SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)

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SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]
Schedule of segment reporting	Summary financial data on Newcastle's segments is given below, together with reconciliation to the same data for Newcastle as a whole:   Senior   Debt Investments (A)           Discontinued           Housing (A)   CDOs   Other Debt (B)   Golf   Corporate   Operations   Eliminations   Total Nine Months Ended September 30, 2014                               Interest income $ —   $ 70,635   $ 39,102   $ 112   $ 41   $ —   $ (6,001 )   $ 103,889 Interest expense (41,429 )   (16,932 )   (32,344 )   (14,764 )   (2,872 )   —   6,001   (102,340 ) Inter-segment elimination —   (6,001 )   1,748   4,253   —   —   —   — Net interest income (expense) (41,429 )   47,702   8,506   (10,399 )   (2,831 )   —   —   1,549 Impairment (reversal) —   (2,185 )   942   —   —   —   —   (1,243 ) Operating revenues 184,763   —   —   226,864   —   —   —   411,627 Other income, net 1,457   34,717   32,698   2,718   —   —   —   71,590 Loan and security servicing expense —   466   958   —   —   —   —   1,424 Property operating expenses 74,092   —   —   —   —   —   —   74,092 Operating expenses - golf (C) —   —   —   183,925   —   —   —   183,925 Repairs and maintenance expenses - golf —   —   —   7,194   —   —   —   7,194 Cost of sales - golf —   —   —   23,183   —   —   —   23,183 General and administrative expense 3,116   —   2,921   986   5,963   —   —   12,986 Acquisition and transaction expenses (D) 12,800   —   —   1,530   64   —   —   14,394 Management fee to affiliate 6,766   —   —   —   16,852   —   —   23,618 Depreciation and amortization 74,672   —   —   23,053   87   —   —   97,812 Income tax expense 1,025   —   —   144   —   —   —   1,169 Income (loss) from continuing operations (27,680 )   84,138   36,383   (20,832 )   (25,797 )   —   —   46,212 Loss from discontinued operations, net of tax —   —   —   —   —   (4,748 )   —   (4,748 ) Net income (loss) (27,680 )   84,138   36,383   (20,832 )   (25,797 )   (4,748 )   —   41,464 Preferred dividends —   —   —   —   (4,185 )   —   —   (4,185 ) Net loss attributable to noncontrolling interests —   —   —   189   —   522   —   711 Income (loss) applicable to common stockholders $ (27,680 )   $ 84,138   $ 36,383   $ (20,643 )   $ (29,982 )   $ (4,226 )   $ —   $ 37,990   Senior   Debt Investments (A)           Discontinued           Housing (A)   CDOs   Other Debt (B)   Golf   Corporate   Operations   Eliminations   Total Three Months Ended September 30, 2014                               Interest income $ —   $ 19,316   $ 9,749   $ 37   $ 6   $ —   $ (1,564 )   $ 27,544 Interest expense (14,138 )   (4,823 )   (9,343 )   (4,847 )   (962 )   —   1,564   (32,549 ) Inter-segment elimination —   (1,564 )   112   1,452   —   —   —   — Net interest income (expense) (14,138 )   12,929   518   (3,358 )   (956 )   —   —   (5,005 ) Impairment (reversal) —   (4,143 )   128   —   —   —   —   (4,015 ) Operating revenues 67,256   —   —   81,494   —   —   —   148,750 Other income, net 1,481   1,822   8,067   2,729   —   —   —   14,099 Loan and security servicing expense —   157   2   —   —   —   —   159 Property operating expenses 26,519   —   —   —   —   —   —   26,519 Operating expenses - golf (C) —   —   —   64,984   —   —   —   64,984 Repairs and maintenance expenses - golf —   —   —   2,592   —   —   —   2,592 Cost of sales - golf —   —   —   8,420   —   —   —   8,420 General and administrative expense 1,415   —   1,051   527   2,238   —   —   5,231 Acquisition