New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
third quarter of 2020.
Summary of Third Quarter 2020: (dollar amounts
in thousands, except per share data)
|
Net income attributable to Company's common stockholders |
$ |
91,344 |
|
| Net income attributable to
Company's common stockholders per share (basic) |
$ |
0.24 |
|
| Net interest income |
$ |
25,529 |
|
| Portfolio net interest
margin |
2.18 |
% |
| Comprehensive income
attributable to Company's common stockholders |
$ |
113,834 |
|
| Comprehensive income
attributable to Company's common stockholders per share
(basic) |
$ |
0.30 |
|
| Book value per common share at
the end of the period |
$ |
4.58 |
|
| Economic return on book value
for the quarter (1) |
7.0 |
% |
| Dividends per common
share |
$ |
0.075 |
|
|
(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:
- Completed a securitization of residential loans, resulting in
approximately $241.1 million of net proceeds to the Company. A
portion of the net proceeds were utilized to repay approximately
$230.6 million on an outstanding repurchase agreement related to
residential loans.
- Obtained non-mark-to-market financing for residential loans
through a repurchase agreement with a new counterparty, receiving
net proceeds of approximately $47.2 million.
- Sold non-Agency RMBS for approximately $259.5 million in
proceeds and CMBS for approximately $110.7 million in
proceeds.
- Purchased residential loans for approximately $92.7
million.
- Repaid last remaining repurchase agreement to finance
investment securities in the amount of approximately $87.6
million.
Subsequent Developments:
In October 2020, the Company completed a
securitization of residential loans, resulting in approximately
$299.4 million in net proceeds to the Company after deducting
estimated expenses associated with the transaction. The Company
utilized the net proceeds to repay approximately $236.0 million on
outstanding repurchase agreements related to residential loans.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: "The Company delivered another solid quarter
despite the current environment, generating $0.24 GAAP earnings per
share and $0.30 comprehensive earnings per share. The
Company’s book value increased to $4.58, an increase of
approximately 5% from the previous quarter and 18% from the first
quarter. Including the $0.075 per common share dividend
declared in September, the Company posted a total economic return
of 7.0% for the quarter. On the balance sheet-side, the Company
continued to strengthen its financial position during the quarter,
completing a residential loan securitization and a
non-mark-to-market residential loan repurchase agreement with a new
counterparty further reducing its mark-to-market financing to $626
million at quarter end from $964 million the prior quarter.
In October 2020, the Company completed a second residential loan
securitization, reducing our mark-to-market financing by an
additional $236 million. The Company completed the quarter with
over $600 million in cash as we continue to believe that volatility
around the election and the ongoing COVID-19 pandemic will present
compelling investment opportunities during the fourth quarter and
the early part of next year."
Jason Serrano, President, commented: "Investment
opportunities to put our cash to work increased dramatically in
recent months. With a markedly lower level of competition, we
sourced and reviewed over $6 billion of new opportunities in
Q3. We have taken a highly selective approach to this market
and only advanced on approximately 6% of transactions
reviewed. Although we are excited about the strong housing
fundamentals bolstering housing demand, particularly in the South
and Southeast of the U.S., we believe a patient approach
sympathetic to the tense geopolitical environment is the right
approach at this time. We believe more attractive entry
points will be available in the near-term and are encouraged by the
flexibility that our balance sheet can provide in helping us to
capture this opportunity in a significant way for our
shareholders."
