New York Mortgage Trust Inc., a real estate investment trust that manages a portfolio of mortgage-backed securities and adjustable-rate loans, said Monday that it has nearly tripled its second-quarter dividend from the first quarter, to 16 cents a share.

The company did not pay a dividend for the second quarter of last year, after it exited the mortgage lending business and sought to conserve capital.

On Monday, New York Mortgage also raised its earnings guidance for the second quarter to a range of 20 to 22 cents a share, from a previous forecast range of 16 to 20 cents.

The company said it might report earnings that fall short of the new target if delinquency rates rise unexpectedly. However, it said that during the second quarter it resolved about $4.9 million of loans that were more than 60 days delinquent and held in securitization trusts. During the quarter the percentage of loans more than 60 days delinquent fell 64 basis points, to 1.18%.

The REIT has not said when it plans to issue its second-quarter results.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.