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New York Mortgage Trust Reports Fourth Quarter and Full Year 2019 Results

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NEW YORK, Feb. 24, 2020 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (NYMT) (“NYMT,” the “Company,” “we,” “our” or “us”) today reported results for the three and twelve months ended December 31, 2019.

Summary of Fourth Quarter and Full Year 2019:
(dollar amounts in thousands, except per share data)

For the Three Months Ended December 31, 2019

For the Twelve Months Ended December 31, 2019

Net income attributable to Company's common stockholders

$

55,308

$

144,835

Net income attributable to Company's common stockholders per share (basic)

$

0.20

$

0.65

Net interest income

$

43,999

$

127,864

Net interest margin

2.90

%

2.48

%

Comprehensive income attributable to Company's common stockholders

$

58,524

$

192,102

Comprehensive income attributable to Company's common stockholders per share (basic)

$

0.21

$

0.87

Book value per share at the end of the period

$

5.78

$

5.78

Economic return on book value (1)

3.64

%

16.46

%

Dividends per share

$

0.20

$

0.80

(1) Economic return on book value is based on the periodic change in GAAP book value per share plus dividends declared per common share during the respective period.

Key Developments:

Fourth Quarter 2019

  • Issued 28,750,000 shares of common stock through an underwritten public offering, resulting in net proceeds of $172.2 million.

  • Issued 6,900,000 shares of our 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) in an underwritten public offering, resulting in net proceeds of $166.7 million.

  • Acquired approximately $1.04 billion of mortgage-related and residential housing-related assets.

Full Year 2019

  • Issued 132,940,000 shares of common stock collectively through six underwritten public offerings, resulting in total net proceeds of approximately $790.8 million.

  • Issued 6,900,000 shares of Series E Preferred Stock through an underwritten public offering and 1,972,888 shares of preferred stock under our "at-the-market" preferred equity offering program, resulting in total net proceeds to us of approximately $166.7 million and $48.4 million, respectively.

  • Acquired approximately $2.4 billion of mortgage-related, residential housing-related and other credit assets.

Subsequent Developments:

On January 10, 2020, the Company issued 34,500,000 shares of its common stock through an underwritten public offering at a public offering price of $6.09 per share, resulting in total net proceeds to the Company of approximately $206.7 million after deducting underwriting discounts and commissions and estimated offering expenses.

On February 13, 2020, the Company issued 50,600,000 shares of its common stock through an underwritten public offering at a public offering price of $6.13 per share, resulting in total net proceeds to the Company of approximately $305.3 million after deducting underwriting discounts and commissions and estimated offering expenses.

Management Overview

Steven Mumma, Chairman and Chief Executive Officer, commented: “During a year in which the Company nearly doubled its equity market capitalization and investment portfolio, the steady and disciplined execution of the Company’s credit-focused investment strategy by its team of professionals has produced impressive results. The Company finished the year on a strong note, generating $0.20 per share of GAAP earnings and $0.21 per share of comprehensive income for the fourth quarter of 2019. For the full year, the Company earned $0.65 per share in GAAP earnings, while posting comprehensive income of $0.87 per share, equivalent to 109% of common share dividends declared during the year. The Company’s financial performance generated economic returns of 3.6% and 16.5% for the fourth quarter and full year 2019, respectively. Over the last three years, the Company has delivered an average annual economic return of 12%.

The Company continued to opportunistically access the capital markets through equity issuances during the fourth quarter and full year 2019, raising approximately $339 million and $957 million, respectively. In fact, during 2019 alone, the Company’s capital markets’ activity contributed approximately $29 million of accretion to book value. Subsequent to the year end, the Company completed two successful raises adding another $512 million in common stock to bring our total equity market capitalization to approximately $2.9 billion.”

Jason Serrano, President, added: “NYMT’s core operating model centers around efficiency and flexibility. The Company’s growth within the Multi-Family and Single-Family strategies was achieved through adherence to these principles. The Company adopts a total return approach and targets investments that will add additional value to our existing portfolio of diverse income-producing assets. By broadening our sources of income through recurring gains and new opportunities that the market may offer, the Company will continue to drive earnings while reducing expense levels on a relative basis. Therefore, the Company will continue to focus on new, niche subsectors to drive total returns and mitigate against the potential volatility associated with high leverage.

