Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN REAL ESTATE SECURITIES - Summary of Real Estate Securities (Details)

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INVESTMENTS IN REAL ESTATE SECURITIES - Summary of Real Estate Securities (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2016
USD ($)
security
bond
Dec. 31, 2015
USD ($)
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount $ 8,027,852  
Amortized Cost Basis 4,884,599  
Carrying Value $ 4,991,242 $ 2,501,881
Weighted Average Life (Years) 11 months 13 days  
Number of bonds which New Residential was unable to obtain rating information | bond 187  
Investments $ 15,222,486  
Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Investments 566,900  
Residual Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Investments 243,500  
Non-Agency Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Investments 0  
Agency RMBS [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Face amount of securities purchased 5,070,300  
Purchase price of securities purchased 5,315,900  
Face amount of securities sold 4,530,600  
Amortized cost of securities sold 4,721,800  
Proceeds from Sale of Available-for-sale Securities 4,757,800  
Gain (Loss) on sale of securities sold 36,000  
Outstanding Face Amount [1],[2] 1,356,580  
Amortized Cost Basis [1],[2] 1,437,777  
Gross Unrealized Gains [1],[2] 337  
Gross Unrealized Losses [1],[2] (3,806)  
Carrying Value [1],[2] $ 1,434,308 [3] 917,598
Number of Securities | security [1],[2] 76  
Weighted Average Rating [1],[2],[4] AAA  
Weighted Average Coupon [1],[2],[5] 3.42%  
Weighted Average Yield [1],[2] 2.79%  
Weighted Average Life (Years) [1],[2],[6] 5 years 7 months 10 days  
Agency RMBS [Member] | Fixed Rate Residential Mortgage [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount $ 1,200,000  
Agency RMBS [Member] | Adjustable Rate Residential Mortgage [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount 151,900  
Non-Agency RMBS [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Face amount of securities purchased 4,079,900  
Purchase price of securities purchased 2,298,400  
Face amount of securities sold 129,800  
Amortized cost of securities sold 121,700  
Proceeds from Sale of Available-for-sale Securities 100,800  
Gain (Loss) on sale of securities sold (20,900)  
Outstanding Face Amount [7],[8],[9] 6,671,272  
Amortized Cost Basis [7],[8],[9] 3,446,822  
Gross Unrealized Gains [8],[9] 122,171  
Gross Unrealized Losses [8],[9] (12,059)  
Carrying Value [8],[9] $ 3,556,934 [3] 1,584,283
Number of Securities | security [8],[9] 471  
Weighted Average Rating [4],[8],[9] CCC-  
Weighted Average Coupon [5],[8],[9] 1.76%  
Weighted Average Yield [8],[9] 5.46%  
Weighted Average Life (Years) [6],[8],[9] 7 years 7 days  
Weighted Average Principal Subordination [8],[9],[10] 10.80%  
Non-Agency RMBS [Member] | Fixed Rate Residential Mortgage [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount $ 1,100,000  
Residual and interest - only notional amount 300,000  
Non-Agency RMBS [Member] | Adjustable Rate Residential Mortgage [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount 5,600,000  
Residual and interest - only notional amount 2,000,000  
Investments in Real Estate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount 8,027,852  
Amortized Cost Basis 4,884,599  
Gross Unrealized Gains 122,508  
Gross Unrealized Losses (15,865)  
Carrying Value $ 4,991,242 [3] $ 2,501,881
Number of Securities | security 547.000  
Weighted Average Rating [4] CCC+  
Weighted Average Coupon [5] 2.21%  
Weighted Average Yield 4.68%  
Weighted Average Life (Years) [6] 6 years 7 months 8 days  
Other ABS [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount $ 1,975,404  
Amortized Cost Basis 110,267  
Gross Unrealized Gains 6,048  
Gross Unrealized Losses (4,927)  
Carrying Value $ 111,388  
Number of Securities | security 25  
Weighted Average Rating AA+  
Weighted Average Coupon 1.91%  
Weighted Average Yield 5.57%  
Weighted Average Life (Years) 2 years 10 months 9 days  
Servicer Advances [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Outstanding Face Amount $ 249,000  
Amortized Cost Basis 248,696  
Gross Unrealized Gains 2,025  
Gross Unrealized Losses 0  
Carrying Value $ 250,721  
Number of Securities | security 3  
Weighted Average Rating AAA  
Weighted Average Coupon 2.81%  
Weighted Average Yield 2.21%  
Weighted Average Life (Years) 24 days  
[1] Includes securities issued or guaranteed by U.S. Government agencies such as Fannie Mae or Freddie Mac.
[2] The total outstanding face amount was $1.2 billion for fixed rate securities and $151.9 million for floating rate securities as of September 30, 2016.
[3] Fair value, which is equal to carrying value for all securities. See Note 12 regarding the estimation of fair value.
[4] 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 187 bonds with a carrying value of $566.9 million which either have never been rated or for which rating information is no longer provided. 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.
[5] Excludes residual bonds, and certain other Non-Agency bonds, with a carrying value of $243.5 million and $0.0 million, respectively, for which no coupon payment is expected.
[6] The weighted average life is based on the timing of expected principal reduction on the assets.
[7] Includes New Residential’s investments in interest-only notes for which the fair value option for financial instruments was elected.
[8] Includes other ABS consisting primarily of (i) interest-only securities which New Residential elected to carry at fair value and record changes to valuation through the income statement and (ii) bonds backed by servicer advances. Gross Unrealized Weighted AverageAsset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value Number of Securities Rating Coupon Yield Life (Years) Principal SubordinationOther ABS $1,975,404 $110,267 $6,048 $(4,927) $111,388 25 AA+ 1.91% 5.57% 2.9 N/AServicer Advance Bonds $249,000 $248,696 $2,025 $— $250,721 3 AAA 2.81% 2.21% 0.1 N/A
[9] The total outstanding face amount was $1.1 billion (including $0.3 billion of residual and interest-only notional amount) for fixed rate securities and $5.6 billion (including $2.0 billion of residual and interest-only notional amount) for floating rate securities as of September 30, 2016.
[10] Percentage of the amortized cost basis of securities that is subordinate to New Residential’s investments, excluding interest-only bonds and servicer advance bonds.