Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details)

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SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Interest income $ 47,486 $ 72,947 $ 171,642 $ 223,765  
Interest expense 20,555 28,411 65,263 88,038  
Net interest income (expense) 26,931 44,536 106,379 135,727  
Impairment (reversal) (12,998) 5,014 (7,024) 6,433  
Other revenues 24,912 8,071 52,425 9,095  
Other income (loss) 7,755 234,008 21,615 257,662  
Property operating expenses 15,804 5,043 32,576 5,500  
Depreciation and amortization 7,732 2,385 15,881 2,389  
Other operating expenses 17,430 11,926 51,349 31,738  
Income (loss) from continuing operations 31,630 262,247 87,637 356,424  
Income (loss) from discontinued operations (2,386) 10,974 33,343 20,707  
Net income (loss) 29,244 273,221 120,980 377,131  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Income (Loss) Available to Common Stockholders 27,849 271,826 116,795 372,946  
Investments 2,822,641   2,822,641    
Cash and restricted cash 93,961   93,961    
Derivative Assets 43,172   43,172   165
Other assets 27,003   27,003    
Total assets 2,986,777   2,986,777   3,945,312
Debt (2,041,851)   (2,041,851)    
Derivative Liabilities (17,115)   (17,115)   (31,576)
Other liabilities (62,836)   (62,836)    
Total liabilities (2,121,802)   (2,121,802)   (2,872,252)
Preferred Stock (61,583)   (61,583)   (61,583)
GAAP book value 803,392   803,392    
Additions to investments in real estate     1,899 26  
Non-recourse Senior Living
          
Interest income 2    2     
Interest expense 2,880 692 5,358 692  
Net interest income (expense) (2,878) (692) (5,356) (692)  
Impairment (reversal)              
Other revenues 24,370 7,548 50,880 7,548  
Other income (loss) (74) (21) 46 (21)  
Property operating expenses 15,542 4,742 31,827 4,742  
Depreciation and amortization 7,676 2,370 15,715 2,370  
Other operating expenses 7,545 1,650 12,619 4,848  
Income (loss) from continuing operations (9,345) (1,927) (14,591) (5,125)  
Income (loss) from discontinued operations              
Net income (loss) (9,345) (1,927) (14,591) (5,125)  
Preferred dividends              
Income (Loss) Available to Common Stockholders (9,345) (1,927) (14,591) (5,125)  
Investments 443,780   443,780    
Cash and restricted cash 35,244   35,244    
Derivative Assets            
Other assets 15,226   15,226    
Total assets 494,250   494,250    
Debt (335,238)   (335,238)    
Derivative Liabilities            
Other liabilities (15,582)   (15,582)    
Total liabilities (350,820)   (350,820)    
Preferred Stock            
GAAP book value 143,430   143,430    
Additions to investments in real estate     277,614    
Non-Recourse CDOs
          
Interest income 27,027 [1] 51,050 [1] 95,254 [1] 161,490 [1]  
Interest expense 4,926 [1] 14,694 [1] 18,876 [1] 49,334 [1]  
Net interest income (expense) 22,101 [1] 36,356 [1] 76,378 [1] 112,156 [1]  
Impairment (reversal) (12,375) [1] 3,962 [1] (389) [1] 3,173 [1]  
Other revenues    [1]    [1]    [1]    [1]  
Other income (loss) 4,821 [1] 231,825 [1] 16,496 [1] 256,358 [1]  
Property operating expenses    [1]    [1]    [1]    [1]  
Depreciation and amortization    [1]    [1]    [1]    [1]  
Other operating expenses 179 [1] 230 [1] 563 [1] 713 [1]  
Income (loss) from continuing operations 39,118 [1] 263,989 [1] 92,700 [1] 364,628 [1]  
Income (loss) from discontinued operations    [1]    [1]    [1]    [1]  
Net income (loss) 39,118 [1] 263,989 [1] 92,700 [1] 364,628 [1]  
Preferred dividends    [1]    [1]    [1]    [1]  
Income (Loss) Available to Common Stockholders 39,118 [1] 263,989 [1] 92,700 [1] 364,628 [1]  
Investments 1,044,704 [1]   1,044,704 [1]    
Cash and restricted cash 1,827 [1]   1,827 [1]    
Derivative Assets    [1]      [1]    
Other assets 3,420 [1]   3,420 [1]    
Total assets 1,049,951 [1]   1,049,951 [1]    
Debt (718,473) [1]   (718,473) [1]    
Derivative Liabilities (17,115) [1]   (17,115) [1]    
Other liabilities (5,700) [1]   (5,700) [1]    
Total liabilities (741,288) [1]   (741,288) [1]    
Preferred Stock    [1]      [1]    
GAAP book value 308,663 [1]   308,663 [1]    
Additions to investments in real estate        [1]    
Unlevered CDOs
          
