GlobeNewswire Inc | Aug 5, 2020 04:05PM EDT

August 05, 2020

NEW YORK, Aug. 05, 2020 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (NYMT, the Company, we, our or us) today reported results for the second quarter of 2020.

Summary of Second Quarter 2020:(dollar amounts in thousands, except per share data)

Net income attributable to Company's common stockholders $ 107,517 Net income attributable to Company's common stockholders per share $ 0.28 (basic)Net interest income $ 28,526 Portfolio net interest margin 2.43 %Comprehensive income attributable to Company's common stockholders $ 190,121 Comprehensive income attributable to Company's common stockholders $ 0.50 per share (basic)Book value per common share at the end of the period $ 4.35 Economic return on book value for the quarter ^(1) 13.1 %Dividends per common share $ 0.05



^ Economic return on book value is based on the periodic change in GAAP book(1) value per common share plus dividends declared per common share, if any, during the period.

Key Developments:

-- Reinstated the payment of quarterly dividends on both common and preferred stock and declared preferred stock dividends in arrears for the first quarter of 2020. -- Completed a non-mark-to-market re-securitization backed by non-Agency RMBS generating net proceeds of approximately $109.3 million. -- Obtained additional financing for residential loans pledged under a repurchase agreement in the amount of $248.8 million. -- Sold residential loans for approximately $43.8 million in proceeds, non-Agency RMBS for approximately $37.8 million in proceeds and CMBS for approximately $24.0 million in proceeds. -- Reduced outstanding repurchase agreements to finance investment securities by $625.8 million from March 31, 2020.

Subsequent Developments:

On July 14, 2020, we completed a securitization of residential loans, resulting in approximately $242.9 million in net proceeds to the Company after deducting estimated expenses associated with the transaction. We utilized the net proceeds to repay approximately $230.6 million on an outstanding repurchase agreement related to residential loans.

Management Overview

Steven Mumma, Chairman and Chief Executive Officer, commented:The Company rebounded strongly in the second quarter after the most challenging quarter in its history, generating $0.28 in GAAP earnings and $0.50 in comprehensive earnings and increasing its book value to $4.35 at June 30, 2020, a 12% increase from March 31, 2020. The Company has focused significant efforts on stabilizing and improving its ability to fund its investment strategy, including reducing mark-to-market securities repo financing to one counterparty totaling $88 million and completing a non-mark-to-market re-securitization of non-Agency securities totaling $109 million during the second quarter, and closing on a $243 million residential loan securitization in July. Our low leverage leading into the pandemic allowed us to retain over $1 billion of non-Agency credit assets that experienced significant price appreciation in the second quarter. As we look to the future, we expect to rely less on shorter-term financings that are subject to mark-to-market fluctuations, which we believe will help us to remain opportunistic on the investment side.

Jason Serrano, NYMTs President, commented: The Company delivered a solid performance in the second quarter largely due to the continued discipline of NYMTs conservative investment culture. Although we sold assets and de-levered our portfolio in response to the COVID-19 related market disruption, we avoided some of the larger-scale, forced selling that occurred during the first quarter, allowing the Company to retain assets, particularly non-Agency RMBS, that we believe offer attractive price recovery potential. This approach allowed investments on our balance sheet to benefit in the second quarter from a resilient U.S. housing market - a market with tight supply and record low lending rates. In addition, our operating strategy enabled us to avoid the need to access expensive recapitalization initiatives that were likely to include some level of shareholder dilution. Instead, we exercised discipline and patiently locked in tighter term financing spreads by accessing the securitization markets and monetized gains from the price recovery with selective asset sales later in the second quarter. I am proud of our exceptional team, which worked incredibly hard during these unprecedented times. Together, we have been able to position the Company with a sizeable current cash balance and advantageous financing that we anticipate will provide a path for stable growth under a now-reduced competitive landscape.

