New York Mortgage Trust Confirms Payment of July 30 Trust Preferred Dividend; Sufficient Liquidity
July 30 2007 - 10:19AM
PR Newswire (US)
NEW YORK, July 30 /PRNewswire-FirstCall/ -- New York Mortgage
Trust, Inc. (NYSE:NTR), a self-advised real estate investment trust
(REIT) engaged in the investment in and management of high credit
quality residential adjustable rate mortgage (ARM) loans and
mortgage-backed securities (MBS), today reported that the Company
will make its scheduled July 30th trust preferred dividend payment
and that it has sufficient liquidity to support ongoing daily
operations. The Company has no outstanding warehouse lines, and as
previously announced, exited the mortgage lending business in March
of this year. The Company reported that as of July 30th, 2007,
approximately 50% of its portfolio is permanently financed, with
the remaining portion financed with repurchased agreements. The MBS
financed with repurchase agreements is comprised of approximately
97% Agency, "AAA" or "AA" rated MBS. About New York Mortgage Trust
New York Mortgage Trust, Inc., a self-advised real estate
investment trust (REIT), is engaged in the investment in and
management of high credit quality residential adjustable rate
mortgage (ARM) loans and mortgage-backed securities (MBS). The
Company's portfolio is comprised of securitized, high credit
quality, adjustable and hybrid ARM loans, and purchased MBS.
Historically at least 98% of the portfolio has been rated "AA" or
"AAA". 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. Certain statements contained in this press release
may be deemed to be forward-looking statements that predict or
describe future events or trends. The matters described in these
forward-looking statements are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond the Company's control. The Company faces many risks that
could cause its actual performance to differ materially from the
results predicted by its forward-looking statements, including,
without limitation, a rise in interest rates or a unfavorable
change in prepayment rates may cause a decline in the market value
of the Company's assets, borrowings to finance the purchase of
assets may not be available on favorable terms, the Company may not
be able to maintain its qualification as a REIT for federal tax
purposes, the Company may be exposed to the risks associated with
investing in mortgage loans, including changes in loan
delinquencies, and the Company's hedging strategies may not be
effective. The reports that the Company files with the Securities
and Exchange Commission contain a fuller description of these and
many other risks to which the Company is subject. Because of those
risks, the Company's actual results, performance or achievements
may differ materially from the results, performance or achievements
contemplated by its forward- looking statements. The information
set forth in this news release represents management's current
expectations and intentions. The Company assumes no responsibility
to issue updates to the forward-looking matters discussed in this
press release. DATASOURCE: New York Mortgage Trust, Inc. CONTACT:
Steven R. Mumma, Co-CEO, President, Chief Financial Officer of New
York Mortgage Trust, Inc., 212-792-0107, ; or at Financial
Relations Board, Joe Calabrese (General), 212-827-3772, or Julie Tu
(Analysts), 212-827-3776
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