Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details)

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SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Dec. 31, 2013
Interest income, gross $ 33,056 $ 63,888 $ 80,781 $ 126,087  
Interest income, net 29,893 62,824 76,345 124,156  
Interest expense, gross 37,068 23,062 74,196 46,639  
Interest expense, net 33,905 21,998 69,760 44,708  
Net interest income (4,012) 40,826 6,585 79,448  
Impairment (reversal) 1,526 3,201 2,772 5,974  
Operating revenues 143,646 14,013 265,275 27,513  
Other income (loss) 41,685 8,090 57,491 13,860  
Loan and security servicing expense 408 1,021 1,265 2,055  
Property operating expenses 24,280 8,409 48,084 16,772  
Operating expenses - golf 63,094 [1]   118,914 [1]    
Repairs and maintenance expenses - golf 2,084   4,602    
Cost of sales - golf 8,807   14,763    
General and administrative expense 5,149 9,938 7,759 14,151  
Acquisition and transaction expenses 4,484   11,086    
Management fee to affiliate 7,475 8,148 15,512 17,713  
Depreciation and amortization 31,031 4,070 61,390 8,149  
Income tax expense 540   835    
Income from continuing operations 32,441 28,142 42,369 56,007  
Income (loss) from discontinued operations, net of tax (46) 25,581 (5,351) 35,729  
Net Income 32,395 53,723 37,018 91,736  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Net loss attributable to noncontrolling interests 29   690    
Income applicable to Common Stockholders 31,029 52,328 34,918 88,946  
Investments, gross 3,111,054   3,111,054    
Investments, net 3,072,841   3,072,841    
Cash and restricted cash 81,625   81,625    
Other assets 109,538   109,538    
Total Assets 3,264,004   3,264,004   4,851,888
Debt, gross 2,204,735   2,204,735    
Debt, net 2,166,522   2,166,522    
Other liabilities 305,879   305,879    
Total Liabilities 2,472,401   2,472,401   3,625,764
Preferred Stock 61,583   61,583   61,583
Noncontrolling interests 198   198   61,279
GAAP book value 729,822   729,822    
Inter-segment Elimination [Member]
          
Interest income, gross (3,163) (1,064) (4,436) (1,931)  
Interest expense, gross (3,163) (1,064) (4,436) (1,931)  
Investments, gross (38,213)   (38,213)    
Debt, gross (38,213)   (38,213)    
Discontinued Operations [Member]
          
Income (loss) from discontinued operations, net of tax (46) 25,581 (5,351) 35,729  
Net Income (46) 25,581 (5,351) 35,729  
Net loss attributable to noncontrolling interests     522    
Income applicable to Common Stockholders (46) 25,581 (4,829) 35,729  
Senior Housing [Member]
          
Interest expense, gross 13,592 [2] 1,246 [2] 27,294 [2] 2,478 [2]  
Interest expense, net 13,592 [2] 1,246 [2] 27,294 [2] 2,478 [2]  
Net interest income (13,592) [2] (1,246) [2] (27,294) [2] (2,478) [2]  
Operating revenues 59,698 [2] 13,513 [2] 117,508 [2] 26,510 [2]  
Other income (loss) (22) [2] 112 [2] (23) [2] 120 [2]  
Property operating expenses 24,053 [2] 8,169 [2] 47,573 [2] 16,285 [2]  
General and administrative expense 1,493 1,887 1,701 3,496  
Acquisition and transaction expenses 3,368 [2]   8,808 [2]    
Management fee to affiliate 2,179 [2] 799 [2] 4,323 [2] 1,578 [2]  
Depreciation and amortization 23,188 [2] 4,016 [2] 46,024 [2] 8,039 [2]  
Income tax expense 536 [2]   691 [2]    
Income from continuing operations (8,733) [2] (2,492) [2] (18,929) [2] (5,246) [2]  
Net Income (8,733) [2] (2,492) [2] (18,929) [2] (5,246) [2]  
Income applicable to Common Stockholders (8,733) [2] (2,492) [2] (18,929) [2] (5,246) [2]  
Investments, gross 1,651,251 [2]   1,651,251 [2]    
Investments, net 1,651,251 [2]   1,651,251 [2]    
Cash and restricted cash 47,539 [2]   47,539 [2]    
Other assets 71,111 [2]   71,111 [2]    
Total Assets 1,769,901 [2]   1,769,901 [2]    
Debt, gross 1,104,182 [2]   1,104,182 [2]    
Debt, net 1,104,182 [2]   1,104,182 [2]    
Other liabilities 79,577 [2]   79,577 [2]    
Total Liabilities 1,183,759 [2]   1,183,759 [2]    
GAAP book value 586,142 [2]   586,142 [2]    
Additions to investments in real estate     206,181 [2]    
CDOs [Member]
          
