Business Context and Reporting Period
This Form 8-K is filed by New York Mortgage Trust, Inc. (NYMT) on August 5, 2021. The filing primarily serves to announce financial results for the three and six months ended June 30, 2021, and to report a corporate governance action regarding the reclassification of preferred stock.
Key Financial Metrics
The filing text references a press release (Exhibit 99.1) and supplemental financial information (Exhibit 99.2) containing specific data for the period ended June 30, 2021. However, the text of this Form 8-K does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Investors must refer to the attached exhibits for these figures.
Material Changes and Corporate Actions
- Preferred Stock Reclassification: On August 5, 2021, the Company filed Articles Supplementary with the State of Maryland to reclassify 6,600,000 authorized but unissued shares of its 7.875% Series C Cumulative Redeemable Preferred Stock as additional shares of undesignated preferred stock.
- Capital Structure Update: Following the reclassification, the Company is authorized to issue an aggregate of 200,000,000 shares of Preferred Stock. The current designated series include:
- 6,000,000 shares of 7.75% Series B Cumulative Redeemable Preferred Stock.
- 8,400,000 shares of 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
- 9,900,000 shares of 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
- 5,750,000 shares of 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
Guidance, Outlook, and Risks
The filing incorporates by reference a press release and supplemental information regarding the Company's financial results. The text explicitly states that the information in Item 2.02 and Item 7.01, including the exhibits, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act and is not subject to the liabilities of that section. No specific guidance, outlook, or risk factors are detailed within the body of this Form 8-K text.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and cash flow figures for the quarter and half-year ended June 30, 2021.
- Examine Exhibit 99.2 for supplemental financial data and non-GAAP metrics.
- Verify the full text of the Articles Supplementary (Exhibit 3.1) to confirm the exact terms of the preferred stock reclassification.
- Confirm the current trading status and terms of the Series B, D, E, and F preferred stock on the NASDAQ Stock Market.