Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Tables)

v2.4.0.8
DEBT OBLIGATIONS (Tables)
9 Months Ended
Sep. 30, 2013
Debt Obligations Tables  
Schedule of Debt Obligations
The following table presents certain information regarding New Residential’s debt obligations at September 30, 2013:
 
    
Collateral
 
Repurchase Agreements (A)
Month Issued
 
Outstanding Face
   
Carrying Value
 
Final Stated Maturity
 
Weighted Average Funding Cost
   
Weighted Average
Life (Years)
   
Outstanding Face
   
Amortized Cost Basis
   
Carrying Value
   
Weighted Average Life (Years)
 
                                                     
Agency ARM RMBS (B)(C)
Various
  $ 1,071,587     $ 1,071,587  
Dec-13
    0.36 %     0.1     $ 1,067,063     $ 1,130,533     $ 1,124,451       2.9  
Non-Agency RMBS (C) (D) (E)
Various
    53,475       53,475  
Oct-13
    1.84 %     0.1       100,411       77,108       75,667       5.3  
Non-Agency RMBS term repurchase agreement (E) (F)
Aug-13
    342,872       342,872  
Aug-14
    2.43 %     0.8       729,299       465,126       489,876       4.0  
                                                                     
      $ 1,467,934     $ 1,467,934         0.90 %     0.3     $ 1,896,773     $ 1,672,767     $ 1,689,994       3.5  
 
(A)
These repurchase agreements had approximately $0.1 million of associated accrued interest payable at September 30, 2013.
   
(B)
The counterparties of these repurchase agreements are Goldman Sachs $45.9 million, Barclays $287.7 million, Nomura $229.0 million, Citi $133.0 million, Morgan Stanley $97.1 million and Daiwa $278.9 million and were subject to customary margin call provisions.
   
(C)
All of the repurchase agreements that matured during October 2013 were renewed or refinanced subsequent to September 30, 2013.
   
(D)
The counterparties of these repurchase agreements are Barclays $21.8 million, and Royal Bank of Canada $31.6 million and were subject to customary margin call provisions.
 
(E) All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates.
   
(F)
Represents a one year term master repurchase agreement with Alpine Securitization Corp., an asset-backed commercial paper facility sponsored by Credit Suisse AG. This repurchase agreement is not subject to margin call provisions and is subject to customary loan covenants and event of default provisions, including event of default provisions triggered by a 50% market capitalization decline provision, as well as a two to one indebtedness to tangible net worth provision.  The financing bears interest at LIBOR plus an applicable margin as stated below:
 
Monthly Payment Date
 
Applicable Margin
 
August 2013 through October 2013
    2.25 %
November 2013 through January 2014
    2.50 %
February 2014 through April 2014
    3.00 %
May 2014 through August 2014
    3.50 %
Schedule of maturities of repurchase agreements
The financing bears interest at LIBOR plus an applicable margin as stated below:
 
Monthly Payment Date
 
Applicable Margin
 
August 2013 through October 2013
    2.25 %
November 2013 through January 2014
    2.50 %
February 2014 through April 2014
    3.00 %
May 2014 through August 2014
    3.50 %