Drive Shack (DSHK) 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 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	30-Jun-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, Shares Outstanding	'	351,725,561
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Real estate securities, available-for-sale	$311,268	$984,263
Real estate related and other loans, held-for-sale, net	289,112	437,530
Residential mortgage loans, held-for-investment, net	'	255,450
Residential mortgage loans, held-for-sale, net	32,083	2,185
Subprime mortgage loans subject to call option	406,217	406,217
Investments in senior housing real estate, net of accumulated depreciation	1,547,409	1,362,900
Investments in other real estate, net of accumulated depreciation	263,500	265,495
Intangibles, net of accumulated amortization	197,129	199,725
Other investments	26,123	25,468
Cash and cash equivalents	77,922	74,133
Restricted cash	3,703	5,889
Receivables and other assets	109,538	141,887
Assets of discontinued operations	'	690,746
Total Assets	3,264,004	4,851,888
Liabilities	'	'
CDO bonds payable	263,581	544,525
Other bonds and notes payable	82,053	230,279
Repurchase agreements	102,677	556,347
Mortgage notes payable	1,104,182	1,076,828
Credit facilities and obligations under capital leases, golf	156,578	152,498
Financing of subprime mortgage loans subject to call option	406,217	406,217
Junior subordinated notes payable	51,234	51,237
Dividends Payable	36,101	36,075
Accounts payable, accrued expenses and other liabilities	269,778	276,491
Liabilities of discontinued operations	'	295,267
Total Liabilities	2,472,401	3,625,764
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 June 30, 2014 and December 31, 2013	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 351,709,903 and 351,453,495 shares issued and outstanding, at June 30, 2014 and December 31, 2013, respectively	3,518	3,515
Additional paid-in capital	2,971,223	2,970,786
Accumulated deficit	-2,313,799	-1,947,913
Accumulated other comprehensive income	68,880	76,874
Total Newcastle Stockholders' Equity	791,405	1,164,845
Noncontrolling interests	198	61,279
Total Equity	791,603	1,226,124
Total Liabilities and Equity	3,264,004	4,851,888
Non Recourse VIE Financing Structures [Member]	'	'
Assets	'	'
Real estate securities, available-for-sale	301,357	426,695
Real estate related and other loans, held-for-sale, net	289,112	437,530
Residential mortgage loans, held-for-sale, net	3,279	223,628
Subprime mortgage loans subject to call option	406,217	406,217
Investments in other real estate, net of accumulated depreciation	6,515	6,597
Other investments	19,805	19,308
Restricted cash	1,151	2,377
Receivables and other assets	3,188	3,727
Total Assets	1,030,624	1,526,079
Liabilities	'	'
CDO bonds payable	263,581	544,525
Other bonds and notes payable	82,053	230,279
Financing of subprime mortgage loans subject to call option	406,217	406,217
Derivative liabilities	7,345	13,795
Accounts payable, accrued expenses and other liabilities	765	6,766
Total Liabilities	$759,961	$1,201,582

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 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	351,709,903	351,453,495
Common stock, shares outstanding	351,709,903	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		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Interest income	$29,893	$62,824	$76,345	$124,156
Interest expense	33,905	21,998	69,760	44,708
Net interest income	-4,012	40,826	6,585	79,448
Impairment (Reversal)	'	'	'	'
Valuation allowance (reversal) on loans	1,526	-709	2,772	1,525
Other-than-temporary impairment on securities	'	3,430	'	4,405
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)	'	480	'	44
Total impairment (reversal)	1,526	3,201	2,772	5,974
Net interest income (expense) after impairment/reversal	-5,538	37,625	3,813	73,474
Operating Revenues	'	'	'	'
Rental income	54,594	11,721	107,484	23,195
Care and ancillary income	5,666	2,292	11,127	4,318
Golf course operations	51,131	'	91,520	'
Sales of food and beverages - golf	19,923	'	33,462	'
Other golf revenue	12,332	'	21,682	'
Total operating revenues	143,646	14,013	265,275	27,513
Other Income	'	'	'	'
Gain on settlement of investments, net	40,403	5,066	42,735	5,063
Gain (loss) on extinguishment of debt	-3,410	'	-3,410	1,206
Other income, net	4,692	3,024	18,166	7,591
Total other income	41,685	8,090	57,491	13,860
Expenses	'	'	'	'
Loan and security servicing expense	408	1,021	1,265	2,055
Property operating expenses	24,280	8,409	48,084	16,772
Operating expenses - golf	65,178	'	123,516	'
Cost of sales - golf	8,807	'	14,763	'
General and administrative expense	9,633	9,938	18,845	14,151
Management fee to affiliate	7,475	8,148	15,512	17,713
Depreciation and amortization	31,031	4,070	61,390	8,149
Total expenses	146,812	31,586	283,375	58,840
Income from continuing operations before income tax	32,981	28,142	43,204	56,007
Income tax expense	540	'	835	'
Income from continuing operations	32,441	28,142	42,369	56,007
Income (loss) from discontinued operations, net of tax	-46	25,581	-5,351	35,729
Net Income	32,395	53,723	37,018	91,736
Preferred dividends	-1,395	-1,395	-2,790	-2,790
Net loss attributable to noncontrolling interests	29	'	690	'
Income applicable to Common Stockholders	$31,029	$52,328	$34,918	$88,946
Income Per Share of Common Stock	'	'	'	'
Basic	$0.09	$0.20	$0.10	$0.36
Diluted	$0.09	$0.20	$0.10	$0.35
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	'	'	'	'
Basic	$0.09	$0.10	$0.11	$0.22
Diluted	$0.09	$0.10	$0.11	$0.21
Income (loss) from discontinued operations per share of common stock	'	'	'	'
Basic	'	$0.10	($0.02)	$0.14
Diluted	'	$0.10	($0.02)	$0.14
Weighted Average Number of Shares of Common Stock Outstanding	'	'	'	'
Basic	351,598,001	259,228,343	351,526,147	247,249,101
Diluted	362,860,506	265,396,219	362,963,068	252,807,613
Dividends Declared per Share of Common Stock	$0.10	$0.17	$0.20	$0.39

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$32,395	$53,723	$37,018	$91,736
Other comprehensive income (loss):	'	'	'	'
Net unrealized gain on securities	3,889	9,823	8,477	39,277
Reclassification of net realized (gain) loss on securities into earnings	-15,698	-707	-18,032	-168
Net unrecognized gain and pension prior service cost (discontinued operations)	'	'	9	'
Net unrealized gain on derivatives designated as cash flow hedges	583	1,771	1,786	3,612
Reclassification of net realized (gain) loss on derivatives designated as cash flow hedges into earnings	246	-1	233	-1
Other comprehensive income	-10,980	10,886	-7,527	42,720
Total comprehensive income	21,415	64,609	29,491	134,456
Comprehensive income attributable to Newcastle stockholders' equity	21,444	64,609	30,181	134,456
Comprehensive loss attributable to noncontrolling interests	($29)	'	($690)	'

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	'	'	'	-73,105	'	-73,105	'	-73,105
Issuance of common stock	'	3	437	'	'	440	'	440
Issuance of common stock, shares	'	256,408	'	'	'	'	'	'
Spin-off of New Media	'	'	'	-330,489	-467	-330,956	-60,391	-391,347
Comprehensive income (loss)	'	'	'	'	'	'	'	'
Net income (loss)	'	'	'	37,708	'	37,708	-690	37,018
Other comprehensive income	'	'	'	'	-7,527	-7,527	'	-7,527
Total comprehensive income (loss)	'	'	'	'	'	30,181	-690	29,491
Balance, ending at Jun. 30, 2014	$61,583	$3,518	$2,971,223	($2,313,799)	$68,880	$791,405	$198	$791,603
Balance, ending - shares at Jun. 30, 2014	2,463,321	351,709,903	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows From Operating Activities	'	'
Net Income	$37,018	$91,736
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):	'	'
Depreciation and amortization	65,986	8,149
Accretion of discount and other amortization	-10,074	-22,426
Interest income in CDOs redirected for reinvestment or CDO bond paydown	-949	-817
Interest income on investments accrued to principal balance	-11,274	-12,673
Interest expense on debt accrued to principal balance	220	219
Non-cash directors' compensation	200	275
Valuation allowance on loans	2,772	1,525
Other-than-temporary impairment on securities	'	4,449
Change in fair value of investments in excess mortgage servicing rights	'	-3,894
Change in fair value of investments in equity method investees	'	-19,170
Straight-lining of rental income	-12,138	'
Equity in earnings from equity method investments	-289	'
Distributions of earnings from equity method investees	'	1,069
(Gain)/loss on settlement of investments (net)	-42,735	-5,063
Unrealized gain on non-hedge derivatives and hedge ineffectiveness	-16,862	-5,409
(Gain)/loss on extinguishment of debt	3,410	-1,206
Change in:	'	'
Restricted cash	2,890	3,036
Receivables and other assets	6,572	580
Accounts payable, accrued expenses and other liabilities	-8,523	367
Payment of deferred interest	'	-648
Deferred interest received	'	5,125
Net cash provided by operating activities	16,224	45,224
Cash Flows From Investing Activities	'	'
Principal repayments from repurchased CDO debt	26,567	75,903
Principal repayments from CDO securities	12,997	1,781
Principal repayments from non-Agency RMBS	119	25,178
Return of investments in excess mortgage servicing rights	'	15,803
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)	33,234	146,401
Principal repayment from security accounted for as linked transaction	116,806	'
Purchase of real estate securities	'	-1,034,234
Purchase of securities accounted for as linked transactions	'	-103,140
Purchase of real estate related and other loans	'	-174,234
Proceeds from sale of investments	763,336	37,905
Acquisition of investments in real estate	-227,535	'
Additions to investments in real estate	-9,662	-834
Contributions to equity method investees	'	-386,502
Distributions of capital from equity method investees	'	12,134
Deposit paid on investments	-650	-5,520
Net cash provided by (used in) investing activities	715,212	-1,389,359
Cash Flows From Financing Activities	'	'
Repurchases of CDO bonds payable	'	-9,722
Repayments of other bonds and notes payable	-168,111	-20,157
Borrowings under repurchase agreements	64,925	2,004,020
Borrowings under repurchase agreements accounted for as linked transactions	5,283	59,968
Repayments of repurchase agreements	-518,595	-1,301,819
Repayments under repurchase agreements accounted for as linked transactions	-65,929	'
Repayments of credit facilities, media and golf	-4,423	'
Repayments of capital lease liabilities	-17	'
Margin deposits under repurchase agreements	-12,277	-152,725
Return of margin deposits under repurchase agreements	12,277	120,225
Borrowings under mortgage notes payable	32,857	'
Repayment of mortgage notes payable	-6,272	'
Issuance of common stock	240	962,827
Costs related to issuance of common stock	'	-1,302
New Media and New Residential spin-offs	-23,845	-181,582
Common stock dividends paid	-70,290	-93,619
Preferred stock dividends paid	-2,790	-2,790
Payment of financing costs	-2,491	-35
Net cash provided by (used in) financing activities	-759,458	1,383,289
Net Increase in Cash and Cash Equivalents	-28,022	39,154
Cash and Cash Equivalents of Continuing Operations, Beginning of Period	74,133	231,898
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	31,811	'
Cash and Cash Equivalents, End of Period	77,922	271,052
Supplemental Disclosure of Cash Flow Information	'	'
Cash paid during the period for income taxes	1,153	'
Cash paid during the period for interest expense	39,409	25,592
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	35,171	43,021
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	100,695	'
Reduction of Assets and Liabilities relating to the spin-off of New Residential	'	'
Real estate securities, available for sale	'	1,647,289
Residential mortgage loans, held-for-investment, net	'	35,865
Investments in excess mortgage servicing rights at fair value	'	229,936
Investments in equity method investees	'	392,469
Receivables and other assets	'	37,844
Repurchase Agreements	'	1,320,360
Accrued expenses and other liabilities	'	$642

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
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 properties across 8 states, and leases these properties to American Golf Corporation (“American Golf”), an affiliated operating company. American Golf also leases an additional 52 golf properties and manages 11 properties, 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 properties 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 either leases senior housing properties under triple net leases or 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.
	On June 16, 2014, Newcastle announced that its board of directors unanimously approved a plan to spin off its senior housing business. Newcastle intends to effect the spin-off by distributing shares of its subsidiary, New Senior Investment Group Inc. (“New Senior”, NYSE: SNR). New Senior will be a publicly traded REIT that primarily targets senior housing related investments. New Senior has filed a registration statement with the SEC with respect to the planned spin-off. The spin-off is subject to certain conditions, such as the SEC declaring effective New Senior’s registration statement, the filing and approval of an application to list New Senior’s common stock on the NYSE and the formal declaration of the distribution by the board of directors.
	Approximately 6.4 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at June 30, 2014. In addition, Fortress, through its affiliates, held options to purchase approximately 25.5 million shares of Newcastle’s common stock at June 30, 2014.
	A principal of the Manager owned or leased aircraft that Newcastle chartered from a third-party aircraft operator for business purposes in the course of operations. Newcastle paid market rates for the charters. The operators remitted a portion of these amounts to the principal.  These amounts totaled less than $0.1 million for the six months ended June 30, 2014 and 2013.
	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 properties 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.
	CAPITAL LEASES
	The Golf business leases golf carts and other equipment that are classified as capital leases. The value of capital leases is recorded as an asset on the balance sheet, along with a liability related to the associated payments. Amortization of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The cost of equipment under capital leases is included in investments in other real estate in the consolidated balance sheets. Payments under the lease are treated as reductions of the liability, with a portion being recorded as interest expense under the effective interest method.
	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.
	In May 2014, the FASB and the International Accounting Standards Board ("IASB") issued ASU 2014-09 Revenues from Contracts with Customers (Topic 606). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The ASU is effective for Newcastle in the first quarter of 2017. Early application is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. Newcastle is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.
	In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.  The standard changes the accounting for repurchase-to-maturity transactions and linked repurchase financing transactions to secured borrowing accounting. The ASU also expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings. The ASU is effective for Newcastle in the first quarter of 2015. Early application is not permitted. Disclosures are not required for comparative periods presented before the effective date. Newcastle is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.
	The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, 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	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
ACQUISITIONS	'
	2.    ACQUISITIONS
	Acquisitions of Senior Housing properties
	i.	Managed Properties
	In January and May 2014, Newcastle completed the acquisitions of five senior housing properties in three different portfolios for an aggregate purchase price of approximately $44.5 million plus acquisition-related 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. For two of the properties, Newcastle has retained Holiday to manage the 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. For the other three properties acquired, Newcastle has retained Blue Harbor to manage the properties. Pursuant to the agreements with Blue Harbor, Newcastle pays management fees equal to 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 and Blue Harbor for certain expenses, primarily the compensation expense associated with the on-site employees.
	ii.	Triple Net Lease Properties
	On June 30, 2014, Newcastle completed the acquisition of six senior housing properties for an aggregate purchase price of approximately $183.0 million plus acquisition-related costs. The acquisition 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.
	On June 30, 2014, Newcastle also entered into a triple net lease of these properties with a third party (the “June 2014 Master Tenant”). The lease has a 15-year term with two five-year renewal options and first-year rent equal to approximately $14.2 million with annual increases during the following three years of 3.75% and up to 2.5% thereafter. Under the lease, the June 2014 Master Tenant is responsible for (i) operating the properties and bearing the related costs, including maintenance, utilities, taxes, insurance, repairs and capital improvements, and (ii) complying with the terms of the mortgage financing documents.
	As part of the June 2014 Master Tenant lease, Newcastle committed to making available $6.5 million immediately for capital improvements and other repairs in the properties under the lease agreement and also agreed to make available to the June 2014 Master Tenant an additional $9.0 million at certain intervals during the lease period to be used for further capital improvements. Upon funding the capital improvements, Newcastle will be entitled to a rent increase.
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed in connection with the acquisition, in accordance with the acquisition method of accounting:
		Three months ended March 31, 2014 Acquisitions			Three months ended June 30, 2014 Acquisitions (A)
		Managed Properties			Managed Properties			Triple Net Lease Properties			Total
	Allocation of Purchase Price
	Investments in Real Estate	$	20,630		$	13,785		$	167,828		$	202,243
	Resident Lease Intangibles	2,370			3,361			16,828			22,559
	Other Intangibles	—			4,847			—			4,847
	Other Liabilities, net of other Assets	(200		)	(288		)	(1,625		)	(2,113		)
	Total purchase price	$	22,800		$	21,705		$	183,031		$	227,536
	Mortgage Notes Payable (B)	(17,250		)	(15,607		)	—			(32,857		)
	Net assets acquired	$	5,550		$	6,098		$	183,031		$	194,679
	Total acquisition related costs (C)	$	368		$	573		$	792		$	1,733
	(A)	The values assigned above are not yet finalized as Newcastle is in the process of identifying all acquired intangibles and gathering market and other information with which to determine the fair values of the real estate property and intangible assets acquired. Therefore the purchase price allocations set forth above are preliminary and are subject to change. The final determination of fair values for these assets may result in different allocations among the various asset classes from those set forth above and any such differences could be material.
	(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	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
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	100,695
	Total Liabilities	$	278,650
	Net Assets	$	391,347
	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 related to New Media and New Residential were as follows:
		Three Months Ended  June 30,					Six Months Ended  June 30,
		2014		2013			2014			2013
	Interest Income	$	—	$	5,060		$	—		$	15,095
	Interest Expense	—		—			2,096			—
	Net interest income (loss)	—		5,060			(2,096		)	15,095
	Media income	—		—			68,213			—
	Other income (loss)	—		(2		)	—			(2		)
	Change in fair value of investments in excess mortgage servicing rights	—		2,036			—			3,894
	Change in fair value of investments in equity method investees	—		(84		)	—			885
	Earnings from investments in equity method investees	—		18,286			—			18,286
	Total other income	—		20,236			—			23,063
	Media operating expenses	—		—			65,826			—
	Property operating costs	—		5			—			12
	General and administrative expenses	—		(290		)	1,904			2,417
	Depreciation and amortization	—		—			4,596			—
	Income tax (benefit) expense	—		—			(915		)	—
	Total expenses	—		(285		)	71,411			2,429
	Income (loss) from discontinued operations	$	—	$	25,581		$	(5,294	)	$	35,729
	Net income attributable to noncontrolling interest	$	—	$	—		$	522		$	—
	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	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
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 properties 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)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	Six Months Ended June 30, 2014
	Interest income	$	—		$	51,319		$	29,353		$	74		$	35		$	—		$	80,781
	Inter-segment elimination	—			(4,436		)	—			—			—			—			(4,436		)
	Interest income, net	—			46,883			29,353			74			35			—			76,345
	Interest expense	27,294			12,109			23,001			9,884			1,908			—			74,196
	Inter-segment elimination	—			—			(1,635		)	(2,801		)	—			—			(4,436		)
	Interest expense, net	27,294			12,109			21,366			7,083			1,908			—			69,760
	Net interest income (expense)	(27,294		)	34,774			7,987			(7,009		)	(1,873		)	—			6,585
	Impairment (reversal)	—			1,958			814			—			—			—			2,772
	Operating revenues	117,508			—			1,104			146,663			—			—			265,275
	Other income (loss)	(23		)	32,895			24,630			(11		)	—			—			57,491
	Loan and security servicing expense	—			310			955			—			—			—			1,265
	Property operating expenses	47,573			—			511			—			—			—			48,084
	Operating expenses - golf (C)	—			—			—			118,914			—			—			118,914
	Repairs and maintenance expenses - golf	—			—			—			4,602			—			—			4,602
	Cost of sales - golf	—			—			—			14,763			—			—			14,763
	General and administrative expense	1,701			—			1,874			459			3,725			—			7,759
	Acquisition and transaction expenses	8,808			—			—			1,503			775			—			11,086
	Management fee to affiliate	4,323			—			—			—			11,189			—			15,512
	Depreciation and amortization	46,024			—			113			15,179			74			—			61,390
	Income tax expense	691			—			—			144			—			—			835
	Income (loss) from continuing operations	(18,929		)	65,401			29,454			(15,921		)	(17,636		)	—			42,369
	Income (loss) from discontinued operations, net of tax	—			—			—			—			—			(5,351		)	(5,351		)
	Net income (loss)	(18,929		)	65,401			29,454			(15,921		)	(17,636		)	(5,351		)	37,018
	Preferred dividends	—			—			—			—			(2,790		)	—			(2,790		)
	Net loss attributable to noncontrolling interests	—			—			—			168			—			522			690
	Income (loss) applicable to common stockholders	$	(18,929	)	$	65,401		$	29,454		$	(15,753	)	$	(20,426	)	$	(4,829	)	$	34,918
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	Three Months Ended June 30, 2014
	Interest income	$	—		$	20,596		$	12,401		$	34		$	25		$	—		$	33,056
	Inter-segment elimination	—			(3,163		)	—			—			—			—			(3,163		)
	Interest income, net	—			17,433			12,401			34			25			—			29,893
	Interest expense	13,592			5,983			10,338			6,202			953			—			37,068
	Inter-segment elimination	—			—			(362		)	(2,801		)	—			—			(3,163		)
	Interest expense, net	13,592			5,983			9,976			3,401			953			—			33,905
	Net interest income (expense)	(13,592		)	11,450			2,425			(3,367		)	(928		)	—			(4,012		)
	Impairment (reversal)	—			1,526			—			—			—			—			1,526
	Operating revenues	59,698			—			563			83,385			—			—			143,646
	Other income (loss)	(22		)	19,343			22,375			(11		)	—			—			41,685
	Loan and security servicing expense	—			154			254			—			—			—			408
	Property operating expenses	24,053			—			227			—			—			—			24,280
	Operating expenses - golf (C)	—			—			—			63,094			—			—			63,094
	Repairs and maintenance expenses - golf	—			—			—			2,084			—			—			2,084
	Cost of sales - golf	—			—			—			8,807			—			—			8,807
	General and administrative expense	1,493			—			1,874			153			1,629			—			5,149
	Acquisition and transaction expenses	3,368			—			—			728			388			—			4,484
	Management fee to affiliate	2,179			—			—			—			5,296			—			7,475
	Depreciation and amortization	23,188			—			57			7,749			37			—			31,031
	Income tax expense	536			—			—			4			—			—			540
	Income (loss) from continuing operations	(8,733		)	29,113			22,951			(2,612		)	(8,278		)	—			32,441
	Income (loss) from discontinued operations, net of tax	—			—			—			—			—			(46		)	(46		)
	Net income (loss)	(8,733		)	29,113			22,951			(2,612		)	(8,278		)	(46		)	32,395
	Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			—			29			—			—			29
	Income (loss) applicable to common stockholders	$	(8,733	)	$	29,113		$	22,951		$	(2,583	)	$	(9,673	)	$	(46	)	$	31,029
		Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
June 30, 2014
Investments	$	1,651,251		$	651,765		$	457,766		$	350,272		$	—		$	—		$	3,111,054
Inter-segment elimination	—			(38,213		)	—			—			—			—			(38,213		)
Investments, net	1,651,251			613,552			457,766			350,272			—			—			3,072,841
Cash and restricted cash	47,539			1,118			489			9,526			22,953			—			81,625
Other assets	71,111			1,959			1,250			35,113			105			—			109,538
Total assets	1,769,901			616,629			459,505			394,911			23,058			—			3,264,004
Debt	1,104,182			425,346			435,182			188,791			51,234			—			2,204,735
Inter-segment elimination	—			—			(6,000		)	(32,213		)	—			—			(38,213		)
Debt, net	1,104,182			425,346			429,182			156,578			51,234			—			2,166,522
Other liabilities	79,577			7,671			1,261			175,453			41,917			—			305,879
Total liabilities	1,183,759			433,017			430,443			332,031			93,151			—			2,472,401
Preferred stock	—			—			—			—			61,583			—			61,583
Noncontrolling interests	—			—			—			198			—			—			198
GAAP book value	$	586,142		$	183,612		$	29,062		$	62,682		$	(131,676	)	$	—		$	729,822
Additions to investments in real estate	$	206,181		$	—		$	32		$	9,670		$	—		$	—		$	215,883
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
Six Months Ended June 30, 2013
Interest income	$	—		$	68,553		$	57,432		$	—		$	102		$	—		$	126,087
Inter-segment elimination	—			(1,931		)	—			—			—			—			(1,931		)
Interest income, net	—			66,622			57,432			—			102			—			124,156
Interest expense	2,478			13,962			28,293			—			1,906			—			46,639
Inter-segment elimination	—			—			(1,931		)	—			—			—			(1,931		)
Interest expense, net	2,478			13,962			26,362			—			1,906			—			44,708
Net interest income (expense)	(2,478		)	52,660			31,070			—			(1,804		)	—			79,448
Impairment (reversal)	—			11,986			(6,012		)	—			—			—			5,974
Operating revenues	26,510			—			1,003			—			—			—			27,513
Other income (loss)	120			11,820			1,920			—			—			—			13,860
Loan and security servicing expense	—			384			1,671			—			—			—			2,055
Property operating expenses	16,285			—			487			—			—			—			16,772
General and administrative expense	3,496			—			24			—			10,631			—			14,151
Management fee to affiliate	1,578			—			—			—			16,135			—			17,713
Depreciation and amortization	8,039			—			110			—			—			—			8,149
Income (loss) from continuing operations	(5,246		)	52,110			37,713			—			(28,570		)	—			56,007
Income (loss) from discontinued operations	—			—			—			—			—			35,729			35,729
Net income (loss)	(5,246		)	52,110			37,713			—			(28,570		)	35,729			91,736
Preferred dividends	—			—			—			—			(2,790		)	—			(2,790		)
Income (loss) applicable to common stockholders	$	(5,246	)	$	52,110		$	37,713		$	—		$	(31,360	)	35,729			$	88,946
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
Three Months Ended June 30, 2013
Interest income				36,724			$	27,134		—			$	30		—			63,888
Inter-segment elimination	—			(1,064		)	—			—			—			—			(1,064		)
Interest income, net	—			35,660			27,134			—			30			—			62,824
Interest expense	1,246			6,826			14,036			—			954			—			23,062
Inter-segment elimination	—			—			(1,064		)	—			—			—			(1,064		)
Interest expense, net	1,246			6,826			12,972			—			954			—			21,998
Net interest income (expense)	(1,246		)	28,834			14,162			—			(924		)	—			40,826
Impairment (reversal)	—			8,803			(5,602		)	—			—			—			3,201
Operating revenues	13,513			—			500			—			—			—			14,013
Other income (loss)	112			7,249			729			—			—			—			8,090
Loan and security servicing expense	—			188			833			—			—			—			1,021
Property operating expenses	8,169			—			240			—			—			—			8,409
General and administrative expense	1,887			—			8			—			8,043			—			9,938
Management fee to affiliate	799			—			—			—			7,349			—			8,148
Depreciation and amortization	4,016			—			54			—			—			—			4,070
Income (loss) from continuing operations	(2,492		)	27,092			19,858			—			(16,316		)	—			28,142
Income (loss) from discontinued operations	—			—			—			—			—			25,581			25,581
Net income (loss)	(2,492		)	27,092			19,858			—			(16,316		)	25,581			53,723
Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
Income (loss) applicable to common stockholders	$	(2,492	)	$	27,092		$	19,858		$	—		$	(17,711	)	$	25,581		$	52,328
(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:
	June 30, 2014
	Investments						Debt
Non-Recourse	OutstandingFace Amount			CarryingValue			OutstandingFace Amount*			CarryingValue*
Subprime mortgage loans subject to call options	$	406,217		$	406,217		$	406,217		$	406,217
Operating real estate	N/A			6,515			6,000			6,000
Subtotal	406,217			412,732			412,217			412,217
Other
Unlevered real estate securities	168,201			9,912			—			—
Other investments	N/A			6,319			—			—
Residential mortgage loans	39,785			28,803			22,965			22,965
	$	614,203		$	457,766		$	435,182		$	435,182
*An aggregate face amount of $6.0 million (carrying value of $6.0 million) of debt represents intersegment financing, which is eliminated upon consolidation.
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.4 million and $2.7 million for the three and six months ended June 30, 2014, respectively.
Variable Interest Entities (“VIEs”)
The VIEs in which Newcastle has a significant interest include Newcastle’s CDOs, in which Newcastle has been determined to be the primary beneficiary and therefore consolidates them (with the exception of CDO V), 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. Newcastle’s CDOs are held in special purpose entities whose debt is treated as non-recourse secured borrowings of Newcastle.
Newcastle’s subprime securitizations and CDO V 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 June 30, 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 June 30, 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		$	143,578		$	170,874		$	5,973
(A)	Face amount.
(B)	Newcastle CDO V includes $40.8 million face amount of debt owned by Newcastle with a carrying value of $6.0 million at June 30, 2014.
(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
REAL ESTATE SECURITIES	'
	5.    REAL ESTATE SECURITIES
	The following is a summary of Newcastle’s real estate securities at June 30, 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 Value (A)		Number of Securities	Rating (B)	Coupon			Yield			Life		Principal Subordination (D)
																															(Years) (C)
	CMBS-Conduit		$	160,893		$	163,393			$	(68,980	)		$	94,413	$	38,892	$	—		$	133,305	27	B+	5.53	%		24.26	%		2.1		10.6	%
	CMBS- Single Borrower		79,490			79,103				(12,364		)		66,739		4,092		(5		)	70,826		12	BB-	6.33	%		7.55	%		2.2		2.3	%
	CMBS-Large Loan		3,229			3,229				—				3,229		—		—			3,229		1	BBB-	3.2	%		3.2	%		0.1		4.4	%
	REIT Debt		29,200			28,791				—				28,791		1,892		—			30,683		5	BB+	5.89	%		6.88	%		1.1		N/A
	Non-Agency RMBS		90,781			98,862				(59,987		)		38,875		21,633		—			60,508		33	CCC+	1.03	%		14.12	%		4.3		26.4	%
	ABS-Franchise		8,464			7,647				(7,647		)		—		—		—			—		1	C	6.69	%		0	%		—		0	%
	CDO (E)		17,063			6,368				—				6,368		6,349		—			12,717		2	B	0.83	%		10	%		8.7		33	%
	Total / Average (F)		$	389,120		$	387,393			$	(148,978	)		$	238,415	$	72,858	$	(5	)	$	311,268	81	B	4.47	%		15.16	%		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 $116.1 million.
	(F)	The total outstanding face amount was $265.7 million for fixed rate securities and $123.4 million for floating rate securities.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the six months ended June 30, 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 June 30, 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 Months		$	1,869		$	1,867			$	—			$	1,867	$	—	$	(5	)	$	1,862	1	A+		4.81	%		5.84	%		0.2
	Twelve or More Months		—			—				—				—		—		—			—		—	—		—	%		—	%		—
	Total		$	1,869		$	1,867			$	—			$	1,867	$	—	$	(5	)	$	1,862	1	A+		4.81	%		5.84	%		0.2
	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:
		June 30, 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	—			—				—				—
	Non credit impaired securities	1,862			1,867				—				(5		)
	Total debt securities in an unrealized loss position	$	1,862		$	1,867			$	—			$	(5	)
	(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 six months ended June 30, 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	—
	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 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	$	—
	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at June 30, 2014:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	48,865		20.1	%		$	30,271			30.5	%
	Northeastern U.S.	51,424			21.1	%		20,559				20.7	%
	Southeastern U.S.	44,636			18.3	%		19,492				19.6	%
	Midwestern U.S.	35,210			14.5	%		12,844				13	%
	Southwestern U.S.	45,774			18.8	%		10,041				10.1	%
	Other	11,022			4.5	%		6,038				6.1	%
	Foreign	6,681			2.7	%		—				0	%
		$	243,612		100	%		$	99,245			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. Newcastle recognized a net gain of approximately $1.9 million on the sale of these securities.
In May 2014, Newcastle sold $68.3 million face amount of CMBS securities at an average price of 105.2% for total proceeds of $71.9 million and repaid $71.9 million of associated CDO bonds payable and other term loan financings.  Newcastle recognized a net gain of approximately $15.0 million on the sale of these securities.
In May 2014, Newcastle sold $54.2 million outstanding face amount of the Sorin CDO security at an average price of 93.0% for total proceeds of $50.4 million and repaid $50.4 million of associated CDO bonds payable and other term loan financings. Newcastle recognized a net gain of approximately $0.7 million on the sale of this security.

