Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.4.0.3
SEGMENT REPORTING
3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
SEGMENT REPORTING
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 management fees and incentive compensation related to the Management Agreement and (iii) corporate cash and related interest income. Securities owned by New Residential (Note 7) that are collateralized by servicer advances are included in the Servicer Advances segment. Secured corporate loans effectively collateralized by Excess MSRs are included in the Excess MSRs segment.
 
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, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
42,968

 
$
80,967

 
$
45,913

 
$
19,493

 
$
1

 
$
694

 
$
190,036

Interest expense
2,934

 
63,075

 
7,484

 
7,390

 
345

 

 
81,228

Net interest income (expense)
40,034

 
17,892

 
38,429

 
12,103

 
(344
)
 
694

 
108,808

Impairment

 

 
3,254

 
6,745

 

 

 
9,999

Other income
11,693

 
(27,391
)
 
(36,461
)
 
2,873

 
81,193

 
15

 
31,922

Operating expenses
232

 
994

 
461

 
4,334

 
1,604

 
17,391

 
25,016

Income (Loss) Before Income Taxes
51,495

 
(10,493
)
 
(1,747
)
 
3,897

 
79,245

 
(16,682
)
 
105,715

Income tax expense (benefit)

 
(10,002
)
 

 
(221
)
 

 

 
(10,223
)
Net Income (Loss)
$
51,495

 
$
(491
)
 
$
(1,747
)
 
$
4,118

 
$
79,245

 
$
(16,682
)
 
$
115,938

Noncontrolling interests in income (loss) of consolidated subsidiaries
$

 
$
4,202

 
$

 
$

 
$

 
$

 
$
4,202

Net income (loss) attributable to common stockholders
$
51,495

 
$
(4,693
)
 
$
(1,747
)
 
$
4,118

 
$
79,245

 
$
(16,682
)
 
$
111,736


 
Servicing Related Assets
 
Residential Securities and Loans
 
 
 
 
 
 
 
Excess MSRs
 
Servicer Advances
 
Real Estate Securities
 
Real Estate Loans
 
Consumer Loans
 
Corporate
 
Total
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
$
1,756,905

 
$
7,432,012

 
$
3,010,782

 
$
1,014,296

 
$
1,970,565

 
$

 
$
15,184,560

Cash and cash equivalents
919

 
198,116

 
670

 
11,753

 
1,670

 
45,494

 
258,622

Restricted cash
1,235

 
94,525

 

 

 
74,604

 

 
170,364

Other assets
14

 
207,255

 
1,579,924

 
121,524

 
2,050

 
47,464

 
1,958,231

Total assets
$
1,759,073

 
$
7,931,908

 
$
4,591,376

 
$
1,147,573

 
$
2,048,889

 
$
92,958

 
$
17,571,777

Debt
$
181,602

 
$
7,372,351

 
$
2,616,625

 
$
836,370

 
$
1,837,415

 
$

 
$
12,844,363

Other liabilities
437

 
24,625

 
1,469,071

 
21,233

 
12,250

 
120,802

 
1,648,418

Total liabilities
182,039

 
7,396,976

 
4,085,696

 
857,603

 
1,849,665

 
120,802

 
14,492,781

Total equity
1,577,034

 
534,932

 
505,680

 
289,970

 
199,224

 
(27,844
)
 
3,078,996

Noncontrolling interests in equity of consolidated subsidiaries

 
183,754

 

 

 
110,438

 

 
294,192

Total New Residential stockholders’ equity
$
1,577,034

 
$
351,178

 
$
505,680

 
$
289,970

 
$
88,786

 
$
(27,844
)
 
$
2,784,804

Investments in equity method investees
$
209,901

 
$

 
$

 
$

 
$

 
$

 
$
209,901

 

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, 2015













Interest income
$
15,037


$
42,349


$
14,263


$
12,724


$


$


$
84,373

Interest expense
769


23,637


3,480


6,093






33,979

Net interest income (expense)
14,268


18,712


10,783


6,631






50,394

Impairment




1,071


977






2,048

Other income
3,890


(10,727
)

(5,090
)

13,775


10,447




12,295

Operating expenses
88


575


(102
)

6,104


57


15,548


22,270

Income (Loss) Before Income Taxes
18,070

 
7,410

 
4,724

 
13,325

 
10,390

 
(15,548
)

38,371

Income tax expense (benefit)

 
(3,240
)
 

 
(187
)
 

 


(3,427
)
Net Income (Loss)
$
18,070

 
$
10,650

 
$
4,724

 
$
13,512

 
$
10,390

 
$
(15,548
)

$
41,798

Noncontrolling interests in income (loss) of consolidated subsidiaries
$

 
$
5,823

 
$

 
$

 
$

 
$


$
5,823

Net income (loss) attributable to common stockholders
$
18,070

 
$
4,827

 
$
4,724

 
$
13,512

 
$
10,390

 
$
(15,548
)

$
35,975