DEBT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2014

Debt Obligations Tables

Schedule of debt obligations

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

March 31, 2014 (A)
													Collateral
Debt Obligations/ Collateral	Month Issued		Outstanding Face Amount		Carrying Value		Final Stated Maturity	Weighted Average Funding Cost			Weighted Average Life (Years)		Outstanding Face		Amortized Cost Basis		Carrying Value		Weighted Average Life (Years)
Repurchase Agreements (B)
Agency ARM RMBS (C)		Various	$	1,117,592	$	1,117,592	Jun-14		0.34	%		0.3	$	1,085,447	$	1,153,504	$	1,154,057		4.3
Non-Agency RMBS (D)		Various		883,002		883,002	Apr-14 to Oct-14		1.98	%		0.1		1,501,192		1,156,794		1,163,721		8.8
Consumer Loans (E)		Jan-14		142,500		142,500	Jun-14		4.16	%		0.3		N/A		N/A		231,422		3.2
Total Repurchase Agreements				2,143,094		2,143,094			1.27	%		0.2
Notes Payable
Secured Corporate Loan (F)		Dec-13		69,055		69,055	May-14		4.16	%		0.2		35,823,960		124,379		147,702		6.0
Servicer Advances (G)		Various		3,142,292		3,142,292	Sep-14 to Mar-17		3.01	%		1.2		3,430,473		3,457,385		3,457,385		3.2
Residential Mortgage Loans (H)		Dec-13		23,458		23,458	Sep-14		3.41	%		0.5		57,818		34,045		34,045		3.6
Total Notes Payable				3,234,805		3,234,805			3.03	%		1.1
Total			$	5,377,899	$	5,377,899			2.33	%		0.8

(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 March 31, 2014.
(C)	The counterparties of these repurchase agreements are Mizuho ($160.8 million), Morgan Stanley ($160.5 million), Daiwa ($315.0 million) and Jefferies ($481.3 million) and were subject to customary margin call provisions.
(D)	The counterparties of these repurchase agreements are Barclays ($34.7 million), Credit Suisse ($132.3 million), Royal Bank of Scotland ($42.5 million), Bank of America ($459.9 million), Goldman Sachs ($83.3 million), UBS ($74.6 million) and Royal Bank of Canada ($55.7 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates. Includes $103.2 million borrowed under a master repurchase agreement, which bears interest at one-month LIBOR plus 1.75%.

(E)	The repurchase agreement is payable to Credit Suisse and bears interest equal to one-month LIBOR plus 4.0%.
(F)	The loan bears interest equal to one-month LIBOR plus 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, which is subject to monthly principal amortization payments.
(G)	The notes bear 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 1.3% to 2.5%.
(H)	The note is payable to Nationstar and bears interest equal to one-month LIBOR plus 3.25%.

Schedule of contractual maturities of debt

New Residential’s debt obligations as of March 31, 2014 had contractual maturities as follows:

Year	Nonrecourse		Recourse (A)		Total
April 1 through December 31, 2014	$	1,633,561	$	2,145,202	$	3,778,763
2015		1,101,336		—		1,101,236
2016		—		—		—
2017		497,800		—		497,800
	$	3,232,697	$	2,145,202	$	5,377,899

(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 March 31, 2014:

Debt Obligations/ Collateral	Collateral Type	Borrowing Capacity		Balance Outstanding		Available Financing
Repurchase Agreements
Residential Mortgage Loans (A)	Real Estate Loans	$	300,000	$	59,190	$	240,810
Notes Payable
Secured Corporate Loan	Excess MSRs		75,000		69,055		5,945
Servicer Advances (B)	Servicer Advances		4,647,900		3,142,292		1,505,608
		$	5,022,900	$	3,270,537	$	1,752,363

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