New York Mortgage Trust Reports Third Quarter 2016 Results

NEW YORK, Nov. 01, 2016 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported results for the three and nine months ended September 30, 2016.

Summary of Third Quarter 2016:
  • Net income attributable to common stockholders of $20.0 million, or $0.18 per share.
  • Net interest income of $15.5 million.
  • Portfolio net interest margin of 282 basis points.
  • Book value per common share of $6.34 at September 30, 2016, delivering an economic return of 3.1% for the quarter and 8.0% for the nine months ended September 30, 2016.
  • Sold distressed residential mortgage loans with a carrying value of approximately $30.4 million for aggregate proceeds of approximately $37.1 million, which resulted in a net realized gain, before income taxes, of approximately $6.7 million.
  • Funded $32.4 million of preferred equity investments in multi-family properties.
  • Purchased approximately $75.7 million of Non-Agency RMBS backed by re-performing and non-performing loans bringing our total investment in Non-Agency RMBS to $175.9 million at September 30, 2016.
  • Declared third quarter dividend of $0.24 per common share that was paid on October 28, 2016. 

Subsequent Developments:

On October 26, 2016, the Company repaid $55.9 million of outstanding notes from its November 2013 collateralized recourse financing, which was collateralized by multi-family CMBS issued from three separate Freddie Mac-sponsored multi-family K-Series securitizations.  In connection with the repayment of the notes, approximately $181.9 million of multi-family CMBS collateral value was transferred back to the Company.

Management Overview

Steven Mumma, NYMT's Chairman and Chief Executive Officer, commented: "The Company's investment portfolio generated solid returns and a stable book value during the quarter, as evidenced by a total economic return of 3.1% and book value of $6.34 per share.  Overall, portfolio performance benefited primarily from our multi-family and residential credit assets, including sales of distressed residential mortgage loans producing $6.7 million of net realized gains for the quarter.

If you liked this article you might like

Strong On High Relative Volume: New York Mortgage (NYMT)

3 Hold-Rated Dividend Stocks: NYMT, SXCP, TNK

What To Hold: 3 Hold-Rated Dividend Stocks NYMT, FGP, FIG

What To Hold: 3 Hold-Rated Dividend Stocks AI, DKL, NYMT

3 Hold-Rated Dividend Stocks: OXBR, KNOP, NYMT