Current report filing

Schedule Of Carrying Value and Fair Value Of Assets and Liabilities (Details)

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Schedule Of Carrying Value and Fair Value Of Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Assets        
Real estate securities, available-for-sale* $ 1,691,575 $ 1,731,744    
Real estate related loans, held-for-sale, net 843,132 813,580    
Residential mortgage loans, held-for-investment, net 292,461 331,236    
Residential mortgage loans, held-for-sale, net 2,471 2,687    
Subprime mortgage loans subject to call option 405,814 404,723    
Restricted Cash* 2,064 105,040    
Operating real estate, held-for-sale    7,741 8,776 9,966
Other investments 24,907 24,907    
Receivables and other assets 17,197 26,854    
Assets of discontinued operations 245,069 43,986    
Total Assets 3,945,312 3,651,799    
Liabilities        
CDO bonds payable 1,091,354 2,403,605    
Other bonds and notes payable 183,390 200,377    
Repurchase agreements 929,435 239,740    
Mortgage notes payable 120,525       
Financing of subprime mortgage loans subject to call option (B) 405,814 404,723    
Junior subordinated notes payable 51,243 51,248    
Liabilities of discontinued operations 480 4,230    
Total Liabilities 2,872,252 3,459,710    
Subprime mortgage loans subject to call option
        
Weighted Average        
Weighted Average Yield/Funding Cost 9.09%      
Weighted Average Maturity (Years) (B) [1]      
Junior Subordinated Debt
        
Weighted Average        
Weighted Average Yield/Funding Cost 7.40%      
Weighted Average Maturity (Years) 22.3      
Derivative Financial Instruments, Assets
        
Weighted Average        
Weighted Average Yield/Funding Cost N/A      
Weighted Average Maturity (Years) (C) [2]      
Derivative Financial Instruments, Assets Non Hedge
        
Weighted Average        
Weighted Average Yield/Funding Cost N/A      
Weighted Average Maturity (Years) (D) [3]      
Assets of Discontinued Operations
        
Weighted Average        
Weighted Average Yield/Funding Cost 17.59%      
Weighted Average Maturity (Years) 5.4      
CDO Bonds Payable
        
Weighted Average        
Weighted Average Yield/Funding Cost 2.08%      
Weighted Average Maturity (Years) 2.5      
Other Bonds and Notes Payable
        
Weighted Average        
Weighted Average Yield/Funding Cost 5.07%      
Weighted Average Maturity (Years) 4.0      
Repurchase Agreements
        
Weighted Average        
Weighted Average Yield/Funding Cost 0.81%      
Weighted Average Maturity (Years) 0.1      
Mortgage Notes Payable
        
Weighted Average        
Weighted Average Yield/Funding Cost 3.79%      
Weighted Average Maturity (Years) 5.8      
Financing on Subprime Mortgage Loans subject to Call Options
        
Weighted Average        
Weighted Average Yield/Funding Cost 9.09%      
Weighted Average Yield/Funding Cost (B) [1]      
Interest Rate Swap Agreements
        
Weighted Average        
Weighted Average Yield/Funding Cost N/A      
Weighted Average Maturity (Years) (C) [2]      
Non Hedge Derivative Liabilities
        
Weighted Average        
Weighted Average Yield/Funding Cost N/A      
Weighted Average Maturity (Years) (D) [3]      
Real Estate Securities Available For Sale
        
Weighted Average        
Weighted Average Yield/Funding Cost 4.69%      
Weighted Average Maturity (Years) 4.0      
Real Estate Loans Held For Sale
        
Weighted Average        
Weighted Average Yield/Funding Cost 12.15%      
Weighted Average Maturity (Years) 2.6      
Residential Mortgage Loans Held For Investment
        
Weighted Average        
Weighted Average Yield/Funding Cost 8.19%      
Weighted Average Maturity (Years) 6.1      
Residential Mortgage Loans Held For Sale
        
Weighted Average        
Weighted Average Yield/Funding Cost 17.00%      
Weighted Average Maturity (Years) 4.7      
Principal Balance
        
Assets        
Real estate securities, available-for-sale* 2,078,101 [4]      
Real estate related loans, held-for-sale, net 1,121,085      
Residential mortgage loans, held-for-investment, net 328,070      
Residential mortgage loans, held-for-sale, net 3,645      
Subprime mortgage loans subject to call option 406,217 [1]      
Restricted Cash* 2,064 [4]      
Cash and Cash Equivalents* 231,898 [4]      
Derivative assets, treated as hedges (C)(E)*    [2],[4],[5]      
Non-hedge derivative assets (D)(E)* 23,400 [3],[4],[5]      
Assets of discontinued operations 76,560,751      
Liabilities        
CDO bonds payable 1,090,915      
Other bonds and notes payable 187,963      
Repurchase agreements 929,435      
Mortgage notes payable 120,525      
Financing of subprime mortgage loans subject to call option (B) 406,217 [1]      
Junior subordinated notes payable 51,004      
Interest rate swaps, treated as hedges (C)(E)* 154,450 [2],[4],[5]      
Non-hedge derivatives (D)(E)* 294,203 [3],[4],[5]      
Carrying (Reported) Amount, Fair Value Disclosure
        