Capital Allocation

The following tables set forth, by investment category, our allocated capital at June30, 2020, our interest income and interest expense, and the average yield, average portfolio financing cost, and portfolio net interest margin for our average interest earning assets for the three months ended June30, 2020 (dollar amounts in thousands):

Single-Family Multi-Family Other Total Credit ^(1) CreditInvestmentsecuritiesavailable for $ 630,196 $ 288,112 $ 42,500 $ 960,808 sale, at fairvalueResidential loans, 2,758,228 ? ? 2,758,228 at fair valueResidentialcollateralized (1,088,233 ) ? ? (1,088,233 )debt obligations,at fair valueResidentialcollateralized (36,699 ) ? ? (36,699 )debt obligationsInvestments inunconsolidated 68,189 146,100 ? 214,289 entitiesPreferred equityand mezzanine loan ? 180,850 ? 180,850 investmentsOther investments ? 10,550 ? 10,550 ^(2)Carrying value $ 2,331,681 $ 625,612 $ 42,500 $ 2,999,793 Liabilities: Repurchase (963,127 ) ? ? (963,127 )agreementsSecuritized debt (108,999 ) ? ? (108,999 )Subordinated ? ? (45,000 ) (45,000 )debenturesConvertible notes ? ? (134,117 ) (134,117 )Cash, cashequivalents and 98,352 7,316 297,540 403,208 restricted cash ^(3)Other 56,506 (3,179 ) (42,144 ) 11,183 Net capital $ 1,414,413 $ 629,749 $ 118,779 $ 2,162,941 allocated Total Leverage 0.5 Ratio ^(4)Portfolio Leverage 0.4 Ratio ^(5)



The Company, through its ownership of certain securities, has determined it^ is the primary beneficiary of Consolidated SLST and has consolidated the(1) assets and liabilities of Consolidated SLST in the Company?s condensed consolidated financial statements.^ Includes real estate under development presented in the Company's(2) accompanying condensed consolidated balance sheets in receivables and other assets.^ Restricted cash is included in the Company's accompanying condensed(3) consolidated balance sheets in receivables and other assets. Represents total outstanding repurchase agreement financing, subordinated^ debentures and convertible notes divided by the Company's total(4) stockholders' equity. Does not include SLST CDOs amounting to $1.1 billion, Residential CDOs amounting to $36.7 million and securitized debt amounting to $109.0 million as they are non-recourse debt to the Company.^ Represents outstanding repurchase agreement financing divided by the(5) Company's total stockholders' equity.

Net InterestIncome - Three Single-Family Multi-Family Other TotalMonths Ended June Credit ^(1) Credit30, 2020:Interest Income ^ $ 29,530 $ 8,854 $ 1,428 $ 39,812 (2)Interest Expense (7,898 ) (58 ) (3,330 ) (11,286 )Net Interest $ 21,632 $ 8,796 $ (1,902 ) $ 28,526 Income (Expense) Portfolio NetInterest Margin -Three Months Ended June 30,2020:Average InterestEarning Assets ^ $ 2,372,775 $ 490,805 $ 172,077 $ 3,035,657 (3) (4)Average Yield onInterest Earning 4.98 % 7.22 % 3.32 % 5.25 %Assets ^(5)Average Portfolio ) ) )Financing Cost ^ (2.82 % (3.00 % ? (2.82 %(6)Portfolio NetInterest Margin ^ 2.16 % 4.22 % 3.32 % 2.43 %(7)



