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OFFON

NEW RESIDENTIAL INVESTMENT CORP.

(NRZ)
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New Residential Investment : Quarterly Supplement Q1 2021

05/05/2021 | 07:37am EDT

New Residential Investment Corp.

Quarterly Supplement

First 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") on a timely basis, ability to successfully integrate the businesses and realize the anticipated benefits of the acquisition of Caliber, ability to capitalize on robust investment opportunities for our portfolio, ability to capitalize on opportunities in 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 Q2'21, 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, 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, ability to maintain current forbearance levels, ability to help homeowners and borrowers navigate during COVID-19, ability to minimize the effects of 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.

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, Non-Agency 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.

1

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

Over $3.6 Billion in Dividends

Paid Since Inception(2)(3)

$5.5 Billion Net Equity(4)

101% Total Shareholder Return

Since Inception(2)

$4.7 Billion Market Capitalization

Full &

Residential

Servicer

Loans,

Mortgage

(1)

Excess

$24.5bn Assets

Advances

Securities &

Services

Largest non-bank owner of MSRs(5)

MSRs

Call Rights

Direct to

Title &

$27.2bn UPB Q1'21 Origination Volume

Joint

Wholesale

CLD

Q1'21 Pre-Tax Income of $191.2mm(6)

Consumer

Venture

Appraisal

Top 10 non-bank mortgage originator(5)

Third Party & Special

$304.6bn UPB Q1'21 Servicing Portfolio

Performing Servicing

Q1'21 Pre-Tax Income of $31.6mm

Servicing

Top 10 non-bank mortgage servicer(5)

Detailed endnotes are included in the Appendix.

2

Q1'21 Company and Financial Highlights

  • GAAP Net Income of $277.6 Million, or $0.65 per Diluted Share(1)
    • $222.8 Million Pre-Tax Income ("PTI") from Origination and Servicing(2)
  • Core Earnings of $144.8 Million, or $0.34 per Diluted Share(1)(3)
  • First Quarter 2021 Common Stock Dividend of $0.20 per Common Share
    • 7.1% Dividend Yield as of March 31, 2021(4)
    • Q1'21 Total Shareholder Return of 15.2%
  • Cash of $1,038.5 Million as of March 31, 2021
  • Net Equity of $5,522.8 Million as of March 31, 2021(5)
  • $11.35 Book Value per Common Share as of March 31, 2021
    • Book Value per Common Share +4.4% from December 31, 2020
    • Total Economic Return of +6.3% during Q1'21 comprised of +$0.48 Increase in Book Value per
      Common Share and $0.20 Dividend per Common Share(6)
  • Raised $522.4 Million of Gross Proceeds in a 51.7 Million Share Common Stock Offering on April 19, 2021(7)

Detailed endnotes are included in the Appendix.

3

Book Value per Share Summary

Book value increased +4.4% in Q1'21 relative to Q4'20

Q4'20 to Q1'21 Book Value Per Share Walk

Per Share(1)

QoQ%

Change

Ending Q4'20 BV

$10.87

Origination & Servicing Segment Net Income (2)

0.53

Investment Portfolio and Corporate Segment Net Income (3)

0.94

MSR Realization of Cash Flows

(0.82)

Change in Fair Value Full MSR

1.31

Change in Fair Value Agency Securities

(1.29)

Other Comprehensive Income

0.02

Common Dividend

(0.20)

Ending Q1'21 BV

$11.35

4.4%

  1. Book value per share based on basic shares outstanding (414,797,263). Numbers may not add due to rounding.
  2. Excludes non-controlling interests.
  3. Excludes MTM of Agency Securities and Full MSRs.

Detailed endnotes are included in the Appendix.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

New Residential Investment Corp. published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 11:36:06 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 3 174 M - -
Net income 2021 725 M - -
Net Debt 2021 - - -
P/E ratio 2021 6,41x
Yield 2021 7,89%
Capitalization 4 848 M 4 848 M -
Capi. / Sales 2021 1,53x
Capi. / Sales 2022 1,78x
Nbr of Employees 6 085
Free-Float 99,5%
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Technical analysis trends NEW RESIDENTIAL INVESTMENT CORP.
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 10
Average target price 12,39 $
Last Close Price 10,39 $
Spread / Highest target 25,1%
Spread / Average Target 19,2%
Spread / Lowest Target 5,87%
EPS Revisions
Managers and Directors
NameTitle
Michael Nierenberg Chairman, President & Chief Executive Officer
Nicola Santoro Treasurer, Chief Financial & Accounting Officer
Kevin J. Finnerty Independent Director
David Saltzman Independent Director
Douglas Lee Jacobs Independent Director