New York Mortgage Trust, Inc. (NYMT) - NASDAQ
  • Wed, Jun. 22, 1:01 PM
    | Wed, Jun. 22, 1:01 PM | 6 Comments
  • Wed, Jun. 15, 3:20 PM
    • Fed Funds futures markets are pricing in just a 50% chance of a rate hike in 2016 after the FOMC stayed on hold in June and cut its expectations for future moves higher in interest rates.
    • The mREITs (REM +0.7%) are up just modestly, but all higher now than they were prior to the FOMC news.
    • Annaly Capital (NLY +0.6%), American Capital Agency (AGNC +0.9%), Armour (ARR +1.4%), CYS Investments (CYS +1%), New York Mortgage (NYMT +1.4%), Capstead Mortgage (CMO +1.1%).
    • ETFs: MORL, REM, MORT
    | Wed, Jun. 15, 3:20 PM | 12 Comments
  • Mon, Apr. 11, 12:49 PM
    • Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
    • With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
    • The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
    • CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
    • ETFs: MORL, REM, MORT
    • Now read: Annaly: Boom Goes The Dynamite (April 11)
    | Mon, Apr. 11, 12:49 PM | 10 Comments
  • Tue, Mar. 29, 2:56 PM
    • A fast series of rate hikes wouldn't be good news for mortgage REITs, whose carry-trade business model breaks down with a flat or, worse, inverted yield curve.
    • Any worries about hawkish Fed action were considerably diminished today after Janet Yellen said caution on rate hikes is "especially warranted," and suggested there's more slack in the labor market than what the trim 4.9% headline UE rate would suggest.
    • Mostly lower earlier, the mREIT sector (REM +1.2%) has turned sharply higher.
    • Annaly Capital (NLY +0.35), American Capital (AGNC +0.4%), Armour (ARR +1.2%), CYS Investments (CYS +2.3%), New York Mortgage (NYMT +3.2%), MFA Financial (MFA +1.4%), Western Asset (WMC +2.7%), Anworth (ANH +1.5%), Dynex (DX +2.1%), AG Mortgage (MITT +1.9%), Ellington Financial (EFC +1.2%).
    | Tue, Mar. 29, 2:56 PM | 15 Comments
  • Mon, Mar. 21, 11:12 AM
    • Many had expected a cut in the $0.24 per share quarterly payout after the company earned just a penny in Q4, following $0.20 in Q3, and $0.20 in Q2.
    • At the current price of $5.02 the stock is selling for about a 23% discount to Dec. 31 book value.
    • Previously: New York Mortgage Trust declares $0.24 dividend (March 18)
    • NYMT +7.65%
    | Mon, Mar. 21, 11:12 AM | 7 Comments
  • Fri, Mar. 18, 5:41 PM
    • Top gainers, as of 5.25 p.m.: NYMT +8.0%. RIG +7.5%. ERF +5.3%. PBA +4.3%. HMY +4.2%.
    • Top losers, as of 5.25p.m.: SHPG -3.2%. ERIC -2.8%. CLLS -2.6%.
    | Fri, Mar. 18, 5:41 PM
  • Thu, Mar. 17, 1:31 PM
    • It's day two of advances for the mortgage REIT sector (REM +1.6%) after the Fed's dovish turn yesterday. The spread between two-year and ten-year U.S. Treasury yields is up to 102 basis points vs. an eight-year low of 95 bps just over a week ago. That spread, of course, is what mortgage REITs profit from, and bigger is better.
    • American Capital Agency (AGNC +1.8%), Two Harbors (TWO +2%), CYS Investments (CYS +1.8%), New York Mortgage (NYMT +5.3%), MFA Financial (MFA +1.2%), Dynex (DX +2.4%), Ellington (EARN +1.7%), Five Oaks (OAKS +2.9%)
    • ETFs: MORL, REM, MORT, LMBS
    • Previously: Mortgage REITs in the green after dovish Fed (March 16)
    | Thu, Mar. 17, 1:31 PM | 12 Comments
  • Wed, Mar. 16, 2:32 PM
    | Wed, Mar. 16, 2:32 PM | 36 Comments
  • Fri, Feb. 26, 10:07 AM
    • The mREITs (REM +1.3%) are higher across the board after Apollo Residential Mortgage (AMTG +31.3%) agrees to a sale at a hefty premium to last night's close, but still at a discount to book value.
