Business Context and Reporting Period
This Form 8-K is a current report filed by New York Mortgage Trust, Inc. (note: the request metadata lists "ADAMAS TRUST, INC." but the filing text identifies the registrant as New York Mortgage Trust, Inc.) dated December 14, 2009. The report discloses a change in the company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance regarding the audit firm selection.
Material Changes
- Accountant Change: The Audit Committee dismissed Deloitte & Touche LLP and appointed Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2009.
- Effective Dates: The dismissal and appointment occurred on December 14, 2009. Grant Thornton was formally engaged on December 17, 2009.
- Audit History: Deloitte's audit reports for fiscal years 2008 and 2007 contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements with Deloitte regarding accounting principles, practices, or auditing scope during the two most recent fiscal years or the interim period through December 14, 2009.
Guidance, Risks, and Contingencies
The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance. Regarding risks and contingencies:
- Internal Controls: The company disclosed a material weakness in internal controls as of December 31, 2006, related to the accounting period closing process following the sale of mortgage origination assets to IndyMac Bank in March 2007. This weakness was remediated in 2007, and controls were deemed effective as of December 31, 2007.
- Reportable Events: No "reportable events" occurred during the two most recent fiscal years or through December 14, 2009.
- Consultation: The company did not consult Grant Thornton on any matters that were the subject of a disagreement or reportable event with Deloitte.
Investor Verification Checklist
- Verify the identity of the registrant (New York Mortgage Trust, Inc.) versus the metadata provided (Adamas Trust, Inc.).
- Confirm the formal engagement date of Grant Thornton LLP (December 17, 2009).
- Review the upcoming Exhibit 16.1 for Deloitte's letter regarding the change in auditors.
- Check subsequent filings for the first financial statements audited by Grant Thornton LLP.