Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1)

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REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Integer
Dec. 31, 2012
Outstanding Face Amount $ 1,038,815 [1],[2]  
Before Impairment - Amortized Cost Basis 927,052 [1]  
Other Than Temporary Impairment - Amortized Cost Basis (180,679) [1]  
Amortized Cost Basis 746,373 [1],[3]  
Gains - Gross Unrealized 80,643 [1]  
Losses - Gross Unrealized (1,517) [1]  
Carrying Value 825,499 [1],[4] 1,691,575
Number of Investments 149 [1]  
Weighted Average Rating BBB- [1],[5]  
Weighted Average Coupon 3.71% [1]  
Weighted Average Yield 5.64% [1]  
Weighted Average Maturity (Years) 3 years 1 month 6 days [1],[6]  
Securities in an Unrealized Loss Position Less than Twelve Months
    
Outstanding Face Amount 223,008  
Before Impairment - Amortized Cost Basis 226,596  
Other Than Temporary Impairment - Amortized Cost Basis (4,437)  
Amortized Cost Basis 222,159  
Gains - Gross Unrealized     
Losses - Gross Unrealized (1,107)  
Carrying Value 221,052  
Number of Investments 23  
Weighted Average Rating AA-  
Weighted Average Coupon 2.17%  
Weighted Average Yield 3.05%  
Weighted Average Maturity (Years) 3 years 1 month 6 days  
Securities in an Unrealized Loss Position Greater than Twelve Months
    
Outstanding Face Amount 39,196  
Before Impairment - Amortized Cost Basis 40,725  
Other Than Temporary Impairment - Amortized Cost Basis     
Amortized Cost Basis 40,725  
Gains - Gross Unrealized     
Losses - Gross Unrealized (410)  
Carrying Value 40,315  
Number of Investments 4  
Weighted Average Rating A+  
Weighted Average Coupon 3.78%  
Weighted Average Yield 2.56%  
Weighted Average Maturity (Years) 2 years 9 months 18 days  
Securities in an Unrealized Loss Position
    
Outstanding Face Amount 262,204  
Before Impairment - Amortized Cost Basis 267,321  
Other Than Temporary Impairment - Amortized Cost Basis (4,437)  
Amortized Cost Basis 262,884  
Gains - Gross Unrealized     
Losses - Gross Unrealized (1,517)  
Carrying Value $ 261,367  
Number of Investments 27  
Weighted Average Rating AA-  
Weighted Average Coupon 2.41%  
Weighted Average Yield 2.98%  
Weighted Average Maturity (Years) 3 years  
[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] (B) Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended September 30, 2013.
[4] (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
[5] (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
[6] (C) The weighted average maturity is based on the timing of expected principal reduction on the assets.