Capital Allocation
The following tables set forth, by investment
category, our allocated capital at September 30, 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
September 30, 2020 (dollar amounts in thousands):
| |
Single-Family Credit (1) |
|
Multi-Family Credit |
|
Other |
|
Total |
|
Investment securities available for sale, at fair value |
$ |
375,765 |
|
|
$ |
182,925 |
|
|
$ |
45,007 |
|
|
$ |
603,697 |
|
| Residential loans, at fair
value |
2,822,789 |
|
|
— |
|
|
— |
|
|
2,822,789 |
|
| Residential collateralized
debt obligations, at fair value |
(1,077,980 |
) |
|
— |
|
|
— |
|
|
(1,077,980 |
) |
| Investments in unconsolidated
entities |
73,456 |
|
|
145,250 |
|
|
— |
|
|
218,706 |
|
| Preferred equity and mezzanine
loan investments |
— |
|
|
183,154 |
|
|
— |
|
|
183,154 |
|
| Other investments (2) |
— |
|
|
3,585 |
|
|
— |
|
|
3,585 |
|
| Carrying value |
$ |
2,194,030 |
|
|
$ |
514,914 |
|
|
$ |
45,007 |
|
|
$ |
2,753,951 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
Repurchase agreements |
(672,519 |
) |
|
— |
|
|
— |
|
|
(672,519 |
) |
|
Securitized debt |
(88,791 |
) |
|
— |
|
|
— |
|
|
(88,791 |
) |
|
Residential collateralized debt obligations |
(268,820 |
) |
|
— |
|
|
— |
|
|
(268,820 |
) |
|
Subordinated debentures |
— |
|
|
— |
|
|
(45,000 |
) |
|
(45,000 |
) |
|
Convertible notes |
— |
|
|
— |
|
|
(134,720 |
) |
|
(134,720 |
) |
| Cash, cash equivalents and
restricted cash (3) |
119,578 |
|
|
47,952 |
|
|
537,094 |
|
|
704,624 |
|
| Other |
50,362 |
|
|
(4,356 |
) |
|
(41,348 |
) |
|
4,658 |
|
| Net capital allocated |
$ |
1,333,840 |
|
|
$ |
558,510 |
|
|
$ |
361,033 |
|
|
$ |
2,253,383 |
|
| |
|
|
|
|
|
|
|
| Total Leverage Ratio (4) |
|
|
|
|
|
|
0.4 |
|
| Portfolio Leverage Ratio
(5) |
|
|
|
|
|
|
0.3 |
|
|
(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 presented 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 $1.1 billion, Residential CDOs amounting to
$268.8 million and securitized debt amounting to $88.8 million as
they are non-recourse debt to the Company. |
|
(5) |
Represents outstanding repurchase agreement financing divided by
the Company's total stockholders' equity. |
| Net Interest Income -
Three Months Ended September 30, 2020: |
Single-Family Credit (1) |
|
Multi-Family
Credit |
|
Other |
|
Total |
|
Interest Income (2) |
$ |
28,747 |
|
|
$ |
7,846 |
|
|
$ |
1,203 |
|
|
$ |
37,796 |
|
| Interest Expense |
(9,025 |
) |
|
— |
|
|
(3,242 |
) |
|
(12,267 |
) |
| Net Interest Income
(Expense) |
$ |
19,722 |
|
|
$ |
7,846 |
|
|
$ |
(2,039 |
) |
|
$ |
25,529 |
|
| |
|
|
|
|
|
|
|
| Portfolio Net Interest
Margin - Three Months Ended September 30, 2020: |
|
|
|
|
|
|
|
| Average Interest Earning
Assets (3) (4) |
$ |
2,279,813 |
|
|
$ |
417,102 |
|
|
$ |
41,540 |
|
|
$ |
2,738,455 |
|
| Average Yield on Interest
Earning Assets (5) |
5.03 |
% |
|
7.52 |
% |
|
11.58 |
% |
|
5.51 |
% |
| Average Portfolio Financing
Cost (6) |
(3.33 |
)% |
|
— |
|
|
— |
|
|
(3.33 |
)% |
| Portfolio Net Interest Margin
(7) |
1.70 |
% |
|
7.52 |
% |
|
11.58 |
% |
|
2.18 |
% |
|
(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. 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." |
|
(2) |
Includes interest income earned on cash accounts held by the
Company. |
|
(3) |
Average Interest Earning Assets for the period indicated excludes
cash and cash equivalents and all Consolidated SLST assets other
than those securities owned by the Company. |
|
(4) |
Average Interest Earning Assets is calculated each quarter based on
daily average amortized cost for the respective periods. |
|
(5) |
Average Yield on Interest Earning Assets was calculated by dividing
our annualized interest income relating to our interest earning
assets by our Average Interest Earning Assets for the respective
periods. |
|
(6) |
Average Portfolio Financing Cost was calculated by dividing our
annualized interest expense relating to our interest earning assets
