By Laura Lutz
Des Moines, Dec. 3 - New York Mortgage Trust, Inc. arranged a $20 million private placement of convertible preferred stock.
JMP Group Inc. and some of its affiliates are the investors.
The preferreds will accrue dividends at 10%. They are convertible at $4.00 per common share.
The dividends will be increased if the dividends on the company's common stock exceed $0.10 per share per quarter.
Proceeds will be used for mortgage-related investments.
New York Mortgage Trust is a New York-based real estate investment trust.
| Issuer: | New York Mortgage Trust, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $20 million
|
| Dividends: | 10%
|
| Conversion price: | $4.00
|
| Warrants: | No
|
| Investors: | JMP Group Inc. and affiliates
|
| Announcement date: | Dec. 3
|
| Stock symbol: | OTCBB: NMTR
|
| Stock price: | $3.50 at close Nov. 30
|
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