NRF
NorthStar Realty Finance Corp.NYSE
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  • Mon, Nov. 14, 10:08 PM
    • Baupost Group new positions as of Sept. 30: 4.4M shares of Colony Capital (NYSE:CLNY), 5.5M of Northstar Realty Finance (NYSE:NRF), 9.9M of Northstar Asset Management (NYSE:NSAM), 13M of Office Depot (NYSE:ODP), and 17.6M of Synchrony Financial (NYSE:SYF).
    • Klarman also raised his stake in 21st Century Fox (NASDAQ:FOXA) to 7.7M shares, and eliminated holdings of Avis Budget (NASDAQ:CAR), Och-Ziff (NYSE:OZM), and the common stock of Citigroup (NYSE:C) (he still holds 102M TARP warrants).
    • SEC Form 13F
    | Mon, Nov. 14, 10:08 PM | 11 Comments
  • Tue, Nov. 8, 7:02 AM
    • NorthStar Realty Finance (NYSE:NRF): Q3 EPS of -$0.56 may not be comparable to consensus of $0.47.
    • Revenue of $34.67M (-43.0% Y/Y) beats by $0.61M.
    • Press Release
    | Tue, Nov. 8, 7:02 AM
  • Fri, Nov. 4, 5:37 PM
    • Top gainers, as of 5.25 p.m.: SPPI +6.5%. LPLA +3.4%. NUS +3.2%. FDC +3.0%. AYA +2.3%.
    • Top losers, as of 5.25p.m.: ALR -5.1%. DHT -4.1%. GNBC -3.2%. AGO -2.4%. NRF -2.0%.
    | Fri, Nov. 4, 5:37 PM | 11 Comments
  • Tue, Nov. 1, 5:29 PM
    • NorthStar Realty Finance (NYSE:NRF) declares $0.40/share quarterly dividend, in line with previous.
    • Forward yield 11.13%
    • Payable Nov. 18; for shareholders of record Nov. 14; ex-div Nov. 9.
    | Tue, Nov. 1, 5:29 PM
  • Fri, Oct. 21, 7:32 AM
    | Fri, Oct. 21, 7:32 AM | 10 Comments
  • Mon, Oct. 17, 9:25 AM
    • Among the changes are the addition of two independent directors to the combined company's board, and that all board members will stand for election annually.
    • NorthStar Asset Management (NYSE:NSAM) owners will now get a special, pre-closing cash dividend of $228M ($1.16 per share) vs. the previous $128M.
    • Top executives have agreed to a more shareholder-friendly severance deal.
    • Along with NSAM, NorthStar Realty (NYSE:NRF) and Colony (NYSE:CLNY) plan to hold special meetings before year-end in the hopes of closing the merger in January. At closing,  a quarterly dividend at an annualized rate of $1.08 per share will commence.
    • MSD Capital and MSA Partners - together owning 10.2% of NSAM's stock - have agreed to vote in favor of the deal. Jonathan Litt hasn't yet been heard from.
    | Mon, Oct. 17, 9:25 AM | 59 Comments
  • Thu, Aug. 4, 7:19 AM
    • NorthStar Realty Finance (NYSE:NRF): Q2 EPS of -$0.64
    • Revenue of $470.42M (+3.2% Y/Y)
    • Press Release
    | Thu, Aug. 4, 7:19 AM | 4 Comments
  • Tue, Aug. 2, 5:53 PM
    • NorthStar Realty Finance (NYSE:NRF) declares $0.40/share quarterly dividend, in line with previous.
    • Forward yield 12.12%
    • Payable Aug. 19; for shareholders of record Aug. 15; ex-div Aug. 11.
    | Tue, Aug. 2, 5:53 PM
  • Tue, Jun. 7, 3:01 PM
    • The combination of NorthStar Realty Finance (NYSE:NRF), NorthStar Asset Management (NYSE:NSAM), and Colony Capital (NYSE:CLNY) is likely to result in an entity with a significantly higher debt-to-adjusted EBITDA ratio than what NSAM currently sports (less than 1.5x), says S&P.
