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NRZ - New Residential +1% after contribution from mortgage segment
New Residential Investment Corp.
New Residential Investment (NYSE:NRZ) pops 1% after Q2 core earnings of $0.34 beats consensus of $0.29 helped by the mortgage segment generating over $200M in pre-tax income.
The company ended with over $1B of cash, signalling strong capitalization.
Q2 total revenue of $451.76M, up 4.7% Y/Y.
Q2 reversal in credit losses of $25.13M vs. provision of $8.86M in the year-ago quarter.
Recorded valuation and credit loss provision on loans and real estate owned of $3.42M vs. $13.45M a year ago.
Q1 servicing revenue, net of change in fair value, was -$90.5M vs. $85.5M a year earlier.
"We significantly reduced our mark to market exposure; today, approximately 95% of our investment portfolio is financed with non daily mark to market financing."