Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)

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REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
USD ($)
Securities
Dec. 31, 2014
USD ($)
Carrying Value $ 65,499 $ 231,754
Total Securities Pledged as Collateral [Member]    
Outstanding Face Amount 201,928  
Before Impairment - Amortized Cost Basis 207,731  
Amortized Cost Basis After Impairment 207,731  
Gains - gross unrealized 310  
Carrying Value [1] $ 208,041  
Number of securities | Securities 4  
Real Estate Securities Available For Sale [Member]    
Before Impairment - Amortized Cost Basis $ 125,606  
Other Than Temporary Impairment - Amortized Cost Basis (96,031)  
Amortized Cost Basis After Impairment 29,575  
Gains - gross unrealized 36,009  
Losses - gross unrealized (85)  
Carrying Value [1] $ 65,499  
Number of securities | Securities 31  
CMBS [Member]    
Outstanding Face Amount $ 83,283  
Before Impairment - Amortized Cost Basis 94,055  
Other Than Temporary Impairment - Amortized Cost Basis (67,437)  
Amortized Cost Basis After Impairment 26,618  
Gains - gross unrealized 18,847  
Losses - gross unrealized (57)  
Carrying Value [1] $ 45,408  
Number of securities | Securities 17  
Weighted Average Rating [2] B-  
Weighted Average Coupon 5.13%  
Weighted Average Yield 15.80%  
Weighted Average Life (Years) [3] 1 year 3 months 19 days  
Weighted Average Principal Subordination [4] 22.10%  
Non-Agency RMBS [Member]    
Outstanding Face Amount $ 17,032  
Before Impairment - Amortized Cost Basis 23,537  
Other Than Temporary Impairment - Amortized Cost Basis (20,667)  
Amortized Cost Basis After Impairment 2,870  
Gains - gross unrealized 6,975  
Losses - gross unrealized (28)  
Carrying Value [1] $ 9,817  
Number of securities | Securities 9  
Weighted Average Rating [2] CC  
Weighted Average Coupon 1.59%  
Weighted Average Yield 11.35%  
Weighted Average Life (Years) [3] 12 years 1 month 6 days  
Weighted Average Principal Subordination [4] 8.30%  
ABS-Franchise [Member]    
Outstanding Face Amount $ 8,464  
Before Impairment - Amortized Cost Basis 7,647  
Other Than Temporary Impairment - Amortized Cost Basis $ (7,647)  
Number of securities | Securities 1  
Weighted Average Rating [2] C  
Weighted Average Coupon 6.69%  
Weighted Average Yield 0.00%  
Weighted Average Principal Subordination [4] 0.00%  
CDO Securities [Member]    
Outstanding Face Amount [5] $ 14,520  
Gains - gross unrealized [5] 10,187  
Carrying Value [1],[5] $ 10,187  
Number of securities | Securities [5] 2  
Weighted Average Rating [2],[5] C  
Weighted Average Coupon [5] 1.49%  
Weighted Average Yield [5] 0.00%  
Weighted Average Life (Years) [3],[5] 6 years 6 months  
Weighted Average Principal Subordination [4],[5] 20.30%  
Debt Securities [Member]    
Outstanding Face Amount [6] $ 123,299  
Before Impairment - Amortized Cost Basis [6] 125,239  
Other Than Temporary Impairment - Amortized Cost Basis [6] (95,751)  
Amortized Cost Basis After Impairment [6] 29,488  
Gains - gross unrealized [6] 36,009  
Losses - gross unrealized [6] (85)  
Carrying Value [1],[6] $ 65,412  
Number of securities | Securities [6] 29  
Weighted Average Rating [2],[6] CCC+  
Weighted Average Coupon [6] 4.32%  
Weighted Average Yield 15.37%  
Weighted Average Life (Years) [3],[6] 3 years 3 months 19 days  
Equity Securities [Member]    
Before Impairment - Amortized Cost Basis $ 367  
Other Than Temporary Impairment - Amortized Cost Basis (280)  
Amortized Cost Basis After Impairment 87  
Carrying Value [1] $ 87  
Number of securities | Securities 2  
FNMA/FHLMC Securities [Member]    
Outstanding Face Amount $ 201,928  
Before Impairment - Amortized Cost Basis 207,731  
Amortized Cost Basis After Impairment 207,731  
Gains - gross unrealized 310  
Carrying Value [1] $ 208,041  
Number of securities | Securities 4  
Weighted Average Rating [2] AAA  
Weighted Average Coupon 3.50%  
Weighted Average Yield 3.09%  
Weighted Average Life (Years) [3] 8 years 9 months 18 days  
[1] See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2] Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle uses an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
[3] The weighted average life is based on the timing of expected principal reduction on the assets.
[4] Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle's investments.
[5] Represents non-consolidated CDO securities, excluding 8 securities with zero value, which had an aggregate face amount of $115.0 million.
[6] The total outstanding face amount was $283.3 million for fixed rate securities and $41.9 million for floating rate securities.