Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Carrying Values and Estimated Fair Value (Details)

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FAIR VALUE - Carrying Values and Estimated Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
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    
Subprime mortgage loans subject to call option 392,342 [1] 406,217    
Restricted cash 5,759 15,714    
Cash and cash equivalents 31,493 73,727 $ 215,035 $ 42,721
Non-hedge derivative assets 3,712 0    
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    
TBAs, not treated as hedges 6,124 $ 4,328    
Carrying Value [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Real estate securities, available-for-sale 61,508      
Real estate securities, pledged as collateral 370,342      
Real estate related and other loans, held-for-sale, net 142,802      
Residential mortgage loans, held-for-sale, net 569      
Subprime mortgage loans subject to call option 392,342      
Restricted cash 5,759      
Cash and cash equivalents 31,493      
Non-hedge derivative assets 3,712      
CDO bonds payable 92,812      
Other bonds and notes payable 7,494      
Repurchase agreements 415,442      
Credit facilities and obligations under capital leases 12,003      
Financing of subprime mortgage loans subject to call option 392,342      
Junior subordinated notes payable 51,226      
TBAs, not treated as hedges 6,124      
Estimate of Fair Value Measurement [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Real estate securities, available-for-sale 61,508      
Real estate securities, pledged as collateral 370,342      
Real estate related and other loans, held-for-sale, net 158,874      
Residential mortgage loans, held-for-sale, net 603      
Subprime mortgage loans subject to call option [1] 392,342      
Restricted cash 5,759      
Cash and cash equivalents 31,493      
Non-hedge derivative assets [3] 3,712      
CDO bonds payable [2] 16,243      
Other bonds and notes payable [2] 8,003      
Repurchase agreements 415,859      
Credit facilities and obligations under capital leases 12,003      
Financing of subprime mortgage loans subject to call option [1] 392,342      
Junior subordinated notes payable 38,696      
TBAs, not treated as hedges $ 6,124      
[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.
[3] Represents derivative assets and liabilities including TBA forward contracts (Note 12).