New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT,” the
“Company,” “we,” “our” or “us”) today reported results for the
second quarter of 2020.
Summary of Second Quarter 2020:(dollar amounts
in thousands, except per share data)
Net income attributable to Company's common stockholders |
$ |
107,517 |
|
Net income attributable to
Company's common stockholders per share (basic) |
$ |
0.28 |
|
Net interest income |
$ |
28,526 |
|
Portfolio net interest
margin |
2.43 |
% |
Comprehensive income
attributable to Company's common stockholders |
$ |
190,121 |
|
Comprehensive income
attributable to Company's common stockholders per share
(basic) |
$ |
0.50 |
|
Book value per common share at
the end of the period |
$ |
4.35 |
|
Economic return on book value
for the quarter (1) |
13.1 |
% |
Dividends per common
share |
$ |
0.05 |
|
(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:
- Reinstated the payment of quarterly dividends on both common
and preferred stock and declared preferred stock dividends in
arrears for the first quarter of 2020.
- Completed a non-mark-to-market re-securitization backed by
non-Agency RMBS generating net proceeds of approximately $109.3
million.
- Obtained additional financing for residential loans pledged
under a repurchase agreement in the amount of $248.8 million.
- Sold residential loans for approximately $43.8 million in
proceeds, non-Agency RMBS for approximately $37.8 million in
proceeds and CMBS for approximately $24.0 million in proceeds.
- Reduced outstanding repurchase agreements to finance investment
securities by $625.8 million from March 31,
2020.
Subsequent Developments:
On July 14, 2020, we completed a securitization
of residential loans, resulting in approximately $242.9 million in
net proceeds to the Company after deducting estimated expenses
associated with the transaction. We utilized the net proceeds to
repay approximately $230.6 million on an outstanding repurchase
agreement related to residential loans.
Management Overview
Steven Mumma, Chairman and Chief Executive
Officer, commented: “The Company rebounded strongly in the
second quarter after the most challenging quarter in its history,
generating $0.28 in GAAP earnings and $0.50 in comprehensive
earnings and increasing its book value to $4.35 at June 30, 2020, a
12% increase from March 31, 2020. The Company has focused
significant efforts on stabilizing and improving its ability to
fund its investment strategy, including reducing mark-to-market
securities repo financing to one counterparty totaling $88 million
and completing a non-mark-to-market re-securitization of non-Agency
securities totaling $109 million during the second quarter, and
closing on a $243 million residential loan securitization in
July. Our low leverage leading into the pandemic allowed us
to retain over $1 billion of non-Agency credit assets that
experienced significant price appreciation in the second
quarter. As we look to the future, we expect to rely less on
shorter-term financings that are subject to mark-to-market
fluctuations, which we believe will help us to remain opportunistic
on the investment side.”
Jason Serrano, NYMT’s President, commented: “The
Company delivered a solid performance in the second quarter largely
due to the continued discipline of NYMT’s conservative investment
culture. Although we sold assets and de-levered our portfolio
in response to the COVID-19 related market disruption, we avoided
some of the larger-scale, forced selling that occurred during the
first quarter, allowing the Company to retain assets, particularly
non-Agency RMBS, that we believe offer attractive price recovery
potential. This approach allowed investments on our balance sheet
to benefit in the second quarter from a resilient U.S. housing
market - a market with tight supply and record low lending
rates. In addition, our operating strategy enabled us to
avoid the need to access expensive recapitalization initiatives
that were likely to include some level of shareholder
dilution. Instead, we exercised discipline and patiently
locked in tighter term financing spreads by accessing the
securitization markets and monetized gains from the price recovery
with selective asset sales later in the second quarter. I am
proud of our exceptional team, which worked incredibly hard during
these unprecedented times. Together, we have been able to
position the Company with a sizeable current cash balance and
advantageous financing that we anticipate will provide a path for
stable growth under a now-reduced competitive landscape.”
