Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS - Debt Obligations (Details)

v2.4.0.8
DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
 1 Months Ended 3 Months Ended
Jun. 30, 2013
Mar. 31, 2014
Debt Face Amount   $ 2,417,874
Carrying Value   2,407,218
CDO VI Bonds Payable [Member]
    
Month Issued   Apr 2005 [1]
Debt Face Amount   92,127 [1]
Carrying Value   92,127 [1]
Final Stated Maturity   Apr 2040 [1]
Weighted Average Coupon - Rate   0.83% [1],[2]
Weighted Average Funding Cost   5.35% [1],[3]
Weighted Average Life (Years)   5 years 9 months 18 days [1]
Face Amount of Floating Rate Debt   88,782 [1]
Outstanding Face Amount of Collateral   163,128 [1],[4]
Amortized Cost Basis of Collateral   88,930 [1],[4]
Carrying Value of Collateral   125,858 [1],[4]
Weighted Average Maturity (Years) Of Collateral   2 years 1 month 6 days [1]
Floating Rate Face Amount of Collateral   39,662 [1],[4]
Aggregate Notional Amount of Current Hedges   88,782 [1],[5]
CDO VIII Bonds Payable [Member]
    
Month Issued   Nov 2006
Debt Face Amount   190,341
Carrying Value   190,076
Final Stated Maturity   Nov 2052
Weighted Average Coupon - Rate   1.07% [2]
Weighted Average Coupon - Spread on Basis for Variable Rate 1.50%  
Weighted Average Funding Cost   3.87% [3]
Weighted Average Life (Years)   1 year 3 months 18 days
Face Amount of Floating Rate Debt   182,741
Outstanding Face Amount of Collateral   341,619 [4]
Amortized Cost Basis of Collateral   245,154 [4]
Carrying Value of Collateral   275,210 [4]
Weighted Average Maturity (Years) Of Collateral   2 years 2 months 12 days
Floating Rate Face Amount of Collateral   140,043 [4]
Aggregate Notional Amount of Current Hedges   104,662 [5]
CDO IX Bonds Payable [Member]
    
Month Issued   May 2007
Debt Face Amount   125,317
Carrying Value   126,610
Final Stated Maturity   May 2052
Weighted Average Coupon - Rate   0.59% [2]
Weighted Average Funding Cost   0.52% [3]
Weighted Average Life (Years)   1 year 3 months 18 days
Face Amount of Floating Rate Debt   125,317
Outstanding Face Amount of Collateral   372,597 [4]
Amortized Cost Basis of Collateral   306,412 [4]
Carrying Value of Collateral   316,729 [4]
Weighted Average Maturity (Years) Of Collateral   2 years 4 months 24 days
Floating Rate Face Amount of Collateral   148,646 [4]
Total CDO Bonds Payable [Member]
    
Debt Face Amount   407,785
Carrying Value   408,813
Weighted Average Funding Cost   3.17% [3]
Weighted Average Life (Years)   2 years 3 months 18 days
Face Amount of Floating Rate Debt   396,840
Outstanding Face Amount of Collateral   877,344 [4]
Amortized Cost Basis of Collateral   640,496 [4]
Carrying Value of Collateral   717,797 [4]
Weighted Average Maturity (Years) Of Collateral   2 years 3 months 18 days
Floating Rate Face Amount of Collateral   328,351 [4]
Aggregate Notional Amount of Current Hedges   193,444 [5]
MH Loans Portfolio I Bonds and Notes Payable [Member]
    
Month Issued   Apr 2010 [6]
Debt Face Amount   50,448 [6]
Carrying Value   47,234 [6]
Final Stated Maturity   Jul 2035 [6]
Weighted Average Coupon - Rate   6.65% [2],[6]
Weighted Average Funding Cost   6.65% [3],[6]
Weighted Average Life (Years)   4 years 1 month 6 days [6]
Outstanding Face Amount of Collateral   98,925 [4],[6]
Amortized Cost Basis of Collateral   89,113 [4],[6]
Carrying Value of Collateral   89,113 [4],[6]
Weighted Average Maturity (Years) Of Collateral   6 years [6]
Floating Rate Face Amount of Collateral   555 [4],[6]
MH Loans Portfolio II Bonds and Notes Payable [Member]
    
Month Issued   May 2011
Debt Face Amount   88,785
Carrying Value   88,524
Final Stated Maturity   Dec 2033
Weighted Average Coupon - Rate   4.79% [2]
Weighted Average Funding Cost   4.79% [3]
Weighted Average Life (Years)   3 years 9 months 18 days
Outstanding Face Amount of Collateral   123,611 [4]
Amortized Cost Basis of Collateral   123,277 [4]
Carrying Value of Collateral   123,277 [4]
Weighted Average Maturity (Years) Of Collateral   4 years 9 months 18 days
Floating Rate Face Amount of Collateral   20,310 [4]
NCT 2013-VI IMM-1 [Member]
    
