XML 69 R55.htm IDEA: XBRL DOCUMENT v3.20.2
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                
Interest income $ 233,848 $ 448,127 $ 868,419 $ 1,303,041        
Servicing revenue, net (43,929) 53,050 (459,313) 133,366        
Gain on originated mortgage loans, held-for-sale, net 495,098 126,747 984,818 294,935        
Revenues 685,017 627,924 1,393,924 1,731,342        
Interest expense 130,528 245,902 463,786 686,738        
General and administrative expenses 339,042 250,565 926,283 632,815        
Total operating expenses 469,570 496,467 1,390,069 1,319,553        
Other income (loss) 20 102,640 (1,378,038) 12,727        
Impairment 10,735 (5,123) 133,670 29,984        
Income (Loss) Before Income Taxes 204,732 239,220 (1,507,853) 394,532        
Income tax expense (benefit) 100,812 (5,440) (48,647) 18,980        
Net income (loss) 103,920 244,660 (1,459,206) 375,552        
Noncontrolling interests in income (loss) of consolidated subsidiaries 11,640 14,738 34,118 31,979        
Dividends on Preferred Stock 14,359 5,338 39,938 5,338        
Net Income (Loss) Attributable to Common Stockholders 77,921 224,584 (1,533,262) 338,235        
Investments 23,036,611   23,036,611          
Cash and cash equivalents 841,022   841,022          
Restricted cash 180,554   180,554     $ 162,197    
Other assets 6,318,709   6,318,709          
Goodwill 29,468   29,468     29,737    
Total assets 30,406,364   30,406,364     44,863,454    
Debt 22,942,274   22,942,274          
Other liabilities 2,035,459   2,035,459          
Total liabilities 24,977,733   24,977,733     37,627,194    
Total equity 5,428,631 7,262,117 5,428,631 7,262,117 $ 5,388,972 7,236,260 $ 6,800,830 $ 6,088,295
Noncontrolling interests in equity of consolidated subsidiaries 99,437   99,437     78,550    
Total New Residential stockholders’ equity 5,329,194   5,329,194     $ 7,157,710    
Investments in equity method investees 139,351   139,351          
Operating | Servicing and Origination                
Segment Reporting Information [Line Items]                
Interest income 109,356 149,077 351,395 428,293        
Servicing revenue, net (43,929) 53,050 (459,313) 133,366        
Gain on originated mortgage loans, held-for-sale, net 495,098 105,136 978,156 232,536        
Revenues 560,525 307,263 870,238 794,195        
Interest expense 70,717 69,679 208,495 208,048        
General and administrative expenses 296,684 170,444 777,141 459,620        
Total operating expenses 367,401 240,123 985,636 667,668        
Other income (loss) (19,630) (43,142) (266,355) (131,385)        
Impairment 218 0 127 0        
Income (Loss) Before Income Taxes 173,276 23,998 (381,880) (4,858)        
Income tax expense (benefit) 93,030 10,749 15,724 8,474        
Net income (loss) 80,246 13,249 (397,604) (13,332)        
Noncontrolling interests in income (loss) of consolidated subsidiaries 7,452 4,141 10,498 8,873        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 72,794 9,108 (408,102) (22,205)        
Investments 8,597,086   8,597,086          
Cash and cash equivalents 557,228   557,228          
Restricted cash 138,464   138,464          
Other assets 5,027,395   5,027,395          
Goodwill 29,468   29,468          
Total assets 14,349,641   14,349,641          
Debt 8,600,386   8,600,386          
Other liabilities 1,889,872   1,889,872          
Total liabilities 10,490,258   10,490,258          
Total equity 3,859,383   3,859,383          
Noncontrolling interests in equity of consolidated subsidiaries 61,311   61,311          
Total New Residential stockholders’ equity 3,798,072   3,798,072          
Investments in equity method investees 139,351   139,351          
Operating | Consumer Loans                
Segment Reporting Information [Line Items]                
Interest income 29,545 40,331 97,204 128,575        
Servicing revenue, net 0 0 0 0        
Gain on originated mortgage loans, held-for-sale, net 0 0 0 0        
Revenues 29,545 40,331 97,204 128,575        
Interest expense 5,809 7,493 18,691 25,518        
General and administrative expenses 3,361 3,965 10,947 18,396        
