New York Mortgage Trust will not pay third-quarter stock dividend

By Lisa Kerner

Charlotte, N.C., Oct. 1 - The board of directors of New York Mortgage Trust, Inc. decided to "omit" a dividend on shares of the company's common stock for the quarter ended Sept. 30, citing "difficult market conditions" during the period.

New York Mortgage Trust's ongoing focus is on conserving capital to build future earnings, according to a statement released on Monday.

The New York-based self-advised real estate investment trust will make its scheduled Oct. 1 preferred stock dividend payment with cash from continuing operations. New York Mortgage Trust also said it is working toward re-listing its stock on a national exchange.

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