Quarterly Supplement Q3 2021

New Residential Investment Corp. Quarterly Supplement

THIRD 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, the ability to successfully integrate the businesses and realize the anticipated benefits and synergies of the acquisition of Caliber Home Loans, Inc. ("Caliber"), ability to complete the acquisition of Genesis Capital LLC on a timely basis, or at all, ability to capitalize on robust investment opportunities for our portfolio, ability to capitalize on opportunities in and grow 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, whether market trends will support the Company's strategy, any Q4'21 estimates and projections, any estimated FY'22 Synergies and Targeted FY Annual Run-Rate Synergies, 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, 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 unexpected challenges related to the integration of Caliber's businesses and operations; changes in general economic and/or industry specific conditions; changes in general economic and/or industry specific conditions; unanticipated expenditures relating to or liabilities arising from the Transaction or the acquired businesses; litigation relating to 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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Strategic Evolution

We have built a comprehensive strategy over time that combines our investment management expertise and complementary operating companies to create assets for our portfolio

Investment

Portfolio

2013

NRZ completes spinoff as owner of Excess MSRs and other residential assets

Grow and Scale

Investment

Portfolio

2013-2017

NRZ grows investment portfolio through acquisitions; becomes eligible to own Full MSRs in all 50 states

Entry into

Complementary

Operating

Businesses with Asset Creation Capabilities

2018

NRZ acquires Newrez, a mortgage originator and servicer, providing asset creation abilities

Grow and Scale

Operating

Businesses

2019

NRZ enhances its mortgage platform with the acquisition of

assets from Ditech and invests in services businesses

Expand

Operating

Businesses and

Products

2021

NRZ gains additional scale, capacity and product origination capacity through

the acquisition of

Caliber and business purpose lender, Genesis Capital LLC

("Genesis")(1)

Detailed endnotes are included in the Appendix.

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Q3'21 Company and Financial Highlights

GAAP Net Income:

$146.1 Million / $0.30 per Diluted Share(1)

Core Earnings:

$209.9 Million / $0.44 per Diluted Share(1)(2)

Third Quarter 2021 Common Stock Dividend:

$0.25 per Common Share / 9.1% Dividend Yield as of September 30, 2021(3)

Cash and Liquidity:

$1.4 Billion of Cash, for $1.9 Billion of Total Liquidity(4)

Net Equity:

$6.6 Billion(5)

Detailed endnotes are included in the Appendix.

Book Value:

$11.35 per Common Share

as of September 30, 2021

• +0.7% Book Value per Common Share from June 30, 2021

2.9% Total Economic Return

during Q3'21(6)

• Comprised of +$0.08 Increase in Book Value per Common Share and $0.25 Dividend per Common Share

Capital Raised:

$465.0 Million in a

18.6 Million Share Preferred Stock Offering

on September 17, 2021(7)

Acquisition:

Closed Acquisition of Caliber Home Loans, Inc. in August 2021

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Delivering Results: Q3'21 and Beyond Highlights

1 Closed acquisition of Caliber

Successfully closed the acquisition of Caliber in August 2021 and commenced integration and strategic efforts between Newrez and Caliber. As previously disclosed, the purchase price was approximately book value

4 Improved recapture rates to help drive returns

Newrez and Caliber Refinance Recapture(3) both increased QoQ, driven by continued strength in Direct to Consumer and Retail / Joint Venture origination channels

2 Generated attractive returns for shareholders

Raised common stock dividend by 25% QoQ and delivered total economic return of 2.9% during

Q3'21(1)

3 Announced agreement to acquire Genesis

Acquisition of Genesis, a leading business purpose lender to the real estate industry, is expected to provide additional origination capacity to manufacture quality REIT assets(2)

5

6

Delivered balance sheet growth and strength

Surpassed $40 billion in assets under management. Non-daily mark to market financing (excluding Agencies) represents 99% of the portfolio*

Call rights strategy remains strong

Called $636 million in collateral in Q3'21 and $1.9 billion YTD. ~$50 billion UPB, or ~60%, of our call rights population is currently callable(4)

Detailed endnotes are included in the Appendix.

*"Non-daily mark to market" refers to financings that either do not contain a daily mark to market feature or contain a margin "holiday".

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