EXHIBIT 99.1
Correction - New York Mortgage Trust Reports Year End and Fourth Quarter 2005 Results
| · | Consolidated net loss of $0.29 per diluted share for 2005 |
| · | REIT (Mortgage Portfolio Management segment) earnings of $0.34 per diluted share for 2005 inclusive of an expected $0.41 loss per share associated with a fourth quarter charge to be incurred on the intended future sale of lower-yielding securities in order to rebalance the portfolio with higher yielding securities |
| · | Earnings at the Company’s Mortgage Lending segment adversely affected by lower gain on sale premiums and seasonal decline in origination volumes |
| · | Board of Directors declared first quarter 2006 cash dividend of $0.14 per share and anticipates maintaining such payout for future 2006 quarters |
NEW YORK, NY - March 7, 2006 - New York Mortgage Trust, Inc. (NYSE: NTR), a self-advised residential mortgage finance company organized as a real estate investment trust (“REIT”), today corrected the basic loss per share of $0.30 and diluted loss per share of $0.29 for the year ended December 31, 2006 that were inadvertently reported with typographical errors in the Consolidated Statements of Income Table in the Company’s March 6, 2006 press release.
Comparison of the Year Ended December 31, 2005 and 2004
| · | Record annual origination volume of $3.4 billion in 2005 with growth of 89% as compared to $1.8 billion in 2004; |
| · | The net income for the Company’s Mortgage Portfolio Management segment totaled $6.2 million, or $0.34 per share, for 2005; |
| · | 2005 consolidated net loss for the Company totaled $5.3 million, or $0.29 loss per diluted share, a decrease from net income of $4.9 million, or $0.27 per share, for 2004; |
| · | The net interest margin on the Company’s mortgage portfolio for 2005 averaged 86 basis points down from 134 basis points in 2004 due to rising short-term interest rates and loan prepayment speeds; and, |
| · | The Company completed three securitizations of $892.3 million of high credit quality, first-lien adjustable-rate mortgage (ARM) loans during 2005 which will reduce borrowing costs and improve the liquidity of the investment portfolio. |
Comparison of the Three Months Ended December 31, 2005 and 2004
| · | Fourth quarter 2005 loan origination volume with growth of over 30% to $822.9 million as compared to $632.7 million for the same period in 2004; |
| · | A fourth quarter 2005 loan origination volume decline of 18% relative to third quarter 2005 loan origination volume; |
| · | The net loss for the Company’s Mortgage Portfolio Management segment totaled $5.4 million, or a loss of $0.29 per share, for the fourth quarter 2005 as compared to $4.3 million or $0.24 per share for the same period in 2004; |
| · | Consolidated net loss for the Company totaled $8.7 million, or $0.48 per share, for the fourth quarter 2005 a decrease from net income of $2.0 million, or $0.12 per share, for the same period in 2004; |
| · | The net interest margin on the Company’s mortgage portfolio for the fourth quarter 2005 averaged 62 basis points down from 70 basis points in the third quarter 2005 and down from 134 basis points during the fourth quarter of 2004 due to a continued increase in our cost of funds and loan prepayment speeds; and, |
| · | On December 20, 2005, the Company completed its third loan securitization of $235.0 million of high credit quality, first-lien ARM loans through New York Mortgage Trust 2005-3 which will reduce borrowing costs and improve the liquidity of the investment portfolio. |
Fourth Quarter and Year End Results
For the year 2005, the Company’s Mortgage Portfolio Management segment (REIT operations exclusive of its taxable REIT subsidiaries) reported revenues of $57.5 million and net income of $6.2 million, or $0.34 per share. For the fourth quarter 2005, this segment reported revenues of $9.4 million and a net loss of $5.4 million, or $0.29 per share.
For the year 2005, the Company’s Mortgage Lending segment (the Company’s wholly owned taxable REIT subsidiaries or “TRS”) reported revenues of $51.8 million and a net loss of $11.5 million and combined with the net income from the Company’s Mortgage Portfolio Management segment results in a consolidated net loss of $5.3 million. For the fourth quarter of 2005, the TRS reported revenues of $12.2 million and a net loss of $3.3 million and combined with the net income from the Company’s Mortgage Portfolio Management segment results in a consolidated net loss for the quarter of $8.7 million. For the year, the loss in the Company’s TRS was primarily due to forgone gains on sale associated with the cost-basis transfer of originated loans to the REIT rather than being sold to third parties for which the Company would have earned additional estimated premium income.
