New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
third quarter of 2021.
Summary of Third Quarter 2021: (dollar amounts
in thousands, except per share data)
|
|
Net income attributable to Company's common stockholders |
$ |
36,861 |
|
Net income attributable to
Company's common stockholders per share (basic) |
$ |
0.10 |
|
Comprehensive income
attributable to Company's common stockholders |
$ |
31,453 |
|
Comprehensive income
attributable to Company's common stockholders per share
(basic) |
$ |
0.08 |
|
Net interest income |
$ |
31,031 |
|
Portfolio net interest
margin |
3.25 |
% |
Book value per common share at
the end of the period |
$ |
4.74 |
|
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:
- Purchased approximately $370.7
million in residential loans and $28.8 million in non-Agency
RMBS.
- Funded multi-family preferred
equity investments in the amount of approximately $42.6 million and
multi-family joint venture investments for approximately $53.1
million.
- Sold residential loans for proceeds
of approximately $49.5 million, non-Agency RMBS for proceeds of
approximately $43.6 million and CMBS for proceeds of approximately
$89.5 million.
- Issued 5,750,000 shares of 6.875%
Series F Fixed-to-Floating-Rate Cumulative Redeemable Preferred
Stock for total net proceeds to the Company of approximately
$138.6 million after deduction of underwriting discounts and
commissions and offering expenses. The Company used the net
proceeds to fund the redemption of all outstanding shares of its
7.875% Series C Preferred Stock at an aggregate redemption price of
approximately $104.9 million, which included accumulated and
unpaid dividends up to, but not including, the redemption date of
July 30, 2021.
- Redeemed one of the Company's
residential loan securitizations with an outstanding balance of
$203.5 million at the time of redemption and completed a new
securitization of certain performing, re-performing and
non-performing residential loans resulting in approximately $254.9
million of net proceeds to the Company.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: "The Company continued to deliver solid results
in the third quarter, generating GAAP earnings per share of $0.10
and comprehensive earnings per share of $0.08. The numbers for the
quarter were negatively impacted by nonrecurring, one-time charges,
including $3.4 million in expenses related to the early redemption
of our 7.875% Series C preferred stock, which was refinanced into a
6.875% Series F preferred stock, lowering our cost of capital by
100 basis points. Additionally, in August, we called a 2020
residential securitization trust that resulted in the acceleration
of $1.6 million of deferred debt issuance costs. The loan pool was
refinanced into a new securitization issued in August, lowering our
cost of debt by approximately 210 basis points. We expect to
continue to reduce the Company’s cost of funds with subsequent
structured transactions. This trend will have a positive impact on
earnings going forward."
Jason Serrano, President, commented: "We
continue to be diligent with our portfolio growth by focusing on
investments where higher asset returns are available due to
operational complexities. With these competitive barriers, we can
deploy the Company’s substantial liquidity to build our portfolio
with low utilization of leverage. In this approach, we believe this
is an exceptional time for the Company to drive earnings while
protecting book value."
