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New York Mortgage Trust ($7.12 0.01%) is offering four million shares of common stock as part of its investment strategy to acquire agency residential mortgage-backed securities.
NYMT began targeting investments in multi-family commercial mortgage-backed securities and RMBS in 2011 backed by pools of mortgage loans guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. The loans include interest only and inverse interest only securities and agency RMBS backed by adjustable-rate or hybrid adjustable-rate mortgage loans.
The New York-based REIT expects to grant the underwriters of the offering an option to purchase up to an additional 600,000 shares of common stock to cover over-allotments.
Ladenburg Thalmann & Co., a subsidiary of Ladenburg Thalmann Financial Services ($1.61 0.06%), will serve as the book running manager for the offering.
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