New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
three months ended March 31, 2021.
Summary of First Quarter 2021: (dollar amounts
in thousands, except per share data)
|
|
Net income attributable to
Company's common stockholders |
$ |
41,911 |
|
Net income attributable to
Company's common stockholders per share (basic) |
$ |
0.11 |
|
Net interest income |
$ |
30,340 |
|
Portfolio net interest
margin |
2.42 |
% |
Comprehensive income
attributable to Company's common stockholders |
$ |
44,791 |
|
Comprehensive income
attributable to Company's common stockholders per share
(basic) |
$ |
0.12 |
|
Book value per common share at
the end of the period |
$ |
4.71 |
|
Economic return on book value
for the quarter (1) |
2.1 |
% |
Dividends per common
share |
$ |
0.10 |
|
(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:
- Sold non-Agency RMBS and CMBS for
approximately $72.1 million and $39.5 million in proceeds,
respectively.
- Purchased approximately $347.3
million in residential loans.
- Exercised our right to an optional
redemption of our non-Agency RMBS re-securitization with an
outstanding principal balance of $14.7 million, returning the
non-Agency RMBS held by the re-securitization trust to the
Company.
- Obtained non-mark-to-market
financing for business purpose loans through a repurchase agreement
with an existing counterparty, receiving net proceeds of
approximately $160.4 million.
Subsequent Developments:
- On April 27, 2021, the Company
completed a private placement of $100 million in aggregate
principal amount of 5.75% senior unsecured notes due April 2026 at
par.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: "The Company completed another successful
quarter, delivering an economic return of 2.1%, with $0.11 GAAP
earnings per share and $0.12 comprehensive earnings per share. Our
portfolio net margin expanded by 12 basis points to 2.42%, but more
importantly, our portfolio net interest income increased by $4.4
million from the previous quarter, or 17%. We expect to see
improvement in both our net interest margin and net interest income
in future periods as we continue to transition out of
lower-yielding CUSIP securities and focus increasingly on loans in
both our single-family and multi-family strategies. On the balance
sheet-side, we have continued to focus on expanding our access to
longer-termed, non-mark-to-market financing arrangements. As a
testament to the strengthening of our balance sheet in recent
quarters, we were pleased to close on our first rated unsecured
bond deal in April, a $100 million, 5.75%, 5-year financing, that
serves as an additional non-mark-to-market financing option for the
Company as we continue to build our credit portfolio."
Jason Serrano, President, commented: "The
Company continues to offer its stockholders excellent risk-adjusted
returns, rotating away from the utilization of portfolio recourse
and placing greater emphasis on non-mark-to-market leverage. At
0.2x portfolio leverage, we believe the Company’s expanded
liquidity allows our investment team to focus on sectors away from
the highly competitive, liquid securities markets to obtain more
stable, long-term value for stockholders. After adding $358 million
of new investments in our core strategies, our pipeline currently
sits at one of its highest levels. We believe the consummation of a
significant amount of these pipeline opportunities will enhance our
EPS in future periods."
Capital Allocation
The following tables set forth, by investment
category, our allocated capital at March 31, 2021, 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, 2021 (dollar amounts in thousands):
|
Single-Family (1) |
|
Multi-Family |
|
Other |
|
Total |
Residential loans |
$ |
3,206,282 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,206,282 |
|
Consolidated SLST CDOs |
(992,288 |
) |
|
— |
|
|
— |
|
|
(992,288 |
) |
Multi-family loans |
— |
|
|
151,836 |
|
|
— |
|
|
151,836 |
|
Investment securities
available for sale (2) |
403,232 |
|
|
148,441 |
|
|
44,622 |
|
|
596,295 |
|
Equity investments |
— |
|
|
185,835 |
|
|
74,230 |
|
|
260,065 |
|
Other investments (3) |
— |
|
|
20,030 |
|
|
