Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters
Our common stock is traded on the NASDAQ Global Select Market under the trading symbol “NYMT”. As of December 31, 2022, we had 364,774,752 shares of common stock outstanding and there were approximately 90 registered holders of record of our common stock, which does not reflect the beneficial ownership of shares held in nominee name, which we are unable to estimate.
We intend to pay regular quarterly dividends to holders of shares of our common stock. Future distributions will be at the discretion of our Board of Directors and will depend on our earnings and financial condition, capital requirements, maintenance of our REIT qualification, restrictions on making distributions under Maryland law and such other factors as our Board of Directors deems relevant.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table sets forth information as of December 31, 2022 with respect to compensation plans under which equity securities of the Company are authorized for issuance. The Company has no such plans that were not approved by security holders.
Plan Category Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights Weighted Average Exercise Price of Outstanding Options, Warrants and Rights Number of Securities Remaining Available for Future Issuance under Equity Compensation Plan
Equity compensation plans approved by security holders 7,288,253 $ — 28,796,097
Performance Graph
The following line graph sets forth, for the period from December 31, 2017 through December 31, 2022, a comparison of the percentage change in the cumulative total stockholder return on the Company’s common stock compared to the cumulative total return of the Russell 2000 Index and the FTSE National Association of Real Estate Investment Trusts Mortgage REIT (“FTSE NAREIT Mortgage REITs”) Index. The graph assumes (i) that the value of the investment in the Company’s common stock and each of the indices was $100 as of December 31, 2017 and (ii) the reinvestment of all dividends.
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12/17 12/18 12/19 12/20 12/21 12/22
New York Mortgage Trust, Inc. 100.00 108.91 131.03 83.71 92.63 73.38
Russell 2000 100.00 88.99 111.70 134.00 153.85 122.41
FTSE Nareit Mortgage REITs 100.00 97.48 118.27 96.07 111.09 81.53
The foregoing graph shall not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act or under the Exchange Act, except to the extent we specifically incorporate this information by reference, and shall not otherwise by deemed "filed" with the SEC or deemed "soliciting material" under those acts.
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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
In February 2022, the Board of Directors approved a $200.0 million stock repurchase program. In February 2023, the Board of Directors extended the stock repurchase program expiration from March 31, 2023 to March 31, 2024. The stock repurchase program allows the Company to make repurchases of shares of common stock from time to time in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any Rule 10b-18 or 10b5-1 plan. Subject to applicable securities laws, repurchases of the Company's common stock under the stock repurchase program may be made at times and in amounts as we deem appropriate, using available cash resources. The stock repurchase program does not require the purchase of any minimum number of shares. The timing and extent to which we repurchase our common stock will depend upon, among other things, market conditions, the share price of the Company's common stock, liquidity, regulatory requirements and other factors, and common stock repurchases may be commenced or suspended at any time without prior notice. The Company intends to only consider repurchasing shares of common stock when the purchase price is less than the last publicly reported book value per common share and expect to fund the share repurchases from current liquidity. Shares of the Company's common stock repurchased by us under the stock repurchase program are cancelled and, until reissued by us, are deemed to be authorized but unissued shares of the Company's common stock.
During the three months ended December 31, 2022, the Company repurchased 8,365,473 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $22.5 million, including fees and commissions paid to the broker of approximately $0.1 million, representing an average repurchase price of $2.69 per common share. During the year ended December 31, 2022, the Company repurchased 16,629,615 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $44.4 million, including fees and commissions paid to the broker of approximately $0.2 million, representing an average repurchase price of $2.67 per common share. As of December 31, 2022, $155.8 million of the approved amount remained available for the repurchase of shares of the Company's common stock under the stock repurchase program.
The following table presents information with respect to the shares of the Company's common stock that we purchased during the three months ended December 31, 2022 (dollar amounts in thousands, except per share data):
Period (1)
Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
October 1, 2022 - October 31, 2022
2,086,774 $ 2.22 2,086,774 $ 173,601
November 1, 2022 - November 30, 2022
— $ — — $ 173,601
December 1, 2022 - December 31, 2022
6,278,699 $ 2.84 6,278,699 $ 155,767
Total 8,365,473 $ 2.69 8,365,473 $ 155,767
(1) On February 15, 2022, the Company’s Board of Directors approved a $200.0 million stock repurchase program that authorizes the Company to make repurchases of shares of the Company’s common stock, which was announced on February 17, 2022. The repurchase program was initially set to expire March 31, 2023. On February 20, 2023, the Company's Board of Directors extended the repurchase program's expiration to March 31, 2024. This extension was announced on February 22, 2023.
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Item 6. [RESERVED]
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