Comments from Management
“2005, particularly the latter part, presented some significant challenges for us and the mortgage industry as a whole. In our mortgage banking subsidiary we experienced record loan origination volume for the year, an 86% increase over 2004, yet our operating results were less favorable than expected. Currently, though, we are making substantial progress on many fronts which position us to better counter market challenges in the coming quarters, such as: a first quarter reduction of salary expenses by more than $4 million annually, the resumption of selling most of our current loan originations resulting in increased gain on sale premiums, the continued growth of our new wholesale lending unit and the expected second quarter launches of our new technology platform and new joint venture title insurance agency subsidiaries. We expect that the aforementioned, as well as a continued focus on growing our loan origination sales force, will enable us to achieve a significant improvement in the financial performance of our mortgage banking subsidiary in 2006,” Steven B. Schnall, Chairman, President and Co-Chief Executive Officer, commented.
Mr. Schnall further commented, “With the flattening of the yield curve and the corresponding increase in our portfolio financing costs, we have also experienced earnings pressure in our mortgage portfolio management segment. In response, during the first quarter, we are contemplating and are likely to dispose of a portion of our lower yielding acquired mortgage backed securities portfolio, thus realizing losses already recognized on our balance sheet, enabling us to reinvest the proceeds in new higher yielding assets which will produce significantly higher current returns than our current portfolio. This loss, though not yet incurred, is booked in the fourth quarter of 2005. Our goal in rebalancing our portfolio is to be able to produce a favorable dividend rate beginning with the first quarter of 2006 which we believe we can sustain for the foreseeable future. Consistent with this plan our Board of Directors declared a cash dividend of $0.14 per share on shares of its common stock for the quarter ended March 31, 2006. Details are provided at the end of this release.”
Michael I. Wirth, Chief Financial Officer, added, “Our 2005 annual results reflect the various growth and efficiency initiatives we implemented during the year as well as the general downturn in the mortgage portfolio investment and mortgage origination markets as a result of rising interest rates and continued narrowing of interest margins. During 2005 our TRS incurred startup expenses relating to the creation of its new wholesale loan division of $2.6 million and accrued expenses of $2.6 million related to its assumption of the branches and sales force of Guaranty Residential Lending, Inc. (“GRL”). As a result of both these initiatives, we have seen our loan origination volume grow accordingly; GRL branches contributed a significant increase in volume during 2005 and our new wholesale division is just now out of its start-up phase and is becoming a significant contributor to volume and will be contributing to net profitability in the second quarter. In 2006 we expect to realize the efficiency initiatives we started in 2005. As we navigate tighter market spreads and conditions these efficiencies will help us meet the challenges we face for increasing the profitability of our origination network in 2006.”
Mr. Wirth added, “Our annual results are also reflective of the market challenges we faced during the year affecting our mortgage portfolio business which performed as expected in the current interest rate environment. Net interest spreads, inclusive of hedge costs, continued to narrow during the fourth quarter 2005 by approximately 8 basis points to 62 basis points relative to a net interest margin of 70 basis points during the immediately preceding third quarter. For the year, we earned an average net spread of 86 basis points as compared to 134 basis points for 2004. Fortunately, the outstanding credit quality of our REIT investment portfolio continues to demonstrate our investment philosophy of focusing on high credit quality borrowers. We have only four past due loans in our investment portfolio representing 0.25% of our portfolio value and for which we expect no losses. The average borrower credit score on loans in our portfolio is 733 with an average LTV of 69.3%. Furthermore, we do not invest in negative amortization or “option ARM” loans. Our net duration gap between the average lives of assets to liabilities is approximately 11 months.”
