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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

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: 1-32733

EXANTAS CAPITAL CORP.

(Exact name of registrant as specified in its charter)

 

Maryland

 

20-2287134

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

717 Fifth Avenue, New York, New York 10022

(Address of principal executive offices) (Zip Code)

 

(212) 621-3210

(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 Each Exchange on Which Registered

Common Stock, $0.001 par value

 

XAN

 

New York Stock Exchange

8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock

 

XANPrC

 

New 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 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 the 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

The number of outstanding shares of the registrant’s common stock on May 7, 2020 was 32,042,061 shares.

 

 

 

 

 


(Back to Index)

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

INDEX TO QUARTERLY REPORT

ON FORM 10-Q

 

 

 

 

PAGE

PART I

 

3

Item 1:

Financial Statements

3

 

Consolidated Balance Sheets - March 31, 2020 (unaudited) and December 31, 2019

3

 

Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2020 and 2019

5

 

Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three Months Ended March 31, 2020 and 2019

7

 

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) Three Months Ended March 31, 2020 and 2019

8

 

Consolidated Statements of Cash Flows (unaudited) Three Months Ended March 31, 2020 and 2019

9

 

Notes to Consolidated Financial Statements - March 31, 2020 (unaudited)

10

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

69

Item 4:

Controls and Procedures

71

PART II

 

72

Item 1:

Legal Proceedings

72

Item 1A:

Risk Factors

72

Item 5:

Other Information

74

Item 6:

Exhibits

74

SIGNATURES

77

 

 

 

(Back to Index)

 


(Back to Index)

 

PART I

ITEM 1.

FINANCIAL STATEMENTS

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS (1)

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

42,752

 

 

$

79,958

 

Restricted cash

 

 

65,351

 

 

 

14,476

 

Accrued interest receivable

 

 

7,309

 

 

 

8,042

 

CRE loans

 

 

1,892,486

 

 

 

1,791,445

 

Less: allowance for credit losses

 

 

(20,641

)

 

 

(1,460

)

CRE loans, net

 

 

1,871,845

 

 

 

1,789,985

 

Investment securities available-for-sale

 

 

77,244

 

 

 

520,714

 

Principal paydowns receivable

 

 

 

 

 

19,517

 

Investments in unconsolidated entities

 

 

1,548

 

 

 

1,548

 

Derivatives, at fair value

 

 

 

 

 

30

 

Other assets

 

 

9,603

 

 

 

3,290

 

Assets held for sale (see Note 20)

 

 

13,466

 

 

 

16,766

 

Total assets

 

$

2,089,118

 

 

$

2,454,326

 

LIABILITIES (2)

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

4,348

 

 

$

3,408

 

Management fee payable

 

 

692

 

 

 

701

 

Accrued interest payable

 

 

2,270

 

 

 

4,408

 

Borrowings

 

 

1,724,932

 

 

 

1,872,577

 

Distributions payable

 

 

1,725

 

 

 

10,492

 

Derivatives, at fair value

 

 

11,326

 

 

 

4,558

 

Accrued tax liability

 

 

33

 

 

 

38

 

Liabilities held for sale (see Note 20)

 

 

1,735

 

 

 

1,746

 

Total liabilities

 

 

1,747,061

 

 

 

1,897,928

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001:  10,000,000 shares authorized 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share; 4,800,000 and 4,800,000 shares issued and outstanding

 

 

5

 

 

 

5

 

Common stock, par value $0.001:  125,000,000 shares authorized; 32,042,061 and 31,880,594 shares issued and outstanding (including 351,325 and 420,962 of unvested restricted shares)

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

1,085,539

 

 

 

1,085,041

 

Accumulated other comprehensive (loss) income

 

 

(10,877

)

 

 

1,821

 

Distributions in excess of earnings

 

 

(732,642

)

 

 

(530,501

)

Total stockholders’ equity

 

 

342,057

 

 

 

556,398

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

2,089,118

 

 

$

2,454,326

 

 

 

 

The accompanying notes are an integral part of these statements

(Back to Index)

3


(Back to Index)

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - (Continued)

(in thousands, except share and per share data)

 

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

(1) Assets of consolidated variable interest entities (“VIEs”) included in total assets above:

 

 

 

 

 

 

 

 

Restricted cash

 

$

3,083

 

 

$

532

 

Accrued interest receivable

 

 

4,904

 

 

 

3,780

 

CRE loans, pledged as collateral

 

 

1,434,694

 

 

 

957,045

 

Principal paydowns receivable

 

 

 

 

 

19,239

 

Other assets

 

 

18

 

 

 

25

 

Total assets of consolidated VIEs

 

$

1,442,699

 

 

$

980,621

 

(2) Liabilities of consolidated VIEs included in total liabilities above:

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

117

 

 

$

175

 

Accrued interest payable

 

 

1,124

 

 

 

897

 

Borrowings

 

 

1,086,923

 

 

 

746,439

 

Total liabilities of consolidated VIEs

 

$

1,088,164

 

 

$

747,511

 

 

 

 

The accompanying notes are an integral part of these statements

(Back to Index)

4


(Back to Index)

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

CRE loans

 

$

27,041

 

 

$

27,343

 

Securities

 

 

6,149

 

 

 

6,375

 

Other

 

 

100

 

 

 

214

 

