Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1)

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REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Integer
Dec. 31, 2012
Outstanding Face Amount $ 1,011,205 [1],[2]  
Before Impairment - Amortized Cost Basis 880,397 [1]  
Other Than Temporary Impairment - Amortized Cost Basis (180,679) [1]  
Amortized Cost Basis 699,718 [1],[3]  
Gains - Gross Unrealized 81,898 [1]  
Losses - Gross Unrealized (4,514) [1],[4]  
Carrying Value 777,102 [1] 1,691,575
Number of Investments 143 [1]  
Weighted Average Rating BB+ [1],[5]  
Weighted Average Coupon 3.73% [1]  
Weighted Average Yield 6.22% [1]  
Weighted Average Maturity (Years) 3 years 3 months 18 days [1],[6]  
Securities in an Unrealized Loss Position Less than Twelve Months
    
Outstanding Face Amount 178,771  
Before Impairment - Amortized Cost Basis 188,976  
Other Than Temporary Impairment - Amortized Cost Basis (1)  
Amortized Cost Basis 188,975  
Gains - Gross Unrealized     
Losses - Gross Unrealized (1,214)  
Carrying Value 187,761  
Number of Investments 16  
Weighted Average Rating AAA  
Weighted Average Coupon 3.00%  
Weighted Average Yield 1.30%  
Weighted Average Maturity (Years) 3 years 2 months 12 days  
Securities in an Unrealized Loss Position Greater than Twelve Months
    
Outstanding Face Amount 12,000  
Before Impairment - Amortized Cost Basis 11,785  
Other Than Temporary Impairment - Amortized Cost Basis     
Amortized Cost Basis 11,785  
Gains - Gross Unrealized     
Losses - Gross Unrealized (3,300)  
Carrying Value 8,485  
Number of Investments 2  
Weighted Average Rating B-  
Weighted Average Coupon 5.37%  
Weighted Average Yield 5.72%  
Weighted Average Maturity (Years) 3 years 3 months 18 days  
Securities in an Unrealized Loss Position
    
Outstanding Face Amount 190,771  
Before Impairment - Amortized Cost Basis 200,761  
Other Than Temporary Impairment - Amortized Cost Basis (1)  
Amortized Cost Basis 200,760  
Gains - Gross Unrealized     
Losses - Gross Unrealized (4,514)  
Carrying Value $ 196,246  
Number of Investments 18  
Weighted Average Rating AA+  
Weighted Average Coupon 3.15%  
Weighted Average Yield 1.56%  
Weighted Average Maturity (Years) 3 years 2 months 12 days  
[1] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.
[2] (A) Net of incurred losses
[3] (B) Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended June 30, 2013.
[4] (A) See Notes 8 and 9 for information about the securitization that is collateralized by certain Newcastle CDO VIII Class I notes.
[5] (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
[6] (C) The weighted average maturity is based on the timing of expected principal reduction on the assets.