10-Q 1 nymt-20220331.htm 10-Q nymt-20220331
December 31FALSE00012736852022Q1Derivative Instruments and Hedging Activities
The Company enters into derivative instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, swaptions, futures and options on futures. The Company may also purchase or sell “To-Be-Announced,” or TBAs, purchase options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The Company's derivative instruments, comprised of interest rate swaps which were designated as trading instruments, were terminated during the three months ended March 31, 2020. The Company had no outstanding derivatives as of March 31, 2022 and December 31, 2021.
Derivatives Not Designated as Hedging Instruments
The table below summarizes the activity of derivative instruments not designated as hedging instruments for the three months ended March 31, 2021 (dollar amounts in thousands):

Notional Amount For the Three Months Ended March 31, 2021
Type of Derivative InstrumentDecember 31, 2020AdditionsTerminations March 31, 2021
Interest rate swaps$495,500 $— $(495,500)$— 

The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our condensed consolidated statements of operations for the twelve months ended March 31, 2021 (dollar amounts in thousands):

For the Three Months Ended March 31, 2021
Realized Gains (Losses)Unrealized Gains (Losses)
Interest rate swaps$(73,078)$28,967 
Total$(73,078)$28,967 
The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under the applicable derivative agreement, the Company may be unable to collect payments to which it is entitled under its derivative agreements and may have difficulty collecting the assets it pledged as collateral against such derivatives. All of the Company's interest rate swaps were cleared through CME Group Inc. ("CME Clearing") which is the parent company of the Chicago Mercantile Exchange Inc. CME Clearing serves as the counterparty to every cleared transaction, becoming the buyer to each seller and the seller to each buyer, limiting the credit risk by guaranteeing the financial performance of both parties and netting down exposures.
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The table below summarizes the activity of derivative instruments not designated as hedging instruments for the three months ended March 31, 2021 (dollar amounts in thousands):

Notional Amount For the Three Months Ended March 31, 2021
Type of Derivative InstrumentDecember 31, 2020AdditionsTerminations March 31, 2021
Interest rate swaps$495,500 $— $(495,500)$— 
495,500495,500
The following table presents the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in non-interest income (loss) in our condensed consolidated statements of operations for the twelve months ended March 31, 2021 (dollar amounts in thousands):

For the Three Months Ended March 31, 2021
Realized Gains (Losses)Unrealized Gains (Losses)
Interest rate swaps$(73,078)$28,967 
Total$(73,078)$28,967 
73,07828,96773,07828,96710.142714400.6667P3YP3YP3YP3YP3Y
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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 March 31, 2022
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 number 001-32216
NEW YORK MORTGAGE TRUST, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland47-0934168
(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)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareNYMTNASDAQ Stock Market
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTNNASDAQ Stock Market
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTMNASDAQ Stock Market
6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTLNASDAQStock Market
7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTZNASDAQStock 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 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 FilerAccelerated FilerNon-Accelerated FilerSmaller Reporting CompanyEmerging 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


The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding on May 5, 2022 was 381,249,031.



NEW YORK MORTGAGE TRUST, INC.

FORM 10-Q
 
 
 
 
 
 
 
 
 
 
 
 
 


PART I.  FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

The accompanying notes are an integral part of the condensed consolidated financial statements.
3