Capital Allocation
The following tables set forth, by investment
category, our allocated capital at June 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
June 30, 2020 (dollar amounts in thousands):
|
Single-Family Credit (1) |
|
Multi-Family Credit |
|
Other |
|
Total |
Investment securities available for sale, at fair value |
$ |
630,196 |
|
|
$ |
288,112 |
|
|
$ |
42,500 |
|
|
$ |
960,808 |
|
Residential loans, at fair
value |
2,758,228 |
|
|
— |
|
|
— |
|
|
2,758,228 |
|
Residential collateralized
debt obligations, at fair value |
(1,088,233 |
) |
|
— |
|
|
— |
|
|
(1,088,233 |
) |
Residential collateralized
debt obligations |
(36,699 |
) |
|
— |
|
|
— |
|
|
(36,699 |
) |
Investments in unconsolidated
entities |
68,189 |
|
|
146,100 |
|
|
— |
|
|
214,289 |
|
Preferred equity and mezzanine
loan investments |
— |
|
|
180,850 |
|
|
— |
|
|
180,850 |
|
Other investments (2) |
— |
|
|
10,550 |
|
|
— |
|
|
10,550 |
|
Carrying value |
$ |
2,331,681 |
|
|
$ |
625,612 |
|
|
$ |
42,500 |
|
|
$ |
2,999,793 |
|
Liabilities: |
|
|
|
|
|
|
|
Repurchase agreements |
(963,127 |
) |
|
— |
|
|
— |
|
|
(963,127 |
) |
Securitized debt |
(108,999 |
) |
|
— |
|
|
— |
|
|
(108,999 |
) |
Subordinated debentures |
— |
|
|
— |
|
|
(45,000 |
) |
|
(45,000 |
) |
Convertible notes |
— |
|
|
— |
|
|
(134,117 |
) |
|
(134,117 |
) |
Cash, cash equivalents and
restricted cash (3) |
98,352 |
|
|
7,316 |
|
|
297,540 |
|
|
403,208 |
|
Other |
56,506 |
|
|
(3,179 |
) |
|
(42,144 |
) |
|
11,183 |
|
Net capital allocated |
$ |
1,414,413 |
|
|
$ |
629,749 |
|
|
$ |
118,779 |
|
|
$ |
2,162,941 |
|
|
|
|
|
|
|
|
|
Total Leverage Ratio (4) |
|
|
|
|
|
|
0.5 |
|
Portfolio Leverage Ratio
(5) |
|
|
|
|
|
|
0.4 |
|
(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 $36.7
million and securitized debt amounting to $109.0 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 June 30, 2020: |
Single-Family Credit (1) |
|
Multi-Family
Credit |
|
Other |
|
Total |
Interest Income (2) |
$ |
29,530 |
|
|
$ |
8,854 |
|
|
$ |
1,428 |
|
|
$ |
39,812 |
|
Interest Expense |
(7,898 |
) |
|
(58 |
) |
|
(3,330 |
) |
|
(11,286 |
) |
Net Interest Income
(Expense) |
$ |
21,632 |
|
|
$ |
8,796 |
|
|
$ |
(1,902 |
) |
|
$ |
28,526 |
|
|
|
|
|
|
|
|
|
Portfolio Net Interest
Margin - Three Months Ended June 30, 2020: |
|
|
|
|
|
|
|
Average Interest Earning
Assets (3) (4) |
$ |
2,372,775 |
|
|
$ |
490,805 |
|
|
$ |
172,077 |
|
|
$ |
3,035,657 |
|
Average Yield on Interest
Earning Assets (5) |
4.98 |
% |
|
7.22 |
% |
|
3.32 |
% |
|
5.25 |
% |
Average Portfolio Financing
Cost (6) |
(2.82 |
)% |
|
(3.00 |
)% |
|
— |
|
|
(2.82 |
)% |
Portfolio Net Interest Margin
(7) |
2.16 |
% |
|
4.22 |
% |
|
3.32 |
% |
|
2.43 |
% |
(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 periods indicated exclude
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 by our Average Interest Earning
Assets for the respective periods. |
(6) |
Average Portfolio Financing Cost was calculated by dividing our
annualized interest expense by our average interest bearing
liabilities, excluding the interest expense generated by our
subordinated debentures and convertible notes of approximately $0.6
million and $2.7 million, respectively. |
(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 Thursday, August 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 six months ended
June 30, 2020. The conference call dial-in number is (877)
312-8806. The replay will be available until Thursday, August 13,
2020 and can be accessed by dialing (855) 859-2056 and entering
