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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


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


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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