DEBT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Activities related to the carrying value of New Residential’s debt obligations were as follows:

	Servicer Advances			Real Estate Securities			Real Estate Loans			Other		Total
Balance at December 31, 2014(A)	$	2,890,230		$	2,246,651		$	925,418		$	—	$	6,062,299
Repurchase Agreements
Borrowings	—			1,089,257			31,864			—		1,121,121
Modified retrospective adjustment for the adoption of ASU No. 2014-11	—			84,649			1,306			—		85,955
Repayments	—			(1,491,666		)	(525,111		)	—		(2,016,777		)
Notes Payable
Borrowings	380,702			—			1,632			100,000		482,334
Repayments	(395,520		)	—			(605		)	—		(396,125		)
Balance at March 31, 2015	$	2,875,412		$	1,928,891		$	434,504		$	100,000	$	5,338,807

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

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

March 31, 2015																	December 31, 2014
										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)	Carrying Value
Repurchase Agreements(A)
Agency      RMBS(B)	Various	$	1,612,972	$	1,612,972	Apr-15 to May-15	0.36	%	0.1	$	1,575,759	$	1,659,781	$	1,664,996	5.4	$	1,707,602
Non-Agency      RMBS (C)	Various	315,919		315,919		Apr-15 to Jun-15	1.77	%	0.1	1,500,816		428,696		439,579		9.0	539,049
Residential      Mortgage      Loans(D)	Various	392,521		392,521		May-15 to Aug-16	2.37	%	0.8	584,085		514,109		514,109		4.6	867,334
Real Estate     Owned(E)	Various	17,977		17,977		May-15 to Aug-16	2.82	%	1.1	N/A		N/A		33,408		N/A	35,105
Total      Repurchase      Agreements		2,339,389		2,339,389			0.91	%	0.2								3,149,090
Notes Payable
Secured   Corporate   Loan (F)	Jan-15	100,000		100,000		Jul-15	3.93	%	0.3	105,939,876		239,540		279,404		5.3	—
Servicer      Advances(G)	Various	2,875,412		2,875,412		Dec-15 to Mar-17	2.62	%	1.4	3,068,306		3,168,909		3,245,457		3.9	2,890,230
Residential      Mortgage      Loans(H)	Oct-14	23,604		23,604		Oct-15	3.08	%	0.6	42,306		25,013		23,294		4.0	22,194
Real Estate        Owned(H)	Oct-14	402		402		Oct-15	3.08	%	0.6	N/A		N/A		397		N/A	785
Total Notes     Payable		2,999,418		2,999,418			2.66	%	1.3								2,913,209
Total/ Weighted     Average		$	5,338,807	$	5,338,807		1.90	%	0.8								$	6,062,299

(A) These repurchase agreements had approximately $2.0 million of associated accrued interest payable as of March 31, 2015.

(B) The counterparties of these repurchase agreements are Mizuho ($89.6 million), Morgan Stanley ($73.3 million), Barclays ($788.7 million), Daiwa ($338.9 million) and Jefferies ($322.5 million) and were subject to customary margin call provisions. All of the Agency RMBS repurchase agreements have a fixed rate.

(C) The counterparties of these repurchase agreements are Barclays ($5.6 million), Credit Suisse ($107.3 million), Royal Bank of Canada ($10.2 million), Bank of America, N.A. ($80.1 million), Goldman Sachs ($60.9 million) and UBS ($51.8 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates.

(D) The counterparties on these repurchase agreements are Bank of America N.A. ($39.5 million maturing in August 2016), Nomura ($68.7 million maturing in May 2016), Citibank ($4.8 million maturing in May 2015) and Credit Suisse ($279.5 million maturing in November 2015). All of these repurchase agreements have LIBOR-based floating interest rates.

(E) The counterparties of these repurchase agreements are Credit Suisse ($1.2 million), Bank of America, N.A. ($2.0 million), Citibank ($0.4 million) and Nomura ($14.4 million). All of these repurchase agreements have LIBOR-based floating interest rates.

(F) The loan bears interest equal to the sum of (i) a floating rate index equal to one-month LIBOR and (ii) a margin of 3.75%. The outstanding face of the collateral represents the UPB of the residential mortgage loans underlying the Excess MSRs that secure this corporate loan.

(G) $0.7 billion face amount of the notes have a fixed rate while the remaining 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 1.9% to 2.0%.

(H) The note is payable to Nationstar and bears interest equal to one-month LIBOR plus 2.875%.

Schedule of Contractual Maturities of Debt Obligations

New Residential’s debt obligations as of March 31, 2015 had contractual maturities as follows:

Year	Nonrecourse		Recourse		Total
April 1 through December 31, 2015	$	150,128	$	2,338,753	$	2,488,881
2016	2,107,255		41,473		2,148,728
2017	701,198		—		701,198
	$	2,958,581	$	2,380,226	$	5,338,807

Schedule of Borrowing Capacity

The following table represents New Residential’s borrowing capacity as of March 31, 2015:

Debt Obligations/ Collateral	Collateral Type	Borrowing Capacity		Balance Outstanding		Available Financing
Repurchase Agreements
Residential Mortgage Loans	Real Estate Loans	$	1,720,000	$	410,498	$	1,309,502
Notes Payable
Servicer Advances(A)	Servicer Advances	3,300,000		2,875,412		424,588
		$	5,020,000	$	3,285,910	$	1,734,090

(A) New Residential’s unused borrowing capacity is available if New Residential has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate. New Residential pays a 0.3% fee on the unused borrowing capacity.