Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Details)

v2.4.0.8
DEBT OBLIGATIONS (Details) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Debt Face Amount $ 1,900,484
Carrying Value 1,897,460
CDO VI Bonds Payable
  
Month Issued Apr 2005 [1]
Debt Face Amount 91,797 [1]
Carrying Value 91,797 [1]
Final Stated Maturity Apr 2040 [1]
Unhedged Weighted Average Funding Cost 0.86% [1],[2]
Weighted Average Funding Cost 5.35% [1],[3]
Weighted Average Maturity (Years) 4 years 4 months 24 days [1]
Face Amount of Floating Rate Debt 88,612 [1]
Outstanding Face Amount of Collateral 173,682 [1],[4]
Amortized Cost Basis of Collateral 90,276 [1],[4]
Carrying Value of Collateral 121,198 [1],[4]
Weighted Average Maturity (Years) Of Collateral 2 years 8 months 12 days [1]
Floating Rate Face Amount of Collateral 45,282 [1],[4]
Aggregate Notional Amount of Current Hedges 88,612 [1],[5]
CDO VIII Bonds Payable
  
Month Issued Nov 2006
Debt Face Amount 412,649
Carrying Value 411,951
Final Stated Maturity Nov 2052
Unhedged Weighted Average Funding Cost 0.83% [2]
Weighted Average Funding Cost 2.07% [3]
Weighted Average Maturity (Years) 2 years
Face Amount of Floating Rate Debt 405,049
Outstanding Face Amount of Collateral 615,697 [4]
Amortized Cost Basis of Collateral 441,282 [4]
Carrying Value of Collateral 472,096 [4]
Weighted Average Maturity (Years) Of Collateral 2 years 2 months 12 days
Floating Rate Face Amount of Collateral 329,038 [4]
Aggregate Notional Amount of Current Hedges 105,749 [5]
CDO IX Bonds Payable
  
Month Issued May 2007
Debt Face Amount 339,210
Carrying Value 340,736
Final Stated Maturity May 2052
Unhedged Weighted Average Funding Cost 0.58% [2]
Weighted Average Funding Cost 0.58% [3]
Weighted Average Maturity (Years) 1 year 8 months 12 days
Face Amount of Floating Rate Debt 339,210
Outstanding Face Amount of Collateral 586,272 [4]
Amortized Cost Basis of Collateral 455,114 [4]
Carrying Value of Collateral 464,062 [4]
Weighted Average Maturity (Years) Of Collateral 2 years 4 months 24 days
Floating Rate Face Amount of Collateral 298,092 [4]
Aggregate Notional Amount of Current Hedges    [5]
Total CDO Bonds Payable
  
Debt Face Amount 843,656
Carrying Value 844,484
Weighted Average Funding Cost 1.83% [3]
Weighted Average Maturity (Years) 2 years 1 month 6 days
Face Amount of Floating Rate Debt 832,871
Outstanding Face Amount of Collateral 1,375,651 [4]
Amortized Cost Basis of Collateral 986,672 [4]
Carrying Value of Collateral 1,057,356 [4]
Weighted Average Maturity (Years) Of Collateral 2 years 3 months 18 days
Floating Rate Face Amount of Collateral 672,412 [4]
Aggregate Notional Amount of Current Hedges 194,361 [5]
MH Loans Portfolio I Bonds and Notes Payable
  
Month Issued Apr 2010
Debt Face Amount 61,682 [6]
Carrying Value 58,099 [6]
Final Stated Maturity Jul 2035 [6]
Unhedged Weighted Average Funding Cost 6.39% [2],[6]
Weighted Average Funding Cost 6.39% [3],[6]
Weighted Average Maturity (Years) 4 years 1 month 6 days [6]
Face Amount of Floating Rate Debt    [6]
Outstanding Face Amount of Collateral 110,589 [4],[6]
Amortized Cost Basis of Collateral 94,909 [4],[6]
Carrying Value of Collateral 94,909 [4],[6]
Weighted Average Maturity (Years) Of Collateral 6 years 3 months 18 days [6]
Floating Rate Face Amount of Collateral 746 [4],[6]
Aggregate Notional Amount of Current Hedges    [5],[6]
MH Loans Portfolio II Bonds and Notes Payable
  
