| DEBT OBLIGATIONS |
8. DEBT OBLIGATIONS
The following table presents certain information regarding New Residential’s debt obligations at September 30, 2013:
| |
|
Collateral
|
|
|
Repurchase Agreements (A)
|
Month Issued
|
|
Outstanding Face
|
|
|
Carrying Value
|
|
Final Stated Maturity
|
|
Weighted Average Funding Cost
|
|
|
Weighted Average
Life (Years)
|
|
|
Outstanding Face
|
|
|
Amortized Cost Basis
|
|
|
Carrying Value
|
|
|
Weighted Average Life (Years)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency ARM RMBS (B)(C)
|
Various
|
|
$ |
1,071,587 |
|
|
$ |
1,071,587 |
|
Dec-13
|
|
|
0.36 |
% |
|
|
0.1 |
|
|
$ |
1,067,063 |
|
|
$ |
1,130,533 |
|
|
$ |
1,124,451 |
|
|
|
2.9 |
|
|
Non-Agency RMBS (C) (D) (E)
|
Various
|
|
|
53,475 |
|
|
|
53,475 |
|
Oct-13
|
|
|
1.84 |
% |
|
|
0.1 |
|
|
|
100,411 |
|
|
|
77,108 |
|
|
|
75,667 |
|
|
|
5.3 |
|
|
Non-Agency RMBS term repurchase agreement (E) (F)
|
Aug-13
|
|
|
342,872 |
|
|
|
342,872 |
|
Aug-14
|
|
|
2.43 |
% |
|
|
0.8 |
|
|
|
729,299 |
|
|
|
465,126 |
|
|
|
489,876 |
|
|
|
4.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
$ |
1,467,934 |
|
|
$ |
1,467,934 |
|
|
|
|
0.90 |
% |
|
|
0.3 |
|
|
$ |
1,896,773 |
|
|
$ |
1,672,767 |
|
|
$ |
1,689,994 |
|
|
|
3.5 |
|
|
(A)
|
These repurchase agreements had approximately $0.1 million of associated accrued interest payable at September 30, 2013.
|
| |
|
|
(B)
|
The counterparties of these repurchase agreements are Goldman Sachs $45.9 million, Barclays $287.7 million, Nomura $229.0 million, Citi $133.0 million, Morgan Stanley $97.1 million and Daiwa $278.9 million and were subject to customary margin call provisions.
|
| |
|
|
(C)
|
All of the repurchase agreements that matured during October 2013 were renewed or refinanced subsequent to September 30, 2013.
|
| |
|
|
(D)
|
The counterparties of these repurchase agreements are Barclays $21.8 million, and Royal Bank of Canada $31.6 million and were subject to customary margin call provisions.
|
| (E) |
All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates. |
| |
|
|
(F)
|
Represents
a one year term master repurchase agreement with Alpine Securitization Corp., an asset-backed commercial paper
facility sponsored by Credit Suisse AG. This repurchase agreement is not subject to margin call provisions and is subject to
customary loan covenants and event of default provisions, including event of default provisions triggered by a 50% market
capitalization decline provision, as well as a two to one indebtedness to tangible net worth provision. The
financing bears interest at LIBOR plus an applicable margin as stated below:
|
|
Monthly Payment Date
|
|
Applicable Margin
|
|
|
August 2013 through October 2013
|
|
|
2.25 |
% |
|
November 2013 through January 2014
|
|
|
2.50 |
% |
|
February 2014 through April 2014
|
|
|
3.00 |
% |
|
May 2014 through August 2014
|
|
|
3.50 |
% |
On October 30, 2013, New Residential terminated its existing $342.9 million master repurchase agreement and entered into a new $414.2 million master repurchase agreement with Alpine Securitization Corp. See Note 15 for a description of this refinancing event.
|