This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New Residential Announces Fourth Quarter & Full Year 2013 Results And Declares Dividend Of $0.175 Per Common Share For First Quarter 2014

New Residential Investment Corp. (NYSE:NRZ; “New Residential”, the “Company”) today reported GAAP Income of $80.5 million, or $0.31 per diluted share, for the fourth quarter of 2013. The Company reported GAAP Income since New Residential spun off from Newcastle Investment Corp. in May 2013 of $228.3 million, or $0.89 per diluted share.

Additionally, on March 19, 2014, the Company's Board of Directors declared a quarterly dividend of $0.175 per common share for the first quarter of 2014. The dividend is payable on April 30, 2014 to shareholders of record on March 31, 2014.

  • GAAP Income of $80.5 million, or $0.31 per diluted share
  • Core Earnings of $36.8 million, or $0.14 per diluted share
  • Common Dividend of $63.3 million, or $0.25 per diluted share

  • GAAP Income of $228.3 million, or $0.89 per diluted share
  • Core Earnings of $94.5 million, or $0.37 per diluted share
  • Common Dividend of $125.3 million, or $0.495 per diluted share

  Q4 2013   Q3 2013   12M Ended

Q4 2013 (1)
  Since Spin-Off

(5/16/13 – 12/31/13)
Summary Operating Results:
GAAP Income $80.5 million $63.1 million $265.9 million $228.3 million
GAAP Income per Diluted Share $0.31 $0.24 $1.03 $0.89
Non-GAAP Results:
Core Earnings* $36.8 million $37.9 million $130.0 million $94.5 million
Core Earnings per Diluted Share* $0.14 $0.15 $0.51 $0.37

*For a reconciliation of GAAP Income to Core Earnings, please refer to the Reconciliation of Core Earnings below.

(1) Includes results for the period before New Residential was spun-off from Newcastle Investment Corp. and may not be indicative of the full year results that the Company would have had as a separate public company for the entire 12-month period.

Highlights for the quarter ended December 31, 2013 :
  • Excess MSR Investment – During the quarter, New Residential invested $23 million to fund previously committed pools of Excess MSRs related to $21 billion of UPB.
  • Advances Transaction #1 – In December, New Residential and other third-party co-investors entered into an agreement to acquire from Nationstar Mortgage LLC approximately $3.2 billion of Non-Agency advances, including the basic fee component of the related MSRs, at par related to $54 billion of initial UPB. This acquisition marks New Residential’s first investment in servicer advances.
  • Non-Agency RMBS – During the quarter, New Residential sold $577 million face amount of Non-Agency RMBS for $399 million, or 69% of par, which resulted in a gain of $41 million. In addition, the Company also purchased $626 million of face for $386 million, or 62% of par.
  • Non-Performing Loan Investment – New Residential further diversified its investment portfolio in the fourth quarter by purchasing a non-performing loan pool for $93 million. This investment was funded with a mix of debt and equity.
  • Dividend – In December, New Residential declared fourth quarter dividends in the amount of $0.25 per common share, or $63.3 million. The dividends consisted of a regular fourth quarter dividend of $0.175, and a special cash dividend of $0.075.

Highlights subsequent to December 31, 2013:
  • Advances Transaction #2 – In February, New Residential and other third party co-investors exercised the call right acquired in the first advance transaction to purchase additional Non-Agency advances with a par amount of approximately $3.1 billion as of December 31, 2013, including the basic fee component of the related MSRs. The advance balance at the time the call right was exercised was approximately $2.8 billion. In addition, the Company was able to improve financing terms associated with the first advance transaction by closing an approximately $2.2 billion securitization in March.
  • Non-Agency Securities Purchased from Springleaf – In March, New Residential and a third-party co-investor committed to purchase securities related to $833 million face amount of Non-Agency loans from Springleaf Holdings Inc. for a total price of $738 million.


For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, For consolidated investment portfolio information, please refer to the Company’s reports filed with the Securities and Exchange Commission, which are available on the Company’s website (

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs