Finance

Opteum Loses $33.9 Million in Fourth Quarter; Trouble Brewing Outside of Subprime? 

Opteum Inc. reported late yesterday that it lost $33.9 million in the fourth quarter of 2006, driving a $49.5 million consolidated net loss for the full year. The REIT is the latest lender to report negative operating results, but unlike many other lenders reporting losses, the company is not heavily invested in the subprime mortgage market. “There is nothing we dislike more than reporting negative operating results,” said Jeffrey Zimmer, chairman and CEO. “The company had one of the best records of earnings and dividends among our New York Stock Exchange-traded peer group during 2004 and 2005, but in 2006 we underperformed much of the peer group, which was understandably reflected in our stock price. Challenging business and operating conditions during 2006 resulted in inferior financial performance in both of our business units.”