) income from equity investments	(231)	(1,428)	491	2,161
Impairment of real estate	(161)	(3,913)	(2,391)	(7,818)
Other income	2,012	2,200	54,572	4,167
Total other income (loss)	45,158	(9,264)	126,106	22,689
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	25,613	11,786	50,103	24,201
Portfolio operating expenses	6,427	7,354	12,565	14,560
Loan origination costs	4,847	0	8,872	0
Financing transaction costs	3,125	750	8,507	6,232
Total general, administrative and operating expenses	40,012	19,890	80,047	44,993
INCOME FROM OPERATIONS BEFORE INCOME TAXES	53,066	4,279	139,789	41,992
Income tax expense (benefit)	13	(161)	172	487
NET INCOME	53,053	4,440	139,617	41,505
Net loss (income) attributable to non-controlling interests	2,129	4,106	(35,836)	9,196
NET INCOME ATTRIBUTABLE TO COMPANY	55,182	8,546	103,781	50,701
Preferred stock dividends	(11,758)	(12,032)	(23,461)	(23,902)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	43,424	(3,486)	80,320	26,799
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$ 43,424	$ (3,486)	$ 80,320	$ 26,799
Basic earnings (loss) per common share (in dollars per share)	$ 0.48	$ (0.04)	$ 0.89	$ 0.30
Diluted earnings (loss) per common share (in dollars per share)	$ 0.47	$ (0.04)	$ 0.87	$ 0.29
Weighted average shares outstanding-basic (in shares)	89,979	90,324	90,165	90,453
Weighted average shares outstanding-diluted (in shares)	92,348	90,324	92,202	91,222

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 139,617,000	$ 41,505,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization	11,924,000	8,926,000
Depreciation expense related to operating real estate	9,109,000	11,823,000
Realized losses, net	23,640,000	44,871,000
Unrealized losses (gains), net	71,067,000	(142,818,000)
(Gains) losses on derivative instruments, net	(136,604,000)	73,768,000
Other (gains) losses, net	(41,922,000)	64,000
Gains on residential loans held for sale, net	(19,063,000)	0
Originations of residential loans held for sale	(246,131,000)	0
Repurchases of residential loans	(4,268,000)	0
Proceeds from sales and repayments of residential loans held for sale	289,297,000	0
Impairment of real estate	2,391,000	7,818,000
Income from multi-family loans and equity investments	(3,803,000)	(6,917,000)
Distributions of income from multi-family loans and equity investments	6,060,000	12,228,000
Stock based compensation expense, net	2,881,000	3,328,000
Changes in operating assets and liabilities	(15,010,000)	10,442,000
Net cash provided by operating activities	89,185,000	65,038,000
Cash Flows from Investing Activities:
Proceeds from sales of investment securities	293,348,000	663,336,000
Principal paydowns received on investment securities	634,891,000	238,943,000
Purchases of investment securities	(1,097,634,000)	(2,115,923,000)
Principal repayments received on residential loans	554,116,000	743,235,000
Proceeds from sales of residential loans	20,384,000	36,950,000
Purchases and originations of residential loans	(1,067,227,000)	(680,903,000)
Principal repayments received on multi-family loans	8,500,000	11,000,000
Return of capital from equity investments	1,570,000	16,900,000
Funding of multi-family loan and equity investments	0	(276,000)
Net variation margin received (paid) for derivative instruments	50,799,000	(105,028,000)
Net payments received from derivative instruments	65,014,000	34,225,000
Net proceeds from sale of real estate	170,824,000	20,852,000
Purchases of investments held in Consolidated SLST	0	(12,179,000)
Capital expenditures on real estate	(1,818,000)	(5,309,000)
Purchases of other assets	(288,000)	(13,000)
Net cash used in investing activities	(367,521,000)	(1,154,190,000)
Cash Flows from Financing Activities:
Net proceeds received from repurchase agreements and warehouse facilities	313,652,000	894,277,000
Proceeds from issuance of senior unsecured notes, net	86,565,000	82,140,000
Repayment of senior unsecured notes	(100,000,000)	0
Proceeds from issuance of collateralized debt obligations, net	826,449,000	328,561,000
Repurchases of common stock	(5,005,000)	(1,502,000)
Proceeds from preferred stock issuance, net	0	3,969,000
Dividends paid on common stock and dividend equivalents	(42,203,000)	(36,633,000)
Dividends paid on preferred stock	(23,625,000)	(22,309,000)
Net distributions to non-controlling interests in Consolidated VIEs	(25,819,000)	(665,000)
Payments made on and extinguishment of collateralized debt obligations	(687,828,000)	(179,266,000)
Payments made on Consolidated SLST CDOs	(38,985,000)	(34,628,000)
Net payments made on mortgages payable on real estate	(58,028,000)	(6,698,000)
Net cash provided by financing activities	245,173,000	1,027,246,000
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(33,163,000)	(61,906,000)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	342,378,000	329,024,000
Cash, Cash Equivalents and Restricted Cash - End of Period	309,215,000	267,118,000
Supplemental Disclosure:
Cash paid for interest	254,635,000	208,054,000
Cash paid for income taxes	144,000	409,000
Non-Cash Investing Activities:
Consolidation of residential loans held in Consolidated SLST	0	247,405,000
Consolidation of Consolidated SLST CDOs	0	235,226,000
Transfer from residential loans to real estate owned	23,015,000	30,596,000
Transfer from residential loans held for sale to residential loans	560,709,000	0
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Cash and cash equivalents	212,307,000	160,447,000
Restricted cash included in other assets	96,908,000	106,671,000
Total cash, cash equivalents, and restricted cash	309,215,000	267,118,000
Common Stock
Non-Cash Financing Activities:
Dividends declared on stock and dividend equivalents to be paid in subsequent period	25,206,000	20,423,000
Preferred Stock
Non-Cash Financing Activities:
Dividends declared on stock and dividend equivalents to be paid in subsequent period	$ 11,754,000	$ 12,029,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Investment securities available for sale, at fair value