— |
|
|
20,030 |
|
Total investment portfolio
carrying value |
$ |
2,617,226 |
|
|
$ |
506,142 |
|
|
$ |
118,852 |
|
|
$ |
3,242,220 |
|
Liabilities: |
|
|
|
|
|
|
|
Repurchase agreements |
(537,049 |
) |
|
— |
|
|
— |
|
|
(537,049 |
) |
Residential loan securitization CDOs |
(533,822 |
) |
|
— |
|
|
— |
|
|
(533,822 |
) |
Convertible notes |
— |
|
|
— |
|
|
(135,954 |
) |
|
(135,954 |
) |
Subordinated debentures |
— |
|
|
— |
|
|
(45,000 |
) |
|
(45,000 |
) |
Cash, cash equivalents and
restricted cash (4) |
146,879 |
|
|
52,481 |
|
|
118,419 |
|
|
317,779 |
|
Other |
52,941 |
|
|
(4,602 |
) |
|
(47,660 |
) |
|
679 |
|
Net Company capital
allocated |
$ |
1,746,175 |
|
|
$ |
554,021 |
|
|
$ |
8,657 |
|
|
$ |
2,308,853 |
|
|
|
|
|
|
|
|
|
Total Leverage Ratio (5) |
|
|
|
|
|
|
0.3 |
|
Portfolio Leverage Ratio
(6) |
|
|
|
|
|
|
0.2 |
|
(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 consolidated financial statements. |
(2) |
Agency RMBS with a fair value of $131.6 million are included in
Single-Family. |
(3) |
Represents the Company's preferred equity and joint venture
investments in Consolidated VIEs. |
(4) |
Excludes cash amounting to $2.9 million held in the Company's
preferred equity and joint venture investments in Consolidated
VIEs. Restricted cash is included in the Company’s accompanying
condensed consolidated balance sheets in other assets. |
(5) |
Represents total outstanding repurchase agreement financing,
subordinated debentures and convertible notes divided by the
Company's total stockholders' equity. Does not include Consolidated
SLST CDOs amounting to $992.3 million, residential loan
securitization CDOs amounting to $533.8 million and mortgages
payable in Consolidated VIEs amounting to $62.5 million as
they are non-recourse debt for which the Company has no
obligation. |
(6) |
Represents outstanding repurchase agreement financing divided by
the Company’s total stockholders’ equity. |
Net Interest Income -
Three Months Ended March 31,2021: |
Single-Family (1) |
|
Multi-Family |
|
Other |
|
Total |
Interest Income (2) |
$ |
35,259 |
|
|
|
$ |
6,152 |
|
|
$ |
1,523 |
|
|
|
$ |
42,934 |
|
|
Interest Expense |
(9,043 |
) |
|
|
— |
|
|
(3,551 |
) |
|
|
(12,594 |
) |
|
Net Interest Income
(Expense) |
$ |
26,216 |
|
|
|
$ |
6,152 |
|
|
$ |
(2,028 |
) |
|
|
$ |
30,340 |
|
|
|
|
|
|
|
|
|
|
Portfolio Net Interest
Margin - Three Months EndedMarch 31, 2021: |
|
|
|
|
|
|
|
Average Interest Earning
Assets (3) (4) |
$ |
2,504,777 |
|
|
|
$ |
310,347 |
|
|
$ |
31,652 |
|
|
|
$ |
2,846,776 |
|
|
Average Yield on Interest
Earning Assets (5) |
5.63 |
|
% |
|
7.93 |
% |
|
19.25 |
|
% |
|
6.03 |
|
% |
Average Portfolio Financing
Cost (6) |
(3.61 |
) |
% |
|
— |
|
|
— |
|
|
|
(3.61 |
) |
% |
Portfolio Net Interest Margin
(7) |
2.02 |
|
% |
|
7.93 |
% |
|
19.25 |
|
% |
|
2.42 |
|
% |
(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 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 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
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, convertible notes
and mortgages payable in Consolidated VIEs of approximately $0.5
million, $2.8 million and $0.3 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, convertible notes and mortgages payable in Consolidated
VIEs. |
Conference Call
On Friday, May 7, 2021 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, 2021. The conference call dial-in number is (877)
312-8806. The replay will be available until Friday, May 14, 2021
and can be accessed by dialing (855) 859-2056 and entering passcode
9058197. 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." First quarter 2021 financial and operating data can
be viewed in the Company’s Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021, which is expected to be filed
with the Securities and Exchange Commission on or about May 10,
2021. 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 residential 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; “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; “CMBS” refers to
commercial mortgage-backed securities comprised of commercial