A breakdown of the Company’s loan originations for 2005 follows:
MORTGAGE LOAN ORIGINATION SUMMARY
For the fiscal year ended December 31, 2005
(Dollar amounts in thousands) | | Number of Loans | | Par Amount | | % of Total | |
Payment Stream | | | | | | | |
Fixed Rate | | | | | | | |
| FHA/VA | | | 1,805 | | $ | 242,258 | | | 7.00 | % |
| Conventional Conforming | | | 6,031 | | | 967,922 | | | 28.20 | % |
| Conventional Jumbo | | | 581 | | | 351,971 | | | 10.20 | % |
| Total Fixed Rate | | | 8,417 | | | 1,562,151 | | | 45.40 | % |
ARMs | | | | | | | | | | |
| FHA/VA | | | 94 | | | 15,244 | | | 0.50 | % |
| Conventional | | | 6,202 | | | 1,859,976 | | | 54.10 | % |
| Total ARMs | | | 6,296 | | | 1,875,220 | | | 54.60 | % |
| Annual Total | | | 14,713 | | $ | 3,437,371 | | | 100.00 | % |
Loan Purpose | | | | | | | | | | |
| Conventional | | | 12,814 | | $ | 3,179,869 | | | 92.50 | % |
| FHA/VA | | | 1,899 | | | 257,502 | | | 7.50 | % |
| Total | | | 14,713 | | $ | 3,437,371 | | | 100.00 | % |
Documentation Type | | | | | | | | | | |
| Full Documentation | | | 9,238 | | $ | 2,100,239 | | | 61.10 | % |
| Stated Income | | | 2,489 | | | 696,789 | | | 20.30 | % |
| Stated Income/Stated Assets | | | 1,346 | | | 320,624 | | | 9.30 | % |
| No Documentation | | | 609 | | | 145,845 | | | 4.20 | % |
| No Ratio | | | 437 | | | 83,013 | | | 2.40 | % |
| Stated Assets | | | 13 | | | 2,315 | | | 0.10 | % |
| Other | | | 581 | | | 88,546 | | | 2.60 | % |
| Total | | | 14,713 | | $ | 3,437,371 | | | 100.00 | % |
A breakdown of the Company’s loan originations for the 2005 fourth quarter follows:
| | | | | Aggregate | | | | Weighted | | | | | |
| | | | | Principal | | Percentage | | Average | | Average | | Weighted | |
| | | Number | | Balance | | Of Total | | Interest | | Principal | | Average | |
| | | of Loans | | ($ in millions) | | Principal | | Rate | | Balance | | LTV | | FICO | |
| | | | | | | | | | | | | | | | |
| ARM | | | 1,321 | | $ | 452.5 | | | 56.8 | % | | 6.33 | % | $ | 342,551 | | | 71.9 | | | 700 | |
| Fixed-rate | | | 1,617 | | | 343.7 | | | 43.2 | % | | 6.79 | % | | 212,524 | | | 72.2 | | | 712 | |
Subtotal-non-FHA | | | 2,938 | | $ | 796.2 | | | 100.0 | % | | 6.53 | % | $ | 270,987 | | | 72.1 | | | 705 | |
| FHA - ARM | | | 1 | | $ | 0.2 | | | 0.7 | % | | 5.80 | % | $ | 157,545 | | | 84.6 | | | 655 | |
| FHA - fixed-rate | | | 194 | | | 26.5 | | | 99.3 | % | | 6.06 | % | | 136,820 | | | 93.5 | | | 639 | |
Subtotal - FHA | | | 195 | | $ | 26.7 | | | 100.0 | % | | 6.06 | % | $ | 136,927 | | | 93.4 | | | 639 | |
| Total ARM | | | 1,322 | | $ | 452.7 | | | 55.0 | % | | 6.33 | % | $ | 342,411 | | | 72.0 | | | 700 | |
| Total fixed-rate | | | 1,811 | | $ | 370.2 | | | 45.0 | % | | 6.74 | % | $ | 204,414 | | | 73.7 | | | 707 | |
| Total Originationsl | | | 3,133 | | $ | 822.9 | | | 100.0 | % | | 6.52 | % | $ | 262,643 | | | 72.7 | | | 703 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Purchase mortgages | | | 1,949 | | $ | 426.8 | | | 53.6 | % | | 6.73 | % | $ | 218,995 | | | 78.5 | | | 716 | |
| Refinancings | | | 989 | | | 369.3 | | | 46.4 | % | | 6.29 | % | | 373,447 | | | 64.5 | | | 692 | |
Subtotal-non-FHA | | | 2,938 | | $ | 796.1 | | | 100.0 | % | | 6.53 | % | $ | 270,987 | | | 72.1 | | | 705 | |
| FHA - purchase | | | 38 | | $ | 6.1 | | | 23.0 | % | | 6.40 | % | $ | 161,278 | | | 97.4 | | | 649 | |
| FHA - refinancings | | | 157 | | | 20.6 | | | 77.0 | % | | 5.95 | % | | 131,033 | | | 92.1 | | | 636 | |
| Subtotal - FHA | | | 195 | | $ | 26.7 | | | 100.0 | % | | 6.06 | % | $ | 136,927 | | | 93.4 | | | 639 | |
| Total purchase | | | 1,987 | | $ | 433.0 | | | 52.6 | % | | 6.72 | % | $ | 217,891 | | | 78.8 | | | 715 | |
| Total refinancings | | | 1,146 | | $ | 389.9 | | | 47.4 | % | | 6.28 | % | $ | 340,237 | | | 66.0 | | | 689 | |
| Total Originationsl | | | 3,133 | | $ | 822.9 | | | 100.0 | % | | 6.52 | % | $ | 262,643 | | | 72.7 | | | 703 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| * | FHA originations are Streamlined Refinance mortgages with low average balances. All FHA loans are and will continue to be sold or brokered to third party investors. |
Investment Activity
As of year end 2005, the Company’s portfolio of investment securities totaled $716.5 million and had a weighted average purchase price of $101.16. Approximately 62% of the securities purchased are backed by 3/1 hybrid adjustable rate mortgages, 36% are backed by 5/1 hybrid adjustable rate mortgages and the remaining 2% comprised of short reset floating rate securities. In addition, loans held in securitization trusts totaled $776.6 million and had an average purchase price of $100.67. The Company had mortgage loans held for investment of $4.1 million at an average purchase price of $100.15. Approximately 37% of loans held in the portfolio have interest rate resets of less than 24 months, 6% with resets less than 36 months and the remaining 57% with resets greater than 36 months. The investment securities and the loans held in securitization trusts are financed in part with debt totaling $1.4 billion.
