New Residential Investment Corp. Announces Authorization of Preferred Stock Repurchase Program of Up to $100 Million
November 02 2020 - 7:00AM
Business Wire
New Residential Investment Corp. (NYSE: NRZ, “New Residential”,
the “Company”) announced today that the Company's Board of
Directors (the “Board”) authorized the repurchase of up to $100
million of the Company's preferred stock, which includes its 7.500%
Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred
Stock, 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable
Preferred Stock and 6.375% Series C Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock (collectively “preferred
stock”) through December 31, 2021 (the “preferred stock repurchase
program”).
In addition, the Company has recently commenced purchases of its
common stock in the open market under its existing common stock
repurchase program, and is also prepared to begin purchases of its
preferred stock.
Under the preferred stock repurchase program, the Company may
purchase its preferred stock from time to time in the open market
or in privately negotiated transactions. The amount and timing of
the purchases will depend on a number of factors including the
price and availability of the Company's preferred stock, trading
volume, capital availability, Company performance and general
economic and market conditions. The Company may also from time to
time establish one or more plans under Rule 10b5-1 of the
Securities Exchange Act of 1934 or by means of one or more tender
offers to facilitate purchases of its preferred stock under this
authorization. The preferred stock repurchase program may be
suspended or discontinued at any time.
ABOUT NEW RESIDENTIAL
New Residential is a leading provider of capital and services to
the mortgage and financial services industry. The Company’s mission
is to generate attractive risk-adjusted returns in all interest
rate environments through a portfolio of investments and operating
businesses. New Residential has built a diversified,
hard-to-replicate portfolio with high-quality investment strategies
that have generated returns across different interest rate
environments over time. New Residential’s portfolio is composed of
mortgage servicing related assets (including investments in
operating entities consisting of servicing, origination, and
affiliated businesses), residential securities (and associated
called rights) and loans, and consumer loans. New Residential’s
investments in operating entities include its mortgage origination
and servicing subsidiary, NewRez, and its special servicing
division, Shellpoint Mortgage Servicing, as well as investments in
affiliated businesses that provide services that are complementary
to the origination and servicing businesses and other portfolios of
mortgage related assets. Since inception in 2013, New Residential
has a proven track record of performance, growing and protecting
the value of its assets while generating attractive risk-adjusted
returns and delivering over $3.4 billion in dividends to
shareholders. New Residential is organized and conducts its
operations to qualify as a real estate investment trust (REIT) for
federal income tax purposes. New Residential is managed by an
affiliate of Fortress Investment Group LLC, a global investment
management firm, and headquartered in New York City.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are not
historical facts. They represent management’s current expectations
regarding future events and are subject to a number of trends and
uncertainties, many of which are beyond the Company’s control,
which could cause actual results to differ materially from those
described in the forward-looking statements. The Company can give
no assurance that its expectations will be attained. Accordingly,
you should not place undue reliance on any forward-looking
statements contained herein.
For a discussion of some of the risks and important factors that
could affect such forward-looking statements including, but not
limited to, risks related to the ongoing COVID-19 pandemic, see the
sections entitled “Cautionary Statements Regarding Forward Looking
Statements,” “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s most recent annual and quarterly reports and other
filings filed with the U.S. Securities and Exchange Commission. In
addition, new risks and uncertainties emerge from time to time, and
it is not possible for New Residential to predict or assess the
impact of every factor that may cause its actual results to differ
from those contained in any forward-looking statements.
Forward-looking statements contained herein speak only as of the
date of this press release, and New Residential expressly disclaims
any obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in New Residential's expectations with regard thereto or change in
events, conditions or circumstances on which any statement is
based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201102005289/en/
Investor Relations Kaitlyn Mauritz 212-479-3150
New Residential Investment (NYSE:NRZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
New Residential Investment (NYSE:NRZ)
Historical Stock Chart
From Apr 2023 to Apr 2024