Big gain in margins for New York Mortgage; +2.5% premarket

Book value per share of $6.33 is up from $6.32 at the end of Q3 (after a $0.27 dividend). Net interest margin of 410 basis points rises a whopping 51 bps from Q3 and is 77 bps higher than a year ago.

For the full year, net income of $1.11 per share rose from $1.08 in 2012 and book value remained stable as a focus on credit sensitivity vs. asset selection and leverage paid off. At year's end, 69% of capital was allocated to CMBS, multi-family investments, and distressed residential mortgages vs. 44% in 2012.

CC at 9 ET

NYMT +2.5% premarket

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