Annual report pursuant to Section 13 and 15(d)

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

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SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Investments Face Amount $ 1,170,905 [1],[2] $ 2,078,101 [1]
Investments Carrying Value 4,482,182 3,448,919
Debt Face Amount 3,213,490 2,786,059
Debt Carrying Value 3,199,947 2,781,761
Non-recourse
    
Investments Face Amount 694,339 741,661
Investments Carrying Value 683,816 716,712
Debt Face Amount 619,993 [3] 665,260 [3]
Debt Carrying Value 608,294 [3] 651,540 [3]
Non-recourse | Manufactured Housing Loan Portfolio I
    
Investments Face Amount 102,681 118,746
Investments Carrying Value 91,924 100,124
Debt Face Amount 74,248 [3] 90,551 [3]
Debt Carrying Value 66,446 [3] 81,963 [3]
Non-recourse | Manufactured Housing Loan Portfolio II
    
Investments Face Amount 128,975 153,193
Investments Carrying Value 128,117 150,123
Debt Face Amount 93,863 [3] 117,907 [3]
Debt Carrying Value 93,536 [3] 117,191 [3]
Non-recourse | Subprime Mortgage Loans subject to Call Options
    
Investments Face Amount 406,217 406,217
Investments Carrying Value 406,217 405,814
Debt Face Amount 406,217 [3] 406,217 [3]
Debt Carrying Value 406,217 [3] 405,814 [3]
Non-recourse | Real Estate Securities
    
Investments Face Amount 56,466 63,505
Investments Carrying Value 50,961 53,979
Debt Face Amount 39,665 [3] 44,585 [3]
Debt Carrying Value 36,095 [3] 40,572 [3]
Non-recourse | Operating Real Estate
    
Investments Face Amount      
Investments Carrying Value 6,597 6,672
Debt Face Amount 6,000 [3] 6,000 [3]
Debt Carrying Value 6,000 [3] 6,000 [3]
Other | Real Estate Securities
    
Investments Face Amount 514,994 1,112,796
Investments Carrying Value 551,270 1,049,029
Debt Face Amount 516,134 [3] 923,776 [3]
Debt Carrying Value 516,134 [3] 923,776 [3]
Other | Operating Real Estate
    
Investments Face Amount 129,563 229,299
Investments Carrying Value 4,296 68,863
Debt Face Amount    [3]    [3]
Debt Carrying Value    [3]    [3]
Other | Real Estate Related Loans
    
Investments Face Amount    80,298
Investments Carrying Value    29,831
Debt Face Amount    [3]    [3]
Debt Carrying Value    [3]    [3]
Other | Other Investments
    
Investments Face Amount N/A N/A
Investments Carrying Value 6,160 6,024
Debt Face Amount    [3]    [3]
Debt Carrying Value    [3]    [3]
Other | Residential Mortgage Loans
    
Investments Face Amount 45,323 55,997
Investments Carrying Value 34,007 41,180
Debt Face Amount 25,119 [3]    [3]
Debt Carrying Value 25,119 [3]    [3]
Other Debt
    
Investments Face Amount 1,384,219 2,220,051
Investments Carrying Value 1,279,549 [4],[5] 1,911,639 [4],[5]
Debt Face Amount 1,161,246 [3] 1,589,036 [3]
Debt Carrying Value $ 1,149,547 [3],[4],[5] $ 1,575,316 [3],[4],[5]
[1] As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2] Net of incurred losses.
[3] As of December 31, 2013 and December 31, 2012, aggregate face amounts of $133.9 million and $71.1 million (carrying values of $87.5 million and $62.5 million), respectively, of debt represents intersegment financing, which is eliminated upon consolidation.
[4] Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to 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.
[5] The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).