REAL_ESTATE_RELATED_AND_OTHER_

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
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 June 30, 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 Yield				(Years) (B)
	Mezzanine Loans	$	157,046		$	124,628			8			7.42	%	7.34	%	1.3	75.9	%	$	12,000
	Corporate Bank Loans	164,973			97,684				5			23.06	%	13.12	%	1.9	0.6	%	—
	B-Notes	69,912			66,420				2			5.57	%	4.4	%	1.6	68.2	%	—
	Whole Loans	380			380				1			3.95	%	7.37	%	0.5	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	392,311		$	289,112			16			12.27	%	9.25	%	1.6	42.8	%	$	12,000
	Residential Loans (D)	43,229			32,083				165			7.22	%	2.27	%	5.7	100	%	6,311
	Total Residential Mortgage Loans Held-for-Sale, Net	$	43,229		$	32,083			165			7.22	%	2.27	%	5.7	100	%	$	6,311
	Subprime Mortgage Loans Subject to Call Option	$	406,217		$	406,217
	(A)	Carrying value includes negligible interest receivable for the residential 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 June 30, 2014, $87.4 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
	In May 2014, Newcastle sold its manufactured housing portfolio through a securitization. The portfolio had an outstanding face amount of $222.2 million and was sold at 104% of par, resulting in $231.6 million of total proceeds including accrued interest. Part of the proceeds were used to repay the current debt on the portfolio at par, including $132.4 million of third-party debt and $20.5 million of debt owned by CDO VIII and CDO IX. The securitization of the portfolio was accomplished through a special purpose entity, in which Newcastle holds no interests, and was treated as a sale for accounting purposes. The sale generated a gain of $24.7 million, or $19.4 million net after $1.9 million of deal expenses and the write off of $3.4 million of unamortized discount on third party debt (recorded as a loss on extinguishment of debt).
	The following is a summary of real estate related and other loans by maturities at June 30, 2014:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	12,000		$	—			1
	Period from July 1, 2014 to December 31, 2014	111,104			47,651				5
	2015	1,379			830				2
	2016	64,891			63,274				2
	2017	48,938			48,938				2
	2018	22,260			18,769				1
	2019	118,289			97,234				2
	Thereafter	13,450			12,416				1
	Total	$	392,311		$	289,112			16
	-1	Based on the final extended maturity date of each loan investment as of June 30, 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	11,274			—				—
	Principal paydowns	(167,171		)	(8,226		)		(9,436		)
	Sales	—			(206,360		)		—
	Transfer to held-for-sale	—			246,121				(246,121		)
	Valuation (allowance) reversal on loans	(1,958		)	19				(833		)
	Accretion of loan discount and other amortization	8,867			—				115
	Other	570			(1,656		)		825
	Balance at June 30, 2014	$	289,112		32,083				$	—
	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			Residential Mortgage Loans				Residential Mortgage
		Other Loans							Loans (A)
	Balance at December 31, 2013	$	(94,037	)	$	(824	)		$	(12,247	)
	Charge-offs (B)	504			84				711
	Sales	—			10,525				—
	Transfer to held-for-sale	—			(12,369		)		12,369
	Valuation (allowance) reversal on loans	(1,958		)	19				(833		)
	Balance at June 30, 2014	$	(95,491	)	$	(2,565	)		$	—
	(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 June 30, 2014:
		Real Estate Related						Residential Mortgage Loans
		and Other Loans
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	43,453		18.7	%		$	5,291			12.2	%
	Northeastern U.S.	31,004			13.4	%		2,067				4.8	%
Southeastern U.S.	51,733			22.3	%		30,884				71.4	%
Midwestern U.S.	8,922			3.8	%		2,201				5.1	%
Southwestern U.S.	10,468			4.5	%		2,786				6.5	%
Foreign	86,569			37.3	%		—				—%
	$	232,149		100	%		$	43,229			100	%
Other	160,162			(A)
	$	392,311
(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 June 30, 2014:
	Subprime Portfolio
	I			II				Total
Total securitized loans (unpaid principal balance) (A)	$	347,522		$	481,933			$	829,455
Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
Retained interests (fair value) (B)	$	2,608		$	—			$	2,608
(A)	Average loan seasoning of 107 months and 89 months for Subprime Portfolios I and II, respectively, at June 30, 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 25.07% as of June 30, 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 June 30, 2014:
	Subprime Portfolio
	I			II
Loan unpaid principal balance (UPB)	$	347,522		$	481,933
Weighted average coupon rate of loans	5.69		%	4.76		%
Delinquencies of 60 or more days (UPB) (A)	$	90,313		$	173,548
Net credit losses for the six months ended June 30, 2014	$	13,973		$	17,703
Cumulative net credit losses	$	260,778		$	319,277
Cumulative net credit losses as a % of original UPB	17.4		%	29.3		%
Percentage of ARM loans (B)	50.1		%	64.2		%
Percentage of loans with original loan-to-value ratio >90%	10.7		%	16.9		%
Percentage of interest-only loans	10.5		%	21.2		%
Face amount of debt (C)	$	343,522		$	481,933
Weighted average funding cost of debt (D)	0.5		%	0.42		%
(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 June 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
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:
		June 30, 2014							December 31, 2013
		Gross		Accumulated Depreciation			Net Carrying Value		Gross		Accumulated Depreciation			Net Carrying Value
		Carrying Amount							Carrying Amount
	Senior Housing
	Land	$	130,476	$	—		$	130,476	$	102,235	$	—		$	102,235
	Buildings	1,366,356		(22,651		)	1,343,705		1,199,672		(7,523		)	1,192,149
	Building improvements	21,318		(1,941		)	19,377		20,704		(549		)	20,155
	Furniture, fixtures and equipment	61,353		(7,502		)	53,851		50,711		(2,350		)	48,361
	Investments in Senior Housing Real Estate	$	1,579,503	$	(32,094	)	$	1,547,409	$	1,373,322	$	(10,422	)	$	1,362,900
		June 30, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross		Accumulated Depreciation			Net Carrying Value
									Carrying Amount
	Golf
	Land	$	93,534	$	—		$	93,534	$	93,534	$	—		$	93,534
	Buildings	50,962		(2,265		)	48,697		50,615		—			50,615
	Building improvements	91,934		(6,077		)	85,857		90,736		—			90,736
	Furniture, fixtures and equipment	20,459		(3,178		)	17,281		18,353		—			18,353
	Capital leases - equipment	3,830		(63		)	3,767		—		—			—
	Construction in progress	7,849		—			7,849		5,660		—			5,660
	Golf Total	268,568		(11,583		)	256,985		258,898		—			258,898
	Other Commercial Real Estate
	Land	1,106		—			1,106		1,106		—			1,106
	Buildings	6,588		(1,443		)	5,145		6,588		(1,356		)	5,232
	Building improvements	1,002		(738		)	264		970		(711		)	259
	Furniture, fixtures and equipment	—		—			—		—		—			—
	Other Commercial Real Estate Total	8,696		(2,181		)	6,515		8,664		(2,067		)	6,597
	Investments in Other Real Estate	$	277,264	$	(13,764	)	$	263,500	$	267,562	$	(2,067	)	$	265,495

INTANGIBLES_NET_OF_ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
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:
		June 30, 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	$	134,772	$	(45,895	)	$	88,877	$	112,267	$	(21,902	)	$	90,365
	Non-compete intangibles	1,600		(383		)	1,217		1,600		(223		)	1,377
	Land lease intangibles	3,442		(24		)	3,418		3,498		(1		)	3,497
	PILOT intangible	3,700		(276		)	3,424		3,700		(124		)	3,576
	Other intangibles	6,955		(49		)	6,906		2,046		(2		)	2,044
	Total Senior Housing	150,469		(46,627		)	103,842		123,111		(22,252		)	100,859
	Golf
	Trade name	700		(12		)	688		700		—			700
	Leasehold intangibles	52,066		(2,702		)	49,364		52,066		—			52,066
	Management contracts	39,000		(2,399		)	36,601		39,000		—			39,000
	Internally-developed software	800		(80		)	720		800		—			800
	Membership base	5,400		(386		)	5,014		5,400		—			5,400
	Nonamortizable liquor license	900		—			900		900		—			900
	Total Golf	98,866		(5,579		)	93,287		98,866		—			98,866
	Total Intangibles	$	249,335	$	(52,206	)	$	197,129	$	221,977	$	(22,252	)	$	199,725
	In the senior housing business, 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. If the in-place resident lease is terminated prior to the lease expiration, the unamortized costs are written off at that time. The gross carrying amount of the non-compete intangibles is amortized on a straight-line basis of 5 years as stated within the respective agreements. 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. Other intangibles are amortized on a straight-line basis of 13 to 40 years.
	In the golf business, the weighted average amortization periods for amortizable intangible assets are 29.5 years for trade name, 7.8 years for leasehold intangibles, 7.7 years for management contracts, 4.5 years for internally-developed software, and 6.5 years for membership base.

RECEIVABLES_AND_OTHER_ASSETS

RECEIVABLES AND OTHER ASSETS	6 Months Ended
	Jun. 30, 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:
		30-Jun-14		31-Dec-13
	Accounts receivable, net	$	9,722	$	13,477
	Deferred financing costs	38,824		42,473
	Derivative assets	—		43,662
	Prepaid expenses	16,990		8,631
	Interest receivable	1,629		4,667
	Deposits	10,178		9,915
	Inventory	5,793		5,140
	Miscellaneous assets, net	26,402		13,922
		$	109,538	$	141,887

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
DEBT OBLIGATIONS	'
	10.    DEBT OBLIGATIONS
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at June 30, 2014:
		30-Jun-14
																Collateral (K)									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		$	92,238	$	92,238	Apr 2040	0.83%		5.36	%	5.5	$	88,838	$	157,567	$	86,678	$	124,252	2.1	$	35,095	$	88,838
	CDO VIII	Nov-06		71,813		71,698		Nov 2052	2.11%		7.71	%	2.6	64,213		249,954		178,906		194,238		1.8	113,582		84,048
	CDO IX	May-07		98,441		99,645		May 2052	0.64%		0.49	%	1.1	98,441		345,022		284,291		295,062		2.3	114,869		—
				262,492		263,581					4.16	%	3.1	251,492		752,543		549,875		613,552		2.1	263,546		172,886
	Other Bonds and Notes Payable
	NCT 2013-VI IMM-1 (F)	Nov-13		89,168		82,053		Apr-40	LIBOR+0.25%		0.41	%	1.7	89,168											—
				89,168		82,053					0.41	%	1.7	89,168											—
	Repurchase Agreements (G)
	CDO securities (F)	Dec-13		79,712		79,712		Jul-14	LIBOR+1.65%		1.81	%	0.1	79,712		—		—		—		—	—		—
	Residential Mortgage Loans	Nov-13		22,965		22,965		Nov-14	LIBOR+2.00%		2.16	%	0.4	22,965		34,002		24,617		24,617		6	34,002		—
				102,677		102,677					1.88	%	0.1	102,677		34,002		24,617		24,617		6	34,002		—
	Mortgage Notes Payable
	Fixed Rate - Managed Properties			158,000		158,434		Aug 2018 to	1.63% to 4.93%	(H) (I)	4.79	%	4.8	N/A		N/A		182,986		182,986		N/A	N/A		—
								Mar-20
	Floating Rate - Managed Properties			231,400		231,400		Aug 2016 to Jan 2019	LIBOR +2.75% to LIBOR+3.75%	(J)	4.72	%	3.6	231,400		N/A		308,816		308,816		N/A	N/A		—
	Fixed Rate - Triple Net Lease Properties			714,348		714,348		Jan 2021 to Jan 2024	3.83% to 8.00%	(K)	5.1	%	7.5	N/A		N/A		974,792		974,792		N/A	N/A		—
				1,103,748		1,104,182					4.98	%	6.3	231,400		N/A		1,466,594		1,466,594		N/A	N/A		—
	Golf Credit Facilities (L)
	First Lien Loan	Dec-13		46,922		46,922		Dec-18	LIBOR+4.00%	(M)	4.5	%	3.5	46,922											—
	Second Lien Loan	Dec-13		105,575		105,575		Dec-18	5.50%		5.5	%	3.5	—											—
	Vineyard I	Dec-93		59		68		Aug-14	11.37%		11.37	%	0.1	59											—
	Vineyard II	Dec-93		200		200		Dec-43	2.13%		2.13	%	29.5	200											—
	Capital Leases (Equipment)	May-June 2014		3,813		3,813		Dec 2019 to Jan 2020	7.15%		7.15	%	3.3	—											—
				156,569		156,578					5.24	%	3.5	47,181											—
	Corporate
	Junior subordinated notes payable	Mar 2006		51,004		51,234		Apr-35	7.57%	(N)	7.39	%	20.8	—											—
				51,004		51,234					7.39	%	20.8	—											—
	Subtotal debt obligations			1,765,658		1,760,305					4.54	%	5.4	$	721,918	$	786,545	$	2,041,086	$	2,104,763	2.2	$	297,548	$	172,886
	Financing on subprime mortgage loans subject to call option (O)			406,217		406,217
	Total debt obligations			$	2,171,875	$	2,166,522
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the six months ended June 30, 2014.
	(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 June 30, 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)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
	(G)	These repurchase agreements had less than $0.1 million of accrued interest payable at June 30, 2014. $102.7 million face amount of these repurchase agreements were renewed subsequent to June 30, 2014. The counterparties on these repurchase agreements are Bank of America ($79.7 million) and Credit Suisse ($23.0 million). Newcastle has margin exposure on a $23.0 million repurchase agreement related to the financing of residential mortgage loans, and a $79.7 million repurchase agreement related to the financing of certain Newcastle CDO VIII and CDO IX notes. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.
	(H)	For loans totaling $40.9 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%.
	(I)	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.
	(J)	$165.0 million of the floating rate mortgages have a LIBOR floor of 1.0%.
	(K)	For loans with a total balance $359.9 million and $314.7 million, Newcastle bought down the interest rate to 4.00% and 3.83%, respectively, until January 2019. Thereafter, the interest rates will increase to 4.99% and 4.56%, respectively.
	(L)	The golf credit facilities are collateralized by all of the assets of the golf business.
	(M)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(N)	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.
	(O)	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 June 30, 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 June 30, 2014, Newcastle has unused borrowing capacity of $7.6 million on the golf credit facilities.
	The Golf business leases equipment under capital lease agreements. The agreements normally provide for minimum rentals plus executory costs. Lease terms are 66 months with a purchase price option at the termination of the lease.
	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of June 30, 2014 are as follows:
	July 1, 2014 - December 31, 2014	$	381
	2015	755
	2016	755
	2017	755
	2018	755
	2019 and thereafter	1,327
Total minimum lease payments	4,728
Less: imputed interest	915
Present value of net minimum lease payments	$	3,813
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 June 30, 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 purchase of the securities and the repurchase agreement were 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. In May 2014, the CDO VIII Class I notes were repaid in full and the repurchase agreement was terminated.

ACCOUNTS_PAYABLE_ACCRUED_EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
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:
		June 30, 2014		December 31, 2013
	Accounts payable and accrued expenses	$	55,997	$	50,118
	Membership deposit liabilities	74,789		71,644
	Deferred revenue	21,182		37,114
	Security deposit payable	58,023		48,823
	Unfavorable leasehold interests	21,889		23,916
	Derivative liabilities	7,345		13,795
	Accrued rent	9,767		6,314
	Due to affiliates	6,069		5,878
	Miscellaneous liabilities	14,717		18,889
		$	269,778	$	276,491

FAIR_VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE	'
	12.    FAIR VALUE
	Fair Value Summary Table
	The carrying values and fair values of Newcastle’s assets and liabilities at June 30, 2014 were as follows:
		Principal Balance or Notional Amount				Carrying				Estimated				Fair Value Method (A)		Weighted Average			Weighted Average
						Value				Fair Value						Yield/Funding Cost (B)			Life (Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale (C)*	$	389,120			$	311,268			$	311,268			Broker quotations, counterparty quotations,  pricing services,  pricing models		15.16	%		2.8
	Real estate related and other loans, held-for-sale, net	392,311				289,112				302,449				Broker quotations, counterparty quotations, pricing services,  pricing models		12.27	%		1.6
	Residential mortgage loans, held-for-sale, net	43,229				32,083				39,699				Broker/counterparty quotations		7.22	%		5.7
	Subprime mortgage loans subject to call option (D)	406,217				406,217				(D)				(D)		9.09	%		(D)
	Restricted cash*					3,703				3,703
	Cash and cash equivalents*					77,922				77,922
	Investments in senior housing real estate, net					1,547,409
	Investments in other real estate, net					263,500
	Intangibles					197,129
	Other investments					26,123
	Receivables and other assets					109,538
						$	3,264,004
	Liabilities
	Financial instruments:
	CDO bonds payable (G)	$	262,492			$	263,581			$	155,227			Pricing models		4.16	%		3.1
	Other bonds and notes payable (G)	89,168				82,053				81,446				Broker quotations, pricing models		0.41	%		1.7
	Repurchase agreements	102,677				102,677				102,677				Market comparables		1.88	%		0.1
	Mortgage notes payable	1,103,748				1,104,182				1,112,491				Pricing models		4.98	%		6.3
	Credit facilities and obligations under capital leases, golf	156,569				156,578				156,578				Pricing models		5.24	%		3.5
	Financing of subprime mortgage loans subject to call option (D)	406,217				406,217				(D)				(D)		9.09	%		(D)
	Junior subordinated notes payable	51,004				51,234				33,900				Pricing models		7.39	%		20.8
	Interest rate swaps, treated as hedges (E)(F)*	84,048				3,882				3,882				Counterparty quotations		N/A			(E)
	Non-hedge derivatives (E)(F)*	158,258				3,463				3.463				Counterparty quotations		N/A			(E)
	Dividends payable, accrued expenses and other liabilities					298,534
	Liabilities of discontinued operations					—
						$	2,472,401
	*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 $116.1 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)	As of June 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $242.3 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 accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
	(F)	Interest rate swaps, treated as hedges:
		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		$	84,048			5.04	%		$	3,882
	Non-hedge derivatives:
		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:
		2015		Mar		$	158,258			4.85	%		$	3,463
	(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 available, 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 June 30, 2014:
		Principal Balance or								Fair Value
	Notional Amount				Carrying Value				Level 2				Level 3				Total
Assets
Real estate securities, available-for-sale:
CMBS	$	243,612			$	207,360			$	—			$	207,360			$	207,360
REIT debt	29,200				30,683				30,683				—				30,683
Non-Agency RMBS	90,781				60,508				—				60,508				60,508
ABS - other real estate	8,464				—				—				—				—
CDO (A)	17,063				12,717				—				12,717				12,717
Real estate securities total	$	389,120			$	311,268			$	30,683			$	280,585			$	311,268
Liabilities
Derivative Liabilities:
Interest rate swaps, treated as hedges	$	84,048			$	3,882			$	3,882			$	—			$	3,882
Interest rate swaps, not treated as hedges	158,258				3,463				3,463				—				3,463
Derivative liabilities total	$	242,306			$	7,345			$	7,345			$	—			$	7,345
(A)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $116.1 million.
Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the six months ended ended June 30, 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)	15,402				—				—			—				717				12,498				28,617
Included in other comprehensive income (loss)	(13,800		)		189				4,725			—				3,587				—				(5,299		)
Amortization included in interest income	9,330				332				2,539			48				1,749				—				13,998
Purchases, sales and repayments
Purchases	—				—				—			—				—				—				—
Proceeds from sales	(72,438		)		—				—			—				(50,390		)		—				(122,828		)
Proceeds from repayments	(4,123		)		(12,001		)		(4,337	)		(48		)		(2,703		)		(56,160		)		(79,372		)
Balance at June 30, 2014	$	133,306			$	74,054			60,508			$	—			$	12,717			$	—			$	280,585
(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:
	Six Months Ended June 30, 2014
Gain (loss) on settlement of investments, net	$	16,119
Other income (loss), net	12,498
OTTI	—
Total	$	28,617
Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period	$	—
Securities Valuation
As of June 30, 2014, Newcastle’s securities valuation methodology and results are further detailed as follows:
									Fair Value
	OutstandingFace				AmortizedCost				Multiple				Single				InternalPricing
Asset Type	Amount (A)				Basis (B)				Quotes (C)				Quote (D)				Models (E)				Total
CMBS	$	243,612			$	164,381			$	164,907			$	42,453			$	—			$	207,360
REIT debt	29,200				28,791				30,683				—				—				30,683
Non-Agency RMBS	90,781				38,875				60,508				—				—				60,508
ABS - other real estate	8,464				—				—				—				—				—
CDO (F)	17,063				6,368				—				6,744				5,973				12,717
Total	$	389,120			$	238,415			$	256,098			$	49,197			$	5,973			$	311,268
(A)	Net of incurred losses.
(B)	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended June 30, 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
	AmortizedCostBasis (B)				Fair Value				RecordedIn CurrentPeriod				Gains(Losses) inAccumulatedOCI				DiscountRate			PrepaymentSpeed (G)			CumulativeDefaultRate			LossSeverity
CDO	—				5,973				—				5,973				10	%		3.6	%		25.4	%		73.7	%
Total	$	—			$	5,973			$	—			$	5,973
At June 30, 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 $116.1 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 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 June 30, 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	$	157,046			$	124,628			$	127,673			$	—			5.0% - 9.0%			0.0% - 100%			7.4	%		19	%
Bank Loan	164,973				97,684				107,969				5,227				22.5% - 31.0%			0.0% - 100%			23.1	%		27.8	%
B-Note	69,912				66,420				66,420				(3,269		)		3.0% - 12.0%			0	%		5.6	%		0	%
Whole Loan	380				380				387				—				4	%		0	%		4	%		0	%
Total Real Estate Related and other Loans Held-for-Sale, Net	$	392,311			$	289,112			$	302,449			$	1,958
The following table summarizes certain information for residential mortgage loans held-for-sale as of June 30, 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 (B)				Rate			Speed			Default Rate			Severity
Residential Loans		43,229				32,083				39,699				399				7.3	%		4.6	%		2.8	%		46	%
Total Residential Mortgage Loans, Held-for-Sale, Net		$	43,229			$	32,083			$	39,699			$	399
(A)	Carrying value and fair value include interest receivable of $0.1 million for the residential housing loans.
(B)	The valuation allowance (reversal) excludes $0.4 million related to the manufactured housing portfolio that was sold in May 2014.
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		30-Jun-14				31-Dec-13
Derivative Assets
Linked transactions at fair value	Receivables and other assets		$	—			$	43,662
			$	—			$	43,662
Derivative Liabilities
Interest rate swaps, designated as hedges	Accounts payable, accrued expenses and other liabilities		$	3,882			$	6,203
Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		3,463				7,592
			$	7,345			$	13,795
In May 2014, the CDO VIII Class 1 notes were repaid in full and the repurchase agreement was terminated. Therefore, the associated linked transaction was effectively terminated.
The following table summarizes information related to derivatives:
	June 30, 2014				December 31, 2013
Cash flow hedges
Notional amount of interest rate swap agreements	$	84,048			$	105,031
Amount of (loss) recognized in OCI on effective portion	(4,072		)		(6,117		)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	134				170
Deferred hedge gain (loss) related to dedesignation, net of amortization	(35		)		(45		)
Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	56				53
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(2,419		)		(3,915		)
Non-hedge Derivatives
Notional amount of interest rate swap agreements	158,258				185,871
Notional amount of linked transactions (A)	—				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:
	Income statement		Three Months Ended  June 30,								Six Months Ended  June 30,
	location		2014				2013				2014				2013
Cash flow hedges
Gain (loss) on the ineffective portion	Other income (loss)		$	259			$	—			$	259			$	—
Amount of gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense		(1,178		)		(1,703		)		(2,457		)		(3,568		)
Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	Interest expense		19				17				36				33
Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	Interest expense		(5		)		(16		)		(9		)		(32		)
Non-hedge derivatives gain (loss)
Interest rate swaps	Other income (loss)		2,029				2,282				4,104				5,408
Linked transactions	Other income (loss)		1,825				—				12,498				—
Linked transactions	Interest expense		(89		)		(8		)		(211		)		(8		)
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	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
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 June 30, 2014 consisted of the following:
		Number of Options		Strike Price (A)			Maturity Date
		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
		1,495,166		1.51			3/29/21
		2,294,833		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	29,655,928		$	3.25
	(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 June 30, 2014, Newcastle’s outstanding options were summarized as follows:
		Issued Prior to 2011			Issued in 2011 and thereafter			Total
	Held by the Manager	1,075,130			24,396,428			25,471,558
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	285,370			3,895,000			4,180,370
	Issued to the independent directors	2,000			2,000			4,000
	Total	1,362,500			28,293,428			29,655,928
	Weighted average strike price	$	11.97		$	2.83		$	3.25
	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.
	On June 13, 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 June 30, 2014. Dividends totaling $36.6 million were paid in July 2014.
	B. Option Exercises
	In connection with his resignation, Newcastle's former COO exercised 215,000 options with a weighted average exercise price of $1.12 on May 7, 2014. Upon exercise, 215,000 shares of Newcastle common stock were issued to the former COO. In addition, 88,650 options were forfeited and transferred back to the Manager.
	C. 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. Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. Newcastle’s common stock equivalents are its outstanding stock options. As of June 30, 2014, Newcastle had 1,362,500 antidilutive options. During the six months ended June 30, 2014 and 2013, based on the treasury stock method, Newcastle had 11,436,921 and 5,558,512 dilutive common stock equivalents, respectively, resulting from its outstanding options. During the three months ended June 30, 2014 and 2013, based on the treasury stock method, Newcastle had 11,262,505 and 6,167,876 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	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
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 June 30, 2014, if any, will not materially affect Newcastle’s consolidated results of operations or financial position.
	As part of the June 2014 Master Tenant lease, Newcastle committed to making available $6.5 million immediately for capital improvements and other repairs in the properties under the lease agreement and also agreed to make available to the June 2014 Master Tenant an additional $9.0 million at certain intervals during the lease period to be used for further capital improvements. Upon funding the capital improvements, Newcastle will be entitled to a rent increase.

