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New York Mortgage Trust Reports First Quarter 2013 Results

Stocks in this article: NYMT

NEW YORK, May 7, 2013 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported results for the three months ended March 31, 2013.

Summary of First Quarter 2013:

  • Net income attributable to common stockholders of $15.4 million, representing basic income per common share of $0.31, as compared to net income attributable to common stockholders of $5.8 million and basic income per common share of $0.42 for the quarter ended March 31, 2012.
  • Net interest income rose to $13.1 million, an increase of $6.8 million from the same period in the prior year and an increase of $1.6 million from the previous quarter.
  • Portfolio net interest margin was 348 basis points, an increase of 15 basis points from the previous quarter.
  • Declared first quarter dividend of $0.27 per common share that was paid on April 25, 2013.
  • Book value per common share of $6.55, as compared to $6.50 per common share at December 31, 2012.

Company Overview

NYMT is an internally managed real estate investment trust, or REIT, which invests in mortgage-related and financial assets. The Company currently targets multi-family CMBS, Agency RMBS, including Agency fixed-rate RMBS, Agency ARMs, and Agency IOs, certain commercial real estate-related debt investments and residential mortgage loans, including loans sourced from distressed markets. RiverBanc, LLC, The Midway Group, L.P. and Headlands Asset Management, LLC provide investment management services to the Company with respect to certain of its targeted asset classes. For a list of defined terms used from time to time in this press release, see "Defined Terms" below.

Management Overview

Steven Mumma, NYMT's CEO and President, commented: "Over the past eighteen months, we have constructed a portfolio of diversified financial assets that we believe will benefit from improving credit metrics and focuses on total rate of return rather than strictly net interest margin. Since first implementing this strategy, we have invested approximately $157 million, or 48%, of our equity capital as of March 31, 2013 into credit-sensitive assets, such as the multi-family CMBS issued by the Freddie Mac K-Series securitizations and distressed residential mortgage loans, that we believe are capable of producing strong returns for the Company's portfolio as U.S. economic conditions improve. During the 2013 first quarter, this strategy produced solid quarterly earnings of $0.31 per share despite a challenging environment for Agency RMBS. Of the $0.31 net income per share this quarter, $0.14 per share was contributed by unrealized gains on our multi-family CMBS investments, which benefitted from improved valuations driven by credit spread tightening during the quarter. In addition, although not a significant contributor to earnings in the first quarter, we believe the valuations on the pool of distressed loans we acquired in December 2012 have improved during the past four months and we anticipate that these assets will contribute in a meaningful way to our total return in 2013."

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