8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2006

NEW YORK MORTGAGE TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-32216	47-0934168
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1301 Avenue of the Americas

New York, New York 10019

(Address and zip code of

principal executive offices)

Registrant's telephone number, including area code: (212) 634-9400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

New York Mortgage Trust Reports Third Quarter 2006 Results

Page 2

Item 2.02. Results of Operations and Financial Condition.

This Current Report on Form 8-K and the exhibit attached hereto are being furnished by New York Mortgage Trust, Inc. (the “Company”) pursuant to Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations or financial condition for the three and nine months ended September 30, 2006.

On November 7, 2006, the Company issued a press release announcing its financial results for the three and nine months ended September 30, 2006. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.	The following exhibit is being furnished herewith this Current Report on Form 8-K.
99.1	Press Release dated November 7, 2006.

[signature on following page]

New York Mortgage Trust Reports Third Quarter 2006 Results

Page 3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NEW YORK MORTGAGE TRUST, INC.
	(Registrant)
Date: November 7, 2006	By:	/s/ Steven R. Mumma
		Steven R. Mumma
		Chief Financial Officer

New York Mortgage Trust Reports Third Quarter 2006 Results

Page 4

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release dated November 7, 2006

EX-99.1

Exhibit 99.1

New York Mortgage Trust Reports Third Quarter 2006 Results

·   Consolidated net loss of $0.21 per share for the quarter ended September 30, 2006 as compared to a net income of $0.01 per share for the immediate preceding quarter ended June 30, 2006 and net income of $0.16 per share for the quarter ended September 30, 2005.

·   REIT (Mortgage Portfolio Management segment) earnings of $0.07 per share for the quarter ended September 30, 2006 as compared to net income of $0.13 per share for the immediate preceding quarter ended June 30, 2006 and net income of $0.21 per share for the quarter ended September 30, 2005.

·   Mortgage Lending segment net loss of $0.28 per share for the quarter ended September 30, 2006 as compared to a net loss of $0.12 per share for the immediate preceding quarter ended June 30, 2006 and a net loss of $0.05 per share for the quarter ended September 30, 2005.

·   Mortgage Lending segment net loss includes a $0.13 per share loan loss associated primarily with early payment defaults incurred in the Company’s sub-prime lending business which has been substantially discontinued.

·   Board of Directors declared a third quarter 2006 cash dividend of $0.14 per share.

·   The Company announced on October 31^st that it has engaged Milestone Advisors, LLC as its financial advisor to assist it in the review and exploration of its strategic alternatives. As a part of that process the Company is currently engaged in discussions regarding a possible sale or merger of the Company. 

NEW YORK, NY November 7, 2006 - New York Mortgage Trust, Inc. (NYSE: NTR), a self-advised residential mortgage finance company organized as a real estate investment trust (“REIT”) for federal income tax purposes, today reported results for the quarter ended September 30, 2006.

Comparison of the Quarters Ended September 30, 2006 and 2005

·   Quarterly loan origination volume of $602.8 million for the quarter ended September 30, 2006 as compared to $741.8 million for the immediate preceding quarter ended June 30, 2006 and $1.0 billion for the quarter ended September 30, 2005.

·   Consolidated net loss of $3.9 million for the quarter ended September 30, 2006 as compared to a net income of $178,000 for the immediate preceding quarter ended June 30, 2006 and net income of $2.9 million for the quarter ended September 30, 2005.

·   REIT (Mortgage Portfolio Management segment) earnings of $1.2 million for the quarter ended September 30, 2006 as compared to net income of $2.4 million for the immediately preceding quarter ended June 30, 2006 and net income of $3.8 million for the quarter ended September 30, 2005.

Third Quarter Results

For the quarter ended September 30, 2006, the Company’s Mortgage Portfolio Management segment (REIT operations exclusive of its taxable REIT subsidiaries) reported net revenues of $1.5 million and a net income of $1.2 million, or $0.07 per share.

