New York Mortgage Trust, Inc. Announces Pricing of Public Offering of 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

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| Source: New York Mortgage Trust, Inc.

NEW YORK, Oct. 05, 2017 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) (the “Company”) announced today the pricing of a public offering of 5,000,000 shares of its 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series D Preferred Stock”), liquidation preference $25.00 per share, for gross proceeds of $125,000,000, before deducting underwriting discounts and offering expenses. The Company has applied to list the Series D Preferred Stock on the Nasdaq Global Select Market under the symbol “NYMTN.”

The Company has granted the underwriters an option for 30 days to purchase up to an additional 750,000 shares of the Series D Preferred Stock to cover over-allotments, if any. The offering is subject to customary closing conditions and is expected to close on October 13, 2017.

Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe, Bruyette & Woods, Inc. acted as joint book-running managers for the offering.

The Company intends to use the net proceeds of the offering to acquire certain of its targeted assets and various other types of mortgage-related and financial assets that it may target from time to time. The Company may also use net proceeds for general working capital purposes, including the repayment of indebtedness.

The offering is being 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 25, 2016. The offering of these securities is being made only by means of a prospectus and a related prospectus supplement, which will be filed with the SEC and a copy of which may be obtained by contacting: 

Morgan Stanley & Co. LLC
180 Varick Street
New York, NY 10014
Attn: Prospectus Department

UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Attn: Prospectus Specialist
Phone: (888) 827-7275

Keefe, Bruyette & Woods, Inc.
787 Seventh Avenue, 4th Floor
New York, NY 10019
Attn: Capital Markets
Phone: (800) 966-1559

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of Series D Preferred Stock or any other securities, nor shall there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 

About New York Mortgage Trust, Inc.

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing mortgage-related and residential housing-related assets and financial assets and targets residential mortgage loans, including second mortgages and loans sourced from distressed markets, multifamily CMBS, direct financing to owners of multifamily properties through mezzanine loans and preferred equity investments, other commercial and residential real estate-related investments, Non-Agency RMBS and Agency RMBS. The Midway Group, L.P. and Headlands Asset Management, LLC provide investment management services to the Company with respect to certain of its asset classes.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements involve numerous risks and uncertainties. The Company’s actual results may differ from the Company’s beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it.  For example, the fact that this offering has priced may imply that this offering will close, but the closing is subject to market conditions and conditions customary in transactions of this type and may be delayed or may not occur at all. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. The beliefs, assumptions and expectations on which the forward-looking statements are based are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to the Company, including those described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which has been filed with the SEC.  If a change occurs, these forward-looking statements may vary materially from those expressed in this release. All forward-looking statements speak only as of the date on which they are made. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

AT THE COMPANY
Kristine R. Nario                                                           
Chief Financial Officer                                                 
Phone:  646-216-2363                                                   
Email: knario@nymtrust.com