Business Context and Reporting Period
This Form 8-K was filed by New Residential Investment Corp. on October 10, 2014. The filing reports on executive leadership changes within the company, which is managed by FIG LLC, an affiliate of Fortress Investment Group.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure of CFO: Ms. Susan Givens resigned as Chief Financial Officer and Treasurer effective October 10, 2014. She was appointed as Chief Executive Officer of New Senior Investment Group Inc., a company expected to be spun off from Newcastle Investment Corp.
- Appointment of Interim CFO: Mr. Jonathan Brown, 48, was appointed as Interim Chief Financial Officer and Treasurer effective October 10, 2014. Mr. Brown is also the Chief Accounting Officer and has been with the company since its inception.
Management Commentary and Risks
Compensation Structure: The filing clarifies that company officers are employees of the Manager (FIG LLC) rather than the Company. Consequently, they do not receive direct cash compensation from the Company. The Manager cannot segregate the portion of compensation paid to officers that relates solely to their services for New Residential Investment Corp.
Related Party Transactions: Outside of fees paid to the Manager, Mr. Brown has no direct or indirect material interests in any transactions with the Company.
Investor Verification Checklist
- Verify the transition timeline for the CFO role and the status of the New Senior Investment Group spin-off.
- Review the Manager's fee structure to understand the indirect compensation costs associated with the new Interim CFO.
- Confirm Mr. Brown's continued tenure as Chief Accounting Officer alongside his new interim CFO duties.