Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Recurring Basis (Details 2)

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FAIR VALUE - Recurring Basis (Details 2) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Assets:    
Real estate securities, available-for-sale $ 825,499 [1],[2] $ 1,691,575
Derivative assets:    
Derivative assets 43,172 165
Derivative Liabilities:    
Derivative liabilities 17,115 31,576
Measured on a Recurring Basis | Level 2 Inputs
    
Assets:    
Real estate securities, available-for-sale 418,823  
Derivative assets:    
Linked transactions at fair value     
Derivative assets     
Derivative Liabilities:    
Interest rate swaps, treated as hedges 7,416  
Interest rate swaps, not treated as hedges 9,699  
Derivative liabilities 17,115  
Measured on a Recurring Basis | Level 2 Inputs | CMBS
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 2 Inputs | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 31,215  
Measured on a Recurring Basis | Level 2 Inputs | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 2 Inputs | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 2 Inputs | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 387,608  
Measured on a Recurring Basis | Level 2 Inputs | CDOs
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs
    
Assets:    
Real estate securities, available-for-sale 399,295  
Derivative assets:    
Linked transactions at fair value 43,172  
Derivative assets 43,172  
Derivative Liabilities:    
Interest rate swaps, treated as hedges     
Interest rate swaps, not treated as hedges     
Derivative liabilities     
Measured on a Recurring Basis | Level 3A Inputs | CMBS
    
Assets:    
Real estate securities, available-for-sale 283,866  
Measured on a Recurring Basis | Level 3A Inputs | REIT Debt
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 57,393  
Measured on a Recurring Basis | Level 3A Inputs | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs | CDOs
    
Assets:    
Real estate securities, available-for-sale 58,036  
Measured on a Recurring Basis | Level 3B Inputs
    
Assets:    
Real estate securities, available-for-sale 7,381  
Derivative assets:    
Linked transactions at fair value     
Derivative assets     
Derivative Liabilities:    
Interest rate swaps, treated as hedges     
Interest rate swaps, not treated as hedges     
Derivative liabilities     
Measured on a Recurring Basis | Level 3B Inputs | CMBS
    
Assets:    
Real estate securities, available-for-sale 2,210  
Measured on a Recurring Basis | Level 3B Inputs | REIT Debt
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3B Inputs | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 113  
Measured on a Recurring Basis | Level 3B Inputs | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3B Inputs | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3B Inputs | CDOs
    
Assets:    
Real estate securities, available-for-sale 5,058  
Measured on a Recurring Basis | Principal Balance
    
Assets:    
Real estate securities, available-for-sale 1,038,815 [3]  
Derivative assets:    
Linked transactions at fair value 116,806  
Derivative assets 116,806 [3],[4],[5]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 105,393 [3],[5],[6]  
Interest rate swaps, not treated as hedges 186,008 [3],[4],[5]  
Derivative liabilities 291,401  
Measured on a Recurring Basis | Principal Balance | CMBS
    
Assets:    
Real estate securities, available-for-sale 343,917  
Measured on a Recurring Basis | Principal Balance | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 29,200  
Measured on a Recurring Basis | Principal Balance | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 101,315  
Measured on a Recurring Basis | Principal Balance | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale 8,464  
Measured on a Recurring Basis | Principal Balance | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 362,484  
Measured on a Recurring Basis | Principal Balance | CDOs
    
Assets:    
Real estate securities, available-for-sale 193,435  
Measured on a Recurring Basis | Carrying Amount
    
Assets:    
Real estate securities, available-for-sale 825,499 [3]  
Derivative assets:    
Linked transactions at fair value 43,172  
Derivative assets 43,172 [3],[4],[5]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 7,416 [3],[5],[6]  
Interest rate swaps, not treated as hedges 9,699 [3],[4],[5]  
Derivative liabilities 17,115  
Measured on a Recurring Basis | Carrying Amount | CMBS
    
Assets:    
Real estate securities, available-for-sale 286,076  
Measured on a Recurring Basis | Carrying Amount | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 31,215  
Measured on a Recurring Basis | Carrying Amount | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 57,506  
Measured on a Recurring Basis | Carrying Amount | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Carrying Amount | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 387,608  
Measured on a Recurring Basis | Carrying Amount | CDOs
    
Assets:    
Real estate securities, available-for-sale 63,094  
Measured on a Recurring Basis | Total Fair Value
    
Assets:    
Real estate securities, available-for-sale 825,499 [3]  
Derivative assets:    
Linked transactions at fair value 43,172  
Derivative assets 43,172 [3],[4],[5]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 7,416 [3],[5],[6]  
Interest rate swaps, not treated as hedges 9,699 [3],[4],[5]  
Derivative liabilities 17,115  
Measured on a Recurring Basis | Total Fair Value | CMBS
    
Assets:    
Real estate securities, available-for-sale 286,076  
Measured on a Recurring Basis | Total Fair Value | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 31,215  
Measured on a Recurring Basis | Total Fair Value | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 57,506  
Measured on a Recurring Basis | Total Fair Value | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Total Fair Value | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 387,608  
Measured on a Recurring Basis | Total Fair Value | CDOs
    
Assets:    
Real estate securities, available-for-sale $ 63,094  
[1] (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.
[3] *Measured at fair value on a recurring basis.
[4] (C) This represents one interest rate swap agreement with a total notional balance of $186.0 million, maturing in March 2015 and linked transactions entered into in June 2013 with $116.8 face amount of underlying financed securities. Newcastle entered into the interest rate swap agreement to reduce its exposure to interest rate changes on the floating rate financings of CDO VI. These derivative agreements were not designated as hedges for accounting purposes as of September 30, 2013.
[5] (D) Newcastle's derivatives fall into two categories. As of September 30, 2013, all derivative liabilities, which represent two interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $291.4 million 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. Derivatives with an aggregate notional balance of $116.8 million, represent linked transactions with $116.8 face amount of underlying financed securities. Newcastle's interest rate swap counterparties include Bank of America and Credit Suisse.
[6] (E) Represents derivative agreements (See Schedule of Fair Value Of Derivative Assets).