Rithm Capital Corp (RITM)

[leftovers]

New Residential confirms move to unload $6.1B of non-agency debt

To reduce short-term financing exposure, New Residential (NYSE:NRZ) confirms that it has agreed to sell ~$6.1B face value of non-agency residential mortgage-backed securities to several buyers.

“While mortgage assets have stabilized relative to recent weeks, our focus in this environment continues to be de-risking, increasing our liquidity and protecting our book value,” said Chairman, CEO and President Michael Nierenberg.

The sales aren't expected to affect its previously reported estimated book value, which is expected to be down ~25%-30% from $16.21 as of Dec. 31, 2019.