by our average interest bearing liabilities, excluding the interest
expense generated by our subordinated debentures and convertible
notes of approximately $0.5 million and $2.8 million,
respectively. |
|
(7) |
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, November 6, 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 nine months ended
September 30, 2020. The conference call dial-in number is
(877) 312-8806. The replay will be available until Friday, November
13, 2020 and can be accessed by dialing (855) 859-2056 and entering
passcode 1079438. 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 http://www.nymtrust.com under "Events and
Presentations." Third quarter 2020 financial and operating data can
be viewed in the Company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020, which is expected to be
filed with the Securities and Exchange Commission on or about
November 6, 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 (“REIT”) for federal income tax purposes. NYMT is
an internally managed REIT in the business of acquiring, investing
in, financing and managing primarily mortgage-related single-family
and multi-family residential 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
residential loans 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
September 30, 2020 is set forth below (dollar amounts in
thousands):
| |
For the Three Months Ended September 30, 2020 |
|
Interest income, residential loans |
$ |
30,704 |
|
| Interest income, investment
securities available for sale (1) |
5,605 |
|
| Interest expense, SLST CDOs
(2) |
(7,562 |
) |
| Interest income, Single-Family
Credit, net |
28,747 |
|
| Interest expense, repurchase
agreements |
(5,341 |
) |
| Interest expense, Residential
CDOs (2) |
(2,160 |
) |
| Interest expense, securitized
debt |
(1,524 |
) |
| Net interest income,
Single-Family Credit |
$ |
19,722 |
|
|
(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. |
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 delinquency 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
actions that may be taken to contain or address the impact of the
COVID-19 pandemic; 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 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)
| |
September 30,2020 |
|
December 31,2019 |
| |
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
Investment securities available for sale, at fair value |
$ |
603,697 |
|
|
$ |
2,006,140 |
|
| Residential loans, at fair
value |
2,822,789 |
|
|
2,758,640 |
|
| Residential loans, net |
— |
|
|
202,756 |
|
| Investments in unconsolidated
entities |
218,706 |
|
|
189,965 |
|
| Preferred equity and mezzanine
loan investments |
183,154 |
|
|
180,045 |
|
| Multi-family loans held in
securitization trusts, at fair value |
— |
|
|
17,816,746 |
|
| Derivative assets |
— |
|
|
15,878 |
|
| Cash and cash equivalents |
649,822 |
|
|
118,763 |
|
| Goodwill |
— |
|
|
25,222 |
|
| Receivables and other
assets |
142,945 |
|
|
169,214 |
|
| Total Assets
(1) |
$ |
4,621,113 |
|
|
$ |
23,483,369 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Liabilities: |
|
|
|
| Repurchase agreements |
$ |
672,519 |
|
|
$ |
3,105,416 |
|
| Securitized debt |
88,791 |
|
|
— |
|
| Multi-family collateralized
debt obligations, at fair value |
— |
|
|
16,724,451 |
|
| Residential collateralized
debt obligations, at fair value |
1,077,980 |
|
|
1,052,829 |
|
| Residential collateralized
debt obligations |
268,820 |
|
|
40,429 |
|
| Convertible notes |
134,720 |
|
|
132,955 |
|
| Subordinated debentures |
45,000 |
|
|
45,000 |
|
| Accrued expenses and other
liabilities |
79,900 |
|
|
177,260 |
|
| Total liabilities
(1) |
2,367,730 |
|
|
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 ($521,822 aggregate liquidation
preference) |
504,765 |
|
|
504,765 |
|
| Common stock, par value $0.01
per share, 800,000,000 shares authorized, 377,744,476 and
291,371,039 shares issued and outstanding, respectively |
3,777 |
|
|
2,914 |
