NY Mortgage Trust Prices IPO

Published June 25, 2004, 2:00 p.m. EDT

1 Min Read

New York Mortgage Trust Inc., a real estate investment trust, has announced the pricing of a $135 million initial public offering of its common stock at $9 per share.The shares began trading June 24 on the New York Stock Exchange under the symbol NTR. The company said it will acquire its predecessor, The New York Mortgage Co. LLC, a residential mortgage banking firm licensed (or exempt from licensing) in 38 states and based in New York City. The REIT said it plans to build a portfolio of residential mortgage loans consisting largely of prime adjustable-rate mortgage loans originated by NYMC, and also intends to invest in residential adjustable-rate mortgage-backed securities on a leveraged basis. The underwriters have been granted an option to purchase up to 2,225,000 additional shares of common stock to cover any overallotments. Friedman, Billings, Ramsey & Co. acted as the sole book-runner and joint lead manager, and J.P. Morgan Securities Inc. acted as the other joint lead manager.

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