New Residential Investment Corp. (NYSE:NRZ or the “Company”) announced
today that the Company's Board of Directors authorized the repurchase of
up to $200 million of the Company's common stock over the next 12
months. 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
a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934
or effect one or more tender offers to facilitate purchases of its
shares under this authorization. The stock repurchase program may be
suspended or discontinued at any time.
“We believe our current stock price is at a significant discount to the
value of our company,” said Michael Nierenberg, Chief Executive Officer
of New Residential. “Buying back shares is an attractive investment
opportunity and it further demonstrates our commitment to delivering
value to our shareholders.”
ABOUT NEW RESIDENTIAL
New Residential focuses on opportunistically investing in, and
actively managing, investments related to residential real estate. The
Company primarily targets investments in mortgage servicing related
assets and other related opportunistic investments. New Residential is
organized and conducts its operations to qualify as a real estate
investment trust (“REIT”) for federal income tax purposes. The Company
is managed by an affiliate of Fortress Investment Group LLC (NYSE: FIG),
a global investment management firm.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain items in this press release, including without limitation
statements as to the amount, timing and manner of the Company’s
repurchase of its shares pursuant to the stock repurchase program
described above, 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 our control, that
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 “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s annual and
quarterly reports filed with the 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.
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160119005664r1&sid=ntxv4&distro=nx&lang=en)
View source version on businesswire.com: http://www.businesswire.com/news/home/20160119005664/en/
Copyright Business Wire 2016