Summary of First Quarter 2020:
(dollar amounts in thousands, except per share data)
| For the Three Months Ended March 31, 2020 |
|||
| Net loss attributable to Company's common stockholders | $ | (598,680 | ) |
| Net loss attributable to Company's common stockholders per share (basic) | $ | (1.71 | ) |
| Net interest income | $ | 47,082 | |
| Net interest margin | 2.92 | % | |
| Comprehensive loss attributable to Company's common stockholders | $ | (740,844 | ) |
| Comprehensive loss attributable to Company's common stockholders per share (basic) | $ | (2.11 | ) |
| Book value per common share at the end of the period | $ | 3.89 | |
| Economic return on book value for the quarter (1) | (32.7 | )% | |
(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 First Quarter of 2020:
- Experienced unprecedented market conditions resulting from the COVID-19 pandemic. In response, the Company took the following actions to manage its portfolio through the disruption and improve its liquidity:
- Sold all of our first loss multi-family POs and certain mezzanine CMBS securities issued by the Consolidated K-Series for total sales proceeds of
$555.2 million , recognized a net realized loss of$54.1 million and reversed previously recognized net unrealized gains of$168.5 million . As a result of the sales, we de-consolidated$17.4 billion in multi-family loans held in securitization trusts and$16.6 billion in multi-family collateralized debt obligations. - Sold
$1.4 billion of investment securities, including$993.0 million of Agency RMBS,$145.4 million of Agency CMBS,$130.9 million of non-Agency RMBS and$114.0 million of CMBS investment securities and recognized a net realized loss of$58.7 million . - Sold residential loans for approximately
$50.0 million in proceeds, recognized a realized loss of$16.2 million and reversed previously recognized unrealized gains of$4.5 million . - Terminated interest rate swaps resulting in a net realized loss of
$73.1 million , which was partially offset by the reversal of previously recognized unrealized losses of$29.0 million for a total net loss of$44.1 million . - Reduced outstanding repurchase agreements for investment securities by
$1.6 billion from year-end levels, resulting in a portfolio leverage ratio of 0.7 times at quarter end.
- Sold all of our first loss multi-family POs and certain mezzanine CMBS securities issued by the Consolidated K-Series for total sales proceeds of
- Prior to the market disruption, we acquired residential and multi-family credit assets totaling
$531.2 million . - During the first half of the quarter, we issued 85.1 million shares of common stock collectively through two underwritten public offerings, resulting in total net proceeds of
$511.9 million .
Subsequent Developments:
In addition to the actions above, in early April 2020, the Company settled its outstanding receivable for securities sold as of March 31, 2020 in the amount of
As of April 7, 2020, the Company had approximately
Management Overview
Steven Mumma, Chairman and Chief Executive Officer, commented: "The global COVID-19 pandemic led to unprecedented market conditions late in the first quarter. As a result, we took decisive action in the latter half of March to improve our liquidity and reduce our exposure to mark-to-market financing counterparties, selling
Jason Serrano, President, commented: "Today, with approximately
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 first quarter conference call on Friday, May 22.
Capital Allocation
The following tables set forth, by investment category, our allocated capital at March 31, 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 March 31, 2020 (dollar amounts in thousands):
| Single-Family Credit (1) |
Multi-Family Credit |
Other | Total | ||||||||||||
| Investment securities available for sale, at fair value | $ | 576,108 | $ | 268,856 | $ | 42,344 | $ | 887,308 | |||||||
| Residential loans, at fair value | 2,776,630 | — | — | 2,776,630 | |||||||||||
| Residential collateralized debt obligations, at fair value | (1,034,992 | ) | — | — | (1,034,992 | ) | |||||||||
| Residential collateralized debt obligations | (38,959 | ) | — | — | (38,959 | ) | |||||||||
| Investments in unconsolidated entities | 66,790 | 145,175 | — | 211,965 | |||||||||||
| Preferred equity and mezzanine loan investments | — | 179,292 | — | 179,292 | |||||||||||
| Other investments (2) | 242 | 14,769 | — | 15,011 | |||||||||||
| Carrying value | $ | 2,345,819 | $ | 608,092 | $ | 42,344 | $ | 2,996,255 | |||||||
| Liabilities: | |||||||||||||||
| Repurchase agreements | (1,047,987 | ) | (380,137 | ) | — | (1,428,124 | ) | ||||||||
| Subordinated debentures | — | — | (45,000 | ) | (45,000 | ) | |||||||||
| Convertible notes | — | — | (133,534 | ) | (133,534 | ) | |||||||||
| Cash and restricted cash (3) | 65,695 | 112,899 | 167,513 | 346,107 | |||||||||||
| Other | 57,001 | 202,767 | 4,979 | 264,747 | |||||||||||
| Net capital allocated | $ | 1,420,528 | $ | 543,621 | $ | 36,302 | $ | 2,000,451 | |||||||
| Total Leverage Ratio (4) | 0.8 | ||||||||||||||
| Portfolio Leverage Ratio (5) | 0.7 | ||||||||||||||
(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 in the amount of
(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
(5) Represents outstanding repurchase agreement financing divided by the Company's total stockholders' equity.
