Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Tables)

v2.4.0.8
DEBT OBLIGATIONS (Tables)
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Schedule of debt obligations
The following table presents certain information regarding New Residential’s debt obligations:

June 30, 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
 
$
1,182,244

 
$
1,182,244

 
Jul-14
 
0.33
%
 
0.1
 
$
1,159,363

 
$
1,232,414

 
$
1,234,562

 
4.7
  Non-Agency
     RMBS (D)
 
            Various
 
149,110

 
149,110

 
Jul-14 to Oct-14
 
1.86
%
 
0.1
 
237,191

 
186,567

 
192,413

 
9.7
  Residential
     Mortgage
     Loans(E)
 
Various
 
348,033

 
348,033

 
Nov-14 to May-16
 
2.90
%
 
1.7
 
648,833

 
486,660

 
486,630

 
2.4
  Consumer
    Loans(F)
 
Jan-14
 
125,000

 
125,000

 
Jan-15
 
4.16
%
 
0.6
 
N/A

 
N/A

 
250,048

 
3.5
  Real Estate
    Owned(G)
 
Various
 
10,795

 
10,795

 
Nov-14 to Jun-15
 
2.96
%
 
0.5
 
N/A

 
N/A

 
27,830

 
N/A
Total Repurchase
     Agreements
 
 
 
1,815,182

 
1,815,182

 

 
1.23
%
 
0.4
 


 


 


 

Notes Payable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Servicer Advances(H)
 
            Various
 
3,265,530

 
3,265,530

 
Sep-14 to Mar-17
 
3.26
%
 
1.4
 
3,551,464

 
3,596,228

 
3,679,105

 
3.8
  Residential
     Mortgage
     Loans(I)
 
Dec-13
 
23,915

 
23,915

 
Sep-14
 
3.41
%
 
0.2
 
53,085

 
31,682

 
30,794

 
3.7
Total Notes
    Payable
 
 
 
3,289,445

 
3,289,445

 
 
 
3.26
%
 
1.4
 
 
 
 
 
 
 
 
Total/ Weighted
    Average
 
 
 
$
5,104,627

 
$
5,104,627

 
 
 
2.54
%
 
1.1
 
 
 
 
 
 
 
 
 
(A)
Excludes debt related to linked transactions (Note 10).
(B)
These repurchase agreements had approximately $0.1 million of associated accrued interest payable as of June 30, 2014.
(C)
The counterparties of these repurchase agreements are Mizuho ($145.1 million), Morgan Stanley ($218.5 million), Daiwa ($296.5 million) and Jefferies ($522.2 million) and were subject to customary margin call provisions.
(D)
The counterparties of these repurchase agreements are Barclays ($21.6 million), Credit Suisse ($50.7 million), Royal Bank of Scotland ($33.9 million), Bank of America ($1.9 million), Goldman Sachs ($27.6 million) and UBS ($13.5 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates. Includes $48.6 million borrowed under a master repurchase agreement, which bears interest at one-month LIBOR plus 1.75%.
(E)
The counterparties on these repurchase agreements are Nomura ($324.5 million), Citibank ($17.1 million) and Royal Bank of Scotland ($6.4 million). All of these repurchase agreements have LIBOR-based floating interest rates.
(F)
The repurchase agreement is payable to Credit Suisse and bears interest equal to one-month LIBOR plus 2.0%.
(G)
The counterparties of these repurchase agreements are Royal Bank of Scotland ($7.0 million), Credit Suisse ($2.5 million) and Nomura ($1.3 million).  All of these repurchase agreements have LIBOR-based floating interest rates.
(H)
$1.1 billion face amount of the notes have a fixed rate while the remaining 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%.
(I)
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 June 30, 2014 had contractual maturities as follows:
Year
 
Nonrecourse
 
Recourse(A)
 
Total
July 1 through December 31, 2014
 
$
1,254,661

 
$
1,325,641

 
$
2,580,302

2015
 
818,146

 
166,034

 
984,180

2016
 
1,028,545

 

 
1,028,545

2017
 
511,600

 

 
511,600

 
 
$
3,612,952

 
$
1,491,675

 
$
5,104,627

 
(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 June 30, 2014 :
Debt Obligations/ Collateral
 
Collateral Type
 
Borrowing Capacity
 
Balance Outstanding
 
Available Financing
Repurchase Agreements
 
 
 
 

 
 

 
 

Residential Mortgage Loans(A)
 
Real Estate Loans
 
$
600,000

 
$
82,151

 
$
517,849

Notes Payable
 
 
 


 


 


Servicer Advances(B)
 
Servicer Advances
 
5,661,700

 
3,265,530

 
2,396,170

 
 
 
 
$
6,261,700

 
$
3,347,681

 
$
2,914,019

  
(A)
Includes $300.0 million of borrowing capacity and $65.1 million of balance outstanding related to linked transactions (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.