0001140361-21-015827.txt : 20210505 0001140361-21-015827.hdr.sgml : 20210505 20210505063713 ACCESSION NUMBER: 0001140361-21-015827 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210505 DATE AS OF CHANGE: 20210505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: New Residential Investment Corp. CENTRAL INDEX KEY: 0001556593 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 453449660 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35777 FILM NUMBER: 21891069 BUSINESS ADDRESS: STREET 1: 1345 Avenue of the Americas CITY: New York STATE: NY ZIP: 10105 BUSINESS PHONE: 212-479-3195 MAIL ADDRESS: STREET 1: 1345 Avenue of the Americas CITY: New York STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: New Residential Investment LLC DATE OF NAME CHANGE: 20121214 FORMER COMPANY: FORMER CONFORMED NAME: Spinco Inc. DATE OF NAME CHANGE: 20120821 8-K 1 brhc10024073_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 5, 2021

New Residential Investment Corp.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

001-35777
45-3449660
(Commission File Number)
(IRS Employer Identification No.)

1345 Avenue of the Americas, 45th Floor
New York, New York
10105
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code (212) 479-3150

N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:
Trading Symbol:
Name of each exchange on which registered:
Common Stock, $0.01 par value per share
 NRZ
New York Stock Exchange
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
NRZ PR A
New York Stock Exchange
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
NRZ PR B
New York Stock Exchange
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
NRZ PR C
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.
Results of Operations and Financial Condition.
 
On May 5, 2021, New Residential Investment Corp. (the “Company”) issued a press release announcing the Company’s results for its fiscal quarter ended March 31, 2021.  A copy of the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.
 
This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

Item 9.01
Financial Statements and Exhibits.

(d)
Exhibits

Exhibit
 Number
Description




Press release, dated May 5, 2021, issued by New Residential Investment Corp.
104
Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NEW RESIDENTIAL INVESTMENT CORP.
  
(Registrant)
  
   
/s/ Nicola Santoro, Jr.
  
Nicola Santoro, Jr.
  
Chief Financial Officer and Chief Accounting Officer
  
 
Date:  May 5, 2021


 EX-99.1 2 brhc10024073_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


New Residential Investment Corp. Announces First Quarter 2021 Results

NEW YORK - (BUSINESS WIRE) — New Residential Investment Corp. (NYSE: NRZ; “New Residential” or the “Company”) today reported the following information for the first quarter ended March 31, 2021:

FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS:


 •
GAAP Net Income of $277.6 million, or $0.65 per diluted common share(1)

•
$222.8 million Pre-Tax Income from Origination and Servicing(2)

•
Core Earnings of $144.8 million, or $0.34 per diluted common share(1)(3)

•
Common Dividend of $82.9 million, or $0.20 per common share(1)

•
Book Value per common share of $11.35(1)

•
$1.0 billion of cash as of March 31, 2021

     
Q1 2021
    
Q4 2020
  
Summary Operating Results:
                
GAAP Net Income (Loss) per Diluted Common Share(1)
  
$
0.65
    
$
0.16
  
GAAP Net Income (Loss)
  
$
277.6 million
    
$
68.6 million
  
                 
Non-GAAP Results:
                
Core Earnings per Diluted Common Share(1)
  
$
0.34
    
$
0.32
  
Core Earnings(3)
  
$
144.8 million
    
$
137.0 million
  
                 
NRZ Common Dividend:
                
Common Dividend per Share(1)
  
$
0.20
    
$
0.20
  
Common Dividend
  
$
82.9 million
    
$
82.9 million
  

“We delivered strong results across all of our business lines and operating companies in the first quarter of 2021,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. “Our results to start the year were driven by an improvement in our MSR portfolio as rates moved higher, and the expansion of our operating platform, particularly as it related to producing record funding volume and growing our recapture performance. As mortgage speeds continue to slow and MSR cash flows extend, we anticipate additional benefit to our MSR portfolio. Looking forward, while we anticipate that origination margins will continue to normalize, we see additional room to grow origination market share and see compelling opportunities for earnings growth in our investment portfolio, specifically in the MSR portfolio, call business and loan strategy.”

