New York Mortgage Trust, Inc. (NYMT) said Thursday that it priced an underwritten registered public offering of 10 million shares of common stock at a public offering price of $6.73 per share.
The company has also granted the underwriters an option to purchase up to an additional 1.5 million shares of common stock.
The offering is expected to close on August 21.
New York Mortgage Trust expects to use the net proceeds of the offering to acquire certain of the company's targeted assets, including commercial mortgage-backed securities collateralized by multi-family loans and agency residential mortgage-backed securities, which are backed by Fannie Mae, Freddie Mac or Ginnie Mae, on a leveraged basis. The company may also use net proceeds for general working capital purposes, including the repayment of indebtedness.
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