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New York Mortgage Trust Reports First Quarter 2013 Results

New York Mortgage Trust Reports First Quarter 2013 Results

NEW YORK, May 7, 2013 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc.
(Nasdaq:NYMT) ("NYMT," the "Company," "we," "our" or "us") today reported
results for the three months ended March 31, 2013.

Summary of First Quarter 2013:

  *Net income attributable to common stockholders of $15.4 million,
    representing basic income per common share of $0.31, as compared to net
    income attributable to common stockholders of $5.8 million and basic
    income per common share of $0.42 for the quarter ended March 31, 2012.
  *Net interest income rose to $13.1 million, an increase of $6.8 million
    from the same period in the prior year and an increase of $1.6 million
    from the previous quarter.
  *Portfolio net interest margin was 348 basis points, an increase of 15
    basis points from the previous quarter.
  *Declared first quarter dividend of $0.27 per common share that was paid on
    April 25, 2013.
  *Book value per common share of $6.55, as compared to $6.50 per common
    share at December 31, 2012.

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, Agency RMBS, including Agency fixed-rate RMBS,
Agency ARMs, and Agency IOs, certain commercial real estate-related debt
investments and residential mortgage loans, including loans sourced from
distressed markets. RiverBanc, LLC, The Midway Group, L.P. and Headlands Asset
Management, LLC 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: "Over the past eighteen
months, we have constructed a portfolio of diversified financial assets that
we believe will benefit from improving credit metrics and focuses on total
rate of return rather than strictly net interest margin. Since first
implementing this strategy, we have invested approximately $157 million, or
48%, of our equity capital as of March 31, 2013 into credit-sensitive assets,
such as the multi-family CMBS issued by the Freddie Mac K-Series
securitizations and distressed residential mortgage loans, that we believe are
capable of producing strong returns for the Company's portfolio as U.S.
economic conditions improve. During the 2013 first quarter, this strategy
produced solid quarterly earnings of $0.31 per share despite a challenging
environment for Agency RMBS. Of the $0.31 net income per share this quarter,
$0.14 per share was contributed by unrealized gains on our multi-family CMBS
investments, which benefitted from improved valuations driven by credit spread
tightening during the quarter. In addition, although not a significant
contributor to earnings in the first quarter, we believe the valuations on the
pool of distressed loans we acquired in December 2012 have improved during the
past four months and we anticipate that these assets will contribute in a
meaningful way to our total return in 2013."

"For the balance of 2013, the focus will be on continuing to build out our
investment portfolio with credit-sensitive assets that rely on asset selection
rather than leverage to generate our targeted returns. Similar to 2012, we
expect to source structured financing opportunities capable of enhancing the
yields on these credit-sensitive assets while minimizing the Company's
liquidity risk. We will maintain our investment in our Agency IO strategy and
to a lesser extent in our Agency RMBS portfolio."

"We completed a public offering of our common stock on May 3rd that resulted
in approximately $94.5 million of net proceeds to the Company. Ultimately, we
intend to invest the net proceeds in credit-sensitive assets, including
approximately $41 million in late May to acquire another first loss PO
security and certain IO securities issued by a new K-Series securitization. We
expect these additional investments, together with the appropriate form of
structured financing, will provide meaningful returns to our portfolio in
2013."

Results of Operations

For the three months ended March 31, 2013, the Company reported consolidated
net income attributable to common stockholders of $15.4 million, or $0.31
basic income per common share, as compared to consolidated net income
attributable to common stockholders of $5.8 million, or $0.42 basic income per
common share, for the same period in 2012. The main components of the change
in net income for the three months ended March 31, 2013 as compared to the
same period for the prior year are detailed in the following table (dollar
amounts in thousands, except per share data):

                                                For the Three Months Ended
                                                 March 31,
                                                2013     2012    $ Change
Net interest income                              $13,071  $6,244  $6,827
Total other income                               $6,378   $2,364  $4,014
Total general, administrative and other expenses $3,935   $2,718  $1,217
Income from operations before income taxes      $15,514  $5,890  $9,624
Income tax expense                               $131     $—      $131
Net income                                       $15,383  $5,890  $9,493
Net income attributable to common stockholders   $15,383  $5,839  $9,544
Basic income per common share                    $0.31    $0.42   $(0.11)
Diluted income per common share                  $0.31    $0.42   $(0.11)

In general, the increase in all categories is largely attributable to the
growth in the Company's stockholders' equity from $93.0 million as of March
31, 2012 to $328.4 million as of March 31, 2013, and the corresponding growth
in its balance sheet.

