Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Details)

v3.20.4
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]        
Interest income $ 1,102,537 $ 1,766,130 $ 1,664,223  
Servicing revenue, net (555,041) 385,159 528,595  
Gain on originated mortgage loans, held-for-sale, net 1,399,092 460,107 86,065  
Revenues 1,946,588 2,611,396 2,278,883  
Interest expense 584,469 933,751 606,433  
G&A and other 1,209,221 953,335 599,380  
Total operating expenses 1,793,690 1,887,086 1,205,813  
Change in fair value of investments (437,126) (307,396) (136,212)  
Gain (loss) on settlement of investments, net (930,131) 227,981 96,064  
Other income (loss), net (2,797) 38,381 (11,181)  
Total other income (loss) (1,370,054) (41,034) (51,329)  
Impairment 123,612 35,577 90,641  
Income (Loss) Before Income Taxes (1,340,768) 647,699 931,100  
Income tax (benefit) expense 16,916 41,766 (73,431)  
Net Income (Loss) (1,357,684) 605,933 1,004,531  
Noncontrolling interests in income (loss) of consolidated subsidiaries 52,674 42,637 40,564  
Dividends on preferred stock 54,295 13,281 0  
Net income (loss) attributable to common stockholders (1,464,653) 550,015 963,967  
Investments 26,441,337 34,337,137    
Cash and cash equivalents 944,854 528,737    
Restricted cash 135,619 162,197    
Other assets 5,700,836 9,805,646    
Goodwill 29,468 29,737    
Total assets 33,252,114 44,863,454    
Debt 25,733,391 35,636,373    
Other liabilities 2,089,039 1,990,821    
Total liabilities 27,822,430 37,627,194    
Total equity 5,429,684 7,236,260 6,088,295 $ 4,796,162
Noncontrolling interests in equity of consolidated subsidiaries 108,668 78,550    
Total New Residential stockholders’ equity 5,321,016 7,157,710    
Investments in equity method investees 129,873 165,848    
Operating Segments        
Segment Reporting Information [Line Items]        
Debt 25,191,875 35,636,373 22,656,235  
Operating Segments | Servicing and Origination        
Segment Reporting Information [Line Items]        
Interest income 446,146 606,404 723,965  
Servicing revenue, net (555,041) 385,159 528,595  
Gain on originated mortgage loans, held-for-sale, net 1,400,552 384,564 77,308  
Revenues 1,291,657 1,376,127 1,329,868  
Interest expense 279,790 289,286 242,345  
G&A and other 1,018,488 685,110 350,865  
Total operating expenses 1,298,278 974,396 593,210  
Change in fair value of investments (298,126) (182,440) (108,081)  
Gain (loss) on settlement of investments, net (16,713) 8,030 121,814  
Other income (loss), net 38,385 45,443 606  
Total other income (loss) (276,454) (128,967) 14,339  
Impairment 141 0 0  
Income (Loss) Before Income Taxes (283,216) 272,764 750,997  
Income tax (benefit) expense 81,352 70,729 (8,364)  
Net Income (Loss) (364,568) 202,035 759,361  
Noncontrolling interests in income (loss) of consolidated subsidiaries 16,516 10,486 3,577  
Dividends on preferred stock 0 0 0  
Net income (loss) attributable to common stockholders (381,084) 191,549 755,784  
Investments 8,481,865 8,187,881    
Cash and cash equivalents 595,500 428,176    
Restricted cash 92,867 129,827    
Other assets 5,296,601 3,875,554    
Goodwill 29,468 29,737    
Total assets 14,496,301 12,651,175    
Debt 8,702,958 7,984,192    
Other liabilities 1,908,778 620,221    
Total liabilities 10,611,736 8,604,413    
Total equity 3,884,565 4,046,762    
Noncontrolling interests in equity of consolidated subsidiaries 63,284 56,379    
Total New Residential stockholders’ equity 3,821,281 3,990,383    
Investments in equity method investees 129,873 165,848    
Operating Segments | Consumer Loans        
Segment Reporting Information [Line Items]        
Interest income 124,512 165,877 206,321  
