New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”)
announced today the pricing of a public offering of 3,000,000
shares of its 7.000% Series G Cumulative Redeemable Preferred
Stock (the “Series G Preferred Stock”), liquidation preference
$25.00 per share, for gross proceeds of $75,000,000 before
deducting underwriting discounts and offering expenses. The Company
has applied to list the Series G Preferred Stock on the Nasdaq
Global Select Market under the symbol “NYMTZ.” The Company has
granted the underwriters an option for 30 days to purchase up to an
additional 450,000 shares of the Series G Preferred Stock to cover
over-allotments, if any. The offering is subject to customary
closing conditions and is expected to close on November 24, 2021.
Morgan Stanley, J.P. Morgan, UBS Investment Bank, Wells Fargo
Securities and Keefe, Bruyette & Woods, A Stifel Company acted
as joint book-running managers for the offering. B. Riley
Securities, Inc. acted as a co-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 7.75%
Series B Cumulative Redeemable Preferred Stock, $0.01 par value per
share (the “Series B Preferred Stock”). In addition, the Company
intends to use any remaining 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. This press release does not
constitute a notice of redemption of the Series B 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 6, 2021. 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, 180 Varick Street,
New York, NY 10014, Attention: Prospectus Department, J.P. Morgan
Securities LLC, 383 Madison Ave, New York, NY 10179, Attention:
Investment Grade Desk Syndicate, or by calling 212-834-4533, UBS
Securities LLC, 1285 Avenue of the Americas, New York, NY 10019,
Attention: Prospectus Department, or by calling 888-827-7275, Wells
Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention: WFS Customer Service, or by
calling 1-800-645-3751 and Keefe, Bruyette & Woods, A Stifel
Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, or
by calling 1-800-966-1559.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy shares of Series G 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
CONTACT: AT THE COMPANYPhone: 212-792-0107Email:
InvestorRelations@nymtrust.com
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