New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
three months ended March 31, 2020.
Summary of First Quarter 2020:(dollar amounts
in thousands, except per share data)
|
For the Three Months EndedMarch 31, 2020 |
Net loss attributable to Company's common stockholders |
$ |
(598,680 |
) |
Net loss attributable to
Company's common stockholders per share (basic) |
$ |
(1.71 |
) |
Net interest income |
$ |
47,082 |
|
Net interest margin |
2.92 |
% |
Comprehensive loss
attributable to Company's common stockholders |
$ |
(740,844 |
) |
Comprehensive loss
attributable to Company's common stockholders per share
(basic) |
$ |
(2.11 |
) |
Book value per common share at
the end of the period |
$ |
3.89 |
|
Economic return on book value
for the quarter (1) |
(32.7 |
)% |
(1) Economic return on book value is based
on the periodic change in GAAP book value per common share plus
dividends declared per common share, if any, during the period.
Key Developments First Quarter of
2020:
- Experienced unprecedented market
conditions resulting from the COVID-19 pandemic. In response, the
Company took the following actions to manage its portfolio through
the disruption and improve its liquidity:
- Sold all of our first loss multi-family POs and certain
mezzanine CMBS securities issued by the Consolidated K-Series for
total sales proceeds of $555.2 million, recognized a net realized
loss of $54.1 million and reversed previously recognized net
unrealized gains of $168.5 million. As a result of the sales, we
de-consolidated $17.4 billion in multi-family loans held in
securitization trusts and $16.6 billion in multi-family
collateralized debt obligations.
- Sold $1.4 billion of investment securities, including $993.0
million of Agency RMBS, $145.4 million of Agency CMBS, $130.9
million of non-Agency RMBS and $114.0 million of CMBS investment
securities and recognized a net realized loss of $58.7
million.
- Sold residential loans for approximately $50.0 million in
proceeds, recognized a realized loss of $16.2 million and reversed
previously recognized unrealized gains of $4.5 million.
- Terminated interest rate swaps resulting in a net realized loss
of $73.1 million, which was partially offset by the reversal of
previously recognized unrealized losses of $29.0 million for a
total net loss of $44.1 million.
- Reduced outstanding repurchase agreements for investment
securities by $1.6 billion from year-end levels, resulting in a
portfolio leverage ratio of 0.7 times at quarter end.
- Prior to the market disruption, we
acquired residential and multi-family credit assets totaling $531.2
million.
- During the first half of the
quarter, we issued 85.1 million shares of common stock collectively
through two underwritten public offerings, resulting in total net
proceeds of $511.9 million.
Subsequent Developments:
In addition to the actions above, in early April
2020, the Company settled its outstanding receivable for securities
sold as of March 31, 2020 in the amount of $213.6 million and
obtained additional financing in the amount of $248.8 million for
residential loans pledged under a repurchase agreement. Using the
proceeds from these transactions, combined with $137.2 million in
previously pledged cash margin, the Company terminated investment
securities repurchase agreements, repaying $562.9 million.
As of April 7, 2020, the Company had
approximately $200 million in cash and cash equivalents,
approximately $1.5 billion in total unencumbered investment
portfolio and a portfolio leverage ratio of 0.6 times.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: "The global COVID-19 pandemic led to
unprecedented market conditions late in the first quarter. As a
result, we took decisive action in the latter half of March to
improve our liquidity and reduce our exposure to mark-to-market
financing counterparties, selling $2.0 billion in assets and
reducing our repurchase agreement financings by $1.7 billion from
year end-levels. We finished the quarter with $173 million in cash
liquidity and a portfolio leverage ratio of 0.7 times. These
actions to improve our liquidity did come at a significant cost, as
the Company had its worst quarter in its history, seeing its book
value drop by 33% and temporarily suspending its quarterly
dividends. We believe these actions have better positioned the
Company to weather the ongoing economic storm caused by the
pandemic and to recover some of the $300 million of net unrealized
losses on our balance sheet and deliver the results our
stockholders expect."
Jason Serrano, President, commented: "Today,
with approximately $200 million of unrestricted cash, $1.5 billion
of unencumbered investment portfolio and a market leading low
leverage ratio under 1 times, we are positioned to take advantage
of an extremely dislocated investment landscape, while also
finalizing term financing initiatives to further reduce our
mark-to-market exposure."
