Rithm Capital Corp (RITM)

[Enterprising Investor]

New Residential Announces Authorization of Share Repurchase Program (1/19/16)

NEW YORK--(BUSINESS WIRE)--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.

http://www.businesswire.com/news/home/20160119005664/en/Residential-Announces-Authorization-Share-Repurchase-Program