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.