passcode 6249378. 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." Second quarter 2020 financial and operating data
can be viewed in the Company’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2020, which is expected to be filed
with the Securities and Exchange Commission on or about August 7,
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 prime
credit quality ARMs held in securitization trusts; “distressed
residential loans” refers to pools of re-performing, non-performing
and other delinquent loans secured by first liens on one- to
four-family properties; “CMBS” refers to commercial mortgage-backed
securities comprised of commercial mortgage pass-through
securities, as well as PO, IO or mezzanine securities that
represent the right to a specific component of the cash flow from a
pool of commercial mortgage loans; “Agency CMBS” refers to CMBS
representing interests in or obligations backed by pools of
multi-family mortgage loans guaranteed by a GSE; “multi-family
CMBS” refers to CMBS backed by commercial mortgage loans on
multi-family properties; “multi-family securitized loans” refers to
the commercial mortgage loans included in the Consolidated
K-Series; “CDO” refers to collateralized debt obligation;
“Consolidated K-Series” refers to certain Freddie Mac-sponsored
multi-family loan K-Series securitizations, of which we, or one of
our special purpose entities, owned the first loss PO securities
and certain IO and/or senior or mezzanine securities issued by
them, that we consolidated in our financial statements in
accordance with GAAP; “Consolidated SLST” refers to a Freddie
Mac-sponsored residential loan securitization, comprised of
seasoned re-performing and non-performing residential loans, of
which we own the first loss subordinated securities and certain
IOs, that we consolidate in our financial statements in accordance
with GAAP; “SLST CDOs” refers to the debt that permanently
finances the residential loans held in Consolidated SLST that we
consolidate in our financial statements in accordance with GAAP;
“Multi-family CDOs” refers to the debt that permanently financed
the multi-family mortgage loans held in the Consolidated K-Series
that we consolidated in our financial statements in accordance with
GAAP; “Residential CDOs” refers to the debt that permanently
finances our residential loans held in securitization trusts that
we consolidate in our financial statements in accordance with GAAP;
“Agency” portfolio includes Agency RMBS and Agency CMBS;
“Multi-Family Credit” portfolio includes multi-family CMBS,
preferred equity and mezzanine loan investments and certain
investments in unconsolidated entities that invest in multi-family
credit assets; and “Single-Family Credit” portfolio includes
residential loans at fair value, non-Agency RMBS, loans held for
sale and certain investments in unconsolidated entities that invest
in single-family residential assets.
Additional Information
We determined that Consolidated SLST is a
variable interest entity and that we are the primary beneficiary of
Consolidated SLST. As a result, we are required to
consolidate Consolidated SLST’s underlying seasoned re-performing
and non-performing residential loans including its liabilities,
income and expenses in our condensed consolidated financial
statements. We have elected the fair value option on the assets and
liabilities held within Consolidated SLST, which requires that
changes in valuations in the assets and liabilities of Consolidated
SLST be reflected in our condensed consolidated statements of
operations.
