New York-based New Residential Investment (NRZ) posted a GAAP income of $80.5 million, or 31 cents per diluted share, for the fourth quarter of 2013.
This is up from $63.1 million, or 24 cents per diluted share, for the third quarter 2013.
Since the company spun off from Newcastle Investment in May 2013, it reported a GAAP income of $228.3 million, or 89 cents per diluted share.
During the fourth quarter the company invested $23 million to fund previously committed pools of excess mortgage-servicing rights related to $21 billion of UPB.
In addition, New Residential sold $577 million face amount of non-agency residential mortgage-backed securities for $399 million, or 69% of par, resulting in a gain of $41 million.
This is on top of the company purchasing $626 million of face for $386 million, or 62% of par.
Back in December 2013, New Residential along with other third-party co-investors entered into an agreement to acquire approximately $3.2 billion of non-agency advances from Nationstar Mortgage, marking the first investment in servicer advances.