Annual report pursuant to Section 13 and 15(d)

DEBT OBLIGATIONS - Debt Obligations (Details)

v2.4.0.8
DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
CDO VI Bonds Payable
Dec. 31, 2012
CDO VI Bonds Payable
Dec. 31, 2013
CDO VIII Bonds Payable
Dec. 31, 2012
CDO VIII Bonds Payable
Dec. 31, 2013
CDO IX Bonds Payable
Dec. 31, 2012
CDO IX Bonds Payable
Dec. 31, 2013
Total CDO Bonds Payable
Dec. 31, 2012
Total CDO Bonds Payable
Dec. 31, 2013
MH Loans Portfolio I Bonds and Notes Payable
Dec. 31, 2012
MH Loans Portfolio I Bonds and Notes Payable
Apr. 15, 2010
MH Loans Portfolio I Bonds and Notes Payable
Dec. 31, 2013
MH Loans Portfolio II Bonds and Notes Payable
Dec. 31, 2012
MH Loans Portfolio II Bonds and Notes Payable
May 04, 2011
MH Loans Portfolio II Bonds and Notes Payable
Dec. 31, 2013
NCT 2013-VI IMM-1
Dec. 31, 2012
NCT 2013-VI IMM-1
Dec. 31, 2013
Total Other Bonds And Notes Payable
Dec. 31, 2012
Total Other Bonds And Notes Payable
Dec. 31, 2013
FNMA/FHLMC Securities Repurchase Agreements
Dec. 31, 2012
FNMA/FHLMC Securities Repurchase Agreements
Dec. 31, 2013
CDO Securities
Dec. 31, 2012
CDO Securities
Dec. 31, 2013
Residential Mortgage Loans
Dec. 31, 2012
Residential Mortgage Loans
Dec. 31, 2013
Total Repurchase Agreements
Dec. 31, 2012
Total Repurchase Agreements
Dec. 31, 2013
Fixed Rate Mortgage Notes Payable
Dec. 31, 2012
Fixed Rate Mortgage Notes Payable
Dec. 31, 2013
Fixed Rate Mortgage Notes Payable
Lower Range
Dec. 31, 2013
Fixed Rate Mortgage Notes Payable
Upper Range
Dec. 31, 2013
Floating Rate Mortgage Notes Payable
Dec. 31, 2012
Floating Rate Mortgage Notes Payable
Dec. 31, 2013
Floating Rate Mortgage Notes Payable
Lower Range
Dec. 31, 2013
Floating Rate Mortgage Notes Payable
Upper Range
Dec. 31, 2013
Total Mortgage Notes Payable
Dec. 31, 2012
Total Mortgage Notes Payable
Dec. 31, 2013
Gatehouse Revolving Credit Facilities
Dec. 31, 2012
Gatehouse Revolving Credit Facilities
Dec. 31, 2013
Gatehouse Term Loan A
Dec. 31, 2012
Gatehouse Term Loan A
Dec. 31, 2013
Gatehouse Term Loan B
Dec. 31, 2012
Gatehouse Term Loan B
Dec. 31, 2013
Gatehouse Second Lien Credit Facility
Dec. 31, 2012
Gatehouse Second Lien Credit Facility
Dec. 31, 2013
Local Media Group Credit Facility
Dec. 31, 2012
Local Media Group Credit Facility
Dec. 31, 2013
Media Credit Facilities
Dec. 31, 2012
Media Credit Facilities
Dec. 31, 2013
Golf First Lien Loan
Dec. 31, 2012
Golf First Lien Loan
Dec. 31, 2013
Golf Second Lien Loan
Dec. 31, 2012
Golf Second Lien Loan
Dec. 31, 2013
Golf Credit Facilities
Dec. 31, 2012
Golf Credit Facilities
Dec. 31, 2013
Junior Subordinated Debt
Dec. 31, 2012
Junior Subordinated Debt
Dec. 31, 2013
Total Corporate
Dec. 31, 2012
Total Corporate
Dec. 31, 2013
Debt Obligations
Dec. 31, 2012
Debt Obligations
Dec. 31, 2013
Subprime mortgage loans subject to call option
Dec. 31, 2012
Subprime mortgage loans subject to call option
Dec. 31, 2012
Repaid CDO Bonds
Dec. 31, 2012
Total Repaid Repurchase Agreements
Month Issued     Apr 2005 [1]   Nov 2006   May 2007       Apr 2010 [2]     May 2011     Nov 2013 [3]       Dec 2013 [4]   Dec 2013   Nov 2013 [3]                           Nov 2013   Nov 2013   Nov 2013   Nov 2013   Sep 2013       Dec 2013   Dec 2013       Mar 2006                  
Debt Face Amount $ 3,213,490 $ 2,786,059 $ 92,018 [1] $ 91,578 $ 264,733 $ 518,501 $ 186,765 $ 400,938 $ 543,516 $ 1,091,915 $ 53,753 [2] $ 70,056 $ 164,100 $ 93,863 $ 117,907 $ 197,000 $ 96,129 [3]    $ 243,745 $ 187,963 $ 516,134 [4] $ 772,855 $ 15,094 $ 5,658 $ 25,119 [3]    $ 556,347 [5] $ 929,435 $ 878,579 $ 88,400     $ 198,584 $ 32,125     $ 1,077,163 $ 120,525 $ 25,000    $ 25,000    $ 50,000    $ 50,000    $ 33,000    $ 183,000    $ 46,922    $ 105,576       $ 152,498 $ 51,004 $ 51,004 $ 51,004 $ 51,004 $ 2,807,273 $ 2,143,364 $ 406,217 [6] $ 406,217 $ 79,898 $ 150,922
