New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
third quarter of 2019.
Summary of Third Quarter
2019:
Net income attributable to Company's common stockholders |
|
$ |
34,835 |
|
Net income attributable to
Company's common stockholders per share (basic) |
|
$ |
0.15 |
|
Net interest income |
|
$ |
31,971 |
|
Net interest margin |
|
2.40 |
% |
Comprehensive income
attributable to Company's common stockholders |
|
$ |
45,747 |
|
Comprehensive income
attributable to Company's common stockholders per share
(basic) |
|
$ |
0.20 |
|
Book value per share |
|
$ |
5.77 |
|
Economic return on book value
(1) |
|
3.83 |
% |
Economic return on book value
(annualized) (1) (2) |
|
17.00 |
% |
Dividends per share |
|
$ |
0.20 |
|
(1) Economic return on book value is based
on the periodic change in GAAP book value per share plus dividends
declared per common share during the respective
period.(2) Economic return on book value for the nine months
ended September 30, 2019 on an annualized basis.
Key Developments:
- Issued 51,750,000 shares of common
stock collectively through two underwritten public offerings,
resulting in total net proceeds of $310.6 million.
- Issued 589,420 shares of preferred
stock under an at-the-market preferred equity offering program,
resulting in net proceeds of $14.4 million.
- Acquired residential, multi-family
and other credit assets totaling $396.9 million.
Subsequent Development:
In October 2019, the Company closed on an
underwritten public offering of 6,900,000 shares of the Company's
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable
Preferred Stock. The net proceeds to the Company from the issuance
of its Series E Preferred Stock amounted to $166.7 million after
deducting underwriting discounts and commissions and estimated
offering expenses.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: “The Company delivered another solid
performance, generating GAAP earnings per share of $0.15 and
comprehensive earnings per share of $0.20 for the third quarter.
Our book value per common share was $5.77 at September 30, 2019, an
increase of $0.02 over the prior quarter, resulting in a total
economic return of 3.8% for the quarter. Through the first
nine months of 2019, the Company has generated a total economic
return of 17.0% on an annualized basis and comprehensive earnings
per share of $0.66. The Company significantly grew its scale
through the completion of multiple accretive capital raises during
the first nine months of 2019 that generated approximately $619
million in net proceeds. More importantly, during this period
of growth, the Company has been able to substantially mitigate the
drag on earnings that is often associated with the issuance of
additional equity and deliver a strong economic return.
Our investment team continued to be active
during the quarter, sourcing and closing on approximately $400
million in credit sensitive assets, bringing our total investment
portfolio to $4.5 billion at September 30, 2019. We have maintained
our sourcing momentum in the fourth quarter to date, with over $275
million in credit transactions committed to fund in the fourth
quarter of
2019. Subsequent
to quarter end, the Company completed a preferred stock offering,
raising approximately $166.7 million in net proceeds. This offering
brings the Company’s total equity market capitalization to $2.1
billion, an increase of over 90% from a year ago.”
Jason Serrano, President, added: “The completion
of the internalization of our investment capabilities has proven
pivotal in the growth of our business over the past year. In
the latest quarter, the synergies created by this approach were
evident. Our strong earnings and attractive investment
pipeline are the byproduct of the efficiencies created by our
investment platform. With credit expertise that touches on
both securitizations and their underlying assets, we continue to
take advantage of asset mispricing in various facets of the
multi-family and single-family markets.”
Capital Allocation
The following tables set forth our allocated
capital by investment category at September 30, 2019, our
interest income and interest expense by investment category, and
the weighted average yield, average cost of funds, and portfolio
net interest margin for our average interest earning assets (by
investment category) for the three months ended September 30,
2019 (dollar amounts in thousands):
|
|
Agency RMBS |
|
ResidentialCredit |
|
Multi- FamilyCredit |
|
Other |
|
Total |
Investment securities, available for sale, at fair value |
|
$ |
955,838 |
|
|
$ |
621,528 |
|
|
$ |
278,398 |
|
|
$ |
48,254 |
|
|
$ |
1,904,018 |
|
Distressed and other
residential mortgage loans, at fair value |
|
— |
|
|
1,116,128 |
|
|
— |
|
|
— |
|
|
1,116,128 |
|
Distressed and other
residential mortgage loans, net |
|
— |
|
|
210,466 |
|
|
— |
|
|
— |
|
|
210,466 |
|
Investments in unconsolidated
entities |
|
— |
|
|
61,779 |
|
|
107,154 |
|
|
— |
|
|
168,933 |
|
Preferred equity and mezzanine
loan investments |
|
— |
|
|
— |
|
|
178,997 |
|
|
— |
|
|
178,997 |
|
Multi-family loans held in
securitization trusts, at fair value |
|
— |
|
|
— |
|
|
15,863,264 |
|
|
— |
|
|
15,863,264 |
|
Multi-family collateralized
debt obligations, at fair value |
|
— |
|
|
— |
|
|
(14,978,199 |
) |
|
— |
|
|
(14,978,199 |
) |
Other investments (1) |
|
— |
|
|
2,437 |
|
|
12,968 |
|
|
— |
|
|
15,405 |
|
Carrying value |
|
$ |
955,838 |
|
|
$ |
2,012,338 |
|
|
$ |
1,462,582 |
|
|
$ |
48,254 |
|
|
$ |
4,479,012 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Repurchase agreements |
|
(840,864 |
) |
|
(946,309 |
) |
|
(772,707 |
) |
|
— |
|
|
(2,559,880 |
) |
CDOs and subordinated debentures |
|
— |
