Exhibit 99.3

SELECTED FINANCIAL INFORMATION

The financial statements of Newcastle Investment Corp. (the “Company”) for the periods ended on and prior to June 30, 2014 that have been previously filed by the Company are presented without giving effect to the reverse stock split approved by the Company’s board of directors on August 6, 2014. As a result of the reverse stock split, the Company is presenting selected financial data for the Company, which reflects the effect of the 3-for-1 reverse common stock split, for (i) the three and six months ended June 30, 2014 and 2013, (ii) the three months ended March 31, 2014 and 2013, and (iii) the years ended December 31, 2013, 2012, 2011, 2010 and 2009.

The selected financial information should be read in conjunction with the Company’s consolidated financial statements and the notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for these periods.

 

     (in thousands, except per share data)  
     Year Ended December 31,  
     2013     2012     2011     2010     2009  

Interest income

    $ 213,715      $ 282,951      $ 291,036      $ 300,272      $ 361,866   

Interest expense

      89,382        109,924        138,035        172,219        218,410   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

      124,333        173,027        153,001        128,053        143,456   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Impairment (Reversal)

      (19,769 )      (5,664 )      1,110        (240,858 )      548,540   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income (loss) after impairment

      144,102        178,691        151,891        368,911        (405,084 ) 

Operating revenues

      87,323        20,075        1,899        1,708        1,547   

Other income

      35,301        262,294        180,495        282,287        227,399   

Expenses

      152,990        66,118        30,327        30,901        33,099   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations before income taxes

      113,736        394,942        303,958        622,005        (209,237 ) 

Income tax expense

      1,038        —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations

      112,698        394,942        303,958        622,005        (209,237 ) 

Preferred dividends

      (5,580 )      (5,580 )      (5,580 )      (7,453 )      (13,501 ) 

Excess of carrying amount of exchanged preferred stock over fair value of consideration paid

      —        —        —        43,043        —   

Net income attributable to noncontrolling interests

      (928 )      —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations, after preferred dividends, excess of carrying amount of exchanged preferred stock over fair value of consideration paid and net income attributable to noncontrolling interest:

    $ 106,190      $ 389,362      $ 298,378      $ 657,595      $ (222,738 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations per share of common stock, after preferred dividends, excess of carrying of exchange preferred stock over fair value of consideration paid and net income attributable to noncontrolling interest.

           

Basic

    $ 1.15      $ 8.10      $ 10.92      $ 32.91      $ (12.64 ) 

Diluted

    $ 1.12      $ 8.01      $ 10.92      $ 32.91      $ (12.64 ) 

Weighted average number of shares of common stock outstanding giving effect to the 3-to-1 reverse stock spilt

           

Basic

      92,294        48,049        27,328        19,983        17,621   

Diluted

      94,437        48,589        27,330        19,983        17,621   

Dividends declared per share of common stock

    $ 1.77      $ 2.52      $ 1.20        —        —   

Total Assets

    $ 4,852,563      $ 3,945,312      $ 3,651,799      $ 3,687,111      $ 3,514,628   

Total Long-term liabilities

    $ 3,017,931      $ 2,781,761      $ 3,419,013      $ 3,922,672      $ 5,147,348   

     (in thousands, except per share data)  
     Three months ended
March 31		     Three months ended June 30     Six months ended June 30  
     2014     2013     2014     2013     2014     2013  

Interest income

    $ 46,452      $ 61,332      $ 29,893      $ 62,824      $ 76,345      $ 124,156   

Interest expense

      35,855        22,710        33,905        21,998        69,760        44,708   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

      10,597        38,622        (4,012 )      40,826        6,585        79,448   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Impairment (Reversal)

      1,246        2,773        1,526        3,201        2,772        5,974   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income (loss) after impairment

      9,351        35,849        (5,538 )      37,625        3,813        73,474   

Other revenues

      121,629        13,500        143,646        14,013        265,275        27,513   

Other income

      15,806        5,770        41,685        8,090        57,491        13,860   

Expenses

      136,563        27,254        146,812        31,586        283,375        58,840   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations before income taxes

      10,223        27,865        32,981        28,142        43,204        56,007   

Income tax expense

      295        —        540        —        835        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations

      9,928        27,865        32,441        28,142        42,369        56,007   

Preferred dividends

      (1,395 )      (1,395 )      (1,395 )      (1,395 )      (2,790 )      (2,790 ) 

Net loss attributable to noncontrolling interests

      661        —        29        —        690        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations, after preferred dividends, excess of carrying amount of exchanged preferred stock over fair value of consideration paid and net income attributable to noncontrolling interest

    $ 9,194      $ 26,470      $ 31,075      $ 26,747      $ 40,269      $ 53,217   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations per share of common stock, after preferred dividends, excess of carrying of exchange preferred stock over fair value of consideration paid and net income attributable to noncontrolling interest.

             

Basic

    $ 0.08      $ 0.34      $ 0.27      $ 0.31      $ 0.34      $ 0.65   

Diluted

    $ 0.08      $ 0.33      $ 0.26      $ 0.30      $ 0.33      $ 0.63   

Weighted average number of shares of common stock outstanding:

             

Basic

      117,151        78,379        117,199        86,409        117,175        82,416   

Diluted

      121,022        80,026        120,954        88,465        120,988        84,269   

Dividends declared per share of common stock

    $ 0.30      $ 0.66      $ 0.30      $ 0.51      $ 0.60      $ 1.17   

Total Assets

    $ 3,520,609      $ 5,196,003      $ 3,264,004      $ 2,845,334      $ 3,264,004      $ 2,845,334   

Total Long-term liabilities

    $ 2,407,218      $ 3,267,363      $ 2,166,522      $ 1,917,657      $ 2,166,522      $ 1,917,657