New York Mortgage Trust (NASDAQ: NYMT) reported Q1 EPS of ($1.71), versus $0.21 reported last year.

Steven Mumma, Chairman and Chief Executive Officer, commented: "The global COVID-19 pandemic led to unprecedented market conditions late in the first quarter. As a result, we took decisive action in the latter half of March to improve our liquidity and reduce our exposure to mark-to-market financing counterparties, selling $2.0 billion in assets and reducing our repurchase agreement financings by $1.7 billion from year end-levels. We finished the quarter with $173 million in cash liquidity and a portfolio leverage ratio of 0.7 times. These actions to improve our liquidity did come at a significant cost, as the Company had its worst quarter in its history, seeing its book value drop by 33% and temporarily suspending its quarterly dividends. We believe these actions have better positioned the Company to weather the ongoing economic storm caused by the pandemic and to recover some of the $300 million of net unrealized losses on our balance sheet and deliver the results our stockholders expect."

Jason Serrano, President, commented: "Today, with approximately $200 million of unrestricted cash, $1.5 billion of unencumbered investment portfolio and a market leading low leverage ratio under 1 times, we are positioned to take advantage of an extremely dislocated investment landscape, while also finalizing term financing initiatives to further reduce our mark-to-market exposure."

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