Assets        
Real estate securities, available-for-sale* 1,691,575 [4] 1,731,744 [4]    
Real estate related loans, held-for-sale, net 843,132 813,580    
Residential mortgage loans, held-for-investment, net 292,461 331,236    
Residential mortgage loans, held-for-sale, net 2,471 2,687    
Subprime mortgage loans subject to call option 405,814 [1] 404,723 [1]    
Restricted Cash* 2,064 [4] 105,040 [4]    
Cash and Cash Equivalents* 231,898 [4] 157,347 [4]    
Derivative assets, treated as hedges (C)(E)*    [2],[4],[5] 1,092 [2],[4],[5]    
Non-hedge derivative assets (D)(E)* 165 [3],[4],[5] 862 [3],[4],[5]    
Investments in real estate and intangibles, net 188,559       
Operating real estate, held-for-sale    7,741    
Other investments 24,907 24,907    
Receivables and other assets 17,197 26,854    
Assets of discontinued operations 245,069 43,986    
Total Assets 3,945,312 3,651,799    
Liabilities        
CDO bonds payable 1,091,354 2,403,605    
Other bonds and notes payable 183,390 200,377    
Repurchase agreements 929,435 239,740    
Mortgage notes payable 120,525       
Financing of subprime mortgage loans subject to call option (B) 405,814 [1] 404,723 [1]    
Junior subordinated notes payable 51,243 51,248    
Interest rate swaps, treated as hedges (C)(E)* 12,175 [2],[4],[5] 90,025 [2],[4],[5]    
Non-hedge derivatives (D)(E)* 19,401 [3],[4],[5] 29,295 [3],[4],[5]    
Due to affiliates 3,620 1,659    
Dividends payable, accrued expenses and other liabilities 54,815 34,808    
Liabilities of discontinued operations 480 4,230    
Total Liabilities 2,872,252 3,459,710    
Estimate of Fair Value, Fair Value Disclosure
        
Assets        
Real estate securities, available-for-sale* 1,691,575 [4] 1,731,744 [4]    
Real estate related loans, held-for-sale, net 853,102 819,249    
Residential mortgage loans, held-for-investment, net 297,030 330,277    
Residential mortgage loans, held-for-sale, net 2,471 2,687    
Subprime mortgage loans subject to call option 405,814 [1] 404,723 [1]    
Restricted Cash* 2,064 [4] 105,040 [4]    
Cash and Cash Equivalents* 231,898 [4] 157,347 [4]    
Derivative assets, treated as hedges (C)(E)*    [2],[4],[5] 1,092 [2],[4],[5]    
Non-hedge derivative assets (D)(E)* 165 [3],[4],[5] 862 [3],[4],[5]    
Investments in real estate and intangibles, net 194,878       
Operating real estate, held-for-sale    7,741    
Other investments 13,165 24,907    
Receivables and other assets 17,230 26,854    
Assets of discontinued operations 245,069 43,986    
Total Assets 3,954,428 3,656,509    
Liabilities        
CDO bonds payable 781,856 1,500,307    
Other bonds and notes payable 190,302 203,136    
Repurchase agreements 929,435 239,740    
Mortgage notes payable 120,525       
Financing of subprime mortgage loans subject to call option (B) 405,814 [1] 404,723 [1]    
Junior subordinated notes payable 31,545 30,145    
Interest rate swaps, treated as hedges (C)(E)* 12,175 [2],[4],[5] 90,025 [2],[4],[5]    
Non-hedge derivatives (D)(E)* 19,401 [3],[4],[5] 29,295 [3],[4],[5]    
Due to affiliates 3,620 1,659    
Dividends payable, accrued expenses and other liabilities 54,815 34,808    
Liabilities of discontinued operations 480 4,230    
Total Liabilities $ 2,549,968 $ 2,538,068    
[1] (B) These two items results from an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 5), are noneconomic until such option is exercised, and are equal and offsetting.
[2] (C) Represents derivative agreements as follows (See Table Schedule of Fair Value of Derivative Assets)
[3] (D) This represents two interest rate swap agreements with a total notional balance of $294.2 million, maturing in March 2014 and March 2015, respectively, and an interest rate cap agreement with a notional balance of $23.4 million, maturing in August 2019. Newcastle entered into these agreements to reduce its exposure to interest rate changes on the floating rate financings of CDO IV, CDO VI and the senior living assets. These derivative agreements were not designated as hedges for accounting purposes as of December 31, 2012.
[4] *Measured at fair value on a recurring basis.
[5] (E) Newcastle's derivatives fall into two categories. As of December 31, 2012, all derivatives were held within Newcastle's nonrecourse CDO structures. An aggregate notional balance of $448.7 million, which were liabilities at period end, 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. A notional balance of $23.4 million was an asset at period end and therefore are subject to the counterparty's credit risk. No adjustments have been made to the fair value quotations received related to credit risk as a result of the counterparty's "AA" credit rating. Newcastle's significant derivative counterparties include Bank of America, Credit Suisse, and Wells Fargo.