FAIR VALUE (Tables)

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FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2013
Fair Value Tables
Schedule Of Carrying Value and Fair Value Of Assets and Liabilities	The carrying values and fair values of Newcastle’s assets and liabilities at March 31, 2013 were as follows:     Principal                   Weighted     Weighted       Balance or                   Average     Average       Notional     Carrying     Estimated       Yield/Funding     Maturity       Amount     Value     Fair Value   Fair Value Method (A)   Cost     (Years)   Assets                                 Financial instruments:                                 Real estate securities, available-for-sale*   $ 2,946,191     $ 2,495,473     $ 2,495,473   Broker quotations, counterparty quotations,  pricing services,  pricing models     3.92 %     4.7   Real estate related loans, held-for-sale, net     1,251,678       851,525       867,777    Broker quotations, counterparty quotations, pricing services,  pricing models     11.56 %     1.6   Residential mortgage loans, held-for-investment, net     374,264       317,708       324,554    Pricing models     8.58 %     5.6   Residential mortgage loans, held-for-sale, net     3,451       2,380       2,380    Pricing models     18.86 %     4.7   Investments in excess mortgage servicing rights at fair value* (B)     73,322,892       236,555       236,555    Pricing models     17.60 %     5.4   Investments in equity method investees at fair value* (B)     66,160,202       102,588       102,588    Pricing models     15.56 %     6.3   Investments in real estate and intangibles, net             184,733       194,878    Broker quotations, recent purchase price                 Subprime mortgage loans subject to call option (C)     406,217       406,115       406,115    (C)     9.09 %   (C)   Restricted cash*     11,494       11,494       11,494                     Cash and cash equivalents*     534,772       534,772       534,772                     Non-hedge derivative assets (D)(E)*     23,400       176       176    Counterparty quotations     N/A     (D)   Other investments             24,907       13,165    Pricing models                 Receivables and other assets             27,577       27,577                                 $ 5,196,003     $ 5,217,504                                                                 Liabilities                                           Financial instruments:                                           CDO bonds payable (G)   $ 1,014,993     $ 1,015,560     $ 791,641    Pricing models     2.17 %     1.8   Other bonds and notes payable     178,041       173,723       180,638    Broker quotations, pricing models     5.13 %     4.0   Repurchase agreements     1,473,586       1,473,586       1,473,586    Market comparables     0.63 %     0.1   Mortgage notes payable     120,525       120,525       120,525    Pricing models     3.79 %     5.6   Financing of subprime mortgage loans subject to call option (C)     406,217       406,115       406,115    (C)     9.09 %   (C)   Junior subordinated notes payable     51,004       51,242       32,840    Pricing models     7.40 %     22.1   Interest rate swaps, treated as hedges (E)(F)*     154,100       10,331       10,331    Counterparty quotations     N/A     (F)   Non-hedge derivatives (D)(E)*     281,869       16,281       16,281    Counterparty quotations     N/A     (D)   Due to affiliates             4,611       4,611                     Dividends payable, accrued expenses and other liabilities             74,530       74,530                                 $ 3,346,504     $ 3,111,098                       *Measured at fair value on a recurring basis. (A) Methods are listed in order of priority. In the case of real estate securities and real estate related loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded.   (B) The notional amount represents the total unpaid principal balance of the mortgage loans. Newcastle does not receive an excess mortgage servicing amount on nonperforming loans for Agency portfolios. The weighted average yield and maturity for the investments in equity method investees represents the yield and maturity of the underlying investments in Excess MSRs.   (C) These two items result from an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 4), are noneconomic until such option is exercised, and are equal and offsetting.   (D) This represents two interest rate swap agreements with a total notional balance of $281.9 million, maturing in March 2014 and March 2015, respectively, and an interest rate cap agreement with a notional balance of $23.4 million, maturing in August 2019. Newcastle entered into these agreements to reduce its exposure to interest rate changes on the floating rate financings of CDO IV, CDO VI and the senior living assets. These derivative agreements were not designated as hedges for accounting purposes as of March 31, 2013.   (E)  Newcastle’s derivatives fall into two categories. As of March 31, 2013, all derivative liabilities were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $436.0 million, which were liabilities at period end, are 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. A notional balance of $23.4 million was an asset at period end and therefore is subject to the counterparty’s credit risk. No adjustments have been made to the fair value quotations received related to credit risk as a result of the counterparty’s “AA” credit rating. Newcastle’s significant derivative counterparties include Bank of America, Credit Suisse and Wells Fargo.   (F)  Represents derivative agreements as follows:   Year of Maturity    Weighted Average Month of Maturity   Aggregate Notional Amount     Weighted Average Fixed Pay Rate / Cap Rate     Aggregate Fair Value  Asset / (Liability)                           Interest rate swap agreements which receive 1-Month LIBOR:               2016   Apr   $ 154,100       5.04 %   $ (10,331 )   (G) Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized.   (H) Assets held within CDOs and other non-recourse structures are 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 nonrecourse financing structures is equal to the present value of their expected future net cash flows.
