New York Mortgage Trust Announces Pricing of Public Offering of 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable ...
June 29 2021 - 5:30PM
New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”)
announced today the pricing of a public offering of 5,000,000
shares of its 6.875% Series F Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock (the “Series F Preferred
Stock”), liquidation preference $25.00 per share, for gross
proceeds of $125,000,000 before deducting underwriting discounts
and offering expenses. The Company has applied to list the Series F
Preferred Stock on the Nasdaq Global Select Market under the symbol
“NYMTL.” The Company has granted the underwriters an option for 30
days to purchase up to an additional 750,000 shares of the Series F
Preferred Stock to cover over-allotments, if any. The offering is
subject to customary closing conditions and is expected to close on
July 7, 2021.
Raymond James & Associates, Inc. acted as the sole
book-running manager for the offering.
The Company intends to use the net proceeds of the offering to
fund the redemption of all of the outstanding shares of its 7.875%
Series C Cumulative Redeemable Preferred Stock, $0.01 par value per
share (the “Series C Preferred Stock”). In addition, the Company
intends to use the remainder of the net proceeds from the offering
for general business purposes, which may include, among other
things, acquiring its targeted assets, including both single-family
and multi-family residential assets, and various other types of
mortgage-, residential housing- and credit-related assets that it
may target from time to time, the redemption of all or a portion of
additional series of its preferred stock and general working
capital purposes. This press release does not constitute a notice
of redemption of such Series C Preferred Stock or any other
existing series of the Company’s preferred stock.
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 Raymond James & Associates, Inc., Attention:
Syndicate, 880 Carillon Parkway St. Petersburg, FL 33716, by
telephone at (800) 248-8863, or by email at
prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy shares of Series F 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 (“REIT”) for
federal income tax purposes. NYMT is an internally managed REIT in
the business of acquiring, investing in, financing and managing
primarily mortgage-related and single-family and multi-family
residential 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 its 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. 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. These forward-looking statements are subject to risks and
uncertainties, including, among other things, those described in
the Company's Annual Report on Form 10-K for the year ended
December 31, 2020 under “Item 1A. Risk Factors.” Other risks,
uncertainties, and factors that could cause actual results to
differ materially from those projected may be described from time
to time in reports the Company files with the Securities and
Exchange Commission, including reports on Forms 10-Q and 8-K. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
For Further Information
Kristine Nario-Eng Chief Financial Officer Phone: 212-792-0107
Email: InvestorRelations@nymtrust.com
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