mortgage pass-through securities issued by a GSE, 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, such as Fannie Mae or Freddie Mac;
“multi-family CMBS” refers to CMBS backed by commercial mortgage
loans on multi-family properties; “CDO” refers to collateralized
debt obligation and includes debt that permanently finances the
residential loans held in Consolidated SLST, multi-family loans
held in the Consolidated K-Series and the Company's residential
loans held in securitization trusts and non-Agency RMBS
re-securitization that we consolidate in our financial statements
in accordance with GAAP; “Consolidated K-Series” refers to 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 IOs and certain 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; “Consolidated VIEs” refers to variable interest entities
("VIE") where the Company is the primary beneficiary, as it has
both the power to direct the activities that most significantly
impact the economic performance of the VIE and a right to receive
benefits or absorb losses of the entity that could be potentially
significant to the VIE and that we consolidate in our financial
statements in accordance with GAAP; “Multi-Family” portfolio
includes multi-family CMBS, preferred equity and mezzanine loan
investments and certain equity investments that invest in
multi-family assets; “Single-Family” portfolio includes residential
loans, Agency RMBS and non-Agency RMBS; and “Other” portfolio
includes ABS and equity investments that invest in 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 portfolio to our condensed
consolidated financial statements for the three months ended
March 31, 2021 is set forth below (dollar amounts in
thousands):
Interest income, residential
loans |
$ |
27,630 |
|
Interest income, Consolidated
SLST |
10,318 |
|
Interest income, investment
securities available for sale |
4,415 |
|
Interest expense, Consolidated
SLST CDOs |
(7,104 |
) |
Interest income,
Single-Family, net |
35,259 |
|
Interest expense, repurchase
agreements |
(4,040 |
) |
Interest expense, residential
loan securitizations |
(4,720 |
) |
Interest expense, non-Agency
RMBS re-securitization |
(283 |
) |
Net interest income,
Single-Family |
$ |
26,216 |
|
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” 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 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)
|
March 31, 2021 |
|
December 31, 2020 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Residential loans, at fair value |
$ |
3,206,282 |
|
|
$ |
3,049,166 |
|
Multi-family loans, at fair
value |
151,836 |
|
|
163,593 |
|
Investment securities
available for sale, at fair value |
596,295 |
|
|
724,726 |
|
Equity investments, at fair
value |
260,065 |
|
|
259,095 |
|
Cash and cash equivalents |
290,977 |
|
|
293,183 |
|
Other assets |
220,719 |
|
|
165,824 |
|
Total Assets
(1) |
$ |
4,726,174 |
|
|
$ |
4,655,587 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Liabilities: |
|
|
|
Repurchase agreements |
$ |
537,049 |
|
|
$ |
405,531 |
|
Collateralized debt
obligations ($992,288 at fair value and $533,822 at amortized cost,
net as of March 31, 2021 and $1,054,335 at fair value
and $569,323 at amortized cost, net as of December 31,
2020) |
1,526,110 |
|
|
1,623,658 |
|
Convertible notes |
135,954 |
|
|
135,327 |
|
Subordinated debentures |
45,000 |
|
|
45,000 |
|
Other liabilities |
167,710 |
|
|
138,498 |
|
Total
liabilities (1) |
2,411,823 |
|
|
2,348,014 |
|
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, 379,272,504 and
377,744,476 shares issued and outstanding as of March 31, 2021
and December 31, 2020, respectively |
3,793 |
|
|
3,777 |
|
Additional paid-in
capital |
2,343,912 |
|
|
2,342,934 |
|
Accumulated other
comprehensive income |
3,874 |
|
|
994 |
|
Accumulated deficit |
(547,491 |
) |
|
(551,268 |
) |
Company's stockholders'
equity |
2,308,853 |
|
|
2,301,202 |
|
Non-controlling interest in
consolidated variable interest entities |
5,498 |
|
|
6,371 |
|
Total
equity |
2,314,351 |
|
|
2,307,573 |
|
Total Liabilities and
Stockholders' Equity |
$ |
4,726,174 |
|
|
$ |
4,655,587 |
|
(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, 2021 and December 31, 2020, assets of
