New York Mortgage Trust, Inc. (NYMT) said Tuesday that it has commenced an underwritten registered public offering of 13.5 million shares of common stock.
NYMT also expects to grant the underwriters an option to purchase up to an additional 2.025 million shares of common stock.
The company said it expects to use the net proceeds of the offering to acquire certain of its 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, including opportunistic purchases of residential mortgage loans and commercial real estate-related debt investments and the repayment of indebtedness.
Deutsche Bank Securities Inc. will serve as the sole bookrunning manager for the offering.
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