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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505005393/en/
Investor Relations Kaitlyn Mauritz 212-479-3150
IR@NewResi.com
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