EX-99.1
2
v107418_ex99-1.htm
FOR
IMMEDIATE RELEASE
NEW
YORK MORTGAGE TRUST ANNOUNCES ADDITIONAL REDUCTION IN
LEVERAGE
NEW
YORK March 18, 2008
- New
York Mortgage Trust, Inc. (OTC BB: NMTR) ("NYMT" or the "Company") announced
that, on March 13 and 14, 2008, in connection with the Company's previously
announced decision to reduce leverage in its portfolio of Agency mortgage-backed
securities ("Agency MBS"), the Company sold approximately $236 million of Agency
MBS issued by Fannie Mae, resulting in a loss of approximately $6 million.
As of
the close of business on March 18, 2008, the Company's MBS securities portfolio
consisted of approximately $539 million of Agency MBS and $31 million of
AAA-rated non-Agency MBS. As of March 18, 2008, these securities were financed
using approximately $516 million of reverse repurchase agreements with an
average haircut of 6%. The Company also owns approximately $408 million of
prime
quality adjustable rate mortgage loans permanently financed with collateralized
debt obligations and held in securitization trusts. As of March 18, 2008, the
Company has $33 million of cash and unencumbered securities available to meet
margin calls and for new investments.
Including
the previously announced Agency MBS sales on March 7 and 10, 2008, the Company
has sold an aggregate of $447 million of Agency MBS during March 2008. Realized
losses from these transactions, including terminations of associated interest
rate hedges, total approximately $13 million. The Company has met all margin
calls and increases in required haircut amounts received to date for its
repurchase agreement financings.
In
light
of the realized losses incurred from the asset sales, the Company has withdrawn
its earnings per share guidance issued for 2008 of $0.45 to $0.55 per common
share.
Additional
details of the Company's investment portfolio and associated financing
agreements will be included in its Annual Report on Form 10-K for the year
ended
December 31, 2007, which is expected to be filed with the Securities and
Exchange Commission on or about March 24, 2008.
About
New York Mortgage Trust
New
York
Mortgage Trust, Inc. is a self-advised real estate investment trust (REIT)
in
the business of investing in and managing a portfolio of Agency mortgage-backed
securities (MBS), prime credit quality residential adjustable rate mortgage
(ARM) loans and non-agency mortgage-backed securities. As a REIT, the Company
is
not subject to federal income tax, provided that it distributes at least 90%
of
its REIT income to stockholders.
For
Further Information
AT
THE COMPANY
AT
FINANCIAL RELATIONS BOARD
Steven
R. Mumma, Co-CEO, President,
Joe
Calabrese (General) 212-827-3772
Chief
Financial Officer
Julie
Tu (Analysts) 212-827-3776
Phone:
212-792-0107
Email:
smumma@nymtrust.com

EX - 99 . 1 2 v107418 _ ex99 - 1 . htm FOR IMMEDIATE RELEASE NEW YORK MORTGAGE TRUST ANNOUNCES ADDITIONAL REDUCTION IN LEVERAGE NEW YORK March 18 , 2008 - New York Mortgage Trust , Inc . ( OTC BB : NMTR ) ( " NYMT " or the " Company " ) announced that , on March 13 and 14 , 2008 , in connection with the Company 's previously announced decision to reduce leverage in its portfolio of Agency mortgage - backed securities ( " Agency MBS " ) , the Company sold approximately $ 236 million of Agency MBS issued by Fannie Mae , resulting in a loss of approximately $ 6 million . As of the close of business on March 18 , 2008 , the Company 's MBS securities portfolio consisted of approximately $ 539 million of Agency MBS and $ 31 million of AAA - rated non - Agency MBS . As of March 18 , 2008 , these securities were financed using approximately $ 516 million of reverse repurchase agreements with an average haircut of 6 % . The Company also owns approximately $ 408 million of prime quality adjustable rate mortgage loans permanently financed with collateralized debt obligations and held in securitization trusts . As of March 18 , 2008 , the Company has $ 33 million of cash and unencumbered securities available to meet margin calls and for new investments . Including the previously announced Agency MBS sales on March 7 and 10 , 2008 , the Company has sold an aggregate of $ 447 million of Agency MBS during March 2008 . Realized losses from these transactions , including terminations of associated interest rate hedges , total approximately $ 13 million . The Company has met all margin calls and increases in required haircut amounts received to date for its repurchase agreement financings . In light of the realized losses incurred from the asset sales , the Company has withdrawn its earnings per share guidance issued for 2008 of $ 0.45 to $ 0.55 per common share . Additional details of the Company 's investment portfolio and associated financing agreements will be included in its Annual Report on Form 10 - K for the year ended December 31 , 2007 , which is expected to be filed with the Securities and Exchange Commission on or about March 24 , 2008 . About New York Mortgage Trust New York Mortgage Trust , Inc . is a self - advised real estate investment trust ( REIT ) in the business of investing in and managing a portfolio of Agency mortgage - backed securities ( MBS ) , prime credit quality residential adjustable rate mortgage ( ARM ) loans and non - agency mortgage - backed securities . As a REIT , the Company is not subject to federal income tax , provided that it distributes at least 90 % of its REIT income to stockholders . For Further Information AT THE COMPANY AT FINANCIAL RELATIONS BOARD Steven R . Mumma , Co - CEO , President , Joe Calabrese ( General ) 212 - 827 - 3772 Chief Financial Officer Julie Tu ( Analysts ) 212 - 827 - 3776 Phone : 212 - 792 - 0107 Email : smumma@nymtrust.com
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