Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS - Debt Obligations (Details)

v3.2.0.727
DEBT OBLIGATIONS - Debt Obligations (Details) - Jun. 30, 2015 - USD ($)
$ in Thousands
Total
Debt Face Amount $ 1,099,890
Carrying Value [1] $ 1,098,651
CDO VI Bonds Payable [Member]  
Month Issued [2] 2005-04
Debt Face Amount [2] $ 92,693
Carrying Value [2] $ 92,693
Final Stated Maturity [2] 2040-04
Weighted Average Coupon - Rate [2],[3] 0.88%
Weighted Average Funding Cost [2],[4] 0.88%
Weighted Average Life (Years) [2] 3 years 6 months
Face Amount of Floating Rate Debt [2] $ 89,064
Outstanding Face Amount of Collateral [2],[5] 75,088
Amortized Cost Basis of Collateral [2],[5] 28,886
Carrying Value of Collateral [2],[5] $ 52,140
Weighted Average Maturity (Years) Of Collateral [2] 3 years 4 months 24 days
Floating Rate Face Amount of Collateral [2],[5] $ 13,032
Total CDO Bonds Payable [Member]  
Debt Face Amount 92,693
Carrying Value $ 92,693
Weighted Average Coupon - Rate [3] 0.88%
Weighted Average Funding Cost [4] 0.88%
Weighted Average Life (Years) 3 years 6 months
Face Amount of Floating Rate Debt $ 89,064
Outstanding Face Amount of Collateral [5] 75,088
Amortized Cost Basis of Collateral [5] 28,886
Carrying Value of Collateral [5] $ 52,140
Weighted Average Maturity (Years) Of Collateral 3 years 4 months 24 days
Floating Rate Face Amount of Collateral [5] $ 13,032
NCT 2013-VI IMM-1 [Member]  
Month Issued [6] 2013-11
Debt Face Amount [6] $ 11,014
Carrying Value [6] $ 9,871
Final Stated Maturity [6] 2040-04
Weighted Average Coupon - Basis for Variable Rate [3],[6] LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate [3],[6] 0.25%
Weighted Average Funding Cost [4],[6] 5.92%
Weighted Average Life (Years) [6] 8 months 12 days
Face Amount of Floating Rate Debt [6] $ 11,014
Total Other Bonds And Notes Payable [Member]  
Debt Face Amount [7] 11,014
Carrying Value [7] $ 9,871
Weighted Average Coupon - Basis for Variable Rate LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate 0.25%
Weighted Average Funding Cost [4] 5.92%
Weighted Average Life (Years) 8 months 12 days
Face Amount of Floating Rate Debt $ 11,014
FNMA/FHLMC Securities Repurchase Agreements [Member]  
Month Issued [8] 2015-06
Debt Face Amount [8] $ 375,704
Carrying Value [8] $ 375,704
Final Stated Maturity [8] 2015-07
Weighted Average Coupon - Rate [3],[8] 0.41%
Weighted Average Funding Cost [4],[8] 0.41%
Weighted Average Life (Years) [8] 1 month 6 days
Outstanding Face Amount of Collateral [5],[8] $ 380,399
Amortized Cost Basis of Collateral [5],[8] 392,289
Carrying Value of Collateral [5],[8] $ 392,289
Weighted Average Maturity (Years) Of Collateral [8] 7 years
Total Repurchase Agreements [Member]  
Debt Face Amount [8] $ 375,704
Carrying Value [8] $ 375,704
Weighted Average Coupon - Rate [3],[8] 0.41%
Weighted Average Funding Cost [4],[8] 0.41%
Weighted Average Life (Years) [8] 1 month 6 days
Outstanding Face Amount of Collateral [5],[8] $ 380,399
Amortized Cost Basis of Collateral [5],[8] 392,289
Carrying Value of Collateral [5],[8] $ 392,289
Weighted Average Maturity (Years) Of Collateral [8] 7 years
Golf First Lien Loan [Member]  
Month Issued [9] 2013-12
Debt Face Amount [9] $ 51,423
Carrying Value [9] $ 51,318
Final Stated Maturity [9] 2017-12
Weighted Average Coupon - Basis for Variable Rate [3],[9],[10] LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate [3],[9],[10] 4.00%
