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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2019
or
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________to________________
 
Commission File Number: 001-35777
New Residential Investment Corp.
(Exact name of registrant as specified in its charter)
Delaware
 
45-3449660
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
1345 Avenue of the Americas
New York
NY
 
10105
(Address of principal executive offices)
 
(Zip Code)
 
(212)
798-3150
(Registrant’s telephone number, including area code)
 
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading Symbol:
Name of each exchange on which registered:
Common Stock, $0.01 par value per share
NRZ
New York Stock Exchange
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
NRZ PR A
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date.
Common stock, $0.01 par value per share: 415,520,780 shares outstanding as of August 1, 2019.




CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
 
This report contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Such forward-looking statements relate to, among other things, the operating performance of our investments, the stability of our earnings, our financing needs and the size and attractiveness of market opportunities. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations, cash flows or financial condition or state other forward-looking information. Our ability to predict results or the actual outcome of future plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from forecasted results. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to:
 
reductions in the value of, or cash flows received from, our investments;
the quality and size of the investment pipeline and our ability to take advantage of investment opportunities at attractive risk-adjusted prices;
the relationship between yields on assets which are paid off and yields on assets in which such monies can be reinvested;
our ability to deploy capital accretively and the timing of such deployment;
our counterparty concentration and default risks in Nationstar, Ocwen, OneMain, Ditech, PHH and other third parties;
events, conditions or actions that might occur at Nationstar, Ocwen, OneMain, Ditech, PHH and other third parties, as well as the continued effect of prior events;
a lack of liquidity surrounding our investments, which could impede our ability to vary our portfolio in an appropriate manner;
the impact that risks associated with subprime mortgage loans and consumer loans, as well as deficiencies in servicing and foreclosure practices, may have on the value of our mortgage servicing rights (“MSRs”), Excess MSRs, Servicer Advance Investments, residential mortgage-backed securities (“RMBS”), residential mortgage loans and consumer loan portfolios;
the risks related to our acquisition of Shellpoint Partners LLC and ownership of entities that perform origination and servicing operations;
the risks that default and recovery rates on our MSRs, Excess MSRs, Servicer Advance Investments, RMBS, residential mortgage loans and consumer loans deteriorate compared to our underwriting estimates;
changes in prepayment rates on the loans underlying certain of our assets, including, but not limited to, our MSRs or Excess MSRs;
the risk that projected recapture rates on the loan pools underlying our MSRs or Excess MSRs are not achieved;
servicer advances may not be recoverable or may take longer to recover than we expect, which could cause us to fail to achieve our targeted return on our Servicer Advance Investments or MSRs;
impairments in the value of the collateral underlying our investments and the relation of any such impairments to our judgments as to whether changes in the market value of our securities or loans are temporary or not and whether circumstances bearing on the value of such assets warrant changes in carrying values;
the relative spreads between the yield on the assets in which we invest and the cost of financing;
adverse changes in the financing markets we access affecting our ability to finance our investments on attractive terms, or at all;
changing risk assessments by lenders that potentially lead to increased margin calls, not extending our repurchase agreements or other financings in accordance with their current terms or not entering into new financings with us;
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
the availability and terms of capital for future investments;




changes in economic conditions generally and the real estate and bond markets specifically;
competition within the finance and real estate industries;
the legislative/regulatory environment, including, but not limited to, the impact of the Dodd-Frank Act, U.S. government programs intended to grow the economy, future changes to tax laws, the federal conservatorship of Fannie Mae and Freddie Mac and legislation that permits modification of the terms of residential mortgage loans;
the risk that Government Sponsored Enterprises or other regulatory initiatives or actions may adversely affect returns from investments in MSRs and Excess MSRs;
our ability to maintain our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and the potentially onerous consequences that any failure to maintain such qualification would have on our business;
our ability to maintain our exclusion from registration under the Investment Company Act of 1940 (the “1940 Act”) and the fact that maintaining such exclusion imposes limits on our operations;
the risks related to Home Loan Servicing Solutions (“HLSS”) liabilities that we have assumed;
the impact of current or future legal proceedings and regulatory investigations and inquiries;
the impact of any material transactions with FIG LLC (the “Manager”) or one of its affiliates, including the impact of any actual, potential or perceived conflicts of interest; and
effects of the completed merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.