| Net Interest Income - Three Months Ended March 31, 2020: | Agency (1) | Single-Family Credit (2) |
Multi-Family Credit (3) |
Other | Total | ||||||||||||||
| Interest Income (4) | $ | 6,402 | $ | 34,321 | $ | 30,214 | $ | 1,379 | $ | 72,316 | |||||||||
| Interest Expense | (4,930 | ) | (10,205 | ) | (6,715 | ) | (3,384 | ) | (25,234 | ) | |||||||||
| Net Interest Income (Expense) | $ | 1,472 | $ | 24,116 | $ | 23,499 | $ | (2,005 | ) | $ | 47,082 | ||||||||
| Portfolio Net Interest Margin - Three Months Ended March 31, 2020: | |||||||||||||||||||
| Average Interest Earning Assets (5) (6) | $ | 1,074,013 | $ | 2,591,264 | $ | 1,116,461 | $ | 50,333 | $ | 4,832,071 | |||||||||
| Average Yield on Interest Earning Assets (7) | 2.38 | % | 5.30 | % | 10.82 | % | 10.96 | % | 5.99 | % | |||||||||
| Average Portfolio Financing Cost (8) | (2.28 | )% | (3.16 | )% | (3.90 | )% | — | (3.07 | )% | ||||||||||
| Portfolio Net Interest Margin (9) | 0.10 | % | 2.14 | % | 6.92 | % | 10.96 | % | 2.92 | % | |||||||||
(1) Includes Agency RMBS and Agency CMBS. In response to the turmoil in the financial markets, the Company sold 100% of its Agency securities in March.
(2) 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."
(3) Prior to the sale of first loss multi-family POs in the first quarter, the Company had determined it was the primary beneficiary of the Consolidated K-Series and had consolidated the assets and liabilities of the Consolidated K-Series into the Company’s condensed consolidated financial statements. Interest income amounts represent interest income earned by securities that were owned by the Company. A reconciliation of net interest income from the Multi-Family Credit portfolio is included below in "Additional Information."
(4) Includes interest income earned on cash accounts held by the Company.
(5) Average Interest Earning Assets for the periods indicated exclude all Consolidated SLST and Consolidated K-Series assets other than those securities owned by the Company.
(6) Average Interest Earning Assets is calculated each quarter based on daily average amortized cost for the respective periods.
(7) Average Yield on Interest Earning Assets was calculated by dividing our annualized interest income by our Average Interest Earning Assets for the respective periods.
(8) 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
(9) 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 Friday, May 22, 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 months ended March 31, 2020. The conference call dial-in number is (877) 312-8806. The replay will be available until Friday, May 29, 2020 and can be accessed by dialing (855) 859-2056 and entering passcode 9438028. 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." First quarter 2020 financial and operating data can be viewed in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which is expected to be filed with the Securities and Exchange Commission on or about May 26, 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 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 residential loans (including distressed residential loans, non-QM loans, second mortgages and other residential loans), structured multi-family property investments such as multi-family CMBS and preferred equity in, and mezzanine loans to, owners of multi-family properties, 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 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
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 March 31, 2020 is set forth below (dollar amounts in thousands):
| For the Three Months Ended March 31, 2020 |
||||
| Interest income, residential loans | $ | 34,300 | ||
| Interest income, investment securities available for sale (1) | 8,556 | |||
| Interest expense, SLST CDOs (2) | (8,535 | ) | ||
| Interest income, Single-Family Credit, net | 34,321 | |||
| Interest expense, repurchase agreements | (9,968 | ) | ||
| Interest expense, Residential CDOs (2) | (237 | ) | ||
| Net interest income, Single-Family Credit | $ | 24,116 | ||
(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.
Prior to the sale of first loss multi-family POs in the first quarter, we determined that the Consolidated K-Series were variable interest entities and that we were the primary beneficiary of the Consolidated K-Series. As a result, we were required to consolidate the Consolidated K-Series’ underlying multi-family loans including their liabilities, income and expenses in our condensed consolidated financial statements. We elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which required that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in our condensed consolidated statements of operations.
