Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Details)

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DERIVATIVES (Details) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 2 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Jun. 30, 2014
Non-Performing Loans
Jun. 30, 2014
Non-Performing Loans
Dec. 31, 2013
Non-Performing Loans
Jun. 30, 2014
Real Estate Securities
Jun. 30, 2014
Real Estate Securities
Dec. 31, 2013
Real Estate Securities
Jun. 30, 2014
TBAs
Jun. 30, 2014
TBAs
Dec. 31, 2013
TBAs
Jun. 30, 2014
TBA Short Positions
Jun. 30, 2014
TBA Short Positions
Apr. 30, 2014
Interest Rate Swap
interest_rate_swap
Jun. 30, 2014
Interest Rate Swap
Jun. 30, 2014
Interest Rate Swap
Jun. 30, 2014
Non-Performing Loans Repurchase Agreements Derivatives
Dec. 31, 2013
Non-Performing Loans Repurchase Agreements Derivatives
Jun. 30, 2014
Real Estate Securities Repurchase Agreements Derivatives
Dec. 31, 2013
Real Estate Securities Repurchase Agreements Derivatives
Jun. 30, 2014
U.S.T. Short Positions
Jun. 30, 2014
U.S.T. Short Positions
Derivative [Line Items]                                                  
Number of Interest Rate Swap Agreements                                 3                
Notional Amount                                 $ 500,000,000                
Debt Instrument, Term                                 3 years                
Derivative Asset, Notional Amount           186,362,000 [1] 186,362,000 [1] 164,598,000 [1] 0 [2] 0 [2] 10,000,000 [2] 10,000,000 [3] 10,000,000 [3] 0 [3] 10,000,000 10,000,000                  
Gain (loss) on derivative instruments (3,801,000) 0 (2,444,000) 0   (985,000) [4] (314,000) [4]   0 [4],[5] 26,000 [4],[5]   (132,000) 230,000   (408,000) 0   (2,276,000) (2,386,000)            
Derivative assets at fair value 30,992,000   30,992,000   35,926,000 30,736,000 [4] 30,736,000 [4] 34,474,000 [4] 0 [4] 0 [4] 1,452,000 [4] 256,000 256,000 0                      
Gain (loss) on derivative instruments (3,648,000)   (3,783,000)           0 43,000   (3,824,000) (4,002,000)                     176,000 176,000
Linked Transactions Derivatives 30,736,000   30,736,000   35,926,000 104,770,000 [6] 104,770,000 [6] 95,014,000 [6] 0 [7] 0 [7] 9,952,000 [7]                 (74,034,000) [8] (60,540,000) [8] 0 [8] (8,500,000) [8]    
Unpaid principal balance of underlying loans 95,166,259,000   95,166,259,000     186,400,000 186,400,000                                    
Total gains (losses) $ (7,449,000)   $ (6,227,000)                                            
[1] Represents the UPB of the underlying loans of the non-performing loan pools within linked transactions.
[2] Represents the face amount of the real estate securities within linked transactions.
[3] Represents the notional amount of Agency RMBS, classified as derivatives.
[4] Investments purchased from, and financed by, the selling counterparty that New Residential accounts for as linked transactions and are reflected as derivatives.
[5] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmE0ZDE1M2ZlZjJmODQ4NjQ5ZmY3YTVlOTBiNDA0Y2VjfFRleHRTZWxlY3Rpb246NTI2M0I3NDBEOTNCM0NGMjAxOEFBNzIxRUZDMkRCQzMM}
[6] Non-performing loans that had a UPB of $186.4 million as of June 30, 2014, which represents the notional amount of the linked transaction and accrued interest.
[7] Real estate securities that had a current face amount of $10.0 million as of December 31, 2013, which represents the notional amount of the linked transaction.
[8] Represents carrying amount that approximates fair value.