More details on New York Mortgage Trust purchase

• New York Mortgage Trust (NASDAQ:NYMT) yesterday signed a commitment letter for the purchase of a pool of residential mortgage loans for about $345M. According to the seller, as of September 30, the pool was comprised of modified first lien mortgages with a UPB of roughly $394M and a weighted-average coupon rate of 6.41%.
• The purchase is subject to continuing due diligence on NYMT's part, but the company expects to close this year, and last night launched a 15M share secondary offering to help fund the deal.
• Shares are lower by 5% premarket as pricing detail on the secondary is awaited.