New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”)
announced today the pricing of a public offering of 6,000,000
shares of its 7.875% Series E Fixed-to-Floating Rate Cumulative
Redeemable Preferred Stock (the “Series E Preferred Stock”),
liquidation preference $25.00 per share, for gross proceeds of
$150,000,000 before deducting underwriting discounts and offering
expenses. The Company has applied to list the Series E Preferred
Stock on the Nasdaq Global Select Market under the symbol
“NYMTM.”
The Company has granted the underwriters an
option for 30 days to purchase up to an additional 900,000
shares of the Series E Preferred Stock to cover over-allotments, if
any. The offering is subject to customary closing conditions and is
expected to close on October 18, 2019.
Morgan Stanley & Co. LLC, J.P. Morgan
Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC and
Keefe, Bruyette & Woods, Inc. acted as joint book-running
managers for the offering.
The Company intends to use the net proceeds of
the offering for general business purposes, which may include,
among other things, acquiring its targeted assets, including both
single-family residential and multi-family credit investments, and
various other types of mortgage-related and residential
housing-related assets that it may target from time to time and
general working capital purposes.
The offering was made pursuant to the Company’s
existing shelf registration statement, which automatically became
effective upon filing with the Securities and Exchange Commission
(the “SEC”) on August 9, 2018. The offering of these securities was
made only by means of a prospectus and a related prospectus
supplement, which will be filed with the SEC. Copies of the
prospectus and prospectus supplement related to this offering may
be obtained, when available, from Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014, by toll-free call at 800-584-6837 or by email at
prospectus@morganstanley.com, J.P. Morgan Securities LLC,
Attention: Investment Grade Syndicate Desk, 383 Madison Ave, New
York, NY 10179 or by collect call at 212-834-4533, RBC Capital
Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New
York, NY 10281, Attention: DCM Transaction Management, by fax at
212-428-6260, toll-free call at 866-375-6829 or by email at
rbcnyfixedincomeprospectus@rbccm.com, and UBS Securities LLC,
Attention: Prospectus Department, 1285 Avenue of the Americas, New
York, NY 10019, by telephone at 888-827-7275 or by email at
ol-prospectusrequest@ubs.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the shares of Series
E Preferred Stock or any other securities, nor shall there be any
sale of such shares or any other securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
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 and certain mortgage- and
residential housing-related assets.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve numerous risks and uncertainties. The Company’s
actual results may differ from the Company’s beliefs, expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Forward-looking statements are not historical in nature and
can be identified by words such as “anticipate,” “estimate,”
“will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and
similar expressions or their negative forms, or by references to
strategy, plans, or intentions. Forward-looking statements are
based on the Company’s beliefs, assumptions and expectations of the
Company’s future performance, taking into account all information
currently available to it. No assurance can be given that the
offering discussed above will be completed on the terms described
or at all, or that the net proceeds of the offering will be used as
indicated. Completion of the offering on the terms described, and
the application of the net proceeds of the offering, are subject to
numerous possible events, factors and conditions, many of which are
beyond the control of the Company and not all of which are known to
it, including, without limitation, market conditions and those
described under the heading “Risk Factors” in the prospectus
supplement related to this offering and in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018, as
updated by those risk factors included in the Company's subsequent
filings under the Securities Exchange Act of 1934, as
amended, which can be accessed at the SEC’s website at
www.sec.gov. All forward-looking statements speak only as of the
date on which they are made. New risks and uncertainties arise over
time, and it is not possible to predict those events or how they
may affect the Company. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law.
CONTACT: |
For Further InformationAT THE COMPANYKristine R. Nario-EngInvestor
RelationsPhone: (646) 216-2363Email: knario@nymtrust.com |
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