Company Quick10K Filing
Hunt Companies Finance Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 24 $82
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-18 Annual: 2018-12-31
10-Q 2018-11-14 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-16 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-16 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-23 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-14 Quarter: 2014-09-30
10-Q 2014-08-14 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-12 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
8-K 2020-01-03 Enter Agreement, Leave Agreement, Sale of Shares, Officers, Regulation FD, Exhibits
8-K 2019-12-04 Regulation FD, Exhibits
8-K 2019-11-07 Earnings, Other Events, Exhibits
8-K 2019-09-17 Regulation FD, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-06-10 Shareholder Vote, Regulation FD, Exhibits
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-04-19 Accountant, Exhibits
8-K 2019-03-14 Enter Agreement, Earnings, Officers, Regulation FD, Exhibits
8-K 2019-02-14 Amend Bylaw, Other Events, Exhibits
8-K 2019-01-15 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-15 Regulation FD
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-11-14 Earnings, Exhibits
8-K 2018-11-05 Earnings, Amendment, Exhibits
8-K 2018-09-06 Officers, Regulation FD, Exhibits
8-K 2018-08-20 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-07-03 Regulation FD, Exhibits
8-K 2018-06-21 Shareholder Vote
8-K 2018-05-24 Enter Agreement, Amend Bylaw, Exhibits
8-K 2018-05-17 Regulation FD, Exhibits
8-K 2018-05-10 Earnings, Regulation FD, Exhibits
8-K 2018-04-30 Enter Agreement, Regulation FD, Exhibits
8-K 2018-03-16 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-01-18 Enter Agreement, Leave Agreement, Sale of Shares, Officers, Regulation FD, Exhibits
8-K 2018-01-05 Regulation FD, Exhibits
HCFT 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Business Operations
Note 2 - Summary of Significant Accounting Policies
Note 3 - Commercial Mortgage Loans Held-For-Investment
Note 4 Available-For-Sale Securities
Note 5 - The Fremf Trusts
Note 6 - Residential Mortgage Loan Securitization Trusts
Note 7 - Use of Special Purpose Entities and Variable Interest Entities
Note 8 - Restricted Cash
Note 9 - Secured Term Loan
Note 10 - Derivative Instruments Hedging and Non-Hedging
Note 11 - Msrs
Note 12 - Fair Value
Note 13 Related Party Transactions
Note 14 - Guarantees
Note 15 Commitments and Contingencies
Note 16 - Equity
Note 17 - Earnings per Share
Note 18 - Segment Reporting
Note 19 - Income Taxes
Note 20 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a20190930exhibit31-1.htm
EX-31.2 a20190930exhibit31-2.htm
EX-32.1 a20190930exhibit32-1.htm
EX-32.2 a20190930exhibit32-2.htm

Hunt Companies Finance Trust Earnings 2019-09-30

HCFT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EARN 134 1,697 1,542 0 0 -0 36 92 2.6 -0%
CDOR 114 247 145 63 23 0 19 241 37% 12.4 0%
SOHO 106 497 389 184 48 -3 40 431 26% 10.8 -1%
SACH 89 96 27 12 0 7 7 87 0% 12.4 7%
HCFT 82 657 548 0 0 8 15 32 2.2 1%
IMH 67 3,500 3,398 55 0 -61 111 59 0% 0.5 -2%
LOAN 60 57 24 5 0 4 5 60 0% 13.2 8%
IOR 52 98 0 0 0 9 12 52 4.5 9%
RVEN 44 93 64 0 0 -3 3 91 35.7 -3%
TRMT 33 272 185 0 0 2 2 207 130.0 1%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ________ to ____________ 
Commission File No. 001-35845 
HUNT COMPANIES FINANCE TRUST, INC.
(Exact name of registrant as specified in its charter) 
Maryland45-4966519
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification Number)
230 Park Avenue, 19th Floor, New York, New York 10169
(Address of principal executive office) (Zip Code)
(212) 521-6323
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report) 
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class:Trading Symbol(s)Name of Exchange on Which Registered:
Common Stock, par value $0.01 per shareHCFTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” "smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  
Large accelerated filer
Accelerated Filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at November 7, 2019
Common stock, $0.01 par value 23,687,664  





HUNT COMPANIES FINANCE TRUST, INC.
 
