REITs New York Mortgage, Ellington Financial down on stock offerings
18/07/2019 12:10
** New York Mortgage Trust NYMT.O down 2.6% premarket,
while Ellington Financial Inc EFC.N falls 3.8% after pricing
follow-ons
** NYMT sells 20 mln shares, ~10% of outstanding, for gross
raise of approx $122.2 mln to acquire single-family residential
and multi-family credit investments, various other types of
mortgage-related and residential housing-related assets
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** Deal prices at $6.11, a 2.4% discount to stock's last
sale; NYMT estimates its book value/sh was $5.73-$5.75 at
end-Jun, per filing
** Morgan Stanley and UBS joint bookrunners for offering
** This is already NYMT's 4th equity raise this year
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** EFC offers 3.5 mln shares, ~12% of outstanding, for gross
raise of ~$62 mln to acquire targeted assets, including
residential and commercial mortgage-backed securities,
residential and commercial mortgage loans, among others
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** Deal prices at $17.66, a 3.5% discount to stock's Weds
close; EFC estimates its book value/sh was $18.91 at end-Jun,
per filing
** Credit Suisse, UBS, JMP Securities, Keefe Bruyette &
Woods and Raymond James joint bookrunners for offering
** ~500k NYMT shares have traded as of 7:00 am EDT, making
them most active across U.S. exchanges before the bell. EFC 6th
most actively traded premarket with ~50k shares traded
** YTD, NYMT up ~6% YTD, while EFC has risen ~19%; in
comparison, the iShares Mortgage Real Estate ETF REM.Z has
gained ~8% this year
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))