|
|
(42,119 |
) |
|
— |
|
|
(45,000 |
) |
|
(87,119 |
) |
Convertible notes |
|
— |
|
|
— |
|
|
— |
|
|
(132,395 |
) |
|
(132,395 |
) |
Hedges (net) (2) |
|
20,673 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,673 |
|
Cash and restricted cash
(3) |
|
9,558 |
|
|
9,554 |
|
|
5,314 |
|
|
42,412 |
|
|
66,838 |
|
Goodwill |
|
— |
|
|
— |
|
|
— |
|
|
25,222 |
|
|
25,222 |
|
Other (4) |
|
(3,057 |
) |
|
109,487 |
|
|
(11,503 |
) |
|
(60,279 |
) |
|
34,648 |
|
Net capital allocated |
|
$ |
142,148 |
|
|
$ |
1,142,951 |
|
|
$ |
683,686 |
|
|
$ |
(121,786 |
) |
|
$ |
1,846,999 |
|
|
|
|
|
|
|
|
|
|
|
|
Overall leverage ratio
(5) |
|
|
|
|
|
|
|
|
|
1.5 |
|
Leverage ratio on callable
debt (6) |
|
|
|
|
|
|
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income -
Three Months Ended September 30, 2019: |
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
$ |
6,512 |
|
|
$ |
23,668 |
|
|
$ |
28,413 |
|
|
$ |
681 |
|
|
$ |
59,274 |
|
Interest Expense |
|
(4,980 |
) |
|
(10,499 |
) |
|
(8,400 |
) |
|
(3,424 |
) |
|
(27,303 |
) |
Net Interest Income
(Expense) |
|
$ |
1,532 |
|
|
$ |
13,169 |
|
|
$ |
20,013 |
|
|
$ |
(2,743 |
) |
|
$ |
31,971 |
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Net Interest
Margin - Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
Average Interest Earning
Assets (7) (9) |
|
$ |
1,001,567 |
|
|
$ |
1,772,485 |
|
|
$ |
1,104,560 |
|
|
$ |
26,235 |
|
|
$ |
3,904,847 |
|
Weighted Average Yield on
Interest Earning Assets (8) |
|
2.60 |
% |
|
5.34 |
% |
|
10.29 |
% |
|
10.38 |
% |
|
6.07 |
% |
Average Cost of Funds
(10) |
|
(2.38 |
)% |
|
(4.27 |
)% |
|
(4.29 |
)% |
|
— |
|
|
(3.67 |
)% |
Portfolio Net Interest Margin
(11) |
|
0.22 |
% |
|
1.07 |
% |
|
6.00 |
% |
|
10.38 |
% |
|
2.40 |
% |
(1) Includes real estate under development
in the amount of $13.9 million, net of mortgages and notes payable
in consolidated variable interest entities in the amount of $0.9
million, and other loan investments in the amount of $2.4 million.
Both real estate under development and other loan investments are
included in the Company's accompanying condensed consolidated
balance sheets in receivables and other assets.(2) Includes
derivative liabilities of $40.4 million netted against a $61.1
million variation margin.(3) Restricted cash is included in
the Company's accompanying condensed consolidated balance sheets in
receivables and other assets.(4) Includes a $66.0 million
deposit to be used towards the purchase price of mortgage-backed
securities to be issued in a securitization transaction sponsored
by Freddie Mac. The deposit is included in receivables and
other assets in the accompanying condensed consolidated balance
sheets.(5) Represents total debt divided by our total
stockholders' equity. Total debt does not include debt
associated with Multi-family CDOs amounting to $15.0 billion and
Residential CDOs amounting to $42.1 million that are consolidated
in the Company's financial statements as they are non-recourse debt
for which we have no obligation.(6) Represents repurchase
agreement borrowings divided by our total stockholders'
equity.(7) Average Interest Earning Assets for the periods
indicated exclude all Consolidated K-Series assets other than those
securities actually owned by the Company.(8) Our Weighted
Average Yield on Interest Earning Assets was calculated by dividing
our annualized interest income by our Average Interest Earning
Assets for the respective periods.(9) Our Average Interest Earning
Assets is calculated each quarter based on daily average amortized
cost for the respective periods.(10) Our Average Cost of Funds
was calculated by dividing our annualized interest expense by our
average interest bearing liabilities, excluding our subordinated
debentures and convertible notes, which generated interest expense
of approximately $0.7 million and $2.7 million,
respectively.(11) Portfolio Net Interest Margin is the
difference between our Weighted Average Yield on Interest Earning
Assets and our Average Cost of Funds, excluding the weighted
average cost of subordinated debentures and convertible notes.
Third Quarter Earnings Summary
For the quarter ended September 30, 2019,
we reported net income attributable to common stockholders of $34.8
million as compared to $16.5 million for the quarter ended June 30,
2019.
Net Interest Income
We generated net interest income of $32.0
million and a portfolio net interest margin of 240 basis points for
the quarter ended September 30, 2019 as compared to net
interest income of $25.7 million and a portfolio net interest
margin of 216 basis points for the quarter ended June 30,
2019. The change in net interest income in the third quarter
was primarily driven by an increase in average interest earning
assets in our residential and multi-family credit portfolios.
Non-interest Income
Realized Gains, net
The following table presents the components of
net realized gains recognized for the quarters ended
September 30, 2019 and June 30, 2019, respectively (dollar
amounts in thousands):
|
|
Three Months Ended |
|
|
September 30,2019 |
|
June 30, 2019 |
Investment securities and related hedges |
|
$ |
5,013 |
|
|
$ |
— |
|
Distressed and other
residential mortgage loans at carrying value |
|
(569 |
) |
|
2,054 |
|
Distressed and other
residential mortgage loans at fair value |
|
1,658 |
|
|
2,393 |
|
Total realized gains, net |
|
$ |
6,102 |
|
|
$ |
4,447 |
|
Realized gains on investment securities and
related hedges increased due to the sale of Agency CMBS in the
third quarter of 2019. Realized gains on distressed and other
residential mortgage loans at carrying value and fair value
decreased as there was no sale activity in the third quarter of
2019.
