New York Mortgage Trust Inc. priced its underwritten public offering of 6 million shares of 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock with a liquidation preference of $25 per share, for gross proceeds of $150 million before deducting underwriting discounts and offering expenses.
The offering is expected to close Oct. 18. Underwriters have a 30-day option to purchase up to an additional 900,000 preferred shares to cover overallotments.
New York Mortgage Trust intends to use the net proceeds of the offering for general business purposes, which may include acquiring targeted assets and various other types of mortgage-related and residential housing-related assets that it may target from time to time.
The company has applied to list the series E preferred stock on the Nasdaq Global Select Market under the symbol NYMTM.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, UBS Securities LLC and Keefe Bruyette & Woods Inc. were joint book-running managers.