Weighted Average Funding Cost [4],[9] 4.59%
Weighted Average Life (Years) [9] 2 years 6 months
Face Amount of Floating Rate Debt [9] $ 51,423
Golf Second Lien Loan [Member]  
Month Issued [9] 2013-12
Debt Face Amount [9] $ 105,575
Carrying Value [9] $ 105,360
Final Stated Maturity [9] 2017-12
Weighted Average Coupon - Rate [3],[9] 5.50%
Weighted Average Funding Cost [4],[9] 5.58%
Weighted Average Life (Years) [9] 2 years 6 months
Golf Vineyard II [Member]  
Month Issued [9] 1993-12
Debt Face Amount [9] $ 200
Carrying Value [9] $ 200
Final Stated Maturity [9] 2043-12
Weighted Average Coupon - Rate [3],[9] 2.11%
Weighted Average Funding Cost [4],[9] 2.11%
Weighted Average Life (Years) [9] 28 years 6 months
Face Amount of Floating Rate Debt [9] $ 200
Capital Lease Equipment [Member]  
Debt Face Amount [9] 8,128
Carrying Value [9] $ 8,128
Final Stated Maturity [9] 2020-09
Weighted Average Funding Cost [4],[9] 6.69%
Weighted Average Life (Years) [9] 4 years 9 months 18 days
Capital Lease Equipment [Member] | Lower Range  
Month Issued [9] 2014-05
Weighted Average Coupon - Rate [3],[9] 3.53%
Capital Lease Equipment [Member] | Upper Range  
Month Issued [9] 2015-06
Weighted Average Coupon - Rate [3],[9] 7.83%
Total Golf Credit Facilities [Member]  
Debt Face Amount [9] $ 165,326
Carrying Value [9] $ 165,006
Weighted Average Funding Cost [4],[9] 5.32%
Weighted Average Life (Years) [9] 2 years 7 months 6 days
Face Amount of Floating Rate Debt [9] $ 51,623
Junior Subordinated Notes Payable [Member]  
Month Issued 2006-03
Debt Face Amount $ 51,004
Carrying Value $ 51,228
Final Stated Maturity 2035-04
Weighted Average Coupon - Rate [3],[11] 7.57%
Weighted Average Coupon - Spread on Basis for Variable Rate 2.25%
Weighted Average Funding Cost [4] 7.36%
Weighted Average Life (Years) 19 years 9 months 18 days
Total Corporate [Member]  
Debt Face Amount $ 51,004
Carrying Value $ 51,228
Weighted Average Funding Cost [4] 7.36%
Weighted Average Life (Years) 19 years 9 months 18 days
Subtotal Debt Obligations [Member]  
Debt Face Amount $ 695,741
Carrying Value $ 694,502
Weighted Average Funding Cost [4] 2.23%
Weighted Average Life (Years) 2 years 7 months 6 days
Face Amount of Floating Rate Debt $ 151,701
Outstanding Face Amount of Collateral 455,487
Amortized Cost Basis of Collateral [5] 421,175
Carrying Value of Collateral [5] $ 449,429
Weighted Average Maturity (Years) Of Collateral 6 years
Floating Rate Face Amount of Collateral [5] $ 13,032
Financing on subprime mortgage loans subject to call option [Member]  
Debt Face Amount [12] 404,149
Carrying Value [12] $ 404,149
[1] Net of $38.2 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 six months ended June 30, 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 June 30, 2015. The counterparty on these repurchase agreements is Nomura. Newcastle has margin exposures on a total of $375.7 million repurchase agreements related to the financing of 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. The $375.7 million repurchase agreements were repaid in July 2015 as part of the sale of the FNMA/FHLMC securities.
[9] The golf credit facilities are collateralized by assets of the Golf business. The carrying value of the golf credit facilities are reported net of deferred financing costs of $0.3 million as of June 30, 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.