Drive Shack (DSHK) 10-Q 5 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 29, 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-Sep-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	'	66,399,857
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Real estate securities, available-for-sale	$310,639	$984,263
Real estate related and other loans, held-for-sale, net	224,992	437,530
Residential mortgage loans, held-for-investment, net	'	255,450
Residential mortgage loans, held-for-sale, net	4,036	2,185
Subprime mortgage loans subject to call option	406,217	406,217
Investments in senior housing real estate, net of accumulated depreciation	1,582,477	1,362,900
Investments in other real estate, net of accumulated depreciation	245,510	250,208
Intangibles, net of accumulated amortization	201,909	196,407
Other investments	26,456	25,468
Cash and cash equivalents	257,584	73,984
Restricted cash	4,624	5,856
Receivables and other assets	111,996	139,595
Assets of discontinued operations	6,863	697,572
Total Assets	3,383,303	4,837,635
Liabilities	'	'
CDO bonds payable	230,858	544,525
Other bonds and notes payable	82,063	230,279
Repurchase agreements	63,804	556,347
Mortgage notes payable	1,148,008	1,076,828
Credit facilities and obligations under capital leases, golf	160,692	152,498
Financing of subprime mortgage loans subject to call option	406,217	406,217
Junior subordinated notes payable	51,233	51,237
Dividends Payable	40,770	36,075
Accounts payable, accrued expenses and other liabilities	249,065	261,825
Liabilities of discontinued operations	412	295,680
Total Liabilities	2,433,122	3,611,511
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 September 30, 2014 and December 31, 2013	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,399,857 and 58,575,583 shares issued and outstanding, at September 30, 2014 and December 31, 2013, respectively	664	586
Additional paid-in capital	3,171,983	2,973,715
Accumulated deficit	-2,350,567	-1,947,913
Accumulated other comprehensive income	66,342	76,874
Total Newcastle Stockholders' Equity	950,005	1,164,845
Noncontrolling interests	176	61,279
Total Equity	950,181	1,226,124
Total Liabilities and Equity	3,383,303	4,837,635
Non Recourse VIE Financing Structures [Member]	'	'
Assets	'	'
Real estate securities, available-for-sale	299,362	426,695
Real estate related and other loans, held-for-sale, net	224,992	437,530
Residential mortgage loans, held-for-sale, net	3,117	223,628
Subprime mortgage loans subject to call option	406,217	406,217
Other investments	20,057	19,308
Restricted cash	1,672	2,344
Receivables and other assets	2,864	3,680
Assets of discontinued operations	6,627	6,677
Total Assets	964,908	1,526,079
Liabilities	'	'
CDO bonds payable	230,858	544,525
Other bonds and notes payable	82,063	230,279
Financing of subprime mortgage loans subject to call option	406,217	406,217
Accounts payable, accrued expenses and other liabilities	4,844	20,148
Liabilities of discontinued operations	412	413
Total Liabilities	$724,394	$1,201,582

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
			Series B Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	Series C Cumulative Redeemable Preferred Stock [Member]	Series C Cumulative Redeemable Preferred Stock [Member]	Series D Cumulative Redemable Preferred [Member]	Series D Cumulative Redemable Preferred [Member]
Preferred stock, dividend rate	'	'	9.75%	9.75%	8.05%	8.05%	8.38%	8.38%
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	1,347,321	1,347,321	496,000	496,000	620,000	620,000
Preferred stock, shares outstanding	2,463,321	2,463,321	1,347,321	1,347,321	496,000	496,000	620,000	620,000
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	66,399,857	58,575,583	'	'	'	'	'	'
Common stock, shares outstanding	66,399,857	58,575,583	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Income Statement [Abstract]	'		'		'		'
Interest income	$27,544		$47,486		$103,889		$171,642
Interest expense	32,549		20,555		102,340		65,263
Net interest income (expense)	-5,005		26,931		1,549		106,379
Impairment/(Reversal)	'		'		'		'
Valuation allowance (reversal) on loans	-4,015		-12,998		-1,243		-11,473
Other-than-temporary impairment on securities	'		'		'		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)	'		'		'		44
Total impairment (reversal)	-4,015		-12,998		-1,243		-7,024
Net interest income (expense) after impairment/reversal	-990		39,929		2,792		113,403
Operating Revenues	'		'		'		'
Rental income	60,828		20,607		167,208		42,799
Care and ancillary income	6,428		3,763		17,555		8,081
Golf course operations	50,414		'		140,699		'
Sales of food and beverages - golf	18,871		'		52,333		'
Other golf revenue	12,209		'		33,832		'
Total operating revenues	148,750		24,370		411,627		50,880
Other Income	'		'		'		'
Gain on settlement of investments, net	7,007		1,388		49,742		6,451
Gain (loss) on extinguishment of debt	'		3,359		-3,410		4,565
Other income, net	7,092		1,963		25,258		9,554
Total other income	14,099		6,710		71,590		20,570
Expenses	'		'		'		'
Loan and security servicing expense	159		908		1,424		2,963
Property operating expenses	26,519		15,542		74,092		31,827
Operating expenses - golf	67,576		'		191,119		'
Cost of sales - golf	8,420		'		23,183		'
General and administrative expense	8,539		9,350		27,380		23,495
Management fee to affiliate	8,106		7,166		23,618		24,879
Depreciation and amortization	37,023		7,678		97,812		15,717
Total expenses	156,342		40,644		438,628		98,881
Income from continuing operations before income tax	5,517		30,365		47,381		85,972
Income tax expense	334		'		1,169		'
Income from continuing operations	5,183		30,365		46,212		85,972
Income (loss) from discontinued operations, net of tax	127		-1,121		-4,748		35,008
Net Income	5,310		29,244		41,464		120,980
Preferred dividends	-1,395		-1,395		-4,185		-4,185
Net loss attributable to noncontrolling interests	21		'		711		'
Income Applicable to Common Stockholders	$3,936		$27,849		$37,990		$116,795
Income Applicable to Common Stock, per share	'		'		'		'
Basic	$0.06	[1]	$0.57	[1]	$0.63	[1]	$2.67	[1]
Diluted	$0.06	[1]	$0.56	[1]	$0.62	[1]	$2.60	[1]
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	'		'		'		'
Basic	$0.06	[1]	$0.59	[1]	$0.71	[1]	$1.87	[1]
Diluted	$0.06	[1]	$0.58	[1]	$0.69	[1]	$1.82	[1]
Income (loss) from discontinued operations per share of common stock	'		'		'		'
Basic	$0	[1]	($0.02)	[1]	($0.08)	[1]	$0.80	[1]
Diluted	$0	[1]	($0.02)	[1]	($0.08)	[1]	$0.78	[1]
Weighted Average Number of Shares of Common Stock Outstanding	'		'		'		'
Basic	62,329,023	[1]	48,895,648	[1]	59,848,506	[1]	43,789,831	[1]
Diluted	63,865,796	[1]	50,171,319	[1]	61,630,175	[1]	44,842,947	[1]
Dividends Declared per Share of Common Stock	$0.60	[1]	$0.60	[1]	$1.80	[1]	$2.94	[1]
[1]	All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.

CONSOLIDATED_STATEMENTS_OF_INC1

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)	9 Months Ended
	Sep. 30, 2014
Reverse stock-split ratio	0.167
Reverse Stock Split 1 [Member]	'
Reverse stock-split ratio	0.33
Stock split effective date	'August 18, 2014 close of trading
Reverse Stock Split 2 [Member] | Subsequent To Balance Sheet Date [Member]	'
Reverse stock-split ratio	0.5
Stock split effective date	'October 22, 2014 close of trading

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$5,310	$29,244	$41,464	$120,980
Other comprehensive income (loss):	'	'	'	'
Net unrealized gain (loss) on securities	-3,743	3,123	4,734	42,400
Reclassification of net realized gain on securities into earnings	'	-1,381	-18,032	-1,549
Net unrecognized gain and pension prior service cost (discontinued operations)	'	'	9	'
Net unrealized gain (loss) on derivatives designated as cash flow hedges	6	-172	-148	-128
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	1,200	1,279	3,372	4,846
Other comprehensive income (loss)	-2,537	2,849	-10,065	45,569
Total comprehensive income	2,773	32,093	31,399	166,549
Comprehensive income attributable to Newcastle stockholders' equity	2,794	32,093	32,110	166,549
Comprehensive loss attributable to noncontrolling interests	($21)	'	($711)	'

