Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Recurring Basis (Details 2)

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FAIR VALUE - Recurring Basis (Details 2) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Assets:    
Real estate securities, available-for-sale $ 310,639 $ 984,263
Derivative Liabilities:    
Derivative liabilities 4,528 13,795
CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 206,085  
REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,293 [1]  
Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,231 [1]  
CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 13,721 [1],[2]  
Equity Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 309 [1]  
Principal Balance or Notional Amount [Member]
    
Assets:    
Real estate securities, available-for-sale 386,557 [3],[4]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 83,673 [3],[5],[6]  
Interest rate swaps, not treated as hedges 130,342 [3],[5],[6]  
Carrying Value [Member]
    
Assets:    
Real estate securities, available-for-sale 310,639 [3],[4]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 2,852 [3],[5],[6]  
Interest rate swaps, not treated as hedges 1,676 [3],[5],[6]  
Estimated Fair Value [Member]
    
Assets:    
Real estate securities, available-for-sale 310,639 [3],[4]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 2,852 [3],[5],[6]  
Interest rate swaps, not treated as hedges 1,676 [3],[5],[6]  
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member]
    
Assets:    
Real estate securities, available-for-sale 30,293  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 2,852  
Interest rate swaps, not treated as hedges 1,676  
Derivative liabilities 4,528  
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,293 [7]  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]
    
Assets:    
Real estate securities, available-for-sale 280,346  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 206,085  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,231  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 13,721 [8]  
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Equity Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 309  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member]
    
Assets:    
Real estate securities, available-for-sale 386,557  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 83,673  
Interest rate swaps, not treated as hedges 130,342  
Derivative liabilities 214,015  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 240,403  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 29,200 [7]  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 87,113  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | ABS Franchise [Member]
    
Assets:    
Real estate securities, available-for-sale 8,464  
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 21,377 [8]  
Measured on a Recurring Basis [Member] | Carrying Value [Member]
    
Assets:    
Real estate securities, available-for-sale 310,639  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 2,852  
Interest rate swaps, not treated as hedges 1,676  
Derivative liabilities 4,528  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 206,085  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,293 [7]  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,231  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 13,721 [8]  
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Equity Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 309  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]
    
Assets:    
Real estate securities, available-for-sale 310,639  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 2,852  
Interest rate swaps, not treated as hedges 1,676  
Derivative liabilities 4,528  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 206,085  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | REIT Debt [Member]
    
Assets:    
Real estate securities, available-for-sale 30,293 [7]  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Non-Agency RMBS [Member]
    
Assets:    
Real estate securities, available-for-sale 60,231  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CDO Securities [Member]
    
Assets:    
Real estate securities, available-for-sale 13,721 [8]  
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Equity Securities [Member]
    
Assets:    
Real estate securities, available-for-sale $ 309  
[1] See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2] Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.
[3] Measured at fair value on a recurring basis.
[4] Excludes eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.
[5] As of September 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $214.0 million is 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 accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
[6] See Schedule of fair value of hedge and non-hedge derivatives.
[7] REIT debt is measured at fair value based on more observable quotes. Therefore, is categorized as a Level 2 fair value hierarchy measurement.
[8] 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.