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
 9 Months Ended 1 Months Ended 9 Months Ended 9 Months Ended 1 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
CDO VI Bonds Payable [Member]
Jun. 30, 2013
CDO VIII Bonds Payable [Member]
Sep. 30, 2014
CDO VIII Bonds Payable [Member]
Sep. 30, 2014
CDO IX Bonds Payable [Member]
Sep. 30, 2014
Total CDO Bonds Payable [Member]
Jul. 31, 2014
Total CDO Bonds Payable [Member]
Sep. 30, 2014
NCT 2013-VI IMM-1 [Member]
Sep. 30, 2014
Total Other Bonds And Notes Payable [Member]
Jul. 31, 2014
CDO Securities Repurchase Agreements [Member]
Sep. 30, 2014
CDO Securities Repurchase Agreements [Member]
Sep. 30, 2014
Total Repurchase Agreements [Member]
Sep. 30, 2014
Fixed Rate Managed Properties [Member]
Sep. 30, 2014
Fixed Rate Managed Properties [Member]
Lower Range [Member]
Sep. 30, 2014
Fixed Rate Managed Properties [Member]
Upper Range [Member]
Sep. 30, 2014
Floating Rate Managed Properties [Member]
Sep. 30, 2014
Floating Rate Managed Properties [Member]
Lower Range [Member]
Sep. 30, 2014
Floating Rate Managed Properties [Member]
Upper Range [Member]
Sep. 30, 2014
Fixed Rate Triple Net Lease Properties [Member]
Sep. 30, 2014
Fixed Rate Triple Net Lease Properties [Member]
Lower Range [Member]
Sep. 30, 2014
Fixed Rate Triple Net Lease Properties [Member]
Upper Range [Member]
Sep. 30, 2014
Total Mortgage Notes Payable [Member]
Sep. 30, 2014
Golf First Lien Loan [Member]
Sep. 30, 2014
Golf Second Lien Loan [Member]
Sep. 30, 2014
Golf Vineyard II [Member]
Sep. 30, 2014
Capital Lease Equipment [Member]
Sep. 30, 2014
Capital Lease Equipment [Member]
Lower Range [Member]
Sep. 30, 2014
Capital Lease Equipment [Member]
Upper Range [Member]
Sep. 30, 2014
Total Golf Credit Facilities [Member]
Sep. 30, 2014
Junior Subordinated Notes Payable [Member]
Sep. 30, 2014
Total Corporate [Member]
Sep. 30, 2014
Debt Obligations [Member]
Sep. 30, 2014
Subprime mortgage loans subject to call option [Member]
Month Issued   2005-04 [1]   2006-11 2007-05     2013-11 [2]     2013-12 [2],[3]                       2013-12 [4] 2013-12 [4] 1993-12 [4]   2014-05 [4] 2014-09 [4]   2006-03      
Debt Face Amount $ 2,147,137 $ 92,349 [1]   $ 71,813 $ 65,671 $ 229,833 $ 20,000 $ 88,223 [2] $ 88,223 $ 12,000 $ 63,804 [2],[3] $ 63,804 [3] $ 157,393     $ 278,549     $ 711,422     $ 1,147,364 $ 49,923 [4] $ 105,575 [4] $ 200 [4] $ 4,994 [4]     $ 160,692 [4] $ 51,004 $ 51,004 $ 1,740,920 $ 406,217 [5]
Carrying Value 2,142,875 [6] 92,349 [1]   71,770 66,739 230,858   82,063 [2] 82,063   63,804 [2],[3] 63,804 [3] 158,037     278,549     711,422     1,148,008 49,923 [4] 105,575 [4] 200 [4] 4,994 [4]     160,692 [4] 51,223 51,233 1,736,658 406,217 [5]
Final Stated Maturity   2040-04 [1]   2052-11 2052-05     2040-04 [2]     2014-10 [2],[3]     2018-08 2020-03   2016-08 2019-09   2021-01 2024-01   2018-12 [4] 2018-12 [4] 2043-12 [4] 2020-03 [4]       2035-04      
Weighted Average Coupon - Rate   0.84% [1],[7]   2.12% [7] 0.72% [7]                 1.66% [7],[8],[9] 4.93% [7],[8],[9]         3.83% [10],[7] 8.00% [10],[7]     5.50% [4],[7] 2.13% [4],[7]   5.25% [4],[7] 7.15% [4],[7]   7.57% [11],[7]      
Weighted Average Coupon - Basis for Variable Rate     one-month LIBOR         LIBOR [2],[7]   one month LIBOR LIBOR [2],[3],[7]           LIBOR [12],[7] LIBOR [12],[7]         3 month LIBOR [13],[4],[7]                    
Weighted Average Coupon - Spread on Basis for Variable Rate     1.50%         0.25% [2],[7]   1.65% 1.65% [2],[3],[7]           2.75% [12],[7] 3.75% [12],[7]         4.00% [13],[4],[7]                    