In connection with the release of the Company’s
financial results, the Company will post a supplemental financial
presentation on its website at www.nymtrust.com under "Events
and Presentations." Management intends to utilize this supplemental
presentation as a discussion guide for the Company's first quarter
conference call on Friday, May 22.
Capital Allocation
The following tables set forth, by investment
category, our allocated capital at March 31, 2020, our
interest income and interest expense, and the average yield,
average portfolio financing cost, and portfolio net interest margin
for our average interest earning assets for the three months ended
March 31, 2020 (dollar amounts in thousands):
|
Single-FamilyCredit (1) |
|
Multi-FamilyCredit |
|
Other |
|
Total |
Investment securities available for sale, at fair value |
$ |
576,108 |
|
|
$ |
268,856 |
|
|
$ |
42,344 |
|
|
$ |
887,308 |
|
Residential loans, at fair
value |
2,776,630 |
|
|
— |
|
|
— |
|
|
2,776,630 |
|
Residential collateralized
debt obligations, at fair value |
(1,034,992 |
) |
|
— |
|
|
— |
|
|
(1,034,992 |
) |
Residential collateralized
debt obligations |
(38,959 |
) |
|
— |
|
|
— |
|
|
(38,959 |
) |
Investments in unconsolidated
entities |
66,790 |
|
|
145,175 |
|
|
— |
|
|
211,965 |
|
Preferred equity and mezzanine
loan investments |
— |
|
|
179,292 |
|
|
— |
|
|
179,292 |
|
Other investments (2) |
242 |
|
|
14,769 |
|
|
— |
|
|
15,011 |
|
Carrying value |
$ |
2,345,819 |
|
|
$ |
608,092 |
|
|
$ |
42,344 |
|
|
$ |
2,996,255 |
|
Liabilities: |
|
|
|
|
|
|
|
Repurchase agreements |
(1,047,987 |
) |
|
(380,137 |
) |
|
— |
|
|
(1,428,124 |
) |
Subordinated debentures |
— |
|
|
— |
|
|
(45,000 |
) |
|
(45,000 |
) |
Convertible notes |
— |
|
|
— |
|
|
(133,534 |
) |
|
(133,534 |
) |
Cash and restricted cash
(3) |
65,695 |
|
|
112,899 |
|
|
167,513 |
|
|
346,107 |
|
Other |
57,001 |
|
|
202,767 |
|
|
4,979 |
|
|
264,747 |
|
Net capital allocated |
$ |
1,420,528 |
|
|
$ |
543,621 |
|
|
$ |
36,302 |
|
|
$ |
2,000,451 |
|
|
|
|
|
|
|
|
|
Total Leverage Ratio (4) |
|
|
|
|
|
|
0.8 |
|
Portfolio Leverage Ratio
(5) |
|
|
|
|
|
|
0.7 |
|
(1) The Company, through its ownership of
certain securities, has determined it is the primary beneficiary of
Consolidated SLST and has consolidated the assets and liabilities
of Consolidated SLST in the Company’s condensed consolidated
financial statements.(2) Includes real estate under
development in the amount of $14.8 million and other loan
investments in the amount of $0.2 million, both of which are
included in the Company's accompanying condensed consolidated
balance sheets in receivables and other assets.(3) Restricted
cash is included in the Company's accompanying condensed
consolidated balance sheets in receivables and other
assets.(4) Represents total outstanding repurchase agreement
financing, subordinated debentures and convertible notes divided by
the Company's total stockholders' equity. Does not include SLST
CDOs amounting to $1.0 billion and Residential CDOs amounting to
$39.0 million that are consolidated in the Company's financial
statements as they are non-recourse debt for which the Company has
no obligation.(5) Represents outstanding repurchase agreement
financing divided by the Company's total stockholders' equity.