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	15.    INCOME TAXES
	The provision for income taxes (including discontinued operations) consists of the following:
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014(A)			2013
	Current:
	Federal	$	518			$	—		$	590		$	—
	State and Local	103				—			164			—
	Total Current Provision	$	621			$	—		$	754		$	—
	Deferred:
	Federal	$	(74	)		$	—		$	(314	)	$	—
	State and Local	(7		)		—			(520		)	—
	Total Deferred Provision	$	(81	)		$	—		$	(834	)	$	—
	Total Provision for Income Taxes	$	540			$	—		$	(80	)	$	—
	(A)	The provision for income taxes for the six months ended June 30, 2014 includes $0.9 million income tax benefit from New Media that is included in income (loss) from discontinued operations on the consolidated statement of income.
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of June 30, 2014 and December 31, 2013 are presented below:
		June 30, 2014				December 31, 2013
	Deferred tax assets:
	Allowance for loan losses	$	921			$	2,076
	Depreciation and amortization	37,524				94,880
	Leaseholds	6,905				6,489
	Accrued expenses	15,292				23,816
	Deposits	7,787				7,787
	Net operating losses	53,135				211,560
	Other	373				17,036
	Total deferred tax assets	121,937				363,644
	Less valuation allowance	(121,567		)		(363,192		)
	Net deferred tax assets(A)	$	370			$	452
	Deferred tax liabilities:
	Other	—				—
	Total deferred tax liabilities	$	—			$	—
	(A)	Recorded in Receivables and Other Assets on the consolidated balance sheets.
	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 June 30, 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 June 30, 2014, the valuation allowance decreased by $241.6 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		2,776
	Valuation allowance at June 30, 2014		$	121,567

GAINS_LOSSES_ON_SETTLEMENT_OF_

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET	6 Months Ended
	Jun. 30, 2014
Gains Losses On Settlement Of Investments Net And Other Income Loss Net	'
GAINS (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 June 30,						Six Months Ended  June 30,
		2014			2013			2014			2013
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	15,698		$	8,209		$	18,032		$	8,209
	Loss on settlement of real estate securities	—			(3,592		)	—			(3,592		)
	Gain on repayment/disposition of loans held-for-sale	24,737			—			24,737			—
	Loss on repayment/disposition of loans held-for-sale	—			(354		)	—			(354		)
	Gain on termination of derivative	—			813			—			813
	Loss on disposal of long-lived assets	(32		)	(10		)	(34		)	(13		)
		$	40,403		$	5,066		$	42,735		$	5,063
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	3,855		$	2,282		$	16,603		$	5,408
	Hedge ineffectiveness	259			—			259			—
	Collateral management fee income, net	250			336			515			688
	Equity in earnings of equity method investees	328			—			289			—
	Other income (loss)	—			406			500			1,495
		$	4,692		$	3,024		$	18,166		$	7,591

RECLASSIFICATION_FROM_ACCUMULA

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	6 Months Ended
	Jun. 30, 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 June 30,							Six Months Ended June 30,
	Income Components	Location	2014			2013				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	$	—		$	(3,910	)		$	—		$	(4,449	)
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	15,698			8,209				18,032			8,209
	Loss on settlement of real estate securities	Gain (loss) on settlement of investments, net	—			(3,592		)		—			(3,592		)
			$	15,698		$	707		—	$	18,032		$	168
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Hedge ineffectiveness	Other income (loss)	$	(259	)	$	—			$	(259	)	$	—
	Amortization of deferred gain (loss)	Interest expense	13			1				26			1
	Gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense	(1,178		)	(1,703		)		(2,457		)	(3,568		)
			$	(1,424	)	$	(1,702	)		$	(2,690	)	$	(3,567	)
	Total reclassifications		$	14,274		$	(995	)		$	15,342		$	(3,399	)

SUPPLEMENTAL_NONCASH_INVESTING

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	6 Months Ended
	Jun. 30, 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:
		Six Months Ended June 30,
		2014		2013
	Restricted cash generated from sale of securities	$	72,442	$	135,900
	Restricted cash generated from sale of loans	$	—	$	9,318
	Restricted cash generated from paydowns on securities and loans	$	221,549	$	179,583
	Restricted cash used for repayments of CDO bonds payable	$	288,206	$	235,883
	Restricted cash used for settlement of derivative instruments	$	—	$	1,563

RECENT_ACTIVITIES

RECENT ACTIVITIES	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
RECENT ACTIVITIES	'
	19.    RECENT ACTIVITIES
	These financial statements include a discussion of material events, if any, that have occurred subsequent to June 30, 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.
	In July 2014, Newcastle sold residential whole loans with an outstanding face amount of $37.6 million out of the June 30, 2014 pool of $43.2 million outstanding face amount (Note 6) at a price of 91.5% of par or $34.8 million of proceeds.  A part of the proceeds was used to repay $23.0 million in repurchase agreements associated with these loans.  Newcastle recognized a gain on settlement of investments of $7.3 million and incurred approximately $1.2 million of transaction expenses.
	In July 2014, Newcastle financed an additional $20.0 million face amount of previously repurchased CDO bonds payable with repurchase agreements for $12.0 million.  These repurchase agreements bear interest at one month LIBOR + 1.65%, mature in August 2014 and are subject to customary margin provisions.
	In July 2014, Newcastle issued an aggregate of 15,658 shares of its common stock to its independent directors as compensation.
	On August 6, 2014, Newcastle's board of directors approved a 3-for-1 reverse stock split of its common stock. Newcastle expects the reverse stock split will be effective after the close of trading on Monday, August 18, 2014, and that shares of Newcastle's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange beginning at the opening of trading on Tuesday, August 19, 2014.
	As a result of the reverse stock split, every three shares of Newcastle's common stock will be converted into one share of common stock, reducing the number of issued and outstanding shares of Newcastle's common stock from approximately 352 million to approximately 117 million. Newcastle's common stock will continue to trade under the symbol “NCT”.
	No fractional shares will be issued in connection with the reverse stock split. Each stockholder who would otherwise be entitled to receive a fractional share of Newcastle's common stock will be entitled to receive a cash payment in lieu of a fractional share.
	The reverse stock split is not subject to stockholder approval and will not change the authorized number of shares of Newcastle or the par value of Newcastle's common stock or preferred stock.
	The following table presents pro forma basic and diluted earnings per share attributable to Newcastle’s stockholders to reflect the effect of the 3-for-1 reverse common stock split:
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014			2013
	Income Per Share of Common Stock
	Basic	$	0.26	$	0.61	$	0.3		$	1.08
	Diluted	$	0.26	$	0.59	$	0.29		$	1.06
	Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests
	Basic	$	0.27	$	0.31	$	0.34		$	0.65
	Diluted	$	0.26	$	0.3	$	0.33		$	0.63
	Income (loss) from discontinued operations per share of common stock
	Basic	$	—	$	0.3	$	(0.05	)	$	0.43
	Diluted	$	—	$	0.29	$	(0.05	)	$	0.42
	Weighted Average Number of Shares of Common Stock Outstanding
	Basic	117,199,333		86,409,447		117,175,382			82,416,367
	Diluted	120,953,502		88,465,406		120,987,689			84,269,204

GENERAL_Policies

GENERAL (Policies)	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Revenue Recognition	'
	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	'
	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 properties 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.
Capital Leases	'
	CAPITAL LEASES
	The Golf business leases golf carts and other equipment that are classified as capital leases. The value of capital leases is recorded as an asset on the balance sheet, along with a liability related to the associated payments. Amortization of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The cost of equipment under capital leases is included in investments in other real estate in the consolidated balance sheets. Payments under the lease are treated as reductions of the liability, with a portion being recorded as interest expense under the effective interest method.
Recent Accounting Pronouncements	'
	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.
	In May 2014, the FASB and the International Accounting Standards Board ("IASB") issued ASU 2014-09 Revenues from Contracts with Customers (Topic 606). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The ASU is effective for Newcastle in the first quarter of 2017. Early application is not permitted. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU. Newcastle is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.
	In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.  The standard changes the accounting for repurchase-to-maturity transactions and linked repurchase financing transactions to secured borrowing accounting. The ASU also expands disclosure requirements related to certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings. The ASU is effective for Newcastle in the first quarter of 2015. Early application is not permitted. Disclosures are not required for comparative periods presented before the effective date. Newcastle is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.
	The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, 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_Tables

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Schedule of acquisition of senior housing properties	'
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed in connection with the acquisition, in accordance with the acquisition method of accounting:
		Three months ended March 31, 2014 Acquisitions			Three months ended June 30, 2014 Acquisitions (A)
		Managed Properties			Managed Properties			Triple Net Lease Properties			Total
	Allocation of Purchase Price
	Investments in Real Estate	$	20,630		$	13,785		$	167,828		$	202,243
	Resident Lease Intangibles	2,370			3,361			16,828			22,559
	Other Intangibles	—			4,847			—			4,847
	Other Liabilities, net of other Assets	(200		)	(288		)	(1,625		)	(2,113		)
	Total purchase price	$	22,800		$	21,705		$	183,031		$	227,536
	Mortgage Notes Payable (B)	(17,250		)	(15,607		)	—			(32,857		)
	Net assets acquired	$	5,550		$	6,098		$	183,031		$	194,679
	Total acquisition related costs (C)	$	368		$	573		$	792		$	1,733
	(A)	The values assigned above are not yet finalized as Newcastle is in the process of identifying all acquired intangibles and gathering market and other information with which to determine the fair values of the real estate property and intangible assets acquired. Therefore the purchase price allocations set forth above are preliminary and are subject to change. The final determination of fair values for these assets may result in different allocations among the various asset classes from those set forth above and any such differences could be material.
	(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)	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
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	100,695
	Total Liabilities	$	278,650
	Net Assets	$	391,347
Schedule of results of operations from discontinued operations	'
	Results from discontinued operations related to New Media and New Residential were as follows:
		Three Months Ended  June 30,					Six Months Ended  June 30,
		2014		2013			2014			2013
	Interest Income	$	—	$	5,060		$	—		$	15,095
	Interest Expense	—		—			2,096			—
	Net interest income (loss)	—		5,060			(2,096		)	15,095
	Media income	—		—			68,213			—
	Other income (loss)	—		(2		)	—			(2		)
	Change in fair value of investments in excess mortgage servicing rights	—		2,036			—			3,894
	Change in fair value of investments in equity method investees	—		(84		)	—			885
	Earnings from investments in equity method investees	—		18,286			—			18,286
	Total other income	—		20,236			—			23,063
	Media operating expenses	—		—			65,826			—
	Property operating costs	—		5			—			12
	General and administrative expenses	—		(290		)	1,904			2,417
	Depreciation and amortization	—		—			4,596			—
	Income tax (benefit) expense	—		—			(915		)	—
	Total expenses	—		(285		)	71,411			2,429
	Income (loss) from discontinued operations	$	—	$	25,581		$	(5,294	)	$	35,729
	Net income attributable to noncontrolling interest	$	—	$	—		$	522		$	—

SEGMENT_REPORTING_AND_VARIABLE1

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
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)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	Six Months Ended June 30, 2014
	Interest income	$	—		$	51,319		$	29,353		$	74		$	35		$	—		$	80,781
	Inter-segment elimination	—			(4,436		)	—			—			—			—			(4,436		)
	Interest income, net	—			46,883			29,353			74			35			—			76,345
	Interest expense	27,294			12,109			23,001			9,884			1,908			—			74,196
	Inter-segment elimination	—			—			(1,635		)	(2,801		)	—			—			(4,436		)
	Interest expense, net	27,294			12,109			21,366			7,083			1,908			—			69,760
	Net interest income (expense)	(27,294		)	34,774			7,987			(7,009		)	(1,873		)	—			6,585
	Impairment (reversal)	—			1,958			814			—			—			—			2,772
	Operating revenues	117,508			—			1,104			146,663			—			—			265,275
	Other income (loss)	(23		)	32,895			24,630			(11		)	—			—			57,491
	Loan and security servicing expense	—			310			955			—			—			—			1,265
	Property operating expenses	47,573			—			511			—			—			—			48,084
	Operating expenses - golf (C)	—			—			—			118,914			—			—			118,914
	Repairs and maintenance expenses - golf	—			—			—			4,602			—			—			4,602
	Cost of sales - golf	—			—			—			14,763			—			—			14,763
	General and administrative expense	1,701			—			1,874			459			3,725			—			7,759
	Acquisition and transaction expenses	8,808			—			—			1,503			775			—			11,086
	Management fee to affiliate	4,323			—			—			—			11,189			—			15,512
	Depreciation and amortization	46,024			—			113			15,179			74			—			61,390
	Income tax expense	691			—			—			144			—			—			835
	Income (loss) from continuing operations	(18,929		)	65,401			29,454			(15,921		)	(17,636		)	—			42,369
	Income (loss) from discontinued operations, net of tax	—			—			—			—			—			(5,351		)	(5,351		)
	Net income (loss)	(18,929		)	65,401			29,454			(15,921		)	(17,636		)	(5,351		)	37,018
	Preferred dividends	—			—			—			—			(2,790		)	—			(2,790		)
	Net loss attributable to noncontrolling interests	—			—			—			168			—			522			690
	Income (loss) applicable to common stockholders	$	(18,929	)	$	65,401		$	29,454		$	(15,753	)	$	(20,426	)	$	(4,829	)	$	34,918
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	Three Months Ended June 30, 2014
	Interest income	$	—		$	20,596		$	12,401		$	34		$	25		$	—		$	33,056
	Inter-segment elimination	—			(3,163		)	—			—			—			—			(3,163		)
	Interest income, net	—			17,433			12,401			34			25			—			29,893
	Interest expense	13,592			5,983			10,338			6,202			953			—			37,068
	Inter-segment elimination	—			—			(362		)	(2,801		)	—			—			(3,163		)
	Interest expense, net	13,592			5,983			9,976			3,401			953			—			33,905
	Net interest income (expense)	(13,592		)	11,450			2,425			(3,367		)	(928		)	—			(4,012		)
	Impairment (reversal)	—			1,526			—			—			—			—			1,526
	Operating revenues	59,698			—			563			83,385			—			—			143,646
	Other income (loss)	(22		)	19,343			22,375			(11		)	—			—			41,685
	Loan and security servicing expense	—			154			254			—			—			—			408
	Property operating expenses	24,053			—			227			—			—			—			24,280
	Operating expenses - golf (C)	—			—			—			63,094			—			—			63,094
	Repairs and maintenance expenses - golf	—			—			—			2,084			—			—			2,084
	Cost of sales - golf	—			—			—			8,807			—			—			8,807
	General and administrative expense	1,493			—			1,874			153			1,629			—			5,149
	Acquisition and transaction expenses	3,368			—			—			728			388			—			4,484
	Management fee to affiliate	2,179			—			—			—			5,296			—			7,475
	Depreciation and amortization	23,188			—			57			7,749			37			—			31,031
	Income tax expense	536			—			—			4			—			—			540
	Income (loss) from continuing operations	(8,733		)	29,113			22,951			(2,612		)	(8,278		)	—			32,441
	Income (loss) from discontinued operations, net of tax	—			—			—			—			—			(46		)	(46		)
	Net income (loss)	(8,733		)	29,113			22,951			(2,612		)	(8,278		)	(46		)	32,395
	Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			—			29			—			—			29
	Income (loss) applicable to common stockholders	$	(8,733	)	$	29,113		$	22,951		$	(2,583	)	$	(9,673	)	$	(46	)	$	31,029
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	June 30, 2014
	Investments	$	1,651,251		$	651,765		$	457,766		$	350,272		$	—		$	—		$	3,111,054
Inter-segment elimination	—			(38,213		)	—			—			—			—			(38,213		)
Investments, net	1,651,251			613,552			457,766			350,272			—			—			3,072,841
Cash and restricted cash	47,539			1,118			489			9,526			22,953			—			81,625
Other assets	71,111			1,959			1,250			35,113			105			—			109,538
Total assets	1,769,901			616,629			459,505			394,911			23,058			—			3,264,004
Debt	1,104,182			425,346			435,182			188,791			51,234			—			2,204,735
Inter-segment elimination	—			—			(6,000		)	(32,213		)	—			—			(38,213		)
Debt, net	1,104,182			425,346			429,182			156,578			51,234			—			2,166,522
Other liabilities	79,577			7,671			1,261			175,453			41,917			—			305,879
Total liabilities	1,183,759			433,017			430,443			332,031			93,151			—			2,472,401
Preferred stock	—			—			—			—			61,583			—			61,583
Noncontrolling interests	—			—			—			198			—			—			198
GAAP book value	$	586,142		$	183,612		$	29,062		$	62,682		$	(131,676	)	$	—		$	729,822
Additions to investments in real estate	$	206,181		$	—		$	32		$	9,670		$	—		$	—		$	215,883
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
Six Months Ended June 30, 2013
Interest income	$	—		$	68,553		$	57,432		$	—		$	102		$	—		$	126,087
Inter-segment elimination	—			(1,931		)	—			—			—			—			(1,931		)
Interest income, net	—			66,622			57,432			—			102			—			124,156
Interest expense	2,478			13,962			28,293			—			1,906			—			46,639
Inter-segment elimination	—			—			(1,931		)	—			—			—			(1,931		)
Interest expense, net	2,478			13,962			26,362			—			1,906			—			44,708
Net interest income (expense)	(2,478		)	52,660			31,070			—			(1,804		)	—			79,448
Impairment (reversal)	—			11,986			(6,012		)	—			—			—			5,974
Operating revenues	26,510			—			1,003			—			—			—			27,513
Other income (loss)	120			11,820			1,920			—			—			—			13,860
Loan and security servicing expense	—			384			1,671			—			—			—			2,055
Property operating expenses	16,285			—			487			—			—			—			16,772
General and administrative expense	3,496			—			24			—			10,631			—			14,151
Management fee to affiliate	1,578			—			—			—			16,135			—			17,713
Depreciation and amortization	8,039			—			110			—			—			—			8,149
Income (loss) from continuing operations	(5,246		)	52,110			37,713			—			(28,570		)	—			56,007
Income (loss) from discontinued operations	—			—			—			—			—			35,729			35,729
Net income (loss)	(5,246		)	52,110			37,713			—			(28,570		)	35,729			91,736
Preferred dividends	—			—			—			—			(2,790		)	—			(2,790		)
Income (loss) applicable to common stockholders	$	(5,246	)	$	52,110		$	37,713		$	—		$	(31,360	)	35,729			$	88,946
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
Three Months Ended June 30, 2013
Interest income				36,724			$	27,134		—			$	30		—			63,888
Inter-segment elimination	—			(1,064		)	—			—			—			—			(1,064		)
Interest income, net	—			35,660			27,134			—			30			—			62,824
Interest expense	1,246			6,826			14,036			—			954			—			23,062
Inter-segment elimination	—			—			(1,064		)	—			—			—			(1,064		)
Interest expense, net	1,246			6,826			12,972			—			954			—			21,998
Net interest income (expense)	(1,246		)	28,834			14,162			—			(924		)	—			40,826
Impairment (reversal)	—			8,803			(5,602		)	—			—			—			3,201
Operating revenues	13,513			—			500			—			—			—			14,013
Other income (loss)	112			7,249			729			—			—			—			8,090
Loan and security servicing expense	—			188			833			—			—			—			1,021
Property operating expenses	8,169			—			240			—			—			—			8,409
General and administrative expense	1,887			—			8			—			8,043			—			9,938
Management fee to affiliate	799			—			—			—			7,349			—			8,148
Depreciation and amortization	4,016			—			54			—			—			—			4,070
Income (loss) from continuing operations	(2,492		)	27,092			19,858			—			(16,316		)	—			28,142
Income (loss) from discontinued operations	—			—			—			—			—			25,581			25,581
Net income (loss)	(2,492		)	27,092			19,858			—			(16,316		)	25,581			53,723
Preferred dividends	—			—			—			—			(1,395		)	—			(1,395		)
Income (loss) applicable to common stockholders	$	(2,492	)	$	27,092		$	19,858		$	—		$	(17,711	)	$	25,581		$	52,328
(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:
	June 30, 2014
	Investments						Debt
Non-Recourse	OutstandingFace Amount			CarryingValue			OutstandingFace Amount*			CarryingValue*
Subprime mortgage loans subject to call options	$	406,217		$	406,217		$	406,217		$	406,217
Operating real estate	N/A			6,515			6,000			6,000
Subtotal	406,217			412,732			412,217			412,217
Other
Unlevered real estate securities	168,201			9,912			—			—
Other investments	N/A			6,319			—			—
Residential mortgage loans	39,785			28,803			22,965			22,965
	$	614,203		$	457,766		$	435,182		$	435,182
*An aggregate face amount of $6.0 million (carrying value of $6.0 million) of debt represents intersegment financing, which is eliminated upon consolidation.
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.4 million and $2.7 million for the three and six months ended June 30, 2014, respectively.
Schedule of other debt segment investments and debt	'
	The following table summarizes the investments and debt in the other debt segment:
		June 30, 2014
		Investments						Debt
	Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount*			Value*
	Subprime mortgage loans subject to call options	$	406,217		$	406,217		$	406,217		$	406,217
	Operating real estate	N/A			6,515			6,000			6,000
	Subtotal	406,217			412,732			412,217			412,217
	Other
	Unlevered real estate securities	168,201			9,912			—			—
	Other investments	N/A			6,319			—			—
	Residential mortgage loans	39,785			28,803			22,965			22,965
		$	614,203		$	457,766		$	435,182		$	435,182
	*An aggregate face amount of $6.0 million (carrying value of $6.0 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 June 30, 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		$	143,578		$	170,874		$	5,973
	(A)	Face amount.
	(B)	Newcastle CDO V includes $40.8 million face amount of debt owned by Newcastle with a carrying value of $6.0 million at June 30, 2014.
	(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of real estate securities holdings	'
	The following is a summary of Newcastle’s real estate securities at June 30, 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 Value (A)		Number of Securities	Rating (B)	Coupon			Yield			Life		Principal Subordination (D)
																															(Years) (C)
	CMBS-Conduit		$	160,893		$	163,393			$	(68,980	)		$	94,413	$	38,892	$	—		$	133,305	27	B+	5.53	%		24.26	%		2.1		10.6	%
	CMBS- Single Borrower		79,490			79,103				(12,364		)		66,739		4,092		(5		)	70,826		12	BB-	6.33	%		7.55	%		2.2		2.3	%
	CMBS-Large Loan		3,229			3,229				—				3,229		—		—			3,229		1	BBB-	3.2	%		3.2	%		0.1		4.4	%
	REIT Debt		29,200			28,791				—				28,791		1,892		—			30,683		5	BB+	5.89	%		6.88	%		1.1		N/A
	Non-Agency RMBS		90,781			98,862				(59,987		)		38,875		21,633		—			60,508		33	CCC+	1.03	%		14.12	%		4.3		26.4	%
	ABS-Franchise		8,464			7,647				(7,647		)		—		—		—			—		1	C	6.69	%		0	%		—		0	%
	CDO (E)		17,063			6,368				—				6,368		6,349		—			12,717		2	B	0.83	%		10	%		8.7		33	%
	Total / Average (F)		$	389,120		$	387,393			$	(148,978	)		$	238,415	$	72,858	$	(5	)	$	311,268	81	B	4.47	%		15.16	%		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 $116.1 million.
	(F)	The total outstanding face amount was $265.7 million for fixed rate securities and $123.4 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 June 30, 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 Months		$	1,869		$	1,867			$	—			$	1,867	$	—	$	(5	)	$	1,862	1	A+		4.81	%		5.84	%		0.2
	Twelve or More Months		—			—				—				—		—		—			—		—	—		—	%		—	%		—
	Total		$	1,869		$	1,867			$	—			$	1,867	$	—	$	(5	)	$	1,862	1	A+		4.81	%		5.84	%		0.2
	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:
		June 30, 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	—			—				—				—
	Non credit impaired securities	1,862			1,867				—				(5		)
	Total debt securities in an unrealized loss position	$	1,862		$	1,867			$	—			$	(5	)
	(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 six months ended June 30, 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	—
	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 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	$	—
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 June 30, 2014:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	48,865		20.1	%		$	30,271			30.5	%
	Northeastern U.S.	51,424			21.1	%		20,559				20.7	%
	Southeastern U.S.	44,636			18.3	%		19,492				19.6	%
	Midwestern U.S.	35,210			14.5	%		12,844				13	%
	Southwestern U.S.	45,774			18.8	%		10,041				10.1	%
	Other	11,022			4.5	%		6,038				6.1	%
	Foreign	6,681			2.7	%		—				0	%
		$	243,612		100	%		$	99,245			100	%

