New York Mortgage Trust Announces Preliminary Estimates of Select Financial Data for Second Quarter 2019
July 17 2019 - 4:09PM
New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today announced preliminary
estimates of select financial data as of and for the three months
ended June 30, 2019.
For the three months ended June 30, 2019, the
Company estimates that, when finally determined, its net income
attributable to common stockholders will be in the range of $0.07
to $0.09 per share (basic), and comprehensive income to common
stockholders will be in the range of $0.17 to $0.19 per share. In
addition, the Company estimates that, when finally determined, its
book value per common share as of June 30, 2019 will be in the
range of $5.73 to $5.75, compared to its book value per common
share of $5.75 at March 31, 2019. Furthermore, as of June 30, 2019,
the Company estimates that, when finally determined, its overall
leverage ratio, which represents its total debt divided by its
total stockholders' equity, was approximately 1.8 to 1. The
Company’s overall leverage ratio does not include the
collateralized debt obligations (“CDOs”) issued by the Consolidated
K-Series or its residential CDOs or other non-recourse debt, for
which it has no obligation. The Company estimates that the leverage
ratio on its short term financings or callable debt, which
represents its repurchase agreement borrowings divided by its total
stockholders' equity, was approximately 1.7 to 1 as of June 30,
2019. The Company acquired $476 million of single-family
residential and multi-family credit assets during the quarter ended
June 30, 2019. For the quarter ended June 30, 2019, the
Company had approximately 200,690,520 weighted average common
shares outstanding.
The “Consolidated K-Series” refers to certain
Freddie Mac-sponsored multi-family loan K-Series securitizations,
of which the Company, or one of its special purpose entities, own
the first loss PO securities and certain IO and/or mezzanine
securities issued by them and that the Company consolidates in its
consolidated financial statements in accordance with U.S. GAAP.
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 for federal income tax purposes (“REIT”). NYMT is
an internally managed REIT in the business of acquiring, investing
in, financing and managing mortgage-related and residential
housing-related assets and targets multi-family CMBS, direct
financing to owners of multi-family properties through preferred
equity and mezzanine loan investments, residential mortgage loans
(including distressed residential mortgage loans, non-QM loans,
second mortgage loans and other residential mortgage loans),
non-Agency RMBS, Agency RMBS and other mortgage-related and
residential housing-related investments.
Forward-Looking Statements
When used in this press release, in future
filings with the Securities and Exchange Commission (“SEC”) or in
other written or oral communications, statements which are not
historical in nature, including those containing words such as
“believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,”
“intend,” “should,” “would,” “could,” “goal,” “objective,” “will,”
“may” or similar expressions, are intended to identify
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended ("Exchange Act"), and,
as such, may involve known and unknown risks, uncertainties and
assumptions. Forward-looking statements are based on the Company’s
beliefs, assumptions and expectations of its future performance,
taking into account all information currently available to it.
These beliefs, assumptions and expectations are subject to risks
and uncertainties and can change as a result of many possible
events or factors, not all of which are known to the Company. If a
change occurs, the Company’s business, financial condition,
liquidity and results of operations may vary materially from those
expressed in its forward-looking statements.
The preliminary estimates included in this press
release have not been reviewed or examined by the Company’s
independent auditors and they are subject to revision as the
Company prepares its unaudited condensed consolidated financial
statements as of and for the quarter ended June 30, 2019, including
all disclosures required by U.S. GAAP, and as the Company’s
independent auditors conduct their review of these financial
statements. While the Company believes that such preliminary
estimates are based on reasonable assumptions, actual results may
vary, and such variations may be material. Factors that could cause
the Company’s preliminary information and estimates to differ from
the indications presented in this press release include, but are
not limited to: (i) additional adjustments in the calculation of,
or application of accounting principles for, the financial results
as of and for the quarter ended June 30, 2019, (ii) discovery of
new information that impacts valuation methodologies underlying
these results, (iii) errors in the assessment of preliminary
portfolio value and (iv) accounting changes required by U.S. GAAP.
All forward-looking statements contained herein speak only as of
the date on which they are made. Except as required by law, the
Company is not obligated to, and does not intend to, update or
revise any forward-looking statements contained herein, whether as
a result of new information, future events or otherwise.
For Further Information
CONTACT: |
AT THE COMPANY |
|
Kristine R. Nario-Eng |
|
Investor Relations |
|
Phone: (646) 216-2363 |
|
Email: knario@nymtrust.com |
New York Mortgage (NASDAQ:NYMT)
Historical Stock Chart
From Mar 2024 to Apr 2024
New York Mortgage (NASDAQ:NYMT)
Historical Stock Chart
From Apr 2023 to Apr 2024