The Company’s Mortgage Lending segment (the Company’s wholly owned taxable REIT subsidiaries or “TRS”) reported net revenues of $2.4 million (including $4.0 million in loan losses) and a net loss of $5.1 million for the quarter ended September 30, 2006. On a consolidated basis, the Company reported net loss of $3.9 million for the quarter ended September 30, 2006.

Comments from Management

Steven B. Schnall, Chairman, President and Co-Chief Executive Officer, commented, “The deterioration in third quarter operating results is attributable to continued pressure in both our Mortgage Portfolio Management and our Mortgage Lending segments. The decline in earnings in our Mortgage Portfolio Management segment was largely the result of the persistence of a flat to inverted yield curve and decreasing net interest spreads due to hedge maturities and, to a lesser extent, high prepayment rates associated with the re-pricing of adjustable rate mortgage loans held in our $1.2 billion loan portfolio. Specifically, our net interest margin declined to 16 basis points, as compared to 78 basis points from the immediately preceding second quarter of 2006. Additionally, on a positive note, the net duration gap between the average lives of our assets and our liabilities declined slightly to approximately six months and the credit characteristics of our portfolio remains very strong, with total loan delinquencies of 1.03% of portfolio, loan delinquencies greater than 90 days representing only 0.41% of portfolio value and credit losses since inception of only $52,000.”

Mr. Schnall added, “Our Mortgage Lending segment also experienced significant earnings pressure primarily as the result of a 19% decrease in our mortgage origination volume from the second quarter of 2006 (as compared to a 14% nationwide decline in mortgage originations for the same period - as reported by the Mortgage Bankers Association) as well as continued pricing pressure on premiums earned on loans sold to third parties. Our third quarter earnings were further affected by atypical, and largely non-recurring, loan losses due primarily to early payment defaults incurred on sub-prime loans made during the early part of 2006. Of note, though, is that we have largely discontinued making sub-prime loans other than in cases where the loans are either prior-approved by loan purchasers or simply brokered to third parties - both of which serve to dramatically reduce our risk going forward. Additionally, on a positive note, both our loan application and funding volumes for October 2006 have taken a slight positive turn as compared to September 2006 results.”

A breakdown of the Company’s loan originations by payment stream for the quarter ended September 30, 2006 follows:

MORTGAGE LOAN ORIGINATION SUMMARY

For the Third Quarter Ended September 30, 2006

(Dollar amounts in thousands)	Number of Loans		Par Amount		% of Total
Payment Stream
Fixed Rate
FHA/VA		82	$	12,882		2.1	%
Conventional Conforming		1,577		270,379		44.9	%
Conventional Jumbo		132		80,705		13.4	%
Total Fixed Rate		1,791		363,966		60.4	%
ARMs
FHA/VA		3		1,271		0.2	%
Conventional		794		237,572		39.4	%
Total ARMs		797		238,843		39.6	%
Total		2,588	$	602,809		100.0	%
Loan Purpose
Conventional		2,503	$	588,656		97.7	%
FHA/VA		85		14,153		2.3	%
Total		2,588	$	602,809		100.0	%
Documentation Type
Full Documentation		1,285	$	288,726		47.9	%
Stated Income		545		141,503		23.5	%
Stated Income/Stated Assets		323		73,166		12.1	%
No Documentation		266		63,481		10.5	%
No Ratio		116		27,091		4.5	%
Stated Asset		4		578		0.1	%
Other		49		8,264		1.4	%
Total		2,588	$	602,809		100.0	%

A breakdown by credit quality of the Company’s loan originations for third quarter 2006 follows:

