New York Mortgage Trust, Inc. (NASDAQ:NYMT) Q1 2022 Earnings Conference Call May 4, 2022 11:30 AM ET
Company Participants
Jason Serrano - President, CEO & Director
Kristine Nario-Eng - CFO & Principal Accounting Officer
Conference Call Participants
Douglas Harter - Crédit Suisse
Bose George - KBW
Jason Stewart - JonesTrading Institutional Services
Christopher Nolan - Ladenburg Thalmann & Co.
Eric Hagen - BTIG
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust First Quarter 2022 Results Conference Call. [Operator Instructions]. This conference is being recorded on Wednesday, May 4, 2022.
A press release and supplemental financial presentation with New York Mortgage Trust's First Quarter 2022 results was released yesterday. Both the press release and supplemental financial presentation are available on the company's website at www.nymtrust.com. Additionally, we are hosting a live webcast of today's call, which you can access in the Events & Presentations section of the company's website.
At this time, management would like me to inform you that certain statements made during the conference call which are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although New York Mortgage Trust believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and from time to time in company's filings with the Securities and Exchange Commission.
Now at this time, I would like to introduce Jason Serrano, CEO and President. Jason, please go ahead.
Jason Serrano
Thank you very much. Welcome to our 2022 first quarter call. I'm joined here in the room by Kristine Nario, who'll be touching on our financial results. I'll be speaking from our supplemental that's available on our website, starting on Page 7.
After a turbulent period with Fed wrestling with inflation by taking an aggressive stance on rate increases, fixed income market suffered a significant setback, which drove our undepreciated book value down by 6%. After a declared dividend of $0.10 a share, providing 11% yield at the share price at quarter end, we finished the quarter with 80 basis points of total rate of return. Despite a setback on our portfolio and asset pricing, we were able to grow our book by a record amount primarily in short-duration, high-coupon residential investor loans.