Interest income, gross 20,596 [2] 36,724 [2] 51,319 [2] 68,553 [2]  
Interest income, net 17,433 [2] 35,660 [2] 46,883 [2] 66,622 [2]  
Interest expense, gross 5,983 [2] 6,826 [2] 12,109 [2] 13,962 [2]  
Interest expense, net 5,983 [2] 6,826 [2] 12,109 [2] 13,962 [2]  
Net interest income 11,450 [2] 28,834 [2] 34,774 [2] 52,660 [2]  
Impairment (reversal) 1,526 [2] 8,803 [2] 1,958 [2] 11,986 [2]  
Other income (loss) 19,343 [2] 7,249 [2] 32,895 [2] 11,820 [2]  
Loan and security servicing expense 154 [2] 188 [2] 310 [2] 384 [2]  
Income from continuing operations 29,113 [2] 27,092 [2] 65,401 [2] 52,110 [2]  
Net Income 29,113 [2] 27,092 [2] 65,401 [2] 52,110 [2]  
Income applicable to Common Stockholders 29,113 [2] 27,092 [2] 65,401 [2] 52,110 [2]  
Investments, gross 651,765 [2]   651,765 [2]    
Investments, net 613,552 [2]   613,552 [2]    
Cash and restricted cash 1,118 [2]   1,118 [2]    
Other assets 1,959 [2]   1,959 [2]    
Total Assets 616,629 [2]   616,629 [2]    
Debt, gross 425,346 [2]   425,346 [2]    
Debt, net 425,346 [2]   425,346 [2]    
Other liabilities 7,671 [2]   7,671 [2]    
Total Liabilities 433,017 [2]   433,017 [2]    
GAAP book value 183,612 [2]   183,612 [2]    
CDOs [Member] | Inter-segment Elimination [Member]
          
Interest income, gross (3,163) [2] (1,064) [2] (4,436) [2] 1,931 [2]  
Investments, gross (38,213) [2]   (38,213) [2]    
Other Debt [Member]
          
Interest income, gross 12,401 [2],[3] 27,134 [2],[3] 29,353 [2],[3] 57,432 [2],[3]  
Interest income, net 12,401 [2],[3] 27,134 [2],[3] 29,353 [2],[3] 57,432 [2],[3]  
Interest expense, gross 10,338 [2],[3] 14,036 [2],[3] 23,001 [2],[3] 28,293 [2],[3]  
Interest expense, net 9,976 [2],[3] 12,972 [2],[3] 21,366 [2],[3] 26,362 [2],[3]  
Net interest income 2,425 [2],[3] 14,162 [2],[3] 7,987 [2],[3] 31,070 [2],[3]  
Impairment (reversal)   (5,602) [2],[3] 814 [2],[3] (6,012) [2],[3]  
Operating revenues 563 [2],[3] 500 [2],[3] 1,104 [2],[3] 1,003 [2],[3]  
Other income (loss) 22,375 [2],[3] 729 [2],[3] 24,630 [2],[3] 1,920 [2],[3]  
Loan and security servicing expense 254 [2],[3] 833 [2],[3] 955 [2],[3] 1,671 [2],[3]  
Property operating expenses 227 [2],[3] 240 [2],[3] 511 [2],[3] 487 [2],[3]  
General and administrative expense 1,874 8 1,874 24  
Depreciation and amortization 57 [2],[3] 54 [2],[3] 113 [2],[3] 110 [2],[3]  
Income from continuing operations 22,951 [2],[3] 19,858 [2],[3] 29,454 [2],[3] 37,713 [2],[3]  
Net Income 22,951 [2],[3] 19,858 [2],[3] 29,454 [2],[3] 37,713 [2],[3]  
Income applicable to Common Stockholders 22,951 [2],[3] 19,858 [2],[3] 29,454 [2],[3] 37,713 [2],[3]  
Investments, gross 457,766 [2],[3]   457,766 [2],[3]    
Investments, net 457,766 [2],[3]   457,766 [2],[3]    
Cash and restricted cash 489 [2],[3]   489 [2],[3]    
Other assets 1,250 [2],[3]   1,250 [2],[3]    
Total Assets 459,505 [2],[3]   459,505 [2],[3]    
Debt, gross 435,182 [2],[3],[4]   435,182 [2],[3],[4]    
Debt, net 429,182 [2],[3]   429,182 [2],[3]    
Other liabilities 1,261 [2],[3]   1,261 [2],[3]    
Total Liabilities 430,443 [2],[3]   430,443 [2],[3]    
GAAP book value 29,062 [2],[3]   29,062 [2],[3]    
Additions to investments in real estate     32 [2],[3]    
Other Debt [Member] | Inter-segment Elimination [Member]
          