Servicing revenue, net 0 0 0  
Gain on originated mortgage loans, held-for-sale, net 0 0 0  
Revenues 124,512 165,877 206,321  
Interest expense 22,587 32,558 42,563  
G&A and other 10,301 22,540 35,230  
Total operating expenses 32,888 55,098 77,793  
Change in fair value of investments (6,384) 0 0  
Gain (loss) on settlement of investments, net (4,183) (8,425) 0  
Other income (loss), net 814 (1,574) 9,965  
Total other income (loss) (9,753) (9,999) 9,965  
Impairment 0 31,010 48,563  
Income (Loss) Before Income Taxes 81,871 69,770 89,930  
Income tax (benefit) expense 779 (502) 212  
Net Income (Loss) 81,092 70,272 89,718  
Noncontrolling interests in income (loss) of consolidated subsidiaries 36,158 32,151 36,987  
Dividends on preferred stock 0 0 0  
Net income (loss) attributable to common stockholders 44,934 38,121 52,731  
Investments 685,575 827,545    
Cash and cash equivalents 3,182 6,514    
Restricted cash 27,004 32,370    
Other assets 38,465 78,740    
Goodwill 0 0    
Total assets 754,226 945,169    
Debt 628,759 824,222    
Other liabilities 622 16,795    
Total liabilities 629,381 841,017    
Total equity 124,845 104,152    
Noncontrolling interests in equity of consolidated subsidiaries 45,384 22,171    
Total New Residential stockholders’ equity 79,461 81,981    
Investments in equity method investees 0 0    
Operating Segments | Origination | Servicing and Origination        
Segment Reporting Information [Line Items]        
Interest income 63,160 42,166 12,430  
Servicing revenue, net (11,519) (1,605) (450)  
Gain on originated mortgage loans, held-for-sale, net 1,289,584 390,981 98,987  
Revenues 1,341,225 431,542 110,967  
Interest expense 45,676 41,949 10,018  
G&A and other 494,398 252,458 95,551  
Total operating expenses 540,074 294,407 105,569  
Change in fair value of investments 0 0 0  
Gain (loss) on settlement of investments, net 0 0 0  
Other income (loss), net 433 9,340 2,067  
Total other income (loss) 433 9,340 2,067  
Impairment 0 0 0  
Income (Loss) Before Income Taxes 801,584 146,475 7,465  
Income tax (benefit) expense 211,359 39,768 1,916  
Net Income (Loss) 590,225 106,707 5,549  
Noncontrolling interests in income (loss) of consolidated subsidiaries 15,625 6,231 1,599  
Dividends on preferred stock 0 0 0  
Net income (loss) attributable to common stockholders 574,600 100,476 3,950  
Investments 2,947,113 1,414,528    
Cash and cash equivalents 123,124 77,237    
Restricted cash 14,826 6,730    
Other assets 551,910 250,709    
Goodwill 11,836 11,836    
Total assets 3,648,809 1,761,040    
Debt 2,700,962 1,304,621    
Other liabilities 298,106 117,328    
Total liabilities 2,999,068 1,421,949    
Total equity 649,741 339,091    
Noncontrolling interests in equity of consolidated subsidiaries 19,402 11,354    
Total New Residential stockholders’ equity 630,339 327,737    
Investments in equity method investees 0 0    
Operating Segments | Servicing | Servicing and Origination        
Segment Reporting Information [Line Items]        
Interest income 8,288 34,013 8,148  
Servicing revenue, net 417,438 209,982 75,388  
Gain on originated mortgage loans, held-for-sale, net 1,722 1,029 0  
Revenues 427,448 245,024 83,536  
Interest expense 495 1,043 264  
G&A and other 294,594 170,516 64,633  
Total operating expenses 295,089 171,559 64,897  
Change in fair value of investments 0 0 0  
Gain (loss) on settlement of investments, net 0 0 0  
Other income (loss), net 499 5,343 0  
Total other income (loss) 499 5,343 0  
Impairment 0 0 0  
Income (Loss) Before Income Taxes 132,858 78,808 18,639  
Income tax (benefit) expense 32,810 21,396 4,785  
Net Income (Loss) 100,048 57,412 13,854  
