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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2014
Debt Face Amount   $ 2,171,875
Carrying Value   2,166,522
CDO VI Bonds Payable [Member]
    
Month Issued   2005-04 [1]
Debt Face Amount   92,238 [1]
Carrying Value   92,238 [1]
Final Stated Maturity   Apr 2040 [1]
Weighted Average Coupon - Rate   0.83% [1],[2]
Weighted Average Funding Cost   5.36% [1],[3]
Weighted Average Life (Years)   5 years 6 months [1]
Face Amount of Floating Rate Debt   88,838 [1]
Outstanding Face Amount of Collateral   157,567 [1],[4]
Amortized Cost Basis of Collateral   86,678 [1],[4]
Carrying Value of Collateral   124,252 [1],[4]
Weighted Average Maturity (Years) Of Collateral   2 years 1 month 6 days [1]
Floating Rate Face Amount of Collateral   35,095 [1],[4]
Aggregate Notional Amount of Current Hedges   88,838 [1],[5]
CDO VIII Bonds Payable [Member]
    
Month Issued   2006-11
Debt Face Amount   71,813
Carrying Value   71,698
Final Stated Maturity   Nov 2052
Weighted Average Coupon - Rate   2.11% [2]
Weighted Average Coupon - Basis for Variable Rate one-month LIBOR  
Weighted Average Coupon - Spread on Basis for Variable Rate 1.50%  
Weighted Average Funding Cost   7.71% [3]
Weighted Average Life (Years)   2 years 7 months 6 days
Face Amount of Floating Rate Debt   64,213
Outstanding Face Amount of Collateral   249,954 [4]
Amortized Cost Basis of Collateral   178,906 [4]
Carrying Value of Collateral   194,238 [4]
Weighted Average Maturity (Years) Of Collateral   1 year 9 months 18 days
Floating Rate Face Amount of Collateral   113,582 [4]
Aggregate Notional Amount of Current Hedges   84,048 [5]
CDO IX Bonds Payable [Member]
    
Month Issued   2007-05
Debt Face Amount   98,441
Carrying Value   99,645
Final Stated Maturity   May 2052
Weighted Average Coupon - Rate   0.64% [2]
Weighted Average Funding Cost   0.49% [3]
Weighted Average Life (Years)   1 year 1 month 6 days
Face Amount of Floating Rate Debt   98,441
Outstanding Face Amount of Collateral   345,022 [4]
Amortized Cost Basis of Collateral   284,291 [4]
Carrying Value of Collateral   295,062 [4]
Weighted Average Maturity (Years) Of Collateral   2 years 3 months 18 days
Floating Rate Face Amount of Collateral   114,869 [4]
Total CDO Bonds Payable [Member]
    
Debt Face Amount   262,492
Carrying Value   263,581
Weighted Average Funding Cost   4.16% [3]
Weighted Average Life (Years)   3 years 1 month 6 days
Face Amount of Floating Rate Debt   251,492
Outstanding Face Amount of Collateral   752,543 [4]
Amortized Cost Basis of Collateral   549,875 [4]
Carrying Value of Collateral   613,552 [4]
Weighted Average Maturity (Years) Of Collateral   2 years 1 month 6 days
Floating Rate Face Amount of Collateral   263,546 [4]
Aggregate Notional Amount of Current Hedges   172,886 [5]
NCT 2013-VI IMM-1 [Member]
    
Month Issued   2013-11 [6]
Debt Face Amount   89,168 [6]
Carrying Value   82,053 [6]
Final Stated Maturity   Apr 2040 [6]
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2],[6]
Weighted Average Coupon - Spread on Basis for Variable Rate   0.25% [2],[6]
Weighted Average Funding Cost   0.41% [3],[6]
Weighted Average Life (Years)   1 year 8 months 12 days [6]
Face Amount of Floating Rate Debt   89,168 [6]
Total Other Bonds And Notes Payable [Member]
    
Debt Face Amount   89,168
Carrying Value   82,053
Weighted Average Funding Cost   0.41% [3]
Weighted Average Life (Years)   1 year 8 months 12 days
Face Amount of Floating Rate Debt   89,168
CDO Securities Repurchase Agreements [Member]
    
Month Issued   2013-12 [6],[7]
Debt Face Amount   79,712 [6],[7]
Carrying Value   79,712 [6],[7]
Final Stated Maturity   Jul 2014 [6],[7]
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2],[6],[7]
Weighted Average Coupon - Spread on Basis for Variable Rate   1.65% [2],[6],[7]
Weighted Average Funding Cost   1.81% [3],[6],[7]
Weighted Average Life (Years)   0 years 1 month 6 days [6],[7]
Face Amount of Floating Rate Debt   79,712 [6],[7]
Residential Mortgage Loans Repurchase Agreements [Member]
    
