INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2014		2013
Current:
Federal	$	3,737	$	—
State and Local	2,799		—
Total Current Provision	6,536		—
Deferred:
Federal	12,853		—
State and Local	3,568		—
Total Deferred Provision	16,421		—
Total Provision for Income Taxes	$	22,957	$	—

Schedule of Reported Provision for Income Taxes and the U.S. Federal Statutory Rate

The difference between New Residential's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:

	December 31,
	2014		2013
Provision at the statutory rate	35.00	%	35.00	%
Non-taxable REIT income	(31.12	)%	(35.00	)%
State and local taxes	0.69	%	—	%
Other	0.37	%	—	%
Total provision	4.94	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax liability as of December 31, 2014 are presented below:

Deferred tax assets:
Allowance for loan losses	$	962
Net operating losses	2,657
Other	134
Total deferred tax assets	3,753
Less valuation allowance	(3,619		)
Net deferred tax assets	$	134

Deferred tax liabilities:
Unrealized gains on servicer advances	$	15,248
Total deferred tax liability	$	15,248
Net deferred tax liability	$	15,114

Summary of Changes in Deferred Tax Asset Valuation Allowance

The following table summarizes the change in the deferred tax asset valuation allowance:

Valuation allowance at December 31, 2013	$	493
Increase related to net operating losses and loan loss reserves	3,126
Other increase (decrease)	—
Valuation allowance at December 31, 2014	$	3,619

Summary of the Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

Balance at December 31, 2013	$	—
Additions for tax position of current year	2,258
Other Additions (Reductions)	—
Balance at December 31, 2014	$	2,258

Schedule of Taxable Common Stock Distributions

Common stock distributions were taxable as follows:

Year	Dividends per Share		Ordinary Income		Long-term Capital Gain		Return of Capital
2014	$	1.58	84.78	%	15.22	%	—
2013	$	0.99	90.01	%	9.99	%	—