“We also believe that once we close our acquisition of Caliber Home Loans, Inc., we will be able to utilize Caliber’s robust technology, outstanding purchase platform and strong recapture performance to further enhance our Company’s earnings power and overall strategy,” added Mr. Nierenberg.

FIRST QUARTER 2021 COMPANY HIGHLIGHTS:

 •
Origination

•
Segment pre-tax income of $191.2 million (down 23% QoQ and up 218% YoY)(2)

•
Record quarterly origination funded production of $27.2 billion in unpaid principal balance (“UPB”) (up 14% QoQ and up 138% YoY)

•
Total gain on sale margin of 1.43% for the first quarter 2021 compared to 1.57% for the fourth quarter 2020


•
Servicing

•
Quarterly segment pre-tax net income of $31.6 million (down 34% QoQ and up 4% YoY)(2)

•
Servicing portfolio grew to $304.6 billion in UPB (up 2% QoQ and up 10% YoY)


•
Mortgage Servicing Rights (“MSRs”) and Servicer Advances

•
MSR portfolio totaled approximately $515 billion UPB as of March 31, 2021 compared to $537 billion UPB as of December 31, 2020(4)

•
Servicer advance balances of $3.4 billion as of March 31, 2021, compared to $3.6 billion as of December 31, 2020


•
Residential Securities and Call Rights

•
Purchased $1.6 billion (net face value) of agency securities

•
Sold $186 million (face value) of non-agency securities

•
Called non-agency collateral of $636 million UPB(5) 


•
Residential Loans

•
Sold $750 million (face value) of residential loans

•
Securitized $263 million (face value) of residential loans

•
Bought $333 million of early buyout (“EBO”) loans


•
Financing and Leverage

•
Overall leverage of 3.5x compared to 3.6x as of December 31, 2020(6)

•
Leverage excluding agency securities of 1.1x at March 31, 2021 compared to 1.2x as of December 31, 2020


•
Second Quarter 2021 Commentary(7)

•
Announced entering into a definitive agreement to acquire Caliber Home Loans, Inc.

•
Raised $522.4 million of gross proceeds in a 51.7 million share common stock offering on April 19, 2021(8)

•
Estimated Q2’21 Funded Origination Volume of approximately $22 billion to $24 billion UPB

•
Estimated Q2’21 Servicing Portfolio UPB of approximately $305 billion UPB

•
Through April 28, 2021, called non-agency collateral of $100 million UPB(5)(9)


(1)
Per common share calculations for both GAAP Net Income (Loss) and Core Earnings are based on 429,491,379 and 425,127,967 weighted average diluted shares during the quarter ended March 31, 2021 and December 31, 2020, respectively. Per share calculations of both Common Dividend and Book Value are based on 414,797,263 and 414,744,518 basic common shares outstanding as of March 31, 2021 and December 31, 2020, respectively.


(2)
Includes non-controlling interests.


(3)
Core Earnings is a non-GAAP financial measure. For a reconciliation of Core Earnings to GAAP Net Income, as well as an explanation of this measure, please refer to Non-GAAP Measures and Reconciliation to GAAP Net Income below.


(4)
Includes excess and full MSRs.


(5)
Call rights UPB estimated as of March 31, 2021. The UPB of the loans relating to our call rights may be materially lower than the estimates in this release, and there can be no assurance that we will be able to execute on this pipeline of callable deals in the near term, on the timeline presented above, or at all, or that callable deals will be economically favorable. The economic returns from this strategy could be adversely affected by a rise in interest rates and are contingent on the level of delinquencies and outstanding advances in each transaction, fair market value of the related collateral and other economic factors and market conditions. We may become subject to claims and legal proceedings, including purported class-actions, in the ordinary course of our business, challenging our right to exercise these call rights and, as a result, we may not be able to exercise such rights on favorable terms or at all. Call rights are usually exercisable when current loan balances in a related portfolio are equal to, or lower than, 10% of their original balance.


(6)
Represents recourse leverage. Excludes non-recourse leverage, including outstanding consumer debt, servicer advance debt, SAFT 2013-1 and MDST Trusts mortgage backed securities issued, and Shellpoint non-agency RMBS.