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	$586	$2,973,715	($1,947,913)	$76,874	$1,164,845	$61,279	$1,226,124
Balance, beginning - shares at Dec. 31, 2013	2,463,321	58,575,583	'	'	'	'	'	'
Dividends declared	'	'	'	-114,340	'	-114,340	'	-114,340
Issuance of common stock	'	78	198,268	'	'	198,346	'	198,346
Issuance of common stock, shares	'	7,824,274	'	'	'	'	'	'
Spin-off of New Media	'	'	'	-330,489	-467	-330,956	-60,392	-391,348
Comprehensive income (loss)	'	'	'	'	'	'	'	'
Net income (loss)	'	'	'	42,175	'	42,175	-711	41,464
Other comprehensive income	'	'	'	'	-10,065	-10,065	'	-10,065
Total comprehensive income (loss)	'	'	'	'	'	32,110	-711	31,399
Balance, ending at Sep. 30, 2014	$61,583	$664	$3,171,983	($2,350,567)	$66,342	$950,005	$176	$950,181
Balance, ending - shares at Sep. 30, 2014	2,463,321	66,399,857	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities	'	'
Net Income	$41,464	$120,980
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):	'	'
Depreciation and amortization	102,585	15,881
Accretion of discount and other amortization	-12,393	-27,851
Interest income in CDOs redirected for reinvestment or CDO bond paydown	-1,747	-1,068
Interest income on investments accrued to principal balance	-15,960	-19,495
Interest expense on debt accrued to principal balance	332	330
Non-cash directors' compensation	275	275
Valuation allowance (reversal) on loans	-1,243	-11,473
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
Change in fair value of contingent consideration	-1,500	'
Straight-lining of rental income	-19,035	'
Equity in earnings from equity method investments	-621	-587
Distributions of earnings from equity method investees	'	1,069
Gain on settlement of investments (net)	-49,742	-6,451
Unrealized gain on non-hedge derivatives and hedge ineffectiveness	-18,432	-7,302
Loss/(gain) on extinguishment of debt	3,410	-4,565
Change in:	'	'
Restricted cash	3,278	3,786
Receivables and other assets	6,441	-983
Accounts payable, accrued expenses and other liabilities	-11,494	8,554
Payment of deferred interest	'	-648
Deferred interest received	'	5,125
Net cash provided by operating activities	25,618	56,962
Cash Flows From Investing Activities	'	'
Principal repayments from repurchased CDO debt	68,265	80,817
Principal repayments from CDO securities	12,997	2,792
Principal repayments from non-Agency RMBS	252	25,178
Return of investments in excess mortgage servicing rights	'	15,803
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)	34,310	186,999
Principal repayment from security accounted for as linked transaction	116,806	'
Purchase of real estate securities	'	-1,113,528
Purchase of securities accounted for as linked transactions	'	-103,140
Purchase of real estate related and other loans	'	-207,125
Proceeds from sale of investments	798,122	43,916
Acquisition of investments in real estate	-299,244	-224,760
Additions to investments in real estate	-14,275	-1,899
Contributions to equity method investees	'	-442,655
Distributions of capital from equity method investees	'	12,134
Deposits paid on investments	-150	-5,248
Net cash provided by (used in) investing activities	717,083	-1,730,716
Cash Flows From Financing Activities	'	'
Repurchases of CDO bonds payable	'	-31,285
Repayments of other bonds and notes payable	-168,111	-30,300
Borrowings under repurchase agreements	78,804	2,094,395
Borrowings under credit facilities, golf	3,000	'
Borrowings under repurchase agreements accounted for as linked transactions	5,283	59,968
Repayments of repurchase agreements	-571,347	-1,326,584
Repayments under repurchase agreements accounted for as linked transactions	-65,929	'
Repayments of credit facilities, media and golf	-4,482	'
Repayments of capital lease liabilities	-168	'
Margin deposits under repurchase agreements	-23,716	-176,414
Return of margin deposits under repurchase agreements	23,716	143,914
Borrowings under mortgage notes payable	80,145	165,696
Repayment of mortgage notes payable	-9,943	-143
Issuance of common stock	198,671	962,827
Costs related to issuance of common stock	-254	-1,699
New Media and New Residential spin-offs	-23,845	-181,582
Common stock dividends paid	-105,462	-136,640
Preferred stock dividends paid	-4,185	-4,185
Payment of financing costs	-3,002	-4,195
Proceeds from settlement of derivative instruments	'	217
Net cash provided by (used in) financing activities	-590,825	1,533,990
Net Increase in Cash and Cash Equivalents	151,876	-139,764
Cash and Cash Equivalents of Continuing Operations, Beginning of Period	73,984	231,518
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	31,960	380
Cash and Cash Equivalents, End of Period	257,820	92,134
Cash and Cash Equivalents of Continuing Operations, End of Period	257,584	91,985
Cash and Cash Equivalents of Discontinued Operations, End of Period	236	149
Supplemental Disclosure of Cash Flow Information	'	'
Cash paid during the period for income taxes	1,351	'
Cash paid during the period for interest expense	58,093	35,649
Supplemental Schedule of Non-Cash Investing and Financing Activities	'	'
Assumption of mortgage notes payable	'	41,443
Issuance of seller financing for acquisition of senior housing facilities	'	11,432
Costs associated with issuance of common stock	346	'
Fair value adjustments relating to seller financing	'	2,000
Additions ot capital lease assets and liabilities	5,162	'
Preferred stock dividends declared but not paid	930	930
Common stock dividends declared but not paid	39,840	29,349
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	9 Months Ended
	Sep. 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. However, certain of our activities are conducted through taxable REIT subsidiaries ("TRS") and therefore are subject to federal and state income taxes at regular corporate tax rates. Newcastle's common stock is traded on the New York Stock Exchange under the symbol "NCT".
	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 on March 3, 2014 and on Form 8-K filed with the SEC on May 5, 2014. 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. All per share amounts, common shares outstanding and options for the third quarter of 2014 and all prior periods reflect Newcastle's 1-for-3 reverse stock split, which was effective August 18, 2014 and Newcastle's 1-for-2 reverse stock split, which was effective October 22, 2014.
	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 conducts its business through the following segments: (i) investments in senior housing properties (“senior housing”), which Newcastle expects to spin off on November 6, 2014 as described in more detail below, (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”). 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. New Senior Investment Group Inc. (“New Senior”, NYSE: SNR), a subsidiary of Newcastle, filed a registration statement with the SEC with respect to the planned spin-off, which the SEC declared effective on October 24, 2014. New Senior will be a publicly traded REIT that primarily targets senior housing related investments.
	The spin-off will be effected as a distribution of all of the outstanding shares of common stock of New Senior to the holders of Newcastle common stock. Newcastle will distribute one share of New Senior common stock for each share of Newcastle common stock held by Newcastle stockholders of record as of the record date, October 27, 2014.  The distribution is expected to occur on November 6, 2014. The distribution ratio is based on the number of Newcastle shares outstanding following the 1-for-2 reverse stock split.
	In connection with the spin-off, Newcastle will contribute to New Senior all of its investments in senior housing properties, any liabilities relating to these properties and a cash and cash equivalents balance of approximately $243 million.
	In August 2014, Newcastle issued 7,654,166 shares of its common stock in a public offering at a price to the underwriters of $25.92 per share for net proceeds of approximately $197.9 million (see Note 13).
	Approximately 1.1 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at September 30, 2014. In addition, Fortress, through its affiliates, held options to purchase approximately 5.0 million shares of Newcastle’s common stock at September 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. These amounts totaled $0.2 million and less than $0.1 million for the nine months ended September 30, 2014 and 2013.
	Significant Accounting Policies
	As a result of the Golf acquisition on December 30, 2013, the following summarizes significant accounting policies related to this segment.
	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 certain 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 raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in Newcastle's previously issued financial statements. 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 Revenue 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, Transfers and Servicing (Topic 860): 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 that are economically similar to repurchase agreements and the types of collateral pledged in repurchase agreements and similar transactions accounted for as a secured borrowing. 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.
	In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”). The standard allows a reporting entity that consolidates a CFE, to elect to measure the financial assets and the financial liabilities of that CFE using the measurement alternative. Under the measurement alternative, the reporting entity should measure both the financial assets and the financial liabilities of that CFE in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. This guidance is effective for Newcastle in the first quarter of 2016. An entity can elect either a retrospective or modified retrospective transition method, and early adoption is permitted as of the beginning of an annual period. Newcastle is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.
	The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, 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	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
ACQUISITIONS	'
	2.   ACQUISITIONS
	Acquisitions of Senior Housing properties:
	i.	Managed Properties
	In the nine months ended September 30, 2014, Newcastle completed the acquisitions of nine senior housing properties in six different portfolios for an aggregate purchase price of approximately $116.2 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 seven 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 7.6% of the purchase price with annual increases during each of the following three years of 3.75% 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 $6.5 million immediately available for capital improvements and other repairs to 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 over the 15 year 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 these acquisitions, in accordance with the acquisition method of accounting:
		Nine months ended September 30, 2014 Acquisitions
		Managed Properties			Triple Net Lease Properties			Total
	Allocation of Purchase Price
	Investments in Real Estate	$	103,530		$	144,148		$	247,678
	Resident Lease Intangibles	13,963			39,475			53,438
	Other Intangibles	—			960			960
	Other Liabilities, net of other Assets	(1,280		)	(1,552		)	(2,832		)
	Total purchase price	$	116,213		$	183,031		$	299,244
	Mortgage Notes Payable (A)	(80,145		)	—			(80,145		)
	Net assets acquired	$	36,068		$	183,031		$	219,099
	Total acquisition related costs (B)	$	2,149		$	980		$	3,129
	(A)	See Note 10.
	(B)	Acquisition-related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.
	The initial accounting for business combinations is incomplete for acquisitions that are within their respective measurement period and Newcastle continues to evaluate adjustments to the provisional amounts recognized in the financial statements, including fair values assigned to real estate property and intangible assets acquired. Therefore, the purchase price allocations are preliminary and are subject to change. Final fair value measurements may materially differ from the initial acquisition accounting.
	During the three months ended September 30, 2014, measurement period adjustments were made based on the reclassification and valuation of assets acquired and liabilities assumed in the amounts of ($18.7) million, ($8.7) million, $15.3 million, ($2.2) million and $14.3 million for investments in senior housing real estate, investments in other real estate, intangibles, receivables and other assets and accounts payable, accrued expenses and other liabilities, respectively. None of the measurement period adjustments had a material impact on Necastle’s previously reported results of operations.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
DISCONTINUED OPERATIONS	'
	3.   DISCONTINUED OPERATIONS
	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 and at December 31, 2013.
		13-Feb-14		December 31, 2013
	Assets
	Property, plant and equipment, net	$	266,385	$	270,188
	Intangibles, net	144,664		145,400
	Goodwill	126,686		126,686
	Cash and cash equivalents	23,845		31,811
	Restricted cash	6,477		6,477
	Receivables and other assets	101,940		110,184
	Total Assets	$	669,997	$	690,746
	Liabilities
	Credit facilities - media	$	177,955	$	182,016
	Accounts payable, accrued expenses and other liabilities	100,695		113,251
	Total Liabilities	$	278,650	$	295,267
	Net Assets	$	391,347	$	395,479
	As of September 30, 2014, Newcastle is working to sell its commercial real estate properties in Beavercreek, OH.
	As a result of the May 15, 2013 spin-off, the February 13, 2014 spin-off, and the plan to sell the commercial real estate properties in Beavercreek, OH, 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/or (ii) represent operations in which Newcastle has no significant continuing involvement, are presented separately in discontinued operations in Newcastle’s consolidated financial statements.
	With respect to the planned sale of the commercial real estate properties in Beavercreek, Ohio, the assets of discontinued operations include $6.6 million and $6.6 million of investments in other real estate and $0.3 million and $0.2 million of cash and cash equivalents, restricted cash and receivables and other assets, as of September 30, 2014 and December 31, 2013, respectively. The liabilities of discontinued operations include $0.4 million of accounts payable, accrued liabilities and other liabilities, as of September 30, 2014 and December 31, 2013.
	Results from discontinued operations were as follows:
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014		2013			2014			2013
	Interest Income	$	—	$	—		$	—		$	15,095
	Interest Expense	—		—			2,096			—
	Net interest income (loss)	—		—			(2,096		)	15,095
	Media income	—		—			68,213			—
	Rental income	527		542			1,630			1,545
	Other income (loss)	—		(2,386		)	—			(2,388		)
	Change in fair value of investments in excess mortgage servicing rights	—		—			—			3,894
	Change in fair value of investments in equity method investees	—		—			—			885
	Earnings from investments in equity method investees	—		1,045			—			19,331
	Total media, rental and other income (loss)	527		(799		)	69,843			23,267
	Media operating expenses	—		—			65,826			—
	Property operating costs	327		262			838			761
	General and administrative expenses	9		6			1,973			2,429
	Depreciation and amortization	64		54			4,773			164
	Income tax (benefit) expense	—		—			(915		)	—
	Total expenses	400		322			72,495			3,354
	Income (loss) from discontinued operations	$	127	$	(1,121	)	$	(4,748	)	$	35,008
	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.
	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).
	Upon the spin-off of New Senior expected on November 6, 2014, the assets, liabilities and results of operations of this component of Newcastle’s operations that (i) are part of the spin-off, and (ii) represent operations in which Newcastle has no significant continuing involvement, will be presented separately in discontinued operations in Newcastle’s consolidated financial statements.

