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 and dividend information
Our common stock is traded on the NYSE under the symbol "MITT." As of February 15, 2021, there were 41,456,349 shares of common stock outstanding and approximately 37 registered holders of our common stock. The 37 holders of record include Cede & Co., which holds shares as nominee for The Depository Trust Company, which itself holds shares on behalf of the beneficial owners of the Company’s common stock. Such information was obtained through the Company’s registrar and transfer agent, based on the results of a broker search.
The following tables set forth, for the periods indicated, the high and low sale price of our common stock as reported on the NYSE and the dividends declared per share of our common stock.
Sales Prices
2020 High Low
First Quarter $ 16.70 $ 2.00
Second Quarter 7.89 1.46
Third Quarter 3.70 2.52
Fourth Quarter 3.66 2.51
2019 High Low
First Quarter $ 18.49 $ 15.62
Second Quarter 17.32 15.25
Third Quarter 16.51 14.86
Fourth Quarter 16.05 14.67
2020
Declaration Date Record Date Payment Date Dividend Per Share
12/22/2020 12/31/2020 1/29/2021 $ 0.03
2019
Declaration Date Record Date Payment Date Dividend Per Share
3/15/2019 3/29/2019 4/30/2019 $ 0.50
6/14/2019 6/28/2019 7/31/2019 0.50
9/6/2019 9/30/2019 10/31/2019 0.45
12/13/2019 12/31/2019 1/31/2020 0.45
Total $ 1.90
Although we intend to continue to declare quarterly dividends, no assurances can be made as to the amount of any future dividend. We have not established a minimum dividend payment level and our ability to pay dividends may be adversely affected for the reasons described under the caption "Risk Factors," among others. The declaration of any future dividends by us is within the discretion of our Board of Directors and will be dependent upon, among other things, our earnings, our financial condition, Maryland law, and our capital requirements, as well as any other factor deemed relevant by our Board of Directors. Two principal factors in determining the amounts of dividends are (i) the requirement of the Code that a real estate investment trust distribute to shareholders at least 90% of its real estate investment trust taxable income and (ii) the amount of our available cash.
Equity compensation plan information
We have adopted equity incentive plans to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other resources, including our Manager and personnel of our Manager and its affiliates. The total number of shares that may be made subject to awards under our Equity Incentive Plan is 2,000,000 shares. Awards under our equity incentive plan are forfeitable until they become vested.
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The following table presents certain information about our equity incentive plan as of December 31, 2020:
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 Plans
(Excluding Securities Reflected in the First Column of this Table)
Equity compensation plans approved by stockholders — $ — 1,879,680
Equity compensation plans not approved by stockholders — — —
Total — $ — 1,879,680
On February 22, 2021, our Board of Directors approved a stock repurchase program (the "Preferred Repurchase Program") pursuant to which our Board of Directors granted a repurchase authorization to acquire shares of the our 8.25% Series A Cumulative Redeemable Preferred Stock, our 8.00% Series B Cumulative Redeemable Preferred Stock and our 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock having an aggregate value of up to $20 million.
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ITEM 6. SELECTED FINANCIAL DATA
The selected financial data set forth below has been derived from the Company’s audited consolidated financial statements.
The information presented below is only a summary and does not provide all of the information contained in our historical financial statements, including the related notes. You should read the information below in conjunction with "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and our historical financial statements, including the related notes, included elsewhere in this report.
(in thousands) December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016
Balance Sheet Data:
Real estate securities, at fair value:
Agency $ 518,352 $ 2,315,439 $ 1,988,280 $ 2,247,161 $ 1,057,664
Non-Agency 38,406 717,470 625,350 1,004,256 1,043,017
ABS — — 21,160 40,958 21,232
CMBS 56,788 416,923 261,385 220,169 211,653
Residential mortgage loans, at fair value 435,441 417,785 186,096 18,890 38,196
Commercial loans, at fair value 111,549 158,686 98,574 57,521 60,069
Commercial loans held for sale, at fair value 13,959 — — — —
Investments in debt and equity of affiliates 150,667 156,311 84,892 99,696 72,216
Excess mortgage servicing rights, at fair value 3,158 17,775 26,650 5,084 413
Cash and cash equivalents 47,926 81,692 31,579 15,200 52,470
Total assets 1,400,045 4,347,817 3,548,926 3,789,295 2,628,645
Financing arrangements 564,047 3,233,468 2,720,488 3,004,407 1,900,510
Securitized debt, at fair value 355,159 224,348 10,858 16,478 21,492
Dividend payable 1,243 14,734 14,372 13,392 13,158
Stockholders' equity 409,705 849,046 656,011 714,259 655,876
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Year Ended
(in thousands, except per share data) December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016
Statement of Operations Data:
Net Interest Income
Interest income $ 74,525 $ 171,660 $ 156,475 $ 128,845 $ 123,006
Interest expense 36,945 90,108 70,502 43,722 33,785
Total Net Interest Income 37,580 81,552 85,973 85,123 89,221
Other Income/(Loss)
Net realized gain/(loss) (256,522) (50,822) (39,450) (13,986) (10,391)
Net interest component of interest rate swaps 731 7,736 2,230 (7,763) (6,010)
Unrealized gain/(loss) on real estate securities and loans, net (159,466) 83,832 (20,940) 45,529 2,673
Unrealized gain/(loss) on derivative and other instruments, net (10,347) (312) (13,538) 19,813 8,613
Foreign currency gain/(loss), net 1,528 (2,512) — — —
Expenses
Management fee to affiliate 7,181 9,825 9,544 9,835 9,809
Other operating expenses 14,513 18,638 14,885 10,965 10,291
Restructuring Related Expenses 10,200 — — — —
Excise tax (815) 531 1,500 1,500 1,513
Servicing fees 2,224 1,619 433 234 404
Equity in earnings/(loss) from affiliates (1,629) 7,644 15,593 12,622 1,519
Net Income/(Loss) from Continuing Operations (421,585) 97,338 3,504 118,558 63,683
Net Income/(Loss) from Discontinued Operations 666 (4,416) (1,936) — —
Net Income/(Loss) (420,919) 92,922 1,568 118,558 63,683
Gain on Exchange Offers, net 10,574 — — — —
Dividends on preferred stock (1) (20,549) (16,122) (13,469) (13,469) (13,469)
Net Income/(Loss) Available to Common Stockholders $ (430,894) $ 76,800 $ (11,901) $ 105,089 $ 50,214
Share Data:
Earnings/(Loss) Per Share - Basic
Continuing Operations $ (12.26) $ 2.52 $ (0.35) $ 3.77 $ 1.80
Discontinued Operations 0.02 (0.13) (0.07) — —
Total Earnings/(Loss) Per Common Share $ (12.24) $ 2.39 $ (0.42) $ 3.77 $ 1.80
Earnings/(Loss) Per Share - Diluted
Continuing Operations $ (12.26) $ 2.52 $ (0.35) $ 3.77 $ 1.80
Discontinued Operations 0.02 (0.13) (0.07) — —
Total Earnings/(Loss) Per Common Share $ (12.24) $ 2.39 $ (0.42) $ 3.77 $ 1.80
Dividends Declared Per Share of Common Stock $ 0.03 $ 1.90 $ 1.975 $ 2.00 $ 1.90
(1) The year ended December 31, 2019 includes cumulative and undeclared dividends of $0.4 million on the Company's 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock as of December 31, 2019.
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