New York Mortgage Trust Reports Second Quarter 2020 Results

New York, New York, UNITED STATES


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 (basic)$0.28 
Net interest income$28,526 
Portfolio net interest margin2.43%
Comprehensive income attributable to Company's common stockholders$190,121 
Comprehensive income attributable to Company's common stockholders per share (basic)$0.50 
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 

            

(1) Economic return on book value is based on the periodic change in GAAP book 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, NYMT’s President, commented: “The Company delivered a solid performance in the second quarter largely due to the continued discipline of NYMT’s 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 June 30, 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 June 30, 2020 (dollar amounts in thousands):

 Single-Family Credit (1) Multi-Family Credit Other Total
Investment securities available for sale, at fair value$630,196  $288,112  $42,500  $960,808 
Residential loans, at fair value2,758,228      2,758,228 
Residential collateralized debt obligations, at fair value(1,088,233)     (1,088,233)
Residential collateralized debt obligations(36,699)     (36,699)
Investments in unconsolidated entities68,189  146,100    214,289 
Preferred equity and mezzanine loan investments  180,850    180,850 
Other investments (2)  10,550    10,550 
Carrying value$2,331,681  $625,612  $42,500  $2,999,793 
Liabilities:       
Repurchase agreements(963,127)     (963,127)
Securitized debt(108,999)     (108,999)
Subordinated debentures    (45,000) (45,000)
Convertible notes    (134,117) (134,117)
Cash, cash equivalents and restricted cash (3)98,352  7,316  297,540  403,208 
Other56,506  (3,179) (42,144) 11,183 
Net capital allocated$1,414,413  $629,749  $118,779  $2,162,941 
        
Total Leverage Ratio (4)      0.5 
Portfolio Leverage Ratio (5)      0.4 

              

(1)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 consolidated financial statements.
(2)Includes real estate under development presented in the Company's accompanying condensed consolidated balance sheets in receivables and other assets.
(3)Restricted cash is included in the Company's accompanying condensed consolidated balance sheets in receivables and other assets.
(4)Represents total outstanding repurchase agreement financing, subordinated debentures and convertible notes divided by the Company's total 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.
(5)Represents outstanding repurchase agreement financing divided by the Company's total stockholders' equity.


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

                  

(1)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 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."
(2)Includes interest income earned on cash accounts held by the Company.
(3)Average Interest Earning Assets for the periods indicated exclude all Consolidated SLST assets other than those securities owned by the Company.
(4)Average Interest Earning Assets is calculated each quarter based on daily average amortized cost for the respective periods.
(5)Average Yield on Interest Earning Assets was calculated by dividing our annualized interest income by our Average Interest Earning Assets for the respective periods.
(6)Average Portfolio Financing Cost was calculated by dividing our annualized interest expense by our average interest bearing liabilities, excluding the interest expense generated by our subordinated debentures and convertible notes of approximately $0.6 million and $2.7 million, respectively.
(7)Portfolio Net Interest Margin is the difference between our Average Yield on Interest Earning Assets and our Average Portfolio Financing Cost, 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 Company’s financial results for the three and six months ended June 30, 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 Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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 Company’s 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 SLST’s 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 June 30, 2020 is set forth below (dollar amounts in thousands):

 For the Three Months Ended June 30, 2020
Interest income, residential loans$29,420 
Interest income, investment securities available for sale (1)8,268 
Interest expense, SLST CDOs (2)(8,158)
Interest income, Single-Family Credit, net29,530 
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 

              

(1)Included in the Company’s accompanying condensed consolidated statements of operations in interest income, investment securities and other interest earning assets.
(2)Included in the Company’s accompanying condensed consolidated statements of 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 these forward-looking statements due to a variety of factors, including, without limitation: changes in the Company’s business and investment strategy; changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s 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 Company’s investment securities; increased rates of default or delinquencies and/or decreased recovery rates on the Company’s assets; the Company’s ability to identify and acquire targeted assets, including assets in its investment pipeline; changes in relationships with the Company’s financing counterparties and the Company’s ability to borrow to finance its assets and the terms thereof; the Company’s ability to predict and control costs; changes in governmental laws, regulations or policies affecting the Company’s business, including actions that may be taken to contain or address the impact of the COVID-19 pandemic; the Company’s ability to make distributions to its stockholders in the future; the Company’s ability to maintain its qualification as a REIT for federal tax purposes; the Company’s 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 Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s 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 SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
 
  June 30, 2020 December 31, 2019
  (unaudited)  
ASSETS    
Investment securities available for sale, at fair value $960,808  $2,006,140 
Residential 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 investments 180,850  180,045 
Multi-family loans held in securitization trusts, at fair value   17,816,746 
Derivative 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, at fair value   16,724,451 
Residential collateralized debt obligations, at fair value 1,088,233  1,052,829 
Residential 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 issued and outstanding ($521,822,200 aggregate liquidation preference)504,765  504,765 
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 377,465,405 and 291,371,039 shares issued and outstanding, respectively3,775  2,914 
Additional 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 variable interest entities (1,764) (704)
Total equity 2,162,941  2,205,029 
Total Liabilities and Stockholders' Equity $4,616,730  $23,483,369 

            

(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 June 30, 2020 and December 31, 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 SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar amounts in thousands, except per share data)
(unaudited)
 
