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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 June 30, 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.)

 

865 Merrick Avenue, Suite 200 S, Westbury, New York 11590

(Address of principal executive offices) (Zip Code)

 

(516) 535-0015

(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 August 7, 2020 was 32,074,187 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 - June 30, 2020 (unaudited) and December 31, 2019

3

 

Consolidated Statements of Operations (unaudited) Three and Six Months Ended June 30, 2020 and 2019

5

 

Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three and Six Months Ended June 30, 2020 and 2019

6

 

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) Six Months Ended June 30, 2020 and 2019

7

 

Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2020 and 2019

8

 

Notes to Consolidated Financial Statements - June 30, 2020 (unaudited)

9

Item 2:

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

42

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

71

Item 4:

Controls and Procedures

73

PART II

 

74

Item 1:

Legal Proceedings

74

Item 1A:

Risk Factors

74

Item 6:

Exhibits

76

SIGNATURES

79

 

 

 

(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)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS (1)

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,734

 

 

$

79,958

 

Restricted cash

 

 

12,924

 

 

 

14,476

 

Accrued interest receivable

 

 

8,276

 

 

 

8,042

 

CRE loans

 

 

1,765,880

 

 

 

1,791,445

 

Less: allowance for credit losses

 

 

(61,091

)

 

 

(1,460

)

CRE loans, net

 

 

1,704,789

 

 

 

1,789,985

 

Investment securities available-for-sale

 

 

2,245

 

 

 

520,714

 

Principal paydowns receivable

 

 

45,099

 

 

 

19,517

 

Investments in unconsolidated entities

 

 

1,548

 

 

 

1,548

 

Derivatives, at fair value

 

 

 

 

 

30

 

Other assets

 

 

10,044

 

 

 

3,290

 

Assets held for sale

 

 

13,466

 

 

 

16,766

 

Total assets

 

$

1,856,125

 

 

$

2,454,326

 

LIABILITIES (2)

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

3,444

 

 

$

3,408

 

Management fee payable

 

 

446

 

 

 

701

 

Accrued interest payable

 

 

3,314

 

 

 

4,408

 

Borrowings

 

 

1,536,090

 

 

 

1,872,577

 

Distributions payable

 

 

4,313

 

 

 

10,492

 

Derivatives, at fair value

 

 

77

 

 

 

4,558

 

Accrued tax liability

 

 

56

 

 

 

38

 

Liabilities held for sale

 

 

1,740

 

 

 

1,746

 

Total liabilities

 

 

1,549,480

 

 

 

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; 32,058,492 and 31,880,594 shares issued and outstanding (including 331,681 and 420,962 of unvested restricted shares)

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

1,086,254

 

 

 

1,085,041

 

Accumulated other comprehensive (loss) income

 

 

(11,017

)

 

 

1,821

 

Distributions in excess of earnings

 

 

(768,629

)

 

 

(530,501

)

Total stockholders’ equity

 

 

306,645

 

 

 

556,398

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,856,125

 

 

$

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)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Restricted cash

 

$

12,575

 

 

$

532

 

Accrued interest receivable

 

 

6,074

 

 

 

3,780

 

CRE loans, pledged as collateral

 

 

1,360,808

 

 

 

957,045

 

Principal paydowns receivable

 

 

45,099

 

 

 

19,239

 

Other assets

 

 

132

 

 

 

25

 

Total assets of consolidated VIEs

 

$

1,424,688

 

 

$

980,621

 

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

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

135

 

 

$

175

 

Accrued interest payable

 

 

656

 

 

 

897

 

Borrowings

 

 

1,117,391

 

 

 

746,439

 

Total liabilities of consolidated VIEs

 

$

1,118,182

 

 

$

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

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRE loans

 

$

26,959

 

 

$

30,388

 

 

$

54,000

 

 

$

57,731

 

Securities

 

 

272

 

 

 

6,591

 

 

 

6,421

 

 

 

12,966

 

Other

 

 

12

 

 

 

159

 

 

 

112

 

 

 

373

 

Total interest income

 

 

27,243

 

 

 

37,138

 

 

 

60,533

 

 

 

71,070

 

Interest expense

 

 

12,547

 

 

 

21,581

 

 

 

30,941

 

 

 