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 100,048 57,412 13,854  
Investments 0 0    
Cash and cash equivalents 59,798 32,225    
Restricted cash 49,913 15,769    
Other assets 206,646 204,723    
Goodwill 12,540 12,809    
Total assets 328,897 265,526    
Debt 3,285 33,412    
Other liabilities 89,713 51,264    
Total liabilities 92,998 84,676    
Total equity 235,899 180,850    
Noncontrolling interests in equity of consolidated subsidiaries 0 0    
Total New Residential stockholders’ equity 235,899 180,850    
Investments in equity method investees 0 0    
Operating Segments | MSR Related Investments | Servicing and Origination        
Segment Reporting Information [Line Items]        
Interest income 374,698 530,225 703,387  
Servicing revenue, net (743,987) 225,361 463,842  
Gain on originated mortgage loans, held-for-sale, net 69,714 43,914 (4,511)  
Revenues (299,575) 799,500 1,162,718  
Interest expense 233,619 246,294 232,063  
G&A and other 446,469 310,715 200,866  
Total operating expenses 680,088 557,009 432,929  
Change in fair value of investments (298,126) (182,440) (108,081)  
Gain (loss) on settlement of investments, net (16,713) 8,030 121,814  
Other income (loss), net 37,453 30,760 (1,461)  
Total other income (loss) (277,386) (143,650) 12,272  
Impairment 141 0 0  
Income (Loss) Before Income Taxes (1,257,190) 98,841 742,061  
Income tax (benefit) expense (162,817) 9,565 (15,065)  
Net Income (Loss) (1,094,373) 89,276 757,126  
Noncontrolling interests in income (loss) of consolidated subsidiaries 891 4,255 1,978  
Dividends on preferred stock 0 0 0  
Net income (loss) attributable to common stockholders (1,095,264) 85,021 755,148  
Investments 5,534,752 6,773,353    
Cash and cash equivalents 412,578 318,714    
Restricted cash 28,128 107,328    
Other assets 4,538,045 3,420,122    
Goodwill 5,092 5,092    
Total assets 10,518,595 10,624,609    
Debt 5,998,711 6,646,159    
Other liabilities 1,520,959 451,629    
Total liabilities 7,519,670 7,097,788    
Total equity 2,998,925 3,526,821    
Noncontrolling interests in equity of consolidated subsidiaries 43,882 45,025    
Total New Residential stockholders’ equity 2,955,043 3,481,796    
Investments in equity method investees 129,873 165,848    
Operating Segments | Real Estate Securities | Residential Securities and Loans        
Segment Reporting Information [Line Items]        
Interest income 355,916 744,145 573,539  
Servicing revenue, net 0 0 0  
Gain on originated mortgage loans, held-for-sale, net (13,398) 0 0  
Revenues 342,518 744,145 573,539  
Interest expense 157,371 453,609 240,615  
G&A and other 7,639 3,160 1,554  
Total operating expenses 165,010 456,769 242,169  
Change in fair value of investments (25,012) (54,042) (97,951)  
Gain (loss) on settlement of investments, net (828,525) 74,927 25,497  
Other income (loss), net 2,333 44 (472)  
Total other income (loss) (851,204) 20,929 (72,926)  
Impairment 13,404 25,174 30,017  
Income (Loss) Before Income Taxes (687,100) 283,131 228,427  
Income tax (benefit) expense 0 0 0  
Net Income (Loss) (687,100) 283,131 228,427  
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 (687,100) 283,131 228,427  
Investments 14,244,558 19,477,728    
Cash and cash equivalents 222,372 87,359    
Restricted cash 15,652 0    
Other assets 232,837 5,590,456    
Goodwill 0 0    
Total assets 14,715,419 25,155,543    
Debt 13,473,239 22,151,110    
Other liabilities 20,863 980,415    
Total liabilities 13,494,102 23,131,525    
Total equity 1,221,317 2,024,018    
Noncontrolling interests in equity of consolidated subsidiaries 0 0    
Total New Residential stockholders’ equity 1,221,317 2,024,018    
Investments in equity method investees 0 0    
Operating Segments | Residential Mortgage Loans | Residential Securities and Loans        
Segment Reporting Information [Line Items]        
Interest income 175,963 249,673 158,892  
Servicing revenue, net 0 0 0  
Gain on originated mortgage loans, held-for-sale, net 11,938 75,543 8,757  
Revenues 187,901 325,216 167,649  
Interest expense 87,958 158,298 80,910  
G&A and other 62,900 52,745 32,424  
Total operating expenses 150,858 211,043 113,334  
Change in fair value of investments (107,604) (70,914) 69,820  
Gain (loss) on settlement of investments, net (19,655) 153,449 (51,757)  
Other income (loss), net (3,220) (7,150) (10,364)  
Total other income (loss) (130,479) 75,385 7,699  
Impairment 110,067 (20,607) 12,061  
Income (Loss) Before Income Taxes (203,503) 210,165 49,953  
Income tax (benefit) expense (65,215) (28,461) (65,279)  
Net Income (Loss) (138,288) 238,626 115,232  
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 (138,288) 238,626 115,232  
Investments 3,029,339 5,843,983    
Cash and cash equivalents 7,472 1,180    
Restricted cash 96 0    
Other assets 86,762 174,940    
Goodwill 0 0    
Total assets 3,123,669 6,020,103    
Debt 2,386,919 4,676,849    
Other liabilities 28,577 55,121    
Total liabilities 2,415,496 4,731,970    
Total equity 708,173 1,288,133    
Noncontrolling interests in equity of consolidated subsidiaries 0 0    
Total New Residential stockholders’ equity 708,173 1,288,133    
Investments in equity method investees 0 0    
Elimination        
Segment Reporting Information [Line Items]        
Interest income 0 0 0  
Servicing revenue, net (216,973) (48,579) (10,185)  
Gain on originated mortgage loans, held-for-sale, net 39,532 (51,360) (17,168)  
Revenues (177,441) (99,939) (27,353)  
Interest expense 0 0 0  
G&A and other (216,973) (48,579) (10,185)  
Total operating expenses (216,973) (48,579) (10,185)  
Change in fair value of investments 0 0 0  
Gain (loss) on settlement of investments, net 0 0 0  
Other income (loss), net 0 0 0  
Total other income (loss) 0 0 0  
Impairment 0 0 0  
Income (Loss) Before Income Taxes 39,532 (51,360) (17,168)  
Income tax (benefit) expense 0 0 0  
Net Income (Loss) 39,532 (51,360) (17,168)  
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 39,532 (51,360) (17,168)  
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 31 1,506  
Servicing revenue, net 0 0 0  
Gain on originated mortgage loans, held-for-sale, net 0 0 0  
Revenues 0 31 1,506  
Interest expense 36,763 0 0  
G&A and other 109,893 189,780 179,307  
Total operating expenses 146,656 189,780 179,307  
Change in fair value of investments 0 0 0  
Gain (loss) on settlement of investments, net (61,055) 0 510  
Other income (loss), net (41,109) 1,618 (10,916)  
Total other income (loss) (102,164) 1,618 (10,406)  
Impairment 0 0 0  
Income (Loss) Before Income Taxes (248,820) (188,131) (188,207)  
Income tax (benefit) expense 0 0 0  
Net Income (Loss) (248,820) (188,131) (188,207)  
Noncontrolling interests in income (loss) of consolidated subsidiaries 0 0 0  
Dividends on preferred stock 54,295 13,281 0  
Net income (loss) attributable to common stockholders (303,115) (201,412) $ (188,207)  
Investments 0 0    
Cash and cash equivalents 116,328 5,508    
Restricted cash 0 0    
Other assets 46,171 85,956    
Goodwill 0 0    
Total assets 162,499 91,464    
Debt 541,516 0    
Other liabilities 130,199 318,269    
Total liabilities 671,715 318,269    
Total equity (509,216) (226,805)    
Noncontrolling interests in equity of consolidated subsidiaries 0 0    
Total New Residential stockholders’ equity (509,216) (226,805)    
Investments in equity method investees $ 0 $ 0