Intelsat S.A. (I)
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New York Mortgage Trust Inc. (NYMT)
The Company announced the following updates as of the close of business on April 7, 2020:
- The Company has reduced its outstanding repurchase agreement financing with respect to mortgage-backed securities (“MBS”) to approximately $150 million with one counterparty.
- The continued reduction in the Company’s MBS repurchase agreement financing exposure was achieved through a combination of the sale of $291 million in MBS since March 27, 2020 and a $250 million increase in repurchase agreement financing with respect to the Company’s residential mortgage loan portfolio. The increased financing is collateralized by previously unencumbered residential mortgage loans. The reduction in the Company’s repurchase agreement financing for MBS significantly lowers the Company’s MBS mark-to-market financing exposure, which was a primary factor in the reduction of liquidity to mortgage REITs in recent weeks.
- In addition to the $150 million of outstanding repurchase agreement financing collateralized by non-Agency RMBS noted above, the Company has approximately $962 million of outstanding repurchase agreement financing secured by residential mortgage loans, resulting in total outstanding repurchase agreement financing of approximately $1.1 billion.
- The Company is current with all of its repurchase agreement financing payment obligations including margin requirements.
- The Company has a total investment portfolio of approximately $3.0 billion, including approximately $1.1 billion of unencumbered assets comprised primarily of $554 million of non-Agency RMBS, $276 million of CMBS and $272 million of residential mortgage loans, and approximately $200 million in cash.
- The Company estimates that its total debt leverage ratio is 0.7 to 1.
“The Company also continues to explore term financing options for the approximately $859 million of unencumbered securities in its investment portfolio,” added Mr. Mumma. “To the extent we are successful in obtaining term financing for this portfolio, we believe such financing could enhance our liquidity position and provide opportunities to invest in this new operating landscape.”
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 for federal income tax purposes (“REIT”). NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing mortgage-related and residential housing-related assets and targets structured multi-family property investments such as multi-family CMBS and preferred equity in, and mezzanine loans to, owners of multi-family properties, residential mortgage loans (including distressed residential mortgage loans, non-QM loans, second mortgage loans and other residential mortgage loans), non-Agency RMBS, Agency RMBS, Agency CMBS and other mortgage-related, residential housing-related and credit-related assets.
For Further Information
AT THE COMPANY
Mari Nitta
Investor Relations
Phone: 646-795-4066
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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Exantas Capital Corp. (XAN)
Exantas Capital Corp. Provides Update on Status of Financing Arrangements as of March 25, 2020
NEW YORK, March 25, 2020 /PRNewswire/ -- Exantas Capital Corp. (NYSE:XAN) (the "Company") announced today that, due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the Company and its subsidiaries have received margin calls from CMBS repo financing counterparties. As of the close of business on March 23, 2020, the Company did not meet all of its margin calls. The Company has requested that its CMBS repo financing counterparties forbear from exercising rights under the applicable agreements to allow the Company to evaluate its options for responding to the current situation.
On March 24, 2020, the Company received written notices from certain affiliates of Royal Bank of Canada ("RBC") alleging that events of default had occurred with respect to various financing agreements. The Company disputes RBC's notices of events of default and intends to vigorously assert its rights and defenses against any wrongful conduct by its CMBS repo financing counterparties. The Company estimates that, as of March 24, 2020, the Company's aggregate obligations subject to the foregoing notices of default are approximately $225 million.
In light of the events and conditions described above, the Company is pursuing discussions with its CMBS repo financing counterparties with regard to entering into forbearance agreements pursuant to which each counterparty would agree to forbear from exercising its rights and remedies under the applicable financing arrangement for an agreed-upon period. The Company cannot predict whether any of its CMBS repo financing counterparties will enter into a forbearance agreement, the timing of any such agreement, or the terms thereof. The Company continues to consider its strategic options for responding to margin calls and the unprecedented volatility in the markets.
Under the terms of the applicable financing arrangements, if the Company fails to deliver additional collateral or otherwise meet margin calls when due, the CMBS repo counterparties may demand immediate payment by the Company of the aggregate outstanding financing obligations owed to such counterparties, and if such financing obligations are not paid, may sell the securities and apply the proceeds to the Company's financing obligations and/or take ownership of the securities securing the Company's financing obligations.
The Board of Directors of the Company has rescinded the Company's previously announced cash dividend of $0.275 per common share for shareholders of record on March 31, 2020 and the cash dividend in the amount of $0.539063 per share on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock for shareholders of record on April 30, 2020 due to the events described above and the uncertainties in the market resulting from the COVID-19 pandemic.
About Exantas Capital Corp.
Exantas Capital Corp. is a real estate investment trust that is primarily focused on originating, holding and managing commercial real estate mortgage loans and other commercial real estate-related debt investments. The Company is externally managed by Exantas Capital Manager Inc., which is an indirect wholly-owned subsidiary of C-III Capital Partners LLC, a leading commercial real estate investment management and services company engaged in a broad range of activities. For more information, please visit the Company's website at www.exantas.com or contact investor relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
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