We also direct readers to other risks and uncertainties referenced in this report, including those set forth under “Risk Factors.” We caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future events or otherwise.





SPECIAL NOTE REGARDING EXHIBITS
 
In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about New Residential Investment Corp. (the “Company,” “New Residential” or “we,” “our” and “us”) or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:
 
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements proved to be inaccurate;
have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Quarterly Report on Form 10-Q and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.
 
The Company acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this report not misleading.
 




NEW RESIDENTIAL INVESTMENT CORP.
FORM 10-Q
 
INDEX
 
PAGE
Part I. Financial Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
Part II. Other Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
NEW RESIDENTIAL INVESTMENT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
 
June 30, 2019
 
December 31, 2018
 
(Unaudited)
 
Assets
 
 
 
Investments in:
 
 
 
Excess mortgage servicing rights, at fair value
$
411,537

 
$
447,860

Excess mortgage servicing rights, equity method investees, at fair value
133,468

 
147,964

Mortgage servicing rights, at fair value
2,976,008

 
2,884,100

Mortgage servicing rights financing receivables, at fair value
1,941,139

 
1,644,504

Servicer advance investments, at fair value(A)
637,914

 
735,846

Real estate and other securities, available-for-sale
12,125,826

 
11,636,581

Residential mortgage loans, held-for-investment (includes $117,155 and $121,088 at fair value at June 30, 2019 and December 31, 2018, respectively)(A)
641,389

 
735,329

Residential mortgage loans, held-for-sale
1,154,256

 
932,480

Residential mortgage loans, held-for-sale, at fair value
5,588,540

 
2,808,529

Real estate owned
91,038

 
113,410

Residential mortgage loans subject to repurchase
141,581

 
121,602

Consumer loans, held-for-investment(A)
938,956

 
1,072,202

Consumer loans, equity method investees
25,486

 
38,294

Cash and cash equivalents(A)
406,038

 
251,058

Restricted cash
159,151

 
164,020

Servicer advances receivable
3,047,201

 
3,277,796

Trades receivable
5,307,642

 
3,925,198

Deferred tax asset, net
39,333

 
65,832

Other assets
1,025,872

 
688,408

 
$
36,792,375

 
$
31,691,013

Liabilities and Equity
 
 
 
Liabilities
 
 
 
  Repurchase agreements
$
21,480,245

 
$
15,553,969

  Notes and bonds payable (includes $484,441 and $117,048 at fair value at June 30, 2019 and December 31, 2018, respectively)(A)
7,297,765

 
7,102,266

  Trades payable
265,125

 
2,048,348

  Residential mortgage loans repurchase liability
141,581

 
121,602

  Due to affiliates
27,777

 
101,471

  Dividends payable
207,760

 
184,552

  Accrued expenses and other liabilities(A)
571,292

 
490,510

 
29,991,545

 
25,602,718

Commitments and Contingencies


 


Equity
 
 
 
Common Stock, $0.01 par value, 2,000,000,000 shares authorized, 415,520,780 and 369,104,429 issued and outstanding at June 30, 2019 and December 31, 2018, respectively
4,156

 
3,692

  Additional paid-in capital
5,498,226

 
4,746,242

  Retained earnings
528,889

 
830,713

  Accumulated other comprehensive income (loss)
686,694

 
417,023

  Total New Residential stockholders’ equity
6,717,965

 
5,997,670

  Noncontrolling interests in equity of consolidated subsidiaries
82,865

 
90,625

    Total Equity
6,800,830

 
6,088,295

 
$
36,792,375

 
$
31,691,013


1



NEW RESIDENTIAL INVESTMENT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, CONTINUED
(dollars in thousands)

