Current report filing

Schedule of Debt Obligations (Details)

v2.4.0.8
Schedule of Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
BPM Senior Living Facilities
    
Month Issued Jul 2012  
Outstanding Face Amount $ 88,400  
Carrying Value 88,400  
Final Stated Maturity Aug 2019  
Unhedged Weighted Average Funding Cost (A) 3.44% [1]  
Weighted Average Funding Cost (B) 3.44% [2]  
Weighted Average Maturity (Years) 6.2  
Face Amount of Floating Rate Debt 23,400  
Outstanding Face Amount of Collateral (C) N/A [3]  
Amortized Cost Basis of Collateral (C) 138,131 [3]  
Carrying Value of Collateral (C) 138,131 [3]  
Weighted Average Maturity (Years) Of Collateral N/A  
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges 23,400 [4]  
BPM Senior Living Facilities | Restated
    
Outstanding Face Amount     
Carrying Value     
RLG Senior Living Facilities
    
Month Issued Nov 2012  
Outstanding Face Amount 16,000  
Carrying Value 16,000  
Final Stated Maturity Oct 2017  
Unhedged Weighted Average Funding Cost (A) LIBOR + 3.75%; LIBOR floor of 1% [1],[5]  
Weighted Average Funding Cost (B) 4.75% [2]  
Weighted Average Maturity (Years) 4.8  
Face Amount of Floating Rate Debt 16,000  
Outstanding Face Amount of Collateral (C) N/A [3]  
Amortized Cost Basis of Collateral (C) 22,262 [3]  
Carrying Value of Collateral (C) 22,262 [3]  
Weighted Average Maturity (Years) Of Collateral N/A  
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges    [4]  
RLG Senior Living Facilities | Restated
    
Outstanding Face Amount     
Carrying Value     
Courtyard Senior Living Facilities
    
Month Issued Dec 2012  
Outstanding Face Amount 16,125  
Carrying Value 16,125  
Final Stated Maturity Oct 2017  
Unhedged Weighted Average Funding Cost (A) LIBOR + 3.75%; LIBOR floor of 1% [1],[5]  
Weighted Average Funding Cost (B) 4.75% [2]  
Weighted Average Maturity (Years) 4.8  
Face Amount of Floating Rate Debt 16,125  
Outstanding Face Amount of Collateral (C) N/A [3]  
Amortized Cost Basis of Collateral (C) 21,494 [3]  
Carrying Value of Collateral (C) 21,494 [3]  
Weighted Average Maturity (Years) Of Collateral N/A  
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges    [4]  
Courtyard Senior Living Facilities | Restated
    
Outstanding Face Amount     
Carrying Value     
CDO IV Bonds Payable
    
Month Issued Mar 2004 [6]  
Outstanding Face Amount 79,898 [6] 106,645 [6]
Carrying Value 79,811 [6] 106,454 [6]
Final Stated Maturity Mar 2039 [6]  
Unhedged Weighted Average Funding Cost (A) 1.83% [1],[6]  
Weighted Average Funding Cost (B) 5.02% [2],[6]  
Weighted Average Maturity (Years) 1.3 [6]  
Face Amount of Floating Rate Debt 69,098 [6]  
Outstanding Face Amount of Collateral (C) 168,111 [3],[6]  
Amortized Cost Basis of Collateral (C) 155,646 [3],[6]  
Carrying Value of Collateral (C) 151,250 [3],[6]  
Weighted Average Maturity (Years) Of Collateral 1.9 [6]  
Floating Rate Face Amount of Collateral (C) 43,202 [3],[6]  
Aggregate Notional Amount of Current Hedges 69,098 [4],[6]  
CDO VI Bonds Payable
    