SEGMENT_REPORTING_AND_VARIABLE

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 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			Eliminations			Total
	Nine Months Ended September 30, 2014
	Interest income	$	—		$	70,635		$	39,102		$	112		$	41		$	—		$	(6,001	)	$	103,889
	Interest expense	(41,429		)	(16,932		)	(32,344		)	(14,764		)	(2,872		)	—			6,001			(102,340		)
	Inter-segment elimination	—			(6,001		)	1,748			4,253			—			—			—			—
	Net interest income (expense)	(41,429		)	47,702			8,506			(10,399		)	(2,831		)	—			—			1,549
	Impairment (reversal)	—			(2,185		)	942			—			—			—			—			(1,243		)
	Operating revenues	184,763			—			—			226,864			—			—			—			411,627
	Other income, net	1,457			34,717			32,698			2,718			—			—			—			71,590
	Loan and security servicing expense	—			466			958			—			—			—			—			1,424
	Property operating expenses	74,092			—			—			—			—			—			—			74,092
	Operating expenses - golf (C)	—			—			—			183,925			—			—			—			183,925
	Repairs and maintenance expenses - golf	—			—			—			7,194			—			—			—			7,194
	Cost of sales - golf	—			—			—			23,183			—			—			—			23,183
	General and administrative expense	3,116			—			2,921			986			5,963			—			—			12,986
	Acquisition and transaction expenses (D)	12,800			—			—			1,530			64			—			—			14,394
	Management fee to affiliate	6,766			—			—			—			16,852			—			—			23,618
	Depreciation and amortization	74,672			—			—			23,053			87			—			—			97,812
	Income tax expense	1,025			—			—			144			—			—			—			1,169
	Income (loss) from continuing operations	(27,680		)	84,138			36,383			(20,832		)	(25,797		)	—			—			46,212
	Loss from discontinued operations, net of tax	—			—			—			—			—			(4,748		)	—			(4,748		)
	Net income (loss)	(27,680		)	84,138			36,383			(20,832		)	(25,797		)	(4,748		)	—			41,464
	Preferred dividends	—			—			—			—			(4,185		)	—			—			(4,185		)
	Net loss attributable to noncontrolling interests	—			—			—			189			—			522			—			711
	Income (loss) applicable to common stockholders	$	(27,680	)	$	84,138		$	36,383		$	(20,643	)	$	(29,982	)	$	(4,226	)	$	—		$	37,990
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
	Three Months Ended September 30, 2014
	Interest income	$	—		$	19,316		$	9,749		$	37		$	6		$	—		$	(1,564	)	$	27,544
	Interest expense	(14,138		)	(4,823		)	(9,343		)	(4,847		)	(962		)	—			1,564			(32,549		)
	Inter-segment elimination	—			(1,564		)	112			1,452			—			—			—			—
	Net interest income (expense)	(14,138		)	12,929			518			(3,358		)	(956		)	—			—			(5,005		)
	Impairment (reversal)	—			(4,143		)	128			—			—			—			—			(4,015		)
	Operating revenues	67,256			—			—			81,494			—			—			—			148,750
	Other income, net	1,481			1,822			8,067			2,729			—			—			—			14,099
	Loan and security servicing expense	—			157			2			—			—			—			—			159
	Property operating expenses	26,519			—			—			—			—			—			—			26,519
	Operating expenses - golf (C)	—			—			—			64,984			—			—			—			64,984
	Repairs and maintenance expenses - golf	—			—			—			2,592			—			—			—			2,592
	Cost of sales - golf	—			—			—			8,420			—			—			—			8,420
	General and administrative expense	1,415			—			1,051			527			2,238			—			—			5,231
	Acquisition and transaction expenses (D)	3,992			—			—			27			(711		)	—			—			3,308
	Management fee to affiliate	2,442			—			—			—			5,664			—			—			8,106
	Depreciation and amortization	28,648			—			—			8,362			13			—			—			37,023
	Income tax expense	334			—			—			—			—			—			—			334
	Income (loss) from continuing operations	(8,751		)	18,737			7,404			(4,047		)	(8,160		)	—			—			5,183
	Income from discontinued operations, net of tax	—			—			—			—			—			127			—			127
	Net income (loss)	(8,751		)	18,737			7,404			(4,047		)	(8,160		)	127			—			5,310
	Preferred dividends	—			—			—			—			(1,395		)	—			—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			—			21			—			—			—			21
	Income (loss) applicable to common stockholders	$	(8,751	)	$	18,737		$	7,404		$	(4,026	)	$	(9,555	)	$	127		$	—		$	3,936
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	September 30, 2014
	Investments, net (E)	$	1,696,999		$	547,654		$	424,686		$	332,897		$	—		$	—		$	3,002,236
	Cash and restricted cash	42,549			1,672			—			10,786			207,201			—			262,208
	Other assets	76,851			1,731			1,138			32,099			177			—			111,996
	Assets of discontinued operations	—			—			—			—			—			6,863			6,863
Total assets	1,816,399			551,057			425,824			375,782			207,378			6,863			3,383,303
Debt, net (E)	1,148,008			376,725			406,217			160,692			51,233			—			2,142,875
Other liabilities	82,580			4,845			1,253			154,207			46,950			—			289,835
Liabilities of discontinued operations	—			—			—			—			—			412			412
Total liabilities	1,230,588			381,570			407,470			314,899			98,183			412			2,433,122
Preferred stock	—			—			—			—			61,583			—			61,583
Noncontrolling interests	—			—			—			176			—			—			176
Equity attributable to common stockholders	$	585,811		$	169,487		$	18,354		$	60,707		$	47,612		$	6,451		$	888,422
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	$	253,606		$	—		$	—		$	12,833		$	—		$	638		$	267,077
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
Nine Months Ended September 30, 2013
Interest income	$	2		$	95,254		$	79,700		$	—		$	141		$	—		$	(3,455	)	$	171,642
Interest expense	(5,358		)	(19,013		)	(41,483		)	—			(2,864		)	—			3,455			(65,263		)
Inter-segment elimination	—			(3,455		)	3,455			—			—			—			—			—
Net interest income (expense)	(5,356		)	72,786			41,672			—			(2,723		)	—			—			106,379
Impairment (reversal)	—			(389		)	(6,635		)	—			—			—			—			(7,024		)
Operating revenues	50,880			—			—			—			—			—			—			50,880
Other income, net	46			16,496			4,028			—			—			—			—			20,570
Loan and security servicing expense	—			563			2,397			—			3			—			—			2,963
Property operating expenses	31,827			—			—			—			—			—			—			31,827
General and administrative expense	9,591			—			18			—			13,886			—			—			23,495
Management fee to affiliate	3,028			—			—			—			21,851			—			—			24,879
Depreciation and amortization	15,715			—			—			—			2			—			—			15,717
Income (loss) from continuing operations	(14,591		)	89,108			49,920			—			(38,465		)	—			—			85,972
Income from discontinued operations	—			—			—			—			—			35,008			—			35,008
Net income (loss)	(14,591		)	89,108			49,920			—			(38,465		)	35,008			—			120,980
Preferred dividends	—			—			—			—			(4,185		)	—			—			(4,185		)
Income (loss) applicable to common stockholders	$	(14,591	)	$	89,108		$	49,920		$	—		$	(42,650	)	35,008			—			$	116,795
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
Three Months Ended September 30, 2013
Interest income	$	2		27,027			$	21,942		—			$	39		—			$	(1,524	)	$	47,486
Interest expense	(2,880		)	(5,051		)	(13,190		)	—			(958		)	—			1,524			(20,555		)
Inter-segment elimination	—			(1,524		)	1,524			—			—			—			—			—
Net interest income (expense)	(2,878		)	20,452			10,276			—			(919		)	—			—			26,931
Impairment (reversal)	—			(12,375		)	(623		)	—			—			—			—			(12,998		)
Operating revenues	24,370			—			—			—			—			—			—			24,370
Other income (loss), net	(74		)	4,821			1,963			—			—			—			—			6,710
Loan and security servicing expense	—			179			726			—			3			—			—			908
Property operating expenses	15,542			—			—			—			—			—			—			15,542
General and administrative expense	6,095			—			—			—			3,255			—			—			9,350
Management fee to affiliate	1,450			—			—			—			5,716			—			—			7,166
Depreciation and amortization	7,676			—			—			—			2			—			—			7,678
Income (loss) from continuing operations	(9,345		)	37,469			12,136			—			(9,895		)	—			—			30,365
Loss from discontinued operations	—			—			—			—			—			(1,121		)	—			(1,121		)
Net income (loss)	(9,345		)	37,469			12,136			—			(9,895		)	(1,121		)	—			29,244
Preferred dividends	—			—			—			—			(1,395		)	—			—			(1,395		)
Income (loss) applicable to common stockholders	$	(9,345	)	$	37,469		$	12,136		$	—		$	(11,290	)	$	(1,121	)	$	—		$	27,849
(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:
	September 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
Other
Unlevered real estate securities	166,999			11,279			—			—
Other investments	N/A			6,399			—			—
Residential mortgage loans	1,276			791			—			—
	$	574,492		$	424,686		$	406,217		$	406,217
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.2 million and $3.9 million for the three and nine months ended September 30, 2014, respectively.
(D)	Includes all transaction related and spin-off related expenses.
(E)	Net of $39.7 million of inter-segment eliminations.
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 deconsolidation of an entity that otherwise would have been consolidated.
As of September 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 September 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		$	126,228		$	154,574		$	7,013
(A)	Face amount.
(B)	Newcastle CDO V includes $41.4 million face amount of debt owned by Newcastle with a carrying value of $7.0 million at September 30, 2014.
(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 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 September 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			Number of Securities		Rating (B)	Coupon		Yield		Life	Principal Subordination (D)
																									Value (A)										(Years) (C)
	CMBS-Conduit		$	157,778			$	161,688			$	(63,210	)		$	98,478		$	34,030		$	—			$	132,508		26		B+	5.52	%	12.08	%	2.3	12.4	%
	CMBS- Single Borrower		79,396				79,044				(12,364		)		66,680			3,672			(4		)		70,348			12		BB-	6.33	%	7.25	%	2.3	2.2	%
	CMBS-Large Loan		3,229				3,229				—				3,229			—			—				3,229			1		BBB-	3.36	%	3.36	%	0.2	4.4	%
	REIT Debt		29,200				28,856				—				28,856			1,437			—				30,293			5		BB+	5.89	%	6.88	%	0.8	N/A
	Non-Agency RMBS		87,113				97,879				(59,987		)		37,892			22,339			—				60,231			33		CCC+	1.04	%	10.75	%	6.2	26.8	%
	ABS-Franchise		8,464				7,647				(7,647		)		—			—			—				—			1		C	6.69	%	0	%	—	0	%
	CDO (E)		21,377				6,394				—				6,394			7,327			—				13,721			3		B-	1.1	%	10.11	%	7.7	27.1	%
	Debt Security Total / Average (F)		$	386,557			$	384,737			$	(143,208	)		$	241,529		$	68,805		$	(4	)		$	310,330		81		B	4.47	%	9.75	%	3.3
	Equity Securities						—				—				—			309			—				309			1
	Total						$	384,737			$	(143,208	)		$	241,529		$	69,114		$	(4	)		$	310,639		82
	(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 interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.
	(F)	The total outstanding face amount was $262.6 million for fixed rate securities and $124.0 million for floating rate securities.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the nine months ended September 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 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 September 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		$	3,237		$	3,237			$	—			$	3,237		$	—		$	(4	)		$	3,233		1		BBB-		5.78	%	5.78	%	0.1
	Months
	Twelve or More		—			—				—				—			—			—				—			—		—		—	%	—	%	—
	Months
	Total		$	3,237		$	3,237			$	—			$	3,237		$	—		$	(4	)		$	3,233		1		BBB-		5.78	%	5.78	%	0.1
	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:
		September 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	3,233			3,237				—				(4		)
	Total debt securities in an unrealized loss position	$	3,233		$	3,237			$	—			$	(4	)
	(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 nine months ended September 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 September 30, 2014:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	40,073		16.7	%		$	29,606			31	%
	Northeastern U.S.	51,078			21.2	%		23,194				24.2	%
	Southeastern U.S.	47,340			19.7	%		19,477				20.4	%
	Midwestern U.S.	33,008			13.7	%		12,310				12.9	%
	Southwestern U.S.	51,696			21.5	%		10,382				10.9	%
	Other	10,825			4.5	%		608				0.6	%
Foreign	6,383			2.7	%		—				0	%
	$	240,403		100	%		$	95,577			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	9 Months Ended
	Sep. 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
	Loans are accounted for based on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. Purchased loans that Newcastle has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held-for-investment. Alternatively, loans acquired with the intent to sell are classified as held-for-sale.
	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at September 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				(Years) (B)
												Yield
	Mezzanine Loans	$	132,053		$	99,666			7			7.25	%	7.2	%	1.2	71.6	%	$	12,000
	Corporate Bank Loans	169,659			106,296				5			21.84	%	13.19	%	1.8	0.6	%	—
	B-Notes	22,067			18,761				1			12	%	7.32	%	4.3	0	%	—
	Whole Loans	269			269				1			4	%	7.48	%	0.4	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	324,048		$	224,992			14			14.53	%	10.34	%	1.7	29.5	%	$	12,000
	Residential Loans (D)	4,686			4,036				8			7.74	%	1.84	%	1.7	100	%	1,105
	Total Residential Mortgage Loans Held-for-Sale, Net	$	4,686		$	4,036			8			7.74	%	1.84	%	1.7	100	%	$	1,105
	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 September 30, 2014, $76.5 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
	Loans Held-for-Investment
	Loans held-for-investment are recorded net of any unamortized discount (or gross of any unamortized premiums), including any fees received and an allowance for loan loss based on inputs determined using management’s best estimates. If the fair value of a loan declines below its carrying amount, Newcastle records an allowance for loss in accordance with ASC 310-10-35-37 to 40. If such loan subsequently increases in value, Newcastle records a reversal of such allowance to the extent of the previously recorded allowance (i.e., any increase in value above the recorded investment in the loan is not recorded). For impaired loans other than impaired loans acquired at a discount for credit quality, Newcastle accrues for interest on the net carrying amount of the loans (provided that no interest is accrued to the extent it is deemed uncollectible), and other changes in the carrying amount of the loans are recorded as an adjustment to the loss allowance (either an increase or a reversal), in accordance with ASC 310-10-35-40a.
	Loans Held-for-Sale
	Loans held-for-sale are recorded net of any unamortized discount (or gross of any unamortized premiums), including any fees received and are measured at the lower of cost or fair value, with valuation changes recorded in other income. As loans held-for-sale are recognized at the lower of cost or fair value, Newcastle’s allowance for loss policy does not apply to these loans. Purchase price discounts or premiums are deferred in a contra loan account until the related loans is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale.
	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).
	In July 2014, Newcastle sold residential whole loans with an outstanding face amount of $37.4 million at a price of 91.5% of par or $34.7 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 $7.8 million and incurred approximately $1.2 million of transaction expenses.
	The following is a summary of real estate related and other loans by maturities at September 30, 2014:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	12,000		$	—			1
	Period from October 1, 2014 to December 31, 2014	—			—				—
	2015	64,720			718				6
	2016	64,843			63,227				2
	2017	24,370			24,370				1
	2018	22,067			18,761				1
	2019	122,974			105,846				2
	Thereafter	13,074			12,070				1
	Total	$	324,048		$	224,992			14
	-1	Based on the final extended maturity date of each loan investment as of September 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	15,960			—				—
	Principal paydowns	(240,119		)	(9,333		)		(9,436		)
	Transfer to held-for-sale	—			246,121				(246,121		)
	Sales	—			(233,349		)		—
	Valuation (allowance) reversal on loans	2,186			(109		)		(833		)
	Accretion of loan discount and other amortization	8,867			—				115
	Other	568			(1,479		)		825
	Balance at September 30, 2014	$	224,992		4,036				$	—
	The following is a rollforward of the related loss allowance.
		Held-For-Sale							Held-For-Investment
		Real Estate Related and Other Loans			Residential Mortgage Loans				Residential Mortgage
									Loans (A)
	Balance at December 31, 2013	$	(94,037	)	$	(824	)		$	(12,247	)
	Charge-offs (B)	14,397			84				711
	Transfer to held-for-sale	—			(12,369		)		12,369
	Sales	—			13,006				—
	Valuation (allowance) reversal on loans	2,186			(109		)		(833		)
	Balance at September 30, 2014	$	(77,454	)	$	(212	)		$	—
	(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 September 30, 2014:
	Real Estate Related						Residential Mortgage Loans
	and Other Loans
Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
Western U.S.	$	28,298		17.8	%		$	991			21.1	%
Northeastern U.S.	26,426			16.6	%		531				11.3	%
Southeastern U.S.	51,494			32.3	%		3,025				64.6	%
Midwestern U.S.	3,830			2.4	%		139				3	%
Southwestern U.S.	10,446			6.5	%		—				—	%
Foreign	38,898			24.4	%		—				—%
	$	159,392		100	%		$	4,686			100	%
Other	164,656			(A)
	$	324,048
(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 September 30, 2014:
	Subprime Portfolio
	I			II				Total
Total securitized loans (unpaid principal balance) (A)	$	334,758		$	468,100			$	802,858
Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
Retained interests (fair value) (B)	$	3,057		$	—			$	3,057
(A)	Average loan seasoning of 110 months and 92 months for Subprime Portfolios I and II, respectively, at September 30, 2014.
(B)	The retained interests include retained bonds of the securitizations with negligible monthly interest cash flow until principal payment is available. The fair value of which is estimated based on pricing service quotation. Newcastle’s retained interests were written off in 2010. The weighted average yield of the retained bonds was 22.40% as of September 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 September 30, 2014:
	Subprime Portfolio
	I			II
Loan unpaid principal balance (UPB)	$	334,758		$	468,100
Weighted average coupon rate of loans	5.83		%	4.71		%
Delinquencies of 60 or more days (UPB) (A)	$	83,602		$	164,991
Net credit losses for the nine months ended September 30, 2014	$	20,347		$	24,126
Cumulative net credit losses	$	267,152		$	325,700
Cumulative net credit losses as a % of original UPB	17.8		%	29.9		%
Percentage of ARM loans (B)	51		%	64.2		%
Percentage of loans with original loan-to-value ratio >90%	10.8		%	16.9		%
Percentage of interest-only loans	8.7		%	18.7		%
Face amount of debt (C)	$	330,758		$	468,100
Weighted average funding cost of debt (D)	0.51		%	0.43		%
(A)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
(B)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
(C)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at September 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 nine months ended September 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	9 Months Ended
	Sep. 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:
		September 30, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Senior Housing
	Land	$	137,720	$	—		$	137,720	$	102,235	$	—		$	102,235
	Buildings, improvements and other	1,489,208		(44,451		)	1,444,757		1,271,087		(10,422		)	1,260,665
	Investments in Senior Housing Real Estate	$	1,626,928	$	(44,451	)	$	1,582,477	$	1,373,322	$	(10,422	)	$	1,362,900
		September 30, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Golf
	Land	$	90,324	$	—		$	90,324	$	90,324	$	—		$	90,324
	Buildings	49,188		(3,005		)	46,183		48,878		—			48,878
	Building improvements	89,383		(8,682		)	80,701		87,623		—			87,623
	Furniture, fixtures and equipment	18,601		(3,516		)	15,085		17,723		—			17,723
	Capital leases - equipment	5,162		(219		)	4,943		—		—			—
	Construction in progress	8,274		—			8,274		5,660		—			5,660
	Investments in Other Real Estate	$	260,932	$	(15,422	)	$	245,510	$	250,208	$	—		$	250,208

INTANGIBLES_NET_OF_ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	9 Months Ended
	Sep. 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:
		September 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	$	165,651	$	(62,003	)	$	103,648	$	112,267	$	(21,902	)	$	90,365
	Above market lease intangibles	2,567		(87		)	2,480		1,546		(2		)	1,544
	Other intangibles	9,242		(848		)	8,394		9,298		(348		)	8,950
	Total Senior Housing	177,460		(62,938		)	114,522		123,111		(22,252		)	100,859
	Golf
	Trade name	700		(17		)	683		700		—			700
	Leasehold intangibles	50,275		(3,903		)	46,372		50,275		—			50,275
	Management contracts	37,650		(3,500		)	34,150		37,659		—			37,659
	Internally-developed software	800		(120		)	680		800		—			800
	Membership base	5,214		(562		)	4,652		5,214		—			5,214
	Nonamortizable liquor license	850					850		900		—			900
	Total Golf	95,489		(8,102		)	87,387		95,548		—			95,548
	Total Intangibles	$	272,949	$	(71,040	)	$	201,909	$	218,659	$	(22,252	)	$	196,407
	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. Above market lease intangibles and other intangibles are amortized on a straight-line basis over the estimated useful lives of 17-82 years and 5-13 years, respectively.
	In the golf business, the gross carrying amount of the intangibles are amortized on a straight-line basis over the following estimated useful lives: 30-40 years for trade name; 9-10 years for leasehold intangibles; 11-12 years for management contracts; 5 years for internally developed software and 7-9 years for the membership base.

