On May 3, 2016, the Company entered into a Membership Interest Purchase Agreement with the members of RiverBanc LLC ("RiverBanc"), an investment management firm that manages over $400 million of direct and indirect investments in multifamily apartment properties on behalf of both public and private institutional investors, including the Company. The Company currently owns a 20% interest in RiverBanc. Pursuant to the agreement, the Company will acquire the remaining 80% membership interests in RiverBanc for aggregate cash consideration of approximately $24 million. In connection with the closing of the acquisition, Kevin Donlon, the founder and chief executive officer of RiverBanc, will become the President of New York Mortgage Trust, Inc. The acquisition, which is subject to customary closing conditions, is expected to be completed during the second quarter of 2016.