40,976

 

Net interest income

 

 

14,696

 

 

 

15,557

 

 

 

29,592

 

 

 

30,094

 

Other revenue

 

 

20

 

 

 

26

 

 

 

43

 

 

 

52

 

Total revenues

 

 

14,716

 

 

 

15,583

 

 

 

29,635

 

 

 

30,146

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees

 

 

1,327

 

 

 

2,251

 

 

 

3,444

 

 

 

4,334

 

Equity compensation

 

 

715

 

 

 

412

 

 

 

1,213

 

 

 

1,095

 

General and administrative

 

 

2,875

 

 

 

2,495

 

 

 

6,257

 

 

 

5,072

 

Depreciation and amortization

 

 

7

 

 

 

7

 

 

 

22

 

 

 

31

 

Provision for credit losses, net

 

 

41,472

 

 

 

170

 

 

 

57,621

 

 

 

1,195

 

Total operating expenses

 

 

46,396

 

 

 

5,335

 

 

 

68,557

 

 

 

11,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,680

)

 

 

10,248

 

 

 

(38,922

)

 

 

18,419

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(982

)

 

 

4

 

 

 

(186,339

)

 

 

4

 

Fair value and other adjustments on asset held for sale

 

 

(927

)

 

 

(1,300

)

 

 

(4,718

)

 

 

(1,402

)

Other income

 

 

189

 

 

 

51

 

 

 

58

 

 

 

152

 

Total other expense

 

 

(1,720

)

 

 

(1,245

)

 

 

(190,999

)

 

 

(1,246

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES

 

 

(33,400

)

 

 

9,003

 

 

 

(229,921

)

 

 

17,173

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME FROM CONTINUING OPERATIONS

 

 

(33,400

)

 

 

9,003

 

 

 

(229,921

)

 

 

17,173

 

NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

 

 

 

 

 

(112

)

 

 

 

 

 

(149

)

NET (LOSS) INCOME

 

 

(33,400

)

 

 

8,891

 

 

 

(229,921

)

 

 

17,024

 

Net income allocated to preferred shares

 

 

(2,587

)

 

 

(2,587

)

 

 

(5,175

)

 

 

(5,175

)

NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES

 

$

(35,987

)

 

$

6,304

 

 

$

(235,096

)

 

$

11,849

 

NET (LOSS) INCOME PER COMMON SHARE - BASIC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

$

(1.14

)

 

$

0.20

 

 

$

(7.42

)

 

$

0.38

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET (LOSS) INCOME PER COMMON SHARE - BASIC

 

$

(1.14

)

 

$

0.20

 

 

$

(7.42

)

 

$

0.38

 

NET (LOSS) INCOME PER COMMON SHARE - DILUTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

$

(1.14

)

 

$

0.20

 

 

$

(7.42

)

 

$

0.38

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET (LOSS) INCOME PER COMMON SHARE - DILUTED

 

$

(1.14

)

 

$

0.20

 

 

$

(7.42

)

 

$

0.38

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC

 

 

31,705,709

 

 

 

31,438,247

 

 

 

31,665,956

 

 

 

31,409,063

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED

 

 

31,705,709

 

 

 

31,656,180

 

 

 

31,665,956

 

 

 

31,594,046

 

 

 

 

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 COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(33,400

)

 

$

8,891

 

 

$

(229,921

)

 

$

17,024

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustments for realized losses (gains) on investment securities available-for-sale included in net (loss) income

 

 

 

 

 

(4

)

 

 

185,357

 

 

 

(4

)

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

 

 

 

 

 

3,331

 

 

 

(191,283

)

 

 

9,196

 

Reclassification adjustments associated with net unrealized losses from interest rate hedges included in net loss (income)

 

 

344

 

 

 

(45

)

 

 

321

 

 

 

(68

)

Unrealized losses on derivatives, net

 

 

(484

)

 

 

(2,697

)

 

 

(7,233

)

 

 

(4,390

)

Total other comprehensive (loss) income

 

 

(140

)

 

 

585

 

 

 

(12,838

)

 

 

4,734

 

Comprehensive (loss) income before allocation to preferred shares

 

 

(33,540

)

 

 

9,476

 

 

 

(242,759

)