Schedule of Fair Value Of Derivative Assets	Represents derivative agreements as follows:   Year of Maturity    Weighted Average Month of Maturity   Aggregate Notional Amount     Weighted Average Fixed Pay Rate / Cap Rate     Aggregate Fair Value  Asset / (Liability)                           Interest rate swap agreements which receive 1-Month LIBOR:               2016   Apr   $ 154,100       5.04 %   $ (10,331 )
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following table summarizes such financial assets and liabilities measured at fair value on a recurring basis at March 31, 2013:                   Fair Value       Principal Balance or Notional Amount     Carrying Value     Level 2     Level 3A     Level 3B     Total   Assets:                                       Real estate securities, available-for-sale:                                          CMBS   $ 468,584     $ 384,017     $ —     $ 327,173     $ 56,844     $ 384,017        REIT debt     50,700       54,119       54,119       —       —       54,119        Non-Agency RMBS     904,784       583,900       —       559,703       24,197       583,900        ABS - other real estate     10,036       1,384       —       746       638       1,384        FNMA / FHLMC     1,309,855       1,400,428       1,400,428       —       —       1,400,428        CDO     202,232       71,625       —       66,371       5,254       71,625        Real estate securities total   $ 2,946,191     $ 2,495,473     $ 1,454,547     $ 953,993     $ 86,933     $ 2,495,473        Investments in Excess MSRs (1)   $ 73,322,892     $ 236,555     $ —     $ —     $ 236,555     $ 236,555        Investments in equity method investees (1)   $ 66,160,202     $ 102,588     $ —     $ —     $ 102,588     $ 102,588   Derivative assets:                                                    Interest rate caps, not treated as hedges     23,400       176       176       —       —       176             Derivative assets total   $ 23,400     $ 176     $ 176     $ —     $ —     $ 176                                                     Liabilities:                                                   Derivative Liabilities:                                                      Interest rate swaps, treated as hedges   $ 154,100     $ 10,331     $ 10,331     $ —     $ —     $ 10,331        Interest rate swaps, not treated as hedges     281,869       16,281       16,281       —       —       16,281             Derivative liabilities total   $ 435,969     $ 26,612     $ 26,612     $ —     $ —     $ 26,612     (1) The notional amount represents the total unpaid principal balance of the mortgage loans.  Newcastle does not receive an excess mortgage servicing amount on nonperforming loans for Agency portfolios.