RECEIVABLES_AND_OTHER_ASSETS

RECEIVABLES AND OTHER ASSETS	9 Months Ended
	Sep. 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-Sep-14		31-Dec-13
	Accounts receivable, net	$	7,263	$	11,550
	Deferred financing costs	37,219		42,473
	Derivative assets	—		43,662
	Prepaid expenses	20,370		8,601
	Interest receivable	1,557		4,667
	Deposits	10,097		9,915
	Inventory	5,474		5,140
	Miscellaneous assets, net	30,016		13,587
		$	111,996	$	139,595

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 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 September 30, 2014:
		30-Sep-14
																Collateral									Aggregate
	Debt Obligation/Collateral	Month Issued		Outstanding		Carrying		Final Stated Maturity	Weighted		Weighted Average		Weighted Average Life(Years)	Face Amount of		Outstanding Face Amount (C)		Amortized		Carrying		Weighted Average Life	Floating Rate Face Amount (C)		Notional
				Face		Value			Average		Funding			Floating Rate Debt				Cost Basis (C)		Value (C)		(Years)			Amount of Current Hedges (D)
				Amount					Coupon (A)		Cost (B)
	CDO Bonds Payable
	CDO VI (E)	Apr-05		$	92,349	$	92,349	Apr 2040	0.84%		5.36	%	5.2	$	88,894	$	156,016	$	89,826	$	123,941	2.6	$	34,221	$	130,342
	CDO VIII	Nov-06		71,813		71,770		Nov 2052	2.12%		6.55	%	2.3	64,213		226,441		160,931		175,216		2.2	89,874		83,673
	CDO IX	May-07		65,671		66,739		May 2052	0.72%		0.18	%	1.6	65,671		297,120		238,374		248,189		2.5	64,489		—
				229,833		230,858					4.23	%	3.3	218,778		679,577		489,131		547,346		2.4	188,584		214,015
	Other Bonds and Notes Payable
	NCT 2013-VI IMM-1 (F)	Nov-13		88,223		82,063		Apr-40	LIBOR+0.25%		5.86	%	1.7	88,223		N/A		N/A		N/A		N/A	N/A		—
				88,223		82,063					5.86	%	1.7	88,223		N/A		N/A		N/A		N/A	N/A		—
	Repurchase Agreements (G)
	CDO securities (F)	Dec-13		63,804		63,804		Oct-14	LIBOR+1.65%		1.81	%	0.1	63,804		N/A		N/A		N/A		N/A	N/A		—
				63,804		63,804					1.81	%	0.1	63,804		N/A		N/A		N/A		N/A	N/A		—
	Mortgage Notes Payable
	Fixed Rate - Managed Properties			157,393		158,037		Aug 2018 to	1.66% to 4.93%	(H) (I)	4.84	%	4.6	N/A		N/A		180,655		180,655		N/A	N/A		—
								Mar-20
	Floating Rate - Managed Properties			278,549		278,549		Aug 2016 to	LIBOR +2.75% to LIBOR+3.75%	(J)	4.55	%	3.6	278,549		N/A		366,598		366,598		N/A	N/A		—
								Sep-19
	Fixed Rate - Triple Net Lease Properties			711,422		711,422		Jan 2021 to Jan 2024	3.83% to 8.00%	(K)	5.1	%	7.3	N/A		N/A		962,489		962,489		N/A	N/A		—
				1,147,364		1,148,008					4.93	%	6	278,549		N/A		1,509,742		1,509,742		N/A	N/A		—
	Golf Credit Facilities (L)
	First Lien Loan	Dec-13		49,923		49,923		Dec-18	LIBOR+4.00%	(M)	4.5	%	3.3	49,923		N/A		N/A		N/A		N/A	N/A		—
	Second Lien Loan	Dec-13		105,575		105,575		Dec-18	5.50%		5.5	%	3.3	—		N/A		N/A		N/A		N/A	N/A		—
	Vineyard II	Dec-93		200		200		Dec-43	2.13%		2.13	%	29.2	200		N/A		N/A		N/A		N/A	N/A		—
	Capital Leases (Equipment)	May-Sep 2014		4,994		4,994		Mar-20	5.25% to 7.15%		6.96	%	5.5	—		N/A		N/A		N/A		N/A	N/A		—
				160,692		160,692					5.25	%	3.4	50,123		N/A		N/A		N/A		N/A	N/A		—
	Corporate
	Junior subordinated notes payable	Mar 2006		51,004		51,233		Apr-35	7.57%	(N)	7.36	%	20.6	—		N/A		N/A		N/A		N/A	N/A		—
				51,004		51,233					7.36	%	20.6	—		N/A		N/A		N/A		N/A	N/A		—
	Subtotal debt obligations			1,740,920		1,736,658					4.87	%	5.4	$	699,477	$	679,577	$	1,998,873	$	2,057,088	2.4	$	188,584	$	214,015
	Financing on subprime mortgage loans subject to call option (O)			406,217		406,217
	Total debt obligations			$	2,147,137	$	2,142,875
	(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 nine months ended September 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 $130.3 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 September 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 financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
	(G)	These repurchase agreements had less than $0.1 million of accrued interest payable at September 30, 2014. $63.8 million face amount of these repurchase agreements were renewed subsequent to September 30, 2014. The counterparty on these repurchase agreements is Bank of America ($63.8 million). Newcastle has margin exposure on a $63.8 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 $40.7 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 $358.4 million and $313.5 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)	LIBOR +2.25% after April 2016.
	(O)	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.
	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 September 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.
	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.
	As of September 30, 2014, Newcastle has unused borrowing capacity of $4.6 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 September 30, 2014 are as follows:
	October 1, 2014 - December 31, 2014	$	260
	2015	1,041
	2016	1,041
	2017	1,041
	2018	1,041
	2019 and thereafter	1,670
Total minimum lease payments	6,094
Less: imputed interest	1,100
Present value of net minimum lease payments	$	4,994
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 September 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	9 Months Ended
	Sep. 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:
		September 30, 2014		December 31, 2013
	Accounts payable and accrued expenses	$	58,328	$	43,473
	Membership deposit liabilities	77,564		71,644
	Deferred revenue	13,309		36,985
	Security deposit payable	57,139		48,823
	Unfavorable leasehold interests	15,060		23,113
	Derivative liabilities	4,528		13,795
	Accrued rent	3,369		—
	Due to affiliates	6,365		5,878
	Miscellaneous liabilities	13,403		18,114
		$	249,065	$	261,825

FAIR_VALUE

FAIR VALUE	9 Months Ended
	Sep. 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 September 30, 2014 were as follows:
		Principal Balance or				Carrying				Estimated				Fair Value Method (A)		Weighted Average			Weighted Average
		Notional Amount				Value				Fair Value						Yield/Funding Cost (B)			Life (Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale (C)*	$	386,557			$	310,639			$	310,639			Broker quotations, counterparty quotations,  pricing services,  pricing models		9.75	%		3.3
	Real estate related and other loans, held-for-sale, net	324,048				224,992				239,701				Broker quotations, counterparty quotations, pricing services,  pricing models		14.53	%		1.7
	Residential mortgage loans, held-for-sale, net	4,686				4,036				4,317				Broker/counterparty quotations		7.74	%		1.7
	Subprime mortgage loans subject to call option (D)	406,217				406,217				(D)				(D)		9.09	%		(D)
	Restricted cash (I)					4,624				4,624
	Cash and cash equivalents (I)					257,584				257,584
	Investments in senior housing real estate, net (H)					1,582,477
	Investments in other real estate, net (H)					245,510
	Intangibles, net (H)					201,909
	Other investments (H)					26,456
	Assets of discontinued operations (H)					6,863
	Liabilities
	Financial instruments:
	CDO bonds payable (G)	$	229,833			$	230,858			$	127,254			Pricing models		4.23	%		3.3
	Other bonds and notes payable (G)	88,223				82,063				82,070				Broker quotations, pricing models		5.86	%		1.7
	Repurchase agreements	63,804				63,804				63,804				Market comparables		1.81	%		0.1
	Mortgage notes payable	1,147,364				1,148,008				1,157,815				Pricing models		4.93	%		6
	Credit facilities and obligations under capital leases, golf	160,692				160,692				160,692				Pricing models		5.24	%		3.4
	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				51,233				31,833				Pricing models		7.36	%		20.6
	Interest rate swaps, treated as hedges (E)(F)*	83,673				2,852				2,852				Counterparty quotations		N/A			(E)
	Non-hedge derivatives (E)(F)*	130,342				1,676				1,676				Counterparty quotations		N/A			(E)
	Liabilities of discontinued operations					412
	*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 eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.
	(D)	Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6).
	(E)	As of September 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $214.0 million is 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:
		Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		Apr-16		$	83,673			5.04	%		$	2,852
	Non-hedge derivatives:
		Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		Mar-15		$	130,342			4.85	%		$	1,676
	(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.
	(H)	Newcastle has certain assets that are subject to measurement at fair value on a nonrecurring basis. For these assets, measurement at fair value in the period subsequent to their initial recognition is applicable if determined to be impaired. During the nine months ended September 30, 2014, Newcastle did not have any material impaired assets that were required to be measured at fair value.
	(I)	The carrying value of these assets and liabilities approximates fair value.
	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 September 30, 2014:
	Principal Balance or								Fair Value
	Notional Amount				Carrying Value				Level 2				Level 3				Total
Assets
Real estate securities, available-for-sale:
CMBS	$	240,403			$	206,085			$	—			$	206,085			$	206,085
REIT debt (A)	29,200				30,293				30,293				—				30,293
Non-Agency RMBS	87,113				60,231				—				60,231				60,231
ABS - other real estate	8,464				—				—				—				—
CDO (B)	21,377				13,721				—				13,721				13,721
Equity securities	—				309				—				309				309
Real estate securities total	$	386,557			$	310,639			$	30,293			$	280,346			$	310,639
Liabilities
Derivative Liabilities:
Interest rate swaps, treated as hedges	$	83,673			$	2,852			$	2,852			$	—			$	2,852
Interest rate swaps, not treated as hedges	130,342				1,676				1,676				—				1,676
Derivative liabilities total	$	214,015			$	4,528			$	4,528			$	—			$	4,528
(A)	REIT debt is measured at fair value based on more observable quotes. Therefore, is categorized as a Level 2 fair value hierarchy measurement.
(B)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.
Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the nine months ended ended September 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)	(18,663		)		(231		)		5,432			—				4,874				—				(8,588		)
Amortization included in interest income	14,986				368				4,101			72				1,866				—				21,393
Purchases, sales and repayments
Purchases	—				—				—			—				—				—				—
Proceeds from sales	(72,438		)		—				—			—				(50,390		)		—				(122,828		)
Proceeds from repayments	(5,713		)		(12,095		)		(6,883	)		(72		)		(2,794		)		(56,160		)		(83,717		)
Balance at September 30, 2014	$	132,509			$	73,576			60,231			$	—			$	14,030			$	—			$	280,346
(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:
	Nine Months Ended September 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 September 30, 2014, Newcastle’s securities valuation methodology and results are further detailed as follows:
									Fair Value
	Outstanding				Amortized				Multiple				Single				Internal
	Face				Cost												Pricing
Asset Type	Amount (A)				Basis (B)				Quotes (C)				Quote (D)				Models (E)				Total
CMBS	$	240,403			$	168,387			$	144,830			$	61,255			$	—			$	206,085
REIT debt	29,200				28,856				30,293				—				—				30,293
Non-Agency RMBS	87,113				37,892				46,177				14,054				—				60,231
ABS - other real estate	8,464				—				—				—				—				—
CDO (F)	21,377				6,394				—				6,708				7,013				13,721
Equity securities	—				—				—				309				—				309
Total	$	386,557			$	241,529			$	221,300			$	82,326			$	7,013			$	310,639
(A)	Net of incurred losses.
(B)	Net of discounts (or gross of premiums) and after OTTI.
(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.
	Newcastle measures the fair value of REIT debt based on quoted market prices in less active markets or pricing service quotations and models utilizing observable market inputs. For securities that are categorized as a Level 3 fair value hierarchy measurement, there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which are believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
(D)	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold us the security) or a pricing service.
(E)	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
									Impairment				Unrealized				Weighted Average Significant Input
	Amortized				Fair Value				Recorded				Gains				Discount			Prepayment			Cumulative			Loss
	Cost								In Current				(Losses) in				Rate			Speed (G)			Default			Severity
	Basis (B)								Period				Accumulated										Rate
													OCI
CDO	—				7,013				—				7,013				10.5	%		5	%		19.3	%		72.5	%
Total	$	—			$	7,013			$	—			$	7,013
At September 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 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 eight securities with a zero value, which had an aggregate face amount of $112.5 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 September 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	$	132,053			$	99,666			$	102,512			$	(31	)		5.0-9.0%			0% -100%			7.2	%		22.5	%
Bank Loan	169,659				106,296				118,156				1,299				15.0 - 35.9%			0% - 100%			21.8	%		27.1	%
B-Note	22,067				18,761				18,761				(3,454		)		12	%		0	%		12	%		0	%
Whole Loan	269				269				272				—				4	%		0	%		4	%		0	%
Total Real Estate Related and other Loans Held-for-Sale, Net	$	324,048			$	224,992			$	239,701			$	(2,186	)
The following table summarizes certain information for residential mortgage loans held-for-sale as of September 30, 2014:
														Valuation				Significant Input (Weighted Average)
		Outstanding												Allowance/
		Face				Carrying				Fair				(Reversal) In				Discount			Prepayment			Constant			Loss
Loan Type		Amount				Value				Value				Current Year (A)				Rate			Speed			Default Rate			Severity
Residential Loans		4,686				4,036				4,317				527				7.7	%		0.2	%		23.8	%		5.1	%
Total Residential Mortgage Loans, Held-for-Sale, Net		$	4,686			$	4,036			$	4,317			$	527
(A)	The valuation allowance (reversal) excludes $0.4 million allowance related to the manufactured housing portfolio that was sold in May 2014.
Derivatives
Derivative transactions are entered into by Newcastle solely for risk management purposes, except for total rate of return swaps. Such total rate of return swaps are essentially financings of certain reference assets which are treated as derivatives for accounting purposes. The decision of whether or not a given transaction/position (or portion thereof) is hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Internal Revenue Code of 1986 among others. In determining whether to hedge a risk, Newcastle may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by Newcastle. Generally, all derivatives entered into are intended to qualify as hedges under GAAP, unless specifically stated otherwise. To this end, terms of hedges are matched closely to the terms of hedged items.
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-Sep-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		$	2,852			$	6,203
Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		1,676				7,592
			$	4,528			$	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:
	September 30, 2014				December 31, 2013
Cash flow hedges
Notional amount of interest rate swap agreements	$	83,673			$	105,031
Cumulative unrealized loss in OCI on effective portion	(2,884		)		(6,117		)
Deferred hedge gain related to anticipated financings, which have subsequently occurred, net of amortization	116				170
Deferred hedge loss related to dedesignation, net of amortization	—				(45		)
Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	76				53
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(2,369		)		(3,915		)
Non-hedge Derivatives
Notional amount of interest rate swap agreements	130,342				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								Nine Months Ended
			September 30,								September 30,
	location		2014				2013				2014				2013
Cash flow hedges
Realized gain (loss) on the ineffective portion	Other income (loss)		$	(158	)		$	—			$	101			$	—
Realized loss recognized at dedesignation	Other income (loss)		(34		)		—				(34		)		—
Realized loss reclassified from AOCI into income, related to effective portion	Interest expense		(1,024		)		(1,280		)		(3,481		)		(4,848		)
Realized hedge gain reclassified from AOCI into income, related to anticipated financings	Interest expense		18				17				53				50
Realized hedge loss reclassified from AOCI into income, related to effective portion of dedesignated hedges	Interest expense		(2		)		(16		)		(11		)		(48		)
Non-hedge derivatives gain (loss)
Interest rate swaps	Other income (loss)		1,762				1,894				5,866				7,302
Linked transactions	Other income (loss)		—				—				12,499				—
Linked transactions	Interest expense		—				(110		)		(211		)		(118		)
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	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
EQUITY AND EARNINGS PER SHARE	'
	13.   EQUITY AND EARNINGS PER SHARE
	A. Stockholder's Equity
	On August 6, 2014, Newcastle's board of directors approved a 1-for-3 reverse stock split of its common stock. The reverse stock split was effective after the close of trading on August 18, 2014, and the shares of Newcastle's common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange beginning at the opening of trading on August 19, 2014.
	On October 16, 2014, Newcastle's board of directors approved a 1-for-2 reverse stock split of its common stock. The reverse stock split was effective after the close of trading on October 22, 2014, and the shares of Newcastle's common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange beginning at the opening of trading on October 23, 2014.
	As a result of the reverse stock splits, between August 18, 2014 and October 22, 2014, every six shares of Newcastle's common stock were converted into one share of common stock, reducing the number of issued and outstanding shares of Newcastle's common stock from approximately 398 million to approximately 66 million.
	No fractional shares were issued in connection with the reverse stock splits. Each stockholder who was otherwise entitled to receive a fractional share of Newcastle's common stock was entitled to receive a cash payment in lieu of a fractional share.
	The reverse stock splits were not subject to stockholder approval and did not change the authorized number of shares of Newcastle or the par value of Newcastle's common stock or preferred stock.
	All common shares, outstanding options and per share amounts for all periods were retroactively adjusted to reflect the reverse stock splits.
	The following table presents shares of common stock issued by Newcastle in connection with public offerings during 2014:
											Aggregate Shares Purchased
		Number of							Net		by Principals of Fortress			Call Options Granted to Manager (A)
		Shares		Price per Share					Proceeds		Number of			Number of			Grant Date Value
	Date	Issued		To Public		To Underwriters			(millions)		Shares	Price		Shares	Strike Price		(millions)
	Aug-14	7,654,166		N/A		$	25.92		$	197.9	83,333	$	26.34	765,416	$	26.34	$	1.7	(B)
	(A)	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.
	(B)	The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term.
	In July 2014, Newcastle issued an aggregate of 2,609 shares of its common stock to its independent directors as compensation.
	In connection with the spin-off of New Media on February 13, 2014, the strike price of each Newcastle option was reduced by $5.34 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.
	In connection with the reverse stock splits, between August 18, 2014 and October 22, 2014, every six outstanding options were converted to one option, with no fractional options, and the strike price was increased by a factor of six.
	Newcastle’s outstanding options at September 30, 2014 consisted of the following:
		Number of Options			Strike Price (A)			Maturity Date
		27,080			77.04			11/22/14
		54,999			72.18			1/12/15
		333			75.72			8/1/15
		28,331			71.7			11/1/16
		40,330			76.8			1/23/17
		76,000			67.14			4/11/17
		182,527			9.06			3/29/21
		283,305			5.16			9/27/21
		311,194			9.66			4/3/22
		377,500			11.04			5/21/22
		416,524			10.98			7/31/22
		958,331			18.18			1/11/23
		383,331			21.24			2/15/23
		670,829			22.56			6/17/23
		965,847			24.24			11/22/23
		765,416			26.34			8/18/24
	Total W/A	5,541,877			$	20.83
	(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 $1.92 (adjusted to reflect the reverse stock splits) reflecting the portion of Newcastle’s 2013 dividends which was deemed return of capital.
	As of September 30, 2014, Newcastle’s outstanding options were summarized as follows:
		Issued Prior to 2011				Issued in 2011 and thereafter			Total
	Held by the Manager	179,186				4,833,961			5,013,147
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	47,554				480,843			528,397
	Issued to the independent directors	333				—			333
	Total	227,073				5,314,804			5,541,877
	Weighted average strike price	$	71.84			$	18.65		$	20.83
	On March 14, 2014, Newcastle declared a quarterly dividend of $0.60 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 $0.60 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.
	On September 17, 2014, Newcastle declared a quarterly dividend of $0.60 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 September 30, 2014. Dividends totaling $41.2 million were paid in October 2014.
	B. Option Exercises
	During the nine months ended September 30, 2014, employees of the Manager exercised 201,666 options with a weighted average exercise price of $6.72. Upon exercise, 160,342 shares of Newcastle common stock were issued reflecting the $4.1 million intrinsic value of the exercisable options net of the exercise price. In addition, 14,775 options were forfeited and transferred back to the Manager.
	A Newcastle director exercised 333 options with an exercise price of $6.42 on August 27, 2014. Upon exercise, 254 shares of Newcastle common stock were issued reflecting the $6.9 thousand intrinsic value of the exercisable options net of the exercise price.
	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 September 30, 2014, Newcastle had 227,079 antidilutive options. During the nine months ended September 30, 2014 and 2013, based on the treasury stock method, Newcastle had 1,781,669 and 1,044,116 dilutive common stock equivalents, respectively, resulting from its outstanding options. During the three months ended September 30, 2014 and 2013, based on the treasury stock method, Newcastle had 1,536,773 and 1,275,671 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	9 Months Ended
	Sep. 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 September 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 $6.5 million immediately available for capital improvements and other repairs to 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 over the 15 year 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	9 Months Ended
	Sep. 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 September 30,							Nine Months Ended September 30,
		2014				2013			2014(A)			2013
	Current:
	Federal	$	129			$	—		$	718		$	—
	State and Local	29				—			194			—
	Total Current Provision	$	158			$	—		$	912		$	—
	Deferred:
	Federal	$	155			$	—		$	(159	)	$	—
	State and Local	21				—			(499		)	—
	Total Deferred Provision	$	176			$	—		$	(658	)	$	—
	Total Provision for Income Taxes	$	334			$	—		$	254		$	—
	(A)	The provision for income taxes for the nine months ended September 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 September 30, 2014 and December 31, 2013 are presented below:
		September 30, 2014				December 31, 2013
	Deferred tax assets:
	Allowance for loan losses	$	1,599			$	2,076
	Depreciation and amortization	37,425				94,880
	Leaseholds	7,512				6,489
	Accrued expenses	15,292				23,816
	Deposits	7,787				7,787
	Net operating losses	53,135				211,560
	Other	837				17,036
	Total deferred tax assets	123,587				363,644
	Less valuation allowance	(123,392		)		(363,192		)
	Net deferred tax assets(A)	$	195			$	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 September 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 September 30, 2014, the valuation allowance decreased by $239.8 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		4,601
	Valuation allowance at September 30, 2014		$	123,392

