New York Mortgage Trust Prices Public Offering Of 13 Mln Shares At $7.59/shr

(RTTNews) - New York Mortgage Trust Inc. (NYMT) announced that it priced an underwritten public offering of 13 million shares of its common stock at a public offering price of $7.59 per share. NYMT also granted the underwriters an option to purchase up to an additional 1.95 million shares of common stock.

The offering is expected to close on April 7, 2014, subject to customary closing conditions.

NYMT said it intends to use a majority of the net proceeds of this offering to acquire distressed residential loans and the remainder of the net proceeds to invest in mezzanine loans to and preferred equity investments in owners of multi-family properties and certain of its other targeted assets.

The company may also use a portion of the net proceeds for general working capital purposes, including the repayment of indebtedness.