$191 million: Non-Agency RMBS investments
Invested $191 million to purchase $322 million face amount of Non‐Agency RMBS at an average price of 59.3% of par, with an expected unlevered yield of 5%, and a levered return of 11% assuming 65% financing.
$66 million: Bank Loan investments
Invested $66 million to purchase $186 million face amount of two bank loans in an existing investment at an average price of 35.5% of par.$35 million: Non-performing loans Invested $35 million to purchase 70% interest in a pool of non-performing loans with a total UPB of $83 million at a price of 59.7% of par, with an expected unlevered yield of 10%, and a levered return in the mid-teens assuming 50% financing. $10 million: Newcastle CDO senior bond Invested $10 million to repurchase $11 million face amount of a Newcastle CDO senior bond at a price of 89% of par, with an expected unlevered yield of 8%. CASH AND RECOURSE FINANCING As of February 27, 2013, the Company’s cash and recourse financings, excluding junior subordinated notes, were as set forth below:
- Unrestricted Cash Available to Invest after commitments – The Company had $284 million of unrestricted cash available to invest after commitments.
- Recourse Financing – The Company had $924 million of financing related to FNMA and FHLMC securities with a value of $972 million and $157 million of financing related to a portion of its Non-Agency RMBS portfolio with a value of $240 million. The Company also had an additional $400 million face amount of Non-Agency RMBS with a value of approximately $235 million that was unlevered.
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