$ 6,983,403

$ 6,904,781

Residential loans, at fair value

4,781,435

4,358,175

Residential loans held for sale, at fair value

59,002

80,707

Multi-family loans, at fair value

45,079

55,476

Equity investments, at fair value

22,767

24,711

Cash and cash equivalents

212,307

210,333

Real estate, net

451,790

553,496

Goodwill

22,396

Other assets

385,719

428,772

Total Assets

^[1]

12,963,898

12,638,847

Liabilities:

Repurchase agreements and warehouse facilities

7,067,223

6,753,417

Collateralized debt obligations ($3,240,220 at fair value and $341,636 at amortized cost, net as of June 30, 2026 and $3,148,157 at fair value and $363,645 at amortized cost, net as of December 31, 2025)

3,581,856

3,511,802

Senior unsecured notes ($347,537 at fair value as of June 30, 2026 and $260,852 at fair value and $99,585 at amortized cost, net as of December 31, 2025)

347,537

360,437

Subordinated debentures

45,000

Mortgages payable on real estate, net

274,940

332,131

Other liabilities

175,343

205,623

Total Liabilities

^[1]

11,491,899

11,208,410

Commitments and Contingencies (See Note 15)

Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities

2,529

3,016

Stockholders' Equity:

Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, 22,385,674 shares issued and outstanding ($559,642 aggregate liquidation preference)

540,472

Common stock, par value $0.01 per share, 200,000,000 shares authorized, 89,879,786 and 90,303,863 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

899

903

Additional paid-in capital

2,306,071

2,294,194

Accumulated deficit

(1,374,979)

(1,408,647)

Company's stockholders' equity

1,472,463

1,426,922

Non-controlling interests

(2,993)

499

Total equity

1,469,470

1,427,421

Total Liabilities and Equity

$ 12,963,898

$ 12,638,847

[1]

Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $4,343,904 and $4,367,560, respectively, and the liabilities of consolidated VIEs totaled $3,887,010 and $3,881,273, respectively. See Note 7 for further discussion.