New York Mortgage Trust, Inc. (
, a real estate investment trust (REIT), recently announced
an underwritten public offering of 3,750,000 million shares to
increase its liquidity. To cover up over allotments, New York
Mortgage also plans to offer an option to underwriters of
purchasing an additional 562,500 shares.
Ladenburg Thalmann & Co. Inc, a subsidiary of
Ladenburg Thalmann Financial Services Inc. (
, has been appointed as the financial manager for the offering.
New York Mortgage expects to utilize the proceeds generated from
the transaction to acquire certain assets of the company, including
commercial mortgage loans and commercial mortgage-backed securities
(CMBS) and Agency residential mortgage-backed securities (RMBS).
The proceeds generated could also be used for working capital
As of March 31, 2012, the company had $200.8 million of
residential mortgage loans held in securitization trusts
permanently financed with $194.8 million of residential
collateralized debt obligations. As of March 31, 2012, New York
Mortgage's cash position stood at $8.9 million.
During first quarter 2012, the company reported earnings of $5.8
million or 42 cents per share compared with $2.5 million or 27
cents per share in the prior-year quarter.
New York Mortgage together with its subsidiaries operates in the
United States. It invests primarily in real estate-related assets,
including agency residential adjustable rate mortgage-backed
securities issued by a government-sponsored enterprise of the
United States, prime credit quality residential adjustable-rate
mortgage loans and non-agency mortgage-backed securities.
New York Mortgagecurrently retains a Zacks #4 Rank, which
translates into a short-term Strong Sell rating. We also have a
long-term Neutral recommendation on the stock. One of its
MFA Financial, Inc. (
currently retains a Zacks #3 Rank, which implies a short-term Hold
(LTS): ETF Research Reports
MFA FINANCIAL (MFA): Free Stock Analysis Report
NEW YORK MTG TR (NYMT): Free Stock Analysis
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