New Residential Investment Corp. (NYSE:NRZ; “New Residential” or the “Company”) today reported the following information for the quarter ended June 30, 2014:
SECOND QUARTER FINANCIAL HIGHLIGHTS :
- Core Earnings of $56 million, or $0.20 per diluted share
- GAAP Income of $124 million, or $0.44 per diluted share
- Declared total dividends of $0.25 per share for the second quarter
- Regular Dividend of $49 million, or $0.175 per share
- Special Dividend of $21 million, or $0.075 per share
|Q2 2014||Q1 2014|
|Summary Operating Results:|
|GAAP Income||$124 million||$49 million|
|GAAP Income per Diluted Share||$0.44||$0.19|
|Core Earnings*||$56 million||$42 million|
|Core Earnings per Diluted Share*||$0.20||$0.16|
*For a reconciliation of GAAP Income to Core Earnings, please refer to the Reconciliation of Core Earnings below.
Highlights for the quarter ended June 30, 2014 :
- Excess Mortgage Servicing Rights (“Excess MSRs”) – During the quarter, New Residential invested $36 million to acquire a 33% interest in four previously committed Excess MSR pools related to $14 billion UPB of Agency residential mortgage loans.
- Servicer Advances – New Residential closed on $921 million of advances throughout the second quarter, which required an equity investment of $115 million.
- Distressed Loans – New Residential acquired $653 million UPB of Distressed Loans (including non-performing loans, re-performing loans and related real estate) during the quarter.
- Non-Agency RMBS – In May, New Residential exercised the clean up call options on 16 Non-Agency securitizations with $284 million UPB of underlying seasoned, high coupon loans.
- Excess MSRs – Subsequent to quarter end, New Residential invested $20 million to acquire a 33% interest in two previous committed Excess MSR pools related to $8 billion UPB of Agency residential mortgage loans.
- Distressed Loans – Subsequent to quarter end, New Residential agreed to purchase a $119 million UPB pool of Distressed Loans. New Residential expects to complete the purchase in the third quarter, although there can be no assurance that this investment will be completed in this timeframe or at all.