New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
three and twelve months ended December 31, 2019.
Summary of Fourth Quarter and Full Year
2019:(dollar amounts in thousands, except per share
data)
| |
For the Three Months Ended December 31, 2019 |
|
For the Twelve Months Ended December 31, 2019 |
|
Net income attributable to Company's common stockholders |
$ |
55,308 |
|
|
$ |
144,835 |
|
| Net income attributable to
Company's common stockholders per share (basic) |
$ |
0.20 |
|
|
$ |
0.65 |
|
| Net interest income |
$ |
43,999 |
|
|
$ |
127,864 |
|
| Net interest margin |
2.90 |
% |
|
2.48 |
% |
| Comprehensive income
attributable to Company's common stockholders |
$ |
58,524 |
|
|
$ |
192,102 |
|
| Comprehensive income
attributable to Company's common stockholders per share
(basic) |
$ |
0.21 |
|
|
$ |
0.87 |
|
| Book value per share at the
end of the period |
$ |
5.78 |
|
|
$ |
5.78 |
|
| Economic return on book value
(1) |
3.64 |
% |
|
16.46 |
% |
| Dividends per share |
$ |
0.20 |
|
|
$ |
0.80 |
|
(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.
Key Developments:
Fourth Quarter
2019
- Issued 28,750,000 shares of common stock through an
underwritten public offering, resulting in net proceeds of $172.2
million.
- Issued 6,900,000 shares of our 7.875% Series E
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
(“Series E Preferred Stock”) in an underwritten public offering,
resulting in net proceeds of $166.7 million.
- Acquired approximately $1.04 billion of mortgage-related and
residential housing-related assets.
Full Year
2019
- Issued 132,940,000 shares of common stock collectively through
six underwritten public offerings, resulting in total net proceeds
of approximately $790.8 million.
- Issued 6,900,000 shares of Series E Preferred Stock through an
underwritten public offering and 1,972,888 shares of preferred
stock under our "at-the-market" preferred equity offering program,
resulting in total net proceeds to us of approximately $166.7
million and $48.4 million, respectively.
- Acquired approximately $2.4 billion of mortgage-related,
residential housing-related and other credit assets.
Subsequent Developments:
On January 10, 2020, the Company
issued 34,500,000 shares of its common stock through an
underwritten public offering at a public offering price
of $6.09 per share, resulting in total net proceeds to
the Company of approximately $206.7 million after
deducting underwriting discounts and commissions and estimated
offering expenses.
On February 13, 2020, the Company
issued 50,600,000 shares of its common stock through an
underwritten public offering at a public offering price
of $6.13 per share, resulting in total net proceeds to
the Company of approximately $305.3 million after deducting
underwriting discounts and commissions and estimated offering
expenses.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: “During a year in which the Company nearly
doubled its equity market capitalization and investment portfolio,
the steady and disciplined execution of the Company’s
credit-focused investment strategy by its team of professionals has
produced impressive results. The Company finished the year on a
strong note, generating $0.20 per share of GAAP earnings and $0.21
per share of comprehensive income for the fourth quarter of
2019. For the full year, the Company earned $0.65 per
share in GAAP earnings, while posting comprehensive income of $0.87
per share, equivalent to 109% of common share dividends declared
during the year. The Company’s financial performance
generated economic returns of 3.6% and 16.5% for the fourth quarter
and full year 2019, respectively. Over the last three years, the
Company has delivered an average annual economic return of 12%.
The Company continued to opportunistically
access the capital markets through equity issuances during the
fourth quarter and full year 2019, raising approximately $339
million and $957 million, respectively. In fact, during 2019
alone, the Company’s capital markets’ activity contributed
approximately $29 million of accretion to book value. Subsequent to
the year end, the Company completed two successful raises adding
another $512 million in common stock to bring our total equity
market capitalization to approximately $2.9 billion.”