    • The entire sector is trading at sizable discounts to book value, with some names at massive discounts. For its part, Apollo Residential yesterday could be purchased for about 60% of its end-of-year book value. And the assets on the books of these companies tend to be highly liquid and easily valued.
    • Running an mREIT may not be a terribly efficient exercise at the small market caps most of the sector sports. The companies depend on being able to issue stock with which to fund growth, but can't do so (without being wildly dilutive) when the shares are trading at such wide discounts.
    • Sector giants Annaly Capital (NLY +0.6%) and American Capital Agency (AGNC +1.2%) have market caps above $6B, and Two Harbors (TWO +0.8%), Chimera (CIM +1.1%), CYS Investments (CYS +1%), Invesco (IVR +3.5%), Hatteras (HTS +1.2%), MFA Financial (MFA +1%), and Capstead (CMO +1%) are all near or well over $1B.
    • Players in Apollo's league (sub-$500M market cap) include New York Mortgage (NYMT +1%), Western Asset (WMC +0.6%), Anworth (ANH +1.3%), Dynex (DX +1.4%), Arlington Asset (AI +4.6%), AG Mortgage (MITT +8.7%), The Ellingtons (EFC +1.9%), (EARN +1.1%), Javelin (JMI +2.8%), Orchid Island (ORC +1.5%), Five Oaks (OAKS +0.7%), ZAIS Financial (ZFC +1.3%)
    | Fri, Feb. 26, 10:07 AM | 32 Comments
  • Wed, Feb. 24, 3:48 PM
    • With the entire sector trading at sizable discounts to book value, buybacks are a popular tool for the mREITs of late, but New York Mortgage Trust (NYMT -20.8%) CEO Steve Mumma isn't a fan.
    • "I think the repurchase is a backward-looking exercise and not a forward-looking opportunistic exercise," he said on this morning's conference call (transcript). The best way to defend the stock price, he says, is with investments that deliver strong returns.
    • He does allow that repurchases make sense at some point - say 60% of book value. With today's melt-down, NYMT is all-of-a sudden practically there, trading at a 38% discount to book. As recently as last July, investors were willing to pay a premium to book to own this stock.
    • Previously: Conservative stance, spread widening hit New York Mortgage income (Feb. 23)
    | Wed, Feb. 24, 3:48 PM | 18 Comments
  • Wed, Feb. 24, 12:48 PM
    | Wed, Feb. 24, 12:48 PM | 6 Comments
  • Tue, Feb. 23, 5:41 PM
    • Top gainers, as of 5.25 p.m.: ETSY +16.3%. MT +10.0%. DWA +8.3%. CRR +8.2%. TWX +5.8%.
    • Top losers, as of 5.25p.m.: DY -16.8%. CAR -12.0%. NYMT -7.5%. SLCA -6.6%. HTZ -4.9%.
    | Tue, Feb. 23, 5:41 PM | 5 Comments
  • Wed, Jan. 20, 10:44 AM
    • The discounts to book values across the sector have grown to such high levels that one wonders whether it just makes more sense for many of these players to liquidate the portfolios and return the money to the shareholders.
    • Sector giants Annaly Capital (NLY -4.9%) and American Capital Agency (AGNC -4.6%) are selling at 30% discounts to their most recent book value.
    • Armour Residential (ARR -8.3%), Invesco Mortgage (IVR -7%), Hatteras Financial (HTS -5%), New York Mortgage (NYMT -9.5%), Apollo Residential (AMTG -6.4%), AG Mortgage (MITT -7.2%), Anworth (ANH -6.3%), Arlington Asset (AI -8.7%), and Five Oaks (OAKS -8%) are selling at greater than 40% discounts. Two Harbors (TWO -7.5%), CYS Investments (CYS -6.2%), American Capital Mortgage (MTGE -6%), Capstead (CMO -5.9%), Dynex (DX -7.2%), Western Asset (WMC -8%), Ellington Residential (EARN -7.2%), and Orchid Island (ORC -9.6%) are all nearing 40% discounts.
    • MFA Financial (MFA -6.4%) and Chimera Investment (CIM -8.1%) are both nearing 30% discounts to book.