Month Issued   2013-11 [7]
Debt Face Amount   22,965 [7]
Carrying Value   22,965 [7]
Final Stated Maturity   Nov 2014 [7]
Weighted Average Coupon - Basis for Variable Rate   LIBOR [2],[7]
Weighted Average Coupon - Spread on Basis for Variable Rate   2.00% [2],[7]
Weighted Average Funding Cost   2.16% [3],[7]
Weighted Average Life (Years)   0 years 4 months 24 days [7]
Face Amount of Floating Rate Debt   22,965 [7]
Outstanding Face Amount of Collateral   34,002 [4],[7]
Amortized Cost Basis of Collateral   24,617 [4],[7]
Carrying Value of Collateral   24,617 [4],[7]
Weighted Average Maturity (Years) Of Collateral   6 years [7]
Floating Rate Face Amount of Collateral   34,002 [4],[7]
Total Repurchase Agreements [Member]
    
Debt Face Amount   102,677 [7]
Carrying Value   102,677 [7]
Weighted Average Funding Cost   1.88% [3],[7]
Weighted Average Life (Years)   0 years 1 month 6 days [7]
Face Amount of Floating Rate Debt   102,677 [7]
Outstanding Face Amount of Collateral   34,002 [4],[7]
Amortized Cost Basis of Collateral   24,617 [4],[7]
Carrying Value of Collateral   24,617 [4],[7]
Weighted Average Maturity (Years) Of Collateral   6 years [7]
Floating Rate Face Amount of Collateral   34,002 [4],[7]
Fixed Rate Managed Properties [Member]
    
Debt Face Amount   158,000
Carrying Value   158,434
Weighted Average Funding Cost   4.79% [3]
Weighted Average Life (Years)   4 years 9 months 18 days
Amortized Cost Basis of Collateral   182,986 [4]
Carrying Value of Collateral   182,986 [4]
Fixed Rate Managed Properties [Member] | Lower Range [Member]
    
Final Stated Maturity   Aug 2018
Weighted Average Coupon - Rate   1.63% [2],[8],[9]
Fixed Rate Managed Properties [Member] | Upper Range [Member]
    
Final Stated Maturity   Mar 2020
Weighted Average Coupon - Rate   4.93% [2],[8],[9]
Floating Rate Managed Properties [Member]
    
Debt Face Amount   231,400
Carrying Value   231,400
Weighted Average Funding Cost   4.72% [3]
Weighted Average Life (Years)   3 years 7 months 6 days
Face Amount of Floating Rate Debt   231,400
Amortized Cost Basis of Collateral   308,816 [4]
Carrying Value of Collateral   308,816 [4]
Floating Rate Managed Properties [Member] | Lower Range [Member]
    
Final Stated Maturity   Aug 2016
Weighted Average Coupon - Basis for Variable Rate   LIBOR [10],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate   2.75% [10],[2]
Floating Rate Managed Properties [Member] | Upper Range [Member]
    
Final Stated Maturity   Jan 2019
Weighted Average Coupon - Basis for Variable Rate   LIBOR [10],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate   3.75% [10],[2]
Fixed Rate Triple Net Lease Properties [Member]
    
Debt Face Amount   714,348
Carrying Value   714,348
Weighted Average Funding Cost   5.10% [3]
Weighted Average Life (Years)   7 years 6 months
Amortized Cost Basis of Collateral   974,792 [4]
Carrying Value of Collateral   974,792 [4]
Fixed Rate Triple Net Lease Properties [Member] | Lower Range [Member]
    
Final Stated Maturity   Jan 2021
Weighted Average Coupon - Rate   3.83% [11],[2]
Fixed Rate Triple Net Lease Properties [Member] | Upper Range [Member]
    
Final Stated Maturity   Jan 2024
Weighted Average Coupon - Rate   8.00% [11],[2]
Total Mortgage Notes Payable [Member]
    
Debt Face Amount   1,103,748
Carrying Value   1,104,182
Weighted Average Funding Cost   4.98% [3]
Weighted Average Life (Years)   6 years 3 months 18 days
Face Amount of Floating Rate Debt   231,400
Amortized Cost Basis of Collateral   1,466,594 [4]
Carrying Value of Collateral   1,466,594 [4]
Golf First Lien Loan [Member]
    
Month Issued   2013-12 [12]
Debt Face Amount   46,922 [12]
Carrying Value   46,922 [12]
Final Stated Maturity   Dec 2018 [12]
Weighted Average Coupon - Basis for Variable Rate   3 month LIBOR [12],[13],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate   4.00% [12],[13],[2]
Weighted Average Funding Cost   4.50% [12],[3]
Weighted Average Life (Years)   3 years 6 months [12]
Face Amount of Floating Rate Debt   46,922 [12]
Golf Second Lien Loan [Member]
    
