The REIT's shares are jumping as the company announced it has hired bankers to advise it on a recombination with its external manager.
What: Shares of NorthStar Realty Finance (NYSE:NRF) are rising today, jumping about 17% as of 11 a.m. ET after the company announced that it is considering a recombination with its external manager, Northstar Asset Management Group (NYSE:CLNS).
In an 8-K, NorthStar Realty Finance said it hired UBS to advise it on a transaction that would bring the management company under the same corporate entity.
Now what: It's notable that the announcement comes at the same time Northstar Realty Finance is selling off assets to raise cash. The 8-K filing notes that the company sold $2 billion of assets in the fourth quarter, resulting in $900 million of cash proceeds.