Month Issued Apr 2005 [6]  
Outstanding Face Amount 91,578 [6] 91,141 [6]
Carrying Value 91,578 [6] 91,141 [6]
Final Stated Maturity Apr 2040 [6]  
Unhedged Weighted Average Funding Cost (A) 0.87% [1],[6]  
Weighted Average Funding Cost (B) 5.35% [2],[6]  
Weighted Average Maturity (Years) 4.8 [6]  
Face Amount of Floating Rate Debt 88,495 [6]  
Outstanding Face Amount of Collateral (C) 180,039 [3],[6]  
Amortized Cost Basis of Collateral (C) 92,932 [3],[6]  
Carrying Value of Collateral (C) 119,184 [3],[6]  
Weighted Average Maturity (Years) Of Collateral 3.1 [6]  
Floating Rate Face Amount of Collateral (C) 49,393 [3],[6]  
Aggregate Notional Amount of Current Hedges 88,495 [4],[6]  
CDO VIII Bonds Payable
    
Month Issued Nov 2006  
Outstanding Face Amount 518,501 577,133
Carrying Value 517,541 575,736
Final Stated Maturity Nov 2052  
Unhedged Weighted Average Funding Cost (A) 0.78% [1]  
Weighted Average Funding Cost (B) 2.20% [2]  
Weighted Average Maturity (Years) 2.4  
Face Amount of Floating Rate Debt 510,901  
Outstanding Face Amount of Collateral (C) 707,189 [3]  
Amortized Cost Basis of Collateral (C) 523,202 [3]  
Carrying Value of Collateral (C) 551,058 [3]  
Weighted Average Maturity (Years) Of Collateral 2.9  
Floating Rate Face Amount of Collateral (C) 385,978 [3]  
Aggregate Notional Amount of Current Hedges 154,450 [4]  
CDO IX Bonds Payable
    
Month Issued May 2007  
Outstanding Face Amount 400,938 480,125
Carrying Value 402,424 482,329
Final Stated Maturity May 2052  
Unhedged Weighted Average Funding Cost (A) 0.59% [1]  
Weighted Average Funding Cost (B) 0.59% [2]  
Weighted Average Maturity (Years) 2.3  
Face Amount of Floating Rate Debt 400,938  
Outstanding Face Amount of Collateral (C) 637,873 [3]  
Amortized Cost Basis of Collateral (C) 517,982 [3]  
Carrying Value of Collateral (C) 527,903 [3]  
Weighted Average Maturity (Years) Of Collateral 3.2  
Floating Rate Face Amount of Collateral (C) 326,849 [3]  
Aggregate Notional Amount of Current Hedges    [4]  
CDO X Bonds Payable
    
Month Issued Jul 2007 [7]  
Outstanding Face Amount    [7] 1,150,000 [7]
Carrying Value    [7] 1,147,945 [7]
Final Stated Maturity Jul 2052 [7]  
Unhedged Weighted Average Funding Cost (A) N/A [1],[7]  
Weighted Average Maturity (Years)    [7]  
Face Amount of Floating Rate Debt    [7]  
Outstanding Face Amount of Collateral (C)    [3],[7]  
Amortized Cost Basis of Collateral (C)    [3],[7]  
Carrying Value of Collateral (C)    [3],[7]  
Weighted Average Maturity (Years) Of Collateral    [7]  
Floating Rate Face Amount of Collateral (C)    [3],[7]  
Aggregate Notional Amount of Current Hedges    [4],[7]  
Total CDO Bonds Payable
    
Outstanding Face Amount 1,090,915 2,405,044
Carrying Value 1,091,354 2,403,605
Weighted Average Funding Cost (B) 2.08% [2]  
Weighted Average Maturity (Years) 2.5  
Face Amount of Floating Rate Debt 1,069,432  
Outstanding Face Amount of Collateral (C) 1,693,212 [3]  
Amortized Cost Basis of Collateral (C) 1,289,762 [3]  
Carrying Value of Collateral (C) 1,349,395 [3]  
Weighted Average Maturity (Years) Of Collateral 2.9  
Floating Rate Face Amount of Collateral (C) 805,422 [3]  
Aggregate Notional Amount of Current Hedges 312,043 [4]  
MH Loans Portfolio I Bonds and Notes Payable
    