Month Issued May 2011
Debt Face Amount 106,124
Carrying Value 105,619
Final Stated Maturity Dec 2033
Unhedged Weighted Average Funding Cost 4.53% [2]
Weighted Average Funding Cost 4.53% [3]
Weighted Average Maturity (Years) 3 years 9 months 18 days
Face Amount of Floating Rate Debt   
Outstanding Face Amount of Collateral 140,828 [4]
Amortized Cost Basis of Collateral 138,895 [4]
Carrying Value of Collateral 138,895 [4]
Weighted Average Maturity (Years) Of Collateral 5 years 6 months
Floating Rate Face Amount of Collateral 23,186 [4]
Aggregate Notional Amount of Current Hedges    [5]
Total Other Bonds And Notes Payable
  
Debt Face Amount 167,806
Carrying Value 163,718
Weighted Average Funding Cost 5.19% [3]
Weighted Average Maturity (Years) 3 years 10 months 24 days
Face Amount of Floating Rate Debt   
Outstanding Face Amount of Collateral 251,417 [4]
Amortized Cost Basis of Collateral 233,804 [4]
Carrying Value of Collateral 233,804 [4]
Weighted Average Maturity (Years) Of Collateral 5 years 9 months 18 days
Floating Rate Face Amount of Collateral 23,932 [4]
Aggregate Notional Amount of Current Hedges    [5]
FNMA/FHLMC Securities
  
Month Issued Jun 2013 [7],[8]
Debt Face Amount 311,276 [7],[8]
Carrying Value 311,276 [7],[8]
Final Stated Maturity Jul 2013 [7],[8]
Unhedged Weighted Average Funding Cost 0.39% [2],[7],[8]
Weighted Average Funding Cost 0.39% [3],[7],[8]
Weighted Average Maturity (Years) 0 years 1 month 6 days [7],[8]
Face Amount of Floating Rate Debt 311,276 [7],[8]
Outstanding Face Amount of Collateral 311,659 [4],[7],[8]
Amortized Cost Basis of Collateral 335,165 [4],[7],[8]
Carrying Value of Collateral 335,814 [4],[7],[8]
Weighted Average Maturity (Years) Of Collateral 3 years 8 months 12 days [7],[8]
Floating Rate Face Amount of Collateral 311,659 [4],[7],[8]
Aggregate Notional Amount of Current Hedges    [5],[7],[8]
Total Repurchase Agreements
  
Debt Face Amount 311,276 [7]
Carrying Value 311,276 [7]
Weighted Average Funding Cost 0.39% [3],[7]
Weighted Average Maturity (Years) 0 years 1 month 6 days [7]
Face Amount of Floating Rate Debt 311,276 [7]
Outstanding Face Amount of Collateral 311,659 [4],[7]
Amortized Cost Basis of Collateral 335,165 [4],[7]
Carrying Value of Collateral 335,814 [4],[7]
Weighted Average Maturity (Years) Of Collateral 3 years 8 months 12 days [7]
Floating Rate Face Amount of Collateral 311,659 [4],[7]
Aggregate Notional Amount of Current Hedges    [5],[7]
BPM Senior Living Facilities
  
Month Issued Jul 2012
Debt Face Amount 88,400
Carrying Value 88,400
Final Stated Maturity Aug 2019
Unhedged Weighted Average Funding Cost 3.44% [2]
Weighted Average Funding Cost 3.44% [3]
Weighted Average Maturity (Years) 5 years 8 months 12 days
Face Amount of Floating Rate Debt 23,400
Outstanding Face Amount of Collateral N/A [4]
Amortized Cost Basis of Collateral 132,547 [4]
Carrying Value of Collateral 132,547 [4]
Weighted Average Maturity (Years) Of Collateral N/A
Floating Rate Face Amount of Collateral    [4]
Aggregate Notional Amount of Current Hedges 23,400 [5]
Utah Senior Living Facilities
  
Month Issued Nov 2012
Debt Face Amount 16,000
Carrying Value 16,000
Final Stated Maturity Oct 2017
Unhedged Weighted Average Funding Cost LIBOR+3.75%; LIBOR floor of 1% [2],[9]
Weighted Average Funding Cost 4.75% [3]
Weighted Average Maturity (Years) 4 years 3 months 18 days
Face Amount of Floating Rate Debt 16,000
Outstanding Face Amount of Collateral N/A [4]
Amortized Cost Basis of Collateral 21,387 [4]
Carrying Value of Collateral 21,387 [4]
Weighted Average Maturity (Years) Of Collateral N/A
Floating Rate Face Amount of Collateral    [4]
Aggregate Notional Amount of Current Hedges    [5]
Courtyards Senior Living Facilities
  
