Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details)

v3.3.0.814
SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Segment Reporting Information [Line Items]          
Interest income $ 23,010 $ 27,544 $ 74,353 $ 103,889  
Interest expense (14,715) (18,411) (48,392) (60,909)  
Inter-segment elimination 0 0 0 0  
Net interest income 8,295 9,133 25,961 42,980  
Total impairment (reversal) 3,460 (4,015) 17,544 (1,243)  
Total operating revenues 82,864 81,494 226,493 226,863  
Total other income (loss) 11,987 12,618 41,861 70,133  
Loan and security servicing expense 41 159 255 1,424  
Operating expenses - golf [1] 65,518 66,155 181,506 187,681  
Operating expenses - golf, repairs and maintenance expenses 2,466 2,592 6,853 7,194  
Cost of sales - golf 8,842 8,420 24,003 23,183  
General and administrative expense 2,865 3,816 7,727 9,870  
General and administrative expense - acquisition and transaction expenses [2] 1,011 (684) 1,349 1,594  
Management fee to affiliate 2,675 5,664 8,017 16,853  
Depreciation and amortization 7,111 7,204 20,983 19,384  
Income tax expense 1,257 0 1,330 144  
Income from continuing operations 7,900 13,934 24,748 73,892  
Income from discontinued operations, net of tax 7 (8,624) 646 (32,427)  
Net Income 7,907 5,310 25,394 41,465  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Net loss attributable to noncontrolling interests (13) 21 217 711  
Income Applicable to Common Stockholders 6,499 3,936 21,426 37,991  
Investments 1,295,754   1,295,754    
Cash and restricted cash 37,252   37,252    
Other assets 405,531   405,531    
Assets of discontinued operations 53   53   $ 6,803
Total Assets 1,738,590   1,738,590   1,761,906
Debt, net 971,319   971,319    
Other liabilities 543,459   543,459    
Liabilities of discontinued operations 0   0   447
Total Liabilities 1,514,778   1,514,778   1,503,578
Preferred stock 61,583   61,583   61,583
Noncontrolling interests (181)   (181)   $ 36
Equity attributable to common stockholders 162,410   162,410    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     9,028    
Discontinued Operations [Member]          
Segment Reporting Information [Line Items]          
Interest income 0 0 0 0  
Interest expense 0 0 0 0  
Inter-segment elimination 0 0 0 0  
Net interest income 0 0 0 0  
Total impairment (reversal) 0 0 0 0  
Total operating revenues 0 0 0 0  
Total other income (loss) 0 0 0 0  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf [1] 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 0 0 0 0  
General and administrative expense - acquisition and transaction expenses [2] 0 0 0 0  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Income tax expense 0 0 0 0  
Income from continuing operations 0 0 0 0  
Income from discontinued operations, net of tax 7 (8,624) 646 (32,427)  
Net Income 7 (8,624) 646 (32,427)  
Preferred dividends 0 0 0 0  
Net loss attributable to noncontrolling interests 0 0 0 522  
Income Applicable to Common Stockholders 7 (8,624) 646 (31,905)  
Investments 0   0    
Cash and restricted cash 0   0    
Other assets 0   0    
Assets of discontinued operations 53   53    
Total Assets 53   53    
Debt, net 0   0    
Other liabilities 0   0    
Liabilities of discontinued operations 0   0    
Total Liabilities 0   0    
Preferred stock 0   0    
Noncontrolling interests 0   0    
Equity attributable to common stockholders 53   53    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     0    
CDOs [Member]          
Segment Reporting Information [Line Items]          
Interest income [3] 1,375 19,316 30,983 70,635  
Interest expense [3] (680) (4,823) (5,993) (16,932)  
Inter-segment elimination [3] 0 (1,564) (3,005) (6,001)  
Net interest income [3] 695 12,929 21,985 47,702  
Total impairment (reversal) [3] 363 (4,143) 12,569 (2,185)  
Total operating revenues [3] 0 0 0 0  
Total other income (loss) [3] 0 1,822 30,271 34,717  
Loan and security servicing expense [3] 35 157 249 466  
Operating expenses - golf [1],[3] 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses [3] 0 0 0 0  
Cost of sales - golf [3] 0 0 0 0  
