New York Mortgage Trust Q1 results

Net income of $21.3M or $0.29 per share vs. $15.4M and $0.31 one year ago (2 capital raises this year).

Net interest margin of 439 basis points, up 29 bps from Q4.

Generated $8.2M realized gain from sales and refinancing of distressed RMBS. CEO Steven Mummia: "A key component of our strategy and we expect that this activity will be conducted on a more regular basis throughout the balance of the year."

Book value per share of $6.48 vs. $6.33 at 2013's end and after $0.27 dividend. Today's close of $7.38 puts the stock at 1.14x book.

CC tomorrow at 9 ET

NYMT -0.3% AH

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