Net Interest Income -
Three Months Ended March 31, 2020: |
Agency (1) |
|
Single-FamilyCredit (2) |
|
Multi-FamilyCredit
(3) |
|
Other |
|
Total |
Interest Income (4) |
$ |
6,402 |
|
|
$ |
34,321 |
|
|
$ |
30,214 |
|
|
$ |
1,379 |
|
|
$ |
72,316 |
|
Interest Expense |
(4,930 |
) |
|
(10,205 |
) |
|
(6,715 |
) |
|
(3,384 |
) |
|
(25,234 |
) |
Net Interest Income
(Expense) |
$ |
1,472 |
|
|
$ |
24,116 |
|
|
$ |
23,499 |
|
|
$ |
(2,005 |
) |
|
$ |
47,082 |
|
|
|
|
|
|
|
|
|
|
|
Portfolio Net Interest
Margin - Three Months Ended March 31, 2020: |
|
|
|
|
|
|
|
|
|
Average Interest Earning
Assets (5) (6) |
$ |
1,074,013 |
|
|
$ |
2,591,264 |
|
|
$ |
1,116,461 |
|
|
$ |
50,333 |
|
|
$ |
4,832,071 |
|
Average Yield on Interest
Earning Assets (7) |
2.38 |
% |
|
5.30 |
% |
|
10.82 |
% |
|
10.96 |
% |
|
5.99 |
% |
Average Portfolio Financing
Cost (8) |
(2.28 |
)% |
|
(3.16 |
)% |
|
(3.90 |
)% |
|
— |
|
|
(3.07 |
)% |
Portfolio Net Interest Margin
(9) |
0.10 |
% |
|
2.14 |
% |
|
6.92 |
% |
|
10.96 |
% |
|
2.92 |
% |
(1) Includes Agency RMBS and Agency CMBS.
In response to the turmoil in the financial markets, the Company
sold 100% of its Agency securities in March.(2) The Company,
through its ownership of certain securities, has determined it is
the primary beneficiary of Consolidated SLST and has consolidated
the assets and liabilities of Consolidated SLST in the Company’s
condensed consolidated financial statements. Interest income
amounts represent interest income earned by securities that are
owned by the Company. A reconciliation of net interest income from
the Single-Family Credit portfolio is included below in "Additional
Information."(3) Prior to the sale of first loss multi-family
POs in the first quarter, the Company had determined it was the
primary beneficiary of the Consolidated K-Series and had
consolidated the assets and liabilities of the Consolidated
K-Series into the Company’s condensed consolidated financial
statements. Interest income amounts represent interest income
earned by securities that were owned by the Company. A
reconciliation of net interest income from the Multi-Family Credit
portfolio is included below in "Additional
Information."(4) Includes interest income earned on cash
accounts held by the Company.(5) Average Interest Earning
Assets for the periods indicated exclude all Consolidated SLST and
Consolidated K-Series assets other than those securities owned by
the Company.(6) Average Interest Earning Assets is calculated
each quarter based on daily average amortized cost for the
respective periods.(7) Average Yield on Interest Earning
Assets was calculated by dividing our annualized interest income by
our Average Interest Earning Assets for the respective
periods.(8) Average Portfolio Financing Cost was calculated by
dividing our annualized interest expense by our average interest
bearing liabilities, excluding the interest expense generated by
our subordinated debentures and convertible notes of approximately
$0.6 million and $2.7 million, respectively.(9) Portfolio Net
Interest Margin is the difference between our Average Yield on
Interest Earning Assets and our Average Portfolio Financing Cost,
excluding the weighted average cost of subordinated debentures and
convertible notes.
Conference Call
On Friday, May 22, 2020 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 months ended
March 31, 2020. The conference call dial-in number is (877)
312-8806. The replay will be available until Friday, May 29, 2020
and can be accessed by dialing (855) 859-2056 and entering passcode
9438028. 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.
In connection with the release of these
financial results, the Company will also post a supplemental
financial presentation that will accompany the conference call, on
its website at www.nymtrust.com under "Events and Presentations."
