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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
SEGMENT REPORTING
3. SEGMENT REPORTING

 

New Residential conducts its business through the following segments: (i) investments in Excess MSRs, (ii) investments in servicer advances, (iii) investments in real estate securities, (iv) investments in real estate loans, (v) investments in consumer loans, and (vi) corporate. The corporate segment consists primarily of (i) general and administrative expenses, (ii) the allocation of management fees by Newcastle until the spin-off on May 15, 2013, (iii) the management fees and incentive compensation owed to the Manager by New Residential following the spin-off, (iv) corporate cash and related interest income, and (v) the secured corporate loan and related interest expense.

 

Summary financial data on New Residential’s segments is given below, together with a reconciliation to the same data for New Residential as a whole:

 

   Servicing Related Assets   Residential Securities and Loans             
   Excess MSRs   Servicer Advances   Real Estate Securities   Real Estate Loans   Consumer Loans   Corporate   Total 
Three Months Ended March 31, 2014                            
Interest income  $13,816   $45,716   $11,238   $720   $—   $—   $71,490 
Interest expense   1,291    31,956    4,069    198    1,483    —    38,997 
Net interest income   12,525    13,760    7,169    522    (1,483)   —    32,493 
Impairment   —    —    328    164    —    —    492 
Other income   12,976    —    5,042    671    16,360    1    35,050 
Operating expenses   65    250    60    90    23    9,411    9,899 
Income (Loss) Before Income Taxes   25,436    13,510    11,823    939    14,854    (9,410)   57,152 
                                    
Income tax expense   —    287    —    —    —    —    287 
Net Income (Loss)  $25,436   $13,223   $11,823   $939   $14,854   $(9,410)  $56,865 
Noncontrolling interests in income (loss) of consolidated subsidiaries  $—   $8,093   $—   $—   $—   $—   $8,093 
Net income (loss) attributable to common stockholders  $25,436   $5,130   $11,823   $939   $14,854   $(9,410)  $48,772 

 

 

   Servicing Related Assets   Residential Securities and Loans             
   Excess MSRs   Servicer Advances   Real Estate Securities   Real Estate Loans   Consumer Loans   Corporate   Total 
March 31, 2014                            
Investments  $680,011   $3,457,385   $2,345,221   $34,045   $231,422   $—   $6,748,084 
Cash and cash equivalents   3,704    75,408    10,425    127    —    50,831    140,495 
Restricted cash   —    34,607    —    —    —    —    34,607 
Derivative assets   —    —    769    44,271    —    —    45,040 
Other assets   —    7,108    21,853    618    87    942    30,608 
Total assets  $683,715   $3,574,508   $2,378,268   $79,061   $231,509   $51,773   $6,998,834 
Debt  $—   $3,142,292   $2,000,594   $23,458   $142,500   $69,055   $5,377,899 
Other liabilities   110    4,667    1,338    293    244    53,634    60,286 
Total liabilities   110    3,146,959    2,001,932    23,751    142,744    122,689    5,438,185 
Total equity   683,605    427,549    376,336    55,310    88,765    (70,916)   1,560,649 
Noncontrolling interests in equity of consolidated subsidiaries   —    284,335    —    —    —    —    284,335 
Total New Residential stockholders’ equity  $683,605   $143,214   $376,336   $55,310   $88,765   $(70,916)  $1,276,314 
                                    
Investments in equity method investees  $338,307   $—   $—   $—   $231,422   $—   $569,729 

 

 

   Servicing Related Assets   Residential Securities and Loans             
   Excess MSRs   Servicer Advances   Real Estate Securities   Real Estate Loans   Consumer Loans   Corporate   Total 
Three Months Ended March 31, 2013                            
Interest income  $10,035   $—   $6,156   $—   $—   $—   $16,191 
Interest expense   —    —    899    —    —    —    899 
Net interest income   10,035    —    5,257    —    —    —    15,292 
Impairment   —    —    —    —    —    —    — 
Other income   2,827    —    —    —    —    —    2,827 
Operating expenses   62    —    —    —    1,951    3,031    5,044 
Income (Loss) Before Income Taxes   12,800    —    5,257    —    (1,951)    (3,031)   13,075 
Income tax expense   —    —    —    —    —    —    — 
Net Income (Loss)  $12,800   $—   $5,257   $—   $(1,951)   $(3,031)  $13,075 
Noncontrolling interests in income (loss) of consolidated subsidiaries  $—   $—   $—   $—   $—   $—   $— 
Net income (loss) attributable to common stockholders  $12,800   $—   $5,257   $—   $(1,951)   $(3,031)  $13,075