Capital Allocation
The following tables set forth, by investment
category, our allocated capital at September 30, 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
September 30, 2021 (dollar amounts in thousands):
|
Single-Family (1) |
|
Multi-Family |
|
Other |
|
Total |
Residential loans |
$ |
3,273,807 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,273,807 |
|
Consolidated SLST CDOs |
(904,976 |
) |
|
— |
|
|
— |
|
|
(904,976 |
) |
Multi-family loans |
— |
|
|
119,812 |
|
|
— |
|
|
119,812 |
|
Investment securities
available for sale (2) |
350,365 |
|
|
56,243 |
|
|
41,485 |
|
|
448,093 |
|
Equity investments |
— |
|
|
237,925 |
|
|
17,089 |
|
|
255,014 |
|
Other investments (3) |
9,428 |
|
|
73,335 |
|
|
— |
|
|
82,763 |
|
Total investment portfolio
carrying value |
2,728,624 |
|
|
487,315 |
|
|
58,574 |
|
|
3,274,513 |
|
Liabilities: |
|
|
|
|
|
|
|
Repurchase agreements |
(334,556 |
) |
|
— |
|
|
— |
|
|
(334,556 |
) |
Residential loan securitization CDOs |
(710,102 |
) |
|
— |
|
|
— |
|
|
(710,102 |
) |
Convertible notes |
— |
|
|
— |
|
|
(137,240 |
) |
|
(137,240 |
) |
Senior unsecured notes |
— |
|
|
— |
|
|
(96,540 |
) |
|
(96,540 |
) |
Subordinated debentures |
— |
|
|
— |
|
|
(45,000 |
) |
|
(45,000 |
) |
Cash, cash equivalents and
restricted cash (4) |
21,091 |
|
|
— |
|
|
405,686 |
|
|
426,777 |
|
Other |
41,885 |
|
|
(7,909 |
) |
|
(54,035 |
) |
|
(20,059 |
) |
Net Company capital
allocated |
$ |
1,746,942 |
|
|
$ |
479,406 |
|
|
$ |
131,445 |
|
|
$ |
2,357,793 |
|
|
|
|
|
|
|
|
|
Total Leverage Ratio (5) |
|
|
|
|
|
|
0.3 |
|
Portfolio Leverage Ratio
(6) |
|
|
|
|
|
|
0.1 |
|
(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. Consolidated SLST
is presented on our consolidated balance sheets as residential
loans, at fair value and collateralized debt obligations, at fair
value. Our investment in Consolidated SLST as of September 30,
2021 was limited to the RMBS comprised of first loss subordinated
securities and IOs issued by the securitization with an aggregate
net carrying value of $231.1 million. |
(2) |
Agency RMBS with a fair value of $125.6 million are included in
Single-Family. |
(3) |
Represents the Company's single-family rental properties and equity
investments in consolidated multi-family apartment communities. A
reconciliation of the Company's equity investments in consolidated
multi-family apartment communities is included below in "Additional
Information." |
(4) |
Excludes cash amounting to $3.9 million held in the Company's
equity investments in consolidated multi-family apartment
communities. 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, convertible notes and senior unsecured
notes divided by the Company's total stockholders' equity. Does not
include Consolidated SLST CDOs amounting to $905.0 million,
residential loan securitization CDOs amounting to $710.1 million
and mortgages payable on operating real estate amounting to $200.7
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 September 30, 2021: |
Single-Family (1) |
|
Multi-Family |
|
Other |
|
Total |
Interest Income (2) |
$ |
39,144 |
|
|
|
$ |
4,247 |
|
|
|
$ |
1,816 |
|
|
|
$ |
45,207 |
|
|
Interest Expense |
(8,163 |
) |
|
|
— |
|
|
|
(6,013 |
) |
|
|
(14,176 |
) |
|
Net Interest Income
(Expense) |
$ |
30,981 |
|
|
|
$ |
4,247 |
|
|
|
$ |
(4,197 |
) |
|
|
$ |
31,031 |
|
|
|
|
|
|
|
|
|
|
Portfolio Net Interest
Margin - Three Months Ended September 30, 2021: |
|
|
|
|
|
|
|
Average Interest Earning
Assets (3) (4) |
$ |
2,608,604 |
|
|
|
$ |
195,431 |
|
|
|
$ |
26,468 |
|
|
|
$ |
2,830,503 |
|
|
Average Yield on Interest
Earning Assets (5) |
6.00 |
|
% |
|
8.69 |
|
% |
|
27.44 |
|
% |
|
6.39 |
|
% |