(7)
Based on management’s current views and estimates, and actual results may vary materially.


(8)
Includes exercise of underwriters’ option to purchase additional shares of common stock (6,725,000 shares).


(9)
Represents activity from April 1, 2021 through April 28, 2021.

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investor Relations section of the Company’s website, www.newresi.com. For consolidated investment portfolio information, please refer to the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Company’s website, www.newresi.com.

EARNINGS CONFERENCE CALL

New Residential’s management will host a conference call on Wednesday, May 5, 2021 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of New Residential’s website, www.newresi.com.

All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-866-777-2509 (from within the U.S.) or 1-412-317-5413 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “New Residential First Quarter 2021 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10155614/e789b6695e.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newresi.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Wednesday, May 12, 2021 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code “10155614.”

Consolidated Statements of Income (Unaudited)
($ in thousands, except share and per share data)

   
Three Months Ended
  
   
March 31,
2021
    
December 31,
2020
  
Revenues
            
Interest income
  
$
253,735
    
$
234,118
  
Servicing revenue, net of change in fair value of $217,911 and $(404,269), respectively
    
513,548
      
(95,728
)
Gain on originated mortgage loans, held-for-sale, net
    
403,434
      
432,279
  
     
1,170,717
      
570,669
  
Expenses
                
Interest expense
    
118,905
      
120,683
  
General and administrative expenses
    
362,505
      
278,432
  
Management fee to affiliate
    
22,162
      
22,452
  
     
503,572
      
421,567
  
Other Income (Loss)
                
Change in fair value of investments
    
(265,566
)
    
(58,706
)
Gain (loss) on settlement of investments, net
    
1,729
      
38,864
  
Other income (loss), net
    
(23,320
)
    
27,767
  
     
(287,157
)
    
7,925
  
Impairment
                
Provision (reversal) for credit losses on securities
    
(894
)
    
(1,762
)
Valuation and credit loss provision (reversal) on loans and real estate owned
    
(18,713
)
    
(8,296
)
     
(19,607
)
    
(10,058
)
Income Before Income Taxes
    
399,595
      
167,085
  
Income tax expense
    
98,259
      
65,563
  
Net Income
  
$
301,336
    
$
101,522
  
Noncontrolling interests in income of consolidated subsidiaries
    
9,394
      
18,556
  
Dividends on preferred stock
    
14,358
      
14,357
  
Net Income Attributable to Common Stockholders
  
$
277,584
    
$
68,609
  
                 
Net Income Per Share of Common Stock
                
Basic
  
$
0.67
    
$
0.17
  
Diluted
  
$
0.65
    
$
0.16
  
Weighted Average Number of Shares of Common Stock Outstanding
                
Basic
    
414,795,505
      
415,059,735
  
Diluted
    
429,491,379
      
425,127,967
  
                 
Dividends Declared per Share of Common Stock
  
$
0.20
    
$
0.20
  

Consolidated Balance Sheets
($ in thousands, except share data)

   
March 31,
2021
(Unaudited)
    
December 31,
2020
  
Assets
            
Excess mortgage servicing rights assets, at fair value
  
$
402,454
    
$
410,855
  
Mortgage servicing rights, at fair value
    
4,023,559
      
3,489,675
  
Mortgage servicing rights financing receivables, at fair value
    
1,021,780
      
1,096,166
  
Servicer advance investments, at fair value
    
517,557
      
538,056
  
Real estate and other securities
    
14,606,157
      
14,244,558
  
Residential loans and variable interest entity consumer loans held-for-investment, at fair value
    
1,295,738
      
1,359,754
  
Residential mortgage loans, held-for-sale ($5,600,476 and $4,705,816 at fair value, respectively)
    
5,923,555
      
5,215,703
  
Residential mortgage loans subject to repurchase
    
1,493,449
      
1,452,005
  
Cash and cash equivalents
    
1,038,482
      
944,854
  
Restricted cash
    
136,036
      
135,619
  
Servicer advances receivable
    
2,895,073
      
3,002,267
  
Receivable for investments sold
    
4,180
      
4,180
  
Other assets
    
1,826,109
      
1,358,422
  
   
$
35,184,129
    
$
33,252,114
  
Liabilities and Equity
                
Liabilities
                
Secured financing agreements
  
$
19,522,460
    
$
17,547,680
  
Secured notes and bonds payable ($1,260,557 and $1,662,852 at fair value, respectively)
    