The net interest margin on the Company’s mortgage portfolio investments for the three-month period ended December 31, 2005 averaged 62 basis points down from 70 basis points in the prior quarter. This reduction in spreads is reflective of the current flattening yield curve environment as well as accelerated prepayment speeds on the Company’s securities portfolio relative to the first half of 2005. The Company expects to more fully realize the benefits associated with its self-origination capabilities either by retaining selected lower-cost mortgage loans for its portfolio or, as market conditions dictate, selling such originations to third parties for gain on sale revenue.
The following table summarizes the Company’s investment portfolio of residential mortgage-backed securities and loans owned at December 31, 2005, classified by type of issuer or by ratings categories:
| | | Par Value | | Coupon | | Carrying Value | | Yield | |
| Agency ARMs | | $ | 390,361,107 | | | 4.21 | % | $ | 388,264,625 | | | 3.89 | % |
| Non-Agency AAA - rated ARMs | | | 315,835,093 | | | 4.74 | % | | 314,681,744 | | | 4.51 | % |
| Floating Rate CMOs | | | 13,505,160 | | | 5.56 | % | | 13,535,697 | | | 5.45 | % |
| Loans held for investment | | | 4,053,549 | | | 5.84 | % | | 4,059,650 | | | 5.56 | % |
| Loans held in securitization trusts | | | 771,450,644 | | | 5.17 | % | | 776,610,010 | | | 5.49 | % |
| Total | | $ | 1,495,205,553 | | | 4.83 | % | $ | 1,497,151,726 | | | 4.86 | % |
Dividend Declaration
On Friday, March 3, 2006, the Company’s Board of Directors declared a cash dividend of $0.14 per share on shares of its common stock for the quarter ended March 31, 2006. The dividend is payable on April 26, 2006 to shareholders of record as of April 6, 2006. The Company expects to maintain future 2006 quarterly dividends at a similar level based on 2006 earnings projections of its consolidated and separate business segments (particularly the Mortgage Portfolio segment), among other things. Investors are advised that the Company’s earnings projections are based on a number of operational, financial and market assumptions, and if such assumptions do not materialize, the Company may not be able to maintain its dividend policy. In addition to such assumptions, the Company’s dividend policy is subject to its Board of Directors’ approval and ongoing review which includes, but is not limited to, considerations such as the Company’s financial condition, earnings projections and business prospects. The dividend policy does not constitute an obligation to pay dividends, which only occurs when the Board of Directors declares a dividend.
Conference Call
On Tuesday, March 7, 2006 at 9:00 a.m. Eastern time, New York Mortgage Trust's executive management will host a conference call and audio webcast highlighting the Company's fourth quarter financial results. The conference call dial-in number is 303-262-2140. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis, at http://www.earnings.com or at the Investor Relations section of the Company's website at http://www.nymtrust.com. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. The online archive of the webcast will be available for approximately 90 days.
