New York Mortgage Trust Reports Third Quarter 2012 Results

New York Mortgage Trust Reports Third Quarter 2012 Results

NEW YORK, Nov. 7, 2012 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc.
(Nasdaq:NYMT) ("NYMT" or the "Company") today reported results for the three
and nine months ended September 30, 2012.

Summary of Third Quarter 2012:

  *Net income attributable to common stockholders of $7.9 million,
    representing net income per weighted average share of $0.30 for the
    quarter ended September 30, 2012, as compared to a net loss attributable
    to common stockholders of $15,000, representing net loss per weighted
    average share of $0.00 for the quarter ended September 30, 2011.
  *Net income per weighted average share of $0.34 after excluding $1.9
    million of net unrealized losses related to investment securities and
    related hedges and $0.8 million of unrealized gain related to the fair
    value adjustment for the Company's multi-family loans held in
    securitization trusts, which we refer to as "adjusted net income," for the
    quarter ended September 30, 2012.
  *Third quarter 2012 adjusted portfolio net interest margin was 470 basis
    points.
  *Declared third quarter dividend of $0.27 per common share that was paid on
    October 25, 2012.
  *Book value per common share of $6.52 as of September 30, 2012 as compared
    to $6.51 per common share as of June 30, 2012 and $6.49 per common share
    at March 31, 2012.
  *Received net proceeds of approximately $33.1 million and $74.7 million
    from public stock offerings in July 2012 and August 2012, respectively.

Company Overview 

NYMT is an internally managed real estate investment trust, or REIT, which
invests in mortgage-related and financial assets. The Company currently
targets multi-family CMBS and Agency RMBS, including Agency ARMs, Agency
fixed-rate RMBS and Agency IOs. RiverBanc, LLC and The Midway Group, L.P.
provide investment management services to the Company with respect to certain
of its targeted asset classes. For a list of defined terms used from time to
time in this press release, see "Defined Terms" below.

Management Overview 

Steven Mumma, NYMT's CEO and President, commented: "The Company continued to
build on its diversified portfolio strategy and the expansion of its capital
base during the third quarter of 2012, issuing approximately 16.7 million
common shares in public equity offerings, which resulted in aggregate net
proceeds of $107.8 million to the Company, and using substantially all of the
net proceeds to purchase, on a leveraged basis, approximately $565.3 million
of Agency ARMs and Agency fixed rate RMBS. The addition of the Agency RMBS
purchased during the third quarter of 2012 provides our investment portfolio
with greater balance in terms of interest rate and credit risk, while also, we
believe, reducing some of the earnings volatility in our portfolio over the
longer term and still providing attractive returns. As a result, the Company's
expanded investment portfolio produced solid results during the quarter,
generating earnings of $0.30 per common share.

Fiscal year 2012 has been a transformative year for the Company, both in terms
of the full implementation of our investment strategy and the growth of the
Company's capital base. After giving effect to the Company's public equity
offering in early October 2012, which resulted in net proceeds of
approximately $104.2 million to the Company, the Company has increased its
equity base by approximately $232.0 million in 2012 at an average net price to
the Company of approximately $6.56 per share.

Importantly, we estimate that this increase in capital will reduce our general
and administrative costs as a percentage of total equity by greater than 50%,
while also helping to expand the financing options now available to the
Company.

Management continues to be pleased with the performance of each of the
Company's asset classes and is excited about the fourth quarter 2012
investment opportunities in the Company's pipeline.On October 25, 2012, we
completed our purchase of the first loss floating rate security issued by a
recent Freddie Mac multi-family loan securitization.In addition, we expect to
purchase the first loss PO securities and certain IO securities from two
additional Freddie Mac multi-family loan securitizations during the fourth
quarter of 2012. Upon completion of these pending acquisitions, we will have
collectively invested approximately $83.1 million in newly issued Freddie
Mac-sponsored multi-family CMBS during the fourth quarter of 2012. In
addition, the Company continues to pursue an investment in a pool of
residential distressed first lien mortgage loans that it expects to complete
during the 2012 fourth quarter. The Company expects that these pending
transactions will produce total returns in a range that is consistent with the
total returns delivered by the Company's overall portfolio."