Month Issued   Nov 2013 [7]
Debt Face Amount   94,138 [7]
Carrying Value   85,547 [7]
Final Stated Maturity   Apr 2040 [7]
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2],[7]
Weighted Average Coupon - Spread on Basis for Variable Rate   0.25% [2],[7]
Weighted Average Funding Cost   0.40% [3],[7]
Weighted Average Life (Years)   1 year 10 months 24 days [7]
Face Amount of Floating Rate Debt   94,138 [7]
Total Other Bonds And Notes Payable [Member]
    
Debt Face Amount   233,371
Carrying Value   221,305
Weighted Average Funding Cost   3.49% [3]
Weighted Average Life (Years)   3 years 1 month 6 days
Face Amount of Floating Rate Debt   94,138
Outstanding Face Amount of Collateral   222,536 [4]
Amortized Cost Basis of Collateral   212,390 [4]
Carrying Value of Collateral   212,390 [4]
Weighted Average Maturity (Years) Of Collateral   5 years 3 months 18 days
Floating Rate Face Amount of Collateral   20,865 [4]
CDO Securities Repurchase Agreements [Member]
    
Month Issued   Dec 2013 [7],[8]
Debt Face Amount   49,500 [7],[8]
Carrying Value   49,500 [7],[8]
Final Stated Maturity   Apr 2014 [7],[8]
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2],[7],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate   1.65% [2],[7],[8]
Weighted Average Funding Cost   1.80% [3],[7],[8]
Weighted Average Life (Years)   0 years 1 month 6 days [7],[8]
Face Amount of Floating Rate Debt   49,500 [7],[8]
Residential Mortgage Loans Repurchase Agreements [Member]
    
Month Issued   Nov 2013 [8]
Debt Face Amount   25,363 [8]
Carrying Value   25,363 [8]
Final Stated Maturity   Nov 2014 [8]
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate   2.00% [2],[8]
Weighted Average Funding Cost   2.15% [3],[8]
Weighted Average Life (Years)   0 years 7 months 6 days [8]
Face Amount of Floating Rate Debt   25,363 [8]
Outstanding Face Amount of Collateral   35,074 [4],[8]
Amortized Cost Basis of Collateral   25,665 [4],[8]
Carrying Value of Collateral   25,665 [4],[8]
Weighted Average Maturity (Years) Of Collateral   5 years 4 months 24 days [8]
Floating Rate Face Amount of Collateral   35,074 [4],[8]
Total Repurchase Agreements [Member]
    
Debt Face Amount   74,863 [8]
Carrying Value   74,863 [8]
Weighted Average Funding Cost   1.92% [3],[8]
Weighted Average Life (Years)   0 years 3 months 18 days [8]
Face Amount of Floating Rate Debt   74,863 [8]
Outstanding Face Amount of Collateral   35,074 [4],[8]
Amortized Cost Basis of Collateral   25,665 [4],[8]
Carrying Value of Collateral   25,665 [4],[8]
Weighted Average Maturity (Years) Of Collateral   5 years 4 months 24 days [8]
Floating Rate Face Amount of Collateral   35,074 [4],[8]
Fixed Rate Managed Properties [Member]
    
Debt Face Amount   158,601
Carrying Value   158,751
Weighted Average Funding Cost   4.50% [3]
Weighted Average Life (Years)   5 years
Amortized Cost Basis of Collateral   186,985 [4]
Carrying Value of Collateral   186,985 [4]
Fixed Rate Managed Properties [Member] | Lower Range [Member]
    
Final Stated Maturity   Aug 2018
Weighted Average Coupon - Rate   1.56% [10],[2],[9]
Fixed Rate Managed Properties [Member] | Upper Range
    
Final Stated Maturity   Mar 2020
Weighted Average Coupon - Rate   4.12% [10],[2],[9]
Floating Rate Managed Properties [Member]
    
Debt Face Amount   215,828
Carrying Value   215,828
Weighted Average Funding Cost   4.81% [3]
Weighted Average Life (Years)   3 years 10 months 24 days
Face Amount of Floating Rate Debt   215,828
Amortized Cost Basis of Collateral   291,556 [4]
Carrying Value of Collateral   291,556 [4]
Floating Rate Managed Properties [Member] | Lower Range [Member]
    
Final Stated Maturity   Aug 2016
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2]
Weighted Average Coupon - Spread on Basis for Variable Rate   3.50% [2]
Floating Rate Managed Properties [Member] | Upper Range
    
Final Stated Maturity   Jan 2019
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2]
Weighted Average Coupon - Spread on Basis for Variable Rate   3.75% [2]
Fixed Rate Triple Net Lease Properties [Member]
    
