GlobeNewswire Inc | Nov 2, 2021 06:30AM EDT

November 02, 2021

NEW YORK, Nov. 02, 2021 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (NYMT, the Company, we, our or us) today reported results for the third quarter of 2021.

Summary of Third Quarter 2021: (dollar amounts in thousands, except per share data)

Net income attributable to Company's common stockholders $ 36,861 Net income attributable to Company's common stockholders per share $ 0.10 (basic)Comprehensive income attributable to Company's common stockholders $ 31,453 Comprehensive income attributable to Company's common stockholders $ 0.08 per share (basic)Net interest income $ 31,031 Portfolio net interest margin 3.25 %Book value per common share at the end of the period $ 4.74 Economic return on book value for the quarter ^(1) 2.1 %Dividends per common share $ 0.10

^ 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:

-- Purchased approximately $370.7 million in residential loans and $28.8 million in non-Agency RMBS.

-- Funded multi-family preferred equity investments in the amount of approximately $42.6 million and multi-family joint venture investments for approximately $53.1 million.

-- Sold residential loans for proceeds of approximately $49.5 million, non-Agency RMBS for proceeds of approximately $43.6 million and CMBS for proceeds of approximately $89.5 million.

-- Issued 5,750,000 shares of 6.875% Series F Fixed-to-Floating-Rate Cumulative Redeemable Preferred Stock for total net proceeds to the Company of approximately $138.6million after deduction of underwriting discounts and commissions and offering expenses. The Company used the net proceeds to fund the redemption of all outstanding shares of its 7.875% Series C Preferred Stock at an aggregate redemption price of approximately $104.9million, which included accumulated and unpaid dividends up to, but not including, the redemption date of July 30, 2021.

-- Redeemed one of the Company's residential loan securitizations with an outstanding balance of $203.5 million at the time of redemption and completed a new securitization of certain performing, re-performing and non-performing residential loans resulting in approximately $254.9 million of net proceeds to the Company.

Management Overview

Steven Mumma, Chairman and Chief Executive Officer, commented: "The Company continued to deliver solid results in the third quarter, generating GAAP earnings per share of $0.10 and comprehensive earnings per share of $0.08. The numbers for the quarter were negatively impacted by nonrecurring, one-time charges, including $3.4 million in expenses related to the early redemption of our 7.875% Series C preferred stock, which was refinanced into a 6.875% Series F preferred stock, lowering our cost of capital by 100 basis points. Additionally, in August, we called a 2020 residential securitization trust that resulted in the acceleration of $1.6 million of deferred debt issuance costs. The loan pool was refinanced into a new securitization issued in August, lowering our cost of debt by approximately 210 basis points. We expect to continue to reduce the Companys cost of funds with subsequent structured transactions. This trend will have a positive impact on earnings going forward."

Jason Serrano, President, commented: "We continue to be diligent with our portfolio growth by focusing on investments where higher asset returns are available due to operational complexities. With these competitive barriers, we can deploy the Companys substantial liquidity to build our portfolio with low utilization of leverage. In this approach, we believe this is an exceptional time for the Company to drive earnings while protecting book value."

Capital Allocation

The following tables set forth, by investment category, our allocated capital at September30, 2021, 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 September30, 2021 (dollar amounts in thousands):

Single-Family Multi- Other Total ^ (1) FamilyResidential loans $ 3,273,807 $ ? $ ? $ 3,273,807 Consolidated SLST (904,976 ) ? ? (904,976 )CDOsMulti-family loans ? 119,812 ? 119,812 Investment securitiesavailable for sale ^ 350,365 56,243 41,485 448,093 (2)Equity investments ? 237,925 17,089 255,014 Other investments ^ 9,428 73,335 ? 82,763 (3)Total investmentportfolio carrying 2,728,624 487,315 58,574 3,274,513 valueLiabilities: Repurchase agreements (334,556 ) ? ? (334,556 )Residential loan (710,102 ) ? ? (710,102 )securitization CDOsConvertible notes ? ? (137,240 ) (137,240 )Senior unsecured ? ? (96,540 ) (96,540 )notesSubordinated ? ? (45,000 ) (45,000 )debenturesCash, cashequivalents and 21,091 ? 405,686 426,777 restricted cash ^(4)Other 41,885 (7,909 ) (54,035 ) (20,059 )Net Company capital $ 1,746,942 $ 479,406 $ 131,445 $ 2,357,793 allocated Total Leverage Ratio 0.3 ^(5)Portfolio Leverage 0.1 Ratio ^(6)

