Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Fair Value of Assets and Liabilities (Details)

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FAIR VALUE - Fair Value of Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Jun. 30, 2013
Jun. 30, 2014
Total CDO Bonds Payable [Member]
Jun. 30, 2014
Total Other Bonds And Notes Payable [Member]
Jun. 30, 2014
Total Repurchase Agreements [Member]
Jun. 30, 2014
Total Mortgage Notes Payable [Member]
Jun. 30, 2014
Total Golf Credit Facilities [Member]
Jun. 30, 2014
Subprime mortgage loans subject to call option [Member]
Jun. 30, 2014
Junior Subordinated Notes Payable [Member]
Jun. 30, 2014
Real Estate Related and Other Loans Held For Sale [Member]
Jun. 30, 2014
Residential Mortgage Loans Held For Sale [Member]
Jun. 30, 2014
Subprime Mortgage Loans Subject to Call [Member]
Jun. 30, 2014
Real Estate Securities Available For Sale [Member]
Jun. 30, 2014
Principal Balance or Notional Amount [Member]
Jun. 30, 2014
Carrying Value [Member]
Jun. 30, 2014
Estimated Fair Value [Member]
Financial Instruments                                  
Real estate securities, available-for-sale $ 311,268 $ 984,263                         $ 389,120 [1],[2] $ 311,268 [1],[2] $ 311,268 [1],[2]
Real estate related and other loans, held-for-sale, net 289,112 437,530                         392,311 289,112 302,449
Residential mortgage loans, held-for-sale, net 32,083 2,185                         43,229 32,083 39,699
Subprime mortgage loans subject to call option 406,217 406,217                         406,217 [3] 406,217 [3]  
Restricted Cash 3,703 5,889                           3,703 [1] 3,703 [1]
Cash and Cash Equivalents 77,922 74,133 271,052                         77,922 [1] 77,922 [1]
Non-hedge derivative assets   43,662                              
Investments in senior housing real estate, net 1,547,409 1,362,900                           1,547,409  
Investments in other real estate 263,500 265,495                           263,500  
Intangibles                               197,129  
Other investments 26,123 25,468                           26,123  
Receivables and other assets 109,538 141,887                           109,538  
Total Assets 3,264,004 4,851,888                           3,264,004  
Financial Instruments                                  
CDO bonds payable 263,581 544,525                         262,492 [4] 263,581 [4] 155,227 [4]
Other bonds and notes payable 82,053 230,279                         89,168 [4] 82,053 [4] 81,446 [4]
Repurchase agreements 102,677 556,347                         102,677 102,677 102,677
Mortgage notes payable 1,104,182 1,076,828                         1,103,748 1,104,182 1,112,491
Credit facilities and obligations under capital leases, golf 156,578 152,498                         156,569 156,578 156,578
Financing of subprime mortgage loans subject to call option 406,217 406,217                         406,217 [3] 406,217 [3]  
Junior subordinated notes payable 51,234 51,237                         51,004 51,234 33,900
Interest rate swaps, treated as hedges                             84,048 [1],[5],[6] 3,882 [1],[5],[6] 3,882 [1],[5],[6]
Non-hedge derivatives                             158,258 [1],[5],[6] 3,463 [1],[5],[6] 3,463 [1],[5],[6]
Dividends payable, accrued expenses and other liabilities                               298,534  
Liabilities of discontinued operations   295,267                              
Total Liabilities $ 2,472,401 $ 3,625,764                           $ 2,472,401  
Weighted Average                                  
Weighted Average Yield/Funding Cost       4.16% [7] 0.41% [7] 1.88% [7] 4.98% [7] 5.24% [7] 9.09% [7] 7.39% [7] 12.27% [7] 7.22% [7] 9.09% [7] 15.16% [7]      
Weighted Average Life (Years)       3 years 1 month 6 days 1 year 8 months 12 days 0 years 1 month 6 days 6 years 3 months 18 days 3 years 6 months   20 years 9 months 18 days 1 year 7 months 6 days 5 years 8 months 12 days   2 years 9 months 18 days      
[1] Measured at fair value on a recurring basis.
[2] Excludes nine CDO securities with a zero value, which had an aggregate face amount of $116.1 million.
[3] These two items results from an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 6), are noneconomic until such option is exercised, and are equal and offsetting.
[4] Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other nonrecourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle's exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle's net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
[5] As of June 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $242.3 million is only subject to the credit risks of the respective CDO structures. As they are senior to all the debt obligations of the respective CDOs and the fair value of each of the CDOs' total investments exceeded the fair value of each of the CDOs' derivative liabilities, no credit valuation adjustments were recorded. Newcastle's interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle's derivatives are included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
[6] See Schedule of fair value of hedge and non-hedge derivatives.
[7] The weighted average yield and weighted average funding cost are disclosed for financial instrument assets and liabilities, respectively.