REAL_ESTATE_RELATED_AND_OTHER_1

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
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 June 30, 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 Yield				(Years) (B)
	Mezzanine Loans	$	157,046		$	124,628			8			7.42	%	7.34	%	1.3	75.9	%	$	12,000
	Corporate Bank Loans	164,973			97,684				5			23.06	%	13.12	%	1.9	0.6	%	—
	B-Notes	69,912			66,420				2			5.57	%	4.4	%	1.6	68.2	%	—
	Whole Loans	380			380				1			3.95	%	7.37	%	0.5	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	392,311		$	289,112			16			12.27	%	9.25	%	1.6	42.8	%	$	12,000
	Residential Loans (D)	43,229			32,083				165			7.22	%	2.27	%	5.7	100	%	6,311
	Total Residential Mortgage Loans Held-for-Sale, Net	$	43,229		$	32,083			165			7.22	%	2.27	%	5.7	100	%	$	6,311
	Subprime Mortgage Loans Subject to Call Option	$	406,217		$	406,217
	(A)	Carrying value includes negligible interest receivable for the residential 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 June 30, 2014, $87.4 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
Schedule of real estate related loans by maturity	'
	The following is a summary of real estate related and other loans by maturities at June 30, 2014:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	12,000		$	—			1
	Period from July 1, 2014 to December 31, 2014	111,104			47,651				5
	2015	1,379			830				2
	2016	64,891			63,274				2
	2017	48,938			48,938				2
	2018	22,260			18,769				1
	2019	118,289			97,234				2
	Thereafter	13,450			12,416				1
	Total	$	392,311		$	289,112			16
	-1	Based on the final extended maturity date of each loan investment as of June 30, 2014.
	-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Schedule of activity in carrying value of real estate related and other 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	11,274			—				—
	Principal paydowns	(167,171		)	(8,226		)		(9,436		)
	Sales	—			(206,360		)		—
	Transfer to held-for-sale	—			246,121				(246,121		)
	Valuation (allowance) reversal on loans	(1,958		)	19				(833		)
	Accretion of loan discount and other amortization	8,867			—				115
	Other	570			(1,656		)		825
	Balance at June 30, 2014	$	289,112		32,083				$	—
Rollforward of loss allowance for real estate related and other loans and residential mortgage loans	'
	The following is a rollforward of the related loss allowance.
		Held-For-Sale							Held-For-Investment
		Real Estate Related and			Residential Mortgage Loans				Residential Mortgage
		Other Loans							Loans (A)
	Balance at December 31, 2013	$	(94,037	)	$	(824	)		$	(12,247	)
	Charge-offs (B)	504			84				711
	Sales	—			10,525				—
	Transfer to held-for-sale	—			(12,369		)		12,369
	Valuation (allowance) reversal on loans	(1,958		)	19				(833		)
	Balance at June 30, 2014	$	(95,491	)	$	(2,565	)		$	—
	(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 June 30, 2014:
		Real Estate Related						Residential Mortgage Loans
		and Other Loans
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	43,453		18.7	%		$	5,291			12.2	%
	Northeastern U.S.	31,004			13.4	%		2,067				4.8	%
	Southeastern U.S.	51,733			22.3	%		30,884				71.4	%
	Midwestern U.S.	8,922			3.8	%		2,201				5.1	%
	Southwestern U.S.	10,468			4.5	%		2,786				6.5	%
	Foreign	86,569			37.3	%		—				—%
		$	232,149		100	%		$	43,229			100	%
	Other	160,162			(A)
		$	392,311
	(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 June 30, 2014:
		Subprime Portfolio
		I			II				Total
	Total securitized loans (unpaid principal balance) (A)	$	347,522		$	481,933			$	829,455
	Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
	Retained interests (fair value) (B)	$	2,608		$	—			$	2,608
	(A)	Average loan seasoning of 107 months and 89 months for Subprime Portfolios I and II, respectively, at June 30, 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 25.07% as of June 30, 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 June 30, 2014:
		Subprime Portfolio
		I			II
	Loan unpaid principal balance (UPB)	$	347,522		$	481,933
	Weighted average coupon rate of loans	5.69		%	4.76		%
	Delinquencies of 60 or more days (UPB) (A)	$	90,313		$	173,548
	Net credit losses for the six months ended June 30, 2014	$	13,973		$	17,703
	Cumulative net credit losses	$	260,778		$	319,277
	Cumulative net credit losses as a % of original UPB	17.4		%	29.3		%
	Percentage of ARM loans (B)	50.1		%	64.2		%
	Percentage of loans with original loan-to-value ratio >90%	10.7		%	16.9		%
	Percentage of interest-only loans	10.5		%	21.2		%
	Face amount of debt (C)	$	343,522		$	481,933
	Weighted average funding cost of debt (D)	0.5		%	0.42		%
	(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 June 30, 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)	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Schedule of investments in real estate	'
	The following table summarizes Newcastle’s investments in real estate:
		June 30, 2014							December 31, 2013
		Gross		Accumulated Depreciation			Net Carrying Value		Gross		Accumulated Depreciation			Net Carrying Value
		Carrying Amount							Carrying Amount
	Senior Housing
	Land	$	130,476	$	—		$	130,476	$	102,235	$	—		$	102,235
	Buildings	1,366,356		(22,651		)	1,343,705		1,199,672		(7,523		)	1,192,149
	Building improvements	21,318		(1,941		)	19,377		20,704		(549		)	20,155
	Furniture, fixtures and equipment	61,353		(7,502		)	53,851		50,711		(2,350		)	48,361
	Investments in Senior Housing Real Estate	$	1,579,503	$	(32,094	)	$	1,547,409	$	1,373,322	$	(10,422	)	$	1,362,900
		June 30, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross		Accumulated Depreciation			Net Carrying Value
									Carrying Amount
	Golf
	Land	$	93,534	$	—		$	93,534	$	93,534	$	—		$	93,534
	Buildings	50,962		(2,265		)	48,697		50,615		—			50,615
	Building improvements	91,934		(6,077		)	85,857		90,736		—			90,736
	Furniture, fixtures and equipment	20,459		(3,178		)	17,281		18,353		—			18,353
	Capital leases - equipment	3,830		(63		)	3,767		—		—			—
	Construction in progress	7,849		—			7,849		5,660		—			5,660
	Golf Total	268,568		(11,583		)	256,985		258,898		—			258,898
	Other Commercial Real Estate
	Land	1,106		—			1,106		1,106		—			1,106
	Buildings	6,588		(1,443		)	5,145		6,588		(1,356		)	5,232
	Building improvements	1,002		(738		)	264		970		(711		)	259
	Furniture, fixtures and equipment	—		—			—		—		—			—
	Other Commercial Real Estate Total	8,696		(2,181		)	6,515		8,664		(2,067		)	6,597
	Investments in Other Real Estate	$	277,264	$	(13,764	)	$	263,500	$	267,562	$	(2,067	)	$	265,495

INTANGIBLES_NET_OF_ACCUMULATED1

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of intangible assets	'
	The following table summarizes Newcastle’s intangible assets related to its senior housing real estate and golf business:
		June 30, 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	$	134,772	$	(45,895	)	$	88,877	$	112,267	$	(21,902	)	$	90,365
	Non-compete intangibles	1,600		(383		)	1,217		1,600		(223		)	1,377
	Land lease intangibles	3,442		(24		)	3,418		3,498		(1		)	3,497
	PILOT intangible	3,700		(276		)	3,424		3,700		(124		)	3,576
	Other intangibles	6,955		(49		)	6,906		2,046		(2		)	2,044
	Total Senior Housing	150,469		(46,627		)	103,842		123,111		(22,252		)	100,859
	Golf
	Trade name	700		(12		)	688		700		—			700
	Leasehold intangibles	52,066		(2,702		)	49,364		52,066		—			52,066
	Management contracts	39,000		(2,399		)	36,601		39,000		—			39,000
	Internally-developed software	800		(80		)	720		800		—			800
	Membership base	5,400		(386		)	5,014		5,400		—			5,400
	Nonamortizable liquor license	900		—			900		900		—			900
	Total Golf	98,866		(5,579		)	93,287		98,866		—			98,866
	Total Intangibles	$	249,335	$	(52,206	)	$	197,129	$	221,977	$	(22,252	)	$	199,725

RECEIVABLES_AND_OTHER_ASSETS_T

RECEIVABLES AND OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2014
Receivables And Other Assets Tables	'
Schedule of receivables and other assets	'
	The following table summarizes Newcastle's receivables and other assets:
		30-Jun-14		31-Dec-13
	Accounts receivable, net	$	9,722	$	13,477
	Deferred financing costs	38,824		42,473
	Derivative assets	—		43,662
	Prepaid expenses	16,990		8,631
	Interest receivable	1,629		4,667
	Deposits	10,178		9,915
	Inventory	5,793		5,140
	Miscellaneous assets, net	26,402		13,922
		$	109,538	$	141,887

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of debt obligations	'
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at June 30, 2014:
		30-Jun-14
																Collateral (K)									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		$	92,238	$	92,238	Apr 2040	0.83%		5.36	%	5.5	$	88,838	$	157,567	$	86,678	$	124,252	2.1	$	35,095	$	88,838
	CDO VIII	Nov-06		71,813		71,698		Nov 2052	2.11%		7.71	%	2.6	64,213		249,954		178,906		194,238		1.8	113,582		84,048
	CDO IX	May-07		98,441		99,645		May 2052	0.64%		0.49	%	1.1	98,441		345,022		284,291		295,062		2.3	114,869		—
				262,492		263,581					4.16	%	3.1	251,492		752,543		549,875		613,552		2.1	263,546		172,886
	Other Bonds and Notes Payable
	NCT 2013-VI IMM-1 (F)	Nov-13		89,168		82,053		Apr-40	LIBOR+0.25%		0.41	%	1.7	89,168											—
				89,168		82,053					0.41	%	1.7	89,168											—
	Repurchase Agreements (G)
	CDO securities (F)	Dec-13		79,712		79,712		Jul-14	LIBOR+1.65%		1.81	%	0.1	79,712		—		—		—		—	—		—
	Residential Mortgage Loans	Nov-13		22,965		22,965		Nov-14	LIBOR+2.00%		2.16	%	0.4	22,965		34,002		24,617		24,617		6	34,002		—
				102,677		102,677					1.88	%	0.1	102,677		34,002		24,617		24,617		6	34,002		—
	Mortgage Notes Payable
	Fixed Rate - Managed Properties			158,000		158,434		Aug 2018 to	1.63% to 4.93%	(H) (I)	4.79	%	4.8	N/A		N/A		182,986		182,986		N/A	N/A		—
								Mar-20
	Floating Rate - Managed Properties			231,400		231,400		Aug 2016 to Jan 2019	LIBOR +2.75% to LIBOR+3.75%	(J)	4.72	%	3.6	231,400		N/A		308,816		308,816		N/A	N/A		—
	Fixed Rate - Triple Net Lease Properties			714,348		714,348		Jan 2021 to Jan 2024	3.83% to 8.00%	(K)	5.1	%	7.5	N/A		N/A		974,792		974,792		N/A	N/A		—
				1,103,748		1,104,182					4.98	%	6.3	231,400		N/A		1,466,594		1,466,594		N/A	N/A		—
	Golf Credit Facilities (L)
	First Lien Loan	Dec-13		46,922		46,922		Dec-18	LIBOR+4.00%	(M)	4.5	%	3.5	46,922											—
	Second Lien Loan	Dec-13		105,575		105,575		Dec-18	5.50%		5.5	%	3.5	—											—
	Vineyard I	Dec-93		59		68		Aug-14	11.37%		11.37	%	0.1	59											—
	Vineyard II	Dec-93		200		200		Dec-43	2.13%		2.13	%	29.5	200											—
	Capital Leases (Equipment)	May-June 2014		3,813		3,813		Dec 2019 to Jan 2020	7.15%		7.15	%	3.3	—											—
				156,569		156,578					5.24	%	3.5	47,181											—
	Corporate
	Junior subordinated notes payable	Mar 2006		51,004		51,234		Apr-35	7.57%	(N)	7.39	%	20.8	—											—
				51,004		51,234					7.39	%	20.8	—											—
	Subtotal debt obligations			1,765,658		1,760,305					4.54	%	5.4	$	721,918	$	786,545	$	2,041,086	$	2,104,763	2.2	$	297,548	$	172,886
	Financing on subprime mortgage loans subject to call option (O)			406,217		406,217
	Total debt obligations			$	2,171,875	$	2,166,522
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the six months ended June 30, 2014.
	(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 June 30, 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)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
	(G)	These repurchase agreements had less than $0.1 million of accrued interest payable at June 30, 2014. $102.7 million face amount of these repurchase agreements were renewed subsequent to June 30, 2014. The counterparties on these repurchase agreements are Bank of America ($79.7 million) and Credit Suisse ($23.0 million). Newcastle has margin exposure on a $23.0 million repurchase agreement related to the financing of residential mortgage loans, and a $79.7 million repurchase agreement related to the financing of certain Newcastle CDO VIII and CDO IX notes. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.
	(H)	For loans totaling $40.9 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%.
	(I)	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.
	(J)	$165.0 million of the floating rate mortgages have a LIBOR floor of 1.0%.
	(K)	For loans with a total balance $359.9 million and $314.7 million, Newcastle bought down the interest rate to 4.00% and 3.83%, respectively, until January 2019. Thereafter, the interest rates will increase to 4.99% and 4.56%, respectively.
	(L)	The golf credit facilities are collateralized by all of the assets of the golf business.
	(M)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(N)	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.
	(O)	LIBOR +2.25% after April 2016.
Schedule of future minimum lease payments under capital leases	'
	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of June 30, 2014 are as follows:
	July 1, 2014 - December 31, 2014	$	381
	2015	755
	2016	755
	2017	755
	2018	755
	2019 and thereafter	1,327
	Total minimum lease payments	4,728
	Less: imputed interest	915
	Present value of net minimum lease payments	$	3,813

ACCOUNTS_PAYABLE_ACCRUED_EXPEN1

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of accounts payable, accrued expenses and other liabilities	'
	The following table summarizes Newcastle's accounts payable, accrued expenses and other liabilities:
		June 30, 2014		December 31, 2013
	Accounts payable and accrued expenses	$	55,997	$	50,118
	Membership deposit liabilities	74,789		71,644
	Deferred revenue	21,182		37,114
	Security deposit payable	58,023		48,823
	Unfavorable leasehold interests	21,889		23,916
	Derivative liabilities	7,345		13,795
	Accrued rent	9,767		6,314
	Due to affiliates	6,069		5,878
	Miscellaneous liabilities	14,717		18,889
		$	269,778	$	276,491

FAIR_VALUE_Tables

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of carrying value and fair value of assets and liabilities	'
	The carrying values and fair values of Newcastle’s assets and liabilities at June 30, 2014 were as follows:
		Principal Balance or Notional Amount				Carrying				Estimated				Fair Value Method (A)		Weighted Average			Weighted Average
						Value				Fair Value						Yield/Funding Cost (B)			Life (Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale (C)*	$	389,120			$	311,268			$	311,268			Broker quotations, counterparty quotations,  pricing services,  pricing models		15.16	%		2.8
	Real estate related and other loans, held-for-sale, net	392,311				289,112				302,449				Broker quotations, counterparty quotations, pricing services,  pricing models		12.27	%		1.6
	Residential mortgage loans, held-for-sale, net	43,229				32,083				39,699				Broker/counterparty quotations		7.22	%		5.7
	Subprime mortgage loans subject to call option (D)	406,217				406,217				(D)				(D)		9.09	%		(D)
	Restricted cash*					3,703				3,703
	Cash and cash equivalents*					77,922				77,922
	Investments in senior housing real estate, net					1,547,409
	Investments in other real estate, net					263,500
	Intangibles					197,129
	Other investments					26,123
	Receivables and other assets					109,538
						$	3,264,004
	Liabilities
	Financial instruments:
	CDO bonds payable (G)	$	262,492			$	263,581			$	155,227			Pricing models		4.16	%		3.1
	Other bonds and notes payable (G)	89,168				82,053				81,446				Broker quotations, pricing models		0.41	%		1.7
	Repurchase agreements	102,677				102,677				102,677				Market comparables		1.88	%		0.1
	Mortgage notes payable	1,103,748				1,104,182				1,112,491				Pricing models		4.98	%		6.3
	Credit facilities and obligations under capital leases, golf	156,569				156,578				156,578				Pricing models		5.24	%		3.5
	Financing of subprime mortgage loans subject to call option (D)	406,217				406,217				(D)				(D)		9.09	%		(D)
	Junior subordinated notes payable	51,004				51,234				33,900				Pricing models		7.39	%		20.8
	Interest rate swaps, treated as hedges (E)(F)*	84,048				3,882				3,882				Counterparty quotations		N/A			(E)
	Non-hedge derivatives (E)(F)*	158,258				3,463				3.463				Counterparty quotations		N/A			(E)
	Dividends payable, accrued expenses and other liabilities					298,534
	Liabilities of discontinued operations					—
						$	2,472,401
	*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 $116.1 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)	As of June 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $242.3 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 accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
	(F)	Interest rate swaps, treated as hedges:
		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		$	84,048			5.04	%		$	3,882
	Non-hedge derivatives:
		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:
		2015		Mar		$	158,258			4.85	%		$	3,463
	(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 hedge and non-hedge derivatives	'
	Interest rate swaps, treated as hedges:
		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		$	84,048			5.04	%		$	3,882
	Non-hedge derivatives:
		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:
		2015		Mar		$	158,258			4.85	%		$	3,463
Schedule of assets and liabilities measured at fair value on a recurring basis	'
	The following table summarizes such financial assets and liabilities measured at fair value on a recurring basis at June 30, 2014:
		Principal								Fair Value
		Balance or
		Notional Amount				Carrying Value				Level 2				Level 3				Total
	Assets
	Real estate securities, available-for-sale:
	CMBS	$	243,612			$	207,360			$	—			$	207,360			$	207,360
	REIT debt	29,200				30,683				30,683				—				30,683
	Non-Agency RMBS	90,781				60,508				—				60,508				60,508
	ABS - other real estate	8,464				—				—				—				—
	CDO (A)	17,063				12,717				—				12,717				12,717
	Real estate securities total	$	389,120			$	311,268			$	30,683			$	280,585			$	311,268
	Liabilities
	Derivative Liabilities:
	Interest rate swaps, treated as hedges	$	84,048			$	3,882			$	3,882			$	—			$	3,882
	Interest rate swaps, not treated as hedges	158,258				3,463				3,463				—				3,463
	Derivative liabilities total	$	242,306			$	7,345			$	7,345			$	—			$	7,345
	(A)	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $116.1 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 six months ended ended June 30, 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)	15,402				—				—			—				717				12,498				28,617
	Included in other comprehensive income (loss)	(13,800		)		189				4,725			—				3,587				—				(5,299		)
	Amortization included in interest income	9,330				332				2,539			48				1,749				—				13,998
	Purchases, sales and repayments
	Purchases	—				—				—			—				—				—				—
	Proceeds from sales	(72,438		)		—				—			—				(50,390		)		—				(122,828		)
	Proceeds from repayments	(4,123		)		(12,001		)		(4,337	)		(48		)		(2,703		)		(56,160		)		(79,372		)
	Balance at June 30, 2014	$	133,306			$	74,054			60,508			$	—			$	12,717			$	—			$	280,585
	(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:
		Six Months Ended June 30, 2014
	Gain (loss) on settlement of investments, net	$	16,119
	Other income (loss), net	12,498
	OTTI	—
	Total	$	28,617
	Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period	$	—
Schedule of gains losses on fair value of real estate securities	'
	These gains (losses) are recorded in the following line items in the consolidated statements of income:
		Six Months Ended June 30, 2014
	Gain (loss) on settlement of investments, net	$	16,119
	Other income (loss), net	12,498
	OTTI	—
	Total	$	28,617
	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 June 30, 2014, Newcastle’s securities valuation methodology and results are further detailed as follows:
										Fair Value
		OutstandingFace				AmortizedCost				Multiple				Single				InternalPricing
	Asset Type	Amount (A)				Basis (B)				Quotes (C)				Quote (D)				Models (E)				Total
	CMBS	$	243,612			$	164,381			$	164,907			$	42,453			$	—			$	207,360
	REIT debt	29,200				28,791				30,683				—				—				30,683
	Non-Agency RMBS	90,781				38,875				60,508				—				—				60,508
	ABS - other real estate	8,464				—				—				—				—				—
	CDO (F)	17,063				6,368				—				6,744				5,973				12,717
	Total	$	389,120			$	238,415			$	256,098			$	49,197			$	5,973			$	311,268
	(A)	Net of incurred losses.
	(B)	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended June 30, 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
		AmortizedCostBasis (B)				Fair Value				RecordedInCurrentPeriod				Gains(Losses) inAccumulatedOCI				DiscountRate			PrepaymentSpeed (G)			CumulativeDefaultRate			LossSeverity
	CDO	—				5,973				—				5,973				10	%		3.6	%		25.4	%		73.7	%
	Total	$	—			$	5,973			$	—			$	5,973
	At June 30, 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 $116.1 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
		AmortizedCostBasis (B)				Fair Value				RecordedInCurrentPeriod				Gains(Losses) inAccumulatedOCI				DiscountRate			PrepaymentSpeed (G)			CumulativeDefaultRate			LossSeverity
	CDO	—				5,973				—				5,973				10	%		3.6	%		25.4	%		73.7	%
	Total	$	—			$	5,973			$	—			$	5,973
	At June 30, 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 and other 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 June 30, 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	$	157,046			$	124,628			$	127,673			$	—			5.0% - 9.0%			0.0% - 100%			7.4	%		19	%
	Bank Loan	164,973				97,684				107,969				5,227				22.5% - 31.0%			0.0% - 100%			23.1	%		27.8	%
	B-Note	69,912				66,420				66,420				(3,269		)		3.0% - 12.0%			0	%		5.6	%		0	%
	Whole Loan	380				380				387				—				4	%		0	%		4	%		0	%
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	392,311			$	289,112			$	302,449			$	1,958
	The following table summarizes certain information for residential mortgage loans held-for-sale as of June 30, 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 (B)				Rate			Speed			Default Rate			Severity
	Residential Loans		43,229				32,083				39,699				399				7.3	%		4.6	%		2.8	%		46	%
	Total Residential Mortgage Loans, Held-for-Sale, Net		$	43,229			$	32,083			$	39,699			$	399
	(A)	Carrying value and fair value include interest receivable of $0.1 million for the residential housing loans.
	(B)	The valuation allowance (reversal) excludes $0.4 million related to the manufactured housing portfolio that was sold in May 2014.
Schedule of fair value of derivatives	'
	Newcastle’s derivatives are recorded on its balance sheet as follows:
				Fair Value
		Balance sheet location		30-Jun-14				31-Dec-13
	Derivative Assets
	Linked transactions at fair value	Receivables and other assets		$	—			$	43,662
				$	—			$	43,662
	Derivative Liabilities
	Interest rate swaps, designated as hedges	Accounts payable, accrued expenses and other liabilities		$	3,882			$	6,203
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		3,463				7,592
				$	7,345			$	13,795
Schedule of outstanding derivatives	'
	The following table summarizes information related to derivatives:
		June 30, 2014				December 31, 2013
	Cash flow hedges
	Notional amount of interest rate swap agreements	$	84,048			$	105,031
	Amount of (loss) recognized in OCI on effective portion	(4,072		)		(6,117		)
	Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	134				170
	Deferred hedge gain (loss) related to dedesignation, net of amortization	(35		)		(45		)
	Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	56				53
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(2,419		)		(3,915		)
	Non-hedge Derivatives
	Notional amount of interest rate swap agreements	158,258				185,871
	Notional amount of linked transactions (A)	—				116,806
Schedule of gains (losses) on derivatives	'
	The following table summarizes gains (losses) recorded in relation to derivatives:
		Income statement		Three Months Ended								Six Months Ended
				June 30,								June 30,
		location		2014				2013				2014				2013
	Cash flow hedges
	Gain (loss) on the ineffective portion	Other income (loss)		$	259			$	—			$	259			$	—
	Amount of gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense		(1,178		)		(1,703		)		(2,457		)		(3,568		)
	Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	Interest expense		19				17				36				33
	Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	Interest expense		(5		)		(16		)		(9		)		(32		)
	Non-hedge derivatives gain (loss)
	Interest rate swaps	Other income (loss)		2,029				2,282				4,104				5,408
	Linked transactions	Other income (loss)		1,825				—				12,498				—
	Linked transactions	Interest expense		(89		)		(8		)		(211		)		(8		)

