New York Mortgage Trust Announces Additional Reduction in Leverage

NEW YORK, March 18 /PRNewswire-FirstCall/ -- New York Mortgage Trust, Inc.
(OTC Bulletin Board: NMTR) ("NYMT" or the "Company") announced that, on March
13 and 14, 2008, in connection with the Company's previously announced
decision to reduce leverage in its portfolio of Agency mortgage-backed
securities ("Agency MBS"), the Company sold approximately $236 million of
Agency MBS issued by Fannie Mae, resulting in a loss of approximately $6
million. As of the close of business on March 18, 2008, the Company's MBS
securities portfolio consisted of approximately $539 million of Agency MBS and
$31 million of AAA-rated non-Agency MBS. As of March 18, 2008, these
securities were financed using approximately $516 million of reverse
repurchase agreements with an average haircut of 6%. The Company also owns
approximately $408 million of prime quality adjustable rate mortgage loans
permanently financed with collateralized debt obligations and held in
securitization trusts. As of March 18, 2008, the Company has $33 million of
cash and unencumbered securities available to meet margin calls and for new
investments.
Including the previously announced Agency MBS sales on March 7 and 10,
2008, the Company has sold an aggregate of $447 million of Agency MBS during
March 2008. Realized losses from these transactions, including terminations
of associated interest rate hedges, total approximately $13 million. The
Company has met all margin calls and increases in required haircut amounts
received to date for its repurchase agreement financings.
In light of the realized losses incurred from the asset sales, the Company
has withdrawn its earnings per share guidance issued for 2008 of $0.45 to
$0.55 per common share.
Additional details of the Company's investment portfolio and associated
financing agreements will be included in its Annual Report on Form 10-K for
the year ended December 31, 2007, which is expected to be filed with the
Securities and Exchange Commission on or about March 24, 2008.
About New York Mortgage Trust
New York Mortgage Trust, Inc. is a self-advised real estate investment
trust (REIT) in the business of investing in and managing a portfolio of
Agency mortgage-backed securities (MBS), prime credit quality residential
adjustable rate mortgage (ARM) loans and non-agency mortgage-backed
securities. As a REIT, the Company is not subject to federal income tax,
provided that it distributes at least 90% of its REIT income to stockholders.
SOURCE New York Mortgage Trust, Inc.

Steven R. Mumma, Co-CEO, President, Chief Financial Officer, New York Mortgage
Trust, +1-212-792-0107, smumma@nymtrust.com; Joe Calabrese - General,
+1-212-827-3772, or Julie Tu - Analysts, +1-212-827-3776, both of Financial
Relations Board for New York Mortgage Trust