Drive Shack (DSHK) 10-Q 2 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	3 Months Ended
	Mar. 31, 2014	Apr. 28, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Newcastle Investment Corp	'
Entity Central Index Key	'0001175483	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common stock, par value	$0.01	'
Entity Common Stock, Shares Outstanding	'	351,453,495
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Real estate securities, available-for-sale	$439,023	$984,263
Real estate related and other loans, held-for-sale, net	313,250	437,530
Residential mortgage loans, held-for-investment, net	'	255,450
Residential mortgage loans, held-for-sale, net	248,299	2,185
Subprime mortgage loans subject to call option	406,217	406,217
Investments in senior housing real estate, net of accumulated depreciation	1,374,710	1,362,900
Investments in other real estate, net of accumulated depreciation	262,403	266,170
Intangibles, net of accumulated amortization	187,101	199,725
Other investments	25,795	25,468
Cash and cash equivalents	122,053	74,133
Restricted cash	4,314	5,889
Receivables and other assets	137,444	141,887
Assets of discontinued operations	'	690,746
Total Assets	3,520,609	4,852,563
Liabilities	'	'
CDO bonds payable	408,813	544,525
Other bonds and notes payable	221,305	230,279
Repurchase agreements	74,863	556,347
Mortgage notes payable	1,091,823	1,076,828
Credit facilities, golf	152,961	152,498
Financing of subprime mortgage loans subject to call option	406,217	406,217
Junior subordinated notes payable	51,236	51,237
Dividends Payable	36,075	36,075
Accounts payable, accrued expenses and other liabilities	271,841	277,166
Liabilities of discontinued operations	'	295,267
Total Liabilities	2,715,134	3,626,439
Equity	'	'
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of March 31, 2014 and December 31, 2013	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 351,453,495 shares issued and outstanding at March 31, 2014 and December 31, 2013	3,515	3,515
Additional paid-in capital	2,970,786	2,970,786
Accumulated deficit	-2,310,496	-1,947,913
Accumulated other comprehensive income - Note 2	79,860	76,874
Total Newcastle Stockholders' Equity	805,248	1,164,845
Noncontrolling interests	227	61,279
Total Equity	805,475	1,226,124
Total Liabilities and Equity	3,520,609	4,852,563
Non Recourse VIE Financing Structures [Member}	'	'
Assets	'	'
Real estate securities, available-for-sale	431,617	426,695
Real estate related and other loans, held-for-sale, net	313,250	437,530
Residential mortgage loans, held-for-sale, net	215,991	223,628
Subprime mortgage loans subject to call option	406,217	406,217
Investments in other real estate, net of accumulated depreciation	6,573	6,597
Other investments	19,556	19,308
Restricted cash	1,338	2,377
Receivables and other assets	4,046	3,727
Total Assets	1,398,588	1,526,079
Liabilities	'	'
CDO bonds payable	408,813	544,525
Other bonds and notes payable	221,305	230,279
Financing of subprime mortgage loans subject to call option	406,217	406,217
Derivative liabilities	10,514	13,795
Accounts payable, accrued expenses and other liabilities	1,745	6,766
Total Liabilities	$1,048,594	$1,201,582

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	2,463,321	2,463,321
Preferred stock, shares outstanding	2,463,321	2,463,321
Preferred stock liquidation preference, per share	25	25
Common stock, par value	0.01	0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	351,453,495	351,453,495
Common stock, shares outstanding	351,453,495	351,453,495
Series B Cumulative Redeemable Preferred Stock [Member]	'	'
Preferred stock, dividend rate	9.75%	9.75%
Preferred stock, shares issued	1,347,321	1,347,321
Preferred stock, shares outstanding	1,347,321	1,347,321
Series C Cumulative Redeemable Preferred Stock [Member]	'	'
Preferred stock, dividend rate	8.05%	8.05%
Preferred stock, shares issued	496,000	496,000
Preferred stock, shares outstanding	496,000	496,000
Series D Cumulative Redemable Preferred [Member]	'	'
Preferred stock, dividend rate	8.38%	8.38%
Preferred stock, shares issued	620,000	620,000
Preferred stock, shares outstanding	620,000	620,000

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
Interest income	$46,452	$61,332
Interest expense	35,855	22,710
Net interest income	10,597	38,622
Impairment (Reversal)	'	'
Valuation allowance (reversal) on loans	1,246	2,234
Other-than-temporary impairment on securities	'	422
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive income (loss), net into net income	'	117
Total Impairment (Reversal)	1,246	2,773
Net interest income after impairment/reversal	9,351	35,849
Other Revenues	'	'
Rental income	52,890	12,887
Care and ancillary income	5,461	613
Golf course operations	40,389	'
Sales of food and beverages - golf	13,539	'
Other golf revenue	9,350	'
Total other revenues	121,629	13,500
Other Income (Loss)	'	'
Gain (loss) on settlement of investments, net	2,332	-3
Gain on extinguishment of debt	'	1,206
Other income, net	13,474	4,567
Total other income	15,806	5,770
Expenses	'	'
Loan and security servicing expense	857	1,034
Property operating expenses	23,804	8,670
Operating expenses - golf	58,338	'
Cost of sales - golf	5,956	'
General and administrative expense	9,212	3,906
Management fee to affiliate	8,037	9,565
Depreciation and amortization	30,359	4,079
Total expenses	136,563	27,254
Income from continuing operations before income tax	10,223	27,865
Income tax expense	295	'
Income from continuing operations	9,928	27,865
Income (loss) from discontinued operations, net of tax	-5,305	10,148
Net Income	4,623	38,013
Preferred dividends	-1,395	-1,395
Net loss attributable to noncontrolling interests	661	'
Income applicable to common stockholders	$3,889	$36,618
Income Per Share of Common Stock	'	'
Basic	$0.01	$0.16
Diluted	$0.01	$0.15
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	'	'
Basic	$0.03	$0.11
Diluted	$0.03	$0.11
Income (loss) from discontinued operations per share of common stock	'	'
Basic	($0.02)	$0.05
Diluted	($0.02)	$0.04
Weighted Average Number of Shares of Common Stock Outstanding	'	'
Basic	351,453,495	235,136,756
Diluted	363,066,769	240,079,144
Dividends Declared per Share of Common Stock	$0.10	$0.22

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income	$4,623	$38,013
Other comprehensive income (loss):	'	'
Net unrealized gain on securities	4,588	29,454
Reclassification of net realized (gain) loss on securities into earnings	-2,334	539
Net unrecognized gain and pension prior service cost (discontinued operations)	9	'
Net unrealized gain on derivatives designated as cash flow hedges	1,203	1,841
Reclassification of net realized (gain) loss on derivatives designated as cash flow hedges into earnings	-13	'
Other comprehensive income	3,453	31,834
Total comprehensive income	8,076	69,847
Comprehensive income attributable to Newcastle stockholders' equity	8,737	69,847
Comprehensive loss attributable to noncontrolling interests	($661)	'

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Newcastle Stockholders' Equity [Member]	Noncontrolling Interests [Member]	Total
In Thousands, except Share data, unless otherwise specified
Balance, beginning at Dec. 31, 2013	$61,583	$3,515	$2,970,786	($1,947,913)	$76,874	$1,164,845	$61,279	$1,226,124
Balance, beginning - shares at Dec. 31, 2013	2,463,321	351,453,495	'	'	'	'	'	'
Dividends declared	'	'	'	-36,540	'	-36,540	'	-36,540
Spin-off of New Media	'	'	'	-331,327	-467	-331,794	-60,391	-392,185
Comprehensive income (loss)	'	'	'	'	'	'	'	'
Net income (loss)	'	'	'	5,284	'	5,284	-661	4,623
Other comprehensive income	'	'	'	'	3,453	3,453	'	3,453
Total comprehensive income (loss)	'	'	'	'	'	8,737	-661	8,076
Balance, ending at Mar. 31, 2014	$61,583	$3,515	$2,970,786	($2,310,496)	$79,860	$805,248	$227	$805,475
Balance, ending - shares at Mar. 31, 2014	2,463,321	351,453,495	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows From Operating Activities	'	'
Net Income	$4,623	$38,013
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):	'	'
Depreciation and amortization	34,955	4,079
Accretion of discount and other amortization	-8,639	-8,539
Interest income in CDOs redirected for reinvestment or CDO bond paydown	-328	-536
Interest income on investments accrued to principal balance	-7,214	-6,181
Interest expense on debt accrued to principal balance	109	109
Valuation allowance on loans	1,246	2,234
Other-than-temporary impairment on securities	'	539
Change in fair value of investments in excess mortgage servicing rights	'	-1,858
Change in fair value of investments in equity method investees	'	-969
Straight-lining of rental income	-6,107	'
Equity in earnings from equity method investments	39	'
Distributions of earnings from equity method investees	'	1,344
(Gain)/loss on settlement of investments (net)	-2,332	3
Unrealized gain on non-hedge derivatives and hedge ineffectiveness	-12,748	-3,126
Gain on extinguishment of debt	'	-1,206
Change in:	'	'
Restricted cash	2,018	995
Receivables and other assets	8,434	-2,277
Accounts payable, accrued expenses and other liabilities	-9,419	1,995
Net cash provided by operating activities	4,637	24,619
Cash Flows From Investing Activities	'	'
Principal repayments from repurchased CDO debt	4,398	8,656
Principal repayments from CDO securities	601	1,290
Principal repayments from non-Agency RMBS	'	17,472
Return of investments in excess mortgage servicing rights	'	10,272
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)	25,435	74,944
Principal repayment from security accounted for as linked transaction	26,709	'
Purchase of real estate securities	'	-871,127
Purchase of real estate related and other loans	'	-101,313
Proceeds from sale of investments	532,236	'
Acquisition of investments in real estate	-22,800	'
Additions to investments in real estate	-3,578	-259
Contributions to equity method investees	'	-109,588
Distributions of capital from equity method investees	'	6,625
Deposit paid on investments	-2,448	-2,700
Net cash provided by (used in) investing activities	560,553	-965,728
Cash Flows From Financing Activities	'	'
Repurchases of CDO bonds payable	'	-9,722
Repayments of other bonds and notes payable	-8,384	-9,922
Borrowings under repurchase agreements	34,713	1,379,928
Borrowings under repurchase agreements accounted for as linked transactions	970	'
Repayments of repurchase agreements	-516,197	-835,777
Repayments under repurchase agreements accounted for as linked transactions	-7,366	'
Repayments of credit facilities, media and golf	-4,248	'
Margin deposits under repurchase agreements	-12,277	-62,100
Return of margin deposits under repurchase agreements	11,867	56,788
Borrowings under mortgage notes payable	17,250	'
Repayment of mortgage notes payable	-2,739	'
Issuance of common stock	'	764,759
Costs related to issuance of common stock	'	-592
New Media upon spin-off	-23,845	'
Common stock dividends paid	-35,145	-37,954
Preferred stock dividends paid	-1,395	-1,395
Payment of financing costs	-2,285	-30
Net cash provided by (used in) financing activities	-549,081	1,243,983
Net Increase in Cash and Cash Equivalents	16,109	302,874
Cash and Cash Equivalents, Beginning of Period	74,133	231,898
Less Cash and Cash Equivalents of Discontinued Operations	31,811	'
Cash and Cash Equivalents, End of Period	122,053	534,772
Supplemental Disclosure of Cash Flow Information	'	'
Cash paid during the period for interest expense	76	'
Cash paid during the period for income taxes	20,477	12,953
Supplemental Schedule of Non-Cash Investing and Financing Activities	'	'
Preferred stock dividends declared but not paid	930	930
Common stock dividends declared but not paid	35,145	55,666
Reduction of Assets and Liabilities relating to the spin-off of New Media	'	'
Property, plant and equipment, net	266,385	'
Goodwill and intangibles, net	271,350	'
Restricted cash	6,477	'
Receivables and other assets	101,940	'
Credit facilities, media	177,955	'
Accounts payable, accrued expenses and other laibilities	$99,857	'

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2014
General	'
GENERAL	'
	1.   GENERAL
	Newcastle Investment Corp. (and its subsidiaries, “Newcastle”) is a Maryland corporation that was formed in 2002. Newcastle focuses on opportunistically investing in, and actively managing, a variety of real estate-related and other investments. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, Newcastle will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. Newcastle's common stock is traded on the New York Stock Exchange under the symbol "NCT".
	On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. ("New Media"), and established New Media as a separate, publicly traded company (NYSE:NEWM). The spin-off was effected as a taxable pro rata distribution by Newcastle of all of the outstanding shares of common stock it held of New Media to Newcastle’s common stockholders of record at the close of business on February 6, 2014. The distribution ratio was 0.0722 shares of New Media common stock for each share of Newcastle common stock.
	In December 2013, Newcastle restructured an investment in mezzanine debt issued by NGP Mezzanine, LLC (“NGP”), the indirect parent of NGP Realty Sub, L.P. (“National Golf”). National Golf owns 27 golf courses across 8 states, and leases these courses to American Golf Corporation (“American Golf”), an affiliated operating company. American Golf also leases an additional 54 golf courses and manages 11 courses, all owned by third parties. As part of the transaction, Newcastle acquired the equity of NGP and American Golf’s indirect parent, AGC Mezzanine Pledge LLC (“AGC”), and therefore is consolidating these entities.
	As a result, Newcastle now conducts its business through the following segments: (i) investments in senior housing properties (“senior housing”), (ii) debt investments financed with collateralized debt obligations (“CDOs”), (iii) other debt investments (“other debt”), (iv) investments in golf courses and facilities (“Golf”) and (v) corporate. With respect to the CDOs and other debt investments, subject to the passing of certain periodic coverage tests, Newcastle is generally entitled to receive the net cash flows from these structures on a periodic basis.
	Newcastle is party to a management agreement (the "Management Agreement") with FIG LLC (the "Manager"), a subsidiary of Fortress Investment Group LLC (“Fortress”), under which the Manager advises Newcastle on various aspects of its business and manages its day-to-day operations, subject to the supervision of Newcastle's board of directors. For its services, the Manager is entitled to an annual management fee and incentive compensation, both as defined in, and in accordance with the terms of, the Management Agreement.
	Newcastle has its senior housing properties managed pursuant to property management agreements (the “Senior Housing Management Agreements”) with third parties (collectively, the “Senior Housing Managers”). Currently, the Senior Housing Managers are affiliates or subsidiaries of either Holiday Acquisition Holdings LLC (“Holiday”), a portfolio company that is majority owned by private equity funds managed by an affiliate of Newcastle’s Manager, or FHC Property Management LLC (together with its subsidiaries, “Blue Harbor”), an affiliate of Newcastle’s Manager.
	Approximately 6.4 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at March 31, 2014. In addition, Fortress, through its affiliates, held options to purchase approximately 25.7 million shares of Newcastle’s common stock at March 31, 2014.
	The accompanying consolidated financial statements and related notes of Newcastle have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of Newcastle's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with Newcastle's consolidated financial statements for the year ended December 31, 2013 and notes thereto included in Newcastle’s Annual Report on Form 10-K filed with the SEC. Capitalized terms used herein, and not otherwise defined, are defined in Newcastle’s consolidated financial statements for the year ended December 31, 2013.
	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
	Recently Adopted Accounting Policies
	The following accounting policies have been adopted in connection with Golf.
	REVENUE RECOGNITION
	Revenue from green fees, cart rentals, food and beverage sales, merchandise sales and other income (consisting primarily of range income, banquets, and club and other rental income) are generally recognized at the time of sale, when services are rendered and collection is reasonably assured.
	Revenue from membership dues is recognized in the month earned. Membership dues received in advance are included in deferred revenues and recognized as revenue ratably over the appropriate period, which is generally twelve months or less. The monthly dues are generally structured to cover the club operating costs and membership services.
	Private country club members generally pay an advance initiation fee upon their acceptance as a member to the country club. Initiation fees at most private clubs are deposits which are generally refundable 30 years after the date of acceptance as a member. Revenue related to membership deposits is recognized over the expected life of an active membership. For membership deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized on a straight-line basis over the expected life of an active membership.
	The present value of the refund obligation is recorded as a membership deposit liability in the consolidated balance sheets and accretes over the nonrefundable term (30 years) using the effective interest method. This accretion is recorded as interest expense in the consolidated statements of income.
	EXPENSE RECOGNITION
	Operating Leases and Other Operating Expenses - Other operating expenses for the Golf business consist primarily of equipment leases, utilities, repairs and maintenance, supplies, seed, soil and fertilizer, and marketing. Many of the golf courses and related facilities are leased under long-term operating leases. In addition to minimum payments, certain leases require payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The leases generally require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of lease terms range from 10 to 20 years, and typically, the leases contain renewal options. Certain leases include minimum scheduled increases in rental payments at various times during the term of the lease. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in accounts payable, accrued expenses and other liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent.
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  ASU 2014-08 changes the criteria for reporting a discontinued operation.  Under the new pronouncement, a disposal of a part of an organization that has a major effect on its operations and financial results is a discontinued operation.  This update is effective for Newcastle in the first quarter of 2015. Newcastle is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.
	The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, revenue recognition, leases, financial instruments and hedging. Some of the proposed changes are significant and could have a material impact on Newcastle’s reporting. Newcastle has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2014
Acquisitions	'
ACQUISITIONS	'
	2.   ACQUISITIONS
	Acquisitions of Senior Housing properties
	In January 2014, Newcastle completed the acquisitions of two senior housing properties for an aggregate purchase price of approximately $22.8 million plus acquisition costs. Each of these acquisitions was accounted for as a business combination, under which all assets acquired and liabilities assumed are recognized at their acquisition-date fair value with acquisition-related costs being expensed as incurred. Newcastle has retained Holiday to manage these properties. Pursuant to the property management agreements with Holiday, Newcastle pays management fees equal to either (i) 5% of the property’s effective gross income (as defined in the agreements) or (ii) 6% of the property’s effective gross income (as defined in the agreements) for the first two years and 7% thereafter. In addition, Newcastle will reimburse Holiday for certain expenses, primarily the compensation expense associated with the on-site employees.
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
	Allocation of Purchase Price (A)
	Investments in Real Estate	$	20,630
	Resident Lease Intangibles	2,370
	Other Assets, net of other Liabilities	(200		)
	Total purchase price	$	22,800
	Mortgage Notes Payable (B)	(17,250		)
	Net assets acquired	$	5,550
	Total acquisition related costs (C)	$	258
	(A)	Due to the timing of the acquisition, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
	(B)	See Note 10.
	(C)	Acquisition related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.

SPINOFF_OF_NEW_RESIDENTIAL_AND

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA	3 Months Ended
	Mar. 31, 2014
Spin-Off Of New Residential And New Media	'
SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA	'
	3.   SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA
	On May 15, 2013, Newcastle completed the spin-off of New Residential from Newcastle.
	On February 13, 2014, Newcastle completed the spin-off of New Media from Newcastle.
	The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off.
	Assets
	Property, plant and equipment, net	$	266,385
	Intangibles, net	144,664
	Goodwill	126,686
	Cash and cash equivalents	23,845
	Restricted cash	6,477
	Receivables and other assets	101,940
	Total Assets	$	669,997
	Liabilities
	Credit facilities - media	$	177,955
	Accounts payable, accrued expenses and other liabilities	99,857
	Total Liabilities	$	277,812
	Net Assets	$	392,185
	As a result of the May 15, 2013 spin-off and the February 13, 2014 spin-off, for all periods presented, the assets, liabilities and results of operations of those components of Newcastle’s operations that (i) were part of the spin-off, and (ii) represent operations in which Newcastle has no significant continuing involvement, are presented separately in discontinued operations in Newcastle’s consolidated financial statements.
	Results from discontinued operations were as follows:
		Three Months Ended
		March 31,
		2014			2013
	Interest Income	$	—		$	10,035
	Interest Expense	2,096			—
	Net interest income (loss)	(2,096		)	10,035
	Media income	68,213			—
	Change in fair value of investments in excess mortgage servicing rights	—			1,858
	Change in fair value of investments in equity method investees	—			969
	Other income	—			2,827
	Media operating expenses	65,826			—
	Property operating costs	—			7
	General and administrative expenses	1,904			2,707
	Depreciation and amortization	4,596			—
	Income tax (benefit) expense	(915		)	—
	Total expenses	71,411			2,714
	Net income attributable to noncontrolling interest	522			—
	Income (loss) from discontinued operations	$	(4,772	)	$	10,148
	The May 15, 2013 spin-off resulted in a $1.2 billion reduction in the basis upon which Newcastle’s management fees are computed (and an equivalent reduction in the basis upon which the incentive compensation threshold is computed), as well as a reduction in the strike price of Newcastle’s then outstanding options (see Note 13).
	The February 13, 2014 spin-off resulted in a $0.4 billion reduction in the basis upon which Newcastle’s management fees are computed (and an equivalent reduction in the basis upon which the incentive compensation threshold is computed), as well as a reduction in the strike price of Newcastle’s then outstanding options (see Note 13).

SEGMENT_REPORTING_AND_VARIABLE

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2014
Segment Reporting And Variable Interest Entities	'
SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	'
	4.   SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES
	Newcastle conducts its business through the following segments: (i) investments in senior housing properties (“senior housing”), (ii) debt investments financed with collateralized debt obligations (“CDOs”), (iii) other debt investments (“other debt”), (iv) investment in golf courses and facilities (“golf”) and (v) corporate. With respect to the CDOs and other debt segments, Newcastle is generally entitled to receive net cash flows from these structures on a periodic basis.
	The corporate segment consists primarily of interest income on short term investments, general and administrative expenses, interest expense on the junior subordinated notes payable and management fees pursuant to the Management Agreement.
	Summary financial data on Newcastle's segments is given below, together with reconciliation to the same data for Newcastle as a whole:
		Senior			Debt Investments (A)												Inter-segment Elimination and
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations (C)			Total
	Three Months Ended March 31, 2014
	Interest income	$	—		$	30,722		$	16,952		$	41		$	11		$	(1,274	)	$	46,452
	Interest expense	13,701			6,128			12,663			3,682			955			(1,274		)	35,855
	Net interest income (expense)	(13,701		)	24,594			4,289			(3,641		)	(944		)	—			10,597
	Impairment (reversal)	—			432			814			—			—			—			1,246
	Operating revenues	57,810			—			541			63,278			—			—			121,629
	Other income (loss)	(2		)	13,610			2,198			—			—			—			15,806
	Property operating expenses	23,520			—			284			—			—			—			23,804
	Operating expenses - golf	—			—			—			58,338			—			—			58,338
	Cost of sales - golf	—			—			—			5,956			—			—			5,956
	Depreciation and amortization	22,835			—			57			7,430			37			—			30,359
	Other operating expenses	7,792			156			702			1,081			8,375			—			18,106
	Income tax expense	155			—			—			140			—			—			295
	Income (loss) from continuing operations	(10,195		)	37,616			5,171			(13,308		)	(9,356		)	—			9,928
	Income (loss) from discontinued operations, net of tax	—			—			—			—			—			(5,305		)	(5,305		)
	Net income (loss)	(10,195		)	37,616			5,171			(13,308		)	(9,356		)	(5,305		)	4,623
	Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			—			139			—			522			661
	Income (loss) applicable to common stockholders	$	(10,195	)	$	37,616		$	5,171		$	(13,169	)	$	(10,751	)	$	(4,783	)	$	3,889
		Senior			Debt Investments (A)												Inter-segment Elimination and
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations (C)			Total
	March 31, 2014
	Investments	$	1,465,735		$	807,388		$	718,082		$	351,906		$	—		$	(86,313	)	$	3,256,798
	Cash and restricted cash	36,095			1,304			752			12,916			75,300			—			126,367
	Other assets	63,969			36,733			1,350			34,455			1,089			(152		)	137,444
	Total assets	1,565,799			845,425			720,184			399,277			76,389			(86,465		)	3,520,609
	Debt	1,091,823			543,859			624,240			182,373			51,236			(86,313		)	2,407,218
	Other liabilities	69,440			10,918			2,123			181,165			44,422			(152		)	307,916
	Total liabilities	1,161,263			554,777			626,363			363,538			95,658			(86,465		)	2,715,134
	Preferred stock	—			—			—			—			61,583			—			61,583
	Noncontrolling interests	—			—			—			227			—			—			227
	GAAP book value	$	404,536		$	290,648		$	93,821		$	35,512		$	(80,852	)	$	—		$	743,665
	Additions to investments in real estate	$	24,640		$	—		$	33		$	1,892		$	—		$	—		$	26,565
		Senior			Debt Investments (A)												Inter-segment Elimination and
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations (C)			Total
	Three Months Ended March 31, 2013
	Interest income	$	—		$	31,828		$	30,298		$	—		$	72		$	(866	)	$	61,332
	Interest expense	1,232			7,135			14,257			—			952			(866		)	22,710
	Net interest income (expense)	(1,232		)	24,693			16,041			—			(880		)	—			38,622
	Impairment (reversal)	—			3,182			(409		)	—			—			—			2,773
	Operating revenues	12,997			—			503			—			—			—			13,500
	Other income (loss)	8			4,572			1,190			—			—			—			5,770
	Property operating expenses	8,423			—			247			—			—			—			8,670
	Depreciation and amortization	4,022			—			57			—			—			—			4,079
	Other operating expenses	2,081			194			855			—			11,375			—			14,505
	Income (loss) from continuing operations	(2,753		)	25,889			16,984			—			(12,255		)	—			27,865
	Income (loss) from discontinued operations	—			—			—			—			—			10,148			10,148
	Net income (loss)	(2,753		)	25,889			16,984			—			(12,255		)	10,148			38,013
	Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
	Income (loss) applicable to common stockholders	$	(2,753	)	$	25,889		$	16,984		$	—		$	(13,650	)	10,148			$	36,618
	(A)	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, 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.
	(B)	The following table summarizes the investments and debt in the other debt segment:
		March 31, 2014
		Investments						Debt
	Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount*			Value*
	Manufactured housing loan portfolio I	$	98,925		$	89,113		$	70,943		$	63,325
Manufactured housing loan portfolio II	123,611			123,277			88,785			88,524
Subprime mortgage loans subject to call options	406,217			406,217			406,217			406,217
Real estate securities	54,446			50,226			38,253			34,811
Operating real estate	N/A			6,573			6,000			6,000
Subtotal	683,199			675,406			610,198			598,877
Other
Unlevered real estate securities	128,032			4,129			—			—
Other investments	N/A			6,239			—			—
Residential mortgage loans	44,183			32,308			25,363			25,363
	$	855,414		$	718,082		$	635,561		$	624,240
*An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.
(C)	Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments. In addition, includes the results of discontinued segments.
Variable Interest Entities (“VIEs”)
The VIEs in which Newcastle has a significant interest include (i) Newcastle’s CDOs, in which Newcastle has been determined to be the primary beneficiary and therefore consolidates them (with the exception of CDO V and CDO VIII Repack), since it has the power to direct the activities that most significantly impact the CDOs’ economic performance and would absorb a significant portion of their expected losses and receive a significant portion of their expected residual returns, and (ii) the manufactured housing loan financing structures, which are similar to the CDOs in analysis. Newcastle’s CDOs and manufactured housing loan financings are held in special purpose entities whose debt is treated as non-recourse secured borrowings of Newcastle.
Newcastle’s subprime securitizations, CDO V and the CDO VIII Repack are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, no longer receives a significant portion of their returns, and therefore does not consolidate them.
In addition, Newcastle’s investments in RMBS, commercial mortgage backed securities (“CMBS”), CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE since they involve subjective determinations of significance, with respect to both power and economics. The result could be the consolidation of an entity that otherwise would not have been consolidated or the de-consolidation of an entity that otherwise would have been consolidated.
As of March 31, 2014, Newcastle has not consolidated these potential VIEs. This determination is based, in part, on the assessment that Newcastle does not have the power to direct the activities that most significantly impact the economic performance of these entities, such as if Newcastle owned a majority of the currently controlling class. In addition, Newcastle is not obligated to provide, and has not provided, any financial support to these entities
Newcastle had variable interests in the following unconsolidated VIEs at March 31, 2014, in addition to the subprime securitizations which are described in Note 6:
Entity		Gross Assets (A)			Debt (A) (B)			Carrying Value of Newcastle's Investment (C)
Newcastle CDO V		$	177,764		$	204,882		$	3,278
CDO VIII Repack		$	90,097		$	90,097		$	88,272
(A)	Face amount.
(B)	Newcastle CDO V includes $40.3 million face amount of debt owned by Newcastle with a carrying value of $3.3 million at March 31, 2014. CDO VIII Repack includes $90.1 million face amount of debt owned by Newcastle with a carrying value of $88.3 million at March 31, 2014.
(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2014
Real Estate Securities	'
REAL ESTATE SECURITIES	'
	5. REAL ESTATE SECURITIES
	The following is a summary of Newcastle’s real estate securities at March 31, 2014, all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
						Amortized Cost Basis										Gross Unrealized								Weighted Average
	Asset Type		Outstanding Face Amount			Before Impairment				Other-Than- Temporary Impairment				After Impairment		Gains		Losses			Carrying		Number of Securities	Rating (B)	Coupon		Yield		Life	Principal Subordination (D)
																					Value (A)								(Years) (C)
	CMBS-Conduit		$	235,635		$	217,189			$	(68,980	)		$	148,209	$	52,221	$	(97	)	$	200,333	33	BB-	5.47	%	18.84	%	2.5	10.2	%
	CMBS- Single Borrower		91,349			90,813				(12,364		)		78,449		4,345		(15		)	82,779		15	BB	5.6	%	7.15	%	2.1	7.8	%
	CMBS-Large Loan		3,229			3,229				—				3,229		—		—			3,229		1	BBB-	6.63	%	6.63	%	0.1	4.4	%
	REIT Debt		29,200			28,729				—				28,729		2,228		—			30,957		5	BB+	5.89	%	6.87	%	1.3	N/A
	Non-Agency RMBS		93,221			99,881				(59,987		)		39,894		21,639		(9		)	61,524		33	CCC+	1.04	%	11.9	%	4.7	26.2	%
	ABS-Franchise		8,464			7,647				(7,647		)		—		—		—			—		1	C	6.69	%	0	%	—	0	%
	CDO (E)		71,632			55,851				—				55,851		4,350		—			60,201		2	BB+	0.51	%	7.59	%	3.2	49.1	%
	Total / Average (F)		$	532,730		$	503,339			$	(148,978	)		$	354,361	$	84,783	$	(121	)	$	439,023	90	B+	4.1	%	12.62	%	2.8
	(A)	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
	(B)	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.
	(C)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(D)	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
	(F)	The total outstanding face amount was $340.6 million for fixed rate securities and $192.1 million for floating rate securities.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the three months ended March 31, 2014, Newcastle recorded no other-than-temporary impairment charges (“OTTI”) with respect to real estate securities. Based on management’s analysis of the securities, the performance of the underlying loans and changes in market factors, Newcastle noted no adverse changes in the expected cash flows on certain of these securities. Unrealized losses on Newcastle’s securities were primarily the result of changes in market factors, rather than issue-specific credit impairment. Newcastle performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support its belief that the carrying values of such securities were fully recoverable over their expected holding period. The following table summarizes Newcastle’s securities in an unrealized loss position as of March 31, 2014.
						Amortized Cost Basis
	Securities in		Outstanding							Other-than-													Number	Weighted Average
	an Unrealized		Face			Before				Temporary				After		Gross Unrealized					Carrying		of						Life
	Loss Position		Amount			Impairment				Impairment				Impairment		Gains		Losses			Value		Securities	Rating	Coupon		Yield		(Years)
	Less Than Twelve		$	15,084		$	15,590			$	(1,443	)		$	14,147	$	—	$	(24	)	$	14,123	5	BBB	2.31	%	4.97	%	2.4
	Months
	Twelve or More		6,700			6,519				—				6,519		—		(97		)	6,422		2	B+	5.98	%	6.63	%	4.4
	Months
	Total		$	21,784		$	22,109			$	(1,443	)		$	20,666	$	—	$	(121	)	$	20,545	7	BB+	3.43	%	5.5	%	3
	Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following:
		March 31, 2014
					Amortized
					Cost Basis				Unrealized Losses
		Fair Value			After Impairment				Credit (B)				Non-Credit (C)
	Securities Newcastle intends to sell	$	—		$	—			$	—			$          N/A
	Securities Newcastle is more likely than not to be required to sell (A)	—			—				—				N/A
	Securities Newcastle has no intent to sell and is not more likely than not to be required to sell:
	Credit impaired securities	1,358			1,367				—				(9		)
	Non credit impaired securities	19,187			19,299				—				(112		)
	Total debt securities in an unrealized loss position	$	20,545		$	20,666			$	—			$	(121	)
	(A)	Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales.
	(B)	This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle’s management estimates the expected cash flow for each of the securities.  This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends.  Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities.  Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate.
	(C)	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
	The following table summarizes the activity related to credit losses on debt securities for the three months ended March 31, 2014:
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(2,873	)
	Additions for credit losses on securities for which an OTTI was not previously recognized	—
	Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income	—
	Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	(1,443		)
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	—
	Reduction for securities sold/written off during the period	2,873
	Reduction for securities transferred to New Residential	—
	Reduction for securities de-consolidated during the period	—
	Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	—
	Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(1,443	)
	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at March 31, 2014:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	72,386		21.9	%		$	31,053			30.5	%
	Northeastern U.S.	60,575			18.3	%		21,121				20.8	%
	Southeastern U.S.	66,288			20.1	%		19,949				19.6	%
	Midwestern U.S.	49,117			14.9	%		13,146				12.9	%
	Southwestern U.S.	64,231			19.4	%		10,247				10.1	%
	Other	12,719			3.9	%		6,169				6.1	%
Foreign	4,897			1.5	%		—				0	%
	$	330,213		100	%		$	101,685			100	%
Geographic concentrations of investments expose Newcastle to the risk of economic downturns within the relevant regions, particularly given the current unfavorable market conditions. These market conditions may make regions more vulnerable to downturns in certain market factors. Any such downturn in a region where Newcastle holds significant investments could have a material, negative impact on Newcastle.
In January 2014, Newcastle sold $503.0 million face amount of the remaining FNMA/FHLMC securities at an average price of 105.82% for total proceeds of $532.2 million and repaid $516.1 million of associated repurchase agreements. We recognized a net gain of approximately $1.9 million on the sale of these securities.

