New Residential Investment Corp. (NYSE: NRZ; “New Residential”
or the “Company”) today reported the following information for the
second quarter ended June 30, 2019:
SECOND QUARTER FINANCIAL
HIGHLIGHTS:
- GAAP Net Loss of $31.9 million, or ($0.08) per diluted
share(1)
- Core Earnings of $219.8 million, or $0.53 per diluted
share(1)(2)
- Common Dividend of $207.8 million, or $0.50 per share(1)
- Book Value per share of $16.17(1)
2Q 2019
1Q 2019
Summary Operating Results:
GAAP Net (Loss) Income per Diluted
Share(1)
($0.08)
$0.37
GAAP Net (Loss) Income
($31.9) million
$145.6 million
Non-GAAP Results:
Core Earnings per Diluted Share(1)(2)
$0.53
$0.53
Core Earnings(2)
$219.8 million
$204.3 million
NRZ Common Dividend:
Common Dividend per Share(1)
$0.50
$0.50
Common Dividend
$207.8 million
$207.7 million
“As rates moved lower throughout the second quarter, the
balanced nature of our investment portfolio continued to
demonstrate the value of our franchise. Through a diversified
hedging and investment strategy, we continue to protect the value
of our assets across various interest rate scenarios,” said Michael
Nierenberg, Chairman, Chief Executive Officer and President. “Given
recent language from the Federal Reserve suggesting the potential
for future rate cuts, we remain focused on protecting book value
and executing on key business initiatives. In particular, our
emphasis on developing our origination and recapture business is
expected to help contribute to our overall performance as we
navigate this environment. Finally, at the end of the quarter, we
were able to take advantage of favorable technicals in the
preferred market to opportunistically diversify our balance sheet
by executing our first preferred equity offering, which priced at
one of the tightest ever coupons for an inaugural mortgage REIT
preferred offering.”
- Per share calculations of GAAP Net (Loss) Income and Core
Earnings are based on 415,665,460 weighted average diluted shares
during the quarter ended June 30, 2019 and 388,601,075 weighted
average diluted shares during the quarter ended March 31, 2019. Per
share calculations of Common Dividend are based on 415,520,780
basic shares outstanding as of June 30, 2019 and 415,429,677 basic
shares outstanding as of March 31, 2019. Per share calculations for
Book Value are based on 415,520,780 basic shares outstanding as of
June 30, 2019.
- Core Earnings is a non-GAAP measure. For a reconciliation of
Core Earnings to GAAP Net (Loss) Income, as well as an explanation
of this measure, please refer to Non-GAAP Measures and
Reconciliation to GAAP Net (Loss) Income below.
Second Quarter 2019 Highlights:
- Mortgage Servicing Rights (“MSRs”)
- Acquired MSRs totaling approximately $53 billion unpaid
principal balance (“UPB”).
- Non-Agency Securities and Call Rights
- New Residential controls call rights to approximately $106
billion of mortgage collateral, representing approximately 34% of
the Non-Agency market.(3)(4) Approximately $42 billion of our call
rights population is currently callable.(3)
- During the second quarter, we executed clean-up calls on 40
seasoned, Non-Agency residential mortgage-backed securities
(“RMBS”) deals with an aggregate UPB of approximately $1.1
billion.
- Purchased $723 million face value of Non-Agency RMBS.
- Completed one securitization of loans through exercise of call
rights with approximately $596 million of UPB.
- Acquired $1.6 billion UPB of RPLs.
- Completed one non-qualifying mortgage (Non-QM) loan
securitization for UPB of approximately $305 million.
- Servicer advance balances were essentially flat in Q2’19, at
$3.3 billion.
- Raised $155 million in gross proceeds of preferred equity that
settled subsequent to June 30, 2019.
- Announced strategic investment in Covius Holdings, a leading
provider of technology-enabled services to the financial services
industry.(5)
- Announced the execution of an asset purchase agreement with
Ditech Holding Corp. and Ditech Financial LLC (collectively
“Ditech”) relating to substantially all of the forward assets of
Ditech.(6)
3. The UPB of the loans relating to our call rights may be
materially lower than the estimates in this Press Release, and
there can be no assurance that we will be able to execute on this
pipeline of callable deals in the near term, 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. Call
rights are usually exercisable when current loan balances in a
related portfolio are equal to, or lower than, 10% of their
original balance.