Results from Operations

For the three months ended September 30, 2012, the Company reported net income
attributable to common stockholders of $7.9 million as compared to net loss of
$15,000 for the three months ended September 30, 2011. The $7.9 million
increase in net income attributable to common stockholders for the three
months ended September 30, 2012, as compared to the same period in the
previous year, was due primarily to a $6.2 million decrease in net unrealized
loss on investment securities and related hedges, a $2.5 million increase in
net realized gains on securities and related hedges, a $1.9 million increase
in net interest margin on our investment portfolio and loans held in
securitization trusts, a $0.8 million increase in net unrealized gain on
multi-family loans and debt held in securitization trusts, partially offset by
a $2.5 million increase in general, administrative and other expenses, a $0.5
million decrease in income from investments in limited partnership and limited
liability company and a $0.5 million increase in income tax expense. The
significant decline in net unrealized loss on investment securities and
related hedges was mainly related to an improved environment for our portfolio
as compared to the comparative 2011 periods.During the 2011 third quarter, a
confluence of factors, including uncertainty and concerns of systemic risk
related to the European sovereign debt crisis and a revamping of the rules for
HARP II, contributed to a significant widening of credit spreads during the
2011 third quarter, which in turn, negatively impacted the pricing of our
Agency IOs at September 30, 2011.

The increase in net interest margin for the three months ended September 30,
2012, as compared to the three months ended September 30, 2011, was primarily
due to an increase in average interest earning assets of approximately $328.7
million, which was mainly driven by the Company's additional investments in
Agency RMBS and multi-family CMBS during 2012. Net interest spread decreased
by approximately 245 basis points for the quarter ended September 30, 2012 as
compared to the same period the previous year.The decrease was due in large
part to an increase in the Company's leveraged Agency RMBS position, primarily
through investments in Agency ARMs and Agency fixed rate RMBS, relative to its
credit-sensitive assets.In most cases, the Company's credit sensitive assets
benefit from having much larger interest rate spreads, but utilize little or
no leverage.However, because the Company applies greater leverage to its
Agency ARMs and Agency fixed rate RMBS trades, the Agency ARMs and Agency
fixed rate RMBS in the Company's portfolio generally produce a total net
return on equity that is substantially in-line with the total net returns
produced by the Company's overall investment portfolio.

The $2.5 million increase in general, administrative and other expenses was
due primarily to a $2.2 million increase in management fees, primarily due to
increased profitability of the Company's investments during the 2012 third
quarter as compared to the same period in 2011.

Finally, the $2.5 million increase in net realized gain on securities and
related hedges is primarily due to the sale of approximately $49.4 million of
seasoned Agency ARMs during the period resulting in a gain of approximately
$1.6 million.

Book value per common share as of September 30, 2012 was $6.52, representing
an increase of $0.01 per common share from June 30, 2012 and $0.40 per common
share from the Company's book value at December 31, 2011.The book value per
common share at September 30, 2012 included net unrealized gains of $0.54 per
common share, which are presented as accumulated other comprehensive income.

A reconciliation between (i) net income excluding the unrealized gains and
losses on investment securities and related hedges and multi-family loans and
debt held in securitizations trusts and (ii) GAAP net income (loss)
attributable to common stockholders for the three months ended September 30,
2012 and 2011, respectively, is presented below (dollar amounts in thousands,
except per share):

                                                          
                                         For the            For the
                                        Three Months Ended Three Months Ended
                                         September 30, 2012 September 30, 2011
                                        Amounts  Per Share Amounts  Per Share
                                                                 
Net Income (Loss) Attributable to Common $7,913 $0.30   $(15)  $ —
Stockholders – GAAP
Adjustments:                                                      
Unrealized net loss on investment        1,876    0.07      8,027    0.72
securities and related hedges
                                                                 
Unrealized net gains on multi-family
multi-family loans and debt held in      (762)    (0.03)    —        —
securitization trusts
                                                                 