First quarter 2020 financial and operating data can be viewed in
the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020, which is expected to be filed with the
Securities and Exchange Commission on or about May 26, 2020. 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 residential
loans (including distressed residential loans, non-QM loans, second
mortgages and other residential loans), structured multi-family
property investments such as multi-family CMBS and preferred equity
in, and mezzanine loans to, owners of multi-family properties,
non-Agency RMBS, Agency RMBS, Agency CMBS and other
mortgage-related, residential housing-related and 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 that may appear in this press release: “RMBS” refers to
residential mortgage-backed securities backed by adjustable-rate,
hybrid adjustable-rate, or fixed-rate residential loans; “Agency
RMBS” refers to RMBS representing interests in or obligations
backed by pools of mortgage loans 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 loans; “residential securitized loans” refers to prime
credit quality ARMs held in securitization trusts; “distressed
residential loans” refers to pools of re-performing,
non-performing, and other delinquent 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 guaranteed by a GSE; “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, owned the first loss PO securities
and certain IO and/or senior or mezzanine securities issued by
them, that we consolidated in our financial statements in
accordance with GAAP; “Consolidated SLST” refers to a Freddie
Mac-sponsored residential loan securitization, comprised of
seasoned re-performing and non-performing residential loans, of
which we own the first loss subordinated securities and certain
IOs, that we consolidate in our financial statements in accordance
with GAAP; “SLST CDOs” refers to the debt that permanently finances
the residential loans held in Consolidated SLST that we consolidate
in our financial statements in accordance with GAAP; “Multi-family
CDOs” refers to the debt that permanently financed the multi-family
mortgage loans held in the Consolidated K-Series that we
consolidated in our financial statements in accordance with GAAP;
“Residential CDOs” refers to the debt that permanently finances our
residential loans held in securitization trusts that we consolidate
in our financial statements in accordance with GAAP; “Agency”
portfolio includes Agency RMBS and Agency CMBS; “Multi-Family
Credit” portfolio includes multi-family CMBS, preferred equity and
mezzanine loan investments and certain investments in
unconsolidated entities that invest in multi-family credit assets;
and “Single-Family Credit” portfolio includes residential loans at
fair value, non-Agency RMBS, loans held for sale and certain
investments in unconsolidated entities that invest in single-family
residential assets.
Additional Information
We determined that Consolidated SLST is a
variable interest entity and that we are the primary beneficiary of
Consolidated SLST. As a result, we are required to consolidate
Consolidated SLST’s underlying seasoned re-performing and
non-performing residential loans including its liabilities, income
and expenses in our condensed consolidated financial statements. We
have elected the fair value option on the assets and liabilities
held within Consolidated SLST, which requires that changes in
valuations in the assets and liabilities of Consolidated SLST be
reflected in our condensed consolidated statements of
operations.
A reconciliation of our net interest income
generated by our Single-Family Credit portfolio to our condensed
consolidated financial statements for the three months ended
March 31, 2020 is set forth below (dollar amounts in
thousands):
|
|
For the Three Months EndedMarch 31, 2020 |
Interest income, residential loans |
|
$ |
34,300 |
|
Interest income, investment
securities available for sale (1) |
|
8,556 |
|
Interest expense, SLST CDOs
(2) |
|
(8,535 |
) |
Interest income, Single-Family
Credit, net |
|
34,321 |
|
Interest expense, repurchase
agreements |
|
(9,968 |
) |
Interest expense, Residential
CDOs (2) |
|
(237 |
) |
Net interest income,
Single-Family Credit |
|
$ |
24,116 |
|
(1) Included in the Company’s accompanying
condensed consolidated statements of operations in interest income,
investment securities and other interest earning
assets.(2) Included in the Company’s accompanying condensed
consolidated statements of operations in interest expense,
residential collateralized debt obligations.
Prior to the sale of first loss multi-family POs
in the first quarter, we determined that the Consolidated K-Series
were variable interest entities and that we were the primary
beneficiary of the Consolidated K-Series. As a result, we were
required to consolidate the Consolidated K-Series’ underlying
multi-family loans including their liabilities, income and expenses
in our condensed consolidated financial statements. We elected the
fair value option on the assets and liabilities held within the
Consolidated K-Series, which required 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
March 31, 2020 is set forth below (dollar amounts in
thousands):
|
For the Three Months EndedMarch 31, 2020 |
Interest income, multi-family loans held in securitization
trusts |
$ |
151,841 |
|
Interest income, investment
securities available for sale (1) |
2,762 |
|
Interest income, preferred
equity and mezzanine loan investments |
5,373 |
|
Interest expense, multi-family
collateralized debt obligations |
(129,762 |
) |
Interest income, Multi-Family
Credit, net |
30,214 |
|
Interest expense, repurchase
agreements |
(6,715 |
) |
Net interest income,
Multi-Family Credit |
$ |
23,499 |
|
(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 (the “SEC”) or
in other written or oral communications, statements which are not
historical in nature, including those containing words such as
“will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,”
“continue,” “intend,” “could,” “would,” “should,” “may”, “expect”
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 (the “Exchange Act”), and, as such, may involve
known and unknown risks, uncertainties and assumptions.
