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NEW YORK--(BUSINESS WIRE)--New Residential Investment Corp. (NYSE:NRZ; New Residential or the Company) today reported the following information for the fourth quarter and full year ended December 31, 2020: FOURTH QUARTER 2020 FINANCIAL HIGHLIGHTS: FULL YEAR 2020 FINANCIAL HIGHLIGHTS: Q4 2020 Q3 2020 Year Ended December 31, 2020 Year Ended December 31, 2019 Summary Operating Results: GAAP Net Income (Loss) per Diluted Common Share(1) $0.16 $0.19 $(3.52) $1.34 GAAP Net Income (Loss) $68.6 million $77.9 million $(1,464.7) million $550.0 million Non-GAAP Results: Core Earnings per Diluted Common Share(1) $0.32 $0.31 $1.46 $2.17 Core Earnings(3) $137.0 million $131.6 million $607.2 million $886.8 million NRZ Common Dividend: Common Dividend per Share(1) $0.20 $0.15 $0.50 $2.00 Common Dividend $82.9 million $62.4 million $207.7 million $831.0 million In the aftermath of the challenging market conditions caused by the COVID-19 pandemic, I am happy to report that our Company ended 2020 in a very strong position, said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. The early days of the pandemic created market volatility causing us to react quickly as the financing markets for all products, including government guaranteed securities, froze. Asset prices plummeted and assets financed in the repurchase markets needed to be funded with additional capital. We moved quickly to de-lever our portfolios, reduce risk, lock down financing, create liquidity and get the Company back to a position of strength. While 2020 saw historically low rates, NewRez produced record earnings. After reducing our common stock dividend in March 2020, we raised our common stock dividend in the following three consecutive quarters. Looking forward, we believe that our portfolio of MSRs will benefit from rising interest rates, resulting in more cash flows and higher earnings. We also believe that our mortgage company is poised to capture additional market share and increase borrower retention. Against this backdrop, we look forward to executing on our strategy and delivering on our objectives for shareholders, added Mr. Nierenberg. FOURTH QUARTER 2020 COMPANY HIGHLIGHTS: (1) Per common share calculations for both GAAP Net Income (Loss) and Core Earnings are based on 425,127,967 weighted average diluted shares during the quarter ended December 31, 2020; 420,968,626 weighted average diluted shares during the quarter ended September 30, 2020; 415,513,187 weighted average diluted shares during the year ended December 31, 2020; and 408,990,107 weighted average diluted shares during the year ended December 31, 2019. Per share calculations of Common Dividend are based on 414,744,518 basic shares outstanding as of December 31, 2020; 415,744,518 basic shares outstanding as of September 30, 2020; 415,744,518 basic shares outstanding as of June 30, 2020; 415,649,214 basic shares outstanding as of March 31, 2020; 415,520,780 basic shares outstanding as of December 31, 2019; 415,520,780 basic shares outstanding as of September 30, 2019; 415,520,780 basic shares outstanding as of June 30, 2019; and 415,429,677 basic shares outstanding as of March 31, 2019. Per common share calculations for Book Value are based on 414,744,518 basic common shares outstanding as of December 31, 2020. (2) Includes non-controlling interests. (3) Core Earnings is a non-GAAP financial measure. For a reconciliation of Core Earnings to GAAP Net Income, as well as an explanation of this measure, please refer to Non-GAAP Measures and Reconciliation to GAAP Net Income below. (4) Includes excess and full MSRs. (5) Call rights UPB estimated as of December 31, 2020. The UPB of the loans relating to our call rights may be materially lower than the estimates in this Presentation, and there can be no assurance that we will be able to execute on this pipeline of callable deals in the near term, on the timeline presented above, or at all, or that callable deals will be economically favorable. The economic returns from this strategy could be adversely affected by a rise in interest rates and are contingent on the level of delinquencies and outstanding advances in each transaction, fair market value of the related collateral and other economic factors and market conditions. We may become subject to claims and legal proceedings, including purported class-actions, in the ordinary course of our business, challenging our right to exercise these call rights and, as a result, we may not be able