										Weighted
										Average
	Number of Loans		Aggregate Principal Balance ($ in millions)	Percentage Of Total Principal		Weighted Average Interest Rate			Average Principal Balance	LTV	FICO
ARM	794	$	237.6	39.4	%	7.27	%	$	299,209	72.8	704
Fixed-rate	1,709		351.1	58.2	%	7.48	%		205,433	75.6	711
Subtotal-non-FHA	2,503		588.7	97.6	%	7.39	%		235,180	74.5	708
FHA - ARM	3		1.2	0.2	%	6.06	%		423,701	96.1	681
FHA - fixed-rate	82		12.9	2.2	%	6.61	%		157,096	95.7	652
Subtotal - FHA	85		14.1	2.4	%	6.56	%		166,506	95.7	654
Total ARM	797		238.8	39.6	%	7.27	%		299,678	72.9	704
Total fixed-rate	1,791		364.0	60.4	%	7.45	%		203,220	76.4	709
Total Originations	2,588	$	602.8	100.0	%	7.38	%	$	232,925	75.0	707
Purchase mortgages	1,594	$	352.6	58.5	%	7.47	%	$	221,215	79.0	718
Refinancings	909		236.1	39.1	%	7.28	%		259,670	67.8	693
Subtotal-non-FHA	2,503		588.7	97.6	%	7.39	%		235,180	74.5	708
FHA - purchase	70		11.9	2.0	%	6.50	%		170,453	96.5	664
FHA - refinancings	15		2.2	0.4	%	6.84	%		148,087	91.4	604
Subtotal - FHA	85		14.1	2.4	%	6.56	%		166,506	95.7	654
Total purchase	1,664		364.5	60.5	%	7.44	%		219,079	79.5	716
Total refinancings	924		238.3	39.5	%	7.27	%		257,858	68.0	692
Total Originations	2,588	$	602.8	100.0	%	7.38	%	$	232,925	75.0	707

Note: FHA originations are Streamlined Refinance mortgages with low average balances. All FHA loans are and will continue to be sold or brokered to third party investors.

Investment Activity

As of September 30, 2006, the Company’s portfolio of investment securities totaled $524.0 million and had a weighted average purchase price of 100.31.  Approximately 41% of the securities purchased have rate resets in less than six months, 8% reset in six to 24 months and the remaining 51% reset in less than five years.  In addition, loans held in securitization trusts totaled $628.6 million and had an average origination value (purchase price) of 100.66.  Approximately 26% of loans held in the portfolio have interest rate resets of less than 6 months, 9% have resets between 6 months and 24 months and the remaining 65% have resets less than 48 months.  The investment securities and the loans held in securitization trusts are financed in part with debt totaling $1.1 billion at September 30, 2006.

The net interest margin on the Company’s mortgage portfolio investments for the quarter ended September 30, 2006 averaged 16 basis points, down from 78 basis points in the quarter ended June 30, 2006.  This decrease in spreads is primarily due to hedge maturities and, to a lesser extent, to the re-pricing of adjustable rate mortgage loans held in our portfolio. 

The following table summarizes the Company’s investment portfolio of residential mortgage-backed securities and loans owned at September 30, 2006, classified by relevant categories:

	Par Value		Coupon			Carrying Value		Yield
Agency REMIC floaters	$	178,388,984		6.68	%	$	178,990,895		6.56	%
Private label floaters		27,573,587		6.11	%		27,499,840		6.28	%
Private label ARMs		296,201,236		4.81	%		293,237,365		6.03	%
NYMT retained securities		25,111,629		5.65	%		24,240,627		7.91	%
Loans held in securitization trusts		624,525,836		5.31	%		628,624,669		6.00	%
Total/Weighted Average	$	1,151,801,272		5.42	%	$	1,152,593,396		6.14	%

Conference Call

On Wednesday, November 8, 2006 at 10:00 a.m. Eastern time, New York Mortgage Trust's executive management will host a conference call and audio webcast highlighting the Company's third quarter financial results. The conference call dial-in number is 303-262-2138. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis, at http://www.earnings.com or at the Investor Relations section of the Company's website at http://www.nymtrust.com. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast. The online archive of the webcast will be available for approximately 90 days.