REAL_ESTATE_RELATED_AND_OTHER_

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS, AND SUBPRIME MORTGAGE LOANS	3 Months Ended
	Mar. 31, 2014
Real Estate Related And Other Loans Residential Mortgage Loans And Subprime Mortgage Loans	'
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS, AND SUBPRIME MORTGAGE LOANS	'
	6. REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS
	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at March 31, 2014. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
	Loan Type	Outstanding			Carrying				Loan			Weighted		Weighted Average Coupon		Weighted Average Life	Floating Rate Loans as a % of Face Amount		Delinquent Face Amount (C)
		Face Amount			Value (A)				Count			Average				(Years) (B)
												Yield
	Mezzanine Loans	$	157,519		$	125,071			8			6.99	%	7.33	%	1.4	75.7	%	$	12,000
	Corporate Bank Loans	174,806			97,244				5			22.03	%	12.36	%	2.3	14.8	%	24,835
	B-Notes	96,033			90,445				3			11.1	%	5.3	%	1.4	76.6	%	—
	Whole Loans	490			490				1			4.08	%	7.55	%	0.6	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	428,848		$	313,250			17			12.84	%	8.93	%	1.7	51	%	$	36,835
	Non-securitized Manufactured Housing Loan Portfolio I	$	496		$	130			14			82.04	%	7.91	%	0.9	0	%	$	—
	Non-Securitized Manufactured Housing Loan Portfolio II	2,511			2,048				96			15.4	%	10.04	%	5	9.6	%	205
	Securitized Manufactured Housing Loan Portfolio I (D)(E)	98,925			89,113				2,742			9.43	%	8.59	%	6	0.6	%	955
	Securitized Manufactured Housing Loan Portfolio II (D)(E)	123,611			123,277				4,493			8.14	%	9.62	%	4.8	16.4	%	1,884
	Residential Loans (D)	44,941			33,731				170			6.92	%	2.26	%	5.2	100	%	6,935
	Total Residential Mortgage Loans Held-for-Sale, Net	$	270,484		$	248,299			7,515			8.54	%	8.02	%	5.3	24.4	%	$	9,979
	Subprime Mortgage Loans Subject to Call Option	$	406,217		$	406,217
	(A)	Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $5.2 million for the manufactured housing loans.
	(B)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of March 31, 2014, $101.3 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
	(E)	Newcastle intends to sell its manufactured housing portfolio in the near term. As such, Newcastle has reclassified the loans as held for sale as of March 31, 2014. In addition, Newcastle delivered to the trustees a notice to redeem the outstanding debt within each securitization at par. The fair value of the loans as of March 31, 2014 was 104% of par.
	The following is a summary of real estate related and other loans by maturities at March 31, 2014:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	36,835		$	9,531			2
	Period from April 1, 2014 to December 31, 2014	115,537			50,165				5
	2015	1,488			989				2
	2016	64,928			63,309				2
	2017	70,504			70,504				3
	2018	22,450			18,779				1
	2019	103,286			87,214				1
	Thereafter	13,820			12,759				1
	Total	$	428,848		$	313,250			17
	-1	Based on the final extended maturity date of each loan investment as of March 31, 2014.
	-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
	Activities relating to the carrying value of Newcastle’s real estate related and other loans and residential mortgage loans are as follows:
		Held-for-Sale							Held-for-Investment
		Real Estate Related and Other Loans			Residential Mortgage Loans				Residential Mortgage Loans
	Balance at December 31, 2013	$	437,530		$	2,185			$	255,450
	Purchases / additional fundings	—			—				—
	Interest accrued to principal balance	7,214			—				—
	Principal paydowns	(140,466		)	(105		)		(9,436		)
	Sales	—			—				—
	Transfer to held-for-sale	—			246,121				(246,121		)
	Valuation (allowance) reversal on loans	(432		)	19				(833		)
	Loss on repayment of loans held-for-sale	—			—				—
	Accretion of loan discount and other amortization	8,867			—				115
	Other	537			79				825
	Balance at March 31, 2014	$	313,250		248,299				$	—
	In January 2014, Intrawest, a portfolio company of a private equity fund managed by an affiliate of Newcastle’s Manager completed a $37.5 million primary offering and a $150.0 million secondary offering. At December 31, 2013, Newcastle had an outstanding investment balance of $185.6 million in Intrawest's debt. Following Intrawest’s public offerings, Newcastle received total cash of $83.3 million, which reduced the face of the debt balance down to $103.3 million at March 31, 2014.
	The following is a rollforward of the related loss allowance.
		Held-For-Sale							Held-For-Investment
		Real Estate Related and Other Loans			Residential Mortgage Loans				Residential Mortgage
									Loans (A)
	Balance at December 31, 2013	$	(94,037	)	$	(824	)		$	(12,247	)
	Charge-offs (B)	504			16				711
	Transfer to held-for-sale	—			(12,369		)		12,369
	Valuation (allowance) reversal on loans	(432		)	19				(833		)
	Balance at March 31, 2014	$	(93,965	)	$	(13,158	)		$	—
	(A)	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.
	(B) The charge-offs for real estate related loans represent one loan which was under restructuring.
	The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at March 31, 2014:
	Real Estate Related						Residential Mortgage Loans
	and Other Loans
Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
Western U.S.	$	43,634		16.9	%		$	161,792			59.8	%
Northeastern U.S.	31,125			12	%		8,378				3.1	%
Southeastern U.S.	51,962			20.1	%		60,092				22.2	%
Midwestern U.S.	8,934			3.5	%		9,776				3.6	%
Southwestern U.S.	31,987			12.4	%		30,446				11.3	%
Foreign	91,022			35.1	%		—				—%
	$	258,664		100	%		$	270,484			100	%
Other	170,184			(A)
	$	428,848
(A)	Includes corporate bank loans which are not directly secured by real estate assets.
Securitization of Subprime Mortgage Loans
The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at March 31, 2014:
	Subprime Portfolio
	I			II				Total
Total securitized loans (unpaid principal balance) (A)	$	359,809		$	493,518			$	853,327
Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
Retained interests (fair value) (B)	$	2,360		$	—			$	2,360
(A)	Average loan seasoning of 104 months and 86 months for Subprime Portfolios I and II, respectively, at March 31, 2014.
(B)	The retained interests include retained bonds of the securitizations. The fair value of which is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained bonds was 24.14% as of March 31, 2014.
Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that its exposure to loss is limited to the carrying amount of its retained interests in the securitization entities, as described above.  A subsidiary of Newcastle gave limited representations and warranties with respect to Subprime Portfolio II and is required to pay the difference, if any, between the repurchase price of any loan in such portfolio and the price required to be paid by a third party originator for such loan. Such subsidiary, however, has no assets and does not have recourse to the general credit of Newcastle.
The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of March 31, 2014:
	Subprime Portfolio
	I			II
Loan unpaid principal balance (UPB)	$	359,809		$	493,513
Weighted average coupon rate of loans	5.89		%	4.76		%
Delinquencies of 60 or more days (UPB) (A)	$	102,305		$	191,809
Net credit losses for the three months ended March 31, 2014	$	8,351		$	12,054
Cumulative net credit losses	$	255,156		$	313,628
Cumulative net credit losses as a % of original UPB	17		%	28.8		%
Percentage of ARM loans (B)	51.2		%	64.3		%
Percentage of loans with original loan-to-value ratio >90%	10.7		%	16.6		%
Percentage of interest-only loans	8.9		%	13.2		%
Face amount of debt (C)	$	355,809		$	493,513
Weighted average funding cost of debt (D)	0.51		%	0.43		%
(A)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
(B)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
(C)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2014.
(D)	Includes the effect of applicable hedges.
Newcastle received negligible cash inflows from the retained interests of Subprime Portfolios I and II during the three months ended March 31, 2014 and 2013.
The loans subject to call option and the corresponding financing recognize interest income and expense based on the expected weighted average coupons of the loans subject to call option at the call date of 9.24% and 8.68% for Subprime Portfolio’s I and II, respectively.

INVESTMENTS_IN_SENIOR_HOUSING_

INVESTMENTS IN SENIOR HOUSING AND OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	3 Months Ended
	Mar. 31, 2014
Investments In Senior Housing And Other Real Estate Net Of Accumulated Depreciation	'
INVESTMENTS IN SENIOR HOUSING AND OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	'
	7. INVESTMENTS IN SENIOR HOUSING AND OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION
	The following table summarizes Newcastle’s investments in real estate:
		March 31, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Senior Housing
	Land	$	104,634	$	—		$	104,634	$	102,235	$	—		$	102,235
	Buildings	1,219,511		(15,023		)	1,204,488		1,199,672		(7,523		)	1,192,149
	Building improvements	18,783		(1,366		)	17,417		20,704		(549		)	20,155
	Furniture, fixtures and equipment	52,905		(4,734		)	48,171		50,711		(2,350		)	48,361
	Investments in Senior Housing Real Estate	$	1,395,833	$	(21,123	)	$	1,374,710	$	1,373,322	$	(10,422	)	$	1,362,900
		March 31, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Golf
	Land	$	93,534	$	—		$	93,534	$	93,534	$	—		$	93,534
	Buildings	50,615		(1,143		)	49,472		50,615		—			50,615
	Building improvements	90,785		(2,953		)	87,832		90,736		—			90,736
	Furniture, fixtures and equipment	20,090		(1,539		)	18,551		19,028		—			19,028
	Construction in progress	6,441		—			6,441		5,660		—			5,660
	Golf Total	261,465		(5,635		)	255,830		259,573		—			259,573
	Other Commercial Real Estate
	Land	1,106		—			1,106		1,106		—			1,106
	Buildings	6,588		(1,399		)	5,189		6,588		(1,356		)	5,232
	Building improvements	1,003		(725		)	278		970		(711		)	259
	Furniture, fixtures and equipment	—		—			—		—		—			—
	Other Commercial Real Estate Total	8,697		(2,124		)	6,573		8,664		(2,067		)	6,597
	Investments in Other Real Estate	$	270,162	$	(7,759	)	$	262,403	$	268,237	$	(2,067	)	$	266,170

INTANGIBLES_NET_OF_ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	3 Months Ended
	Mar. 31, 2014
Intangibles Net Of Accumulated Amortization	'
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	'
	8. INTANGIBLES, NET OF ACCUMULATED AMORTIZATION
	The following table summarizes Newcastle’s intangible assets related to its senior housing real estate and golf business:
		March 31, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
	Senior Housing
	In-place resident lease intangibles	$	114,584	$	(33,810	)	$	80,774	$	112,267	$	(21,902	)	$	90,365
	Non-compete intangibles	1,600		(358		)	1,242		1,600		(223		)	1,377
	Land lease intangibles	3,442		(12		)	3,430		3,498		(1		)	3,497
	PILOT intangible	3,700		(202		)	3,498		3,700		(124		)	3,576
	Other intangibles	2,107		(26		)	2,081		2,046		(2		)	2,044
	Total Senior Housing	125,433		(34,408		)	91,025		123,111		(22,252		)	100,859
	Golf
	Trade name	700		(6		)	694		700		—			700
	Leasehold intangibles	52,066		(1,351		)	50,715		52,066		—			52,066
	Management contracts	39,000		(1,200		)	37,800		39,000		—			39,000
	Internally-developed software	800		(40		)	760		800		—			800
	Membership base	5,400		(193		)	5,207		5,400		—			5,400
	Nonamortizable liquor license	900		—			900		900		—			900
	Total Golf	98,866		(2,790		)	96,076		98,866		—			98,866
	Total Intangibles	$	224,299	$	(37,198	)	$	187,101	$	221,977	$	(22,252	)	$	199,725
	The gross carrying amount of the in-place resident lease intangibles is amortized on a straight-line basis over the average length of stay of the residents: 24 months for assisted living and memory care facilities and 33 months for independent living facilities. The gross carrying amount of the non-compete intangibles and other intangibles is amortized on a straight-line basis over the stated term within the respective agreements, 5 years and 13 years, respectively. The gross carrying amount of the land lease intangibles is amortized over the stated term within the respective agreements, 74 years and 82 years.   The gross carrying amount of the PILOT intangible is amortized over the stated term within the agreement of 13 years. The weighted average amortization periods for amortizable intangible assets are 29.75 years for trade name, 8.05 years for leasehold intangibles, 7.69 years for management contracts, 4.75 years for internally-developed software, and 6.75 years for membership base.

RECEIVABLES_AND_OTHER_ASSETS

RECEIVABLES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
RECEIVABLES AND OTHER ASSETS	'
	9.    RECEIVABLES AND OTHER ASSETS
	The following table summarizes Newcastle's receivables and other assets:
		31-Mar-14		31-Dec-13
	Accounts receivable, net	$	11,329	$	13,477
	Deferred financing costs	40,425		42,473
	Derivative assets	34,022		43,662
	Prepaid expenses	12,657		8,631
	Interest receivable	2,120		4,667
	Deposits	11,091		9,915
	Inventory	5,493		5,140
	Miscellaneous assets, net	20,307		13,922
		$	137,444	$	141,887

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2014
Debt Obligations	'
DEBT OBLIGATIONS	'
	10.   DEBT OBLIGATIONS
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at March 31, 2014:
		31-Mar-14
															Collateral									Aggregate
	Debt Obligation/Collateral	Month Issued	Outstanding		Carrying		Final Stated Maturity	Weighted		Weighted Average		Weighted Average Life(Years)	Face Amount of		Outstanding Face Amount (C)		Amortized		Carrying		Weighted Average Life	Floating Rate Face Amount (C)		Notional
			Face		Value			Average		Funding			Floating Rate Debt				Cost Basis (C)		Value (C)		(Years)			Amount of Current Hedges (D)
			Amount					Coupon (A)		Cost (B)
	CDO Bonds Payable
	CDO VI (E)	Apr-05	$	92,127	$	92,127	Apr 2040	0.83%		5.35	%	5.8	$	88,782	$	163,128	$	88,930	$	125,858	2.1	$	39,662	$	88,782
	CDO VIII	Nov-06	190,341		190,076		Nov 2052	1.07%		3.87	%	1.3	182,741		341,619		245,154		275,210		2.2	140,043		104,662
	CDO IX	May-07	125,317		126,610		May 2052	0.59%		0.52	%	1.3	125,317		372,597		306,412		316,729		2.4	148,646		—
			407,785		408,813					3.17	%	2.3	396,840		877,344		640,496		717,797		2.3	328,351		193,444
	Other Bonds and Notes Payable
	MH Loans Portfolio I (F)	Apr-10	50,448		47,234		Jul-35	6.65%		6.65	%	4.1	—		98,925		89,113		89,113		6	555		—
	MH Loans Portfolio II	May 2011	88,785		88,524		Dec-33	4.79%		4.79	%	3.8	—		123,611		123,277		123,277		4.8	20,310		—
	NCT 2013-VI IMM-1 (G)	Nov-13	94,138		85,547		Apr-40	LIBOR+0.25%		0.4	%	1.9	94,138		—		—		—		—	—		—
			233,371		221,305					3.49	%	3.1	94,138		222,536		212,390		212,390		5.3	20,865		—
	Repurchase Agreements (H)
	CDO securities (G)	Dec-13	49,500		49,500		Apr-14	LIBOR+1.65%		1.8	%	0.1	49,500		—		—		—		—	—		—
	Residential Mortgage Loans	Nov-13	25,363		25,363		Nov-14	LIBOR+2.00%		2.15	%	0.6	25,363		35,074		25,665		25,665		5.4	35,074		—
			74,863		74,863					1.92	%	0.3	74,863		35,074		25,665		25,665		5.4	35,074		—
	Mortgage Notes Payable
	Fixed Rate - Managed Properties		158,601		158,751		Aug 2018 to	1.56% to 4.12%	(I) (J)	4.5	%	5	—		N/A		186,985		186,985		N/A	N/A		—
							Mar-20
	Floating Rate - Managed Properties		215,828		215,828		Aug 2016 to Jan 2019	LIBOR +3.50% to LIBOR+3.75%		4.81	%	3.9	215,828		N/A		291,556		291,556		N/A	N/A		—
	Fixed Rate - Triple Net Lease Properties		717,244		717,244		Jan 2024	4.15%		4.77	%	7.6	—		N/A		987,094		987,094		N/A	N/A		—
			1,091,673		1,091,823					4.74	%	6.5	215,828		N/A		1,465,635		1,465,635		N/A	N/A		—
	Golf Credit Facilities (K)
	First Lien Loan	Dec-13	46,922		46,922		Dec-18	LIBOR+4.00%	(L)	4.5	%	3.8	46,922		N/A		—		—		N/A	N/A		—
	Second Lien Loan	Dec-13	105,576		105,576		Dec-18	5.50%		5.5	%	3.8	—		N/A		—		—		N/A	N/A		—
	Vineyard I	Dec-93	263		263		Aug-14	11.37%		11.37	%	0.4	263		N/A		—		—		N/A	N/A		—
	Vineyard II	Dec-93	200		200		Dec-43	2.13%		2.13	%	29.7	200		N/A		—		—		N/A	N/A		—
			152,961		152,961					5.2	%	3.8	47,385		N/A		—		—		N/A	N/A		—
	Corporate
	Junior subordinated notes payable	Mar 2006	51,004		51,236		Apr-35	7.57%	(M)	7.39	%	21.1	—		—		—		—		—	—		—
			51,004		51,236					7.39	%	21.1	—		—		—		—		—	—		—
	Subtotal debt obligations		2,011,657		2,001,001					4.28	%	5.2	$	829,054	$	1,134,954	$	2,344,186	$	2,421,487	3	$	384,290	$	193,444
	Financing on subprime mortgage loans subject to call option (N)		406,217		406,217
	Total debt obligations		$	2,417,874	$	2,407,218
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost.
	(C)	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
	(D)	Including the $88.8 million portion of the notional amount of interest rate swap in CDO VI, which acted as an economic hedge that was not designated as a hedge for accounting purposes.
	(E)	This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2014. 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.
	(F)	Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
	(G)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
	(H)	These repurchase agreements had less than $0.1 million of accrued interest payable at March 31, 2014. $74.9 million face amount of these repurchase agreements were renewed subsequent to March 31, 2014. The counterparties on these repurchase agreements are Bank of America ($49.5 million) and Credit Suisse ($25.4 million).
	(I)	For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
	(J)	For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
	(K)	These facilities are collateralized by all of the assets of the golf business.
	(L)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(M)	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.
	(N)	LIBOR +2.25% after April 2016.
	Each CDO financing is subject to tests that measure the amount of over collateralization and excess interest in the transaction.  Failure to satisfy these tests would cause the principal and/or interest cashflow that would otherwise be distributed to more junior classes of securities (including those held by Newcastle) to be redirected to pay down the most senior class of securities outstanding until the tests are satisfied. As a result, Newcastle’s cash flow and liquidity are negatively impacted upon such a failure. As of March 31, 2014, CDO VI was not in compliance with its over collateralization tests. Based upon Newcastle's current calculations, Newcastle expects this CDO to remain out of compliance for the foreseeable future.
	As of March 31, 2014, Newcastle has unused borrowing capacity of $7.5 million on the golf credit facilities.
	Newcastle’s non-CDO financings, mortgage notes payable and golf credit facilities contain various customary loan covenants. Newcastle was in compliance with all of these covenants as of March 31, 2014.
	In June 2013, Newcastle completed the purchase of $116.8 million aggregate face amount of securities that are collateralized by certain Newcastle CDO VIII Class I notes for an aggregate purchase of approximately $103.1 million, or an average price of 88.3% of par. Simultaneously, Newcastle financed the purchase with $60.0 million received pursuant to a master repurchase agreement with the seller of the securities (“CDO VIII Repack”). The terms of the repurchase agreement included a rate of one-month LIBOR plus 150 bps and a 30-day maturity. The repurchase agreement includes various customary default events, including a default if Newcastle’s market capitalization declines by 50% from the market capitalization observed at the last trading day of the previous quarter. An event of default under the master repurchase agreement, if one occurs, would require Newcastle to immediately pay off the outstanding debt or the lender would have the right to liquidate the collateral. The purchase of the securities and the repurchase agreement are treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the statement of income. During the three months ended March 31, 2014, there was a $9.7 million decrease in the carrying value of the CDO VIII Repack (see Note 12).

