Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN REAL ESTATE SECURITIES - UNREALIZED LOSS POSITION (Details 1)

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INVESTMENTS IN REAL ESTATE SECURITIES - UNREALIZED LOSS POSITION (Details 1) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Outstanding face amount $ 2,054,797 [1]
Amortized cost basis 1,845,512 [1]
Weighted average rating BBB [1],[2]
Weighted average coupon 2.48% [1]
Weighted average yield 2.48% [1]
Weighted average life (years) 3 years 6 months [1],[3]
Securities in an Unrealized Loss Position Less than Twelve Months
 
Outstanding face amount 1,015,349
Before Impairment - Amortized Cost Basis 995,953
Other Than Temporary Impairment - Amortized Cost Basis (2,653) [4]
Amortized cost basis 993,300
Gross unrealized losses - less than twelve months (13,676)
Carrying value - less than twelve months 979,624
Number of securities 85
Weighted average rating A
Weighted average coupon 2.72%
Weighted average yield 2.00%
Weighted average life (years) 3 years 2 months 12 days
Securities in an Unrealized Loss Position Greater than Twelve Months
 
Outstanding face amount 30,939
Before Impairment - Amortized Cost Basis 33,451
Other Than Temporary Impairment - Amortized Cost Basis (411) [4]
Amortized cost basis 33,040
Gross unrealized losses - twelve months or more (205)
Carrying value - twelve months or more 32,835
Number of securities 4
Weighted average rating AAA
Weighted average coupon 3.50%
Weighted average yield 1.28%
Weighted average life (years) 2 years 7 months 6 days
Securities in a Loss Position
 
Outstanding face amount 1,046,288
Before Impairment - Amortized Cost Basis 1,029,404
Other Than Temporary Impairment - Amortized Cost Basis (3,064) [4]
Amortized cost basis 1,026,340
Total gross unrealized losses (13,881)
Total fair value $ 1,012,459
Number of securities 89
Weighted average rating A
Weighted average coupon 2.74%
Weighted average yield 1.98%
Weighted average life (years) 3 years 2 months 12 days
[1] (G) The total outstanding face amount was $16.4 million for fixed rate securities and $2.0 billion for floating rate securities.
[2] (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. 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.
[3] (C) The weighted average life is based on the timing of expected principal reduction on the assets.
[4] (A) Other than temporary impairment was recorded in connection with unrealized losses at the time of spin-off as Newcastle did not have the intent and ability to hold the securities past May 15, 2013. The losses were not recorded as the result of New Residential's intent to sell the securities and are not the result of credit impairment.