New Residential Investment : Quarterly Supplement 2Q 2021

New Residential Investment Corp. Quarterly Supplement

SECOND QUARTER 2021

Disclaimers

IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the

"Presentation."

FORWARD-LOOKINGSTATEMENTS. Certain statements regarding New Residential Investment Corp. (together with its subsidiaries, "New Residential," the "Company" or "we") in this Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, ability to complete the acquisition of Caliber Home Loans, Inc. ("Caliber") (the "Transaction") on a timely basis, or at all, ability to successfully integrate the businesses and realize the anticipated benefits and synergies of the acquisition of Caliber, the Company's available cash & liquidity after funding the Caliber acquisition, any pre-closing distributions from Caliber to Caliber's seller, ability to capitalize on robust investment opportunities for our portfolio, ability to capitalize on opportunities in PLS, SFR, EBOs, non-QM,non-owner occupied, second homes, jumbo prime and NPLs, expected or projected cash flows, returns, unpaid principal balances ("UPB"), volumes and valuations, annualized data and numbers, including returns on equity ("ROE") and savings, any Q3'21, 2H'21, FY'21 and FY'22 estimates and projections, ability to protect, maintain or grow our book value (including for our Origination and Servicing segments), ability to grow and transform our mortgage servicing and origination platforms and gain market share, the ability to succeed in various interest rate and economic environments (including as rates rise), ability to grow recapture platform and execute recapture initiatives, expected call activity, ability to execute the Company's

overall MSR strategy, expectations regarding significant upside in MSR portfolio, expectations that originations will exceed MSR run-off from amortization, projected overall callable balance of call rights, the ability to execute and profit from our call rights, actual unpaid principal balance of loans subject to our call rights, projections regarding future servicer advance balances and ability to fund such advance balances, continued access to steady pipeline of income generating assets, SFR targets, ability to maintain current forbearance levels, ability to help homeowners and borrowers navigate during COVID-19, potential mark to market exposure, estimates of the percentages of the Company's portfolio subject to financings with non-daily mark to market exposure or with margin holidays set forth in this Presentation, ability to reduce exposure to mark-to-market financings, statements on future interest rates, spreads and market conditions, expectations for future prepayment speeds, future mortgage origination and recapture rates, ability to maximize risk-adjusted returns, ability to take advantage of future investment opportunities, expectations regarding interest rates and housing, ability to capitalize on future opportunities and maximize shareholder value, ability to maintain the Company's long-term strategy, ability to manage risks, potential to be subject to certain claims and legal proceedings, and statements regarding the Company's investment pipeline and investment opportunities. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. These risks and factors include, but are not limited to, the risks relating to the Transaction, including in respect of the satisfaction of closing conditions and the timing thereof; unanticipated difficulties financing the Transaction; unexpected challenges related to the integration of Caliber's businesses and operations; changes in general economic and/or industry specific conditions; difficulties in obtaining governmental consents in connection with the Transaction; changes in general economic and/or industry specific conditions; unanticipated expenditures relating to or liabilities arising from the Transaction or the acquired businesses; uncertainties as to the timing of the Transaction; litigation relating to the Transaction, LSF Pickens Holdings, LLC, the Company or the acquired businesses; the impact of the Transaction on relationships with, and potential difficulties retaining, employees, customers and other third parties; and the inability to obtain, or delays in obtaining, expected benefits from the Transaction. In addition, risks and uncertainties to which Caliber's business is subject could affect the Transaction and, following the closing of the Transaction, the Company may be subject to such risks and uncertainties (including certain risks and uncertainties that currently apply to the Company and certain new risks and uncertainties applicable to Caliber). Forward-looking statements contained herein speak only as of the date of this Presentation, and the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change

in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. 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 filed with the SEC, which are available on the Company's website (www.newresi.com).

