Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS - Debt Obligations (Details)

v2.4.1.9
DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2015
Debt Face Amount $ 1,286,504us-gaap_DebtInstrumentFaceAmount
Carrying Value 1,283,837us-gaap_DebtInstrumentCarryingAmount [1]
CDO VI Bonds Payable [Member]  
Month Issued 2005-04 [2]
Debt Face Amount 92,576us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2]
Carrying Value 92,576us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2]
Final Stated Maturity 2040-04 [2]
Weighted Average Coupon - Rate 0.87%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2],[3]
Weighted Average Funding Cost 0.86%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2],[4]
Weighted Average Life (Years) 4 years 9 months 18 days [2]
Face Amount of Floating Rate Debt 89,005nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2]
Outstanding Face Amount of Collateral 96,288nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2],[5]
Amortized Cost Basis of Collateral 35,093nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2],[5]
Carrying Value of Collateral 67,432us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2],[5]
Weighted Average Maturity (Years) Of Collateral 4 years 9 months 18 days [2]
Floating Rate Face Amount of Collateral 28,869nct_DebtFloatingRateFaceAmountCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIMember 		[2],[5]
Aggregate Notional Amount of Current Hedges   
CDO VIII Bonds Payable [Member]  
Month Issued 2006-11
Debt Face Amount 71,813us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember
Carrying Value 71,727us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember
Final Stated Maturity 2052-11
Weighted Average Coupon - Rate 2.13%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember 		[3]
Weighted Average Funding Cost 6.56%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember 		[4]
Weighted Average Life (Years) 1 year 8 months 12 days
Face Amount of Floating Rate Debt 64,213nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember
Outstanding Face Amount of Collateral 192,392nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember 		[5]
Amortized Cost Basis of Collateral 134,997nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember 		[5]
Carrying Value of Collateral 144,945us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember 		[5]
Weighted Average Maturity (Years) Of Collateral 1 year 9 months 18 days
Floating Rate Face Amount of Collateral 52,220nct_DebtFloatingRateFaceAmountCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember 		[5]
Aggregate Notional Amount of Current Hedges 57,903nct_DebtAggregateNotionalAmountCurrentHedges
/ us-gaap_DebtInstrumentAxis
= nct_CDOVIIIMember
CDO IX Bonds Payable [Member]  
Month Issued 2007-05
Debt Face Amount 51,371us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember
Carrying Value 52,161us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember
Final Stated Maturity 2052-05
Weighted Average Coupon - Rate 0.77%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember 		[3]
Weighted Average Funding Cost 0.21%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember 		[4]
Weighted Average Life (Years) 1 year 6 months
Face Amount of Floating Rate Debt 51,371nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember
Outstanding Face Amount of Collateral 273,680nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember 		[5]
Amortized Cost Basis of Collateral 217,877nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember 		[5]
Carrying Value of Collateral 228,059us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember 		[5]
Weighted Average Maturity (Years) Of Collateral 2 years 3 months 19 days
Floating Rate Face Amount of Collateral 35,946nct_DebtFloatingRateFaceAmountCollateral
/ us-gaap_DebtInstrumentAxis
= nct_CDOIXMember 		[5]
Total CDO Bonds Payable [Member]  
Debt Face Amount 215,760us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember
Carrying Value 216,464us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember
Weighted Average Funding Cost 2.59%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember 		[4]
Weighted Average Life (Years) 3 years
Face Amount of Floating Rate Debt 204,589nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember
Outstanding Face Amount of Collateral 562,360nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember 		[5]
Amortized Cost Basis of Collateral 387,967nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember 		[5]
Carrying Value of Collateral 440,436us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember 		[5]
Weighted Average Maturity (Years) Of Collateral 2 years 6 months
Floating Rate Face Amount of Collateral 117,035nct_DebtFloatingRateFaceAmountCollateral
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember 		[5]
Aggregate Notional Amount of Current Hedges 57,903nct_DebtAggregateNotionalAmountCurrentHedges
/ us-gaap_DebtInstrumentAxis
= us-gaap_SecuredDebtMember
NCT 2013-VI IMM-1 [Member]  
Month Issued 2013-11 [6]
Debt Face Amount 28,563us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_NCTNotePayableMember 		[6]
Carrying Value 25,317us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_NCTNotePayableMember 		[6]
Final Stated Maturity 2040-04 [6]
Weighted Average Coupon - Basis for Variable Rate LIBOR [3],[6]
Weighted Average Coupon - Spread on Basis for Variable Rate 0.25%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= nct_NCTNotePayableMember 		[3],[6]
Weighted Average Funding Cost 6.87%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_NCTNotePayableMember 		[4]
Weighted Average Life (Years) 2 years 2 months 12 days [6]
Face Amount of Floating Rate Debt 28,563nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_NCTNotePayableMember
