New York Mortgage Trust Unveils Senior Notes Offering Plans
New York Mortgage Trust Introduces Senior Notes Offering
New York Mortgage Trust, Inc. (Nasdaq: NYMT) recently announced its pricing for a public offering that has generated significant interest among investors. The company is set to offer $85 million in aggregate principal amount of 9.875% senior notes due 2030. This move indicates the company's proactive approach to capital market engagement.
Details of the Notes Offering
The public offering of these senior notes represents a strategic initiative by New York Mortgage Trust. Additionally, the underwriters have been granted a 30-day option to acquire up to $12.75 million of these notes to cover potential over-allotments. This offering is anticipated to close under the condition that all customary closing requirements are satisfied.
Expected Listing and Trading
If successful, the company plans to list the Notes on the Nasdaq Global Select Market under the symbol 'NYMTH'. The anticipated trading for these notes is expected to commence within 30 days following their issuance, reflecting the company’s commitment to maintaining liquidity and investor accessibility.
Utilization of Proceeds
The primary purpose of the net proceeds from this offering will be directed towards general corporate objectives. This includes acquiring assets that align with the company’s investment goals, which primarily focus on mortgage, residential housing, and credit-related assets. This approach allows New York Mortgage Trust to strategically position itself in a constantly evolving market landscape.
Interest Payments Schedule
Investors can expect to receive interest payments quarterly in cash, beginning October 1, 2025. The notes will have a maturity date of October 1, 2030, and the company retains the option to redeem them entirely or partially after October 1, 2027. Such terms offer investors an attractive investment opportunity balanced with a certain degree of predictability.
Roles of Joint Lead Managers
The success of this offering can be attributed to the expertise of the joint book-running managers, which includes prestigious firms like Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc., Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC. Their roles are pivotal in navigating the complexities of the public offering process.
Understanding New York Mortgage Trust
New York Mortgage Trust is more than just a company; it's a Maryland corporation that operates as a real estate investment trust (REIT). As an internally managed REIT, the company specializes in acquiring, investing in, financing, and managing primarily mortgage-related residential assets, aiming to create value for its investors.
Contact Information for Prospective Investors
Those interested in obtaining further details regarding the notes offering can reach out to the following contacts:
Morgan Stanley & Co. LLC
180 Varick St., 2nd Floor
New York, New York 10014
Attn: Prospectus Department
Toll-Free: 1-800-584-6837
Keefe, Bruyette & Woods, Inc.
787 Seventh Avenue, 4th Floor
New York, New York 10019
Toll-Free: 1-800-966-1559
Piper Sandler & Co.
1251 Avenue of the Americas, 6th Floor
New York, NY 10020
Attn: Debt Capital Markets
Email: fsg-dcm@psc.com
RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, NY 10281
Email: rbcnyfixedincomeprospectus@rbccm.com
Toll-Free: 1-866-375-6829
UBS Investment Bank
1285 Avenue of the Americas
New York, New York 10019
Attn: Prospectus Department
Toll-Free: 1-833-481-0269
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
Email: wfscustomerservice@wellsfargo.com
Toll-Free: 1-800-645-3751
Frequently Asked Questions
What is the offering amount for the senior notes?
The offering amount is $85 million for the 9.875% senior notes due in 2030.
What will New York Mortgage Trust use the proceeds for?
The proceeds will be used for general corporate purposes including acquiring targeted assets and for working capital.
When will the interest payments begin?
Interest payments will commence on October 1, 2025, and will be made quarterly.
Who are the joint book-running managers for the offering?
Prominent managers include Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, and others, facilitating the offering.
What is the maturity date of the senior notes?
The notes will mature on October 1, 2030.
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