Market Overview

New Residential Announces Agreements to Acquire Shellpoint Partners


New Residential Investment Corp. (NYSE:NRZ; together with its
subsidiaries, "New Residential" or the "Company") announced today that
it has entered into definitive agreements to acquire Shellpoint Partners
LLC ("Shellpoint"), a vertically integrated mortgage platform with
established origination and servicing capabilities, for approximately
$190 million, subject to certain adjustments, plus potential additional
consideration pursuant to a three-year earnout based on the performance
of Shellpoint after closing.

Shellpoint is an approved Fannie Mae and Freddie Mac seller and servicer
and a Ginnie Mae issuer, with servicer ratings from S&P, Moody's and
Fitch. With a servicing portfolio totaling approximately $50 billion(1)
and annual origination volume of approximately $6.6 billion(2),
Shellpoint is an experienced, customer-centric mortgage operator
positioned for growth.

The transactions have been approved by the board of directors of each
company. Consummation of the Shellpoint acquisition is expected to occur
in two stages:

I. Settlements on Approximately $8 Billion UPB of Fannie Mae &
Freddie Mac Mortgage Servicing Rights ("MSRs")
- As part of the
acquisition, New Residential will first settle on approximately $8
billion UPB of Fannie Mae and Freddie Mac MSRs from Shellpoint. Between
such settlements and the closing of the corporate acquisition described
below, the $8 billion UPB of Agency MSRs will be subserviced by
Shellpoint. The MSR purchases are expected to close in January 2018 and
are subject to GSE (Government-Sponsored Enterprise) and other
regulatory approvals and other customary closing conditions.

II. Closing of Corporate Acquisition of Shellpoint - In the
second stage of the acquisition, New Residential will acquire 100% of
the outstanding equity interests of Shellpoint.
The corporate
acquisition is expected to close in the first half of 2018, subject to
receipt of regulatory approvals and certain third party consents and
satisfaction of certain other closing conditions.

"We are extremely pleased to announce the agreements to acquire
Shellpoint" said Michael Nierenberg, Chief Executive Officer of New
Residential. "Shellpoint's origination and servicing platforms provide
New Residential with recapture capabilities that can help enhance
returns on our existing MSR portfolio and create new complementary
revenue channels. In addition, as a rated servicer, we believe
Shellpoint will provide added servicing capacity to further diversify
our servicing relationships and help accelerate transfer timelines for
our MSR purchases.

This is truly an exciting next step for New Residential and we look
forward to working closely with the Shellpoint management team. We are
optimistic that Shellpoint's business will be a strong contributor to
our existing investments and will further enhance our ability to
continue generating attractive returns for our shareholders."

Bruce Williams, Co-Chief Executive Officer of Shellpoint commented, "We
are extremely excited to work with the New Residential team as
Shellpoint embarks on this new chapter. We believe this is a very
compelling transaction for Shellpoint, its employees and partners. Being
part of the New Residential platform will present unique opportunities
that allow us to further enhance our operations and scale our business
with dedicated capital."

Advising New Residential on the acquisition are Skadden, Arps, Slate,
Meagher & Flom LLP, Bradley Arant Boult Cummings LLP and Hunton &
Williams LLP as legal advisors. Advising Shellpoint on the transaction
are Houlihan Lokey Capital, Inc. as financial advisor and Sheppard,
Mullin, Richter & Hampton LLP, Dentons US LLP and Buckley Sandler LLP as
legal advisors.

Conference Call & Additional Information

Management will host a conference call on Wednesday, November 29, 2017
at 10:00 A.M. Eastern Time to discuss the acquisition. All interested
parties are welcome to participate on the live call. The conference call
may be accessed by dialing 1-866-393-1506 (from within the U.S.) or
1-281-456-4044 (from outside of the U.S.) ten minutes prior to the
scheduled start of the call; please reference "New Residential Investor

A telephonic replay of the conference call will also be available two
hours following the call's completion through 11:59 P.M. Eastern Time on
Wednesday, December 13, 2017 by dialing 1-855-859-2056 (from within the
U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference
access code "3899418."

Prior to the conference call, the Company expects to post a presentation
about the transaction in the Investor Relations section of its website,

(1) Shellpoint servicing portfolio as of October 31, 2017, and
includes an owned portfolio of approximately $15 billion.

(2) Shellpoint's annual origination volume is based on its last
twelve months origination production.


Certain information in this press release constitutes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to (i) statements
regarding Shellpoint's future performance, including its ability to
grow, (ii) the ability to obtain all required approvals and consummate
the Shellpoint transactions on a timely basis or at all, and (iii)
statements regarding Shellpoint's impact on the Company's business and
future performance. These statements are not historical facts. They
represent management's current expectations regarding future events and
are subject to a number of risks 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 filed with the SEC, which are available on the
Company's website (
These risks and factors include, but are not limited to, the risks
relating to the Shellpoint transactions, including in respect of the
satisfaction of closing conditions and the timing thereof; unanticipated
difficulties financing the transactions; unexpected challenges related
to the integration of the Shellpoint businesses and operations; changes
in general economic and/or industry specific conditions; difficulties in
obtaining governmental and other third party consents in connection with
the transactions; unanticipated expenditures relating to or liabilities
arising from the transactions or the acquired businesses; Shellpoint's
ability to service MSRs pursuant to agreements entered into in
connection with the transactions; uncertainties as to the timing of the
transactions; litigation or regulatory issues relating to the
transactions, Shellpoint, the Company or the acquired businesses; the
impact of the transactions on relationships with, and potential
difficulties retaining, employees, customers and other third parties;
and the inability to obtain, or delays in obtaining, expected benefits
from the transactions. 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. In addition,
risks and uncertainties to which Shellpoint's business is subject could
affect the transactions and, following the closing of the transactions,
the Company will be subject to such risks and uncertainties (including
certain risks and uncertainties that currently apply to the Company and
certain new risks and uncertainties applicable to Shellpoint).
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.


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.

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