Forward-looking statements are based on
estimates, projections, beliefs and assumptions of management of
the Company at the time of such statements and are not guarantees
of future performance. Forward-looking statements involve
risks and uncertainties in predicting future results and
conditions. Actual results and outcomes could differ materially
from those projected in these forward-looking statements due
to a variety of factors, including, without limitation: changes in
the Company’s business and investment strategy; changes in interest
rates and the fair market value of the Company’s assets, including
negative changes resulting in margin calls relating to the
financing 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; general volatility of the markets in
which the Company invests; changes in prepayment rates on the loans
the Company owns or that underlie the Company’s investment
securities; increased rates of default or delinquencies and/or
decreased recovery rates on the Company’s assets; the Company’s
ability to identify and acquire targeted assets, including assets
in its investment pipeline; changes in relationships with the
Company’s financing counterparties and the Company’s ability to
borrow to finance its assets and the terms thereof; the Company’s
ability to predict and control costs; changes in governmental laws,
regulations or policies affecting the Company’s business, including
in response to COVID-19; the Company’s ability to make
distributions to its stockholders in the future; 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;
risks associated with investing in real estate assets, including
changes in business conditions and the general economy, the
availability of investment opportunities and the conditions in the
market for Agency RMBS, non-Agency RMBS, ABS and CMBS securities,
residential mortgage loans, structured multi-family investments and
other mortgage-, residential housing- and credit-related assets,
including changes resulting from the ongoing spread and economic
effects of COVID-19; and the impact of COVID-19 on the Company, its
operations and its personnel.
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 the Company 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 |
|
Mari Nitta |
|
Investor Relations Associate |
|
Phone: (646) 795-4066 |
|
Email: InvestorRelations@nymtrust.com |
FINANCIAL TABLES FOLLOW
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Dollar amounts in thousands, except share
data)
|
March 31,2020 |
|
December 31,2019 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Investment securities available for sale, at fair value |
$ |
887,308 |
|
|
$ |
2,006,140 |
|
Residential loans, at fair
value |
2,776,630 |
|
|
2,758,640 |
|
Residential loans, net |
— |
|
|
202,756 |
|
Investments in unconsolidated
entities |
211,965 |
|
|
189,965 |
|
Preferred equity and mezzanine
loan investments |
179,292 |
|
|
180,045 |
|
Multi-family loans held in
securitization trusts, at fair value |
— |
|
|
17,816,746 |
|
Derivative assets |
— |
|
|
15,878 |
|
Receivable for securities
sold |
213,585 |
|
|
— |
|
Cash and cash equivalents |
172,513 |
|
|
118,763 |
|
Goodwill |
— |
|
|
25,222 |
|
Receivables and other
assets |
277,008 |
|
|
169,214 |
|
Total Assets
(1) |
$ |
4,718,301 |
|
|
$ |
23,483,369 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Liabilities: |
|
|
|
Repurchase agreements |
$ |
1,428,124 |
|
|
$ |
3,105,416 |
|
Multi-family collateralized
debt obligations, at fair value |
— |
|
|
16,724,451 |
|
Residential collateralized
debt obligations, at fair value |
1,034,992 |
|
|
1,052,829 |
|
Residential collateralized
debt obligations |
38,959 |
|
|
40,429 |
|
Convertible notes |
133,534 |
|
|
132,955 |
|
Subordinated debentures |
45,000 |
|
|
45,000 |
|
