DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2016

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



	Excess MSRs			Servicer Advances^(A)			Real Estate Securities			Residential Mortgage Loans and REO			Consumer Loans			Total
Balance at December 31, 2014^(B)	$	—		$	2,885,784		$	2,246,651		$	925,418		$	—		$	6,057,853
Repurchase Agreements:
Borrowings	—			—			7,649,261			1,915,056			43,158			9,607,475
Modified retrospective adjustment for the adoption of ASU No. 2014-11 (Note 2)	—			—			84,649			1,306			—			85,955
Repayments	—			—			(6,963,404		)	(1,832,462		)	(2,712		)	(8,798,578		)
Adoption of ASU No. 2015-03 (Note 2)	—			—			—			(888		)	—			(888		)
Notes and Bonds Payable:
Borrowings	852,419			10,780,237			—			1,632			—			11,634,288
Repayments	(669,406		)	(6,612,372		)	—			(5,082		)	—			(7,286,860		)
Adoption of ASU No. 2015-03 (Note 2)	(35		)	(6,588		)	—			—			—			(6,623		)
Balance at December 31, 2015	$	182,978		$	7,047,061		$	3,017,157		$	1,004,980		$	40,446		$	11,292,622
Repurchase Agreements:
Borrowings	—			—			30,441,880			552,459			21,458			31,015,797
Repayments	—			—			(29,040,035		)	(764,113		)	(61,904		)	(29,866,052		)
Capitalized deferred financing costs, net of amortization	—			—			—			(2,169		)	—			(2,169		)
Notes and Bonds Payable:
Acquired borrowings, net of discount	—			—			—			—			1,803,192			1,803,192
Borrowings	1,141,996			6,857,006			—			—			1,789,706			9,788,708
Repayments	(592,175		)	(8,354,692		)	—			(8,151		)	(1,888,714		)	(10,843,732		)
Discount on borrowings, net of amortization	1,420			—			—			—			(3,374		)	(1,954		)
Capitalized deferred financing costs, net of amortization	(5,074		)	497			—			—			(599		)	(5,176		)
Balance at December 31, 2016	$	729,145		$	5,549,872		$	4,419,002		$	783,006		$	1,700,211		$	13,181,236


(A)	New Residential net settles daily borrowings and repayments of the Notes and Bonds Payable on its Servicer Advances.


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

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



	December 31, 2016																December 31, 2015
										Collateral
Debt Obligations/Collateral	Month Issued	Outstanding Face Amount		Carrying Value^(A)		Final Stated Maturity^(B)	Weighted Average Funding Cost		Weighted Average Life (Years)	Outstanding Face		Amortized Cost Basis		Carrying Value		Weighted Average Life (Years)	Carrying Value^(A)
Repurchase Agreements^(C)
Agency RMBS^(D)	Various	$	1,764,760	$	1,764,760	Jan-17 to Mar-17	1.00	%	0.2	$	1,786,585	$	1,874,554	$	1,833,348	0.4	$	1,683,305
Non-Agency RMBS^(E)	Various	2,654,242		2,654,242		Jan-17 to Mar-17	2.42	%	0.1	6,510,127		3,358,438		3,481,478		7.9	1,333,852
Residential Mortgage Loans^(F)	Various	689,132		686,412		Mar-17 to Sep-18	3.31	%	0.7	1,061,445		869,297		852,790		3.4	907,993
Real Estate Owned^{(G) (H)}	Various	85,552		85,217		Mar-17 to Sep-18	3.35	%	0.3	N/A		N/A		98,496		N/A	77,458
Consumer Loan Investment	Apr-15	—		—		N/A	—	%	—	N/A		N/A		N/A		—	40,446
Total Repurchase Agreements		5,193,686		5,190,631			2.07	%	0.2								4,043,054
Notes and Bonds Payable
Secured Corporate Notes^(I)	Various	734,254		729,145		Apr-18 to Sep-19	5.50	%	2.2	310,072,544		1,271,217		1,437,226		6.2	182,978
Servicer Advances^(J)	Various	5,560,412		5,549,872		Mar-17 to Dec-21	3.19	%	2.7	5,617,759		5,687,635		5,706,593		4.6	7,047,061
Residential Mortgage Loans^(K)	Oct-15	8,271		8,271		Oct-17	3.44	%	0.8	13,248		7,514		7,514		4.5	19,529
Consumer Loans^{(L) (M)}	Various	1,709,054		1,700,211		Sep-19 to Mar-24	3.48	%	3.9	1,809,952		1,802,809		1,799,372		3.8	—
Receivable from government agency^(K)	Oct-15	3,106		3,106		Oct-17	3.44	%	0.8	N/A		N/A		3,378		N/A	—
Total Notes and Bonds Payable		8,015,097		7,990,605			3.46	%	2.9								7,249,568
Total/Weighted Average		$	13,208,783	$	13,181,236		2.91	%	1.8								$	11,292,622


