NY Mortgage Reports 1Q Loss

New York Mortgage Trust Inc., a New York-based real estate investment trust, has reported a consolidated net loss of $4.7 million ($0.26 per share) for the first quarter, including a $3.8 million loss from its discontinued mortgage lending operations.The results compared with net losses of $9.5 million ($0.53 per share) in the fourth quarter and $1.8 million ($0.10 per share) a year earlier. The REIT completed the sale of its wholesale and retail lending platforms to Tribeca Lending Corp. and IndyMac Bank, respectively, in the first quarter. The sales resulted in gross proceeds of approximately $14 million and a net gain of approximately $5.2 million, the company said. The REIT can be found online at http://www.nymtrust.com.