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New York Mortgage Trust Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: NYMT

NEW YORK, March 4, 2014 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported results for the three and twelve months ended December 31, 2013.

Summary of Fourth Quarter 2013:

  • Net income attributable to common stockholders of $21.8 million, or $0.34 per share, for the quarter as compared to $9.4 million, or $0.19 per share, for the quarter ended December 31, 2012.  
  • Net interest income rose to $18.2 million for the quarter, an increase of $6.9 million over the quarter ended December 31, 2012 and $2.7 million over the quarter ended September 30, 2013.  
  • Portfolio net interest margin increased to 410 basis points from 359 basis points the previous quarter.  
  • Book value per common share of $6.33 at December 31, 2013 as compared to $6.32 per common share at September 30, 2013.  
  • Invested $30.4 million in first loss PO security issued by a Freddie Mac-sponsored multi-family K-Series securitization.  
  • Declared fourth quarter dividend of $0.27 per common share that was paid on January 27, 2014. 

Highlights for Full Year 2013:

  • Net income attributable to common stockholders of $65.4 million, or $1.11 per share, for the year ended December 31, 2013 as compared to $28.3 million, or $1.08 per share, for the year ended December 31, 2012.  
  • Net interest income rose to $60.5 million for the year ended December 31, 2013.  
  • Received net proceeds of approximately $100.2 million through common stock offering and at-the-market program and $72.4 million through preferred stock offering.  
  • Invested an aggregate of approximately $94.9 million in multi-family CMBS, first mortgage loan, mezzanine loan and preferred equity investments, and $218.2 million in distressed residential mortgage loans.  
  • Financed a portion of 2013 investments in credit sensitive assets through three securitizations of distressed residential mortgage loans for an aggregate of $136.6 million and one multi-family CMBS-backed three year privately placed term repo for approximately $55.1 million.  
  • Declared aggregate 2013 dividends of $1.08 per common share.

Subsequent Developments:

  • Completed public offering of 11,500,000 shares of common stock (including 1,500,000 shares issuable pursuant to an additional-allotment option to the underwriters) in January 2014, resulting in net proceeds to the Company of approximately $75.8 million, after deducting estimated offering expenses.   
  • Sold a pool of distressed residential mortgage loans with a carrying value of approximately $29.4 million for aggregate proceeds of approximately $36.9 million in January 2014, resulting in a net realized gain, before income taxes to the Company of approximately $7.5 million. 

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust ("REIT"). NYMT is an internally managed real estate investment trust, or REIT, which invests in mortgage-related and financial assets and targets multi-family CMBS, direct financing to owners of multi-family properties through mezzanine loans and preferred equity investments, residential mortgage loans, including loans sourced from distressed markets, Agency RMBS consisting of fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS and Agency IOs consisting of interest only and inverse interest-only RMBS that represent the right to the interest component of the cash flow from a pool of mortgage loans. 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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