Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Details)

v3.19.3.a.u2
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]                        
Interest income $ 463,089 $ 448,127 $ 416,047 $ 438,867 $ 451,321 $ 425,524 $ 403,805 $ 383,573 $ 1,766,130 $ 1,664,223 $ 1,519,679  
Interest expense 247,013 245,902 228,004 212,832 185,324 162,806 133,916 124,387 933,751 606,433 460,865  
Net Interest Income 216,076 202,225 188,043 226,035 265,997 262,718 269,889 259,186 832,379 1,057,790 1,058,814  
Impairment 5,593 (5,123) 22,311 12,796 39,315 9,360 16,289 25,677 35,577 90,641 86,092  
Servicing revenue, net 251,793 53,050 (85,537) 165,853 (10,189) 175,355 146,193 217,236 385,159 528,595 424,349  
Gain on originated mortgage loans, held-for-sale, net 180,520 126,747 101,018 67,170 49,091 47,054 0 0 475,455 96,145 0  
Other income (loss) (53,826) 102,640 (25,947) (63,966) (134,477) (84,620) (96,812) 264,524 (41,099) (51,385) 207,786  
Operating expenses 335,803 250,565 201,863 180,387 189,727 192,107 119,753 107,817 968,618 609,404 422,577  
Income (Loss) Before Income Taxes 253,167 239,220 (46,597) 201,909 (58,620) 199,040 183,228 607,452 647,699 931,100 1,182,280  
Income tax (benefit) expense 22,786 (5,440) (21,577) 45,997 (67,474) 3,563 (2,608) (6,912) 41,766 (73,431) 167,628  
Net Income (Loss) 230,381 244,660 (25,020) 155,912 8,854 195,477 185,836 614,364 605,933 1,004,531 1,014,652  
Noncontrolling interests in income (loss) of consolidated subsidiaries 10,658 14,738 6,923 10,318 8,506 10,869 11,078 10,111 42,637 40,564 57,119  
Dividends on Preferred Stock 7,943 5,338 0 0         13,281 0 0  
Net income (loss) attributable to common stockholders 211,780 $ 224,584 $ (31,943) $ 145,594 348 $ 184,608 $ 174,758 $ 604,253 550,015 963,967 957,533  
Investments 34,337,137       23,318,701       34,337,137 23,318,701    
Cash and cash equivalents 528,737       251,058       528,737 251,058    
Restricted cash 162,197       164,020       162,197 164,020    
Other assets 9,805,646       7,932,589       9,805,646 7,932,589    
Goodwill 29,737       24,645       29,737 24,645    
Total assets 44,863,454       31,691,013       44,863,454 31,691,013    
Debt 35,636,373       22,656,235       35,636,373 22,656,235 15,746,530  
Other liabilities 1,990,821       2,946,483       1,990,821 2,946,483    
Total liabilities 37,627,194       25,602,718       37,627,194 25,602,718    
Total equity 7,236,260       6,088,295       7,236,260 6,088,295 4,796,162 $ 3,468,177
Noncontrolling interests in equity of consolidated subsidiaries 78,550       90,625       78,550 90,625    
Total New Residential stockholders’ equity 7,157,710       5,997,670       7,157,710 5,997,670    
Investments in equity method investees 165,848       186,258       165,848 186,258    
Operating Segments | Servicing and Origination                        
Segment Reporting Information [Line Items]                        
Interest income                 606,404 723,965 713,413  
Interest expense                 289,286 242,345 233,587  
Net Interest Income                 317,118 481,620 479,826  
Impairment                 0 0 0  
Servicing revenue, net                 385,159 528,595 424,349  
Gain on originated mortgage loans, held-for-sale, net                 399,912 87,388 0  
Other income (loss)                 (129,032) 14,283 174,561  
Operating expenses                 700,393 360,889 186,330  
Income (Loss) Before Income Taxes                 272,764 750,997 892,406  
Income tax (benefit) expense                 70,729 (8,364) 166,186  
Net Income (Loss)                 202,035 759,361 726,220  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 10,486 3,577 11,227  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 191,549 755,784 714,993  
Investments 8,187,881       6,468,975       8,187,881 6,468,975    
Cash and cash equivalents 428,176       236,871       428,176 236,871    
Restricted cash 129,827       126,401       129,827 126,401    
Other assets 3,875,554       3,510,192       3,875,554 3,510,192    
Goodwill 29,737       24,645       29,737 24,645    
Total assets 12,651,175       10,367,084       12,651,175 10,367,084    
Debt 7,984,192       6,664,335       7,984,192 6,664,335    
Other liabilities 620,221       520,215       620,221 520,215    
Total liabilities 8,604,413       7,184,550       8,604,413 7,184,550    
Total equity 4,046,762       3,182,534       4,046,762 3,182,534    
Noncontrolling interests in equity of consolidated subsidiaries 56,379       60,064       56,379 60,064    
Total New Residential stockholders’ equity 3,990,383       3,122,470       3,990,383 3,122,470    
Investments in equity method investees 165,848       147,964       165,848 147,964    