Carrying Value 3,199,947 2,781,761 92,018 [1] 91,578 264,277 517,541 188,230 402,424 544,525 1,091,354 50,424 [2] 66,199   93,536 117,191   86,319 [3]    230,279 183,390 516,134 [4] 772,855 15,094 5,658 25,119 [3]    556,347 [5] 929,435 878,244 88,400     198,584 32,125     1,076,828 120,525 25,000    25,000    50,000    49,016    33,000    182,016    46,922    105,576       152,498 51,237 51,243 51,237 51,243 2,793,730 2,139,317 406,217 [6] 405,814 79,811 150,922
Final Stated Maturity     Apr 2040 [1]   Nov 2052   May 2052       Jul 2035 [2]     Dec 2033     Apr 2040 [3]       Jan 2014 [4]   Jan 2014   Nov 2014 [3]       Aug 2018 to Jan 2024       Aug 2016 to Dec 2018           Nov 2018   Nov 2018   Nov 2018   Nov 2019   Sep 2018       Dec 2018   Dec 2018       Apr 2035                  
Unhedged Weighted Average Funding Cost - Rate     0.85% [1],[7]   0.88% [7]   0.56% [7]       6.56% [2],[7]     4.70% [7]             0.40% [4],[7]                   1.43% [7],[8],[9] 4.30% [7],[8],[9]                                         5.50% [7]       7.57% [10],[7]                  
Unhedged Weighted Average Funding Cost - Basis for Variable Rate                                 LIBOR [3],[7]           LIBOR [7]   LIBOR [3],[7]                   LIBOR [7] LIBOR [7]     LIBOR [7]   LIBOR [11],[7]   LIBOR [11],[7]   LIBOR [7]   LIBOR [12],[7]       LIBOR [13],[7]                              
Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate                                 0.25% [3],[7]           1.65% [7]   2.00% [3],[7]                   3.50% [7] 3.75% [7]     3.25% [7]   4.25% [11],[7]   8.00% [11],[7]   11.00% [7]   6.50% [12],[7]       4.00% [13],[7]                              
Weighted Average Funding Cost     5.35% [1],[14]   2.45% [14]   0.50% [14]   2.26% [14]   6.56% [14],[2]     4.70% [14]     0.42% [14],[3]   3.50% [14]   0.40% [14],[4]   1.82% [14]   2.17% [14],[3]   0.50% [14],[5]   4.72% [14]       4.88% [14]       4.75% [14]   3.42% [14]   5.00% [14]   8.75% [14]   11.17% [14]   7.50% [14]   7.93% [14]   4.50% [14]   5.50% [14]     5.19% [14] 7.39% [14]   7.39% [14]   3.60% [14]          
Weighted Average Maturity (Years)     5 years 6 months [1]   1 year 6 months   0 years 7 months 6 days   1 year 10 months 24 days   4 years 1 month 6 days [2]     3 years 9 months 18 days     2 years [3]   3 years 1 month 6 days   0 years 1 month 6 days [4]   0 years 1 month 6 days   0 years 10 months 24 days [3]   0 years 1 month 6 days [5]   7 years 4 months 24 days       4 years 1 month 6 days       6 years 9 months 18 days   4 years 10 months 24 days   4 years   4 years   5 years 10 months 24 days   4 years 3 months 18 days   4 years 8 months 12 days   4 years   4 years   4 years   21 years 3 months 18 days   21 years 3 months 18 days   4 years 2 months 12 days          
Face Amount of Floating Rate Debt     88,727 [1]   257,133   186,765   532,625      [2]            96,129 [3]   96,129   516,134 [4]   15,094   25,119 [3]   556,347 [5]            198,584       198,584   25,000   25,000   50,000   50,000   33,000   183,000   46,922          46,922           1,613,607          
Outstanding Face Amount of Collateral     166,452 [1],[15]   421,487 [15]   433,012 [15]   1,020,951 [15]   102,681 [15],[2]     128,975 [15]        [15],[3]   231,656 [15]   514,994 [15],[4]      [15]   36,029 [15],[3]   551,023 [15],[5]                                                              [15]      [15]   1,803,630 [15]          
Outstanding Face Amount of Collateral                                                         N/A [15]       N/A [15]       N/A [15]   N/A [15],[16]   N/A [15],[16]   N/A [15],[16]   N/A [15],[16]   N/A [15]   N/A [15]   N/A [15],[16]   N/A [15],[16]     N/A [15],[16]                    