Average Portfolio Financing
Cost (6) |
(3.14 |
) |
% |
|
— |
|
|
|
— |
|
|
|
(3.14 |
) |
% |
Portfolio Net Interest Margin
(7) |
2.86 |
|
% |
|
8.69 |
|
% |
|
27.44 |
|
% |
|
3.25 |
|
% |
(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, senior unsecured notes and mortgages payable on operating
real estate of approximately $0.5 million, $2.8 million, $1.6
million and $1.1 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, senior unsecured notes and mortgages
payable on operating real estate. |
Conference Call
On Tuesday, November 2, 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 and nine months ended
September 30, 2021. The conference call dial-in number is
(877) 312-8806. The replay will be available until Tuesday,
November 9, 2021 and can be accessed by dialing (855) 859-2056 and
entering passcode 8885838. 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 "Investors — Events
and Presentations" section. Third quarter 2021 financial and
operating data can be viewed in the Company’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2021, which is
expected to be filed with the Securities and Exchange Commission on
or about November 4, 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
Equity Investments in Consolidated Multi-family
Apartment Communities
A reconciliation of our net equity investments
in consolidated multi-family apartment communities to our condensed
consolidated financial statements as of September 30, 2021 is
shown below (dollar amounts in thousands):
Cash and cash equivalents |
|
$ |
3,905 |
|
Operating real estate,
net |
|
261,178 |
|
Lease intangible, net (a) |
|
7,975 |
|
Other assets |
|
11,620 |
|
Total assets |
|
$ |
284,678 |
|
|
|
|
Mortgages payable on operating
real estate, net |
|
$ |
200,720 |
|
Other liabilities |
|
5,997 |
|
Total liabilities |
|
206,717 |
|
|
|
|
Non-controlling interest in
consolidated variable interest entities |
|
4,626 |
|
Net equity investment |
|
$ |
73,335 |
|
(a) |
Included in other assets in the accompanying condensed consolidated
balance sheets. |
Consolidated SLST
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
September 30, 2021 is set forth below (dollar amounts in
thousands):
Interest income, residential loans |
|
$ |
31,488 |
|
Interest income, investment
securities available for sale |
|
4,527 |
|
Interest income, Consolidated
SLST |
|
10,245 |
|
Interest expense, Consolidated
SLST CDOs |
|
(7,116 |
) |
Interest income,
Single-Family, net |
|
39,144 |
|
Interest expense, repurchase
agreements |
|
(3,110 |
) |
Interest expense, residential
loan securitizations |
|
(5,053 |
) |
Net interest income,
Single-Family |
|
$ |
30,981 |
|
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 COMPANYPhone: 212-792-0107Email:
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, 2021 |
|
December 31, 2020 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Residential loans, at fair value |
$ |
3,273,807 |
|
|
$ |
3,049,166 |
|
Multi-family loans, at fair
value |
119,812 |
|
|
163,593 |
|
Investment securities
available for sale, at fair value |
448,093 |
|
|
724,726 |
|
Equity investments, at fair
value |
255,014 |
|
|
259,095 |
|
Cash and cash equivalents |
408,785 |
|
|
293,183 |
|
Operating real estate,
net |
270,606 |
|
|
50,532 |
|
Other assets |
136,692 |
|
|
115,292 |
|
Total Assets
(1) |
$ |
4,912,809 |
|
|
$ |
4,655,587 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Liabilities: |
|
|
|
Repurchase agreements |
$ |
334,556 |
|
|
$ |
405,531 |
|
Collateralized debt
obligations ($904,976 at fair value and $710,102 at amortized cost,
net as of September 30, 2021 and $1,054,335 at fair value and
$569,323 at amortized cost, net as of December 31, 2020) |
