INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2015			2014		2013
Current:
Federal	$	(2,737	)	$	3,737	$	—
State and Local	(1,631		)	2,799		—
Total Current Income Tax Expense (Benefit)	(4,368		)	6,536		—
Deferred:
Federal	(2,778		)	12,853		—
State and Local	(3,855		)	3,568		—
Total Deferred Income Tax Expense (Benefit)	(6,633		)	16,421		—
Total Income Tax Expense (Benefit)	$	(11,001	)	$	22,957	$	—

Schedule of Reported Provision for Income Taxes and the U.S. Federal Statutory Rate

The difference between New Residential’s reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:

	December 31,
	2015		2014		2013
Provision at the statutory rate	35.00	%	35.00	%	35.00	%
Non-taxable REIT income	(36.51	)%	(31.12	)%	(35.00	)%
State and local taxes	(1.16	)%	0.69	%	—	%
Other	(1.58	)%	0.37	%	—	%
Total provision	(4.25	)%	4.94	%	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liability are presented below:

	December 31,
	2015			2014
Deferred tax assets:
Servicer Advances	$	144,842		$	—
Allowance for loan losses	136			962
Unrealized mark to market	468			—
Net operating losses	42,944			2,657
Other	6,330			134
Total deferred tax assets	194,720			3,753
Less valuation allowance	(9,409		)	(3,619		)
Net deferred tax assets	$	185,311		$	134
Deferred tax liabilities:
Unrealized	—			(15,248		)
Total deferred tax (liability)	$	—		$	(15,248	)
Net deferred tax assets (liability)	$	185,311		$	(15,114	)

Summary of Changes in Deferred Tax Asset Valuation Allowance

The following table summarizes the change in the deferred tax asset valuation allowance:

Valuation allowance at December 31, 2013	$	493
Increase related to net operating losses and loan loss reserves	3,126
Valuation allowance at December 31, 2014	$	3,619
Increase related to net operating losses and loan loss reserves	6,680
Other increase (decrease)	(890		)
Valuation allowance at December 31, 2015	$	9,409

Schedule of the Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

Balance at December 31, 2013	$	—
Additions for tax positions of the 2013 tax year	2,258
Balance at December 31, 2014	2,258
Additions for tax positions of current year	—
Other additions (reductions)	(2,258		)
Balance at December 31, 2015	$	—

Schedule of Taxable Common Stock Distributions

Common stock distributions were taxable as follows:

Year	Dividends per Share		Ordinary Income		Long-term Capital Gain		Return of Capital
2015	$	1.75	92.92	%	7.08	%	—
2014	$	1.58	84.78	%	15.22	%	—
2013	$	0.99	90.01	%	9.99	%	—