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New York Mortgage Trust prices common stock offering

New York Mortgage Trust Inc. priced a public offering of 12.5 million common shares at $6.16 apiece.

The underwriters were granted a 30-day option to buy up to an additional 1,875,000 shares.

The company estimates net proceeds of roughly $74.7 million, or about $86.0 million if the underwriters fully exercise their option to buy additional shares.

As previously reported, New York Mortgage Trust plans to use the net proceeds for general business purposes, which may include buying its targeted assets, such as single-family residential and multifamily credit investments.

Morgan Stanley, Credit Suisse, Barclays, Deutsche Bank Securities, J.P. Morgan, Keefe Bruyette & Woods, RBC Capital Markets and UBS Investment Bank served as joint book-running managers for the offering, which is expected to close Aug. 14.