4. All data as of June 30, 2019, unless otherwise stated.
5. Announced May 2019 and closed July 2019.
6. The potential transaction with Ditech is subject to several
closing conditions including, among other things, (a) the entry of
a confirmation order by the United States Bankruptcy Court for the
Southern District of New York that is acceptable to New
Residential, (b) receipt of approvals from certain governmental and
quasi-governmental agencies, (c) resolution of various objections
currently pending before the United States Bankruptcy Court for the
Southern District of New York and (d) certain other customary
closing conditions. The sale of certain assets contemplated as part
of this potential transaction are also subject to receipt of third
party consents. There can be no assurance that this potential
transaction will be consummated in the near term, on the timeline
presented in other statements made by New Residential, or at
all.
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
Tuesday, July 30, 2019 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 1-866-393-1506
(from within the U.S.) or 1-281-456-4044 (from outside of the U.S.)
ten minutes prior to the scheduled start of the call; please
reference “New Residential Second Quarter 2019 Earnings Call.”
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 Tuesday, August 13, 2019 by dialing
1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from
outside of the U.S.); please reference access code “9966908.”
Consolidated Statements of Income
($ in thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
2019
2018
2019
2018
(unaudited) (unaudited) (unaudited)
(unaudited) Interest income
$
416,047
$
403,805
$
854,914
$
787,378
Interest expense
228,004
133,916
440,836
258,303
Net Interest Income
188,043
269,889
414,078
529,075
Impairment Other-than-temporary impairment (OTTI) on
securities
8,859
12,631
16,375
19,301
Valuation and loss provision (reversal) on loans and real
estate owned (REO)
13,452
3,658
18,732
22,665
22,311
16,289
35,107
41,966
Net interest income after impairment
165,732
253,600
378,971
487,109
Servicing revenue, net of change in fair value of $(334,599),
$(12,807),$(391,509), and $61,859, respectively
(85,537
)
146,193
80,316
363,429
Gain on sale of originated mortgage loans, net
49,504
-
93,488
-
Other Income Change in fair value of investments in excess
mortgage servicing rights
(8,455
)
(5,276
)
(3,828
)
(50,967
)
Change in fair value of investments in excess mortgage servicing
rights,equity method investees
(3,276
)
1,705
(664
)
2,228
Change in fair value of investments in mortgage servicing rights
financingreceivables
(55,411
)
(119,103
)
(91,790
)
151,973
Change in fair value of servicer advance investments
1,388
(1,752
)
9,291
(81,228
)
Change in fair value of investments in residential mortgage loans
95,025
-
109,588
-
Change in fair value of derivative instruments
(36,729
)
1,240
(60,496
)
3,686
Gain (loss) on settlement of investments, net
29,584
14,655
2,261
117,957
Earnings from investments in consumer loans, equity method
investees
(2,654
)
2,982
1,657
7,788
Other income (loss), net
6,095
8,737
18,768
16,275
25,567
(96,812
)
(15,213
)
167,712
Operating Expenses General and administrative
expenses
118,906
20,575
217,846
40,582
Management fee to affiliate
19,623
15,453
37,583
30,563
Incentive compensation to affiliate —
26,732
12,958
41,321
Loan servicing expense
9,372
11,035
18,975
22,549
Subservicing expense
53,962
45,958
94,888
92,555
201,863
119,753
382,250
227,570
(Loss) Income Before Income Taxes
(46,597
)
183,228
155,312
790,680
Income tax expense (benefit)
(21,577
)
(2,608
)
24,420
(9,520
)
Net (Loss) Income
$
(25,020
)
$
185,836
$
130,892
$
800,200
Noncontrolling Interests in Income of Consolidated
Subsidiaries
$
6,923
$
11,078
$
17,241
$
21,189
Net (Loss) Income Attributable to Common Stockholders
$
(31,943
)
$
174,758
$
113,651
$
779,011
Net (Loss) Income Per Share of Common Stock Basic
$
(0.08
)
$
0.52
$
0.28
$
2.34
Diluted
$
(0.08
)
$
0.51
$
0.28
$
2.32
