SEC Filing Summary: Form 8-K
Business Context and Reporting Period
Company: New Residential Investment Corp. (Note: Metadata referenced Rithm Capital Corp., but the filing text identifies New Residential Investment Corp.)
Filing Date: October 22, 2015
Event Date: October 16, 2015
Context: The Company entered into Amendment No. 1 to the Third Amended and Restated Series 2012-VF3 Indenture Supplement involving HLSS Servicer Advance Receivables Trust (HSART), Deutsche Bank National Trust Company, and other parties.
Key Financial Metrics
This filing is a Current Report (Form 8-K) regarding a material definitive agreement. It does not contain financial statements, revenue, profit, cash flow, margin, or liquidity data. The filing text does not provide a clear value for any financial performance metrics.
Material Changes and Agreement Details
- Agreement: Amendment No. 1 to the Series 2012-VF3 Indenture Supplement.
- Key Provision: Advance rates for receivables securing the Series 2012-VF3 Notes will equal 0% if the Maximum VFN Principal Balance is reduced to zero.
- Operational Impact: This amendment causes the facility's collateralization requirement (the "Collateral Test") to fail if any outstanding principal balance remains on the Series 2012-VF3 Notes after the Maximum VFN Principal Balance reaches zero.
- Consequence: Failure of the Collateral Test on certain testing dates will result in an event of default for all notes issued by HSART.
Guidance, Outlook, and Risks
Risks and Contingencies: The primary risk identified is the potential for an event of default regarding all notes issued by HSART if the collateralization test fails under the new terms. The filing does not provide management commentary, future guidance, or outlook beyond the mechanics of this specific amendment.
Investor Verification Checklist
- Verify the current outstanding principal balance of the Series 2012-VF3 Notes.
- Confirm the current status of the Maximum VFN Principal Balance to assess immediate default risk.
- Review the full text of Exhibit 4.1 (Amendment No. 1) for specific testing dates and default cure provisions.
- Clarify the relationship between New Residential Investment Corp. and Rithm Capital Corp. given the discrepancy in the provided metadata versus the filing text.