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
Jun. 30, 2013
Dec. 31, 2012
Assets:    
Real estate securities, available-for-sale $ 777,102 [1] $ 1,691,575
Derivative assets:    
Derivative assets 43,470 165
Derivative Liabilities:    
Derivative liabilities 20,197 31,576
Measured on a Recurring Basis | Level 2 Inputs
    
Assets:    
Real estate securities, available-for-sale 366,873  
Derivative assets:    
Interest rate caps, not treated as hedges 298  
Linked transactions at fair value     
Derivative assets 298  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 8,523  
Interest rate swaps, not treated as hedges 11,674  
Derivative liabilities 20,197  
Measured on a Recurring Basis | Level 2 Inputs | CMBS
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 2 Inputs | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 31,059  
Measured on a Recurring Basis | Level 2 Inputs | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 2 Inputs | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 2 Inputs | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 335,814  
Measured on a Recurring Basis | Level 2 Inputs | CDOs
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs
    
Assets:    
Real estate securities, available-for-sale 367,681  
Derivative assets:    
Interest rate caps, not treated as hedges     
Linked transactions at fair value 43,172  
Derivative assets 43,172  
Derivative Liabilities:    
Interest rate swaps, treated as hedges     
Interest rate swaps, not treated as hedges     
Derivative liabilities     
Measured on a Recurring Basis | Level 3A Inputs | CMBS
    
Assets:    
Real estate securities, available-for-sale 255,407  
Measured on a Recurring Basis | Level 3A Inputs | REIT Debt
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 48,274  
Measured on a Recurring Basis | Level 3A Inputs | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3A Inputs | CDOs
    
Assets:    
Real estate securities, available-for-sale 64,000  
Measured on a Recurring Basis | Level 3B Inputs
    
Assets:    
Real estate securities, available-for-sale 42,548  
Derivative assets:    
Interest rate caps, not treated as hedges     
Linked transactions at fair value 43,172  
Derivative assets 43,172  
Derivative Liabilities:    
Interest rate swaps, treated as hedges     
Interest rate swaps, not treated as hedges     
Derivative liabilities     
Measured on a Recurring Basis | Level 3B Inputs | CMBS
    
Assets:    
Real estate securities, available-for-sale 26,061  
Measured on a Recurring Basis | Level 3B Inputs | REIT Debt
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3B Inputs | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 10,848  
Measured on a Recurring Basis | Level 3B Inputs | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale 199  
Measured on a Recurring Basis | Level 3B Inputs | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale     
Measured on a Recurring Basis | Level 3B Inputs | CDOs
    
Assets:    
Real estate securities, available-for-sale 5,440  
Measured on a Recurring Basis | Principal Balance
    
Assets:    
Real estate securities, available-for-sale 1,011,205 [2]  
Derivative assets:    
Interest rate caps, not treated as hedges 23,400  
Linked transactions at fair value 116,806  
Derivative assets 140,206 [2],[3],[4]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 105,749 [2],[4],[5]  
Interest rate swaps, not treated as hedges 186,140 [2],[3],[4]  
Derivative liabilities 291,889  
Measured on a Recurring Basis | Principal Balance | CMBS
    
Assets:    
Real estate securities, available-for-sale 352,677  
Measured on a Recurring Basis | Principal Balance | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 29,200  
Measured on a Recurring Basis | Principal Balance | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 107,869  
Measured on a Recurring Basis | Principal Balance | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale 8,464  
Measured on a Recurring Basis | Principal Balance | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 311,659  
Measured on a Recurring Basis | Principal Balance | CDOs
    
Assets:    
Real estate securities, available-for-sale 201,336  
Measured on a Recurring Basis | Carrying Amount
    
Assets:    
Real estate securities, available-for-sale 777,102 [2]  
Derivative assets:    
Interest rate caps, not treated as hedges 298  
Linked transactions at fair value 43,172  
Derivative assets 43,470 [2],[3],[4]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 8,523 [2],[4],[5]  
Interest rate swaps, not treated as hedges 11,674 [2],[3],[4]  
Derivative liabilities 20,197  
Measured on a Recurring Basis | Carrying Amount | CMBS
    
Assets:    
Real estate securities, available-for-sale 281,468  
Measured on a Recurring Basis | Carrying Amount | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 31,059  
Measured on a Recurring Basis | Carrying Amount | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 59,122  
Measured on a Recurring Basis | Carrying Amount | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale 199  
Measured on a Recurring Basis | Carrying Amount | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 335,814  
Measured on a Recurring Basis | Carrying Amount | CDOs
    
Assets:    
Real estate securities, available-for-sale 69,440  
Measured on a Recurring Basis | Total Fair Value
    
Assets:    
Real estate securities, available-for-sale 777,102 [2]  
Derivative assets:    
Interest rate caps, not treated as hedges 298  
Linked transactions at fair value 43,172  
Derivative assets 43,470 [2],[3],[4]  
Derivative Liabilities:    
Interest rate swaps, treated as hedges 8,523 [2],[4],[5]  
Interest rate swaps, not treated as hedges 11,674 [2],[3],[4]  
Derivative liabilities 20,197  
Measured on a Recurring Basis | Total Fair Value | CMBS
    
Assets:    
Real estate securities, available-for-sale 281,468  
Measured on a Recurring Basis | Total Fair Value | REIT Debt
    
Assets:    
Real estate securities, available-for-sale 31,059  
Measured on a Recurring Basis | Total Fair Value | Non-Agency RMBS
    
Assets:    
Real estate securities, available-for-sale 59,122  
Measured on a Recurring Basis | Total Fair Value | ABS Franchise
    
Assets:    
Real estate securities, available-for-sale 199  
Measured on a Recurring Basis | Total Fair Value | FNMA/FHLMC Securities
    
Assets:    
Real estate securities, available-for-sale 335,814  
Measured on a Recurring Basis | Total Fair Value | CDOs
    
Assets:    
Real estate securities, available-for-sale $ 69,440  
[1] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.
[2] *Measured at fair value on a recurring basis.
[3] (C) This represents one interest rate swap agreement with a total notional balance of $186.1 million, maturing in March 2015, an interest rate cap agreement with a notional balance of $23.4 million, maturing in August 2019 and linked transactions entered into in June 2013 with $116.8 face amount of underlying financed securities. Newcastle entered into the interest rate swap and cap agreement to reduce its exposure to interest rate changes on the floating rate financings of CDO VI and the senior living assets. These derivative agreements were not designated as hedges for accounting purposes as of June 30, 2013.
[4] (D) Newcastle's derivatives fall into two categories. As of June 30, 2013, all derivative liabilities, which represent two interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $291.9 million is 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. Derivatives with an aggregate notional balance of $140.2 million, which were assets at period end, represent an interest rate cap with a notional of $23.4 million and linked transactions with $116.8 face amount of underlying financed securities. No adjustments have been made to the fair value quotation received on the interest rate cap that relate to credit risk as a result of the counterparty's "AA" credit rating. Newcastle's interest rate swap and cap counte
[5] (E) See Schedule of Fair Value Of Derivative Assets.