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DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives
New Residential’s derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets as follows:
 
Balance Sheet Location
 
March 31, 2015
 
December 31, 2014
Derivative assets
 
 
 
 
 
Real Estate Securities(A)
Derivative assets
 
$
—

 
$
32,090

Non-Performing Loans(A)
Derivative assets
 
—

 
312

     Interest Rate Caps
Derivative assets
 
71

 
195

 
 
 
$
71

 
$
32,597

Derivative liabilities
 
 
 
 
 
     TBAs
Accrued expenses and other liabilities
 
$
8,539

 
$
4,985

     Interest Rate Swaps
Accrued expenses and other liabilities
 
12,588

 
9,235

 
 
 
$
21,127

 
$
14,220

 
(A)
For December 31, 2014, investments purchased from, and financed by, the selling counterparty that New Residential accounted for as linked transactions are reflected as derivatives. Upon the adoption of ASU 2014-11 on January 1, 2015, these transactions are accounted for as secured borrowings.

The following table summarizes notional amounts related to derivatives:
 
March 31, 2015
 
December 31, 2014
Non-Performing Loans(A)
$
—

 
$
2,931

Real Estate Securities(B)
—

 
186,694

TBAs, short position(C)
980,000

 
1,234,000

Interest Rate Caps(D)
210,000

 
210,000

Interest Rate Swaps, short position(E)
1,107,000

 
1,107,000

(A)
For December 31, 2014, represents the UPB of the underlying loans of the non-performing loan pools within linked transactions.
(B)
For December 31, 2014, represents the face amount of the real estate securities within linked transactions.
(C)
Represents the notional amount of Agency RMBS, classified as derivatives.
(D)
Caps LIBOR at 3.0%.
(E)
Receive LIBOR and pay a fixed rate.

The following table summarizes gains (losses) recorded in relation to derivatives:
 
 
For the Three Months Ended March 31,
 
 
2015
 
2014
Other income (loss)
 
 
 
 
   Non-Performing Loans(A)
 
$
—

 
$
671

   TBAs
 
(3,554
)
 
362

   Interest Rate Swaps
 
(3,352
)
 
(84
)
   U.S.T. Short Positions
 
—

 
408

   Interest Rate Caps
 
(124
)
 
—

 
 
(7,030
)
 
1,357

Gain (loss) on settlement of investments
 
 
 
 
   Real Estate Securities(A)
 
—

 
—

   TBAs
 
(16,033
)
 
43

   Interest Rate Swaps
 
(6,557
)
 
(178
)
 
 
(22,590
)
 
(135
)
Total gains (losses)
 
$
(29,620
)
 
$
1,222

 
(A)
For December 31, 2014, investments purchased from, and financed by, the selling counterparty that New Residential accounts for as linked transactions are reflected as derivatives. Upon the adoption of ASU 2014-11 on January 1, 2015, these transactions are accounted for as secured borrowings.