New Residential Investment Corp. Announces Authorization of Share Repurchase Program of Up to $200 Million
August 20 2019 - 4:15PM
Business Wire
New Residential Investment Corp. (NYSE: NRZ, “New Residential”,
the “Company”), a leading provider of capital and services to the
mortgage and financial services industry, announced today that the
Company's Board of Directors (the “Board”) authorized the
repurchase of up to $200 million of the Company's common shares
through December 31, 2020.
Under the program, the Company may purchase its shares 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
shares, 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 shares under this
authorization. The share repurchase program may be suspended or
discontinued at any time.
“Our Board and management believe that our Company’s value and
long-term strategy are not currently reflected in our share price,”
said Michael Nierenberg, Chairman, Chief Executive Officer and
President. “The program we announced today reflects our confidence
in our business and demonstrates our commitment to driving
shareholder value. We intend to opportunistically consider the use
of this repurchase program when it compares favorably to other
capital deployment alternatives.”
ABOUT NEW RESIDENTIAL
New Residential is a leading provider of capital and services to
the mortgage and financial services industry. With approximately
$37 billion in assets as of June 30, 2019, New Residential has
built a diversified, hard-to-replicate portfolio with high-quality
investment strategies that have generated returns across different
interest rate environments. New Residential’s investment portfolio
includes mortgage servicing related assets, non-agency securities
(and associated call rights), residential loans and other related
opportunistic investments. 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 almost $3 billion in dividends to
shareholders. Following the acquisition of Shellpoint Partners LLC
(“Shellpoint”) in 2018, New Residential also benefits from
Shellpoint’s origination and third-party servicing platform, as
well as a suite of ancillary businesses including title insurance,
appraisal management, real estate owned management and other real
estate services. 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes as
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to statements as to the amount, timing and manner of the
Company’s repurchase of its shares pursuant to the share repurchase
program described above. 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 our control, which could cause actual
results to differ materially from those described in the
forward-looking statements. 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, 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 annual and
quarterly reports and other filings filed with the U.S. Securities
and Exchange Commission, which are available on the Company’s
website (www.newresi.com). 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190820005707/en/
New Residential Investor
Relations: Kaitlyn Mauritz 212-479-3150
IR@NewResi.com
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