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New York Mortgage Trust

Financials

Price	6.04	EPS	0
Shares	263	P/E	13
MCap	1,586	P/FCF	60
Net Debt	159	EBIT	635
TEV	1,746	TEV/EBIT	3
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-11-06
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-26
10-K	2019-12-31	Filed 2020-02-28
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-06
10-Q	2019-03-31	Filed 2019-05-07
10-K	2018-12-31	Filed 2019-02-25
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-06
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-02-27
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-07
10-Q	2017-03-31	Filed 2017-05-09
10-K	2016-12-31	Filed 2017-02-28
10-Q	2016-09-30	Filed 2016-11-03
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-05-05	Filed 2016-05-05
10-K	2015-12-31	Filed 2016-02-25
10-Q	2015-09-30	Filed 2015-11-05
10-Q	2015-06-30	Filed 2015-08-06
10-Q	2015-03-31	Filed 2015-05-07
10-K	2014-12-31	Filed 2015-02-27
10-Q	2014-09-30	Filed 2014-11-06
10-Q	2014-06-30	Filed 2014-08-07
10-Q	2014-03-31	Filed 2014-05-08
10-K	2013-12-31	Filed 2014-03-10
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-18
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-04
10-K	2011-12-31	Filed 2012-03-12
10-Q	2011-09-30	Filed 2011-11-04
10-Q	2011-06-30	Filed 2011-08-04
10-Q	2011-03-31	Filed 2011-05-05
10-K	2010-12-31	Filed 2011-03-04
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-08-04
10-Q	2010-03-31	Filed 2010-05-06
10-K	2009-12-31	Filed 2010-03-08

Reports

8-K	2020-11-05
8-K	2020-09-14
8-K	2020-08-05
8-K	2020-07-06
8-K	2020-06-29
8-K	2020-06-15
8-K	2020-05-21
8-K	2020-05-04
8-K	2020-04-24
8-K	2020-04-20
8-K	2020-03-23
8-K	2020-02-24
8-K	2020-02-10
8-K	2020-02-10
8-K	2020-01-07
8-K	2019-12-10
8-K	2019-11-27
8-K	2019-11-19
8-K	2019-11-05
8-K	2019-10-28
8-K	2019-10-18
8-K	2019-10-10
8-K	2019-10-10
8-K	2019-09-18
8-K	2019-09-10
8-K	2019-09-09
8-K	2019-08-05
8-K	2019-07-17
8-K	2019-07-17
8-K	2019-06-28
8-K	2019-06-14
8-K	2019-05-24
8-K	2019-05-08
8-K	2019-05-06
8-K	2019-04-22
8-K	2019-03-28
8-K	2019-03-19
8-K	2019-03-15
8-K	2019-02-26
8-K	2019-02-21
8-K	2019-01-08
8-K	2019-01-07
8-K	2018-12-04
8-K	2018-11-07
8-K	2018-11-05
8-K	2018-09-19
8-K	2018-09-17
8-K	2018-09-10
8-K	2018-08-09
8-K	2018-08-02
8-K	2018-06-18
8-K	2018-06-05
8-K	2018-06-04
8-K	2018-05-03
8-K	2018-04-20
8-K	2018-03-19
8-K	2018-03-15
8-K	2018-03-12
8-K	2018-02-20
8-K	2018-02-02

New York Mortgage Trust Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

nymt-20200930

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ____________

Commission file number 001-32216

NEW YORK MORTGAGE TRUST, INC.

(Exact Name of Registrant as Specified in Its Charter)


Maryland			47-0934168
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

90 Park Avenue, New York, New York 10016

(Address of Principal Executive Office) (Zip Code)

(212) 792-0107

(Registrant’s Telephone Number, Including Area Code)

Title of Each Class

Trading Symbols)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

NYMT

NASDAQ

Stock Market

7.75% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference

NYMTP

NASDAQ

Stock Market

7.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference

NYMTO

NASDAQ

Stock Market

8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference

NYMTN

NASDAQ

Stock Market

7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference

NYMTM

NASDAQ

Stock Market

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

Table of Contents

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 ☒

The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding on November 6, 2020 was 377,744,476.

NEW YORK MORTGAGE TRUST, INC.

