Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)

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REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Integer
Dec. 31, 2013
Outstanding Face Amount $ 532,730 [1],[2]  
Before Impairment - Amortized Cost Basis 503,339  
Other Than Temporary Impairment - Amortized Cost Basis (148,978)  
Amortized Cost Basis 354,361 [3]  
Gains - gross unrealized 84,783  
Losses - gross unrealized (121)  
Carrying Value 439,023 984,263
Number of securities 90  
Weighted Average Rating B+ [4]  
Weighted Average Coupon 4.10%  
Weighted Average Yield 12.62%  
Weighted Average Maturity (Years) 2 years 9 months 18 days [5]  
CMBS Conduit [Member]
    
Outstanding Face Amount 235,635  
Before Impairment - Amortized Cost Basis 217,189  
Other Than Temporary Impairment - Amortized Cost Basis (68,980)  
Amortized Cost Basis 148,209  
Gains - gross unrealized 52,221  
Losses - gross unrealized (97)  
Carrying Value 200,333 [6]  
Number of securities 33  
Weighted Average Rating BB- [4]  
Weighted Average Coupon 5.47%  
Weighted Average Yield 18.84%  
Weighted Average Maturity (Years) 2 years 5 months [5]  
Principal Subordination - Weighted Average 10.20% [7]  
CMBS Single Borrower [Member]
    
Outstanding Face Amount 91,349  
Before Impairment - Amortized Cost Basis 90,813  
Other Than Temporary Impairment - Amortized Cost Basis (12,364)  
Amortized Cost Basis 78,449  
Gains - gross unrealized 4,345  
Losses - gross unrealized (15)  
Carrying Value 82,779 [6]  
Number of securities 15  
Weighted Average Rating BB [4]  
Weighted Average Coupon 5.60%  
Weighted Average Yield 7.15%  
Weighted Average Maturity (Years) 2 years 1 month 6 days [5]  
Principal Subordination - Weighted Average 7.80% [7]  
CMBS Large Loan [Member]
    
Outstanding Face Amount 3,229  
Before Impairment - Amortized Cost Basis 3,229  
Amortized Cost Basis 3,229  
Carrying Value 3,229 [6]  
Number of securities 1  
Weighted Average Rating BBB- [4]  
Weighted Average Coupon 6.63%  
Weighted Average Yield 6.63%  
Weighted Average Maturity (Years) 0 years 1 month 6 days [5]  
Principal Subordination - Weighted Average 4.40% [7]  
REIT Debt [Member]
    
Outstanding Face Amount 29,200 [2]  
Before Impairment - Amortized Cost Basis 28,729  
Amortized Cost Basis 28,729 [3]  
Gains - gross unrealized 2,228  
Carrying Value 30,957 [6]  
Number of securities 5  
Weighted Average Rating BB+ [4]  
Weighted Average Coupon 5.89%  
Weighted Average Yield 6.87%  
Weighted Average Maturity (Years) 1 year 3 months 18 days [5]  
Non-Agency RMBS [Member]
    
Outstanding Face Amount 93,221 [2]  
Before Impairment - Amortized Cost Basis 99,881  
Other Than Temporary Impairment - Amortized Cost Basis (59,987)  
Amortized Cost Basis 39,894 [3]  
Gains - gross unrealized 21,639  
Losses - gross unrealized (9)  
Carrying Value 61,524 [6]  
Number of securities 33  
Weighted Average Rating CCC+ [4]  
Weighted Average Coupon 1.04%  
Weighted Average Yield 11.90%  
Weighted Average Maturity (Years) 4 years 8 months 12 days [5]  
Principal Subordination - Weighted Average 26.20% [7]  
ABS Franchise [Member]
    
Outstanding Face Amount 8,464 [2]  
Before Impairment - Amortized Cost Basis 7,647  
Other Than Temporary Impairment - Amortized Cost Basis (7,647)  
Number of securities 1  
Weighted Average Rating C [4]  
Weighted Average Coupon 6.69%  
CDOs [Member]
    
Outstanding Face Amount 71,632 [2],[8],[9]  
Before Impairment - Amortized Cost Basis 55,851  
Amortized Cost Basis 55,851 [3],[8],[9]  
Gains - gross unrealized 4,350  
Carrying Value $ 60,201 [6],[8],[9]  
Number of securities 2  
Weighted Average Rating BB+ [4]  
Weighted Average Coupon 0.51%  
Weighted Average Yield 7.59%  
Weighted Average Maturity (Years) 3 years 2 months 12 days [5]  
Principal Subordination - Weighted Average 49.10% [7]  
[1] The total outstanding face amount was $340.6 million for fixed rate securities and $192.1 million for floating rate securities.
[2] Net of incurred losses.
[3] Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended March 31, 2014.
[4] 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. 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.
[5] The weighted average life is based on the timing of expected principal reduction on the assets.
[6] See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[7] Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle's investments.
[8] Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
[9] Represents non consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.