INDEX
 
 
   
Item 1. 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
   
   
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
   
 





PART I - FINANCIAL INFORMATION
Item 1. Financial Statements 

HUNT COMPANIES FINANCE TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
 September 30, 2019
December 31, 2018(1)
 (unaudited) 
ASSETS  
Cash and cash equivalents$10,300,620  $7,882,862  
Restricted cash81,037,212  51,330,950  
Commercial mortgage loans held-for-investment, at amortized cost559,521,552  555,172,891  
Receivables held in securitization trusts, at fair value(1)
  24,357,335  
Mortgage servicing rights, at fair value2,713,809  3,997,786  
Deferred offering costs59,367  126,516  
Accrued interest receivable2,240,813  2,430,790  
Investment related receivable   33,042,234  
Other assets1,477,843  1,010,671  
Total assets$657,351,216  $679,352,035  
LIABILITIES AND STOCKHOLDERS' EQUITY  
LIABILITIES:  
Collateralized loan obligations, net505,438,271  503,978,918  
Secured Term Loan, net39,275,571    
Multi-family securitized debt obligations(1)
  19,231,331  
Accrued interest payable815,393  1,231,649  
Dividends payable1,780,367  1,465,610  
Fees and expenses payable to Manager735,561  1,175,000  
Other accounts payable and accrued expenses84,600  2,066,189  
Total liabilities548,129,763  529,148,697  
COMMITMENTS AND CONTINGENCIES (NOTES 14 & 15)
EQUITY:  
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 0 issued and outstanding at September 30, 2019 and 1,610,000 issued and outstanding at December 31, 2018, respectively  37,156,972  
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,687,664 shares issued and outstanding, at September 30, 2019 and December 31, 2018, respectively236,877  236,832  
Additional paid-in capital228,153,442  231,305,743  
Cumulative distributions to stockholders(120,456,361) (114,757,019) 
Accumulated earnings (deficit)1,187,995  (3,838,690) 
Total stockholders' equity109,121,953  150,103,838  
Noncontrolling interests$99,500  $99,500  
Total equity$109,221,453  $150,203,338  
Total liabilities and equity$657,351,216  $679,352,035  

(1)  Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of December 31, 2018, assets of consolidated VIEs totaled $24,357,335, and the liabilities of consolidated VIEs totaled $19,595,186 respectively. See Note 5 for further discussion.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1




HUNT COMPANIES FINANCE TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended September 30, 2019Three Months Ended September 30, 2018Nine Months Ended September 30, 2019Nine Months Ended September 30, 2018
Revenues:  
Interest income:  
Available-for-sale securities$  $  $  $10,748,966  
Commercial mortgage loans held-for-investment9,825,455  9,365,400  30,018,760  15,259,400  
Multi-family loans held in securitization trusts  336,824  78,361  20,540,942  
Residential loans held in securitization trusts      2,102,352  
Cash and cash equivalents6,551  17,024  6,551  134,002  
Interest expense:  
Repurchase agreements - available-for-sale securities      (7,637,242) 
Collateralized loan obligations(5,244,001) (4,366,632) (16,147,178) (7,255,799) 
Secured term loan(792,121)   (1,907,348)   
Multi-family securitized debt obligations  (237,980)   (19,404,532) 
Residential securitized debt obligations      (1,685,971) 
Net interest income3,795,884  5,114,636  12,049,146  12,802,118  
Other income:  
Realized gain (loss) on investments, net  (13,617) (709,439) (33,358,905) 
Realized gain (loss) on derivative contracts, net      25,984,870  
Change in unrealized gain (loss) on derivative contracts, net      (5,349,613) 
Change in unrealized gain (loss) on mortgage servicing rights(444,860) 103,512  (1,283,977) 1,245,264  
Change in unrealized gain (loss) on multi-family loans held in securitization trusts  957,549  694,339  (5,861,373) 
Change in unrealized gain (loss) on residential loans held in securitization trusts      5,650,199  
Servicing income, net243,265  285,745  676,944  702,127  
Other income  27,942    88,434  
Total other income (loss)(201,595) 1,361,131  (622,133) (10,898,997) 
Expenses:  
Management fee557,833  586,926  1,677,456  1,767,252  
General and administrative expenses904,413  796,600  3,266,757  3,148,945  
Operating expenses reimbursable to manager175,174  548,132  1,232,211  1,865,057  
Other operating expenses19,212  136,400  204,228  742,059  
Compensation expense46,585  54,683  146,672  201,845  
Total expenses1,703,217  2,122,741  6,527,324  7,725,158  
Net income (loss) before provision for income taxes1,891,072  4,353,026  4,899,689  (5,822,037) 
(Provision for) income taxes266,676    126,996    
Net income (loss)2,157,748  4,353,026  5,026,685  (5,822,037) 
Dividends to preferred stockholders(3,792) (880,509) (488,056) (2,631,744) 
Deemed dividend on preferred stock related to redemption    (3,093,028)   
Net income (loss) attributable to common stockholders$2,153,956  $3,472,517  $1,445,601  $(8,453,781) 
Earnings (loss) per share:  
Net income (loss) attributable to common stockholders (basic and diluted)$2,153,956  $3,472,517  $1,445,601  $(8,453,781) 
Weighted average number of shares of common stock outstanding23,687,664  23,687,273  23,687,664  23,588,688  
Basic and diluted income (loss) per share$0.09  $0.15  $0.06  $(0.36) 
Dividends declared per share of common stock$0.08  $0.06  $0.22  $0.22  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2




