Quarterly report pursuant to Section 13 or 15(d)

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

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Investments Face Amount $ 532,730 [1],[2]
Investments Carrying Value 3,256,798
Debt Face Amount 2,417,874
Debt Carrying Value 2,407,218
Non-recourse [Member]
Investments Face Amount 683,199
Investments Carrying Value 675,406
Debt Face Amount 610,198
Debt Carrying Value 598,877
Non-recourse [Member] | Manufactured Housing Loan Portfolio I [Member]
Investments Face Amount 98,925
Investments Carrying Value 89,113
Debt Face Amount 70,943
Debt Carrying Value 63,325
Non-recourse [Member] | Manufactured Housing Loan Portfolio II [Member]
Investments Face Amount 123,611
Investments Carrying Value 123,277
Debt Face Amount 88,785
Debt Carrying Value 88,524
Non-recourse [Member] | Subprime Mortgage Loans subject to Call Options [Member]
Investments Face Amount 406,217
Investments Carrying Value 406,217
Debt Face Amount 406,217
Debt Carrying Value 406,217
Non-recourse [Member] | Real Estate Securities [Member]
Investments Face Amount 54,446
Investments Carrying Value 50,226
Debt Face Amount 38,253
Debt Carrying Value 34,811
Non-recourse [Member] | Operating Real Estate [Member]
Investments Carrying Value 6,573
Debt Face Amount 6,000
Debt Carrying Value 6,000
Other [Member] | Unlevered Real Estate Securities [Member]
Investments Face Amount 128,032
Investments Carrying Value 4,129
Other [Member] | Other Investments [Member]
Investments Carrying Value 6,239
Other [Member] | Residential Mortgage Loans [Member]
Investments Face Amount 44,183
Investments Carrying Value 32,308
Debt Face Amount 25,363
Debt Carrying Value 25,363
Other Debt [Member]
Investments Face Amount 855,414
Investments Carrying Value 718,082 [3],[4]
Debt Face Amount 635,561 [5]
Debt Carrying Value $ 624,240 [3],[4],[5]
[1] The total outstanding face amount was $340.6 million for fixed rate securities and $192.1 million for floating rate securities.
[2] Net of incurred losses.
[3] 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.
[4] The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).
[5] An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.