Unrealized Gains (Losses), net
The following table presents the components of
unrealized gains (losses), net recognized for the quarters ended
September 30, 2019 and June 30, 2019, respectively (dollar
amounts in thousands):
|
|
Three Months Ended |
|
|
September 30,2019 |
|
June 30, 2019 |
Investment securities and related hedges |
|
$ |
(13,336 |
) |
|
$ |
(15,007 |
) |
Distressed and other
residential mortgage loans at fair value |
|
16,818 |
|
|
9,878 |
|
Multi-family loans and debt
held in securitization trusts |
|
7,630 |
|
|
5,207 |
|
Total unrealized gains
(losses), net |
|
$ |
11,112 |
|
|
$ |
78 |
|
The change in unrealized losses on investment
securities and related hedges is due to a decrease in unrealized
losses recognized on our interest rate swaps in the third quarter.
The increases in unrealized gains on distressed and other
residential mortgage loans at fair value is due to increased
purchase activity and tightening credit spreads during the quarter.
Unrealized gains on multi-family loans and debt held in
securitization trusts also increased in the third quarter as a
result of tightening credit spreads.
Other Income
The following table presents the components of
other income for the quarters ended September 30, 2019 and
June 30, 2019, respectively (dollar amounts in thousands):
|
|
Three Months Ended |
|
|
September 30,2019 |
|
June 30, 2019 |
Income from preferred equity investments accounted for as equity
(1) |
|
$ |
2,458 |
|
|
$ |
1,655 |
|
Income from joint venture
equity investments in multi-family properties |
|
985 |
|
|
1,698 |
|
Income from entities that
invest in residential properties and loans |
|
431 |
|
|
163 |
|
Preferred equity and mezzanine
loan premiums resulting from early redemption (2) |
|
— |
|
|
522 |
|
Losses in Consolidated VIEs
(3) |
|
(185 |
) |
|
(1,459 |
) |
Miscellaneous income |
|
249 |
|
|
161 |
|
Total other income |
|
$ |
3,938 |
|
|
$ |
2,740 |
|
(1) Includes income earned from preferred
equity ownership interests in entities that invest in multi-family
properties accounted for under the equity method of
accounting.(2) Includes premiums resulting from early
redemptions of preferred equity and mezzanine loan investments
accounted for as loans.(3) Losses in Consolidated VIEs are
offset by allocations to non-controlling interests in the
respective Consolidated VIEs, resulting in net losses to the
Company of $0.1 million and $0.7 million for the quarters ended
September 30, 2019 and June 30, 2019,
respectively.
The change in other income during the third quarter is primarily
attributable to an increase in preferred equity investments
accounted for as equity and reduced losses from our interest in a
real estate development property. The increases are partially
offset by decreases in preferred equity redemptions and income from
joint venture equity investments during the third quarter.
The following table details the general and
administrative expenses for the quarters ended September 30,
2019 and June 30, 2019, respectively (dollar amounts in
thousands):
|
|
Three Months Ended |
General and Administrative Expenses |
|
September 30,2019 |
|
June 30, 2019 |
Salaries, benefits and directors’ compensation |
|
$ |
5,780 |
|
|
$ |
6,492 |
|
Base management and incentive
fees |
|
(31 |
) |
|
543 |
|
Other general and
administrative expenses |
|
2,565 |
|
|
2,780 |
|
Total general and administrative expenses |
|
$ |
8,314 |
|
|
$ |
9,815 |
|
The change in general and administrative
expenses is primarily related to the annual awards in equity
compensation paid to non-employee directors of the Company in the
second quarter. Additionally, management and incentive fees
decreased due to the termination of our last management agreement
and the end of transition services related to that agreement in the
second quarter.
The following table sets out the operating
expenses related to our distressed and other residential mortgage
loans for the quarters ended September 30, 2019 and June 30,
2019, respectively (dollar amounts in thousands):
|
|
Three Months Ended |
Operating Expenses |
|
September 30,2019 |
|
June 30, 2019 |
Expenses related to distressed and other residential mortgage
loans |
|
$ |
3,974 |
|
|
$ |
2,579 |
|
Total operating expenses |
|
$ |
3,974 |
|
|
$ |
2,579 |
|
The increase in operating expenses in the third
quarter can be primarily attributed to an increase in direct
operating costs on our distressed and other residential mortgage
loans as a result of the growth of the loan portfolio.
Comprehensive Income
For the quarter ended September 30, 2019,
we reported comprehensive income to common stockholders of $45.7
million, as compared to $36.6 million for the quarter ended June
30, 2019. The main components of comprehensive income for the
quarters ended September 30, 2019 and June 30, 2019,
respectively, are detailed in the following table (dollar amounts
in thousands):
|
|
Three Months Ended |
|
|
September 30,2019 |
|
June 30, 2019 |
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS |
|
$ |
34,835 |
|
|
$ |
16,478 |
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
|
Increase in fair value of available for sale securities |
|
|
|
|
|
|
Agency RMBS |
|
5,405 |
|
|
12,971 |
|
Non-Agency RMBS |
|
6,972 |
|
|
1,045 |
|
CMBS |
|
2,979 |
|
|
6,076 |
|
Total |
|
15,356 |
|
|
20,092 |
|
Reclassification adjustment for net gain included in net income -
CMBS |
|
(4,444 |
) |
|
— |
|
TOTAL OTHER COMPREHENSIVE
INCOME |
|
10,912 |
|
|
20,092 |
|
COMPREHENSIVE INCOME
ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS |
|
$ |
45,747 |
|
|
$ |
36,570 |
|
The market experienced general spread tightening
during the third quarter of 2019 which benefited our investment
securities portfolio and resulted in an increase in OCI during the
period. This change in OCI was partially offset by the
reclassification of unrealized gains reported in OCI to net income
in relation to the sale of certain Agency CMBS investments in the
third quarter.