Net income attributable to common
stockholders excluding unrealized gains  $9,027 $ 0.34   $8,012 $0.72
and losses
                                                                 

Portfolio Allocation

The following table sets forth our allocated equity by investment type at
September 30, 2012 (dollar amounts in thousands):

              Agency     Agency    Multi-     Residential
             RMBS (1)   IOs       Family     Securitized Other (3) Total
                                   CMBS (2)   Loans
Carrying      $566,824 $77,538 $111,255 $193,905  $40,247 $989,769
value
Liabilities:                                                   
Callable (4)  (505,570)  (57,794)  (10,432)   --          (6,380)   (580,176)
Non callable  --         --        (26,138)   (187,522)   (45,000)  (258,660)
Hedges (Net)  2,147      5,935     --         --          --        8,082
(5)
Cash          --         27,531    --         --          41,039    68,570
Other         2,817      1,305     103        1,671       (11,467)  (5,571)
                                                              
Net equity    $66,218  $54,515 $74,788  $8,054    $18,439 $222,014
allocated

(1) Includes both Agency ARMs and Agency fixed rate RMBS.

(2) The Company determined it is the primary beneficiary of the
Consolidated K-Series and has consolidated the Consolidated K-Series into the
Company's financial statements. The Consolidated K-Series collectively
represents the multi-family securitized loans held in securitization trusts
and CDOs issued by the Comm 2009-K3 Mortgage Trust, the FREMF 2010-K6 Mortgage
Trust and FREMF 2012-K18 Mortgage Trust, each of which was sponsored by
Freddie Mac. The Company's investments in the Consolidated K-Series is limited
to the first loss PO securities and/or certain IOs issued by the
securitizations that comprise the Consolidated K-Series and had an aggregate
net carrying value of $89.6 million at September 30, 2012. A reconciliation to
our financial statements as of September 30, 2012 follows:

Multi-Family loans held in securitization trusts, at fair value $3,952,088
Multi-Family CDOs, at fair value                                (3,862,474)
Net carrying value                                              89,614
CMBS, at fair value (available for sale)                        21,641
Total CMBS, at fair value                                       111,255
Securitized debt                                                (26,138)
Repurchase agreements                                           (10,432)
Other                                                           103
Net Equity in Multi-Family CMBS                                 $74,788

(3) Other includes CLOs having a carrying value of $29.6 million, loans
held for investment, and non-Agency RMBS. Other callable liabilities include a
$6.4 million repurchase agreement on our CLO securities and other non-callable
liabilities consist of $45.0 million in subordinated debentures.

(4) Includes repurchase agreements.

(5) Includes derivative assets, receivable for securities sold, derivative
liabilities, payable for securities purchased and restricted cash posted as
margin.

Portfolio Asset Yields

The following table summarizes the Company's significant assets at or for the
quarter ended September 30, 2012, classified by relevant categories (dollar
amounts in thousands):

                             Carrying Coupons^(1) Yield^(1) CPR^(1)
                              Value
Agency ARMs                   $289,978 3.03%        2.14%     17.5%
Agency Fixed Rate             276,846  3.20%        2.42%     2.0%
Agency IOs                    77,538   5.86%        12.82%    19.2%
CMBS^(2)                     111,255  0.10%        12.78%    NA
Residential Securitized Loans 193,905  2.96%        2.90%     4.6%
CLOs                          29,637   4.43%        40.54%    NA

^(1)Coupons, yields and CPRs are based on third quarter 2012 weighted average
balances. Yields are calculated on amortized cost basis.

^(2)CMBS carrying value, coupons and yield calculations are based on the
underlying CMBS that are actually owned by the Company and do not include the
other consolidated assets and liabilities of the Consolidated K-Series not
owned by the Company.

Additional Information

As of September 30, 2012, the Company funded a portion of its investment
portfolio with $580.2 million of repurchase agreement borrowings with an
average interest rate of 0.65%.In addition, as part of the hedging strategy
for its Agency IOs, the Company had a net long position of $202.9 million of
To-Be-Announced ("TBA") securities as of September 30, 2012.

