Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Fair Value of Assets and Liabilities (Details)

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FAIR VALUE - Fair Value of Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2013
Financial Instruments      
Real estate securities, available-for-sale $ 439,023 $ 984,263  
Real estate related and other loans, held-for-sale, net 313,250 437,530  
Residential mortgage loans, held-for-sale, net 248,299 2,185  
Subprime mortgage loans subject to call option 406,217 406,217  
Restricted Cash 4,314 5,889  
Cash and Cash Equivalents 122,053 74,133 534,772
Non-hedge derivative assets 34,022 43,662  
Investments in senior housing real estate, net 1,374,710 1,362,900  
Investments in other real estate 262,403 266,170  
Other investments 25,795 25,468  
Receivables and other assets 137,444 141,887  
Total Assets 3,520,609 4,852,563  
Financial Instruments      
CDO bonds payable 408,813 544,525  
Other bonds and notes payable 221,305 230,279  
Repurchase agreements 74,863 556,347  
Mortgage notes payable 1,091,823 1,076,828  
Credit facilities, golf 152,961 152,498  
Financing of subprime mortgage loans subject to call option (B) 406,217 406,217  
Junior subordinated notes payable 51,236 51,237  
Total Liabilities 2,715,134 3,626,439  
Total CDO Bonds Payable [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 3.17% [1],[2]    
Weighted Average Life (Years) 2 years 3 months 18 days    
Total Other Bonds And Notes Payable [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 3.49% [2]    
Weighted Average Life (Years) 3 years 1 month 6 days    
Total Repurchase Agreements [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 1.92% [2]    
Weighted Average Life (Years) 0 years 3 months 18 days    
Total Mortgage Notes Payable [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 4.74% [2]    
Weighted Average Life (Years) 6 years 6 months    
Total Golf Credit Facilities [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 5.20% [2]    
Weighted Average Life (Years) 3 years 9 months 18 days    
Subprime mortgage loans subject to call option [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 9.09% [2],[3]    
Junior Subordinated Debt [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 7.39% [2]    
Weighted Average Life (Years) 21 years 1 month 6 days    
Real Estate Related and Other Loans Held For Sale [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 12.84% [2]    
Weighted Average Life (Years) 1 year 8 months 12 days    
Residential Mortgage Loans Held For Sale [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 8.54% [2]    
Weighted Average Life (Years) 5 years 3 months 18 days    
Subprime Mortgage Loans Subject to Call [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 9.09% [2],[3]    
Real Estate Securities Available For Sale [Member]
      
Weighted Average      
Weighted Average Yield/Funding Cost 12.62% [2]    
Weighted Average Life (Years) 2 years 9 months 18 days    
Principal Balance or Notional Amount [Member]
      
Financial Instruments      
Real estate securities, available-for-sale 532,730 [4],[5]    
Real estate related and other loans, held-for-sale, net 428,848    
Residential mortgage loans, held-for-sale, net 270,484    
Subprime mortgage loans subject to call option 406,217 [3]    
Non-hedge derivative assets 90,097 [4],[6]    
Financial Instruments      
CDO bonds payable 407,785 [1]    
Other bonds and notes payable 233,371 [1]    
Repurchase agreements 74,863    
Mortgage notes payable 1,091,673    
Credit facilities, golf 152,961    
Financing of subprime mortgage loans subject to call option (B) 406,217 [3]    
Junior subordinated notes payable 51,004    
Interest rate swaps, treated as hedges 104,662 [4],[7]    
Non-hedge derivatives 183,729 [4],[6],[7]    
Carrying Value [Member]
      
Financial Instruments      
Real estate securities, available-for-sale 439,023 [4],[5]    
Real estate related and other loans, held-for-sale, net 313,250    
Residential mortgage loans, held-for-sale, net 248,299    
Subprime mortgage loans subject to call option 406,217 [3]    
Restricted Cash 4,314 [4]    
Cash and Cash Equivalents 122,053 [4]    
Non-hedge derivative assets 34,022 [4],[6]    
Investments in senior housing real estate, net 1,374,710    
Investments in other real estate 262,403    
Intangibles 187,101    
Other investments 25,795    
Receivables and other assets 103,422    
Total Assets 3,520,609    
Financial Instruments      
CDO bonds payable 408,813 [1]    
Other bonds and notes payable 221,305 [1]    
Repurchase agreements 74,863    
Mortgage notes payable 1,091,823    
Credit facilities, golf 152,961    
Financing of subprime mortgage loans subject to call option (B) 406,217 [3]    
Junior subordinated notes payable 51,236    
Interest rate swaps, treated as hedges 4,999 [4],[7]    
Non-hedge derivatives 5,515 [4],[6],[7]    
Dividends payable, accounts payable, accrued expenses and other liabilities 297,402    
Total Liabilities 2,715,134    
Estimated Fair Value [Member]
      
Financial Instruments      
Real estate securities, available-for-sale 439,023 [4],[5]    
Real estate related and other loans, held-for-sale, net 325,353    
Residential mortgage loans, held-for-sale, net 278,317    
Subprime mortgage loans subject to call option 406,217 [3]    
Restricted Cash 4,314 [4]    
Cash and Cash Equivalents 122,053 [4]    
Non-hedge derivative assets 34,022 [4],[6]    
Financial Instruments      
CDO bonds payable 293,626 [1]    
Other bonds and notes payable 224,013 [1]    
Repurchase agreements 74,863    
Mortgage notes payable 1,092,047    
Credit facilities, golf 152,961    
Financing of subprime mortgage loans subject to call option (B) 406,217 [3]    
Junior subordinated notes payable 33,721    
Interest rate swaps, treated as hedges 4,999 [4],[7]    
Non-hedge derivatives $ 5,515 [4],[6],[7]    
[1] Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other nonrecourse 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. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. 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.
[2] The weighted average yield and weighted average funding cost are calculated for financial instrument assets and liabilities, respectively.
[3] These two items results from an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 6), are noneconomic until such option is exercised, and are equal and offsetting.
[4] Measured at fair value on a recurring basis.
[5] Excludes nine CDO securities with a zero value, which had an aggregate face amount of $115.3 million.
[6] Newcastle's derivatives fall into two categories. A derivative asset with an aggregate notional balance of $90.1 million represents linked transactions with $90.1 million face amount of underlying financed securities. As of March 31, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $288.3 million is only subject to the credit risks of the respective CDO structures. As they are senior to all the debt obligations of the respective CDOs and the fair value of each of the CDOs' total investments exceeded the fair value of each of the CDOs' derivative liabilities, no credit valuation adjustments were recorded. Newcastle?s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle's derivatives are included in receivables and other assets or accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, as applicable.
[7] (See Schedule of fair value of derivative assets)