Interest income 57 [2] 109 [2] 383 [2] 339 [2]  
Interest expense    [2]    [2]    [2]    [2]  
Net interest income (expense) 57 [2] 109 [2] 383 [2] 339 [2]  
Impairment (reversal)    [2]    [2]    [2]    [2]  
Other revenues    [2]    [2]    [2]    [2]  
Other income (loss) 60 [2] 83 [2] 205 [2] 259 [2]  
Property operating expenses    [2]    [2]    [2]    [2]  
Depreciation and amortization    [2]    [2]    [2]    [2]  
Other operating expenses    [2]    [2]    [2] 1 [2]  
Income (loss) from continuing operations 117 [2] 192 [2] 588 [2] 597 [2]  
Income (loss) from discontinued operations    [2]    [2]    [2]    [2]  
Net income (loss) 117 [2] 192 [2] 588 [2] 597 [2]  
Preferred dividends    [2]    [2]    [2]    [2]  
Income (Loss) Available to Common Stockholders 117 [2] 192 [2] 588 [2] 597 [2]  
Investments 5,058 [2]   5,058 [2]    
Cash and restricted cash    [2]      [2]    
Derivative Assets    [2]      [2]    
Other assets 5 [2]   5 [2]    
Total assets 5,063 [2]   5,063 [2]    
Debt    [2]      [2]    
Derivative Liabilities    [2]      [2]    
Other liabilities    [2]      [2]    
Total liabilities    [2]      [2]    
Preferred Stock    [2]      [2]    
GAAP book value 5,063 [2]   5,063 [2]    
Additions to investments in real estate        [2]    
Non-recourse Other
          
Interest income 16,254 [1],[3] 18,290 [1] 49,027 [1],[3] 54,753 [1]  
Interest expense 12,853 [1],[3] 13,375 [1] 37,710 [1],[3] 38,935 [1]  
Net interest income (expense) 3,401 [1],[3] 4,915 [1] 11,317 [1],[3] 15,818 [1]  
Impairment (reversal) 535 [1],[3] 499 [1] (38) [1],[3] 3,202 [1]  
Other revenues 542 [1],[3] 523 [1] 1,545 [1],[3] 1,547 [1]  
Other income (loss)    [1],[3]    [1]    [1],[3]    [1]  
Property operating expenses 262 [1],[3] 301 [1] 749 [1],[3] 758 [1]  
Depreciation and amortization 54 [1],[3] 15 [1] 164 [1],[3] 19 [1]  
Other operating expenses 668 [1],[3] 823 [1] 2,078 [1],[3] 2,523 [1]  
Income (loss) from continuing operations 2,424 [1],[3] 3,800 [1] 9,909 [1],[3] 10,863 [1]  
Income (loss) from discontinued operations    [1],[3]    [1]    [1],[3]    [1]  
Net income (loss) 2,424 [1],[3] 3,800 [1] 9,909 [1],[3] 10,863 [1]  
Preferred dividends    [1],[3]    [1]    [1],[3]    [1]  
Income (Loss) Available to Common Stockholders 2,424 [1],[3] 3,800 [1] 9,909 [1],[3] 10,863 [1]  
Investments 688,274 [1],[3]   688,274 [1],[3]    
Cash and restricted cash    [1],[3]      [1],[3]    
Derivative Assets    [1],[3]      [1],[3]    
Other assets 77 [1],[3]   77 [1],[3]    
Total assets 688,351 [1],[3]   688,351 [1],[3]    
Debt 619,376 [1],[3],[4]   619,376 [1],[3],[4]    
Derivative Liabilities    [1],[3]      [1],[3]    
Other liabilities (1,413) [1],[3]   (1,413) [1],[3]    
Total liabilities (620,789) [1],[3]   (620,789) [1],[3]    
Preferred Stock    [1],[3]      [1],[3]    
GAAP book value 67,562 [1],[3]   67,562 [1],[3]    
Additions to investments in real estate     129 [1],[3]    
Recourse
          