ACCOUNTS_PAYABLE_ACCRUED_EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2014
Accounts Payable Accrued Expenses And Other Liabilities	'
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	'
	11	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
	The following table summarizes Newcastle's accounts payable, accrued expenses and other liabilities:
		31-Mar-14		31-Dec-13
	Accounts payable and accrued expenses	$	60,216	$	50,118
	Membership deposit liabilities	73,393		71,644
	Deferred revenue	25,066		37,114
	Security deposit payable	43,754		48,823
	Unfavorable leasehold interests	22,902		23,916
	Derivative liabilities	10,514		13,795
	Accrued rent	8,726		6,314
	Due to affiliates	5,171		5,878
	Miscellaneous liabilities	22,099		19,564
		$	271,841	$	277,166

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2014
Fair Value	'
FAIR VALUE	'
	12.   FAIR VALUE
	Fair Value Summary Table
	The carrying values and fair values of Newcastle’s assets and liabilities at March 31, 2014 were as follows:
		Principal Balance or				Carrying				Estimated				Fair Value Method (A)		Weighted Average			Weighted Average
		Notional Amount				Value				Fair Value						Yield/Funding Cost (B)			Life (Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale (C)*	$	532,730			$	439,023			$	439,023			Broker quotations, counterparty quotations,  pricing services,  pricing models		12.62	%		2.8
	Real estate related and other loans, held-for-sale, net	428,848				313,250				325,353				Broker quotations, counterparty quotations, pricing services,  pricing models		12.84	%		1.7
	Residential mortgage loans, held-for-sale, net	270,484				248,299				278,317				Broker/counterparty quotations		8.54	%		5.3
	Subprime mortgage loans subject to call option (D)	406,217				406,217				406,217				(D)		9.09	%		(D)
	Restricted cash*					4,314				4,314
	Cash and cash equivalents*					122,053				122,053
	Non-hedge derivative assets (E)*	90,097				34,022				34,022				Counterparty quotations		N/A			(E)
	Investments in senior housing real estate, net					1,374,710
	Investments in other real estate, net					262,403
	Intangibles					187,101
	Other investments					25,795
	Receivables and other assets					103,422
						$	3,520,609
	Liabilities
	Financial instruments:
	CDO bonds payable (G)	$	407,785			$	408,813			$	293,626			Pricing models		3.17	%		2.3
	Other bonds and notes payable (G)	233,371				221,305				224,013				Broker quotations, pricing models		3.49	%		3.1
	Repurchase agreements	74,863				74,863				74,863				Market comparables		1.92	%		0.3
	Mortgage notes payable	1,091,673				1,091,823				1,092,047				Pricing models		4.74	%		6.5
	Credit facilities, golf	152,961				152,961				152,961				Pricing models		5.2	%		3.8
	Financing of subprime mortgage loans subject to call option (D)	406,217				406,217				406,217				(D)		9.09	%		(D)
	Junior subordinated notes payable	51,004				51,236				33,721				Pricing models		7.39	%		21.1
	Interest rate swaps, treated as hedges (E)(F)*	104,662				4,999				4,999				Counterparty quotations		N/A			(E)
	Non-hedge derivatives (E)*	183,729				5,515				5.515				Counterparty quotations		N/A			(E)
	Dividends payable, accrued expenses and other liabilities					297,402
	Liabilities of discontinued operations					—
						$	2,715,134
	*Measured at fair value on a recurring basis.
	(A)	Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded.
	(B)	The weighted average yield and weighted average funding cost are disclosed for financial instrument assets and liabilities, respectively.
	(C)	Excludes nine CDO securities with a zero value, which had an aggregate face amount of $115.3 million.
	(D)	These two items results from an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6), are noneconomic until such option is exercised, and are equal and offsetting.
	(E)	Newcastle’s derivatives fall into two categories. A derivative asset with an aggregate notional balance of $90.1 million represents linked transactions with $90.1 million face amount of underlying financed securities. As of March 31, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $288.3 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. Newcastle’s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle’s derivatives are included in receivables and other assets or accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, as applicable.
	(F)
		Year of Maturity		Weighted Average Month of Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		2016		Apr		$	104,662			5.04	%		$	4,999
	(G)	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other nonrecourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
	Valuation Hierarchy
	The methodologies used for valuing such instruments have been categorized into three broad levels, which form a hierarchy.
	Level 1 - Quoted prices in active markets for identical instruments.
	Level 2 - Valuations based principally on other observable market parameters, including
	•	Quoted prices in active markets for similar instruments,
	•	Quoted prices in less active or inactive markets for identical or similar instruments,
	•	Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and
	•	Market corroborated inputs (derived principally from or corroborated by observable market data).
	Level 3 - Valuations based significantly on unobservable inputs.
	Newcastle follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement.
	Newcastle has various processes and controls in place to ensure that fair value is reasonably estimated. With respect to the broker and pricing service quotations, to ensure these quotes represent a reasonable estimate of fair value, Newcastle’s quarterly procedures include a comparison to quotations from different sources, outputs generated from its internal pricing models and transactions Newcastle has completed with respect to these or similar securities, as well as on its knowledge and experience of these markets. With respect to fair value estimates generated based on Newcastle’s internal pricing models, Newcastle’s management validates the inputs and outputs of the internal pricing models by comparing them to available independent third party market parameters, where vailable, and models for reasonableness. Newcastle believes its valuation methods and the assumptions used are appropriate and consistent with other market participants. The board of directors has reviewed Newcastle’s process for determining the valuations of its investments based on information provided by the Manager and has concluded such process is reasonable and appropriate.
	Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For Newcastle’s investments in real estate securities, real estate related and other loans and residential mortgage loans categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs include the discount rates, assumptions relating to prepayments, default rates and loss severities. Significant increases (decreases) in any of the discount rates, default rates or loss severities in isolation would result in a significantly lower (higher) fair value measurement. The impact of changes in prepayment speeds would have differing impacts on fair value, depending on the seniority of the investment. Generally, a change in the default assumption is generally accompanied by directionally similar changes in the assumptions used for the loss severity and the prepayment speed.
	The following table summarizes such financial assets and liabilities measured at fair value on a recurring basis at March 31, 2014:
		Principal Balance or								Fair Value
		Notional Amount				Carrying Value				Level 2				Level 3				Total
	Assets
	Real estate securities, available-for-sale:
CMBS	$	330,213			$	286,341			$	—			$	286,341			$	286,341
REIT debt	29,200				30,957				30,957				—				30,957
Non-Agency RMBS	93,221				61,524				—				61,524				61,524
ABS - other real estate	8,464				—				—				—				—
CDO (A)	71,632				60,201				—				60,201				60,201
Real estate securities total	$	532,730			$	439,023			$	30,957			$	408,066			$	439,023
Derivative assets:
Linked transactions at fair value	90,097				34,022				—				34,022				34,022
Derivative assets total	$	90,097			$	34,022			$	—			$	34,022			$	34,022
Liabilities
Derivative Liabilities:
Interest rate swaps, treated as hedges	$	104,662			$	4,999			$	4,999			$	—			$	4,999
Interest rate swaps, not treated as hedges	183,729				5,515				5,515				—				5,515
Derivative liabilities total	$	288,391			$	10,514			$	10,514			$	—			$	10,514
(A)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended ended March 31, 2014 as follows:
	CMBS								ABS
	Conduit				Other				Subprime			Other				Equity/Other Securities				Linked Transactions				Total
Balance at December 31, 2013	$	198,935			$	85,534			57,581			$	—			$	59,757			$	43,662			$	445,469
Total gains (losses) (A)
Included in net income (B)	422				—				—			—				—				10,673				11,095
Included in other comprehensive income (loss)	(568		)		432				4,723			—				1,588				—				6,175
Amortization included in interest income	4,413				184				1,171			24				1,145				—				6,937
Purchases, sales and repayments
Purchases	—				—				—			—				—				—				—
Proceeds from sales	(545		)		—				—			—				—				—				(545		)
Proceeds from repayments	(2,324		)		(142		)		(1,951	)		(24		)		(2,289		)		(20,313		)		(27,043		)
Balance at March 31, 2014	$	200,333			$	86,008			61,524			$	—			$	60,201			$	34,022			$	442,088
(A)	None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.
(B)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
	Three Months Ended March 31, 2014
Gain (loss) on settlement of investments, net	$	422
Other income (loss), net	10,673
OTTI	—
Total	$	11,095
Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period	$	—
Securities Valuation
As of March 31, 2014, Newcastle’s securities valuation methodology and results are further detailed as follows:
									Fair Value
	Outstanding				Amortized				Multiple				Single				Internal
	Face				Cost												Pricing
Asset Type	Amount (A)				Basis (B)				Quotes (C)				Quote (D)				Models (E)				Total
CMBS	$	330,213			$	229,887			$	243,629			$	42,712			$	—			$	286,341
REIT debt	29,200				28,729				30,957				—				—				30,957
Non-Agency RMBS	93,221				39,894				61,524				—				—				61,524
ABS - other real estate	8,464				—				—				—				—				—
CDO (F)	71,632				55,851				—				56,923				3,278				60,201
Total	$	532,730			$	354,361			$	336,110			$	99,635			$	3,278			$	439,023
(A)	Net of incurred losses.
(B)	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended March 31, 2014.
(C)	Management generally obtained pricing service quotations or broker quotations from at least two sources, one of which was generally the seller (the party that sold us the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which are believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
(D)	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold us the security) or a pricing service.
(E)	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
									Impairment				Unrealized				Weighted Average Significant Input
	Amortized				Fair Value				Recorded				Gains				Discount			Prepayment			Cumulative			Loss
	Cost								In				(Losses) in				Rate			Speed (G)			Default			Severity
	Basis (B)								Current				Accumulated										Rate
									Period				OCI
CDO	—				3,278				—				3,278				20	%		3.5	%		21	%		73.6	%
Total	$	—			$	3,278			$	—			$	3,278
At March 31, 2014, there was no ABS or CMBS fair value based on model mark assumptions.
All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions.  Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
(F)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
(G)	Projected annualized average prepayment rate.
Loan Valuation
Loans which Newcastle does not have the ability or intent to hold into the foreseeable future are classified as held-for-sale. As a result, these held-for-sale loans are carried at the lower of amortized cost or fair value and are therefore recorded at fair value on a non-recurring basis. These loans were written down to fair value at the time of the impairment, based on broker quotations, pricing service quotations or internal pricing models. All the loans were within Level 3 of the fair value hierarchy. For real estate related and other loans, the most significant inputs used in the valuations are the amount and timing of expected future cash flows, market yields and the estimated collateral value of such loan investments.  For residential mortgage loans, significant inputs include management’s management’s expectations of prepayment speeds, default rates, loss severities and discount rates that market participants would use in determining the fair values of similar pools of residential mortgage loans.
The following tables summarize certain information for real estate related and other loans and residential mortgage loans held-for-sale as of March 31, 2014:
													Valuation				Significant Input
	Outstanding												Allowance/				Range						Weighted Average
	Face				Carrying				Fair				(Reversal) In				Discount			Loss			Discount			Loss
Loan Type	Amount				Value				Value				Current Year				Rate			Severity			Rate			Severity
Mezzanine	$	157,519			$	125,071			$	128,324			$	—			5.0%-9.0%			0.0%-100.0%			7	%		18.9	%
Bank Loan	174,806				97,244				106,086				1,607				16.6%-42.1%			0.0%-100.0%			22	%		34.1	%
B-Note	96,033				90,445				90,444				(1,175		)		8.2%-12.0%			0	%		11.1	%		0	%
Whole Loan	490				490				499				—				4	%		0	%		4.1	%		0	%
Total Real Estate Related and other Loans Held-for-Sale, Net	$	428,848			$	313,250			$	325,353			$	432
The following table summarizes certain information for residential mortgage loans held-for-sale as of March 31, 2014:
														Valuation				Significant Input (Weighted Average)
		Outstanding												Allowance/
		Face				Carrying				Fair				(Reversal) In				Discount			Prepayment			Constant			Loss
Loan Type		Amount				Value (A)				Value (A)				Current Year				Rate			Speed			Default Rate			Severity
Non-securitized Manufactured Housing Loans Portfolio I		$	496			$	130			$	521			$	(3	)		82	%		5	%		11.6	%		65	%
Non-Securitized Manufactured Housing Loans Portfolio II		2,511				2,048				2,726				(16		)		15.4	%		5	%		3.5	%		60	%
Securitized Manufactured Housing Loans Portfolio I		98,925				89,113				104,991				(3		)		9.5	%		6	%		3	%		65	%
Securitized Manufactured Housing Loans Portfolio II		123,611				123,277				131,529				437				8.3	%		7	%		3.5	%		60	%
Residential Loans		44,941				33,731				38,550				399				7	%		4.6	%		2.7	%		45.8	%
Total Residential Mortgage Loans, Held-for-Sale, Net		$	270,484			$	248,299			$	278,317			$	814
(A)	Carrying value and fair value include interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $5.2 million for the manufactured housing loans.
Derivatives
Newcastle’s derivative instruments are comprised of interest rate swaps and linked transactions. Newcastle’s interest rate swaps are valued using counterparty quotations. These quotations are generally based on valuation models with model inputs that can generally be verified and which do not involve significant judgment. The significant observable inputs used in determining the fair value of Newcastle’s Level 2 interest rate swap derivative contracts are contractual cash flows and market based interest rate curves. The linked transactions, which are categorized into Level 3, are evaluated on a net basis considering their underlying components, the security acquired and the related repurchase financing agreement. The securities are valued using a similar methodology to the one described in “Securities Valuation” above and this value is netted against the carrying value of the repurchase agreement (which approximates fair value as described in “Liabilities for Which Fair Value is Only Disclosed” below), adjusted for net accrued interest receivable/payable on the securities and repurchase agreement of the linked transactions (see Note 10 for a discussion of Newcastle’s outstanding linked transactions).
Newcastle’s derivatives are recorded on its balance sheet as follows:
			Fair Value
	Balance sheet location		31-Mar-14				31-Dec-13
Derivative Assets
Linked transactions at fair value	Receivables and other assets		$	34,022			$	43,662
			$	34,022			$	43,662
Derivative Liabilities
Interest rate swaps, designated as hedges	Accounts payable, accrued expenses and other liabilities		$	4,999			$	6,203
Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		5,515				7,592
			$	10,514			$	13,795
The following table summarizes information related to derivatives:
	March 31, 2014				December 31, 2013
Cash flow hedges
Notional amount of interest rate swap agreements	$	104,662			$	105,031
Amount of (loss) recognized in OCI on effective portion	(4,914		)		(6,117		)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	153				170
Deferred hedge gain (loss) related to dedesignation, net of amortization	(40		)		(45		)
Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	54				53
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(3,937		)		(3,915		)
Non-hedge Derivatives
Notional amount of interest rate swap agreements	183,729				185,871
Notional amount of linked transactions (A)	90,097				116,806
(A)	This represents the current face amount of the underlying financed securities comprising linked transactions.
The following table summarizes gains (losses) recorded in relation to derivatives:
			Three Months Ended
			March 31,
	Income statement location		2014			2013
Cash flow hedges
Amount of gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense	$	(1,280	)	$	(1,865	)
Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	Interest expense		17			16
Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	Interest expense		(4	)		(16	)
Non-hedge derivatives gain (loss)
Interest rate swaps	Other income (loss)		2,075			3,126
Linked transactions	Other income (loss)		10,673			—
The following table presents both gross information and net information about linked transactions as of March 31, 2014:
Real estate securities-available for sale (A)	$	88,272
Repurchase agreements (B)	(54,250		)
Net assets recognized as linked transactions	$	34,022
(A)	Represents the fair value of the securities accounted for as part of linked transactions at March 31, 2014.
(B)	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions at March 31, 2014.
Liabilities for Which Fair Value is Only Disclosed
The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed:
Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed		Fair Value Hierarchy			Valuation Techniques and Significant Inputs
CDO bonds payable		Level 3		Valuation technique is based on discounted cash flow.
				Significant inputs include:
				l	Underlying security and loan prepayment, default and cumulative loss expectations
				l	Amount and timing of expected future cash flows
				l	Market yields and credit spreads implied by comparisons to transactions of similar tranches of CDO debt by the varying levels of subordination
Other bonds and notes payable		Level 3		Valuation technique is based on discounted cash flow.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Market yields and credit spreads implied by comparisons to transactions of similar tranches of securitized debt by the varying levels of subordination
Repurchase agreements		Level 2		Valuation technique is based on market comparables.
				Significant variables include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Collateral funding spreads
Mortgage notes payable		Level 3		Valuation technique is based on discounted cash flows.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Collateral funding spreads
Golf credit facilities		Level 3		Valuation technique is based on discounted cash flows.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Credit spread of golf
Junior subordinated notes payable		Level 3		Valuation technique is based on discounted cash flow.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Market yields and the credit spread of Newcastle

EQUITY_AND_EARNINGS_PER_SHARE

EQUITY AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2014
Equity And Earnings Per Share	'
EQUITY AND EARNINGS PER SHARE	'
	13.   EQUITY AND EARNINGS PER SHARE
	A. Stockholder's Equity
	In connection with the spin-off of New Media on February 13, 2014, the strike price of each Newcastle option was reduced by $0.89 to reflect the adjusted value of Newcastle’s shares as a result of the spin-off. The adjusted value was calculated based on the five day average closing price of the New Media‘s shares subsequent to the spin-off date.
	Newcastle’s outstanding options at March 31, 2014 consisted of the following:
		Number of Options	Strike Price (A)		Maturity Date
		343,275	$	10.28	5/25/14
		162,500	12.84		11/22/14
		330,000	12.03		1/12/15
		2,000	12.62		8/1/15
		170,000	11.95		11/1/16
		242,000	12.8		1/23/17
		456,000	11.19		4/11/17
		1,580,166	1.51		3/29/21
		2,424,833	0.86		9/27/21
		2,000	1.07		12/20/21
		1,867,167	1.61		4/3/22
		2,265,000	1.84		5/21/22
		2,499,167	1.83		7/31/22
		5,750,000	3.03		1/11/23
		2,300,000	3.54		2/15/23
		4,025,000	3.76		6/17/23
		5,795,095	4.04		11/22/23
	Total W/A	30,214,203	$	3.31
	(A)	The strike prices are subject to adjustment in connection with return of capital dividends. In the first quarter of 2014 strike prices were adjusted by $0.32 reflecting the portion of Newcastle’s 2013 dividends which was deemed return of capital.
	As of March 31, 2014, Newcastle’s outstanding options were summarized as follows:
	Held by the Manager	25,653,733
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	4,556,470
	Issued to the independent directors	4,000
	Total	30,214,203
	On March 14, 2014, Newcastle declared a quarterly dividend of $0.10 per common share, and declared dividends of $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the quarter ended March 31, 2014. Dividends totaling $36.5 million were paid in April 2014.
	B. Earnings Per Share
	Newcastle is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Newcastle’s common stock equivalents are its outstanding stock options. As of March 31, 2014, Newcastle had 1,705,775 antidilutive options. During the three months ended March 31, 2014 and 2013, based on the treasury stock method, Newcastle had 11,613,274 and 4,942,388 dilutive common stock equivalents, respectively, resulting from its outstanding options. Net income available for common stockholders is equal to net income less preferred dividends and net income attributable to noncontrolling interest.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies	'
COMMITMENTS AND CONTINGENCIES	'
	14.   COMMITMENTS AND CONTINGENCIES
	Newcastle is, from time to time, a defendant in legal actions from transactions conducted in the ordinary course of business. Management, after consultation with legal counsel, believes the ultimate liability arising from such actions, individually and in the aggregate, that existed at March 31, 2014, if any, will not materially affect Newcastle’s consolidated results of operations or financial position.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
INCOME TAXES	'
	15. INCOME TAXES
	The provision for income taxes (including discontinued operations) consists of the following:
		Three months ended March 31,
		2014				2013
	Current:
	Federal	$	72			$	—
	State and Local	61				—
	Total Current Provision	$	133			$	—
	Deferred:
	Federal	$	(126	)		$	—
	State and Local	(56		)		—
	Total Deferred Provision	$	(182	)		$	—
	Total Provision for Income Taxes	$	(49	)		$	—
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of March 31, 2014 and December 31, 2013 are presented below:
		March 31, 2014				December 31, 2013
	Deferred tax assets:
	Allowance for loan losses	$	953			$	2,076
	Depreciation and amortization	36,541				94,880
	Leaseholds	6,729				6,489
	Accrued expenses	15,292				23,816
	Deposits	7,787				7,787
	Net operating losses	57,111				211,560
	Other	—				17,036
	Total deferred tax assets	124,413				363,644
	Less valuation allowance	(123,827		)		(363,192		)
	Net deferred tax assets	$	586			$	452
	Deferred tax liabilities:
	Other	237				—
	Total deferred tax liabilities	$	237			$	—
	In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible.
	Newcastle had recorded a valuation allowance against a significant portion of its deferred tax assets as of March 31, 2014 as management does not believe that it is more likely than not that the deferred tax assets will be realized.
	During the period ended March 31, 2014, the valuation allowance decreased by $239.4 million primarily related to the spin-off of New Media.
	The following table summarizes the change in the deferred tax asset valuation allowance:
	Valuation allowance at December 31, 2013		$	363,192
	Decrease due to spin-off of New Media		(244,401		)
	Other increase		5,036
	Valuation allowance at March 31, 2014		$	123,827

GAIN_LOSSES_ON_SETTLEMENT_OF_I

GAIN (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME(LOSS), NET	3 Months Ended
	Mar. 31, 2014
Gain Losses On Settlement Of Investments Net And Other Incomeloss Net	'
GAIN (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME(LOSS), NET	'
	16.   GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET
	These items are comprised of the following:
		Three Months Ended March 31,
		2014			2013
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	2,334		$	—
	Loss on disposal of long-lived assets	(2		)	(3		)
		$	2,332		$	(3	)
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	12,748		$	3,126
	Collateral management fee income, net	265			352
	Equity in earnings of equity method investees	(39		)	—
	Other income (loss)	500			1,089
		$	13,474		$	4,567

RECLASSIFICATION_FROM_ACCUMULA

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	3 Months Ended
	Mar. 31, 2014
Reclassification From Accumulated Other Comprehensive Income Into Net Income	'
RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	'
	17. RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME
	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income:
	Accumulated Other Comprehensive	Income Statement	Three Months Ended March 31,
	Income Components	Location	2014			2013
	Net realized gain (loss) on securities
	Impairment	Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	$	—		$	(539	)
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	2,334			—
			$	2,334		$	(539	)
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Amortization of deferred gain (loss)	Interest expense	$	13		$	—
	Gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense	(1,280		)	(1,865		)
			$	(1,267	)	$	(1,865	)
	Total reclassifications		$	1,067		$	(2,404	)

SUPPLEMENTAL_NONCASH_INVESTING

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	3 Months Ended
	Mar. 31, 2014
Supplemental Non-Cash Investing And Financing Activities Related To Cdos	'
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	'
	18.   SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs
	Newcastle considers all activity in its CDOs’ restricted cash accounts to be non-cash activity for purposes of its consolidated statement of cash flows since transactions conducted with restricted cash have no effect on its cash and cash equivalents. Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Three Months Ended March 31,
		2014		2013
	Restricted cash generated from sale of securities	$	548	$	—
	Restricted cash generated from paydowns on securities and loans	$	141,348	$	83,623
	Restricted cash used for repayments of CDO bonds payable	$	137,831	$	65,086

RECENT_ACTIVITIES

RECENT ACTIVITIES	12 Months Ended
	Dec. 31, 2013
Recent Activities	'
RECENT ACTIVITIES	'
	19.   RECENT ACTIVITIES
	These financial statements include a discussion of material events, if any, that have occurred subsequent to March 31, 2014 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.

ACQUISITIONS_Tables

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2014
Acquisitions Tables	'
Schedule of acquisitions	'
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
	Allocation of Purchase Price (A)
	Investments in Real Estate	$	20,630
	Resident Lease Intangibles	2,370
	Other Assets, net of other Liabilities	(200		)
	Total purchase price	$	22,800
	Mortgage Notes Payable (B)	(17,250		)
	Net assets acquired	$	5,550
	Total acquisition related costs (C)	$	258
	(A)	Due to the timing of the acquisition, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
	(B)	See Note 10.
	(C)	Acquisition related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.

