Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

v3.3.0.814
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Assets    
Real estate securities, available-for-sale $ 61,508 $ 231,754
Real estate securities, pledged as collateral 370,342 407,689
Real estate related and other loans, held-for-sale, net 142,802 230,200
Residential mortgage loans, held-for-sale, net 569 3,854
Subprime mortgage loans subject to call option 392,342 [1] 406,217
Investments in other real estate, net of accumulated depreciation 230,735 239,283
Intangibles, net of accumulated amortization 77,198 84,686
Other investments 20,258 26,788
Cash and cash equivalents 31,493 73,727
Restricted cash 5,759 15,714
Receivables from brokers, dealers and clearing organizations 363,981 0
Receivables and other assets 41,550 35,191
Assets of discontinued operations 53 6,803
Total Assets 1,738,590 1,761,906
Liabilities    
CDO bonds payable 92,812 [2] 227,673
Other bonds and notes payable 7,494 [2] 27,069
Repurchase agreements 415,442 441,176
Credit facilities and obligations under capital leases 12,003 161,474
Financing of subprime mortgage loans subject to call option 392,342 [1] 406,217
Junior subordinated notes payable 51,226 51,231
Dividends payable 8,908 8,901
Payables to brokers, dealers and clearing organizations 370,473 0
Accounts payable, accrued expenses and other liabilities 164,078 179,390
Liabilities of discontinued operations 0 447
Total Liabilities $ 1,514,778 $ 1,503,578
Commitments and contingencies
Equity    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of September 30, 2015 and December 31, 2014 $ 61,583 $ 61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,486,652 and 66,424,508 shares issued and outstanding, at September 30, 2015 and December 31, 2014, respectively 665 664
Additional paid-in capital 3,172,297 3,172,060
Accumulated deficit (3,044,381) (3,041,880)
Accumulated other comprehensive income 33,829 65,865
Total Newcastle Stockholders' Equity 223,993 258,292
Noncontrolling interests (181) 36
Total Equity 223,812 258,328
Total Liabilities and Equity $ 1,738,590 $ 1,761,906
[1] Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6).
[2] Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non-recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.