NEW YORK,– Exantas Capital Corp. (NYSE: XAN) (“XAN” or the “Company”) reports results for the three months and year ended December 31, 2019.
Significant Items and Highlights
Three Months and Year Ended December 31, 2019 Results
Additional Items
Commercial Real Estate
The following table summarizes XAN’s CRE loan activities and fundings of previous commitments for the three months and years ended December 31, 2019 and 2018 (in millions, except percentages and amounts in footnotes):
Three Months December 31, |
Year Ended December 31, |
Three Months December 31, |
Year Ended December 31, |
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New CRE loan commitments |
$ |
203.0 |
$ |
722.5 |
$ |
274.9 |
$ |
842.4 |
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New CRE preferred equity investments |
— |
8.7 |
— |
19.2 |
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Total CRE loan commitments and investments |
203.0 |
731.2 |
274.9 |
861.6 |
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Payoffs and paydowns (1)(2) |
(182.0) |
(643.2) |
(203.1) |
(575.6) |
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Previous commitments funded |
10.8 |
43.0 |
13.3 |
51.4 |
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New unfunded loan commitments and investments |
(13.6) |
(53.1) |
(30.5) |
(81.0) |
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Net CRE loans funded |
18.2 |
77.9 |
54.6 |
256.4 |
||||||||||||
Acquired CRE loans (committed balance) |
— |
210.8 |
— |
— |
||||||||||||
Payoffs and paydowns (1) |
(22.8) |
(39.6) |
— |
— |
||||||||||||
Previous commitments funded |
— |
0.2 |
— |
— |
||||||||||||
Acquired unfunded loan commitments |
— |
(14.0) |
— |
— |
||||||||||||
Net CRE loans (repaid) acquired |
(22.8) |
157.4 |
— |
— |
||||||||||||
Net CRE loans (repaid) funded and acquired |
$ |
(4.6) |
$ |
235.3 |
$ |
54.6 |
$ |
256.4 |
||||||||
Weighted average one-month LIBOR floor on new originations |
1.80 |
% |
2.17 |
% |
2.09 |
% |
1.86 |
% |
||||||||
Weighted average spread above one-month LIBOR (3) |
2.89 |
% |
3.31 |
% |
3.06 |
% |
3.39 |
% |
||||||||
Weighted average unlevered yield, including amortization of |
5.04 |
% |
5.72 |
% |
5.72 |
% |
5.83 |
% |
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(1) CRE loan payoffs and extensions resulted in exit and extension fees of $869,000 and $1.0 million during the three months ended December 31, 2019 and 2018, respectively, and $2.6 million and $3.0 million during the years ended December 31, 2019 and 2018, respectively. |
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(2) Activity excludes legacy CRE loans (see Strategic Plan Update). |
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(3) Applies to new floating-rate CRE whole loans funded and acquired. |
Commercial Mortgage-Backed Securities
XAN’s $582.1 million commercial mortgage-backed securities (“CMBS”) portfolio, at par, had a carrying value of $520.7 million (due substantially to net purchase discounts) and a weighted average coupon of 4.30% at December 31, 2019.
The following table summarizes XAN’s CMBS activities, at face value, for the three months and years ended December 31, 2019 and 2018 (in millions, except percentages):
Three Months December 31, |
Year Ended December 31, |
Three Months December 31, |
Year Ended December 31, |
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CMBS acquisitions |
$ |
73.0 |
$ |
147.2 |
$ |
83.2 |
$ |
252.3 |
||||||||
Sales |
— |
(0.6) |
(4.9) |
(14.9) |
||||||||||||
Principal paydowns |
(22.9) |
(56.4) |
(6.7) |
(20.9) |
||||||||||||
CMBS acquisitions, net |
$ |
50.1 |
$ |
90.2 |
$ |
71.6 |
$ |
216.5 |
||||||||
Weighted average coupon at the respective period end (1) |
3.99 |
% |
4.22 |
% |
4.71 |
% |
4.57 |
% |
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(1) Applies to new CMBS acquired during the respective periods. |
Commercial Real Estate Securitizations
Liquidity
Common Stock Book Value, Economic Book Value and Total Stockholders’ Equity
The following table rolls forward XAN’s common stock book value from September 30, 2019 to December 31, 2019 and reconciles common stock book value to economic book value (a non-GAAP measure) at December 31, 2019 (see Schedule IV) (in thousands, except per share data and amounts in footnotes):