This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

New Residential Announces Second Quarter 2014 Results

Stocks in this article: NRZ

New Residential Investment Corp. (NYSE:NRZ; “New Residential” or the “Company”) today reported the following information for the quarter ended June 30, 2014:


  • 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
Non-GAAP Results:
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.

Highlights subsequent to June 30, 2014:

  • 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.


The Company also announced today that it will hold a special meeting of stockholders to seek approval for a 2-for-1 reverse stock split of its common stock. The meeting will be held on October 15, 2014, and holders of the Company’s common stock as of the close of business on August 26, 2014 will be entitled to notice of, and to vote at, the meeting. The Company expects to file a preliminary proxy statement relating to the proposal with the Securities and Exchange Commission, which will be available on the SEC’s website ( and the Company’s website (

If approved by the holders of the Company’s common stock, every two shares of the Company’s common stock will be converted into one share of common stock, reducing the total number of issued and outstanding shares of the Company’s common stock from approximately 282 million to approximately 141 million.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs