Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN REAL ESTATE SECURITIES - Available for Sale (Details)

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INVESTMENTS IN REAL ESTATE SECURITIES - Available for Sale (Details) (USD $)
9 Months Ended 9 Months Ended 0 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2014
Agency RMBS
Securities
Mar. 06, 2014
Non-Agency RMBS
Sep. 30, 2014
Non-Agency RMBS
Securities
Sep. 30, 2014
Investments in Real Estate Securities
Securities
Sep. 30, 2014
Fixed Rate
Agency RMBS
Sep. 30, 2014
Fixed Rate
Non-Agency RMBS
Sep. 30, 2014
Floating Rate
Agency RMBS
Sep. 30, 2014
Floating Rate
Non-Agency RMBS
Schedule of Available-for-sale Securities [Line Items]                      
Outstanding face amount $ 2,130,370,000     $ 1,697,608,000 [1],[2]   $ 432,762,000 $ 2,130,370,000 [3] $ 1,000,000,000 $ 18,300,000 $ 657,400,000 $ 414,500,000
Amortized cost basis 2,073,084,000     1,785,873,000 [1],[2]   287,211,000 2,073,084,000 [3]        
Gains - gross unrealized       4,504,000 [1],[2]   9,876,000 14,380,000 [3]        
Losses - gross unrealized       (5,294,000) [1],[2]   (2,458,000) (7,752,000) [3]        
Carrying value 2,079,712,000   1,973,189,000 1,785,083,000 [1],[2],[4]   294,629,000 [4] 2,079,712,000 [3],[4]        
Number of securities       104 [1],[2]   84 188 [3]        
Weighted average rating       AAA [1],[2],[5]   CCC [5] AA- [3],[5]        
Weighted average coupon       3.19% [1],[2]   1.72% 2.89% [3]        
Weighted average yield       1.87% [1],[2]   5.63% 2.63% [3]        
Weighted average life 5 years 9 months 14 days [6]     6 years 1 month 21 days [1],[2],[7]   7 years 7 months 28 days [7] 6 years 5 months 12 days [3],[7]        
Principal Subordination - Weighted Average           12.20% [8]          
Carrying value 2,079,712,000     1,402,764,000   570,425,000 1,973,189,000        
Purchase of Non-Agency RMBS (1,148,631,000) (202,484,000)   (1,400,000,000) (553,000,000) (977,900,000)          
RMBS principal receivable $ 6,400,000                    
[1] 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”).
[2] Amortized cost basis and carrying value include principal receivable of $6.4 million.
[3] The total outstanding face amount was $1.0 billion for fixed rate securities and $657.4 million for floating rate securities.
[4] Fair value, which is equal to carrying value for all securities. See Note 12 regarding the estimation of fair value.
[5] Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. This excludes the ratings of the collateral underlying six bonds for which New Residential was unable to obtain rating information. For each security rated by multiple rating agencies, the lowest rating is used. New Residential used an implied AAA rating for the Agency RMBS. Ratings provided were determined by third party rating agencies, and represent the most recent credit ratings available as of the reporting date and may not be current.
[6] Weighted Average Life represents the weighted average expected timing of the receipt of expected cash flows for this investment.
[7] The weighted average life is based on the timing of expected principal reduction on the assets.
[8] Percentage of the outstanding face amount of securities that is subordinate to New Residential’s investments.