Schedule of Change in Fair Value of Level 3 Investments	Newcastle’s investments in instruments (excluding the Excess MSRs and investment in equity method investees, see below) measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended March 31, 2013 as follows:       Level 3A       CMBS   ABS                 Conduit     Other     Non-Agency RMBS   Other     Equity/Other Securities   Total   Balance at December 31, 2012   $ 225,575     $ 104,451     $ 330,021     $ 798     $ 65,027     $ 725,872   Transfers (A)                                                 Transfers from Level 3B     —       —       1,861       —       —       1,861   Transfers into Level 3B     —       (8,257 )     —       —       —       (8,257 ) Total gains (losses) (B)                                                 Included in net income (C)     —       —       —       —       —       —   Included in other comprehensive income (loss)     8,544       1,347       14,166       (25 )     1,334       25,366   Amortization included in interest income     2,055       161       5,622       —       998       8,836   Purchases, sales and repayments                                                 Purchases     —       —       227,293       —       —       227,293   Proceeds from sales     —       —       —       —       —       —   Proceeds from repayments     (3,219 )     (3,484 )     (19,260 )     (27 )     (988 )     (26,978 ) Balance at March 31, 2013   $ 232,955     $ 94,218     $ 559,703     $ 746     $ 66,371     $ 953,993                                                         Level 3B       CMBS   ABS                     Conduit     Other     Non-Agency RMBS   Other     Equity/Other Securities   Total   Balance at December 31, 2012   $ 29,194     $ 17,171     $ 25,954     $ 677     $ 5,998     $ 78,994   Transfers (A)                                                 Transfers from Level 3A     —       8,257       —       —       —       8,257   Transfers into Level 3A     —       —       (1,861 )     —       —       (1,861 ) Total gains (losses) (B)                                                 Included in net income (C)     (539 )     —       —       —       —       (539 ) Included in other comprehensive income (loss)     1,271       1,338       (349 )     (9 )     57       2,308   Amortization included in interest income     1,120       119       1,435       256       232       3,162   Purchases, sales and repayments                                                 Purchases     —       —       —       —       —       —   Proceeds from sales     —       —       —       —       —       —   Proceeds from repayments     (1,087 )     —       (982 )     (286 )     (1,033 )     (3,388 ) Balance at March 31, 2013   $ 29,959     $ 26,885     $ 24,197     $ 638     $ 5,254     $ 86,933     (A) Transfers are assumed to occur at the beginning of the quarter. (B) None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date. (C) These gains (losses) are recorded in the following line items in the consolidated statements of income:       Three Months Ended March 31, 2013       Level 3A     Level 3B   Gain (loss) on settlement of investments, net   $ —     $ —   Other income (loss), net     —       —   OTTI     —       (539 ) Total   $ —     $ (539 ) Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period   $ —     $ —
Schedule of Gains Losses on Fair Value of RE Securities	These gains (losses) are recorded in the following line items in the consolidated statements of income:       Three Months Ended March 31, 2013       Level 3A     Level 3B   Gain (loss) on settlement of investments, net   $ —     $ —   Other income (loss), net     —       —   OTTI     —       (539 ) Total   $ —     $ (539 ) Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period   $ —     $ —
Schedule of Securities Valuation Methodology And Results	As of March 31, 2013, Newcastle’s securities valuation methodology and results are further detailed as follows:                   Fair Value       Outstanding     Amortized                 Internal             Face     Cost     Multiple     Single     Pricing         Asset Type   Amount (A)     Basis (B)     Quotes (C)     Quote (D)     Models (E)     Total                                         CMBS   $ 468,584     $ 332,092     $ 269,126     $ 58,047     $ 56,844     $ 384,017   REIT debt     50,700       50,055       28,321       25,798       —       54,119   Non-Agency RMBS     904,784       535,908       531,929       27,774       24,197       583,900   ABS - other real estate     10,036       1,490       —       746       638       1,384   FNMA / FHLMC     1,309,855       1,396,400       1,310,147       90,281       —       1,400,428   CDO     202,232       66,747       —       66,371       5,254       71,625   Total   $ 2,946,191     $ 2,382,692     $ 2,139,523     $ 269,017     $ 86,933     $ 2,495,473     (A) Net of incurred losses (B) Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended March 31, 2013. (C) Management generally obtained pricing service quotations or broker quotations from two sources, one of which was generally the seller (the party that sold us the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which is believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price. (D) Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold us the security) or a pricing service. (E) Securities whose fair value was estimated based on internal pricing models are further detailed as follows:                   Impairment     Unrealized     Weighted Average Significant Input       Amortized           Recorded     Gains (Losses)                 Cumulative             Cost           In Current     in Accumulated     Discount     Prepayment     Default     Loss       Basis (B)     Fair Value     Period     OCI     Rate     Speed (F)     Rate     Severity   CMBS - Conduit   $ 23,143     $ 29,959     $ 539     $ 6,816       10.0 %     N/A       21.8 %     38.7 % CMBS - Large loan /single borrower     26,367       26,885       —       518       2.5 %     N/A       31.3 %     31.3 % Non-Agency RMBS     12,481       24,197       —       11,716       8.0 %     2.8 %     19.9 %     43.0 % ABS - other RE     424       638       —       214       8.0 %     0.5 %     44.1 %     99.7 % CDO     3,179       5,254       —       2,075       19.8 %     5.0 %     8.2 %     73.0 % Total     65,594       86,933       539       21,339                                     All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions.  Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.   The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.   Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.   Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are real estate owned (REO). These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.   The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.   (F)     Projected annualized average prepayment rate.