The Company, through its ownership of certain securities, has determined it is the primary beneficiary of Consolidated SLST and has consolidated the^ assets and liabilities of Consolidated SLST in the Company?s condensed(1) consolidated financial statements. Interest income amounts represent interest income earned by securities that are owned by the Company. A reconciliation of net interest income from the Single-Family Credit portfolio is included below in "Additional Information."^ Includes interest income earned on cash accounts held by the Company.(2)^ Average Interest Earning Assets for the periods indicated exclude all(3) Consolidated SLST assets other than those securities owned by the Company.^ Average Interest Earning Assets is calculated each quarter based on daily(4) average amortized cost for the respective periods.^ Average Yield on Interest Earning Assets was calculated by dividing our(5) annualized interest income by our Average Interest Earning Assets for the respective periods. Average Portfolio Financing Cost was calculated by dividing our annualized^ interest expense by our average interest bearing liabilities, excluding the(6) interest expense generated by our subordinated debentures and convertible notes of approximately $0.6 million and $2.7 million, respectively. Portfolio Net Interest Margin is the difference between our Average Yield^ on Interest Earning Assets and our Average Portfolio Financing Cost,(7) excluding the weighted average cost of subordinated debentures and convertible notes.

Conference Call

On Thursday, August 6, 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 Companys financial results for the three and six months ended June30, 2020. The conference call dial-in number is (877) 312-8806. The replay will be available until Thursday, August 13, 2020 and can be accessed by dialing (855) 859-2056 and entering passcode 6249378. 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 http://www.nymtrust.com under "Events and Presentations." Second quarter 2020 financial and operating data can be viewed in the Companys Quarterly Report on Form 10-Q for the quarter ended June30, 2020, which is expected to be filed with the Securities and Exchange Commission on or about August 7, 2020. A copy of the Form 10-Q will be posted at the Companys 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 Maryland corporation that has elected to be taxed as a real estate investment trust (REIT) for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets. For a list of defined terms used from time to time in this press release, see Defined Terms below.

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 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 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 U.S. government, such as the Government National Mortgage Association (Ginnie Mae); 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; non-Agency RMBS refers to RMBS that are not guaranteed by any agency of the U.S. Government or any GSE; 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; 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; residential securitized loans refers to prime credit quality ARMs held in securitization trusts; distressed residential loans refers to pools of re-performing, non-performing and other delinquent loans secured by first liens on one- to four-family properties; CMBS refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities, 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 in or obligations backed by pools of multi-family mortgage loans guaranteed by a GSE; multi-family CMBS refers to CMBS backed by commercial mortgage loans on multi-family properties; multi-family securitized loans refers to the commercial mortgage loans included in the Consolidated K-Series; CDO refers to collateralized debt obligation; Consolidated K-Series refers to certain Freddie Mac-sponsored multi-family loan K-Series securitizations, of which we, or one of our special purpose entities, owned the first loss PO securities and certain IO and/or senior or mezzanine securities issued by them, that we consolidated in our financial statements in accordance with GAAP; 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 the first loss subordinated securities and certain IOs, that we consolidate in our financial statements in accordance with GAAP; SLST CDOs refers to the debt that permanently finances the residential loans held in Consolidated SLST that we consolidate in our financial statements in accordance with GAAP; Multi-family CDOs refers to the debt that permanently financed the multi-family mortgage loans held in the Consolidated K-Series that we consolidated in our financial statements in accordance with GAAP; Residential CDOs refers to the debt that permanently finances our residential loans held in securitization trusts that we consolidate in our financial statements in accordance with GAAP; Agency portfolio includes Agency RMBS and Agency CMBS; Multi-Family Credit portfolio includes multi-family CMBS, preferred equity and mezzanine loan investments and certain investments in unconsolidated entities that invest in multi-family credit assets; and Single-Family Credit portfolio includes residential loans at fair value, non-Agency RMBS, loans held for sale and certain investments in unconsolidated entities that invest in single-family residential assets.

Additional Information

We determined that Consolidated SLST is a variable interest entity and that we are the primary beneficiary of Consolidated SLST. As a result, we are required to consolidate Consolidated SLSTs underlying seasoned re-performing and non-performing residential loans including its liabilities, income and expenses in our condensed consolidated financial statements. We have elected the fair value option on the assets and liabilities held within Consolidated SLST, which requires that changes in valuations in the assets and liabilities of Consolidated SLST be reflected in our condensed consolidated statements of operations.

