Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Recurring Basis (Details 2)

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FAIR VALUE - Recurring Basis (Details 2) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2014
Dec. 31, 2013
Assets:    
Real estate securities, available-for-sale $ 311,268 $ 984,263
CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 207,360  
REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,683 [1]  
Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,508 [1]  
CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 12,717 [1]  
Principal Balance or Notional Amount [Member]
    
Assets:    
Real estate securities, available-for-sale 389,120 [2],[3]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 84,048 [2],[4],[5]  
Interest rate swaps, not treated as hedges 158,258 [2],[4],[5]  
Carrying Value [Member]
    
Assets:    
Real estate securities, available-for-sale 311,268 [2],[3]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 3,882 [2],[4],[5]  
Interest rate swaps, not treated as hedges 3,463 [2],[4],[5]  
Estimated Fair Value [Member]
    
Assets:    
Real estate securities, available-for-sale 311,268 [2],[3]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 3,882 [2],[4],[5]  
Interest rate swaps, not treated as hedges 3,463 [2],[4],[5]  
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member]
    
Assets:    
Real estate securities, available-for-sale 30,683  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 3,882  
Interest rate swaps, not treated as hedges 3,463  
Derivative liabilities 7,345  
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,683  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]
    
Assets:    
Real estate securities, available-for-sale 280,585  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 207,360  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,508  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 12,717 [6]  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member]
    
Assets:    
Real estate securities, available-for-sale 389,120  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 84,048  
Interest rate swaps, not treated as hedges 158,258  
Derivative liabilities 242,306  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 243,612  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 29,200  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 90,781  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | ABS Franchise [Member]
    
Assets:    
Real estate securities, available-for-sale 8,464  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 17,063 [6]  
Measured on a Recurring Basis [Member] | Carrying Value [Member]
    
Assets:    
Real estate securities, available-for-sale 311,268  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 3,882  
Interest rate swaps, not treated as hedges 3,463  
Derivative liabilities 7,345  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 207,360  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,683  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,508  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 12,717 [6]  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]
    
Assets:    
Real estate securities, available-for-sale 311,268  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 3,882  
Interest rate swaps, not treated as hedges 3,463  
Derivative liabilities 7,345  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 207,360  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,683  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,508  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale $ 12,717 [6]  
[1] See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2] Measured at fair value on a recurring basis.
[3] Excludes nine CDO securities with a zero value, which had an aggregate face amount of $116.1 million.
[4] 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.
[5] See Schedule of fair value of hedge and non-hedge derivatives.
[6] None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.