| 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
|
|
|
Six Months Ended
|
|
| |
|
June 30
|
|
|
June 30
|
|
| |
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
$ |
5,060 |
|
|
$ |
4,482 |
|
|
$ |
15,095 |
|
|
$ |
6,519 |
|
|
Net interest income
|
|
|
5,060 |
|
|
|
4,482 |
|
|
|
15,095 |
|
|
|
6,519 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (loss)
|
|
|
(2 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
1 |
|
|
Change in fair value of investments in excess mortgage servicing rights
|
|
|
2,036 |
|
|
|
3,523 |
|
|
|
3,894 |
|
|
|
4,739 |
|
|
Change in fair value of investments in equity method investees
|
|
|
(84 |
) |
|
|
— |
|
|
|
885 |
|
|
|
— |
|
|
Earnings from investments in equity method investees
|
|
|
18,286 |
|
|
|
— |
|
|
|
18,286 |
|
|
|
— |
|
|
Total other income
|
|
|
20,236 |
|
|
|
3,525 |
|
|
|
23,063 |
|
|
|
4,740 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating costs
|
|
|
5 |
|
|
|
6 |
|
|
|
12 |
|
|
|
13 |
|
|
General and administrative expenses
|
|
|
(290 |
) |
|
|
1,381 |
|
|
|
2,417 |
|
|
|
1,513 |
|
|
Total expenses
|
|
|
(285 |
) |
|
|
1,387 |
|
|
|
2,429 |
|
|
|
1,526 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
$ |
25,581 |
|
|
$ |
6,620 |
|
|
$ |
35,729 |
|
|
$ |
9,733 |
|
|