Five Oaks Investment Corp. (NYSE: OAKS) announced that it has priced an underwritten public offering of 4,000,000 shares of its Common Stock at $4.60 per share.
In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 15%, or 600,000 shares of the Common Stock. The Common Stock is listed on the NYSE under the symbol "OAKS."
The Company intends to use the net proceeds from the offering to purchase agency RMBS, which are residential mortgage-backed securities, for which a U.S. Government agency such as Ginnie Mae or a federally chartered corporation such as Fannie Mae or Freddie Mac, guarantees payments of principal and interest of the securities and for working capital and other general purposes.
JMP Securities LLC is acting as book-running manager for the offering; Ladenburg Thalmann is acting as lead manager for the offering. The underwriters may offer the shares to purchasers in one or more transactions directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The offering is expected to close subject to customary closing conditions on June 21, 2017.
About Five Oaks Investment Corp.
Five Oaks Investment Corp. is a real estate investment trust ("REIT") focused with its subsidiaries on investing on a leveraged basis in mortgage and other real estate-related assets, particularly mortgage-backed securities ("MBS"), including residential mortgage-backed securities ("RMBS") and multi-family mortgage-backed securities ("Multi-Family MBS") and mortgage servicing rights. The Company's objective remains to deliver attractive cash flow returns over time to its investors, primarily through dividends and secondarily through capital appreciation. Five Oaks Investment Corp. is externally managed and advised by Oak Circle Capital Partners LLC.