Amortized Cost Basis of Collateral     88,965 [1],[15]   317,202 [15]   357,224 [15]   763,391 [15]   91,924 [15],[2]     128,117 [15]        [15],[3]   220,041 [15]   547,639 [15],[4]      [15]   27,173 [15],[3]   574,812 [15],[5]   1,193,583 [15]       270,175 [15]       1,463,758 [15]      [15],[16]      [15],[16]      [15],[16]      [15],[16]      [15]      [15]      [15],[16]      [15],[16]        [15],[16]    [15]      [15]   3,022,002 [15]          
Carrying Value of Collateral     123,478 [1],[15]   346,101 [15]   366,581 [15]   836,160 [15]   91,924 [15],[2]     128,117 [15]        [15],[3]   220,041 [15]   551,270 [15],[4]      [15]   27,173 [15],[3]   578,443 [15],[5]   1,193,583 [15]       270,175 [15]       1,463,758 [15]      [15],[16]      [15],[16]      [15],[16]      [15],[16]      [15]      [15]      [15],[16]      [15],[16]        [15],[16]    [15]      [15]   3,098,248 [15]          
Weighted Average Maturity (Years) Of Collateral     2 years 3 months 18 days [1]   1 year 8 months 12 days   1 year 10 months 24 days   1 year 10 months 24 days   6 years 1 month 6 days [2]     4 years 10 months 24 days     0 years [3]   5 years 4 months 24 days   3 years 7 months 6 days [4]   0 years   5 years 6 months [3]   3 years 8 months 12 days [5]                                                                              
Weighted Average Maturity (Years) Of Collateral                                                         N/A       N/A       N/A   N/A [16]   N/A [16]   N/A [16]   N/A [16]   N/A   N/A   N/A [16]   N/A [16]   N/A [16]           P2Y10M24D          
Floating Rate Face Amount of Collateral     40,482 [1],[15]   184,585 [15]   162,115 [15]   387,182 [15]   612 [15],[2]     21,321 [15]        [15],[3]   21,933 [15]   514,994 [15],[4]      [15]   36,029 [15],[3]   551,023 [15],[5]                                                                   960,138 [15]          
Floating Rate Face Amount of Collateral                                                         N/A [15]       N/A [15]       N/A [15]   N/A [15],[16]   N/A [15],[16]   N/A [15],[16]   N/A [15],[16]   N/A [15]   N/A [15]   N/A [15],[16]   N/A [15],[16]     N/A [15],[16]                    
Aggregate Notional Amount of Current Hedges     $ 88,727 [1],[17]   $ 105,031 [17]      [17]   $ 193,758 [17]      [17],[2]        [17]        [17],[3]      [17]      [17],[4]      [17]      [17],[3]      [17],[5]      [17]          [17]          [17]      [17]      [17]      [17]      [17]      [17]      [17]      [17]      [17]        [17]    [17]      [17]   $ 193,758 [17]          
[1] This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. 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 forseeable future.
[2] Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
[3] Represent refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
[4] Interest rates on these repurchase agreements are fixed, but will be reset on a short-tem basis.
[5] These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).
[6] LIBOR +2.25% after April 2016.
[7] Weighted average, including floating and fixed rate classes.
[8] 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%.
[9] 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.
[10] Issued in April 2006 and July 2007. Secured by the general credit of Newcastle. See Note 7 regarding the securitizations of Subprime Portfolio I and II.
[11] This financing has a LIBOR floor of 0.75%.
[12] This financing has a LIBOR floor of 1.0%.
[13] Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[14] Including the effect of applicable hedges.
[15] 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.
[16] These facilities are collateralized by all the assets of the respective businesses.
[17] Including $88.7 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.