New York Mortgage Trust Announces Public Offering of Series G Cumulative Redeemable Preferred Stock
New York Mortgage Trust (Nasdaq: NYMT) has announced a public offering of its Series G Cumulative Redeemable Preferred Stock, intended for listing on Nasdaq under the symbol NYMTZ. The offering will allow underwriters a 30-day option to purchase additional shares. Proceeds will be used to redeem the 7.75% Series B Preferred Stock and for general business purposes, including acquiring residential and mortgage-related assets. The offering is made under an effective shelf registration statement.
- Proceeds from the offering will be used to redeem the higher-cost 7.75% Series B Preferred Stock, potentially improving financial efficiency.
- The public offering may enhance the company's capital structure, allowing for future growth opportunities in mortgage-related assets.
- Issuing Series G Preferred Stock may dilute the holdings of existing shareholders.
- The offering carries risks as it depends on market conditions and the company's ability to execute its stated plans.
NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”) announced today the launch of a public offering of its Series G Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”). The Company intends to list the Series G Preferred Stock on the Nasdaq Global Select Market under the symbol “NYMTZ.” The Company intends to grant the underwriters an option for 30 days to purchase additional shares of the Series G Preferred Stock to cover over-allotments, if any.
Morgan Stanley, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities and Keefe, Bruyette & Woods, A Stifel Company are acting as joint book-running managers for the offering.
The Company intends to use the net proceeds of the offering to fund the redemption of up to all of the outstanding shares of its
The offering will be 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 will be 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 COMPANY
Phone: 212-792-0107
Email: InvestorRelations@nymtrust.com
FAQ
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