EQUITY_AND_EARNINGS_PER_SHARE_

EQUITY AND EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of outstanding options by strike price	'
	Newcastle’s outstanding options at June 30, 2014 consisted of the following:
		Number of Options		Strike Price (A)			Maturity Date
		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
		1,495,166		1.51			3/29/21
		2,294,833		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	29,655,928		$	3.25
	(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.
Schedule of outstanding options summary	'
	As of June 30, 2014, Newcastle’s outstanding options were summarized as follows:
		Issued Prior to 2011			Issued in 2011 and thereafter			Total
	Held by the Manager	1,075,130			24,396,428			25,471,558
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	285,370			3,895,000			4,180,370
	Issued to the independent directors	2,000			2,000			4,000
	Total	1,362,500			28,293,428			29,655,928
	Weighted average strike price	$	11.97		$	2.83		$	3.25

INCOME_TAXES_Tables

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Schedule of provision for income taxes	'
	The provision for income taxes (including discontinued operations) consists of the following:
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014(A)			2013
	Current:
	Federal	$	518			$	—		$	590		$	—
	State and Local	103				—			164			—
	Total Current Provision	$	621			$	—		$	754		$	—
	Deferred:
	Federal	$	(74	)		$	—		$	(314	)	$	—
	State and Local	(7		)		—			(520		)	—
	Total Deferred Provision	$	(81	)		$	—		$	(834	)	$	—
	Total Provision for Income Taxes	$	540			$	—		$	(80	)	$	—
	(A)	The provision for income taxes for the six months ended June 30, 2014 includes $0.9 million income tax benefit from New Media that is included in income (loss) from discontinued operations on the consolidated statement of income.
Schedule of deferred tax assets	'
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of June 30, 2014 and December 31, 2013 are presented below:
		June 30, 2014				December 31, 2013
	Deferred tax assets:
	Allowance for loan losses	$	921			$	2,076
	Depreciation and amortization	37,524				94,880
	Leaseholds	6,905				6,489
	Accrued expenses	15,292				23,816
	Deposits	7,787				7,787
	Net operating losses	53,135				211,560
	Other	373				17,036
	Total deferred tax assets	121,937				363,644
	Less valuation allowance	(121,567		)		(363,192		)
	Net deferred tax assets(A)	$	370			$	452
	Deferred tax liabilities:
	Other	—				—
	Total deferred tax liabilities	$	—			$	—
	(A)	Recorded in Receivables and Other Assets on the consolidated balance sheets.
Schedule of change in deferred tax asset 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		2,776
	Valuation allowance at June 30, 2014		$	121,567

GAINS_LOSSES_ON_SETTLEMENT_OF_1

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Tables)	6 Months Ended
	Jun. 30, 2014
Gains Losses On Settlement Of Investments Net And Other Income Loss Net	'
Schedule of gains (losses) on settlement of investments, net and other income (loss), net	'
	These items are comprised of the following:
		Three Months Ended June 30,						Six Months Ended  June 30,
		2014			2013			2014			2013
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	15,698		$	8,209		$	18,032		$	8,209
	Loss on settlement of real estate securities	—			(3,592		)	—			(3,592		)
	Gain on repayment/disposition of loans held-for-sale	24,737			—			24,737			—
	Loss on repayment/disposition of loans held-for-sale	—			(354		)	—			(354		)
	Gain on termination of derivative	—			813			—			813
	Loss on disposal of long-lived assets	(32		)	(10		)	(34		)	(13		)
		$	40,403		$	5,066		$	42,735		$	5,063
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	3,855		$	2,282		$	16,603		$	5,408
	Hedge ineffectiveness	259			—			259			—
	Collateral management fee income, net	250			336			515			688
	Equity in earnings of equity method investees	328			—			289			—
	Other income (loss)	—			406			500			1,495
		$	4,692		$	3,024		$	18,166		$	7,591

RECLASSIFICATION_FROM_ACCUMULA1

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Tables)	6 Months Ended
	Jun. 30, 2014
Reclassification From Accumulated Other Comprehensive Income Into Net Income	'
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 June 30,							Six Months Ended June 30,
	Income Components	Location	2014			2013				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	$	—		$	(3,910	)		$	—		$	(4,449	)
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	15,698			8,209				18,032			8,209
	Loss on settlement of real estate securities	Gain (loss) on settlement of investments, net	—			(3,592		)		—			(3,592		)
			$	15,698		$	707		—	$	18,032		$	168
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Hedge ineffectiveness	Other income (loss)	$	(259	)	$	—			$	(259	)	$	—
	Amortization of deferred gain (loss)	Interest expense	13			1				26			1
	Gain (loss) reclassified from AOCI into income, related to effective portion	Interest expense	(1,178		)	(1,703		)		(2,457		)	(3,568		)
			$	(1,424	)	$	(1,702	)		$	(2,690	)	$	(3,567	)
	Total reclassifications		$	14,274		$	(995	)		$	15,342		$	(3,399	)

SUPPLEMENTAL_NONCASH_INVESTING1

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Tables)	6 Months Ended
	Jun. 30, 2014
Supplemental Non-Cash Investing And Financing Activities Related To Cdos	'
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:
		Six Months Ended June 30,
		2014		2013
	Restricted cash generated from sale of securities	$	72,442	$	135,900
	Restricted cash generated from sale of loans	$	—	$	9,318
	Restricted cash generated from paydowns on securities and loans	$	221,549	$	179,583
	Restricted cash used for repayments of CDO bonds payable	$	288,206	$	235,883
	Restricted cash used for settlement of derivative instruments	$	—	$	1,563

RECENT_ACTIVITIES_Tables

RECENT ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Schedule of earnings per common-share reflecting effect of reverse stock split	'
	The following table presents pro forma basic and diluted earnings per share attributable to Newcastle’s stockholders to reflect the effect of the 3-for-1 reverse common stock split:
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014			2013
	Income Per Share of Common Stock
	Basic	$	0.26	$	0.61	$	0.3		$	1.08
	Diluted	$	0.26	$	0.59	$	0.29		$	1.06
	Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests
	Basic	$	0.27	$	0.31	$	0.34		$	0.65
	Diluted	$	0.26	$	0.3	$	0.33		$	0.63
	Income (loss) from discontinued operations per share of common stock
	Basic	$	—	$	0.3	$	(0.05	)	$	0.43
	Diluted	$	—	$	0.29	$	(0.05	)	$	0.42
	Weighted Average Number of Shares of Common Stock Outstanding
	Basic	117,199,333		86,409,447		117,175,382			82,416,367
	Diluted	120,953,502		88,465,406		120,987,689			84,269,204

GENERAL_Details_Narrative

GENERAL (Details Narrative) (USD $)	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Feb. 13, 2014	Jun. 30, 2014	Jun. 30, 2014
			Golf Investments [Member]	Golf Investments [Member]	Manager [Member]	New Media Spin-Off [Member]	National Golf [Member]	American Golf [Member]
			Lower Range [Member]	Upper Range [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	52
Number of states entity operates in	'	'	'	'	'	'	8	'
Number of golf courses managed for third parties	'	'	'	'	'	'	'	11
Fees paid indirectly to principal of manager for aircraft charter	$100	$100	'	'	'	'	'	'
Shares held by Fortress and affiliates in Newcastle	6,400,000	'	'	'	'	'	'	'
Stock Options outstanding	29,655,928	'	'	'	25,471,558	'	'	'
Refundable term for initiation fees	'30 years	'	'	'	'	'	'	'
Lease term	'	'	'10 years	'20 years	'	'	'	'

ACQUISITIONS_Senior_Housing_Pr

ACQUISITIONS - Senior Housing Properties (Details) (USD $)	3 Months Ended	6 Months Ended	3 Months Ended						6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Mar. 31, 2014		Jun. 30, 2014		Jun. 30, 2014		Jun. 30, 2014
			Managed Properties acquired in Q1 2014 [Member]		Managed Properties acquired in Q2 2014 [Member]		Triple Net Lease Properties acquired in 2014 [Member]		Senior Housing Properties acquired in 2014 [Member]
Allocation Of Purchase Price	'	'	'		'		'		'
Investments in Real Estate	'	'	$20,630		$13,785	[1]	$167,828	[1]	$202,243
Resident Lease Intangibles	'	'	2,370		3,361	[1]	16,828	[1]	22,559
Other Intangibles	'	'	'		4,847	[1]	'		4,847
Other Assets, net of Other Liabilities	'	'	-200		-288	[1]	-1,625	[1]	-2,113
Total purchase price	'	'	22,800		21,705	[1]	183,031	[1]	227,536
Mortgage notes payable	'	'	-17,250	[2]	-15,607	[2]	'		-32,857	[2]
Net assets acquired	'	'	5,550		6,098		183,031		194,679
Total acquisition related costs	$4,484	$11,086	$368	[3]	$573	[3]	$792	[3]	$1,733	[3]
[1]	The values assigned above are not yet finalized as Newcastle is in the process of identifying all acquired intangibles and gathering market and other information with which to determine the fair values of the real estate property and intangible assets acquired. Therefore the purchase price allocations set forth above are preliminary and are subject to change. The final determination of fair values for these assets may result in different allocations among the various asset classes from those set forth above and any such differences could be material.
[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 $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
	Portfolios
	Housing
Managed Properties acquired in 2014 [Member]	'
Number of housing properties acquired	5
Number of portfolios acquired	3
Total purchase price	$44,500
Managed Properties acquired in 2014 [Member] | Senior Housing Property Holiday [Member]	'
Management fees paid, as a percentage of effective gross income	'(i) 5% of the property's effective gross income or (ii) 6% of the property's effective gross income for the first two years and 7% thereafter
Managed Properties acquired in 2014 [Member] | Senior Housing Properties Blue Harbor [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
Triple Net Lease Properties acquired in 2014 [Member]	'
Number of housing properties acquired	6
Total purchase price	183,031	[1]
Lease term	'15 years
Number of renewals available	2
Renewal Term	'5 years
Base rent	14,200
Annual rent increase for years 2-4	3.75%
Maximum annual rent increase year 5 onwards	2.50%
Amount committed for capital improvements and other repairs	6,500
Additional amounts committed for further capital improvements	$9,000
[1]	The values assigned above are not yet finalized as Newcastle is in the process of identifying all acquired intangibles and gathering market and other information with which to determine the fair values of the real estate property and intangible assets acquired. Therefore the purchase price allocations set forth above are preliminary and are subject to change. The final determination of fair values for these assets may result in different allocations among the various asset classes from those set forth above and any such differences could be material.

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 $)	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	'	6,477
Receivables and other assets	'	101,940
Total Assets of discontinued operations	690,746	669,997
Liabilities:	'	'
Credit facilities - media	'	177,955
Accounts payable, accrued expenses and other liabilities	'	100,695
Total Liabilities of discontinued operations	295,267	278,650
Net Assets	'	$391,347

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Results of operations from discontinued operations	'	'	'	'
Net interest income	($4,012)	$40,826	$6,585	$79,448
Change in fair value of investments in excess mortgage servicing rights	'	'	'	3,894
Change in fair value of investments in equity method investees	'	'	'	19,170
Equity in earnings from equity method investments	'	'	289	'
Expenses	'	'	'	'
Property operating costs	24,280	8,409	48,084	16,772
Income (loss) from discontinued operations	-46	25,581	-5,351	35,729
Discontinued Operations [Member]	'	'	'	'
Results of operations from discontinued operations	'	'	'	'
Interest income	'	5,060	'	15,095
Interest Expense	'	'	2,096	'
Net interest income	'	5,060	-2,096	15,095
Media income	'	'	68,213	'
Other income (loss)	'	-2	'	-2
Change in fair value of investments in excess mortgage servicing rights	'	2,036	'	3,894
Change in fair value of investments in equity method investees	'	-84	'	885
Equity in earnings from equity method investments	'	18,286	'	18,286
Other income	'	20,236	'	23,063
Expenses	'	'	'	'
Media operating expenses	'	'	65,826	'
Property operating costs	'	5	'	12
General and administrative expenses	'	-290	1,904	2,417
Depreciation and amortization	'	'	4,596	'
Income tax (benefit) expense	'	'	-915	'
Total expenses	'	-285	71,411	2,429
Income (loss) from discontinued operations	'	25,581	-5,294	35,729
Net income attributable to noncontrolling interest	'	'	$522	'

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				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Interest income, gross	$33,056		$63,888		$80,781		$126,087		'
Interest income, net	29,893		62,824		76,345		124,156		'
Interest expense, gross	37,068		23,062		74,196		46,639		'
Interest expense, net	33,905		21,998		69,760		44,708		'
Net interest income	-4,012		40,826		6,585		79,448		'
Impairment (reversal)	1,526		3,201		2,772		5,974		'
Operating revenues	143,646		14,013		265,275		27,513		'
Other income (loss)	41,685		8,090		57,491		13,860		'
Loan and security servicing expense	408		1,021		1,265		2,055		'
Property operating expenses	24,280		8,409		48,084		16,772		'
Operating expenses - golf	63,094	[1]	'		118,914	[1]	'		'
Repairs and maintenance expenses - golf	2,084		'		4,602		'		'
Cost of sales - golf	8,807		'		14,763		'		'
General and administrative expense	5,149		9,938		7,759		14,151		'
Acquisition and transaction expenses	4,484		'		11,086		'		'
Management fee to affiliate	7,475		8,148		15,512		17,713		'
Depreciation and amortization	31,031		4,070		61,390		8,149		'
Income tax expense	540		'		835		'		'
Income from continuing operations	32,441		28,142		42,369		56,007		'
Income (loss) from discontinued operations, net of tax	-46		25,581		-5,351		35,729		'
Net Income	32,395		53,723		37,018		91,736		'
Preferred dividends	-1,395		-1,395		-2,790		-2,790		'
Net loss attributable to noncontrolling interests	29		'		690		'		'
Income applicable to Common Stockholders	31,029		52,328		34,918		88,946		'
Investments, gross	3,111,054		'		3,111,054		'		'
Investments, net	3,072,841		'		3,072,841		'		'
Cash and restricted cash	81,625		'		81,625		'		'
Other assets	109,538		'		109,538		'		'
Total Assets	3,264,004		'		3,264,004		'		4,851,888
Debt, gross	2,204,735		'		2,204,735		'		'
Debt, net	2,166,522		'		2,166,522		'		'
Other liabilities	305,879		'		305,879		'		'
Total Liabilities	2,472,401		'		2,472,401		'		3,625,764
Preferred Stock	61,583		'		61,583		'		61,583
Noncontrolling interests	198		'		198		'		61,279
GAAP book value	729,822		'		729,822		'		'
Inter-segment Elimination [Member]	'		'		'		'		'
Interest income, gross	-3,163		-1,064		-4,436		-1,931		'
Interest expense, gross	-3,163		-1,064		-4,436		-1,931		'
Investments, gross	-38,213		'		-38,213		'		'
Debt, gross	-38,213		'		-38,213		'		'
Discontinued Operations [Member]	'		'		'		'		'
Income (loss) from discontinued operations, net of tax	-46		25,581		-5,351		35,729		'
Net Income	-46		25,581		-5,351		35,729		'
Net loss attributable to noncontrolling interests	'		'		522		'		'
Income applicable to Common Stockholders	-46		25,581		-4,829		35,729		'
Senior Housing [Member]	'		'		'		'		'
Interest expense, gross	13,592	[2]	1,246	[2]	27,294	[2]	2,478	[2]	'
Interest expense, net	13,592	[2]	1,246	[2]	27,294	[2]	2,478	[2]	'
Net interest income	-13,592	[2]	-1,246	[2]	-27,294	[2]	-2,478	[2]	'
Operating revenues	59,698	[2]	13,513	[2]	117,508	[2]	26,510	[2]	'
Other income (loss)	-22	[2]	112	[2]	-23	[2]	120	[2]	'
Property operating expenses	24,053	[2]	8,169	[2]	47,573	[2]	16,285	[2]	'
General and administrative expense	1,493		1,887		1,701		3,496		'
Acquisition and transaction expenses	3,368	[2]	'		8,808	[2]	'		'
Management fee to affiliate	2,179	[2]	799	[2]	4,323	[2]	1,578	[2]	'
Depreciation and amortization	23,188	[2]	4,016	[2]	46,024	[2]	8,039	[2]	'
Income tax expense	536	[2]	'		691	[2]	'		'
Income from continuing operations	-8,733	[2]	-2,492	[2]	-18,929	[2]	-5,246	[2]	'
Net Income	-8,733	[2]	-2,492	[2]	-18,929	[2]	-5,246	[2]	'
Income applicable to Common Stockholders	-8,733	[2]	-2,492	[2]	-18,929	[2]	-5,246	[2]	'
Investments, gross	1,651,251	[2]	'		1,651,251	[2]	'		'
Investments, net	1,651,251	[2]	'		1,651,251	[2]	'		'
Cash and restricted cash	47,539	[2]	'		47,539	[2]	'		'
Other assets	71,111	[2]	'		71,111	[2]	'		'
Total Assets	1,769,901	[2]	'		1,769,901	[2]	'		'
Debt, gross	1,104,182	[2]	'		1,104,182	[2]	'		'
Debt, net	1,104,182	[2]	'		1,104,182	[2]	'		'
Other liabilities	79,577	[2]	'		79,577	[2]	'		'
Total Liabilities	1,183,759	[2]	'		1,183,759	[2]	'		'
GAAP book value	586,142	[2]	'		586,142	[2]	'		'
Additions to investments in real estate	'		'		206,181	[2]	'		'
CDOs [Member]	'		'		'		'		'
Interest income, gross	20,596	[2]	36,724	[2]	51,319	[2]	68,553	[2]	'
Interest income, net	17,433	[2]	35,660	[2]	46,883	[2]	66,622	[2]	'
Interest expense, gross	5,983	[2]	6,826	[2]	12,109	[2]	13,962	[2]	'
Interest expense, net	5,983	[2]	6,826	[2]	12,109	[2]	13,962	[2]	'
Net interest income	11,450	[2]	28,834	[2]	34,774	[2]	52,660	[2]	'
Impairment (reversal)	1,526	[2]	8,803	[2]	1,958	[2]	11,986	[2]	'
Other income (loss)	19,343	[2]	7,249	[2]	32,895	[2]	11,820	[2]	'
Loan and security servicing expense	154	[2]	188	[2]	310	[2]	384	[2]	'
Income from continuing operations	29,113	[2]	27,092	[2]	65,401	[2]	52,110	[2]	'
Net Income	29,113	[2]	27,092	[2]	65,401	[2]	52,110	[2]	'
Income applicable to Common Stockholders	29,113	[2]	27,092	[2]	65,401	[2]	52,110	[2]	'
Investments, gross	651,765	[2]	'		651,765	[2]	'		'
Investments, net	613,552	[2]	'		613,552	[2]	'		'
Cash and restricted cash	1,118	[2]	'		1,118	[2]	'		'
Other assets	1,959	[2]	'		1,959	[2]	'		'
Total Assets	616,629	[2]	'		616,629	[2]	'		'
Debt, gross	425,346	[2]	'		425,346	[2]	'		'
Debt, net	425,346	[2]	'		425,346	[2]	'		'
Other liabilities	7,671	[2]	'		7,671	[2]	'		'
Total Liabilities	433,017	[2]	'		433,017	[2]	'		'
GAAP book value	183,612	[2]	'		183,612	[2]	'		'
CDOs [Member] | Inter-segment Elimination [Member]	'		'		'		'		'
Interest income, gross	-3,163	[2]	-1,064	[2]	-4,436	[2]	1,931	[2]	'
Investments, gross	-38,213	[2]	'		-38,213	[2]	'		'
Other Debt [Member]	'		'		'		'		'
Interest income, gross	12,401	[2],[3]	27,134	[2],[3]	29,353	[2],[3]	57,432	[2],[3]	'
Interest income, net	12,401	[2],[3]	27,134	[2],[3]	29,353	[2],[3]	57,432	[2],[3]	'
Interest expense, gross	10,338	[2],[3]	14,036	[2],[3]	23,001	[2],[3]	28,293	[2],[3]	'
Interest expense, net	9,976	[2],[3]	12,972	[2],[3]	21,366	[2],[3]	26,362	[2],[3]	'
Net interest income	2,425	[2],[3]	14,162	[2],[3]	7,987	[2],[3]	31,070	[2],[3]	'
Impairment (reversal)	'		-5,602	[2],[3]	814	[2],[3]	-6,012	[2],[3]	'
Operating revenues	563	[2],[3]	500	[2],[3]	1,104	[2],[3]	1,003	[2],[3]	'
Other income (loss)	22,375	[2],[3]	729	[2],[3]	24,630	[2],[3]	1,920	[2],[3]	'
Loan and security servicing expense	254	[2],[3]	833	[2],[3]	955	[2],[3]	1,671	[2],[3]	'
Property operating expenses	227	[2],[3]	240	[2],[3]	511	[2],[3]	487	[2],[3]	'
General and administrative expense	1,874		8		1,874		24		'
Depreciation and amortization	57	[2],[3]	54	[2],[3]	113	[2],[3]	110	[2],[3]	'
Income from continuing operations	22,951	[2],[3]	19,858	[2],[3]	29,454	[2],[3]	37,713	[2],[3]	'
Net Income	22,951	[2],[3]	19,858	[2],[3]	29,454	[2],[3]	37,713	[2],[3]	'
Income applicable to Common Stockholders	22,951	[2],[3]	19,858	[2],[3]	29,454	[2],[3]	37,713	[2],[3]	'
Investments, gross	457,766	[2],[3]	'		457,766	[2],[3]	'		'
Investments, net	457,766	[2],[3]	'		457,766	[2],[3]	'		'
Cash and restricted cash	489	[2],[3]	'		489	[2],[3]	'		'
Other assets	1,250	[2],[3]	'		1,250	[2],[3]	'		'
Total Assets	459,505	[2],[3]	'		459,505	[2],[3]	'		'
Debt, gross	435,182	[2],[3],[4]	'		435,182	[2],[3],[4]	'		'
Debt, net	429,182	[2],[3]	'		429,182	[2],[3]	'		'
Other liabilities	1,261	[2],[3]	'		1,261	[2],[3]	'		'
Total Liabilities	430,443	[2],[3]	'		430,443	[2],[3]	'		'
GAAP book value	29,062	[2],[3]	'		29,062	[2],[3]	'		'
Additions to investments in real estate	'		'		32	[2],[3]	'		'
Other Debt [Member] | Inter-segment Elimination [Member]	'		'		'		'		'
Interest expense, gross	-362	[2],[3]	-1,064	[2],[3]	-1,635	[2],[3]	-1,931	[2],[3]	'
Debt, gross	-6,000	[2],[3]	'		-6,000	[2],[3]	'		'
Golf [Member]	'		'		'		'		'
Interest income, gross	34		'		74		'		'
Interest income, net	34		'		74		'		'
Interest expense, gross	6,202		'		9,884		'		'
Interest expense, net	3,401		'		7,083		'		'
Net interest income	-3,367		'		-7,009		'		'
Operating revenues	83,385		'		146,663		'		'
Other income (loss)	-11		'		-11		'		'
Operating expenses - golf	63,094	[1]	'		118,914	[1]	'		'
Repairs and maintenance expenses - golf	2,084		'		4,602		'		'
Cost of sales - golf	8,807		'		14,763		'		'
General and administrative expense	153		'		459		'		'
Acquisition and transaction expenses	728		'		1,503		'		'
Depreciation and amortization	7,749		'		15,179		'		'
Income tax expense	4		'		144		'		'
Income from continuing operations	-2,612		'		-15,921		'		'
Net Income	-2,612		'		-15,921		'		'
Net loss attributable to noncontrolling interests	29		'		168		'		'
Income applicable to Common Stockholders	-2,583		'		-15,753		'		'
Investments, gross	350,272		'		350,272		'		'
Investments, net	350,272		'		350,272		'		'
Cash and restricted cash	9,526		'		9,526		'		'
Other assets	35,113		'		35,113		'		'
Total Assets	394,911		'		394,911		'		'
Debt, gross	188,791		'		188,791		'		'
Debt, net	156,578		'		156,578		'		'
Other liabilities	175,453		'		175,453		'		'
Total Liabilities	332,031		'		332,031		'		'
Noncontrolling interests	198		'		198		'		'
GAAP book value	62,682		'		62,682		'		'
Additions to investments in real estate	'		'		9,670		'		'
Golf [Member] | Inter-segment Elimination [Member]	'		'		'		'		'
Interest expense, gross	-2,801		'		-2,801		'		'
Debt, gross	-32,213		'		-32,213		'		'
Corporate [Member]	'		'		'		'		'
Interest income, gross	25		30		35		102		'
Interest income, net	25		30		35		102		'
Interest expense, gross	953		954		1,908		1,906		'
Interest expense, net	953		954		1,908		1,906		'
Net interest income	-928		-924		-1,873		-1,804		'
General and administrative expense	1,629		8,043		3,725		10,631		'
Acquisition and transaction expenses	388		'		775		'		'
Management fee to affiliate	5,296		7,349		11,189		16,135		'
Depreciation and amortization	37		'		74		'		'
Income from continuing operations	-8,278		-16,316		-17,636		-28,570		'
Net Income	-8,278		-16,316		-17,636		-28,570		'
Preferred dividends	-1,395		'		-2,790		-2,790		'
Net loss attributable to noncontrolling interests	'		-1,395		'		'		'
Income applicable to Common Stockholders	-9,673		-17,711		-20,426		-31,360		'
Cash and restricted cash	22,953		'		22,953		'		'
Other assets	105		'		105		'		'
Total Assets	23,058		'		23,058		'		'
Debt, gross	51,234		'		51,234		'		'
Debt, net	51,234		'		51,234		'		'
Other liabilities	41,917		'		41,917		'		'
Total Liabilities	93,151		'		93,151		'		'
Preferred Stock	61,583		'		61,583		'		'
GAAP book value	($131,676)		'		($131,676)		'		'
[1]	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.4 million and $2.7 million for the three and six months ended June 30, 2014, respectively.
[2]	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.
[3]	The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).
[4]	An aggregate face amount of $6.0 million (carrying value of $6.0 million) of debt represents intersegment financing, which is eliminated upon consolidation.

