Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

On that note....

New Residential to Raise $440 Million Via Stock Sale. More Acquisitions Ahead?

By Paul Muolo
[e-mail]
Fast-growing mortgage REIT New Residential Investment Corp. has filed to sell 25 million shares of common stock, an offering that could raise upwards of $440 million based on the current share price.
In a statement, New Rez said it intends to use the proceeds for ?general corporate purposes? but in all likelihood the money will be used to finance further acquisitions in the mortgage space.
A few months back, the REIT inked a deal to acquire Shellpoint Partners for roughly $190 million in cash through a three-year earn-out deal. New Rez also has been an active buyer of mortgage servicing portfolios in the open market and now ranks fifth overall, according to figures compiled by Inside Mortgage Finance.
The REIT has a current market cap (share price multiplied by number of units outstanding) of $5.27 billion.
Late Tuesday, New Rez ? in tandem with the stock sale announcement ? disclosed estimated fourth quarter earnings ranging from $117.8 million to $202.8 million.