Interest income 1,206 [5] 3,213 14,771 [5] 4,981  
Interest expense 462 [5] 826 3,910 [5] 1,387  
Net interest income (expense) 744 [5] 2,387 10,861 [5] 3,594  
Impairment (reversal)    [5]    3,738 [5]     
Other revenues    [5]       [5]     
Other income (loss)    [5]    25 [5]     
Property operating expenses    [5]       [5]     
Depreciation and amortization    [5]       [5]     
Other operating expenses 12 [5]    59 [5]     
Income (loss) from continuing operations 732 [5] 2,387 7,089 [5] 3,594  
Income (loss) from discontinued operations    [5]       [5]     
Net income (loss) 732 [5] 2,387 7,089 [5] 3,594  
Preferred dividends    [5]       [5]     
Income (Loss) Available to Common Stockholders 732 [5] 2,387 7,089 [5] 3,594  
Investments 387,608 [5]   387,608 [5]    
Cash and restricted cash    [5]      [5]    
Derivative Assets 43,172 [5]   43,172 [5]    
Other assets 1,306 [5]   1,306 [5]    
Total assets 432,086 [5]   432,086 [5]    
Debt (376,886) [5]   (376,886) [5]    
Derivative Liabilities    [5]      [5]    
Other liabilities (64) [5]   (64) [5]    
Total liabilities (376,950) [5]   (376,950) [5]    
Preferred Stock    [5]      [5]    
GAAP book value 55,136 [5]   55,136 [5]    
Additions to investments in real estate        [5]    
Unlevered Other
          
Interest income 4,425 [6] 2,383 15,519 [6] 7,234  
Interest expense    [6]       [6]     
Net interest income (expense) 4,425 [6] 2,383 15,519 [6] 7,234  
Impairment (reversal) (1,158) [6] 553 (10,335) [6] 58  
Other revenues    [6]       [6]     
Other income (loss) 1,903 [6] 2,121 3,798 [6] 1,066  
Property operating expenses    [6]       [6]     
Depreciation and amortization    [6]       [6]     
Other operating expenses 52 [6] 10 290 [6] 35  
Income (loss) from continuing operations 7,434 [6] 3,941 29,362 [6] 8,207  
Income (loss) from discontinued operations (6) [6] (17) (35) [6] (48)  
Net income (loss) 7,428 [6] 3,924 29,327 [6] 8,159  
Preferred dividends    [6]       [6]     
Income (Loss) Available to Common Stockholders 7,428 [6] 3,924 29,327 [6] 8,159  
Investments 255,194 [6]   255,194 [6]    
Cash and restricted cash    [6]      [6]    
Derivative Assets    [6]      [6]    
Other assets 1,893 [6]   1,893 [6]    
Total assets 257,087 [6]   257,087 [6]    
Debt    [6]      [6]    
Derivative Liabilities    [6]      [6]    
Other liabilities (768) [6]   (768) [6]    
Total liabilities (768) [6]   (768) [6]    
Preferred Stock    [6]      [6]    
GAAP book value 256,319 [6]   256,319 [6]    
Additions to investments in real estate        [6]    
Local Media Group
          
Interest income            
Interest expense            
Net interest income (expense)            
Impairment (reversal)            
Other revenues            
Other income (loss) 1,045   1,045    
Property operating expenses            
Depreciation and amortization            
Other operating expenses            
Income (loss) from continuing operations 1,045   1,045    
Income (loss) from discontinued operations            
Net income (loss) 1,045   1,045    
Preferred dividends           
Income (Loss) Available to Common Stockholders 1,045   1,045    
Investments 57,384   57,384    
Cash and restricted cash            
Derivative Assets            
Other assets            
Total assets 57,384   57,384    
Debt            
Derivative Liabilities            
Other liabilities (185)   (185)    
Total liabilities (185)   (185)    
Preferred Stock            
GAAP book value 57,199   57,199    
Additions to investments in real estate           
Corporate
          