FORM 10-Q


PART I. Financial Information
	Item 1. Condensed Consolidated Financial Statements
	Condensed Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019	4
	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019	5
	Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Ni ne Months Ended Sept ember 30, 2020 and 2019	6
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019	7
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019	9
	Unaudited Notes to the Condensed Consolidated Financial Statements	11
	Note 1. Organization	11
	Note 2. Summary of Significant Accounting Policies	12
	Note 3. Investment Securities Available For Sale, at Fair Value	19
	Note 4. Residential Loans, at Fair Value	23
	Note 5. Residential Loans, Net	27
	Note 6. Consolidated K-Series	30
	Note 7. Investments in Unconsolidated Entities	32
	Note 8. Preferred Equity and Mezzanine Loan Investments	35
	Note 9. Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE)	36
	Note 10. Derivative Instruments and Hedging Activities	40
	Note 11. Repurchase Agreements	42
	Note 12. Debt	44
	Note 13. Commitments and Contingencies	46
	Note 14. Fair Value of Financial Instruments	47
	Note 15. Stockholders' Equity	57
	Note 16. Earnings (Loss) Per Common Share	61
	Note 17. Stock Based Compensation	63
	Note 18. Income Taxes	67
	Note 19. Subsequent Events	69
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	70
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	116
	Item 4. Controls and Procedures	122
PART II. OTHER INFORMATION
	Item 1A. Risk Factors	123
	Item 6. Exhibits	124

SIGNATURES		126

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except share data)


	September 30, 2020		December 31, 2019
	(unaudited)
ASSETS
Investment securities available for sale, at fair value	$	603,697	$	2,006,140
Residential loans, at fair value	2,822,789		2,758,640
Residential loans, net	—		202,756
Investments in unconsolidated entities	218,706		189,965
Preferred equity and mezzanine loan investments	183,154		180,045
Multi-family loans held in securitization trusts, at fair value	—		17,816,746

Derivative assets	—		15,878

Cash and cash equivalents	649,822		118,763


Goodwill	—		25,222
Receivables and other assets	142,945		169,214
Total Assets (1)	$	4,621,113	$	23,483,369
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Repurchase agreements	$	672,519	$	3,105,416
Securitized debt	88,791		—
Multi-family collateralized debt obligations, at fair value	—		16,724,451
Residential collateralized debt obligations, at fair value	1,077,980		1,052,829
Residential collateralized debt obligations	268,820		40,429
Convertible notes	134,720		132,955
Subordinated debentures	45,000		45,000



Accrued expenses and other liabilities	79,900		177,260
Total liabilities (1)	2,367,730		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 aggregate liquidation preference)	504,765		504,765
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 377,744,476 and 291,371,039 shares issued and outstanding, respectively	3,777		2,914
Additional paid-in capital	2,340,395		1,821,785
Accumulated other comprehensive (loss) income	(11,938)		25,132
Accumulated deficit	(583,616)		(148,863)
Company's stockholders' equity	2,253,383		2,205,733
Non-controlling interest in consolidated variable interest entities	—		(704)
Total equity	2,253,383		2,205,029
Total Liabilities and Stockholders' Equity	$	4,621,113	$	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 September 30, 2020 and December 31, 2019, assets of consolidated VIEs totaled $1,852,657 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,440,936 and $17,878,314, respectively. See Note 9 for further discussion.

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

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 September 30,				For the Nine Months Ended September 30,
	2020		2019		2020			2019
INTEREST INCOME:
Investment securities and other interest earning assets	$	9,354	$	17,503	$	41,801		$	48,173
Residential loans	30,704		16,776		94,424			46,266
Preferred equity and mezzanine loan investments	5,300		5,505		15,875			15,660
Multi-family loans held in securitization trusts	—		139,818		151,841			384,743
Total interest income	45,358		179,602		303,941			494,842

INTEREST EXPENSE:
Repurchase agreements and other interest bearing liabilities	5,341		23,540		34,321			66,749

Residential collateralized debt obligations	9,722		338		26,782			1,162
Multi-family collateralized debt obligations	—		120,329		129,762			332,041
Convertible notes	2,759		2,713		8,234			8,097
Subordinated debentures	483		711		1,714			2,185
Securitized debt	1,524		—		1,994			742
Total interest expense	19,829		147,631		202,807			410,976

NET INTEREST INCOME	25,529		31,971		101,134			83,866

NON-INTEREST INCOME (LOSS):
Recovery of loan losses	—		244		—			2,605
Realized (losses) gains, net	(1,067)		6,102		(149,919)			32,556
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	81,198		11,112		(212,711)			13,898
Impairment of goodwill	—		—		(25,222)			—
Loss on extinguishment of debt	—		—		—			(2,857)

Other income	10,397		3,938		14,910			14,620
Total non-interest income (loss)	90,528		21,396		(427,060)			60,822

GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	10,529		8,314		33,157		</

EX-31.1	ex311september2020.htm
EX-31.2	ex312september2020.htm
EX-32.1	ex321september2020.htm

NYMT 10Q Quarterly Report

New York Mortgage Trust Earnings 2020-09-30