A reconciliation of our net interest income generated by our Single-Family Credit portfolio to our condensed consolidated financial statements for the three months ended June30, 2020 is set forth below (dollar amounts in thousands):

For the Three Months Ended June 30, 2020Interest income, residential loans $ 29,420 Interest income, investment securities 8,268 available for sale ^(1)Interest expense, SLST CDOs ^(2) (8,158 )Interest income, Single-Family Credit, net 29,530 Interest expense, repurchase agreements (7,299 )Interest expense, Residential CDOs ^(2) (130 )Interest expense, securitized debt (469 )Net interest income, Single-Family Credit $ 21,632



^ Included in the Company?s accompanying condensed consolidated statements of(1) operations in interest income, investment securities and other interest earning assets.^ Included in the Company?s accompanying condensed consolidated statements of(2) 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 (the SEC) or in other written or oral communications, statements which are not historical in nature, including those containing words such as will, believe, expect, anticipate, estimate, plan, continue, intend, could, would, should, may, expect 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 (the Exchange Act), and, as such, may involve known and unknown risks, uncertainties and assumptions.

Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance.Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results and outcomes could differ materially from those projected in theseforward-looking statements due to a variety of factors, including, without limitation: changes in the Companys business and investment strategy; changes in interest rates and the fair market value of the Companys assets, including negative changes resulting in margin calls relating to the financing of the Companys assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; general volatility of the markets in which the Company invests; changes in prepayment rates on the loans the Company owns or that underlie the Companys investment securities; increased rates of default or delinquencies and/or decreased recovery rates on the Companys assets; the Companys ability to identify and acquire targeted assets, including assets in its investment pipeline; changes in relationships with the Companys financing counterparties and the Companys ability to borrow to finance its assets and the terms thereof; the Companys ability to predict and control costs; changes in governmental laws, regulations or policies affecting the Companys business, including actions that may be taken to contain or address the impact of the COVID-19 pandemic; the Companys ability to make distributions to its stockholders in the future; the Companys ability to maintain its qualification as a REIT for federal tax purposes; the Companys ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; risks associated with investing in real estate assets, including changes in business conditions and the general economy, the availability of investment opportunities and the conditions in the market for Agency RMBS, non-Agency RMBS, ABS and CMBS securities, residential loans, structured multi-family investments and other mortgage-, residential housing- and credit-related assets, including changes resulting from the ongoing spread and economic effects of COVID-19; and the impact of COVID-19 on the Company, its operations and its personnel.

These and other risks, uncertainties and factors, including the risk factors described in the Companys reports filed with the SEC pursuant to the Exchange Act, could cause the Companys actual results to differ materially from those projected in any forward-looking statements the Company makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

CONTACT: AT THE COMPANY Mari Nitta Investor Relations Associate Phone: (646) 795-4066 Email: InvestorRelations@nymtrust.com

FINANCIAL TABLES FOLLOW

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except share data)

June 30, 2020 December 31, 2019 (unaudited) ASSETS Investment securities available for sale, at $ 960,808 $ 2,006,140 fair valueResidential loans, at fair value 2,758,228 2,758,640 Residential loans, net ? 202,756 Investments in unconsolidated entities 214,289 189,965 Preferred equity and mezzanine loan 180,850 180,045 investmentsMulti-family loans held in securitization ? 17,816,746 trusts, at fair valueDerivative assets ? 15,878 Cash and cash equivalents 371,697 118,763 Goodwill ? 25,222 Receivables and other assets 130,858 169,214 Total Assets ^(1) $ 4,616,730 $ 23,483,369 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Repurchase agreements $ 963,127 $ 3,105,416 Securitized debt 108,999 ? Multi-family collateralized debt obligations, ? 16,724,451 at fair valueResidential collateralized debt obligations, 1,088,233 1,052,829 at fair valueResidential collateralized debt obligations 36,699 40,429 Convertible notes 134,117 132,955 Subordinated debentures 45,000 45,000 Accrued expenses and other liabilities 77,614 177,260 Total liabilities^ (1) 2,453,789 21,278,340 Commitments and Contingencies Stockholders' Equity: Preferred stock, par value $0.01 per share,30,900,000 shares authorized, 20,872,888 shares 504,765 504,765 issued and outstanding ($521,822,200 aggregateliquidation preference)Common stock, par value $0.01 per share,800,000,000 shares authorized, 377,465,405 and 3,775 2,914 291,371,039 shares issued and outstanding,respectivelyAdditional paid-in capital 2,337,222 1,821,785 Accumulated other comprehensive (loss) income (34,428 ) 25,132 Accumulated deficit (646,629 ) (148,863 )Company's stockholders' equity 2,164,705 2,205,733 Non-controlling interest in consolidated (1,764 ) (704 )variable interest entitiesTotal equity 2,162,941 2,205,029 Total Liabilities and Stockholders' Equity $ 4,616,730 $ 23,483,369