About New York Mortgage Trust

New York Mortgage Trust, Inc., a real estate investment trust (REIT), is engaged in the origination of and investment in residential mortgage loans throughout the United States. The Company, through its wholly owned taxable REIT subsidiary, The New York Mortgage Company, LLC (“NYMC”), originates a broad spectrum of residential loan products with a focus on high credit quality, or prime, loans. In addition to prime loans, NYMC also originates jumbo loans, alternative-A loans, sub-prime loans and home equity or second mortgage loans through its retail and wholesale origination branch network. The Company's REIT portfolio is comprised of securitized, high credit quality, adjustable and hybrid ARM loans, the majority of which, over time, will be originated by NYMC. As a REIT, the company is not subject to federal income tax provided that it distributes at least 90% of its REIT taxable income to its stockholders.

For Further Information

AT THE COMPANY	AT FINANCIAL RELATIONS BOARD
Steven R. Mumma, Chief Financial Officer	Joe Calabrese (General) 212-827-3772
Phone: 212-634-2411	Julie Tu (Analysts) 212-827-3776
Email: smumma@nymtrust.com

This news release contains forward-looking statements that predict or describe future events or trends. The matters described in these forward- looking statements are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company faces many risks that could cause its actual performance to differ materially from the results predicted by its forward- looking statements, including, without limitation, the possibilities that a rise in interest rates may cause a decline in the market value of the Company's assets, a decrease in the demand for mortgage loans may have a negative effect on the Company's volume of closed loan originations, prepayment rates may change, borrowings to finance the purchase of assets may not be available on favorable terms, the Company may not be able to maintain its qualification as a REIT for federal tax purposes, the Company may experience the risks associated with investing in real estate, including changes in business conditions and the general economy, and the Company's hedging strategies may not be effective. The reports that the Company files with the Securities and Exchange Commission contain a fuller description of these and many other risks to which the Company is subject. Because of those risks, the Company's actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by its forward-looking statements. The information set forth in this news release represents management's current expectations and intentions. The Company assumes no responsibility to issue updates to the forward-looking matters discussed in this news release.

FINANCIAL TABLES FOLLOW

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollar amounts in thousands, except per share data)

(unaudited)

	For the Nine Months Ended September 30,						For the Three Months Ended September 30,
	2006			2005			2006			2005
REVENUE:
Interest income:
Investment securities and loans held in securitization trusts	$	50,050		$	40,523		$	16,998		$	13,442
Loans held for investment		—			5,388			—			1,783
Loans held for sale		12,155			10,573			3,880			4,473
Total interest income		62,205			56,484			20,878			19,698
Interest expense:
Investment securities and loans held in securitization trusts		42,320			30,090			15,882			10,751
Loans held for investment		—			3,911			—			1,366
Loans held for sale		9,284			7,284			3,337			3,441
Subordinated debentures		2,656			1,095			877			601
Total interest expense		54,260			42,380			20,096			16,159
Net interest income		7,945			14,104			782			3,539
OTHER INCOME (EXPENSE):
Gain on sales of mortgage loans		14,362			21,634			4,311			8,985
Brokered loan fees		8,672			7,181			2,402			2,647
(Loss) gain on sale of current period securitized loans		(747	)		—			—			—
(Loss) gain on sale of securities and related hedges		(529	)		2,207			440			1,286
Loan losses		(4,077	)		—			(4,077	)		—
Miscellaneous income (expense)		310			195			43			91
Total other income		17,991			31,217			3,119			13,009
EXPENSES:
Salaries and benefits		17,720			23,875			5,378			7,302
Brokered loan expenses		6,609			5,689			1,674			1,483
Occupancy and equipment		3,871			4,981			1,256			1,265
Marketing and promotion		1,643			3,900			427			1,310
Data processing and communications		1,938			1,807			524			618
Office supplies and expenses		1,464			1,909			426			651
Professional fees		3,329			2,812			798			966
Travel and entertainment		409			707			126			261
Depreciation and amortization		1,625			1,069			539			302
Other		1,308			1,084			536			531
Total expenses		39,916			47,833			11,684			14,689
(LOSS) INCOME BEFORE INCOME TAX BENEFIT		(13,980	)		(2,512	)		(7,783	)		1,859
Income tax benefit		8,494			5,880			3,915			1,000
NET (LOSS) INCOME	$	(5,486	)	$	3,368		$	(3,868	)	$	2,859
Basic (loss) income per share	$	(0.31	)	$	0.19		$	(0.21	)	$	0.16
Diluted (loss) income per share	$	(0.31	)	$	0.19		$	(0.21	)	$	0.16
Weighted average shares outstanding-basic		17,975			17,855			18,025			17,958
Weighted average shares outstanding-diluted		17,975			18,121			18,025			18,242

