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 14, 2007

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))

Item 2.02.Results of Operations and Financial Condition.

The information contained in this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is 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 certain historical information regarding the Company’s results of operations or financial condition for the three and nine months ended September 30, 2007.

On November 6, 2007, the Company issued a press release announcing its financial results for the three and nine months ended September 30, 2007 (the “Initial Earnings Release”). On November 14, 2007, the Company issued a press release (the “DTA Press Release”) announcing it had completed its evaluation of its net deferred tax asset (“DTA”) and determined that a full valuation allowance of $18.4 million, or $5.05 per share, for the three and nine months ended September 30, 2007 was required. The Company has included consolidated balance sheets and statements of operations in the DTA Press Release that reflect the full valuation allowance for the DTA. These financial statements update and replace the financial statements included in the Initial Earnings Release. A copy of the DTA Press Release is furnished herewith as Exhibit 99.1 to this 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 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 14, 2007.

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 14, 2007	By: /s/ Steven R. Mumma Steven R. Mumma Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release dated August 14, 2007.

EX-99.1

Exhibit 99.1

New York Mortgage Trust Announces Completion of Net Deferred Tax Asset Evaluation and Files Quarterly Report

Company Takes Full Valuation Allowance for Net Deferred Tax Asset

Non-Cash Charge to Third Quarter 2007

NEW YORK, NY - November 14, 2007 - New York Mortgage Trust, Inc. (the “Company” or “NYMT”)(OTC BB: NMTR), a self-advised real estate investment trust (REIT) engaged in the investment in and management of high credit quality residential adjustable rate mortgage (ARM) loans and mortgage-backed securities (MBS), today reported that it completed its previously announced evaluation of its net deferred tax asset (“DTA”). As of September 30, 2007, the Company has determined that based on the cumulative losses from its discontinued operation in its taxable REIT subsidiary, combined with uncertainty as to the timing of when it would be able to generate the necessary earnings to recover its DTA, a full valuation allowance is required. The attached consolidated balance sheets and statements of operations reflect a full valuation allowance of $18.4 million, or $5.05 per share, for the DTA. These financial statements update and replace the financial statements included in the Company’s quarterly earning’s release, dated November 6, 2007. The DTA is a non-cash asset as it reflects a net loss carry-forward from the Company’s discontinued mortgage lending operations. This valuation allowance does not impact the Company’s ability to use the DTA to offset taxable income the Company may earn in future periods.

About New York Mortgage Trust

New York Mortgage Trust, Inc., a self-advised real estate investment trust (REIT) engaged in the investment in and management of high credit quality residential adjustable rate mortgage (ARM) loans and mortgage-backed securities (MBS). As of March 31, 2007, the Company exited the mortgage lending business. The Company's portfolio is comprised of securitized, high credit quality, adjustable and hybrid ARM loans, and purchased MBS. Historically at least 98% of the portfolio has been rated "AA" or "AAA". 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.

For Further Information

AT THE COMPANY	AT FINANCIAL RELATIONS BOARD
Steven R. Mumma, Co-CEO, President,	Joe Calabrese (General) 212-827-3772
Chief Financial Officer	Julie Tu (Analysts) 212-827-3776
Phone: 212-792-0107
Email: smumma@nymtrust.com

Certain statements contained in this press release may be deemed to be 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, that a rise in interest rates may cause a decline in the market value of the Company's assets, prepayment rates that may change, borrowings to finance the purchase of assets may not be available or 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 mortgage loans, including changes in loan delinquencies, 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 press 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 Three Months Ended September 30,						For the Nine Months Ended September 30,
	2007			2006			2007			2006
REVENUE:
Interest income investment securities and loans held in securitization trusts	$	12,376		$	16,998		$	38,987		$	50,050
Interest expense investment securities and loans held in securitization trusts		11,212			15,882			36,188			42,320
Net interest income from investment securities and loans held in securitization trusts		1,164			1,116			2,799			7,730
Interest expense - subordinated debentures		895			877			2,671			2,656
Net interest income		269			239			128			5,074
OTHER EXPENSE:
Realized (loss)/gain on sale of investment securities		(1,013	)		440			(4,834	)		(529	)
Loan loss reserve on loans held in securitization trusts		(99	)		--			(1,039	)		--
Total other (expenses)/income		(1,112	)		440			(5,873	)		(529	)
EXPENSES:
Salaries and benefits		178			166			674			618
Marketing and promotion		37			20			99			54
Data processing and communications		50			58			143			177
Professional fees		266			82			471			447
Depreciation and amortization		93			131			242			398
Allowance for deferred tax asset		18,352			--			18,352			--
Other		222			(46	)		393			177
Total expenses		19,198			411			20,374			1,871
(LOSS) INCOME FROM CONTINUING OPERATIONS		(20,041	)		268			(26,119	)		2,674
Loss from discontinued operation - net of tax		(675	)		(4,136	)		(13,534	)		(8,160	)
NET LOSS	$	(20,716	)	$	(3,868	)	$	(39,653	)	$	(5,486	)
Basic an diluted loss per share	$	(5.70	)	$	(1.07	)	$	(10.94	)	$	(1.53	)
Weighted average shares outstanding- basic and diluted		3,636			3,605			3,625			3,595

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollar amounts in thousands)

	September 30, 2007			December 31, 2006
	(unaudited)
ASSETS
Cash and cash equivalents	$	11,144		$	969
Restricted cash		6,030			3,151
Investment securities - available for sale		359,872			488,962
Accounts and accrued interest receivable		4,915			5,189
Mortgage loans held in securitization trusts		458,968			588,160
Prepaid and other assets		2,411			20,951
Derivative assets		977			2,632
Property and equipment (net)		76			89
Assets related to discontinued operation		9,883			212,805
Total Assets	$	854,276		$	1,322,908
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Financing arrangements, portfolio investments	$	327,877		$	815,313
Collateralized debt obligations		444,204			197,447
Derivative liabilities		1,601			--
Accounts payable and accrued expenses		5,003			5,871
Subordinated debentures		45,000			45,000
Liabilities related to discontinued operation		5,600			187,705
Total liabilities	$	829,285		$	1,251,336
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 3,635,854 shares issued and outstanding at September 30, 2007 and 3,665,037 shares issued and 3,615,576 outstanding at December 31, 2006		36			37
Additional paid-in capital		99,277			99,655
Accumulated other comprehensive loss		(10,930	)		(4,381	))
Accumulated deficit		(63,392	)		(23,739	))
Total stockholders' equity		24,991			71,572
Total Liabilities and Stockholders' Equity	$	854,276		$	1,322,908