Total Other Bonds And Notes Payable [Member]  
Debt Face Amount 28,563us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_OtherBondsNotesPayableMember 		[7]
Carrying Value 25,317us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_OtherBondsNotesPayableMember 		[7]
Weighted Average Funding Cost 6.87%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_OtherBondsNotesPayableMember 		[4]
Weighted Average Life (Years) 2 years 2 months 12 days
Face Amount of Floating Rate Debt 28,563nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_OtherBondsNotesPayableMember
CDO Securities Repurchase Agreements [Member]  
Month Issued 2015-03 [6],[8]
Debt Face Amount 35,683us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDODebtSecuritiesMember 		[6]
Carrying Value 35,683us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_CDODebtSecuritiesMember 		[6]
Final Stated Maturity 2015-04 [6],[8]
Weighted Average Coupon - Basis for Variable Rate LIBOR [3],[6],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate 1.65%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= nct_CDODebtSecuritiesMember 		[3],[6],[8]
Weighted Average Funding Cost 1.83%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_CDODebtSecuritiesMember 		[4]
Weighted Average Life (Years) 1 month 6 days [6],[8]
Face Amount of Floating Rate Debt 35,683nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_CDODebtSecuritiesMember
FNMA/FHLMC Securities Repurchase Agreements [Member]  
Month Issued 2015-03 [8]
Debt Face Amount 386,120us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member
Carrying Value 386,120us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member
Final Stated Maturity 2015-04 [8]
Weighted Average Coupon - Rate 0.37%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member 		[3]
Weighted Average Funding Cost 0.37%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member 		[4]
Weighted Average Life (Years) 1 month 6 days [8]
Outstanding Face Amount of Collateral 389,056nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member 		[5]
Amortized Cost Basis of Collateral 407,494nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member 		[5]
Carrying Value of Collateral 409,037us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= nct_USGovernmentAgenciesDebtSecurities1Member 		[5]
Weighted Average Maturity (Years) Of Collateral 7 years 1 month 6 days [8]
Total Repurchase Agreements [Member]  
Debt Face Amount 421,803us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember
Carrying Value 421,803us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember
Weighted Average Funding Cost 0.49%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember 		[4]
Weighted Average Life (Years) 1 month 6 days [8]
Face Amount of Floating Rate Debt 35,683nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember
Outstanding Face Amount of Collateral 389,056nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember 		[5]
Amortized Cost Basis of Collateral 407,494nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember 		[5]
Carrying Value of Collateral 409,037us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= nct_DebtRepurchaseAgreementsMember 		[5]
Weighted Average Maturity (Years) Of Collateral 7 years 1 month 6 days [8]
Golf First Lien Loan [Member]  
Month Issued 2013-12 [9]
Debt Face Amount 51,423us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfFirstLienLoanAMember
Carrying Value 51,308us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfFirstLienLoanAMember
Final Stated Maturity 2017-12 [9]
Weighted Average Coupon - Basis for Variable Rate LIBOR [10],[3],[9]
Weighted Average Coupon - Spread on Basis for Variable Rate 4.00%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= nct_GolfFirstLienLoanAMember 		[10],[3],[9]
Weighted Average Funding Cost 4.58%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_GolfFirstLienLoanAMember 		[4]
Weighted Average Life (Years) 2 years 9 months 18 days [9]
Face Amount of Floating Rate Debt 51,423nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_GolfFirstLienLoanAMember
Golf Second Lien Loan [Member]  
Month Issued 2013-12 [9]
Debt Face Amount 105,575us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfSecondLienLoanMember
Carrying Value 105,339us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfSecondLienLoanMember
Final Stated Maturity 2017-12 [9]
Weighted Average Coupon - Rate 5.50%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= nct_GolfSecondLienLoanMember 		[3]
Weighted Average Funding Cost 5.58%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_GolfSecondLienLoanMember 		[4]
Weighted Average Life (Years) 2 years 9 months 18 days [9]
Golf Vineyard II [Member]  
Month Issued 1993-12 [9]
Debt Face Amount 200us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfVineyardIIMember 		[9]
Carrying Value 200us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfVineyardIIMember 		[9]
Final Stated Maturity 2043-12 [9]
Weighted Average Coupon - Rate 2.11%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= nct_GolfVineyardIIMember 		[3],[9]
Weighted Average Funding Cost 2.11%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_GolfVineyardIIMember 		[4],[9]
Weighted Average Life (Years) 28 years 8 months 12 days [9]
Face Amount of Floating Rate Debt 200nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_GolfVineyardIIMember 		[9]
Capital Lease Equipment [Member]  
Debt Face Amount 5,959us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_CapitalLeaseObligationsMember 		[9]
Carrying Value 5,959us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_CapitalLeaseObligationsMember 		[9]
Final Stated Maturity 2020-09 [9]
Weighted Average Funding Cost 6.77%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= us-gaap_CapitalLeaseObligationsMember 		[4],[9]