Interest expense, gross (362) [2],[3] (1,064) [2],[3] (1,635) [2],[3] (1,931) [2],[3]  
Debt, gross (6,000) [2],[3]   (6,000) [2],[3]    
Golf [Member]
          
Interest income, gross 34   74    
Interest income, net 34   74    
Interest expense, gross 6,202   9,884    
Interest expense, net 3,401   7,083    
Net interest income (3,367)   (7,009)    
Operating revenues 83,385   146,663    
Other income (loss) (11)   (11)    
Operating expenses - golf 63,094 [1]   118,914 [1]    
Repairs and maintenance expenses - golf 2,084   4,602    
Cost of sales - golf 8,807   14,763    
General and administrative expense 153   459    
Acquisition and transaction expenses 728   1,503    
Depreciation and amortization 7,749   15,179    
Income tax expense 4   144    
Income from continuing operations (2,612)   (15,921)    
Net Income (2,612)   (15,921)    
Net loss attributable to noncontrolling interests 29   168    
Income applicable to Common Stockholders (2,583)   (15,753)    
Investments, gross 350,272   350,272    
Investments, net 350,272   350,272    
Cash and restricted cash 9,526   9,526    
Other assets 35,113   35,113    
Total Assets 394,911   394,911    
Debt, gross 188,791   188,791    
Debt, net 156,578   156,578    
Other liabilities 175,453   175,453    
Total Liabilities 332,031   332,031    
Noncontrolling interests 198   198    
GAAP book value 62,682   62,682    
Additions to investments in real estate     9,670    
Golf [Member] | Inter-segment Elimination [Member]
          
Interest expense, gross (2,801)   (2,801)    
Debt, gross (32,213)   (32,213)    
Corporate [Member]
          
Interest income, gross 25 30 35 102  
Interest income, net 25 30 35 102  
Interest expense, gross 953 954 1,908 1,906  
Interest expense, net 953 954 1,908 1,906  
Net interest income (928) (924) (1,873) (1,804)  
General and administrative expense 1,629 8,043 3,725 10,631  
Acquisition and transaction expenses 388   775    
Management fee to affiliate 5,296 7,349 11,189 16,135  
Depreciation and amortization 37   74    
Income from continuing operations (8,278) (16,316) (17,636) (28,570)  
Net Income (8,278) (16,316) (17,636) (28,570)  
Preferred dividends (1,395)   (2,790) (2,790)  
Net loss attributable to noncontrolling interests   (1,395)      
Income applicable to Common Stockholders (9,673) (17,711) (20,426) (31,360)  
Cash and restricted cash 22,953   22,953    
Other assets 105   105    
Total Assets 23,058   23,058    
Debt, gross 51,234   51,234    
Debt, net 51,234   51,234    
Other liabilities 41,917   41,917    
Total Liabilities 93,151   93,151    
Preferred Stock 61,583   61,583    
GAAP book value $ (131,676)   $ (131,676)    
[1] Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.4 million and $2.7 million for the three and six months ended June 30, 2014, respectively.
[2] Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle?s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
[3] The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).
[4] An aggregate face amount of $6.0 million (carrying value of $6.0 million) of debt represents intersegment financing, which is eliminated upon consolidation.