General and administrative expense [3] 0 0 0 0  
General and administrative expense - acquisition and transaction expenses [2],[3] 0 0 0 0  
Management fee to affiliate [3] 0 0 0 0  
Depreciation and amortization [3] 0 0 0 0  
Income tax expense [3] 0 0 0 0  
Income from continuing operations [3] 297 18,737 39,438 84,138  
Income from discontinued operations, net of tax [3] 0 0 0 0  
Net Income [3] 297 18,737 39,438 84,138  
Preferred dividends [3] 0 0 0 0  
Net loss attributable to noncontrolling interests [3] 0 0 0 0  
Income Applicable to Common Stockholders [3] 297 18,737 39,438 84,138  
Investments [3] 49,397   49,397    
Cash and restricted cash [3] 110   110    
Other assets [3] 95   95    
Assets of discontinued operations [3] 0   0    
Total Assets [3] 49,602   49,602    
Debt, net [3] 100,306   100,306    
Other liabilities [3] 22   22    
Liabilities of discontinued operations [3] 0   0    
Total Liabilities [3] 100,328   100,328    
Preferred stock [3] 0   0    
Noncontrolling interests [3] 0   0    
Equity attributable to common stockholders [3] (50,726)   (50,726)    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired [3]     0    
Other Debt [Member]          
Segment Reporting Information [Line Items]          
Interest income [3],[4] 21,587 9,749 46,246 39,102  
Interest expense [3],[4] (9,617) (9,343) (28,789) (32,344)  
Inter-segment elimination [3],[4] 0 112 0 1,748  
Net interest income [3],[4] 11,970 518 17,457 8,506  
Total impairment (reversal) [3],[4] 3,097 128 4,975 942  
Total operating revenues [3],[4] 0 0 0 0  
Total other income (loss) [3],[4] (2,893) 8,067 (3,070) 32,698  
Loan and security servicing expense [3],[4] 6 2 6 958  
Operating expenses - golf [1],[3],[4] 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses [3],[4] 0 0 0 0  
Cost of sales - golf [3],[4] 0 0 0 0  
General and administrative expense [3],[4] 0 1,051 0 2,921  
General and administrative expense - acquisition and transaction expenses [2],[3],[4] 60 0 60 0  
Management fee to affiliate [3],[4] 0 0 0 0  
Depreciation and amortization [3],[4] 0 0 0 0  
Income tax expense [3],[4] 0 0 0 0  
Income from continuing operations [3],[4] 5,914 7,404 9,346 36,383  
Income from discontinued operations, net of tax [3],[4] 0 0 0 0  
Net Income [3],[4] 5,914 7,404 9,346 36,383  
Preferred dividends [3],[4] 0 0 0 0  
Net loss attributable to noncontrolling interests [3],[4] 0 0 0 0  
Income Applicable to Common Stockholders [3],[4] 5,914 7,404 9,346 36,383  
Investments [3],[4] 938,424   938,424    
Cash and restricted cash [3],[4] 2,528   2,528    
Other assets [3],[4] 371,036   371,036    
Assets of discontinued operations [3],[4] 0   0    
Total Assets [3],[4] 1,311,988   1,311,988    
Debt, net [3],[4] 738,201   738,201    
Other liabilities [3],[4] 379,197   379,197    
Liabilities of discontinued operations [3],[4] 0   0    
Total Liabilities [3],[4] 1,117,398   1,117,398    
Preferred stock [3],[4] 0   0    
Noncontrolling interests [3],[4] 0   0    
Equity attributable to common stockholders [3],[4] 194,590   194,590    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired [3],[4]     0    
Golf [Member]          
Segment Reporting Information [Line Items]          
Interest income 38 37 110 112  
Interest expense (3,473) (4,847) (13,779) (14,764)  
Inter-segment elimination 0 1,452 3,005 4,253  
Net interest income (3,435) (3,358) (10,664) (10,399)  
Total impairment (reversal) 0 0 0 0  
Total operating revenues 82,864 81,494 226,493 226,863  
Total other income (loss) 14,834 2,729 14,606 2,718  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf [1] 65,518 66,155 181,506 187,681  
Operating expenses - golf, repairs and maintenance expenses 2,466 2,592 6,853 7,194  
Cost of sales - golf 8,842 8,420 24,003 23,183  
General and administrative expense 919 527 1,960 986  
General and administrative expense - acquisition and transaction expenses [2] 918 27 1,239 1,530  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 7,111 7,191 20,983 19,297  
Income tax expense 1,257 0 1,330 144  
Income from continuing operations 7,232 (4,047) (7,439) (20,833)  
