Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details)

v3.2.0.727
SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Interest income $ 24,265 $ 29,893 $ 51,343 $ 76,345  
Interest expense (16,950) (20,328) (33,677) (42,498)  
Net interest income 7,315 9,565 17,666 33,847  
Impairment (reversal) 13,679 1,526 14,084 2,772  
Operating revenues 82,803 82,737 143,629 145,369  
Other income, net 29,373 41,707 29,874 57,515  
Loan and security servicing expense 118 408 214 1,265  
Operating expenses - golf 63,017 [1] 64,398 [1] 115,988 [1] 121,527  
Repairs and maintenance expenses - golf 2,421 2,084 4,387 4,602  
Cost of sales - golf 9,108 8,807 15,161 14,763  
General and administrative expense 3,185 3,651 4,862 6,053  
Acquisition and transaction expenses 302 [2] 1,116 [2] 338 [2] 2,278  
Management fee to affiliate 2,674 5,296 5,342 11,189  
Depreciation and amortization 7,119 6,317 13,872 12,180  
Income tax expense 27 4 73 144  
Income from continuing operations 17,841 40,402 16,848 59,958  
Income (loss) from discontinued operations, net of tax 524 (8,504) 639 (23,803)  
Net Income 18,365 31,898 17,487 36,155  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Net loss attributable to noncontrolling interests 49 29 230 690  
Income Applicable to Common Stockholders 17,019 30,532 14,927 34,055  
Investments, net [3] 1,153,937   1,153,937    
Cash and restricted cash 117,723   117,723    
Other assets 432,013   432,013    
Assets of discontinued operations 53   53   $ 6,803
Total Assets 1,703,726   1,703,726   1,761,906
Debt, net [3] 1,098,651   1,098,651    
Other liabilities 377,331   377,331    
Liabilities of discontinued operations         447
Total Liabilities 1,475,982   1,475,982   1,503,578
Preferred Stock 61,583   61,583   61,583
Noncontrolling interests (194)   (194)   $ 36
Equity attributable to common stockholders 166,355   166,355    
Additions to investments in real estate     3,863    
Inter-segment Elimination [Member]          
Interest income (1,526) (3,163) (3,005) (4,436)  
Interest expense 1,526 3,163 3,005 4,436  
Investments, net 38,200   38,200    
Discontinued Operations [Member]          
Income (loss) from discontinued operations, net of tax 524 (8,504) 639 (23,803)  
Net Income 524 (8,504) 639 (23,803)  
Net loss attributable to noncontrolling interests       522  
Income Applicable to Common Stockholders $ 524 (8,504) $ 639 (23,281)  
Cash and restricted cash          
Other assets          
Assets of discontinued operations $ 53   $ 53    
Total Assets $ 53   $ 53    
Debt, net [3]          
Total Liabilities          
Preferred Stock          
Noncontrolling interests          
Equity attributable to common stockholders $ 53   $ 53    
CDOs [Member]          
Interest income 13,685 20,596 29,607 [4] 51,319 [4]  
Interest expense (2,730) (5,983) (5,313) [4] (12,109) [4]  
Inter-segment eliminations (1,526) (3,163) (3,005) [4] (4,436) [4]  
Net interest income 9,429 11,450 21,289 [4] 34,774 [4]  
Impairment (reversal) 11,869 1,526 12,206 [4] 1,958 [4]  
Other income, net 29,740 19,343 30,271 [4] 32,895 [4]  
Loan and security servicing expense 118 154 214 [4] 310 [4]  
Income from continuing operations 27,182 29,113 39,140 [4] 65,401 [4]  
Net Income 27,182 29,113 39,140 [4] 65,401 [4]  
Income Applicable to Common Stockholders 27,182 29,113 39,140 [4] 65,401 [4]  
Investments, net [3] 52,139   52,139    
Cash and restricted cash 163   163    
Other assets $ 98   $ 98    
Assets of discontinued operations          
Total Assets [4] $ 52,400   $ 52,400    
Debt, net [3] 102,564   102,564    
Other liabilities 31   31    
Total Liabilities [4] $ 102,595   $ 102,595    
Preferred Stock          
Noncontrolling interests          
Equity attributable to common stockholders $ (50,195)   $ (50,195)    
Other Debt [Member]          
Interest income 12,065 12,401 24,660 [4] 29,353 [4]  
Interest expense (9,594) (10,338) $ (19,173) [4] (23,001) [4]  
Inter-segment eliminations   362   1,635 [4]  
Net interest income 2,471 2,425 $ 5,487 [4] 7,987 [4]  
Impairment (reversal) 1,810   1,878 [4] 814 [4]  