7,107,875
      
7,644,195
  
Residential mortgage loan repurchase liability
    
1,493,449
      
1,452,005
  
Unsecured senior notes, net of issuance costs
    
541,966
      
541,516
  
Payable for investments purchased
    
154
      
154
  
Due to affiliates
    
8,822
      
9,450
  
Dividends payable
    
90,138
      
90,128
  
Accrued expenses and other liabilities
    
797,452
      
537,302
  
     
29,562,316
      
27,822,430
  
Commitments and Contingencies
                
                 
Equity
                
Preferred stock, $0.01 par value, 39,100,000 shares authorized, 33,610,000 issued and outstanding, $840,250 aggregate liquidation preference
    
812,992
      
812,992
  
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 414,797,263 and 414,744,518 issued and outstanding, respectively
    
4,149
      
4,148
  
Additional paid-in capital
    
5,547,607
      
5,547,108
  
Retained earnings (accumulated deficit)
    
(914,304
)
    
(1,108,929
)
Accumulated other comprehensive income
    
72,385
      
65,697
  
Total New Residential stockholders’ equity
    
5,522,829
      
5,321,016
  
Noncontrolling interests in equity of consolidated subsidiaries
    
98,984
      
108,668
  
Total equity
    
5,621,813
      
5,429,684
  
   
$
35,184,129
    
$
33,252,114
  

NON-GAAP MEASURES AND RECONCILIATION TO GAAP NET INCOME

New Residential has five primary variables that impact its operating performance: (i) the current yield earned on the Company’s investments, (ii) the interest expense under the debt incurred to finance the Company’s investments, (iii) the Company’s operating expenses and taxes, (iv) the Company’s realized and unrealized gains or losses on investments, including any impairment or reserve for expected credit losses and (v) income from the Company’s origination and servicing businesses. “Core earnings” is a non-GAAP measure of the Company’s operating performance, excluding the fourth variable above and adjusts the earnings from the consumer loan investment to a level yield basis. Core earnings is used by management to evaluate the Company’s performance without taking into account: (i) realized and unrealized gains and losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance; (ii) incentive compensation paid to the Company’s manager; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes, which are not representative of current operations.

The Company’s definition of core earnings includes accretion on held-for-sale loans as if they continued to be held-for-investment. Although the Company intends to sell such loans, there is no guarantee that such loans will be sold or that they will be sold within any expected timeframe. During the period prior to sale, the Company continues to receive cash flows from such loans and believes that it is appropriate to record a yield thereon. In addition, the Company’s definition of core earnings excludes all deferred taxes, rather than just deferred taxes related to unrealized gains or losses, because the Company believes deferred taxes are not representative of current operations. The Company’s definition of core earnings also limits accreted interest income on RMBS where the Company receives par upon the exercise of associated call rights based on the estimated value of the underlying collateral, net of related costs including advances. The Company created this limit in order to be able to accrete to the lower of par or the net value of the underlying collateral, in instances where the net value of the underlying collateral is lower than par. The Company believes this amount represents the amount of accretion the Company would have expected to earn on such bonds had the call rights not been exercised.

Beginning January 1, 2020, the Company’s investments in consumer loans are accounted for under the fair value option. Core earnings adjusts earnings on consumer loans to a level yield to present income recognition across the consumer loan portfolio in the manner in which it is economically earned, to avoid potential delays in loss recognition, and align it with the Company’s overall portfolio of mortgage-related assets which generally record income on a level yield basis. With respect to consumer loans classified as held-for-sale, the level yield is computed through the expected sale date. With respect to the gains recorded under GAAP in 2014 and 2016 as a result of a refinancing of, and the consolidation of, the debt related to the Company’s investments in consumer loans, and the consolidation of entities that own the Company’s investments in consumer loans, respectively, the Company continues to record a level yield on those assets based on their original purchase price.

While incentive compensation paid to the Company’s manager may be a material operating expense, the Company excludes it from core earnings because (i) from time to time, a component of the computation of this expense will relate to items (such as gains or losses) that are excluded from core earnings, and (ii) it is impractical to determine the portion of the expense related to core earnings and non-core earnings, and the type of earnings (loss) that created an excess (deficit) above or below, as applicable, the incentive compensation threshold. To illustrate why it is impractical to determine the portion of incentive compensation expense that should be allocated to core earnings, the Company notes that, as an example, in a given period, it may have core earnings in excess of the incentive compensation threshold but incur losses (which are excluded from core earnings) that reduce total earnings below the incentive compensation threshold. In such case, the Company would either need to (a) allocate zero incentive compensation expense to core earnings, even though core earnings exceeded the incentive compensation threshold, or (b) assign a “pro forma” amount of incentive compensation expense to core earnings, even though no incentive compensation was actually incurred. The Company believes that neither of these allocation methodologies achieves a logical result. Accordingly, the exclusion of incentive compensation facilitates comparability between periods and avoids the distortion to the Company’s non-GAAP operating measure that would result from the inclusion of incentive compensation that relates to non-core earnings.

With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses are generally legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses.

Since the third quarter of 2018, as a result of the Shellpoint Partners LLC (“Shellpoint”) acquisition, the Company, through its wholly owned subsidiary, NewRez, originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, the Company reports realized gains or losses on the sale of originated residential mortgage loans and retention of mortgage servicing rights, which the Company believes is an indicator of performance for the Servicing and Origination segments and therefore included in core earnings. Realized gains or losses on the sale of originated residential mortgage loans had no impact on core earnings in any prior period, but may impact core earnings in future periods.

Beginning with the third quarter of 2019, as a result of the continued evaluation of how Shellpoint operates its business and its impact on the Company’s operating performance, core earnings includes Shellpoint’s GAAP net income with the exception of the unrealized gains or losses due to changes in valuation inputs and assumptions on MSRs owned by NewRez, and non-capitalized transaction-related expenses. This change was not material to core earnings for the quarter ended September 30, 2019.

Management believes that the adjustments to compute “core earnings” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company’s current core performance using the same measure that management uses to operate the business. Management also utilizes core earnings as a measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on core earnings as an indicator of the results of such decisions. Core earnings excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such, core earnings is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP net income which is inclusive of all of the Company’s activities.

The primary differences between core earnings and the measure the Company uses to calculate incentive compensation relate to (i) realized gains and losses (including impairments and reserves for expected credit losses), (ii) non-capitalized transaction-related expenses and (iii) deferred taxes (other than those related to unrealized gains and losses). Each are excluded from core earnings and included in the Company’s incentive compensation measure (either immediately or through amortization). In addition, the Company’s incentive compensation measure does not include accretion on held-for-sale loans and the timing of recognition of income from consumer loans is different. Unlike core earnings, the Company’s incentive compensation measure is intended to reflect all realized results of operations.

Core earnings does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with U.S. GAAP, and the Company’s calculation of this measure may not be comparable to similarly entitled measures reported by other companies. Set forth below is a reconciliation of core earnings to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data):

   
Three Months Ended
  
   
March 31,
2021
    
December 31,
2020
  
Net income attributable to common stockholders
  
$
277,584
    
$
68,609
  
Adjustments for non-core earnings:
                
Impairment
    
(19,607
)
    
(10,058
)
Change in fair value of investments
    
(275,419
)
    
18,875
  
(Gain) loss on settlement of investments, net
    
17,628
      
(39,605
)
Other (income) loss
    
38,046
      
21,144
  
Other income and impairment attributable to non-controlling interests
    
(4,511
)
    
1,722
  
Non-capitalized transaction-related expenses
    
10,623
      
7,630
  
Preferred stock management fee to affiliate
    
3,048
      
3,048
  
Deferred taxes
    
85,230
      
57,295
  
Interest income on residential mortgage loans, held-for-sale
    
7,570
      
7,100
  
Core earnings of equity method investees:
                
