New York Mortgage Trust Floats a New Preferred Issue
By: Tim McPartland,
Mortgage REIT New York Mortgage Trust has floated a new cumulative, redeemable preferred issue which begins trading tomorrow (Friday).
The coupon on this issue is 7.875%, which we think is inadequate for the risk (actually we never have liked mortage REITs so there probably isn’t any adequate coupon for us), although maybe it will work for your needs. We would expect given the pricing on the other outstanding issue from NYMT, a 7.75% issue trading just under par, that this new issue will not trade above $25.25 a month from now. (meaning likely not much room for a quick flip).
The shares will begin to trade tomorrow under the OTC temporary ticker of NYMMP. For those needed info on how to buy wholesale the info is here.
Details on this issue are here.