Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Non-Recourse Investments and Debt (Details 1)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Non-Recourse Investments and Debt (Details 1) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Investments Face Amount $ 1,038,815 [1],[2]
Investments Carrying Value 2,822,641
Debt Face Amount 2,048,232
Debt Carrying Value (2,041,851)
Non-recourse Other
Investments Face Amount 705,687
Investments Carrying Value 688,274 [3],[4]
Debt Face Amount 631,480 [5]
Debt Carrying Value 619,376 [3],[4],[5]
Non-recourse Other | Manufactured Housing Loan Portfolio I
Investments Face Amount 106,304
Investments Carrying Value 91,488
Debt Face Amount 78,179 [5]
Debt Carrying Value 70,185 [5]
Non-recourse Other | Manufactured Housing Loan Portfolio II
Investments Face Amount 134,641
Investments Carrying Value 132,728
Debt Face Amount 99,979 [5]
Debt Carrying Value 99,568 [5]
Non-recourse Other | Subprime Mortgage Loans subject to Call Options
Investments Face Amount 406,217
Investments Carrying Value 406,217
Debt Face Amount 406,217 [5]
Debt Carrying Value 406,217 [5]
Non-recourse Other | Real Estate Securities
Investments Face Amount 58,525
Investments Carrying Value 51,209
Debt Face Amount 41,105 [5]
Debt Carrying Value 37,406 [5]
Non-recourse Other | Other Commercial Real Estate
Investments Face Amount N/A
Investments Carrying Value 6,632
Debt Face Amount 6,000 [5]
Debt Carrying Value $ 6,000 [5]
[1] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.
[2] (A) Net of incurred losses
[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] (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).
[5] *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.