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): March 13, 2008

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) 792-0107

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 2.01.  Completion of Acquisition or Disposition of Assets.

On March 13 and 14, 2008, in connection with New York Mortgage Trust, Inc.’s (the "Company") previously announced decision to reduce leverage in its portfolio of agency mortgage-backed securities ("Agency MBS"), the Company sold an aggregate of approximately $236 million of Agency MBS issued by Fannie Mae, resulting in a loss of approximately $6 million.The Company is unable to identify the purchasers of the securities because the securities were sold through securities dealers. Including the Agency MBS sales of March 8 and 10, 2008 previously disclosed in a Current Report on Form 8-K/A filed on March 14, 2008, the Company has sold an aggregate of $447 million of Agency MBS during March 2008. Realized losses from these March transactions, including terminations of associated interest rate hedges, total approximately $13 million.

Item 7.01.  Regulation FD Disclosure.

On March 18, 2008, New York Mortgage Trust, Inc. (the “Company") issued a press release regarding the sale of $236 million of Agency MBS in connection with a reduction in leverage in its portfolio of Agency MBS. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included under Item 7.01 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 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 March 18, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, 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: March 18, 2008	By: /s/ Steven R. Mumma
	Steven R. Mumma
	Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release dated March 18, 2008.

EX-99.1

  

FOR IMMEDIATE RELEASE

NEW YORK MORTGAGE TRUST ANNOUNCES ADDITIONAL REDUCTION IN LEVERAGE 

NEW YORK March 18, 2008 - New York Mortgage Trust, Inc. (OTC BB: NMTR) ("NYMT" or the "Company") announced that, on March 13 and 14, 2008, in connection with the Company’s previously announced decision to reduce leverage in its portfolio of Agency mortgage-backed securities ("Agency MBS"), the Company sold approximately $236 million of Agency MBS issued by Fannie Mae, resulting in a loss of approximately $6 million. As of the close of business on March 18, 2008, the Company's MBS securities portfolio consisted of approximately $539 million of Agency MBS and $31 million of AAA-rated non-Agency MBS. As of March 18, 2008, these securities were financed using approximately $516 million of reverse repurchase agreements with an average haircut of 6%. The Company also owns approximately $408 million of prime quality adjustable rate mortgage loans permanently financed with collateralized debt obligations and held in securitization trusts. As of March 18, 2008, the Company has $33 million of cash and unencumbered securities available to meet margin calls and for new investments.

Including the previously announced Agency MBS sales on March 7 and 10, 2008, the Company has sold an aggregate of $447 million of Agency MBS during March 2008. Realized losses from these transactions, including terminations of associated interest rate hedges, total approximately $13 million. The Company has met all margin calls and increases in required haircut amounts received to date for its repurchase agreement financings.

In light of the realized losses incurred from the asset sales, the Company has withdrawn its earnings per share guidance issued for 2008 of $0.45 to $0.55 per common share.

Additional details of the Company's investment portfolio and associated financing agreements will be included in its Annual Report on Form 10-K for the year ended December 31, 2007, which is expected to be filed with the Securities and Exchange Commission on or about March 24, 2008.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a self-advised real estate investment trust (REIT) in the business of investing in and managing a portfolio of Agency mortgage-backed securities (MBS), prime credit quality residential adjustable rate mortgage (ARM) loans and non-agency mortgage-backed securities. 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