Securities valued based on internal pricing models	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:                   Impairment     Unrealized     Weighted Average Significant Input       Amortized           Recorded     Gains (Losses)                 Cumulative             Cost           In Current     in Accumulated     Discount     Prepayment     Default     Loss       Basis (B)     Fair Value     Period     OCI     Rate     Speed (F)     Rate     Severity   CMBS - Conduit   $ 23,143     $ 29,959     $ 539     $ 6,816       10.0 %     N/A       21.8 %     38.7 % CMBS - Large loan /single borrower     26,367       26,885       —       518       2.5 %     N/A       31.3 %     31.3 % Non-Agency RMBS     12,481       24,197       —       11,716       8.0 %     2.8 %     19.9 %     43.0 % ABS - other RE     424       638       —       214       8.0 %     0.5 %     44.1 %     99.7 % CDO     3,179       5,254       —       2,075       19.8 %     5.0 %     8.2 %     73.0 % Total     65,594       86,933       539       21,339
Schedule of fair value for real estate related loans and residential mortgage loans held for sale	The following tables summarize certain information for real estate related loans and residential mortgage loans held-for-sale as of March 31, 2013:                       Valuation     Significant Input       Outstanding                 Allowance/     Range     Weighted Average       Face     Carrying     Fair     (Reversal) In     Discount     Loss     Discount     Loss   Loan Type   Amount     Value     Value     Current Year     Rate     Severity     Rate     Severity   Mezzanine   $ 518,307     $ 432,432     $ 445,343     $ (838 )     3.5% - 25.0%       0.0% - 100.0%       9.1%       10.9%       Bank Loan     582,474       277,831       277,830       2,285       6.7% - 41.7%       0.0% - 100.0%       16.7%       45.6%   B-Note     120,872       111,237       114,437       (6 )     6.0% - 15.0%       0.0%       10.4%       0.0%   Whole Loan     30,025       30,025       30,167       —       4.8% - 6.9%       0.0% - 15.0%       4.8%       14.5%   Total Real Estate Related    Loans Held-for-Sale, Net   $ 1,251,678     $ 851,525     $ 867,777     $ 1,441                                                                                                                                 Valuation                                       Outstanding                     Allowance/     Significant Input (Weighted Average)       Face     Carrying     Fair     (Reversal) In     Discount     Prepayment     Constant     Loss   Loan Type   Amount     Value     Value     Current Year     Rate     Speed     Default Rate     Severity   Non-securitized Manufactured Housing Loans Portfolio I   $ 569     $ 153     $ 153     $ (3 )     68.2 %      5.0 %      11.6 %      70.0 %  Non-securitized Manufactured Housing Loans Portfolio II     2,882       2,227       2,227       (3 )     15.5 %      5.0 %      3.5 %      75.0 %  Total Residential Mortgage Loans Held-for-Sale, Net   $ 3,451     $ 2,380     $ 2,380     $ (6 )
Schedule of fair value for residential mortgage loans held for investment	The following table summarizes certain information for residential mortgage loans held-for-investment as of March 31, 2013:                               Significant Input (Weighted Average)   Loan Type   Outstanding Face Amount     Carrying Value     Fair Value     Valuation Allowance/ (Reversal) In Current Year     Discount Rate     Prepayment Speed     Constant Default Rate     Loss Severity   Securitized Manufactured Housing    Loans Portfolio I   $ 114,355     $ 96,752     $ 97,192     $ 13       9.5 %     5.0 %     4.0 %     70.0 % Securitized Manufactured Housing    Loans Portfolio II     146,865       144,274       143,048       835       7.5 %     5.0 %     3.5 %     75.0 % Residential Loans     54,458       41,198       47,134       (49 )     7.4 %     4.7 %     2.8 %     46.5 % Reverse Mortgage Loans     58,586       35,484       37,180       —       10.6 %     N/A       N/A       N/A   Total Residential Mortgage Loans, Held-for-Investment, Net   $ 374,264     $ 317,708     $ 324,554     $ 799
