Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Real Estate Securities Valuation (Details 6)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Real Estate Securities Valuation (Details 6) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Outstanding face amount $ 2,866,311 [1]
Amortized cost basis 2,335,293
Total Fair Value 2,345,221
Multiple Quotes [Member]
Total Fair Value 2,345,221 [2]
Agency RMBS [Member]
Outstanding face amount 1,085,447 [3],[4]
Amortized cost basis 1,162,098 [3],[4]
Total Fair Value 1,162,650
Agency RMBS [Member] | Multiple Quotes [Member] | Level 2 Inputs [Member]
Total Fair Value 1,162,650 [2]
Non-Agency RMBS [Member]
Outstanding face amount 1,780,864 [5]
Amortized cost basis 1,173,195 [5]
Total Fair Value 1,182,571
Non-Agency RMBS [Member] | Multiple Quotes [Member] | Level 3 Inputs [Member]
Total Fair Value $ 1,182,571 [2]
[1] The total outstanding face amount was $584.0 million for fixed rate securities and $2.3 billion for floating rate securities.
[2] Management generally obtained pricing service quotations or broker quotations from two sources, one of which was generally the seller (the party that sold New Residential the security) for Non-Agency RMBS. Management selected one of the quotes received as being most representative of the fair value and did not use an average of the quotes. Even if New Residential receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes New Residential receives. Management believes using an average of the quotes in these cases would not represent the fair value of the asset. Based on New Residential's own fair value analysis, management selects one of the quotes which is believed to more accurately reflect fair value.
[3] Includes securities issued or guaranteed by U.S. Government agencies such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac").
[4] Amortized cost basis and carrying value include principal receivable of $8.6 million.
[5] Includes Other ABS securities representing 0.2% of the carrying value of the Non-Agency RMBS portfolio. (See Schedule of Real Estate Securities)