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New York Mortgage Trust Reports Second Quarter 2013 Results

NEW YORK, Aug. 6, 2013 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported results for the three and six months ended June 30, 2013.

Summary of Second Quarter 2013:

  • Net income attributable to common stockholders of $11.2 million, representing basic income per common share of $0.19 for the quarter ended June 30, 2013, as compared to net income attributable to common stockholders of $5.1 million and basic income per common share of $0.34 for the quarter ended June 30, 2012.  
  • Net interest income for the quarter ended June 30, 2013 rose to $14.0 million, an increase of $8.1 million from the same period in the prior year and an increase of $0.9 million from the quarter ended March 31, 2013.  
  • Invested $132.4 million in distressed residential mortgage loans and $41.2 million in the first loss PO security and certain IO securities issued by a Freddie Mac-sponsored multi-family K-Series securitization.  
  • Issued 13.6 million shares of common stock for net proceeds of $94.5 million and issued 3.0 million shares of 7.75% Series B Cumulative Redeemable Preferred Stock for total net proceeds of $72.4 million.  
  • Portfolio net interest margin remained constant at 348 basis points as compared to the prior quarter.  
  • Declared second quarter dividend of $0.27 per common share that was paid on July 25, 2013.   
  • Book value per common share of $6.25, as compared to $6.55 per common share at March 31, 2013.

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" on page 7.

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