    • ETFs: MORL, REM, MORT, LMBS
    | Wed, Jan. 20, 10:44 AM | 249 Comments
  • Tue, Jan. 19, 11:43 AM
    • The best thing that can be said about the market reaction today, is that New Residential (NRZ -0.6%) isn't down as much as the other mortgage-related names (REM -1.8%) which continue to be mercilessly pounded.
    • PennyMac (PMT -4.5%), Ocwen (OCN -3.7%), Walter Investment (WAC -4.8%), Stonegate (SGM -3.4%), Armour (ARR -3.5%), Invesco (IVR -2.4%), New York Mortgage (NYMT -4.1%), Apollo Residential (AMTG -3.1%), AG Mortgage (MITT -3.4%), Five Oaks (OAKS -6.7%), American Capital (MTGE -2%), Two Harbors (TWO -2.2%), Chimera (CIM -3.4%).
    • Citi's Michael Kaye - who rates NRZ a Buy - says the repurchase plan makes sense given the stock trades at just 0.84x book and yields 18%. Depending on how the buyback is funded, it could add up to a couple of hundred basis points of accretion. It also sends a signal to the markets about management's belief in the stock's value. Management gave little detail on a timetable.
    • Previously: New Residential steps in with $200M repurchase plan (Jan. 19)
    | Tue, Jan. 19, 11:43 AM | 49 Comments
  • Wed, Jan. 13, 1:14 PM
    • It wasn't supposed to be this way after the Fed embarked on a rate hike cycle as these yield-starved names could finally look forward to earning a better spread on their money.
    • Since the Fed hiked last month, however, the long bond yield has tumbled about 20 basis points, further narrowing the yield curve.
    • With today's 1.3% decline, the XLF is lower by 7.6% YTD, about 200 basis points worse than the S&P 500 (but about 250 basis points better than the energy sector).
    • TBTFs: Morgan Stanley (MS -3.9%), Goldman Sachs (GS -2.3%), Citigroup (C -1.8%)
    • Regionals: U.S. Bancorp (USB -2%), Regions Financial (RF -3.4%), New York Community Bancorp (NYCB -2.2%)
    • Mortgage-related names like Ocwen (OCN -6.2%), Nationstar (NSM -5.3%), Walter Investment (WAC -13.9%), and New Residential (NRZ -5.3%) have come in for particular punishment this day and this year. The mortgage REITs too: Hatteras Financial (HTS -4.4%), Western Asset (WMC -3.6%), New York Mortgage (NYMT -2.3%), Five Oaks (OAKS -5.2%), PennyMac (PMT -2.6%)
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ, XLFS
    | Wed, Jan. 13, 1:14 PM | 47 Comments
  • Tue, Jan. 12, 3:17 PM
    • The 10-year Treasury yield is off eight basis points on the session at 2.10%, and now lower by about 20 basis points since the Fed Funds rate got hiked 25 basis points less than a month ago - probably not the best scenario for mREIT earnings going forward.
    • Other income favorites like equity REITs, BDCs, and utilities (XLU -0.8%) are also being aggressively sold today.
    • Annaly Capital (NLY -1.8%), American Capital Agency (AGNC -1.7%), Armour Residential (ARR -2.4%), Two Harbors (TWO -2%), CYS Investments (CYS -1.9%), Invesco (IVR -2.3%), New York Mortgage (NYMT -2.3%), Hatteras (HTS -3.2%), Capstead (CMO -3.6%), Western Asset (WMC -2.9%), Apollo Residential (AMTG -3.6%), Dynex (DX -3.1%), Ellington Residential (EARN -3.5%), AG Mortgage (MITT -3.2%), PennyMac (PMT -4.9%), FIve Oaks (OAKS -5.7%)
    • ETFs: MORL, REM, MORT, LMBS
    | Tue, Jan. 12, 3:17 PM | 24 Comments
Company Description
New York Mortgage Trust, Inc. operates as a real estate investment trust that acquires and manages primarily real estate related assets. Its targeted assets include agency and non-agency residential mortgage backed securities, prime adjustable rate mortgage loans held in securitization trusts,... More
Sector: Financial
Industry: Mortgage Investment
Country: United States