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Tue, Jan. 26, 4:36 PM
- Q4 core earnings are expected to be $0.49-$0.53 per share vs. $0.49 in Q3. The dividend is $0.46 for an annualized yield of 17.3% at today's close of $10.65.
- Full-year core EPS should be $1.89-$1.93.
- During the quarter, the company exercised call rights on 28 seasoned non-agency RMBS deals with an aggregate UPB of about $654M, recognizing core earnings of $6.8M. The company also securitized about $510M in UPB of performing loans, recognizing a GAAP gain of $2.4M. Finally, NRZ purchased two pools of non-performing residential mortgage loans with a total UPB of about $450M for a price of $290M.
- CEO Michael Nierenberg: "We believe buying back shares from time to time is in the best interest of our shareholders, and the announcement of our preliminary results provides us with flexibility under the share repurchase program we announced on January 19, 2016."
- Source: Press Release
Nov. 3, 2015, 12:35 PM
- In an earnings presentation that could be titled, "What The Heck Is Going On Here," New Residential (NRZ -0.1%) makes its case for a higher valuation.
- From CEO Michael Nierenberg on today's earnings call (transcript): "Quite frankly we are disappointed where our stock price is."
- The 7th-largest holding of iShares Mortgage Real Estate Capped ETF (NYSEARCA:REM), New Residential could be unfairly being lumped in with mortgage REITs which make up the overwhelming majority of that ETF, when an argument can be made its business and prospects are about the exact opposite of those of mREITs.
- NRZ's excess MSR portfolio with UPB of $399B should rise in value as interest rates go higher, as opposed to mREITs who face declines in book values in that scenario. The company points out it's protected in the event rates decline thanks to the well-seasoned nature of the portfolio, and the credit-impaired status of the borrowers. The MSRs also have recapture provisions with the servicer partners in the event prepayments rise.
- Checking the scorecard, core EPS of $0.49 is up from $0.43 a year ago, and the dividend of $0.46 is up from $0.35. Are there any mREITs out there even close?
- As for stock performance, though NRZ is down about one-third from a May high, it's up 3% Y/Y vs. a 16% decline for the mREITs and a 42% dive in the specialty servicers.
- Previously: Earnings grow at New Residential (Nov. 3)
Nov. 3, 2015, 7:08 AM
- Q3 core earnings of $113M or $0.49 per share vs. $92M and $0.45 in Q2, $63M and $0.44 in Q1. Dividend is $0.46 (was $0.45 in Q2, $0.38 in Q1).
- Among items since the quarter's end, company is seeking membership to the Cincinnati branch of the Federal Home Loan Bank, which should help lower borrowing costs and boost financial flexibility.
- The company also funded previously announced commitments on $19B UPB of legacy MSRs, with another $6B UPB of commitments still to settle. The company recently was green-lighted to own MSRs across 30 U.S. states, with the remaining state and Agency approvals expected this quarter or early next year.
- Earnings call at 8 ET
- Previously: New Residential Investment reports Q3 results (Nov. 3)
- NRZ flat premarket
Nov. 3, 2015, 6:53 AM
- New Residential Investment (NYSE:NRZ): Q3 EPS of $0.49
- NII of $104.78M (+63.0% Y/Y)
Nov. 2, 2015, 5:30 PM
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Aug. 10, 2015, 7:17 AM
- New Residential Investment (NYSE:NRZ): Q2 EPS of $0.45
- Revenue of $96.31M (+71.6% Y/Y)
Aug. 9, 2015, 5:30 PM
Aug. 6, 2015, 9:59 AM
- No sooner do we get a story out about New Residential's (NRZ -1.5%) delayed earnings release than the company posts preliminary Q2 results.
- Core EPS is expected to be $0.43-$0.47 vs. $0.44 in Q1.
- CEO Michael Nierenberg notes the delayed report is due to the HLSS acquisition.
- Previously: New Residential reschedules earnings release; down another 3% (Aug. 6)
May 8, 2015, 7:52 AM
- Q1 core earnings of $63M or $0.44 per share vs. $58M and $0.41 in Q4. Dividend is $0.38.
- Company funded $8.4B of UPB of well-seasoned Freddie Mac excess MSRs; purchased and committed to purchase $258M face value of non-agency paper at 86% of par; sold $441M face value of non-agency paper at 88% of par, generating $4M of gains, or an IRR of about 20%.
- Since quarter's end is the purchase of the assets/liabilities of Home Loan Servicing for $1.2B.
- Conference call at 8:30 ET
- Previously: New Residential Investment reports Q1 results (May 8)
- NRZ flat premarket
May 8, 2015, 7:37 AM
- New Residential Investment (NYSE:NRZ): Q1 EPS of $0.44
- Net interest income of $50.39M
May 7, 2015, 5:30 PM
Feb. 27, 2015, 8:01 AM
- Q4 core earnings of $58M or $0.41 per share vs. $63M and $0.43 in Q3. Dividend is $0.38. Full-year core EPS of $1.57 vs. $1.01 in 2013.
- Conference call at 10 ET, where management will maybe shed more light on the HLSS purchase announced earlier this week.
- Previously: New Residential Investment reports Q4 results (Feb. 27)
- NRZ flat premarket after this week's roughly 14% gain.
- Previously: New Residential up sharply following HLSS purchase; trouble for Ocwen (Feb. 23)
Feb. 27, 2015, 7:55 AM
- New Residential Investment (NYSE:NRZ): Q4 EPS of $0.41.
- FY'14 Net interest income of $206.1M (184.2% Y/Y).
Nov. 6, 2014, 12:31 PM
- Amid an earnings miss and lowered guidance, Walter Investment (WAC -20.2%) discloses inquiries from a number of state agencies into its Green Tree Servicing unit.
- Previously: Walter Investment reports sizable decline in earnings
- Earnings fell at Nationstar Mortgage (NSM -20.6%), but in a bit of good news, the company did say it entered into commitments for $43B in new MSR acquisitions.
- Finally, there's lesser-followed Stonegate Mortgage (SGM -15.9%), which went public just more than a year ago, missing estimates by a wide margin with CEO Jim Cutillo noting "industry headwinds and interest rate volatility." The company's servicing portfolio ended Q3 with $17.7B UPB, up 48% this year and up 82% Y/Y.
- New Residential (NYSE:NRZ) - a specialty servicer, but with a somewhat different business model than the other three - reported solid results today and is flat on the session.
Nov. 6, 2014, 7:23 AM
- Q3 core earnings of $63M or $0.43 per share vs. $56M and $0.40 in Q2. Dividend is $0.35.
- Excess MSR deals: During quarter NRZ invested or committed to invest $66M to acquire an average 35% interest in five seasoned excess MSR pools related to $25B in UPB of mortgage loans.
- Non-agency RMBS deal: New Residential collapsed 19 non-agency securitizations with $534M UPB of loans, and in October sold $464M UPB. The remaining $70M UPB is held for investment.
- Conference call at 8 ET
- Previously: New Residential Investment EPS of $0.43
- Shares flat premarket
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