EQUITY AND EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Preferred Shares

The table below summarizes preferred shares:

									Dividends Declared per Share
	Number of Shares								Three Months Ended March 31,
Series	March 31, 2022	December 31, 2021	Liquidation Preference(A)		Issuance Discount		Carrying Value(B)		2022		2021
Series A, 7.50% issued July 2019(C)	6,210	6,210	$	155,250	3.15	%	$	150,026	$	0.47	$	0.47
Series B, 7.125% issued August 2019(C)	11,300	11,300	282,500		3.15	%	273,418		0.45		0.45
Series C, 6.375% issued February 2020(C)	15,928	16,100	398,209		3.15	%	385,734		0.40		0.40
Series D, 7.00%, issued September 2021(D)	18,600	18,600	465,000		3.15	%	449,489		0.44		—
Total	52,038	52,210	$	1,300,959			$	1,258,667	$	1.76	$	1.32

(A)Each series has a liquidation preference or par value of $25.00 per share.

(B)Carrying value reflects par value less discount and issuance costs.

(C)Fixed-to-floating rate cumulative redeemable preferred.

(D)Fixed-rate reset cumulative redeemable preferred.

Schedule of Dividends Declared

Common dividends have been declared as follows:

Declaration Date	Payment Date	Per Share		Total Amounts Distributed (millions)
		Quarterly Dividend
March 24, 2021	April 2021	$	0.20	$	82.9
June 16, 2021	August 2021	0.20		93.3
August 23, 2021	October 2021	0.25		116.6
December 15, 2021	January 2022	0.25		116.7
March 21, 2022	April 2022	0.25		116.7

Schedule of Warrants

The table below summarizes the 2020 Warrants at March 31, 2022:

	Number of Warrants (in millions)	Weighted Average Exercise Price (per share)
Outstanding warrants - December 31, 2021	43.4	$	6.49
Granted	—	—
Exercised	—	—
Expired	—	—
Outstanding warrants - March 31, 2022	43.4	6.40		(A)

(A)Reflects a reduction in weighted average exercise price due to anti-dilution adjustments effective for dividends in excess of $0.10 a share.

Summary of Outstanding Options

As of March 31, 2022, outstanding options were as follows:

Held by the Manager	18,467,776
Issued to the Manager and subsequently assigned to certain of the Manager’s employees	3,004,214
Issued to the independent directors	6,000
Total	21,477,990

The following table summarizes outstanding options as of March 31, 2022. The last sales price on the New York Stock Exchange for New Residential’s common stock in the quarter ended March 31, 2022 was $10.98 per share.

Recipient	Date of Grant/ Exercise(A)	Number of Unexercised Options	Options Exercisable as of March 31, 2022	Weighted Average Exercise Price(B)		Intrinsic Value of Exercisable Options as of March 31, 2022 (millions)
Directors	Various	6,000	6,000	$	12.85	$	—
Manager(C)	2017	1,130,916	1,130,916	13.43		—
Manager(C)	2018	5,320,000	5,320,000	16.15		—
Manager(C)	2019	6,351,000	6,351,000	15.54		—
Manager(C)	2020	1,619,739	1,295,792	16.88		—
Manager(C)	2021	7,050,335	2,270,961	9.88		2.5
Outstanding		21,477,990	16,374,669

(A)Options expire on the tenth anniversary from date of grant.

(B)The exercise prices are subject to adjustment in connection with return of capital dividends.

(C)The Manager assigned certain of its options to its employees as follows:

Date of Grant to Manager	Range of Exercise Prices	Total Unexercised Inception to Date
2019	$14.61 to $15.84	1,270,200
2020	$16.49 to $16.88	323,947
2021	$9.75 to $11.16	1,410,067
Total		3,004,214

The following table summarizes activity in outstanding options:

	Amount	Weighted Average Exercise Price
Outstanding options - December 31, 2021	21,478,990	$	—
Granted	—	—
Exercised	—	—
Expired	(1,000)	12.01
Outstanding options - March 31, 2022	21,477,990	See table above

Schedule of Basic and Diluted Earnings Per Share

The following table summarizes the basic and diluted earnings per share calculations:

	Three Months Ended March 31, 2022
	2022		2021
Net income	$	689,931	$	301,336
Noncontrolling interests in income of consolidated subsidiaries	5,609		9,394
Dividends on preferred stock	22,461		14,358
Net income attributable to common stockholders	$	661,861	$	277,584
Basic weighted average shares of common stock outstanding	466,785,584		414,795,505
Dilutive effect of stock options and common stock purchase warrants(A)	17,639,482		14,695,874
Diluted weighted average shares of common stock outstanding	484,425,066		429,491,379
Basic earnings per share attributable to common stockholders	$	1.42	$	0.67
Diluted earnings per share attributable to common stockholders	$	1.37	$	0.65

(A)Stock options and common stock purchase warrants that could potentially dilute basic earnings per share in the future were not included in the computation of diluted earnings per share for the periods where a loss has been recorded because they would have been anti-dilutive for the period presented.