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
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
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
The Company continued to opportunistically access the capital markets through equity issuances during the fourth quarter and full year 2019, raising approximately
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
(3) Includes derivative liabilities of
(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
(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
(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
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
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
For Further Information
| CONTACT: | AT THE COMPANY |
| Kristine R. Nario-Eng | |
| Chief Financial Officer | |
| Phone: (646) 216-2363 | |
| Email: [email protected] | |
| Mari Nitta | |
| Investor Relations Associate | |
| Phone: (646) 795-4066 | |
| Email: [email protected] |
FINANCIAL TABLES FOLLOW
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 |
504,765 | 289,755 | |||||
| Common stock, par value |
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
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 | |||||||||||
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 | $ | — | $ | — | $ | — | $ | — | |||||||||
Source: New York Mortgage Trust, Inc.