Newcastle Investment Corp. (NYSE: NCT) reported that in the fourth quarter of 2012, income available for common stockholders (“GAAP income”) was $56 million, or $0.32 per diluted share, compared to $19 million, or $0.18 per diluted share, in the fourth quarter of 2011.
GAAP income of $56 million consisted of the following:
- $33 million, or $0.19 per diluted share, which is equal to net interest income and other revenues less expenses excluding depreciation and amortization, net of preferred dividends
- $16 million of other income primarily related to an $8 million break-up fee related to the “ResCap” transaction, $3 million related to non-cash mark-to-market gain related to interest rate derivatives in the CDOs, and $3 million related to non-cash mark-to-market gain related to excess MSRs investments
- $12 million of non-cash mark-to-market net gain on loans held for sale and impairment recorded on investments
- Less $5 million of depreciation and amortization