|
| Additional paid-in
capital |
2,340,395 |
|
|
1,821,785 |
|
| Accumulated other
comprehensive (loss) income |
(11,938 |
) |
|
25,132 |
|
| Accumulated deficit |
(583,616 |
) |
|
(148,863 |
) |
| Company's stockholders'
equity |
2,253,383 |
|
|
2,205,733 |
|
| Non-controlling interest in
consolidated variable interest entities |
— |
|
|
(704 |
) |
| Total
equity |
2,253,383 |
|
|
2,205,029 |
|
| Total Liabilities and
Stockholders' Equity |
$ |
4,621,113 |
|
|
$ |
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
September 30, 2020 and December 31, 2019, assets of
consolidated VIEs totaled $1,852,657 and $19,270,384, respectively,
and the liabilities of consolidated VIEs totaled $1,440,936 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 Ended September
30, |
|
For the Nine Months Ended September
30, |
| |
2020 |
|
2019 |
|
2020 |
|
2019 |
| INTEREST INCOME: |
|
|
|
|
|
|
|
|
Investment securities and other interest earning assets |
$ |
9,354 |
|
|
$ |
17,503 |
|
|
$ |
41,801 |
|
|
$ |
48,173 |
|
|
Residential loans |
30,704 |
|
|
16,776 |
|
|
94,424 |
|
|
46,266 |
|
|
Preferred equity and mezzanine loan investments |
5,300 |
|
|
5,505 |
|
|
15,875 |
|
|
15,660 |
|
|
Multi-family loans held in securitization trusts |
— |
|
|
139,818 |
|
|
151,841 |
|
|
384,743 |
|
|
Total interest income |
45,358 |
|
|
179,602 |
|
|
303,941 |
|
|
494,842 |
|
| |
|
|
|
|
|
|
|
| INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
Repurchase agreements and other interest bearing liabilities |
5,341 |
|
|
23,540 |
|
|
34,321 |
|
|
66,749 |
|
|
Residential collateralized debt obligations |
9,722 |
|
|
338 |
|
|
26,782 |
|
|
1,162 |
|
|
Multi-family collateralized debt obligations |
— |
|
|
120,329 |
|
|
129,762 |
|
|
332,041 |
|
|
Convertible notes |
2,759 |
|
|
2,713 |
|
|
8,234 |
|
|
8,097 |
|
|
Subordinated debentures |
483 |
|
|
711 |
|
|
1,714 |
|
|
2,185 |
|
|
Securitized debt |
1,524 |
|
|
— |
|
|
1,994 |
|
|
742 |
|
|
Total interest expense |
19,829 |
|
|
147,631 |
|
|
202,807 |
|
|
410,976 |
|
| |
|
|
|
|
|
|
|
| NET INTEREST INCOME |
25,529 |
|
|
31,971 |
|
|
101,134 |
|
|
83,866 |
|
| |
|
|
|
|
|
|
|
| NON-INTEREST INCOME
(LOSS): |
|
|
|
|
|
|
|
|
Recovery of loan losses |
— |
|
|
244 |
|
|
— |
|
|
2,605 |
|
|
Realized (losses) gains, net |
(1,067 |
) |
|
6,102 |
|
|
(149,919 |
) |
|
32,556 |
|
|
Realized loss on de-consolidation of multi-family loans held in
securitization trusts and multi-family collateralized debt
obligations, net |
— |
|
|
— |
|
|
(54,118 |
) |
|
— |
|
|
Unrealized gains (losses), net |
81,198 |
|
|
11,112 |
|
|
(212,711 |
) |
|
13,898 |
|
|
Impairment of goodwill |
— |
|
|
— |
|
|
(25,222 |
) |
|
— |
|
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
(2,857 |
) |
|
Other income |
10,397 |
|
|
3,938 |
|
|
14,910 |
|
|
14,620 |
|
|
Total non-interest income (loss) |
90,528 |
|
|
21,396 |
|
|
(427,060 |
) |
|
60,822 |
|
| |
|
|
|
|
|
|
|
| GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
General and administrative expenses |
10,529 |
|
|
8,314 |
|
|
33,157 |
|
|
27,039 |
|
|
Operating expenses |
2,895 |
|
|
3,974 |
|
|
8,225 |
|
|
10,287 |
|
|
Total general, administrative and operating expenses |
13,424 |
|
|
12,288 |
|
|
41,382 |
|
|
37,326 |
|
| |
|
|
|
|
|
|
|
| INCOME (LOSS) FROM OPERATIONS
BEFORE INCOME TAXES |
102,633 |
|
|
41,079 |
|
|
(367,308 |
) |
|
107,362 |
|
| Income tax (benefit)
expense |
(772 |
) |
|
(187 |
) |
|
917 |
|
|
(247 |
) |
| NET INCOME (LOSS) |
103,405 |
|
|
41,266 |
|
|
(368,225 |
) |
|
107,609 |
|
| Net (income) loss attributable
to non-controlling interest in consolidated variable interest
entities |
(1,764 |
) |
|
113 |
|
|
(704 |
) |
|
645 |
|
| NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY |
101,641 |
|
|
41,379 |
|
|
(368,929 |
) |
|
108,254 |
|
| Preferred stock dividends |
(10,297 |
) |
|
(6,544 |
) |
|
(30,890 |
) |
|
(18,726 |
) |
| NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY'S COMMON STOCKHOLDERS |