Analysis of Changes in Book
Value
The following table analyzes the changes in book
value of our common stock for the quarter ended September 30,
2019 (amounts in thousands, except per share):
|
|
Quarter Ended September 30, 2019 |
|
|
Amount |
|
Shares |
|
Per Share(1) |
Beginning Balance |
|
$ |
1,211,546 |
|
|
210,873 |
|
|
$ |
5.75 |
|
Common stock issuance,
net(2) |
|
311,848 |
|
|
51,748 |
|
|
|
Preferred stock issuance,
net |
|
14,359 |
|
|
|
|
|
Preferred stock liquidation
preference |
|
(14,736 |
) |
|
|
|
|
Balance after share issuance
activity |
|
1,523,017 |
|
|
262,621 |
|
|
5.80 |
|
Dividends declared |
|
(52,524 |
) |
|
|
|
(0.20 |
) |
Net change in accumulated
other comprehensive income: |
|
|
|
|
|
|
Investment securities, available for sale (3) |
|
10,912 |
|
|
|
|
0.04 |
|
Net income attributable to
Company's common stockholders |
|
34,835 |
|
|
|
|
0.13 |
|
Ending
Balance |
|
$ |
1,516,240 |
|
|
262,621 |
|
|
$ |
5.77 |
|
(1) Outstanding shares used to calculate
book value per share for the ending balance is based on outstanding
shares as of September 30, 2019 of
262,621,039.(2) Includes amortization of stock based
compensation.(3) The increases relate to unrealized gains in
our investment securities due to improved pricing.
Conference Call
On Wednesday, November 6, 2019 at 9:00 a.m.,
Eastern Time, New York Mortgage Trust's executive management is
scheduled to host a conference call and audio webcast to discuss
the Company’s financial results for the three and nine months ended
September 30, 2019. The conference call dial-in number is
(877) 312-8806. The replay will be available until Wednesday,
November 13, 2019 and can be accessed by dialing (855) 859-2056 and
entering passcode 7846548. A live audio webcast of the
conference call can be accessed via the Internet, on a listen-only
basis, at the Company's website at http://www.nymtrust.com.
Please allow extra time, prior to the call, to visit the site and
download the necessary software to listen to the Internet
broadcast.
Third quarter 2019 financial and operating data
can be viewed in the Company’s Quarterly Report on Form 10-Q for
the quarter ended September 30, 2019, which is expected to be
filed with the Securities and Exchange Commission on or about
November 8, 2019. A copy of the Form 10-Q will be posted at the
Company’s website as soon as reasonably practicable following its
filing with the Securities and Exchange Commission.
About New York Mortgage
Trust
New York Mortgage Trust, Inc. is a Maryland
corporation that has elected to be taxed as a real estate
investment trust for federal income tax purposes (“REIT”). NYMT is
an internally managed REIT in the business of acquiring, investing
in, financing and managing mortgage-related and residential
housing-related assets and targets structured multi-family property
investments such as multi-family CMBS and preferred equity in, and
mezzanine loans to, owners of multi-family properties, residential
mortgage loans (including distressed residential mortgage loans,
non-QM loans, second mortgage loans and other residential mortgage
loans), non-Agency RMBS, Agency RMBS and certain mortgage-,
residential housing- and other credit-related assets. For a list of
defined terms used from time to time in this press release, see
“Defined Terms” below.
Defined Terms
The following defines certain of the commonly
used terms in this press release: “RMBS” refers to residential
mortgage-backed securities comprised of adjustable-rate, hybrid
adjustable-rate, fixed-rate, interest only and inverse interest
only, and principal only securities; “Agency RMBS” refers to RMBS
representing interests in or obligations backed by pools of
mortgage loans issued or guaranteed by a government sponsored
enterprise (“GSE”), such as the Federal National Mortgage
Association (“Fannie Mae”) or the Federal Home Loan Mortgage
Corporation (“Freddie Mac”), or an agency of the U.S. government,
such as the Government National Mortgage Association (“Ginnie
Mae”); “ABS” refers to debt and/or equity tranches of
securitizations backed by various asset classes including, but not
limited to, automobiles, aircraft, credit cards, equipment,
franchises, recreational vehicles and student loans; “non-Agency
RMBS” refers to RMBS that are not guaranteed by any agency of the
U.S. Government or any GSE; “Agency ARMs” refers to Agency RMBS
comprised of adjustable-rate and hybrid adjustable-rate RMBS;
“Agency fixed-rate RMBS” refers to Agency RMBS comprised of
fixed-rate RMBS; “IOs” refers collectively to interest only and
inverse interest only mortgage-backed securities that represent the
right to the interest component of the cash flow from a pool of
mortgage loans; “POs” refers to mortgage-backed securities that
represent the right to the principal component of the cash flow
from a pool of mortgage loans; “ARMs” refers to adjustable-rate
residential mortgage loans; “residential securitized loans” refers
to prime credit quality ARMs held in securitization trusts;
“distressed residential mortgage loans” refers to pools of
re-performing, non-performing, and other delinquent mortgage loans
secured by first liens on one- to four-family properties; “CMBS”
refers to commercial mortgage-backed securities comprised of
commercial mortgage pass-through securities, as well as PO, IO or
mezzanine securities that represent the right to a specific
component of the cash flow from a pool of commercial mortgage
loans; “Agency CMBS” refers to CMBS representing interests in or
obligations backed by pools of multi-family mortgage loans issued
or guaranteed by Freddie Mac; “multi-family CMBS” refers to CMBS
backed by commercial mortgage loans on multi-family properties;
“multi-family securitized loans” refers to the commercial mortgage
loans included in the Consolidated K-Series; “CDO” refers to
collateralized debt obligation; “Consolidated K-Series” refers to
certain Freddie Mac-sponsored multi-family loan K-Series
securitizations, of which we, or one of our special purpose
entities, own the first loss PO securities and certain IO and/or
senior or mezzanine securities issued by them, that we consolidate
in our financial statements in accordance with GAAP; and
“Residential Credit” portfolio includes distressed and other
residential mortgage loans at fair value, distressed and other
residential mortgage loans at carrying value, non-Agency RMBS,
mortgage loans held for sale, mortgage loans held for investment
and certain investments in unconsolidated entities that invest in
single-family residential assets.
