Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2014
Income Taxes  


The provision for income taxes consists of the following:


    Three Months Ended March 31,  
    2014     2013  
Federal   $ 217     $ —  
State and Local     70       —  
Total Current Provision     287       —  
Federal     —       —  
State and Local     —       —  
Total Deferred Provision     —       —  
Total Provision for Income Taxes   $ 287     $ —  


New Residential intends to qualify as a REIT for the tax years ending December 31, 2013 and 2014. A REIT is generally not subject to U.S. federal corporate income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. New Residential was a wholly owned subsidiary of Newcastle until May 15, 2013 and, as a qualified REIT subsidiary, was a disregarded entity until such date. As a result, no provision or liability for U.S. federal or state income taxes has been included in the accompanying consolidated financial statements for the three months ended March 31, 2013.


New Residential has made certain investments, particularly its investments in servicer advances (Note 6), through TRSs and is subject to regular corporate income taxes on these investments. New Residential and its TRSs will file income tax returns with the U.S. federal government and various state and local jurisdictions for the tax years ending December 31, 2013 and 2014. Generally, these income tax returns will be subject to tax examinations by tax authorities for a period of three years after the date of filing.