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 consolidated^ financial statements. Consolidated SLST is presented on our consolidated(1) balance sheetsas residential loans, at fair value and collateralized debt obligations, at fair value. Our investment in Consolidated SLST as of September30, 2021 was limited to the RMBS comprised of first loss subordinated securities and IOs issued by the securitization with an aggregate net carrying value of $231.1 million.^ Agency RMBS with a fair value of $125.6 million are included in(2) Single-Family. Represents the Company's single-family rental properties and equity^ investments in consolidated multi-family apartment communities. A(3) reconciliation of the Company's equity investments in consolidated multi-family apartment communities is included below in "Additional Information." Excludes cash amounting to $3.9 million held in the Company's equity^ investments in consolidated multi-family apartment communities. Restricted(4) cash is included in the Company?s accompanying condensed consolidated balance sheets in other assets. Represents total outstanding repurchase agreement financing, subordinated debentures, convertible notes and senior unsecured notes divided by the^ Company's total stockholders' equity. Does not include Consolidated SLST(5) CDOs amounting to $905.0 million, residential loan securitization CDOs amounting to $710.1 million and mortgages payable on operating real estate amounting to $200.7 million as they are non-recourse debt for which the Company has no obligation.^ Represents outstanding repurchase agreement financing divided by the(6) Company?s total stockholders? equity.

Net InterestIncome - Three Single-Family ^ Multi-Months Ended (1) Family Other TotalSeptember 30,2021:Interest $ 39,144 $ 4,247 $ 1,816 $ 45,207 Income ^(2)Interest (8,163 ) ? (6,013 ) (14,176 ) ExpenseNet InterestIncome $ 30,981 $ 4,247 $ (4,197 ) $ 31,031 (Expense) Portfolio NetInterestMargin - Three Months EndedSeptember 30,2021:AverageInterest $ 2,608,604 $ 195,431 $ 26,468 $ 2,830,503 Earning Assets^(3) (4)Average Yieldon Interest 6.00 % 8.69 % 27.44 % 6.39 %Earning Assets^(5)AveragePortfolio (3.14 ) % ? ? (3.14 ) %Financing Cost^(6)Portfolio NetInterest 2.86 % 8.69 % 27.44 % 3.25 %Margin ^(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 consolidated(1) 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 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 period indicated excludes 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 relating to our interest earning assets by our Average Interest Earning Assets for the respective periods. Average Portfolio Financing Cost was calculated by dividing our annualized interest expense relating to our interest earning assets by our average^ interest bearing liabilities, excluding the interest expense generated by(6) our subordinated debentures, convertible notes, senior unsecured notes and mortgages payable on operating real estate of approximately $0.5 million, $2.8 million, $1.6 million and $1.1 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, convertible notes, senior unsecured notes and mortgages payable on operating real estate.

Conference Call

On Tuesday, November 2, 2021 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 nine months ended September30, 2021. The conference call dial-in number is (877) 312-8806. The replay will be available until Tuesday, November 9, 2021 and can be accessed by dialing (855) 859-2056 and entering passcode 8885838. 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 "Investors Events and Presentations" section. Third quarter 2021 financial and operating data can be viewed in the Companys Quarterly Report on Form 10-Q for the quarter ended September30, 2021, which is expected to be filed with the Securities and Exchange Commission on or about November 4, 2021. 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 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); 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; 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; 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 in or obligations backed by pools of multi-family 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 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, owned the first loss PO securities and certain IOs and certain 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; Consolidated VIEs refers to variable interest entities ("VIE") where the Company is the primary beneficiary, as it has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE and that we consolidate in our financial statements in accordance with GAAP; Multi-Family portfolio includes multi-family CMBS, preferred equity and mezzanine loan investments and certain equity investments that invest in multi-family assets; Single-Family portfolio includes residential loans, Agency RMBS and non-Agency RMBS; and Other portfolio includes ABS and equity investments that invest in residential assets.