to exercise such rights on favorable terms or at all. Call rights are usually exercisable when current loan balances in a related portfolio are equal to, or lower than, 10% of their original balance. (6) Represents recourse leverage. Excludes non-recourse leverage, including outstanding consumer debt, servicer advance debt, $37.4 million of full MSR debt for September 30, 2020, SAFT 2013-1 and MDST Trusts mortgage backed securities issued, and Shellpoint non-agency RMBS. (7) Based on managements current views and estimates, and actual results may vary materially. (8) Represents activity from January 1, 2021 through February 1, 2021. ADDITIONAL INFORMATION For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investor Relations section of the Companys website, www.newresi.com. For consolidated investment portfolio information, please refer to the Companys most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Companys website, www.newresi.com. EARNINGS CONFERENCE CALL New Residentials management will host a conference call on Tuesday, February 9, 2021 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of New Residentials website, www.newresi.com. All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-866-777-2509 (from within the U.S.) or 1-412-317-5413 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference New Residential Fourth Quarter and Full Year 2020 Earnings Call. In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10151608/e12056e4c8. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newresi.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available two hours following the calls completion through 11:59 P.M. Eastern Time on Tuesday, February 23, 2021 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code 10151608. Consolidated Statements of Income ($ in thousands, except share and per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2020 September 30, 2020 2020 2019 $ 234,118 $ 233,848 $ 1,102,537 $ 1,766,130 (95,728 ) (43,929 ) (555,041 ) 385,159 432,279 488,252 1,399,092 460,107 570,669 678,171 1,946,588 2,611,396 120,683 130,528 584,469 933,751 278,432 309,727 1,120,087 781,971 22,452 22,482 89,134 79,472 - - - 91,892 421,567 462,737 1,793,690 1,887,086 (62,718 ) 89,092 (437,126 ) (307,396 ) 38,864 (94,457 ) (930,131 ) 227,981 - - - (1,438 ) 31,779 5,398 (2,797 ) 39,819 7,925 33 (1,370,054 ) (41,034 ) (1,762 ) (3,849 ) 13,404 25,174 (8,296 ) 14,584 110,208 10,403 (10,058 ) 10,735 123,612 35,577 167,085 204,732 (1,340,768 ) 647,699 65,563 100,812 16,916 41,766 $ 101,522 $ 103,920 $ (1,357,684 ) $ 605,933 $ 18,556 $ 11,640 $ 52,674 $ 42,637 $ 14,357 $ 14,359 $ 54,295 $ 13,281 $ 68,609 $ 77,921 $ (1,464,653 ) $ 550,015 $ 0.17 $ 0.19 $ (3.52 ) $ 1.35 $ 0.16 $ 0.19 $ (3.52 ) $ 1.34 415,059,735 415,744,518 415,513,187 408,789,642 425,127,967 420,968,626 415,513,187 408,990,107 $ 0.20 $ 0.15 $ 0.50 $ 2.00 Consolidated Balance Sheets ($ in thousands) $ 410,855 $ 505,343 3,489,675 3,967,960 1,096,166 1,718,273 538,056 581,777 14,244,558 19,477,728 1,359,754 1,753,251 5,215,703 6,042,664 1,452,005 172,336 944,854 528,737 135,619 162,197 3,002,267 3,301,374 4,180 5,256,014 1,358,422 1,395,800 $ 33,252,114 $ 44,863,454 $ 17,547,680 $ 27,916,225 7,644,195 7,720,148 1,452,005 172,336 541,516 - 154 902,081 9,450 103,882 90,128 211,732 537,302 600,790 27,822,430 37,627,194 150,026 150,026 273,418 273,418 389,548 - 4,148 4,156 5,547,108 5,498,226 (1,108,929 ) 549,733 65,697 682,151 5,321,016 7,157,710 108,668 78,550 5,429,684 7,236,260 $ 33,252,114 $ 44,863,454 NON-GAAP MEASURES AND RECONCILIATION TO GAAP NET INCOME New Residential has five primary variables that impact its operating performance: (i) the current yield earned on the Companys investments, (ii) the interest expense under the debt incurred to finance the Companys investments, (iii) the Companys operating expenses and taxes, (iv) the Companys realized and unrealized gains or losses on investments, including any impairment or reserve for expected credit losses and (v) income from the Companys origination and servicing businesses. Core earnings is a non-GAAP measure of the Companys operating performance, excluding the fourth variable above and adjusts the earnings from the consumer loan investment to a level yield basis. Core earnings is used by management to evaluate the Companys performance without taking into account: (i) realized and unrealized gains and losses, which although they represent a part of the Companys recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance; (ii) incentive