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands)

	September 30, 2006 (unaudited)			December 31, 2005
ASSETS
Cash and cash equivalents	$	6,879		$	9,056
Restricted cash		1,979			5,468
Investment securities - available for sale		523,969			716,482
Due from loan purchasers		132,950			121,813
Escrow deposits - pending loan closings		1,622			1,434
Accounts and accrued interest receivable		9,256			14,866
Mortgage loans held for sale		109,197			108,271
Mortgage loans held in securitization trusts		628,625			776,610
Mortgage loans held for investment		—			4,060
Prepaid and other assets		27,118			16,505
Derivative assets		3,402			9,846
Property and equipment, net		6,838			6,882
TOTAL ASSETS	$	1,451,835		$	1,791,293
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Financing arrangements, portfolio investments	$	886,956		$	1,166,499
Financing arrangements, loans held for sale/for investment		208,285			225,186
Collateralized debt obligations		203,550			228,226
Due to loan purchasers		11,677			1,652
Accounts payable and accrued expenses		14,736			22,794
Subordinated debentures		45,000			45,000
Derivative liabilities		686			394
Other liabilities		202			584
Total liabilities		1,371,092			1,690,335
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, $0.01 par value, 400,000,000 shares authorized, 18,327,371 shares issued and 18,077,160 outstanding at
September 30, 2006 and 18,258,221 shares issued and 17,984,843 outstanding at December 31, 2005		183			183
Additional paid-in capital		100,324			107,573
Accumulated other comprehensive (loss) income		(5,570	)		1,910
Accumulated deficit		(14,194	)		(8,708	)
Total stockholders’ equity		80,743			100,958
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,451,835		$	1,791,293

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES

SELECTED SEGMENT REPORTING

(Dollar amounts in thousands)

	For the Nine Months Ended September 30, 2006
	Mortgage Portfolio Management Segment		Mortgage Lending Segment			Total
Total revenue	$	7,149	$	18,787		$	25,936
Total expense		1,473		29,949			31,422
Net income (loss)	$	5,676	$	(11,162	)	$	(5,486	)
Total assets	$	1,163,802	$	288,033		$	1,451,835

	For the Nine Months Ended September 30, 2005
	Mortgage Portfolio Management Segment		Mortgage Lending Segment			Total
Total revenue	$	14,118	$	31,203		$	45,321
Total expense		2,527		39,426			41,953
Net income (loss)	$	11,591	$	(8,223	)	$	3,368

	For the Three Months Ended September 30, 2006
	Mortgage Portfolio Management Segment		Mortgage Lending Segment			Total
Total revenue	$	1,504	$	2,397		$	3,901
Total expense		279		7,490			7,769
Net income (loss)	$	1,225	$	(5,093	)	$	(3,868	)

	For the Three Months Ended September 30, 2005
	Mortgage Portfolio Management Segment		Mortgage Lending Segment			Total
Total revenue	$	4,394	$	12,154		$	16,548
Total expense		599		13,090			13,689
Net income (loss)	$	3,795	$	(936	)	$	2,859