A reconciliation of our net interest income
generated by our Single-Family Credit portfolio to our condensed
consolidated financial statements for the three months ended
June 30, 2020 is set forth below (dollar amounts in
thousands):
|
For the Three Months Ended June 30, 2020 |
Interest income, residential loans |
$ |
29,420 |
|
Interest income, investment
securities available for sale (1) |
8,268 |
|
Interest expense, SLST CDOs
(2) |
(8,158 |
) |
Interest income, Single-Family
Credit, net |
29,530 |
|
Interest expense, repurchase
agreements |
(7,299 |
) |
Interest expense, Residential
CDOs (2) |
(130 |
) |
Interest expense, securitized
debt |
(469 |
) |
Net interest income,
Single-Family Credit |
$ |
21,632 |
|
(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 delinquencies and/or
decreased recovery rates on the Company’s assets; the Company’s
ability to identify and acquire targeted assets, including assets
in its investment pipeline; changes in relationships with the
Company’s financing counterparties and the Company’s ability to
borrow to finance its assets and the terms thereof; the Company’s
ability to predict and control costs; changes in governmental laws,
regulations or policies affecting the Company’s business, including
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
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Dollar amounts in thousands, except share
data) |
|
|
|
June 30, 2020 |
|
December 31, 2019 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
Investment securities available for sale, at fair value |
|
$ |
960,808 |
|
|
$ |
2,006,140 |
|
Residential loans, at fair
value |
|
2,758,228 |
|
|
2,758,640 |
|
Residential loans, net |
|
— |
|
|
202,756 |
|
Investments in unconsolidated
entities |
|
214,289 |
|
|
189,965 |
|
Preferred equity and mezzanine
loan investments |
|
180,850 |
|
|
180,045 |
|
Multi-family loans held in
securitization trusts, at fair value |
|
— |
|
|
17,816,746 |
|
Derivative assets |
|
— |
|
|
15,878 |
|
Cash and cash equivalents |
|
371,697 |
|
|
118,763 |
|
Goodwill |
|
— |
|
|
25,222 |
|
Receivables and other
assets |
|
130,858 |
|
|
169,214 |
|
Total Assets
(1) |
|
$ |
4,616,730 |
|
|
$ |
23,483,369 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Liabilities: |
|
|
|
|
Repurchase agreements |
|
$ |
963,127 |
|
|
$ |
3,105,416 |
|
Securitized debt |
|
108,999 |
|
|
— |
|
Multi-family collateralized
debt obligations, at fair value |
|
— |
|
|
16,724,451 |
|
Residential collateralized
debt obligations, at fair value |
|
1,088,233 |
|
|
1,052,829 |
|
Residential collateralized
debt obligations |
|
36,699 |
|
|
40,429 |
|
Convertible notes |
|
134,117 |
|
|
132,955 |
|
Subordinated debentures |
|
45,000 |
|
|
45,000 |
|
Accrued expenses and other
liabilities |
|
77,614 |
|
|
177,260 |
|
Total liabilities
(1) |
|
2,453,789 |
|
|
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 ($521,822,200 aggregate liquidation
preference) |
504,765 |
|
|
504,765 |
|
Common stock, par
value $0.01 per share, 800,000,000 shares authorized, 377,465,405
and 291,371,039 shares issued and outstanding, respectively |
3,775 |
|
|
2,914 |
|
Additional paid-in
capital |
|
2,337,222 |
|
|
1,821,785 |
|
Accumulated other
comprehensive (loss) income |
|
(34,428 |
) |
|
25,132 |
|
Accumulated deficit |
|
(646,629 |
) |
|
(148,863 |
) |
Company's stockholders'
equity |
|
2,164,705 |
|
|
2,205,733 |
|
Non-controlling interest in