Jason Serrano, President, added: “NYMT’s core
operating model centers around efficiency and flexibility. The
Company’s growth within the Multi-Family and Single-Family
strategies was achieved through adherence to these principles. The
Company adopts a total return approach and targets investments that
will add additional value to our existing portfolio of diverse
income-producing assets. By broadening our sources of income
through recurring gains and new opportunities that the market may
offer, the Company will continue to drive earnings while reducing
expense levels on a relative basis. Therefore, the Company will
continue to focus on new, niche subsectors to drive total returns
and mitigate against the potential volatility associated with high
leverage.
To provide a deeper understanding of our efforts to deliver
exceptional value to our shareholders, we are pleased to announce
the release of a new supplemental investor presentation intended to
complement the Company’s earnings calls."
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 fourth quarter
conference call on Tuesday, February 25, 2020.
Capital Allocation
The following tables set forth our allocated
capital by investment category at December 31, 2019, our
interest income and interest expense by investment category, and
the average yield, average portfolio debt cost, and portfolio net
interest margin for our average interest earning assets (by
investment category) for the three months ended December 31,
2019 (dollar amounts in thousands):
| |
Agency |
|
Single-Family Credit (1) |
|
Multi- Family Credit (1) |
|
Other |
|
Total |
|
Investment securities, available for sale, at fair value |
$ |
973,835 |
|
|
$ |
715,314 |
|
|
$ |
267,777 |
|
|
$ |
49,214 |
|
|
$ |
2,006,140 |
|
| Distressed and other
residential mortgage loans, at fair value |
— |
|
|
1,429,754 |
|
|
— |
|
|
— |
|
|
1,429,754 |
|
| Distressed and other
residential mortgage loans, net |
— |
|
|
202,756 |
|
|
— |
|
|
— |
|
|
202,756 |
|
| Residential collateralized
debt obligations |
— |
|
|
(40,429 |
) |
|
— |
|
|
— |
|
|
(40,429 |
) |
| Investments in unconsolidated
entities |
— |
|
|
65,573 |
|
|
124,392 |
|
|
— |
|
|
189,965 |
|
| Preferred equity and mezzanine
loan investments |
— |
|
|
— |
|
|
180,045 |
|
|
— |
|
|
180,045 |
|
| Multi-family loans held in
securitization trusts, at fair value |
88,359 |
|
|
— |
|
|
17,728,387 |
|
|
— |
|
|
17,816,746 |
|
| Multi-family collateralized
debt obligations, at fair value |
— |
|
|
— |
|
|
(16,724,451 |
) |
|
— |
|
|
(16,724,451 |
) |
| Residential mortgage loans
held in securitization trust, at fair value |
26,239 |
|
|
1,302,647 |
|
|
— |
|
|
— |
|
|
1,328,886 |
|
| Residential collateralized
debt obligations, at fair value |
— |
|
|
(1,052,829 |
) |
|
— |
|
|
— |
|
|
(1,052,829 |
) |
| Other investments (2) |
— |
|
|
3,119 |
|
|
14,464 |
|
|
— |
|
|
17,583 |
|
| Carrying value |
$ |
1,088,433 |
|
|
$ |
2,625,905 |
|
|
$ |
1,590,614 |
|
|
$ |
49,214 |
|
|
$ |
5,354,166 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
Repurchase agreements |
(945,926 |
) |
|
(1,347,600 |
) |
|
(811,890 |
) |
|
— |
|
|
(3,105,416 |
) |
|
Subordinated debentures |
— |
|
|
— |
|
|
— |
|
|
(45,000 |
) |
|
(45,000 |
) |
|
Convertible notes |
— |
|
|
— |
|
|
— |
|
|
(132,955 |
) |
|
(132,955 |
) |
| Hedges (net) (3) |
15,878 |
|
|
— |
|
|
— |
|
|
— |
|
|
15,878 |
|
| Cash and restricted cash
(4) |
9,738 |
|
|
44,604 |
|
|
4,152 |
|
|
63,118 |
|
|
121,612 |
|
| Goodwill |
— |
|
|
— |
|
|
— |
|
|
25,222 |
|
|
25,222 |
|
| Other |
(1,449 |
) |
|
54,895 |
|
|
(10,123 |
) |
|
(71,801 |
) |
|
(28,478 |
) |
| Net capital allocated |
