New York Mortgage Trust, Inc. Announces Extension of Exchange Offer of 5.75% Senior Notes due 2026

Rhea-AI Summary

New York Mortgage Trust (NASDAQ: NYMT) announced the extension of its offer to exchange up to $100 million of 5.75% Senior Notes due 2026. The new expiration date for the exchange offer is now July 23, 2021, 5:00 P.M. NYC time. Previously, the offer was set to expire on July 21, 2021. As of the announcement, approximately $98,750,000, or 98.75%, of the Existing Notes have been tendered. Other terms of the exchange remain unchanged from the June 21 prospectus.

Positive

• 98.75% of the Existing Notes have been tendered, indicating strong investor interest.
• Extension of the exchange offer provides additional time for noteholders to participate.

Negative

• None.

NEW YORK, July 22, 2021 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (the “Company”) (NASDAQ: NYMT) announced today that it has extended the expiration date of its offer to exchange up to $100,000,000 of new 5.75% Senior Notes due 2026 (the “Exchange Notes”) that have been registered under the Securities Act of 1933, as amended, for an equal amount of outstanding unregistered 5.75% Senior Notes due 2026 (the “Existing Notes”). As a result of the extension, the exchange offer is now scheduled to expire at 5:00 P.M., New York City time, on July 23, 2021, unless further extended.

The exchange offer was originally set to expire at 5:00 P.M., New York City time, on July 21, 2021. As of this date, tenders of approximately $98,750,000 aggregate principal amount, or 98.75%, of the Existing Notes have been received pursuant to the exchange offer. Except for the extension of the expiration date, all of the other terms of the exchange offer remain as set forth in the exchange offer prospectus, dated June 21, 2021.

This press release is not an offer to exchange the Exchange Notes for the Existing Notes or the solicitation of an offer to exchange, which we are making only through the exchange offer prospectus.

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 single-family and multi-family residential assets.

For Further Information

AT THE COMPANY        
Investor Relations
Phone: 212-792-0107
Email: InvestorRelations@nymtrust.com

FAQ

What is the new expiration date for the NYMT exchange offer?

The new expiration date is July 23, 2021, at 5:00 P.M. New York City time.

How much of the Existing Notes have been tendered in the NYMT exchange offer?

Approximately $98,750,000, or 98.75%, of the Existing Notes have been tendered.

What is the interest rate of the NYMT Senior Notes being exchanged?

The interest rate of the Senior Notes being exchanged is 5.75%.

What is the purpose of the NYMT exchange offer?

The exchange offer is to exchange unregistered Senior Notes for registered notes, facilitating easier trading.