Weighted Average Funding Cost   5.36% [1],[14]   6.55% [14] 0.18% [14] 4.23% [14]   5.86% [14],[2] 5.86% [14]   1.81% [14],[2],[3] 1.81% [14],[3] 4.84% [14]     4.55% [14]     5.10% [14]     4.93% [14] 4.50% [14],[4] 5.50% [14],[4] 2.13% [14],[4] 6.96% [14],[4]     5.25% [14],[4] 7.36% [14] 7.36% [14] 4.87% [14]  
Weighted Average Life (Years)   5 years 2 months 12 days [1]   2 years 3 months 18 days 1 year 7 months 6 days 3 years 3 months 18 days   1 year 8 months 12 days [2] 1 year 8 months 12 days   0 years 1 month 6 days [2],[3] 0 years 1 month 6 days [3] 4 years 7 months 6 days     3 years 7 months 6 days     7 years 3 months 18 days     6 years 3 years 3 months 18 days [4] 3 years 3 months 18 days [4] 29 years 2 months 12 days [4] 5 years 6 months [4]     3 years 4 months 24 days [4] 20 years 7 months 6 days 20 years 7 months 6 days 5 years 4 months 24 days  
Face Amount of Floating Rate Debt   88,894 [1]   64,213 65,671 218,778   88,223 [2] 88,223   63,804 [2],[3] 63,804 [3]       278,549           278,549 49,923 [4]   200 [4]       50,123 [4]     699,477  
Outstanding Face Amount of Collateral   156,016 [1],[15]   226,441 [15] 297,120 [15] 679,577 [15]                                                   679,577 [15]  
Amortized Cost Basis of Collateral   89,826 [1],[15]   160,931 [15] 238,374 [15] 489,131 [15]             180,655 [15]     366,598 [15]     962,489 [15]     1,509,742 [15]                   1,998,873 [15]  
Carrying Value of Collateral   123,941 [1],[15]   175,216 [15] 248,189 [15] 547,346 [15]             180,655 [15]     366,598 [15]     962,489 [15]     1,509,742 [15]                   2,057,088 [15]  
Weighted Average Maturity (Years) Of Collateral   2 years 7 months 6 days [1]   2 years 2 months 12 days 2 years 6 months 2 years 4 months 24 days                                                   2 years 4 months 24 days  
Floating Rate Face Amount of Collateral   34,221 [1],[15]   89,874 [15] 64,489 [15] 188,584 [15]                                                   188,584 [15]  
Aggregate Notional Amount of Current Hedges   $ 130,342 [1],[16]   $ 83,673 [16]   $ 214,015 [16]                                                   $ 214,015 [16]  
[1] This CDO was not in compliance with its applicable over collateralization tests as of September 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] Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[3] These repurchase agreements had less than $0.1 million of accrued interest payable at September 30, 2014. $63.8 million face amount of these repurchase agreements were renewed subsequent to September 30, 2014. The counterparty on these repurchase agreements is Bank of America ($63.8 million). Newcastle has margin exposure on a $63.8 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.
[4] The golf credit facilities are collateralized by all of the assets of the golf business.
[5] 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.
[6] Net of $39.7 million of inter-segment eliminations.
[7] Weighted average, including floating and fixed rate classes.
[8] For loans totaling $40.7 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] For loans with a total balance $358.4 million and $313.5 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.
[11] LIBOR +2.25% after April 2016.
[12] $165.0 million of the floating rate mortgages have 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 and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the nine months ended September 30, 2014.
[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] Including the $130.3 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.