Operating Segments | Consumer Loans                        
Segment Reporting Information [Line Items]                        
Interest income                 165,877 206,321 263,844  
Interest expense                 32,558 42,563 52,808  
Net Interest Income                 133,319 163,758 211,036  
Impairment                 31,010 48,563 63,165  
Servicing revenue, net                 0 0 0  
Gain on originated mortgage loans, held-for-sale, net                 0 0 0  
Other income (loss)                 (9,999) 9,965 28,075  
Operating expenses                 22,540 35,230 43,552  
Income (Loss) Before Income Taxes                 69,770 89,930 132,394  
Income tax (benefit) expense                 (502) 212 170  
Net Income (Loss)                 70,272 89,718 132,224  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 32,151 36,987 45,892  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 38,121 52,731 86,332  
Investments 827,545       1,110,496       827,545 1,110,496    
Cash and cash equivalents 6,514       8,279       6,514 8,279    
Restricted cash 32,370       37,619       32,370 37,619    
Other assets 78,740       64,802       78,740 64,802    
Goodwill 0       0       0 0    
Total assets 945,169       1,221,196       945,169 1,221,196    
Debt 824,222       1,033,900       824,222 1,033,900    
Other liabilities 16,795       13,572       16,795 13,572    
Total liabilities 841,017       1,047,472       841,017 1,047,472    
Total equity 104,152       173,724       104,152 173,724    
Noncontrolling interests in equity of consolidated subsidiaries 22,171       30,561       22,171 30,561    
Total New Residential stockholders’ equity 81,981       143,163       81,981 143,163    
Investments in equity method investees 0       38,294       0 38,294    
Operating Segments | Origination | Servicing and Origination                        
Segment Reporting Information [Line Items]                        
Interest income                 42,166 12,430 0  
Interest expense                 41,949 10,018 0  
Net Interest Income                 217 2,412 0  
Impairment                 0 0 0  
Servicing revenue, net                 (1,605) (450) 0  
Gain on originated mortgage loans, held-for-sale, net                 397,252 100,160 0  
Other income (loss)                 9,340 2,067 0  
Operating expenses                 258,729 96,724 0  
Income (Loss) Before Income Taxes                 146,475 7,465 0  
Income tax (benefit) expense                 39,768 0 0  
Net Income (Loss)                 106,707 7,465 0  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 6,231 1,599 0  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 100,476 5,866 0  
Investments 1,414,528       608,701       1,414,528 608,701    
Cash and cash equivalents 77,237       40,741       77,237 40,741    
Restricted cash 6,730       4,292       6,730 4,292    
Other assets 250,709       43,412       250,709 43,412    
Goodwill 11,836       11,836       11,836 11,836    
Total assets 1,761,040       708,982       1,761,040 708,982    
Debt 1,304,621       555,423       1,304,621 555,423    
Other liabilities 117,328       468       117,328 468    
Total liabilities 1,421,949       555,891       1,421,949 555,891    
Total equity 339,091       153,091       339,091 153,091    
Noncontrolling interests in equity of consolidated subsidiaries 11,354       7,998       11,354 7,998    
Total New Residential stockholders’ equity 327,737       145,093       327,737 145,093    
Investments in equity method investees 0       0       0 0    
Operating Segments | Servicing | Servicing and Origination                        
Segment Reporting Information [Line Items]                        
Interest income                 34,013 8,148 0  
Interest expense                 1,043 264 0  
Net Interest Income                 32,970 7,884 0  
Impairment                 0 0 0  
Servicing revenue, net                 184,763 63,006 0  
Gain on originated mortgage loans, held-for-sale, net                 1,029 0 0  
Other income (loss)                 5,859 0 0  
Operating expenses                 145,813 52,251 0  
Income (Loss) Before Income Taxes                 78,808 18,639 0  
Income tax (benefit) expense                 21,396 0 0  
Net Income (Loss)                 57,412 18,639 0  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 0 0 0  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 57,412 18,639 0  
Investments 0       0       0 0    
Cash and cash equivalents 32,225       35,886       32,225 35,886    
Restricted cash 15,769       2,416       15,769 2,416    
Other assets 204,723       84,432       204,723 84,432    
