$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.
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.
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.
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:
RESIDENTIAL SERVICING & SECURITIES
- 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.
As of December 31, 2012, Newcastle’s residential servicing and securities portfolio consisted of five Excess MSRs investments with a total carrying value of $245 million and 29 Non-Agency RMBS purchased outside of the Company’s CDOs since April 2012 with a total carrying value of $290 million.