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
March 31, 2022December 31, 2021
(unaudited) 
ASSETS  
Residential loans, at fair value$3,953,427 $3,575,601 
Multi-family loans, at fair value110,208 120,021 
Investment securities available for sale, at fair value145,780 200,844 
Equity investments, at fair value225,300 239,631 
Cash and cash equivalents303,762 289,602 
Real estate, net1,534,833 1,017,583 
Other assets268,442 215,019 
Total Assets (1)
$6,541,752 $5,658,301 
LIABILITIES AND EQUITY  
Liabilities:  
Repurchase agreements$927,049 $554,259 
Collateralized debt obligations ($754,264 at fair value and $1,143,855 at amortized cost, net as of March 31, 2022 and $839,419 at fair value and $682,802 at amortized cost, net as of December 31, 2021)
1,898,119 1,522,221 
Convertible notes 137,898 
Senior unsecured notes96,870 96,704 
Subordinated debentures45,000 45,000 
Mortgages payable on real estate, net 1,083,371 709,356 
Other liabilities 187,981 161,081 
Total liabilities (1)
4,238,390 3,226,519 
Commitments and Contingencies (See Note 13)
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities53,361 66,392 
Stockholders' Equity:  
Preferred stock, par value $0.01 per share, 31,500,000 and 29,500,000 shares authorized as of March 31, 2022 and December 31, 2021, respectively, 22,284,994 shares issued and outstanding ($557,125 aggregate liquidation preference)
538,221 538,221 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 381,249,031 and 379,405,240 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
3,812 3,794 
Additional paid-in capital2,357,910 2,356,576 
Accumulated other comprehensive (loss) income(410)1,778 
Accumulated deficit(681,915)(559,338)
Company's stockholders' equity2,217,618 2,341,031 
Non-controlling interest in consolidated variable interest entities32,383 24,359 
Total equity2,250,001 2,365,390 
Total Liabilities and Equity$6,541,752 $5,658,301 

(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 March 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $3,872,784 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,030,539 and $2,235,665, respectively. See Note 7 for further discussion.
The accompanying notes are an integral part of the condensed consolidated financial statements.
4

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(unaudited)
For the Three Months Ended
March 31,
20222021
NET INTEREST INCOME:  
Interest income$58,501 $50,039 
Interest expense28,622 19,699 
Total net interest income29,879 30,340 
NON-INTEREST (LOSS) INCOME:  
Realized gains, net3,806 7,058 
Unrealized (losses) gains, net(83,659)26,166 
Income from equity investments6,053 3,399 
Income from real estate25,589 1,495 
Other income1,427 1,602 
Total non-interest (loss) income(46,784)39,720 
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses
14,358 11,441 
Expenses related to real estate47,989 2,924 
Portfolio operating expenses9,489 4,830 
Total general, administrative and operating expenses
71,836 19,195 
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES(88,741)50,865 
Income tax (benefit) expense(22)66 
NET (LOSS) INCOME(88,719)50,799 
Net loss attributable to non-controlling interest in consolidated variable interest entities14,869 1,409 
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY(73,850)52,208 
Preferred stock dividends(10,493)(10,297)
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$(84,343)$41,911 
Basic (loss) earnings per common share$(0.22)$0.11 
Diluted (loss) earnings per common share$(0.22)$0.11 
Weighted average shares outstanding-basic380,795 378,881 
Weighted average shares outstanding-diluted380,795 380,815 
The accompanying notes are an integral part of the condensed consolidated financial statements.
5

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Dollar amounts in thousands)
(unaudited)
For the Three Months Ended
March 31,
20222021
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$(84,343)$41,911 
OTHER COMPREHENSIVE (LOSS) INCOME  
(Decrease) increase in fair value of available for sale securities(2,188)638 
Reclassification adjustment for net loss included in net income  2,242 
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME(2,188)2,880 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$(86,531)$44,791 
The accompanying notes are an integral part of the condensed consolidated financial statements.
6

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Dollar amounts in thousands)
(unaudited)

