Current report filing

DEBT OBLIGATIONS (Details Narrative)

v2.4.0.8
DEBT OBLIGATIONS (Details Narrative) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 12 Months Ended 24 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended
Sep. 30, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2010
Dec. 31, 2011
Restated
Dec. 31, 2013
Bank of America
Dec. 31, 2013
Barclays
Dec. 31, 2013
Citi
Dec. 31, 2013
Goldman Sachs
Dec. 31, 2013
Nomura
Dec. 31, 2013
Credit Suisse
Dec. 31, 2013
Subsequent To Balance Sheet Date
Dec. 31, 2013
Interest rate swaps, not designated as hedges
Dec. 31, 2012
Interest rate swaps, not designated as hedges
Dec. 31, 2013
CDO VI Bonds Payable
Dec. 31, 2012
CDO VI Bonds Payable
Dec. 31, 2013
CDO VI Bonds Payable
Interest rate swaps, not designated as hedges
Dec. 31, 2013
Total Repurchase Agreements
Dec. 31, 2012
Total Repurchase Agreements
Dec. 31, 2013
Fixed Rate Mortgage Notes Payable - Tranche 1
Dec. 31, 2013
Fixed Rate Mortgage Notes Payable - Tranche 2
Dec. 31, 2013
Junior Subordinated Debt
Dec. 31, 2012
Junior Subordinated Debt
Dec. 31, 2013
Gatehouse Term Loan A
Dec. 31, 2013
Gatehouse Term Loan B
Dec. 31, 2013
Local Media Group Credit Facility
Dec. 31, 2013
Golf First Lien Loan
Dec. 31, 2012
Golf First Lien Loan
Dec. 31, 2013
Total CDO Bonds Payable
Dec. 31, 2012
Total CDO Bonds Payable
Dec. 31, 2011
Total CDO Bonds Payable
Apr. 30, 2011
CDO VII Divestiture
Sep. 12, 2012
CDO X Divestiture
Jun. 30, 2013
CDO IV Divestiture
Jun. 30, 2013
CDO VIII Bonds Payable
Dec. 31, 2013
CDO VIII Bonds Payable
Dec. 31, 2012
CDO VIII Bonds Payable
Dec. 31, 2013
MH Loans Portfolio I Bonds and Notes Payable
Dec. 31, 2012
MH Loans Portfolio I Bonds and Notes Payable
Apr. 15, 2010
MH Loans Portfolio I Bonds and Notes Payable
Apr. 15, 2010
MH Loans Portfolio I Bonds and Notes Payable
Affiliates
Apr. 15, 2010
MH Loans Portfolio I Bonds and Notes Payable
Third Parties
May 04, 2011
MH Loans Portfolio II Bonds and Notes Payable
Dec. 31, 2013
MH Loans Portfolio II Bonds and Notes Payable
Dec. 31, 2012
MH Loans Portfolio II Bonds and Notes Payable
May 04, 2011
MH Loans Portfolio II Bonds and Notes Payable
Affiliates
May 04, 2011
MH Loans Portfolio II Bonds and Notes Payable
Third Parties
Dec. 31, 2013
Fixed Rate Mortgage Notes Payable
Dec. 31, 2012
Fixed Rate Mortgage Notes Payable
Notional Amount of Derivatives                         $ 185,871 $ 294,203     $ 88,700                                                                
Eliminated in consolidation amount of notes payable relating to MH Loan Portfolio I sold to certain Newcastle CDOs   20,500                                                                                              
Interest Payable                                   100                                                              
Repurchase agreements           299,100 138,000 35,600 7,400 51,100 25,100 556,300                                                                          
LIBOR Floor                                               0.75% 0.75% 1.00% 0.50%                                            
Variable rate description                                       4% the first two years; 5.99% to 6.76% the remaining term First two years based on US Treasury Security rates; Years 3 to 5: 4.5%, 4.75% and 5.0% LIBOR+2.25% after April 2016                                                      
Borrowings under mortgage notes payable   904,509 120,525                                 41,200 11,400                                                        
CDO Bonds Payable                                                                                                  
Repurchase of CDO Bonds Payable - Face   35,900 34,100 257,000 167,500                                                                                        
Repurchase of CDO Bonds Payable - Fair value paid   31,300 10,900   102,000                                                                                        
Gain on extinguishment of debt   4,565 24,085   66,110                                               4,600 23,200 65,000                                    
Percentage of par repurchased at       67.50%                                                                                          
Proceeds from sale of investments   46,536 127,000   3,885                                                     3,900 130,000 145,200                              
Gain on sale of investments 224,300 9,853 14,629   81,434                                                     3,400   4,200                              
Percentage divestiture of CDO X                                                                 100.00%                                
Subordinated debt sold                                                                 89,750 153,400                              
Decrease in gross assets                                                                 (1,100,000)                                
Decrease in liabilities                                                                 (1,200,000)                                
Comprehensive income   202,036 603,474   267,284                                                       (25,500) (600)                              
Purchase of securities - face amount                                                                 101,000   116,800                            
Purchase of securities - pay amount                                                                 50,000   103,100                            
Percentage of par of securities                                                                 49.40%   88.30%                            
Percentage divestiture of CDO IV                                                                   100.00%                              
Percentage of par of CDO IV sale                                                                   95.00%                              
Debt paid off   35,900 39,300 787,800 188,900                                                         71,900                              
Net proceeds from sale of assets                                                                   73,100                              
Amount from sale of CDO IV received in CDO VIII                                                                   5,300                              
Par recovery                                                                   59,500                              
Percentage of Par previously repurchased at                                                                   52.00%                              
Proceeds on subordinated interests                                                                   8,000                              
Gain on hedge termination                                                                   800                              
Repurchase agreements   556,347 929,435                                                               60,000                            
Increase in carrying value                                                                     500                            
Other Bonds Payable                                                                                                  
Debt Face Amount   3,030,490 2,786,059                       92,018 [1] 91,578 [1]   556,347 [2] 929,435 [2]     51,004 51,004       46,922 [3]    543,516 1,090,915           264,733 518,501 53,753 [4] 70,056 [4] 164,100     197,000 93,863 117,907     878,579 88,400
Principal balance of MH Portfolio Loans Securitized                                                                               134,500 36,900 97,600 159,800     17,000 142,800    
Increase in unrestricted cash                                                                                     20,000            
Average debt maturity term                                                                                     3 years 9 months 18 days            
Interest rate                                                                                             3.23%    
Mortgage Notes Payable                                                                                                  
Principal balance on loans which are being repaid                                                                                               $ 147,800  
[1] This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects thisCDO to remain out of compliance for the forseeable future.
[2] These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).
[3] These facilities are collateralized by all the assets of the respective businesses.
[4] Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.