compensation paid to the Companys manager; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes, which are not representative of current operations. The Companys definition of core earnings includes accretion on held-for-sale loans as if they continued to be held-for-investment. Although the Company intends to sell such loans, there is no guarantee that such loans will be sold or that they will be sold within any expected timeframe. During the period prior to sale, the Company continues to receive cash flows from such loans and believes that it is appropriate to record a yield thereon. In addition, the Companys definition of core earnings excludes all deferred taxes, rather than just deferred taxes related to unrealized gains or losses, because the Company believes deferred taxes are not representative of current operations. The Companys definition of core earnings also limits accreted interest income on RMBS where the Company receives par upon the exercise of associated call rights based on the estimated value of the underlying collateral, net of related costs including advances. The Company created this limit in order to be able to accrete to the lower of par or the net value of the underlying collateral, in instances where the net value of the underlying collateral is lower than par. The Company believes this amount represents the amount of accretion the Company would have expected to earn on such bonds had the call rights not been exercised. Beginning January 1, 2020, the Companys investments in consumer loans are accounted for under the fair value option. Core earnings adjusts earnings on consumer loans to a level yield to present income recognition across the consumer loan portfolio in the manner in which it is economically earned, to avoid potential delays in loss recognition, and align it with the Companys overall portfolio of mortgage-related assets which generally record income on a level yield basis. With respect to consumer loans classified as held-for-sale, the level yield is computed through the expected sale date. With respect to the gains recorded under GAAP in 2014 and 2016 as a result of a refinancing of, and the consolidation of, the debt related to the Companys investments in consumer loans, and the consolidation of entities that own the Companys investments in consumer loans, respectively, the Company continues to record a level yield on those assets based on their original purchase price. While incentive compensation paid to the Companys manager may be a material operating expense, the Company excludes it from core earnings because (i) from time to time, a component of the computation of this expense will relate to items (such as gains or losses) that are excluded from core earnings, and (ii) it is impractical to determine the portion of the expense related to core earnings and non-core earnings, and the type of earnings (loss) that created an excess (deficit) above or below, as applicable, the incentive compensation threshold. To illustrate why it is impractical to determine the portion of incentive compensation expense that should be allocated to core earnings, the Company notes that, as an example, in a given period, it may have core earnings in excess of the incentive compensation threshold but incur losses (which are excluded from core earnings) that reduce total earnings below the incentive compensation threshold. In such case, the Company would either need to (a) allocate zero incentive compensation expense to core earnings, even though core earnings exceeded the incentive compensation threshold, or (b) assign a pro forma amount of incentive compensation expense to core earnings, even though no incentive compensation was actually incurred. The Company believes that neither of these allocation methodologies achieves a logical result. Accordingly, the exclusion of incentive compensation facilitates comparability between periods and avoids the distortion to the Companys non-GAAP operating measure that would result from the inclusion of incentive compensation that relates to non-core earnings. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Companys core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses are generally legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses. Since the third quarter of 2018, as a result of the Shellpoint Partners LLC (Shellpoint) acquisition, the Company, through its wholly owned subsidiary, NewRez, originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, the Company reports realized gains or losses on the sale of originated residential mortgage loans and retention of mortgage servicing rights, which the Company believes is an indicator of performance for the Servicing and Origination segments and therefore included in core earnings. Realized gains or losses on the sale of originated residential mortgage loans had no impact on core earnings in any prior period, but may impact core earnings in future periods. Beginning with the third quarter of 2019, as a result of the continued evaluation of how Shellpoint operates its business and its impact on the Companys operating performance, core earnings includes Shellpoints GAAP net income with the exception of the unrealized gains or losses due to changes in valuation inputs and assumptions on MSRs owned by NewRez, and non-capitalized transaction-related expenses. This change was not material to core earnings for the quarter ended September 30, 2019. Management believes that the adjustments to compute core earnings specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Companys activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Companys current core performance using the same measure that management uses to operate the business. Management also utilizes core earnings as a measure in its decision-making process relating to improvements to the underlying fundamental operations of the Companys investments, as well as the allocation of resources between those investments, and management also relies on core earnings as an indicator of the results of such decisions. Core earnings excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Companys core operations for the reasons described herein. As such, core earnings is not intended to reflect all of the Companys activity and should be considered as only one of the factors used by management in assessing the Companys performance, along with GAAP net income which is inclusive of all of the Companys activities. The primary differences between core earnings and the measure the Company uses to calculate incentive compensation relate to (i) realized gains and losses (including impairments and reserves for expected credit losses), (ii) non-capitalized transaction-related expenses and (iii) deferred taxes (other than those related to unrealized gains and losses). Each are excluded from core earnings and included in the Companys incentive compensation measure (either immediately or through amortization). In addition, the Companys incentive compensation measure does not include accretion on held-for-sale loans and the timing of recognition of income from consumer loans is different. Unlike core earnings, the Companys incentive compensation measure is intended to reflect all realized results of operations. The Gain on Remeasurement of Consumer Loans Investment was treated as an unrealized gain for the purposes of calculating incentive compensation and was therefore excluded from such calculation. Core earnings does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with U.S. GAAP, and the Companys calculation of this measure may not be comparable to similarly entitled measures reported by other companies. Set forth below is a reconciliation of core earnings to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data): Three Months Ended Twelve Months Ended December 31, December 31, 2020 September 30, 2020 2020 2019 $ 68,609 $ 77,921 $ (1,464,653 ) $ 550,015 (10,058 ) 10,735 123,612 35,344 18,875 (203,652 ) 743,239 254,335 (39,605 ) 94,068 947,316 (188,381 ) 21,144 20,646 132,741 1,756 1,722 (4,360 ) (5,585 ) (13,548 ) 7,630 17,795 56,522 56,289 - - - 91,892 3,048 3,048 11,439 2,642 57,295 99,374 15,029 38,207 7,100 9,579 37,246 60,689 - - - (19,590 ) - 363 (1,147 ) 5,239 1,205 6,120 11,415 11,905 $ 136,965 $ 131,637 $ 607,174 $ 886,794 $ 0.16 $ 0.19 $ (3.52 ) $ 1.34 $ 0.32 $ 0.31 $ 1.46 $ 2.17 425,127,967 420,968,626 415,513,187 408,990,107 NET INCOME BY SEGMENT Origination Servicing MSRs & Servicer Advances Residential Securities & Call Rights Residential Loans Corporate & Other Total $ 20,055 $ (687 ) $ 75,381 $ 77,216 $ 34,845 $ 27,308 $ 234,118 (4,676 ) 122,391 (213,443 ) - - - (95,728 ) 403,854 774 35,774 (13,398 ) 5,275 - 432,279 419,233 122,478 (102,288 ) 63,818 40,120 27,308 570,669 15,605 98 55,591 16,032 20,388 12,969 120,683 155,638 74,568 29,089 (489 ) 16,505 25,573 300,884 171,243 74,666 84,680 15,543 36,893 38,542 421,567 - - (37,976 ) (28,694 ) 702 3,250 (62,718 ) - - (250 ) 58,124 (19,010 ) - 38,864 (64 ) - 28,154 