Debt Face Amount   717,244
Carrying Value   717,244
Final Stated Maturity   Jan 2024
Weighted Average Coupon - Rate   4.15% [2]
Weighted Average Funding Cost   4.77% [3]
Weighted Average Life (Years)   7 years 7 months 6 days
Amortized Cost Basis of Collateral   987,094 [4]
Carrying Value of Collateral   987,094 [4]
Total Mortgage Notes Payable [Member]
    
Debt Face Amount   1,091,673
Carrying Value   1,091,823
Weighted Average Funding Cost   4.74% [3]
Weighted Average Life (Years)   6 years 6 months
Face Amount of Floating Rate Debt   215,828
Amortized Cost Basis of Collateral   1,465,635 [4]
Carrying Value of Collateral   1,465,635 [4]
Golf First Lien Loan [Member]
    
Month Issued   Dec 2013 [11]
Debt Face Amount   46,922 [11]
Carrying Value   46,922 [11]
Final Stated Maturity   Dec 2018 [11]
Weighted Average Coupon - Basis for Variable Rate   3 month LIBOR [11],[12],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate   4.00% [11],[12],[2]
Weighted Average Funding Cost   4.50% [3]
Weighted Average Life (Years)   3 years 9 months 18 days
Face Amount of Floating Rate Debt   46,922
Golf Second Lien Loan [Member]
    
Month Issued   Dec 2013 [11]
Debt Face Amount   105,576 [11]
Carrying Value   105,576 [11]
Final Stated Maturity   Dec 2018 [11]
Weighted Average Coupon - Rate   5.50% [11],[2]
Weighted Average Funding Cost   5.50% [3]
Weighted Average Life (Years)   3 years 9 months 18 days
Golf Vineyard I [Member]
    
Month Issued   Dec 1993 [11]
Debt Face Amount   263 [11]
Carrying Value   263 [11]
Final Stated Maturity   Aug 2014 [11]
Weighted Average Coupon - Rate   11.37% [11],[2]
Weighted Average Funding Cost   11.37% [3]
Weighted Average Life (Years)   0 years 4 months 24 days
Face Amount of Floating Rate Debt   263
Golf Vineyard II [Member]
    
Month Issued   Dec 1993 [11]
Debt Face Amount   200 [11]
Carrying Value   200 [11]
Final Stated Maturity   Dec 2043 [11]
Weighted Average Coupon - Rate   2.13% [11],[2]
Weighted Average Funding Cost   2.13% [3]
Weighted Average Life (Years)   29 years 8 months 12 days
Face Amount of Floating Rate Debt   200
Total Golf Credit Facilities [Member]
    
Debt Face Amount   152,961 [11]
Carrying Value   152,961 [11]
Weighted Average Funding Cost   5.20% [11],[3]
Weighted Average Life (Years)   3 years 9 months 18 days [11]
Face Amount of Floating Rate Debt   47,385 [11]
Junior Subordinated Debt [Member]
    
Month Issued   Mar 2006
Debt Face Amount   51,004
Carrying Value   51,236
Final Stated Maturity   Apr 2035
Weighted Average Coupon - Rate   7.57% [13],[2]
Weighted Average Funding Cost   7.39% [3]
Weighted Average Life (Years)   21 years 1 month 6 days
Total Corporate [Member]
    
Debt Face Amount   51,004
Carrying Value   51,236
Weighted Average Funding Cost   7.39% [3]
Weighted Average Life (Years)   21 years 1 month 6 days
Debt Obligations [Member]
    
Debt Face Amount   2,011,657
Carrying Value   2,001,001
Weighted Average Funding Cost   4.28% [3]
Weighted Average Life (Years)   5 years 2 months 12 days
Face Amount of Floating Rate Debt   829,054
Outstanding Face Amount of Collateral   1,134,954 [4]
Amortized Cost Basis of Collateral   2,344,186 [4]
Carrying Value of Collateral   2,421,487 [4]
Weighted Average Maturity (Years) Of Collateral   3 years
Floating Rate Face Amount of Collateral   384,290 [4]
Aggregate Notional Amount of Current Hedges   193,444 [5]
Subprime mortgage loans subject to call option [Member]
    
Debt Face Amount   406,217 [14]
Carrying Value   $ 406,217 [14]
[1] This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2014. 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.
[2] Weighted average, including floating and fixed rate classes.
[3] Including the effect of applicable hedges and deferred financing cost.
[4] Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
[5] Including the $88.8 million portion of the notional amount of interest rate swap in CDO VI, which acted as an economic hedge that was designated as a hedge for accounting purposes.
[6] Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
[7] Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
[8] These repurchase agreements had less than $0.1 million of accrued interest payable at March 31, 2014. $74.9 million face amount of these repurchase agreements were renewed subsequent to March 31, 2014. The counterparties on these repurchase agreements are Bank of America ($49.5 million) and Credit Suisse ($25.4 million).
[9] For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
[10] For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
[11] These facilities are collateralized by all of the assets of the golf business.
[12] Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[13] 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.
[14] LIBOR +2.25% after April 2016.