Current report filing

Schedule of Segment Reporting (Details)

v2.4.0.8
Schedule of Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
 1 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2010
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Jun. 30, 2011
Restated
Dec. 31, 2011
Restated
Dec. 31, 2012
CDOs
Dec. 31, 2010
CDOs
Dec. 31, 2011
CDOs
Restated
Dec. 31, 2012
Unlevered CDOs Segment
Dec. 31, 2010
Unlevered CDOs Segment
Dec. 31, 2011
Unlevered CDOs Segment
Restated
Dec. 31, 2012
Senior Living
Dec. 31, 2010
Senior Living
Dec. 31, 2011
Senior Living
Restated
Dec. 31, 2012
Non-recourse Other Segment
Dec. 31, 2010
Non-recourse Other Segment
Dec. 31, 2011
Non-recourse Other Segment
Restated
Dec. 31, 2012
Recourse Segment
Dec. 31, 2010
Recourse Segment
Dec. 31, 2011
Recourse Segment
Restated
Dec. 31, 2012
Unlevered Other Segment
Dec. 31, 2010
Unlevered Other Segment
Dec. 31, 2011
Unlevered Other Segment
Restated
Dec. 31, 2012
Unlevered Excess MSRs Segment
Dec. 31, 2010
Unlevered Excess MSRs Segment
Dec. 31, 2011
Unlevered Excess MSRs Segment
Restated
Dec. 31, 2012
Corporate Segment
Dec. 31, 2010
Corporate Segment
Dec. 31, 2011
Corporate Segment
Restated
Dec. 31, 2012
Intersegment Elimination Segment
Dec. 31, 2010
Intersegment Elimination Segment
Dec. 31, 2011
Intersegment Elimination Segment
Restated
Interest income   $ 59,186 $ 72,947 [1] $ 77,956 [1] $ 72,862 [1] $ 72,297 $ 72,393 [1] $ 72,203 [1] $ 282,951   $ 300,272 $ 74,143 [2] $ 291,036 $ 196,517 [3] $ 226,717 [3] $ 218,131 [3] $ 490 [4]    [4] $ 344 [4]          $ 72,343 [3],[5] $ 72,773 [3],[5] $ 73,364 [3],[5] $ 8,984 [6] $ 976 $ 2,234 [6] $ 10,491 [7] $ 1,653 [7] $ 2,636 [7]          $ 170 $ 68 $ 167 $ (6,044) [8] $ (1,915) [8] $ (5,840) [8]
Interest expense   21,886 28,411 [1] 29,462 [1] 30,165 [1] 31,533 32,587 [1] 38,165 [1] 109,924   172,219 35,750 [2] 138,035 56,607 [3] 108,437 [3] 86,110 [3]    [4]    [4]    [4] 1,688       51,278 [3],[5] 60,705 [3],[5] 53,252 [3],[5] 2,582 [6] 656 693 [6]    [7] 356 [7] 5 [7]          3,813 3,980 3,815 (6,044) [8] (1,915) [8] (5,840) [8]
Net interest income   37,300 44,536 [1] 48,494 [1] 42,697 [1] 40,764 39,806 [1] 34,038 [1] 173,027   128,053 38,393 [2] 153,001 139,910 [3] 118,280 [3] 132,021 [3] 490 [4]    [4] 344 [4] (1,688)       21,065 [3],[5] 12,068 [3],[5] 20,112 [3],[5] 6,402 [6] 320 1,541 [6] 10,491 [7] 1,297 [7] 2,631 [7]          (3,643) (3,912) (3,648)    [8]    [8]    [8]
Impairment (reversal)                 (5,664)   (240,858)   1,110 (7,381) [3] (173,223) [3] (3,876) [3]    [4] 16 [4]    [4]          4,119 [3],[5] (38,561) [3],[5] 8,469 [3],[5]    [6] (60)    [6] (2,402) [7] (29,030) [7] (3,483) [7]                      [8]    [8]    [8]
Other revenue   10,980 8,071 [1] 515 [1] 509 [1] 488 469 [1] 477 [1] 20,075   1,708 465 [2] 1,899    [3]    [3]    [3]    [4]    [4]    [4] 18,026       2,049 [3],[5] 1,708 [3],[5] 1,899 [3],[5]    [6]       [6]    [7]    [7]    [7]                      [8]    [8]    [8]
Other income (loss)   4,632 [9] 234,008 [1],[9] (4,882) [1],[9] 28,536 [1],[9] 12,263 [9] 18,802 [1],[9] 45,469 [1],[9] 262,294 [9]   282,287 103,961 [2],[9] 180,495 [9] 259,688 [3] 289,158 [3] 171,963 [3] 337 [4] 475 [4] 3,739 [4] (82)       930 [3],[5] (5,491) [3],[5] 2,561 [3],[5]    [6] (663)    [6] 1,421 [7] (1,269) [7] 2,232 [7]             77       [8]    [8]    [8]
Property operating expenses   7,443 5,043 [1] 232 [1] 225 [1] 306 322 [1] 249 [1] 12,943   1,283 233 [2] 1,110    [3]    [3]    [3]    [4]    [4]    [4] 11,539       1,404 [3],[5] 1,283 [3],[5] 1,110 [3],[5]    [6]       [6]    [7]    [7]    [7]                      [8]    [8]  
Depreciation and amortization   4,586 2,385 [1] 2 [1] 2 [1] 1 3 [1] 4 [1] 6,975   79 4 [2] 12    [3]    [3]    [3]    [4]    [4]    [4] 5,784       1,191 [3],[5] 79 [3],[5] 12 [3],[5]    [6]       [6]    [7]    [7]    [7]                      [8]    [8]  