SEGMENT_REPORTING_AND_VARIABLE3

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Investments Carrying Value	$3,072,841
Debt Face Amount	2,171,875
Debt Carrying Value	2,204,735
Non-recourse [Member]	'
Investments Face Amount	406,217
Investments Carrying Value	412,732
Debt Face Amount	412,217
Debt Carrying Value	412,217
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] | Operating Real Estate [Member]	'
Investments Carrying Value	6,515
Debt Face Amount	6,000
Debt Carrying Value	6,000
Other [Member] | Unlevered Real Estate Securities [Member]	'
Investments Face Amount	168,201
Investments Carrying Value	9,912
Other [Member] | Other Investments [Member]	'
Investments Carrying Value	6,319
Other [Member] | Residential Mortgage Loans [Member]	'
Investments Face Amount	39,785
Investments Carrying Value	28,803
Debt Face Amount	22,965
Debt Carrying Value	22,965
Other Debt [Member]	'
Investments Face Amount	614,203
Investments Carrying Value	457,766	[1],[2]
Debt Face Amount	435,182	[3]
Debt Carrying Value	$435,182	[1],[2],[3]
[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 $6.0 million (carrying value of $6.0 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) (Non Recourse VIE Financing Structures [Member], CDO V [Member], USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Non Recourse VIE Financing Structures [Member] | CDO V [Member]	'
Gross Assets	$143,578
Debt	170,874
Carrying Value of Newcastle's Investment	$5,973

SEGMENT_REPORTING_AND_VARIABLE5

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Aggregate Face Amount of debt eliminated upon consolidation	$6,000	$6,000
Carrying Value of debt eliminated upon consolidation	6,000	6,000
Debt Face Amount	2,171,875	2,171,875
CDO V [Member] | Non Recourse VIE Financing Structures [Member]	'	'
Debt Face Amount	40,800	40,800
Carrying Value of Newcastle's Investment	5,973	5,973
Golf [Member]	'	'
Rental expense - carts and equipment	$1,400	$2,700

REAL_ESTATE_SECURITIES_Real_Es

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

In Thousands, unless otherwise specified

CMBS Conduit [Member]

CMBS Single Borrower [Member]

CMBS Large Loan [Member]

REIT Debt [Member]

Non-Agency RMBS [Member]

ABS Franchise [Member]

CDO Securities [Member]

Real Estate Securities [Member]

Integer

Integer

Integer

Integer

Integer

Integer

Integer

Integer

Outstanding Face Amount

'

'

$160,893

$79,490

$3,229

$29,200

[1]

$90,781

[1]

$8,464

[1]

$17,063

[1],[2]

$389,120

[1],[3]

Before Impairment - Amortized Cost Basis

'

'

163,393

79,103

3,229

28,791

98,862

7,647

6,368

387,393

Other Than Temporary Impairment - Amortized Cost Basis

'

'

-68,980

-12,364

'

'

-59,987

-7,647

'

-148,978

Amortized Cost Basis After Impairment

'

'

94,413

66,739

3,229

28,791

[4]

38,875

[4]

'

6,368

[4]

238,415

[4]

Gains - gross unrealized

'

'

38,892

4,092

'

1,892

21,633

'

6,349

72,858

Losses - gross unrealized

'

'

'

-5

'

'

'

'

'

-5

Carrying Value

$311,268

$984,263

$133,305

[5]

$70,826

[5]

$3,229

[5]

$30,683

[5]

$60,508

[5]

'

$12,717

[5]

$311,268

[5]

Number of securities

'

'

27

12

1

5

33

1

2

81

Weighted Average Rating

'

'

'B+

[6]

'BB-

[6]

'BBB-

[6]

'BB+

[6]

'CCC+

[6]

'C

[6]

'B

[6]

'B

[6]

Weighted Average Coupon

'

'

5.53%

6.33%

3.20%

5.89%

1.03%

6.69%

0.83%

4.47%

Weighted Average Yield

'

'

24.26%

7.55%

3.20%

6.88%

14.12%

0.00%

10.00%

15.16%

Weighted Average Life (Years)

'

'

'2 years 1 month 6 days

[7]

'2 years 2 months 12 days

[7]

'0 years 1 month 6 days

[7]

'1 year 1 month 6 days

[7]

'4 years 3 months 18 days

[7]

'

'8 years 8 months 12 days

[7]

'2 years 9 months 18 days

[7]

Weighted Average Principal Subordination

'

'

10.60%

[8]

2.30%

[8]

4.40%

[8]

'

26.40%

[8]

0.00%

[8]

33.00%

[8]

'

[1]

Net of incurred losses.

[2]

Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $116.1 million.

[3]

The total outstanding face amount was $265.7 million for fixed rate securities and $123.4 million for floating rate securities.

[4]

Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended June 30, 2014.

[5]

See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.

[6]

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.

[7]

The weighted average life is based on the timing of expected principal reduction on the assets.

[8]

Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle's investments.

REAL_ESTATE_SECURITIES_Holding

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
	Integer
Carrying Value	$311,268	$984,263
Securities in an Unrealized Loss Position Less than Twelve Months [Member]	'	'
Outstanding Face Amount	1,869	'
Before Impairment - Amortized Cost Basis	1,867	'
Amortized Cost Basis After Impairment	1,867	'
Gross unrealized losses - less than twelve months	-5	'
Carrying value - less than twelve months	1,862	'
Number of securities, less than twelve months	1	'
Weighted Average Rating	'A+	'
Weighted Average Coupon	4.81%	'
Weighted Average Yield	5.84%	'
Weighted Average Maturity (Years)	'0 years 6 months	'
Securities in an Unrealized Loss Position [Member]	'	'
Outstanding Face Amount	1,869	'
Before Impairment - Amortized Cost Basis	1,867	'
Other Than Temporary Impairment - Amortized Cost Basis	'	-2,873
Amortized Cost Basis After Impairment	1,867	'
Total gross unrealized losses	-5	'
Carrying Value	$1,862	'
Number of securities	1	'
Weighted Average Rating	'A+	'
Weighted Average Coupon	4.81%	'
Weighted Average Yield	5.84%	'
Weighted Average Maturity (Years)	'0 years 2 months 12 days	'

REAL_ESTATE_SECURITIES_Holding1

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
RE Securities No Intent to Sell Non Credit Impaired [Member]	'
Fair Value	$1,862
Amortized Cost Basis	1,867
Unrealized Non-Credit Losses	-5	[1]
Securities in an Unrealized Loss Position [Member]	'
Fair Value	1,862
Amortized Cost Basis	1,867
Unrealized Non-Credit Losses	($5)
[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) (Securities in an Unrealized Loss Position [Member], USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
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)
Reduction for securities sold/written off during the period	$2,873

REAL_ESTATE_SECURITIES_Geograp

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

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 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

$243,612

[1]

$48,865

$51,424

$44,636

$35,210

$45,774

$11,022

$6,681

$99,245

$30,271

$20,559

$19,492

$12,844

$10,041

$6,038

Percentage of principal balance

100.00%

20.10%

21.10%

18.30%

14.50%

18.80%

4.50%

2.70%

100.00%

30.50%

20.70%

19.60%

13.00%

10.10%

6.10%

[1]

Net of incurred losses.

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details Narrative) (USD $)	6 Months Ended			1 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jan. 31, 2014	31-May-14	31-May-14
			Non-consolidated CDO Securities [Member]	FNMA/FHLMC Securities [Member]	CDO Securities Tranche 1 [Member]	CDO Securities Tranche 2 [Member]
			Integer
Number of securities	'	'	9	'	'	'
Outstanding Face Amount	'	'	$116,100	'	'	'
Total Outstanding face amount of fixed rate securities	265,700	'	'	'	'	'
Total Outstanding face amount of floating rate securities	123,400	'	'	'	'	'
Face amount of securities sold	'	'	'	503,000	68,300	54,200
Average price percentage	'	'	'	105.82%	105.20%	93.00%
Proceeds from sale of securities	763,336	37,905	'	532,200	71,900	50,400
Repayments of repurchase agreements	'	'	'	-516,100	'	'
Gain on sale of securities	'	'	'	1,900	15,000	700
Repayments of CDO bonds payable and other term loan financings	'	'	'	'	($71,900)	($50,400)

REAL_ESTATE_RELATED_LOANS_RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
	Loans
Mezzanine Loans [Member]	'
Outstanding face amount	$157,046
Carrying value	124,628
Number of Loans	8
Weighted Average Yield	7.42%
Weighted Average Coupon	7.34%
Weighted Average Life (Years)	'1 year 3 months 18 days	[1]
Floating Rate Loans as a % of Face Amount	75.90%
Delinquent face amount	12,000	[2]
Corporate Bank Loans [Member]	'
Outstanding face amount	164,973
Carrying value	97,684
Number of Loans	5
Weighted Average Yield	23.06%
Weighted Average Coupon	13.12%
Weighted Average Life (Years)	'1 year 10 months 24 days	[1]
Floating Rate Loans as a % of Face Amount	0.60%
B-Notes [Member]	'
Outstanding face amount	69,912
Carrying value	66,420
Number of Loans	2
Weighted Average Yield	5.57%
Weighted Average Coupon	4.40%
Weighted Average Life (Years)	'1 year 7 months 6 days	[1]
Floating Rate Loans as a % of Face Amount	68.20%
Whole Loans [Member]	'
Outstanding face amount	380
Carrying value	380
Number of Loans	1
Weighted Average Yield	3.95%
Weighted Average Coupon	7.37%
Weighted Average Life (Years)	'0 years 6 months	[1]
Floating Rate Loans as a % of Face Amount	0.00%
Total Real Estate Related and Other Loans Held for Sale, Net [Member]	'
Outstanding face amount	392,311
Carrying value	289,112
Number of Loans	16
Weighted Average Yield	12.27%
Weighted Average Coupon	9.25%
Weighted Average Life (Years)	'1 year 7 months 6 days	[1]
Floating Rate Loans as a % of Face Amount	42.80%
Delinquent face amount	12,000	[2],[3]
Residential Loans [Member]	'
Outstanding face amount	43,229	[4]
Carrying value	32,083	[4],[5]
Number of Loans	165	[4]
Weighted Average Yield	7.22%	[4]
Weighted Average Coupon	2.27%	[4]
Weighted Average Life (Years)	'5 years 8 months 12 days	[1],[4]
Floating Rate Loans as a % of Face Amount	100.00%	[4]
Delinquent face amount	6,311	[2],[4]
Total Residential Mortgage Loans Held For Sale, Net [Member]	'
Outstanding face amount	43,229
Carrying value	32,083
Number of Loans	165
Weighted Average Yield	7.22%
Weighted Average Coupon	2.27%
Weighted Average Life (Years)	'5 years 8 months 12 days	[1]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent face amount	6,311	[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 June 30, 2014, $87.4 million face amount of real estate related and other loans was on non-accrual status.
[3]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
[4]	Loans acquired at a discount for credit quality.
[5]	Carrying value includes negligible interest receivable for the residential housing loans.

REAL_ESTATE_RELATED_LOANS_RESI1

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 1) (Total Real Estate Related and Other Loans Held for Sale, Net [Member], USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	Loans
Total Real Estate Related and Other Loans Held for Sale, Net [Member]	'
Outstanding Face Amount	'
Delinquent face amount	$12,000	[1],[2]
Period from July 1, 2014 to December 31, 2014	111,104
2015	1,379
2016	64,891
2017	48,938
2018	22,260
2019	118,289
Thereafter	13,450
Total	392,311
Carrying Value	'
Period from July 1, 2014 to December 31, 2014	47,651
2015	830
2016	63,274
2017	48,938
2018	18,769
2019	97,234
Thereafter	12,416
Total	$289,112
Number of Loans	'
Delinquent face amount	1
Period from July 1, 2014 to December 31, 2014	5
2015	2
2016	2
2017	2
2018	1
2019	2
Thereafter	1
Total	16
[1]	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 June 30, 2014, $87.4 million face amount of real estate related and other loans was on non-accrual status.
[2]	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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Valuation (allowance) reversal on loans	$1,526	($709)	$2,772	$1,525
Real Estate Related and Other Loans Held For Sale [Member]	'	'	'	'
Carrying value, beginning	'	'	437,530	'
Interest accrued to principal balance	'	'	11,274	'
Principal paydowns	'	'	-167,171	'
Valuation (allowance) reversal on loans	'	'	-1,958	'
Accretion of loan discount and other amortization	'	'	8,867	'
Other	'	'	570	'
Carrying value, ending	289,112	'	289,112	'
Residential Mortgage Loans Held For Sale [Member]	'	'	'	'
Carrying value, beginning	'	'	2,185	'
Principal paydowns	'	'	-8,226	'
Sales	'	'	-206,360	'
Transfer to held-for-sale	'	'	246,121	'
Valuation (allowance) reversal on loans	'	'	19	'
Other	'	'	-1,656	'
Carrying value, ending	32,083	'	32,083	'
Residential Mortgage Loans Held For Investment [Member]	'	'	'	'
Carrying value, beginning	'	'	255,450	'
Principal paydowns	'	'	-9,436	'
Transfer to held-for-sale	'	'	-246,121	'
Valuation (allowance) reversal on loans	'	'	-833	'
Accretion of loan discount and other amortization	'	'	115	'
Other	'	'	$825	'

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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013
Valuation (allowance) reversal on loans	$1,526	($709)	$2,772		$1,525
Real Estate Related and Other Loans Held For Sale [Member]	'	'	'		'
Beginning balance	'	'	-94,037		'
Charge-offs	'	'	504	[1]	'
Valuation (allowance) reversal on loans	'	'	-1,958		'
Ending balance	-95,491	'	-95,491		'
Residential Mortgage Loans Held For Sale [Member]	'	'	'		'
Beginning balance	'	'	-824		'
Charge-offs	'	'	84		'
Sales	'	'	10,525		'
Transfer to held-for-sale	'	'	-12,369		'
Valuation (allowance) reversal on loans	'	'	19		'
Ending balance	-2,565	'	-2,565		'
Residential Mortgage Loans Held For Investment [Member]	'	'	'		'
Beginning balance	'	'	-12,247	[2]	'
Charge-offs	'	'	711		'
Transfer to held-for-sale	'	'	12,369		'
Valuation (allowance) reversal on loans	'	'	($833)		'
[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 $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Total Real Estate Related and Other Loans Held for Sale, Net [Member]	'
Outstanding face amount	$392,311
Subtotal prior to bank loans not secured by assets	160,162	[1]
Percentage of loans	100.00%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Western US [Member]	'
Outstanding face amount	43,453
Percentage of loans	18.70%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Northeastern US [Member]	'
Outstanding face amount	31,004
Percentage of loans	13.40%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Southeastern US [Member]	'
Outstanding face amount	51,733
Percentage of loans	22.30%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Midwestern US [Member]	'
Outstanding face amount	8,922
Percentage of loans	3.80%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Southwestern US [Member]	'
Outstanding face amount	10,468
Percentage of loans	4.50%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Foreign Locations [Member]	'
Outstanding face amount	86,569
Percentage of loans	37.30%
Total Real Estate Related and Other Loans Held for Sale, Net [Member] | Other Locations [Member]	'
Outstanding face amount	232,149
Total Residential Mortgage Loans [Member]	'
Outstanding face amount	43,229
Percentage of loans	100.00%
Total Residential Mortgage Loans [Member] | Western US [Member]	'
Outstanding face amount	5,291
Percentage of loans	12.20%
Total Residential Mortgage Loans [Member] | Northeastern US [Member]	'
Outstanding face amount	2,067
Percentage of loans	4.80%
Total Residential Mortgage Loans [Member] | Southeastern US [Member]	'
Outstanding face amount	30,884
Percentage of loans	71.40%
Total Residential Mortgage Loans [Member] | Midwestern US [Member]	'
Outstanding face amount	2,201
Percentage of loans	5.10%
Total Residential Mortgage Loans [Member] | Southwestern US [Member]	'
Outstanding face amount	$2,786
Percentage of loans	6.50%
[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 $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Total securitized loans (unpaid principal balance)	$829,455	[1]	'
Subprime mortgage loans subject to call option	406,217		406,217
Retained interests (fair value)	2,608	[2]	'
Subprime Portfolio I [Member]	'		'
Total securitized loans (unpaid principal balance)	347,522	[1]	'
Subprime mortgage loans subject to call option	299,176		'
Retained interests (fair value)	2,608	[2]	'
Subprime Portfolio II [Member]	'		'
Total securitized loans (unpaid principal balance)	481,933	[1]	'
Subprime mortgage loans subject to call option	$107,041		'
[1]	Average loan seasoning of 107 months and 89 months for Subprime Portfolios I and II, respectively, at June 30, 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 25.07% as of June 30, 2014.

REAL_ESTATE_RELATED_LOANS_RESI6

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Loan unpaid principal balance (UPB)	$829,455	[1]
Debt Face Amount	2,171,875
Subprime Portfolio I [Member]	'
Loan unpaid principal balance (UPB)	347,522	[1]
Weighted Average Coupon	5.69%
Delinquencies of 60 or more days (UPB)	90,313
Net credit losses	13,973
Cumulative net credit losses	260,778
Cumulative net credit losses as a % of original UPB	17.40%
Percentage of ARM loans	50.10%
Percentage of loans with original loan-to-value ratio >90%	10.70%
Percentage of interest-only loans	10.50%
Debt Face Amount	343,522
Weighted average funding cost of debt	0.50%
Subprime Portfolio II [Member]	'
Loan unpaid principal balance (UPB)	481,933	[1]
Weighted Average Coupon	4.76%
Delinquencies of 60 or more days (UPB)	173,548
Net credit losses	17,703
Cumulative net credit losses	319,277
Cumulative net credit losses as a % of original UPB	29.30%
Percentage of ARM loans	64.20%
Percentage of loans with original loan-to-value ratio >90%	16.90%
Percentage of interest-only loans	21.20%
Debt Face Amount	$481,933
Weighted average funding cost of debt	0.42%
[1]	Average loan seasoning of 107 months and 89 months for Subprime Portfolios I and II, respectively, at June 30, 2014.

REAL_ESTATE_RELATED_LOANS_RESI7

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative) (USD $)	6 Months Ended	1 Months Ended		1 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jan. 31, 2014	Dec. 31, 2013	Jan. 31, 2014	Jan. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
		Intrawest	Intrawest	Intrawest	Intrawest	CDOs [Member]	Securitized Manufacturing Housing Loan Portfolio [Member]	Total Real Estate Related and Other Loans Held for Sale, Net [Member]	Subprime Portfolio I [Member]	Subprime Portfolio II [Member]
				Primary Offering	Secondary Offering			Loans	M	M
Face amount of real estate related loans on non-accrual status	$87,400	'	'	'	'	'	'	'	'	'
Outstanding face amount	'	'	'	'	'	'	222,200	392,311	'	'
Loan percentage against par	'	'	'	'	'	'	104.00%	'	'	'
Proceeds from sale of loan portfolio	'	'	'	'	'	'	231,600	'	'	'
Debt repayed	'	'	'	'	'	20,500	132,400	'	'	'
Gross gain on sale of loans	'	'	'	'	'	'	24,700	'	'	'
Net gain on sale of loans	'	'	'	'	'	'	19,400	'	'	'
Deal/transaction expenses	'	'	'	'	'	'	1,900	'	'	'
Write off of unamortized discount on debt	'	'	'	'	'	'	3,400	'	'	'
Value of stock sold	440	'	'	37,500	150,000	'	'	'	'	'
Investment in debt	'	103,300	185,600	'	'	'	'	'	'	'
Cash repaid from debt investment	'	83,300	'	'	'	'	'	'	'	'
Loans under restructuring	'	'	'	'	'	'	'	1	'	'
Average loan seasoning	'	'	'	'	'	'	'	'	107	89
Weighted Average Yield of Retained Bonds	25.07%	'	'	'	'	'	'	'	'	'
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 $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Senior Housing Assets [Member]	'	'
Gross Carrying Amount	$1,579,503	$1,373,322
Accumulated Depreciation	-32,094	-10,422
Net carrying value	1,547,409	1,362,900
Senior Housing Assets [Member] | Land [Member]	'	'
Gross Carrying Amount	130,476	102,235
Net carrying value	130,476	102,235
Senior Housing Assets [Member] | Buildings [Member]	'	'
Gross Carrying Amount	1,366,356	1,199,672
Accumulated Depreciation	-22,651	-7,523
Net carrying value	1,343,705	1,192,149
Senior Housing Assets [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	21,318	20,704
Accumulated Depreciation	-1,941	-549
Net carrying value	19,377	20,155
Senior Housing Assets [Member] | Furniture, fixtures and equipment [Member]	'	'
Gross Carrying Amount	61,353	50,711
Accumulated Depreciation	-7,502	-2,350
Net carrying value	53,851	48,361
Golf Investments [Member]	'	'
Gross Carrying Amount	268,568	258,898
Accumulated Depreciation	-11,583	'
Net carrying value	256,985	258,898
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	50,962	50,615
Accumulated Depreciation	-2,265	'
Net carrying value	48,697	50,615
Golf Investments [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	91,934	90,736
Accumulated Depreciation	-6,077	'
Net carrying value	85,857	90,736
Golf Investments [Member] | Furniture, fixtures and equipment [Member]	'	'
Gross Carrying Amount	20,459	18,353
Accumulated Depreciation	-3,178	'
Net carrying value	17,281	18,353
Golf Investments [Member] | Capital leases - equipment [Member]	'	'
Gross Carrying Amount	3,830	'
Accumulated Depreciation	-63	'
Net carrying value	3,767	'
Golf Investments [Member] | Construction in progress [Member]	'	'
Gross Carrying Amount	7,849	5,660
Net carrying value	7,849	5,660
Other Commercial Real Estate [Member]	'	'
Gross Carrying Amount	8,696	8,664
Accumulated Depreciation	-2,181	-2,067
Net carrying value	6,515	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	-1,443	-1,356
Net carrying value	5,145	5,232
Other Commercial Real Estate [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	1,002	970
Accumulated Depreciation	-738	-711
Net carrying value	264	259
Other Real Estate [Member]	'	'
Gross Carrying Amount	277,264	267,562
Accumulated Depreciation	-13,764	-2,067
Net carrying value	$263,500	$265,495

INTANGIBLES_NET_OF_ACCUMULATED2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Amortized intangible assets:	'	'
Accumulated Amortization	($52,206)	($22,252)
Total Intangibles, including non-amortizable assets	249,335	221,977
Total Intangibles, net, including non-amortizable assets	197,129	199,725
Senior Housing Assets [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	150,469	123,111
Accumulated Amortization	-46,627	-22,252
Net Carrying Value	103,842	100,859
Senior Housing Assets [Member] | In-place resident lease intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	134,772	112,267
Accumulated Amortization	-45,895	-21,902
Net Carrying Value	88,877	90,365
Senior Housing Assets [Member] | Non-compete intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	1,600	1,600
Accumulated Amortization	-383	-223
Net Carrying Value	1,217	1,377
Senior Housing Assets [Member] | Land lease intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	3,442	3,498
Accumulated Amortization	-24	-1
Net Carrying Value	3,418	3,497
Senior Housing Assets [Member] | PILOT intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	3,700	3,700
Accumulated Amortization	-276	-124
Net Carrying Value	3,424	3,576
Senior Housing Assets [Member] | Other intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	6,955	2,046
Accumulated Amortization	-49	-2
Net Carrying Value	6,906	2,044
Golf Investments [Member]	'	'
Amortized intangible assets:	'	'
Accumulated Amortization	-5,579	'
Liquor license	900	900
Total Intangibles, including non-amortizable assets	98,866	98,866
Total Intangibles, net, including non-amortizable assets	93,287	98,866
Golf Investments [Member] | Trade name [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	700	700
Accumulated Amortization	-12	'
Net Carrying Value	688	700
Golf Investments [Member] | Leasehold intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	52,066	52,066
Accumulated Amortization	-2,702	'
Net Carrying Value	49,364	52,066
Golf Investments [Member] | Management contracts [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	39,000	39,000
Accumulated Amortization	-2,399	'
Net Carrying Value	36,601	39,000
Golf Investments [Member] | Internally-developed software [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	800	800
Accumulated Amortization	-80	'
Net Carrying Value	720	800
Golf Investments [Member] | Membership base [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	5,400	5,400
Accumulated Amortization	-386	'
Net Carrying Value	$5,014	$5,400

INTANGIBLES_NET_OF_ACCUMULATED3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Details Narrative)	6 Months Ended
	Jun. 30, 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] | Land lease intangibles [Member] | Lower Range [Member]	'
Amortization period	'74 years
Senior Housing Assets [Member] | Land lease intangibles [Member] | Upper Range [Member]	'
Amortization period	'82 years
Senior Housing Assets [Member] | PILOT intangibles [Member]	'
Amortization period	'13 years
Senior Housing Assets [Member] | Other intangibles [Member] | Lower Range [Member]	'
Amortization period	'13 years
Senior Housing Assets [Member] | Other intangibles [Member] | Upper Range [Member]	'
Amortization period	'40 years
Golf Investments [Member] | Trade name [Member]	'
Amortization period	'29 years 6 months
Golf Investments [Member] | Leasehold intangibles [Member]	'
Amortization period	'7 years 9 months 18 days
Golf Investments [Member] | Management contracts [Member]	'
Amortization period	'7 years 8 months 12 days
Golf Investments [Member] | Internally-developed software [Member]	'
Amortization period	'4 years 6 months
Golf Investments [Member] | Membership base [Member]	'
Amortization period	'6 years 6 months

RECEIVABLES_AND_OTHER_ASSETS_S

RECEIVABLES AND OTHER ASSETS - Schedule of receivables and other assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables And Other Assets - Schedule Of Receivables And Other Assets Details	'	'
Accounts receivable, net	$9,722	$13,477
Deferred financing costs	38,824	42,473
Derivative assets	'	43,662
Prepaid expenses	16,990	8,631
Interest receivable	1,629	4,667
Deposits	10,178	9,915
Inventory	5,793	5,140
Miscellaneous assets, net	26,402	13,922
Receivables and other assets	$109,538	$141,887

