New York Mortgage Trust Inc | 7.875% Ser E Fix/Float Cumulative Red Preferred Stock (NYMTM)
Prospectus excerpt: New York Mortgage Trust, Inc., a Maryland corporation, is offering to the public 6,000,000 shares of its 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share, which we refer to in this prospectus supplement as the Series E Preferred Stock. This is an original issuance of the Series E Preferred Stock. Holders of Series E Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, January 15, 2025 at a fixed rate equal to 7.875% per annum of the $25.00 per share liquidation preference (equivalent to $1.96875 per annum per share) and (ii) from and including January 15, 2025 at a floating rate equal to three-month LIBOR plus a spread of 6.429% per annum of the $25.00 per share liquidation preference. Dividends will be payable quarterly in arrears on or about the 15th day of January, April, July and October of each year, when and as declared, beginning on January 15, 2020 (short first dividend period). Dividends will accumulate and be cumulative from, and including, the date of original issuance of the Series E Preferred Stock.
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New York Mortgage Trust is a real estate investment trust engaged in the business of acquiring, investing in, financing and managing mortgage-related single-family and multi-family residential assets. Co.'s investment portfolio includes credit sensitive single-family and multi-family assets. Co.'s targeted investments include: residential loans, including business purpose loans; structured multi-family property investments such as preferred equity in, and mezzanine loans to, owners of multi-family properties; residential mortgage-backed securities that are not guaranteed by any agency of the U.S. Government or government sponsored enterprise; and commercial mortgage-backed securities. Preferreds: NYMTP, NYMTN, NYMTM, NYMTL, NYMTZ Open the NYMT Information Page » |
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