Total operating expenses 9,170 11,458 29,638 43,914        
Other income (loss) (5,240) (2,651) (16,007) (10,324)        
Impairment 0 5,863 0 24,599        
Income (Loss) Before Income Taxes 15,135 20,359 51,559 49,738        
Income tax expense (benefit) (1) (643) 130 (542)        
Net income (loss) 15,136 21,002 51,429 50,280        
Noncontrolling interests in income (loss) of consolidated subsidiaries 4,188 10,597 23,620 23,106        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 10,948 10,405 27,809 27,174        
Investments 722,108   722,108          
Cash and cash equivalents 7,195   7,195          
Restricted cash 29,367   29,367          
Other assets 59,968   59,968          
Goodwill 0   0          
Total assets 818,638   818,638          
Debt 681,109   681,109          
Other liabilities 5,425   5,425          
Total liabilities 686,534   686,534          
Total equity 132,104   132,104          
Noncontrolling interests in equity of consolidated subsidiaries 38,126   38,126          
Total New Residential stockholders’ equity 93,978   93,978          
Investments in equity method investees 0   0          
Eliminations                
Segment Reporting Information [Line Items]                
Interest income 0 0 0 0        
Servicing revenue, net (70,595) (19,636) (156,513) (46,549)        
Gain on originated mortgage loans, held-for-sale, net 38,990 (14,892) 26,054 (34,195)        
Revenues (31,605) (34,528) (130,459) (80,744)        
Interest expense 0 0 0 0        
General and administrative expenses (70,595) (19,636) (156,513) (46,549)        
Total operating expenses (70,595) (19,636) (156,513) (46,549)        
Other income (loss) 0 0 0 0        
Impairment 0 0 0 0        
Income (Loss) Before Income Taxes 38,990 (14,892) 26,054 (34,195)        
Income tax expense (benefit) 0 0 0 0        
Net income (loss) 38,990 (14,892) 26,054 (34,195)        
Noncontrolling interests in income (loss) of consolidated subsidiaries 0 0 0 0        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 38,990 (14,892) 26,054 (34,195)        
Investments 0   0          
Cash and cash equivalents 0   0          
Restricted cash 0   0          
Other assets 0   0          
Goodwill 0   0          
Total assets 0   0          
Debt 0   0          
Other liabilities 0   0          
Total liabilities 0   0          
Total equity 0   0          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Total New Residential stockholders’ equity 0   0          
Investments in equity method investees 0   0          
Corporate                
Segment Reporting Information [Line Items]                
Interest income 0 0 0 0        
Servicing revenue, net 0 0 0 0        
Gain on originated mortgage loans, held-for-sale, net 0 0 0 0        
Revenues 0 0 0 0        
Interest expense 19,024 0 27,690 0        
General and administrative expenses 27,706 62,655 83,672 121,730        
Total operating expenses 46,730 62,655 111,362 121,730        
Other income (loss) (56,750) (1,189) (103,519) 4,515        
Impairment 0 0 0 0        
Income (Loss) Before Income Taxes (103,480) (63,844) (214,881) (117,215)        
Income tax expense (benefit) 0 0 0 0        
Net income (loss) (103,480) (63,844) (214,881) (117,215)        
Noncontrolling interests in income (loss) of consolidated subsidiaries 0 0 0 0        
Dividends on Preferred Stock 14,359 5,338 39,938 5,338        
Net Income (Loss) Attributable to Common Stockholders (117,839) (69,182) (254,819) (122,553)        
Investments 0   0          
Cash and cash equivalents 111,154   111,154          
Restricted cash 0   0          
Other assets 32,105   32,105          
Goodwill 0   0          
Total assets 143,259   143,259          
Debt 541,758   541,758          
Other liabilities 84,833   84,833          
Total liabilities 626,591   626,591          
Total equity (483,332)   (483,332)          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Total New Residential stockholders’ equity (483,332)   (483,332)          
Investments in equity method investees 0   0          
Origination | Operating | Servicing and Origination                
