Origen Financial Announces Distribution To Holders Of Common Stock

SOUTHFIELD, Mich., Sept. 23, 2014 /PRNewswire/ -- Origen Financial, Inc. (Pink Sheets: ORGN) ("Origen" or the "Company"), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced that its Board of Directors has declared an $0.08 per share cash distribution to be paid to holders of Origen's common stock of record on September 30, 2014.  The dividend will be paid on October 14, 2014 and will approximate $2.1 million.

As disclosed in its press release dated September 9, 2014, Origen has entered into an agreement with an affiliate of GoldenTree Asset Management LP for the sale of substantially all of Origen's assets subject to approval at an upcoming special meeting of stockholders and conditioned on receipt of certain third-party consents and customary closing conditions.  Origen previously announced that, contingent upon the sale, it estimates a total distribution of $1.77 per share to holders of record following the sale. The current distribution of $0.08 per share, which is being paid from funds currently available, reduces the estimated distributions after the sale to $1.69 per share. This per share estimate is subject to change for unforeseen expenses and contingencies. Ron Klein, Origen's Chief Executive Officer stated, "Since it has always been our policy to return excess cash to our shareholders as quickly as possible, our Board determined that it was in our shareholders' best interests to proceed with this distribution in advance of the closing of our transaction.  Should the transaction not close for any reason we will continue to manage our cash flow to best position the Company for the upcoming call dates for our securitizations."

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the risk that the proposed sale of substantially all of Origen's assets is not consummated and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.

About Origen Financial, Inc.

Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in Southfield, Michigan.

For more information about Origen, please visit http://www.origenfinancial.com.

SOURCE Origen Financial, Inc.