As of September 30, 2012, the Company had $193.9 million of residential
mortgage loans held in securitization trusts (net) permanently financed with
$187.5 million of residential collateralized debt obligations. As of September
30, 2012, delinquencies greater than 60 days on loans held in securitization
trusts represented 9.16% of the loan portfolio.As of September 30, 2012, the
Company had reserves totaling $2.9 million for loan losses. In addition, as of
September 30, 2012, the Company's balance sheet included five real estate
owned properties totaling $0.9 million.

Analysis of Changes in Book Value

The following table analyzes the changes in book value for the three months
ended September 30, 2012 (amounts in thousands, except per share):

                                        Three Months Ended September 30, 2012
                                        Amount         Shares    Per
                                                                  Share^(1)
Beginning Balance                        $ 112,991     17,369    $6.51
Stock issuance, net                      107,869        16,675    
Balance after share issuance activity    220,860        34,044    6.49
Dividends declared                       (9,192)                 (0.27)
Net change AOCI:^(2)                                            
Hedges                                   (1,791)                 (0.05)
RMBS                                     2,485                   0.07
CMBS                                     (249)                   (0.01)
CLOs                                     1,988                   0.06
Net income excluding unrealized gains
and losses on investment securities and  9,027                   0.27
related hedges and multi-family loans
and debt held in securitization trusts
Unrealized net losses on investment      (1,876)                 (0.06)
securities and related hedges
Unrealized net gains on multi-family
loans and debt held in securitization    762                     0.02
trusts
Ending Balance                           $ 222,014     34,044    $6.52
                                                               
^(1) Outstanding shares used to calculate book value per share for the quarter
ended period is based on outstanding shares asof September 30, 2012 of
34,044,374.
^(2)Accumulated other comprehensive income ("AOCI").

Conference Call

On Thursday, November 8, 2012, at 9:00 a.m. Eastern Time, New York Mortgage
Trust's executive management is scheduled to host a conference call and audio
webcast to discuss the Company's financial results for the three and nine
months ended September 30, 2012. The conference call dial-in number is (877)
312-8806. The replay will be available until Thursday, November 15, 2012 and
can be accessed by dialing (855) 859-2056 and entering passcode 65003343. A
live audio webcast of the conference call can be accessed via the Internet, on
a listen-only basis, at 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.

Third quarter 2012 financial and operating data can be viewed on the Company's
Quarterly Report on Form 10-Q, which is expected to be filed with the
Securities and Exchange Commission on or about November 9, 2012. A copy of the
Form 10-Q will be posted at the Company's website as soon as reasonably
practicable following its filing with the Securities and Exchange Commission.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with
United States generally accepted accounting principles (GAAP), this press
release presents a non-GAAP financial measure that excludes certain items.
This non-GAAP financial measure, which is referred to as "net income
attributable to common stockholders excluding unrealized gains and losses on
investment securities and related hedges and multi-family loans and debt held
in securitizations trusts," is provided to enhance the user's overall
understanding of our financial performance. Specifically, management believes
the non-GAAP financial measure provides useful information to investors by
excluding or adjusting certain items affecting reported operating results that
were unusual or not indicative of our core operating results. The non-GAAP
financial measure presented by the company should not be considered a
substitute for, or superior to, the financial measures calculated in
accordance with GAAP. Moreover, this non-GAAP financial measure may not be
comparable to similarly titled measures reported by other companies. The
non-GAAP financial measure included in this earnings release has been
reconciled above to the nearest GAAP measure, which is GAAP net income
attributable to common stockholders.