1,615,078 |
|
|
1,623,658 |
|
Convertible notes |
137,240 |
|
|
135,327 |
|
Senior unsecured notes |
96,540 |
|
|
— |
|
Subordinated debentures |
45,000 |
|
|
45,000 |
|
Mortgages payable on operating
real estate, net |
200,720 |
|
|
36,752 |
|
Other liabilities |
121,256 |
|
|
101,746 |
|
Total liabilities
(1) |
2,550,390 |
|
|
2,348,014 |
|
Commitments and
Contingencies |
|
|
|
Stockholders'
Equity: |
|
|
|
Preferred stock, par value
$0.01 per share, 32,050,000 and 30,900,000 shares authorized as of
September 30, 2021 and December 31, 2020, respectively,
22,441,081 and 20,872,888 shares issued and outstanding as of
September 30, 2021 and December 31, 2020, respectively
($561,027 and $521,822 aggregate liquidation preference as of
September 30, 2021 and December 31, 2020,
respectively) |
542,232 |
|
|
504,765 |
|
Common stock, par value $0.01
per share, 800,000,000 shares authorized, 379,286,475 and
377,744,476 shares issued and outstanding as of September 30,
2021 and December 31, 2020, respectively |
3,793 |
|
|
3,777 |
|
Additional paid-in
capital |
2,353,483 |
|
|
2,342,934 |
|
Accumulated other
comprehensive income |
2,041 |
|
|
994 |
|
Accumulated deficit |
(543,756 |
) |
|
(551,268 |
) |
Company's stockholders'
equity |
2,357,793 |
|
|
2,301,202 |
|
Non-controlling interest in
consolidated variable interest entities |
4,626 |
|
|
6,371 |
|
Total
equity |
2,362,419 |
|
|
2,307,573 |
|
Total Liabilities and
Stockholders' Equity |
$ |
4,912,809 |
|
|
$ |
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
September 30, 2021 and December 31, 2020, assets of
consolidated VIEs totaled $2,217,348 and $2,150,984, respectively,
and the liabilities of consolidated VIEs totaled $1,793,066 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 EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
NET INTEREST INCOME: |
|
|
|
|
|
|
|
Interest income |
$ |
52,323 |
|
|
$ |
45,358 |
|
|
$ |
154,548 |
|
|
$ |
303,941 |
|
Interest expense |
21,292 |
|
|
19,829 |
|
|
61,702 |
|
|
202,807 |
|
Total net interest income |
31,031 |
|
|
25,529 |
|
|
92,846 |
|
|
101,134 |
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
(LOSS): |
|
|
|
|
|
|
|
Realized gains (losses), net |
8,314 |
|
|
(1,067 |
) |
|
20,361 |
|
|
(149,919 |
) |
Realized loss on de-consolidation of Consolidated K-Series |
— |
|
|
— |
|
|
— |
|
|
(54,118 |
) |
Unrealized gains (losses), net |
30,138 |
|
|
81,198 |
|
|
80,157 |
|
|
(212,711 |
) |
Income from equity investments |
8,015 |
|
|
9,966 |
|
|
22,021 |
|
|
14,573 |
|
Impairment of goodwill |
— |
|
|
— |
|
|
— |
|
|
(25,222 |
) |
Income from operating real estate |
3,980 |
|
|
— |
|
|
7,626 |
|
|
— |
|
Other (loss) income |
(1,035 |
) |
|
431 |
|
|
2,244 |
|
|
337 |
|
Total non-interest income (loss) |
49,412 |
|
|
90,528 |
|
|
132,409 |
|
|
(427,060 |
) |
|
|
|
|
|
|
|
|
GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
|
|
|
|
General and administrative expenses |
12,458 |
|
|
10,159 |
|
|
36,419 |
|
|
32,570 |
|
Expenses related to operating real estate |
8,549 |
|
|
— |
|
|
15,386 |
|
|
— |
|
Portfolio operating expenses |
7,039 |
|
|
3,265 |
|
|
18,558 |
|
|
8,812 |
|
Total general, administrative and operating expenses |
28,046 |
|
|
13,424 |
|
|
70,363 |
|
|
41,382 |
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS
BEFORE INCOME TAXES |
52,397 |
|
|
102,633 |
|
|
154,892 |
|
|
(367,308 |
) |
Income tax expense
(benefit) |
1,215 |
|
|
(772 |
) |
|
1,296 |
|
|
917 |
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
51,182 |
|
|
103,405 |
|
|
153,596 |
|
|
(368,225 |
) |
Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
394 |
|
|
(1,764 |
) |
|
3,428 |
|
|
(704 |
) |
NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY |
51,576 |
|
|
101,641 |
|
|
157,024 |
|
|
(368,929 |
) |
Preferred stock dividends |
(11,272 |
) |
|
(10,297 |
) |
|
(31,865 |
) |
|
(30,890 |
) |
Preferred stock redemption
charge |
(3,443 |
) |
|
— |
|
|
(3,443 |
) |
|
— |
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY'S COMMON STOCKHOLDERS |
$ |
36,861 |
|
|
$ |
91,344 |
|
|
$ |
121,716 |
|
|
$ |
(399,819 |
) |
|
|
|
|
|
|
|
|
Basic earnings (loss) per
common share |
$ |
0.10 |
|
|
$ |
0.24 |
|
|
$ |
0.32 |
|
|
$ |
(1.08 |
) |
Diluted earnings (loss) per
common share |
$ |
0.10 |
|
|
$ |
0.23 |
|
|
$ |
0.32 |
|
|
$ |
(1.08 |
) |
Weighted average shares
outstanding-basic |
379,395 |
|
|
377,744 |
|
|
379,193 |
|
|
368,740 |
|
Weighted average shares
outstanding-diluted |
380,983 |
|
|
399,709 |
|
|
381,105 |
|
|
368,740 |
|
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIESSUMMARY OF QUARTERLY
EARNINGS(Dollar amounts in thousands, except per
share data)(unaudited)
|
For the Three Months Ended |
|
September 30, 2021 |
|
June 30, 2021 |
|
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
Total net interest income |
$ |
31,031 |
|
|
$ |
31,475 |
|
|
$ |
30,340 |
|
|
$ |
25,956 |
|
|
$ |
25,529 |
|
Total non-interest income |
49,412 |
|
|
43,276 |
|
|
39,720 |
|
|
67,271 |
|
|
90,528 |
|
Total general, administrative
and operating expenses |
28,046 |
|
|
23,121 |
|
|
19,195 |
|
|
13,180 |
|
|
13,424 |
|
Income from operations before
income taxes |
52,397 |
|
|
51,630 |
|
|
50,865 |
|
|
80,047 |
|
|
102,633 |
|
Income tax expense
(benefit) |
1,215 |
|
|
15 |
|
|
66 |
|
|
65 |
|
|
(772 |
) |
Net income |
51,182 |
|
|
51,615 |
|
|
50,799 |
|
|
79,982 |
|
|
103,405 |
|
Net loss (income) attributable
to non-controlling interest in consolidated variable interest
entities |
394 |
|
|
1,625 |
|
|
1,409 |
|
|
437 |
|
|
(1,764 |
) |
Net income attributable to
Company |
51,576 |
|
|
53,240 |
|
|
52,208 |
|
|
80,419 |
|
|
101,641 |
|
Preferred stock dividends |
(11,272 |
) |
|
(10,296 |
) |
|
(10,297 |
) |
|
(10,296 |
) |
|
(10,297 |
) |
Preferred stock redemption
charge |
(3,443 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income attributable to
Company's common stockholders |
36,861 |
|
|
42,944 |
|
|
41,911 |
|
|
70,123 |
|
|
91,344 |
|
Basic earnings per common
share |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.19 |
|
|
$ |
0.24 |
|
Diluted earnings per common
share |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.18 |
|
|
$ |
0.23 |
|
Weighted average shares
outstanding - basic |
379,395 |
|
|
379,299 |
|
|
378,881 |
|
|
377,744 |
|
|
377,744 |
|
Weighted average shares
outstanding - diluted |
380,983 |
|
|
381,517 |
|
|
380,815 |
|
|
399,009 |
|
|
399,709 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
4.74 |
|
|
$ |
4.74 |
|
|
$ |
4.71 |
|
|
$ |
4.71 |
|
|
$ |
4.58 |
|
Dividends declared per common
share |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.075 |
|
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 (1) |
$ |
— |
|
|
$ |
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 |
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
Dividends declared per
preferred share on Series F Preferred Stock (2) |
$ |
0.47 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
(1) |
In July 2021, the Company redeemed all outstanding shares of its
Series C Preferred Stock and paid accumulated dividends up to, but
not including, the redemption date. |
(2) |
For the three months ended September 30, 2021, dividends declared
represents the cash dividend for the long initial dividend period
that began on July 7, 2021 and ended on October 14, 2021. |
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