GAINS_LOSSES_ON_SETTLEMENT_OF_

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET	9 Months Ended
	Sep. 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 September 30,						Nine Months Ended
								September 30,
		2014			2013			2014			2013
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	—		$	1,381		$	18,032		$	9,590
	Loss on settlement of real estate securities	—			—			—			(3,592		)
	Gain on repayment/disposition of loans held-for-sale	7,763			—			32,500			—
	Loss on repayment/disposition of loans held-for-sale	—			—			—			(354		)
	Gain on termination of derivative	—			—			—			813
	Loss on disposal of long-lived assets	(756		)	7			(790		)	(6		)
		$	7,007		$	1,388		$	49,742		$	6,451
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	1,762		$	1,894		$	18,365		$	7,302
	Realized loss recognized at de-designation of hedges	(34		)	—			(34		)	—
	Hedge ineffectiveness	(158		)	—			101			—
	Collateral management fee income, net	225			304			740			992
	Equity in earnings of equity method investees	332			(458		)	621			(458		)
	Other income (loss) (1)	4,965			223			5,465			1,718
		$	7,092		$	1,963		$	25,258		$	9,554
	(1) Includes a $5.2 million gain on a lease modification related to a golf course in Rowlett, Texas.

RECLASSIFICATION_FROM_ACCUMULA

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	9 Months Ended
	Sep. 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 September 30,						Nine Months Ended September 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	$	—		$	—		$	—		$	(4,449	)
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	—			1,381			18,032			9,590
	Loss on settlement of real estate securities	Gain (loss) on settlement of investments, net	—			—			—			(3,592		)
			$	—		$	1,381		$	18,032		$	1,549
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Realized loss recognized upon de-designation	Other income (loss)	$	(34	)	$	—		$	(34	)	$	—
	Hedge ineffectiveness	Other income (loss)	$	(158	)	$	—		$	101		$	—
	Amortization of deferred gain	Interest expense	16			1			42			2
	Realized loss reclassified from AOCI into income, related to effective portion	Interest expense	(1,024		)	(1,280		)	(3,481		)	(4,848		)
			$	(1,200	)	$	(1,279	)	$	(3,372	)	$	(4,846	)
	Total reclassifications		$	(1,200	)	$	102		$	14,660		$	(3,297	)

SUPPLEMENTAL_NONCASH_INVESTING

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	9 Months Ended
	Sep. 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:
		Nine Months Ended September 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	$	297,505	$	281,889
	Restricted cash used for repayments of CDO bonds payable	$	321,921	$	337,143
	Restricted cash used for settlement of derivative instruments	$	—	$	1,563

RECENT_ACTIVITIES

RECENT ACTIVITIES	9 Months Ended
	Sep. 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 September 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.
	On October 7, 2014, Newcastle entered into a new loan agreement in the total amount of $115.0 million, which carries an interest rate of LIBOR plus 3.25% and has an initial maturity date of October 6, 2017. The loan is secured by the senior housing triple net lease properties acquired by Newcastle on June 30, 2014 and consist of six properties.
	On October 16, 2014, Newcastle's board of directors approved a 1-for-2 reverse stock split. The reverse stock split was effective after the close of trading on October 22, 2014 and shares of Newcastle's common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange beginning at the opening of trading on October 23, 2014. No fractional shares were issued in connection with the reverse stock split. Each stock holder who would otherwise be entitled to receive a fractional share of Newcastle's common stock was entitled to receive a cash payment in lieu of a fractional share. The reverse stock split was not subject to stockholder approval and did not change the authorized number of shares of Newcastle or the par value of Newcastle's common stock or preferred stock.
	On October 27, 2014, the SEC declared effective New Senior’s registration statement on Form 10. The spin-off of New Senior will be effected as a distribution of all of the outstanding shares of common stock of New Senior to the holders of Newcastle common stock. Newcastle will distribute one share of New Senior common stock for each share of Newcastle common stock held by Newcastle stockholders of record as of the record date, October 27, 2014. The distribution is expected to occur on November 6, 2014. The distribution ratio is based on the number of Newcastle shares outstanding following the 1-for-2 reverse stock split. In connection with the spin-off, Newcastle contributed to New Senior all of its investments in senior housing properties, any liabilities relating to these properties (including the loan noted above) and a cash and cash equivalents balance of approximately $243 million. The spin-off will be effected as a distribution of all of the outstanding shares of common stock of New Senior to the holders of Newcastle common stock. Newcastle will distribute one share of New Senior common stock for each share of Newcastle common stock held by Newcastle stockholders of record as of the record date, October 27, 2014.  The distribution is expected to occur on November 6, 2014. The distribution ratio is based on the number of Newcastle shares outstanding following the 1-for-2 reverse stock split.
	On October 28, 2014, Newcastle entered into a lease termination agreement for its Golf course located in Killearn, Florida. The lease was originally scheduled to expire on February 28, 2020 and was projected to generate negative cash flow for the remainder of the lease term. Under the terms of the agreement, Newcastle paid $0.8 million to the landlord as lease termination charges. After termination, Newcastle has no significant remaining commitments under the lease.

GENERAL_Policies

GENERAL (Policies)	9 Months Ended
	Sep. 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 certain 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 raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in Newcastle's previously issued financial statements. 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 Revenue 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, Transfers and Servicing (Topic 860): 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 that are economically similar to repurchase agreements and the types of collateral pledged in repurchase agreements and similar transactions accounted for as a secured borrowing. 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.
	In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“CFE”). The standard allows a reporting entity that consolidates a CFE, to elect to measure the financial assets and the financial liabilities of that CFE using the measurement alternative. Under the measurement alternative, the reporting entity should measure both the financial assets and the financial liabilities of that CFE in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. This guidance is effective for Newcastle in the first quarter of 2016. An entity can elect either a retrospective or modified retrospective transition method, and early adoption is permitted as of the beginning of an annual period. Newcastle is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.
	The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, 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)	9 Months Ended
	Sep. 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 these acquisitions, in accordance with the acquisition method of accounting:
		Nine months ended September 30, 2014 Acquisitions
		Managed Properties			Triple Net Lease Properties			Total
	Allocation of Purchase Price
	Investments in Real Estate	$	103,530		$	144,148		$	247,678
	Resident Lease Intangibles	13,963			39,475			53,438
	Other Intangibles	—			960			960
	Other Liabilities, net of other Assets	(1,280		)	(1,552		)	(2,832		)
	Total purchase price	$	116,213		$	183,031		$	299,244
	Mortgage Notes Payable (A)	(80,145		)	—			(80,145		)
	Net assets acquired	$	36,068		$	183,031		$	219,099
	Total acquisition related costs (B)	$	2,149		$	980		$	3,129
	(A)	See Note 10.
	(B)	Acquisition-related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of carrying value of assets and liabilities immediately preceding the spin-off and at December 31, 2013	'
	The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off and at December 31, 2013.
		13-Feb-14		December 31, 2013
	Assets
	Property, plant and equipment, net	$	266,385	$	270,188
	Intangibles, net	144,664		145,400
	Goodwill	126,686		126,686
	Cash and cash equivalents	23,845		31,811
	Restricted cash	6,477		6,477
	Receivables and other assets	101,940		110,184
	Total Assets	$	669,997	$	690,746
	Liabilities
	Credit facilities - media	$	177,955	$	182,016
	Accounts payable, accrued expenses and other liabilities	100,695		113,251
	Total Liabilities	$	278,650	$	295,267
	Net Assets	$	391,347	$	395,479
Schedule of results of operations from discontinued operations	'
	Results from discontinued operations were as follows:
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014		2013			2014			2013
	Interest Income	$	—	$	—		$	—		$	15,095
	Interest Expense	—		—			2,096			—
	Net interest income (loss)	—		—			(2,096		)	15,095
	Media income	—		—			68,213			—
	Rental income	527		542			1,630			1,545
	Other income (loss)	—		(2,386		)	—			(2,388		)
	Change in fair value of investments in excess mortgage servicing rights	—		—			—			3,894
	Change in fair value of investments in equity method investees	—		—			—			885
	Earnings from investments in equity method investees	—		1,045			—			19,331
	Total media, rental and other income (loss)	527		(799		)	69,843			23,267
	Media operating expenses	—		—			65,826			—
	Property operating costs	327		262			838			761
	General and administrative expenses	9		6			1,973			2,429
	Depreciation and amortization	64		54			4,773			164
	Income tax (benefit) expense	—		—			(915		)	—
	Total expenses	400		322			72,495			3,354
	Income (loss) from discontinued operations	$	127	$	(1,121	)	$	(4,748	)	$	35,008
	Net income attributable to noncontrolling interest	$	—	$	—		$	522		$	—