SPINOFF_OF_NEW_RESIDENTIAL_AND1

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA (Tables)	3 Months Ended
	Mar. 31, 2014
Spin-Off Of New Residential And New Media Tables	'
Schedule of carrying value of assets and liabilities immediately preceding the spin-off	'
	The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off.
	Assets
	Property, plant and equipment, net	$	266,385
	Intangibles, net	144,664
	Goodwill	126,686
	Cash and cash equivalents	23,845
	Restricted cash	6,477
	Receivables and other assets	101,940
	Total Assets	$	669,997
	Liabilities
	Credit facilities - media	$	177,955
	Accounts payable, accrued expenses and other liabilities	99,857
	Total Liabilities	$	277,812
	Net Assets	$	392,185
Schedule of results of operations from discontinued operations	'
	Results from discontinued operations were as follows:
		Three Months Ended
		March 31,
		2014			2013
	Interest Income	$	—		$	10,035
	Interest Expense	2,096			—
	Net interest income (loss)	(2,096		)	10,035
	Media income	68,213			—
	Change in fair value of investments in excess mortgage servicing rights	—			1,858
	Change in fair value of investments in equity method investees	—			969
	Other income	—			2,827
	Media operating expenses	65,826			—
	Property operating costs	—			7
	General and administrative expenses	1,904			2,707
	Depreciation and amortization	4,596			—
	Income tax (benefit) expense	(915		)	—
	Total expenses	71,411			2,714
	Net income attributable to noncontrolling interest	522			—
	Income (loss) from discontinued operations	$	(4,772	)	$	10,148

SEGMENT_REPORTING_AND_VARIABLE1

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting And Variable Interest Entities Tables	'
Schedule of segment reporting	'
	Summary financial data on Newcastle's segments is given below, together with reconciliation to the same data for Newcastle as a whole:
		Senior			Debt Investments (A)												Inter-segment Elimination and
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations (C)			Total
	Three Months Ended March 31, 2014
	Interest income	$	—		$	30,722		$	16,952		$	41		$	11		$	(1,274	)	$	46,452
	Interest expense	13,701			6,128			12,663			3,682			955			(1,274		)	35,855
	Net interest income (expense)	(13,701		)	24,594			4,289			(3,641		)	(944		)	—			10,597
	Impairment (reversal)	—			432			814			—			—			—			1,246
	Operating revenues	57,810			—			541			63,278			—			—			121,629
	Other income (loss)	(2		)	13,610			2,198			—			—			—			15,806
	Property operating expenses	23,520			—			284			—			—			—			23,804
	Operating expenses - golf	—			—			—			58,338			—			—			58,338
	Cost of sales - golf	—			—			—			5,956			—			—			5,956
	Depreciation and amortization	22,835			—			57			7,430			37			—			30,359
	Other operating expenses	7,792			156			702			1,081			8,375			—			18,106
	Income tax expense	155			—			—			140			—			—			295
	Income (loss) from continuing operations	(10,195		)	37,616			5,171			(13,308		)	(9,356		)	—			9,928
	Income (loss) from discontinued operations, net of tax	—			—			—			—			—			(5,305		)	(5,305		)
	Net income (loss)	(10,195		)	37,616			5,171			(13,308		)	(9,356		)	(5,305		)	4,623
	Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			—			139			—			522			661
	Income (loss) applicable to common stockholders	$	(10,195	)	$	37,616		$	5,171		$	(13,169	)	$	(10,751	)	$	(4,783	)	$	3,889
		Senior			Debt Investments (A)												Inter-segment Elimination and
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations (C)			Total
	March 31, 2014
	Investments	$	1,465,735		$	807,388		$	718,082		$	351,906		$	—		$	(86,313	)	$	3,256,798
	Cash and restricted cash	36,095			1,304			752			12,916			75,300			—			126,367
	Other assets	63,969			36,733			1,350			34,455			1,089			(152		)	137,444
	Total assets	1,565,799			845,425			720,184			399,277			76,389			(86,465		)	3,520,609
	Debt	1,091,823			543,859			624,240			182,373			51,236			(86,313		)	2,407,218
	Other liabilities	69,440			10,918			2,123			181,165			44,422			(152		)	307,916
	Total liabilities	1,161,263			554,777			626,363			363,538			95,658			(86,465		)	2,715,134
	Preferred stock	—			—			—			—			61,583			—			61,583
	Noncontrolling interests	—			—			—			227			—			—			227
	GAAP book value	$	404,536		$	290,648		$	93,821		$	35,512		$	(80,852	)	$	—		$	743,665
	Additions to investments in real estate	$	24,640		$	—		$	33		$	1,892		$	—		$	—		$	26,565
		Senior			Debt Investments (A)												Inter-segment Elimination and
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations (C)			Total
	Three Months Ended March 31, 2013
	Interest income	$	—		$	31,828		$	30,298		$	—		$	72		$	(866	)	$	61,332
	Interest expense	1,232			7,135			14,257			—			952			(866		)	22,710
	Net interest income (expense)	(1,232		)	24,693			16,041			—			(880		)	—			38,622
	Impairment (reversal)	—			3,182			(409		)	—			—			—			2,773
	Operating revenues	12,997			—			503			—			—			—			13,500
	Other income (loss)	8			4,572			1,190			—			—			—			5,770
	Property operating expenses	8,423			—			247			—			—			—			8,670
	Depreciation and amortization	4,022			—			57			—			—			—			4,079
	Other operating expenses	2,081			194			855			—			11,375			—			14,505
	Income (loss) from continuing operations	(2,753		)	25,889			16,984			—			(12,255		)	—			27,865
	Income (loss) from discontinued operations	—			—			—			—			—			10,148			10,148
	Net income (loss)	(2,753		)	25,889			16,984			—			(12,255		)	10,148			38,013
	Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
	Income (loss) applicable to common stockholders	$	(2,753	)	$	25,889		$	16,984		$	—		$	(13,650	)	10,148			$	36,618
	(A)	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, 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.
	(B)	The following table summarizes the investments and debt in the other debt segment:
		March 31, 2014
		Investments						Debt
	Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount*			Value*
	Manufactured housing loan portfolio I	$	98,925		$	89,113		$	70,943		$	63,325
	Manufactured housing loan portfolio II	123,611			123,277			88,785			88,524
	Subprime mortgage loans subject to call options	406,217			406,217			406,217			406,217
	Real estate securities	54,446			50,226			38,253			34,811
Operating real estate	N/A			6,573			6,000			6,000
Subtotal	683,199			675,406			610,198			598,877
Other
Unlevered real estate securities	128,032			4,129			—			—
Other investments	N/A			6,239			—			—
Residential mortgage loans	44,183			32,308			25,363			25,363
	$	855,414		$	718,082		$	635,561		$	624,240
*An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.
(C)	Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments. In addition, includes the results of discontinued segments.
Schedule of other debt segment investments and debt	'
	The following table summarizes the investments and debt in the other debt segment:
		March 31, 2014
		Investments						Debt
	Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount*			Value*
	Manufactured housing loan portfolio I	$	98,925		$	89,113		$	70,943		$	63,325
	Manufactured housing loan portfolio II	123,611			123,277			88,785			88,524
	Subprime mortgage loans subject to call options	406,217			406,217			406,217			406,217
	Real estate securities	54,446			50,226			38,253			34,811
	Operating real estate	N/A			6,573			6,000			6,000
	Subtotal	683,199			675,406			610,198			598,877
	Other
	Unlevered real estate securities	128,032			4,129			—			—
	Other investments	N/A			6,239			—			—
	Residential mortgage loans	44,183			32,308			25,363			25,363
		$	855,414		$	718,082		$	635,561		$	624,240
	*An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.
Schedule of holdings in variable interest entities	'
	Newcastle had variable interests in the following unconsolidated VIEs at March 31, 2014, in addition to the subprime securitizations which are described in Note 6:
	Entity		Gross Assets (A)			Debt (A) (B)			Carrying Value of Newcastle's Investment (C)
	Newcastle CDO V		$	177,764		$	204,882		$	3,278
	CDO VIII Repack		$	90,097		$	90,097		$	88,272
	(A)	Face amount.
	(B)	Newcastle CDO V includes $40.3 million face amount of debt owned by Newcastle with a carrying value of $3.3 million at March 31, 2014. CDO VIII Repack includes $90.1 million face amount of debt owned by Newcastle with a carrying value of $88.3 million at March 31, 2014.
	(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate Securities Tables	'
Schedule of real estate securities holdings	'
	The following is a summary of Newcastle’s real estate securities at March 31, 2014, all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
						Amortized Cost Basis										Gross Unrealized								Weighted Average
	Asset Type		Outstanding Face Amount			Before Impairment				Other-Than- Temporary Impairment				After Impairment		Gains		Losses			Carrying		Number of Securities	Rating (B)	Coupon		Yield		Life	Principal Subordination (D)
																					Value (A)								(Years) (C)
	CMBS-Conduit		$	235,635		$	217,189			$	(68,980	)		$	148,209	$	52,221	$	(97	)	$	200,333	33	BB-	5.47	%	18.84	%	2.5	10.2	%
	CMBS- Single Borrower		91,349			90,813				(12,364		)		78,449		4,345		(15		)	82,779		15	BB	5.6	%	7.15	%	2.1	7.8	%
	CMBS-Large Loan		3,229			3,229				—				3,229		—		—			3,229		1	BBB-	6.63	%	6.63	%	0.1	4.4	%
	REIT Debt		29,200			28,729				—				28,729		2,228		—			30,957		5	BB+	5.89	%	6.87	%	1.3	N/A
	Non-Agency RMBS		93,221			99,881				(59,987		)		39,894		21,639		(9		)	61,524		33	CCC+	1.04	%	11.9	%	4.7	26.2	%
	ABS-Franchise		8,464			7,647				(7,647		)		—		—		—			—		1	C	6.69	%	0	%	—	0	%
	CDO (E)		71,632			55,851				—				55,851		4,350		—			60,201		2	BB+	0.51	%	7.59	%	3.2	49.1	%
	Total / Average (F)		$	532,730		$	503,339			$	(148,978	)		$	354,361	$	84,783	$	(121	)	$	439,023	90	B+	4.1	%	12.62	%	2.8
	(A)	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
	(B)	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.
	(C)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(D)	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
	(F)	The total outstanding face amount was $340.6 million for fixed rate securities and $192.1 million for floating rate securities.
Schedule of real estate securities holdings in an unrealized loss position	'
	The following table summarizes Newcastle’s securities in an unrealized loss position as of March 31, 2014.
						Amortized Cost Basis
	Securities in		Outstanding							Other-than-													Number	Weighted Average
	an Unrealized		Face			Before				Temporary				After		Gross Unrealized					Carrying		of						Life
	Loss Position		Amount			Impairment				Impairment				Impairment		Gains		Losses			Value		Securities	Rating	Coupon		Yield		(Years)
	Less Than Twelve		$	15,084		$	15,590			$	(1,443	)		$	14,147	$	—	$	(24	)	$	14,123	5	BBB	2.31	%	4.97	%	2.4
	Months
	Twelve or More		6,700			6,519				—				6,519		—		(97		)	6,422		2	B+	5.98	%	6.63	%	4.4
	Months
	Total		$	21,784		$	22,109			$	(1,443	)		$	20,666	$	—	$	(121	)	$	20,545	7	BB+	3.43	%	5.5	%	3
	Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following:
		March 31, 2014
					Amortized
					Cost Basis				Unrealized Losses
		Fair Value			After Impairment				Credit (B)				Non-Credit (C)
	Securities Newcastle intends to sell	$	—		$	—			$	—			$          N/A
	Securities Newcastle is more likely than not to be required to sell (A)	—			—				—				N/A
	Securities Newcastle has no intent to sell and is not more likely than not to be required to sell:
	Credit impaired securities	1,358			1,367				—				(9		)
	Non credit impaired securities	19,187			19,299				—				(112		)
	Total debt securities in an unrealized loss position	$	20,545		$	20,666			$	—			$	(121	)
	(A)	Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales.
	(B)	This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle’s management estimates the expected cash flow for each of the securities.  This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends.  Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities.  Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate.
	(C)	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
Schedule of credit losses on debt securities	'
	The following table summarizes the activity related to credit losses on debt securities for the three months ended March 31, 2014:
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(2,873	)
	Additions for credit losses on securities for which an OTTI was not previously recognized	—
	Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income	—
	Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	(1,443		)
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	—
	Reduction for securities sold/written off during the period	2,873
	Reduction for securities transferred to New Residential	—
	Reduction for securities de-consolidated during the period	—
	Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	—
	Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(1,443	)
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	'
	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at March 31, 2014:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	72,386		21.9	%		$	31,053			30.5	%
	Northeastern U.S.	60,575			18.3	%		21,121				20.8	%
	Southeastern U.S.	66,288			20.1	%		19,949				19.6	%
	Midwestern U.S.	49,117			14.9	%		13,146				12.9	%
	Southwestern U.S.	64,231			19.4	%		10,247				10.1	%
	Other	12,719			3.9	%		6,169				6.1	%
	Foreign	4,897			1.5	%		—				0	%
		$	330,213		100	%		$	101,685			100	%

REAL_ESTATE_RELATED_AND_OTHER_1

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS, AND SUBPRIME MORTGAGE LOANS (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate Related And Other Loans Residential Mortgage Loans And Subprime Mortgage Loans Tables	'
Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans	'
	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at March 31, 2014. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
	Loan Type	Outstanding			Carrying				Loan			Weighted		Weighted Average Coupon		Weighted Average Life	Floating Rate Loans as a % of Face Amount		Delinquent Face Amount (C)
		Face Amount			Value (A)				Count			Average				(Years) (B)
												Yield
	Mezzanine Loans	$	157,519		$	125,071			8			6.99	%	7.33	%	1.4	75.7	%	$	12,000
	Corporate Bank Loans	174,806			97,244				5			22.03	%	12.36	%	2.3	14.8	%	24,835
	B-Notes	96,033			90,445				3			11.1	%	5.3	%	1.4	76.6	%	—
	Whole Loans	490			490				1			4.08	%	7.55	%	0.6	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	428,848		$	313,250			17			12.84	%	8.93	%	1.7	51	%	$	36,835
	Non-securitized Manufactured Housing Loan Portfolio I	$	496		$	130			14			82.04	%	7.91	%	0.9	0	%	$	—
	Non-Securitized Manufactured Housing Loan Portfolio II	2,511			2,048				96			15.4	%	10.04	%	5	9.6	%	205
	Securitized Manufactured Housing Loan Portfolio I (D)(E)	98,925			89,113				2,742			9.43	%	8.59	%	6	0.6	%	955
	Securitized Manufactured Housing Loan Portfolio II (D)(E)	123,611			123,277				4,493			8.14	%	9.62	%	4.8	16.4	%	1,884
	Residential Loans (D)	44,941			33,731				170			6.92	%	2.26	%	5.2	100	%	6,935
	Total Residential Mortgage Loans Held-for-Sale, Net	$	270,484		$	248,299			7,515			8.54	%	8.02	%	5.3	24.4	%	$	9,979
	Subprime Mortgage Loans Subject to Call Option	$	406,217		$	406,217
	(A)	Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $5.2 million for the manufactured housing loans.
	(B)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of March 31, 2014, $101.3 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
	(E)	Newcastle intends to sell its manufactured housing portfolio in the near term. As such, Newcastle has reclassified the loans as held for sale as of March 31, 2014. In addition, Newcastle delivered to the trustees a notice to redeem the outstanding debt within each securitization at par. The fair value of the loans as of March 31, 2014 was 104% of par.
Schedule of real estate related loans by maturity	'
	The following is a summary of real estate related and other loans by maturities at March 31, 2014:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	36,835		$	9,531			2
	Period from April 1, 2014 to December 31, 2014	115,537			50,165				5
	2015	1,488			989				2
	2016	64,928			63,309				2
	2017	70,504			70,504				3
	2018	22,450			18,779				1
	2019	103,286			87,214				1
	Thereafter	13,820			12,759				1
	Total	$	428,848		$	313,250			17
	-1	Based on the final extended maturity date of each loan investment as of March 31, 2014.
	-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Schedule of activity in carrying value of real estate loans and residential mortgage loans	'
	Activities relating to the carrying value of Newcastle’s real estate related and other loans and residential mortgage loans are as follows:
		Held-for-Sale							Held-for-Investment
		Real Estate Related and Other Loans			Residential Mortgage Loans				Residential Mortgage Loans
	Balance at December 31, 2013	$	437,530		$	2,185			$	255,450
	Purchases / additional fundings	—			—				—
	Interest accrued to principal balance	7,214			—				—
	Principal paydowns	(140,466		)	(105		)		(9,436		)
	Sales	—			—				—
	Transfer to held-for-sale	—			246,121				(246,121		)
	Valuation (allowance) reversal on loans	(432		)	19				(833		)
	Loss on repayment of loans held-for-sale	—			—				—
	Accretion of loan discount and other amortization	8,867			—				115
	Other	537			79				825
	Balance at March 31, 2014	$	313,250		248,299				$	—
Rollforward for loss allowance related to real estate loans	'
	The following is a rollforward of the related loss allowance.
		Held-For-Sale							Held-For-Investment
		Real Estate Related and Other Loans			Residential Mortgage Loans				Residential Mortgage
									Loans (A)
	Balance at December 31, 2013	$	(94,037	)	$	(824	)		$	(12,247	)
	Charge-offs (B)	504			16				711
	Transfer to held-for-sale	—			(12,369		)		12,369
	Valuation (allowance) reversal on loans	(432		)	19				(833		)
	Balance at March 31, 2014	$	(93,965	)	$	(13,158	)		$	—
	(A)	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.
	(B) The charge-offs for real estate related loans represent one loan which was under restructuring.
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	'
	The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at March 31, 2014:
		Real Estate Related						Residential Mortgage Loans
		and Other Loans
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	43,634		16.9	%		$	161,792			59.8	%
	Northeastern U.S.	31,125			12	%		8,378				3.1	%
	Southeastern U.S.	51,962			20.1	%		60,092				22.2	%
	Midwestern U.S.	8,934			3.5	%		9,776				3.6	%
	Southwestern U.S.	31,987			12.4	%		30,446				11.3	%
	Foreign	91,022			35.1	%		—				—%
		$	258,664		100	%		$	270,484			100	%
	Other	170,184			(A)
		$	428,848
	(A)	Includes corporate bank loans which are not directly secured by real estate assets.
Schedule of holdings in subprime mortgage loans	'
	The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at March 31, 2014:
		Subprime Portfolio
		I			II				Total
	Total securitized loans (unpaid principal balance) (A)	$	359,809		$	493,518			$	853,327
	Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
	Retained interests (fair value) (B)	$	2,360		$	—			$	2,360
	(A)	Average loan seasoning of 104 months and 86 months for Subprime Portfolios I and II, respectively, at March 31, 2014.
	(B)	The retained interests include retained bonds of the securitizations. The fair value of which is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained bonds was 24.14% as of March 31, 2014.
Schedule of details regarding subprime mortgage loans	'
	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of March 31, 2014:
		Subprime Portfolio
		I			II
	Loan unpaid principal balance (UPB)	$	359,809		$	493,513
	Weighted average coupon rate of loans	5.89		%	4.76		%
	Delinquencies of 60 or more days (UPB) (A)	$	102,305		$	191,809
	Net credit losses for the three months ended March 31, 2014	$	8,351		$	12,054
	Cumulative net credit losses	$	255,156		$	313,628
	Cumulative net credit losses as a % of original UPB	17		%	28.8		%
	Percentage of ARM loans (B)	51.2		%	64.3		%
	Percentage of loans with original loan-to-value ratio >90%	10.7		%	16.6		%
	Percentage of interest-only loans	8.9		%	13.2		%
	Face amount of debt (C)	$	355,809		$	493,513
	Weighted average funding cost of debt (D)	0.51		%	0.43		%
	(A)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
	(B)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
	(C)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2014.
	(D)	Includes the effect of applicable hedges.

INVESTMENTS_IN_SENIOR_HOUSING_1

INVESTMENTS IN SENIOR HOUSING AND OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Tables)	3 Months Ended
	Mar. 31, 2014
Investments In Senior Housing And Other Real Estate Net Of Accumulated Depreciation Tables	'
Schedule of investments in real estate	'
	The following table summarizes Newcastle’s investments in real estate:
		March 31, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Senior Housing
	Land	$	104,634	$	—		$	104,634	$	102,235	$	—		$	102,235
	Buildings	1,219,511		(15,023		)	1,204,488		1,199,672		(7,523		)	1,192,149
	Building improvements	18,783		(1,366		)	17,417		20,704		(549		)	20,155
	Furniture, fixtures and equipment	52,905		(4,734		)	48,171		50,711		(2,350		)	48,361
	Investments in Senior Housing Real Estate	$	1,395,833	$	(21,123	)	$	1,374,710	$	1,373,322	$	(10,422	)	$	1,362,900
		March 31, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Golf
	Land	$	93,534	$	—		$	93,534	$	93,534	$	—		$	93,534
	Buildings	50,615		(1,143		)	49,472		50,615		—			50,615
	Building improvements	90,785		(2,953		)	87,832		90,736		—			90,736
	Furniture, fixtures and equipment	20,090		(1,539		)	18,551		19,028		—			19,028
	Construction in progress	6,441		—			6,441		5,660		—			5,660
	Golf Total	261,465		(5,635		)	255,830		259,573		—			259,573
	Other Commercial Real Estate
	Land	1,106		—			1,106		1,106		—			1,106
	Buildings	6,588		(1,399		)	5,189		6,588		(1,356		)	5,232
	Building improvements	1,003		(725		)	278		970		(711		)	259
	Furniture, fixtures and equipment	—		—			—		—		—			—
	Other Commercial Real Estate Total	8,697		(2,124		)	6,573		8,664		(2,067		)	6,597
	Investments in Other Real Estate	$	270,162	$	(7,759	)	$	262,403	$	268,237	$	(2,067	)	$	266,170

INTANGIBLES_NET_OF_ACCUMULATED1

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	3 Months Ended
	Mar. 31, 2014
Intangibles Net Of Accumulated Amortization Tables	'
Schedule of Intangibles	'
	The following table summarizes Newcastle’s intangible assets related to its senior housing real estate and golf business:
		March 31, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
	Senior Housing
	In-place resident lease intangibles	$	114,584	$	(33,810	)	$	80,774	$	112,267	$	(21,902	)	$	90,365
	Non-compete intangibles	1,600		(358		)	1,242		1,600		(223		)	1,377
	Land lease intangibles	3,442		(12		)	3,430		3,498		(1		)	3,497
	PILOT intangible	3,700		(202		)	3,498		3,700		(124		)	3,576
	Other intangibles	2,107		(26		)	2,081		2,046		(2		)	2,044
	Total Senior Housing	125,433		(34,408		)	91,025		123,111		(22,252		)	100,859
	Golf
	Trade name	700		(6		)	694		700		—			700
	Leasehold intangibles	52,066		(1,351		)	50,715		52,066		—			52,066
	Management contracts	39,000		(1,200		)	37,800		39,000		—			39,000
	Internally-developed software	800		(40		)	760		800		—			800
	Membership base	5,400		(193		)	5,207		5,400		—			5,400
	Nonamortizable liquor license	900		—			900		900		—			900
	Total Golf	98,866		(2,790		)	96,076		98,866		—			98,866
	Total Intangibles	$	224,299	$	(37,198	)	$	187,101	$	221,977	$	(22,252	)	$	199,725

RECEIVABLES_AND_OTHER_ASSETS_T

RECEIVABLES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
Receivables And Other Assets Tables	'
Schedule of receivables and other assets	'
	The following table summarizes Newcastle's receivables and other assets:
		31-Mar-14		31-Dec-13
	Accounts receivable, net	$	11,329	$	13,477
	Deferred financing costs	40,425		42,473
	Derivative assets	34,022		43,662
	Prepaid expenses	12,657		8,631
	Interest receivable	2,120		4,667
	Deposits	11,091		9,915
	Inventory	5,493		5,140
	Miscellaneous assets, net	20,307		13,922
		$	137,444	$	141,887

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Obligations Tables	'
Schedule of debt obligations	'
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at March 31, 2014:
		31-Mar-14
															Collateral									Aggregate
	Debt Obligation/Collateral	Month Issued	Outstanding		Carrying		Final Stated Maturity	Weighted		Weighted Average		Weighted Average Life(Years)	Face Amount of		Outstanding Face Amount (C)		Amortized		Carrying		Weighted Average Life	Floating Rate Face Amount (C)		Notional
			Face		Value			Average		Funding			Floating Rate Debt				Cost Basis (C)		Value (C)		(Years)			Amount of Current Hedges (D)
			Amount					Coupon (A)		Cost (B)
	CDO Bonds Payable
	CDO VI (E)	Apr-05	$	92,127	$	92,127	Apr 2040	0.83%		5.35	%	5.8	$	88,782	$	163,128	$	88,930	$	125,858	2.1	$	39,662	$	88,782
	CDO VIII	Nov-06	190,341		190,076		Nov 2052	1.07%		3.87	%	1.3	182,741		341,619		245,154		275,210		2.2	140,043		104,662
	CDO IX	May-07	125,317		126,610		May 2052	0.59%		0.52	%	1.3	125,317		372,597		306,412		316,729		2.4	148,646		—
			407,785		408,813					3.17	%	2.3	396,840		877,344		640,496		717,797		2.3	328,351		193,444
	Other Bonds and Notes Payable
	MH Loans Portfolio I (F)	Apr-10	50,448		47,234		Jul-35	6.65%		6.65	%	4.1	—		98,925		89,113		89,113		6	555		—
	MH Loans Portfolio II	May 2011	88,785		88,524		Dec-33	4.79%		4.79	%	3.8	—		123,611		123,277		123,277		4.8	20,310		—
	NCT 2013-VI IMM-1 (G)	Nov-13	94,138		85,547		Apr-40	LIBOR+0.25%		0.4	%	1.9	94,138		—		—		—		—	—		—
			233,371		221,305					3.49	%	3.1	94,138		222,536		212,390		212,390		5.3	20,865		—
	Repurchase Agreements (H)
	CDO securities (G)	Dec-13	49,500		49,500		Apr-14	LIBOR+1.65%		1.8	%	0.1	49,500		—		—		—		—	—		—
	Residential Mortgage Loans	Nov-13	25,363		25,363		Nov-14	LIBOR+2.00%		2.15	%	0.6	25,363		35,074		25,665		25,665		5.4	35,074		—
			74,863		74,863					1.92	%	0.3	74,863		35,074		25,665		25,665		5.4	35,074		—
	Mortgage Notes Payable
	Fixed Rate - Managed Properties		158,601		158,751		Aug 2018 to	1.56% to 4.12%	(I) (J)	4.5	%	5	—		N/A		186,985		186,985		N/A	N/A		—
							Mar-20
	Floating Rate - Managed Properties		215,828		215,828		Aug 2016 to Jan 2019	LIBOR +3.50% to LIBOR+3.75%		4.81	%	3.9	215,828		N/A		291,556		291,556		N/A	N/A		—
	Fixed Rate - Triple Net Lease Properties		717,244		717,244		Jan 2024	4.15%		4.77	%	7.6	—		N/A		987,094		987,094		N/A	N/A		—
			1,091,673		1,091,823					4.74	%	6.5	215,828		N/A		1,465,635		1,465,635		N/A	N/A		—
	Golf Credit Facilities (K)
	First Lien Loan	Dec-13	46,922		46,922		Dec-18	LIBOR+4.00%	(L)	4.5	%	3.8	46,922		N/A		—		—		N/A	N/A		—
	Second Lien Loan	Dec-13	105,576		105,576		Dec-18	5.50%		5.5	%	3.8	—		N/A		—		—		N/A	N/A		—
	Vineyard I	Dec-93	263		263		Aug-14	11.37%		11.37	%	0.4	263		N/A		—		—		N/A	N/A		—
	Vineyard II	Dec-93	200		200		Dec-43	2.13%		2.13	%	29.7	200		N/A		—		—		N/A	N/A		—
			152,961		152,961					5.2	%	3.8	47,385		N/A		—		—		N/A	N/A		—
	Corporate
	Junior subordinated notes payable	Mar 2006	51,004		51,236		Apr-35	7.57%	(M)	7.39	%	21.1	—		—		—		—		—	—		—
			51,004		51,236					7.39	%	21.1	—		—		—		—		—	—		—
	Subtotal debt obligations		2,011,657		2,001,001					4.28	%	5.2	$	829,054	$	1,134,954	$	2,344,186	$	2,421,487	3	$	384,290	$	193,444
	Financing on subprime mortgage loans subject to call option (N)		406,217		406,217
	Total debt obligations		$	2,417,874	$	2,407,218
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost.
	(C)	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
	(D)	Including the $88.8 million portion of the notional amount of interest rate swap in CDO VI, which acted as an economic hedge that was not designated as a hedge for accounting purposes.
	(E)	This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2014. 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.
	(F)	Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
	(G)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
	(H)	These repurchase agreements had less than $0.1 million of accrued interest payable at March 31, 2014. $74.9 million face amount of these repurchase agreements were renewed subsequent to March 31, 2014. The counterparties on these repurchase agreements are Bank of America ($49.5 million) and Credit Suisse ($25.4 million).
	(I)	For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
	(J)	For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
	(K)	These facilities are collateralized by all of the assets of the golf business.
	(L)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(M)	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.
	(N)	LIBOR +2.25% after April 2016.