Accrued expenses and other
liabilities |
37,241 |
|
|
177,260 |
|
Total liabilities
(1) |
2,717,850 |
|
|
21,278,340 |
|
Commitments and
Contingencies |
|
|
|
Stockholders'
Equity: |
|
|
|
Preferred stock, par value
$0.01 per share, 30,900,000 shares authorized, 20,872,888 shares
issued and outstanding ($532,118,757 and $521,822,200 aggregate
liquidation preference, respectively) |
504,765 |
|
|
504,765 |
|
Common stock, par value $0.01
per share, 800,000,000 shares authorized, 377,465,405 and
291,371,039 shares issued and outstanding, respectively |
3,775 |
|
|
2,914 |
|
Additional paid-in
capital |
2,334,793 |
|
|
1,821,785 |
|
Accumulated other
comprehensive (loss) income |
(117,032 |
) |
|
25,132 |
|
Accumulated deficit |
(724,962 |
) |
|
(148,863 |
) |
Company's stockholders'
equity |
2,001,339 |
|
|
2,205,733 |
|
Non-controlling interest in
consolidated variable interest entities |
(888 |
) |
|
(704 |
) |
Total
equity |
2,000,451 |
|
|
2,205,029 |
|
Total Liabilities and
Stockholders' Equity |
$ |
4,718,301 |
|
|
$ |
23,483,369 |
|
(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 March 31, 2020 and
December 31, 2019, assets of consolidated VIEs totaled
$1,283,255 and $19,270,384, respectively, and the liabilities of
consolidated VIEs totaled $1,076,678 and $17,878,314,
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 EndedMarch
31, |
|
2020 |
|
2019 |
INTEREST INCOME: |
|
|
|
Investment securities and other interest earning assets |
$ |
19,099 |
|
|
$ |
15,316 |
|
Residential loans |
34,300 |
|
|
15,891 |
|
Preferred equity and mezzanine loan investments |
5,373 |
|
|
5,007 |
|
Multi-family loans held in securitization trusts |
151,841 |
|
|
111,768 |
|
Total interest income |
210,613 |
|
|
147,982 |
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
Repurchase agreements and other interest bearing liabilities |
21,613 |
|
|
20,386 |
|
Residential collateralized debt obligations |
8,772 |
|
|
422 |
|
Multi-family collateralized debt obligations |
129,762 |
|
|
96,797 |
|
Convertible notes |
2,735 |
|
|
2,691 |
|
Subordinated debentures |
649 |
|
|
741 |
|
Securitized debt |
— |
|
|
742 |
|
Total interest expense |
163,531 |
|
|
121,779 |
|
|
|
|
|
NET INTEREST INCOME |
47,082 |
|
|
26,203 |
|
|
|
|
|
NON-INTEREST (LOSS)
INCOME: |
|
|
|
Recovery of loan losses |
— |
|
|
1,065 |
|
Realized (losses) gains, net |
(147,918 |
) |
|
22,006 |
|
Realized loss on de-consolidation of multi-family loans held in
securitization trusts and multi-family collateralized debt
obligations, net |
(54,118 |
) |
|
— |
|
Unrealized (losses) gains, net |
(396,780 |
) |
|
2,708 |
|
Impairment of goodwill |
(25,222 |
) |
|
— |
|
Loss on extinguishment of debt |
— |
|
|
(2,857 |
) |
Income from real estate held for sale in consolidated variable
interest entities |
— |
|
|
215 |
|
Other income |
2,035 |
|
|
7,728 |
|
Total non-interest (loss) income |
(622,003 |
) |
|
30,865 |
|
|
|
|
|
GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
General and administrative expenses |
10,806 |
|
|
8,910 |
|
Expenses related to residential loans |
3,079 |
|
|
3,252 |
|
Expenses related to real estate held for sale in consolidated
variable interest entities |
— |
|
|
482 |
|
Total general, administrative and operating expenses |
13,885 |
|
|
12,644 |
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS
BEFORE INCOME TAXES |
(588,806 |
) |
|
44,424 |
|
Income tax (benefit)
expense |
(239 |
) |
|
74 |
|
NET (LOSS) INCOME |
(588,567 |
) |
|
44,350 |
|
Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
184 |
|
|
(211 |
) |
NET (LOSS) INCOME ATTRIBUTABLE
TO COMPANY |
(588,383 |
) |
|
44,139 |
|
Preferred stock dividends |
(10,297 |
) |
|
(5,925 |
) |
NET (LOSS) INCOME ATTRIBUTABLE
TO COMPANY'S COMMON STOCKHOLDERS |
$ |
(598,680 |
) |
|
$ |
38,214 |
|
|
|
|
|