Additional Information

Equity Investments in Consolidated Multi-family Apartment Communities

A reconciliation of our net equity investments in consolidated multi-family apartment communities to our condensed consolidated financial statements as of September30, 2021 is shown below (dollar amounts in thousands):

Cash and cash equivalents $ 3,905 Operating real estate, net 261,178 Lease intangible, net ^(a) 7,975 Other assets 11,620 Total assets $ 284,678 Mortgages payable on operating real estate, net $ 200,720 Other liabilities 5,997 Total liabilities 206,717 Non-controlling interest in consolidated variable interest 4,626 entitiesNet equity investment $ 73,335

^(a) Included in other assets in the accompanying condensed consolidated balance sheets.

Consolidated SLST

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 portfolio to our condensed consolidated financial statements for the three months ended September30, 2021 is set forth below (dollar amounts in thousands):

Interest income, residential loans $ 31,488 Interest income, investment securities available for sale 4,527 Interest income, Consolidated SLST 10,245 Interest expense, Consolidated SLST CDOs (7,116 )Interest income, Single-Family, net 39,144 Interest expense, repurchase agreements (3,110 )Interest expense, residential loan securitizations (5,053 )Net interest income, Single-Family $ 30,981

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 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 delinquency 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 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 COMPANYPhone: 212-792-0107Email: InvestorRelations@nymtrust.com

FINANCIAL TABLES FOLLOW

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

September 30, December 31, 2021 2020 (unaudited) ASSETS Residential loans, at fair value $ 3,273,807 $ 3,049,166 Multi-family loans, at fair value 119,812 163,593 Investment securities available for sale, at fair 448,093 724,726 valueEquity investments, at fair value 255,014 259,095 Cash and cash equivalents 408,785 293,183 Operating real estate, net 270,606 50,532 Other assets 136,692 115,292 Total Assets ^(1) $ 4,912,809 $ 4,655,587 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Repurchase agreements $ 334,556 $ 405,531 Collateralized debt obligations ($904,976 at fairvalue and $710,102 at amortized cost, net as ofSeptember30, 2021 and $1,054,335 at fair value 1,615,078 1,623,658 and $569,323 at amortized cost, net as ofDecember31, 2020)Convertible notes 137,240 135,327 Senior unsecured notes 96,540 ? Subordinated debentures 45,000 45,000 Mortgages payable on operating real estate, net 200,720 36,752 Other liabilities 121,256 101,746 Total liabilities^ (1) 2,550,390 2,348,014 Commitments and Contingencies Stockholders' Equity: Preferred stock, par value $0.01 per share,32,050,000 and 30,900,000 shares authorized as ofSeptember30, 2021 and December31, 2020,respectively, 22,441,081 and 20,872,888 sharesissued and outstanding as of September30, 2021 542,232 504,765 and December31, 2020, respectively ($561,027 and$521,822 aggregate liquidation preference as ofSeptember30, 2021 and December31, 2020,respectively)Common stock, par value $0.01 per share,800,000,000 shares authorized, 379,286,475 and377,744,476 shares issued and outstanding as of 3,793 3,777 September30, 2021 and December31, 2020,respectivelyAdditional paid-in capital 2,353,483 2,342,934 Accumulated other comprehensive income 2,041 994 Accumulated deficit (543,756 ) (551,268 )Company's stockholders' equity 2,357,793 2,301,202 Non-controlling interest in consolidated variable 4,626 6,371 interest entitiesTotal equity 2,362,419 2,307,573 Total Liabilities and Stockholders' Equity $ 4,912,809 $ 4,655,587

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 September30, 2021 and(1) December31, 2020, assets of consolidated VIEs totaled $2,217,348 and $2,150,984, respectively, and the liabilities of consolidated VIEs totaled $1,793,066 and $1,667,306, 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 For the Nine Months Ended Ended September 30, September 30, 2021 2020 2021 2020NET INTEREST INCOME: Interest income $ 52,323 $ 45,358 $ 154,548 $ 303,941 Interest expense 21,292 19,829 61,702 202,807 Total net interest income 31,031 25,529 92,846 101,134 NON-INTEREST INCOME (LOSS):Realized gains (losses), 8,314 (1,067 ) 20,361 (149,919 )netRealized loss onde-consolidation of ? ? ? (54,118 )Consolidated K-SeriesUnrealized gains (losses), 30,138 81,198 80,157 (212,711 )netIncome from equity 8,015 9,966 22,021 14,573 investmentsImpairment of goodwill ? ? ? (25,222 )Income from operating real 3,980 ? 7,626 ? estateOther (loss) income (1,035 ) 431 2,244 337 Total non-interest income 49,412 90,528 132,409 (427,060 )(loss) GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:General and administrative 12,458 10,159 36,419 32,570 expensesExpenses related to 8,549 ? 15,386 ? operating real estatePortfolio operating 7,039 3,265 18,558 8,812 expensesTotal general,administrative and 28,046 13,424 70,363 41,382 operating expenses INCOME (LOSS) FROMOPERATIONS BEFORE INCOME 52,397 102,633 154,892 (367,308 )TAXESIncome tax expense 1,215 (772 ) 1,296 917 (benefit) NET INCOME (LOSS) 51,182 103,405 153,596 (368,225 )Net loss (income)attributable tonon-controlling interest 394 (1,764 ) 3,428 (704 )in consolidated variableinterest entitiesNET INCOME (LOSS) 51,576 101,641 157,024 (368,929 )ATTRIBUTABLE TO COMPANYPreferred stock dividends (11,272 ) (10,297 ) (31,865 ) (30,890 )Preferred stock redemption (3,443 ) ? (3,443 ) ? chargeNET INCOME (LOSS)ATTRIBUTABLE TO COMPANY'S $ 36,861 $ 91,344 $ 121,716 $ (399,819 )COMMON STOCKHOLDERS Basic earnings (loss) per $ 0.10 $ 0.24 $ 0.32 $ (1.08 )common shareDiluted earnings (loss) $ 0.10 $ 0.23 $ 0.32 $ (1.08 )per common shareWeighted average shares 379,395 377,744 379,193 368,740 outstanding-basicWeighted average shares 380,983 399,709 381,105 368,740 outstanding-diluted

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

For the Three Months Ended September June 30, March 31, December September 30, 2021 2021 2021 31, 2020 30, 2020Total net $ 31,031 $ 31,475 $ 30,340 $ 25,956 $ 25,529 interest incomeTotalnon-interest 49,412 43,276 39,720 67,271 90,528 incomeTotal general,administrative 28,046 23,121 19,195 13,180 13,424 and operatingexpensesIncome fromoperations 52,397 51,630 50,865 80,047 102,633 before incometaxesIncome taxexpense 1,215 15 66 65 (772 )(benefit)Net income 51,182 51,615 50,799 79,982 103,405 Net loss(income)attributable tonon-controllinginterest in 394 1,625 1,409 437 (1,764 )consolidatedvariableinterestentitiesNet incomeattributable to 51,576 53,240 52,208 80,419 101,641 CompanyPreferred stock (11,272 ) (10,296 ) (10,297 ) (10,296 ) (10,297 )dividendsPreferred stockredemption (3,443 ) ? ? ? ? chargeNet incomeattributable to 36,861 42,944 41,911 70,123 91,344 Company's commonstockholdersBasic earnings $ 0.10 $ 0.11 $ 0.11 $ 0.19 $ 0.24 per common shareDiluted earnings $ 0.10 $ 0.11 $ 0.11 $ 0.18 $ 0.23 per common shareWeighted averageshares 379,395 379,299 378,881 377,744 377,744 outstanding -basicWeighted averageshares 380,983 381,517 380,815 399,009 399,709 outstanding -diluted Book value per $ 4.74 $ 4.74 $ 4.71 $ 4.71 $ 4.58 common shareDividendsdeclared per $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.075 common shareDividendsdeclared perpreferred share $ 0.48 $ 0.48 $ 0.48 $ 0.48 $ 0.48 on Series BPreferred StockDividendsdeclared perpreferred share $ ? $ 0.49 $ 0.49 $ 0.49 $ 0.49 on Series CPreferred Stock^(1)Dividendsdeclared perpreferred share $ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50 on Series DPreferred StockDividendsdeclared perpreferred share $ 0.49 $ 0.49 $ 0.49 $ 0.49 $ 0.49 on Series EPreferred StockDividendsdeclared perpreferred share $ 0.47 $ ? $ ? $ ? $ ? on Series FPreferred Stock^(2)

^ In July 2021, the Company redeemed all outstanding shares of its Series C(1) Preferred Stock and paid accumulated dividends up to, but not including, the redemption date.^ For the three months ended September 30, 2021, dividends declared(2) represents the cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021.