A reconciliation of our net interest income generated by our Multi-Family Credit portfolio to our condensed consolidated financial statements for the three months ended March 31, 2020 is set forth below (dollar amounts in thousands):
| For the Three Months Ended March 31, 2020 |
|||
| Interest income, multi-family loans held in securitization trusts | $ | 151,841 | |
| Interest income, investment securities available for sale (1) | 2,762 | ||
| Interest income, preferred equity and mezzanine loan investments | 5,373 | ||
| Interest expense, multi-family collateralized debt obligations | (129,762 | ) | |
| Interest income, Multi-Family Credit, net | 30,214 | ||
| Interest expense, repurchase agreements | (6,715 | ) | |
| Net interest income, Multi-Family Credit | $ | 23,499 | |
(1) Included in the Company’s accompanying condensed consolidated statements of operations in interest income, investment securities and other interest earning assets.
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
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: [email protected] |
FINANCIAL TABLES FOLLOW
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
| March 31, 2020 |
December 31, 2019 |
||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Investment securities available for sale, at fair value | $ | 887,308 | $ | 2,006,140 | |||
| Residential loans, at fair value | 2,776,630 | 2,758,640 | |||||
| Residential loans, net | — | 202,756 | |||||
| Investments in unconsolidated entities | 211,965 | 189,965 | |||||
| Preferred equity and mezzanine loan investments | 179,292 | 180,045 | |||||
| Multi-family loans held in securitization trusts, at fair value | — | 17,816,746 | |||||
| Derivative assets | — | 15,878 | |||||
| Receivable for securities sold | 213,585 | — | |||||
| Cash and cash equivalents | 172,513 | 118,763 | |||||
| Goodwill | — | 25,222 | |||||
| Receivables and other assets | 277,008 | 169,214 | |||||
| Total Assets (1) | $ | 4,718,301 | $ | 23,483,369 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Liabilities: | |||||||
| Repurchase agreements | $ | 1,428,124 | $ | 3,105,416 | |||
| Multi-family collateralized debt obligations, at fair value | — | 16,724,451 | |||||
| Residential collateralized debt obligations, at fair value | 1,034,992 | 1,052,829 | |||||
| Residential collateralized debt obligations | 38,959 | 40,429 | |||||
| Convertible notes | 133,534 | 132,955 | |||||
| Subordinated debentures | 45,000 | 45,000 | |||||
| Accrued expenses and other liabilities | 37,241 | 177,260 | |||||
| Total liabilities (1) | 2,717,850 | 21,278,340 | |||||
| Commitments and Contingencies | |||||||
| Stockholders' Equity: | |||||||
| Preferred stock, par value |
504,765 | 504,765 | |||||
| Common stock, par value |
3,775 | 2,914 | |||||
| Additional paid-in capital | 2,334,793 | 1,821,785 | |||||
| Accumulated other comprehensive (loss) income | (117,032 | ) | 25,132 | ||||
| Accumulated deficit | (724,962 | ) | (148,863 | ) | |||
| Company's stockholders' equity | 2,001,339 | 2,205,733 | |||||
| Non-controlling interest in consolidated variable interest entities | (888 | ) | (704 | ) | |||
| Total equity | 2,000,451 | 2,205,029 | |||||
| Total Liabilities and Stockholders' Equity | $ | 4,718,301 | $ | 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 March 31, 2020 and December 31, 2019, assets of consolidated VIEs totaled
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands, except per share data)
(unaudited)
| For the Three Months Ended March 31, |
|||||||
| 2020 | 2019 | ||||||
| INTEREST INCOME: | |||||||
| Investment securities and other interest earning assets | $ | 19,099 | $ | 15,316 | |||
| Residential loans | 34,300 | 15,891 | |||||
| Preferred equity and mezzanine loan investments | 5,373 | 5,007 | |||||
| Multi-family loans held in securitization trusts | 151,841 | 111,768 | |||||
| Total interest income | 210,613 | 147,982 | |||||
| INTEREST EXPENSE: | |||||||
| Repurchase agreements and other interest bearing liabilities | 21,613 | 20,386 | |||||
| Residential collateralized debt obligations | 8,772 | 422 | |||||
| Multi-family collateralized debt obligations | 129,762 | 96,797 | |||||
| Convertible notes | 2,735 | 2,691 | |||||
| Subordinated debentures | 649 | 741 | |||||
| Securitized debt | — | 742 | |||||
| Total interest expense | 163,531 | 121,779 | |||||
| NET INTEREST INCOME | 47,082 | 26,203 | |||||
| NON-INTEREST (LOSS) INCOME: | |||||||
| Recovery of loan losses | — | 1,065 | |||||