SEGMENT_REPORTING_AND_VARIABLE1

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 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			Eliminations			Total
	Nine Months Ended September 30, 2014
	Interest income	$	—		$	70,635		$	39,102		$	112		$	41		$	—		$	(6,001	)	$	103,889
	Interest expense	(41,429		)	(16,932		)	(32,344		)	(14,764		)	(2,872		)	—			6,001			(102,340		)
	Inter-segment elimination	—			(6,001		)	1,748			4,253			—			—			—			—
	Net interest income (expense)	(41,429		)	47,702			8,506			(10,399		)	(2,831		)	—			—			1,549
	Impairment (reversal)	—			(2,185		)	942			—			—			—			—			(1,243		)
	Operating revenues	184,763			—			—			226,864			—			—			—			411,627
	Other income, net	1,457			34,717			32,698			2,718			—			—			—			71,590
	Loan and security servicing expense	—			466			958			—			—			—			—			1,424
	Property operating expenses	74,092			—			—			—			—			—			—			74,092
	Operating expenses - golf (C)	—			—			—			183,925			—			—			—			183,925
	Repairs and maintenance expenses - golf	—			—			—			7,194			—			—			—			7,194
	Cost of sales - golf	—			—			—			23,183			—			—			—			23,183
	General and administrative expense	3,116			—			2,921			986			5,963			—			—			12,986
	Acquisition and transaction expenses (D)	12,800			—			—			1,530			64			—			—			14,394
	Management fee to affiliate	6,766			—			—			—			16,852			—			—			23,618
	Depreciation and amortization	74,672			—			—			23,053			87			—			—			97,812
	Income tax expense	1,025			—			—			144			—			—			—			1,169
	Income (loss) from continuing operations	(27,680		)	84,138			36,383			(20,832		)	(25,797		)	—			—			46,212
	Loss from discontinued operations, net of tax	—			—			—			—			—			(4,748		)	—			(4,748		)
	Net income (loss)	(27,680		)	84,138			36,383			(20,832		)	(25,797		)	(4,748		)	—			41,464
	Preferred dividends	—			—			—			—			(4,185		)	—			—			(4,185		)
	Net loss attributable to noncontrolling interests	—			—			—			189			—			522			—			711
	Income (loss) applicable to common stockholders	$	(27,680	)	$	84,138		$	36,383		$	(20,643	)	$	(29,982	)	$	(4,226	)	$	—		$	37,990
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
	Three Months Ended September 30, 2014
	Interest income	$	—		$	19,316		$	9,749		$	37		$	6		$	—		$	(1,564	)	$	27,544
	Interest expense	(14,138		)	(4,823		)	(9,343		)	(4,847		)	(962		)	—			1,564			(32,549		)
	Inter-segment elimination	—			(1,564		)	112			1,452			—			—			—			—
	Net interest income (expense)	(14,138		)	12,929			518			(3,358		)	(956		)	—			—			(5,005		)
	Impairment (reversal)	—			(4,143		)	128			—			—			—			—			(4,015		)
	Operating revenues	67,256			—			—			81,494			—			—			—			148,750
	Other income, net	1,481			1,822			8,067			2,729			—			—			—			14,099
	Loan and security servicing expense	—			157			2			—			—			—			—			159
	Property operating expenses	26,519			—			—			—			—			—			—			26,519
	Operating expenses - golf (C)	—			—			—			64,984			—			—			—			64,984
	Repairs and maintenance expenses - golf	—			—			—			2,592			—			—			—			2,592
	Cost of sales - golf	—			—			—			8,420			—			—			—			8,420
	General and administrative expense	1,415			—			1,051			527			2,238			—			—			5,231
	Acquisition and transaction expenses (D)	3,992			—			—			27			(711		)	—			—			3,308
	Management fee to affiliate	2,442			—			—			—			5,664			—			—			8,106
	Depreciation and amortization	28,648			—			—			8,362			13			—			—			37,023
	Income tax expense	334			—			—			—			—			—			—			334
	Income (loss) from continuing operations	(8,751		)	18,737			7,404			(4,047		)	(8,160		)	—			—			5,183
	Income from discontinued operations, net of tax	—			—			—			—			—			127			—			127
	Net income (loss)	(8,751		)	18,737			7,404			(4,047		)	(8,160		)	127			—			5,310
	Preferred dividends	—			—			—			—			(1,395		)	—			—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			—			21			—			—			—			21
	Income (loss) applicable to common stockholders	$	(8,751	)	$	18,737		$	7,404		$	(4,026	)	$	(9,555	)	$	127		$	—		$	3,936
		Senior			Debt Investments (A)												Discontinued
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	September 30, 2014
	Investments, net (E)	$	1,696,999		$	547,654		$	424,686		$	332,897		$	—		$	—		$	3,002,236
	Cash and restricted cash	42,549			1,672			—			10,786			207,201			—			262,208
	Other assets	76,851			1,731			1,138			32,099			177			—			111,996
	Assets of discontinued operations	—			—			—			—			—			6,863			6,863
	Total assets	1,816,399			551,057			425,824			375,782			207,378			6,863			3,383,303
	Debt, net (E)	1,148,008			376,725			406,217			160,692			51,233			—			2,142,875
	Other liabilities	82,580			4,845			1,253			154,207			46,950			—			289,835
Liabilities of discontinued operations	—			—			—			—			—			412			412
Total liabilities	1,230,588			381,570			407,470			314,899			98,183			412			2,433,122
Preferred stock	—			—			—			—			61,583			—			61,583
Noncontrolling interests	—			—			—			176			—			—			176
Equity attributable to common stockholders	$	585,811		$	169,487		$	18,354		$	60,707		$	47,612		$	6,451		$	888,422
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	$	253,606		$	—		$	—		$	12,833		$	—		$	638		$	267,077
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
Nine Months Ended September 30, 2013
Interest income	$	2		$	95,254		$	79,700		$	—		$	141		$	—		$	(3,455	)	$	171,642
Interest expense	(5,358		)	(19,013		)	(41,483		)	—			(2,864		)	—			3,455			(65,263		)
Inter-segment elimination	—			(3,455		)	3,455			—			—			—			—			—
Net interest income (expense)	(5,356		)	72,786			41,672			—			(2,723		)	—			—			106,379
Impairment (reversal)	—			(389		)	(6,635		)	—			—			—			—			(7,024		)
Operating revenues	50,880			—			—			—			—			—			—			50,880
Other income, net	46			16,496			4,028			—			—			—			—			20,570
Loan and security servicing expense	—			563			2,397			—			3			—			—			2,963
Property operating expenses	31,827			—			—			—			—			—			—			31,827
General and administrative expense	9,591			—			18			—			13,886			—			—			23,495
Management fee to affiliate	3,028			—			—			—			21,851			—			—			24,879
Depreciation and amortization	15,715			—			—			—			2			—			—			15,717
Income (loss) from continuing operations	(14,591		)	89,108			49,920			—			(38,465		)	—			—			85,972
Income from discontinued operations	—			—			—			—			—			35,008			—			35,008
Net income (loss)	(14,591		)	89,108			49,920			—			(38,465		)	35,008			—			120,980
Preferred dividends	—			—			—			—			(4,185		)	—			—			(4,185		)
Income (loss) applicable to common stockholders	$	(14,591	)	$	89,108		$	49,920		$	—		$	(42,650	)	35,008			—			$	116,795
	Senior			Debt Investments (A)												Discontinued
	Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
Three Months Ended September 30, 2013
Interest income	$	2		27,027			$	21,942		—			$	39		—			$	(1,524	)	$	47,486
Interest expense	(2,880		)	(5,051		)	(13,190		)	—			(958		)	—			1,524			(20,555		)
Inter-segment elimination	—			(1,524		)	1,524			—			—			—			—			—
Net interest income (expense)	(2,878		)	20,452			10,276			—			(919		)	—			—			26,931
Impairment (reversal)	—			(12,375		)	(623		)	—			—			—			—			(12,998		)
Operating revenues	24,370			—			—			—			—			—			—			24,370
Other income (loss), net	(74		)	4,821			1,963			—			—			—			—			6,710
Loan and security servicing expense	—			179			726			—			3			—			—			908
Property operating expenses	15,542			—			—			—			—			—			—			15,542
General and administrative expense	6,095			—			—			—			3,255			—			—			9,350
Management fee to affiliate	1,450			—			—			—			5,716			—			—			7,166
Depreciation and amortization	7,676			—			—			—			2			—			—			7,678
Income (loss) from continuing operations	(9,345		)	37,469			12,136			—			(9,895		)	—			—			30,365
Loss from discontinued operations	—			—			—			—			—			(1,121		)	—			(1,121		)
Net income (loss)	(9,345		)	37,469			12,136			—			(9,895		)	(1,121		)	—			29,244
Preferred dividends	—			—			—			—			(1,395		)	—			—			(1,395		)
Income (loss) applicable to common stockholders	$	(9,345	)	$	37,469		$	12,136		$	—		$	(11,290	)	$	(1,121	)	$	—		$	27,849
(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:
	September 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
Other
Unlevered real estate securities	166,999			11,279			—			—
Other investments	N/A			6,399			—			—
Residential mortgage loans	1,276			791			—			—
	$	574,492		$	424,686		$	406,217		$	406,217
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.2 million and $3.9 million for the three and nine months ended September 30, 2014, respectively.
(D)	Includes all transaction related and spin-off related expenses.
(E)	Net of $39.7 million of inter-segment eliminations.
Schedule of other debt segment investments and debt	'
	The following table summarizes the investments and debt in the other debt segment:
		September 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
	Other
	Unlevered real estate securities	166,999			11,279			—			—
	Other investments	N/A			6,399			—			—
	Residential mortgage loans	1,276			791			—			—
		$	574,492		$	424,686		$	406,217		$	406,217
Schedule of holdings in variable interest entities	'
	Newcastle had variable interests in the following unconsolidated VIEs at September 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		$	126,228		$	154,574		$	7,013
	(A)	Face amount.
	(B)	Newcastle CDO V includes $41.4 million face amount of debt owned by Newcastle with a carrying value of $7.0 million at September 30, 2014.
	(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 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 September 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			Number of Securities		Rating (B)	Coupon		Yield		Life	Principal Subordination (D)
																									Value (A)										(Years) (C)
	CMBS-Conduit		$	157,778			$	161,688			$	(63,210	)		$	98,478		$	34,030		$	—			$	132,508		26		B+	5.52	%	12.08	%	2.3	12.4	%
	CMBS- Single Borrower		79,396				79,044				(12,364		)		66,680			3,672			(4		)		70,348			12		BB-	6.33	%	7.25	%	2.3	2.2	%
	CMBS-Large Loan		3,229				3,229				—				3,229			—			—				3,229			1		BBB-	3.36	%	3.36	%	0.2	4.4	%
	REIT Debt		29,200				28,856				—				28,856			1,437			—				30,293			5		BB+	5.89	%	6.88	%	0.8	N/A
	Non-Agency RMBS		87,113				97,879				(59,987		)		37,892			22,339			—				60,231			33		CCC+	1.04	%	10.75	%	6.2	26.8	%
	ABS-Franchise		8,464				7,647				(7,647		)		—			—			—				—			1		C	6.69	%	0	%	—	0	%
	CDO (E)		21,377				6,394				—				6,394			7,327			—				13,721			3		B-	1.1	%	10.11	%	7.7	27.1	%
	Debt Security Total / Average (F)		$	386,557			$	384,737			$	(143,208	)		$	241,529		$	68,805		$	(4	)		$	310,330		81		B	4.47	%	9.75	%	3.3
	Equity Securities						—				—				—			309			—				309			1
	Total						$	384,737			$	(143,208	)		$	241,529		$	69,114		$	(4	)		$	310,639		82
	(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 interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.
	(F)	The total outstanding face amount was $262.6 million for fixed rate securities and $124.0 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 September 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		$	3,237		$	3,237			$	—			$	3,237		$	—		$	(4	)		$	3,233		1		BBB-		5.78	%	5.78	%	0.1
	Months
	Twelve or More		—			—				—				—			—			—				—			—		—		—	%	—	%	—
	Months
	Total		$	3,237		$	3,237			$	—			$	3,237		$	—		$	(4	)		$	3,233		1		BBB-		5.78	%	5.78	%	0.1
	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:
		September 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	3,233			3,237				—				(4		)
	Total debt securities in an unrealized loss position	$	3,233		$	3,237			$	—			$	(4	)
	(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 nine months ended September 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 September 30, 2014:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	40,073		16.7	%		$	29,606			31	%
	Northeastern U.S.	51,078			21.2	%		23,194				24.2	%
	Southeastern U.S.	47,340			19.7	%		19,477				20.4	%
	Midwestern U.S.	33,008			13.7	%		12,310				12.9	%
	Southwestern U.S.	51,696			21.5	%		10,382				10.9	%
	Other	10,825			4.5	%		608				0.6	%
	Foreign	6,383			2.7	%		—				0	%
		$	240,403		100	%		$	95,577			100	%