Segment Reporting Information [Line Items]                
Interest income 17,407 10,880 43,105 25,744        
Servicing revenue, net (3,767) (548) (6,843) (1,215)        
Gain on originated mortgage loans, held-for-sale, net 445,578 104,126 885,730 228,881        
Revenues 459,218 114,458 921,992 253,410        
Interest expense 10,977 10,359 30,071 24,012        
General and administrative expenses 136,086 67,708 338,760 169,980        
Total operating expenses 147,063 78,067 368,831 193,992        
Other income (loss) 123 (149) 497 808        
Impairment 0 0 0 0        
Income (Loss) Before Income Taxes 312,278 36,242 553,658 60,226        
Income tax expense (benefit) 71,304 9,674 138,304 16,075        
Net income (loss) 240,974 26,568 415,354 44,151        
Noncontrolling interests in income (loss) of consolidated subsidiaries 4,840 2,457 10,542 4,407        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 236,134 24,111 404,812 39,744        
Investments 2,843,720   2,843,720          
Cash and cash equivalents 99,321   99,321          
Restricted cash 3,929   3,929          
Other assets 369,988   369,988          
Goodwill 11,836   11,836          
Total assets 3,328,794   3,328,794          
Debt 2,612,817   2,612,817          
Other liabilities 165,022   165,022          
Total liabilities 2,777,839   2,777,839          
Total equity 550,955   550,955          
Noncontrolling interests in equity of consolidated subsidiaries 18,365   18,365          
Total New Residential stockholders’ equity 532,590   532,590          
Investments in equity method investees 0   0          
Servicing | Operating | Servicing and Origination                
Segment Reporting Information [Line Items]                
Interest income 373 8,847 8,975 23,181        
Servicing revenue, net 111,420 54,646 295,047 146,730        
Gain on originated mortgage loans, held-for-sale, net 346 348 948 681        
Revenues 112,139 63,841 304,970 170,592        
Interest expense 90 264 397 737        
General and administrative expenses 81,767 41,850 220,026 118,329        
Total operating expenses 81,857 42,114 220,423 119,066        
Other income (loss) 0 0 499 0        
Impairment 0 0 0 0        
Income (Loss) Before Income Taxes 30,282 21,727 85,046 51,526        
Income tax expense (benefit) 6,044 5,799 21,244 13,753        
Net income (loss) 24,238 15,928 63,802 37,773        
Noncontrolling interests in income (loss) of consolidated subsidiaries 0 0 0 0        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 24,238 15,928 63,802 37,773        
Investments 0   0          
Cash and cash equivalents 50,942   50,942          
Restricted cash 32,369   32,369          
Other assets 191,398   191,398          
Goodwill 12,540   12,540          
Total assets 287,249   287,249          
Debt 6,669   6,669          
Other liabilities 63,657   63,657          
Total liabilities 70,326   70,326          
Total equity 216,923   216,923          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Total New Residential stockholders’ equity 216,923   216,923          
Investments in equity method investees 0   0          
MSR Related Investments | Operating | Servicing and Origination                
Segment Reporting Information [Line Items]                
Interest income 91,576 129,350 299,315 379,368        
Servicing revenue, net (80,987) 18,588 (591,004) 34,400        
Gain on originated mortgage loans, held-for-sale, net 10,184 15,554 65,424 37,169        
Revenues 20,773 163,492 (226,265) 450,937        
Interest expense 59,650 59,056 178,027 183,299        
General and administrative expenses 149,426 80,522 374,868 217,860        
Total operating expenses 209,076 139,578 552,895 401,159        
Other income (loss) (19,753) (42,993) (267,351) (132,193)        
Impairment 218 0 127 0        
Income (Loss) Before Income Taxes (208,274) (19,079) (1,046,638) (82,415)        
Income tax expense (benefit) 15,682 (4,724) (143,824) (21,354)        
Net income (loss) (223,956) (14,355) (902,814) (61,061)        
