New York Mortgage Trust Inc. priced an underwritten public offering of 25 million shares of its common stock for gross proceeds of about $153.5 million.
The underwriters may offer the shares from time to time at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
The company granted the underwriters a 30-day option to purchase up to an additional 3,750,000 common shares.
New York Mortgage Trust intends to use the net proceeds of the offering for general business purposes, which may include acquiring targeted assets such as single-family residential and multifamily credit investments and various other types of mortgage-related and residential housing-related assets, and general working capital purposes.
Morgan Stanley, J.P. Morgan, UBS Investment Bank, Barclays, BofA Merrill Lynch, Credit Suisse, Keefe Bruyette & Woods and RBC Capital Markets acted as joint book-running managers for the offering, which is expected to close Sept. 13. Nomura and Raymond James served as senior co-managers.
