Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Tables)

v2.4.0.8
DEBT OBLIGATIONS (Tables)
3 Months Ended
Mar. 31, 2014
Debt Obligations Tables  
Schedule of debt obligations

The following table presents certain information regarding New Residential’s debt obligations:

  

March 31, 2014 (A)
                                      Collateral  
Debt Obligations/ Collateral   Month Issued     Outstanding Face Amount     Carrying Value     Final Stated Maturity   Weighted Average Funding Cost     Weighted Average Life (Years)     Outstanding Face     Amortized Cost Basis     Carrying Value     Weighted Average Life (Years)  
Repurchase Agreements (B)                                                          
 Agency ARM RMBS (C)     Various     $ 1,117,592     $ 1,117,592     Jun-14     0.34 %     0.3     $ 1,085,447     $ 1,153,504     $ 1,154,057       4.3  
 Non-Agency RMBS (D)     Various       883,002       883,002     Apr-14 to Oct-14     1.98 %     0.1       1,501,192       1,156,794       1,163,721       8.8  
 Consumer Loans (E)     Jan-14       142,500       142,500     Jun-14     4.16 %     0.3       N/A       N/A       231,422       3.2  
Total Repurchase Agreements             2,143,094       2,143,094           1.27 %     0.2                                  
Notes Payable                                                                            
 Secured Corporate Loan (F)     Dec-13       69,055       69,055     May-14     4.16 %     0.2       35,823,960       124,379       147,702       6.0  
 Servicer Advances (G)     Various       3,142,292       3,142,292     Sep-14 to Mar-17     3.01 %     1.2       3,430,473       3,457,385       3,457,385       3.2  
 Residential Mortgage Loans (H)     Dec-13       23,458       23,458     Sep-14     3.41 %     0.5       57,818       34,045       34,045       3.6  
Total Notes Payable             3,234,805       3,234,805           3.03 %     1.1                                  
Total           $ 5,377,899     $ 5,377,899           2.33 %     0.8                                  

 

(A) Excludes debt related to linked transactions (Note 10).
(B) These repurchase agreements had approximately $0.7 million of associated accrued interest payable as of March 31, 2014.
(C) The counterparties of these repurchase agreements are Mizuho ($160.8 million), Morgan Stanley ($160.5 million), Daiwa ($315.0 million) and Jefferies ($481.3 million) and were subject to customary margin call provisions.
(D) The counterparties of these repurchase agreements are Barclays ($34.7 million), Credit Suisse ($132.3 million), Royal Bank of Scotland ($42.5 million), Bank of America ($459.9 million), Goldman Sachs ($83.3 million), UBS ($74.6 million) and Royal Bank of Canada ($55.7 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates. Includes $103.2 million borrowed under a master repurchase agreement, which bears interest at one-month LIBOR plus 1.75%.

(E) The repurchase agreement is payable to Credit Suisse and bears interest equal to one-month LIBOR plus 4.0%.
(F) The loan bears interest equal to one-month LIBOR plus 4.0%. The outstanding face of the collateral represents the UPB of the residential mortgage loans underlying the Excess MSRs that secure this corporate loan, which is subject to monthly principal amortization payments.
(G) The notes bear interest equal to the sum of (i) a floating rate index rate equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.3% to 2.5%.
(H) The note is payable to Nationstar and bears interest equal to one-month LIBOR plus 3.25%.
Schedule of contractual maturities of debt

New Residential’s debt obligations as of March 31, 2014 had contractual maturities as follows:

 

Year     Nonrecourse     Recourse (A)     Total  
April 1 through December 31, 2014     $ 1,633,561     $ 2,145,202   $ 3,778,763  
2015       1,101,336       —       1,101,236  
2016       —       —       —  
2017       497,800       —       497,800  
      $ 3,232,697     $ 2,145,202     $ 5,377,899  

 

(A) Excludes recourse debt related to linked transactions (Note 10).
Schedule of borrowing capacity

The following table represents New Residential’s borrowing capacity as of March 31, 2014:

 

Debt Obligations/ Collateral   Collateral Type   Borrowing Capacity     Balance Outstanding     Available Financing  
Repurchase Agreements                      
Residential Mortgage Loans (A)   Real Estate Loans   $ 300,000     $ 59,190     $ 240,810  
Notes Payable                            
Secured Corporate Loan   Excess MSRs     75,000       69,055       5,945  
Servicer Advances (B)   Servicer Advances     4,647,900       3,142,292       1,505,608  
        $ 5,022,900     $ 3,270,537     $ 1,752,363  

  

(A) Financing related to linked transaction (Note 10).
(B) New Residential’s unused borrowing capacity is available if New Residential has additional eligible collateral to pledge and meets other borrowing conditions. New Residential pays a 0.5% fee on the unused borrowing capacity.