Other income, net (140) 22,375 (177) [4] 24,630 [4]  
Loan and security servicing expense   254   955 [4]  
General and administrative expense   1,870   1,869  
Income from continuing operations 521 22,676 3,432 [4] 28,979 [4]  
Net Income 521 22,676 3,432 [4] 28,979 [4]  
Income Applicable to Common Stockholders 521 22,676 3,432 [4] 28,979 [4]  
Investments, net [3] 790,828   790,828    
Cash and restricted cash 200   200    
Other assets $ 397,812   $ 397,812    
Assets of discontinued operations          
Total Assets [4] $ 1,188,840   $ 1,188,840    
Debt, net [3] 779,853   779,853    
Other liabilities 211,748   211,748    
Total Liabilities [4] $ 991,601   $ 991,601    
Preferred Stock          
Noncontrolling interests          
Equity attributable to common stockholders $ 197,239   $ 197,239    
Golf          
Interest income 36 34 72 74  
Interest expense (5,207) (6,217) (10,305) (9,916)  
Inter-segment eliminations 1,526 2,801 3,005 2,801  
Net interest income (3,645) (3,382) (7,228) (7,041)  
Operating revenues 82,803 82,737 143,629 145,369  
Other income, net (235) $ (11) (228) (10)  
Loan and security servicing expense          
Operating expenses - golf [1] 63,017 $ 64,398 115,988 121,527  
Repairs and maintenance expenses - golf 2,421 2,084 4,387 4,602  
Cost of sales - golf 9,108 8,807 15,161 14,763  
General and administrative expense 793 152 1,041 459  
Acquisition and transaction expenses [2] 285 728 321 $ 1,503  
Management fee to affiliate          
Depreciation and amortization 7,119 6,280 13,872 $ 12,106  
Income tax expense 27 4 73 144  
Income from continuing operations (3,847) (3,109) (14,670) $ (16,786)  
Income (loss) from discontinued operations, net of tax          
Net Income (3,847) (3,109) (14,670) $ (16,786)  
Net loss attributable to noncontrolling interests 49 29 230 168  
Income Applicable to Common Stockholders (3,798) (3,080) (14,440) (16,618)  
Investments, net [3] 310,970   310,970    
Cash and restricted cash 9,320   9,320    
Other assets $ 33,434   $ 33,434    
Assets of discontinued operations          
Total Assets $ 353,724   $ 353,724    
Debt, net [3] 165,006   165,006    
Other liabilities 151,944   151,944    
Total Liabilities $ 316,950   $ 316,950    
Preferred Stock          
Noncontrolling interests $ (194)   $ (194)    
Equity attributable to common stockholders 36,968   36,968    
Additions to investments in real estate     3,863    
Corporate [Member]          
Interest income 5 25 9 35  
Interest expense (945) (953) $ (1,891) (1,908)  
Inter-segment eliminations          
Net interest income (940) (928) $ (1,882) (1,873)  
Other income, net 8   8    
General and administrative expense 2,392 1,629 3,821 3,725  
Acquisition and transaction expenses [2] 17 388 17 775  
Management fee to affiliate 2,674 5,296 5,342 11,189  
Depreciation and amortization   37   $ 74  
Income tax expense          
Income from continuing operations (6,015) (8,278) (11,054) $ (17,636)  
Income (loss) from discontinued operations, net of tax          
Net Income (6,015) (8,278) (11,054) $ (17,636)  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Income Applicable to Common Stockholders (7,410) $ (9,673) (13,844) $ (20,426)  
Cash and restricted cash 108,040   108,040    
Other assets $ 669   $ 669    
Assets of discontinued operations          
Total Assets $ 108,709   $ 108,709    
Debt, net [3] 51,228   51,228    
Other liabilities 13,608   13,608    
Total Liabilities 64,836   64,836    
Preferred Stock $ 61,583   $ 61,583    
Noncontrolling interests          
Equity attributable to common stockholders $ (17,710)   $ (17,710)    
[1] Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.2 million and $2.3 million for the three and six months ended June 30, 2015, respectively and $1.4 million and $2.7 million for the three and six months ended June 30, 2014.
[2] Includes all transaction related and spin-off related expenses.
[3] Net of $38.2 million of inter-segment eliminations.
[4] Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle's investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.