Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS - Debt Obligations (Details)

v3.3.0.814
DEBT OBLIGATIONS - Debt Obligations (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
USD ($)
Debt Instrument [Line Items]  
Outstanding Face Amount $ 972,197
Carrying Value 971,319
NCT 2013-VI IMM-1 [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 8,177 [1]
Carrying Value $ 7,494 [1]
Weighted Average Funding Cost 17.50% [1],[2]
Weighted Average Life(Years) 5 months 6 days [1]
Face Amount of Floating Rate Debt $ 8,177 [1]
CDO VI Bonds Payable [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 92,812 [3]
Carrying Value $ 92,812 [3]
Weighted Average Coupon - Rate 0.89% [3],[4]
Weighted Average Funding Cost 0.89% [2],[3]
Weighted Average Life(Years) 4 years 1 month 6 days [3]
Face Amount of Floating Rate Debt $ 89,123 [3]
Outstanding Face Amount of Collateral 72,663 [3],[5]
Amortized Cost Basis of Collateral 26,960 [3],[5]
Carrying Value of Collateral $ 49,398 [3],[5]
Weighted Average Maturity (Years) Of Collateral 3 years 5 months 6 days [3]
Floating Rate Face Amount of Collateral $ 12,688 [3],[5]
Secured Debt [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 92,812
Carrying Value $ 92,812
Weighted Average Funding Cost 0.89% [2]
Weighted Average Life(Years) 4 years 1 month 6 days
Face Amount of Floating Rate Debt $ 89,123
Outstanding Face Amount of Collateral 72,663 [5]
Amortized Cost Basis of Collateral 26,960 [5]
Carrying Value of Collateral $ 49,398 [5]
Weighted Average Maturity (Years) Of Collateral 3 years 5 months 6 days
Floating Rate Face Amount of Collateral $ 12,688 [5]
Total Other Bonds And Notes Payable [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 8,177
Carrying Value $ 7,494
Weighted Average Funding Cost 17.50% [2]
Weighted Average Life(Years) 5 months 6 days
Face Amount of Floating Rate Debt $ 8,177
FNMA/FHLMC Securities Repurchase Agreements [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 345,859 [6]
Carrying Value $ 345,859 [6]
Weighted Average Coupon - Rate 0.49% [4],[6]
Weighted Average Funding Cost 0.49% [2],[6]
Weighted Average Life(Years) 1 month 6 days [6]
Face Amount of Floating Rate Debt $ 0 [6]
Outstanding Face Amount of Collateral 348,920 [5],[6]
Amortized Cost Basis of Collateral 363,981 [5],[6]
Carrying Value of Collateral $ 363,981 [5],[6]
Weighted Average Maturity (Years) Of Collateral 7 years 8 months 6 days [6]
Floating Rate Face Amount of Collateral $ 0 [5],[6]
Golf [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 70,000 [6],[7]
Carrying Value $ 69,583 [6],[7]
Weighted Average Funding Cost 6.15% [2],[6],[7]
Weighted Average Life(Years) 5 months 6 days [6],[7]
Face Amount of Floating Rate Debt $ 70,000 [6],[7]
Total Repurchase Agreements [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 415,859 [6]
Carrying Value $ 415,442 [6]
Weighted Average Funding Cost 1.43% [2],[6]
Weighted Average Life(Years) 2 months 6 days [6]
Face Amount of Floating Rate Debt $ 70,000 [6]
Outstanding Face Amount of Collateral 348,920 [5],[6]
Amortized Cost Basis of Collateral 363,981 [5],[6]
Carrying Value of Collateral $ 363,981 [5],[6]
Weighted Average Maturity (Years) Of Collateral 7 years 8 months 6 days [6]
Floating Rate Face Amount of Collateral $ 0 [5],[6]
Golf Vineyard II [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 200
Carrying Value $ 200
Weighted Average Coupon - Rate 2.11% [4]
Weighted Average Funding Cost 2.11% [2]
Weighted Average Life(Years) 28 years 2 months 6 days
Face Amount of Floating Rate Debt $ 200
Capital Lease Equipment [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 11,803
Carrying Value $ 11,803
Weighted Average Funding Cost 6.57% [2]
Weighted Average Life(Years) 4 years 9 months 6 days
Face Amount of Floating Rate Debt $ 0
Capital Lease Equipment [Member] | Lower Range  
Debt Instrument [Line Items]  
Weighted Average Coupon - Rate 3.22%
Capital Lease Equipment [Member] | Upper Range  
Debt Instrument [Line Items]  
Weighted Average Coupon - Rate 11.54%
Total Golf Credit Facilities [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount $ 12,003
Carrying Value $ 12,003
Weighted Average Funding Cost 6.51% [2]
Weighted Average Life(Years) 5 years 2 months 6 days
Face Amount of Floating Rate Debt $ 200
Junior Subordinated Notes Payable [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 51,004
Carrying Value $ 51,226
Weighted Average Coupon - Rate 7.57% [4],[8]
Debt Instrument, Basis Spread on Variable Rate 2.25%
Weighted Average Funding Cost 7.36% [2]
Weighted Average Life(Years) 19 years 7 months 6 days
Face Amount of Floating Rate Debt $ 0
Total Corporate [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 51,004
Carrying Value $ 51,226
Weighted Average Funding Cost 7.36% [2]
Weighted Average Life(Years) 19 years 7 months 6 days
Face Amount of Floating Rate Debt $ 0
Subtotal Debt Obligations [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 579,855
Carrying Value $ 578,977
Weighted Average Funding Cost 2.18% [2]
Weighted Average Life(Years) 2 years 7 months 6 days
Face Amount of Floating Rate Debt $ 167,500
Outstanding Face Amount of Collateral 421,583 [5]
Amortized Cost Basis of Collateral 390,941 [5]
Carrying Value of Collateral $ 413,379 [5]
Weighted Average Maturity (Years) Of Collateral 7 years 6 days
Floating Rate Face Amount of Collateral $ 12,688 [5]
Financing on subprime mortgage loans subject to call option [Member]  
Debt Instrument [Line Items]  
Outstanding Face Amount 392,342 [9]
Carrying Value $ 392,342 [9]
London Interbank Offered Rate (LIBOR) [Member] | NCT 2013-VI IMM-1 [Member]  
Debt Instrument [Line Items]  
Debt Instrument, Basis Spread on Variable Rate 0.25%
London Interbank Offered Rate (LIBOR) [Member] | Golf [Member]  
Debt Instrument [Line Items]  
Debt Instrument, Basis Spread on Variable Rate 3.50%
[1] Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[2] Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the nine months ended September 30, 2015.
[3] This CDO was not in compliance with its applicable over collateralization tests as of September 30, 2015. 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.
[4] Weighted average, including floating and fixed rate classes.
[5] Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
[6] These repurchase agreements had $0.3 million of accrued interest payable at September 30, 2015. The counterparties on these repurchase agreements are Nomura ($196.9 million), Morgan Stanley ($98.8 million), Citi ($50.2 million) and Credit Suisse ($70.0 million). Newcastle has margin exposures on a total of $415.9 million repurchase agreements related to the financing of FNMA/FHLMC securities and Golf loans. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity. $345.9 million of repurchase agreements were repaid in October 2015 as part of the sale of the FNMA/FHLMC securities.
[7] The golf repurchase agreement is collateralized by assets of the Golf business. The carrying amount of the golf repurchase agreement is reported net of deferred financing costs of $0.4 million as of September 30, 2015.
[8] LIBOR +2.25% after April 2016.
[9] Issued in April 2006 and July 2007 and secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.