INVESTMENTS IN EXCESS MORTGAGE SERVICING RIGHTS AT FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2014

Investments In Excess Mortgage Servicing Rights At Fair Value Tables

Schedule of direct investment in Excess Mortgage Servicing Rights (MSRs)

The following is a summary of New Residential’s direct investments in Excess MSRs:

	March 31, 2014														Three Months Ended March 31, 2014
	Unpaid Principal Balance (“UPB”) of Underlying Mortgages		Interest in Excess MSR			Amortized Cost Basis (A)		Carrying Value (B)		Weighted Average Yield			Weighted Average Life (Years) (C)		Changes in Fair Value Recorded in Other Income (D)
MSR Pool 1	$	6,626,389		65.0	%	$	25,600	$	35,442		12.5	%		5.3	$	(114	)
MSR Pool 1 - Recapture Agreement		—		65.0	%		517		6,019		12.5	%		12.1		(209	)
MSR Pool 2		7,689,490		65.0	%		29,395		34,389		12.5	%		5.5		(22	)
MSR Pool 2 - Recapture Agreement		—		65.0	%		696		5,969		12.5	%		12.7		(62	)
MSR Pool 3		7,595,633		65.0	%		24,015		31,830		12.5	%		5.2		(449	)
MSR Pool 3 - Recapture Agreement		—		65.0	%		2,237		6,065		12.5	%		12.3		(81	)
MSR Pool 4		4,940,045		65.0	%		9,581		13,605		12.5	%		4.9		77
MSR Pool 4 - Recapture Agreement		—		65.0	%		2,144		3,897		12.5	%		12.1		(51	)
MSR Pool 5 (E)		35,823,960		80.0	%		115,186		141,967		12.5	%		5.4		3,691
MSR Pool 5 - Recapture Agreement		—		80.0	%		9,193		5,735		12.5	%		13.2		163
MSR Pool 11		444,667		66.7	%		2,059		2,369		12.5	%		6.6		321
MSR Pool 11 - Recapture Agreement		—		66.7	%		254		280		12.5	%		14.0		45
MSR Pool 12 (E)		4,998,929		40.0	%		15,519		17,180		12.5	%		4.5		1,601
MSR Pool 12 - Recapture Agreement		—		40.0	%		467		328		12.5	%		13.0		94
MSR Pool 17 (E)		8,096,439		33.3	%		18,112		18,471		12.5	%		5.2		359
MSR Pool 17 - Recapture Agreement		—		33.3	%		1,123		598		12.5	%		13.0		(526	)
MSR Pool 18 (E)		8,463,426		40.0	%		15,157		16,785		12.5	%		4.6		1,624
MSR Pool 18 - Recapture Agreement		—		40.0	%		1,127		775		12.5	%		12.6		141
	$	84,678,978				$	272,382	$	341,704		12.5	%		5.8	$	6,602

(A)	The amortized cost basis of the Recapture Agreements is determined based on the relative fair values of the Recapture Agreements and related Excess MSRs at the time they were acquired.
(B)	Carrying Value represents the fair value of the pools or Recapture Agreements, as applicable.
(C)	Weighted Average Life represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(D)	The portion of the change in fair value of the Recapture Agreements relating to loans recaptured to date is reflected in the respective pool.
(E)	Pool in which New Residential also invested in related servicer advances, including the basic fee component of the related MSR as of March 31, 2014 (Note 6).

Summary of the geographic distribution of the underlying residential mortgage loans of the direct investment in Excess MSRs

The table below summarizes the geographic distribution of the underlying residential mortgage loans of the direct investments in Excess MSRs as of March 31, 2014:

State Concentration	Percentage of UPB
California		30.6	%
Florida		9.2	%
New York		4.6	%
Washington		4.1	%
Maryland		4.1	%
Texas		3.9	%
Virginia		3.8	%
Arizona		3.7	%
New Jersey		3.3	%
Colorado		3.0	%
Other U.S.		29.7	%
		100.0	%