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New York Mortgage Trust prices preferred stock offering

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New York Mortgage Trust prices preferred stock offering

New York Mortgage Trust Inc. has priced a public offering of 5 million shares of its 8.00% series D fixed- to floating-rate cumulative redeemable preferred stock at a liquidation preference of $25.00 per share.

The offering's gross proceeds will be $125 million, before deducting underwriting discounts and offering expenses. The company has granted the underwriters an option for 30 days to buy up to an additional 750,000 shares of the series D preferred stock to cover overallotments, if any. The offering is expected to close Oct. 13.

The company intends to use the net proceeds to acquire certain of its targeted assets and for general working capital purposes, including the repayment of debt.

Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe Bruyette & Woods Inc. acted as joint book-running managers for the offering.