consolidated VIEs totaled $2,011,594 and $2,150,984, respectively,
and the liabilities of consolidated VIEs totaled $1,593,419 and
$1,667,306, 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, |
|
2021 |
|
2020 |
NET INTEREST INCOME: |
|
|
|
Interest income |
$ |
50,039 |
|
|
$ |
210,613 |
|
Interest expense |
19,699 |
|
|
163,531 |
|
Total net interest income |
30,340 |
|
|
47,082 |
|
|
|
|
|
NON-INTEREST INCOME
(LOSS): |
|
|
|
Realized gains (losses), net |
7,058 |
|
|
(147,918 |
) |
Realized loss on de-consolidation of Consolidated K-Series |
— |
|
|
(54,118 |
) |
Unrealized gains (losses), net |
26,166 |
|
|
(396,780 |
) |
Income from equity investments |
3,399 |
|
|
494 |
|
Impairment of goodwill |
— |
|
|
(25,222 |
) |
Other income |
3,097 |
|
|
1,541 |
|
Total non-interest income (loss) |
39,720 |
|
|
(622,003 |
) |
|
|
|
|
GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
General and administrative expenses |
11,441 |
|
|
10,652 |
|
Operating expenses |
7,754 |
|
|
3,233 |
|
Total general, administrative and operating expenses |
19,195 |
|
|
13,885 |
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS
BEFORE INCOME TAXES |
50,865 |
|
|
(588,806 |
) |
Income tax expense
(benefit) |
66 |
|
|
(239 |
) |
|
|
|
|
NET INCOME (LOSS) |
50,799 |
|
|
(588,567 |
) |
Net loss attributable to
non-controlling interest in consolidated variable interest
entities |
1,409 |
|
|
184 |
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY |
52,208 |
|
|
(588,383 |
) |
Preferred stock dividends |
(10,297 |
) |
|
(10,297 |
) |
NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY'S COMMON STOCKHOLDERS |
$ |
41,911 |
|
|
$ |
(598,680 |
) |
|
|
|
|
Basic earnings (loss) per
common share |
$ |
0.11 |
|
|
$ |
(1.71 |
) |
Diluted earnings (loss) per
common share |
$ |
0.11 |
|
|
$ |
(1.71 |
) |
Weighted average shares
outstanding-basic |
378,881 |
|
|
350,912 |
|
Weighted average shares
outstanding-diluted |
380,815 |
|
|
350,912 |
|
|
|
|
|
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 |
|
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
Total net interest income |
$ |
30,340 |
|
|
$ |
25,956 |
|
|
$ |
25,529 |
|
|
$ |
28,526 |
|
|
$ |
47,082 |
|
Total non-interest income
(loss) |
39,720 |
|
|
67,271 |
|
|
90,528 |
|
|
104,412 |
|
|
(622,003 |
) |
Total general, administrative
and operating expenses |
19,195 |
|
|
13,180 |
|
|
13,424 |
|
|
14,074 |
|
|
13,885 |
|
Income (loss) from operations
before income taxes |
50,865 |
|
|
80,047 |
|
|
102,633 |
|
|
118,864 |
|
|
(588,806 |
) |
Income tax expense
(benefit) |
66 |
|
|
65 |
|
|
(772 |
) |
|
1,927 |
|
|
(239 |
) |
Net income (loss) |
50,799 |
|
|
79,982 |
|
|
103,405 |
|
|
116,937 |
|
|
(588,567 |
) |
Net loss (income) attributable
to non-controlling interest in consolidated variable
interest entities |
1,409 |
|
|
437 |
|
|
(1,764 |
) |
|
876 |
|
|
184 |
|
Net income (loss) attributable
to Company |
52,208 |
|
|
80,419 |
|
|
101,641 |
|
|
117,813 |
|
|
(588,383 |
) |
Preferred stock dividends |
(10,297 |
) |
|
(10,296 |
) |
|
(10,297 |
) |
|
(10,296 |
) |
|
(10,297 |
) |
Net income (loss) attributable
to Company's common stockholders |
41,911 |
|
|
70,123 |
|
|
91,344 |
|
|
107,517 |
|
|
(598,680 |
) |
Basic earnings (loss) per
common share |
$ |
0.11 |
|
|
$ |
0.19 |
|
|
$ |
0.24 |
|
|
$ |
0.28 |
|
|
$ |
(1.71 |
) |
Diluted earnings (loss) per
common share |
$ |
0.11 |
|
|
$ |
0.18 |
|
|
$ |
0.23 |
|
|
$ |
0.28 |
|
|
$ |
(1.71 |
) |
Weighted average shares
outstanding - basic |
378,881 |
|
|
377,744 |
|
|
377,744 |
|
|
377,465 |
|
|
350,912 |
|
Weighted average shares
outstanding - diluted |
380,815 |
|
|
399,009 |
|
|
399,709 |
|
|
399,982 |
|
|
350,912 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
4.71 |
|
|
$ |
4.71 |
|
|
$ |
4.58 |
|
|
$ |
4.35 |
|
|
$ |
3.89 |
|
Dividends declared per common
share (1) |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.075 |
|
|
$ |
0.05 |
|
|
$ |
— |
|
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) |
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
(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. |
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