Basic (loss) earnings per
common share |
$ |
(1.71 |
) |
|
$ |
0.22 |
|
Diluted (loss) earnings per
common share |
$ |
(1.71 |
) |
|
$ |
0.21 |
|
Weighted average shares
outstanding-basic |
350,912 |
|
|
174,421 |
|
Weighted average shares
outstanding-diluted |
350,912 |
|
|
194,970 |
|
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESSUMMARY OF QUARTERLY (LOSS)
EARNINGS(Dollar amounts in thousands, except per
share data)(unaudited)
|
For the Three Months Ended |
|
March 31,2020 |
|
December 31,2019 |
|
September 30,2019 |
|
June 30,2019 |
|
March 31,2019 |
Net interest income |
$ |
47,082 |
|
|
$ |
43,999 |
|
|
$ |
31,971 |
|
|
$ |
25,691 |
|
|
$ |
26,203 |
|
Total non-interest (loss)
income |
(622,003 |
) |
|
33,626 |
|
|
21,396 |
|
|
8,561 |
|
|
30,865 |
|
Total general, administrative
and operating expenses |
13,885 |
|
|
12,509 |
|
|
12,288 |
|
|
12,394 |
|
|
12,644 |
|
(Loss) income from operations
before income taxes |
(588,806 |
) |
|
65,116 |
|
|
41,079 |
|
|
21,858 |
|
|
44,424 |
|
Income tax (benefit)
expense |
(239 |
) |
|
(172 |
) |
|
(187 |
) |
|
(134 |
) |
|
74 |
|
Net (loss) income |
(588,567 |
) |
|
65,288 |
|
|
41,266 |
|
|
21,992 |
|
|
44,350 |
|
Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
184 |
|
|
195 |
|
|
113 |
|
|
743 |
|
|
(211 |
) |
Net (loss) income attributable
to Company |
(588,383 |
) |
|
65,483 |
|
|
41,379 |
|
|
22,735 |
|
|
44,139 |
|
Preferred stock dividends |
(10,297 |
) |
|
(10,175 |
) |
|
(6,544 |
) |
|
(6,257 |
) |
|
(5,925 |
) |
Net (loss) income attributable
to Company's common stockholders |
(598,680 |
) |
|
55,308 |
|
|
34,835 |
|
|
16,478 |
|
|
38,214 |
|
Basic (loss) earnings per
common share |
$ |
(1.71 |
) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.22 |
|
Diluted (loss) earnings per
common share |
$ |
(1.71 |
) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
Weighted average shares
outstanding - basic |
350,912 |
|
|
275,121 |
|
|
234,043 |
|
|
200,691 |
|
|
174,421 |
|
Weighted average shares
outstanding - diluted |
350,912 |
|
|
296,347 |
|
|
255,537 |
|
|
202,398 |
|
|
194,970 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
3.89 |
|
|
$ |
5.78 |
|
|
$ |
5.77 |
|
|
$ |
5.75 |
|
|
$ |
5.75 |
|
Dividends declared per common
share (1) |
$ |
— |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
Dividends accumulated or
declared per preferred share on Series B Preferred
Stock (2) |
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
Dividends accumulated or
declared per preferred share on Series C Preferred
Stock (2) |
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
Dividends accumulated or
declared per preferred share on Series D Preferred
Stock (2) |
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
Dividends accumulated or
declared per preferred share on Series E Preferred
Stock (2) |
$ |
0.49 |
|
|
$ |
0.48 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
(1) On March 23, 2020, the Company
announced that it had temporarily suspended its quarterly dividend
on common stock, commencing with the first quarter of 2020. As a
result, the Company did not declare a cash dividend on its common
stock during the three months ended March 31, 2020.(2) On
March 23, 2020, the Company announced that it had temporarily
suspended quarterly dividends on its Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock and Series E
Preferred Stock (collectively, the "Preferred Stock") that would
have been payable in April 2020. As a result, the Company did not
declare quarterly dividends on the Preferred Stock during the three
months ended March 31, 2020. Amounts presented for this period in
the table above represent the accumulated dividend per share
amounts for the three months ended March 31, 2020.
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