About New York Mortgage Trust
New York Mortgage Trust, Inc. (NYMT) is a real estate investment trust (REIT) focused on owning and managing a leveraged portfolio of residential mortgage securities and a mortgage origination business. The mortgage portfolio is comprised largely of prime adjustable-rate and hybrid mortgage loans and securities, much of which, over time will be originated by NYMT's wholly owned mortgage origination business, The New York Mortgage Company, LLC (NYMC), a taxable REIT subsidiary. The ability to build a portion of its loan portfolio from loans internally originated is a cornerstone of NYMT's strategy.
For Further Information
| | |
| AT THE COMPANY | AT FINANCIAL RELATIONS BOARD |
| Michael I. Wirth, Chief Financial Officer | Joe Calabrese (General) 212-827-3772 |
| Phone: 212-634-2342 | Julie Tu (Analysts) 212-827-3776 |
Email: mwirth@nymtrust.com | |
| | |
This news release contains 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, the possibilities that a rise in interest rates may cause a decline in the market value of the Company's assets, a decrease in the demand for mortgage loans may have a negative effect on the Company's volume of closed loan originations, prepayment rates may change, 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 experience the risks associated with investing in real estate, including changes in business conditions and the general economy, 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 news release.
FINANCIAL TABLES FOLLOW
NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except per share data)
| | | For the Year Ended December 31, | | For the Three Months Ended December 31, | |
| | | 2005 | | 2004 | | 2005 | | 2004 | |
| REVENUE: | | | | | | | | | |
| Interest income: | | | | | | | | | |
| Investment securities and loans held in the securitization trusts | | $ | 55,050 | | $ | 19,671 | | $ | 14,527 | | $ | 12,137 | |
| Loans held for investment | | | 7,675 | | | 723 | | | 2,287 | | | 678 | |
| Loans held for sale | | | 14,751 | | | 6,905 | | | 4,178 | | | 1,127 | |
| Total Interest Income | | | 77,476 | | | 27,299 | | | 20,992 | | | 13,942 | |
| Interest expense: | | | | | | | | | | | | | |
| Investment securities and loans held in the securitization trusts | | | 42,001 | | | 11,982 | | | 11,911 | | | 7,776 | |
| Loans held for investment | | | 5,847 | | | 488 | | | 1,936 | | | 456 | |
| Loans held for sale | | | 10,252 | | | 3,543 | | | 2,968 | | | 583 | |
| Subordinated debentures | | | 2,004 | | | — | | | 909 | | | — | |
| Total Interest Expense | | | 60,104 | | | 16,013 | | | 17,724 | | | 8,815 | |
| Net interest income | | | 17,372 | | | 11,286 | | | 3,268 | | | 5,127 | |
| Gain on sales of mortgage loans | | | 26,783 | | | 20,835 | | | 5,149 | | | 5,902 | |
| Brokered loan fees | | | 9,991 | | | 6,895 | | | 2,811 | | | 2,496 | |
| Gain (loss) on securities and related hedges | | | (5,233 | ) | | 774 | | | (7,440 | ) | | 42 | |
| Miscellaneous income | | | 232 | | | 227 | | | 36 | | | 51 | |
| Total revenue | | | 49,145 | | | 40,017 | | | 3,824 | | | 13,618 | |
| EXPENSES: | | | | | | | | | | | | | |
| Salaries, commissions and benefits | | | 30,979 | | | 17,118 | | | 7,104 | | | 5,724 | |
| Brokered loan expenses | | | 7,543 | | | 5,276 | | | 1,854 | | | 2,140 | |
| Occupancy and equipment | | | 6,127 | | | 3,529 | | | 1,146 | | | 1,102 | |
| Marketing and promotion | | | 4,861 | | | 3,190 | | | 961 | | | 1,216 | |
| Data processing and communications | | | 2,371 | | | 1,598 | | | 564 | | | 462 | |
| Office supplies and expenses | | | 2,333 | | | 1,519 | | | 424 | | | 502 | |
| Professional fees | | | 4,742 | | | 2,005 | | | 1,929 | | | 917 | |
| Travel and entertainment | | | 840 | | | 612 | | | 133 | | | 218 | |
| Depreciation and amortization | | | 1,716 | | | 690 | | | 647 | | | 381 | |
| Other | | | 1,522 | | | 792 | | | 439 | | | (4 | ) |
| Total expenses | | | 63,034 | | | 36,329 | | | 15,201 | | | 12,658 | |
