New York Mortgage Trust -2% as Q1 comes in light

• Q1 net income of $22.1M or $0.21 per share vs. $40.5M and $0.42 in Q4. Net interest income of $21.6M with net interest margin of 415 basis points vs. $18.8M and 432 basis points. Dividend is $0.27.
• Book valuer per share of $7.03 slips from $7.07 at start of year. Today's close of $7.84 is a 1.1x premium to book - NYMT remains the rare mREIT trading at a premium to book vale.
• Sold about 2.7M shares through ATM program at average price of $7.97, raising $21.1M. Sold another 1.4M shares since quarter's end at average price of $7.79, raising another $10.8M.
• CEO Steven Mumma: "Net income [was] tempered by a difficult market environment for our Agency IO portfolio and lower distressed loan resale and refinance activity." Concerned with executing trades at the best price, Mumma notes activity will not always coincide with quarterly cut-off dates. "The Company is going to have quarters where net income per share is above or below the Company's current dividend payout rate and this will frequently be driven by the level of dispositions consummated during the quarter."
• Conference call tomorrow at 9 ET
• Previously: New York Mortgage Trust misses by $0.05 (May 5)
• NYMT -2% after hours