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 June30, 2020 and December31,(1) 2019, assets of consolidated VIEs totaled $1,541,953 and $19,270,384, respectively, and the liabilities of consolidated VIEs totaled $1,238,373 and $17,878,314, respectively.

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollar amounts in thousands, except per share data)(unaudited)

For the Three Months Ended For the Six Months Ended June 30, June 30, 2020 2019 2020 2019INTEREST INCOME: Investmentsecurities and $ 13,348 $ 15,355 $ 32,447 $ 30,671 other interestearning assetsResidential loans 29,420 13,598 63,720 29,489 Preferred equityand mezzanine loan 5,202 5,148 10,575 10,155 investmentsMulti-family loansheld in ? 133,157 151,841 244,925 securitizationtrustsTotal interest 47,970 167,258 258,583 315,240 income INTEREST EXPENSE: Repurchaseagreements and 7,366 22,823 28,980 43,209 other interestbearing liabilitiesResidentialcollateralized debt 8,288 402 17,060 824 obligationsMulti-familycollateralized debt ? 114,914 129,762 211,711 obligationsConvertible notes 2,739 2,694 5,474 5,384 Subordinated 582 734 1,231 1,474 debenturesSecuritized debt 469 ? 469 742 Total interest 19,444 141,567 182,976 263,344 expense NET INTEREST INCOME 28,526 25,691 75,607 51,896 NON-INTEREST INCOME (LOSS):Recovery of loan ? 1,296 ? 2,362 lossesRealized (losses) (934 ) 4,447 (148,852 ) 26,453 gains, netRealized loss onde-consolidation ofmulti-family loansheld insecuritization ? ? (54,118 ) ? trusts andmulti-familycollateralized debtobligations, netUnrealized gains 102,872 78 (293,908 ) 2,786 (losses), netImpairment of ? ? (25,222 ) ? goodwillLoss onextinguishment of ? ? ? (2,857 )debtOther income 2,474 2,740 4,509 10,680 Total non-interest 104,412 8,561 (517,591 ) 39,424 income (loss) GENERAL,ADMINISTRATIVE AND OPERATING EXPENSES:General andadministrative 11,823 9,815 22,628 18,725 expensesOperating expenses 2,251 2,579 5,330 6,313 Total general,administrative and 14,074 12,394 27,958 25,038 operating expenses INCOME (LOSS) FROMOPERATIONS BEFORE 118,864 21,858 (469,942 ) 66,282 INCOME TAXESIncome tax expense 1,927 (134 ) 1,688 (60 )(benefit)NET INCOME (LOSS) 116,937 21,992 (471,630 ) 66,342 Net lossattributable tonon-controllinginterest in 876 743 1,060 532 consolidatedvariable interestentitiesNET INCOME (LOSS)ATTRIBUTABLE TO 117,813 22,735 (470,570 ) 66,874 COMPANYPreferred stock (10,296 ) (6,257 ) (20,593 ) (12,182 )dividendsNET INCOME (LOSS)ATTRIBUTABLE TO $ 107,517 $ 16,478 $ (491,163 ) $ 54,692 COMPANY'S COMMONSTOCKHOLDERS Basic earnings(loss) per common $ 0.28 $ 0.08 $ (1.35 ) $ 0.29 shareDiluted earnings(loss) per common $ 0.28 $ 0.08 $ (1.35 ) $ 0.29 shareWeighted averageshares 377,465 200,691 364,189 187,628 outstanding-basicWeighted averageshares 399,982 202,398 364,189 209,011 outstanding-diluted

NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIESSUMMARY OF QUARTERLY EARNINGS (LOSS)(Dollar amounts in thousands, except per share data)(unaudited)

For the Three Months Ended June 30, March 31, December September June 30, 2020 2020 31, 2019 30, 2019 2019Net interest income $ 28,526 $ 47,082 $ 43,999 $ 31,971 $ 25,691 Total non-interest 104,412 (622,003 ) 33,626 21,396 8,561 income (loss)Total general,administrative and 14,074 13,885 12,509 12,288 12,394 operating expensesIncome (loss) fromoperations before 118,864 (588,806 ) 65,116 41,079 21,858 income taxesIncome tax expense 1,927 (239 ) (172 ) (187 ) (134 )(benefit)Net income (loss) 116,937 (588,567 ) 65,288 41,266 21,992 Net lossattributable tonon-controllinginterest in 876 184 195 113 743 consolidatedvariable interestentitiesNet income (loss)attributable to 117,813 (588,383 ) 65,483 41,379 22,735 CompanyPreferred stock (10,296 ) (10,297 ) (10,175 ) (6,544 ) (6,257 )dividendsNet income (loss)attributable to 107,517 (598,680 ) 55,308 34,835 16,478 Company's commonstockholdersBasic earnings(loss) per common $ 0.28 $ (1.71 ) $ 0.20 $ 0.15 $ 0.08 shareDiluted earnings(loss) per common $ 0.28 $ (1.71 ) $ 0.20 $ 0.15 $ 0.08 shareWeighted averageshares outstanding 377,465 350,912 275,121 234,043 200,691 - basicWeighted averageshares outstanding 399,982 350,912 296,347 255,537 202,398 - diluted Book value per $ 4.35 $ 3.89 $ 5.78 $ 5.77 $ 5.75 common shareDividends declaredper common share ^ $ 0.05 $ ? $ 0.20 $ 0.20 $ 0.20 (1)Dividends declaredor accumulated perpreferred share on $ 0.48 $ 0.48 $ 0.48 $ 0.48 $ 0.48 Series B PreferredStock ^(2)Dividends declaredor accumulated perpreferred share on $ 0.49 $ 0.49 $ 0.49 $ 0.49 $ 0.49 Series C PreferredStock ^(2)Dividends declaredor accumulated perpreferred share on $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 Series D PreferredStock ^(2)Dividends declaredor accumulated perpreferred share on $ 0.49 $ 0.49 $ 0.48 $ ? $ ? Series E PreferredStock ^(2) (3)



On March 23, 2020, the Company announced that it had temporarily suspended its quarterly dividend on common stock, commencing with the first quarter^ of 2020. As a result, the Company did not declare a cash dividend on its(1) common stock during the three months ended March 31, 2020. On June 15, 2020, the Company reinstated the payment of dividends on common stock and declared a cash dividend for the second quarter of 2020. On March 23, 2020, the Company announced that it had temporarily suspended quarterly dividends on its Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock (collectively, the "Preferred Stock") that would have been payable in April 2020. As a^ result, the Company did not declare quarterly dividends on the Preferred(2) Stock during the three months ended March 31, 2020. On June 15, 2020, the Company reinstated the payment of dividends on the Preferred Stock and declared cash dividends in arrears for the first quarter of 2020. Amounts presented for the three months ended March31, 2020 in the table above represent the dividend per share amounts declared in arrears and paid on July 15, 2020.^ Amount shown for the three months ended December 31, 2019 represents cash(3) dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020.