market folly

Lee Cooperman's Omega Advisors has filed a 13G with the SEC regarding a 6% ownership stake in New Residential Investment (NRZ) with over 15.2 million shares. 

This marks an increase in their position size of over 9.5 million shares since the end of the third quarter.  The filing was required due to activity on January 30th.

NRZ was spun off from Newcastle Investment Corp (NCT), a position Cooperman also owns, back in May of 2013.

Per Google Finance, New Residential Investment Corp is "incorporated on September 26, 2013, is a real estate investment trust. The Company focuses on investing in, and actively managing, investments related to residential real estate. The Company is managed by an affiliate of Fortress Investment Group LLC, a global investment management. The Company primarily target investments in excess mortgage servicing rights, residential mortgage backed securities, residential mortgage loans and other related investments."

You can view other portfolio activity from Lee Cooperman here.