$ |
91,344 |
|
|
$ |
34,835 |
|
|
$ |
(399,819 |
) |
|
$ |
89,528 |
|
| |
|
|
|
|
|
|
|
| Basic earnings (loss) per
common share |
$ |
0.24 |
|
|
$ |
0.15 |
|
|
$ |
(1.08 |
) |
|
$ |
0.44 |
|
| Diluted earnings (loss) per
common share |
$ |
0.23 |
|
|
$ |
0.15 |
|
|
$ |
(1.08 |
) |
|
$ |
0.43 |
|
| Weighted average shares
outstanding-basic |
377,744 |
|
|
234,043 |
|
|
368,740 |
|
|
203,270 |
|
| Weighted average shares
outstanding-diluted |
399,709 |
|
|
255,537 |
|
|
368,740 |
|
|
224,745 |
|
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESSUMMARY OF QUARTERLY EARNINGS
(LOSS)(Dollar amounts in thousands, except per
share data)(unaudited)
| |
For the Three Months Ended |
| |
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
|
Net interest income |
$ |
25,529 |
|
|
$ |
28,526 |
|
|
$ |
47,082 |
|
|
$ |
43,999 |
|
|
$ |
31,971 |
|
| Total non-interest income
(loss) |
90,528 |
|
|
104,412 |
|
|
(622,003 |
) |
|
33,626 |
|
|
21,396 |
|
| Total general, administrative
and operating expenses |
13,424 |
|
|
14,074 |
|
|
13,885 |
|
|
12,509 |
|
|
12,288 |
|
| Income (loss) from operations
before income taxes |
102,633 |
|
|
118,864 |
|
|
(588,806 |
) |
|
65,116 |
|
|
41,079 |
|
| Income tax (benefit)
expense |
(772 |
) |
|
1,927 |
|
|
(239 |
) |
|
(172 |
) |
|
(187 |
) |
| Net income (loss) |
103,405 |
|
|
116,937 |
|
|
(588,567 |
) |
|
65,288 |
|
|
41,266 |
|
| Net (income) loss attributable
to non-controlling interest in consolidated variable interest
entities |
(1,764 |
) |
|
876 |
|
|
184 |
|
|
195 |
|
|
113 |
|
| Net income (loss) attributable
to Company |
101,641 |
|
|
117,813 |
|
|
(588,383 |
) |
|
65,483 |
|
|
41,379 |
|
| Preferred stock dividends |
(10,297 |
) |
|
(10,296 |
) |
|
(10,297 |
) |
|
(10,175 |
) |
|
(6,544 |
) |
| Net income (loss) attributable
to Company's common stockholders |
91,344 |
|
|
107,517 |
|
|
(598,680 |
) |
|
55,308 |
|
|
34,835 |
|
| Basic earnings (loss) per
common share |
$ |
0.24 |
|
|
$ |
0.28 |
|
|
$ |
(1.71 |
) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
| Diluted earnings (loss) per
common share |
$ |
0.23 |
|
|
$ |
0.28 |
|
|
$ |
(1.71 |
) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
| Weighted average shares
outstanding - basic |
377,744 |
|
|
377,465 |
|
|
350,912 |
|
|
275,121 |
|
|
234,043 |
|
| Weighted average shares
outstanding - diluted |
399,709 |
|
|
399,982 |
|
|
350,912 |
|
|
296,347 |
|
|
255,537 |
|
| |
|
|
|
|
|
|
|
|
|
| Book value per common
share |
$ |
4.58 |
|
|
$ |
4.35 |
|
|
$ |
3.89 |
|
|
$ |
5.78 |
|
|
$ |
5.77 |
|
| Dividends declared per common
share (1) |
$ |
0.075 |
|
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
| Dividends declared or
accumulated per preferred share on Series B Preferred Stock
(2) |
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
| Dividends declared or
accumulated per preferred share on Series C Preferred Stock
(2) |
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
| Dividends declared or
accumulated per preferred share on Series D Preferred Stock
(2) |
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
|
$ |
0.50 |
|
| Dividends declared or
accumulated per preferred share on Series E Preferred Stock (2)
(3) |
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
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. On June 15, 2020, the Company reinstated the
payment of dividends on common stock. |
|
(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. On June 15, 2020, the Company
reinstated the payment of dividends on the Preferred Stock. Amounts
presented for the three months ended March 31, 2020 in the
table above represent the dividend per share amounts declared in
arrears and paid on July 15, 2020. |
|
(3) |
Amount shown for the three months ended December 31, 2019
represents cash dividend for the partial quarterly period that
began on October 18, 2019 and ended on January 14, 2020. |
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