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NRZ - New Residential Investment Rises on Better-Than-Expected Profitability
New Residential Investment Corp.
Operating in a sector that came under severe strain in the first quarter of this year, New Residential Investment(NYSE: NRZ) actually did relatively well.
The company, which is a mortgage real estate investment trust (mREIT), saw its net interest income decline by 14% over last year's first quarter to $185.5 million. Core earnings fell by 22% to just over $198 million (working out to $0.48 per share).
That profitability was much higher than expected by analysts; according to Zacks, the anticipation was for $0.24 per share.