Additional Information
We determined that the Consolidated K-Series
were variable interest entities and that we are the primary
beneficiary of the Consolidated K-Series. As a result, we are
required to consolidate the Consolidated K-Series’ underlying
multi-family loans including their liabilities, income and expenses
in our condensed consolidated financial statements. We have elected
the fair value option on the assets and liabilities held within the
Consolidated K-Series, which requires that changes in valuations in
the assets and liabilities of the Consolidated K-Series be
reflected in our condensed consolidated statements of
operations.
A reconciliation of our net interest income
generated by our multi-family credit portfolio to our condensed
consolidated financial statements for the three months ended
September 30, 2019 is set forth below (dollar amounts in
thousands):
|
|
Three Months EndedSeptember 30, 2019 |
Interest income, multi-family loans held in securitization
trusts |
|
$ |
139,818 |
|
Interest income, investment
securities, available for sale (1) |
|
3,419 |
|
Interest income, preferred
equity and mezzanine loan investments |
|
5,505 |
|
Interest expense, multi-family
collateralized debt obligations |
|
(120,329 |
) |
Interest income, Multi-Family
Credit, net |
|
28,413 |
|
Interest expense, repurchase
agreements |
|
(8,400 |
) |
Net interest income,
Multi-Family Credit |
|
$ |
20,013 |
|
(1) Included in the Company’s accompanying
condensed consolidated statements of operations in interest income,
investment securities and other interest earning assets.
Cautionary Statement Regarding
Forward-Looking Statements
When used in this press release, in future
filings with the Securities and Exchange Commission (“SEC”) or in
other written or oral communications, statements which are not
historical in nature, including those containing words such as
“believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,”
“intend,” “should,” “would,” “could,” “goal,” “objective,” “will,”
“may” or similar expressions, are intended to identify
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended ("Exchange Act"), and,
as such, may involve known and unknown risks, uncertainties and
assumptions.
Forward-looking statements are based on the
Company’s beliefs, assumptions and expectations of its future
performance, taking into account all information currently
available to it. These beliefs, assumptions and expectations are
subject to risks and uncertainties and can change as a result of
many possible events or factors, not all of which are known to the
Company. If a change occurs, the Company’s business, financial
condition, liquidity and results of operations may vary materially
from those expressed in its forward-looking statements. The
following factors are examples of those that could cause actual
results to vary from the Company’s forward-looking statements:
changes in interest rates and the market value of the Company’s
assets; changes in credit spreads; changes in the long-term credit
ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae;
market volatility; changes in prepayment rates on the loans the
Company owns or that underlie the Company’s investment securities;
increased rates of default and/or decreased recovery rates on the
Company's assets; the Company's ability to identify and acquire its
targeted assets, including assets in its investment pipeline; the
Company’s ability to borrow to finance its assets and the terms
thereof; changes in governmental laws, regulations or policies
affecting the Company’s business; the Company’s ability to maintain
its qualification as a REIT for federal tax purposes; the Company’s
ability to maintain its exemption from registration under the
Investment Company Act of 1940, as amended; and risks associated
with investing in real estate assets, including changes in business
conditions and the general economy. These and other risks,
uncertainties and factors, including the risk factors described in
the Company’s reports filed with the SEC pursuant to the Exchange
Act, could cause the Company’s actual results to differ materially
from those projected in any forward-looking statements it makes.