$ |
166,674 |
|
|
$ |
1,377,804 |
|
|
$ |
772,753 |
|
|
$ |
(112,202 |
) |
|
$ |
2,205,029 |
|
| |
|
|
|
|
|
|
|
|
|
| Total Debt Leverage Ratio
(5) |
|
|
|
|
|
|
|
|
1.5 |
|
| Portfolio Leverage Ratio
(6) |
|
|
|
|
|
|
|
|
1.4 |
|
| |
|
|
|
|
|
|
|
|
|
| Net Interest Income -
Three Months Ended December 31, 2019: |
|
|
|
|
|
|
|
|
|
| Interest Income (7) |
$ |
6,799 |
|
|
$ |
30,098 |
|
|
$ |
33,498 |
|
|
$ |
1,345 |
|
|
$ |
71,740 |
|
| Interest Expense |
(5,428 |
) |
|
(11,531 |
) |
|
(7,384 |
) |
|
(3,398 |
) |
|
(27,741 |
) |
| Net Interest Income
(Expense) |
$ |
1,371 |
|
|
$ |
18,567 |
|
|
$ |
26,114 |
|
|
$ |
(2,053 |
) |
|
$ |
43,999 |
|
| |
|
|
|
|
|
|
|
|
|
| Portfolio Net Interest
Margin - Three Months Ended December 31, 2019: |
|
|
|
|
|
|
|
|
|
| Average Interest Earning
Assets (8) (9) |
$ |
1,100,787 |
|
|
$ |
2,347,406 |
|
|
$ |
1,169,134 |
|
|
$ |
49,498 |
|
|
$ |
4,666,825 |
|
| Average Yield on Interest
Earning Assets (10) |
2.47 |
% |
|
5.13 |
% |
|
11.46 |
% |
|
10.87 |
% |
|
6.15 |
% |
| Average Portfolio Debt Cost
(11) |
(2.42 |
)% |
|
(3.60 |
)% |
|
(3.62 |
)% |
|
— |
|
|
(3.25 |
)% |
| Portfolio Net Interest Margin
(12) |
0.05 |
% |
|
1.53 |
% |
|
7.84 |
% |
|
10.87 |
% |
|
2.90 |
% |
(1) The Company, through its ownership of
certain securities, has determined it is the primary beneficiary of
the Consolidated K-Series and Consolidated SLST and has
consolidated both into the Company’s consolidated financial
statements. Interest income amounts represent interest
income earned by securities that are actually owned by the Company.
A reconciliation of net interest income from the Single-Family and
Multi-Family Credit portfolio is included below in “Additional
Information.”(2) Includes real estate under development in the
amount of $14.5 million, other loan investments in the amount of
$2.4 million and deferred interest related to residential mortgage
loans held in securitization trust, at fair value of $0.7 million,
all of which are included in the Company’s accompanying
consolidated balance sheets in receivables and other
assets.(3) Includes derivative liabilities of $29.0
million netted against a $44.8 million variation
margin.(4) Restricted cash is included in the Company's
accompanying consolidated balance sheets in receivables and other
assets.(5) Represents total debt divided by the Company's
total stockholders' equity. Total debt does not include
Multi-family CDOs amounting to $16.7 billion, SLST CDOs
amounting to $1.1 billion and Residential CDOs amounting to $40.4
million that are consolidated in the Company's financial statements
as they are non-recourse debt for which the Company has no
obligation.(6) Represents repurchase agreement borrowings
divided by the Company's total stockholders' equity.(7) Includes
interest income earned on cash accounts held by the Company.(8)
Average Interest Earning Assets for the periods indicated exclude
all Consolidated SLST and Consolidated K-Series assets other than
those securities actually owned by the Company.(9) Average Interest
Earning Assets is calculated each quarter based on daily average
amortized cost for the respective periods.(10) Average Yield on
Interest Earning Assets was calculated by dividing our annualized
interest income by our Average Interest Earning Assets for the
respective periods.(11) Average Portfolio Debt Cost 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.(12)
Portfolio Net Interest Margin is the difference between our Average
Yield on Interest Earning Assets and our Average Portfolio Debt
Cost, excluding the weighted average cost of subordinated
debentures and convertible notes.