Goodwill 12,809       12,809       12,809 12,809    
Total assets 265,526       135,543       265,526 135,543    
Debt 33,412       28,639       33,412 28,639    
Other liabilities 51,264       4,591       51,264 4,591    
Total liabilities 84,676       33,230       84,676 33,230    
Total equity 180,850       102,313       180,850 102,313    
Noncontrolling interests in equity of consolidated subsidiaries 0       0       0 0    
Total New Residential stockholders’ equity 180,850       102,313       180,850 102,313    
Investments in equity method investees 0       0       0 0    
Operating Segments | MSR Related Investments | Servicing and Origination                        
Segment Reporting Information [Line Items]                        
Interest income                 530,225 703,387 713,413  
Interest expense                 246,294 232,063 233,587  
Net Interest Income                 283,931 471,324 479,826  
Impairment                 0 0 0  
Servicing revenue, net                 250,580 476,224 424,349  
Gain on originated mortgage loans, held-for-sale, net                 52,991 4,396 0  
Other income (loss)                 (144,231) 12,216 174,561  
Operating expenses                 344,430 222,099 186,330  
Income (Loss) Before Income Taxes                 98,841 742,061 892,406  
Income tax (benefit) expense                 23,744 (8,364) 166,186  
Net Income (Loss)                 75,097 750,425 726,220  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 4,255 1,978 11,227  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 70,842 748,447 714,993  
Investments 6,773,353       5,860,274       6,773,353 5,860,274    
Cash and cash equivalents 318,714       160,244       318,714 160,244    
Restricted cash 107,328       119,693       107,328 119,693    
Other assets 3,420,122       3,382,348       3,420,122 3,382,348    
Goodwill 5,092       0       5,092 0    
Total assets 10,624,609       9,522,559       10,624,609 9,522,559    
Debt 6,646,159       6,080,273       6,646,159 6,080,273    
Other liabilities 451,629       515,156       451,629 515,156    
Total liabilities 7,097,788       6,595,429       7,097,788 6,595,429    
Total equity 3,526,821       2,927,130       3,526,821 2,927,130    
Noncontrolling interests in equity of consolidated subsidiaries 45,025       52,066       45,025 52,066    
Total New Residential stockholders’ equity 3,481,796       2,875,064       3,481,796 2,875,064    
Investments in equity method investees 165,848       147,964       165,848 147,964    
Operating Segments | Real Estate Securities | Residential Securities and Loans                        
Segment Reporting Information [Line Items]                        
Interest income                 744,145 573,539 431,706  
Interest expense                 453,609 240,615 122,997  
Net Interest Income                 290,536 332,924 308,709  
Impairment                 25,174 30,017 10,334  
Servicing revenue, net                 0 0 0  
Gain on originated mortgage loans, held-for-sale, net                 0 0 0  
Other income (loss)                 20,929 (72,926) (16,371)  
Operating expenses                 3,160 1,554 1,471  
Income (Loss) Before Income Taxes                 283,131 228,427 280,533  
Income tax (benefit) expense                 0 0 0  
Net Income (Loss)                 283,131 228,427 280,533  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 0 0 0  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 283,131 228,427 280,533  
Investments 19,477,728       11,636,581       19,477,728 11,636,581    
Cash and cash equivalents 87,359       49       87,359 49    
Restricted cash 0       0       0 0    
Other assets 5,590,456       4,080,202       5,590,456 4,080,202    
Goodwill 0       0       0 0    
Total assets 25,155,543       15,716,832       25,155,543 15,716,832    
Debt 22,151,110       11,615,364       22,151,110 11,615,364    
Other liabilities 980,415       2,111,868       980,415 2,111,868    
Total liabilities 23,131,525       13,727,232       23,131,525 13,727,232    
Total equity 2,024,018       1,989,600       2,024,018 1,989,600    
Noncontrolling interests in equity of consolidated subsidiaries 0       0       0 0    
Total New Residential stockholders’ equity 2,024,018       1,989,600       2,024,018 1,989,600    
Investments in equity method investees 0       0       0 0    
Operating Segments | Residential Mortgage Loans | Residential Securities and Loans                        
Segment Reporting Information [Line Items]                        
Interest income                 249,673 158,892 110,087  
Interest expense                 158,298 80,910 51,473  
Net Interest Income                 91,375 77,982 58,614  
