 NEW YORK, Aug. 05, 2020 GLOBE NEWSWIRE -- New York Mortgage Trust, Inc. Nasdaq: NYMT NYMT, the Company, we, our or us today reported results for the second quarter of 2020. Summary of Second Quarter 2020: dollar amounts in thousands, except per share dataNet income attributable to Companys common stockholders107,517 Net income attributable to Companys common stockholders per share basic0.28 Net interest income28,526 Portfolio net interest margin2.43 Comprehensive income attributable to Companys common stockholders190,121 Comprehensive income attributable to Companys common stockholders per share basic0.50 Book value per common share at the end of the period4.35 Economic return on book value for the quarter 113.1 Dividends per common share0.05 1 Economic return on book value is based on the periodic change in GAAP book value per common share plus dividends declared per common share, if any, during the period. Key Developments: Reinstated the payment of quarterly dividends on both common and preferred stock and declared preferred stock dividends in arrears for the first quarter of 2020. Completed a non-mark-to-market re-securitization backed by non-Agency RMBS generating net proceeds of approximately 109.3 million. Obtained additional financing for residential loans pledged under a repurchase agreement in the amount of 248.8 million. Sold residential loans for approximately 43.8 million in proceeds, non-Agency RMBS for approximately 37.8 million in proceeds and CMBS for approximately 24.0 million in proceeds. Reduced outstanding repurchase agreements to finance investment securities by 625.8 million from March 31, 2020.Subsequent Developments:On July 14, 2020, we completed a securitization of residential loans, resulting in approximately 242.9 million in net proceeds to the Company after deducting estimated expenses associated with the transaction. We utilized the net proceeds to repay approximately 230.6 million on an outstanding repurchase agreement related to residential loans. Management OverviewSteven Mumma, Chairman and Chief Executive Officer, commented: The Company rebounded strongly in the second quarter after the most challenging quarter in its history, generating 0.28 in GAAP earnings and 0.50 in comprehensive earnings and increasing its book value to 4.35 at June 30, 2020, a 12 increase from March 31, 2020. The Company has focused significant efforts on stabilizing and improving its ability to fund its investment strategy, including reducing mark-to-market securities repo financing to one counterparty totaling 88 million and completing a non-mark-to-market re-securitization of non-Agency securities totaling 109 million during the second quarter, and closing on a 243 million residential loan securitization in July. Our low leverage leading into the pandemic allowed us to retain over 1 billion of non-Agency credit assets that experienced significant price appreciation in the second quarter. As we look to the future, we expect to rely less on shorter-term financings that are subject to mark-to-market fluctuations, which we believe will help us to remain opportunistic on the investment side.Jason Serrano, NYMTs President, commented: The Company delivered a solid performance in the second quarter largely due to the continued discipline of NYMTs conservative investment culture. Although we sold assets and de-levered our portfolio in response to the COVID-19 related market disruption, we avoided some of the larger-scale, forced selling that occurred during the first quarter, allowing the Company to retain assets, particularly non-Agency RMBS, that we believe offer attractive price recovery potential. This approach allowed investments on our balance sheet to benefit in the second quarter from a resilient U.S. housing market - a market with tight supply and record low lending rates. In addition, our operating strategy enabled us to avoid the need to access expensive recapitalization initiatives that were likely to include some level of shareholder dilution. Instead, we exercised discipline and patiently locked in tighter term financing spreads by accessing the securitization markets and monetized gains from the price recovery with selective asset sales later in the second quarter. I am proud of our exceptional team, which worked incredibly hard during these unprecedented times. Together, we have been able to position the Company with a sizeable current cash balance and advantageous financing that we anticipate will provide a path for stable growth under a now-reduced competitive landscape.Capital AllocationThe following tables set forth, by investment category, our allocated capital