Defined Terms

The following defines certain of the commonly used terms in this press
release: "RMBS" refers to residential mortgage backed securities comprised of
adjustable-rate, hybrid adjustable-rate, fixed-rate, interest only and inverse
interest only, and principal only securities; "Agency RMBS" refers to RMBS
representing interests in or obligations backed by pools of residential
mortgage loans issued or guaranteed by a federally chartered corporation, such
as the Federal National Mortgage Association ("Fannie Mae") or the Federal
Home Loan Mortgage Corporation ("Freddie Mac"), or an agency of the U.S.
government, such as the Government National Mortgage Association ("Ginnie
Mae"); "IOs" refers collectively to interest only and inverse interest only
mortgage-backed securities that represent the right to the interest component
of the cash flow from a pool of mortgage loans; "POs" refers to
mortgage-backed securities that represent the right to the principal component
of the cash flow from a pool of mortgage loans; "ARMs" refers to
adjustable-rate residential mortgage loans; "Agency ARMs" refers to Agency
RMBS consisting of adjustable-rate and hybrid adjustable-rateRMBS; "Agency
IOs" refers to Agency RMBS comprised of IOs; "residential securitized loans"
refers to prime credit quality residential ARM loans held in securitization
trusts; "CMBS" refers to commercial mortgage-backed securities comprised of
commercial mortgage pass-through securities, as well as IO or PO securities
that represent the right to a specific component of the cash flow from a pool
of commercial mortgage loans; "multi-family CMBS" refers to CMBS backed by
commercial mortgage loans on multi-family properties; "multi-family
securitized loans" refers to the commercial mortgage loans included in the
Consolidated K-Series; "CDO" refers to collateralized debt obligation; and
"CLO" refers to collateralized loan obligation.

When used in the press release, the term "adjusted portfolio margin" refers to
the portfolio margin for our investment portfolio excluding all assets and
liabilities of the Consolidated K-Series other than the securities issued by
the Consolidated K-Series that are actually owned by the Company.

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 ("REIT"). The Company invests in
mortgage-related and financial assets and targets multi-family CMBS and Agency
RMBS, including Agency RMBS consisting of fixed-rate, adjustable-rate and
hybrid adjustable-rate RMBS and Agency IOs consisting of interest only and
inverse interest only RMBS that represent the right to the interest component
of the cash flow from a pool of mortgage loans.

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, 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 following factors are examples of those that could cause
actual results to vary from the Company's forward-looking statements: changes
in interest rates and the market value of the Company's securities; changes in
credit spreads; the impact of the downgrade of the long-term credit ratings of
the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; market volatility; changes
in the prepayment rates on the mortgage loans underlying the Company's
investment securities; increased rates of default and/or decreased recovery
rates on the Company's assets; the Company's ability to borrow to finance its
assets; changes in government regulations affecting the Company's business;
the Company's ability to maintain its qualification as a REIT for federal tax
purposes; the Company's ability to maintain its exemption from registration
under the Investment Company Act of 1940, as amended; and risks associated
with investing in real estate assets, including changes in business conditions
and the general economy. These and other risks, uncertainties and factors,
including the risk factors described in the Company's periodic reports filed
with the SEC, could cause the Company's actual results to differ materially
from those projected in any forward-looking statements it makes. All
forward-looking statements speak only as of the date on which they are made.
New risks and uncertainties arise over time and it is not possible to predict
those events or how they may affect the Company. Except as required by law,
the Company is not obligated to, and does not intend to, update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

                           FINANCIAL TABLES FOLLOW

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
                                                                 
                                    For the Three Months For the Nine Months
                                     Ended September 30, Ended September 30,
                                    2012       2011      2012       2011
INTEREST INCOME:                                                  
Investment securities and other     $ 6,333    $ 6,074   $ 16,639   $ 13,390
Multi-family loans held in          36,075     --        67,079     --
securitization trusts
Residential mortgage loans held in  1,429      1,357     4,201      4,217
securitization trusts
Total interest income               43,837     7,431     87,919     17,607
                                                                 
INTEREST EXPENSE:                                                 
Investment securities and other     890        387       1,842      1,081
Multi-family collaterized debt      33,374     --        62,489     --
obligations
Residential collaterized debt       321        345       1,012      1,080
obligations
Securitized debt                    639        --        916        --
Subordinated debentures             483        471       1,482      1,407
Total interest expense              35,707     1,203     67,741     3,568
                                                                 