ACCOUNTS_PAYABLE_ACCRUED_EXPEN1

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Accounts Payable Accrued Expenses And Other Liabilities Tables	'
Schedule of accounts payable, accrued expenses and other liabilities	'
	The following table summarizes Newcastle's accounts payable, accrued expenses and other liabilities:
		31-Mar-14		31-Dec-13
	Accounts payable and accrued expenses	$	60,216	$	50,118
	Membership deposit liabilities	73,393		71,644
	Deferred revenue	25,066		37,114
	Security deposit payable	43,754		48,823
	Unfavorable leasehold interests	22,902		23,916
	Derivative liabilities	10,514		13,795
	Accrued rent	8,726		6,314
	Due to affiliates	5,171		5,878
	Miscellaneous liabilities	22,099		19,564
		$	271,841	$	277,166

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Tables	'
Schedule of carrying value and estimated fair value of assets and liabilities	'
	The carrying values and fair values of Newcastle’s assets and liabilities at March 31, 2014 were as follows:
		Principal Balance or				Carrying				Estimated				Fair Value Method (A)		Weighted Average			Weighted Average
		Notional Amount				Value				Fair Value						Yield/Funding Cost (B)			Life (Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale (C)*	$	532,730			$	439,023			$	439,023			Broker quotations, counterparty quotations,  pricing services,  pricing models		12.62	%		2.8
	Real estate related and other loans, held-for-sale, net	428,848				313,250				325,353				Broker quotations, counterparty quotations, pricing services,  pricing models		12.84	%		1.7
	Residential mortgage loans, held-for-sale, net	270,484				248,299				278,317				Broker/counterparty quotations		8.54	%		5.3
	Subprime mortgage loans subject to call option (D)	406,217				406,217				406,217				(D)		9.09	%		(D)
	Restricted cash*					4,314				4,314
	Cash and cash equivalents*					122,053				122,053
	Non-hedge derivative assets (E)*	90,097				34,022				34,022				Counterparty quotations		N/A			(E)
	Investments in senior housing real estate, net					1,374,710
	Investments in other real estate, net					262,403
	Intangibles					187,101
	Other investments					25,795
	Receivables and other assets					103,422
						$	3,520,609
	Liabilities
	Financial instruments:
	CDO bonds payable (G)	$	407,785			$	408,813			$	293,626			Pricing models		3.17	%		2.3
	Other bonds and notes payable (G)	233,371				221,305				224,013				Broker quotations, pricing models		3.49	%		3.1
	Repurchase agreements	74,863				74,863				74,863				Market comparables		1.92	%		0.3
	Mortgage notes payable	1,091,673				1,091,823				1,092,047				Pricing models		4.74	%		6.5
	Credit facilities, golf	152,961				152,961				152,961				Pricing models		5.2	%		3.8
	Financing of subprime mortgage loans subject to call option (D)	406,217				406,217				406,217				(D)		9.09	%		(D)
	Junior subordinated notes payable	51,004				51,236				33,721				Pricing models		7.39	%		21.1
	Interest rate swaps, treated as hedges (E)(F)*	104,662				4,999				4,999				Counterparty quotations		N/A			(E)
	Non-hedge derivatives (E)*	183,729				5,515				5.515				Counterparty quotations		N/A			(E)
	Dividends payable, accrued expenses and other liabilities					297,402
	Liabilities of discontinued operations					—
						$	2,715,134
	*Measured at fair value on a recurring basis.
	(A)	Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded.
	(B)	The weighted average yield and weighted average funding cost are disclosed for financial instrument assets and liabilities, respectively.
	(C)	Excludes nine CDO securities with a zero value, which had an aggregate face amount of $115.3 million.
	(D)	These two items results from an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6), are noneconomic until such option is exercised, and are equal and offsetting.
	(E)	Newcastle’s derivatives fall into two categories. A derivative asset with an aggregate notional balance of $90.1 million represents linked transactions with $90.1 million face amount of underlying financed securities. As of March 31, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $288.3 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. Newcastle’s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle’s derivatives are included in receivables and other assets or accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, as applicable.
	(F)
		Year of Maturity		Weighted Average Month of Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		2016		Apr		$	104,662			5.04	%		$	4,999
	(G)	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other nonrecourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
Schedule of fair value of derivative assets	'
		Year of Maturity		Weighted Average Month of Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		2016		Apr		$	104,662			5.04	%		$	4,999
Schedule of fair value of assets and liabilities measured on a recurring basis	'
	The following table summarizes such financial assets and liabilities measured at fair value on a recurring basis at March 31, 2014:
		Principal Balance or								Fair Value
		Notional Amount				Carrying Value				Level 2				Level 3				Total
	Assets
	Real estate securities, available-for-sale:
	CMBS	$	330,213			$	286,341			$	—			$	286,341			$	286,341
	REIT debt	29,200				30,957				30,957				—				30,957
	Non-Agency RMBS	93,221				61,524				—				61,524				61,524
	ABS - other real estate	8,464				—				—				—				—
	CDO (A)	71,632				60,201				—				60,201				60,201
	Real estate securities total	$	532,730			$	439,023			$	30,957			$	408,066			$	439,023
	Derivative assets:
	Linked transactions at fair value	90,097				34,022				—				34,022				34,022
	Derivative assets total	$	90,097			$	34,022			$	—			$	34,022			$	34,022
	Liabilities
	Derivative Liabilities:
	Interest rate swaps, treated as hedges	$	104,662			$	4,999			$	4,999			$	—			$	4,999
	Interest rate swaps, not treated as hedges	183,729				5,515				5,515				—				5,515
	Derivative liabilities total	$	288,391			$	10,514			$	10,514			$	—			$	10,514
	(A)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
Schedule of change in fair value of Level 3 investments	'
	Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended ended March 31, 2014 as follows:
		CMBS								ABS
		Conduit				Other				Subprime			Other				Equity/Other Securities				Linked Transactions				Total
	Balance at December 31, 2013	$	198,935			$	85,534			57,581			$	—			$	59,757			$	43,662			$	445,469
	Total gains (losses) (A)
	Included in net income (B)	422				—				—			—				—				10,673				11,095
	Included in other comprehensive income (loss)	(568		)		432				4,723			—				1,588				—				6,175
	Amortization included in interest income	4,413				184				1,171			24				1,145				—				6,937
	Purchases, sales and repayments
	Purchases	—				—				—			—				—				—				—
	Proceeds from sales	(545		)		—				—			—				—				—				(545		)
	Proceeds from repayments	(2,324		)		(142		)		(1,951	)		(24		)		(2,289		)		(20,313		)		(27,043		)
	Balance at March 31, 2014	$	200,333			$	86,008			61,524			$	—			$	60,201			$	34,022			$	442,088
	(A)	None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.
	(B)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
		Three Months Ended March 31, 2014
	Gain (loss) on settlement of investments, net	$	422
	Other income (loss), net	10,673
	OTTI	—
	Total	$	11,095
	Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period	$	—
Schedule of gains losses on fair value of RE securities	'
	These gains (losses) are recorded in the following line items in the consolidated statements of income:
		Three Months Ended March 31, 2014
	Gain (loss) on settlement of investments, net	$	422
	Other income (loss), net	10,673
	OTTI	—
	Total	$	11,095
	Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period	$	—
Schedule of securities valuation methodology and results	'
	As of March 31, 2014, Newcastle’s securities valuation methodology and results are further detailed as follows:
										Fair Value
		Outstanding				Amortized				Multiple				Single				Internal
		Face				Cost												Pricing
	Asset Type	Amount (A)				Basis (B)				Quotes (C)				Quote (D)				Models (E)				Total
	CMBS	$	330,213			$	229,887			$	243,629			$	42,712			$	—			$	286,341
	REIT debt	29,200				28,729				30,957				—				—				30,957
	Non-Agency RMBS	93,221				39,894				61,524				—				—				61,524
	ABS - other real estate	8,464				—				—				—				—				—
	CDO (F)	71,632				55,851				—				56,923				3,278				60,201
	Total	$	532,730			$	354,361			$	336,110			$	99,635			$	3,278			$	439,023
	(A)	Net of incurred losses.
	(B)	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended March 31, 2014.
	(C)	Management generally obtained pricing service quotations or broker quotations from at least two sources, one of which was generally the seller (the party that sold us the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which are believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
	(D)	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold us the security) or a pricing service.
	(E)	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
										Impairment				Unrealized				Weighted Average Significant Input
		Amortized				Fair Value				Recorded				Gains				Discount			Prepayment			Cumulative			Loss
		Cost								In				(Losses) in				Rate			Speed (G)			Default			Severity
		Basis (B)								Current				Accumulated										Rate
										Period				OCI
	CDO	—				3,278				—				3,278				20	%		3.5	%		21	%		73.6	%
	Total	$	—			$	3,278			$	—			$	3,278
	At March 31, 2014, there was no ABS or CMBS fair value based on model mark assumptions.
	All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions.  Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
	The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
	Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
	Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
	The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
	(F)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
	(G)	Projected annualized average prepayment rate.
Schedule of securities valued based on internal pricing models	'
	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
										Impairment				Unrealized				Weighted Average Significant Input
		Amortized				Fair Value				Recorded				Gains				Discount			Prepayment			Cumulative			Loss
		Cost								In				(Losses) in				Rate			Speed (G)			Default			Severity
		Basis (B)								Current				Accumulated										Rate
										Period				OCI
	CDO	—				3,278				—				3,278				20	%		3.5	%		21	%		73.6	%
	Total	$	—			$	3,278			$	—			$	3,278
	At March 31, 2014, there was no ABS or CMBS fair value based on model mark assumptions.
	All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions.  Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
	The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
	Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
	Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
	The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
Schedule of fair value for real estate related loans and residential mortgage loans held for sale	'
	The following tables summarize certain information for real estate related and other loans and residential mortgage loans held-for-sale as of March 31, 2014:
														Valuation				Significant Input
		Outstanding												Allowance/				Range						Weighted Average
		Face				Carrying				Fair				(Reversal) In				Discount			Loss			Discount			Loss
	Loan Type	Amount				Value				Value				Current Year				Rate			Severity			Rate			Severity
	Mezzanine	$	157,519			$	125,071			$	128,324			$	—			5.0%-9.0%			0.0%-100.0%			7	%		18.9	%
	Bank Loan	174,806				97,244				106,086				1,607				16.6%-42.1%			0.0%-100.0%			22	%		34.1	%
	B-Note	96,033				90,445				90,444				(1,175		)		8.2%-12.0%			0	%		11.1	%		0	%
	Whole Loan	490				490				499				—				4	%		0	%		4.1	%		0	%
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	428,848			$	313,250			$	325,353			$	432
	The following table summarizes certain information for residential mortgage loans held-for-sale as of March 31, 2014:
															Valuation				Significant Input (Weighted Average)
			Outstanding												Allowance/
			Face				Carrying				Fair				(Reversal) In				Discount			Prepayment			Constant			Loss
	Loan Type		Amount				Value (A)				Value (A)				Current Year				Rate			Speed			Default Rate			Severity
	Non-securitized Manufactured Housing Loans Portfolio I		$	496			$	130			$	521			$	(3	)		82	%		5	%		11.6	%		65	%
	Non-Securitized Manufactured Housing Loans Portfolio II		2,511				2,048				2,726				(16		)		15.4	%		5	%		3.5	%		60	%
	Securitized Manufactured Housing Loans Portfolio I		98,925				89,113				104,991				(3		)		9.5	%		6	%		3	%		65	%
	Securitized Manufactured Housing Loans Portfolio II		123,611				123,277				131,529				437				8.3	%		7	%		3.5	%		60	%
	Residential Loans		44,941				33,731				38,550				399				7	%		4.6	%		2.7	%		45.8	%
	Total Residential Mortgage Loans, Held-for-Sale, Net		$	270,484			$	248,299			$	278,317			$	814
	(A)	Carrying value and fair value include interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $5.2 million for the manufactured housing loans.
Schedule of fair value of derivatives	'
	Newcastle’s derivatives are recorded on its balance sheet as follows:
				Fair Value
		Balance sheet location		31-Mar-14				31-Dec-13
	Derivative Assets
	Linked transactions at fair value	Receivables and other assets		$	34,022			$	43,662
				$	34,022			$	43,662
	Derivative Liabilities
	Interest rate swaps, designated as hedges	Accounts payable, accrued expenses and other liabilities		$	4,999			$	6,203
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		5,515				7,592
				$	10,514			$	13,795
Schedule of outstanding derivatives	'
	The following table summarizes information related to derivatives:
		March 31, 2014				December 31, 2013
	Cash flow hedges
	Notional amount of interest rate swap agreements	$	104,662			$	105,031
	Amount of (loss) recognized in OCI on effective portion	(4,914		)		(6,117		)
	Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	153				170
	Deferred hedge gain (loss) related to dedesignation, net of amortization	(40		)		(45		)
	Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	54				53
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(3,937		)		(3,915		)
	Non-hedge Derivatives
	Notional amount of interest rate swap agreements	183,729				185,871
	Notional amount of linked transactions (A)	90,097				116,806
	(A)	This represents the current face amount of the underlying financed securities comprising linked transactions.
Schedule of gain loss on derivatives	'
	The following table summarizes gains (losses) recorded in relation to derivatives:
				Three Months Ended
				March 31,
		Income statement location		2014			2013
	Cash flow hedges
	Amount of gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense	$	(1,280	)	$	(1,865	)
	Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	Interest expense		17			16
	Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	Interest expense		(4	)		(16	)
	Non-hedge derivatives gain (loss)
	Interest rate swaps	Other income (loss)		2,075			3,126
	Linked transactions	Other income (loss)		10,673			—
Schedule of net assets recognized as linked transactions	'
	The following table presents both gross information and net information about linked transactions as of March 31, 2014:
	Real estate securities-available for sale (A)	$	88,272
	Repurchase agreements (B)	(54,250		)
	Net assets recognized as linked transactions	$	34,022
	(A)	Represents the fair value of the securities accounted for as part of linked transactions at March 31, 2014.
	(B)	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions at March 31, 2014.

EQUITY_AND_EARNINGS_PER_SHARE_

EQUITY AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2014
Equity And Earnings Per Share Tables	'
Schedule of Outstanding Options	'
	Newcastle’s outstanding options at March 31, 2014 consisted of the following:
		Number of Options	Strike Price (A)		Maturity Date
		343,275	$	10.28	5/25/14
		162,500	12.84		11/22/14
		330,000	12.03		1/12/15
		2,000	12.62		8/1/15
		170,000	11.95		11/1/16
		242,000	12.8		1/23/17
		456,000	11.19		4/11/17
		1,580,166	1.51		3/29/21
		2,424,833	0.86		9/27/21
		2,000	1.07		12/20/21
		1,867,167	1.61		4/3/22
		2,265,000	1.84		5/21/22
		2,499,167	1.83		7/31/22
		5,750,000	3.03		1/11/23
		2,300,000	3.54		2/15/23
		4,025,000	3.76		6/17/23
		5,795,095	4.04		11/22/23
	Total W/A	30,214,203	$	3.31
	(A)	The strike prices are subject to adjustment in connection with return of capital dividends. In the first quarter of 2014 strike prices were adjusted by $0.32 reflecting the portion of Newcastle’s 2013 dividends which was deemed return of capital.
	As of March 31, 2014, Newcastle’s outstanding options were summarized as follows:
	Held by the Manager	25,653,733
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	4,556,470
	Issued to the independent directors	4,000
	Total	30,214,203

INCOME_TAXES_Tables

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2014
Income Taxes Tables	'
Schedule of components of income tax expense	'The provision for income taxes (including discontinued operations) consists of the following:
		Three months ended March 31,
		2014				2013
	Current:
	Federal	$	72			$	—
	State and Local	61				—
	Total Current Provision	$	133			$	—
	Deferred:
	Federal	$	(126	)		$	—
	State and Local	(56		)		—
	Total Deferred Provision	$	(182	)		$	—
	Total Provision for Income Taxes	$	(49	)		$	—
Schedule of deferred tax assets	'
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of March 31, 2014 and December 31, 2013 are presented below:
		March 31, 2014				December 31, 2013
	Deferred tax assets:
	Allowance for loan losses	$	953			$	2,076
	Depreciation and amortization	36,541				94,880
	Leaseholds	6,729				6,489
	Accrued expenses	15,292				23,816
	Deposits	7,787				7,787
	Net operating losses	57,111				211,560
	Other	—				17,036
	Total deferred tax assets	124,413				363,644
	Less valuation allowance	(123,827		)		(363,192		)
	Net deferred tax assets	$	586			$	452
	Deferred tax liabilities:
	Other	237				—
	Total deferred tax liabilities	$	237			$	—
Schedule of change in valuation allowance	'
	The following table summarizes the change in the deferred tax asset valuation allowance:
	Valuation allowance at December 31, 2013		$	363,192
	Decrease due to spin-off of New Media		(244,401		)
	Other increase		5,036
	Valuation allowance at March 31, 2014		$	123,827

GAIN_LOSSES_ON_SETTLEMENT_OF_I1

GAIN (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME(LOSS), NET (Tables)	3 Months Ended
	Mar. 31, 2014
Gain Losses On Settlement Of Investments Net And Other Incomeloss Net Tables	'
Schedule of gain (loss) on settlement of investments, net and other income (loss), net	'
	These items are comprised of the following:
		Three Months Ended March 31,
		2014			2013
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	2,334		$	—
	Loss on disposal of long-lived assets	(2		)	(3		)
		$	2,332		$	(3	)
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	12,748		$	3,126
	Collateral management fee income, net	265			352
	Equity in earnings of equity method investees	(39		)	—
	Other income (loss)	500			1,089
		$	13,474		$	4,567

RECLASSIFICATION_FROM_ACCUMULA1

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Tables)	3 Months Ended
	Mar. 31, 2014
Reclassification From Accumulated Other Comprehensive Income Into Net Income Tables	'
Schedule of reclassification from accumulated other comprehensive income into net income	'
	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income:
	Accumulated Other Comprehensive	Income Statement	Three Months Ended March 31,
	Income Components	Location	2014			2013
	Net realized gain (loss) on securities
	Impairment	Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	$	—		$	(539	)
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	2,334			—
			$	2,334		$	(539	)
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Amortization of deferred gain (loss)	Interest expense	$	13		$	—
	Gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense	(1,280		)	(1,865		)
			$	(1,267	)	$	(1,865	)
	Total reclassifications		$	1,067		$	(2,404	)

SUPPLEMENTAL_NONCASH_INVESTING1

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Tables)	3 Months Ended
	Mar. 31, 2014
Supplemental Non-Cash Investing And Financing Activities Related To Cdos Tables	'
Schedule of supplemental non-cash investing and financing activities relating to CDOs	'
	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Three Months Ended March 31,
		2014		2013
	Restricted cash generated from sale of securities	$	548	$	—
	Restricted cash generated from paydowns on securities and loans	$	141,348	$	83,623
	Restricted cash used for repayments of CDO bonds payable	$	137,831	$	65,086

GENERAL_Details_Narrative

GENERAL (Details Narrative)	Mar. 31, 2014	Mar. 31, 2014	Feb. 13, 2014	Mar. 31, 2014	Mar. 31, 2014
		Manager [Member]	New Media Spin-Off [Member]	National Golf [Member]	American Golf [Member]
				Courses	Courses
				States
REIT distribution threshold for nontaxation	90.00%	'	'	'	'
Spin-off distribution ratio	'	'	0.0722	'	'
Number of golf courses owned and operated	'	'	'	27	54
Number of states entity operates in	'	'	'	8	'
Number of golf courses managed for third parties	'	'	'	'	11
Shares held by Fortress and affiliates in Newcastle	6,400,000	'	'	'	'
Stock Options outstanding	30,214,203	25,653,733	'	'	'

ACQUISITIONS_Senior_Housing_As

ACQUISITIONS - Senior Housing Assets (Details) (Senior Housing assets acquired in 2014 [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Senior Housing assets acquired in 2014 [Member]	'
Allocation Of Purchase Price	'
Investments in Real Estate	$20,630	[1]
Resident Lease Intangibles	2,370	[1]
Other Assets, net of Other Liabilities	-200	[1]
Total purchase price	22,800	[1]
Mortgage notes payable	-17,250	[2]
Net assets acquired	5,550
Total acquisition related costs	$258	[3]
[1]	Due to the timing of the acquisition, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
[2]	See Note 10.
[3]	Acquisition related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.

ACQUISITIONS_Details_Narrative

ACQUISITIONS (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	Housing
Senior Housing assets acquired in 2014 [Member]	'
Number of housing assets/facilities acquired	2
Total purchase price	$22,800	[1]
Senior Housing assets acquired in 2014 Tranche 1 [Member]	'
Management fees paid, as a percentage of effective gross income	'5% of the property's effective gross income
Senior Housing assets acquired in 2014 Tranche 2 [Member]	'
Management fees paid, as a percentage of effective gross income	'6% of the property's effective gross income for the first two years and 7% thereafter
[1]	Due to the timing of the acquisition, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.

SPINOFF_OF_NEW_RESIDENTIAL_AND2

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA - Carrying Value of Assets and Liabilities Immediately Prior to Spin-Off (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Feb. 13, 2014
In Thousands, unless otherwise specified			New Media Spin-Off [Member]
Assets:	'	'	'
Property, plant and equipment, net	'	'	$266,385
Intangibles, net	'	'	144,664
Goodwill	'	'	126,686
Cash & Cash Equivalents	'	'	23,845
Restricted cash	4,314	5,889	6,477
Receivables and other assets	'	'	101,940
Total Assets	'	690,746	669,997
Liabilities:	'	'	'
Credit facilities - media	'	'	177,955
Accounts payable, accrued expenses and other liabilities	'	'	99,857
Total Liabilities	'	295,267	277,812
Net Assets	'	'	$392,185

SPINOFF_OF_NEW_RESIDENTIAL_AND3

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA - Results of Operations from Discontinued Operations (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Results of operations from discontinued operations	'	'
Net interest income	$10,597	$38,622
Change in fair value of investments in excess mortgage servicing rights	'	1,858
Change in fair value of investments in equity method investees	'	969
Expenses	'	'
Property operating costs	23,804	8,670
Income (loss) from discontinued operations	-5,305	10,148
Discontinued Operations	'	'
Results of operations from discontinued operations	'	'
Interest income	'	10,035
Interest Expense	2,096	'
Net interest income	-2,096	10,035
Media income	68,213	'
Change in fair value of investments in excess mortgage servicing rights	'	1,858
Change in fair value of investments in equity method investees	'	969
Other income	'	2,827
Expenses	'	'
Media operating expenses	65,826	'
Property operating costs	'	7
General and administrative expenses	1,904	2,707
Depreciation and amortization	4,596	'
Income tax (benefit) expense	-915	'
Total expenses	71,411	2,714
Net income attributable to noncontrolling interest	522	'
Income (loss) from discontinued operations	($4,772)	$10,148

SPINOFF_OF_NEW_RESIDENTIAL_AND4

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA (Details Narrative) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	15-May-13	Feb. 13, 2014
	New Residential Spin-Off [Member]	New Media Spin-Off [Member]
Reduction in basis for management fee computation	$1,200,000	$400,000

SEGMENT_REPORTING_AND_VARIABLE2

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Interest income	$46,452		$61,332		'
Interest expense	35,855		22,710		'
Net interest income	10,597		38,622		'
Impairment (reversal)	1,246		2,773		'
Operating revenues	121,629		13,500		'
Other income (loss)	15,806		5,770		'
Property operating expenses	23,804		8,670		'
Operating expenses - golf	58,338		'		'
Cost of sales - golf	5,956		'		'
Depreciation and amortization	30,359		4,079		'
Other operating expenses	18,106		14,505		'
Income tax expense	295		'		'
Income from continuing operations	9,928		27,865		'
Income (loss) from discontinued operations, net of tax	-5,305		10,148		'
Net Income	4,623		38,013		'
Preferred dividends	-1,395		-1,395		'
Net loss attributable to noncontrolling interests	661		'		'
Income (loss) applicable to common stockholders	3,889		36,618		'
Investments	3,256,798		'		'
Cash and restricted cash	126,367		'		'
Other assets	137,444		'		'
Total assets	3,520,609		'		4,852,563
Debt	2,407,218		'		'
Other liabilities	307,916		'		'
Total liabilities	2,715,134		'		3,626,439
Preferred Stock	61,583		'		61,583
Noncontrolling interests	227		'		61,279
GAAP book value	743,665		'		'
Additions to investments in real estate	26,565		'		'
Senior Housing [Member]	'		'		'
Interest expense	13,701	[1]	1,232	[1]	'
Net interest income	-13,701	[1]	-1,232	[1]	'
Operating revenues	57,810	[1]	12,997	[1]	'
Other income (loss)	-2	[1]	8	[1]	'
Property operating expenses	23,520	[1]	8,423	[1]	'
Depreciation and amortization	22,835	[1]	4,022	[1]	'
Other operating expenses	7,792	[1]	2,081	[1]	'
Income tax expense	155	[1]	'		'
Income from continuing operations	-10,195	[1]	-2,753	[1]	'
Net Income	-10,195	[1]	-2,753	[1]	'
Income (loss) applicable to common stockholders	-10,195	[1]	-2,753	[1]	'
Investments	1,465,735	[1]	'		'
Cash and restricted cash	36,095	[1]	'		'
Other assets	63,969	[1]	'		'
Total assets	1,565,799	[1]	'		'
Debt	1,091,823	[1]	'		'
Other liabilities	69,440	[1]	'		'
Total liabilities	1,161,263	[1]	'		'
GAAP book value	404,536		'		'
Additions to investments in real estate	24,640		'		'
CDOs [Member]	'		'		'
Interest income	30,722	[1]	31,828	[1]	'
Interest expense	6,128	[1]	7,135	[1]	'
Net interest income	24,594	[1]	24,693	[1]	'
Impairment (reversal)	432	[1]	3,182	[1]	'
Other income (loss)	13,610	[1]	4,572	[1]	'
Other operating expenses	156	[1]	194	[1]	'
Income from continuing operations	37,616	[1]	25,889	[1]	'
Net Income	37,616	[1]	25,889	[1]	'
Income (loss) applicable to common stockholders	37,616	[1]	25,889	[1]	'
Investments	807,388	[1]	'		'
Cash and restricted cash	1,304	[1]	'		'
Other assets	36,733	[1]	'		'
Total assets	845,425	[1]	'		'
Debt	543,859	[1]	'		'
Other liabilities	10,918	[1]	'		'
Total liabilities	554,777	[1]	'		'
GAAP book value	290,648		'		'
Other Debt [Member]	'		'		'
Interest income	16,952	[1],[2]	30,298	[1],[2]	'
Interest expense	12,663	[1],[2]	14,257	[1],[2]	'
Net interest income	4,289	[1],[2]	16,041	[1],[2]	'
Impairment (reversal)	814	[1],[2]	-409	[1],[2]	'
Operating revenues	541	[1],[2]	503	[1],[2]	'
Other income (loss)	2,198	[1],[2]	1,190	[1],[2]	'
Property operating expenses	284	[1],[2]	247	[1],[2]	'
Depreciation and amortization	57	[1],[2]	57	[1],[2]	'
Other operating expenses	702	[1],[2]	855	[1],[2]	'
Income from continuing operations	5,171	[1],[2]	16,984	[1],[2]	'
Net Income	5,171	[1],[2]	16,984	[1],[2]	'
Income (loss) applicable to common stockholders	5,171	[1],[2]	16,984	[1],[2]	'
Investments	718,082	[1],[2]	'		'
Cash and restricted cash	752	[1],[2]	'		'
Other assets	1,350	[1],[2]	'		'
Total assets	720,184	[1],[2]	'		'
Debt	624,240	[1],[2],[3]	'		'
Other liabilities	2,123	[1],[2]	'		'
Total liabilities	626,363	[1],[2]	'		'
GAAP book value	93,821		'		'
Additions to investments in real estate	33	[1],[2]	'		'
Golf [Member]	'		'		'
Interest income	41		'		'
Interest expense	3,682		'		'
Net interest income	-3,641		'		'
Operating revenues	63,278		'		'
Operating expenses - golf	58,338		'		'
Cost of sales - golf	5,956		'		'
Depreciation and amortization	7,430		'		'
Other operating expenses	1,081		'		'
Income tax expense	140		'		'
Income from continuing operations	-13,308		'		'
Net Income	-13,308		'		'
Net loss attributable to noncontrolling interests	139		'		'
Income (loss) applicable to common stockholders	-13,169		'		'
Investments	351,906		'		'
Cash and restricted cash	12,916		'		'
Other assets	34,455		'		'
Total assets	399,277		'		'
Debt	182,373		'		'
Other liabilities	181,165		'		'
Total liabilities	363,538		'		'
Noncontrolling interests	227		'		'
GAAP book value	35,512		'		'
Additions to investments in real estate	1,892		'		'
Corporate [Member]	'		'		'
Interest income	11		72		'
Interest expense	955		952		'
Net interest income	-944		-880		'
Depreciation and amortization	37		'		'
Other operating expenses	8,375		11,375		'
Income from continuing operations	-9,356		-12,255		'
Net Income	-9,356		-12,255		'
Preferred dividends	-1,395		-1,395		'
Income (loss) applicable to common stockholders	-10,751		-13,650		'
Cash and restricted cash	75,300		'		'
Other assets	1,089		'		'
Total assets	76,389		'		'
Debt	51,236		'		'
Other liabilities	44,422		'		'
Total liabilities	95,658		'		'
Preferred Stock	61,583		'		'
GAAP book value	-80,852		'		'
Intersegment Elimination and Discontinued Operations [Member]	'		'		'
Interest income	-1,274	[4]	-866	[4]	'
Interest expense	-1,274	[4]	-866	[4]	'
Income (loss) from discontinued operations, net of tax	-5,305	[4]	10,148	[4]	'
Net Income	-5,305	[4]	10,148	[4]	'
Net loss attributable to noncontrolling interests	522	[4]	'		'
Income (loss) applicable to common stockholders	-4,783	[4]	10,148	[4]	'
Investments	-86,313	[4]	'		'
Other assets	-152	[4]	'		'
Total assets	-86,465	[4]	'		'
Debt	-86,313	[4]	'		'
Other liabilities	-152	[4]	'		'
Total liabilities	($86,465)	[4]	'		'
[1]	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, 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.
[2]	The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).
[3]	An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.
[4]	Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments. In addition, includes the results of discontinued segments.