All forward-looking statements speak only as of the date on which
they are made. New risks and uncertainties arise over time and it
is not possible to predict those events or how they may affect the
Company. Except as required by law, the Company is not obligated
to, and does not intend to, update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For Further Information
CONTACT: |
|
AT THE COMPANY |
|
|
Kristine R. Nario-Eng |
|
|
Chief Financial Officer |
|
|
Phone: (646)
216-2363 |
|
|
Email:
KNario@nymtrust.com |
FINANCIAL TABLES FOLLOW
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Dollar amounts in thousands, except share
data)
|
|
September 30,2019 |
|
December 31,2018 |
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Investment securities,
available for sale, at fair value |
|
$ |
1,904,018 |
|
|
$ |
1,512,252 |
|
Distressed and other
residential mortgage loans, at fair value |
|
1,116,128 |
|
|
737,523 |
|
Distressed and other
residential mortgage loans, net |
|
210,466 |
|
|
285,261 |
|
Investments in unconsolidated
entities |
|
168,933 |
|
|
73,466 |
|
Preferred equity and mezzanine
loan investments |
|
178,997 |
|
|
165,555 |
|
Multi-family loans held in
securitization trusts, at fair value |
|
15,863,264 |
|
|
11,679,847 |
|
Derivative assets |
|
20,673 |
|
|
10,263 |
|
Cash and cash equivalents |
|
65,906 |
|
|
103,724 |
|
Real estate held for sale in
consolidated variable interest entities |
|
— |
|
|
29,704 |
|
Goodwill |
|
25,222 |
|
|
25,222 |
|
Receivables and other
assets |
|
205,642 |
|
|
114,821 |
|
Total Assets
(1) |
|
$ |
19,759,249 |
|
|
$ |
14,737,638 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Liabilities: |
|
|
|
|
Repurchase agreements |
|
$ |
2,559,880 |
|
|
$ |
2,131,505 |
|
Residential collateralized
debt obligations |
|
42,119 |
|
|
53,040 |
|
Multi-family collateralized
debt obligations, at fair value |
|
14,978,199 |
|
|
11,022,248 |
|
Convertible notes |
|
132,395 |
|
|
130,762 |
|
Subordinated debentures |
|
45,000 |
|
|
45,000 |
|
Mortgages and notes payable in
consolidated variable interest entities |
|
935 |
|
|
31,227 |
|
Securitized debt |
|
— |
|
|
42,335 |
|
Accrued expenses and other
liabilities |
|
153,722 |
|
|
101,228 |
|
Total liabilities
(1) |
|
17,912,250 |
|
|
13,557,345 |
|
Commitments and
Contingencies |
|
|
|
|
Stockholders'
Equity: |
|
|
|
|
Preferred stock, $0.01 par
value, 7.75% Series B cumulative redeemable, $25 liquidation
preference per share, 6,000,000 shares authorized, 3,138,019 and
3,000,000 shares issued and outstanding as of September 30, 2019
and December 31, 2018, respectively |
|
75,733 |
|
|
72,397 |
|
Preferred stock, $0.01 par
value, 7.875% Series C cumulative redeemable, $25 liquidation
preference per share, 6,600,000 and 4,140,000 shares authorized as
of September 30, 2019 and December 31, 2018, respectively,
4,144,161 and 3,600,000 shares issued and outstanding as of
September 30, 2019 and December 31, 2018, respectively |
|
100,170 |
|
|
86,862 |
|
Preferred stock, $0.01 par
value, 8.00% Series D Fixed-to-Floating Rate cumulative redeemable,
$25 liquidation preference per share, 8,400,000 and 5,750,000
shares authorized as of September 30, 2019 and December 31, 2018,
respectively, 5,968,527 and 5,400,000 shares issued and outstanding
as of September 30, 2019 and December 31, 2018, respectively |
|
144,298 |
|
|
130,496 |
|
Common stock, $0.01 par value,
400,000,000 shares authorized, 262,621,039 and 155,589,528 shares
issued and outstanding as of September 30, 2019 and December 31,
2018, respectively |
|
2,626 |
|
|
1,556 |
|
Additional paid-in
capital |
|
1,648,661 |
|
|
1,013,391 |
|
Accumulated other
comprehensive income (loss) |
|
21,916 |
|
|
(22,135 |
) |
Accumulated deficit |
|
(145,896 |
) |
|
(103,178 |
) |
Company's stockholders'
equity |
|
1,847,508 |
|
|
1,179,389 |
|
Non-controlling interest in
consolidated variable interest entities |
|
(509 |
) |
|
904 |
|
Total
equity |
|
1,846,999 |
|
|
1,180,293 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
19,759,249 |
|
|
$ |
14,737,638 |
|
(1) Our condensed consolidated balance
sheets include assets and liabilities of consolidated variable
interest entities ("VIEs") as the Company is the primary
beneficiary of these VIEs. As of September 30, 2019 and
December 31, 2018, assets of consolidated VIEs totaled
$15,976,914 and $11,984,374, respectively, and the liabilities of
consolidated VIEs totaled $15,072,191 and $11,191,736,
respectively.
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Dollar amounts in thousands, except per
share data)(unaudited)
|
|
For the Three Months EndedSeptember 30, |
|
For the Nine Months EndedSeptember 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities and other interest earning assets |
|
$ |
17,503 |
|
|
$ |
11,147 |
|
|
$ |
48,173 |
|
|
$ |
35,087 |
|
Distressed and other residential mortgage loans |
|
16,776 |
|
|
6,770 |
|
|
46,266 |
|
|
19,415 |
|
Preferred equity and mezzanine loan investments |
|
5,505 |
|
|
5,874 |
|
|
15,660 |
|
|
15,182 |
|
Multi-family loans held in securitization trusts |