To provide a deeper understanding of our efforts to deliver exceptional value to our shareholders, we are pleased to announce the release of a new supplemental investor presentation intended to complement the Company’s earnings calls."

In connection with the release of the Company’s financial results, the Company will post a supplemental financial presentation on its website at www.nymtrust.com under "Events and Presentations." Management intends to utilize this supplemental presentation as a discussion guide for the Company’s fourth quarter conference call on Tuesday, February 25, 2020.

Capital Allocation

The following tables set forth our allocated capital by investment category at December 31, 2019, our interest income and interest expense by investment category, and the average yield, average portfolio debt cost, and portfolio net interest margin for our average interest earning assets (by investment category) for the three months ended December 31, 2019 (dollar amounts in thousands):

Agency

Single-Family Credit (1)

Multi-
Family Credit (1)

Other

Total

Investment securities, available for sale, at fair value

$

973,835

$

715,314

$

267,777

$

49,214

$

2,006,140

Distressed and other residential mortgage loans, at fair value

1,429,754

1,429,754

Distressed and other residential mortgage loans, net

202,756

202,756

Residential collateralized debt obligations

(40,429

)

(40,429

)

Investments in unconsolidated entities

65,573

124,392

189,965

Preferred equity and mezzanine loan investments

180,045

180,045

Multi-family loans held in securitization trusts, at fair value

88,359

17,728,387

17,816,746

Multi-family collateralized debt obligations, at fair value

(16,724,451

)

(16,724,451

)

Residential mortgage loans held in securitization trust, at fair value

26,239

1,302,647

1,328,886

Residential collateralized debt obligations, at fair value

(1,052,829

)

(1,052,829

)

Other investments (2)

3,119

14,464

17,583

Carrying value

$

1,088,433

$

2,625,905

$

1,590,614

$

49,214

$

5,354,166

Liabilities:

Repurchase agreements

(945,926

)

(1,347,600

)

(811,890

)

(3,105,416

)

Subordinated debentures

(45,000

)

(45,000

)

Convertible notes

(132,955

)

(132,955

)

Hedges (net) (3)

15,878

15,878

Cash and restricted cash (4)

9,738

44,604

4,152

63,118

121,612

Goodwill

25,222

25,222

Other

(1,449

)

54,895

(10,123

)

(71,801

)

(28,478

)

Net capital allocated

$

166,674

$

1,377,804

$

772,753

$

(112,202

)

$

2,205,029

Total Debt Leverage Ratio (5)

1.5

Portfolio Leverage Ratio (6)

1.4

Net Interest Income - Three Months Ended December 31, 2019:

Interest Income (7)

$

6,799

$

30,098

$

33,498

$

1,345

$

71,740

Interest Expense

(5,428

)

(11,531

)

(7,384

)

(3,398

)

(27,741

)

Net Interest Income (Expense)

$

1,371

$

18,567

$

26,114

$

(2,053

)

$

43,999

Portfolio Net Interest Margin - Three Months Ended December 31, 2019:

Average Interest Earning Assets (8) (9)

$

1,100,787

$

2,347,406

$

1,169,134

$

49,498

$

4,666,825

Average Yield on Interest Earning Assets (10)

2.47

%

5.13

%

11.46

%

10.87

%

6.15

%

Average Portfolio Debt Cost (11)

(2.42

)%

(3.60

)%

(3.62

)%

(3.25

)%

Portfolio Net Interest Margin (12)