| INCOME (LOSS) BEFORE INCOME TAX BENEFIT | | | (13,889 | ) | | 3,688 | | | (11,377 | ) | | 960 | |
| Income tax benefit | | | 8,549 | | | 1,259 | | | 2,669 | | | 1,037 | |
| NET INCOME | | $ | (5,340 | ) | $ | 4,947 | | $ | (8,708 | ) | $ | 1,997 | |
| Basic income (loss) per share | | $ | (0.30 | ) | $ | 0.28 | | $ | (0.48 | ) | $ | 0.12 | |
| Diluted income (loss) per share | | $ | (0.29 | ) | $ | 0.27 | | $ | (0.48 | ) | $ | 0.12 | |
Weighted average shares outstanding-basic1 | | | 17,886 | | | 17,797 | | | 17,977 | | | 17,797 | |
Weighted average shares outstanding-diluted1 | | | 18,126 | | | 18,115 | | | 18,282 | | | 18,157 | |
| | | | | | | | | | | | | | |
| 1 | Weighted average shares outstanding-basic and diluted assume the shares outstanding upon the Company’s initial public offering are outstanding for the full year. |
NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
| | December 31, 2005 | | December 31, 2004 | |
ASSETS | |
| Cash and cash equivalents | | $ | 9,056 | | $ | 7,613 | |
| Restricted cash | | | 5,468 | | | 2,342 | |
| Investment securities — available for sale | | | 328,217 | | | 1,204,745 | |
| Investment securities — trading | | | 388,265 | | | — | |
| Due from loan purchasers | | | 121,813 | | | 79,904 | |
| Escrow deposits — pending loan closings | | | 1,434 | | | 16,236 | |
| Accounts and accrued interest receivable | | | 14,866 | | | 15,554 | |
| Mortgage loans held for sale | | | 108,271 | | | 85,385 | |
| Mortgage loans held in securitization trusts | | | 776,610 | | | — | |
| Mortgage loans held for investment | | | 4,060 | | | 190,153 | |
| Prepaid and other assets | | | 16,836 | | | 4,351 | |
| Derivative assets | | | 9,846 | | | 3,678 | |
| Property and equipment, net | | | 6,551 | | | 4,801 | |
| TOTAL ASSETS | | $ | 1,791,293 | | $ | 1,614,762 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
| LIABILITIES: | | | | | | | |
| Financing arrangements, portfolio investments | | $ | 1,166,499 | | $ | 1,111,393 | |
| Financing arrangements, loans held for sale/for investment | | | 225,186 | | | 359,203 | |
| Collateralized Debt Obligations | | | 228,226 | | | — | |
| Due to loan purchasers | | | 1,652 | | | 351 | |
| Accounts payable and accrued expenses | | | 22,794 | | | 19,485 | |
| Subordinated debentures | | | 45,000 | | | — | |
| Derivative liabilities | | | 394 | | | 165 | |
| Other liabilities | | | 584 | | | 4,683 | |
| Total liabilities | | | 1,690,335 | | | 1,495,280 | |
| | | | | | | | |
| STOCKHOLDERS’EQUITY: | | | | | | | |
| Common stock, $0.01 par value, 400,000,000 shares authorized 18,258,221 shares issued and outstanding at December 31, 2005 and 17,797,375 shares issued and outstanding at December 31, 2004 | | | 183 | | | 181 | |
| Additional paid-in capital | | | 98,865 | | | 119,045 | |
| Accumulated other comprehensive income (loss) | | | 1,910 | | | 256 | |
| Total stockholders’/equity (deficit) | | | 100,958 | | | 119,482 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,791,293 | | $ | 1,614,762 | |
NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
SELECTED SEGMENT REPORTING
(Dollar amounts in thousands)
| | | For the Year Ended December 31, 2005 | |
| | Mortgage Portfolio Management Segment | | Mortgage Lending Segment | | Total | |
| Total revenue | | $ | 9,645 | | $ | 39,500 | | $ | 49,145 | |
| Total expense | | | 3,417 | | | 51,068 | | | 54,485 | |
| Net income (loss) | | $ | 6,228 | | $ | (11,568 | ) | $ | (5,340 | ) |
| | | | | | | | | | |
| Total assets | | $ | 1,528,222 | | $ | 263,071 | | $ | 1,791,293 | |
| | | For the Three Months Ended December 31, 2005 | |
| | | Mortgage Portfolio Management Segment | | Mortgage Lending Segment | | Total | |
| Total revenue | | $ | (4,473 | ) | $ | 8,297 | | $ | 3,824 | |
| Total expense | | | 891 | | | 11,641 | | | 12,532 | |
| Net income (loss) | | $ | (5,364 | ) | $ | (3,344 | ) | $ | (8,708 | ) |
| | | | | | | | | | | |
