New York Mortgage Trust to raise up to $86 mln in initial public offering

New York Mortgage Trust (NYMT), a real estate investment company, has announced that it priced an underwritten public offering of 12.5 million shares of its common stock at a public offering price of $6.16 per share.

NYMT estimates that the net proceeds from the offering will be approximately $74.7 million, or approximately $86 million if the underwriters exercise in full their option to purchase additional shares, after deducting the underwriting discounts and commissions and its estimated offering expenses.

The company intends to use the net proceeds of this offering for general business purposes, which may include, among other things, acquiring its targeted assets, including both single-family residential and multi-family credit investments, and various other types of mortgage-related and residential housing-related assets.

NYMT also granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares of common stock. The offering is expected to close on August 14, 2018, subject to customary closing conditions.