New Residential Announces Acquisition of Interests in $900 Million Pool of Mortgage Loans from Springleaf
NEW YORK--(BUSINESS WIRE)-- On March 6, 2014, New Residential Investment Corp. (NYSE:NRZ; the “Company”, “New Residential”) committed to purchase interests in a $900 million pool of non-Agency residential mortgage loans (approximate current face amount) that were previously securitized by an affiliate of Springleaf Financial Corporation (“Springleaf”). New Residential expects to settle the acquisition by the end of the first quarter of 2014. Springleaf is majority owned by private equity funds managed by an affiliate of the Company’s manager.
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: (1) mortgage servicing related assets, (2) residential mortgage backed securities (“RMBS”), (3) residential mortgage loans and (4) other related 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, a global investment management firm.
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including (without limitation) the statement regarding the Company’s expectation to settle the acquisition described in this press release by the end of the first quarter of 2014. There can be no assurance that the acquisition will actually occur in such timeframe, or at all. Forward-looking statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. 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 in this press release. For a discussion of some of the risks and important factors that could affect forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” in the Company’s Quarterly Report on Form 10-Q, which is available on the Company’s website (www.newresi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company 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. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
New Residential Investment Corp.
Investor Relations, 212-479-3150
Source: New Residential Investment Corp.
Released March 11, 2014