Pro-Forma Financials for Caliber | NRZ Message Board Posts


New Residential Investment Corp.

  NRZ website

NRZ   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  4689 of 4770  at  9/21/2021 9:59:23 AM  by

lumpygravy


Pro-Forma Financials for Caliber

Brief clip from BTIG analyst Eric Hagen....
 
WHAT YOU SHOULD KNOW: We quickly summarize the pro-forma balance sheet and
1H21 GAAP income statement reflecting NRZ's $1.3 billion acquisition of Caliber Home
Loans completed on 8/23 (see page 2). Caliber's financials through June were supplied
alongside NRZ's issuance last week of $489 million Series D preferred stock (including
the greenshoe). With the addition of the preferred, and our current estimate for book
value around $11.40, the company is capitalized with roughly $5.3 billion in common
equity and $1.3 billion in preferred. We peg its gross hurdle rate around 11%, which
still offers the opportunity to build some capital given our estimate for at least a 12.5%
ROTCE next year. We think upside could especially materialize if accretive opportunities
like lender risk sharing with the GSEs come to fruition.

 
 


     e-mail to a friend      printer-friendly     add to library      
|  
Recs: 5  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board


Financial Market Data provided by
.
Loading...