Month Issued Dec 2012
Debt Face Amount 16,125
Carrying Value 16,125
Final Stated Maturity Oct 2017
Unhedged Weighted Average Funding Cost LIBOR+3.75%; LIBOR floor of 1% [2],[9]
Weighted Average Funding Cost 4.75% [3]
Weighted Average Maturity (Years) 4 years 3 months 18 days
Face Amount of Floating Rate Debt 16,125
Outstanding Face Amount of Collateral N/A [4]
Amortized Cost Basis of Collateral 20,607 [4]
Carrying Value of Collateral 20,607 [4]
Weighted Average Maturity (Years) Of Collateral N/A
Floating Rate Face Amount of Collateral    [4]
Aggregate Notional Amount of Current Hedges    [5]
Total Mortgage Notes Payable
  
Debt Face Amount 120,525
Carrying Value 120,525
Weighted Average Funding Cost 3.79% [3]
Weighted Average Maturity (Years) 5 years 3 months 18 days
Face Amount of Floating Rate Debt 55,525
Outstanding Face Amount of Collateral N/A [4]
Amortized Cost Basis of Collateral 174,541 [4]
Carrying Value of Collateral 174,541 [4]
Weighted Average Maturity (Years) Of Collateral N/A
Floating Rate Face Amount of Collateral    [4]
Aggregate Notional Amount of Current Hedges 23,400 [5]
Junior Subordinated Debt
  
Month Issued Mar 2006
Debt Face Amount 51,004
Carrying Value 51,240
Final Stated Maturity Apr 2035
Unhedged Weighted Average Funding Cost 7.574%; LIBOR + 2.25% after April 2016 [10],[2]
Weighted Average Funding Cost 7.40% [3]
Weighted Average Maturity (Years) 21 years 9 months 18 days
Face Amount of Floating Rate Debt   
Outstanding Face Amount of Collateral    [4]
Amortized Cost Basis of Collateral    [4]
Carrying Value of Collateral    [4]
Weighted Average Maturity (Years) Of Collateral    —
Floating Rate Face Amount of Collateral    [4]
Aggregate Notional Amount of Current Hedges    [5]
Total Corporate
  
Debt Face Amount 51,004
Carrying Value 51,240
Weighted Average Funding Cost 7.40% [3]
Weighted Average Maturity (Years) 21 years 9 months 18 days
Face Amount of Floating Rate Debt   
Outstanding Face Amount of Collateral    [4]
Amortized Cost Basis of Collateral    [4]
Carrying Value of Collateral    [4]
Weighted Average Maturity (Years) Of Collateral    —
Floating Rate Face Amount of Collateral    [4]
Aggregate Notional Amount of Current Hedges    [5]
Debt Securities Payable
  
Debt Face Amount 1,494,267
Carrying Value 1,491,243
Weighted Average Funding Cost 2.25% [3]
Weighted Average Maturity (Years) 2 years 9 months 18 days
Face Amount of Floating Rate Debt 1,199,672
Outstanding Face Amount of Collateral 1,938,727 [4]
Amortized Cost Basis of Collateral 1,730,182 [4]
Carrying Value of Collateral 1,801,515 [4]
Weighted Average Maturity (Years) Of Collateral 3 years
Floating Rate Face Amount of Collateral 1,008,003 [4]
Aggregate Notional Amount of Current Hedges 217,761 [5]
Subprime mortgage loans subject to call option
  
Debt Face Amount 406,217 [11]
Carrying Value $ 406,217 [11]
[1] (E) This CDO was not in compliance with its applicable over collateralization tests as of June 30, 2013. 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] (A) Weighted average, including floating and fixed rate classes and including the amortization of deferred financing costs.
[3] (B) Including the effect of applicable hedges.
[4] (C) Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash in senior living entities.
[5] (D) Including a $23.4 million notional amount of interest rate cap agreement for the mortgage notes payable and an $88.6 million notional amount of interest rate swap agreement in CDO VI, which was an economic hedge not designated as a hedge for accounting purposes.
[6] (F) Excluding $20.5 million face amount of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
[7] (G) These repurchase agreements had $0.01 million of associated accrued interest payable at June 30, 2013. $311.3 million face amount of these repurchase agreements were renewed subsequent to June 30, 2013.
[8] (H) The counterparties on these repurchase agreements are Bank of America ($264.9 million), Citi ($17.9 million), and Nomura ($28.5 million). Interest rates on these repurchase agreements are fixed, but will be reset on a short-term basis.
[9] (I) These financings have a LIBOR floor of 1%.
[10] (J) LIBOR + 2.25% after April 2016.
[11] (K) Issued in April 2006 and July 2007. See Note 5 regarding the securitizations of Subprime Portfolios I and II.