New Residential Investment Corp. Announces Authorization of Common Share Repurchase Program of Up to $200 Million
New Residential (NYSE: NRZ) has authorized a $200 million share repurchase program effective through December 31, 2021, replacing the previous program that expired at the end of 2020. The company plans to buy back shares in the open market or via private transactions, influenced by factors like share price, trading volume, and overall company performance. This initiative underscores New Residential's strategy to enhance shareholder value while continuing to generate attractive risk-adjusted returns across varied interest rate environments.
- New share repurchase program valued at $200 million expected to increase shareholder value.
- Continued commitment to generating attractive risk-adjusted returns for investors.
- The company may suspend or discontinue the share repurchase program at any time, introducing uncertainty.
New Residential Investment Corp. (NYSE: NRZ, “New Residential”, the “Company”) announced today that the Company's Board of Directors (the “Board”) authorized a new share repurchase program of up to
The new common share repurchase program replaces the Company’s previous
Under the program, the Company may purchase its common 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 common 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 common shares under this authorization. The common share 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
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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FAQ
What is the purpose of New Residential's share repurchase program?
How much has New Residential allocated for its new share repurchase program?
When does the new share repurchase program for NRZ expire?
What factors will influence the timing of New Residential's share repurchases?
What was the previous share repurchase program's value for NRZ?