Month Issued Apr 2010 [8]  
Outstanding Face Amount 70,056 [8] 70,109 [8]
Carrying Value 66,199 [8] 69,256 [8]
Final Stated Maturity Jul 2035 [8]  
Unhedged Weighted Average Funding Cost (A) 6.25% [1],[8]  
Weighted Average Funding Cost (B) 6.25% [2],[8]  
Weighted Average Maturity (Years) 4.2 [8]  
Face Amount of Floating Rate Debt    [8]  
Outstanding Face Amount of Collateral (C) 118,746 [3],[8]  
Amortized Cost Basis of Collateral (C) 100,124 [3],[8]  
Carrying Value of Collateral (C) 100,124 [3],[8]  
Weighted Average Maturity (Years) Of Collateral 6.8 [8]  
Floating Rate Face Amount of Collateral (C) 909 [3],[8]  
Aggregate Notional Amount of Current Hedges    [4],[8]  
MH Loans Portfolio II Bonds and Notes Payable
    
Month Issued May 2011 [8]  
Outstanding Face Amount 117,907 [8] 126,856 [8]
Carrying Value 117,191 [8] 125,630 [8]
Final Stated Maturity Dec 2033 [8]  
Unhedged Weighted Average Funding Cost (A) 4.40% [1],[8]  
Weighted Average Funding Cost (B) 4.40% [2],[8]  
Weighted Average Maturity (Years) 3.9 [8]  
Face Amount of Floating Rate Debt    [8]  
Outstanding Face Amount of Collateral (C) 153,193 [3],[8]  
Amortized Cost Basis of Collateral (C) 150,123 [3],[8]  
Carrying Value of Collateral (C) 150,123 [3],[8]  
Weighted Average Maturity (Years) Of Collateral 5.6 [8]  
Floating Rate Face Amount of Collateral (C) 25,727 [3],[8]  
Aggregate Notional Amount of Current Hedges    [4],[8]  
Residential Mortgage Loans
    
Month Issued Aug 2006  
Outstanding Face Amount    5,491
Carrying Value    5,491
Final Stated Maturity N/A  
Unhedged Weighted Average Funding Cost (A) N/A [1]  
Weighted Average Funding Cost (B)    [2]  
Weighted Average Maturity (Years)     
Face Amount of Floating Rate Debt     
Outstanding Face Amount of Collateral (C)    [3]  
Amortized Cost Basis of Collateral (C)    [3]  
Carrying Value of Collateral (C)    [3]  
Weighted Average Maturity (Years) Of Collateral     
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges    [4]  
Total Other Bonds And Notes Payable
    
Outstanding Face Amount 187,963 202,456
Carrying Value 183,390 200,377
Weighted Average Funding Cost (B) 5.07% [2]  
Weighted Average Maturity (Years) 4.0  
Face Amount of Floating Rate Debt     
Outstanding Face Amount of Collateral (C) 271,939 [3]  
Amortized Cost Basis of Collateral (C) 250,247 [3]  
Carrying Value of Collateral (C) 250,247 [3]  
Weighted Average Maturity (Years) Of Collateral 6.1  
Floating Rate Face Amount of Collateral (C) 26,636 [3]  
Aggregate Notional Amount of Current Hedges    [4]  
CDO Securities Repurchase Agreements
    