Weighted Average Life (Years) 5 years 6 months [9]
Capital Lease Equipment [Member] | Lower Range  
Month Issued 2014-05 [9]
Weighted Average Coupon - Rate 4.80%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= us-gaap_CapitalLeaseObligationsMember
/ us-gaap_RangeAxis
= us-gaap_MinimumMember 		[3],[9]
Capital Lease Equipment [Member] | Upper Range  
Month Issued 2015-03 [9]
Weighted Average Coupon - Rate 7.15%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= us-gaap_CapitalLeaseObligationsMember
/ us-gaap_RangeAxis
= us-gaap_MaximumMember 		[3],[9]
Total Golf Credit Facilities [Member]  
Debt Face Amount 163,157us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfCreditFacilitiesMember
Carrying Value 162,806us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= nct_GolfCreditFacilitiesMember
Weighted Average Funding Cost 5.30%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= nct_GolfCreditFacilitiesMember 		[4]
Weighted Average Life (Years) 2 years 10 months 25 days [9]
Face Amount of Floating Rate Debt 51,623nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= nct_GolfCreditFacilitiesMember
Junior Subordinated Notes Payable [Member]  
Month Issued 2006-03
Debt Face Amount 51,004us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_JuniorSubordinatedDebtMember
Carrying Value 51,230us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_JuniorSubordinatedDebtMember
Final Stated Maturity 2035-04
Weighted Average Coupon - Rate 7.57%us-gaap_DebtWeightedAverageInterestRate
/ us-gaap_DebtInstrumentAxis
= us-gaap_JuniorSubordinatedDebtMember 		[11],[3]
Weighted Average Coupon - Spread on Basis for Variable Rate 2.25%us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
/ us-gaap_DebtInstrumentAxis
= us-gaap_JuniorSubordinatedDebtMember
Weighted Average Funding Cost 7.36%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= us-gaap_JuniorSubordinatedDebtMember 		[4]
Weighted Average Life (Years) 20 years 1 month 6 days
Total Corporate [Member]  
Debt Face Amount 51,004us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_CorporateDebtSecuritiesMember
Carrying Value 51,230us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_CorporateDebtSecuritiesMember
Weighted Average Funding Cost 7.36%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= us-gaap_CorporateDebtSecuritiesMember 		[4]
Weighted Average Life (Years) 20 years 1 month 6 days
Subtotal Debt Obligations [Member]  
Debt Face Amount 880,287us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember
Carrying Value 877,620us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember
Weighted Average Funding Cost 2.49%nct_DebtWeightedAverageFundingCost
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember 		[4]
Weighted Average Life (Years) 2 years 7 months 6 days
Face Amount of Floating Rate Debt 320,458nct_DebtFloatingRateFace
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember
Outstanding Face Amount of Collateral 951,416nct_DebtOutstandingFaceCollateral
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember 		[5]
Amortized Cost Basis of Collateral 795,461nct_DebtAmortizedCostCollateral
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember 		[5]
Carrying Value of Collateral 849,473us-gaap_DebtInstrumentCollateralAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember 		[5]
Weighted Average Maturity (Years) Of Collateral 4 years 4 months 24 days
Floating Rate Face Amount of Collateral 117,035nct_DebtFloatingRateFaceAmountCollateral
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember 		[5]
Aggregate Notional Amount of Current Hedges 57,903nct_DebtAggregateNotionalAmountCurrentHedges
/ us-gaap_DebtInstrumentAxis
= us-gaap_DebtSecuritiesPayableMember
Financing on subprime mortgage loans subject to call option [Member]  
Debt Face Amount 406,217us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_ResidentialPortfolioSegmentMember 		[12]
Carrying Value $ 406,217us-gaap_DebtInstrumentCarryingAmount
/ us-gaap_DebtInstrumentAxis
= us-gaap_ResidentialPortfolioSegmentMember 		[12]
[1] Net of $36.6 million of inter-segment eliminations.
[2] This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2015. 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 this CDO to remain out of compliance for the foreseeable future.
[3] Weighted average, including floating and fixed rate classes.
[4] Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the three months ended March 31, 2015.
[5] Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
[6] Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[7] Including the $46.5 million portion of the notional amount of interest rate swap in CDO VI, which acted as an economic hedge that was not designated as a hedge for accounting purposes.
[8] These repurchase agreements had $0.1 million of accrued interest payable at March 31, 2015. Approximately $386.3 million face amount of these repurchase agreements were renewed subsequent to March 31, 2015. The counterparties on these repurchase agreements are Bank of America ($35.7 million) and Nomura ($386.1 million). Newcastle has margin exposures on a total of $421.8 million repurchase agreement related to the financing of certain Newcastle CDO VIII, CDO IX notes and FNMA/FHLMC securities. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.
[9] The golf credit facilities are collateralized by all of the assets of the Golf business. The carrying value of the golf credit facilities are reported net of deferred financing costs of $0.4 million as of March 31, 2015.
[10] Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[11] LIBOR +2.25% after April 2016.
[12] Issued in April 2006 and July 2007 and secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.