and transaction expenses (D) 3,992   —   —   27   (711 )   —   —   3,308 Management fee to affiliate 2,442   —   —   —   5,664   —   —   8,106 Depreciation and amortization 28,648   —   —   8,362   13   —   —   37,023 Income tax expense 334   —   —   —   —   —   —   334 Income (loss) from continuing operations (8,751 )   18,737   7,404   (4,047 )   (8,160 )   —   —   5,183 Income from discontinued operations, net of tax —   —   —   —   —   127   —   127 Net income (loss) (8,751 )   18,737   7,404   (4,047 )   (8,160 )   127   —   5,310 Preferred dividends —   —   —   —   (1,395 )   —   —   (1,395 ) Net loss attributable to noncontrolling interests —   —   —   21   —   —   —   21 Income (loss) applicable to common stockholders $ (8,751 )   $ 18,737   $ 7,404   $ (4,026 )   $ (9,555 )   $ 127   $ —   $ 3,936   Senior   Debt Investments (A)           Discontinued       Housing (A)   CDOs   Other Debt (B)   Golf   Corporate   Operations   Total September 30, 2014                           Investments, net (E) $ 1,696,999   $ 547,654   $ 424,686   $ 332,897   $ —   $ —   $ 3,002,236 Cash and restricted cash 42,549   1,672   —   10,786   207,201   —   262,208 Other assets 76,851   1,731   1,138   32,099   177   —   111,996 Assets of discontinued operations —   —   —   —   —   6,863   6,863 Total assets 1,816,399   551,057   425,824   375,782   207,378   6,863   3,383,303 Debt, net (E) 1,148,008   376,725   406,217   160,692   51,233   —   2,142,875 Other liabilities 82,580   4,845   1,253   154,207   46,950   —   289,835 Liabilities of discontinued operations —   —   —   —   —   412   412 Total liabilities 1,230,588   381,570   407,470   314,899   98,183   412   2,433,122 Preferred stock —   —   —   —   61,583   —   61,583 Noncontrolling interests —   —   —   176   —   —   176 Equity attributable to common stockholders $ 585,811   $ 169,487   $ 18,354   $ 60,707   $ 47,612   $ 6,451   $ 888,422                             Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired $ 253,606   $ —   $ —   $ 12,833   $ —   $ 638   $ 267,077   Senior   Debt Investments (A)           Discontinued           Housing (A)   CDOs   Other Debt (B)   Golf   Corporate   Operations   Eliminations   Total Nine Months Ended September 30, 2013                               Interest income $ 2   $ 95,254   $ 79,700   $ —   $ 141   $ —   $ (3,455 )   $ 171,642 Interest expense (5,358 )   (19,013 )   (41,483 )   —   (2,864 )   —   3,455   (65,263 ) Inter-segment elimination —   (3,455 )   3,455   —   —   —   —   — Net interest income (expense) (5,356 )   72,786   41,672   —   (2,723 )   —   —   106,379 Impairment (reversal) —   (389 )   (6,635 )   —   —   —   —   (7,024 ) Operating revenues 50,880   —   —   —   —   —   —   50,880 Other income, net 46   16,496   4,028   —   —   —   —   20,570 Loan and security servicing expense —   563   2,397   —   3   —   —   2,963 Property operating expenses 31,827   —   —   —   —   —   —   31,827 General and administrative expense 9,591   —   18   —   13,886   —   —   23,495 Management fee to affiliate 3,028   —   —   —   21,851   —   —   24,879 Depreciation and amortization 15,715   —   —   —   2   —   —   15,717 Income (loss) from continuing operations (14,591 )   89,108   49,920   —   (38,465 )   —   —   85,972 Income from discontinued operations —   —   —   —   —   35,008   —   35,008 Net income (loss) (14,591 )   89,108   49,920   —   (38,465 )   35,008   —   120,980 Preferred dividends —   —   —   —   (4,185 )   —   —   (4,185 ) Income (loss) applicable to common stockholders $ (14,591 )   $ 89,108   $ 49,920   $ —   $ (42,650 )   35,008   —   $ 116,795   Senior   Debt Investments (A)           Discontinued           Housing (A)   CDOs   Other Debt (B)   Golf   Corporate   Operations   Eliminations   Total Three Months Ended September 30, 2013                               Interest income $ 2   27,027   $ 21,942   —   $ 39   —   $ (1,524 )   $ 47,486 Interest expense (2,880 )   (5,051 )   (13,190 )   —   (958 )   —   1,524   (20,555 ) Inter-segment elimination —   (1,524 )   1,524   —   —   —   —   — Net interest income (expense) (2,878 )   20,452   10,276   —   (919 )   —   —   26,931 Impairment (reversal) —   (12,375 )   (623 )   —   —   —   —   (12,998 ) Operating revenues 24,370   —   —   —   —   —   —   24,370 Other income (loss), net (74 )   4,821   1,963   —   —   —   —   6,710 Loan and security servicing expense —   179   726   —   3   —   —   908 Property operating expenses 15,542   —   —   —   —   —   —   15,542 General and administrative expense 6,095   —   —   —   3,255   —   —   9,350 Management fee to affiliate 1,450   —   —   —   5,716   —   —   7,166 Depreciation and amortization 7,676   —   —   —   2   —   —   7,678 Income (loss) from continuing operations (9,345 )   37,469   12,136   —   (9,895 )   —   —   30,365 Loss from discontinued operations —   —   —   —   —   (1,121 )   —   (1,121 ) Net income (loss) (9,345 )   37,469   12,136   —   (9,895 )   (1,121 )   —   29,244 Preferred dividends —   —   —   —   (1,395 )   —   —   (1,395 ) Income (loss) applicable to common stockholders $ (9,345 )   $ 37,469   $ 12,136   $ —   $ (11,290 )   $ (1,121 )   $ —   $ 27,849     (A) 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. (B) The following table summarizes the investments and debt in the other debt segment:   September 30, 2014   Investments   Debt Non-Recourse Outstanding Face Amount   Carrying Value   Outstanding Face Amount   Carrying Value Subprime mortgage loans subject to call options $ 406,217   $ 406,217   $ 406,217   $ 406,217 Other               Unlevered real estate securities 166,999   11,279   —   — Other investments N/A   6,399   —   — Residential mortgage loans 1,276   791   —   —   $ 574,492   $ 424,686   $ 406,217   $ 406,217     (C) Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.2 million and $3.9 million for the three and nine months ended September 30, 2014, respectively. (D) Includes all transaction related and spin-off related expenses. (E) Net of $39.7 million of inter-segment eliminations.
Schedule of other debt segment investments and debt	The following table summarizes the investments and debt in the other debt segment:   September 30, 2014   Investments   Debt Non-Recourse Outstanding Face Amount   Carrying Value   Outstanding Face Amount   Carrying Value Subprime mortgage loans subject to call options $ 406,217   $ 406,217   $ 406,217   $ 406,217 Other               Unlevered real estate securities 166,999   11,279   —   — Other investments N/A   6,399   —   — Residential mortgage loans 1,276   791   —   —   $ 574,492   $ 424,686   $ 406,217   $ 406,217
Schedule of holdings in variable interest entities	Newcastle had variable interests in the following unconsolidated VIEs at September 30, 2014, in addition to the subprime securitizations which are described in Note 6: Entity   Gross Assets (A)   Debt (A) (B)   Carrying Value of Newcastle's Investment (C) Newcastle CDO V   $ 126,228   $ 154,574   $ 7,013     (A) Face amount. (B) Newcastle CDO V includes $41.4 million face amount of debt owned by Newcastle with a carrying value of $7.0 million at September 30, 2014. (C) This amount represents Newcastle’s maximum exposure to loss from this entity.