0.05

%

1.53

%

7.84

%

10.87

%

2.90

%

(1) The Company, through its ownership of certain securities, has determined it is the primary beneficiary of the Consolidated K-Series and Consolidated SLST and has consolidated both into the Company’s consolidated financial statements. Interest income amounts represent interest income earned by securities that are actually owned by the Company. A reconciliation of net interest income from the Single-Family and Multi-Family Credit portfolio is included below in “Additional Information.”
(2) Includes real estate under development in the amount of $14.5 million, other loan investments in the amount of $2.4 million and deferred interest related to residential mortgage loans held in securitization trust, at fair value of $0.7 million, all of which are included in the Company’s accompanying consolidated balance sheets in receivables and other assets.
(3) Includes derivative liabilities of $29.0 million netted against a $44.8 million variation margin.
(4) Restricted cash is included in the Company's accompanying consolidated balance sheets in receivables and other assets.
(5) Represents total debt divided by the Company's total stockholders' equity. Total debt does not include Multi-family CDOs amounting to $16.7 billion, SLST CDOs amounting to $1.1 billion and Residential CDOs amounting to $40.4 million that are consolidated in the Company's financial statements as they are non-recourse debt for which the Company has no obligation.
(6) Represents repurchase agreement borrowings divided by the Company's total stockholders' equity.
(7) Includes interest income earned on cash accounts held by the Company.
(8) Average Interest Earning Assets for the periods indicated exclude all Consolidated SLST and Consolidated K-Series assets other than those securities actually owned by the Company.
(9) Average Interest Earning Assets is calculated each quarter based on daily average amortized cost for the respective periods.
(10) Average Yield on Interest Earning Assets was calculated by dividing our annualized interest income by our Average Interest Earning Assets for the respective periods.
(11) Average Portfolio Debt Cost was calculated by dividing our annualized interest expense by our average interest bearing liabilities, excluding our subordinated debentures and convertible notes, which generated interest expense of approximately $0.7 million and $2.7 million, respectively.
(12) Portfolio Net Interest Margin is the difference between our Average Yield on Interest Earning Assets and our Average Portfolio Debt Cost, excluding the weighted average cost of subordinated debentures and convertible notes.


Conference Call

On Tuesday, February 25, 2020 at 9:00 a.m., Eastern Time, New York Mortgage Trust's executive management is scheduled to host a conference call and audio webcast to discuss the Company’s financial results for the three and twelve months ended December 31, 2019. The conference call dial-in number is (877) 312-8806. The replay will be available until Tuesday, March 3, 2020 and can be accessed by dialing (855) 859-2056 and entering passcode 8298881. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis, at the Company's website at http://www.nymtrust.com. Please allow extra time, prior to the call, to visit the site and download the necessary software to listen to the Internet broadcast.

In connection with the release of these financial results, the Company will also post a supplemental financial presentation that will accompany the conference call, on its website at www.nymtrust.com under "Events and Presentations." Full year 2019 financial and operating data can be viewed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which is expected to be filed with the Securities and Exchange Commission on or about February 28, 2020. A copy of the Form 10-K will be posted at the Company’s website as soon as reasonably practicable following its filing with the Securities and Exchange Commission.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust for federal income tax purposes (“REIT”). NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing mortgage-related and residential housing-related assets and targets structured multi-family property investments such as multi-family CMBS and preferred equity in, and mezzanine loans to, owners of multi-family properties, residential mortgage loans (including distressed residential mortgage loans, non-QM loans, second mortgage loans and other residential mortgage loans), non-Agency RMBS, Agency RMBS, Agency CMBS and other mortgage-related, residential housing-related and credit-related assets. For a list of defined terms used from time to time in this press release, see “Defined Terms” below.

Defined Terms

The following defines certain of the commonly used terms that may appear in this press release: “RMBS” refers to residential mortgage-backed securities comprised of adjustable-rate, hybrid adjustable-rate, fixed-rate, interest only and inverse interest only, and principal only securities; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of mortgage loans guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; “non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or any GSE; “Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; “Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “ARMs” refers to adjustable-rate residential mortgage loans; “residential securitized loans” refers to prime credit quality ARMs held in securitization trusts; “distressed residential mortgage loans” refers to pools of re-performing, non-performing, and other delinquent mortgage loans secured by first liens on one- to four-family properties; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “Agency CMBS” refers to CMBS representing interests in or obligations backed by pools of multi-family mortgage loans guaranteed by Freddie Mac; “multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “multi-family securitized loans” refers to the commercial mortgage loans included in the Consolidated K-Series; “CDO” refers to collateralized debt obligation; “Consolidated K-Series” refers to certain Freddie Mac-sponsored multi-family loan K-Series securitizations, of which we, or one of our special purpose entities, own the first loss PO securities and certain IO and/or senior or mezzanine securities issued by them, that we consolidate in our financial statements in accordance with GAAP; “Consolidated SLST” refers to a Freddie Mac-sponsored residential mortgage loan securitization, comprised of seasoned re-performing and non-performing residential mortgage loans, of which we own the first loss subordinated securities and certain IOs and senior securities that we consolidate in our financial statements in accordance with GAAP; “Multi-family CDOs” refers to the debt that permanently finances the multi-family mortgage loans held by the Consolidated K-Series that we consolidate in our financial statements in accordance with GAAP; “SLST CDOs” refers to the debt that permanently finances the residential mortgage loans held in Consolidated SLST that we consolidate in our financial statements in accordance with GAAP; “Residential CDOs” refers to the debt that permanently finances our residential mortgage loans held in securitization trusts, net that we consolidate in our financial statements in accordance with GAAP; “Agency” portfolio includes Agency RMBS and Agency CMBS; “Multi-Family Credit” portfolio includes multi-family CMBS, preferred equity and mezzanine loan investments and certain investments in unconsolidated entities that invest in multi-family credit assets; and “Single-Family Credit” portfolio includes distressed and other residential mortgage loans at fair value, distressed and other residential mortgage loans at carrying value, non-Agency RMBS, mortgage loans held for sale, mortgage loans held for investment and certain investments in unconsolidated entities that invest in single-family residential assets.