Interest income 39 32 141 135  
Interest expense 958 954 2,864 2,857  
Net interest income (expense) (919) (922) (2,723) (2,722)  
Impairment (reversal)              
Other revenues              
Other income (loss)              
Property operating expenses              
Depreciation and amortization 2    2     
Other operating expenses 8,974 9,213 35,740 23,618  
Income (loss) from continuing operations (9,895) (10,135) (38,465) (26,340)  
Income (loss) from discontinued operations              
Net income (loss) (9,895) (10,135) (38,465) (26,340)  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Income (Loss) Available to Common Stockholders (11,290) (11,530) (42,650) (30,525)  
Investments            
Cash and restricted cash 56,890   56,890    
Derivative Assets            
Other assets 5,117   5,117    
Total assets 62,007   62,007    
Debt (51,239)   (51,239)    
Derivative Liabilities            
Other liabilities (36,785)   (36,785)    
Total liabilities (88,024)   (88,024)    
Preferred Stock (61,583)   (61,583)    
GAAP book value (87,600)   (87,600)    
Additions to investments in real estate           
Excess MSRs and Consumer Loans
          
Interest income              
Interest expense              
Net interest income (expense)              
Impairment (reversal)              
Other revenues              
Other income (loss)              
Property operating expenses              
Depreciation and amortization              
Other operating expenses              
Income (loss) from continuing operations              
Income (loss) from discontinued operations (2,380) 10,991 33,378 20,755  
Net income (loss) (2,380) 10,991 33,378 20,755  
Preferred dividends              
Income (Loss) Available to Common Stockholders (2,380) 10,991 33,378 20,755  
Investments            
Cash and restricted cash            
Derivative Assets            
Other assets            
Total assets            
Debt            
Derivative Liabilities            
Other liabilities (2,380)   (2,380)    
Total liabilities (2,380)   (2,380)    
Preferred Stock            
GAAP book value (2,380)   (2,380)    
Additions to investments in real estate           
Intersegment Elimination
          
Interest income (1,524) [7] (2,130) [7] (3,455) [7] (5,167) [7]  
Interest expense (1,524) [7] (2,130) [7] (3,455) [7] (5,167) [7]  
Net interest income (expense)    [7]    [7]    [7]    [7]  
Impairment (reversal)    [7]    [7]    [7]    [7]  
Other revenues    [7]    [7]    [7]    [7]  
Other income (loss)    [7]    [7]    [7]    [7]  
Property operating expenses    [7]    [7]    [7]    [7]  
Depreciation and amortization    [7]    [7]    [7]    [7]  
Other operating expenses    [7]    [7]    [7]    [7]  
Income (loss) from continuing operations    [7]    [7]    [7]    [7]  
Income (loss) from discontinued operations    [7]    [7]    [7]    [7]  
Net income (loss)    [7]    [7]    [7]    [7]  
Preferred dividends    [7]    [7]    [7]    [7]  
Income (Loss) Available to Common Stockholders    [7]    [7]    [7]    [7]  
Investments (59,361) [7]   (59,361) [7]    
Cash and restricted cash    [7]      [7]    
Derivative Assets    [7]      [7]    
Other assets (41) [7]   (41) [7]    
Total assets (59,402) [7]   (59,402) [7]    
Debt 59,361 [7]   59,361 [7]    
Derivative Liabilities    [7]      [7]    
Other liabilities 41 [7]   41 [7]    
Total liabilities 59,402 [7]   59,402 [7]    
Preferred Stock    [7]      [7]    
GAAP book value    [7]      [7]    
Additions to investments in real estate        [7]    
[1] (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.
[2] (B) Represents unlevered investments in CDO securities issued by Newcastle. This CDO has been de-consolidated as Newcastle does not have the power to direct the relevant activities of the CDO.
[3] (C) The following table summarizes the investments and debt in the other non-recourse segment (See Schedule of Segment Other Non-Recourse Investments and Debt).
[4] *An aggregate face amount of $67.6 million (carrying value of $59.4 million) of debt represents financing provided by the CDO segment (and included as investments in the CDO segment), which is eliminated upon consolidation.
[5] (D) The $376.9 million of recourse debt is composed of (i) a $361.8 million repurchase agreement secured by $387.6 million carrying value of FNMA/FHLMC securities, and (ii) a $15.1 million repurchase agreement secured by $25.0 million face amount of senior notes issued by Newcastle CDO IX, which was repurchased by Newcastle and eliminated in consolidation.
[6] (E) The following table summarizes the investments in the unlevered other segment (See Schedule of Segment Reporting Investments in Unlevered Other Segment).
[7] (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.