(A)	Net of deferred financing costs.


(B)	All debt obligations with a stated maturity of January or February 2017 were refinanced, extended or repaid.


(C)	These repurchase agreements had approximately $11.0 million of associated accrued interest payable as of December 31, 2016.


(D)	All of the Agency RMBS repurchase agreements have a fixed rate. Collateral amounts include approximately $1.7 billion of related trade and other receivables.


(E)	All of the Non-Agency RMBS repurchase agreements have LIBOR-based floating interest rates. This includes repurchase agreements of $125.8 million on retained servicer advance and consumer loan bonds.


(F)	All of these repurchase agreements have LIBOR-based floating interest rates.


(G)	All of these repurchase agreements have LIBOR-based floating interest rates.


(H)	Includes financing collateralized by receivables including claims from FHA on Ginnie Mae EBO loans for which foreclosure has been completed and for which New Residential has made or intends to make a claim on the FHA guarantee.

(I)

Includes $410.0 million of corporate loans which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR and (ii) a margin of 4.75%, and a $324.3 million corporate loan which bears interest equal to 5.68%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying Excess MSRs that secure these notes, and the $324.3 million corporate loan is also collateralized by the rights to the related basic fee portion of the MSRs.


(J)	$3.5 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 2.1%.


(K)	The note is payable to Nationstar and bears interest equal to one-month LIBOR plus 2.88%.

(L)

Includes the SpringCastle debt, which is comprised of the following classes of asset-backed notes held by third parties: $1.29 billion UPB of Class A notes with a coupon of 3.05% and a stated maturity date in November 2023; $211.0 million UPB of Class B notes with a coupon of 4.10% and a stated maturity date in March 2024; $39.0 million UPB of Class C-1 notes with a coupon of 5.63% and a stated maturity date in March 2024; $39.0 million UPB of Class C-2 notes with a coupon of 5.63% and a stated maturity date in March 2024; $39.0 million UPB of Class D-1 notes with a coupon of 5.80% and a stated maturity date in March 2024; and $39.0 million UPB of Class D-2 notes with a coupon of 5.80% and a stated maturity date in March 2024.


(M)	Includes a $132.2 million face amount note collateralized by newly originated consumer loans which bears interest equal to one-month LIBOR plus 3.25%.

Schedule of Contractual Maturities of Debt Obligations

New Residential’s debt obligations as of December 31, 2016 had contractual maturities as follows:



Year	Nonrecourse		Recourse		Total
2017	$	697,437	$	5,145,175	$	5,842,612
2018	1,160,179		228,520		1,388,699
2019	2,759,841		514,254		3,274,095
2020	376,246		—		376,246
2021 and thereafter	2,327,131		—		2,327,131
	$	7,320,834	$	5,887,949	$	13,208,783

Schedule of Borrowing Capacity

The following table represents New Residential’s borrowing capacity as of December 31, 2016:



Debt Obligations/ Collateral	Collateral Type	Borrowing Capacity		Balance Outstanding		Available Financing
Repurchase Agreements
Residential Mortgage Loans	Residential Mortgage Loans and REO	$	2,260,000	$	774,684	$	1,485,316
Notes and Bonds Payable
Secured Corporate Loan	Excess MSRs	525,000		410,000		115,000
Servicer Advances^(A)	Servicer Advances	6,577,393		5,560,412		1,016,981
Consumer Loans	Consumer Loans	150,000		132,168		17,832
		$	9,512,393	$	6,877,264	$	2,635,129

(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 0.1% fee on the unused borrowing capacity. Excludes borrowing capacity and outstanding debt for retained Non-Agency bonds with a current face amount of $94.4 million.