Conference Call
On Tuesday, February 25, 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 and twelve months
ended December 31, 2019. The conference call dial-in number is
(877) 312-8806. The replay will be available until Tuesday, March
3, 2020 and can be accessed by dialing (855) 859-2056 and entering
passcode 8298881. 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." Full year 2019 financial and operating data can be
viewed in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2019, which is expected to be filed with
the Securities and Exchange Commission on or about February 28,
2020. A copy of the Form 10-K 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, 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 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 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
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; “Consolidated
SLST” refers to a Freddie Mac-sponsored residential mortgage loan
securitization, comprised of seasoned re-performing and
non-performing residential mortgage loans, of which we own the
first loss subordinated securities and certain IOs and senior
securities that we consolidate in our financial statements in
accordance with GAAP; “Multi-family CDOs” refers to the debt
that permanently finances the multi-family mortgage loans held by
the Consolidated K-Series that we consolidate in our financial
statements in accordance with GAAP; “SLST CDOs” refers to the
debt that permanently finances the residential mortgage loans held
in Consolidated SLST that we consolidate in our financial
statements in accordance with GAAP; “Residential CDOs” refers to
the debt that permanently finances our residential mortgage loans
held in securitization trusts, net 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
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 consolidated financial statements. Also, in the fourth
quarter of 2019, the Company invested in first loss subordinated
securities and certain IOs and senior securities issued by a
Freddie Mac-sponsored residential mortgage loan securitization,
which we refer to as Consolidated SLST. We determined that
Consolidated SLST is a variable interest entity and that we are the
primary beneficiary of Consolidated SLST. In accordance with GAAP,
the Company has consolidated the underlying seasoned re-performing
and non-performing residential mortgage loans of Consolidated SLST
including its liabilities, income and expenses in our consolidated
financial statements. We have elected the fair value option on the
assets and liabilities held within the Consolidated K-Series and
Consolidated SLST, which requires that changes in valuations in the
assets and liabilities of the Consolidated K-Series and
Consolidated SLST be reflected in our consolidated statements of
operations.
A reconciliation of our net interest income
generated by our Multi-Family Credit portfolio to our consolidated
financial statements for the three months ended December 31,
2019 is set forth below (dollar amounts in thousands):
|
|
For the Three Months Ended December 31, 2019 |
|
Interest income, multi-family loans held in securitization
trusts |
$ |
150,483 |
|
| Interest income, investment
securities, available for sale (1) |
2,865 |
|
| Interest income, preferred
equity and mezzanine loan investments |
5,239 |
|
| Interest expense, multi-family
collateralized debt obligations |
(125,089 |
) |
| Interest income, Multi-Family
Credit, net |
33,498 |
|
| Interest expense, repurchase
agreements |
(7,384 |
) |
| Net interest income,
Multi-Family Credit |
$ |
26,114 |
|
(1) Included in the Company’s
accompanying consolidated statements of operations in
interest income, investment securities and other interest earning
assets.
A reconciliation of our net interest income
generated by our Single-Family Credit portfolio to our consolidated
financial statements for the three months ended December 31,
2019 is set forth below (dollar amounts in thousands):
| |
For the Three Months Ended December 31, 2019 |
|
Interest income, distressed and other residential mortgage
loans |
$ |
24,751 |
|
| Interest income, investment
securities, available for sale (1) |
8,292 |
|
| Interest expense, SLST CDOs
(2) |
(2,945 |
) |
| Interest income, Single-Family
Credit, net |
30,098 |
|
| Interest expense, repurchase
agreements |
(11,260 |
) |
| Interest expense, Residential
CDOs (2) |
(271 |
) |
| Net interest income,
Single-Family Credit |
$ |
18,567 |
|
(1) Included in the Company’s accompanying
consolidated statements of operations in interest income,
investment securities and other interest earning
assets.(2) Included in the Company’s accompanying consolidated
statements of operations in interest expense, residential
collateralized debt obligations.
