REIT Announces Public Offering of Series B Preferred Stock

New York Mortgage Trust plans to make a public offering of shares of its Series B cumulative redeemable preferred stock on the Nasdaq capital market under the symbol NYMTP.

Citigroup Global Markets and Keefe, Bruyette & Woods are acting as joint book-running managers for the offering, while Barclays Capital, Credit Suisse Securities LLC and Deutsche Bank Securities are acting as joint lead managers.

Additionally, JMP Securities and MLV & Co. LLC are acting as co-managers.

The New York-based real estate investment trust intends to use the net proceeds of the offering to acquire primarily distressed residential mortgage loans and commercial mortgage-related debt investments. The company may also use a portion of the preferred stock proceeds for general working capital purposes, including the repayment of indebtedness.

Targeted assets the company invests in include agency and nonagency residential mortgage-backed securities, prime adjustable-rate mortgage loans held in securitization trusts and commercial mortgage-backed securities.

The stock offering will be made pursuant to the company’s existing shelf registration statement, which was declared effective by the Securities and Exchange Commission earlier this year.

Through the first quarter, the company’s net interest income rose to $13.1 million, an increase of $6.8 million from a year ago and up $1.6 million on a quarterly basis. Furthermore, net income attributable to common stockholders was $15.4 million, of $0.31 per common share, compared to $5.8 million last year, or $0.42 for the quarter ended March 31, 2012.