Noncontrolling interests in income (loss) of consolidated subsidiaries 2,612 1,684 (44) 4,466        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders (226,568) (16,039) (902,770) (65,527)        
Investments 5,753,366   5,753,366          
Cash and cash equivalents 406,965   406,965          
Restricted cash 102,166   102,166          
Other assets 4,466,009   4,466,009          
Goodwill 5,092   5,092          
Total assets 10,733,598   10,733,598          
Debt 5,980,900   5,980,900          
Other liabilities 1,661,193   1,661,193          
Total liabilities 7,642,093   7,642,093          
Total equity 3,091,505   3,091,505          
Noncontrolling interests in equity of consolidated subsidiaries 42,946   42,946          
Total New Residential stockholders’ equity 3,048,559   3,048,559          
Investments in equity method investees 139,351   139,351          
Real Estate Securities | Operating | Residential Securities and Loans                
Segment Reporting Information [Line Items]                
Interest income 61,034 184,933 278,702 557,895        
Servicing revenue, net 0 0 0 0        
Gain on originated mortgage loans, held-for-sale, net 0 0 0 0        
Revenues 61,034 184,933 278,702 557,895        
Interest expense 15,652 123,023 141,340 330,992        
General and administrative expenses 930 1,839 8,128 4,124        
Total operating expenses 16,582 124,862 149,468 335,116        
Other income (loss) 36,941 116,081 (881,261) 31,677        
Impairment (3,849) 5,567 15,166 21,942        
Income (Loss) Before Income Taxes 85,242 170,585 (767,193) 232,514        
Income tax expense (benefit) 0 0 0 0        
Net income (loss) 85,242 170,585 (767,193) 232,514        
Noncontrolling interests in income (loss) of consolidated subsidiaries 0 0 0 0        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 85,242 170,585 (767,193) 232,514        
Investments 10,830,067   10,830,067          
Cash and cash equivalents 160,764   160,764          
Restricted cash 12,723   12,723          
Other assets 1,005,847   1,005,847          
Goodwill 0   0          
Total assets 12,009,401   12,009,401          
Debt 10,877,414   10,877,414          
Other liabilities 9,633   9,633          
Total liabilities 10,887,047   10,887,047          
Total equity 1,122,354   1,122,354          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Total New Residential stockholders’ equity 1,122,354   1,122,354          
Investments in equity method investees 0   0          
Residential Mortgage Loans | Operating | Residential Securities and Loans                
Segment Reporting Information [Line Items]                
Interest income 33,913 73,786 141,118 188,278        
Servicing revenue, net 0 0 0 0        
Gain on originated mortgage loans, held-for-sale, net 0 21,611 6,662 62,399        
Revenues 33,913 95,397 147,780 250,677        
Interest expense 19,326 45,707 67,570 122,180        
General and administrative expenses 10,361 11,662 46,395 28,945        
Total operating expenses 29,687 57,369 113,965 151,125        
Other income (loss) 44,699 33,541 (110,896) 118,244        
Impairment 14,366 (16,553) 118,377 (16,557)        
Income (Loss) Before Income Taxes 34,559 88,122 (195,458) 234,353        
Income tax expense (benefit) 7,783 (15,546) (64,501) 11,048        
Net income (loss) 26,776 103,668 (130,957) 223,305        
Noncontrolling interests in income (loss) of consolidated subsidiaries 0 0 0 0        
Dividends on Preferred Stock 0 0 0 0        
Net Income (Loss) Attributable to Common Stockholders 26,776 $ 103,668 (130,957) $ 223,305        
Investments 2,887,350   2,887,350          
Cash and cash equivalents 4,681   4,681          
Restricted cash 0   0          
Other assets 193,394   193,394          
Goodwill 0   0          
Total assets 3,085,425   3,085,425          
Debt 2,241,607   2,241,607          
Other liabilities 45,696   45,696          
Total liabilities 2,287,303   2,287,303          
Total equity 798,122   798,122          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Total New Residential stockholders’ equity 798,122   798,122          
Investments in equity method investees $ 0   $ 0