DEBT_OBLIGATIONS_Debt_Obligati

DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)	1 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2014
Debt Face Amount	'	$2,171,875
Carrying Value	'	2,166,522
CDO VI Bonds Payable [Member]	'	'
Month Issued	'	'2005-04	[1]
Debt Face Amount	'	92,238	[1]
Carrying Value	'	92,238	[1]
Final Stated Maturity	'	'Apr 2040	[1]
Weighted Average Coupon - Rate	'	0.83%	[1],[2]
Weighted Average Funding Cost	'	5.36%	[1],[3]
Weighted Average Life (Years)	'	'5 years 6 months	[1]
Face Amount of Floating Rate Debt	'	88,838	[1]
Outstanding Face Amount of Collateral	'	157,567	[1],[4]
Amortized Cost Basis of Collateral	'	86,678	[1],[4]
Carrying Value of Collateral	'	124,252	[1],[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 1 month 6 days	[1]
Floating Rate Face Amount of Collateral	'	35,095	[1],[4]
Aggregate Notional Amount of Current Hedges	'	88,838	[1],[5]
CDO VIII Bonds Payable [Member]	'	'
Month Issued	'	'2006-11
Debt Face Amount	'	71,813
Carrying Value	'	71,698
Final Stated Maturity	'	'Nov 2052
Weighted Average Coupon - Rate	'	2.11%	[2]
Weighted Average Coupon - Basis for Variable Rate	'one-month LIBOR	'
Weighted Average Coupon - Spread on Basis for Variable Rate	1.50%	'
Weighted Average Funding Cost	'	7.71%	[3]
Weighted Average Life (Years)	'	'2 years 7 months 6 days
Face Amount of Floating Rate Debt	'	64,213
Outstanding Face Amount of Collateral	'	249,954	[4]
Amortized Cost Basis of Collateral	'	178,906	[4]
Carrying Value of Collateral	'	194,238	[4]
Weighted Average Maturity (Years) Of Collateral	'	'1 year 9 months 18 days
Floating Rate Face Amount of Collateral	'	113,582	[4]
Aggregate Notional Amount of Current Hedges	'	84,048	[5]
CDO IX Bonds Payable [Member]	'	'
Month Issued	'	'2007-05
Debt Face Amount	'	98,441
Carrying Value	'	99,645
Final Stated Maturity	'	'May 2052
Weighted Average Coupon - Rate	'	0.64%	[2]
Weighted Average Funding Cost	'	0.49%	[3]
Weighted Average Life (Years)	'	'1 year 1 month 6 days
Face Amount of Floating Rate Debt	'	98,441
Outstanding Face Amount of Collateral	'	345,022	[4]
Amortized Cost Basis of Collateral	'	284,291	[4]
Carrying Value of Collateral	'	295,062	[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 3 months 18 days
Floating Rate Face Amount of Collateral	'	114,869	[4]
Total CDO Bonds Payable [Member]	'	'
Debt Face Amount	'	262,492
Carrying Value	'	263,581
Weighted Average Funding Cost	'	4.16%	[3]
Weighted Average Life (Years)	'	'3 years 1 month 6 days
Face Amount of Floating Rate Debt	'	251,492
Outstanding Face Amount of Collateral	'	752,543	[4]
Amortized Cost Basis of Collateral	'	549,875	[4]
Carrying Value of Collateral	'	613,552	[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 1 month 6 days
Floating Rate Face Amount of Collateral	'	263,546	[4]
Aggregate Notional Amount of Current Hedges	'	172,886	[5]
NCT 2013-VI IMM-1 [Member]	'	'
Month Issued	'	'2013-11	[6]
Debt Face Amount	'	89,168	[6]
Carrying Value	'	82,053	[6]
Final Stated Maturity	'	'Apr 2040	[6]
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2],[6]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	0.25%	[2],[6]
Weighted Average Funding Cost	'	0.41%	[3],[6]
Weighted Average Life (Years)	'	'1 year 8 months 12 days	[6]
Face Amount of Floating Rate Debt	'	89,168	[6]
Total Other Bonds And Notes Payable [Member]	'	'
Debt Face Amount	'	89,168
Carrying Value	'	82,053
Weighted Average Funding Cost	'	0.41%	[3]
Weighted Average Life (Years)	'	'1 year 8 months 12 days
Face Amount of Floating Rate Debt	'	89,168
CDO Securities Repurchase Agreements [Member]	'	'
Month Issued	'	'2013-12	[6],[7]
Debt Face Amount	'	79,712	[6],[7]
Carrying Value	'	79,712	[6],[7]
Final Stated Maturity	'	'Jul 2014	[6],[7]
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2],[6],[7]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	1.65%	[2],[6],[7]
Weighted Average Funding Cost	'	1.81%	[3],[6],[7]
Weighted Average Life (Years)	'	'0 years 1 month 6 days	[6],[7]
Face Amount of Floating Rate Debt	'	79,712	[6],[7]
Residential Mortgage Loans Repurchase Agreements [Member]	'	'
Month Issued	'	'2013-11	[7]
Debt Face Amount	'	22,965	[7]
Carrying Value	'	22,965	[7]
Final Stated Maturity	'	'Nov 2014	[7]
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[2],[7]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	2.00%	[2],[7]
Weighted Average Funding Cost	'	2.16%	[3],[7]
Weighted Average Life (Years)	'	'0 years 4 months 24 days	[7]
Face Amount of Floating Rate Debt	'	22,965	[7]
Outstanding Face Amount of Collateral	'	34,002	[4],[7]
Amortized Cost Basis of Collateral	'	24,617	[4],[7]
Carrying Value of Collateral	'	24,617	[4],[7]
Weighted Average Maturity (Years) Of Collateral	'	'6 years	[7]
Floating Rate Face Amount of Collateral	'	34,002	[4],[7]
Total Repurchase Agreements [Member]	'	'
Debt Face Amount	'	102,677	[7]
Carrying Value	'	102,677	[7]
Weighted Average Funding Cost	'	1.88%	[3],[7]
Weighted Average Life (Years)	'	'0 years 1 month 6 days	[7]
Face Amount of Floating Rate Debt	'	102,677	[7]
Outstanding Face Amount of Collateral	'	34,002	[4],[7]
Amortized Cost Basis of Collateral	'	24,617	[4],[7]
Carrying Value of Collateral	'	24,617	[4],[7]
Weighted Average Maturity (Years) Of Collateral	'	'6 years	[7]
Floating Rate Face Amount of Collateral	'	34,002	[4],[7]
Fixed Rate Managed Properties [Member]	'	'
Debt Face Amount	'	158,000
Carrying Value	'	158,434
Weighted Average Funding Cost	'	4.79%	[3]
Weighted Average Life (Years)	'	'4 years 9 months 18 days
Amortized Cost Basis of Collateral	'	182,986	[4]
Carrying Value of Collateral	'	182,986	[4]
Fixed Rate Managed Properties [Member] | Lower Range [Member]	'	'
Final Stated Maturity	'	'Aug 2018
Weighted Average Coupon - Rate	'	1.63%	[2],[8],[9]
Fixed Rate Managed Properties [Member] | Upper Range [Member]	'	'
Final Stated Maturity	'	'Mar 2020
Weighted Average Coupon - Rate	'	4.93%	[2],[8],[9]
Floating Rate Managed Properties [Member]	'	'
Debt Face Amount	'	231,400
Carrying Value	'	231,400
Weighted Average Funding Cost	'	4.72%	[3]
Weighted Average Life (Years)	'	'3 years 7 months 6 days
Face Amount of Floating Rate Debt	'	231,400
Amortized Cost Basis of Collateral	'	308,816	[4]
Carrying Value of Collateral	'	308,816	[4]
Floating Rate Managed Properties [Member] | Lower Range [Member]	'	'
Final Stated Maturity	'	'Aug 2016
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[10],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	2.75%	[10],[2]
Floating Rate Managed Properties [Member] | Upper Range [Member]	'	'
Final Stated Maturity	'	'Jan 2019
Weighted Average Coupon - Basis for Variable Rate	'	'LIBOR	[10],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	3.75%	[10],[2]
Fixed Rate Triple Net Lease Properties [Member]	'	'
Debt Face Amount	'	714,348
Carrying Value	'	714,348
Weighted Average Funding Cost	'	5.10%	[3]
Weighted Average Life (Years)	'	'7 years 6 months
Amortized Cost Basis of Collateral	'	974,792	[4]
Carrying Value of Collateral	'	974,792	[4]
Fixed Rate Triple Net Lease Properties [Member] | Lower Range [Member]	'	'
Final Stated Maturity	'	'Jan 2021
Weighted Average Coupon - Rate	'	3.83%	[11],[2]
Fixed Rate Triple Net Lease Properties [Member] | Upper Range [Member]	'	'
Final Stated Maturity	'	'Jan 2024
Weighted Average Coupon - Rate	'	8.00%	[11],[2]
Total Mortgage Notes Payable [Member]	'	'
Debt Face Amount	'	1,103,748
Carrying Value	'	1,104,182
Weighted Average Funding Cost	'	4.98%	[3]
Weighted Average Life (Years)	'	'6 years 3 months 18 days
Face Amount of Floating Rate Debt	'	231,400
Amortized Cost Basis of Collateral	'	1,466,594	[4]
Carrying Value of Collateral	'	1,466,594	[4]
Golf First Lien Loan [Member]	'	'
Month Issued	'	'2013-12	[12]
Debt Face Amount	'	46,922	[12]
Carrying Value	'	46,922	[12]
Final Stated Maturity	'	'Dec 2018	[12]
Weighted Average Coupon - Basis for Variable Rate	'	'3 month LIBOR	[12],[13],[2]
Weighted Average Coupon - Spread on Basis for Variable Rate	'	4.00%	[12],[13],[2]
Weighted Average Funding Cost	'	4.50%	[12],[3]
Weighted Average Life (Years)	'	'3 years 6 months	[12]
Face Amount of Floating Rate Debt	'	46,922	[12]
Golf Second Lien Loan [Member]	'	'
Month Issued	'	'2013-12	[12]
Debt Face Amount	'	105,575	[12]
Carrying Value	'	105,575	[12]
Final Stated Maturity	'	'Dec 2018	[12]
Weighted Average Coupon - Rate	'	5.50%	[12],[2]
Weighted Average Funding Cost	'	5.50%	[12],[3]
Weighted Average Life (Years)	'	'3 years 6 months	[12]
Golf Vineyard I [Member]	'	'
Month Issued	'	'1993-12	[12]
Debt Face Amount	'	59	[12]
Carrying Value	'	68	[12]
Final Stated Maturity	'	'Aug 2014	[12]
Weighted Average Coupon - Rate	'	11.37%	[12],[2]
Weighted Average Funding Cost	'	11.37%	[12],[3]
Weighted Average Life (Years)	'	'0 years 1 month 6 days	[12]
Face Amount of Floating Rate Debt	'	59	[12]
Golf Vineyard II [Member]	'	'
Month Issued	'	'1993-12	[12]
Debt Face Amount	'	200	[12]
Carrying Value	'	200	[12]
Final Stated Maturity	'	'Dec 2043	[12]
Weighted Average Coupon - Rate	'	2.13%	[12],[2]
Weighted Average Funding Cost	'	2.13%	[12],[3]
Weighted Average Life (Years)	'	'29 years 6 months	[12]
Face Amount of Floating Rate Debt	'	200	[12]
Capital Lease Equipment [Member]	'	'
Debt Face Amount	'	3,813	[12]
Carrying Value	'	3,813	[12]
Weighted Average Coupon - Rate	'	7.15%	[12],[2]
Weighted Average Funding Cost	'	7.15%	[12],[3]
Weighted Average Life (Years)	'	'3 years 3 months 18 days	[12]
Capital Lease Equipment [Member] | Lower Range [Member]	'	'
Month Issued	'	'2014-05	[12]
Final Stated Maturity	'	'Dec 2019	[12]
Capital Lease Equipment [Member] | Upper Range [Member]	'	'
Month Issued	'	'2014-06	[12]
Final Stated Maturity	'	'Jan 2020	[12]
Total Golf Credit Facilities [Member]	'	'
Debt Face Amount	'	156,569	[12]
Carrying Value	'	156,578	[12]
Weighted Average Funding Cost	'	5.24%	[12],[3]
Weighted Average Life (Years)	'	'3 years 6 months	[12]
Face Amount of Floating Rate Debt	'	47,181	[12]
Junior Subordinated Notes Payable [Member]	'	'
Month Issued	'	'2006-03
Debt Face Amount	'	51,004
Carrying Value	'	51,234
Final Stated Maturity	'	'Apr 2035
Weighted Average Coupon - Rate	'	7.57%	[14],[2]
Weighted Average Funding Cost	'	7.39%	[3]
Weighted Average Life (Years)	'	'20 years 9 months 18 days
Total Corporate [Member]	'	'
Debt Face Amount	'	51,004
Carrying Value	'	51,234
Weighted Average Funding Cost	'	7.39%	[3]
Weighted Average Life (Years)	'	'20 years 9 months 18 days
Debt Obligations [Member]	'	'
Debt Face Amount	'	1,765,658
Carrying Value	'	1,760,305
Weighted Average Funding Cost	'	4.54%	[3]
Weighted Average Life (Years)	'	'5 years 4 months 24 days
Face Amount of Floating Rate Debt	'	721,918
Outstanding Face Amount of Collateral	'	786,545	[4]
Amortized Cost Basis of Collateral	'	2,041,086	[4]
Carrying Value of Collateral	'	2,104,763	[4]
Weighted Average Maturity (Years) Of Collateral	'	'2 years 2 months 12 days
Floating Rate Face Amount of Collateral	'	297,548	[4]
Aggregate Notional Amount of Current Hedges	'	172,886	[5]
Subprime mortgage loans subject to call option [Member]	'	'
Debt Face Amount	'	406,217	[15]
Carrying Value	'	$406,217	[15]
[1]	This CDO was not in compliance with its applicable over collateralization tests as of June 30, 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. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the six months ended June 30, 2014.
[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 not designated as a hedge for accounting purposes.
[6]	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.
[7]	These repurchase agreements had less than $0.1 million of accrued interest payable at June 30, 2014. $102.7 million face amount of these repurchase agreements were renewed subsequent to June 30, 2014. The counterparties on these repurchase agreements are Bank of America ($79.7 million) and Credit Suisse ($23.0 million). Newcastle has margin exposure on a $23.0 million repurchase agreement related to the financing of residential mortgage loans, and a $79.7 million repurchase agreement related to the financing of certain Newcastle CDO VIII and CDO IX notes. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.
[8]	For loans totaling $40.9 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%.
[9]	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.
[10]	$165.0 million of the floating rate mortgages have a LIBOR floor of 1.0%.
[11]	For loans with a total balance $359.9 million and $314.7 million, Newcastle bought down the interest rate to 4.00% and 3.83%, respectively, until January 2019. Thereafter, the interest rates will increase to 4.99% and 4.56%, respectively.
[12]	The golf credit facilities are collateralized by all of the assets of the golf business.
[13]	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[14]	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.
[15]	LIBOR +2.25% after April 2016.

DEBT_OBLIGATIONS_Future_Minimu

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details 1) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Future minimum lease payments due	'
July 31, 2014 - December 31, 2014	$381
2015	755
2016	755
2017	755
2018	755
2019 and thereafter	1,327
Total minimum lease payments	4,728
Less: Imputed interest	915
Present value of net minimum lease payments	$3,813

DEBT_OBLIGATIONS_Details_Narra

DEBT OBLIGATIONS (Details Narrative) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

In Thousands, unless otherwise specified

Golf Investments [Member]

Bank of America [Member]

Credit Suisse [Member]

Subsequent To Balance Sheet Date [Member]

Upper Range [Member]

Interest rate swaps [Member]

Interest rate swaps [Member]

CDO VI Bonds Payable [Member]

Residential Mortgage Loans Repurchase Agreements [Member]

CDO Securities Repurchase Agreements [Member]

CDO Securities Repurchase Agreements [Member]

Fixed Rate Managed Properties - Tranche 1 [Member]

Fixed Rate Managed Properties - Tranche 1 [Member]

Fixed Rate Triple Net Lease Properties - Tranche 1 [Member]

Fixed Rate Triple Net Lease Properties - Tranche 2 [Member]

Floating Rate Managed Properties [Member]

Floating Rate Managed Properties [Member]

Golf First Lien Loan [Member]

Subprime Mortgage Loans Subject to Call [Member]

Total Golf Credit Facilities [Member]

CDO VIII Bonds Payable [Member]

Not designated as hedging instrument [Member]

Not designated as hedging instrument [Member]

Interest rate swaps [Member]

Subsequent To Balance Sheet Date [Member]

Upper Range [Member]

Not designated as hedging instrument [Member]

Notional Amount of Derivatives

'

'

'

'

'

'

'

$158,258

$185,871

$88,800

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Payable

'

'

'

'

'

'

100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreements

'

'

'

79,700

23,000

102,700

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Margin exposure

'

'

'

'

'

'

'

'

'

'

23,000

79,700

'

'

'

'

'

'

'

'

'

'

'

Debt amount subject to specific conditions

'

'

'

'

'

'

'

'

'

'

'

'

'

40,900

11,400

359,900

314,700

165,000

'

'

'

'

'

Variable rate description

'

'

'

'

'

'

'

'

'

'

'LIBOR

[1],[2]

'LIBOR

[1],[2],[3]

'one month LIBOR

'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%

'4.00% until January 2019, 4.99% therafter

'3.83% until January 2019, 4.56% therafter

'

'LIBOR

[1],[4]

'3 month LIBOR

[1],[5],[6]

'LIBOR+2.25% after April 2016

'

'one-month LIBOR

LIBOR Floor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

0.50%

'

'

'

Effective interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

3.83%

'

'

'

'

'

'

Unused borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,600

'

Golf facilities capital lease term

'

'

'66 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase of securities - face amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

116,800

Purchase of securities - pay amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

103,100

Percentage of par of securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

88.30%

Repurchase agreements

$102,677

$556,347

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$60,000

Variable Interest Rate Spread

'

'

'

'

'

'

'

'

'

'

2.00%

[1],[2]

1.65%

[1],[2],[3]

1.65%

'

'

'

'

'

3.75%

[1],[4]

4.00%

[1],[5],[6]

'

'

1.50%

[1]

Weighted average, including floating and fixed rate classes.

[2]

These repurchase agreements had less than $0.1 million of accrued interest payable at June 30, 2014. $102.7 million face amount of these repurchase agreements were renewed subsequent to June 30, 2014. The counterparties on these repurchase agreements are Bank of America ($79.7 million) and Credit Suisse ($23.0 million). Newcastle has margin exposure on a $23.0 million repurchase agreement related to the financing of residential mortgage loans, and a $79.7 million repurchase agreement related to the financing of certain Newcastle CDO VIII and CDO IX notes. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.

[3]

Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.

[4]

$165.0 million of the floating rate mortgages have a LIBOR floor of 1.0%.

[5]

The golf credit facilities are collateralized by all of the assets of the golf business.

[6]

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 $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts payable and accrued expenses	$55,997	$50,188
Membership deposit liabilities	74,789	71,644
Deferred revenue	21,182	37,114
Security deposit payable	58,023	48,823
Unfavorable leasehold interests	21,889	23,916
Accrued rent	9,767	6,314
Due to affiliates	6,069	5,878
Miscellaneous liabilities	14,717	19,564
Accounts payable, accrued expenses and other liabilities	269,778	276,491
Non Recourse VIE Financing Structures [Member]	'	'
Derivative liabilities	7,345	13,795
Accounts payable, accrued expenses and other liabilities	$765	$6,766

FAIR_VALUE_Fair_Value_of_Asset

FAIR VALUE - Fair Value of Assets and Liabilities (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

In Thousands, unless otherwise specified

Total CDO Bonds Payable [Member]

Total Other Bonds And Notes Payable [Member]

Total Repurchase Agreements [Member]

Total Mortgage Notes Payable [Member]

Total Golf Credit Facilities [Member]

Subprime mortgage loans subject to call option [Member]

Junior Subordinated Notes Payable [Member]

Real Estate Related and Other Loans Held For Sale [Member]

Residential Mortgage Loans Held For Sale [Member]

Subprime Mortgage Loans Subject to Call [Member]

Real Estate Securities Available For Sale [Member]

Principal Balance or Notional Amount [Member]

Carrying Value [Member]

Estimated Fair Value [Member]

Financial Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate securities, available-for-sale

$311,268

$984,263

'

'

'

'

'

'

'

'

'

'

'

'

$389,120

[1],[2]

$311,268

[1],[2]

$311,268

[1],[2]

Real estate related and other loans, held-for-sale, net

289,112

437,530

'

'

'

'

'

'

'

'

'

'

'

'

392,311

289,112

302,449

Residential mortgage loans, held-for-sale, net

32,083

2,185

'

'

'

'

'

'

'

'

'

'

'

'

43,229

32,083

39,699

Subprime mortgage loans subject to call option

406,217

406,217

'

'

'

'

'

'

'

'

'

'

'

'

406,217

[3]

406,217

[3]

'

Restricted Cash

3,703

5,889

'

'

'

'

'

'

'

'

'

'

'

'

'

3,703

[1]

3,703

[1]

Cash and Cash Equivalents

77,922

74,133

271,052

'

'

'

'

'

'

'

'

'

'

'

'

77,922

[1]

77,922

[1]

Non-hedge derivative assets

'

43,662

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in senior housing real estate, net

1,547,409

1,362,900

'

'

'

'

'

'

'

'

'

'

'

'

'

1,547,409

'

Investments in other real estate

263,500

265,495

'

'

'

'

'

'

'

'

'

'

'

'

'

263,500

'

Intangibles

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

197,129

'

Other investments

26,123

25,468

'

'

'

'

'

'

'

'

'

'

'

'

'

26,123

'

Receivables and other assets

109,538

141,887

'

'

'

'

'

'

'

'

'

'

'

'

'

109,538

'

Total Assets

3,264,004

4,851,888

'

'

'

'

'

'

'

'

'

'

'

'

'

3,264,004

'

Financial Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CDO bonds payable

263,581

544,525

'

'

'

'

'

'

'

'

'

'

'

'

262,492

[4]

263,581

[4]

155,227

[4]

Other bonds and notes payable

82,053

230,279

'

'

'

'

'

'

'

'

'

'

'

'

89,168

[4]

82,053

[4]

81,446

[4]

Repurchase agreements

102,677

556,347

'

'

'

'

'

'

'

'

'

'

'

'

102,677

102,677

102,677

Mortgage notes payable

1,104,182

1,076,828

'

'

'

'

'

'

'

'

'

'

'

'

1,103,748

1,104,182

1,112,491

Credit facilities and obligations under capital leases, golf

156,578

152,498

'

'

'

'

'

'

'

'

'

'

'

'

156,569

156,578

156,578

Financing of subprime mortgage loans subject to call option

406,217

406,217

'

'

'

'

'

'

'

'

'

'

'

'

406,217

[3]

406,217

[3]

'

Junior subordinated notes payable

51,234

51,237

'

'

'

'

'

'

'

'

'

'

'

'

51,004

51,234

33,900

Interest rate swaps, treated as hedges

'

'

'

'

'

'

'

'

'

'

'

'

'

'

84,048

[1],[5],[6]

3,882

[1],[5],[6]

3,882

[1],[5],[6]

Non-hedge derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

158,258

[1],[5],[6]

3,463

[1],[5],[6]

3,463

[1],[5],[6]

Dividends payable, accrued expenses and other liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

298,534

'

Liabilities of discontinued operations

'

295,267

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Liabilities

$2,472,401

$3,625,764

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,472,401

'

Weighted Average

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Yield/Funding Cost

'

'

'

4.16%

[7]

0.41%

[7]

1.88%

[7]

4.98%

[7]

5.24%

[7]

9.09%

[7]

7.39%

[7]

12.27%

[7]

7.22%

[7]

9.09%

[7]

15.16%

[7]

'

'

'

Weighted Average Life (Years)

'

'

'

'3 years 1 month 6 days

'1 year 8 months 12 days

'0 years 1 month 6 days

'6 years 3 months 18 days

'3 years 6 months

'

'20 years 9 months 18 days

'1 year 7 months 6 days

'5 years 8 months 12 days

'

'2 years 9 months 18 days

'

'

'

[1]

Measured at fair value on a recurring basis.

[2]

Excludes nine CDO securities with a zero value, which had an aggregate face amount of $116.1 million.

[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]

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.

[5]

As of June 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $242.3 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 accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.

[6]

See Schedule of fair value of hedge and non-hedge derivatives.

[7]

The weighted average yield and weighted average funding cost are disclosed for financial instrument assets and liabilities, respectively.

FAIR_VALUE_Derivative_Liabilit

FAIR VALUE - Derivative Liabilities (Details 1) (Interest rate swaps [Member], USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Designated as hedging instrument [Member]	'	'
Agreement type	'Receive 1-Month LIBOR	'
Derivative maturity date	30-Apr-16	'
Aggregate notional amount	$84,048	$105,031
Weighted average fixed pay rate	5.04%	'
Aggregate fair value of hedges	3,882	'
Not designated as hedging instrument [Member]	'	'
Agreement type	'Receive 1-Month LIBOR	'
Derivative maturity date	31-Mar-15	'
Aggregate notional amount	158,258	185,871
Weighted average fixed pay rate	4.85%	'
Aggregate fair value of non-hedge instruments	$3,463	'

FAIR_VALUE_Recurring_Basis_Det

FAIR VALUE - Recurring Basis (Details 2) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'		'
Real estate securities, available-for-sale	$311,268		$984,263
CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	207,360		'
REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,683	[1]	'
Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,508	[1]	'
CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	12,717	[1]	'
Principal Balance or Notional Amount [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	389,120	[2],[3]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	84,048	[2],[4],[5]	'
Interest rate swaps, not treated as hedges	158,258	[2],[4],[5]	'
Carrying Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	311,268	[2],[3]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	3,882	[2],[4],[5]	'
Interest rate swaps, not treated as hedges	3,463	[2],[4],[5]	'
Estimated Fair Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	311,268	[2],[3]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	3,882	[2],[4],[5]	'
Interest rate swaps, not treated as hedges	3,463	[2],[4],[5]	'
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,683		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	3,882		'
Interest rate swaps, not treated as hedges	3,463		'
Derivative liabilities	7,345		'
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,683		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	280,585		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	207,360		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,508		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	12,717	[6]	'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	389,120		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	84,048		'
Interest rate swaps, not treated as hedges	158,258		'
Derivative liabilities	242,306		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	243,612		'
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	90,781		'
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] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	17,063	[6]	'
Measured on a Recurring Basis [Member] | Carrying Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	311,268		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	3,882		'
Interest rate swaps, not treated as hedges	3,463		'
Derivative liabilities	7,345		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	207,360		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,683		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,508		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	12,717	[6]	'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	311,268		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	3,882		'
Interest rate swaps, not treated as hedges	3,463		'
Derivative liabilities	7,345		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	207,360		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,683		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,508		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	$12,717	[6]	'
[1]	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	Measured at fair value on a recurring basis.
[3]	Excludes nine CDO securities with a zero value, which had an aggregate face amount of $116.1 million.
[4]	As of June 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $242.3 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 accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
[5]	See Schedule of fair value of hedge and non-hedge derivatives.
[6]	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.

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 $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Balance, Beginning	$445,469
Total gains (losses)	'
Included in net income	28,617	[1],[2]
Included in other comprehensive income (loss)	-5,299	[1]
Amortization included in interest income	13,998
Purchases, sales and settlements	'
Proceeds from sales	-122,828
Proceeds from repayments	-79,372
Balance, Ending	280,585
CMBS Conduit [Member]	'
Balance, Beginning	198,935
Total gains (losses)	'
Included in net income	15,402	[1],[2]
Included in other comprehensive income (loss)	-13,800	[1]
Amortization included in interest income	9,330
Purchases, sales and settlements	'
Proceeds from sales	-72,438
Proceeds from repayments	-4,123
Balance, Ending	133,306
CMBS Other [Member]	'
Balance, Beginning	85,534
Total gains (losses)	'
Included in other comprehensive income (loss)	189	[1]
Amortization included in interest income	332
Purchases, sales and settlements	'
Proceeds from repayments	-12,001
Balance, Ending	74,054
Non-Agency RMBS [Member]	'
Balance, Beginning	57,581
Total gains (losses)	'
Included in other comprehensive income (loss)	4,725	[1]
Amortization included in interest income	2,539
Purchases, sales and settlements	'
Proceeds from repayments	-4,337
Balance, Ending	60,508
ABS Franchise [Member]	'
Total gains (losses)	'
Amortization included in interest income	48
Purchases, sales and settlements	'
Proceeds from repayments	-48
Equity/Other Securities [Member]	'
Balance, Beginning	59,757
Total gains (losses)	'
Included in net income	717	[1],[2]
Included in other comprehensive income (loss)	3,587	[1]
Amortization included in interest income	1,749
Purchases, sales and settlements	'
Proceeds from sales	-50,390
Proceeds from repayments	-2,703
Balance, Ending	12,717
Linked Transactions [Member]	'
Balance, Beginning	43,662
Total gains (losses)	'
Included in net income	12,498	[1],[2]
Purchases, sales and settlements	'
Proceeds from repayments	($56,160)
[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 (See Schedule of gains losses on fair value of real estate securities).