For the Three Months Ended
Common
Stock
Preferred
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Income (Loss)
Total Company Stockholders' EquityNon-Controlling Interest in Consolidated VIEsTotal
Balance, December 31, 2021$3,794 $538,221 $2,356,576 $(559,338)$1,778 $2,341,031 $24,359 $2,365,390 
Net loss ($(12,628) allocated to redeemable non-controlling interest)
— — — (73,850)— (73,850)(2,241)(76,091)
Stock based compensation expense, net
18 — 1,334 — — 1,352 — 1,352 
Dividends declared on common stock
— — — (38,125)— (38,125)— (38,125)
Dividends declared on preferred stock
— — — (10,493)— (10,493)— (10,493)
Dividends attributable to dividend equivalents— — — (109)— (109)— (109)
Decrease in fair value of available for sale securities— — — — (2,188)(2,188)— (2,188)
Increase in non-controlling interest related to initial consolidation of VIEs— — — — — — 10,488 10,488 
Decrease in non-controlling interest related to distributions from Consolidated VIEs— — — — — — (223)(223)
Balance, March 31, 2022$3,812 $538,221 $2,357,910 $(681,915)$(410)$2,217,618 $32,383 $2,250,001 
For the Three Months Ended
Common
Stock
Preferred
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Income (Loss)
Total Company Stockholders' EquityNon-Controlling Interest in Consolidated VIEsTotal
Balance, December 31, 2020$3,777 $504,765 $2,342,934 $(551,268)$994 $2,301,202 $6,371 $2,307,573 
Net income (loss)— — — 52,208 — 52,208 (1,409)50,799 
Stock based compensation expense, net
16 — 978 — — 994 — 994 
Dividends declared on common stock
— — — (37,927)— (37,927)— (37,927)
Dividends declared on preferred stock
— — — (10,297)— (10,297)— (10,297)
Dividends attributable to dividend equivalents— — — (207)— (207)— (207)
Reclassification adjustment for net loss included in net income— — — — 2,242 2,242 — 2,242 
Increase in fair value of available for sale securities— — — — 638 638 — 638 
Increase in non-controlling interest related to initial consolidation of VIEs— — — — — — 539 539 
Decrease in non-controlling interest related to distributions from Consolidated VIEs— — — — — — (3)(3)
Balance, March 31, 2021$3,793 $504,765 $2,343,912 $(547,491)$3,874 $2,308,853 $5,498 $2,314,351 

The accompanying notes are an integral part of the condensed consolidated financial statements.
7

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
(unaudited)

For the Three Months Ended
March 31,
20222021
Cash Flows from Operating Activities:  
Net (loss) income$(88,719)$50,799 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net amortization 5,612 8,607 
Depreciation and amortization expense related to operating real estate35,586 1,923 
Realized gains, net(3,806)(7,058)
Unrealized losses (gains), net83,659 (26,166)
Gain on sale of real estate held for sale(370) 
Loss on extinguishment of mortgages payable on real estate603  
Income from preferred equity, mezzanine loan and equity investments(10,506)(8,371)
Distributions of income from preferred equity, mezzanine loan and equity investments19,936 7,549 
Stock based compensation expense, net1,352 994 
Changes in operating assets and liabilities(5,165)(3,134)
Net cash provided by operating activities38,182 25,143 
Cash Flows from Investing Activities:  
Proceeds from sales of investment securities24,374 111,628 
Principal paydowns received on investment securities21,303 21,682 
Purchases of investment securities (5,926)
Principal repayments received on residential loans322,113 180,750 
Proceeds from sales of residential loans320 6,633 
Purchases of residential loans(792,780)(347,283)
Principal repayments received on preferred equity and mezzanine loan investments9,200 11,875 
Return of capital from equity investments24,250  
Funding of preferred equity, mezzanine loan and equity investments(19,191)(161)
Funding of joint venture investments in Consolidated VIEs(120,520)(10,250)
Proceeds from sale of real estate owned681 1,637 
Cash received from initial consolidation of VIEs5,423 1,751 
Net proceeds from sale of real estate held for sale51,109  
Purchases of and capital expenditures on real estate(103,122)(827)
Purchases of other assets(15)(18)
Net cash used in investing activities(576,855)(28,509)
Cash Flows from Financing Activities:  
Net proceeds received from repurchase agreements372,281 130,748 
Proceeds from issuance of collateralized debt obligations, net508,819  
Repayment of convertible notes(138,000) 
Dividends paid on common stock and dividend equivalents(38,124)(37,808)
Dividends paid on preferred stock(9,924)(