New York Mortgage Trust, Inc. (NYMT) said Wednesday that it priced an underwritten registered public offering of 13.5 million shares of common stock at a public offering price of $6.89 per share.
NYMT also granted the underwriters an option to purchase up to an additional 2.03 million shares of common stock. The offering is expected to close on October 9.
Deutsche Bank Securities Inc. is serving as the sole bookrunning manager for the offering. Ladenburg Thalmann & Co. Inc. and Maxim Group LLC are serving as co-managers.
NYMT expects to use the net proceeds of this offering to acquire some of the company's targeted assets, including Agency residential mortgage-backed securities and certain commercial mortgage-backed securities collateralized by multi-family loans.
The company may also use net proceeds for general working capital purposes. This includes opportunistic purchases of residential mortgage loans and commercial real estate-related debt investments as well as the repayment of indebtedness.
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