DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Debt Obligations Tables

Schedule of debt obligations

The following table presents certain information regarding New Residential’s debt obligations:

December 31, 2013 (A)																						December 31, 2012
														Collateral
Debt Obligations/Collateral	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)		Outstanding Face		Carrying Value
Repurchase Agreements (B)
Agency ARM RMBS (C)		Various	$	1,332,954	$	1,332,954		Mar-14		0.39	%		0.3	$	1,277,570	$	1,353,630	$	1,353,719		4.1	$	—	$	—
Non-Agency RMBS (D)		Various		287,757		287,757		Jan-14 to Oct-14		1.85	%		0.1		576,146		388,855		392,360		8.2		150,922		150,922
Total Repurchase Agreements				1,620,711		1,620,711				0.65	%		0.2		1,853,716		1,742,485		1,746,079		5.4		150,922		150,922
Notes Payable
Secured Corporate Loan (E)		Dec-13		75,000		75,000		Mar-14		4.17	%		0.3		36,907,851		126,773		146,243		6.0		—		—
Servicer Advances (F)		Dec-13		2,390,778		2,390,778		Sep-14		4.04	%		0.8		2,661,130		2,665,551		2,665,551		2.7		—		—
Residential Mortgage Loans (G)		Dec-13		22,840		22,840		Sep-14		3.42	%		0.7		57,552		33,539		33,539		3.7		—		—
Total Notes Payable				2,488,618		2,488,618				4.04	%		0.8		39,626,533		2,825,863		2,845,333		5.8		—		—
Total			$	4,109,329	$	4,109,329				2.70	%		0.6	$	41,480,249	$	4,568,348	$	4,591,412		5.8	$	150,922	$	150,922

(A) Excludes debt related to linked transactions (Note 10).

(B) These repurchase agreements had approximately $0.7 million of associated accrued interest payable as of December 31, 2013. All of the repurchase agreements that matured during the first quarter of 2014 were renewed or refinanced subsequent to December 31, 2013.

(C) The counterparties of these repurchase agreements are Mizuho ($186.8 million), Barclays ($410.7 million), Royal Bank of Canada ($101.8 million), Citi ($129.3 million), Morgan Stanley ($169.7 million) and Daiwa ($334.7 million) and were subject to customary margin call provisions.

(D) The counterparties of these repurchase agreements are Barclays ($42.3 million), Credit Suisse ($104.0 million), Royal Bank of Scotland ($26.2 million) and Royal Bank of Canada ($115.3 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates. Includes $104.0 million borrowed under a $414.2 million master repurchase agreement, which bears interest at one-month LIBOR plus 1.75%.

(E) The loan bears interest equal to the sum of (i) a floating rate index rate equal to one-month LIBOR and (ii) a margin of 4.0%. The outstanding face of the collateral represents the UPB of the residential mortgage loans underlying the Excess MSRs that secure this corporate loan.

(F) The notes bore 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 2.0% to 2.6%.

(G) The note is payable to Nationstar and bears interest equal to one-month LIBOR and a margin of 3.25%.

The following table presents certain information regarding New Residential’s debt obligations at December 31, 2012:

	December 31, 2012
																			Collateral
Debt Obligation/ Collateral	Month Issued		Outstanding Face Amount		Carrying Value		Final Stated Maturity		Contractual Weighted Average Funding Cost			Weighted Average Funding Cost			Weighted Average Maturity (Years)		Face Amount of Floating Rate Debt		Outstanding Face Amount		Amortized Cost Basis		Carrying Value		Weighted Average Maturity (Years)		Floating Rate Face Amount
Repurchase Agreements(A)
Non-Agency RMBS (B)(C)		Various	$	150,922	$	150,922		Jan 2013		LIBOR+ 2.00	%		2.21	%		0.1	$	150,922	$	344,177	$	215,034	$	228,493		6.9	$	344,177

(A) These repurchase agreements had approximately $55 thousand of associated accrued interest payable at December 31, 2012. $151 million face amount of these repurchase agreements were renewed subsequent to December 31, 2012.

(B) The counterparty of these repurchase agreements is Credit Suisse.

(C) Newcastle is the guarantor of these repurchase agreements, which are subject to customary margin call provisions.

Schedule of contractual maturities of debt

New Residential’s debt obligations as of December 31, 2013 had contractual maturities as follows (in thousands):

Year	Nonrecourse		Recourse (A)		Total
2014	$	2,548,387	$	1,560,942	$	4,109,329

(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 December 31, 2013:

Debt Obligations / Collateral	Collateral Type		Borrowing Capacity		Balance Outstanding		Available Financing
Notes Payable
Secured Corporate Loan		Excess MSRs	$	75,000	$	75,000	$	—
Servicer Advances (A)		Servicer Advances		3,900,000		2,390,778		1,509,222
Repurchase Agreements
Residential Mortgage Loans (B)		Real Estate Loans		300,000		60,102		239,898
			$	4,275,000	$	2,525,880	$	1,749,120

(A) 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.

(B) Financing related to linked transaction (Note 10).