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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q   
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021
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 001-32216
NEW YORK MORTGAGE TRUST, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland47-0934168
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)

90 Park Avenue, New York, New York 10016
(Address of Principal Executive Office) (Zip Code)

(212) 792-0107
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareNYMTNASDAQ Stock Market
7.75% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTPNASDAQ Stock Market
7.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTONASDAQ Stock Market
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTNNASDAQ Stock Market
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation PreferenceNYMTMNASDAQ Stock Market


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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No ☐





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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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated FilerNon-Accelerated FilerSmaller Reporting CompanyEmerging 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 shares of the registrant’s common stock, par value $0.01 per share, outstanding on May 7, 2021 was 379,272,504.



NEW YORK MORTGAGE TRUST, INC.

FORM 10-Q
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

PART I.  FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

The accompanying notes are an integral part of the condensed consolidated financial statements.
3

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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
March 31, 2021December 31, 2020
(unaudited) 
ASSETS  
Residential loans, at fair value$3,206,282 $3,049,166 
Multi-family loans, at fair value151,836 163,593 
Investment securities available for sale, at fair value
596,295 724,726 
Equity investments, at fair value260,065 259,095 
Cash and cash equivalents290,977 293,183 
Other assets220,719 165,824 
Total Assets (1)
$4,726,174 $4,655,587 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Liabilities:  
Repurchase agreements$537,049 $405,531 
Collateralized debt obligations ($992,288 at fair value and $533,822 at amortized cost, net as of March 31, 2021 and $1,054,335 at fair value and $569,323 at amortized cost, net as of December 31, 2020)
1,526,110 1,623,658 
Convertible notes135,954 135,327 
Subordinated debentures45,000 45,000 
Other liabilities 167,710 138,498 
Total liabilities (1)
2,411,823 2,348,014 
Commitments and Contingencies
Stockholders' Equity:  
Preferred stock, par value $0.01 per share, 30,900,000 shares authorized, 20,872,888 shares issued and outstanding ($521,822 aggregate liquidation preference)
504,765 504,765 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 379,272,504 and 377,744,476 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
3,793 3,777 
Additional paid-in capital2,343,912 2,342,934 
Accumulated other comprehensive income3,874 994 
Accumulated deficit(547,491)(551,268)
Company's stockholders' equity2,308,853 2,301,202 
Non-controlling interest in consolidated variable interest entities5,498 6,371 
Total equity2,314,351 2,307,573 
Total Liabilities and Stockholders' Equity$4,726,174 $4,655,587 