| Realized (losses) gains, net | (147,918 | ) | 22,006 | ||||
| Realized loss on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations, net | (54,118 | ) | — | ||||
| Unrealized (losses) gains, net | (396,780 | ) | 2,708 | ||||
| Impairment of goodwill | (25,222 | ) | — | ||||
| Loss on extinguishment of debt | — | (2,857 | ) | ||||
| Income from real estate held for sale in consolidated variable interest entities | — | 215 | |||||
| Other income | 2,035 | 7,728 | |||||
| Total non-interest (loss) income | (622,003 | ) | 30,865 | ||||
| GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||
| General and administrative expenses | 10,806 | 8,910 | |||||
| Expenses related to residential loans | 3,079 | 3,252 | |||||
| Expenses related to real estate held for sale in consolidated variable interest entities | — | 482 | |||||
| Total general, administrative and operating expenses | 13,885 | 12,644 | |||||
| (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (588,806 | ) | 44,424 | ||||
| Income tax (benefit) expense | (239 | ) | 74 | ||||
| NET (LOSS) INCOME | (588,567 | ) | 44,350 | ||||
| Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 184 | (211 | ) | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (588,383 | ) | 44,139 | ||||
| Preferred stock dividends | (10,297 | ) | (5,925 | ) | |||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (598,680 | ) | $ | 38,214 | ||
| Basic (loss) earnings per common share | $ | (1.71 | ) | $ | 0.22 | ||
| Diluted (loss) earnings per common share | $ | (1.71 | ) | $ | 0.21 | ||
| Weighted average shares outstanding-basic | 350,912 | 174,421 | |||||
| Weighted average shares outstanding-diluted | 350,912 | 194,970 | |||||
SUMMARY OF QUARTERLY (LOSS) EARNINGS
(Dollar amounts in thousands, except per share data)
(unaudited)
| For the Three Months Ended | |||||||||||||||||||
| March 31, 2020 |
December 31, 2019 |
September 30, 2019 |
June 30, 2019 |
March 31, 2019 |
|||||||||||||||
| Net interest income | $ | 47,082 | $ | 43,999 | $ | 31,971 | $ | 25,691 | $ | 26,203 | |||||||||
| Total non-interest (loss) income | (622,003 | ) | 33,626 | 21,396 | 8,561 | 30,865 | |||||||||||||
| Total general, administrative and operating expenses | 13,885 | 12,509 | 12,288 | 12,394 | 12,644 | ||||||||||||||
| (Loss) income from operations before income taxes | (588,806 | ) | 65,116 | 41,079 | 21,858 | 44,424 | |||||||||||||
| Income tax (benefit) expense | (239 | ) | (172 | ) | (187 | ) | (134 | ) | 74 | ||||||||||
| Net (loss) income | (588,567 | ) | 65,288 | 41,266 | 21,992 | 44,350 | |||||||||||||
| Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 184 | 195 | 113 | 743 | (211 | ) | |||||||||||||
| Net (loss) income attributable to Company | (588,383 | ) | 65,483 | 41,379 | 22,735 | 44,139 | |||||||||||||
| Preferred stock dividends | (10,297 | ) | (10,175 | ) | (6,544 | ) | (6,257 | ) | (5,925 | ) | |||||||||
| Net (loss) income attributable to Company's common stockholders | (598,680 | ) | 55,308 | 34,835 | 16,478 | 38,214 | |||||||||||||
| Basic (loss) earnings per common share | $ | (1.71 | ) | $ | 0.20 | $ | 0.15 | $ | 0.08 | $ | 0.22 | ||||||||
| Diluted (loss) earnings per common share | $ | (1.71 | ) | $ | 0.20 | $ | 0.15 | $ | 0.08 | $ | 0.21 | ||||||||
| Weighted average shares outstanding - basic | 350,912 | 275,121 | 234,043 | 200,691 | 174,421 | ||||||||||||||
| Weighted average shares outstanding - diluted | 350,912 | 296,347 | 255,537 | 202,398 | 194,970 | ||||||||||||||
| Book value per common share | $ | 3.89 | $ | 5.78 | $ | 5.77 | $ | 5.75 | $ | 5.75 | |||||||||
| Dividends declared per common share (1) | $ | — | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||||
| Dividends accumulated or declared per preferred share on Series B Preferred Stock (2) | $ | 0.48 | $ | 0.48 | $ | 0.48 | $ | 0.48 | $ | 0.48 | |||||||||
| Dividends accumulated or declared per preferred share on Series C Preferred Stock (2) | $ | 0.49 | $ | 0.49 | $ | 0.49 | $ | 0.49 | $ | 0.49 | |||||||||
| Dividends accumulated or declared per preferred share on Series D Preferred Stock (2) | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 0.50 | |||||||||
| Dividends accumulated or declared per preferred share on Series E Preferred Stock (2) | $ | 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.
(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. Amounts presented for this period in the table above represent the accumulated dividend per share amounts for the three months ended March 31, 2020.
Source: New York Mortgage Trust, Inc.