CAUTIONARY NOTE REGARDING ESTIMATED / TARGETED RETURNS AND YIELDS. The Company calculates the estimated return/yield, or the IRR, of an investment as the annualized effective compounded rate of return (assuming monthly compounding) earned over the life of the investment after giving effect, in the case of returns, to existing leverage. Life-to-date IRR, including life-to-date IRRs on the overall MSR portfolio, servicer advance investments, NonAgency securities portfolio, residential loans and consumer loans, is based on the purchase price for an investment and the estimated value of the investment, or "mark," which is calculated based on cash flows actually received and the present value of expected cash flows over the life of the investment, using an estimated discount rate. Targeted returns and targeted yields reflect a variety of estimates and assumptions that could prove to be incorrect, such as an investment's coupon, amortization of premium or discount, costs and fees, and our assumptions regarding prepayments, defaults and loan losses, among other things. Income and cash flows recognized by the Company in future periods may be significantly less than the income and cash flows that would have been recognized had expected returns been realized. As a result, an investment's lifetime return may differ materially from an IRR to date. In addition, the Company's calculation of IRR may differ from a calculation by another market participant, as there is no standard method for calculating IRRs. Statements about estimated and targeted returns and targeted yields in this Presentation are forward-looking statements. You should carefully read the cautionary statement above under the caption "Forward-looking Statements," which directly applies to our discussion of estimated and targeted returns and targeted yields.

PAST PERFORMANCE. Past performance is not a reliable indicator of future results and should not be relied upon for any reason.

NO OFFER; NO RELIANCE. This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any reference to a potential financing does not constitute, nor should it be construed as, an offer to purchase or sell any security. There can be no assurance if or when the Company or any of its affiliates will offer any security or the terms of any such offering. Any such offer would only be made by means of formal documents, the terms of which would govern in all respects. You should not rely on this Presentation as the basis upon which to make any investment decision.

NON-GAAPMEASURES. This Presentation includes non-GAAP measures, such as Core Earnings. See "Appendix" in this Presentation for information regarding this non-GAAP measure, including a definition, purpose and reconciliation to net income, the most directly comparable GAAP financial measure.

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New Residential Investment Corp. Overview

Our vertically integrated investment management and mortgage platform generates attractive and sustainable risk-adjusted returns

Investment	Portfolio
	(1)
	Origination
	Servicing

				Residential
Full & Excess		Servicer		Loans,		Mortgage
MSRs		Advances		Securities &		Services
				Call Rights

Direct to		Joint		Wholesale		CLD		Title &
Consumer		Venture				Appraisal

Performing Servicing		Third Party & Special Servicing

• • Over $3.7 Billion in Dividends Paid Since Inception(2)(3)
  • $6.1 Billion Net Equity(4)
  • 92% Total Shareholder Return Since Inception(2)
  • $4.9 Billion Market Capitalization
• $24.6 billion Assets(1)
• Largest non-bank owner of MSRs(5)
• $23.5 billion UPB Q2'21 Origination Volume
• Q2'21 Pre-Tax Income of $75.4 million(6)
• Top 10 non-bank mortgage originator(5)
• $305.9 billion UPB Q2'21 Servicing Portfolio
• Q2'21 Pre-Tax Income of $32.3 million
• Top 10 non-bank mortgage servicer(5)

Detailed endnotes are included in the Appendix.

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New Residential - How We Set Ourselves Apart

We believe the market continues to understate the full value of New Residential

Leading Investment

Manager with

Complementary

Operating Businesses

MSR Portfolio with Significant Upside Opportunity

Strong Balance Sheet

with Ample Cash

and Liquidity

Ability to

Organically Create New Quality Investments

Diversified Portfolio of

Income Generating

Businesses and Assets

Track Record of Delivering Returns to Shareholders

Detailed endnotes are included in the Appendix.

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Q2'21 Company and Financial Highlights

GAAP Net Income:

$121.3 Million / $0.26 per Diluted Share(1)

$107.7 Million Pre-Tax Income ("PTI") from Origination and Servicing(2)

Core Earnings:

$146.6 Million / $0.31 per Diluted Share(1)(3)

Second Quarter 2021 Common Stock Dividend:

$0.20 per Common Share / 7.6% Dividend Yield as of June 30, 2021(4)

Cash:

$956.2 Million as of June 30, 2021

Net Equity:

$6,072.1 Million as of June 30, 2021(5)

Detailed endnotes are included in the Appendix.

Book Value:

$11.27 per Common Share

as of June 30, 2021

• (0.7%) Book Value per Common Share from March 31, 2020

1.1% Total Economic Return

during Q2'21

• Comprised of ($0.08) Decrease in Book Value per Common Share and $0.20 Dividend per Common Share(6)

Gross Proceeds Raised:

$522.4 Million in a

51.7 Million Share Common Stock Offering

on April 19, 2021(7)

• ($0.03) impact to GAAP and Core
  EPS in Q2'21
• ($0.16) impact to Book Value per
  Common Share in Q2'21

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