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New York Mortgage Trust Reports First Quarter 2014 Results

Stocks in this article: NYMT

NEW YORK, May 6, 2014 (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, 2014.

Summary of First Quarter 2014:

  • Net income attributable to common stockholders of $21.3 million, or $0.29 per share, for the quarter as compared to $15.4 million, or $0.31 per share, for the quarter ended March 31, 2013.
  • Net interest income rose to $19.8 million for the quarter, an increase of $6.8 million from the same period in the prior year and $1.7 million from the previous quarter.
  • Portfolio net interest margin increased to 439 basis points from 410 basis points the previous quarter.
  • Book value per common share of $6.48 at March 31, 2014 as compared to $6.33 per common share at December 31, 2013.
  • Generated $8.2 million of realized gain from sales and refinancing of distressed residential mortgage loans.
  • Completed public offering of 11,500,000 shares of common stock, resulting in net proceeds to the Company of approximately $75.8 million after deducting offering expenses.
  • Declared first quarter dividend of $0.27 per common share that was paid on April 25, 2014.

Subsequent Developments:

  • Completed public offering of 14,950,000 shares of common stock in April 2014 resulting in net proceeds to the Company of approximately $109.9 million, after deducting estimated offering expenses.

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 8.

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