New Residential Investment Corp | 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (NRZ.PRB)
Prospectus excerpt: We are offering 10,000,000 shares of our 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share, with a liquidation preference of $25.00 per share (the “Series B Preferred Stock”) by this prospectus supplement and the accompanying prospectus. Holders of the Series B Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, August 15, 2024 at a fixed rate equal to 7.125% per annum of the $25.00 per share liquidation preference (equivalent to $1.78125 per annum per share) and (ii) from and including August 15, 2024, at a floating rate per annum equal to three-month LIBOR plus a spread of 5.640% per annum. Dividends will be payable quarterly in arrears on or about the 15th day of February, May, August and November of each year, when and as declared, beginning on November 15, 2019. Dividends will accumulate and be cumulative from, and including, the original issue date of the Series B Preferred Stock.
New Residential Investment is a holding company. Through its subsidiaries, Co. is an investment manager with a vertically integrated mortgage platform. Co.'s portfolio is comprised of mortgage servicing rights (MSRs), a mortgage origination and servicing company, related ancillary mortgage services businesses, residential mortgage-backed securities and loans, consumer loans, and other investments. Co. is externally managed and advised by an affiliate of Fortress Investment Group LLC. Co. conducts its business in five segments: Origination, Servicing, MSR Related Investments, Residential Loans and Consumer Loans.