|
139,818 |
|
|
86,458 |
|
|
384,743 |
|
|
257,179 |
|
Total interest income |
|
179,602 |
|
|
110,249 |
|
|
494,842 |
|
|
326,863 |
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
Repurchase agreements and other interest bearing liabilities |
|
23,540 |
|
|
10,548 |
|
|
66,749 |
|
|
30,673 |
|
Residential collateralized debt obligations |
|
338 |
|
|
462 |
|
|
1,162 |
|
|
1,348 |
|
Multi-family collateralized debt obligations |
|
120,329 |
|
|
75,145 |
|
|
332,041 |
|
|
224,310 |
|
Convertible notes |
|
2,713 |
|
|
2,669 |
|
|
8,097 |
|
|
7,971 |
|
Subordinated debentures |
|
711 |
|
|
712 |
|
|
2,185 |
|
|
2,023 |
|
Securitized debt |
|
— |
|
|
1,110 |
|
|
742 |
|
|
3,684 |
|
Total interest expense |
|
147,631 |
|
|
90,646 |
|
|
410,976 |
|
|
270,009 |
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
31,971 |
|
|
19,603 |
|
|
83,866 |
|
|
56,854 |
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
Recovery of loan losses |
|
244 |
|
|
840 |
|
|
2,605 |
|
|
1,235 |
|
Realized gains (losses), net |
|
6,102 |
|
|
3,232 |
|
|
32,556 |
|
|
(7,228 |
) |
Unrealized gains (losses), net |
|
11,112 |
|
|
14,094 |
|
|
13,898 |
|
|
57,518 |
|
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
(2,857 |
) |
|
— |
|
Income from real estate held for sale in consolidated variable
interest entities |
|
— |
|
|
1,380 |
|
|
215 |
|
|
4,759 |
|
Other income |
|
3,938 |
|
|
4,757 |
|
|
14,405 |
|
|
8,981 |
|
Total non-interest income |
|
21,396 |
|
|
24,303 |
|
|
60,822 |
|
|
65,265 |
|
|
|
|
|
|
|
|
|
|
GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
8,345 |
|
|
6,196 |
|
|
25,804 |
|
|
16,129 |
|
Base management and incentive fees |
|
(31 |
) |
|
844 |
|
|
1,235 |
|
|
2,486 |
|
Expenses related to distressed and other residential mortgage
loans |
|
3,974 |
|
|
2,117 |
|
|
9,805 |
|
|
5,531 |
|
Expenses related to real estate held for sale in consolidated
variable interest entities |
|
— |
|
|
755 |
|
|
482 |
|
|
3,234 |
|
Total general, administrative and operating expenses |
|
12,288 |
|
|
9,912 |
|
|
37,326 |
|
|
27,380 |
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS BEFORE
INCOME TAXES |
|
41,079 |
|
|
33,994 |
|
|
107,362 |
|
|
94,739 |
|
Income tax benefit |
|
(187 |
) |
|
(454 |
) |
|
(247 |
) |
|
(547 |
) |
NET INCOME |
|
41,266 |
|
|
34,448 |
|
|
107,609 |
|
|
95,286 |
|
Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
|
113 |
|
|
(475 |
) |
|
645 |
|
|
(2,001 |
) |
NET INCOME ATTRIBUTABLE TO
COMPANY |
|
41,379 |
|
|
33,973 |
|
|
108,254 |
|
|
93,285 |
|
Preferred stock dividends |
|
(6,544 |
) |
|
(5,925 |
) |
|
(18,726 |
) |
|
(17,775 |
) |
NET INCOME ATTRIBUTABLE TO
COMPANY'S COMMON STOCKHOLDERS |
|
$ |
34,835 |
|
|
$ |
28,048 |
|
|
$ |
89,528 |
|
|
$ |
75,510 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
0.15 |
|
|
$ |
0.21 |
|
|
$ |
0.44 |
|
|
$ |
0.63 |
|
Diluted earnings per common
share |
|
$ |
0.15 |
|
|
$ |
0.20 |
|
|
$ |
0.43 |
|
|
$ |
0.60 |
|
Weighted average shares
outstanding-basic |
|
234,043 |
|
|
132,413 |
|
|
203,270 |
|
|
119,955 |
|
Weighted average shares
outstanding-diluted |
|
255,537 |
|
|
152,727 |
|
|
224,745 |
|
|
140,044 |
|
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESSUMMARY OF QUARTERLY
EARNINGS(Dollar amounts in thousands, except per
share data)(unaudited)
|
|
For the Three Months Ended |
|
|
September30, 2019 |
|
June 30,2019 |
|
March 31,2019 |
|
December31, 2018 |
|
September30, 2018 |
Net interest income |
|
$ |
31,971 |
|
|
$ |
25,691 |
|
|
$ |
26,203 |
|
|
$ |
21,873 |
|
|
$ |
19,603 |
|
Total non-interest income |
|
21,396 |
|
|
8,561 |
|
|
30,865 |
|
|
1,217 |
|
|
24,303 |
|
Total general, administrative
and operating expenses |
|
12,288 |
|
|
12,394 |
|
|
12,644 |
|
|
14,091 |
|
|
9,912 |
|
Income from operations before
income taxes |
|
41,079 |
|
|
21,858 |
|
|
44,424 |
|
|
8,999 |
|
|
33,994 |
|
Income tax (benefit)
expense |
|
(187 |
) |
|
(134 |
) |
|
74 |
|
|
(511 |
) |
|
(454 |
) |
Net income |
|
41,266 |
|
|
21,992 |
|
|
44,350 |
|
|
9,510 |
|
|
34,448 |
|
Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
|
113 |
|
|
743 |
|
|
(211 |
) |
|
91 |
|
|
(475 |
) |
Net income attributable to
Company |
|
41,379 |
|
|
22,735 |
|
|
44,139 |
|
|
9,601 |
|
|
33,973 |
|
Preferred stock dividends |
|
(6,544 |
) |
|
(6,257 |
) |
|
(5,925 |
) |
|
(5,925 |
) |
|
(5,925 |
) |
Net income attributable to
Company's common stockholders |
|
34,835 |
|
|
16,478 |
|
|
38,214 |
|
|
3,676 |
|
|
28,048 |
|
Basic earnings per common
share |
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.22 |
|
|
$ |
0.02 |
|
|
$ |
0.21 |
|
Diluted earnings per common
share |
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.02 |
|
|
$ |
0.20 |
|
Weighted average shares
outstanding - basic |
|
234,043 |
|
|
200,691 |
|
|
174,421 |
|
|
148,871 |
|
|
132,413 |
|
Weighted average shares
outstanding - diluted |
|
255,537 |
|
|
202,398 |
|
|
194,970 |
|
|
149,590 |
|
|
152,727 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
5.77 |
|
|
$ |
5.75 |
|
|
$ |
5.75 |
|
|
$ |
5.65 |
|
|
$ |
5.72 |
