NYMT to Get $20M Investment From JMP

New York Mortgage Trust Inc., a New York-based real estate investment trust, has announced that it will issue $20 million of convertible preferred stock to JMP Group Inc. and certain of its affiliates.James J. Fowler, a managing director of JMP Asset Management LLC, a wholly owned subsidiary of JMP Group, will become nonexecutive chairman of NYMT upon the closing of the investment, the REIT reported. NYMT also said it has agreed to retain JMP Asset Management to manage investments held by NYMT subsidiaries Hypotheca Capital LLC and New York Mortgage Funding LLC. "Over the years, we have learned that periods of market dislocation are the best times to deploy fresh capital, and in NYMT we have found the right platform and team to immediately take advantage of today's compelling investment opportunities in the mortgage-backed securities markets," Mr. Fowler said. NYMT can be found on the Web at http://www.nymtrust.com.