Excess mortgage servicing rights
    
4,576
      
1,205
  
Core earnings
  
$
144,768
    
$
136,965
  
                 
Net income per diluted share
  
$
0.65
    
$
0.16
  
Core earnings per diluted share
  
$
0.34
    
$
0.32
  
                 
Weighted average number of shares of common stock outstanding, diluted
    
429,491,379
      
425,127,967
  

NET INCOME BY SEGMENT
   
Servicing and Origination
    
Residential Securities and
Loans
              
First Quarter 2021
  
Origination
    
Servicing
    
MSRs &
Servicer
Advances
    
Residential
Securities &
Call Rights
    
Residential
Loans
    
Corporate &
Other
    
Total
  
Interest income
  
$
22,852
    
$
474
    
$
78,771
    
$
89,850
    
$
36,322
    
$
25,466
    
$
253,735
  
Servicing revenue, net
    
(8,110
)
    
113,515
      
408,143
      
—
      
—
      
—
      
513,548
  
Gain on originated mortgage loans, held-for-sale, net
    
384,423
      
809
      
(8,344
)
    
13,398
      
13,148
      
—
      
403,434
  
Total revenues
    
399,165
      
114,798
      
478,570
      
103,248
      
49,470
      
25,466
      
1,170,717
  
Interest expense
    
18,063
      
70
      
51,832
      
15,720
      
21,276
      
11,944
      
118,905
  
G&A and other
    
189,926
      
84,239
      
61,489
      
1,156
      
17,686
      
30,171
      
384,667
  
Total operating expenses
    
207,989
      
84,309
      
113,321
      
16,876
      
38,962
      
42,115
      
503,572
  
Change in fair value of investments
    
—
      
—
      
(27,602
)
    
(292,134
)
    
60,174
      
(6,004
)
    
(265,566
)
Gain (loss) on settlement of investments, net
    
—
      
—
      
644
      
(28,356
)
    
29,441
      
—
      
1,729
  
Other Income (loss), net
    
59
      
1,102
      
(6,333
)
    
(1,686
)
    
(13,626
)
    
(2,836
)
    
(23,320
)
Total other income (loss)
    
59
      
1,102
      
(33,291
)
    
(322,176
)
    
75,989
      
(8,840
)
    
(287,157
)
Impairment
    
—
      
—
      
—
      
(894
)
    
(18,713
)
    
—
      
(19,607
)
Income (loss) before income taxes
    
191,235
      
31,591
      
331,958
      
(234,910
)
    
105,210
      
(25,489
)
    
399,595
  
Income tax expense (benefit)
    
36,386
      
7,915
      
38,596
      
—
      
15,303
      
59
      
98,259
  
Net income (loss)
    
154,849
      
23,676
      
293,362
      
(234,910
)
    
89,907
      
(25,548
)
    
301,336
  
Noncontrolling interests in income (loss) of consolidated subsidiaries
    
3,525
      
—
      
1,308
      
—
      
—
      
4,561
      
9,394
  
Dividends on preferred stock
    
—
      
—
      
—
      
—
      
—
      
14,358
      
14,358
  
Net income (loss) attributable to common stockholders
  
$
151,324
    
$
23,676
    
$
292,054
    
$
(234,910
)
  
$
89,907
    
$
(44,467
)
  
$
277,584
  

   
Servicing and Origination
    
Residential Securities and
Loans
              
Fourth Quarter 2020
  
Origination
    
Servicing
    
MSRs &
Servicer
Advances
    
Residential
Securities &
Call Rights
    
Residential
Loans
    
Corporate &
Other
    
Total
  
Interest income
  
$
20,055
    
$
(687
)
  
$
75,381
    
$
77,216
    
$
34,845
    
$
27,308
    
$
234,118
  
Servicing revenue, net
    
(4,676
)
    
122,391
      
(213,443
)
    
—
      
—
      
—
      
(95,728
)
Gain on originated mortgage loans, held-for-sale, net
    
403,854
      
774
      
35,774
      
(13,398
)
    
5,275
      
—
      
432,279
  
Total revenues
    
419,233
      
122,478
      
(102,288
)
    
63,818
      
40,120
      
27,308
      
570,669
  
Interest expense
    
15,605
      
98
      
55,591
      
16,032
      
20,388
      
12,969
      
120,683
  
G&A and other
    
155,638
      
74,568
      
29,089
      
(489
)
    