consolidated variable interest entities |
|
(1,764 |
) |
|
(704 |
) |
Total
equity |
|
2,162,941 |
|
|
2,205,029 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
4,616,730 |
|
|
$ |
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
June 30, 2020 and December 31, 2019, assets of
consolidated VIEs totaled $1,541,953 and $19,270,384, respectively,
and the liabilities of consolidated VIEs totaled $1,238,373 and
$17,878,314, respectively. |
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollar amounts in thousands, except per share
data) |
(unaudited) |
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities and other interest earning assets |
$ |
13,348 |
|
|
$ |
15,355 |
|
|
$ |
32,447 |
|
|
$ |
30,671 |
|
Residential loans |
29,420 |
|
|
13,598 |
|
|
63,720 |
|
|
29,489 |
|
Preferred equity and mezzanine loan investments |
5,202 |
|
|
5,148 |
|
|
10,575 |
|
|
10,155 |
|
Multi-family loans held in securitization trusts |
— |
|
|
133,157 |
|
|
151,841 |
|
|
244,925 |
|
Total interest income |
47,970 |
|
|
167,258 |
|
|
258,583 |
|
|
315,240 |
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
Repurchase agreements and other interest bearing liabilities |
7,366 |
|
|
22,823 |
|
|
28,980 |
|
|
43,209 |
|
Residential collateralized debt obligations |
8,288 |
|
|
402 |
|
|
17,060 |
|
|
824 |
|
Multi-family collateralized debt obligations |
— |
|
|
114,914 |
|
|
129,762 |
|
|
211,711 |
|
Convertible notes |
2,739 |
|
|
2,694 |
|
|
5,474 |
|
|
5,384 |
|
Subordinated debentures |
582 |
|
|
734 |
|
|
1,231 |
|
|
1,474 |
|
Securitized debt |
469 |
|
|
— |
|
|
469 |
|
|
742 |
|
Total interest expense |
19,444 |
|
|
141,567 |
|
|
182,976 |
|
|
263,344 |
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
28,526 |
|
|
25,691 |
|
|
75,607 |
|
|
51,896 |
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME
(LOSS): |
|
|
|
|
|
|
|
Recovery of loan losses |
— |
|
|
1,296 |
|
|
— |
|
|
2,362 |
|
Realized (losses) gains, net |
(934 |
) |
|
4,447 |
|
|
(148,852 |
) |
|
26,453 |
|
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 |
102,872 |
|
|
78 |
|
|
(293,908 |
) |
|
2,786 |
|
Impairment of goodwill |
— |
|
|
— |
|
|
(25,222 |
) |
|
— |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
(2,857 |
) |
Other income |
2,474 |
|
|
2,740 |
|
|
4,509 |
|
|
10,680 |
|
Total non-interest income (loss) |
104,412 |
|
|
8,561 |
|
|
(517,591 |
) |
|
39,424 |
|
|
|
|
|
|
|
|
|
GENERAL, ADMINISTRATIVE AND
OPERATING EXPENSES: |
|
|
|
|
|
|
|
General and administrative expenses |
11,823 |
|
|
9,815 |
|
|
22,628 |
|
|
18,725 |
|
Operating expenses |
2,251 |
|
|
2,579 |
|
|
5,330 |
|
|
6,313 |
|
Total general, administrative and operating expenses |
14,074 |
|
|
12,394 |
|
|
27,958 |
|
|
25,038 |
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS
BEFORE INCOME TAXES |
118,864 |
|
|
21,858 |
|
|
(469,942 |
) |
|
66,282 |
|
Income tax expense
(benefit) |
1,927 |
|
|
(134 |
) |
|
1,688 |
|
|
(60 |
) |
NET INCOME (LOSS) |
116,937 |
|
|
21,992 |
|
|
(471,630 |
) |
|
66,342 |
|
Net loss attributable to
non-controlling interest in consolidated variable interest
entities |
876 |
|
|
743 |
|
|
1,060 |
|
|
532 |
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY |
117,813 |
|
|
22,735 |
|
|
(470,570 |
) |
|
66,874 |
|
Preferred stock dividends |
(10,296 |
) |
|
(6,257 |
) |
|
(20,593 |
) |
|
(12,182 |
) |
NET INCOME (LOSS) ATTRIBUTABLE
TO COMPANY'S COMMON STOCKHOLDERS |
$ |
107,517 |
|
|
$ |
16,478 |
|