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 |
| |
|
| |
Mari Nitta |
| |
Investor Relations Associate |
| |
Phone: (646) 795-4066 |
| |
Email: MNitta@nymtrust.com |
FINANCIAL TABLES FOLLOW
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Dollar amounts in thousands, except share
data)
| |
December 31, 2019 |
|
December 31, 2018 |
| |
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
Investment securities, available for sale, at fair value |
$ |
2,006,140 |
|
|
$ |
1,512,252 |
|
| Distressed and other
residential mortgage loans, at fair value |
1,429,754 |
|
|
737,523 |
|
| Distressed and other
residential mortgage loans, net |
202,756 |
|
|
285,261 |
|
| Investments in unconsolidated
entities |
189,965 |
|
|
73,466 |
|
| Preferred equity and mezzanine
loan investments |
180,045 |
|
|
165,555 |
|
| Multi-family loans held in
securitization trusts, at fair value |
17,816,746 |
|
|
11,679,847 |
|
| Residential mortgage loans
held in securitization trust, at fair value |
1,328,886 |
|
|
— |
|
| Derivative assets |
15,878 |
|
|
10,263 |
|
| Cash and cash equivalents |
118,763 |
|
|
103,724 |
|
| Real estate held for sale in
consolidated variable interest entities |
— |
|
|
29,704 |
|
| Goodwill |
25,222 |
|
|
25,222 |
|
| Receivables and other
assets |
169,214 |
|
|
114,821 |
|
| Total Assets
(1) |
$ |
23,483,369 |
|
|
$ |
14,737,638 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Liabilities: |
|
|
|
| Repurchase agreements |
$ |
3,105,416 |
|
|
$ |
2,131,505 |
|
| Multi-family collateralized
debt obligations, at fair value |
16,724,451 |
|
|
11,022,248 |
|
| Residential collateralized
debt obligations, at fair value |
1,052,829 |
|
|
— |
|
| Residential collateralized
debt obligations |
40,429 |
|
|
53,040 |
|
| Convertible notes |
132,955 |
|
|
130,762 |
|
| Subordinated debentures |
45,000 |
|
|
45,000 |
|
| Mortgages and notes payable in
consolidated variable interest entities |
— |
|
|
31,227 |
|
| Securitized debt |
— |
|
|
42,335 |
|
| Accrued expenses and other
liabilities |
177,260 |
|
|
101,228 |
|
| Total liabilities
(1) |
21,278,340 |
|
|
13,557,345 |
|
| Commitments and
Contingencies |
|
|
|
| Stockholders'
Equity: |
|
|
|
| Preferred stock, par value
$0.01 per share, 30,900,000 shares authorized, 20,872,888 and
12,000,000 shares issued and outstanding, respectively
($521,822,200 and $300,000,000 aggregate liquidation preference,
respectively) |
504,765 |
|
|
289,755 |
|
| Common stock, par value $0.01
per share, 800,000,000 shares authorized, 291,371,039 and
155,589,528 shares issued and outstanding, respectively |
2,914 |
|
|
1,556 |
|
| Additional paid-in
capital |
1,821,785 |
|
|
1,013,391 |
|
| Accumulated other
comprehensive income (loss) |
25,132 |
|
|
(22,135 |
) |
| Accumulated deficit |
(148,863 |
) |
|
(103,178 |
) |
| Company's stockholders'
equity |
2,205,733 |
|
|
1,179,389 |
|
| Non-controlling interest in
consolidated variable interest entities |
(704 |
) |
|
904 |
|
| Total
equity |
2,205,029 |
|
|
1,180,293 |
|
| Total Liabilities and
Stockholders' Equity |
$ |
23,483,369 |
|
|
$ |
14,737,638 |
|
(1) Our 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 December 31, 2019 and December 31, 2018, assets of
consolidated VIEs totaled $19,270,384 and $11,984,374,
respectively, and the liabilities of consolidated VIEs totaled
$17,878,314 and $11,191,736, respectively.