16,505
      
25,573
      
300,884
  
Total operating expenses
    
171,243
      
74,666
      
84,680
      
15,543
      
36,893
      
38,542
      
421,567
  
Change in fair value of investments
    
—
      
—
      
(37,976
)
    
(28,694
)
    
702
      
7,262
      
(58,706
)
Gain (loss) on settlement of investments, net
    
—
      
—
      
(250
)
    
58,124
      
(19,010
)
    
—
      
38,864
  
Other Income (loss), net
    
(64
)
    
—
      
28,154
      
627
      
(1,295
)
    
345
      
27,767
  
Total other income (loss)
    
(64
)
    
—
      
(10,072
)
    
30,057
      
(19,603
)
    
7,607
      
7,925
  
Impairment
    
—
      
—
      
13
      
(1,762
)
    
(8,309
)
    
—
      
(10,058
)
Income (loss) before income taxes
    
247,926
      
47,812
      
(197,053
)
    
80,094
      
(8,067
)
    
(3,627
)
    
167,085
  
Income tax expense (benefit)
    
73,055
      
11,566
      
(18,993
)
    
—
      
(714
)
    
649
      
65,563
  
Net income (loss)
    
174,871
      
36,246
      
(178,060
)
    
80,094
      
(7,353
)
    
(4,276
)
    
101,522
  
Noncontrolling interests in income (loss) of consolidated subsidiaries
    
5,083
      
—
      
934
      
—
      
—
      
12,539
      
18,556
  
Dividends on preferred stock
    
—
      
—
      
—
      
—
      
—
      
14,357
      
14,357
  
Net income (loss) attributable to common stockholders
  
$
169,788
    
$
36,246
    
$
(178,994
)
  
$
80,094
    
$
(7,353
)
  
$
(31,172
)
  
$
68,609
  

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information in this press release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our ability to capture additional market share and increase borrower retention, the ability of our MSR portfolio to benefit from anticipated market conditions, continued normalization of origination margins, ability to capitalize on opportunities for earnings growth, ability to complete the acquisition of Caliber Home Loans, Inc. on a timely basis, ability to successfully integrate the businesses and realize the anticipated benefits of the acquisition of Caliber Home Loans, Inc., our estimated second quarter 2021 Funded Origination Value and Servicing Portfolio UPB, and ability to generate earnings for our shareholders. These statements are not historical facts. They represent management’s current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statements Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Company’s website (www.newresi.com). New risks and uncertainties emerge from time to time, and it is not possible for New Residential to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and New Residential expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in New Residential's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

ABOUT NEW RESIDENTIAL

New Residential is a leading provider of capital and services to the mortgage and financial services industry. The Company’s mission is to generate attractive risk-adjusted returns in all interest rate environments through a portfolio of investments and operating businesses. New Residential has built a diversified, hard-to-replicate portfolio with high-quality investment strategies that have generated returns across different interest rate environments over time. New Residential’s portfolio is composed of mortgage servicing related assets (including investments in operating entities consisting of servicing, origination, and affiliated businesses), residential securities (and associated called rights) and loans, and consumer loans. New Residential’s investments in operating entities include its mortgage origination and servicing subsidiary, NewRez, and its special servicing division, Shellpoint Mortgage Servicing, as well as investments in affiliated businesses that provide services that are complementary to the origination and servicing businesses and other portfolios of mortgage related assets. Since inception in 2013, New Residential has a proven track record of performance, growing and protecting the value of its assets while generating attractive risk-adjusted returns and delivering over $3.6 billion in dividends to shareholders. New Residential is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. New Residential is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm, and headquartered in New York City.

Investor Relations
Kaitlyn Mauritz
212-479-3150
IR@NewResi.com


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Entity Registrant Name New Residential Investment Corp.
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Entity File Number 001-35777
Entity Tax Identification Number 45-3449660
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, Address Line Two 45th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
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City Area Code 212
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Entity Listings [Line Items]  
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Trading Symbol NRZ PR A
Security Exchange Name NYSE
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol NRZ PR B
Security Exchange Name NYSE
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Trading Symbol NRZ PR C
Security Exchange Name NYSE
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