The increase in net interest income was primarily due to an increase of $1.1
billion in average interest earning assets at March 31, 2013 as compared to
the first quarter of 2012.The increase in average interest earning assets was
due to the deployment of net proceeds totaling $231.6 million from the four
public equity offerings we completed in 2012 and increased borrowings under
repurchase agreements that we used to acquire additional Agency RMBS.The
Company's portfolio net interest margin was 348 basis points for the quarter
ended March 31, 2013 as compared to net interest margin of 333 basis points
for the quarter ended December 31, 2012 and 658 basis points for the quarter
ended March 31, 2012. The increase in net interest margin in the first
quarter of 2013 from the previous quarter was attributable to our investments
in credit assets. The decrease in net interest margin from the period ended
March 31, 2012 was largely attributable to a decreased emphasis in our IO
strategy as a percentage of invested equity, an increased position in our
levered Agency RMBS strategy and increased investments in other levered
investments.

The increase in other income includes a $5.0 million increase in net
unrealized gains on multi-family loans and debt held in securitization trusts,
an increase in unrealized gain on investment securities and related hedges of
$3.3 million, partially offset by an increase in realized loss on investment
securities and related hedges of $4.2 million that is primarily related to our
Agency IO portfolio.

The increase in unrealized gains from our investment in multi-family loans and
debt held in securitization trusts was due to improved credit spreads as well
as a significant increase in our investment in this asset class as compared to
the previous period.Credit spreads on these assets benefited from improved
credit market conditions and greater demand by investors, resulting in
increased valuations for our investments.

The increase in general, administrative and other expenses is due to an
increase of $0.5 million in other expenses, an increase of $0.5 million in
management fees, an increase of $0.1 million in salaries, benefits and
directors' compensation, and an increase of $0.1 million in professional
fees.The increase in management fees for the three months ended March 31,
2013 is primarily a result of the increase in assets managed by external
managers.The increase in other categories is largely a result of the growth
of our equity capital and balance sheet.

Book value per common share as of March 31, 2013 was $6.55, representing an
increase of $0.05 per common share from the Company's book value at December
31, 2012.

Investment Allocation

The following table sets forth our allocated equity by investment type at
March 31, 2013 (dollar amounts in thousands):

                                                                           
            Agency             Multi-Family Distressed  Residential
             RMBS^(1)  Agency   CMBS^(2)     Residential Securitized Other^(3) Total
                       IOs                   Loans       Loans
Carrying     $870,245  $128,283 $209,486     $59,898     $180,713    $44,277   $1,492,902
value
Liabilities:                                                             
Callable^(4) (781,055) (89,434) --           --          --          (8,335)   (878,824)
Non callable --        --       (78,971)     (38,700)   (174,619)   (45,000)  (337,290)
Hedges       3,313     6,579    --           1,583       --          --        11,475
(Net)^(5)
Cash         --        24,151   --           --          --          15,888    40,039
Other        4,406     1,945    1,893        1,983       1,285       (11,366)  146
                                                                        
Net equity   $96,909   $71,524     $132,408  $24,764     $7,379      $(4,536)  $328,448
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.A reconciliation to our financial statements as of March
31, 2013 follows:

                                                                  
Multi-Family loans held in securitization trusts, at fair value    $5,376,150
Multi-Family CDOs, at fair value                                   (5,243,071)
Net carrying value                                                 133,079
Investment securities available for sale, at fair value held in    76,407
securitization trusts
Total CMBS, at fair value                                          209,486
Securitized debt                                                   (78,971)
Other                                                              1,893
Net Equity in Multi-Family CMBS                                    $132,408


(3) Other includes CLOs having a carrying value of $32.7 million, as well as
loans held for investment and non-Agency RMBS. Other callable liabilities
include an $8.3 million repurchase agreement on our CLO securities and other
non-callable liabilities consist of $45.0 million in subordinated debentures.
(4) Consists of borrowings under repurchase agreements.
(5) Includes derivative assets, 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 March 31,
2013, classified by relevant categories (dollar amount in thousands):

