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New York Mortgage Trust Inc | 7.75% Series B Cumulative Redeemable Preferred Stock (NYMTP)

Prospectus exerpt:  New York Mortgage Trust, Inc. is offering to the public 3,000,000 shares of its 7.75% Series B Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series B Preferred Stock. This is an original issuance of the Series B Preferred Stock. We will pay quarterly cumulative dividends on the shares of the Series B Preferred Stock, in arrears, on the 15th day of each January, April, July and October commencing on July 15, 2013 (provided that if any dividend payment date is not a business day, then the dividend that would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) from, and including, the date of original issuance at 7.75% of the $25.00 per share liquidation preference per annum (equivalent to $1.9375 per annum per share).

The Series B Preferred Stock will not be redeemable before June 4, 2018, except under circumstances where it is necessary to preserve our qualification as a real estate investment trust, or REIT, for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On or after June 4, 2018, we may, at our option, redeem any or all of the shares of the Series B Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series B Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a Change of Control by the holders of Series B Preferred Stock.

Full Prospectus PDF », NYMT Page »

Series:B
Redeemable?:Yes
Call Date:6/4/2018
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:3,000,000
Overallotment:450000
Liquidation Preference:$25
Recent Market Price:$23.04
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-1.96 (-7.84%)
Annualized Dividend:1.9375
Recent Ex-Date:3/28/2014
Current Yield:8.41%
Original Coupon:7.750%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
New York Mortgage Trust is a real estate investment trust engaged in the business of acquiring, investing in, financing and managing primarily mortgage-related and, to a lesser extent, financial assets. Co.'s portfolio includes investments sourced from distressed markets that create the potential for capital gains and other types of mortgage-related investments. Co.'s targeted assets include agency residential mortgage-backed securities (RMBS) consisting of adjustable-rate and hybrid adjustable-rate RMBS, multi-family commercial mortgage-backed securities, direct lending to owners of multi-family properties through mezzanine and preferred equity investments, and residential mortgage loans.

Preferred: NYMTP


Open the NYMT Information Page »
Name:  New York Mortgage Trust Inc
Website:  www.nymtrust.com
Sector:  REITs
Number of ETFs Holding NYMT:  12 (see which ones)
Total Market Value Held by ETFs:  $14,267,612
Total Market Capitalization:  $542,000,000
% of Market Cap. Held by ETFs:  2.63%

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