Month Issued Dec 2012 [9]  
Outstanding Face Amount 5,658 [9] 8,728 [9]
Carrying Value 5,658 [9] 8,728 [9]
Final Stated Maturity Mar 2013 [9]  
Unhedged Weighted Average Funding Cost (A) LIBOR + 2.25% [1],[9]  
Weighted Average Funding Cost (B) 2.46% [2],[9]  
Weighted Average Maturity (Years) 0.2 [9]  
Face Amount of Floating Rate Debt 5,658 [9]  
Outstanding Face Amount of Collateral (C)    [3],[9]  
Amortized Cost Basis of Collateral (C)    [3],[9]  
Carrying Value of Collateral (C)    [3],[9]  
Weighted Average Maturity (Years) Of Collateral    [9]  
Floating Rate Face Amount of Collateral (C)    [3],[9]  
Aggregate Notional Amount of Current Hedges    [4],[9]  
Non-agency RMBS Repurchase Agreements
    
Month Issued Various [10]  
Outstanding Face Amount 150,922 [10]    [10]
Carrying Value 150,922 [10]    [10]
Final Stated Maturity Jan 2013 [10]  
Unhedged Weighted Average Funding Cost (A) LIBOR + 2.00% [1],[10]  
Weighted Average Funding Cost (B) 2.21% [10],[2]  
Weighted Average Maturity (Years) 0.1 [10]  
Face Amount of Floating Rate Debt 150,922 [10]  
Outstanding Face Amount of Collateral (C) 344,177 [10],[3]  
Amortized Cost Basis of Collateral (C) 215,212 [10],[3]  
Carrying Value of Collateral (C) 228,493 [10],[3]  
Weighted Average Maturity (Years) Of Collateral 6.9 [10]  
Floating Rate Face Amount of Collateral (C) 344,177 [10],[3]  
Aggregate Notional Amount of Current Hedges    [10],[4]  
FNMA/FHLMC Securities
    
Month Issued Various [11]  
Outstanding Face Amount 772,855 [11] 231,012 [11]
Carrying Value 772,855 [11] 231,012 [11]
Final Stated Maturity Various [11]  
Unhedged Weighted Average Funding Cost (A) 0.53% [1],[11]  
Weighted Average Funding Cost (B) 0.53% [11],[2]  
Weighted Average Maturity (Years) 0.1 [11]  
Face Amount of Floating Rate Debt 772,855 [11]  
Outstanding Face Amount of Collateral (C) 768,619 [11],[3]  
Amortized Cost Basis of Collateral (C) 818,866 [11],[3]  
Carrying Value of Collateral (C) 820,536 [11],[3]  
Weighted Average Maturity (Years) Of Collateral 3.5 [11]  
Floating Rate Face Amount of Collateral (C) 768,619 [11],[3]  
Aggregate Notional Amount of Current Hedges N/A [11],[4]  
Total Repurchase Agreements
    
Outstanding Face Amount 929,435 239,740
Carrying Value 929,435 239,740
Weighted Average Funding Cost (B) 0.81% [2]  
Weighted Average Maturity (Years) 0.1  
Face Amount of Floating Rate Debt 929,435  
Outstanding Face Amount of Collateral (C) 1,112,796 [3]  
Amortized Cost Basis of Collateral (C) 1,034,078 [3]  
Carrying Value of Collateral (C) 1,049,029 [3]  
Weighted Average Maturity (Years) Of Collateral 4.6  
Floating Rate Face Amount of Collateral (C) 1,112,796 [3]  
Aggregate Notional Amount of Current Hedges    [4]  
Total Mortgage Notes Payable
    
Outstanding Face Amount 120,525   
Carrying Value 120,525   
Weighted Average Funding Cost (B) 3.79% [2]  
Weighted Average Maturity (Years) 5.8  
Face Amount of Floating Rate Debt 55,525  
Outstanding Face Amount of Collateral (C) N/A [3]  
Amortized Cost Basis of Collateral (C) 181,887 [3]  
Carrying Value of Collateral (C) 181,887 [3]  
Weighted Average Maturity (Years) Of Collateral N/A  
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges 23,400 [4]  
Junior Subordinated Debt
    
