New York Mortgage authorizes upsize of common stock repurchase program to $246M

New York Mortgage authorized the upsize of its common stock repurchase program such that common stock having an aggregate value of $200M remains available for repurchase after giving effect to the upsize. As of March 14, the company had repurchased approximately $46M of the $200M of common stock originally authorized for repurchase under the common stock repurchase program. The upsize brings the total size of the common stock repurchase program to $246M. All other terms of the company’s common stock repurchase program remain unchanged. In addition, the Board authorized a preferred stock repurchase program under which the company may repurchase up to $100M of the company’s preferred stock. The preferred stock repurchase program does not require the purchase of any minimum number of shares. The company expects to fund any preferred stock repurchases through current liquidity.