NEW YORK, April 2, 2014 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT" or the "Company") announced today that it priced an underwritten public offering of 13,000,000 shares of its common stock at a public offering price of $7.59 per share. NYMT also granted the underwriters an option to purchase up to an additional 1,950,000 shares of common stock. The offering is expected to close on April 7, 2014, subject to customary closing conditions. UBS Securities LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and RBC Capital Markets, LLC are acting as joint bookrunning managers for the offering. Keefe, Bruyette & Woods, Inc. and JMP Securities LLC are acting as co-lead managers for the offering. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), and Maxim Group LLC are acting as co-managers for the offering.
NYMT intends to use a majority of the net proceeds of this offering to acquire distressed residential loans and the remainder of the net proceeds to invest in mezzanine loans to and preferred equity investments in owners of multi-family properties and certain of its other targeted assets. The Company may also use a portion of the net proceeds for general working capital purposes, including the repayment of indebtedness.
All shares of common stock are being offered under NYMT's existing shelf registration statement, which was declared effective by the Securities and Exchange Commission on January 28, 2013. The offering of these shares is being made only by means of a prospectus and a related prospectus supplement, which will be filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement related to this offering may be obtained, when available, from UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, Telephone: (888) 827-7275, Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY, 10010, Telephone: (800) 221-1037, or by emailing firstname.lastname@example.org, Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (888) 603-5847, or by emailing Barclaysprospectus@broadridge.com, and RBC Capital Markets, LLC, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, New York 10281 (telephone: (877) 822-4089).