Overview

* NYMT reports Q2 net loss of $3.5 mln, recurring earnings surpasses dividend

* Company acquires Constructive Loans, expanding into residential business purpose lending

* NYMT completes residential loan securitization, generating $345.9 mln in net proceeds

Outlook

* Company expects Constructive acquisition to boost residential business purpose lending

Result Drivers

* CONSTRUCTIVE LOANS ACQUISITION - Acquisition of Constructive Loans accelerates expansion into residential business purpose lending, per CEO Jason Serrano

* AGENCY INVESTMENTS - Acquired $503.7 mln in Agency investments with an average coupon of 5.29%

* RESIDENTIAL LOAN SECURITIZATION - Completed securitization of residential loans, generating $345.9 mln in net proceeds

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS -$0.04

Q2 Net -$3.01

Income mln

Q2 Net $36.45

Interest mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy."

* Wall Street's median 12-month price target for New York Mortgage Trust Inc ( NYMT ) is $7.50, about 9.1% above its July 29 closing price of $6.82

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)