|
Dividends declared per common
share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
Dividends declared per
preferred share on Series B Preferred Stock |
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
Dividends declared per
preferred share on Series C Preferred Stock |
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
Dividends declared per
preferred share on Series D Preferred Stock |
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
Capital Allocation Summary
The following tables set forth our allocated
capital by investment category as well as the weighted average
yield on interest earning assets, average cost of funds and
portfolio net interest margin for our interest earning assets for
the periods indicated (dollar amounts in thousands):
|
|
AgencyRMBS |
|
ResidentialCredit |
|
Multi-FamilyCredit |
|
Other |
|
Total |
At September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
$ |
955,838 |
|
|
$ |
2,012,338 |
|
|
$ |
1,462,582 |
|
|
$ |
48,254 |
|
|
$ |
4,479,012 |
|
Net capital allocated |
|
$ |
142,148 |
|
|
$ |
1,142,951 |
|
|
$ |
683,686 |
|
|
$ |
(121,786 |
) |
|
$ |
1,846,999 |
|
Three Months Ended
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
Average interest earning assets |
|
$ |
1,001,567 |
|
|
$ |
1,772,485 |
|
|
$ |
1,104,560 |
|
|
$ |
26,235 |
|
|
$ |
3,904,847 |
|
Weighted average yield on interest earning assets |
|
2.60 |
% |
|
5.34 |
% |
|
10.29 |
% |
|
10.38 |
% |
|
6.07 |
% |
Less: Average cost of funds |
|
(2.38 |
)% |
|
(4.27 |
)% |
|
(4.29 |
)% |
|
— |
|
|
(3.67 |
)% |
Portfolio net interest margin |
|
0.22 |
% |
|
1.07 |
% |
|
6.00 |
% |
|
10.38 |
% |
|
2.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
At June 30,
2019 |
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
$ |
994,200 |
|
|
$ |
1,778,276 |
|
|
$ |
1,402,217 |
|
|
$ |
24,739 |
|
|
$ |
4,199,432 |
|
Net capital allocated |
|
$ |
150,314 |
|
|
$ |
900,599 |
|
|
$ |
615,275 |
|
|
$ |
(138,506 |
) |
|
$ |
1,527,682 |
|
Three Months Ended
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
Average interest earning assets |
|
$ |
1,017,409 |
|
|
$ |
1,506,973 |
|
|
$ |
1,018,847 |
|
|
$ |
1,098 |
|
|
$ |
3,544,327 |
|
Weighted average yield on interest earning assets |
|
2.66 |
% |
|
4.97 |
% |
|
10.54 |
% |
|
10.44 |
% |
|
5.91 |
% |
Less: Average cost of funds |
|
(2.62 |
)% |
|
(4.54 |
)% |
|
(4.20 |
)% |
|
— |
|
|
(3.75 |
)% |
Portfolio net interest margin |
|
0.04 |
% |
|
0.43 |
% |
|
6.34 |
% |
|
10.44 |
% |
|
2.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
At March 31,
2019 |
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
$ |
1,023,938 |
|
|
$ |
1,467,571 |
|
|
$ |
1,299,404 |
|
|
$ |
— |
|
|
$ |
3,790,913 |
|
Net capital allocated |
|
$ |
157,663 |
|
|
$ |
723,960 |
|
|
$ |
686,904 |
|
|
$ |
(189,075 |
) |
|
$ |
1,379,452 |
|
Three Months Ended
March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
Average interest earning assets |
|
$ |
1,053,529 |
|
|
$ |
1,312,263 |
|
|
$ |
927,201 |
|
|
— |
|
|
$ |
3,292,993 |
|
Weighted average yield on interest earning assets |
|
2.87 |
% |
|
5.91 |
% |
|
10.45 |
% |
|
— |
|
|
6.22 |
% |
Less: Average cost of funds |
|
(2.76 |
)% |
|
(4.71 |
)% |
|
(4.37 |
)% |
|
— |
|
|
(3.82 |
)% |
Portfolio net interest margin |
|
0.11 |
% |
|
1.20 |
% |
|
6.08 |
% |
|
— |
|
|
2.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2018 |
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
$ |
1,037,730 |
|
|
$ |
1,252,770 |
|
|
$ |
1,166,628 |
|
|
$ |
— |
|
|
$ |
3,457,128 |
|
Net capital allocated |
|
$ |
135,514 |
|
|
$ |
555,900 |
|
|
$ |
619,252 |
|
|
$ |
(130,373 |
) |
|
$ |
1,180,293 |
|
Three Months Ended
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
Average interest earning assets |
|
$ |
1,087,267 |
|
|
$ |
848,777 |
|
|
$ |
786,394 |
|
|
— |
|
|
$ |
2,722,438 |
|
Weighted average yield on interest earning assets |
|
2.74 |
% |
|
5.36 |
% |
|
10.85 |
% |
|
— |
|
|
5.90 |
% |
Less: Average cost of funds |
|
(2.46 |
)% |
|
(5.01 |
)% |
|
(5.00 |
)% |
|
— |
|
|
(3.60 |
)% |
Portfolio net interest margin |
|
0.28 |
% |
|
0.35 |
% |
|
5.85 |
% |
|
— |
|
|
2.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
At September 30,
2018 |
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
$ |
1,055,433 |
|
|
$ |
619,945 |
|
|
$ |
947,851 |
|
|
$ |
— |
|
|
$ |
2,623,229 |
|
Net capital allocated |
|
$ |
224,545 |
|
|
$ |
402,819 |
|
|
$ |
632,823 |
|
|
$ |
(151,498 |
) |
|
$ |
1,108,689 |
|
Three Months Ended
September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
Average interest earning assets |
|
$ |
1,121,180 |
|
|
$ |
597,200 |
|
|
$ |
681,040 |
|
|
$ |
— |
|
|
$ |
2,399,420 |
|
Weighted average yield on interest earning assets |
|
2.67 |
% |
|
5.33 |
% |
|
11.55 |
% |
|
— |
|
|
5.85 |
% |
Less: Average cost of funds |
|
(2.22 |
)% |
|
(4.68 |
)% |
|
(5.04 |
)% |
|
— |
|
|
(3.30 |
)% |
Portfolio net interest margin |
|
0.45 |
% |
|
0.65 |
% |
|
6.51 |
% |
|
— |
|
|
2.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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