SEGMENT_REPORTING_AND_VARIABLE3

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Investments Face Amount	$532,730	[1],[2]
Investments Carrying Value	3,256,798
Debt Face Amount	2,417,874
Debt Carrying Value	2,407,218
Non-recourse [Member]	'
Investments Face Amount	683,199
Investments Carrying Value	675,406
Debt Face Amount	610,198
Debt Carrying Value	598,877
Non-recourse [Member] | Manufactured Housing Loan Portfolio I [Member]	'
Investments Face Amount	98,925
Investments Carrying Value	89,113
Debt Face Amount	70,943
Debt Carrying Value	63,325
Non-recourse [Member] | Manufactured Housing Loan Portfolio II [Member]	'
Investments Face Amount	123,611
Investments Carrying Value	123,277
Debt Face Amount	88,785
Debt Carrying Value	88,524
Non-recourse [Member] | Subprime Mortgage Loans subject to Call Options [Member]	'
Investments Face Amount	406,217
Investments Carrying Value	406,217
Debt Face Amount	406,217
Debt Carrying Value	406,217
Non-recourse [Member] | Real Estate Securities [Member]	'
Investments Face Amount	54,446
Investments Carrying Value	50,226
Debt Face Amount	38,253
Debt Carrying Value	34,811
Non-recourse [Member] | Operating Real Estate [Member]	'
Investments Carrying Value	6,573
Debt Face Amount	6,000
Debt Carrying Value	6,000
Other [Member] | Unlevered Real Estate Securities [Member]	'
Investments Face Amount	128,032
Investments Carrying Value	4,129
Other [Member] | Other Investments [Member]	'
Investments Carrying Value	6,239
Other [Member] | Residential Mortgage Loans [Member]	'
Investments Face Amount	44,183
Investments Carrying Value	32,308
Debt Face Amount	25,363
Debt Carrying Value	25,363
Other Debt [Member]	'
Investments Face Amount	855,414
Investments Carrying Value	718,082	[3],[4]
Debt Face Amount	635,561	[5]
Debt Carrying Value	$624,240	[3],[4],[5]
[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]	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, 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.
[4]	The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).
[5]	An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.

SEGMENT_REPORTING_AND_VARIABLE4

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Holdings in Variable Interest Entities (Details 2) (VIE [Member], USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
CDO V [Member]	'
Gross Assets	$177,764	[1]
Debt	204,882	[1],[2]
Carrying Value of Newcastle's Investment	3,278	[3]
CDO VIII Repack [Member]	'
Gross Assets	90,097	[1]
Debt	90,097	[1],[2]
Carrying Value of Newcastle's Investment	$88,272	[3]
[1]	Face amount.
[2]	Newcastle CDO V includes $40.3 million face amount of debt owned by Newcastle with a carrying value of $3.3 million at March 31, 2014. CDO VIII Repack includes $90.1 million face amount of debt owned by Newcastle with a carrying value of $88.3 million at March 31, 2014.
[3]	This amount represents Newcastle's maximum exposure to loss from this entity.

SEGMENT_REPORTING_AND_VARIABLE5

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Aggregate Face Amount of debt eliminated upon consolidation	$133,600
Carrying Value of debt eliminated upon consolidation	86,300
Debt Face Amount	2,417,874
CDO V [Member] | VIE [Member]	'
Debt Face Amount	40,300
Carrying Value of Newcastle's Investment	3,278	[1]
CDO VIII Repack [Member] | VIE [Member]	'
Debt Face Amount	90,100
Carrying Value of Newcastle's Investment	$88,272	[1]
[1]	This amount represents Newcastle's maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Real_Es

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
	Integer
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.

REAL_ESTATE_SECURITIES_Holding

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Outstanding Face Amount	$532,730	[1],[2]	'
Other Than Temporary Impairment - Amortized Cost Basis	-148,978		'
Amortized Cost Basis	354,361	[3]	'
Gains - Gross Unrealized	84,783		'
Carrying Value	439,023		984,263
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]	'
Securities in an Unrealized Loss Position Less than Twelve Months [Member]	'		'
Outstanding Face Amount	15,084		'
Before Impairment - Amortized Cost Basis	15,590		'
Other Than Temporary Impairment - Amortized Cost Basis	-1,443		'
Amortized Cost Basis	14,147		'
Gross unrealized losses - less than twelve months	-24		'
Carrying value - less than twelve months	14,123		'
Number of securities, less than twelve months	5		'
Weighted Average Rating	'BBB		'
Weighted Average Coupon	2.31%		'
Weighted Average Yield	4.97%		'
Weighted Average Maturity (Years)	'2 years 4 months 24 days		'
Securities in an Unrealized Loss Position Greater than Twelve Months [Member]	'		'
Outstanding Face Amount	6,700		'
Before Impairment - Amortized Cost Basis	6,519		'
Amortized Cost Basis	6,519		'
Gross unrealized losses - twelve months or more	-97		'
Carrying value - twelve months or more	6,422		'
Number of securities, greater than twelve months	2		'
Weighted Average Rating	'B+		'
Weighted Average Coupon	5.98%		'
Weighted Average Yield	6.63%		'
Weighted Average Maturity (Years)	'4 years 4 months 24 days		'
Securities in an Unrealized Loss Position [Member]	'		'
Outstanding Face Amount	21,784		'
Before Impairment - Amortized Cost Basis	22,109		'
Other Than Temporary Impairment - Amortized Cost Basis	-1,443		-2,873
Amortized Cost Basis	20,666		'
Total gross unrealized losses	-121		'
Carrying Value	$20,545		'
Number of securities	7		'
Weighted Average Rating	'BB+		'
Weighted Average Coupon	3.43%		'
Weighted Average Yield	5.50%		'
Weighted Average Maturity (Years)	'3 years		'
[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.

REAL_ESTATE_SECURITIES_Holding1

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
RE Securities No Intent to Sell Credit Impaired [Member]	'
Fair Value	$1,358
Amortized Cost Basis	1,367
Unrealized Non-Credit Losses	-9	[1]
RE Securities No Intent to Sell Non Credit Impaired [Member]	'
Fair Value	19,187
Amortized Cost Basis	19,299
Unrealized Non-Credit Losses	-112	[1]
Securities in an Unrealized Loss Position [Member]	'
Fair Value	20,545
Amortized Cost Basis	20,666
Unrealized Non-Credit Losses	($121)	[1]
[1]	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.

REAL_ESTATE_SECURITIES_Credit_

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]	'
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	($148,978)
Securities in an Unrealized Loss Position [Member]	'
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]	'
Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	-2,873
Increases to credit losses on securities for which an OTTI was previously recognized and a portion of OTTI recognized in other comprehensive income	-1,443
Reduction for securities sold/written off during the period	2,873
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	($1,443)

REAL_ESTATE_SECURITIES_Geograp

REAL ESTATE SECURITIES - Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS (Details 4) (USD $)

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

In Thousands, unless otherwise specified

CMBS [Member]

CMBS [Member]

CMBS [Member]

CMBS [Member]

CMBS [Member]

CMBS [Member]

CMBS [Member]

CMBS [Member]

ABS [Member]

ABS [Member]

ABS [Member]

ABS [Member]

ABS [Member]

ABS [Member]

ABS [Member]

Western US [Member]

Northeastern US [Member]

Southeastern US [Member]

Midwestern US [Member]

Southwestern US [Member]

Other Locations [Member]

Foreign Locations [Member]

Western US [Member]

Northeastern US [Member]

Southeastern US [Member]

Midwestern US [Member]

Southwestern US [Member]

Other Locations [Member]

Principal balance

$532,730

[1],[2]

$330,213

[2]

$72,386

$60,575

$66,288

$49,117

$64,231

$12,719

$4,897

$101,685

$31,053

$21,121

$19,949

$13,146

$10,247

$6,169

Percentage of principal balance

'

100.00%

21.90%

18.30%

20.10%

14.90%

19.40%

3.90%

1.50%

100.00%

30.50%

20.80%

19.60%

12.90%

10.10%

6.10%

[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.

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details Narrative) (USD $)	3 Months Ended			1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2014	Jan. 31, 2014
			Non-consolidated CDO Securities [Member]	FNMA/FHLMC Securities [Member]
Outstanding Face Amount	$532,730	[1],[2]	$115,300	'
Total Outstanding face amount of fixed rate securities	340,600		'	'
Total Outstanding face amount of floating rate securities	192,100		'	'
Face amount of securities sold	'		'	503,000
Average price percentage	'		'	105.82%
Proceeds from sale of securities	532,236		'	532,200
Repayments of repurchase agreements	'		'	-516,100
Gain on sale of securities	'		'	$1,900
[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.

REAL_ESTATE_RELATED_LOANS_RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified	Integer
Number of Securities	90
Weighted Average Yield	12.62%
Weighted Average Coupon	4.10%
Weighted Average Maturity (Years)	'2 years 9 months 18 days	[1]
Mezzanine Loans [Member]	'
Outstanding Face Amount	157,519
Carrying Value	125,071
Number of Securities	8
Weighted Average Yield	6.99%
Weighted Average Coupon	7.33%
Weighted Average Maturity (Years)	'1 year 4 months 24 days	[1]
Floating Rate Loans as a % of Face Amount	75.70%
Delinquent Face Amount	12,000	[2]
Corporate Bank Loans [Member]	'
Outstanding Face Amount	174,806
Carrying Value	97,244
Number of Securities	5
Weighted Average Yield	22.03%
Weighted Average Coupon	12.36%
Weighted Average Maturity (Years)	'2 years 3 months 18 days	[1]
Floating Rate Loans as a % of Face Amount	14.80%
Delinquent Face Amount	24,835	[2]
B-Notes [Member]	'
Outstanding Face Amount	96,033
Carrying Value	90,445
Number of Securities	3
Weighted Average Yield	11.10%
Weighted Average Coupon	5.30%
Weighted Average Maturity (Years)	'1 year 4 months 24 days	[1]
Floating Rate Loans as a % of Face Amount	76.60%
Whole Loans [Member]	'
Outstanding Face Amount	490
Carrying Value	490
Number of Securities	1
Weighted Average Yield	4.08%
Weighted Average Coupon	7.55%
Weighted Average Maturity (Years)	'0 years 7 months 6 days	[1]
Total Real Estate Related and Other Loans Held for Sale [Member]	'
Outstanding Face Amount	428,848
Carrying Value	313,250
Number of Securities	17
Weighted Average Yield	12.84%
Weighted Average Coupon	8.93%
Weighted Average Maturity (Years)	'1 year 8 months 12 days	[1]
Floating Rate Loans as a % of Face Amount	51.00%
Delinquent Face Amount	36,835	[2]
Non-Securitized Manufacturing Housing Loan Portfolio I [Member]	'
Outstanding Face Amount	496
Carrying Value	130	[3]
Number of Securities	14
Weighted Average Yield	82.04%
Weighted Average Coupon	7.91%
Weighted Average Maturity (Years)	'0 years 10 months 24 days	[1]
Non-Securitized Manufacturing Housing Loan Portfolio II [Member]	'
Outstanding Face Amount	2,511
Carrying Value	2,048	[3]
Number of Securities	96
Weighted Average Yield	15.40%
Weighted Average Coupon	10.04%
Weighted Average Maturity (Years)	'5 years	[1]
Floating Rate Loans as a % of Face Amount	9.60%
Delinquent Face Amount	205	[2]
Securitized Manufacturing Housing Loan Portfolio I [Member]	'
Outstanding Face Amount	98,925	[4],[5]
Carrying Value	89,113	[3],[4],[5]
Number of Securities	2,742	[4],[5]
Weighted Average Yield	9.43%	[4],[5]
Weighted Average Coupon	8.59%	[4],[5]
Weighted Average Maturity (Years)	'6 years	[1],[4],[5]
Floating Rate Loans as a % of Face Amount	0.60%	[4],[5]
Delinquent Face Amount	955	[2],[4],[5]
Securitized Manufacturing Housing Loan Portfolio II [Member]	'
Outstanding Face Amount	123,611	[4],[5]
Carrying Value	123,277	[3],[4],[5]
Number of Securities	4,493	[4],[5]
Weighted Average Yield	8.14%	[4],[5]
Weighted Average Coupon	9.62%	[4],[5]
Weighted Average Maturity (Years)	'4 years 9 months 18 days	[1],[4],[5]
Floating Rate Loans as a % of Face Amount	16.40%	[4],[5]
Delinquent Face Amount	1,884	[2],[4],[5]
Residential Mortgage Loans [Member]	'
Outstanding Face Amount	44,941	[4]
Carrying Value	33,731	[3],[4]
Number of Securities	170	[4]
Weighted Average Yield	6.92%	[4]
Weighted Average Coupon	2.26%	[4]
Weighted Average Maturity (Years)	'5 years 2 months 12 days	[1],[4]
Floating Rate Loans as a % of Face Amount	100.00%	[4]
Delinquent Face Amount	6,935	[2],[4]
Total Residential Mortgage Loans Held For Sale [Member]	'
Outstanding Face Amount	270,484
Carrying Value	248,299
Number of Securities	7,515
Weighted Average Yield	8.54%
Weighted Average Coupon	8.02%
Weighted Average Maturity (Years)	'5 years 3 months 18 days	[1]
Floating Rate Loans as a % of Face Amount	24.40%
Delinquent Face Amount	9,979	[2]
Subprime Mortgage Loans Subject to Call [Member]	'
Outstanding Face Amount	406,217
Carrying Value	406,217
[1]	The weighted average life is based on the timing of expected principal reduction on the assets.
[2]	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower's in bankruptcy) or considered real estate owned ("REO"). As of March 31, 2014, $101.3 million face amount of real estate related and other loans was on non-accrual status.
[3]	Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $5.2 million for the manufactured housing loans.
[4]	Loans acquired at a discount for credit quality.
[5]	Newcastle intends to sell its manufactured housing portfolio in the near term. As such, Newcastle has reclassified the loans as held for sale as of March 31, 2014. In addition, Newcastle delivered to the trustees a notice to redeem the outstanding debt within each securitization at par. The fair value of the loans as of March 31, 2014 was 104% of par.

REAL_ESTATE_RELATED_LOANS_RESI1

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 1) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified	Integer
Number of Securities	90
Total Real Estate Related and Other Loans Held for Sale [Member]	'
Outstanding Face Amount	428,848
Carrying Value	313,250
Number of Securities	17
Total Real Estate Related and Other Loans Held for Sale [Member] | Delinquent Loans [Member]	'
Outstanding Face Amount	36,835	[1]
Carrying Value	9,531	[1]
Number of Securities	2	[1]
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period from April 1, 2014 to December 31, 2014 [Member]	'
Outstanding Face Amount	115,537
Carrying Value	50,165
Number of Securities	5
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period from January 1, 2015 to December 31, 2015 [Member]	'
Outstanding Face Amount	1,488
Carrying Value	989
Number of Securities	2
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period from January 1, 2016 to December 31, 2016 [Member]	'
Outstanding Face Amount	64,928
Carrying Value	63,309
Number of Securities	2
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period from January 1, 2017 to December 31, 2017 [Member]	'
Outstanding Face Amount	70,504
Carrying Value	70,504
Number of Securities	3
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period from January 1, 2018 to December 31, 2018 [Member]	'
Outstanding Face Amount	22,450
Carrying Value	18,779
Number of Securities	1
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period from January 1, 2019 to December 31, 2019 [Member]	'
Outstanding Face Amount	103,286
Carrying Value	87,214
Number of Securities	1
Total Real Estate Related and Other Loans Held for Sale [Member] | Maturity Period Thereafter [Member]	'
Outstanding Face Amount	13,820
Carrying Value	12,759
Number of Securities	1
[1]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.

REAL_ESTATE_RELATED_LOANS_RESI2

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Valuation (allowance) reversal on loans	$1,246		$2,234
Real Estate Related and Other Loans Held For Sale [Member]	'		'
Carrying Value	437,530		'
Interest accrued to principal balance	7,214		'
Principal paydowns	-140,466		'
Valuation (allowance) reversal on loans	-432		'
Accretion of loan discount and other amortization	8,867		'
Other	537		'
Carrying Value	313,250		'
Residential Mortgage Loans Held For Sale [Member]	'		'
Carrying Value	2,185		'
Principal paydowns	-105		'
Transfer to held-for-sale	246,121		'
Valuation (allowance) reversal on loans	19		'
Other	79		'
Carrying Value	248,299		'
Residential Mortgage Loans Held For Investment [Member]	'		'
Carrying Value	255,450		'
Principal paydowns	-9,436		'
Transfer to held-for-sale	-246,121		'
Valuation (allowance) reversal on loans	-833	[1]	'
Accretion of loan discount and other amortization	115		'
Other	$825		'
[1]	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.

REAL_ESTATE_RELATED_LOANS_RESI3

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Valuation (allowance) reversal on loans	$1,246		$2,234
Real Estate Related and Other Loans Held For Sale [Member]	'		'
Beginning Balance	-94,037		'
Charge-offs	504	[1]	'
Valuation (allowance) reversal on loans	-432		'
Ending balance	-93,965		'
Residential Mortgage Loans Held For Sale [Member]	'		'
Beginning Balance	-824		'
Charge-offs	16	[1]	'
Transfer to held-for-sale	-12,369		'
Valuation (allowance) reversal on loans	19		'
Ending balance	-13,158		'
Residential Mortgage Loans Held For Investment [Member]	'		'
Beginning Balance	-12,247	[2]	'
Charge-offs	711	[1],[2]	'
Transfer to held-for-sale	12,369		'
Valuation (allowance) reversal on loans	($833)	[2]	'
[1]	The charge-offs for real estate related loans represent one loan which was under restructuring.
[2]	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.

REAL_ESTATE_RELATED_LOANS_RESI4

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details 4) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Total Real Estate Related and Other Loans Held for Sale [Member]	'
Outstanding Face Amount	$428,848
Subtotal prior to bank loans not secured by assets	258,664
Percentage of loans	100.00%
Total Real Estate Related and Other Loans Held for Sale [Member] | Western US [Member]	'
Outstanding Face Amount	43,634
Percentage of loans	16.90%
Total Real Estate Related and Other Loans Held for Sale [Member] | Northeastern US [Member]	'
Outstanding Face Amount	31,125
Percentage of loans	12.00%
Total Real Estate Related and Other Loans Held for Sale [Member] | Southeastern US [Member]	'
Outstanding Face Amount	51,962
Percentage of loans	20.10%
Total Real Estate Related and Other Loans Held for Sale [Member] | Midwestern US [Member]	'
Outstanding Face Amount	8,934
Percentage of loans	3.50%
Total Real Estate Related and Other Loans Held for Sale [Member] | Southwestern US [Member]	'
Outstanding Face Amount	31,987
Percentage of loans	12.40%
Total Real Estate Related and Other Loans Held for Sale [Member] | Foreign Locations [Member]	'
Outstanding Face Amount	91,022
Percentage of loans	35.10%
Total Real Estate Related and Other Loans Held for Sale [Member] | Other Locations [Member]	'
Outstanding Face Amount	170,184	[1]
Total Residential Mortgage Loans [Member]	'
Outstanding Face Amount	270,484
Percentage of loans	100.00%
Total Residential Mortgage Loans [Member] | Western US [Member]	'
Outstanding Face Amount	161,792
Percentage of loans	59.80%
Total Residential Mortgage Loans [Member] | Northeastern US [Member]	'
Outstanding Face Amount	8,378
Percentage of loans	3.10%
Total Residential Mortgage Loans [Member] | Southeastern US [Member]	'
Outstanding Face Amount	60,092
Percentage of loans	22.20%
Total Residential Mortgage Loans [Member] | Midwestern US [Member]	'
Outstanding Face Amount	9,776
Percentage of loans	3.60%
Total Residential Mortgage Loans [Member] | Foreign Locations [Member]	'
Outstanding Face Amount	$30,446
Percentage of loans	11.30%
[1]	Includes corporate bank loans which are not directly secured by real estate assets.

REAL_ESTATE_RELATED_LOANS_RESI5

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Mortgage Loans (Details 5) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Total securitized loans (unpaid principal balance)	$853,327	[1]	'
Subprime mortgage loans subject to call option	406,217		406,217
Retained interests (fair value)	2,360	[2]	'
Subprime Portfolio I [Member]	'		'
Total securitized loans (unpaid principal balance)	359,809	[1]	'
Subprime mortgage loans subject to call option	299,176		'
Retained interests (fair value)	2,360	[2]	'
Subprime Portfolio II [Member]	'		'
Total securitized loans (unpaid principal balance)	493,513	[1]	'
Subprime mortgage loans subject to call option	$107,041		'
[1]	Average loan seasoning of 104 months and 86 months for Subprime Portfolios I and II, respectively, at March 31, 2014.
[2]	The retained interests include retained bonds of the securitizations. The fair value of which is estimated based on pricing models. Newcastle's residual interests were written off in 2010. The weighted average yield of the retained bonds was 24.14% as of March 31, 2014.

REAL_ESTATE_RELATED_LOANS_RESI6

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Loan unpaid principal balance (UPB)	$853,327	[1]
Weighted Average Coupon	4.10%
Debt Face Amount	2,417,874
Subprime Portfolio I [Member]	'
Loan unpaid principal balance (UPB)	359,809	[1]
Weighted Average Coupon	5.89%
Delinquencies of 60 or more days (UPB)	102,305	[2]
Net credit losses	8,351
Cumulative net credit losses	255,156
Cumulative net credit losses as a % of original UPB	17.00%
Percentage of ARM loans	51.20%	[3]
Percentage of loans with original loan-to-value ratio >90%	10.70%
Percentage of interest-only loans	8.90%
Debt Face Amount	355,809	[4]
Weighted average funding cost of debt	0.51%	[5]
Subprime Portfolio II [Member]	'
Loan unpaid principal balance (UPB)	493,513	[1]
Weighted Average Coupon	4.76%
Delinquencies of 60 or more days (UPB)	191,809	[2]
Net credit losses	12,054
Cumulative net credit losses	313,628
Cumulative net credit losses as a % of original UPB	28.80%
Percentage of ARM loans	64.30%	[3]
Percentage of loans with original loan-to-value ratio >90%	16.60%
Percentage of interest-only loans	13.20%
Debt Face Amount	$493,513	[4]
Weighted average funding cost of debt	0.43%	[5]
[1]	Average loan seasoning of 104 months and 86 months for Subprime Portfolios I and II, respectively, at March 31, 2014.
[2]	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
[3]	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
[4]	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2014.
[5]	Includes the effect of applicable hedges.

REAL_ESTATE_RELATED_LOANS_RESI7

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS, SUBPRIME MORTGAGE LOANS (Details Narrative) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Jan. 31, 2014	Dec. 31, 2013	Jan. 31, 2014	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified			Intrawest	Intrawest	Intrawest	Intrawest	Total Real Estate Related and Other Loans Held for Sale [Member]	Total Residential Mortgage Loans Held For Sale [Member]	Subprime Portfolio I [Member]	Subprime Portfolio II [Member]
					Primary Offering	Secondary Offering			M	M
Loan percentage against par	104.00%	'	'	'	'	'	'	'	'	'
Interest Receivable	$2,120	$4,667	'	'	'	'	$100	$5,200	'	'
Face Amount of Real Estate Related Loans on Non-Accrual Status	101,300	'	'	'	'	'	'	'	'	'
Value of stock sold	'	'	'	'	37,500	150,000	'	'	'	'
Cash repaid from debt investment	'	'	83,300	'	'	'	'	'	'	'
Investment in debt	'	'	103,300	185,600	'	'	'	'	'	'
Average loan seasoning	'	'	'	'	'	'	'	'	104	86
Weighted Average Yield of Retained Bonds	24.14%	'	'	'	'	'	'	'	'	'
Retained Notes excluded from face amount of debt in Subprime Portfolio I	$4,000	'	'	'	'	'	'	'	'	'
Weighted average coupon rate	'	'	'	'	'	'	'	'	9.24%	8.68%

INVESTMENTS_IN_SENIOR_HOUSING_2

INVESTMENTS IN SENIOR HOUSING AND OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Real Estate (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Senior Housing Assets [Member]	'	'
Gross Carrying Amount	$1,395,833	$1,373,322
Accumulated Depreciation	-21,123	-10,422
Net carrying value	1,374,710	1,362,900
Senior Housing Assets [Member] | Land [Member]	'	'
Gross Carrying Amount	104,634	102,235
Net carrying value	104,634	102,235
Senior Housing Assets [Member] | Buildings [Member]	'	'
Gross Carrying Amount	1,219,511	1,199,672
Accumulated Depreciation	-15,023	-7,523
Net carrying value	1,204,488	1,192,149
Senior Housing Assets [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	18,783	20,704
Accumulated Depreciation	-1,366	-549
Net carrying value	17,417	20,155
Senior Housing Assets [Member] | Furniture, fixtures and equipment [Member]	'	'
Gross Carrying Amount	52,905	50,711
Accumulated Depreciation	-4,734	-2,350
Net carrying value	48,171	48,361
Golf Investments [Member]	'	'
Gross Carrying Amount	261,465	259,573
Accumulated Depreciation	-5,635	'
Net carrying value	255,830	259,573
Golf Investments [Member] | Land [Member]	'	'
Gross Carrying Amount	93,534	93,534
Net carrying value	93,534	93,534
Golf Investments [Member] | Buildings [Member]	'	'
Gross Carrying Amount	50,615	50,615
Accumulated Depreciation	-1,143	'
Net carrying value	49,472	50,615
Golf Investments [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	90,785	90,736
Accumulated Depreciation	-2,953	'
Net carrying value	87,832	90,736
Golf Investments [Member] | Furniture, fixtures and equipment [Member]	'	'
Gross Carrying Amount	20,090	19,028
Accumulated Depreciation	-1,539	'
Net carrying value	18,551	19,028
Golf Investments [Member] | Construction in progress [Member]	'	'
Gross Carrying Amount	6,441	5,660
Net carrying value	6,441	5,660
Other Commercial Real Estate [Member]	'	'
Gross Carrying Amount	8,697	8,664
Accumulated Depreciation	-2,124	-2,067
Net carrying value	6,573	6,597
Other Commercial Real Estate [Member] | Land [Member]	'	'
Gross Carrying Amount	1,106	1,106
Net carrying value	1,106	1,106
Other Commercial Real Estate [Member] | Buildings [Member]	'	'
Gross Carrying Amount	6,588	6,588
Accumulated Depreciation	-1,399	-1,356
Net carrying value	5,189	5,232
Other Commercial Real Estate [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	1,003	970
Accumulated Depreciation	-725	-711
Net carrying value	278	259
Other Real Estate [Member]	'	'
Gross Carrying Amount	270,162	268,237
Accumulated Depreciation	-7,759	-2,067
Net carrying value	$262,403	$266,170