(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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $2,011,594 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,593,419 and $1,667,306, respectively. See Note 7 for further discussion.
The accompanying notes are an integral part of the condensed consolidated financial statements.
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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands, except per share data)
(unaudited)
For the Three Months Ended
March 31,
20212020
NET INTEREST INCOME:  
Interest income$50,039 $210,613 
Interest expense19,699 163,531 
Total net interest income30,340 47,082 
NON-INTEREST INCOME (LOSS):  
Realized gains (losses), net7,058 (147,918)
Realized loss on de-consolidation of Consolidated K-Series (54,118)
Unrealized gains (losses), net
26,166 (396,780)
Income from equity investments3,399 494 
Impairment of goodwill
 (25,222)
Other income
3,097 1,541 
Total non-interest income (loss)
39,720 (622,003)
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses
11,441 10,652 
Operating expenses
7,754 3,233 
Total general, administrative and operating expenses
19,195 13,885 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES50,865 (588,806)
Income tax expense (benefit)66 (239)
NET INCOME (LOSS)50,799 (588,567)
Net loss attributable to non-controlling interest in consolidated variable interest entities1,409 184 
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY52,208 (588,383)
Preferred stock dividends(10,297)(10,297)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS
$41,911 $(598,680)
Basic earnings (loss) per common share$0.11 $(1.71)
Diluted earnings (loss) per common share$0.11 $(1.71)
Weighted average shares outstanding-basic378,881 350,912 
Weighted average shares outstanding-diluted380,815 350,912 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollar amounts in thousands)
(unaudited)
For the Three Months Ended
March 31,
20212020
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS
$41,911 $(598,680)
OTHER COMPREHENSIVE INCOME (LOSS)  
Increase (decrease) in fair value of available for sale securities
638 (135,327)
Reclassification adjustment for net loss (gain) included in net income (loss)
2,242 (6,837)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
2,880 (142,164)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS
$44,791 $(740,844)
The accompanying notes are an integral part of the condensed consolidated financial statements.
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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Dollar amounts in thousands)
(unaudited)
Common
Stock
Preferred
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Income (Loss)
Total Company Stockholders' EquityNon-Controlling Interest in Consolidated VIEsTotal
Balance, December 31, 2020$3,777 $504,765 $2,342,934 $(551,268)$994 $2,301,202 $6,371 $2,307,573 
Net income (loss)— — — 52,208 — 52,208 (1,409)50,799 
Common stock issuance, net
— — — — — — — — 
Stock based compensation expense, net
16 — 978 — — 994 — 994 
Dividends declared on common stock
— — — (37,927)— (37,927)— (37,927)
Dividends declared on preferred stock
— — — (10,297)— (10,297)— (10,297)
Dividends attributable to dividend equivalents— — — (207)— (207)— (207)
Reclassification adjustment for net loss included in net income
— — — — 2,242 2,242 — 2,242 
Increase in fair value of available for sale securities— — — — 638 638 — 638 
Increase in non-controlling interest related to initial consolidation of VIEs— — — — — — 539 539 
Decrease in non-controlling interest related to distributions from Consolidated VIEs— — — — — — (3)(3)
Balance, March 31, 2021$3,793 $504,765 $2,343,912 $(547,491)$3,874 $2,308,853 $5,498 $2,314,351 
Common
Stock
Preferred
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Income (Loss)
Total Company Stockholders' EquityNon-Controlling Interest in Consolidated VIEsTotal
Balance, December 31, 2019$2,914 $504,765 $1,821,785 $(148,863)$25,132 $2,205,733 $(704)$2,205,029 
Cumulative-effect adjustment for implementation of fair value option— — — 12,284 — 12,284 — 12,284 
Net loss— — — (588,383)— (588,383)(184)(588,567)
Common stock issuance, net
851 — 511,055 — — 511,906 — 511,906 
Stock based compensation expense, net
10 — 1,953 — — 1,963 — 1,963 
Dividends declared on common stock
— — — — — — — — 
Dividends declared on preferred stock
— — — — — — — — 
Reclassification adjustment for net gain included in net loss— — — — (6,837)(6,837)— (6,837)
Decrease in fair value of available for sale securities— — — — (135,327)(135,327)— (135,327)
Balance, March 31, 2020$3,775 $504,765 $2,334,793 $(724,962)$(117,032)$2,001,339 $(888)$2,000,451 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
(unaudited)

    
For the Three Months Ended
March 31,
20212020
Cash Flows from Operating Activities:  
Net income (loss)$50,799 $(588,567)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net amortization (accretion)10,530 (14,500)
Realized (gains) losses, net(7,058)147,918 
Realized loss on de-consolidation of Consolidated K-Series 54,118 
Unrealized (gains) losses, net(26,166)396,780 
Impairment of goodwill 25,222 
Impairment of real estate under development in Consolidated VIEs 145 
Income from preferred equity, mezzanine loan and equity investments(8,371)(5,920)
Distributions of income from preferred equity, mezzanine loan and equity investments7,549 5,686 
Stock based compensation expense, net994 1,963 
Changes in operating assets and liabilities:
Other assets(6,100)68,894 
Other liabilities2,966 (71,572)
Net cash provided by operating activities25,143 20,167 
Cash Flows from Investing Activities:  
Proceeds from sales of investment securities111,628 1,380,980 
Principal paydowns received on investment securities21,682 142,808 
Purchases of investment securities(5,926)(448,093)
Principal repayments received on residential loans180,750 102,696 
Proceeds from sales of residential loans6,633 49,960 
Purchases of residential loans(347,283)(153,821)
Principal repayments received on preferred equity and mezzanine loan investments11,875 7,555 
Return of capital from equity investments 157 
Funding of preferred equity, mezzanine loan and equity investments(161)(30,546)
Funding of joint venture investment in Consolidated VIE(10,250) 
Proceeds from sales resulting in de-consolidation of Consolidated K-Series 344,044 
Principal repayments received on multi-family loans held in Consolidated K-Series 239,796 
Net payments made on derivative instruments settled during the period (28,233)
Proceeds from sale of real estate owned1,637 1,151 
Cash received from initial consolidation of VIEs1,751  
Capital expenditures on operating real estate in Consolidated VIEs(827) 
Distributions to non-controlling interest in Consolidated VIEs(3) 
Purchases of other assets(18)(36)
Net cash (used in) provided by investing activities(28,512)1,608,418 
Cash Flows from Financing Activities:  
Net proceeds from (payments made on) repurchase agreements130,748 (1,677,506)
Common stock issuance, net 511,924 
Dividends paid on common stock and dividend equivalents(37,808)(58,274)
Dividends paid on preferred stock(10,297)(10,175)
Payments made on and extinguishment of collateralized debt obligations(35,834)(1,475)
Payments made on Consolidated K-Series CDOs (147,376)
Payments made on Consolidated SLST CDOs(27,299)(21,208)
Net cash provided by (used in) financing activities19,510 (1,404,090)
Net Increase in Cash, Cash Equivalents and Restricted Cash16,141 224,495 
Cash, Cash Equivalents and Restricted Cash - Beginning of Period304,490 121,612 
Cash, Cash Equivalents and Restricted Cash - End of Period$320,631 $346,107 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Dollar amounts in thousands)
(unaudited)

