Mortgage REIT New York Mortgage Trust (NYMT) has priced their new issue of fixed-to-floating rate preferred stock.
The issue prices with an initial fixed rate coupon of 6.875%. The issue will convert to a floating rate of 3 month SOFR (secured overnight financing rate) plus a spread of 6.13% on 10/15/2026.
This issue will trade immediately under temporary OTC grey market ticker NYMFV. CAUTION the OTC tickers on a number of issues recently have changed without public notice.
The pricing term sheet can be read here.
I purchased on fidelity under symbol NYMFP.
Full call announced for 7/30/21 on NYMTO
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
Where can I buy this one ? I can’t find it on my broker.
Schwab is trading it
Fidelity has it …Bid 25.10, Ask 25.12