NET INTEREST INCOME                  8,130      6,228     20,178     14,039
                                                                 
OTHER INCOME (EXPENSE):                                           
Provision for loan losses            (247)      (435)     (536)      (1,459)
(Loss) income from investment in
limited partnership and limited      (64)       479       664        1,762
liability company
Realized gain on investment          5,048      2,526     5,674      8,000
securitiesand related hedges, net
Unrealized loss on investment        (1,876)    (8,027)   (2,577)    (8,762)
securitiesand related hedges, net
Unrealized gain on multi-family
loans and debt held in               762        --        4,990      --
securitization trusts
Total other income (expense)         3,623      (5,457)   8,215      (459)
                                                                 
General, administrative and other    3,241      717       8,568      6,464
expenses
Total general, administrative and    3,241      717       8,568      6,464
other expenses
                                                                 
INCOME FROM CONTINUING OPERATIONS    8,512      54        19,825     7,116
BEFORE INCOME TAXES
Income tax expense                   598        56        1,065      419
INCOME (LOSS) FROM CONTINUING        7,914      (2)       18,760     6,697
OPERATIONS
(Loss) income from discontinued      (1)        19        32         23
operation – net of tax
NET INCOME                           7,913      17        18,792     6,720
Net income (loss) attributable to    --        32        (97)       52
noncontrolling interest
NET INCOME (LOSS) ATTRIBUTABLE       $ 7,913    $(15)   $ 18,889   $ 6,668
TOCOMMON STOCKHOLDERS
                                                                 
Basic income per common share        $ 0.30     $ --      $ 1.01     $ 0.67
Diluted income per common share      $ 0.30     $ --      $ 1.01     $ 0.67
Dividends declared per common share  $ 0.27     $ 0.25    $ 0.79     $ 0.65
Weighted average shares              26,541     11,146    18,629     10,015
outstanding-basic
Weighted average shares              26,541     11,146    18,629     10,015
outstanding-diluted



NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share amounts)
                                                                
                                                   September 30, December 31,
                                                    2012          2011
ASSETS                                              (unaudited)   
                                                                
Investment securities available for sale, at fair
value (including pledgedsecurities of $617,995 and $ 676,473     $ 200,342
$129,942, respectively)
Investment securities available for sale, at fair   21,641        --
value held in securitization trust
Residential mortgage loans held in securitization   193,905       206,920
trusts (net)
Multi-family loans held in securitization trusts,   3,952,088     --
at fair value
Derivative assets                                   203,520       208,218
Investment in limited partnership                   164           8,703
Cash and cash equivalents                           41,039        16,586
Receivable for securities sold                      --           1,133
Receivables and other assets                        70,718        40,803
Total Assets                                       $ 5,159,548   $ 682,705
                                                                
LIABILITIES AND EQUITY                                           
Liabilities:                                                     
Financing arrangements, portfolio investments       $ 580,176     $ 112,674
Residential collateralized debt obligations         187,522       199,762
Multi-family collateralized debt obligations, at    3,862,474     --
fair value
Securitized debt                                    26,138        --
Derivative liabilities                              6,265         2,619
Payable for securities purchased                    201,516       228,300
Accrued expenses and other liabilities              28,443        8,043
Subordinated debentures                            45,000        45,000
Total liabilities                                   4,937,534     596,398
Commitments and Contingencies                                    
Equity:                                                          
Stockholders' equity                                             
Common stock, $0.01 par value, 400,000,000
authorized,34,044,374 and 13,938,273 shares issued 340           139
and outstanding at September 30, 2012 and December
31, 2011, respectively
Additional paid-in capital                          264,296       153,710
Accumulated other comprehensive income              18,352        11,292
Accumulated deficit                                 (60,974)      (79,863)
Total stockholders' equity                          222,014       85,278
Noncontrolling interest                             --           1,029
Total equity                                        222,014       86,307
Total Liabilities and Equity                        $ 5,159,548   $ 682,705

CONTACT: AT THE COMPANY
         Steven R. Mumma
         CEO, President
         Phone:  (212) 792-0109
         Email: smumma@nymtrust.com