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Dollar amounts in thousands, except per
share data)(unaudited)
| |
For the Three Months Ended December 31, |
|
For the Years Ended December 31, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| INTEREST INCOME: |
|
|
|
|
|
|
|
|
Investment securities and other interest earning assets |
$ |
19,299 |
|
|
$ |
12,395 |
|
|
$ |
67,472 |
|
|
$ |
47,482 |
|
|
Distressed and other residential mortgage loans |
24,751 |
|
|
9,154 |
|
|
71,017 |
|
|
28,569 |
|
|
Preferred equity and mezzanine loan investments |
5,239 |
|
|
5,854 |
|
|
20,899 |
|
|
21,036 |
|
|
Multi-family loans held in securitization trusts |
150,483 |
|
|
101,533 |
|
|
535,226 |
|
|
358,712 |
|
|
Total interest income |
199,772 |
|
|
128,936 |
|
|
694,614 |
|
|
455,799 |
|
| |
|
|
|
|
|
|
|
| INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
Repurchase agreements and other interest bearing liabilities |
24,072 |
|
|
13,376 |
|
|
90,821 |
|
|
44,050 |
|
|
Residential collateralized debt obligations |
3,216 |
|
|
431 |
|
|
4,379 |
|
|
1,779 |
|
|
Multi-family collateralized debt obligations |
125,089 |
|
|
88,792 |
|
|
457,130 |
|
|
313,102 |
|
|
Convertible notes |
2,716 |
|
|
2,673 |
|
|
10,813 |
|
|
10,643 |
|
|
Subordinated debentures |
680 |
|
|
721 |
|
|
2,865 |
|
|
2,743 |
|
|
Securitized debt |
— |
|
|
1,070 |
|
|
742 |
|
|
4,754 |
|
|
Total interest expense |
155,773 |
|
|
107,063 |
|
|
566,750 |
|
|
377,071 |
|
| |
|
|
|
|
|
|
|
| NET INTEREST INCOME |
43,999 |
|
|
21,873 |
|
|
127,864 |
|
|
78,728 |
|
| |
|
|
|
|
|
|
|
| NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
Recovery of (provision for) loan losses |
175 |
|
|
(2,492 |
) |
|
2,780 |
|
|
(1,257 |
) |
|
Realized gains (losses), net |
86 |
|
|
(548 |
) |
|
32,642 |
|
|
(7,775 |
) |
|
Unrealized gains (losses), net |
21,940 |
|
|
(4,736 |
) |
|
35,837 |
|
|
52,781 |
|
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
(2,857 |
) |
|
— |
|
|
Income from real estate held for sale in consolidated variable
interest entities |
— |
|
|
1,404 |
|
|
215 |
|
|
6,163 |
|
|
Other income |
11,425 |
|
|
7,589 |
|
|
25,831 |
|
|
16,568 |
|
|
Total non-interest income |
33,626 |
|
|
1,217 |
|
|
94,448 |
|
|
66,480 |
|
| |
|
|
|
|
|
|
|
| GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
General and administrative expenses |
9,327 |
|
|
6,740 |
|
|
35,131 |
|
|
22,868 |
|
|
Base management and incentive fees |
— |
|
|
2,880 |
|
|
1,235 |
|
|
5,366 |
|
|
Expenses related to distressed and other residential mortgage
loans |
3,182 |
|
|
3,377 |
|
|
12,987 |
|
|
8,908 |
|
|
Expenses related to real estate held for sale in consolidated
variable interest entities |
— |
|
|
1,094 |
|
|
482 |
|
|
4,328 |
|
|
Total general, administrative and operating expenses |
12,509 |
|
|
14,091 |
|
|
49,835 |
|
|
41,470 |
|
| |
|
|
|
|
|
|
|
| INCOME FROM OPERATIONS BEFORE
INCOME TAXES |
65,116 |
|
|
8,999 |
|
|
172,477 |
|
|
103,738 |
|
| Income tax benefit |
(172 |
) |
|
(511 |
