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
 9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2014
Total CDO Bonds Payable [Member]
Sep. 30, 2014
Total Other Bonds And Notes Payable [Member]
Sep. 30, 2014
Total Repurchase Agreements [Member]
Sep. 30, 2014
Total Mortgage Notes Payable [Member]
Sep. 30, 2014
Total Golf Credit Facilities [Member]
Sep. 30, 2014
Subprime mortgage loans subject to call option [Member]
Sep. 30, 2014
Junior Subordinated Notes Payable [Member]
Sep. 30, 2014
Real Estate Related and Other Loans Held For Sale [Member]
Sep. 30, 2014
Residential Mortgage Loans Held For Sale [Member]
Sep. 30, 2014
Subprime Mortgage Loans Subject to Call [Member]
Sep. 30, 2014
Real Estate Securities Available For Sale [Member]
Sep. 30, 2014
Principal Balance or Notional Amount [Member]
Sep. 30, 2014
Carrying Value [Member]
Sep. 30, 2014
Estimated Fair Value [Member]
Financial Instruments                                    
Real estate securities, available-for-sale $ 310,639 $ 984,263                           $ 386,557 [1],[2] $ 310,639 [1],[2] $ 310,639 [1],[2]
Real estate related and other loans, held-for-sale, net 224,992 437,530                           324,048 224,992 239,701
Residential mortgage loans, held-for-sale, net 4,036 2,185                           4,686 4,036 4,317
Subprime mortgage loans subject to call option 406,217 406,217                           406,217 [3] 406,217 [3]  
Restricted cash 4,624 5,856                             4,624 [4] 4,624 [4]
Cash and cash equivalents 257,584 73,984 91,985 231,518                         257,584 [4] 257,584 [4]
Non-hedge derivative assets   43,662                                
Investments in senior housing real estate, net 1,582,477 1,362,900                             1,582,477 [5]  
Investments in other real estate, net 245,510 250,208                             245,510 [5]  
Intangibles, net                                 201,909 [5]  
Other investments 26,456 25,468                             26,456 [5]  
Receivables and other assets 111,996 139,595                             6,863 [5]  
Financial Instruments                                    
CDO bonds payable 230,858 544,525                           229,833 [6] 230,858 [6] 127,254 [6]
Other bonds and notes payable 82,063 230,279                           88,223 [6] 82,063 [6] 82,070 [6]
Repurchase agreements 63,804 556,347                           63,804 63,804 63,804
Mortgage notes payable 1,148,008 1,076,828                           1,147,364 1,148,008 1,157,815
Credit facilities and obligations under capital leases, golf 160,692 152,498                           160,692 160,692 160,692
Financing of subprime mortgage loans subject to call option 406,217 406,217                           406,217 [3] 406,217 [3]  
Junior subordinated notes payable 51,233 51,237                           51,004 51,233 31,833
Interest rate swaps, treated as hedges                               83,673 [1],[7],[8] 2,852 [1],[7],[8] 2,852 [1],[7],[8]
Non-hedge derivatives                               130,342 [1],[7],[8] 1,676 [1],[7],[8] 1,676 [1],[7],[8]
Liabilities of discontinued operations $ 412 $ 295,680                             $ 412  
Weighted Average                                    
Weighted Average Yield/Funding Cost         4.23% [9] 5.86% [9] 1.81% [9] 4.93% [9] 5.24% [9] 9.09% [9] 7.36% [9] 14.53% [9] 7.74% [9] 9.09% [9] 9.75% [9]      
Weighted Average Life (Years)         3 years 3 months 18 days 1 year 8 months 12 days 0 years 1 month 6 days 6 years 3 years 4 months 24 days   20 years 7 months 6 days 1 year 8 months 12 days 1 year 8 months 12 days   3 years 3 months 18 days      
[1] Measured at fair value on a recurring basis.
[2] Excludes eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.
[3] Represents an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 6).
[4] The carrying value of these assets and liabilities approximates fair value.
[5] Newcastle has certain assets that are subject to measurement at fair value on a nonrecurring basis. For these assets, measurement at fair value in the period subsequent to their initial recognition is applicable if determined to be impaired. During the nine months ended September 30, 2014, Newcastle did not have any material impaired assets that were required to be measured at fair value.
[6] 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.
[7] As of September 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $214.0 million is 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.
[8] See Schedule of fair value of hedge and non-hedge derivatives.
[9] The weighted average yield and weighted average funding cost are disclosed for financial instrument assets and liabilities, respectively.