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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 September 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 November 6, 2020 was 32,093,325 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 - September 30, 2020 (unaudited) and December 31, 2019

3

 

Consolidated Statements of Operations (unaudited) Three and Nine Months Ended September 30, 2020 and 2019

5

 

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

6

 

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

7

 

Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 30, 2020 and 2019

9

 

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

10

Item 2:

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

45

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

77

Item 4:

Controls and Procedures

79

PART II

 

80

Item 1:

Legal Proceedings

80

Item 1A:

Risk Factors

80

Item 6:

Exhibits

82

SIGNATURES

86

 

 

 

(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)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS (1)

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

122,105

 

 

$

79,958

 

Restricted cash

 

 

33,776

 

 

 

14,476

 

Accrued interest receivable

 

 

8,506

 

 

 

8,042

 

CRE loans

 

 

1,652,221

 

 

 

1,791,445

 

Less: allowance for credit losses

 

 

(52,943

)

 

 

(1,460

)

CRE loans, net

 

 

1,599,278

 

 

 

1,789,985

 

Investment securities available-for-sale

 

 

2,447

 

 

 

520,714

 

Principal paydowns receivable

 

 

11,005

 

 

 

19,517

 

Loan receivable - related party

 

 

11,975

 

 

 

 

Investments in unconsolidated entities

 

 

1,548

 

 

 

1,548

 

Derivatives, at fair value

 

 

 

 

 

30

 

Other assets

 

 

9,371

 

 

 

3,290

 

Assets held for sale

 

 

10,346

 

 

 

16,766

 

Total assets

 

$

1,810,357

 

 

$

2,454,326

 

LIABILITIES (2)

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

3,765

 

 

$

3,408

 

Management fee payable - related party

 

 

442

 

 

 

701

 

Accrued interest payable

 

 

2,871

 

 

 

4,408

 

Borrowings

 

 

1,476,924

 

 

 

1,872,577

 

Distributions payable

 

 

6,900

 

 

 

10,492

 

Derivatives, at fair value

 

 

60

 

 

 

4,558

 

Accrued tax liability

 

 

56

 

 

 

38

 

Liabilities held for sale

 

 

1,538

 

 

 

1,746

 

Total liabilities

 

 

1,492,556

 

 

 

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; 32,093,325 and 31,880,594 shares issued and outstanding (including 34,833 and 420,962 of unvested restricted shares)

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

1,091,266

 

 

 

1,085,041

 

Accumulated other comprehensive (loss) income

 

 

(10,444

)

 

 

1,821

 

Distributions in excess of earnings

 

 

(763,058

)

 

 

(530,501

)

Total stockholders’ equity

 

 

317,801

 

 

 

556,398

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,810,357

 

 

$

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)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Restricted cash

 

$

33,426

 

 

$

532

 

Accrued interest receivable

 

 

4,925

 

 

 

3,780

 

CRE loans, pledged as collateral

 

 

1,321,890

 

 

 

957,045

 

Principal paydowns receivable

 

 

11,005

 

 

 

19,239

 

Other assets

 

 

44

 

 

 

25

 

Total assets of consolidated VIEs

 

$

1,371,290

 

 

$

980,621

 

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

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

$

61

 

 

$

175

 

Accrued interest payable

 

 

661

 

 

 

897

 

Borrowings

 

 

1,120,137

 

 

 

746,439

 

Total liabilities of consolidated VIEs

 

$

1,120,859

 

 

$

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 Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CRE loans

 

$

24,482

 

 

$

32,558

 

 

$

78,482

 

 

$

90,289

 

Securities

 

 

100

 

 

 

6,596

 

 

 

6,521

 

 

 

19,562

 

Other

 

 

56

 

 

 

138

 

 

 

168

 

 

 

511

 

Total interest income

 

 

24,638

 

 

 

39,292

 

 

 

85,171

 

 

 

110,362

 

Interest expense

 

 

13,033

 

 

 

22,712

 

 

 

43,974

 

 

 

63,688

 

Net interest income

 

 

11,605

 

 

 

16,580

 

 

 

41,197

 

 

 

46,674

 

Other revenue

 

 

19

 

 

 

25

 

 

 

62

 

 

 

77

 

Total revenues

 

 

11,624

 

 

 

16,605

 

 

 

41,259

 

 

 

46,751

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees - related party

 

 

1,284

 

 

 

2,528

 

 

 

4,728

 

 

 

6,862

 

Equity compensation - related party

 

 

1,905

 

 

 

552

 

 

 

3,118

 

 

 

1,647

 

General and administrative

 

 

5,295

 

 

 

2,086

 

 

 

11,552

 

 

 

7,158

 

Depreciation and amortization

 

 

12

 

 

 

8

 

 

 

34

 

 

 

39

 

(Reversal of) provision for credit losses, net

 

 

(8,172

)

 

 

(1,137

)

 

 

49,449

 

 

 

58

 

Total operating expenses

 

 

324

 

 

 

4,037

 

 

 

68,881

 

 

 

15,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,300

 

 

 

12,568

 

 

 

(27,622

)

 

 

30,987

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

96

 

 

 

 

 

 

(186,243

)

 

 

4

 

Fair value and other adjustments on asset held for sale

 

 

(3,371

)

 

 

(55

)

 

 

(8,089

)

 

 

(1,457

)

Other income

 

 

134

 

 

 

107

 

 

 

192

 

 

 

259

 

Total other (expense) income

 

 

(3,141

)

 

 

52

 

 

 

(194,140

)

 

 

(1,194

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES

 

 

8,159

 

 

 

12,620

 

 

 

(221,762

)

 

 

29,793

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

8,159

 

 

 

12,620

 

 

 

(221,762

)

 

 

29,793

 

NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

 

 

 

 

 

(63

)

 

 

 

 

 

(212

)

NET INCOME (LOSS)

 

 

8,159

 

 

 

12,557

 

 

 

(221,762

)

 

 

29,581

 

Net income allocated to preferred shares

 

 

(2,588

)

 

 

(2,588

)

 

 

(7,763

)

 

 

(7,763

)

NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES

 

$

5,571

 

 

$

9,969

 

 

$

(229,525

)

 

$

21,818

 

NET INCOME (LOSS) PER COMMON SHARE - BASIC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

$

0.17

 

 

$

0.32

 

 

$

(7.16

)

 

$

0.70

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

TOTAL NET INCOME (LOSS) PER COMMON SHARE - BASIC

 

$

0.17

 

 

$

0.32

 

 

$

(7.16

)

 

$

0.69

 

NET INCOME (LOSS) PER COMMON SHARE - DILUTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTINUING OPERATIONS

 

$

0.17

 

 

$

0.31

 

 

$

(7.16

)

 

$

0.70

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

TOTAL NET INCOME (LOSS) PER COMMON SHARE - DILUTED

 

$

0.17

 

 

$

0.31

 

 

$

(7.16

)

 

$

0.69

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC

 

 

32,893,816

 

 

 

31,445,492

 

 

 

32,078,230

 

 

 

31,421,294

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED

 

 

32,898,862

 

 

 

31,714,755

 

 

 

32,078,230

 

 

 

31,634,371

 

 

 

 

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 Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

8,159

 

 

$

12,557

 

 

$

(221,762