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New Residential Announces Third Quarter 2013 Results

New Residential Investment Corp. (NYSE: NRZ) (the “Company” or “New Residential”) today reported the following information for the full quarter ended September 30, 2013:
  • GAAP Income of $63 million, or $0.24 per diluted share
  • Core Earnings of $38 million, or $0.15 per diluted share
  • Invested approximately $250 million of capital
  • Raised over $140 million of cash to reinvest, mainly through additional debt issuance related to consumer loan investment
  • Michael Nierenberg appointed as Chief Executive Officer and Susan Givens appointed as Chief Financial Officer, effective as of November 13, 2013

THIRD QUARTER 2013 FINANCIAL RESULTS

For the Company’s first full quarter as a separately traded public company, New Residential earned:
       

  3Q 2013  
Summary Operating Results:
GAAP Income $63.1 million
GAAP Income per Diluted Share $0.24
 
Non-GAAP Results:
Core Earnings (1) $37.9 million
Core Earnings per Diluted Share (1) $0.15

1)

The Company amended its definition of Core Earnings to exclude incentive compensation and non-capitalized deal costs in the third quarter of 2013. For a reconciliation of GAAP Income to Core Earnings, please refer to the Reconciliation of Core Earnings table herein.

GAAP income of $63 million consisted of the following:
  • $38 million of Core Earnings which is equal to net interest income less certain expenses; plus $13 million of other income related to changes in the fair value of excess mortgage servicing rights (“Excess MSRs”); plus $11 million of gain on the sale of securities; plus $6 million of additional GAAP income related to the consumer loan investment; less $4 million of incentive compensation.

As of September 30, 2013, New Residential’s GAAP book value was $4.98 per share, an increase of $0.06 per share from June 30, 2013.

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