Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

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SEGMENT REPORTING
3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
SEGMENT REPORTING

2.     SEGMENT REPORTING

 

New Residential conducts its business through the following segments: (i) direct and indirect investments in Excess MSRs, (ii) investments in real estate securities and loans and (iii) corporate. The corporate segment consists primarily of general and administrative expenses and the allocation of management fees by the stockholder.

 

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:

 

    Excess MSRs    

Real Estate Securities

and Loans

    Corporate     Total  
Three Months Ended March 31, 2013                                
Interest income   $ 10,035     $ 6,156     $ —     $ 16,191  
Interest expense     —       899       —       899  
Net interest income     10,035       5,257       —       15,292  
Other income     2,827       —       —       2,827  
Other operating expenses     62       —       4,982       5,044  
Net income (loss)   $ 12,800     $ 5,257     $ (4,982 )   $ 13,075  

 

 

    Excess MSRs    

Real Estate Securities

and Loans

    Corporate     Total  
March 31, 2013                                
Investments   $ 339,143     $ 1,353,507     $ —     $ 1,692,650  
Other assets     —       450       —       450  
Total assets     339,143       1,353,957       —       1,693,100  
Debt     —       (915,058 )     —       (915,058 )
Other liabilities     (174 )     (87 )     (10,362 )     (10,623 )
Total liabilities     (174 )     (915,145 )     (10,362 )     (925,681 )
GAAP book value   $ 338,969     $ 438,812     $ (10,362 )   $ 767,419  
                                 
Investments in equity method investees at fair value   $ 102,588       —       —     $ 102,588  

 

    Excess MSRs    

Real Estate Securities

and Loans

    Corporate     Total  
Three Months Ended March 31, 2012                                
Interest income   $ 2,037     $ —     $ —     $ 2,037  
Interest expense     —       —       —       —  
Net interest income     2,037       —       —       2,037  
Other income     1,216       —       —       1,216  
Other operating expenses     386       —       179       565  
Net Income (loss)   $ 2,867     $ —     $ (179 )   $ 2,688