Impairment                 (20,607) 12,061 12,593  
Servicing revenue, net                 0 0 0  
Gain on originated mortgage loans, held-for-sale, net                 75,543 8,757 0  
Other income (loss)                 75,385 7,699 16,175  
Operating expenses                 52,745 32,424 31,529  
Income (Loss) Before Income Taxes                 210,165 49,953 30,667  
Income tax (benefit) expense                 (28,461) (65,279) 1,272  
Net Income (Loss)                 238,626 115,232 29,395  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 0 0 0  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 238,626 115,232 29,395  
Investments 5,843,983       4,102,649       5,843,983 4,102,649    
Cash and cash equivalents 1,180       927       1,180 927    
Restricted cash 0       0       0 0    
Other assets 174,940       131,282       174,940 131,282    
Goodwill 0       0       0 0    
Total assets 6,020,103       4,234,858       6,020,103 4,234,858    
Debt 4,676,849       3,342,636       4,676,849 3,342,636    
Other liabilities 55,121       8,916       55,121 8,916    
Total liabilities 4,731,970       3,351,552       4,731,970 3,351,552    
Total equity 1,288,133       883,306       1,288,133 883,306    
Noncontrolling interests in equity of consolidated subsidiaries 0       0       0 0    
Total New Residential stockholders’ equity 1,288,133       883,306       1,288,133 883,306    
Investments in equity method investees 0       0       0 0    
Elimination                        
Segment Reporting Information [Line Items]                        
Interest income                 0 0 0  
Interest expense                 0 0 0  
Net Interest Income                 0 0 0  
Impairment                 0 0 0  
Servicing revenue, net                 (48,579) (10,185) 0  
Gain on originated mortgage loans, held-for-sale, net                 (51,360) (17,168) 0  
Other income (loss)                 0 0 0  
Operating expenses                 (48,579) (10,185) 0  
Income (Loss) Before Income Taxes                 (51,360) (17,168) 0  
Income tax (benefit) expense                 (14,179) 0 0  
Net Income (Loss)                 (37,181) (17,168) 0  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 0 0 0  
Dividends on Preferred Stock                 0 0 0  
Net income (loss) attributable to common stockholders                 (37,181) (17,168) 0  
Investments 0       0       0 0    
Cash and cash equivalents 0       0       0 0    
Restricted cash 0       0       0 0    
Other assets 0       0       0 0    
Goodwill 0       0       0 0    
Total assets 0       0       0 0    
Debt 0       0       0 0    
Other liabilities 0       0       0 0    
Total liabilities 0       0       0 0    
Total equity 0       0       0 0    
Noncontrolling interests in equity of consolidated subsidiaries 0       0       0 0    
Total New Residential stockholders’ equity 0       0       0 0    
Investments in equity method investees 0       0       0 0    
Corporate                        
Segment Reporting Information [Line Items]                        
Interest income                 31 1,506 629  
Interest expense                 0 0 0  
Net Interest Income                 31 1,506 629  
Impairment                 0 0 0  
Servicing revenue, net                 0 0 0  
Gain on originated mortgage loans, held-for-sale, net                 0 0 0  
Other income (loss)                 1,618 (10,406) 5,346  
Operating expenses                 189,780 179,307 159,695  
Income (Loss) Before Income Taxes                 (188,131) (188,207) (153,720)  
Income tax (benefit) expense                 0 0 0  
Net Income (Loss)                 (188,131) (188,207) (153,720)  
Noncontrolling interests in income (loss) of consolidated subsidiaries                 0 0 0  
Dividends on Preferred Stock                 13,281 0 0  
Net income (loss) attributable to common stockholders                 (201,412) (188,207) $ (153,720)  
Investments 0       0       0 0    
Cash and cash equivalents 5,508       4,932       5,508 4,932    
Restricted cash 0       0       0 0    
Other assets 85,956       146,111       85,956 146,111    
Goodwill 0       0       0 0    
Total assets 91,464       151,043       91,464 151,043    
Debt 0       0       0 0    
Other liabilities 318,269       291,912       318,269 291,912    
Total liabilities 318,269       291,912       318,269 291,912    
Total equity (226,805)       (140,869)       (226,805) (140,869)    
Noncontrolling interests in equity of consolidated subsidiaries 0       0       0 0    
Total New Residential stockholders’ equity (226,805)       (140,869)       (226,805) (140,869)    
Investments in equity method investees $ 0       $ 0       $ 0 $ 0