Other operating expenses   14,462 11,926 [1] 11,575 [1] 8,237 [1] 7,766 7,181 [1] 6,851 [1] 46,200   29,539 7,407 [2] 29,205 915 [3] 1,483 [3] 1,058 [3] 1 [4]    [4]    [4] 6,846       3,314 [3],[5] 3,160 [3],[5] 3,603 [3],[5]    [6] 4    [6] 45 [7] (197) [7] 19 [7]          35,079 25,089 24,525    [8]    [8]    [8]
Income (loss) from continuing operations   38,518 262,247 [1] 23,819 [1] 70,358 [1] 20,142 29,921 [1] 109,653 [1] 394,942   622,005 144,242 [2] 303,958 406,064 [3] 579,178 [3] 306,802 [3] 826 [4] 459 [4] 4,083 [4] (7,913)       14,016 [3],[5] 42,324 [3],[5] 11,378 [3],[5] 6,402 [6] (287) 1,541 [6] 14,269 [7] 29,255 [7] 8,327 [7]          (38,722) (28,924) (28,173)    [8]    [8]    [8]
Income (loss) from discontinued operations   18,461 10,974 [1] 6,620 [1] 3,113 [1] 554 22 [1] 20 [1] 39,168   (343) (35) [2] 561    [3]    [3]    [3]    [4]    [4]    [4]             [3],[5] (536) [3],[5] 46 [3],[5]    [6]       [6] (68) [7] 193 [7] (57) [7] 39,236    572             [8]    [8]    [8]
Net Income (Loss)                 434,110 304,519 621,662   304,519 406,064 [3] 579,178 [3] 306,802 [3] 826 [4] 459 [4] 4,083 [4] (7,913)       14,016 [3],[5] 41,788 [3],[5] 11,424 [3],[5] 6,402 [6] (287) 1,541 [6] 14,201 [7] 29,448 [7] 8,270 [7] 39,236    572 (38,722) (28,924) (28,173)    [8]    [8]    [8]
Preferred dividends   (1,395) (1,395) [1] (1,395) [1] (1,395) [1] (1,395) (1,395) [1] (1,395) [1] (5,580)   (7,453) (1,395) [2] (5,580)    [3]    [3]    [3]    [4]    [4]    [4]             [3],[5]    [3],[5]    [3],[5]    [6]       [6]    [7]    [7]    [7]          (5,580) (7,453) (5,580)    [8]    [8]    [8]
Excess of carrying amount of exchanged preferred stock over fair value of consideration paid 43,043                    43,043           [3]        [4]               [3],[5]               [7]            43,043        [8]  
Income (Loss) Applicable to Common Stockholders   55,584 271,826 [1] 29,044 [1] 72,076 [1] 19,301 28,548 [1] 108,278 [1] 428,530   657,252 142,812 [2] 298,939 406,064 [3] 579,178 [3] 306,802 [3] 826 [4] 459 [4] 4,083 [4] (7,913)       14,016 [3],[5] 41,788 [3],[5] 11,424 [3],[5] 6,402 [6] (287) 1,541 [6] 14,201 [7] 29,448 [7] 8,270 [7] 39,236    572 (44,302) 6,666 (33,753)    [8]    [8]    [8]
Investments   3,448,919       3,316,618     3,448,919 3,316,618       1,411,731 [3]   2,408,252 [3] 5,998 [4]   3,940 [4] 181,887      755,421 [3],[5]   783,777 [3],[5] 1,049,029 [6]   244,916 [6] 107,189 [7]   18,751 [7]                 (62,336) [8]   (143,018) [8]
Cash and restricted cash   233,962       262,387     233,962 262,387       2,064 [3]   105,040 [3]    [4]      [4] 9,720         [3],[5]      [3],[5]    [6]      [6]    [7]   9 [7]         222,178   157,347    [8]      [8]
Derivative Assets   165       1,954     165 1,954          [3]   1,954 [3]    [4]      [4] 165         [3],[5]      [3],[5]    [6]      [6]    [7]      [7]                    [8]      [8]
Other assets   17,197       26,854     17,197 26,854       7,422 [3]   23,203 [3] 7 [4]   8 [4] 4,946      113 [3],[5]   116 [3],[5] 2,740 [6]   593 [6] 1,924 [7]   2,079 [7]         202   1,208 (157) [8]   (353) [8]
Assets of discontinued operations   245,069       43,986     245,069 43,986     43,986                                              15 245,069   43,971                
Total assets   3,945,312       3,651,799     3,945,312 3,651,799       1,421,217 [3]   2,538,449 [3] 6,005 [4]   3,948 [4] 196,718      755,534 [3],[5]   783,893 [3],[5] 1,051,769 [6]   245,509 [6] 109,113 [7]   20,845 [7] 245,069   43,971 222,380   158,555 (62,493) [8]   (143,371) [8]
Debt   (2,781,761)       (3,299,693)     (2,781,761) (3,299,693)       (1,095,598) [3]   (2,410,151) [3]    [4]      [4] (120,525)      (651,540) [3],[5]   (748,118) [3],[5] (925,191) [6]   (233,194) [6]    [7]      [7]         (51,243)   (51,248) 62,336 [8]   143,018 [8]
