| Schedule of carrying value of assets and liabilities immediately preceding the spin-off |
The following table presents the carrying
value of the assets and liabilities of New Residential, immediately preceding the May 15, 2013 spin-off.
| Assets |
|
|
|
| Real estate securities, available-for-sale |
|
$ |
1,647,289 |
|
| Residential mortgage loans, held-for-investment, net |
|
|
35,865 |
|
| Investments in excess mortgage servicing rights at
fair value |
|
|
229,936 |
|
| Investments in equity method investees |
|
|
392,469 |
|
| Cash and cash equivalents |
|
|
181,582 |
|
| Receivables and other assets |
|
|
37,844 |
|
| Total Assets |
|
$ |
2,524,985 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Repurchase agreements |
|
$ |
1,320,360 |
|
| Accrued expenses and other liabilities |
|
|
642 |
|
| Total Liabilities |
|
$ |
1,321,002 |
|
| |
|
|
|
|
| Net Assets |
|
$ |
1,203,983 |
|
|
| Schedule of assets and liabilities of discontinued operations and results of operations from discontinued operations |
Assets and liabilities of discontinued
operations as of December 31, 2012 were as follows:
| Assets |
|
|
|
| Investments in excess mortgage servicing
rights at fair value |
|
$ |
245,036 |
|
| Receivables and other assets |
|
|
33 |
|
| Total assets of discontinued operations |
|
$ |
245,069 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Purchase price payable on investments in excess mortgage
servicing rights |
|
$ |
59 |
|
| Accrued expenses and other liabilities |
|
|
421 |
|
| Total liabilities of discontinued
operations |
|
$ |
480 |
|
Results from discontinued operations were
as follows:
| |
|
Three Months Ended
September
30, |
|
|
Nine Months Ended
September
30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income |
|
$ |
|
|
|
$ |
9,903 |
|
|
$ |
15,095 |
|
|
$ |
16,422 |
|
| Net interest income |
|
|
|
|
|
|
9,903 |
|
|
|
15,095 |
|
|
|
16,422 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other loss |
|
|
(2,386 |
) |
|
|
(2 |
) |
|
|
(2,388 |
) |
|
|
(1 |
) |
| Change in fair value of investments in excess mortgage
servicing rights |
|
|
|
|
|
|
1,774 |
|
|
|
3,894 |
|
|
|
6,513 |
|
| Change in fair value of investments in equity method
investees |
|
|
|
|
|
|
|
|
|
|
885 |
|
|
|
|
|
| Earnings from investments in equity method investees |
|
|
|
|
|
|
|
|
|
|
18,286 |
|
|
|
|
|
| Total other income |
|
|
(2,386 |
) |
|
|
1,772 |
|
|
|
20,677 |
|
|
|
6,512 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Property operating costs |
|
|
|
|
|
|
6 |
|
|
|
12 |
|
|
|
19 |
|
| General and administrative expenses |
|
|
|
|
|
|
695 |
|
|
|
2,417 |
|
|
|
2,208 |
|
| Total expenses |
|
|
|
|
|
|
701 |
|
|
|
2,429 |
|
|
|
2,227 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from discontinued operations |
|
$ |
(2,386 |
) |
|
$ |
10,974 |
|
|
$ |
33,343 |
|
|
$ |
20,707 |
|
|