Annual report pursuant to Section 13 and 15(d)

SPIN-OFF OF NEW RESIDENTIAL (Tables)

v2.4.0.8
SPIN-OFF OF NEW RESIDENTIAL (Tables)
 12 Months Ended
Dec. 31, 2013
Spin-Off Of New Residential Tables  
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 of operations from discontinued operations were as follows:
                     
    Year Ended December 31,  
    2013   2012   2011  
                     
Interest Income   $ 15,095   $ 27,508   $ 1,260  
Rental Income     —     —     136  
Total Revenue     15,095     27,508     1,396  
                     
Other gain (loss)     (2,388 )   17,421     428  
Change in fair value of investments in excess mortgage servicing rights     3,894     —     —  
Change in fair value of investments in equity method investees     885     —     —  
Earnings from investments in equity method investees     18,286     —     —  
Total other income     20,677     17,421     428  
                     
Property operating costs     15     26     177  
General and administrative expenses     2,425     5,735     1,086  
Total expenses     2,440     5,761     1,263  
Income from discontinued operations   $ 33,332   $ 39,168   $ 561