Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events

Subsequent Events

Note 25—Subsequent Events

Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period:

· On November 1, 2013, the Company, through PLS, acquired $10.3 billion in UPB of Fannie Mae MSRs from a third party, with a $62 million co-investment by PMT in the excess servicing spread associated with this MSR portfolio.

· On November 11, 2013, the Company, through PLS, entered into a purchase agreement with a third party to purchase $10.8 billion in UPB of Ginnie Mae MSRs.  The Company expects to enter into an agreement with PMT providing for approximately $86 million of co-investment in the excess servicing spread associated with this MSR portfolio.  The MSR acquisition by PLS and PMT’s co-investment in the excess servicing spread are subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions and approvals. There can be no assurance that the committed amounts will ultimately be acquired or that the transactions will be completed at all.

· On October 1, 2013, the Company filed with the SEC a registration statement on Form S-1, which registers the resale from time to time by certain stockholders of up to 43,973,679 shares of the Company’s Class A common stock, of which 37,863,679 shares are issuable upon the exchange of Class A Units, and 6,110,000 shares are currently held by one of the stockholders.  The registration statement was declared effective by the SEC on October 28, 2013.

· All agreements to repurchase assets that matured between September 30, 2013 and the date of this Report were extended or renewed.