627 (1,295 ) 4,357 31,779 (64 ) - (10,072 ) 30,057 (19,603 ) 7,607 7,925 - - 13 (1,762 ) (8,309 ) - (10,058 ) 247,926 47,812 (197,053 ) 80,094 (8,067 ) (3,627 ) 167,085 73,055 11,566 (18,993 ) - (714 ) 649 65,563 $ 174,871 $ 36,246 $ (178,060 ) $ 80,094 $ (7,353 ) $ (4,276 ) $ 101,522 5,083 - 934 - - 12,539 18,556 $ - $ - $ - $ - $ - $ 14,357 $ 14,357 $ 169,788 $ 36,246 $ (178,994 ) $ 80,094 $ (7,353 ) $ (31,172 ) $ 68,609 Origination Servicing MSRs & Servicer Advances Residential Securities & Call Rights Residential Loans Corporate & Other Total $ 17,407 $ 373 $ 91,576 $ 61,034 $ 33,913 $ 29,545 $ 233,848 (3,767 ) 111,420 (151,582 ) - - - (43,929 ) 445,578 346 42,328 - - - 488,252 459,218 112,139 (17,678 ) 61,034 33,913 29,545 678,171 10,977 90 59,650 15,652 19,326 24,833 130,528 136,086 81,767 71,998 930 10,361 31,067 332,209 147,063 81,857 131,648 16,582 29,687 55,900 462,737 - - (18,189 ) 50,752 56,940 (411 ) 89,092 - - (11,456 ) (15,534 ) (2,230 ) (65,237 ) (94,457 ) 123 - 8,510 1,723 (8,616 ) 3,658 5,398 123 - (21,135 ) 36,941 46,094 (61,990 ) 33 - - 218 (3,849 ) 14,366 - 10,735 312,278 30,282 (170,679 ) 85,242 35,954 (88,345 ) 204,732 71,304 6,044 15,682 - 7,783 (1 ) 100,812 $ 240,974 $ 24,238 $ (186,361 ) $ 85,242 $ 28,171 $ (88,344 ) $ 103,920 4,840 - 2,612 - - 4,188 11,640 $ - $ - $ - $ - $ - $ 14,359 $ 14,359 $ 236,134 $ 24,238 $ (188,973 ) $ 85,242 $ 28,171 $ (106,891 ) $ 77,921 *Beginning in the third quarter of 2020, we revised our methodology of allocating tax expense within the Servicing and Origination segments. Specifically, taxes are now allocated based on intercompany agreements rather than based on a more general pro rata approach. We believe the change better reflects the operating performance of each respective segment. Amounts for prior periods have been recast to conform with the current period presentation. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our ability to capture additional market share and increase borrower retention, the ability of our MSR portfolio to benefit from rising interest rates, our estimated Q121 Funded Origination Volume and Q121 Servicing Portfolio UPB, and ability to generate earnings and deliver on our objectives for our shareholders. These statements are not historical facts. They represent managements current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled Cautionary Statements Regarding Forward Looking Statements, Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in the Companys most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Companys website (www.newresi.com). New risks and uncertainties emerge from time to time, and it is not possible for New Residential to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and New Residential expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in New Residential's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. ABOUT NEW RESIDENTIAL New Residential is a leading provider of capital and services to the mortgage and financial services industry. The Companys mission is to generate attractive risk-adjusted returns in all interest rate environments through a portfolio of investments and operating businesses. New Residential has built a diversified, hard-to-replicate portfolio with high-quality investment strategies that have generated returns across different interest rate environments over time. New Residentials portfolio is composed of mortgage servicing related assets (including investments in operating entities consisting of servicing, origination, and affiliated businesses), residential securities (and associated called rights) and loans, and consumer loans. New Residentials investments in operating entities include its mortgage origination and servicing subsidiary, NewRez, and its special servicing division, Shellpoint Mortgage Servicing, as well as investments in affiliated businesses that provide services that are complementary to the origination and servicing businesses and other portfolios of mortgage related assets. Since inception in 2013, New Residential has a proven track record of performance, growing and protecting the value of its assets while generating attractive risk-adjusted returns and delivering over $3.5 billion in dividends to shareholders. New Residential is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. New Residential is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm, and headquartered in New York City.

Answer: New Residential Investment Corp. Announces Fourth Quarter and Full Year 2020 Results