at June 30, 2020, our interest income and interest expense, and the average yield, average portfolio financing cost, and portfolio net interest margin for our average interest earning assets for the three months ended June 30, 2020 dollar amounts in thousands: Single-Family Credit 1 Multi-Family Credit Other Total Investment securities available for sale, at fair value630,196 288,112 42,500 960,808 Residential loans, at fair value2,758,228 2,758,228 Residential collateralized debt obligations, at fair value1,088,233 1,088,233 Residential collateralized debt obligations36,699 36,699 Investments in unconsolidated entities68,189 146,100 214,289 Preferred equity and mezzanine loan investments 180,850 180,850 Other investments 2 10,550 10,550 Carrying value2,331,681 625,612 42,500 2,999,793 Liabilities: Repurchase agreements963,127 963,127 Securitized debt108,999 108,999 Subordinated debentures 45,000 45,000 Convertible notes 134,117 134,117 Cash, cash equivalents and restricted cash 398,352 7,316 297,540 403,208 Other56,506 3,179 42,144 11,183 Net capital allocated1,414,413 629,749 118,779 2,162,941 Total Leverage Ratio 4 0.5 Portfolio Leverage Ratio 5 0.4 1The Company, through its ownership of certain securities, has determined it is the primary beneficiary of Consolidated SLST and has consolidated the assets and liabilities of Consolidated SLST in the Companys condensed consolidated financial statements. 2Includes real estate under development presented in the Companys accompanying condensed consolidated balance sheets in receivables and other assets. 3Restricted cash is included in the Companys accompanying condensed consolidated balance sheets in receivables and other assets. 4Represents total outstanding repurchase agreement financing, subordinated debentures and convertible notes divided by the Companys total stockholders equity. Does not include SLST CDOs amounting to 1.1 billion, Residential CDOs amounting to 36.7 million and securitized debt amounting to 109.0 million as they are non-recourse debt to the Company. 5Represents outstanding repurchase agreement financing divided by the Companys total stockholders equity. Net Interest Income - Three Months Ended June 30, 2020:Single-Family Credit 1 Multi-Family Credit Other Total Interest Income 229,530 8,854 1,428 39,812 Interest Expense7,898 58 3,330 11,286 Net Interest Income Expense21,632 8,796 1,902 28,526 Portfolio Net Interest Margin - Three Months Ended June 30, 2020: Average Interest Earning Assets 3 42,372,775 490,805 172,077 3,035,657 Average Yield on Interest Earning Assets 54.98 7.22 3.32 5.25 Average Portfolio Financing Cost 62.82 3.00 2.82 Portfolio Net Interest Margin 72.16 4.22 3.32 2.43 1The Company, through its ownership of certain securities, has determined it is the primary beneficiary of Consolidated SLST and has consolidated the assets and liabilities of Consolidated SLST in the Companys condensed consolidated financial statements. Interest income amounts represent interest income earned by securities that are owned by the Company. A reconciliation of net interest income from the Single-Family Credit portfolio is included below in Additional Information. 2Includes interest income earned on cash accounts held by the Company. 3Average Interest Earning Assets for the periods indicated exclude all Consolidated SLST assets other than those securities owned by the Company. 4Average Interest Earning Assets is calculated each quarter based on daily average amortized cost for the respective periods. 5Average Yield on Interest Earning Assets was calculated by dividing our annualized interest income by our Average Interest Earning Assets for the respective periods. 6Average Portfolio Financing Cost was calculated by dividing our annualized interest expense by our average interest bearing liabilities, excluding the interest expense generated by our subordinated debentures and convertible notes of approximately 0.6 million and 2.7 million, respectively. 7Portfolio Net Interest Margin is the difference between our Average Yield on Interest Earning Assets and our Average Portfolio Financing Cost, excluding the weighted average cost of subordinated debentures and convertible notes. Conference Call On Thursday, August 6, 2020 at 9:00 a.m., Eastern Time, New York Mortgage Trusts executive management is scheduled to host a conference call and audio webcast to discuss the Companys financial results for the three and six months ended June 30, 2020. The conference call dial-in number is 877 312-8806. The replay will be available until Thursday, August 13, 2020 and can be accessed by dialing 855 859-2056 and entering passcode 6249378. 