Income from discontinued operations, net of tax 0 0 0 0  
Net Income 7,232 (4,047) (7,439) (20,833)  
Preferred dividends 0 0 0 0  
Net loss attributable to noncontrolling interests (13) 21 217 189  
Income Applicable to Common Stockholders 7,219 (4,026) (7,222) (20,644)  
Investments 307,933   307,933    
Cash and restricted cash 6,156   6,156    
Other assets 33,954   33,954    
Assets of discontinued operations 0   0    
Total Assets 348,043   348,043    
Debt, net 81,586   81,586    
Other liabilities 150,915   150,915    
Liabilities of discontinued operations 0   0    
Total Liabilities 232,501   232,501    
Preferred stock 0   0    
Noncontrolling interests (181)   (181)    
Equity attributable to common stockholders 115,723   115,723    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     9,028    
Corporate [Member]          
Segment Reporting Information [Line Items]          
Interest income 10 6 19 41  
Interest expense (945) (962) (2,836) (2,870)  
Inter-segment elimination 0 0 0 0  
Net interest income (935) (956) (2,817) (2,829)  
Total impairment (reversal) 0 0 0 0  
Total operating revenues 0 0 0 0  
Total other income (loss) 46 0 54 0  
Loan and security servicing expense 0 0 0 0  
Operating expenses - golf [1] 0 0 0 0  
Operating expenses - golf, repairs and maintenance expenses 0 0 0 0  
Cost of sales - golf 0 0 0 0  
General and administrative expense 1,946 2,238 5,767 5,963  
General and administrative expense - acquisition and transaction expenses [2] 33 (711) 50 64  
Management fee to affiliate 2,675 5,664 8,017 16,853  
Depreciation and amortization 0 13 0 87  
Income tax expense 0 0 0 0  
Income from continuing operations (5,543) (8,160) (16,597) (25,796)  
Income from discontinued operations, net of tax 0 0 0 0  
Net Income (5,543) (8,160) (16,597) (25,796)  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Net loss attributable to noncontrolling interests 0 0 0 0  
Income Applicable to Common Stockholders (6,938) (9,555) (20,782) (29,981)  
Investments 0   0    
Cash and restricted cash 28,458   28,458    
Other assets 446   446    
Assets of discontinued operations 0   0    
Total Assets 28,904   28,904    
Debt, net 51,226   51,226    
Other liabilities 13,325   13,325    
Liabilities of discontinued operations 0   0    
Total Liabilities 64,551   64,551    
Preferred stock 61,583   61,583    
Noncontrolling interests 0   0    
Equity attributable to common stockholders (97,230)   (97,230)    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     0    
Eliminations [Member]          
Segment Reporting Information [Line Items]          
Interest income 0 (1,564) (3,005) (6,001)  
Interest expense 0 1,564 3,005 6,001  
Inter-segment elimination 0 0 0 0  
Net interest income 0 0 $ 0 0  
Total impairment (reversal) 0 0   0  
Total operating revenues 0 0   0  
Total other income (loss) 0 0   0  
Loan and security servicing expense 0 0   0  
Operating expenses - golf [1] 0 0   0  
Operating expenses - golf, repairs and maintenance expenses 0 0   0  
Cost of sales - golf 0 0   0  
General and administrative expense 0 0   0  
General and administrative expense - acquisition and transaction expenses [2] 0 0   0  
Management fee to affiliate 0 0   0  
Depreciation and amortization 0 0   0  
Income tax expense 0 0   0  
Income from continuing operations 0 0   0  
Income from discontinued operations, net of tax 0 0   0  
Net Income 0 0   0  
Preferred dividends 0 0   0  
Net loss attributable to noncontrolling interests 0 0   0  
Income Applicable to Common Stockholders $ 0 $ 0   $ 0  
[1] (C)Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $3.4 million for the three and nine months ended September 30, 2015, respectively and $1.2 million and $3.9 million for the three and nine months ended September 30, 2014.
[2] (D)Includes all transaction related and spin-off related expenses.
[3] (A)Assets held within non-recourse structures, including all of the assets in the CDO segment, 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] (B)The following table summarizes the investments and debt in the other debt segment: