Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN EXCESS MORTGAGE SERVICING RIGHTS EQUITY METHOD INVESTEES (Tables)

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INVESTMENTS IN EXCESS MORTGAGE SERVICING RIGHTS EQUITY METHOD INVESTEES (Tables)
9 Months Ended
Sep. 30, 2013
Investments In Excess Mortgage Servicing Rights Equity Method Investees Tables  
Schedule of investments in excess mortgage servicing rights equity method investees
The following tables summarize the investments in equity method investees held by New Residential at September 30, 2013:
 
       
   
September 30, 2013
 
Excess MSR Assets
  $ 719,780  
Other Assets
    1,991  
Debt
     
Other Liabilities
    (5,707 )
Equity
  $ 716,064  
New Residential’s Investment
  $ 358,032  
New Residential’s Ownership
    50.0 %
 
   
Nine Months Ended September 30, 2013
 
Interest Income
  $ 30,501  
Other Income
    56,483  
Expenses
    (3,502 )
Net Income
  $ 83,482  
 
Schedule of Excess Mortgage Servicing Rights (MSRs) investments made through equity method investees
The following is a summary of New Residential’s Excess MSR investments made through equity method investees:
 
    September 30, 2013  
   
Unpaid
Principal
Balance
   
Investee
 Interest in
 Excess MSR
   
New Residential Interest
in Investees
   
Amortized
Cost Basis (A)
   
Carrying Value (B)
   
Weighted Average Yield
   
Weighted Average Life (Years) (C)
 
MSR Pool 6
  $ 10,585,764       66.7 %     50.0 %   $ 37,957     $ 43,908       12.5 %     4.6  
MSR Pool 6 - Recapture Agreement
          66.7 %     50.0 %     9,653       12,295       12.5 %     10.9  
MSR Pool 7
    33,239,259       66.7 %     50.0 %     101,125       111,962       12.5 %     5.0  
MSR Pool 7 - Recapture Agreement
          66.7 %     50.0 %     20,031       23,785       12.5 %     12.0  
MSR Pool 8
    14,798,521       66.7 %     50.0 %     56,457       58,936       12.5 %     4.8  
MSR Pool 8 - Recapture Agreement
          66.7 %     50.0 %     10,069       12,926       12.5 %     11.9  
MSR Pool 9
    32,068,608       66.7 %     50.0 %     106,141       120,603       12.5 %     4.8  
MSR Pool 9 - Recapture Agreement
          66.7 %     50.0 %     36,107       45,811       12.5 %     11.0  
MSR Pool 10
    59,784,115       77.0 %     50.0 %     202,417       201,571       12.7 %     5.6  
MSR Pool 10 - Recapture Agreement
          77.0 %     50.0 %     12,793       11,343       12.7 %     12.9  
MSR Pool 11
    19,380,729       66.7 %     50.0 %     47,108       53,981       12.5 %     5.3  
MSR Pool 11 - Recapture Agreement
          66.7 %     50.0 %     23,442       22,659       12.5 %     10.2  
    $ 169,856,996                     $ 663,300     $ 719,780       12.6 %     6.2  
 
(A)
Represents the amortized cost basis of the equity method investees in which New Residential holds a 50% interest. The amortized cost basis of the Recapture Agreements is determined based on the relative fair values of the Recapture Agreements and related Excess MSRs at the time they were acquired.
   
(B)
Represents the carrying value of the Excess MSRs held in equity method investees, in which New Residential holds a 50% interest. Carrying value represents the fair value of the pools or Recapture Agreements, as applicable.
   
(C)
The weighted average life represents the weighted average expected timing of the receipt of cash flows of each investment.
Summary of the geographic distribution of the underlying residential mortgage loans of Excess MSRs made through equity method investees
The table below summarizes the geographic distribution of the underlying residential mortgage loans of the Excess MSR investments made through equity method investees at September 30, 2013:
 
       
State Concentration
 
Percentage of Total Outstanding
 
California
    22.1 %
Florida
    8.8 %
New York
    5.3 %
Texas
    5.2 %
Georgia
    4.2 %
New Jersey
    3.8 %
Illinois
    3.5 %
Virginia
    3.1 %
Maryland
    3.1 %
Washington
    2.9 %
Other U.S.
    38.0 %
      100.0 %