INTANGIBLES_NET_OF_ACCUMULATED2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangibles (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Amortized intangible assets:	'	'
Accumulated Amortization	($37,198)	($22,252)
Total Intangibles, including non-amortizable assets	224,299	221,977
Total Intangibles, net, including non-amortizable assets	187,101	199,725
Senior Housing Assets [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	125,433	123,111
Accumulated Amortization	-34,408	-22,252
Net Carrying Value	91,025	100,859
Senior Housing Assets [Member] | In-place resident lease intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	114,584	112,267
Accumulated Amortization	-33,810	-21,902
Net Carrying Value	80,774	90,365
Senior Housing Assets [Member] | Non-compete intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	1,600	1,600
Accumulated Amortization	-358	-223
Net Carrying Value	1,242	1,377
Senior Housing Assets [Member] | Land lease intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	3,442	3,498
Accumulated Amortization	-12	-1
Net Carrying Value	3,430	3,497
Senior Housing Assets [Member] | PILOT intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	3,700	3,700
Accumulated Amortization	-202	-124
Net Carrying Value	3,498	3,576
Senior Housing Assets [Member] | Other intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	2,107	2,046
Accumulated Amortization	-26	-2
Net Carrying Value	2,081	2,044
Golf Investments [Member]	'	'
Amortized intangible assets:	'	'
Accumulated Amortization	-2,790	'
Liquor license	900	900
Total Intangibles, including non-amortizable assets	98,866	98,866
Total Intangibles, net, including non-amortizable assets	96,076	98,866
Golf Investments [Member] | Trade name [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	700	700
Accumulated Amortization	-6	'
Net Carrying Value	694	700
Golf Investments [Member] | Leasehold intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	52,066	52,066
Accumulated Amortization	-1,351	'
Net Carrying Value	50,715	52,066
Golf Investments [Member] | Management contracts [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	39,000	39,000
Accumulated Amortization	-1,200	'
Net Carrying Value	37,800	39,000
Golf Investments [Member] | Internally-developed software [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	800	800
Accumulated Amortization	-40	'
Net Carrying Value	760	800
Golf Investments [Member] | Membership base [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	5,400	5,400
Accumulated Amortization	-193	'
Net Carrying Value	$5,207	$5,400

INTANGIBLES_NET_OF_ACCUMULATED3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Details Narrative)	3 Months Ended
	Mar. 31, 2014
Assisted living and memory care facilities [Member]	'
Amortization period	'24 months
Independent living facilities [Member]	'
Amortization period	'33 months
Senior Housing Assets [Member] | Non-compete intangibles [Member]	'
Amortization period	'5 years
Senior Housing Assets [Member] | Other intangibles [Member]	'
Amortization period	'13 years
Senior Housing Assets [Member] | Land lease intangibles [Member] | Lower Range [Member]	'
Amortization period	'74 years
Senior Housing Assets [Member] | Land lease intangibles [Member] | Upper Range	'
Amortization period	'82 years
Senior Housing Assets [Member] | PILOT intangibles [Member]	'
Amortization period	'13 years
Golf Investments [Member] | Trade name [Member]	'
Amortization period	'29 years 9 months
Golf Investments [Member] | Leasehold intangibles [Member]	'
Amortization period	'8 years 0 months 18 days
Golf Investments [Member] | Management contracts [Member]	'
Amortization period	'7 years 8 months 8 days
Golf Investments [Member] | Internally-developed software [Member]	'
Amortization period	'4 years 9 months
Golf Investments [Member] | Membership base [Member]	'
Amortization period	'6 years 9 months

RECEIVABLES_AND_OTHER_ASSETS_S

RECEIVABLES AND OTHER ASSETS - Schedule of receivables and other assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables And Other Assets - Schedule Of Receivables And Other Assets Details	'	'
Accounts receivable, net	$11,329	$13,477
Deferred financing costs	40,425	42,473
Derivative assets	34,022	43,662
Prepaid expenses	12,657	8,631
Interest receivable	2,120	4,667
Deposits	11,091	9,915
Inventory	5,493	5,140
Miscellaneous assets, net	20,307	13,922
Receivables and other assets	$137,444	$141,887

DEBT_OBLIGATIONS_Debt_Obligati

DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)	1 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2014
Debt Face Amount	'	$2,417,874
Carrying Value	'	2,407,218
CDO VI Bonds Payable [Member]	'	'
Month Issued	'	'Apr 2005	[1]
Debt Face Amount	'	92,127	[1]
Carrying Value	'	92,127	[1]
Final Stated Maturity	'	'Apr 2040	[1]
Weighted Average Coupon - Rate	'	0.83%	[1],[2]
Weighted Average Funding Cost	'	5.35%	[1],[3]
Weighted Average Life (Years)	'	'5 years 9 months 18 days	[1]
Face Amount of Floating Rate Debt	'	88,782	[1]
Outstanding Face Amount of Collateral	'	163,128	[1],[4]
Amortized Cost Basis of Collateral	'	88,930	[1],[4]
Carrying Value of Collateral	'	125,858	[1],[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 1 month 6 days	[1]
Floating Rate Face Amount of Collateral	'	39,662	[1],[4]
Aggregate Notional Amount of Current Hedges	'	88,782	[1],[5]
CDO VIII Bonds Payable [Member]	'	'
Month Issued	'	'Nov 2006
Debt Face Amount	'	190,341
Carrying Value	'	190,076
Final Stated Maturity	'	'Nov 2052
Weighted Average Coupon - Rate	'	1.07%	[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	1.50%	'
Weighted Average Funding Cost	'	3.87%	[3]
Weighted Average Life (Years)	'	'1 year 3 months 18 days
Face Amount of Floating Rate Debt	'	182,741
Outstanding Face Amount of Collateral	'	341,619	[4]
Amortized Cost Basis of Collateral	'	245,154	[4]
Carrying Value of Collateral	'	275,210	[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 2 months 12 days
Floating Rate Face Amount of Collateral	'	140,043	[4]
Aggregate Notional Amount of Current Hedges	'	104,662	[5]
CDO IX Bonds Payable [Member]	'	'
Month Issued	'	'May 2007
Debt Face Amount	'	125,317
Carrying Value	'	126,610
Final Stated Maturity	'	'May 2052
Weighted Average Coupon - Rate	'	0.59%	[2]
Weighted Average Funding Cost	'	0.52%	[3]
Weighted Average Life (Years)	'	'1 year 3 months 18 days
Face Amount of Floating Rate Debt	'	125,317
Outstanding Face Amount of Collateral	'	372,597	[4]
Amortized Cost Basis of Collateral	'	306,412	[4]
Carrying Value of Collateral	'	316,729	[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 4 months 24 days
Floating Rate Face Amount of Collateral	'	148,646	[4]
Total CDO Bonds Payable [Member]	'	'
Debt Face Amount	'	407,785
Carrying Value	'	408,813
Weighted Average Funding Cost	'	3.17%	[3]
Weighted Average Life (Years)	'	'2 years 3 months 18 days
Face Amount of Floating Rate Debt	'	396,840
Outstanding Face Amount of Collateral	'	877,344	[4]
Amortized Cost Basis of Collateral	'	640,496	[4]
Carrying Value of Collateral	'	717,797	[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 3 months 18 days
Floating Rate Face Amount of Collateral	'	328,351	[4]
Aggregate Notional Amount of Current Hedges	'	193,444	[5]
MH Loans Portfolio I Bonds and Notes Payable [Member]	'	'
Month Issued	'	'Apr 2010	[6]
Debt Face Amount	'	50,448	[6]
Carrying Value	'	47,234	[6]
Final Stated Maturity	'	'Jul 2035	[6]
Weighted Average Coupon - Rate	'	6.65%	[2],[6]
Weighted Average Funding Cost	'	6.65%	[3],[6]
Weighted Average Life (Years)	'	'4 years 1 month 6 days	[6]
Outstanding Face Amount of Collateral	'	98,925	[4],[6]
Amortized Cost Basis of Collateral	'	89,113	[4],[6]
Carrying Value of Collateral	'	89,113	[4],[6]
Weighted Average Maturity (Years) Of Collateral	'	'6 years	[6]
Floating Rate Face Amount of Collateral	'	555	[4],[6]
MH Loans Portfolio II Bonds and Notes Payable [Member]	'	'
Month Issued	'	'May 2011
Debt Face Amount	'	88,785
Carrying Value	'	88,524
Final Stated Maturity	'	'Dec 2033
Weighted Average Coupon - Rate	'	4.79%	[2]
Weighted Average Funding Cost	'	4.79%	[3]
Weighted Average Life (Years)	'	'3 years 9 months 18 days
Outstanding Face Amount of Collateral	'	123,611	[4]
Amortized Cost Basis of Collateral	'	123,277	[4]
Carrying Value of Collateral	'	123,277	[4]
Weighted Average Maturity (Years) Of Collateral	'	'4 years 9 months 18 days
Floating Rate Face Amount of Collateral	'	20,310	[4]
NCT 2013-VI IMM-1 [Member]	'	'
Month Issued	'	'Nov 2013	[7]
Debt Face Amount	'	94,138	[7]
Carrying Value	'	85,547	[7]
Final Stated Maturity	'	'Apr 2040	[7]
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2],[7]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	0.25%	[2],[7]
Weighted Average Funding Cost	'	0.40%	[3],[7]
Weighted Average Life (Years)	'	'1 year 10 months 24 days	[7]
Face Amount of Floating Rate Debt	'	94,138	[7]
Total Other Bonds And Notes Payable [Member]	'	'
Debt Face Amount	'	233,371
Carrying Value	'	221,305
Weighted Average Funding Cost	'	3.49%	[3]
Weighted Average Life (Years)	'	'3 years 1 month 6 days
Face Amount of Floating Rate Debt	'	94,138
Outstanding Face Amount of Collateral	'	222,536	[4]
Amortized Cost Basis of Collateral	'	212,390	[4]
Carrying Value of Collateral	'	212,390	[4]
Weighted Average Maturity (Years) Of Collateral	'	'5 years 3 months 18 days
Floating Rate Face Amount of Collateral	'	20,865	[4]
CDO Securities Repurchase Agreements [Member]	'	'
Month Issued	'	'Dec 2013	[7],[8]
Debt Face Amount	'	49,500	[7],[8]
Carrying Value	'	49,500	[7],[8]
Final Stated Maturity	'	'Apr 2014	[7],[8]
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2],[7],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	1.65%	[2],[7],[8]
Weighted Average Funding Cost	'	1.80%	[3],[7],[8]
Weighted Average Life (Years)	'	'0 years 1 month 6 days	[7],[8]
Face Amount of Floating Rate Debt	'	49,500	[7],[8]
Residential Mortgage Loans Repurchase Agreements [Member]	'	'
Month Issued	'	'Nov 2013	[8]
Debt Face Amount	'	25,363	[8]
Carrying Value	'	25,363	[8]
Final Stated Maturity	'	'Nov 2014	[8]
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	2.00%	[2],[8]
Weighted Average Funding Cost	'	2.15%	[3],[8]
Weighted Average Life (Years)	'	'0 years 7 months 6 days	[8]
Face Amount of Floating Rate Debt	'	25,363	[8]
Outstanding Face Amount of Collateral	'	35,074	[4],[8]
Amortized Cost Basis of Collateral	'	25,665	[4],[8]
Carrying Value of Collateral	'	25,665	[4],[8]
Weighted Average Maturity (Years) Of Collateral	'	'5 years 4 months 24 days	[8]
Floating Rate Face Amount of Collateral	'	35,074	[4],[8]
Total Repurchase Agreements [Member]	'	'
Debt Face Amount	'	74,863	[8]
Carrying Value	'	74,863	[8]
Weighted Average Funding Cost	'	1.92%	[3],[8]
Weighted Average Life (Years)	'	'0 years 3 months 18 days	[8]
Face Amount of Floating Rate Debt	'	74,863	[8]
Outstanding Face Amount of Collateral	'	35,074	[4],[8]
Amortized Cost Basis of Collateral	'	25,665	[4],[8]
Carrying Value of Collateral	'	25,665	[4],[8]
Weighted Average Maturity (Years) Of Collateral	'	'5 years 4 months 24 days	[8]
Floating Rate Face Amount of Collateral	'	35,074	[4],[8]
Fixed Rate Managed Properties [Member]	'	'
Debt Face Amount	'	158,601
Carrying Value	'	158,751
Weighted Average Funding Cost	'	4.50%	[3]
Weighted Average Life (Years)	'	'5 years
Amortized Cost Basis of Collateral	'	186,985	[4]
Carrying Value of Collateral	'	186,985	[4]
Fixed Rate Managed Properties [Member] | Lower Range [Member]	'	'
Final Stated Maturity	'	'Aug 2018
Weighted Average Coupon - Rate	'	1.56%	[10],[2],[9]
Fixed Rate Managed Properties [Member] | Upper Range	'	'
Final Stated Maturity	'	'Mar 2020
Weighted Average Coupon - Rate	'	4.12%	[10],[2],[9]
Floating Rate Managed Properties [Member]	'	'
Debt Face Amount	'	215,828
Carrying Value	'	215,828
Weighted Average Funding Cost	'	4.81%	[3]
Weighted Average Life (Years)	'	'3 years 10 months 24 days
Face Amount of Floating Rate Debt	'	215,828
Amortized Cost Basis of Collateral	'	291,556	[4]
Carrying Value of Collateral	'	291,556	[4]
Floating Rate Managed Properties [Member] | Lower Range [Member]	'	'
Final Stated Maturity	'	'Aug 2016
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	3.50%	[2]
Floating Rate Managed Properties [Member] | Upper Range	'	'
Final Stated Maturity	'	'Jan 2019
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	3.75%	[2]
Fixed Rate Triple Net Lease Properties [Member]	'	'
Debt Face Amount	'	717,244
Carrying Value	'	717,244
Final Stated Maturity	'	'Jan 2024
Weighted Average Coupon - Rate	'	4.15%	[2]
Weighted Average Funding Cost	'	4.77%	[3]
Weighted Average Life (Years)	'	'7 years 7 months 6 days
Amortized Cost Basis of Collateral	'	987,094	[4]
Carrying Value of Collateral	'	987,094	[4]
Total Mortgage Notes Payable [Member]	'	'
Debt Face Amount	'	1,091,673
Carrying Value	'	1,091,823
Weighted Average Funding Cost	'	4.74%	[3]
Weighted Average Life (Years)	'	'6 years 6 months
Face Amount of Floating Rate Debt	'	215,828
Amortized Cost Basis of Collateral	'	1,465,635	[4]
Carrying Value of Collateral	'	1,465,635	[4]
Golf First Lien Loan [Member]	'	'
Month Issued	'	'Dec 2013	[11]
Debt Face Amount	'	46,922	[11]
Carrying Value	'	46,922	[11]
Final Stated Maturity	'	'Dec 2018	[11]
Weighted Average Coupon - Basis for Variable Rate	'	'3 month LIBOR	[11],[12],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	4.00%	[11],[12],[2]
Weighted Average Funding Cost	'	4.50%	[3]
Weighted Average Life (Years)	'	'3 years 9 months 18 days
Face Amount of Floating Rate Debt	'	46,922
Golf Second Lien Loan [Member]	'	'
Month Issued	'	'Dec 2013	[11]
Debt Face Amount	'	105,576	[11]
Carrying Value	'	105,576	[11]
Final Stated Maturity	'	'Dec 2018	[11]
Weighted Average Coupon - Rate	'	5.50%	[11],[2]
Weighted Average Funding Cost	'	5.50%	[3]
Weighted Average Life (Years)	'	'3 years 9 months 18 days
Golf Vineyard I [Member]	'	'
Month Issued	'	'Dec 1993	[11]
Debt Face Amount	'	263	[11]
Carrying Value	'	263	[11]
Final Stated Maturity	'	'Aug 2014	[11]
Weighted Average Coupon - Rate	'	11.37%	[11],[2]
Weighted Average Funding Cost	'	11.37%	[3]
Weighted Average Life (Years)	'	'0 years 4 months 24 days
Face Amount of Floating Rate Debt	'	263
Golf Vineyard II [Member]	'	'
Month Issued	'	'Dec 1993	[11]
Debt Face Amount	'	200	[11]
Carrying Value	'	200	[11]
Final Stated Maturity	'	'Dec 2043	[11]
Weighted Average Coupon - Rate	'	2.13%	[11],[2]
Weighted Average Funding Cost	'	2.13%	[3]
Weighted Average Life (Years)	'	'29 years 8 months 12 days
Face Amount of Floating Rate Debt	'	200
Total Golf Credit Facilities [Member]	'	'
Debt Face Amount	'	152,961	[11]
Carrying Value	'	152,961	[11]
Weighted Average Funding Cost	'	5.20%	[11],[3]
Weighted Average Life (Years)	'	'3 years 9 months 18 days	[11]
Face Amount of Floating Rate Debt	'	47,385	[11]
Junior Subordinated Debt [Member]	'	'
Month Issued	'	'Mar 2006
Debt Face Amount	'	51,004
Carrying Value	'	51,236
Final Stated Maturity	'	'Apr 2035
Weighted Average Coupon - Rate	'	7.57%	[13],[2]
Weighted Average Funding Cost	'	7.39%	[3]
Weighted Average Life (Years)	'	'21 years 1 month 6 days
Total Corporate [Member]	'	'
Debt Face Amount	'	51,004
Carrying Value	'	51,236
Weighted Average Funding Cost	'	7.39%	[3]
Weighted Average Life (Years)	'	'21 years 1 month 6 days
Debt Obligations [Member]	'	'
Debt Face Amount	'	2,011,657
Carrying Value	'	2,001,001
Weighted Average Funding Cost	'	4.28%	[3]
Weighted Average Life (Years)	'	'5 years 2 months 12 days
Face Amount of Floating Rate Debt	'	829,054
Outstanding Face Amount of Collateral	'	1,134,954	[4]
Amortized Cost Basis of Collateral	'	2,344,186	[4]
Carrying Value of Collateral	'	2,421,487	[4]
Weighted Average Maturity (Years) Of Collateral	'	'3 years
Floating Rate Face Amount of Collateral	'	384,290	[4]
Aggregate Notional Amount of Current Hedges	'	193,444	[5]
Subprime mortgage loans subject to call option [Member]	'	'
Debt Face Amount	'	406,217	[14]
Carrying Value	'	$406,217	[14]
[1]	This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2014. 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]	Weighted average, including floating and fixed rate classes.
[3]	Including the effect of applicable hedges and deferred financing cost.
[4]	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
[5]	Including the $88.8 million portion of the notional amount of interest rate swap in CDO VI, which acted as an economic hedge that was designated as a hedge for accounting purposes.
[6]	Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
[7]	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
[8]	These repurchase agreements had less than $0.1 million of accrued interest payable at March 31, 2014. $74.9 million face amount of these repurchase agreements were renewed subsequent to March 31, 2014. The counterparties on these repurchase agreements are Bank of America ($49.5 million) and Credit Suisse ($25.4 million).
[9]	For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
[10]	For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
[11]	These facilities are collateralized by all of the assets of the golf business.
[12]	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[13]	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.
[14]	LIBOR +2.25% after April 2016.

DEBT_OBLIGATIONS_Details_Narra

DEBT OBLIGATIONS (Details Narrative) (USD $)

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2014

Mar. 31, 2014

Bank of America [Member]

Credit Suisse [Member]

Subsequent To Balance Sheet Date [Member]

Upper Range

Interest rate swaps, not designated as hedges [Member]

Interest rate swaps, not designated as hedges [Member]

CDO VI Bonds Payable [Member]

Fixed Rate Managed Properties - Tranche 1 [Member]

Fixed Rate Managed Properties - Tranche 1 [Member]

Golf First Lien Loan [Member]

Subprime Mortgage Loans Subject to Call [Member]

CDO VIII Bonds Payable [Member]

CDO VIII Bonds Payable [Member]

Total Golf Credit Facilities [Member]

Interest rate swaps, not designated as hedges [Member]

Notional Amount of Derivatives

'

'

'

'

'

'

$183,729

$185,871

$88,800

'

'

'

'

'

'

'

Eliminated in consolidation amount of notes payable relating to MH Loan Portfolio I sold to certain Newcastle CDOs

20,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Payable

'

'

'

'

'

100

'

'

'

'

'

'

'

'

'

'

Repurchase agreements

'

'

49,500

25,400

74,900

'

'

'

'

'

'

'

'

'

'

'

LIBOR Floor

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

Variable rate description

'

'

'

'

'

'

'

'

'

'4% the first two years; 5.99% to 6.76% the remaining term

'First two years based on US Treasury Security rates; Years 3 to 5: 4.5%, 4.75% and 5.0%

'

'LIBOR+2.25% after April 2016

'one-month LIBOR

'

'

Borrowings under mortgage notes payable

17,250

'

'

'

'

'

'

'

'

41,200

11,400

'

'

'

'

'

Unused borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,500

Purchase of securities - face amount

'

'

'

'

'

'

'

'

'

'

'

'

'

116,800

'

'

Purchase of securities - pay amount

'

'

'

'

'

'

'

'

'

'

'

'

'

103,100

'

'

Percentage of par of securities

'

'

'

'

'

'

'

'

'

'

'

'

'

88.30%

'

'

Repurchase agreements

74,863

556,347

'

'

'

'

'

'

'

'

'

'

'

60,000

'

'

Variable interest rate basis description

'

'

'

'

'

'

'

'

'

'4% the first two years; 5.99% to 6.76% the remaining term

'First two years based on US Treasury Security rates; Years 3 to 5: 4.5%, 4.75% and 5.0%

'

'LIBOR+2.25% after April 2016

'one-month LIBOR

'

'

Variable Interest Rate Spread

'

'

'

'

'

'

'

'

'

'

'

4.00%

[1],[2],[3]

'

1.50%

'

'

Debt default market capitalization threshold

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

Decrease in carrying value of CDO VIII Repack

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9,700

'

[1]

Weighted average, including floating and fixed rate classes.

[2]

These facilities are collateralized by all of the assets of the golf business.

[3]

Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.

ACCOUNTS_PAYABLE_ACCRUED_EXPEN2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of other liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts payable and accrued expenses	$60,216	$50,188
Membership deposit liabilities	73,393	71,644
Deferred revenue	25,066	37,114
Security deposit payable	43,754	48,823
Unfavorable leasehold interests	22,902	23,916
Accrued rent	8,726	6,314
Due to affiliates	5,171	5,878
Miscellaneous liabilities	22,099	19,564
Accounts payable, accrued expenses and other liabilities	271,841	277,166
Non Recourse VIE Financing Structures [Member}	'	'
Derivative liabilities	10,514	13,795
Accounts payable, accrued expenses and other liabilities	$1,745	$6,766

FAIR_VALUE_Fair_Value_of_Asset

FAIR VALUE - Fair Value of Assets and Liabilities (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Financial Instruments	'		'	'
Real estate securities, available-for-sale	$439,023		$984,263	'
Real estate related and other loans, held-for-sale, net	313,250		437,530	'
Residential mortgage loans, held-for-sale, net	248,299		2,185	'
Subprime mortgage loans subject to call option	406,217		406,217	'
Restricted Cash	4,314		5,889	'
Cash and Cash Equivalents	122,053		74,133	534,772
Non-hedge derivative assets	34,022		43,662	'
Investments in senior housing real estate, net	1,374,710		1,362,900	'
Investments in other real estate	262,403		266,170	'
Other investments	25,795		25,468	'
Receivables and other assets	137,444		141,887	'
Total Assets	3,520,609		4,852,563	'
Financial Instruments	'		'	'
CDO bonds payable	408,813		544,525	'
Other bonds and notes payable	221,305		230,279	'
Repurchase agreements	74,863		556,347	'
Mortgage notes payable	1,091,823		1,076,828	'
Credit facilities, golf	152,961		152,498	'
Financing of subprime mortgage loans subject to call option (B)	406,217		406,217	'
Junior subordinated notes payable	51,236		51,237	'
Total Liabilities	2,715,134		3,626,439	'
Total CDO Bonds Payable [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	3.17%	[1],[2]	'	'
Weighted Average Life (Years)	'2 years 3 months 18 days		'	'
Total Other Bonds And Notes Payable [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	3.49%	[2]	'	'
Weighted Average Life (Years)	'3 years 1 month 6 days		'	'
Total Repurchase Agreements [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	1.92%	[2]	'	'
Weighted Average Life (Years)	'0 years 3 months 18 days		'	'
Total Mortgage Notes Payable [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	4.74%	[2]	'	'
Weighted Average Life (Years)	'6 years 6 months		'	'
Total Golf Credit Facilities [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	5.20%	[2]	'	'
Weighted Average Life (Years)	'3 years 9 months 18 days		'	'
Subprime mortgage loans subject to call option [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	9.09%	[2],[3]	'	'
Junior Subordinated Debt [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	7.39%	[2]	'	'
Weighted Average Life (Years)	'21 years 1 month 6 days		'	'
Real Estate Related and Other Loans Held For Sale [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	12.84%	[2]	'	'
Weighted Average Life (Years)	'1 year 8 months 12 days		'	'
Residential Mortgage Loans Held For Sale [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	8.54%	[2]	'	'
Weighted Average Life (Years)	'5 years 3 months 18 days		'	'
Subprime Mortgage Loans Subject to Call [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	9.09%	[2],[3]	'	'
Real Estate Securities Available For Sale [Member]	'		'	'
Weighted Average	'		'	'
Weighted Average Yield/Funding Cost	12.62%	[2]	'	'
Weighted Average Life (Years)	'2 years 9 months 18 days		'	'
Principal Balance or Notional Amount [Member]	'		'	'
Financial Instruments	'		'	'
Real estate securities, available-for-sale	532,730	[4],[5]	'	'
Real estate related and other loans, held-for-sale, net	428,848		'	'
Residential mortgage loans, held-for-sale, net	270,484		'	'
Subprime mortgage loans subject to call option	406,217	[3]	'	'
Non-hedge derivative assets	90,097	[4],[6]	'	'
Financial Instruments	'		'	'
CDO bonds payable	407,785	[1]	'	'
Other bonds and notes payable	233,371	[1]	'	'
Repurchase agreements	74,863		'	'
Mortgage notes payable	1,091,673		'	'
Credit facilities, golf	152,961		'	'
Financing of subprime mortgage loans subject to call option (B)	406,217	[3]	'	'
Junior subordinated notes payable	51,004		'	'
Interest rate swaps, treated as hedges	104,662	[4],[7]	'	'
Non-hedge derivatives	183,729	[4],[6],[7]	'	'
Carrying Value [Member]	'		'	'
Financial Instruments	'		'	'
Real estate securities, available-for-sale	439,023	[4],[5]	'	'
Real estate related and other loans, held-for-sale, net	313,250		'	'
Residential mortgage loans, held-for-sale, net	248,299		'	'
Subprime mortgage loans subject to call option	406,217	[3]	'	'
Restricted Cash	4,314	[4]	'	'
Cash and Cash Equivalents	122,053	[4]	'	'
Non-hedge derivative assets	34,022	[4],[6]	'	'
Investments in senior housing real estate, net	1,374,710		'	'
Investments in other real estate	262,403		'	'
Intangibles	187,101		'	'
Other investments	25,795		'	'
Receivables and other assets	103,422		'	'
Total Assets	3,520,609		'	'
Financial Instruments	'		'	'
CDO bonds payable	408,813	[1]	'	'
Other bonds and notes payable	221,305	[1]	'	'
Repurchase agreements	74,863		'	'
Mortgage notes payable	1,091,823		'	'
Credit facilities, golf	152,961		'	'
Financing of subprime mortgage loans subject to call option (B)	406,217	[3]	'	'
Junior subordinated notes payable	51,236		'	'
Interest rate swaps, treated as hedges	4,999	[4],[7]	'	'
Non-hedge derivatives	5,515	[4],[6],[7]	'	'
Dividends payable, accounts payable, accrued expenses and other liabilities	297,402		'	'
Total Liabilities	2,715,134		'	'
Estimated Fair Value [Member]	'		'	'
Financial Instruments	'		'	'
Real estate securities, available-for-sale	439,023	[4],[5]	'	'
Real estate related and other loans, held-for-sale, net	325,353		'	'
Residential mortgage loans, held-for-sale, net	278,317		'	'
Subprime mortgage loans subject to call option	406,217	[3]	'	'
Restricted Cash	4,314	[4]	'	'
Cash and Cash Equivalents	122,053	[4]	'	'
Non-hedge derivative assets	34,022	[4],[6]	'	'
Financial Instruments	'		'	'
CDO bonds payable	293,626	[1]	'	'
Other bonds and notes payable	224,013	[1]	'	'
Repurchase agreements	74,863		'	'
Mortgage notes payable	1,092,047		'	'
Credit facilities, golf	152,961		'	'
Financing of subprime mortgage loans subject to call option (B)	406,217	[3]	'	'
Junior subordinated notes payable	33,721		'	'
Interest rate swaps, treated as hedges	4,999	[4],[7]	'	'
Non-hedge derivatives	$5,515	[4],[6],[7]	'	'
[1]	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other nonrecourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle's exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle's net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
[2]	The weighted average yield and weighted average funding cost are calculated for financial instrument assets and liabilities, respectively.
[3]	These two items results from an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 6), are noneconomic until such option is exercised, and are equal and offsetting.
[4]	Measured at fair value on a recurring basis.
[5]	Excludes nine CDO securities with a zero value, which had an aggregate face amount of $115.3 million.
[6]	Newcastle's derivatives fall into two categories. A derivative asset with an aggregate notional balance of $90.1 million represents linked transactions with $90.1 million face amount of underlying financed securities. As of March 31, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $288.3 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. Newcastle?s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle's derivatives are included in receivables and other assets or accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, as applicable.
[7]	(See Schedule of fair value of derivative assets)

