New York Mortgage Trust Announces Pricing of Public Offering of 7.000% Series G Cumulative Redeemable Preferred Stock
NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) — New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”) announced today the pricing of a public offering of 3,000,000 shares of its 7.000% Series G Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), liquidation preference $25.00 per share, for gross proceeds of $75,000,000 before deducting underwriting discounts and offering expenses. The Company has applied to list the Series G Preferred Stock on the Nasdaq Global Select Market under the symbol “NYMTZ.” The Company has granted the underwriters an option for 30 days to purchase up to an additional 450,000 shares of the Series G Preferred Stock to cover over-allotments, if any. The offering is subject to customary closing conditions and is expected to close on November 24, 2021.
Morgan Stanley, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities and Keefe, Bruyette & Woods, A Stifel Company acted as joint book-running managers for the offering. B. Riley Securities, Inc. acted as a co-manager for the offering.
The Company intends to use the net proceeds of the offering to fund the redemption of all of the outstanding shares of its 7.75% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (the “Series B Preferred Stock”). In addition, the Company intends to use any remaining net proceeds from the offering for general business purposes, which may include, among other things, acquiring its targeted assets, including both single-family and multi-family residential assets, and various other types of mortgage-, residential housing- and credit-related assets that it may target from time to time. This press release does not constitute a notice of redemption of the Series B Preferred Stock or any other existing series of the Company’s preferred stock.
The offering was made pursuant to the Company’s existing shelf registration statement, which automatically became effective upon filing with the Securities and Exchange Commission (the “SEC”) on August 6, 2021. The offering of these securities was made only by means of a prospectus and a related prospectus supplement, which will be filed with the SEC. Copies of the prospectus and prospectus supplement related to this offering may be obtained, when available, from Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, J.P. Morgan Securities LLC, 383 Madison Ave, New York, NY 10179, Attention: Investment Grade Desk Syndicate, or by calling 212-834-4533, UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department, or by calling 888-827-7275, Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by calling 1-800-645-3751 and Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, or by calling 1-800-966-1559.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy shares of Series G Preferred Stock or any other securities, nor shall there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
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 and single-family and multi-family residential assets.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. The Company’s actual results may differ from its beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Completion of the offering on the terms described, and the application of the net proceeds of the offering, are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 under “Item 1A. Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports the Company files with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For Further Information
CONTACT: AT THE COMPANY
Phone: 212-792-0107
Email: InvestorRelations@nymtrust.com