) |
|
(419 |
) |
|
(1,057 |
) |
| NET INCOME |
65,288 |
|
|
9,510 |
|
|
172,896 |
|
|
104,795 |
|
| Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
195 |
|
|
91 |
|
|
840 |
|
|
(1,909 |
) |
| NET INCOME ATTRIBUTABLE TO
COMPANY |
65,483 |
|
|
9,601 |
|
|
173,736 |
|
|
102,886 |
|
| Preferred stock dividends |
(10,175 |
) |
|
(5,925 |
) |
|
(28,901 |
) |
|
(23,700 |
) |
| NET INCOME ATTRIBUTABLE TO
COMPANY'S COMMON STOCKHOLDERS |
$ |
55,308 |
|
|
$ |
3,676 |
|
|
$ |
144,835 |
|
|
$ |
79,186 |
|
| |
|
|
|
|
|
|
|
| Basic earnings per common
share |
$ |
0.20 |
|
|
$ |
0.02 |
|
|
$ |
0.65 |
|
|
$ |
0.62 |
|
| Diluted earnings per common
share |
$ |
0.20 |
|
|
$ |
0.02 |
|
|
$ |
0.64 |
|
|
$ |
0.61 |
|
| Weighted average shares
outstanding-basic |
275,121 |
|
|
148,871 |
|
|
221,380 |
|
|
127,243 |
|
| Weighted average shares
outstanding-diluted |
296,347 |
|
|
149,590 |
|
|
242,596 |
|
|
147,450 |
|
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESSUMMARY OF QUARTERLY
EARNINGS(Dollar amounts in thousands, except per
share data)(unaudited)
| |
For the Three Months Ended |
| |
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
Net interest income |
$ |
43,999 |
|
|
$ |
31,971 |
|
|
$ |
25,691 |
|
|
$ |
26,203 |
|
|
$ |
21,873 |
|
| Total non-interest income |
33,626 |
|
|
21,396 |
|
|
8,561 |
|
|
30,865 |
|
|
1,217 |
|
| Total general, administrative
and operating expenses |
12,509 |
|
|
12,288 |
|
|
12,394 |
|
|
12,644 |
|
|
14,091 |
|
| Income from operations before
income taxes |
65,116 |
|
|
41,079 |
|
|
21,858 |
|
|
44,424 |
|
|
8,999 |
|
| Income tax (benefit)
expense |
(172 |
) |
|
(187 |
) |
|
(134 |
) |
|
74 |
|
|
(511 |
) |
| Net income |
65,288 |
|
|
41,266 |
|
|
21,992 |
|
|
44,350 |
|
|
9,510 |
|
| Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
195 |
|
|
113 |
|
|
743 |
|
|
(211 |
) |
|
91 |
|
| Net income attributable to
Company |
65,483 |
|
|
41,379 |
|
|
22,735 |
|
|
44,139 |
|
|
9,601 |
|
| Preferred stock dividends |
(10,175 |
) |
|
(6,544 |
) |
|
(6,257 |
) |
|
(5,925 |
) |
|
(5,925 |
) |
| Net income attributable to
Company's common stockholders |
55,308 |
|
|
34,835 |
|
|
16,478 |
|
|
38,214 |
|
|
3,676 |
|
| Basic earnings per common
share |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.22 |
|
|
$ |
0.02 |
|
| Diluted earnings per common
share |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.02 |
|
| Weighted average shares
outstanding - basic |
275,121 |
|
|
234,043 |
|
|
200,691 |
|
|
174,421 |
|
|
148,871 |
|
| Weighted average shares
outstanding - diluted |
296,347 |
|
|
255,537 |
|
|
202,398 |
|
|
194,970 |
|
|
149,590 |
|
| |
|
|
|
|
|
|
|
|
|
| Book value per common
share |
$ |
5.78 |
|
|
$ |
5.77 |
|
|
$ |
5.75 |
|
|
$ |
5.75 |
|
|
$ |
5.65 |
|
| 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 |
|
| Dividends declared per
preferred share on Series E Preferred Stock |
$ |
0.48 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
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