FAIR_VALUE_Derivative_Assets_D

FAIR VALUE - Derivative Assets (Details 1) (Derivatives [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Derivatives [Member]	'
Derivative Maturity Date	30-Apr-16
Aggregate Notional Amount	$104,662
Weighted Average Fixed Pay Rate/Cap Rate	5.04%
Aggregate Fair Value Asset/( Liability)	$4,999

FAIR_VALUE_Recurring_Basis_Det

FAIR VALUE - Recurring Basis (Details 2) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'		'
Real estate securities, available-for-sale	$439,023		$984,263
Derivative assets:	'		'
Derivative assets	34,022		43,662
CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	286,341		'
REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,957	[1]	'
Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	61,524	[1]	'
CDOs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,201	[1],[2],[3]	'
Principal Balance or Notional Amount [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	532,730	[4],[5]	'
Derivative assets:	'		'
Derivative assets	90,097	[4],[6]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	104,662	[4],[7]	'
Interest rate swaps, not treated as hedges	183,729	[4],[6],[7]	'
Carrying Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	439,023	[4],[5]	'
Derivative assets:	'		'
Derivative assets	34,022	[4],[6]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	4,999	[4],[7]	'
Interest rate swaps, not treated as hedges	5,515	[4],[6],[7]	'
Estimated Fair Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	439,023	[4],[5]	'
Derivative assets:	'		'
Derivative assets	34,022	[4],[6]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	4,999	[4],[7]	'
Interest rate swaps, not treated as hedges	5,515	[4],[6],[7]	'
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,957		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	4,999		'
Interest rate swaps, not treated as hedges	5,515		'
Derivative liabilities	10,514		'
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,957		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	408,066		'
Derivative assets:	'		'
Linked transactions at fair value	34,022		'
Derivative assets	34,022		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	286,341		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	61,524		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CDOs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,201	[3]	'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	532,730		'
Derivative assets:	'		'
Linked transactions at fair value	90,097		'
Derivative assets	90,097		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	104,662		'
Interest rate swaps, not treated as hedges	183,729		'
Derivative liabilities	288,391		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	330,213		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	29,200		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	93,221		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | ABS Franchise [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	8,464		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CDOs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	71,632	[3]	'
Measured on a Recurring Basis [Member] | Carrying Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	439,023		'
Derivative assets:	'		'
Linked transactions at fair value	34,022		'
Derivative assets	34,022		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	4,999		'
Interest rate swaps, not treated as hedges	5,515		'
Derivative liabilities	10,514		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	286,341		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,957		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	61,524		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CDOs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,201	[3]	'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	439,023		'
Derivative assets:	'		'
Linked transactions at fair value	34,022		'
Derivative assets	34,022		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	4,999		'
Interest rate swaps, not treated as hedges	5,515		'
Derivative liabilities	10,514		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	286,341		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,957		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	61,524		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CDOs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	$60,201	[3]	'
[1]	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
[3]	Represents non consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
[4]	Measured at fair value on a recurring basis.
[5]	Excludes nine CDO securities with a zero value, which had an aggregate face amount of $115.3 million.
[6]	Newcastle's derivatives fall into two categories. A derivative asset with an aggregate notional balance of $90.1 million represents linked transactions with $90.1 million face amount of underlying financed securities. As of March 31, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $288.3 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. Newcastle?s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle's derivatives are included in receivables and other assets or accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, as applicable.
[7]	(See Schedule of fair value of derivative assets)

FAIR_VALUE_Changes_in_Level_3_

FAIR VALUE - Changes in Level 3 Investments (Details 3) (Measured on a Recurring Basis [Member], Level 3 Inputs [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Balance, Beginning	$445,469
Total gains (losses)	'
Included in net income	11,095	[1],[2]
Included in other comprehensive income (loss)	6,175	[1]
Amortization included in interest income	6,937
Purchases, sales and settlements	'
Proceeds from sales	-545
Proceeds from repayments	-27,043
Balance, Ending	442,088
CMBS Conduit [Member]	'
Balance, Beginning	198,935
Total gains (losses)	'
Included in net income	422	[1],[2]
Included in other comprehensive income (loss)	-568	[1]
Amortization included in interest income	4,413
Purchases, sales and settlements	'
Proceeds from sales	-545
Proceeds from repayments	-2,324
Balance, Ending	200,333
CMBS Other [Member]	'
Balance, Beginning	85,534
Total gains (losses)	'
Included in other comprehensive income (loss)	432	[1]
Amortization included in interest income	184
Purchases, sales and settlements	'
Proceeds from repayments	-142
Balance, Ending	86,008
Non-Agency RMBS [Member]	'
Balance, Beginning	57,581
Total gains (losses)	'
Included in other comprehensive income (loss)	4,723	[1]
Amortization included in interest income	1,171
Purchases, sales and settlements	'
Proceeds from repayments	-1,951
Balance, Ending	61,524
ABS Franchise [Member]	'
Balance, Beginning	0
Total gains (losses)	'
Amortization included in interest income	24
Purchases, sales and settlements	'
Proceeds from repayments	-24
Balance, Ending	0
Equity/Other Securities [Member]	'
Balance, Beginning	59,757
Total gains (losses)	'
Included in other comprehensive income (loss)	1,588	[1]
Amortization included in interest income	1,145
Purchases, sales and settlements	'
Proceeds from repayments	-2,289
Balance, Ending	60,201
Linked Transactions [Member]	'
Balance, Beginning	43,662
Total gains (losses)	'
Included in net income	10,673	[1],[2]
Purchases, sales and settlements	'
Proceeds from repayments	-20,313
Balance, Ending	$34,022
[1]	None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.
[2]	These gains (losses) are recorded in the following line items in the consolidated statements of income:

FAIR_VALUE_Gains_Losses_on_RE_

FAIR VALUE - Gains Losses on RE Securities (Details 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Gain (loss) on settlement of investments, net	$2,332		($3)
OTTI	'		-422
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]	'		'
Gain (loss) on settlement of investments, net	422		'
Other income (loss), net	10,673		'
Total	$11,095	[1],[2]	'
[1]	None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.
[2]	These gains (losses) are recorded in the following line items in the consolidated statements of income:

FAIR_VALUE_Securities_Valuatio

FAIR VALUE - Securities Valuation Methodology (Details 5) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Outstanding Face Amount	$532,730	[1],[2]	'
Amortized Cost Basis	354,361	[3]	'
Multiple Quotes Fair Value (C)	336,110	[4]	'
Single Quote Fair Value (D)	99,635	[5]	'
Internal Pricing Models Fair Value (E)	3,278	[6]	'
Total Fair Value	439,023		984,263
CMBS [Member]	'		'
Outstanding Face Amount	330,213	[2]	'
Amortized Cost Basis	229,887	[3]	'
Multiple Quotes Fair Value (C)	243,629	[4]	'
Single Quote Fair Value (D)	42,712	[5]	'
Total Fair Value	286,341		'
REIT Debt [Member]	'		'
Outstanding Face Amount	29,200	[2]	'
Amortized Cost Basis	28,729	[3]	'
Multiple Quotes Fair Value (C)	30,957	[4]	'
Total Fair Value	30,957	[7]	'
Non-Agency RMBS [Member]	'		'
Outstanding Face Amount	93,221	[2]	'
Amortized Cost Basis	39,894	[3]	'
Multiple Quotes Fair Value (C)	61,524	[4]	'
Total Fair Value	61,524	[7]	'
ABS Franchise [Member]	'		'
Outstanding Face Amount	8,464	[2]	'
CDOs [Member]	'		'
Outstanding Face Amount	71,632	[2],[8],[9]	'
Amortized Cost Basis	55,851	[3],[8],[9]	'
Single Quote Fair Value (D)	56,923	[5],[8]	'
Internal Pricing Models Fair Value (E)	3,278	[6],[8],[9]	'
Total Fair Value	$60,201	[7],[8],[9]	'
[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]	Management generally obtained pricing service quotations or broker quotations from at least two sources, one of which was generally the seller (the party that sold us the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle's own fair value analysis using internal models, management selects one of the quotes which are believed to more accurately reflect fair value. Newcastle never adjusts quotes received.
[5]	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold us the security) or a pricing service.
[6]	Securities whose fair value was estimated based on internal pricing models are further detailed as follows (See Schedule of securities valued based on internal pricing models)
[7]	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[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.

FAIR_VALUE_Internal_Pricing_Mo

FAIR VALUE - Internal Pricing Models (Details 6) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Amortized Cost Basis	$354,361	[1]	'
Impairment recorded in current year	'		539
Gains - Gross Unrealized	84,783		'
CDOs [Member]	'		'
Amortized Cost Basis	55,851	[1],[2],[3]	'
Gains - Gross Unrealized	4,350		'
Measured on a Recurring Basis [Member] | Internal Pricing Models [Member]	'		'
Fair Value	3,278		'
Gains - Gross Unrealized	3,278		'
Measured on a Recurring Basis [Member] | Internal Pricing Models [Member] | CDOs [Member]	'		'
Fair Value	3,278		'
Gains - Gross Unrealized	$3,278		'
Weighted Average - Discount Rate	20.00%		'
Weighted Average - Prepayment Speed	3.50%	[4]	'
Cumulative Default Rate	21.00%		'
Loss Severity	73.60%		'
[1]	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended March 31, 2014.
[2]	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
[3]	Represents non consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $115.3 million.
[4]	Projected annualized average prepayment rate.

FAIR_VALUE_Loan_Valuation_Deta

FAIR VALUE - Loan Valuation (Details 7) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013
Outstanding Face Amount	$532,730	[1],[2]	'	'
Real estate related loans and other loans, held-for-sale, net	313,250		'	437,530
Residential mortgage loans, held-for-sale, net	248,299		'	2,185
Valuation allowance (reversal) on loans	1,246		2,234	'
Mezzanine Loans [Member]	'		'	'
Outstanding Face Amount	157,519		'	'
Real estate related loans and other loans, held-for-sale, net	125,071		'	'
Fair Value	128,324		'	'
Discount Rate Input Range	'5.0%-9.0%		'	'
Loss Severity Input Range	'0.0%-100.0%		'	'
Discount Rate Weighted Average	7.00%		'	'
Loss Severity Weighted Average	18.90%		'	'
Corporate Bank Loans [Member]	'		'	'
Outstanding Face Amount	174,806		'	'
Real estate related loans and other loans, held-for-sale, net	97,244		'	'
Fair Value	106,086		'	'
Valuation allowance (reversal) on loans	1,607		'	'
Discount Rate Input Range	'16.6%-42.1%		'	'
Loss Severity Input Range	'0.0%-100.0%		'	'
Discount Rate Weighted Average	22.00%		'	'
Loss Severity Weighted Average	34.10%		'	'
B-Notes [Member]	'		'	'
Outstanding Face Amount	96,033		'	'
Real estate related loans and other loans, held-for-sale, net	90,445		'	'
Fair Value	90,444		'	'
Valuation allowance (reversal) on loans	-1,175		'	'
Discount Rate Input Range	'8.2%-12.0%		'	'
Loss Severity Input Range	'0.0%		'	'
Discount Rate Weighted Average	11.10%		'	'
Whole Loans [Member]	'		'	'
Outstanding Face Amount	490		'	'
Real estate related loans and other loans, held-for-sale, net	490		'	'
Fair Value	499		'	'
Discount Rate Input Range	'4.0%		'	'
Loss Severity Input Range	'0.0%		'	'
Discount Rate Weighted Average	4.10%		'	'
Total Real Estate Related and Other Loans Held for Sale [Member]	'		'	'
Outstanding Face Amount	428,848		'	'
Real estate related loans and other loans, held-for-sale, net	313,250		'	'
Fair Value	325,353		'	'
Valuation allowance (reversal) on loans	432		'	'
Non-Securitized Manufacturing Housing Loan Portfolio I [Member]	'		'	'
Outstanding Face Amount	496		'	'
Residential mortgage loans, held-for-sale, net	130	[3]	'	'
Fair Value	521	[3]	'	'
Valuation allowance (reversal) on loans	-3		'	'
Discount Rate Weighted Average	82.00%		'	'
Prepayment Speed Weighted Average	5.00%		'	'
Cumulative Default Rate Weighted Average	11.60%		'	'
Loss Severity Weighted Average	65.00%		'	'
Non-Securitized Manufacturing Housing Loan Portfolio II [Member]	'		'	'
Outstanding Face Amount	2,511		'	'
Residential mortgage loans, held-for-sale, net	2,048	[3]	'	'
Fair Value	2,726	[3]	'	'
Valuation allowance (reversal) on loans	-16		'	'
Discount Rate Weighted Average	15.40%		'	'
Prepayment Speed Weighted Average	5.00%		'	'
Cumulative Default Rate Weighted Average	3.50%		'	'
Loss Severity Weighted Average	60.00%		'	'
Securitized Manufacturing Housing Loan Portfolio I [Member]	'		'	'
Outstanding Face Amount	98,925		'	'
Residential mortgage loans, held-for-sale, net	89,113	[3]	'	'
Fair Value	104,991	[3]	'	'
Valuation allowance (reversal) on loans	-3		'	'
Discount Rate Weighted Average	9.50%		'	'
Prepayment Speed Weighted Average	6.00%		'	'
Cumulative Default Rate Weighted Average	3.00%		'	'
Loss Severity Weighted Average	65.00%		'	'
Securitized Manufacturing Housing Loan Portfolio II [Member]	'		'	'
Outstanding Face Amount	123,611		'	'
Residential mortgage loans, held-for-sale, net	123,277	[3]	'	'
Fair Value	131,529	[3]	'	'
Valuation allowance (reversal) on loans	437		'	'
Discount Rate Weighted Average	8.30%		'	'
Prepayment Speed Weighted Average	7.00%		'	'
Cumulative Default Rate Weighted Average	3.50%		'	'
Loss Severity Weighted Average	60.00%		'	'
Residential Mortgage Loans [Member]	'		'	'
Outstanding Face Amount	44,941		'	'
Residential mortgage loans, held-for-sale, net	33,731	[3]	'	'
Fair Value	38,550	[3]	'	'
Valuation allowance (reversal) on loans	399		'	'
Discount Rate Weighted Average	7.00%		'	'
Prepayment Speed Weighted Average	4.60%		'	'
Cumulative Default Rate Weighted Average	2.70%		'	'
Loss Severity Weighted Average	45.80%		'	'
Total Residential Mortgage Loans Held For Sale [Member]	'		'	'
Outstanding Face Amount	270,484		'	'
Residential mortgage loans, held-for-sale, net	248,299	[3]	'	'
Fair Value	278,317	[3]	'	'
Valuation allowance (reversal) on loans	$814		'	'
[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]	Carrying value and fair value include interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $5.2 million for the manufactured housing loans.

FAIR_VALUE_Fair_Value_of_Deriv

FAIR VALUE - Fair Value of Derivatives (Details 8) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Linked Transactions [Member]	'	'
Fair Value of Derivatives	$34,022	$43,662
Fair Value of Derivatives, Balance Sheet Location	'Receivables and other assets	'Receivables and other assets
Total Asset Derivatives [Member]	'	'
Fair Value of Derivatives	34,022	43,662
Interest rate caps, not designated as hedges [Member]	'	'
Fair Value of Derivatives, Balance Sheet Location	'	'Receivables and other assets
Interest rate swaps, designated as hedges [Member]	'	'
Fair Value of Derivatives	4,999	6,203
Fair Value of Derivatives, Balance Sheet Location	'Accounts payable, accrued expenses and other liabilities	'Accounts payable, accrued expenses and other liabilities
Interest rate swaps, not designated as hedges [Member]	'	'
Fair Value of Derivatives	5,515	7,592
Fair Value of Derivatives, Balance Sheet Location	'Accounts payable, accrued expenses and other liabilities	'Accounts payable, accrued expenses and other liabilities
Total Liability Derivatives [Member]	'	'
Fair Value of Derivatives	$10,514	$13,795

FAIR_VALUE_Outstanding_Derivat

FAIR VALUE - Outstanding Derivatives (Details 9) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Amount of (loss) recognized in OCI on effective portion	($4,914)		($6,117)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	153		170
Deferred hedge gain (loss) related to dedesignation, net of amortization	-40		-45
Interest rate swaps, designated as hedges [Member]	'		'
Notional Amount of Derivatives	104,662		105,031
Deferred Hedge [Member]	'		'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	54		53
Current Hedge [Member]	'		'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	-3,937		-3,915
Interest rate swaps, not designated as hedges [Member]	'		'
Notional Amount of Derivatives	183,729		185,871
Linked Transactions [Member]	'		'
Notional Amount of Derivatives	$90,097	[1]	$116,806	[1]
[1]	This represents the current face amount of the underlying financed securities comprising linked transactions.

FAIR_VALUE_Derivative_Gain_Los

FAIR VALUE - Derivative Gain Loss (Details 10) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flow hedges	'	'
Non-hedge derivatives gain (loss)	$12,748	$3,126
Cash Flow Hedges [Member] | Interest Expense [Member]	'	'
Cash flow hedges	'	'
Amount of gain (loss) reclassified from AOCI into income, related to effective portion	-1,280	-1,865
Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	17	16
Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	-4	-16
Interest rate swaps, not designated as hedges [Member] | Other Income (Loss) [Member]	'	'
Cash flow hedges	'	'
Non-hedge derivatives gain (loss)	2,075	3,126
Linked Transactions [Member] | Other Income (Loss) [Member]	'	'
Cash flow hedges	'	'
Non-hedge derivatives gain (loss)	$10,673	'

FAIR_VALUE_Net_Assets_of_Linke

FAIR VALUE - Net Assets of Linked Transactions (Details 11) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate securities, available-for-sale	$439,023		$984,263
Repurchase agreements	-74,863		-556,347
Linked Transactions [Member]	'		'
Real estate securities, available-for-sale	88,272	[1]	'
Repurchase agreements	-54,250	[2]	'
Net Assets recognized as linked transactions	$34,022		'
[1]	Represents the fair value of the securities accounted for as part of linked transactions at March 31, 2014.
[2]	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions at March 31, 2014.

FAIR_VALUE_Details_Narrative

FAIR VALUE (Details Narrative) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Outstanding Face Amount	$532,730	[1],[2]	'
Interest Receivable	2,120		4,667
Total Real Estate Related and Other Loans Held for Sale [Member]	'		'
Outstanding Face Amount	428,848		'
Interest Receivable	100		'
Total Residential Mortgage Loans Held For Sale [Member]	'		'
Outstanding Face Amount	270,484		'
Interest Receivable	5,200		'
Interest Rate Swap Liabilities [Member]	'		'
Notional Balance of Derivative Assets	288,300		'
Linked Transactions [Member]	'		'
Notional Balance of Derivative Assets	90,100		'
Non-consolidated CDO Securities [Member]	'		'
Outstanding Face Amount	$115,300		'
[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.

EQUITY_AND_EARNINGS_PER_SHARE_1

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) (USD $)	Mar. 31, 2014
Stock Options outstanding	30,214,203
Strike Price	$3.31	[1]
Options - Strike Price 10.28 [Member]	'
Stock Options outstanding	343,275
Strike Price	$10.28	[1]
Maturity Date	25-May-14
Options - Strike Price 12.84 [Member]	'
Stock Options outstanding	162,500
Strike Price	$12.84	[1]
Maturity Date	22-Nov-14
Options - Strike Price 12.03 [Member]	'
Stock Options outstanding	330,000
Strike Price	$12.03	[1]
Maturity Date	12-Jan-15
Options - Strike Price 12.62 [Member]	'
Stock Options outstanding	2,000
Strike Price	$12.62	[1]
Maturity Date	1-Aug-15
Options - Strike Price 11.95 [Member]	'
Stock Options outstanding	170,000
Strike Price	$11.95	[1]
Maturity Date	1-Nov-16
Options - Strike Price 12.80 [Member]	'
Stock Options outstanding	242,000
Strike Price	$12.80	[1]
Maturity Date	23-Jan-17
Options - Strike Price 11.19 [Member]	'
Stock Options outstanding	456,000
Strike Price	$11.19	[1]
Maturity Date	11-Apr-17
Options - Strike Price 1.51 [Member]	'
Stock Options outstanding	1,580,166
Strike Price	$1.51	[1]
Maturity Date	29-Mar-21
Options - Strike Price 0.86 [Member]	'
Stock Options outstanding	2,424,833
Strike Price	$0.86	[1]
Maturity Date	27-Sep-21
Options - Strike Price 1.07 [Member]	'
Stock Options outstanding	2,000
Strike Price	$1.07	[1]
Maturity Date	20-Dec-21
Options - Strike Price 1.61 [Member]	'
Stock Options outstanding	1,867,167
Strike Price	$1.61	[1]
Maturity Date	3-Apr-22
Options - Strike Price 1.84 [Member]	'
Stock Options outstanding	2,265,000
Strike Price	$1.84	[1]
Maturity Date	21-May-22
Options - Strike Price 1.83 [Member]	'
Stock Options outstanding	2,499,167
Strike Price	$1.83	[1]
Maturity Date	31-Jul-22
Options - Strike Price 3.03 [Member]	'
Stock Options outstanding	5,750,000
Strike Price	$3.03	[1]
Maturity Date	11-Jan-23
Options - Strike Price 3.54 [Member]	'
Stock Options outstanding	2,300,000
Strike Price	$3.54	[1]
Maturity Date	15-Feb-23
Options - Strike Price 3.76 [Member]	'
Stock Options outstanding	4,025,000
Strike Price	$3.76	[1]
Maturity Date	17-Jun-23
Options - Strike Price 4.01 [Member]	'
Stock Options outstanding	5,795,095
Strike Price	$4.04	[1]
Maturity Date	22-Nov-23
[1]	The strike prices are subject to adjustment in connection with return of capital dividends. In the first quarter of 2014 strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital.

EQUITY_AND_EARNINGS_PER_SHARE_2

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details 1)	Mar. 31, 2014
Stock Options outstanding	30,214,203
Manager [Member]	'
Stock Options outstanding	25,653,733
Manager's Employees [Member]	'
Stock Options outstanding	4,556,470
Directors [Member]	'
Stock Options outstanding	4,000

EQUITY_AND_EARNINGS_PER_SHARE_3

EQUITY AND EARNINGS PER SHARE (Details Narrative) (USD $)	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Apr. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
Strike price adjustment for spin-off	'	$0.89	'
Strike price adjustment for dividends	'	$0.32	'
Dividends Declared per Share of Common Stock	'	$0.10	$0.22
Dividends paid	$36,500	'	'
Antidilutive common stock equivalents	'	1,705,775	'
Dilutive common stock equivalents	'	11,613,274	4,942,388
Series B Cumulative Redeemable Preferred Stock [Member]	'	'	'
Dividends Declared per Share of Preferred Stock	'	$0.61	'
Series C Cumulative Redeemable Preferred Stock [Member]	'	'	'
Dividends Declared per Share of Preferred Stock	'	$0.50	'
Series D Cumulative Redemable Preferred [Member]	'	'	'
Dividends Declared per Share of Preferred Stock	'	$0.52	'

INCOME_TAXES_Components_of_Inc

INCOME TAXES - Components of Income Tax Expense (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Current:	'
Federal	$72
State and Local	61
Total Current Provision	133
Deferred	'
Federal	-126
State and Local	-56
Total Deferred Provision	-182
Total Provision for Income Taxes	($49)

INCOME_TAXES_Deferred_Tax_Asse

INCOME TAXES - Deferred Tax Assets (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred tax assets	'	'
Allowance for loan losses	$953	$2,076
Depreciation and amortization	36,541	94,880
Leaseholds	6,729	6,489
Accrued expenses	15,292	23,816
Deposits	7,787	7,787
Net operating losses	57,111	211,560
Other	'	17,036
Total deferred tax assets	124,413	363,644
Less valuation allowance	-123,827	-363,192
Net deferred tax assets	586	452
Deferred tax liabilities:	'	'
Other	237	'
Total deferred tax liabilities	$237	'

INCOME_TAXES_Change_in_Valuati

INCOME TAXES - Change in Valuation Allowance (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Income Taxes - Change In Valuation Allowance Details 2	'
Valuation allowance, beginning	$363,192
Decrease due to spin-off of New Media	-244,401
Other decrease in valuation allowance	5,036
Valuation allowance, ending	$123,827

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Income Taxes Details Narrative	'
Decrease in valuation allowance	($239,400)

GAINS_LOSSES_ON_SETTLEMENT_OF_

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Gain (loss) on settlement of investments, net	'	'
Gain on settlement of real estate securities	$2,334	'
Loss on disposal of long-lived assets	-2	-3
[GainLossOnInvestments]	2,332	-3
Other income (loss), net	'	'
Gain (loss) on non-hedge derivative instruments	12,748	3,126
Collateral management fee income, net	265	352
Equity in earnings of equity method investees	-39	'
Other income (loss)	500	1,089
Total Other income (loss), net	$13,474	$4,567

RECLASSIFICATION_FROM_ACCUMULA2

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net realized gain (loss) on securities	'	'
Impairment	'	($539)
Gain on settlement of real estate securities	2,334	'
[GainLossOnSaleOfInvestments]	2,334	-539
Impairment	'Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	'
Gain on settlement of real estate securities	'Gain (loss) on settlement of investments, net	'
Net realized gain (loss) on derivatives designated as cash flow hedges	'	'
Amortization of deferred gain (loss)	13	'
Gain (loss) reclassified from AOCI into income, related to effective portion	-1,280	-1,865
Net unrealized gains (losses) on derivatives designated as cash flow hedges	-1,267	-1,865
Amortization of deferred gain (loss)	'Interest Expense	'
Gain (loss) reclassified from AOCI into income, related to effective portion	'Interest Expense	'
Total reclassifications	$1,067	($2,404)

SUPPLEMENTAL_NONCASH_INVESTING2

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Restricted Cash activity:	'	'
Restricted cash generated from sale of securities	$548	'
Restricted cash generated from paydowns on securities and loans	141,348	83,623
Restricted cash used for repayments of CDO bonds payable	$137,831	$65,086