REAL_ESTATE_RELATED_AND_OTHER_1

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	9 Months Ended
	Sep. 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 September 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				(Years) (B)
												Yield
	Mezzanine Loans	$	132,053		$	99,666			7			7.25	%	7.2	%	1.2	71.6	%	$	12,000
	Corporate Bank Loans	169,659			106,296				5			21.84	%	13.19	%	1.8	0.6	%	—
	B-Notes	22,067			18,761				1			12	%	7.32	%	4.3	0	%	—
	Whole Loans	269			269				1			4	%	7.48	%	0.4	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	324,048		$	224,992			14			14.53	%	10.34	%	1.7	29.5	%	$	12,000
	Residential Loans (D)	4,686			4,036				8			7.74	%	1.84	%	1.7	100	%	1,105
	Total Residential Mortgage Loans Held-for-Sale, Net	$	4,686		$	4,036			8			7.74	%	1.84	%	1.7	100	%	$	1,105
	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 September 30, 2014, $76.5 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 September 30, 2014:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	12,000		$	—			1
	Period from October 1, 2014 to December 31, 2014	—			—				—
	2015	64,720			718				6
	2016	64,843			63,227				2
	2017	24,370			24,370				1
	2018	22,067			18,761				1
	2019	122,974			105,846				2
	Thereafter	13,074			12,070				1
	Total	$	324,048		$	224,992			14
	-1	Based on the final extended maturity date of each loan investment as of September 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	15,960			—				—
	Principal paydowns	(240,119		)	(9,333		)		(9,436		)
	Transfer to held-for-sale	—			246,121				(246,121		)
	Sales	—			(233,349		)		—
	Valuation (allowance) reversal on loans	2,186			(109		)		(833		)
	Accretion of loan discount and other amortization	8,867			—				115
	Other	568			(1,479		)		825
	Balance at September 30, 2014	$	224,992		4,036				$	—
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 Other Loans			Residential Mortgage Loans				Residential Mortgage
									Loans (A)
	Balance at December 31, 2013	$	(94,037	)	$	(824	)		$	(12,247	)
	Charge-offs (B)	14,397			84				711
	Transfer to held-for-sale	—			(12,369		)		12,369
	Sales	—			13,006				—
	Valuation (allowance) reversal on loans	2,186			(109		)		(833		)
	Balance at September 30, 2014	$	(77,454	)	$	(212	)		$	—
	(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 September 30, 2014:
		Real Estate Related						Residential Mortgage Loans
		and Other Loans
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	28,298		17.8	%		$	991			21.1	%
	Northeastern U.S.	26,426			16.6	%		531				11.3	%
	Southeastern U.S.	51,494			32.3	%		3,025				64.6	%
	Midwestern U.S.	3,830			2.4	%		139				3	%
	Southwestern U.S.	10,446			6.5	%		—				—	%
	Foreign	38,898			24.4	%		—				—%
		$	159,392		100	%		$	4,686			100	%
	Other	164,656			(A)
		$	324,048
	(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 September 30, 2014:
		Subprime Portfolio
		I			II				Total
	Total securitized loans (unpaid principal balance) (A)	$	334,758		$	468,100			$	802,858
	Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
	Retained interests (fair value) (B)	$	3,057		$	—			$	3,057
	(A)	Average loan seasoning of 110 months and 92 months for Subprime Portfolios I and II, respectively, at September 30, 2014.
	(B)	The retained interests include retained bonds of the securitizations with negligible monthly interest cash flow until principal payment is available. The fair value of which is estimated based on pricing service quotation. Newcastle’s retained interests were written off in 2010. The weighted average yield of the retained bonds was 22.40% as of September 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 September 30, 2014:
		Subprime Portfolio
		I			II
	Loan unpaid principal balance (UPB)	$	334,758		$	468,100
	Weighted average coupon rate of loans	5.83		%	4.71		%
	Delinquencies of 60 or more days (UPB) (A)	$	83,602		$	164,991
	Net credit losses for the nine months ended September 30, 2014	$	20,347		$	24,126
	Cumulative net credit losses	$	267,152		$	325,700
	Cumulative net credit losses as a % of original UPB	17.8		%	29.9		%
	Percentage of ARM loans (B)	51		%	64.2		%
	Percentage of loans with original loan-to-value ratio >90%	10.8		%	16.9		%
	Percentage of interest-only loans	8.7		%	18.7		%
	Face amount of debt (C)	$	330,758		$	468,100
	Weighted average funding cost of debt (D)	0.51		%	0.43		%
	(A)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
	(B)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
	(C)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at September 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)	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Schedule of investments in real estate	'
	The following table summarizes Newcastle’s investments in real estate:
		September 30, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Senior Housing
	Land	$	137,720	$	—		$	137,720	$	102,235	$	—		$	102,235
	Buildings, improvements and other	1,489,208		(44,451		)	1,444,757		1,271,087		(10,422		)	1,260,665
	Investments in Senior Housing Real Estate	$	1,626,928	$	(44,451	)	$	1,582,477	$	1,373,322	$	(10,422	)	$	1,362,900
		September 30, 2014							December 31, 2013
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Golf
	Land	$	90,324	$	—		$	90,324	$	90,324	$	—		$	90,324
	Buildings	49,188		(3,005		)	46,183		48,878		—			48,878
	Building improvements	89,383		(8,682		)	80,701		87,623		—			87,623
	Furniture, fixtures and equipment	18,601		(3,516		)	15,085		17,723		—			17,723
	Capital leases - equipment	5,162		(219		)	4,943		—		—			—
	Construction in progress	8,274		—			8,274		5,660		—			5,660
	Investments in Other Real Estate	$	260,932	$	(15,422	)	$	245,510	$	250,208	$	—		$	250,208

INTANGIBLES_NET_OF_ACCUMULATED1

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	9 Months Ended
	Sep. 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:
		September 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	$	165,651	$	(62,003	)	$	103,648	$	112,267	$	(21,902	)	$	90,365
	Above market lease intangibles	2,567		(87		)	2,480		1,546		(2		)	1,544
	Other intangibles	9,242		(848		)	8,394		9,298		(348		)	8,950
	Total Senior Housing	177,460		(62,938		)	114,522		123,111		(22,252		)	100,859
	Golf
	Trade name	700		(17		)	683		700		—			700
	Leasehold intangibles	50,275		(3,903		)	46,372		50,275		—			50,275
	Management contracts	37,650		(3,500		)	34,150		37,659		—			37,659
	Internally-developed software	800		(120		)	680		800		—			800
	Membership base	5,214		(562		)	4,652		5,214		—			5,214
	Nonamortizable liquor license	850					850		900		—			900
	Total Golf	95,489		(8,102		)	87,387		95,548		—			95,548
	Total Intangibles	$	272,949	$	(71,040	)	$	201,909	$	218,659	$	(22,252	)	$	196,407

RECEIVABLES_AND_OTHER_ASSETS_T

RECEIVABLES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2014
Receivables And Other Assets Tables	'
Schedule of receivables and other assets	'
	The following table summarizes Newcastle's receivables and other assets:
		30-Sep-14		31-Dec-13
	Accounts receivable, net	$	7,263	$	11,550
	Deferred financing costs	37,219		42,473
	Derivative assets	—		43,662
	Prepaid expenses	20,370		8,601
	Interest receivable	1,557		4,667
	Deposits	10,097		9,915
	Inventory	5,474		5,140
	Miscellaneous assets, net	30,016		13,587
		$	111,996	$	139,595

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of debt obligations	'
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at September 30, 2014:
		30-Sep-14
																Collateral									Aggregate
	Debt Obligation/Collateral	Month Issued		Outstanding		Carrying		Final Stated Maturity	Weighted		Weighted Average		Weighted Average Life(Years)	Face Amount of		Outstanding Face Amount (C)		Amortized		Carrying		Weighted Average Life	Floating Rate Face Amount (C)		Notional
				Face		Value			Average		Funding			Floating Rate Debt				Cost Basis (C)		Value (C)		(Years)			Amount of Current Hedges (D)
				Amount					Coupon (A)		Cost (B)
	CDO Bonds Payable
	CDO VI (E)	Apr-05		$	92,349	$	92,349	Apr 2040	0.84%		5.36	%	5.2	$	88,894	$	156,016	$	89,826	$	123,941	2.6	$	34,221	$	130,342
	CDO VIII	Nov-06		71,813		71,770		Nov 2052	2.12%		6.55	%	2.3	64,213		226,441		160,931		175,216		2.2	89,874		83,673
	CDO IX	May-07		65,671		66,739		May 2052	0.72%		0.18	%	1.6	65,671		297,120		238,374		248,189		2.5	64,489		—
				229,833		230,858					4.23	%	3.3	218,778		679,577		489,131		547,346		2.4	188,584		214,015
	Other Bonds and Notes Payable
	NCT 2013-VI IMM-1 (F)	Nov-13		88,223		82,063		Apr-40	LIBOR+0.25%		5.86	%	1.7	88,223		N/A		N/A		N/A		N/A	N/A		—
				88,223		82,063					5.86	%	1.7	88,223		N/A		N/A		N/A		N/A	N/A		—
	Repurchase Agreements (G)
	CDO securities (F)	Dec-13		63,804		63,804		Oct-14	LIBOR+1.65%		1.81	%	0.1	63,804		N/A		N/A		N/A		N/A	N/A		—
				63,804		63,804					1.81	%	0.1	63,804		N/A		N/A		N/A		N/A	N/A		—
	Mortgage Notes Payable
	Fixed Rate - Managed Properties			157,393		158,037		Aug 2018 to	1.66% to 4.93%	(H) (I)	4.84	%	4.6	N/A		N/A		180,655		180,655		N/A	N/A		—
								Mar-20
	Floating Rate - Managed Properties			278,549		278,549		Aug 2016 to	LIBOR +2.75% to LIBOR+3.75%	(J)	4.55	%	3.6	278,549		N/A		366,598		366,598		N/A	N/A		—
								Sep-19
	Fixed Rate - Triple Net Lease Properties			711,422		711,422		Jan 2021 to Jan 2024	3.83% to 8.00%	(K)	5.1	%	7.3	N/A		N/A		962,489		962,489		N/A	N/A		—
				1,147,364		1,148,008					4.93	%	6	278,549		N/A		1,509,742		1,509,742		N/A	N/A		—
	Golf Credit Facilities (L)
	First Lien Loan	Dec-13		49,923		49,923		Dec-18	LIBOR+4.00%	(M)	4.5	%	3.3	49,923		N/A		N/A		N/A		N/A	N/A		—
	Second Lien Loan	Dec-13		105,575		105,575		Dec-18	5.50%		5.5	%	3.3	—		N/A		N/A		N/A		N/A	N/A		—
	Vineyard II	Dec-93		200		200		Dec-43	2.13%		2.13	%	29.2	200		N/A		N/A		N/A		N/A	N/A		—
	Capital Leases (Equipment)	May-Sep 2014		4,994		4,994		Mar-20	5.25% to 7.15%		6.96	%	5.5	—		N/A		N/A		N/A		N/A	N/A		—
				160,692		160,692					5.25	%	3.4	50,123		N/A		N/A		N/A		N/A	N/A		—
	Corporate
	Junior subordinated notes payable	Mar 2006		51,004		51,233		Apr-35	7.57%	(N)	7.36	%	20.6	—		N/A		N/A		N/A		N/A	N/A		—
				51,004		51,233					7.36	%	20.6	—		N/A		N/A		N/A		N/A	N/A		—
	Subtotal debt obligations			1,740,920		1,736,658					4.87	%	5.4	$	699,477	$	679,577	$	1,998,873	$	2,057,088	2.4	$	188,584	$	214,015
	Financing on subprime mortgage loans subject to call option (O)			406,217		406,217
	Total debt obligations			$	2,147,137	$	2,142,875
	(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 nine months ended September 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 $130.3 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 September 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 financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
	(G)	These repurchase agreements had less than $0.1 million of accrued interest payable at September 30, 2014. $63.8 million face amount of these repurchase agreements were renewed subsequent to September 30, 2014. The counterparty on these repurchase agreements is Bank of America ($63.8 million). Newcastle has margin exposure on a $63.8 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 $40.7 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 $358.4 million and $313.5 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)	LIBOR +2.25% after April 2016.
	(O)	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.
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 September 30, 2014 are as follows:
	October 1, 2014 - December 31, 2014	$	260
	2015	1,041
	2016	1,041
	2017	1,041
	2018	1,041
	2019 and thereafter	1,670
	Total minimum lease payments	6,094
	Less: imputed interest	1,100
	Present value of net minimum lease payments	$	4,994

ACCOUNTS_PAYABLE_ACCRUED_EXPEN1

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 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:
		September 30, 2014		December 31, 2013
	Accounts payable and accrued expenses	$	58,328	$	43,473
	Membership deposit liabilities	77,564		71,644
	Deferred revenue	13,309		36,985
	Security deposit payable	57,139		48,823
	Unfavorable leasehold interests	15,060		23,113
	Derivative liabilities	4,528		13,795
	Accrued rent	3,369		—
	Due to affiliates	6,365		5,878
	Miscellaneous liabilities	13,403		18,114
		$	249,065	$	261,825