|
$ |
(491,163 |
) |
|
$ |
54,692 |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
common share |
$ |
0.28 |
|
|
$ |
0.08 |
|
|
$ |
(1.35 |
) |
|
$ |
0.29 |
|
Diluted earnings (loss) per
common share |
$ |
0.28 |
|
|
$ |
0.08 |
|
|
$ |
(1.35 |
) |
|
$ |
0.29 |
|
Weighted average shares
outstanding-basic |
377,465 |
|
|
200,691 |
|
|
364,189 |
|
|
187,628 |
|
Weighted average shares
outstanding-diluted |
399,982 |
|
|
202,398 |
|
|
364,189 |
|
|
209,011 |
|
NEW YORK MORTGAGE TRUST, INC. AND
SUBSIDIARIES |
SUMMARY OF QUARTERLY EARNINGS (LOSS) |
(Dollar amounts in thousands, except per share
data) |
(unaudited) |
|
|
For the Three Months Ended |
|
June 30, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
Net interest income |
$ |
28,526 |
|
|
$ |
47,082 |
|
|
$ |
43,999 |
|
|
$ |
31,971 |
|
|
$ |
25,691 |
|
Total non-interest income
(loss) |
104,412 |
|
|
(622,003 |
) |
|
33,626 |
|
|
21,396 |
|
|
8,561 |
|
Total general, administrative
and operating expenses |
14,074 |
|
|
13,885 |
|
|
12,509 |
|
|
12,288 |
|
|
12,394 |
|
Income (loss) from operations
before income taxes |
118,864 |
|
|
(588,806 |
) |
|
65,116 |
|
|
41,079 |
|
|
21,858 |
|
Income tax expense
(benefit) |
1,927 |
|
|
(239 |
) |
|
(172 |
) |
|
(187 |
) |
|
(134 |
) |
Net income (loss) |
116,937 |
|
|
(588,567 |
) |
|
65,288 |
|
|
41,266 |
|
|
21,992 |
|
Net loss attributable to
non-controlling interest in consolidated variable interest
entities |
876 |
|
|
184 |
|
|
195 |
|
|
113 |
|
|
743 |
|
Net income (loss) attributable
to Company |
117,813 |
|
|
(588,383 |
) |
|
65,483 |
|
|
41,379 |
|
|
22,735 |
|
Preferred stock dividends |
(10,296 |
) |
|
(10,297 |
) |
|
(10,175 |
) |
|
(6,544 |
) |
|
(6,257 |
) |
Net income (loss) attributable
to Company's common stockholders |
107,517 |
|
|
(598,680 |
) |
|
55,308 |
|
|
34,835 |
|
|
16,478 |
|
Basic earnings (loss) per
common share |
$ |
0.28 |
|
|
$ |
(1.71 |
) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
Diluted earnings (loss) per
common share |
$ |
0.28 |
|
|
$ |
(1.71 |
) |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.08 |
|
Weighted average shares
outstanding - basic |
377,465 |
|
|
350,912 |
|
|
275,121 |
|
|
234,043 |
|
|
200,691 |
|
Weighted average shares
outstanding - diluted |
399,982 |
|
|
350,912 |
|
|
296,347 |
|
|
255,537 |
|
|
202,398 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
4.35 |
|
|
$ |
3.89 |
|
|
$ |
5.78 |
|
|
$ |
5.77 |
|
|
$ |
5.75 |
|
Dividends declared per common
share (1) |
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
0.20 |
|
|
$ |
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 |
|
|
$ |
0.48 |
|
|
$ |
— |
|
|
$ |
— |
|
(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 and declared a cash dividend
for the second quarter of 2020. |
(2) |
On March 23, 2020, the Company announced that it had temporarily
suspended quarterly dividends on its Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock and Series E
Preferred Stock (collectively, the "Preferred Stock") that would
have been payable in April 2020. As a result, the Company did not
declare quarterly dividends on the Preferred Stock during the three
months ended March 31, 2020. On June 15, 2020, the Company
reinstated the payment of dividends on the Preferred Stock and
declared cash dividends in arrears for the first quarter of 2020.
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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