                             Carrying Value Coupons^(1) Yield^(1) CPR^(1)
Agency ARMs                   $ 253,658      2.95%       1.29%     20.8%
Agency Fixed Rate RMBS        $ 616,587      2.94%       2.21%     3.8%
Agency IOs                    $ 128,283      5.80%       10.31%    21.6%
CMBS^(2)                      $ 209,486      0.11%       12.46%    N/A
Distressed Residential Loans  $ 59,898       5.49%       9.58%     N/A
Residential Securitized Loans $ 180,713      2.99%       2.89%     10.2%
CLOs                          $ 32,674       4.18%       39.77%    N/A
                                                               

^(1) Coupons, yields and CPRs are based on first quarter 2013 weighted average
balances.Yields are calculated on amortized cost basis and do not reflect the
effects of leverage.
^(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 March 31, 2013, the Company funded a portion of its investment portfolio
with $878.8 million of repurchase agreement borrowings with a weighted average
interest rate of 0.48%.In addition, as part of the hedging strategy for its
Agency IOs, the Company had a net long position of $237.5 million of
To-Be-Announced ("TBA") securities as of March 31, 2013.

Analysis of Changes in Book Value

The following table analyzes the changes in book value for the quarter ended
March 31, 2013 (amounts in thousands, except per share):

                                     Quarter Ended
                                      March 31, 2013
                                     Amount    Shares Per
                                                       Share^(1)
Beginning Balance                     $ 322,006 49,575 $ 6.50
Stock issuance, net ^(2)              2,496     391    
Balance after share issuance activity 324,502   49,966 6.49
Dividends declared                    (13,491)        (0.27)
Net change AOCI: ^ (3)                               
Hedges                                684             0.01
RMBS                                  (4,516)         (0.09)
CMBS                                  3,857           0.08
CLOs                                  851             0.02
Net income                            15,383          0.31
Ending Balance^(2)                    $ 327,270 49,966 $ 6.55


(1) Outstanding shares used to calculate book value per share for the quarter
and year ended periods are based on outstanding shares as of March 31, 2013 of
49,966,230.
(2) Amount excludes common stock subscribed of 164,500 shares that settled on
April 1, 2013 with net proceeds to the Company of approximately $1.2 million.
(3) Accumulated other comprehensive income ("AOCI").

Conference Call

On Wednesday, May 8, 2013, 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 months ended
March 31, 2013. The conference call dial-in number is (877) 312-8806. The
replay will be available until Wednesday, May 15, 2013 and can be accessed by
dialing (855) 859-2056 and entering passcode 65131167. 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.

First quarter 2013 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 before May 10, 2013. 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.

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"); "Agency ARMs" refers to Agency RMBS comprised of adjustable-rate and
hybrid adjustable-rate RMBS; "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; "Agency
IOs" refers to Agency RMBS comprised of IOs; "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; "residential securitized loans" refers to prime
credit quality residential ARM loans held in securitization trusts;
"distressed residential loans" refers to a pool of performing and
re-performing, fixed-rate and adjustable-rate, fully amortizing, interest-only
and balloon, seasoned mortgage loans secured by first liens on one- to
four-family properties held in securitization trust; "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; "CLO" refers to collateralized
loan obligation; and "Consolidated K-Series" refers to four separate
Freddie-Mac sponsored multi-family loan K-Series securitizations, of which we,
or one of our special purpose entities, or SPEs, own the first loss PO
securities and certain IO securities.

We determined that the Consolidated K-Series were variable interest entities
and that we are the primary beneficiary of the Consolidated K-Series. As a
result, we are required to consolidate the Consolidated K-Series' underlying
multi-family loans including their liabilities, interest income and expense in
our consolidated financial statements. We have elected the fair value option
on the assets and liabilities held within the Consolidated K-Series, which
requires that changes in valuations in the assets and liabilities of the
Consolidated K-Series be reflected in our consolidated statement of
operations.

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 Agency RMBS, consisting of
fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS, 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, multi-family CMBS, certain commercial real estate-related debt
investments and residential mortgage loans, including loans sourced from
distressed markets.

