QUANTUMONLINE.COM SECURITY DESCRIPTION: New York Mortgage Trust Inc 7.00% Series G Cumulative Redeemable Preferred Stock liquidation preference $25 per share, redeemable at the issuer's option on or after 01/15/2027 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions at a fixed rate equal of 7.00% per annum ($1.75 per annum or $0.4375 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the first calendar day of the month in which the payment is due (NOTE: the ex-dividend date is one business day prior to the record date).
Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders.
Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a Change of Control, each holder of Series G Preferred Stock will have the right to convert some or all of the shares of Series G Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of common stock per share of Series G Preferred Stock to be converted equal to the lesser of: the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series G Preferred Stock plus the amount of any accumulated and unpaid dividends or the Share Cap, subject to adjustments to the Share Cap for any splits, subdivisions or combinations of the common stock.
This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of distributions and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