Supplemental Disclosure:  
Cash paid for interest$19,304 $239,091 
Cash paid for income taxes$2 $1 
Non-Cash Investment Activities:  
Sales of investment securities not yet settled$ $213,585 
De-consolidation of multi-family loans held in Consolidated K-Series$ $17,381,483 
De-consolidation of Consolidated K-Series CDOs$ $16,612,093 
Transfer from residential loans to real estate owned$1,684 $3,515 
Non-Cash Financing Activities:  
Dividends declared on common stock and dividend equivalents to be paid in subsequent period$38,035 $ 
Dividends declared on preferred stock to be paid in subsequent period$10,297 $ 
Cash, Cash Equivalents and Restricted Cash Reconciliation:
Cash and cash equivalents$290,977 $172,513 
Restricted cash included in other assets29,654 173,594 
Total cash, cash equivalents, and restricted cash$320,631 $346,107 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited)
1.Organization

New York Mortgage Trust, Inc., together with its consolidated subsidiaries (“NYMT,” “we,” “our,” or the “Company”), is a real estate investment trust, or REIT, in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets. Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest margin and capital gains from a diversified investment portfolio. Our investment portfolio includes credit sensitive single-family and multi-family assets.

The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including taxable REIT subsidiaries (“TRSs”), qualified REIT subsidiaries (“QRSs”) and special purpose subsidiaries established for securitization purposes. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”).

The Company is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. As such, the Company will generally not be subject to federal income taxes on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements.

COVID-19 Impact

The novel coronavirus (“COVID-19”) pandemic materially adversely impacted our business beginning in mid-March 2020, has contributed to significant volatility in global financial and credit markets and continues to adversely impact the U.S. and world economies. The major disruptions caused by COVID-19 significantly slowed many commercial activities in the U.S., resulting in a rapid rise in unemployment claims, reduced business revenues and sharp reductions in liquidity and the fair value of many assets, including those in which the Company invests. Although market conditions for our business have improved in quarters subsequent to March 2020, the pandemic continues to negatively weigh on markets and world economies. The ultimate duration and impact of the COVID-19 pandemic and response thereto remains uncertain.
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2.Summary of Significant Accounting Policies
    
Definitions – The following defines certain of the commonly used terms in these financial statements: 

“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 residential 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 U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”);
“non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or GSE;
“IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans;
“POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans;
“ARMs” refers to adjustable-rate residential loans;
“Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS;
“Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS;
“ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans;
“CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities issued by a GSE, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans;
“Agency CMBS” refers to CMBS representing interests or obligations backed by pools of mortgage loans guaranteed by a GSE, such as Fannie Mae or Freddie Mac;
“multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties;
“CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, multi-family loans held in the Consolidated K-Series and the Company's residential loans held in securitization trusts and non-Agency RMBS re-securitization that we consolidate, or consolidated, in our financial statements in accordance with GAAP;
“business purpose loans” refers to short-term loans collateralized by residential properties made to investors who intend to rehabilitate and sell the residential property for a profit;
“Consolidated SLST” refers to a Freddie Mac-sponsored residential loan securitization, comprised of seasoned re-performing and non-performing residential loans, of which we own or owned the first loss subordinated securities and certain IOs and senior securities that we consolidate in our financial statements in accordance with GAAP;
“Consolidated K-Series” refers to Freddie Mac-sponsored multi-family loan K-Series securitizations, of which we, or one of our “special purpose entities,” or “SPEs,” owned the first loss POs, certain IOs and certain senior or mezzanine securities that we consolidated in our financial statements in accordance with GAAP prior to disposition; and
“SOFR” refers to Secured Overnight Funding Rate.

Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2020 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of March 31, 2021, the accompanying condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020, the accompanying condensed consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three months ended March 31, 2021 and 2020 and the accompanying condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three months ended March 31, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year.
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The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments and Consolidated SLST CDOs. Although the Company’s estimates contemplate current conditions and how it expects those conditions to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition.

The COVID-19 pandemic and resulting emergency measures have led (and may continue to lead) to significant disruptions in the global supply chain, global capital markets, the economy of the U.S. and the economies of other countries impacted by COVID-19. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying our condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021; however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Accordingly, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition.
    
Reclassifications