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)

                                                      For the Quarters
                                                      Ended March 31,
                                                      2013        2012
                                                      (unaudited) (unaudited)
INTEREST INCOME:                                                  
Investment securities and other                        $11,153   $5,584
Multi-family loans held in securitization trusts       45,318     12,200
Residential mortgage loans held in securitization      1,306      1,344
trusts
Distressed residential mortgage loans held in          1,439      --
securitization trust
Total interest income                                  59,216     19,128
                                                                 
INTEREST EXPENSE:                                                 
Investment securities and other                        1,629      452
Multi-family collateralized debt obligations           41,659     11,574
Residential collateralized debt obligations            298        359
Securitized debt                                       2,092      --
Subordinated debentures                                467        499
Total interest expense                                 46,145     12,884
                                                                 
NET INTEREST INCOME                                    13,071     6,244
                                                                 
OTHER INCOME (EXPENSE):                                           
Provision for loan losses                              (283)      (230)
Realized (loss) gain on investment securities and      (3,162)    1,069
related hedges, net
Realized gain on residential distressed mortgage loans 136        --
held in securitization trust
Unrealized gain (loss) on investment securities and    2,456      (872)
related hedges, net
Unrealized gain on multi-family loans and debt held in 7,051      2,023
securitization trusts, net
Other income (including $19 and $0 from related        180        374
parties, respectively)
Total other income                                     6,378      2,364
                                                                 
General, administrative and other expenses (including  3,935      2,718
$874 and $309 to related parties, respectively)
Total general, administrative and other expenses       3,935      2,718
                                                                 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES  15,514     5,890
Income tax expense                                     131        --
NET INCOME                                             15,383     5,890
Net income attributable to noncontrolling interest     --        51
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS         $15,383   $5,839
                                                                 
Basic income per common share                          $0.31     $0.42
Diluted income per common share                        $0.31     $ 0.42
Dividends declared per common share                    $0.27     $0.25
Weighted average shares outstanding-basic              49,611     13,998
Weighted average shares outstanding-diluted            49,611     13,998



NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share amounts)
                                                            
                                           March 31,         December 31,
                                           2013              2012
ASSETS                                      (unaudited)       
                                                            
Investment securities, available for sale,
at fair value (including pledgedsecurities $1,033,917      $1,034,711
of $945,300 and $954,656, respectively)
Investment securities, available for sale,  76,407           71,159
at fair value held in securitization trusts
Residential mortgage loans held in          180,713          187,229
securitization trusts (net)
Distressed residential mortgage loans held  59,898           60,459
in securitization trust (net)
Multi-family loans held in securitization   5,376,150        5,442,906
trusts, at fair value
Derivative assets                           238,338          246,129
Cash and cash equivalents                   15,888           31,777
Receivables and other assets                88,379           86,031
Total Assets^(1)                            $7,069,690      $7,160,401
                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                         
Liabilities:                                                 
Financing arrangements, portfolio           $878,824        $889,134
investments
Residential collateralized debt obligations 174,619          180,979
Multi-family collateralized debt            5,243,071        5,319,573
obligations, at fair value
Securitized debt                            117,671          117,591
Derivative liabilities                      4,291            5,542
Payable for securities purchased            241,584          245,931
Accrued expenses and other liabilities      35,697           34,434
Accrued expenses, related parties           485              211
Subordinated debentures                     45,000           45,000
Total liabilities^(1)                       6,741,242        6,838,395
                                                            
Commitments and Contingencies                                
Stockholders' Equity:                                        
Common stock, $0.01 par value, 400,000,000
authorized,49,966,230 and 49,575,331       500              496
shares issued and outstanding at March 31,
2013 and December 31, 2012, respectively
Common stock subscribed                     1,178            --
Additional paid-in capital                  344,007          355,006
Accumulated other comprehensive income      18,964           18,088
Accumulated deficit                         (36,201)         (51,584)
Total stockholders' equity                  328,448          322,006
Total Liabilities and Stockholders' Equity  $7,069,690      $7,160,401
                                                            
^(1)Our condensed consolidated balance sheets include assets and liabilities
of consolidated variable interest entities ("VIEs") as the Company is the
primary beneficiary of these VIEs.At March 31, 2013 and December 31, 2012,
assets of consolidated VIEs totaled $5,719,880 and $5,786,569, respectively,
and the liabilities of consolidated VIEs totaled $5,555,329 and $5,636,650,
respectively.

CONTACT: AT THE COMPANY
         Kristine R. Nario
         Investor Relations
         Phone:  (646) 216-2363
         Email: knario@nymtrust.com