New York Mortgage Trust, Inc. Announces Pricing of Public Offering of 7.875% Series C Cumulative Redeemable Preferred Stock

15 Apr 2015

NEW YORK, April 15, 2015 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) (the "Company") today announced that it priced a public offering of 3,600,000 shares of its 7.875% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock"), liquidation preference $25.00 per share, for gross proceeds of $90,000,000, before deducting underwriting discounts and offering expenses. The Company has applied to list the Series C Preferred Stock on the Nasdaq Capital Market under the symbol "NYMTO."

The Company has granted the underwriters an option for 30 days to purchase up to an additional 540,000 shares of the Series C Preferred Stock to cover over-allotments, if any. The offering is subject to customary closing conditions and is expected to close on April 22, 2015.

Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe, Bruyette & Woods, Inc. are acting as joint book-running managers for the offering.

The Company intends to use the net proceeds of the offering to acquire certain of its targeted assets and various other types of mortgage-related and financial assets that it may target from time to time. The Company may also use net proceeds for general working capital purposes, including the repayment of indebtedness.

The offering is being made pursuant to the Company's existing shelf registration statement, which automatically became effective upon filing with the Securities and Exchange Commission on August 15, 2014. This press release is neither an offer to sell nor a solicitation of an offer to buy shares of Series C Preferred Stock. The offering of these securities is being made only by means of a prospectus and a related prospectus supplement, which will be filed with the Securities and Exchange Commission and a copy of which may be obtained by contacting:

Morgan Stanly & Co. LLC
180 Varick Street
New York, NY 10014
Attn: Prospectus Department

UBS Securities LLC
299 Park Avenue
New York, New York 10019
Attn: Prospectus Specialist
Phone: (888) 827-7275

Keefe, Bruyette & Woods, Inc.
787 Seventh Avenue, 4th Floor
New York, NY 10019
Attn: Capital Markets
Phone: (800) 966-1559

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares or any other securities, nor shall there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About New York Mortgage Trust, Inc.

New York Mortgage Trust, Inc. is an internally managed real estate investment trust that invests in mortgage-related and financial assets and targets residential mortgage loans, including distressed residential loans, multi-family CMBS, mezzanine loans to and preferred equity investments in owners of multi-family properties, equity and debt securities issued by entities that invest in commercial real estate-related debt investments and Agency RMBS consisting of fixed-rate, adjustable-rate and hybrid adjustable-rate RMBS and Agency IOs consisting of interest only and inverse interest-only RMBS that represent the right to the interest component of the cash flow from a pool of mortgage loans. RiverBanc LLC, The Midway Group, L.P. and Headlands Asset Management, LLC provide investment management services to the Company with respect to certain of its targeted asset classes.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. The Company's actual results may differ from the Company's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on the Company's beliefs, assumptions and expectations of the Company's future performance, taking into account all information currently available to it. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Completion of the offering on the terms described, and the application of the net proceeds of the offering, are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it, including, without limitation, market conditions and those described under the heading "Risk Factors" in the prospectus supplement relating to the offering and in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and as updated by those risk factors included in the Company's subsequent filings under the Securities Exchange Act of 1934, as amended, which can be accessed at the SEC's website at www.sec.gov. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

CONTACT: At the Company

         Kristine R. Nario
         Investor Relations
         Phone: (646) 216-2363
         Email: [email protected]

Source: New York Mortgage Trust, Inc.

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