Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Tables)

v2.4.0.8
DEBT OBLIGATIONS (Tables)
9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Schedule of debt obligations
The following table presents certain information regarding New Residential’s debt obligations:
September 30, 2014(A)
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
 
Carrying Value
Repurchase Agreements (B)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Agency
     RMBS (C)
 
Various

 
$
1,510,765

 
$
1,510,765

 
Oct-14
 
0.31
%
 
0.1

 
$
1,500,141

 
$
1,571,199

 
$
1,570,328

 
6.3

 
$
1,332,954

  Non-Agency
     RMBS (D)
 
Various

 
214,972

 
214,972

 
Oct-14
 
1.79
%
 
0.1

 
323,438

 
260,995

 
267,769

 
8.4

 
287,757

  Residential
     Mortgage
     Loans(E)
 
Various

 
871,659

 
871,659

 
Nov-14 to Aug-16
 
2.60
%
 
1.8

 
1,257,145

 
1,089,677

 
1,093,571

 
4.1

 

  Consumer
    Loans(F)
 
Jan-14

 
125,000

 
125,000

 
Jan-15
 
3.45
%
 
0.3

 
N/A

 
N/A

 
264,039

 
3.5

 

  Real Estate
    Owned(G)
 
Various

 
15,953

 
15,953

 
Nov-14 to Aug-16
 
2.89
%
 
0.4

 
N/A

 
N/A

 
38,840

 
N/A

 

Total
     Repurchase
     Agreements
 
 
 
2,738,349

 
2,738,349

 


 
1.31
%
 
0.6

 
 
 
 
 
 
 
 
 
1,620,711

Notes Payable
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 


 


Secured
  Corporate
  Loan
 

 

 

 

 
%
 

 

 

 

 

 
75,000

  Servicer
     Advances(H)
 
Various

 
2,824,007

 
2,824,007

 
Mar-15 to Mar-17
 
2.99
%
 
2.0

 
3,041,905

 
3,108,288

 
3,214,113

 
4.2

 
2,390,778

  Residential
     Mortgage
     Loans(I)
 
Dec-13

 
23,244

 
23,244

 
Oct-14
 
3.41
%
 
0.1

 
49,759

 
29,511

 
28,226

 
3.8

 
22,840

Total Notes
    Payable
 
 
 
2,847,251

 
2,847,251

 
 
 
2.99
%
 
2.0

 
 
 
 
 
 
 
 
 
2,488,618

Total/ Weighted
    Average
 
 
 
$
5,585,600

 
$
5,585,600

 
 
 
2.17
%
 
1.3

 
 
 
 
 
 
 
 
 
$
4,109,329

 
(A)
Excludes debt related to linked transactions (Note 10).
(B)
These repurchase agreements had approximately $1.0 million of associated accrued interest payable as of September 30, 2014.
(C)
The counterparties of these repurchase agreements are Mizuho ($288.1 million), Morgan Stanley ($78.0 million), Barclays ($644.7 million), Daiwa ($146.5 million) and Jefferies ($353.5 million) and were subject to customary margin call provisions.
(D)
The counterparties of these repurchase agreements are Barclays ($8.2 million), Credit Suisse ($49.6 million), Royal Bank of Scotland ($102.3 million), Royal Bank of Canada ($11.7 million), Bank of America ($1.9 million), Goldman Sachs ($27.2 million) and UBS ($14.0 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates.
(E)
The counterparties on these repurchase agreements are Bank of America N.A. ($531.0 million), Nomura ($317.6 million), Citibank ($16.1 million) and Royal Bank of Scotland ($6.9 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 ($9.4 million), Credit Suisse ($3.3 million), Bank of America, N.A. ($2.0 million) and Nomura ($1.3 million).  All of these repurchase agreements have LIBOR-based floating interest rates.
(H)
$1.3 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 2.4%.
(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 September 30, 2014 had contractual maturities as follows:
Year
 
Nonrecourse
 
Recourse(A)
 
Total
October 1 through December 31, 2014
 
$
652,913

 
$
1,112,384

 
$
1,765,297

2015
 
614,507

 
144,396

 
758,903

2016
 
2,019,011

 
532,989

 
2,552,000

2017
 
509,400

 

 
509,400

 
 
$
3,795,831

 
$
1,789,769

 
$
5,585,600

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

 
 

 
 

Residential Mortgage Loans(A)
 
Real Estate Loans
 
$
1,503,992

 
$
933,511

 
$
570,481

Notes Payable
 
 
 


 


 


Servicer Advances(B)
 
Servicer Advances
 
4,305,200

 
2,824,007

 
1,481,193

 
 
 
 
$
5,809,192

 
$
3,757,518

 
$
2,051,674

  
(A)
Includes $300.0 million of borrowing capacity and $49.2 million of balance outstanding related to one of New Residential's 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.