Schedule of Fair Value Inputs in Valuing Excess MSRs	The following table summarizes certain information regarding the inputs used in valuing the Excess MSRs owned directly and through equity method investees as of March 31, 2013:       Significant Input   Held Directly (Note 5)   Prepayment Speed (A)     Delinquency (B)     Recapture Rate (C)   Excess Mortgage Servicing Amount (D)   Discount Rate   MSR Pool 1     16.1 %     10.0 %     35.0 % 28 bps     18.0 % MSR Pool 1 - Recapture Agreement     8.0 %     10.0 %     35.0 % 21 bps     18.0 % MSR Pool 2     16.0 %     11.0 %     35.0 % 23 bps     17.3 % MSR Pool 2 - Recapture Agreement     8.0 %     10.0 %     35.0 % 21 bps     17.3 % MSR Pool 3     16.2 %     12.1 %     35.0 % 23 bps     17.6 % MSR Pool 3 - Recapture Agreement     8.0 %     10.0 %     35.0 % 21 bps     17.6 % MSR Pool 4     18.3 %     15.8 %     35.0 % 17 bps     17.9 % MSR Pool 4 - Recapture Agreement     8.0 %     10.0 %     35.0 % 21 bps     17.9 % MSR Pool 5     15.0 %     N/A(E)         20.0 % 13 bps     17.5 % MSR Pool 5 - Recapture Agreement     8.0 %     N/A(E)         20.0 %  21 bps     17.5 % Held through Equity Method Investees (Note 6)                             MSR Pool 6     19.6 %     8.8 %     35.0 % 25 bps     17.4 % MSR Pool 6 - Recapture Agreement     10.0 %     6.0 %     35.0 % 23 bps     17.4 % MSR Pool 7     13.8 %     8.4 %     35.0 % 16 bps     15.2 % MSR Pool 7 - Recapture Agreement     10.0 %     5.0 %     35.0 % 19 bps     15.2 % MSR Pool 8     15.2 %     7.4 %     35.0 % 19 bps     15.0 % MSR Pool 8 - Recapture Agreement     10.0 %     5.0 %     35.0 % 19 bps     15.0 %   (A)          Projected annualized weighted average voluntary and involuntary prepayment rate using a prepayment vector. (B)           Projected percentage of mortgage loans in the pool that are expected to miss their mortgage payments. (C)           Percentage of voluntarily prepaid loans that are expected to be refinanced by Nationstar. (D)          Weighted average total mortgage servicing amount in excess of the basic fee. (E)           The Excess MSR will be paid on the total UPB of the mortgage portfolio (including both performing and delinquent loans until REO)
Schedule of MSRs valued on a recurring basis using Level 3B inputs	Newcastle’s MSRs investments measured at fair value on a recurring basis using Level 3B inputs changed during the period ended March 31, 2013 as follows:       Level 3B (A)       MSR Pool 1     MSR Pool 2     MSR Pool 3     MSR Pool 4     MSR Pool 5     Total   Balance at December 31, 2012   $ 40,910     $ 39,322     $ 35,434     $ 15,036     $ 114,334     $ 245,036   Transfers (B)                                                 Transfers from Level 3A     —       —       —       —       —       —   Transfers into Level 3A     —       —       —       —       —       —   Gains (losses) included in net income (C)     440       897       798       98       (375 )     1,858   Interest income     1,970       1,485       1,628       601       4,340       10,024   Purchases, sales and repayments                                                 Purchases     —       —       —       —       —       —   Purchase adjustments     —       —       —       —       —       —   Proceeds from sales     —       —       —       —       —       —   Proceeds from repayments     (3,632 )     (3,129 )     (3,182 )     (1,061 )     (9,359 )     (20,363 ) Balance at March 31, 2013   $ 39,688     $ 38,575     $ 34,678     $ 14,674     $ 108,940     $ 236,555     (A) Includes the recapture agreement for each respective pool. (B) Transfers are assumed to occur at the beginning of the quarter. (C) The gains (losses) recorded in earnings during the period are attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. These gains(losses) are recorded in “Other Income (Loss)” in the consolidated statement of income.
Schedule of fair value of equity method investments	Newcastle’s investments in equity method investees measured at fair value on a recurring basis using Level 3B inputs changed during the period ended March 31, 2013 as follows:               Three Months Ended March 31, 2013   Balance at December 31, 2012   $ —   Contributions to equity method investees     109,588   Distributions of earnings from equity method investees     (1,344 ) Distributions of capital from equity method investees     (6,625 ) Change in fair value of investments in equity method investees     969   Balance at March 31, 2013   $ 102,588
Schedule of Fair Value of Derivatives	Newcastle’s derivatives are recorded on its balance sheet as follows:         Fair Value         March 31,     December 31,     Balance sheet location   2013     2012   Derivative Assets               Interest rate caps, not designated as hedges Derivative Assets     176       165         $ 176     $ 165   Derivative Liabilities                   Interest rate swaps, designated as hedges Derivative Liabilities   $ 10,331     $ 12,175   Interest rate swaps, not designated as hedges Derivative Liabilities     16,281       19,401         $ 26,612     $ 31,576
Schedule of Outstanding Derivatives	The following table summarizes information related to derivatives:       March 31, 2013     December 31, 2012   Cash flow hedges             Notional amount of interest rate swap agreements   $ 154,100     $ 154,450   Amount of (loss) recognized in OCI on effective portion     (10,207 )     (12,050 ) Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization     221       237   Deferred hedge gain (loss) related to dedesignation, net of amortization     (195 )     (210 ) Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months     5       4                     Expected reclassification of current hedges from AOCI into earnings over the next 12 months     (6,181 )     (6,259 )                   Non-hedge Derivatives                 Notional amount of interest rate swap agreements     281,869       294,203   Notional amount of interest rate cap agreements     23,400       23,400
Schedule of Gain Loss on Derivatives	The following table summarizes gains (losses) recorded in relation to derivatives:         Three Months Ended March 31,     Income statement location   2013     2012   Cash flow hedges                  Gain (loss) on the ineffective portion Other income (loss)   $ —     $ 30      Gain (loss) immediately recognized at dedesignation Gain (loss) on sale of investments; Other income (loss)     —       (276 )    Amount of gain (loss) reclassified from AOCI into                         income, related to effective portion Interest expense     (1,865 )     (10,646 )    Deferred hedge gain reclassified from AOCI into income,                         related to anticipated financings Interest expense     16       15      Deferred hedge gain (loss) reclassified from AOCI into                         income, related to effective portion of dedesignated hedges Interest expense     (16 )     442   Non-hedge derivatives gain (loss) Other income (loss)     3,126       2,056