NASDAQ$ADAM
Adamas Trust Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Reported a net loss attributable to the company's common stockholders of $82.389 million and a basic loss per share of $0.22 for the second quarter of 2022.
New York Mortgage Trust reported results for the three months ended June 30, 2022. The company was able to limit the decline in its undepreciated book value to 4.7% despite historical levels of volatility that challenged the markets in the second quarter.
- Purchased approximately $773.6 million in residential loans and $59.5 million in single-family rental properties.
- Funded multi-family joint venture investments for approximately $57.1 million and received approximately $11.0 million in proceeds from redemptions of Mezzanine Lending investments.
- Obtained $876.4 million of financing for residential loans through recourse and non-recourse repurchase agreements with new and existing counterparties.
- Repurchased 2.8 million shares of common stock at an average repurchase price of $2.69 per share.
Headline financials
Revenue & EPS history
NYMT · Revenue · Quarterly
$26.1M
Revenue by segment
NYMT · $15K total across 1 segment · Q2 2023
- Corporate/Other$15K—100.0%
Forward guidance
The premium priced loan markets that we saw earlier in the year, largely due to remarkably efficient financing, are no longer the norm. Today’s inefficient securitization financing markets combined with markedly reduced loan demand will provide new opportunities to take advantage of wider spreads.
Tailwinds
- Increasing allocation to BPL bridge loans over the past year and a half combined with our holding recourse leverage below 1x has enabled our balance sheet to demonstrate resiliency through a rapidly rising interest rate environment.
- Housing fundamentals have exhibited continued strength after several months of historic price and rent growth, particularly in southern markets.
- The market is clearly undergoing a seismic opportunity shift ushering in a new paradigm.
- Today’s inefficient securitization financing markets combined with markedly reduced loan demand will provide new opportunities to take advantage of wider spreads.
- We have patiently positioned the Company’s balance sheet for high asset rotation and largely avoided vertical integration asset strategies that depend on consistent financing availability.
Headwinds
- Despite historical levels of volatility that challenged the markets in the second quarter, the Company was able to limit the decline in its undepreciated book value to 4.7%.
- The bid for duration remains thin as buyers seemed to wait out the market as spreads moved wider each month during the quarter.
- Against conforming mortgage rates, which ended the second quarter just below 6%, housing fundamentals have exhibited continued strength after several months of historic price and rent growth, particularly in southern markets.
- The premium priced loan markets that we saw earlier in the year, largely due to remarkably efficient financing, are no longer the norm.
- There is uncertainty of managing operating costs associated with an origination business.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
-1.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.5%
Avg return
30 days after
41%
26 / 64 earnings
Positive
+8.2%
Q1 2025
Best reaction
-18.3%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -1.7% | +2.3% | |
| Q4 2025 | +3.2% | -0.2% | -8.6% | |
| Q3 2025 | -4.8% | -1.4% | +10.4% | |
| Q1 2025 | +8.2% | +9.7% | +11.2% | |
| Q4 2024 | +7.3% | +14.4% | +13.4% | |
| Q3 2024 | +6.1% | +4.4% | +12.9% | |
| Q2 2024 | -3.8% | -11.4% | +1.1% | |
| Q1 2024 | -8.5% | -10.2% | -13.1% | |
| Q4 2023 | -3.7% | -5.5% | -7.5% | |
| Q3 2023 | +0.5% | +1.4% | +17.6% | |
| Q2 2023 | -9.9% | -9.8% | -5.0% | |
| Q1 2023 | -0.2% | +3.2% | +7.4% | |
| Q4 2022 | -4.9% | -7.3% | -20.0% | |
| Q3 2022 | -3.4% | +0.4% | +9.4% | |
| Q2 2022 | -2.2% | -7.2% | -14.1% | |
| Q1 2022 | +1.9% | -1.9% | -2.8% | |
| Q4 2021 | -1.4% | -4.9% | +1.4% | |
| Q3 2021 | -5.1% | -2.7% | -16.0% | |
| Q2 2021 | +1.4% | +2.1% | +2.8% | |
| Q1 2021 | -2.6% | -6.0% | -1.1% | |
| Q4 2020 | +0.2% | +3.9% | +9.8% | |
| Q3 2020 | +0.4% | +11.2% | +40.9% | |
| Q2 2020 | +5.0% | +10.9% | +0.4% | |
| Q1 2020 | +3.9% | +10.8% | +37.6% | |
| Q4 2019 | -2.1% | -9.1% | -80.5% | |
| Q3 2019 | -1.1% | -0.8% | +0.2% | |
| Q2 2019 | +0.8% | +3.5% | +2.6% | |
| Q1 2019 | -0.2% | -3.3% | -2.1% | |
| Q4 2018 | -1.9% | -1.9% | -3.0% | |
| Q3 2018 | +0.3% | -3.2% | -3.0% | |
| Q2 2018 | +3.4% | +1.8% | +3.7% | |
| Q1 2018 | +3.2% | +3.2% | +2.5% | |
| Q4 2017 | -1.0% | -0.3% | +4.0% | |
| Q3 2017 | +3.8% | +3.6% | +5.6% | |
| Q2 2017 | -2.9% | -1.9% | +0.5% | |
| Q1 2017 | -3.6% | -1.9% | +0.0% | |
| Q4 2016 | -3.4% | -1.2% | -4.4% | |
| Q3 2016 | +0.0% | +1.7% | +10.5% | |
| Q2 2016 | -6.6% | -3.2% | -8.7% | |
| Q1 2016 | +1.6% | — | — | |
| Q4 2015 | -18.3% | — | — | |
| Q3 2015 | -2.8% | — | — | |
| Q2 2015 | -4.8% | — | — | |
| Q1 2015 | -3.2% | — | — | |
| Q4 2014 | +0.3% | — | — | |
| Q3 2014 | -0.3% | — | — | |
| Q2 2014 | +1.8% | — | — | |
| Q1 2014 | +3.3% | — | — | |
| Q4 2013 | +2.4% | — | — | |
| Q3 2013 | +3.4% | — | — | |
| Q2 2013 | -5.8% | — | — | |
| Q1 2013 | +1.3% | — | — | |
| Q4 2012 | -1.1% | — | — | |
| Q3 2012 | -1.6% | — | — | |
| Q4 2011 | -1.6% | — | — | |
| Q2 2012 | +0.6% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q1 2012 | -1.5% | — | — | |
| Q3 2010 | +1.2% | — | — | |
| Q3 2011 | +1.2% | — | — | |
| Q4 2010 | -4.1% | — | — | |
| Q2 2010 | -4.1% | — | — | |
| Q2 2011 | -4.1% | — | — | |
| Q1 2010 | -5.6% | — | — |
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