Weighted Average Number of Shares of Common Stock
Outstanding Basic
415,463,757
336,311,253
401,946,938
333,364,426
Diluted
415,665,460
339,538,503
402,239,438
336,476,481
Dividends Declared per Share of Common Stock
$
0.50
$
0.50
$
1.00
$
1.00
Consolidated Balance Sheets
($ in thousands)
June 30, 2019 December 31, 2018 Assets
(unaudited) Investments in: Excess mortgage servicing
rights, at fair value
$
411,537
$
447,860
Excess mortgage servicing rights, equity method investees, at fair
value
133,468
147,964
Mortgage servicing rights, at fair value
2,976,008
2,884,100
Mortgage servicing rights financing receivables, at fair value
1,941,139
1,644,504
Servicer advance investments, at fair value
637,914
735,846
Real estate and other securities, available-for-sale
12,125,826
11,636,581
Residential mortgage loans, held-for-investment (includes $117,155
and $121,088 at fair valueat June 30, 2019 and December 31, 2018,
respectively)
641,389
735,329
Residential mortgage loans, held-for-sale
1,154,256
932,480
Residential mortgage loans, held-for-sale, at fair value
5,588,540
2,808,529
Real estate owned
91,038
113,410
Residential mortgage loans subject to repurchase
141,581
121,602
Consumer loans, held-for-investment
938,956
1,072,202
Consumer loans, equity method investees
25,486
38,294
Cash and cash equivalents
406,038
251,058
Restricted cash
159,151
164,020
Servicer advances receivable
3,047,201
3,277,796
Trades receivable
5,307,642
3,925,198
Deferred tax assets, net
39,333
65,832
Other assets
1,025,872
688,408
$
36,792,375
$
31,691,013
Liabilities and Equity Liabilities
Repurchase agreements
$
21,480,245
$
15,553,969
Notes and bonds payable (includes $113,880 and $117,048 at fair
value at June 30, 2019 andDecember 31, 2018, respectively)
7,297,765
7,102,266
Trades payable
265,125
2,048,348
Residential mortgage loans repurchase liability
141,581
121,602
Due to affiliates
27,777
101,471
Dividends payable
207,760
184,552
Accrued expenses and other liabilities
571,292
490,510
29,991,545
25,602,718
Commitments and Contingencies Equity
Common Stock, $0.01 par value, 2,000,000,000 shares authorized,
415,520,780 and 369,104,429issued and outstanding at June 30, 2019
and December 31, 2018, respectively
4,156
3,692
Additional paid-in capital
5,498,226
4,746,242
Retained earnings
528,889
830,713
Accumulated other comprehensive income (loss)
686,694
417,023
Total New Residential stockholders’ equity
6,717,965
5,997,670
Noncontrolling interests in equity of consolidated subsidiaries
82,865
90,625
Total Equity
6,800,830
6,088,295
$
36,792,375
$
31,691,013
NON-GAAP MEASURES AND RECONCILIATION TO GAAP NET (LOSS)
INCOME
New Residential has four 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 and (iv) the Company’s realized and
unrealized gains or losses, including any impairment, on the
Company’s investments. “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.
The Company’s investments in consumer loans are accounted for
under Accounting Standards Codification (“ASC”) No. 310-20 and ASC
No. 310-30, including certain non-performing consumer loans with
revolving privileges that are explicitly excluded from being
accounted for under ASC No. 310-30. Under ASC No. 310-20, the
recognition of expected losses on these non-performing consumer
loans is delayed in comparison to the level yield methodology under
ASC No. 310-30, which recognizes income based on an expected cash
flow model reflecting an investment’s lifetime expected losses. The
purpose of the core earnings adjustment to adjust consumer loans to
a level yield is to present income recognition across the consumer
loan portfolio in the manner in which it is economically earned,
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 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 its acquisition
of Shellpoint Partners LLC (“Shellpoint”), the Company, through its
wholly owned subsidiary, NewRez (formerly New Penn Financial),
originated 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 segment 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.