Month Issued Mar 2006  
Outstanding Face Amount 51,004 51,004
Carrying Value 51,243 51,248
Final Stated Maturity Apr 2035  
Unhedged Weighted Average Funding Cost (A) 7.574%; LIBOR+2.25% After Apr 2016 [1],[12]  
Weighted Average Funding Cost (B) 7.40% [2]  
Weighted Average Maturity (Years) 22.3  
Face Amount of Floating Rate Debt     
Outstanding Face Amount of Collateral (C)    [3]  
Amortized Cost Basis of Collateral (C)    [3]  
Carrying Value of Collateral (C)    [3]  
Weighted Average Maturity (Years) Of Collateral     
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges    [4]  
Total Corporate
    
Outstanding Face Amount 51,004 51,004
Carrying Value 51,243 51,248
Weighted Average Funding Cost (B) 7.40% [2]  
Weighted Average Maturity (Years) 22.3  
Face Amount of Floating Rate Debt     
Outstanding Face Amount of Collateral (C)    [3]  
Amortized Cost Basis of Collateral (C)    [3]  
Carrying Value of Collateral (C)    [3]  
Weighted Average Maturity (Years) Of Collateral     
Floating Rate Face Amount of Collateral (C)    [3]  
Aggregate Notional Amount of Current Hedges    [4]  
Debt Securities Payable
    
Outstanding Face Amount 2,379,842 2,898,244
Carrying Value 2,375,947 2,894,970
Weighted Average Funding Cost (B) 2.02% [2]  
Weighted Average Maturity (Years) 2.3  
Face Amount of Floating Rate Debt 2,054,392  
Outstanding Face Amount of Collateral (C) 3,077,947 [3]  
Amortized Cost Basis of Collateral (C) 2,755,974 [3]  
Carrying Value of Collateral (C) 2,830,558 [3]  
Weighted Average Maturity (Years) Of Collateral 3.8  
Floating Rate Face Amount of Collateral (C) 1,944,854 [3]  
Aggregate Notional Amount of Current Hedges 335,443 [4]  
Subprime mortgage loans subject to call option
    
Month Issued April 2006 and July 2007 [13]  
Outstanding Face Amount 406,217 [13] 406,217 [13]
Carrying Value 405,814 [13] 404,723 [13]
Total Debt
    
Outstanding Face Amount 2,786,059 3,304,461
Carrying Value $ 2,781,761 $ 3,299,693
[1] (A) Weighted average, including floating and fixed rate classes and including the amortization of deferred financing costs.
[2] (B) Including the effect of applicable hedges.
[3] (C) Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash in senior living entities.
[4] (D) Including a $23.4 million notional amount of interest rate cap agreement in for the mortgage notes payable, and $69.1 million and $88.5 million of interest rate swap agreements in CDOs IV and VI, respectively, which were economic hedges not designated as hedges for accounting purposes.
[5] (H) These financings have a Libor floor of 1%.
[6] (E) These CDOs were not in compliance with their applicable over collateralization tests as of December 31, 2012. Newcastle is not receiving cash flows from these CDOs (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to pay debt, and expects these CDOs to remain out of compliance for the foreseeable future.
[7] (F) Deconsolidated on September 12, 2012.
[8] (G) Excluding $20.5 million face amount of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
[9] (I) The counterparty of this repurchase agreement is Bank of America. It is secured by $21.0 million face amount of notes issued by Newcastle CDO VI, which is eliminated in consolidation. The maximum recourse to Newcastle is $1.4 million. This repurchase agreement was subsequently paid off in January 2013.
[10] (J) The counterparty on these repurchase agreements is Credit Suisse.
[11] (K) The counterparties on these repurchase agreements are Bank of America, Barclays, Citi and Goldman Sachs. Interest rates on these repurchase agreements are fixed, but will be reset on a short-term basis.
[12] (M) LIBOR + 2.25% after April 2016.
[13] (L) Issued in April 2006 and July 2007. See Note 6 regarding the securitizations of Subprime Portfolios I and II.