Snow Park Releases Presentation Detailing Front Yard’s Recent Distortions and Misrepresentations

Believes Front Yard’s Recent Presentation Entitled “The Right
Plan. The Right Board.” Includes No Credible Strategy for Realizing the
Company’s Stated Net Asset Value of $17.50 Per Share

Highlights in Rebuttal Deck How the Company is Misleading
Stockholders and Mischaracterizing its Current Dire State

Lays Out an Array of Value-Destructive Failures and Lapses That
Front Yard Refuses to Address or Even Acknowledge

Urges Stockholders to Vote the BLUE
Proxy Card to Elect the Highly-Qualified and Independent Snow Park
Slate, Which Has Outlined Specific Objectives for a Thorough Strategic
Review and Exploration of Alternatives

NEW YORK–(BUSINESS WIRE)–Snow Park Capital Partners, LP (together with its affiliates, “Snow
Park” or “we”) today issued a detailed presentation in response to the
one released by Front Yard Residential Corporation (NYSE: RESI) (“Front
Yard” or the “Company”) on May 3^rd. The full
presentation can be found at www.RenewRESI.com.

Snow Park, which together with the other participants in its
solicitation beneficially owns approximately 2.1% of Front Yard’s
outstanding shares, urges all stockholders to vote the BLUE
proxy card today. Our nominees – stockholders Leland Abrams, Lazar
Nikolic and Jeffrey Pierce – possess strong real estate pedigrees,
robust mortgage and financial services experience, and deep knowledge of
effective corporate governance practices in the Real Estate Investment
Trust (“REIT”) sector. We believe a reconstituted Board of Directors
(the “Board”) that includes our nominees will have the necessary
expertise and ownership perspectives to support a full strategic review
and help the incumbent directors identify paths to value creation at
Front Yard.

If elected, our nominees plan to advocate for a thorough review that
considers all alternatives, including the following potential paths that
are expanded upon in the presentation released today:

1. Full Sale of the Company – Given that there has been a
tremendous amount of private capital flowing into real estate investment
vehicles in recent years, we believe now is the time for Front Yard to
consider exploring a sale to a company with the operating efficiencies
and scale to realize the full value of the portfolio. We believe this
option offers stockholders significant benefits, including realizing a
sizable premium on Front Yard’s underperforming shares.

2. Asset Sales to De-Lever and Grow Distributions – The
significant amount of private capital that has flowed into real estate
investment vehicles provides a tailwind for Front Yard to explore an
orderly sale process for parcels within its portfolio. We believe this
option – although secondary to an outright sale – offers stockholders
significant benefits over time, including decreasing Front Yard’s
valuation gap and returning capital to stockholders.

3. Cost-Cutting Initiatives to Pursue Profitability at 16,000
Home Level – If necessary, Front Yard can drastically reduce costs
across the board to try to demonstrate to stockholders that 16,000 homes
can be operated profitably. Executing at this scale could possibly
enable the Company to issue more equity at reasonable levels and
increase scale. We lay out specific initiatives that our nominees would
work to execute under this scenario.

Jeffrey Pierce, Founder and Managing Partner of Snow Park, commented:
“We believe the presentation released by Front Yard misrepresents the
dire state of the Company and fails to address its value-destructive
lapses with respect to strategy, performance, and governance. In our
view, the presentation only reinforces that the incumbent Board and
management have no credible strategy for realizing the tremendous real
estate value that remains trapped within Front Yard’s shares. Moreover,
we feel stockholders should not be deceived by Front Yard’s contention
that it is at an ‘inflection point’ now that it is internalizing
property management and incrementally increasing Net Operating Income –
neither of which have resulted in any positive cash flows or profits for
stockholders to date. After four years of stockholder suffering, it is
time to disrupt the status quo and put owners in the boardroom to
finally help drive an actionable, practical plan to create value.”

An overview of the issues and failures that Front Yard does not address
in its recent presentation include:

• Miserable Total Shareholder Returns – Despite operating during
  a bull market in the single-family space and a period of tremendous
  economic growth, Front Yard has dramatically underperformed industry
  benchmarks and its two public company peers: American Homes 4 Rent and
  Invitation Homes. The Company’s shares are down
  approximately 50% over the past four years.

• Excessive General & Administrative Expenses – Front Yard’s
  incumbent Board has sat idle while the Company’s General &
  Administrative expenses remain at levels that far exceed more
  profitable peers – by any measure.
• Staggering Valuation Gap – Although REITs often trade at modest
  discounts to their Net Asset Value (“NAV”) calculations, Front Yard’s
  shares trade at a consistent 50-60% discount to the Company’s own
  stated NAV.¹ This is the second
  largest discount to NAV out of all publicly-traded REITs in the United
  States.²
• Strategic Lapses – Front Yard has been built up in recent years
  through unsustainable, leverage-fueled acquisitions, leaving
  stockholders burdened with more risk and hindering its ability to
  execute a capital markets transaction. The Company has one of the most
  highly leveraged balance sheets in the REIT sector.
• Persistent Structural Issues – For Front Yard, spurring growth
  and reining in costs is nearly impossible right now given its poorly
  designed external management agreement with Altisource Asset
  Management Corporation (“AAMC”) and excessively leveraged balance
  sheet.
• Minimal Management-Level Accountability and Broken Promises – Management
  consistently overpromises in its proclamations before ultimately
  underdelivering, including telling stockholders to expect
  “distributable income of 9-11% on equity.”³ Stockholders
  are still waiting to realize the roughly 85% of uncaptured upside in
  Front Yard’s shares.
• Weak Corporate Governance – Front Yard defies best practices in
  corporate governance and severely limits the ability of stockholders
  to spur necessary changes and have their voices heard.
• Lack of Board-Level Independence – Front Yard’s Board in recent
  years has added former long-term colleagues of the chief executive,
  George Ellison, who himself is the Chairman and CEO of the Company’s
  external manager, AAMC.
• Poor Alignment with Stockholders – The incumbent independent
  directors’ lack of a vested financial interest in Front Yard’s
  performance causes, in our view, a misalignment of interests between
  stockholders and the Board.

To review all elements of Snow
Park’s presentation, visit www.RenewRESI.com.

We urge Front Yard stockholders to vote FOR all three of Snow Park’s
highly-qualified, independent nominees on the BLUE
Proxy Card and to return it in your postage-paid envelope provided. If
you have already voted Front Yard’s proxy card, you can change your vote
by providing a later dated BLUE proxy.

Should you have any questions or need assistance with voting, please
contact Saratoga Proxy Consulting LLC at (888) 368-0379 or (212)
257-1311 or by email at info@saratogaproxy.com.

PROTECT YOUR INVESTMENT. PLEASE SIGN, DATE, AND MAIL
THE BLUE PROXY CARD TODAY!

About Snow Park

Snow Park Capital Partners, LP is a privately-held investment manager
that specializes in investing in publicly-traded real estate securities
across the capital structure. Based in New York City and founded by
Jeffrey Pierce, the firm focuses on producing strong risk-adjusted
returns for a diverse investor base of public institutions, private
entities and qualified individual clients.

Contacts

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Joe Mills, 212-257-1311
jferguson@saratogaproxy.com
/ jmills@saratogaproxy.com

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Profile
Greg Marose / Ashley Areopagita,
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/ aareopagita@profileadvisors.com