Total interest income

 

 

33,290

 

 

 

33,932

 

Interest expense

 

 

18,394

 

 

 

19,395

 

Net interest income

 

 

14,896

 

 

 

14,537

 

Other revenue

 

 

23

 

 

 

26

 

Total revenues

 

 

14,919

 

 

 

14,563

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Management fees

 

 

2,117

 

 

 

2,083

 

Equity compensation

 

 

498

 

 

 

683

 

General and administrative

 

 

3,382

 

 

 

2,577

 

Depreciation and amortization

 

 

15

 

 

 

24

 

Provision for credit losses, net

 

 

16,149

 

 

 

1,025

 

Total operating expenses

 

 

22,161

 

 

 

6,392

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,242

)

 

 

8,171

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

Net realized and unrealized loss on investment securities available-for-sale and loans and derivatives

 

 

(185,357

)

 

 

 

Fair value adjustments on financial assets held for sale

 

 

(3,791

)

 

 

(102

)

Other (expense) income

 

 

(86

)

 

 

101

 

Total other expense

 

 

(189,234

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES

 

 

(196,476

)

 

 

8,170

 

Income tax benefit

 

 

 

 

 

 

NET (LOSS) INCOME FROM CONTINUING OPERATIONS

 

 

(196,476

)

 

 

8,170

 

NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

 

 

(45

)

 

 

(37

)

NET (LOSS) INCOME

 

 

(196,521

)

 

 

8,133

 

Net income allocated to preferred shares

 

 

(2,588

)

 

 

(2,588

)

NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES

 

$

(199,109

)

 

$

5,545

 

 

 

 

The accompanying notes are an integral part of these statements

(Back to Index)

5


(Back to Index)

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS - (Continued)

(in thousands, except share and per share data)

(unaudited)

 

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

NET INCOME (LOSS) PER COMMON SHARE - BASIC:

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

$

(6.30

)

 

$

0.18

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC

 

$

(6.30

)

 

$

0.18

 

NET INCOME (LOSS) PER COMMON SHARE - DILUTED:

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

$

(6.30

)

 

$

0.18

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

TOTAL NET INCOME (LOSS) PER COMMON SHARE - DILUTED

 

$

(6.30

)

 

$

0.18

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC

 

 

31,626,204

 

 

 

31,379,253

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED

 

 

31,626,204

 

 

 

31,531,286

 

 

 

 

 

The accompanying notes are an integral part of these statements

(Back to Index)

6


(Back to Index)

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(196,521

)

 

$

8,133

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Reclassification adjustments for realized losses on investment securities available-for-sale included in net loss

 

 

185,357

 

 

 

 

Unrealized (losses) gains on investment securities available-for-sale, net

 

 

(191,283

)

 

 

5,865

 

Reclassification adjustments associated with unrealized gains from interest rate hedges included in net income

 

 

(23

)

 

 

(23

)

Unrealized losses on derivatives, net

 

 

(6,749

)

 

 

(1,693

)

Total other comprehensive (loss) income

 

 

(12,698

)

 

 

4,149

 

Comprehensive (loss) income before allocation to preferred shares

 

 

(209,219

)

 

 

12,282

 

Net income allocated to preferred shares

 

 

(2,588

)

 

 

(2,588

)

Comprehensive (loss) income allocable to common shares

 

$

(211,807

)

 

$

9,694

 

 

 

 

The accompanying notes are an integral part of these statements

(Back to Index)

7


(Back to Index)

EXANTAS CAPITAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(in thousands, except share data)

(unaudited)

 

 

 

 

Common Stock

 

 

Series C Preferred

 

 

Additional Paid-In

 

 

Accumulated Other Comprehensive

 

 

Retained Earnings (Distributions in Excess

 

 

Total Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Stock

 

 

Capital

 

 

(Loss) Income

 

 

of Earnings)

 

 

Equity

 

Balance, January 1, 2019

 

 

31,657,499

 

 

$

32

 

 

$

5

 

 

$

1,082,677

 

 

$

(3,057

)

 

$

(525,838

)

 

$

553,819

 

Stock-based compensation

 

 

213,614

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

683

 

 

 

 

 

 

 

 

 

683

 

Forfeiture of unvested stock

 

 

(4,007

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,133

 

 

 

8,133

 

Distributions on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

(2,588

)

Securities available-for-sale, fair value adjustment, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,865

 

 

 

 

 

 

5,865

 

Designated derivatives, fair value adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,716

)

 

 

 

 

 

(1,716

)

Distributions on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,373

)

 

 

(6,373

)

Balance, March 31, 2019

 

 

31,867,106

 

 

$

32

 

 

$

5

 

 

$

1,083,360

 

 

$

1,092

 

 

$

(526,666

)

 

$

557,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2019

 

 

31,880,594

 

 

$

32

 

 

$

5

 

 

$

1,085,041

 

 

$

1,821

 

 

$

(530,501

)

 

$

556,398

 

Cumulative effect of accounting change for adoption of credit loss guidance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,032

)

 

 

(3,032

)

Balance, January 1, 2020

 

 

31,880,594

 

 

$

32

 

 

$

5

 

 

$

1,085,041

 

 

$

1,821

 

 

$

(533,533

)

 

$

553,366

 

Stock-based compensation

 

 

191,455