Rithm Capital Corp. · NYSE:RITM
Rithm Capital — New Residential Investment — Investor Presentation (June 2022)
11 slides from Rithm Capital's investor presentation, Jun 21, 2022
Slide 1: Internalization of Management and Rebrand to Rithm Capital
New Residential Investment Corp. Internalization of Management and Rebrand to Rithm Capital JUNE 2022
Slide 2: Disclaimers
Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” FORWARD-LOOKING STATEMENTS. Certain statements regardi
Slide 3: Internalization Overview
Internalization Overview NRZ has internalized its management function and is now an internally-managed REIT Transaction Overview Significant Shareholder Benefits(1) – On June 17, 2022, NRZ announced the – Internalizing the management function is expected internalization of its management from an aff
Slide 4: Internalization Is Expected to Drive Long-Term Cost Savings
Internalization Is Expected to Drive Long-Term Cost Savings The internalization is expected to generate run-rate cost savings of $60-$65mm ($0.12-0.13 per diluted share)(1)(2) Incremental Net Operating Management Fee + Expenses(1) = Expenses(1) Annualized $101mm $101mm - 150 bps of equity Pre-Intern
Slide 5: Book Value Roll Forward
Book Value Roll Forward(1) Near-term book value dilution is expected to be offset by accretion from long-term cost savings Q1’22 Ending Book Estimated Q2 GAAP Impact of Estimated June Q2 Dividend Value per Share Earnings(1) Internalization Book Value - - (2) (3) (3) $12.56 +$1.03 ($0.25) ($0.75) $12
Slide 6: Update on Business Performance
Update on Business Performance(1) Significant Cash Position Provides for Opportunistic Investments We expect to have $1.6 billion(2) of cash and liquidity at June 30, 2022 Diversified Earnings Power Assets plus operating companies provide steady earnings Company Positioned Well for Current Rising Ra
Slide 7: The NRZ Value Proposition
The NRZ Value Proposition NRZ has delivered strong performance since its inception in 2013 Total Shareholder Return(1) NRZ Value Proposition From NRZ Inception (5/2/2013) to Present (6/15/2022) 81% $4.0 Billion in dividends paid since inception(3) 68% 11.6% Indicative Dividend Yield(4) 29% 168
Slide 8: New Residential Rebrands to Rithm Capital
New Residential Rebrands to Rithm Capital On or about August 1, 2022, NRZ will rebrand to Rithm Capital (“Rithm”; NYSE: RITM) Rithm owns and actively manages a diversified portfolio with a hands-on Rithm approach to creating value. Capital We are a leading provider of capital and services to the rea
Slide 9: Appendix
Appendix 9
Slide 10: Unaudited GAAP Reconciliation of Core Earnings
Unaudited GAAP Reconciliation of Core Earnings Management uses Core Earnings, which is a Non-GAAP measure, as one measure of operating performance. Please see next slide for the definition of Core Earnings. ($000s, except per share data) Preliminary Q2 2022 Range Low High Reconciliation of Core Earn
Slide 11: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Core Earnings New Residential has five primary variables that impact its operating performance: (i) the current yield earned on the Company’s investments, (ii) the interest expense under the debt incurred to finance the Company’s investments, (iii) the Company’s
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