HUNT COMPANIES FINANCE TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended September 30, 2019Three Months Ended September 30, 2018Nine Months Ended September 30, 2019Nine Months Ended September 30, 2018
Net income (loss)$2,157,748  $4,353,026  $5,026,685  $(5,822,037) 
Other comprehensive income (loss):  
Reclassification adjustment for net gain (loss) included in net income (loss)      12,617,794  
Total other comprehensive income (loss)      12,617,794  
Less: Dividends to preferred stockholders(3,792) (880,509) (488,056) (2,631,744) 
Less: Deemed dividend on preferred stock related to redemption    (3,093,028)   
Comprehensive income (loss) attributable to common stockholders$2,153,956  $3,472,517  $1,445,601  $4,164,013  
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3




HUNT COMPANIES FINANCE TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Changes in Equity
(unaudited)
 Preferred StockCommon StockAdditional
Paid-in
Capital
Cumulative
Distributions to
Stockholders
Accumulated
Earnings
(Deficit)
Noncontrolling interestsTotal
Equity
 SharesPar ValueSharesPar Value
Balance at December 31, 20181,610,000  $37,156,972  23,687,664  $236,832  $231,305,743  $(114,757,019) $(3,838,690) $99,500  $150,203,338  
Issuance of common stock, net—  —  —  —  —  —  —  —  —  
Cost of issuing common stock—  —  —  —  (22,383) —  —  —  (22,383) 
Redemption of preferred stock, net(1,610,000) (37,156,972) —  —  (3,093,028) —  —  —  (40,250,000) 
Restricted stock compensation expense—  —  —  —  3,773  —  —  —  3,773  
Net income (loss)—  —  —  —  —  —  1,474,767  —  1,474,767  
Common dividends declared—  —  —  —  —  (1,658,136) —  —  (1,658,136) 
Preferred dividends declared—  —  —  —  —  (480,472) —  —  (480,472) 
Balance at March 31, 2019  $  23,687,664  $236,832  $228,194,105  $(116,895,627) $(2,363,923) $99,500  $109,270,887  
Issuance of common stock, net—  —  —  —  —  —  —  —  —  
Cost of issuing common stock—  —  —  —  (22,382) —  —  —  (22,382) 
Restricted stock compensation expense—  —  —  —  3,814  —  —  —  3,814  
Net income (loss)—  —  —  —  —  —  1,394,170  —  1,394,170  
Common dividends declared—  —  —  —  —  (1,776,575) —  —  (1,776,575) 
Preferred dividends declared—  —  —  —  —  (3,792) —  —  (3,792) 
Balance at June 30, 2019  $  23,687,664  $236,832  $228,175,537  $(118,675,994) $(969,753) $99,500  $108,866,122  
Issuance of common stock, net—  —  4,500  45  15,255  —  —  —  $15,300  
Cost of issuing common stock—  —  —  —  (22,385) —  —  —  $(22,385) 
Restricted stock compensation expense—  —  (4,500) —  (14,965) —  —  —  $(14,965) 
Net income (loss)—  —  —  —  —  —  2,157,748  —  $2,157,748  
Common dividends declared—  —  —  —  —  (1,776,575) —  —  $(1,776,575) 
Preferred dividends declared—  —  —  —  —  (3,792) —  —  $(3,792) 
Balance at September 30, 2019    23,687,664  236,877  228,153,442  (120,456,361) 1,187,995  99,500  109,221,453  
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4




HUNT COMPANIES FINANCE TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Changes in Equity
(unaudited)
 Preferred StockCommon StockAdditional
Paid in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Cumulative
Distributions
to
Stockholders
Accumulated
Earnings
(Deficit)
Total
Equity
 SharesPar ValueSharesPar Value
Balance at December 31, 20171,610,000  $37,156,972  22,143,758  $221,393  $224,048,169  $(12,617,794) $(104,650,235) $1,632,772  145,791,277  
Issuance of common stock, net—  —  1,539,406  15,394  7,327,573  —  —  —  7,342,967  
Cost of issuing common stock—  —  —  —  (32,383) —  —  —  (32,383) 
Restricted stock compensation expense—  —  —  —  4,804  —  —  —  4,804  
Net income (loss)—  —  —  —  —  —  —  11,315,000  11,315,000  
Increase (decrease) in net unrealized gain (loss) on available-for-sale securities, net—  —  —  —  —  (12,154,936) —  —  (12,154,936) 
Reclassification adjustment for net gain (loss) included in net income (loss)—  —  —  —  —  1,289,589  —  —  1,289,589  
Common dividends declared—  —  —  —  —  —  (2,314,686) —  (2,314,686) 
Preferred dividends declared—  —  —  —  —  —  (880,509) —  (880,509) 
Balance at March 31, 20181,610,000  $37,156,972  23,683,164  $236,787  $231,348,163  $(23,483,141) $(107,845,430) $12,947,772