New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today announced preliminary
estimates of select financial data and other information as of and
for the quarter ended December 31, 2019.
Preliminary Estimates of Fourth Quarter
2019 Results
For the quarter ended December 31, 2019, the
Company estimates that, when finally determined, net income
attributable to common stockholders will be in the range of
$0.19 to $0.21 per share (basic) and $0.19 to $0.21 per share
(diluted), and comprehensive income to common stockholders will be
in the range of $0.20 to $0.22 per share. In addition, the Company
estimates that, when finally determined, book value per common
share as of December 31, 2019 will be in the range of $5.77 to
$5.79, as compared to book value per common share of $5.77 as of
September 30, 2019. Furthermore, as of December 31, 2019, the
Company estimates that, when finally determined, the Company’s
total stockholders’ equity will be approximately $2.2 billion and
its overall leverage ratio, which represents the Company’s total
debt divided by its total stockholders’ equity, will be
approximately 1.5 to 1. The Company’s overall leverage ratio does
not include the collateralized debt obligations issued by the
Consolidated K-Series or Consolidated SLST or Residential CDOs
(each as defined below) or other non-recourse debt, for which the
Company has no obligation. As of December 31, 2019, the Company
estimates that, when finally determined, the Company’s leverage
ratio on its callable debt, which represents its repurchase
agreement borrowings divided by its total stockholders' equity,
will be approximately 1.4 to 1. For the quarter ended
December 31, 2019, the Company had 275,121,039 weighted
average shares of common stock outstanding. As of December 31,
2019, the Company had 291,371,039 shares of common stock
outstanding.
Update Regarding Fourth Quarter 2019
Activity
The Company acquired approximately $1.04 billion
of mortgage-related and residential housing-related assets during
the quarter ended December 31, 2019, including approximately
$738.0 million of residential credit assets, $144.0 million of
multi-family credit assets and $155.7 million of agency
securities.
Certain Definitions
“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 principal only securities, certain interest only
securities (“IOs”), and certain senior or mezzanine securities
issued by those securitizations and that the Company consolidates
in its consolidated financial statements in accordance with U.S.
GAAP.
“Consolidated SLST” refers to a Freddie
Mac-sponsored residential mortgage loan securitization comprised of
seasoned re-performing and non-performing residential mortgage
loans, of which the Company owns the first loss subordinated
securities and certain IOs and senior securities issued by the
securitization and that the Company consolidates in its
consolidated financial statements in accordance with U.S. GAAP.
“Residential CDOs” refers to the debt that
permanently finances the Company’s residential mortgage loans held
in securitization trusts, net 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 structured multi-family property
investments such as multi-family CMBS and preferred equity in, and
mezzanine loans to, owners of multi-family properties, 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 assets.
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 of select financial
data as of and for the quarter ended December 31, 2019 included in
this press release have not been reviewed or examined by the
Company’s independent auditors, and are subject to
revision upon completion of the Company’s
internal closing process and normal review and as the Company
prepares its audited consolidated financial statements as of and
for the year ended December 31, 2019, including all
disclosures required by U.S. GAAP, and as the Company’s independent
auditors conduct their audit 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 December 31, 2019,
(ii) discovery of new information that impacts valuation
methodologies underlying these results, (iii) errors in the
assessment of the preliminary value of the Company's portfolio 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-EngInvestor
RelationsPhone: (646) 216-2363Email: knario@nymtrust.com |
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