(A)
New Residential’s Condensed Consolidated Balance Sheets include the assets and liabilities of certain consolidated VIEs, Advance Purchaser LLC (the “Buyer”) (Note 6), the RPL Borrowers (defined in Note 8), Shellpoint Asset Funding Trust 2013-1 (“SAFT 2013-1”) and the Shelter retail mortgage origination joint ventures (“Shelter JVs”) (Note 8) and the Consumer Loan SPVs (Note 9), which primarily hold investments in Servicer Advance Investments, residential mortgage loans and consumer loans, respectively, financed with notes and bonds payable. The balance sheets of the Buyer, the RPL Borrowers, SAFT 2013-1, Shelter JVs and the Consumer Loan SPVs are included in Notes 6, 8 and 9, respectively. The creditors of the Buyer, the RPL Borrowers, SAFT 2013-1, Shelter JVs and the Consumer Loan SPVs do not have recourse to the general credit of New Residential and the assets of the Buyer, the RPL Borrowers, SAFT 2013-1, Shelter JVs and the Consumer Loan SPVs are not directly available to satisfy New Residential’s obligations.

See notes to condensed consolidated financial statements.

2



NEW RESIDENTIAL INVESTMENT CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share data)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Interest income
$
416,047

 
$
403,805

 
$
854,914

 
$
787,378

Interest expense
228,004

 
133,916

 
440,836

 
258,303

Net Interest Income
188,043

 
269,889

 
414,078

 
529,075

 
 
 
 
 
 
 
 
Impairment
 
 
 
 
 
 
 
Other-than-temporary impairment (OTTI) on securities
8,859

 
12,631

 
16,375

 
19,301

Valuation and loss provision (reversal) on loans and real estate owned (REO)
13,452

 
3,658

 
18,732

 
22,665

 
22,311

 
16,289

 
35,107

 
41,966

 
 
 
 
 
 
 
 
  Net interest income after impairment
165,732

 
253,600

 
378,971

 
487,109

Servicing revenue, net of change in fair value of $(334,599), $(12,807), $(391,509), and $61,859, respectively
(85,537
)
 
146,193

 
80,316

 
363,429

Gain on sale of originated mortgage loans, net
49,504

 

 
93,488

 

Other Income
 
 
 
 
 
 
 
Change in fair value of investments in excess mortgage servicing rights
(8,455
)
 
(5,276
)
 
(3,828
)
 
(50,967
)
Change in fair value of investments in excess mortgage servicing rights, equity method investees
(3,276
)
 
1,705

 
(664
)
 
2,228

Change in fair value of investments in mortgage servicing rights financing receivables
(55,411
)
 
(119,103
)
 
(91,790
)
 
151,973

Change in fair value of servicer advance investments
1,388

 
(1,752
)
 
9,291

 
(81,228
)
Change in fair value of investments in residential mortgage loans
95,025

 

 
109,588

 

Change in fair value of derivative instruments
(36,729
)
 
1,240

 
(60,496
)
 
3,686

Gain (loss) on settlement of investments, net
29,584

 
14,655

 
2,261

 
117,957

Earnings from investments in consumer loans, equity method investees
(2,654
)
 
2,982

 
1,657

 
7,788

Other income (loss), net
6,095

 
8,737

 
18,768

 
16,275

 
25,567

 
(96,812
)
 
(15,213
)
 
167,712

 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
General and administrative expenses
118,906

 
20,575

 
217,846

 
40,582

Management fee to affiliate
19,623

 
15,453

 
37,583

 
30,563

Incentive compensation to affiliate

 
26,732

 
12,958

 
41,321

Loan servicing expense
9,372

 
11,035

 
18,975

 
22,549

Subservicing expense
53,962

 
45,958

 
94,888

 
92,555

 
201,863

 
119,753

 
382,250

 
227,570

 
 
 
 
 
 
 
 
(Loss) Income Before Income Taxes
(46,597
)
 
183,228

 
155,312

 
790,680

Income tax expense (benefit)
(21,577
)
 
(2,608
)
 
24,420

 
(9,520
)
Net (Loss) Income
$
(25,020
)
 
$
185,836

 
$
130,892

 
$
800,200

Noncontrolling Interests in Income of Consolidated Subsidiaries
$
6,923

 
$
11,078

 
$
17,241

 
$
21,189

Net (Loss) Income Attributable to Common Stockholders
$
(31,943
)
 
$
174,758

 
$
113,651

 
$
779,011

 
 
 
 
 
 
 
 
Net (Loss) Income Per Share of Common Stock
 
 
 
 
 
 
 
  Basic