 For the Three Months Ended
June 30,
 For the Six Months Ended
June 30,
 2020 2019
 2020 2019
INTEREST INCOME:               
Investment securities and other interest earning assets$13,348  $15,355  $32,447  $30,671 
Residential loans29,420  13,598  63,720  29,489 
Preferred equity and mezzanine loan investments5,202  5,148  10,575  10,155 
Multi-family loans held in securitization trusts  133,157  151,841  244,925 
Total interest income47,970  167,258  258,583  315,240 
        
INTEREST EXPENSE:       
Repurchase agreements and other interest bearing liabilities7,366  22,823  28,980  43,209 
Residential collateralized debt obligations8,288  402  17,060  824 
Multi-family collateralized debt obligations  114,914  129,762  211,711 
Convertible notes2,739  2,694  5,474  5,384 
Subordinated debentures582  734  1,231  1,474 
Securitized debt469    469  742 
Total interest expense19,444  141,567  182,976  263,344 
        
NET INTEREST INCOME28,526  25,691  75,607  51,896 
        
NON-INTEREST INCOME (LOSS):       
Recovery of loan losses  1,296    2,362 
Realized (losses) gains, net(934) 4,447  (148,852) 26,453 
Realized loss on de-consolidation of multi-family loans held in securitization trusts and multi-family collateralized debt obligations, net    (54,118)  
Unrealized gains (losses), net102,872  78  (293,908) 2,786 
Impairment of goodwill    (25,222)  
Loss on extinguishment of debt      (2,857)
Other income2,474  2,740  4,509  10,680 
Total non-interest income (loss)104,412  8,561  (517,591) 39,424 
        
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:       
General and administrative expenses11,823  9,815  22,628  18,725 
Operating expenses2,251  2,579  5,330  6,313 
Total general, administrative and operating expenses14,074  12,394  27,958  25,038 
        
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES118,864  21,858  (469,942) 66,282 
Income tax expense (benefit)1,927  (134) 1,688  (60)
NET INCOME (LOSS)116,937  21,992  (471,630) 66,342 
Net loss attributable to non-controlling interest in consolidated variable interest entities876  743  1,060  532 
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY117,813  22,735  (470,570) 66,874 
Preferred stock dividends(10,296) (6,257) (20,593) (12,182)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS$107,517  $16,478  $(491,163) $54,692 
        
Basic earnings (loss) per common share$0.28  $0.08  $(1.35) $0.29 
Diluted earnings (loss) per common share$0.28  $0.08  $(1.35) $0.29 
Weighted average shares outstanding-basic377,465  200,691  364,189  187,628 
Weighted average shares outstanding-diluted399,982  202,398  364,189  209,011 




NEW YORK MORTGAGE TRUST, INC. AND SUBSIDIARIES
SUMMARY OF QUARTERLY EARNINGS (LOSS)
(Dollar amounts in thousands, except per share data)
(unaudited)
 
 For the Three Months Ended
 June 30,
2020
 March 31,
2020
 December
31, 2019
 September
30, 2019
 June 30,
2019
Net interest income$28,526  $47,082  $43,999  $31,971  $25,691 
Total non-interest income (loss)104,412  (622,003) 33,626  21,396  8,561 
Total general, administrative and operating expenses14,074  13,885  12,509  12,288  12,394 
Income (loss) from operations before income taxes118,864  (588,806) 65,116  41,079  21,858 
Income tax expense (benefit)1,927  (239) (172) (187) (134)
Net income (loss)116,937  (588,567) 65,288  41,266  21,992 
Net loss attributable to non-controlling interest in consolidated variable interest entities876  184  195  113  743 
Net income (loss) attributable to Company117,813  (588,383) 65,483  41,379  22,735 
Preferred stock dividends(10,296) (10,297) (10,175) (6,544) (6,257)
Net income (loss) attributable to Company's common stockholders107,517  (598,680) 55,308  34,835  16,478 
Basic earnings (loss) per common share$0.28  $(1.71) $0.20  $0.15  $0.08 
Diluted earnings (loss) per common share$0.28  $(1.71) $0.20  $0.15  $0.08 
Weighted average shares outstanding - basic377,465  350,912  275,121  234,043  200,691 
Weighted average shares outstanding - diluted399,982  350,912  296,347  255,537  202,398 
          
Book value per common share$4.35  $3.89  $5.78  $5.77  $5.75 
Dividends declared per common share (1)$0.05  $  $0.20  $0.20  $0.20 
Dividends declared or accumulated per preferred share on Series B Preferred Stock (2)$0.48  $0.48  $0.48  $0.48  $0.48 
Dividends declared or accumulated per preferred share on Series C Preferred Stock (2)$0.49  $0.49  $0.49  $0.49  $0.49 
Dividends declared or accumulated per preferred share on Series D Preferred Stock (2)$0.50  $0.50  $0.50  $0.50  $0.50 
Dividends declared or accumulated per preferred share on Series E Preferred Stock (2) (3)$0.49  $0.49  $0.48  $  $ 

                   

(1)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 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.
(2)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 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 March 31, 2020 in the table above represent the dividend per share amounts declared in arrears and paid on July 15, 2020.
(3)Amount shown for the three months ended December 31, 2019 represents cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020.