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 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), (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. The Gain
on Remeasurement of Consumer Loans Investment was treated as an
unrealized gain for the purposes of calculating incentive
compensation and was therefore excluded from such calculation.
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 (in thousands):
Three Months Ended June 30, Six Months Ended June
30,
2019
2018
2019
2018
Net (loss) income attributable to common stockholders
$
(31,943
)
$
174,758
$
113,651
$
779,011
Impairment
22,311
16,289
35,107
41,966
Other Income adjustments: Other Income Change in fair value of
investments in excess mortgage servicing rights
8,455
5,276
3,828
50,967
Change in fair value of investments in excess mortgage servicing
rights, equitymethod investees
3,276
(1,705
)
664
(2,228
)
Change in fair value of investments in mortgage servicing rights
financingreceivables
15,210
62,263
8,713
(257,516
)
Change in fair value of servicer advance investments
(1,388
)
1,752
(9,291
)
81,228
Change in fair value of investments in residential mortgage loans
(95,025
)
—
(109,588
)
— (Gain) loss on settlement of investments, net
(29,584
)
(14,655
)
(2,261
)
(117,957
)
Unrealized (gain) loss on derivative instruments
36,729
(1,240
)
60,496
(3,686
)
Unrealized (gain) loss on other ABS
(7,385
)
(5,117
)
(14,064
)
(4,804
)
(Gain) loss on transfer of loans to REO
(1,600
)
(6,320
)
(6,584
)
(10,490
)
(Gain) loss on transfer of loans to other assets
(244
)
175
277
120
(Gain) loss on Excess MSR recapture agreements
(935
)
(1,365
)
(1,242
)
(4,270
)
(Gain) loss on Ocwen common stock
(1,451
)
972
(4,237
)
(4,800
)
Other (income) loss
5,520
2,918
7,082
7,969
Total Other Income Adjustments
(68,422
)
42,954
(66,207
)
(265,467
)
Other Income and Impairment attributable to non-controlling
interests
(5,626
)
(5,869
)
(8,058
)
(12,455
)
Change in fair value of investments in mortgage servicing rights
229,278
(52,632
)
213,513
(182,425
)
Non-capitalized transaction-related expenses
9,284
6,373
16,150
13,510
(Gain) loss on securitization of originated mortgage loans
24,944
—
40,788
— Incentive compensation to affiliate —
26,732
12,958
41,321
(Gain) loss on settlement of mortgage loan origination derivative
instruments
29,741
—
29,741
— Deferred taxes
(21,599
)
(1,759
)
24,732
(10,815
)
Interest income on residential mortgage loans, held-for sale
23,888
2,562
26,189
6,868
Limit on RMBS discount accretion related to called deals —
(5,920
)
(19,556
)
(10,194
)
Adjust consumer loans to level yield
7,815
(9,213
)
2,962
(15,155
)
Core earnings of equity method investees: Excess mortgage servicing
rights
87
3,432
2,115
6,046
Core Earnings
$
219,758
$
197,707
$
424,085
$
392,211
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes as
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to our strategy, growth opportunities, ability to protect
book value and execute on key business initiatives, the ability to
close the Ditech transaction and call rights population. 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 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. With over $36 billion
in assets as of June 30, 2019, New Residential has built a
diversified, hard-to-replicate portfolio with high-quality
investment strategies that have generated returns across different
interest rate environments. New Residential’s investment portfolio
includes mortgage servicing related assets, non-agency securities
(and associated call rights), residential loans and other related
opportunistic investments. 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 almost $3 billion in dividends to
shareholders. Following the acquisition of Shellpoint in 2018, New
Residential also benefits from Shellpoint’s origination and
third-party servicing platform, as well as a suite of ancillary
businesses including title insurance, appraisal management, real
estate owned management and other real estate services. 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/20190730005386/en/
Investor Relations Kaitlyn Mauritz 212-479-3150
IR@NewResi.com
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