New York Mortgage Trust, Inc. (NASDAQ:NYMT) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET

Company Participants

Kristi Mussallem - IR
Jason Serrano - CEO
Kristine Nario - CFO
Nick Mah - President

Conference Call Participants

Bose George - KBW
Jason Stewart - Janney Montgomery Scott

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Third Quarter 2024 Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. [Operator Instructions] This conference is being recorded on Thursday, October 31st, 2024.

I would now like to turn the call over to Kristi Mussallem, Investor Relations. Please go ahead.

Kristi Mussallem

Thank you, operator and good morning, everyone. Thank you for joining New York Mortgage Trust's third quarter 2024 earnings call. A press release and supplemental financial presentation with New York Mortgage Trust third quarter 2024 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 and 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 the company’s filings with the Securities and Exchange Commission.

Now at this time, I would like to introduce Jason Serrano, Chief Executive Officer. Jason, please go ahead.

Jason Serrano

Hi, good morning. Thank you for joining New York Mortgage Trust's third quarter earnings call. Joining me today is Nick Mah, President; and Kristine Nario, CFO.

The company reported sharply higher levels of income in the third quarter with earnings per share at $0.36. The improved earnings were a result of a portfolio plan, which began over a year ago. The internal view was to build a consistent foundation of recurring earnings through interest income versus the previous strategy of relying on the monetization of total returns to support our dividend.