New York Mortgage Trust Announces Upsize of Common Stock Repurchase Program and Adoption of Preferred Stock Repurchase Program
March 15 2023 - 4:35PM
New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT” or the
“Company”) today announced that its Board of Directors (the
“Board”) authorized the upsize of its previously announced common
stock repurchase program such that common stock having an aggregate
value of $200 million remains available for repurchase after giving
effect to the upsize. As of March 14, 2023, the Company had
repurchased approximately $46 million of the $200 million of common
stock originally authorized for repurchase under the common stock
repurchase program. The upsize announced today brings the total
size of the common stock repurchase program to $246 million. All
other terms of the Company’s common stock repurchase program remain
unchanged.
In addition, the Board authorized a preferred
stock repurchase program under which the Company may repurchase up
to $100 million of the Company’s preferred stock, which includes
the Company’s 8.000% Series D Fixed-to-Floating Rate Cumulative
Redeemable Preferred Stock, 7.875% Series E Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock, 6.875% Series F
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, and
7.000% Series G Cumulative Redeemable Preferred Stock. The
preferred stock repurchase program does not require the purchase of
any minimum number of shares. Acquisitions under the preferred
stock repurchase program may be made in the open market, through
privately negotiated transactions or block trades or other means,
in accordance with applicable securities laws. The timing and
extent to which the Company repurchases shares of its preferred
stock will depend upon, among other things, market conditions,
share price, liquidity, regulatory requirements and other factors,
and repurchases may be commenced or suspended at any time without
prior notice. The Company expects to fund any preferred stock
repurchases through current liquidity.
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 single-family
and multi-family residential assets.
Cautionary Statement Regarding
Forward-Looking Statements
When used in this press release, in future
filings with the Securities and Exchange Commission (the “SEC”) or
in other written or oral communications, statements which are not
historical in nature, including those containing words such as
“will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,”
“continue,” “intend,” “could,” “would,” “should,” “may” or similar
expressions, are intended to identify “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and, as such, may involve known and
unknown risks, uncertainties and assumptions.
Forward-looking statements are based on
estimates, projections, beliefs and assumptions of management of
the Company at the time of such statements and are not guarantees
of future performance. Forward-looking statements involve risks and
uncertainties in predicting future results and conditions. Actual
results and outcomes could differ materially from those projected
in these forward-looking statements due to a variety of factors,
including, without limitation: changes in the Company’s business
and investment strategy; inflation and changes in interest rates
and the fair market value of the Company’s assets, including
negative changes resulting in margin calls relating to the
financing of the Company’s assets; changes in credit spreads;
changes in the long-term credit ratings of the U.S., Fannie Mae,
Freddie Mac, and Ginnie Mae; general volatility of the markets in
which the Company invests; changes in prepayment rates on the loans
the Company owns or that underlie the Company’s investment
securities; increased rates of default, delinquency or vacancy
and/or decreased recovery rates on or at the Company’s assets; the
Company’s ability to identify and acquire targeted assets,
including assets in its investment pipeline; the Company’s ability
to dispose of assets from time to time on terms favorable to the
Company, including the disposition over time of its joint venture
equity investments; changes in relationships with the Company’s
financing counterparties and the Company’s ability to borrow to
finance its assets and the terms thereof; changes in the Company’s
relationships with and/or the performance of its operating
partners; the Company’s ability to predict and control costs;
changes in laws, regulations or policies affecting the Company’s
business; the Company’s ability to make distributions to its
stockholders in the future; the Company’s ability to maintain its
qualification as a REIT for federal tax purposes; the Company’s
ability to maintain its exemption from registration under the
Investment Company Act of 1940, as amended; and risks associated
with investing in real estate assets, including changes in business
conditions and the general economy, the availability of investment
opportunities and the conditions in the market for Agency RMBS,
non-Agency RMBS, ABS and CMBS securities, residential loans,
structured multi-family investments and other mortgage-,
residential housing- and credit-related assets.
These and other risks, uncertainties and
factors, including the risk factors described in the Company’s
reports filed with the SEC pursuant to the Exchange Act, could
cause the Company’s actual results to differ materially from those
projected in any forward-looking statements the Company makes. 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. Except as required by law, the Company is not obligated
to, and does not intend to, update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For Further Information
AT THE
COMPANY Investor
RelationsPhone: 212-792-0107Email:
InvestorRelations@nymtrust.com
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