Additional Information

We determined that the Consolidated K-Series were variable interest entities and that we are the primary beneficiary of the Consolidated K-Series. As a result, we are required to consolidate the Consolidated K-Series’ underlying multi-family loans including their liabilities, income and expenses in our consolidated financial statements. Also, in the fourth quarter of 2019, the Company invested in first loss subordinated securities and certain IOs and senior securities issued by a Freddie Mac-sponsored residential mortgage loan securitization, which we refer to as Consolidated SLST. We determined that Consolidated SLST is a variable interest entity and that we are the primary beneficiary of Consolidated SLST. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential mortgage loans of Consolidated SLST including its liabilities, income and expenses in our consolidated financial statements. We have elected the fair value option on the assets and liabilities held within the Consolidated K-Series and Consolidated SLST, which requires that changes in valuations in the assets and liabilities of the Consolidated K-Series and Consolidated SLST be reflected in our consolidated statements of operations.

A reconciliation of our net interest income generated by our Multi-Family Credit portfolio to our consolidated financial statements for the three months ended December 31, 2019 is set forth below (dollar amounts in thousands):

For the Three Months Ended December 31, 2019

Interest income, multi-family loans held in securitization trusts

$

150,483

Interest income, investment securities, available for sale (1)

2,865

Interest income, preferred equity and mezzanine loan investments

5,239

Interest expense, multi-family collateralized debt obligations

(125,089

)

Interest income, Multi-Family Credit, net

33,498

Interest expense, repurchase agreements

(7,384

)

Net interest income, Multi-Family Credit

$

26,114

(1) Included in the Company’s accompanying consolidated statements of operations in interest income, investment securities and other interest earning assets.

A reconciliation of our net interest income generated by our Single-Family Credit portfolio to our consolidated financial statements for the three months ended December 31, 2019 is set forth below (dollar amounts in thousands):

For the Three Months Ended December 31, 2019

Interest income, distressed and other residential mortgage loans

$

24,751

Interest income, investment securities, available for sale (1)

8,292

Interest expense, SLST CDOs (2)

(2,945

)

Interest income, Single-Family Credit, net

30,098

Interest expense, repurchase agreements

(11,260

)

Interest expense, Residential CDOs (2)

(271

)

Net interest income, Single-Family Credit

$

18,567

(1) Included in the Company’s accompanying consolidated statements of operations in interest income, investment securities and other interest earning assets.
(2) Included in the Company’s accompanying consolidated statements of operations in interest expense, residential collateralized debt obligations.

Cautionary Statement Regarding Forward-Looking Statements

When used in this press release, in future filings with the Securities and Exchange Commission (“SEC”) or in other written or oral communications, statements which are not historical in nature, including those containing words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may” or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and, as such, may involve known and unknown risks, uncertainties and assumptions.

Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company’s business, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements. The following factors are examples of those that could cause actual results to vary from the Company’s forward-looking statements: changes in interest rates and the market value of the Company’s assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; market volatility; changes in prepayment rates on the loans the Company owns or that underlie the Company’s investment securities; increased rates of default and/or decreased recovery rates on the Company's assets; the Company's ability to identify and acquire its targeted assets, including assets in its investment pipeline; the Company’s ability to borrow to finance its assets and the terms thereof; changes in governmental laws, regulations or policies affecting the Company’s business; the Company’s ability to maintain its qualification as a REIT for federal tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. These and other risks, uncertainties and factors, including the risk factors described in the Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements it makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

CONTACT:

AT THE COMPANY

Kristine R. Nario-Eng

Chief Financial Officer

Phone: (646) 216-2363

Email: KNario@nymtrust.com

Mari Nitta

Investor Relations Associate

Phone: (646) 795-4066

Email: MNitta@nymtrust.com


FINANCIAL TABLES FOLLOW


NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)

December 31, 2019

December 31, 2018

(unaudited)

ASSETS

Investment securities, available for sale, at fair value

$

2,006,140

$

1,512,252

Distressed and other residential mortgage loans, at fair value

1,429,754

737,523

Distressed and other residential mortgage loans, net

202,756

285,261

Investments in unconsolidated entities

189,965

73,466

Preferred equity and mezzanine loan investments

180,045

165,555

Multi-family loans held in securitization trusts, at fair value

17,816,746

11,679,847

Residential mortgage loans held in securitization trust, at fair value

1,328,886

Derivative assets

15,878

10,263

Cash and cash equivalents

118,763

103,724

Real estate held for sale in consolidated variable interest entities

29,704

Goodwill

25,222

25,222

Receivables and other assets

169,214

114,821

Total Assets (1)

$

23,483,369

$

14,737,638

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Repurchase agreements

$

3,105,416

$

2,131,505

Multi-family collateralized debt obligations, at fair value

16,724,451

11,022,248

Residential collateralized debt obligations, at fair value

1,052,829

Residential collateralized debt obligations

40,429

53,040

Convertible notes

132,955

130,762

Subordinated debentures

45,000

45,000

Mortgages and notes payable in consolidated variable interest entities

31,227

Securitized debt

42,335

Accrued expenses and other liabilities

177,260

101,228

Total liabilities (1)

21,278,340

13,557,345

Commitments and Contingencies

Stockholders' Equity:

Preferred stock, par value $0.01 per share, 30,900,000 shares authorized, 20,872,888 and 12,000,000 shares issued and outstanding, respectively ($521,822,200 and $300,000,000 aggregate liquidation preference, respectively)

504,765

289,755

Common stock, par value $0.01 per share, 800,000,000 shares authorized, 291,371,039 and 155,589,528 shares issued and outstanding, respectively

2,914

1,556

Additional paid-in capital

1,821,785

1,013,391

Accumulated other comprehensive income (loss)

25,132

(22,135

)

Accumulated deficit

(148,863

)

(103,178

)

Company's stockholders' equity

2,205,733

1,179,389

Non-controlling interest in consolidated variable interest entities

(704

)

904

Total equity

2,205,029

1,180,293

Total Liabilities and Stockholders' Equity

$

23,483,369

$

14,737,638

(1) Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of December 31, 2019 and December 31, 2018, assets of consolidated VIEs totaled $19,270,384 and $11,984,374, respectively, and the liabilities of consolidated VIEs totaled $17,878,314 and $11,191,736, respectively.


NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands, except per share data)
(unaudited)

For the Three Months Ended
December 31,

For the Years Ended December 31,

2019

2018

2019

2018

INTEREST INCOME:

Investment securities and other interest earning assets

$

19,299

$

12,395

$

67,472

$

47,482

Distressed and other residential mortgage loans

24,751

9,154

71,017

28,569

Preferred equity and mezzanine loan investments

5,239

5,854

20,899

21,036

Multi-family loans held in securitization trusts

150,483

101,533

535,226

358,712

Total interest income

199,772

128,936

694,614

455,799

INTEREST EXPENSE:

Repurchase agreements and other interest bearing liabilities

24,072

13,376

90,821

44,050

Residential collateralized debt obligations

3,216

431

4,379

1,779

Multi-family collateralized debt obligations

125,089

88,792

457,130

313,102

Convertible notes

2,716

2,673

10,813

10,643

Subordinated debentures

680

721

2,865

2,743

Securitized debt

1,070

742

4,754

Total interest expense

155,773

107,063

566,750

377,071

NET INTEREST INCOME

43,999

21,873

127,864

78,728

NON-INTEREST INCOME:

Recovery of (provision for) loan losses

175

(2,492

)

2,780

(1,257

)

Realized gains (losses), net

86

(548

)

32,642

(7,775

)

Unrealized gains (losses), net

21,940

(4,736

)

35,837

52,781

Loss on extinguishment of debt

(2,857

)

Income from real estate held for sale in consolidated variable interest entities

1,404

215

6,163

Other income

11,425

7,589

25,831

16,568

Total non-interest income

33,626

1,217

94,448

66,480

GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:

General and administrative expenses

9,327

6,740

35,131

22,868

Base management and incentive fees

2,880

1,235

5,366

Expenses related to distressed and other residential mortgage loans

3,182

3,377

12,987

8,908

Expenses related to real estate held for sale in consolidated variable interest entities

1,094

482

4,328

Total general, administrative and operating expenses

12,509

14,091

49,835

41,470

INCOME FROM OPERATIONS BEFORE INCOME TAXES

65,116

8,999

172,477

103,738

Income tax benefit

(172

)

(511

)

(419

)

(1,057

)

NET INCOME

65,288

9,510

172,896

104,795

Net loss (income) attributable to non-controlling interest in consolidated variable interest entities

195

91

840

(1,909

)

NET INCOME ATTRIBUTABLE TO COMPANY

65,483

9,601

173,736

102,886

Preferred stock dividends

(10,175

)

(5,925

)

(28,901

)

(23,700

)

NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS

$

55,308

$

3,676

$

144,835

$

79,186

Basic earnings per common share

$

0.20

$

0.02

$

0.65

$

0.62

Diluted earnings per common share

$

0.20

$

0.02

$

0.64

$

0.61

Weighted average shares outstanding-basic

275,121

148,871

221,380

127,243

Weighted average shares outstanding-diluted

296,347

149,590

242,596

147,450


NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
SUMMARY OF QUARTERLY EARNINGS
(Dollar amounts in thousands, except per share data)
(unaudited)

For the Three Months Ended

December 31, 2019

September 30, 2019

June 30, 2019

March 31, 2019

December 31, 2018

Net interest income

$

43,999

$

31,971

$

25,691

$

26,203

$

21,873

Total non-interest income

33,626

21,396

8,561

30,865

1,217

Total general, administrative and operating expenses

12,509

12,288

12,394

12,644

14,091

Income from operations before income taxes

65,116

41,079

21,858

44,424

8,999

Income tax (benefit) expense

(172

)

(187

)

(134

)

74

(511

)

Net income

65,288

41,266

21,992

44,350

9,510

Net loss (income) attributable to non-controlling interest in consolidated variable interest entities

195

113

743

(211

)

91

Net income attributable to Company

65,483

41,379

22,735

44,139

9,601

Preferred stock dividends

(10,175

)

(6,544

)

(6,257

)

(5,925

)

(5,925

)

Net income attributable to Company's common stockholders

55,308

34,835

16,478

38,214

3,676

Basic earnings per common share

$

0.20

$

0.15

$

0.08

$

0.22

$

0.02

Diluted earnings per common share

$

0.20

$

0.15

$

0.08

$

0.21

$

0.02

Weighted average shares outstanding - basic

275,121

234,043

200,691

174,421

148,871

Weighted average shares outstanding - diluted

296,347

255,537

202,398

194,970

149,590

Book value per common share

$

5.78

$

5.77

$

5.75

$

5.75

$

5.65

Dividends declared per common share

$

0.20

$

0.20

$

0.20

$

0.20

$

0.20

Dividends declared per preferred share on Series B Preferred Stock

$

0.48

$

0.48

$

0.48

$

0.48

$

0.48

Dividends declared per preferred share on Series C Preferred Stock

$

0.49

$

0.49

$

0.49

$

0.49

$

0.49

Dividends declared per preferred share on Series D Preferred Stock

$

0.50

$

0.50

$

0.50

$

0.50

$

0.50

Dividends declared per preferred share on Series E Preferred Stock

$

0.48

$

$

$

$