FAIR_VALUE_Gains_Losses_on_RE_

FAIR VALUE - Gains Losses on RE Securities (Details 4) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013
Gain (loss) on settlement of investments, net	$40,403	$5,066	$42,735		$5,063
OTTI	'	-3,430	'		-4,405
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]	'	'	'		'
Gain (loss) on settlement of investments, net	'	'	16,119		'
Other income (loss), net	'	'	12,498		'
Total	'	'	$28,617	[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 (See Schedule of gains losses on fair value of real estate securities).

FAIR_VALUE_Securities_Valuatio

FAIR VALUE - Securities Valuation Methodology (Details 5) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Total Fair Value	$311,268		$984,263
CMBS [Member]	'		'
Outstanding Face Amount	243,612	[1]	'
Amortized Cost Basis	164,381	[2]	'
Multiple Quotes Fair Value (C)	164,907	[3]	'
Single Quote Fair Value (D)	42,453	[4]	'
Total Fair Value	207,360		'
REIT Debt [Member]	'		'
Outstanding Face Amount	29,200	[1]	'
Amortized Cost Basis	28,791	[2]	'
Multiple Quotes Fair Value (C)	30,683	[3]	'
Total Fair Value	30,683	[5]	'
Non-Agency RMBS [Member]	'		'
Outstanding Face Amount	90,781	[1]	'
Amortized Cost Basis	38,875	[2]	'
Multiple Quotes Fair Value (C)	60,508	[3]	'
Total Fair Value	60,508	[5]	'
ABS Franchise [Member]	'		'
Outstanding Face Amount	8,464	[1]	'
CDO Securities [Member]	'		'
Outstanding Face Amount	17,063	[1],[6]	'
Amortized Cost Basis	6,368	[2]	'
Single Quote Fair Value (D)	6,744	[4]	'
Internal Pricing Models Fair Value (E)	5,973	[7]	'
Total Fair Value	12,717	[5]	'
Real Estate Securities [Member]	'		'
Outstanding Face Amount	389,120	[1],[8]	'
Amortized Cost Basis	238,415	[2]	'
Multiple Quotes Fair Value (C)	256,098	[3]	'
Single Quote Fair Value (D)	49,197	[4]	'
Internal Pricing Models Fair Value (E)	5,973	[7]	'
Total Fair Value	$311,268	[5]	'
[1]	Net of incurred losses.
[2]	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended June 30, 2014.
[3]	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.
[4]	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.
[5]	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[6]	Represents non-consolidated CDO securities, excluding nine securities with a zero value, which had an aggregate face amount of $116.1 million.
[7]	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).
[8]	The total outstanding face amount was $265.7 million for fixed rate securities and $123.4 million for floating rate securities.

FAIR_VALUE_Internal_Pricing_Mo

FAIR VALUE - Internal Pricing Models (Details 6) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2014	Jun. 30, 2014
			CDO Securities [Member]		Measured on a Recurring Basis [Member]	Measured on a Recurring Basis [Member]
					Internal Pricing Models [Member]	Internal Pricing Models [Member]
						CDO Securities [Member]
Amortized Cost Basis	'	'	$6,368	[1]	'	'
Fair Value	'	'	'		5,973	5,973
Impairment recorded in current period	3,910	4,449	'		'	'
Unrealized Gains (Losses) in Accumulated OCI	'	'	$6,349		$5,973	$5,973
Weighted Average - Discount Rate	'	'	'		'	10.00%
Weighted Average - Prepayment Speed	'	'	'		'	3.60%
Cumulative Default Rate	'	'	'		'	25.40%
Loss Severity	'	'	'		'	73.70%
[1]	Net of discounts (or gross of premiums) and after OTTI, including impairment taken during the period ended June 30, 2014.

FAIR_VALUE_Loan_Valuation_Deta

FAIR VALUE - Loan Valuation (Details 7) (USD $)	3 Months Ended			6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013	Dec. 31, 2013
Real estate related loans and other loans, held-for-sale, net	$289,112		'	$289,112		'	$437,530
Residential mortgage loans, held-for-sale, net	32,083		'	32,083		'	2,185
Valuation allowance (reversal) on loans	1,526		-709	2,772		1,525	'
Mezzanine Loans [Member]	'		'	'		'	'
Outstanding Face Amount	157,046		'	157,046		'	'
Real estate related loans and other loans, held-for-sale, net	124,628		'	124,628		'	'
Fair Value	127,673		'	127,673		'	'
Discount Rate	'		'	7.40%		'	'
Loss Severity	'		'	19.00%		'	'
Mezzanine Loans [Member] | Lower Range [Member]	'		'	'		'	'
Discount Rate	'		'	5.00%		'	'
Loss Severity	'		'	0.00%		'	'
Mezzanine Loans [Member] | Upper Range [Member]	'		'	'		'	'
Discount Rate	'		'	9.00%		'	'
Loss Severity	'		'	100.00%		'	'
Corporate Bank Loans [Member]	'		'	'		'	'
Outstanding Face Amount	164,973		'	164,973		'	'
Real estate related loans and other loans, held-for-sale, net	97,684		'	97,684		'	'
Fair Value	107,969		'	107,969		'	'
Valuation allowance (reversal) on loans	'		'	5,227		'	'
Discount Rate	'		'	23.10%		'	'
Loss Severity	'		'	27.80%		'	'
Corporate Bank Loans [Member] | Lower Range [Member]	'		'	'		'	'
Discount Rate	'		'	22.50%		'	'
Loss Severity	'		'	0.00%		'	'
Corporate Bank Loans [Member] | Upper Range [Member]	'		'	'		'	'
Discount Rate	'		'	31.00%		'	'
Loss Severity	'		'	100.00%		'	'
B-Notes [Member]	'		'	'		'	'
Outstanding Face Amount	69,912		'	69,912		'	'
Real estate related loans and other loans, held-for-sale, net	66,420		'	66,420		'	'
Fair Value	66,420		'	66,420		'	'
Valuation allowance (reversal) on loans	'		'	-3,269		'	'
Discount Rate	'		'	5.60%		'	'
Loss Severity	'		'	0.00%		'	'
B-Notes [Member] | Lower Range [Member]	'		'	'		'	'
Discount Rate	'		'	3.00%		'	'
B-Notes [Member] | Upper Range [Member]	'		'	'		'	'
Discount Rate	'		'	12.00%		'	'
Whole Loans [Member]	'		'	'		'	'
Outstanding Face Amount	380		'	380		'	'
Real estate related loans and other loans, held-for-sale, net	380		'	380		'	'
Fair Value	387		'	387		'	'
Discount Rate	'		'	4.00%		'	'
Loss Severity	'		'	0.00%		'	'
Total Real Estate Related and Other Loans Held for Sale, Net [Member]	'		'	'		'	'
Outstanding Face Amount	392,311		'	392,311		'	'
Real estate related loans and other loans, held-for-sale, net	289,112		'	289,112		'	'
Fair Value	302,449		'	302,449		'	'
Valuation allowance (reversal) on loans	'		'	1,958		'	'
Residential Loans [Member]	'		'	'		'	'
Outstanding Face Amount	43,229		'	43,229		'	'
Residential mortgage loans, held-for-sale, net	32,083	[1]	'	32,083	[1]	'	'
Fair Value	39,699	[1]	'	39,699	[1]	'	'
Valuation allowance (reversal) on loans	'		'	399	[2]	'	'
Discount Rate	'		'	7.30%		'	'
Prepayment Speed	'		'	4.60%		'	'
Cumulative Default Rate	'		'	2.80%		'	'
Loss Severity	'		'	46.00%		'	'
Total Residential Mortgage Loans Held For Sale, Net [Member]	'		'	'		'	'
Outstanding Face Amount	43,229		'	43,229		'	'
Residential mortgage loans, held-for-sale, net	32,083	[1]	'	32,083	[1]	'	'
Fair Value	39,699	[1]	'	39,699	[1]	'	'
Valuation allowance (reversal) on loans	'		'	$399	[2]	'	'
[1]	Carrying value and fair value include interest receivable of $0.1 million for the residential housing loans.
[2]	The valuation allowance (reversal) excludes $0.4 million related to the manufactured housing portfolio that was sold in May 2014.

FAIR_VALUE_Fair_Value_of_Deriv

FAIR VALUE - Fair Value of Derivatives (Details 8) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Interest rate swaps [Member] | Designated as hedging instrument [Member]	'	'
Fair Value of Derivatives	$3,882	$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 [Member] | Not designated as hedging instrument [Member]	'	'
Fair Value of Derivatives	3,463	7,592
Fair Value of Derivatives, Balance Sheet Location	'Accounts payable, accrued expenses and other liabilities	'Accounts payable, accrued expenses and other liabilities
Linked Transactions [Member]	'	'
Fair Value of Derivatives	'	43,662
Fair Value of Derivatives, Balance Sheet Location	'Receivables and other assets	'Receivables and other assets
Derivatives [Member] | Liabilities [Member]	'	'
Fair Value of Derivatives	7,345	13,795
Derivatives [Member] | Assets [Member]	'	'
Fair Value of Derivatives	'	$43,662

FAIR_VALUE_Outstanding_Derivat

FAIR VALUE - Outstanding Derivatives (Details 9) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Amount of (loss) recognized in OCI on effective portion	($4,072)	($6,117)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	134	170
Deferred hedge gain (loss) related to dedesignation, net of amortization	-35	-45
Linked Transactions [Member]	'	'
Notional Amount of Derivatives	'	116,806	[1]
Designated as hedging instrument [Member] | Deferred [Member]	'	'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	56	53
Designated as hedging instrument [Member] | Current [Member]	'	'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	-2,419	-3,915
Interest rate swaps [Member] | Designated as hedging instrument [Member]	'	'
Notional Amount of Derivatives	84,048	105,031
Interest rate swaps [Member] | Not designated as hedging instrument [Member]	'	'
Notional Amount of Derivatives	$158,258	$185,871
[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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Cash flow hedges	'	'	'	'
Cash flow hedge income statement location - ineffective portion	'Other income (loss)	'	'Other income (loss)	'
Gain (loss) on the ineffective portion	$259	'	$259	'
Cash flow hedge income statement location - reclassifications	'Interest expense	'Interest expense	'Interest expense	'Interest expense
Amount of gain (loss) reclassified from AOCI into income, related to effective portion	-1,178	-1,703	'	-3,568
Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	19	17	'	33
Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	-5	-16	'	-32
Non-hedge income statement location	'Other income (loss)	'Other income (loss)	'	'Other income (loss)
Interest rate swaps gain/loss	2,029	2,282	'	5,408
Linked transactions gain/loss	1,825	'	'	'
Non-hedge income statement location - linked transactions interest expense	'Interest expense	'Interest expense	'	'Interest expense
Linked transactions non-hedge interest expense	($89)	($8)	'	($8)

FAIR_VALUE_Details_Narrative

FAIR VALUE (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified			Residential Loans [Member]	Securitized Manufacturing Housing Loan Portfolio I [Member]	Interest rate swaps [Member]	Non-consolidated CDO Securities [Member]
					Liabilities [Member]	Integer
					Derivatives
Number of securities	'	'	'	'	'	9
Outstanding Face Amount	'	'	$43,229	'	'	$116,100
Number of interest rate swaps	'	'	'	'	3	'
Notional Balance of Derivative Assets	'	'	'	'	242,300	'
Interest Receivable	1,629	4,667	100	'	'	'
Valuation allowance (reversal) excluded due to sale of manufactured housing portfolio	'	'	'	$400	'	'

EQUITY_AND_EARNINGS_PER_SHARE_1

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Stock Options outstanding	29,655,928
Strike Price	$3.25	[1]
Options - Strike Price 12.84 [Member]	'
Stock Options outstanding	162,500
Strike Price	$12.84	[1]
Maturity Date	'2014-11-22
Options - Strike Price 12.03 [Member]	'
Stock Options outstanding	330,000
Strike Price	$12.03	[1]
Maturity Date	'2015-01-12
Options - Strike Price 12.62 [Member]	'
Stock Options outstanding	2,000
Strike Price	$12.62	[1]
Maturity Date	'2015-08-01
Options - Strike Price 11.95 [Member]	'
Stock Options outstanding	170,000
Strike Price	$11.95	[1]
Maturity Date	'2016-11-01
Options - Strike Price 12.80 [Member]	'
Stock Options outstanding	242,000
Strike Price	$12.80	[1]
Maturity Date	'2017-01-23
Options - Strike Price 11.19 [Member]	'
Stock Options outstanding	456,000
Strike Price	$11.19	[1]
Maturity Date	'2017-04-11
Options - Strike Price 1.51 [Member]	'
Stock Options outstanding	1,495,166
Strike Price	$1.51	[1]
Maturity Date	'2021-03-29
Options - Strike Price 0.86 [Member]	'
Stock Options outstanding	2,294,833
Strike Price	$0.86	[1]
Maturity Date	'2021-09-27
Options - Strike Price 1.07 [Member]	'
Stock Options outstanding	2,000
Strike Price	$1.07	[1]
Maturity Date	'2021-12-20
Options - Strike Price 1.61 [Member]	'
Stock Options outstanding	1,867,167
Strike Price	$1.61	[1]
Maturity Date	'2022-04-03
Options - Strike Price 1.84 [Member]	'
Stock Options outstanding	2,265,000
Strike Price	$1.84	[1]
Maturity Date	'2022-05-21
Options - Strike Price 1.84 [Member]	'
Stock Options outstanding	2,265,000
Strike Price	$1.84	[1]
Maturity Date	'2022-05-21
Options - Strike Price 1.83 [Member]	'
Stock Options outstanding	2,499,167
Strike Price	$1.83	[1]
Maturity Date	'2022-07-31
Options - Strike Price 3.03 [Member]	'
Stock Options outstanding	5,750,000
Strike Price	$3.03	[1]
Maturity Date	'2023-01-11
Options - Strike Price 3.54 [Member]	'
Stock Options outstanding	2,300,000
Strike Price	$3.54	[1]
Maturity Date	'2023-02-15
Options - Strike Price 3.76 [Member]	'
Stock Options outstanding	4,025,000
Strike Price	$3.76	[1]
Maturity Date	'2023-06-17
Options - Strike Price 4.04 [Member]	'
Stock Options outstanding	5,795,095
Strike Price	$4.04	[1]
Maturity Date	'2023-11-22
[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) (USD $)	Jun. 30, 2014
Stock Options outstanding	29,655,928
Weighted average strike price	$3.25	[1]
Issued Prior to 2011 [Member]	'
Stock Options outstanding	1,362,500
Weighted average strike price	$11.97
Issued in 2011 and Thereafter [Member]	'
Stock Options outstanding	28,293,428
Weighted average strike price	$2.83
Manager [Member]	'
Stock Options outstanding	25,471,558
Manager [Member] | Issued Prior to 2011 [Member]	'
Stock Options outstanding	1,075,130
Manager [Member] | Issued in 2011 and Thereafter [Member]	'
Stock Options outstanding	24,396,428
Manager's Employees [Member]	'
Stock Options outstanding	4,180,370
Manager's Employees [Member] | Issued Prior to 2011 [Member]	'
Stock Options outstanding	285,370
Manager's Employees [Member] | Issued in 2011 and Thereafter [Member]	'
Stock Options outstanding	3,895,000
Directors [Member]	'
Stock Options outstanding	4,000
Directors [Member] | Issued Prior to 2011 [Member]	'
Stock Options outstanding	2,000
Directors [Member] | Issued in 2011 and Thereafter [Member]	'
Stock Options outstanding	2,000
[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_3

EQUITY AND EARNINGS PER SHARE (Details Narrative) (USD $)	0 Months Ended	1 Months Ended		3 Months Ended			6 Months Ended
In Thousands, except Share data, unless otherwise specified	7-May-14	Jul. 31, 2014	Apr. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 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	$0.10	$0.17	$0.20	$0.39
Dividends paid	'	$36,600	$36,500	'	'	'	'	'
Options exercised	215,000	'	'	'	'	'	'	'
Weighted average exercise price of options exercised	$1.12	'	'	'	'	'	'	'
Options forfeited	88,650	'	'	'	'	'	'	'
Antidilutive common stock equivalents	'	'	'	'	'	'	1,362,500	'
Dilutive common stock equivalents	'	'	'	11,262,505	'	6,167,876	11,436,921	5,558,512
Series B Cumulative Redeemable Preferred Stock [Member]	'	'	'	'	'	'	'	'
Dividends Declared per Share of Preferred Stock	'	'	'	$0.61	$0.61	'	'	'
Series C Cumulative Redeemable Preferred Stock [Member]	'	'	'	'	'	'	'	'
Dividends Declared per Share of Preferred Stock	'	'	'	$0.50	$0.50	'	'	'
Series D Cumulative Redemable Preferred [Member]	'	'	'	'	'	'	'	'
Dividends Declared per Share of Preferred Stock	'	'	'	$0.52	$0.52	'	'	'

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details Narrative) (Triple Net Lease Properties acquired in 2014 [Member], USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Triple Net Lease Properties acquired in 2014 [Member]	'
Amount committed for capital improvements and other repairs	$6,500
Additional amounts committed for further capital improvements	$9,000

INCOME_TAXES_Provision_for_Inc

INCOME TAXES - Provision for Income Taxes (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Current:	'	'
Federal	$518	$590
State and Local	103	164
Total Current Provision	621	754
Deferred	'	'
Federal	-74	-314
State and Local	-7	-520
Total Deferred Provision	-81	-834
Total Provision for Income Taxes	$540	($80)	[1]
[1]	The provision for income taxes for the six months ended June 30, 2014 includes $0.9 million income tax benefit from New Media that is included in income (loss) from discontinued operations on the consolidated statement of income.

INCOME_TAXES_Deferred_Tax_Asse

INCOME TAXES - Deferred Tax Assets (Details 1) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred tax assets	'		'
Allowance for loan losses	$921		$2,076
Depreciation and amortization	37,524		94,880
Leaseholds	6,905		6,489
Accrued expenses	15,292		23,816
Deposits	7,787		7,787
Net operating losses	53,135		211,560
Other	373		17,036
Total deferred tax assets	121,937		363,644
Less valuation allowance	-121,567		-363,192
Net deferred tax assets	$370	[1]	$452	[1]
[1]	Recorded in Receivables and Other Assets on the consolidated balance sheets.

INCOME_TAXES_Change_in_Deferre

INCOME TAXES - Change in Deferred Tax Asset Valuation Allowance (Details 2) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Valuation allowance, beginning	$363,192
Decrease due to spin-off of New Media	-244,401
Other increase in valuation allowance	2,776
Valuation allowance, ending	$121,567

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Decrease in valuation allowance	($241,600)
Discontinued Operations [Member]	'
Income tax (benefit) expense from discontinued operations	($915)

GAINS_LOSSES_ON_SETTLEMENT_OF_2

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Gain (loss) on settlement of investments, net	'	'	'	'
Gain on termination of derivative	'	$813	'	$813
Loss on disposal of long-lived assets	-32	-10	-34	-13
[GainLossOnInvestments]	40,403	5,066	42,735	5,063
Other income (loss), net	'	'	'	'
Gain (loss) on non-hedge derivative instruments	3,855	2,282	16,603	5,408
Hedge ineffectiveness	259	'	259	'
Collateral management fee income, net	250	336	515	688
Equity in earnings of equity method investees	328	'	289	'
Other income (loss)	'	406	500	1,495
Total Other income (loss), net	4,692	3,024	18,166	7,591
Total Real Estate Related and Other Loans Held for Sale, Net [Member]	'	'	'	'
Gain (loss) on settlement of investments, net	'	'	'	'
Gain on settlement of investments	24,737	'	24,737	'
Loss on settlement of investments	'	-354	'	-354
Real Estate Securities [Member]	'	'	'	'
Gain (loss) on settlement of investments, net	'	'	'	'
Gain on settlement of investments	15,698	8,209	18,032	8,209
Loss on settlement of investments	'	($3,592)	'	($3,592)

RECLASSIFICATION_FROM_ACCUMULA2

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net realized gain (loss) on securities	'	'	'	'
Impairment	'	($3,910)	'	($4,449)
Income statement location - impairment of real estate securities	'	'Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	'	'Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income
Reclassification of net realized (gain) loss on securities into earnings	15,698	707	18,032	168
Net realized gain (loss) on derivatives designated as cash flow hedges	'	'	'	'
Cash flow hedge income statement location - ineffective portion	'Other income (loss)	'	'Other income (loss)	'
Hedge ineffectiveness	-259	'	-259	'
Cash flow hedge income statement location - reclassifications	'Interest expense	'Interest expense	'Interest expense	'Interest expense
Amortization of deferred gain (loss)	13	1	26	1
Gain (loss) reclassified from AOCI into income, related to effective portion	-1,178	-1,703	-2,457	-3,568
Net realized gains (losses) on derivatives designated as cash flow hedges	-1,424	-1,702	-2,690	-3,567
Total reclassifications	14,274	-995	15,342	-3,399
Real Estate Securities [Member]	'	'	'	'
Net realized gain (loss) on securities	'	'	'	'
Gain on settlement of investments	15,698	8,209	18,032	8,209
Loss on settlement of investments	'	($3,592)	'	($3,592)
Income statement location - gain (loss) on settlement of real estate securities	'Gain (loss) on settlement of investments, net	'Gain (loss) on settlement of investments, net	'Gain (loss) on settlement of investments, net	'Gain (loss) on settlement of investments, net

SUPPLEMENTAL_NONCASH_INVESTING2

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Restricted Cash activity:	'	'
Restricted cash generated from sale of securities	$72,442	$135,900
Restricted cash generated from sale of loans	'	9,318
Restricted cash generated from paydowns on securities and loans	221,549	179,583
Restricted cash used for repayments of CDO bonds payable	288,206	235,883
Restricted cash used for settlement of derivative instruments	'	$1,563

RECENT_ACTIVITIES_Pro_Forma_Ea

RECENT ACTIVITIES - Pro Forma Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Per Share of Common Stock	'	'	'	'
Basic	$0.09	$0.20	$0.10	$0.36
Diluted	$0.09	$0.20	$0.10	$0.35
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	'	'	'	'
Basic	$0.09	$0.10	$0.11	$0.22
Diluted	$0.09	$0.10	$0.11	$0.21
Income (loss) from discontinued operations per share of common stock	'	'	'	'
Basic	'	$0.10	($0.02)	$0.14
Diluted	'	$0.10	($0.02)	$0.14
Weighted Average Number of Shares of Common Stock Outstanding	'	'	'	'
Basic	351,598,001	259,228,343	351,526,147	247,249,101
Diluted	362,860,506	265,396,219	362,963,068	252,807,613
Pro-Forma Reflecting Reverse Stock Split [Member]	'	'	'	'
Income Per Share of Common Stock	'	'	'	'
Basic	$0.26	$0.61	$0.30	$1.08
Diluted	$0.26	$0.59	$0.29	$1.06
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	'	'	'	'
Basic	$0.27	$0.31	$0.34	$0.65
Diluted	$0.26	$0.30	$0.33	$0.63
Income (loss) from discontinued operations per share of common stock	'	'	'	'
Basic	'	$0.30	($0.05)	$0.43
Diluted	'	$0.29	($0.05)	$0.42
Weighted Average Number of Shares of Common Stock Outstanding	'	'	'	'
Basic	117,199,333	86,409,447	117,175,382	82,416,367
Diluted	120,953,502	88,465,406	120,987,689	84,269,204

RECENT_ACTIVITIES_Details_Narr

RECENT ACTIVITIES (Details Narrative) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Aug. 06, 2014

Aug. 19, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

Jul. 31, 2014

In Thousands, except Share data, unless otherwise specified

Total CDO Bonds Payable [Member]

CDO Securities Repurchase Agreements [Member]

Subsequent To Balance Sheet Date [Member]

Subsequent To Balance Sheet Date [Member]

Subsequent To Balance Sheet Date [Member]

Subsequent To Balance Sheet Date [Member]

Subsequent To Balance Sheet Date [Member]

Residential Loans [Member]

Residential Loans [Member]

Directors [Member]

Total CDO Bonds Payable [Member]

CDO Securities Repurchase Agreements [Member]

Subsequent To Balance Sheet Date [Member]

Outstanding face amount

'

'

'

'

'

'

'

'

'

$43,229

[1]

$37,600

Loan percentage against par

'

'

'

'

'

'

'

'

'

'

91.50%

Proceeds from sale of loan portfolio

'

'

'

'

'

'

'

'

'

'

34,800

Debt repayed

'

'

'

'

'

'

'

'

'

'

23,000

Net gain on sale of loans

'

'

'

'

'

'

'

'

'

'

7,300

Deal/transaction expenses

'

'

'

'

'

'

'

'

'

'

1,200

Debt Face Amount

$2,171,875

'

$262,492

$79,712

[2],[3]

'

'

'

$20,000

$12,000

'

'

Variable rate description

'

'

'

'LIBOR

[2],[3],[4]

'

'

'

'

'one month LIBOR

'

'

Variable Interest Rate Spread

'

'

'

1.65%

[2],[3],[4]

'

'

'

'

1.65%

'

'

Final Stated Maturity

'

'

'

'Jul 2014

[2],[3]

'

'

'

'

'Aug 2014

'

'

Shares of common stock issued for compensation

'

'

'

'

'

'

15,658

'

'

'

'

Reverse stock-split ratio

'

'

'

'

0.33

'

'

'

'

'

'

Stock split effective date

'

'

'

'

'August 19, 2014 opening of trading

'

'

'

'

'

'

Common stock, shares issued

351,709,903

351,453,495

'

'

'

117,000,000

'

'

'

'

'

Common stock, shares outstanding

351,709,903

351,453,495

'

'

'

117,000,000

'

'

'

'

'

[1]

Loans acquired at a discount for credit quality.

[2]

Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation.

[3]

These repurchase agreements had less than $0.1 million of accrued interest payable at June 30, 2014. $102.7 million face amount of these repurchase agreements were renewed subsequent to June 30, 2014. The counterparties on these repurchase agreements are Bank of America ($79.7 million) and Credit Suisse ($23.0 million). Newcastle has margin exposure on a $23.0 million repurchase agreement related to the financing of residential mortgage loans, and a $79.7 million repurchase agreement related to the financing of certain Newcastle CDO VIII and CDO IX notes. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity.

[4]

Weighted average, including floating and fixed rate classes.