Month Issued   2013-12 [12]
Debt Face Amount   105,575 [12]
Carrying Value   105,575 [12]
Final Stated Maturity   Dec 2018 [12]
Weighted Average Coupon - Rate   5.50% [12],[2]
Weighted Average Funding Cost   5.50% [12],[3]
Weighted Average Life (Years)   3 years 6 months [12]
Golf Vineyard I [Member]
    
Month Issued   1993-12 [12]
Debt Face Amount   59 [12]
Carrying Value   68 [12]
Final Stated Maturity   Aug 2014 [12]
Weighted Average Coupon - Rate   11.37% [12],[2]
Weighted Average Funding Cost   11.37% [12],[3]
Weighted Average Life (Years)   0 years 1 month 6 days [12]
Face Amount of Floating Rate Debt   59 [12]
Golf Vineyard II [Member]
    
Month Issued   1993-12 [12]
Debt Face Amount   200 [12]
Carrying Value   200 [12]
Final Stated Maturity   Dec 2043 [12]
Weighted Average Coupon - Rate   2.13% [12],[2]
Weighted Average Funding Cost   2.13% [12],[3]
Weighted Average Life (Years)   29 years 6 months [12]
Face Amount of Floating Rate Debt   200 [12]
Capital Lease Equipment [Member]
    
Debt Face Amount   3,813 [12]
Carrying Value   3,813 [12]
Weighted Average Coupon - Rate   7.15% [12],[2]
Weighted Average Funding Cost   7.15% [12],[3]
Weighted Average Life (Years)   3 years 3 months 18 days [12]
Capital Lease Equipment [Member] | Lower Range [Member]
    
Month Issued   2014-05 [12]
Final Stated Maturity   Dec 2019 [12]
Capital Lease Equipment [Member] | Upper Range [Member]
    
Month Issued   2014-06 [12]
Final Stated Maturity   Jan 2020 [12]
Total Golf Credit Facilities [Member]
    
Debt Face Amount   156,569 [12]
Carrying Value   156,578 [12]
Weighted Average Funding Cost   5.24% [12],[3]
Weighted Average Life (Years)   3 years 6 months [12]
Face Amount of Floating Rate Debt   47,181 [12]
Junior Subordinated Notes Payable [Member]
    
Month Issued   2006-03
Debt Face Amount   51,004
Carrying Value   51,234
Final Stated Maturity   Apr 2035
Weighted Average Coupon - Rate   7.57% [14],[2]
Weighted Average Funding Cost   7.39% [3]
Weighted Average Life (Years)   20 years 9 months 18 days
Total Corporate [Member]
    
Debt Face Amount   51,004
Carrying Value   51,234
Weighted Average Funding Cost   7.39% [3]
Weighted Average Life (Years)   20 years 9 months 18 days
Debt Obligations [Member]
    
Debt Face Amount   1,765,658
Carrying Value   1,760,305
Weighted Average Funding Cost   4.54% [3]
Weighted Average Life (Years)   5 years 4 months 24 days
Face Amount of Floating Rate Debt   721,918
Outstanding Face Amount of Collateral   786,545 [4]
Amortized Cost Basis of Collateral   2,041,086 [4]
Carrying Value of Collateral   2,104,763 [4]
Weighted Average Maturity (Years) Of Collateral   2 years 2 months 12 days
Floating Rate Face Amount of Collateral   297,548 [4]
Aggregate Notional Amount of Current Hedges   172,886 [5]
Subprime mortgage loans subject to call option [Member]
    
Debt Face Amount   406,217 [15]
Carrying Value   $ 406,217 [15]
[1] This CDO was not in compliance with its applicable over collateralization tests as of June 30, 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. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the six months ended June 30, 2014.
[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 not designated as a hedge for accounting purposes.
[6] Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
[7] These repurchase agreements had less than $0.1 million of accrued interest payable at June 30, 2014. $102.7 million face amount of these repurchase agreements were renewed subsequent to June 30, 2014. The counterparties on these repurchase agreements are Bank of America ($79.7 million) and Credit Suisse ($23.0 million). Newcastle has margin exposure on a $23.0 million repurchase agreement related to the financing of residential mortgage loans, and a $79.7 million repurchase agreement related to the financing of certain Newcastle CDO VIII and CDO IX notes. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.
[8] For loans totaling $40.9 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] $165.0 million of the floating rate mortgages have a LIBOR floor of 1.0%.
[11] For loans with a total balance $359.9 million and $314.7 million, Newcastle bought down the interest rate to 4.00% and 3.83%, respectively, until January 2019. Thereafter, the interest rates will increase to 4.99% and 4.56%, respectively.
[12] The golf credit facilities are collateralized by all of the assets of the golf business.
[13] Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[14] 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.
[15] LIBOR +2.25% after April 2016.