    • The current BBB- rating could be cut by one or more notches. For now, S&P will keep things on watch, and resolve the rating once the deal is completed (expected Q1 2017).
    | Tue, Jun. 7, 3:01 PM | 12 Comments
  • Tue, Jun. 7, 7:58 AM
    • "We strongly believe that the announced transaction price and consideration for NorthStar Asset Management (NYSE:NSAM) does not fully reflect its intrinsic value today,” says Land & Buildings' Jonathan Litt, noting NSAM owners will receive relatively small accretion to their shares, while senior executives will reap $180M thanks to a change-of-control payment (even though they get to keep their jobs!).
    • Colony Capital (NYSE:CLNY), says Litt, is likely to receive 30% or more earnings accretion per share, highlighting the value of the merger for CLNY owners, but not so much for NSAM holders.
    • Litt sees a valuation closer to $20 per share as appropriate for NSAM (last night's close was $11.81). He's demanding a meeting with the special committee members of the board.
    | Tue, Jun. 7, 7:58 AM | 16 Comments
  • Fri, Jun. 3, 7:23 AM
    • Upon completion of the all-stock deal, NorthStar Asset Management (NYSE:NSAM) shareholders will own 32.25% of the new Colony NorthStar, Colony Capital (NYSE:CLNY) shareholders will own 33.25%, and NorthStar Realty Finance (NYSE:NRF) shareholders 33.9%.
    • NSAM owners, in addition to the regular quarterly dividend, will receive a special cash dividend of $128M.
    • Colony's Thomas Barrack will be Executive Chairman of the board, NorthStar's David Hamamoto will be Executive Vice Chairman, and Colony's Richard Saltzman will be CEO.
    • The companies expect about $115M in annual cost savings, $80M in cash and $35M in stock-based compensation.
    • Terms: NSAM shareholders will own one share of the new company for each share of NSAM they hold; Colony shareholders will receive 1.4663 shares of the new company stock for each share of CLNY they hold; NRF shareholders will receive 1.0996 shares of the new company stock for each share of NRF they hold.
    • Closing is expected in Q1 of next year.
    • A conference call is set for 10 ET.
    | Fri, Jun. 3, 7:23 AM | 65 Comments
  • Wed, Jun. 1, 10:23 AM
    • Previously a bull on both NorthStar Realty Finance (NRF -2.4%) and NorthStar Asset Management (NSAM -2.4%), FBR downgrades the duo to Market Perform from Outperform.
    | Wed, Jun. 1, 10:23 AM | 9 Comments
  • Tue, May 10, 7:27 AM
    • Q1 cash available for distribution of $107.1M or $0.58 per share vs. $118M and $0.63 in Q4. Distribution is $0.40.
    • Company has agreed to sell its manufactured housing portfolio for $2.04B, generating an IRR of roughly 20%. Sales leave the company will more than $900M in liquidity, and another $700M to come (including the manufactured housing sale).
    • Roughly $50M of stock bought back during quarter.
    • Earnings call at 9 ET
    • Previously: NorthStar Realty Finance reports Q1 results (May 10)
    • NRF +3.1% in thin premarket action.
    | Tue, May 10, 7:27 AM | 6 Comments
  • Tue, May 10, 7:04 AM
    • NorthStar Realty Finance (NYSE:NRF): Q1 EPS of -$0.79
    • Revenue of $463.39M (+15.7% Y/Y)
    | Tue, May 10, 7:04 AM
  • Fri, May 6, 5:37 PM
    • Top gainers, as of 5.25 p.m.: NSAM +6.5%. NRF +5.8%. HLF +2.7%. APOL +2.7%. CPA +2.3%.
    • Top losers, as of 5.25p.m.: AZN -4.8%. CS -2.3%. INOV -1.8%. SYNC -1.5%. ETSY -1.3%.
    | Fri, May 6, 5:37 PM
  • Fri, May 6, 4:19 PM
    | Fri, May 6, 4:19 PM | 28 Comments