New York Mortgage Trust to sell $25-par fixed-to-floating preferreds

By James McCandless

San Antonio, Oct. 10 – New York Mortgage Trust, Inc. plans to price an offering of $25-par series E fixed-to-floating rate cumulative redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC are the joint bookrunners.

The preferreds are redeemable on or after Jan. 15, 2025 at par. Prior to that, the preferreds are redeemable within 120 days after a change-of-control at par.

New York Mortgage plans to use the proceeds for general business purposes, which may include, among other things, acquiring its targeted assets, including both single-family residential and multi-family credit investments, and various other types of mortgage-related and residential housing-related assets that it may target from time to time and general working capital purposes.

The company plans to list the preferreds on the Nasdaq under the symbol “NYMTM.”

New York Mortgage is a New York-based real estate investment trust.

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