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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

New York Mortgage Trust Announces Redemption of 7.875% Series C Cumulative Redeemable Preferred ...

June 30, 2021 GMT

NEW YORK, June 30, 2021 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”) announced today that it intends to redeem all 4,181,807 of the outstanding shares of the Company’s 7.875% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”), on July 30, 2021 (the “Redemption Date”). Shares of the Series C Preferred Stock are currently listed on the Nasdaq Global Select Market under the symbol “NYMTO.”

All outstanding shares of Series C Preferred Stock will be redeemed at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) from July 15, 2021 up to, but not including, the Redemption Date (the “Redemption Price”). Dividends on the shares of Series C Preferred Stock will cease to accrue on the Redemption Date. Upon redemption, the shares of Series C Preferred Stock will no longer be deemed outstanding and all rights with respect to the shares of Series C Preferred Stock will cease and terminate, except only the right of the holders thereof to receive the Redemption Price, without interest, from the redemption and payment agent.

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All issued and outstanding shares of Series C Preferred Stock are held in book-entry form through the Depository Trust Company (“DTC”). The shares of Series C Preferred Stock will be redeemed in accordance with the procedures of DTC. Payment to DTC for the shares of Series C Preferred Stock will be made by American Stock Transfer & Trust Company, LLC, which is serving as redemption and payment agent (the “Redemption Agent”).  The Redemption Agent’s address is as follows:

American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, New York 11219

This press release does not constitute a notice of redemption under the Company’s Articles Supplementary governing the shares of Series C Preferred Stock.

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related and single-family and multi-family residential assets.

Forward-Looking Statements

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 its 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. 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. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 under “Item 1A. Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports the Company files with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

For Further Information

Kristine Nario-Eng
Chief Financial Officer
Phone: 212-792-0107
Email: InvestorRelations@nymtrust.com