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New York Mortgage Trust Reports Third Quarter 2010 Results

NEW YORK, Nov. 2, 2010 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT" or the "Company") today reported results for the three and nine months ended September 30, 2010.

Summary of Third Quarter 2010:

  • Third quarter 2010 earnings per common share of $0.17 as compared to $0.31 per common share for the third quarter of 2009.
  • Third quarter 2010 net income of $1.6 million as compared to net income of $2.9 million for the third quarter of 2009.
  • Paid a third quarter dividend of $0.18 per common share on October 25, 2010.
  • Book value per common share increased to $7.16 as of September 30, 2010, or $6.98 after giving effect to the dividend noted above, as compared to $6.69 per common share as of December 31, 2009 and $6.90 per common share as of June 30, 2010.
  • Third quarter 2010 portfolio margin was 363 basis points, a decrease of 7 basis points from the second quarter of 2010 and a decrease of 50 basis points from the third quarter of 2009.
  • Invested $10 million in a limited partnership that acquired a pool of residential mortgage loans.

Management Overview 

Jim Fowler, Chairman of the Board, commented, "During the third quarter, the Company continued to diversify its inves tment portfolio by investing capital in two alternative asset vehicles. These investments include the purchase, as previously announced, of senior notes of the holding company for Bridger Commercial Funding, a commercial mortgage loan originator, as well as a $10 million investment in a limited partnership that acquired a pool of residential mortgage loans that management believes will generate attractive risk-adjusted returns.

Steven R. Mumma, Chief Executive Officer, commented, "The Company invested $10 million in a pool of residential mortgages at a significant discount to the loans' unpaid principal balance, which management believes will result in accretive returns to our overall portfolio. The purchase is part of our strategy of pursuing credit based investment opportunities in the residential and commercial mortgage markets. In addition, during the 2010 third quarter, the Company continued to benefit from trading strategies put into place in 2009, such as its investments in collateralized loan obligations and non-Agency RMBS, while it builds out its portfolio for the future."

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