1 Number I'm Watching at New Residential Investment Corp.
The COVID-19 crisis has been difficult for most real estate investment trusts (REITs), especially mall REITs and mortgage REITs. While mall REITs struggled due to tenants' inability to pay rent, the mortgage REIT sector was clobbered by illiquid markets as margin calls swept through the industry. Every mortgage REIT was affected, and just about every one was forced to cut its dividend.
New Residential (NYSE: NRZ) made some drastic changes in its business model due to the dislocations in the mortgage market. The company has said it will announce its second-quarter earnings on July 22. Here is what I am looking for.
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