Derivative Liabilities   (31,576)       (119,320)     (31,576) (119,320)       (31,576) [3]   (119,320) [3]    [4]      [4]            [3],[5]      [3],[5]    [6]      [6]    [7]      [7]                    [8]      [8]
Other liabilities   (58,435)       (36,467)     (58,435) (36,467)       (5,681) [3]   (12,705) [3]    [4]      [4] (5,084)      (2,684) [3],[5]   (3,407) [3],[5] (171) [6]   (23) [6] (3) [7]   (5) [7]         (44,969)   (20,680) 157 [8]   353 [8]
Liabilities of discontinued operations   (480)       (4,230)     (480) (4,230)     (4,230)                                         (74)   (44) (406)   (4,186)                
Total liabilities   (2,872,252)       (3,459,710)     (2,872,252) (3,459,710)       (1,132,855) [3]   (2,542,176) [3]    [4]      [4] (125,609)      (654,224) [3],[5]   (751,525) [3],[5] (925,362) [6]   (233,217) [6] (77) [7]   (49) [7] (406)   (4,186) (96,212)   (71,928) 62,493 [8]   143,371 [8]
Preferred Stock   (61,583)       (61,583)     (61,583) (61,583)          [3]      [3]    [4]      [4]            [3],[5]      [3],[5]    [6]      [6]    [7]      [7]         (61,583)   (61,583)    [8]      [8]
GAAP book value   $ 1,011,477       $ 130,506     $ 1,011,477 $ 130,506       $ 288,362 [3]   $ (3,727) [3] $ 6,005 [4]   $ 3,948 [4] $ 71,109      $ 101,310 [3],[5]   $ 32,368 [3],[5] $ 126,407 [6]   $ 12,292 [6] $ 109,036 [7]   $ 20,796 [7] $ 244,663   $ 39,785 $ 64,585   $ 25,044    [8]      [8]
[1] (A) The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 9).
[2] (C) Restated to correct the recording of the deconsolidation of CDO V as discussed in Note 3.
[3] (A) Assets held within CDOs and other non-recourse structures are 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. 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.
[4] (B) Represents unlevered investments in CDO securities issued by Newcastle. These CDOs have been deconsolidated as Newcastle does not have the power to direct the relevant activities of the CDOs.
[5] (C) The following table summarizes the investments and debt in the other non-recourse segment (See table Schedule of Segment Other Non-Recourse Investments and Debt). An aggregate face amount of $71.1 million and $157.0 million (carrying values of $62.3 million and $143.0 million), respectively, of debt represents financing provided by the CDO segment (and included as investments in the CDO segment), which is eliminated upon consolidation.
[6] (D) The $925.2 million of recourse debt is comprised of (i) a $772.9 million repurchase agreement secured by $820.5 million carrying value of FNMA/FHLMC securities, (ii) a $1.4 million repurchase agreement secured by $21.0 million face amount of senior notes issued by Newcastle CDO VI, which was repurchased by Newcastle and is eliminated in consolidation and (iii) a $150.9 million repurchase agreement secured by $228.5 million carrying value of non-agency residential mortgage backed securities ("RMBS").
[7] (E) The following table summarizes the investments in the unlevered other segment (See table Schedule of Investments in Unlevered Other Segment). During the year ended December 31, 2012, Newcastle purchased 17 non-agency RMBS with an aggregate face amount of $90.9 million for an aggregate purchase price of approximately $61.7 million, or an average price of 67.9% of par. As of December 31, 2012, these securities had an aggregate face amount of $89.3 million and a carrying value of $61.3 million.
[8] (F) Represents the elimination of investments and financings and their related income and expenses between the CDO segment and other non-recourse segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments.
[9] (B) Including equity in earnings of unconsolidated subsidiaries.