FAIR_VALUE_Tables

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 were as follows:
		Principal Balance or				Carrying				Estimated				Fair Value Method (A)		Weighted Average			Weighted Average
		Notional Amount				Value				Fair Value						Yield/Funding Cost (B)			Life (Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale (C)*	$	386,557			$	310,639			$	310,639			Broker quotations, counterparty quotations,  pricing services,  pricing models		9.75	%		3.3
	Real estate related and other loans, held-for-sale, net	324,048				224,992				239,701				Broker quotations, counterparty quotations, pricing services,  pricing models		14.53	%		1.7
	Residential mortgage loans, held-for-sale, net	4,686				4,036				4,317				Broker/counterparty quotations		7.74	%		1.7
	Subprime mortgage loans subject to call option (D)	406,217				406,217				(D)				(D)		9.09	%		(D)
	Restricted cash (I)					4,624				4,624
	Cash and cash equivalents (I)					257,584				257,584
	Investments in senior housing real estate, net (H)					1,582,477
	Investments in other real estate, net (H)					245,510
	Intangibles, net (H)					201,909
	Other investments (H)					26,456
	Assets of discontinued operations (H)					6,863
	Liabilities
	Financial instruments:
	CDO bonds payable (G)	$	229,833			$	230,858			$	127,254			Pricing models		4.23	%		3.3
	Other bonds and notes payable (G)	88,223				82,063				82,070				Broker quotations, pricing models		5.86	%		1.7
	Repurchase agreements	63,804				63,804				63,804				Market comparables		1.81	%		0.1
	Mortgage notes payable	1,147,364				1,148,008				1,157,815				Pricing models		4.93	%		6
	Credit facilities and obligations under capital leases, golf	160,692				160,692				160,692				Pricing models		5.24	%		3.4
	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				51,233				31,833				Pricing models		7.36	%		20.6
	Interest rate swaps, treated as hedges (E)(F)*	83,673				2,852				2,852				Counterparty quotations		N/A			(E)
	Non-hedge derivatives (E)(F)*	130,342				1,676				1,676				Counterparty quotations		N/A			(E)
	Liabilities of discontinued operations					412
	*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 eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.
	(D)	Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6).
	(E)	As of September 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $214.0 million is 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:
		Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		Apr-16		$	83,673			5.04	%		$	2,852
	Non-hedge derivatives:
		Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		Mar-15		$	130,342			4.85	%		$	1,676
	(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.
	(H)	Newcastle has certain assets that are subject to measurement at fair value on a nonrecurring basis. For these assets, measurement at fair value in the period subsequent to their initial recognition is applicable if determined to be impaired. During the nine months ended September 30, 2014, Newcastle did not have any material impaired assets that were required to be measured at fair value.
	(I)	The carrying value of these assets and liabilities approximates fair value.
Schedule of fair value of hedge and non-hedge derivatives	'
	Interest rate swaps, treated as hedges:
		Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		Apr-16		$	83,673			5.04	%		$	2,852
	Non-hedge derivatives:
		Maturity		Aggregate Notional Amount				Weighted Average Fixed Pay Rate			Aggregate Fair Value
	Interest rate swap agreements
	which receive 1-Month LIBOR:
		Mar-15		$	130,342			4.85	%		$	1,676
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 September 30, 2014:
		Principal Balance or								Fair Value
		Notional Amount				Carrying Value				Level 2				Level 3				Total
	Assets
	Real estate securities, available-for-sale:
	CMBS	$	240,403			$	206,085			$	—			$	206,085			$	206,085
	REIT debt (A)	29,200				30,293				30,293				—				30,293
	Non-Agency RMBS	87,113				60,231				—				60,231				60,231
	ABS - other real estate	8,464				—				—				—				—
	CDO (B)	21,377				13,721				—				13,721				13,721
	Equity securities	—				309				—				309				309
	Real estate securities total	$	386,557			$	310,639			$	30,293			$	280,346			$	310,639
	Liabilities
	Derivative Liabilities:
	Interest rate swaps, treated as hedges	$	83,673			$	2,852			$	2,852			$	—			$	2,852
	Interest rate swaps, not treated as hedges	130,342				1,676				1,676				—				1,676
	Derivative liabilities total	$	214,015			$	4,528			$	4,528			$	—			$	4,528
	(A)	REIT debt is measured at fair value based on more observable quotes. Therefore, is categorized as a Level 2 fair value hierarchy measurement.
	(B)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 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 nine months ended ended September 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)	(18,663		)		(231		)		5,432			—				4,874				—				(8,588		)
	Amortization included in interest income	14,986				368				4,101			72				1,866				—				21,393
	Purchases, sales and repayments
	Purchases	—				—				—			—				—				—				—
	Proceeds from sales	(72,438		)		—				—			—				(50,390		)		—				(122,828		)
	Proceeds from repayments	(5,713		)		(12,095		)		(6,883	)		(72		)		(2,794		)		(56,160		)		(83,717		)
	Balance at September 30, 2014	$	132,509			$	73,576			60,231			$	—			$	14,030			$	—			$	280,346
	(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:
		Nine Months Ended September 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:
		Nine Months Ended September 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 September 30, 2014, Newcastle’s securities valuation methodology and results are further detailed as follows:
										Fair Value
		Outstanding				Amortized				Multiple				Single				Internal
		Face				Cost												Pricing
	Asset Type	Amount (A)				Basis (B)				Quotes (C)				Quote (D)				Models (E)				Total
	CMBS	$	240,403			$	168,387			$	144,830			$	61,255			$	—			$	206,085
	REIT debt	29,200				28,856				30,293				—				—				30,293
	Non-Agency RMBS	87,113				37,892				46,177				14,054				—				60,231
	ABS - other real estate	8,464				—				—				—				—				—
	CDO (F)	21,377				6,394				—				6,708				7,013				13,721
	Equity securities	—				—				—				309				—				309
	Total	$	386,557			$	241,529			$	221,300			$	82,326			$	7,013			$	310,639
	(A)	Net of incurred losses.
	(B)	Net of discounts (or gross of premiums) and after OTTI.
	(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.
		Newcastle measures the fair value of REIT debt based on quoted market prices in less active markets or pricing service quotations and models utilizing observable market inputs. For securities that are categorized as a Level 3 fair value hierarchy measurement, there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which are believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
	(D)	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold us the security) or a pricing service.
	(E)	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
										Impairment				Unrealized				Weighted Average Significant Input
		Amortized				Fair Value				Recorded				Gains				Discount			Prepayment			Cumulative			Loss
		Cost								In Current				(Losses) in				Rate			Speed (G)			Default			Severity
		Basis (B)								Period				Accumulated										Rate
														OCI
	CDO	—				7,013				—				7,013				10.5	%		5	%		19.3	%		72.5	%
	Total	$	—			$	7,013			$	—			$	7,013
	At September 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 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 eight securities with a zero value, which had an aggregate face amount of $112.5 million.
	(G)	Projected annualized average prepayment rate.
Schedule of securities valued based on internal pricing models	'
	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
										Impairment				Unrealized				Weighted Average Significant Input
		Amortized				Fair Value				Recorded				Gains				Discount			Prepayment			Cumulative			Loss
		Cost								In Current				(Losses) in				Rate			Speed (G)			Default			Severity
		Basis (B)								Period				Accumulated										Rate
														OCI
	CDO	—				7,013				—				7,013				10.5	%		5	%		19.3	%		72.5	%
	Total	$	—			$	7,013			$	—			$	7,013
	At September 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 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 September 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	$	132,053			$	99,666			$	102,512			$	(31	)		5.0-9.0%			0% -100%			7.2	%		22.5	%
	Bank Loan	169,659				106,296				118,156				1,299				15.0 - 35.9%			0% - 100%			21.8	%		27.1	%
	B-Note	22,067				18,761				18,761				(3,454		)		12	%		0	%		12	%		0	%
	Whole Loan	269				269				272				—				4	%		0	%		4	%		0	%
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	324,048			$	224,992			$	239,701			$	(2,186	)
	The following table summarizes certain information for residential mortgage loans held-for-sale as of September 30, 2014:
															Valuation				Significant Input (Weighted Average)
			Outstanding												Allowance/
			Face				Carrying				Fair				(Reversal) In				Discount			Prepayment			Constant			Loss
	Loan Type		Amount				Value				Value				Current Year (A)				Rate			Speed			Default Rate			Severity
	Residential Loans		4,686				4,036				4,317				527				7.7	%		0.2	%		23.8	%		5.1	%
	Total Residential Mortgage Loans, Held-for-Sale, Net		$	4,686			$	4,036			$	4,317			$	527
	(A)	The valuation allowance (reversal) excludes $0.4 million allowance 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-Sep-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		$	2,852			$	6,203
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		1,676				7,592
				$	4,528			$	13,795
Schedule of outstanding derivatives	'
	The following table summarizes information related to derivatives:
		September 30, 2014				December 31, 2013
	Cash flow hedges
	Notional amount of interest rate swap agreements	$	83,673			$	105,031
	Cumulative unrealized loss in OCI on effective portion	(2,884		)		(6,117		)
	Deferred hedge gain related to anticipated financings, which have subsequently occurred, net of amortization	116				170
	Deferred hedge loss related to dedesignation, net of amortization	—				(45		)
	Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	76				53
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(2,369		)		(3,915		)
	Non-hedge Derivatives
	Notional amount of interest rate swap agreements	130,342				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.
Schedule of gains (losses) on derivatives	'
	The following table summarizes gains (losses) recorded in relation to derivatives:
		Income statement		Three Months Ended								Nine Months Ended
				September 30,								September 30,
		location		2014				2013				2014				2013
	Cash flow hedges
	Realized gain (loss) on the ineffective portion	Other income (loss)		$	(158	)		$	—			$	101			$	—
	Realized loss recognized at dedesignation	Other income (loss)		(34		)		—				(34		)		—
	Realized loss reclassified from AOCI into income, related to effective portion	Interest expense		(1,024		)		(1,280		)		(3,481		)		(4,848		)
	Realized hedge gain reclassified from AOCI into income, related to anticipated financings	Interest expense		18				17				53				50
	Realized hedge loss reclassified from AOCI into income, related to effective portion of dedesignated hedges	Interest expense		(2		)		(16		)		(11		)		(48		)
	Non-hedge derivatives gain (loss)
	Interest rate swaps	Other income (loss)		1,762				1,894				5,866				7,302
	Linked transactions	Other income (loss)		—				—				12,499				—
	Linked transactions	Interest expense		—				(110		)		(211		)		(118		)

EQUITY_AND_EARNINGS_PER_SHARE_

EQUITY AND EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of shares of common stock issued in connection with public offerings	'
	The following table presents shares of common stock issued by Newcastle in connection with public offerings during 2014:
											Aggregate Shares Purchased
		Number of							Net		by Principals of Fortress			Call Options Granted to Manager (A)
		Shares		Price per Share					Proceeds		Number of			Number of			Grant Date Value
	Date	Issued		To Public		To Underwriters			(millions)		Shares	Price		Shares	Strike Price		(millions)
	Aug-14	7,654,166		N/A		$	25.92		$	197.9	83,333	$	26.34	765,416	$	26.34	$	1.7	(B)
	(A)	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.
	(B)	The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term.
Schedule of outstanding options by strike price	'
	Newcastle’s outstanding options at September 30, 2014 consisted of the following:
		Number of Options			Strike Price (A)			Maturity Date
		27,080			77.04			11/22/14
		54,999			72.18			1/12/15
		333			75.72			8/1/15
		28,331			71.7			11/1/16
		40,330			76.8			1/23/17
		76,000			67.14			4/11/17
		182,527			9.06			3/29/21
		283,305			5.16			9/27/21
		311,194			9.66			4/3/22
		377,500			11.04			5/21/22
		416,524			10.98			7/31/22
		958,331			18.18			1/11/23
		383,331			21.24			2/15/23
		670,829			22.56			6/17/23
		965,847			24.24			11/22/23
		765,416			26.34			8/18/24
	Total W/A	5,541,877			$	20.83
	(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 $1.92 (adjusted to reflect the reverse stock splits) reflecting the portion of Newcastle’s 2013 dividends which was deemed return of capital.
Schedule of outstanding options summary	'
	As of September 30, 2014, Newcastle’s outstanding options were summarized as follows:
		Issued Prior to 2011				Issued in 2011 and thereafter			Total
	Held by the Manager	179,186				4,833,961			5,013,147
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	47,554				480,843			528,397
	Issued to the independent directors	333				—			333
	Total	227,073				5,314,804			5,541,877
	Weighted average strike price	$	71.84			$	18.65		$	20.83

INCOME_TAXES_Tables

INCOME TAXES (Tables)	9 Months Ended
	Sep. 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 September 30,							Nine Months Ended September 30,
		2014				2013			2014(A)			2013
	Current:
	Federal	$	129			$	—		$	718		$	—
	State and Local	29				—			194			—
	Total Current Provision	$	158			$	—		$	912		$	—
	Deferred:
	Federal	$	155			$	—		$	(159	)	$	—
	State and Local	21				—			(499		)	—
	Total Deferred Provision	$	176			$	—		$	(658	)	$	—
	Total Provision for Income Taxes	$	334			$	—		$	254		$	—
	(A)	The provision for income taxes for the nine months ended September 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 September 30, 2014 and December 31, 2013 are presented below:
		September 30, 2014				December 31, 2013
	Deferred tax assets:
	Allowance for loan losses	$	1,599			$	2,076
	Depreciation and amortization	37,425				94,880
	Leaseholds	7,512				6,489
	Accrued expenses	15,292				23,816
	Deposits	7,787				7,787
	Net operating losses	53,135				211,560
	Other	837				17,036
	Total deferred tax assets	123,587				363,644
	Less valuation allowance	(123,392		)		(363,192		)
	Net deferred tax assets(A)	$	195			$	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		4,601
	Valuation allowance at September 30, 2014		$	123,392

GAINS_LOSSES_ON_SETTLEMENT_OF_1

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Tables)	9 Months Ended
	Sep. 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 September 30,						Nine Months Ended
								September 30,
		2014			2013			2014			2013
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	—		$	1,381		$	18,032		$	9,590
	Loss on settlement of real estate securities	—			—			—			(3,592		)
	Gain on repayment/disposition of loans held-for-sale	7,763			—			32,500			—
	Loss on repayment/disposition of loans held-for-sale	—			—			—			(354		)
	Gain on termination of derivative	—			—			—			813
	Loss on disposal of long-lived assets	(756		)	7			(790		)	(6		)
		$	7,007		$	1,388		$	49,742		$	6,451
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	1,762		$	1,894		$	18,365		$	7,302
	Realized loss recognized at de-designation of hedges	(34		)	—			(34		)	—
	Hedge ineffectiveness	(158		)	—			101			—
	Collateral management fee income, net	225			304			740			992
	Equity in earnings of equity method investees	332			(458		)	621			(458		)
	Other income (loss) (1)	4,965			223			5,465			1,718
		$	7,092		$	1,963		$	25,258		$	9,554
	(1) Includes a $5.2 million gain on a lease modification related to a golf course in Rowlett, Texas.

RECLASSIFICATION_FROM_ACCUMULA1

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Tables)	9 Months Ended
	Sep. 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 September 30,						Nine Months Ended September 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	$	—		$	—		$	—		$	(4,449	)
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	—			1,381			18,032			9,590
	Loss on settlement of real estate securities	Gain (loss) on settlement of investments, net	—			—			—			(3,592		)
			$	—		$	1,381		$	18,032		$	1,549
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Realized loss recognized upon de-designation	Other income (loss)	$	(34	)	$	—		$	(34	)	$	—
	Hedge ineffectiveness	Other income (loss)	$	(158	)	$	—		$	101		$	—
	Amortization of deferred gain	Interest expense	16			1			42			2
	Realized loss reclassified from AOCI into income, related to effective portion	Interest expense	(1,024		)	(1,280		)	(3,481		)	(4,848		)
			$	(1,200	)	$	(1,279	)	$	(3,372	)	$	(4,846	)
	Total reclassifications		$	(1,200	)	$	102		$	14,660		$	(3,297	)

SUPPLEMENTAL_NONCASH_INVESTING1

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Tables)	9 Months Ended
	Sep. 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:
		Nine Months Ended September 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	$	297,505	$	281,889
	Restricted cash used for repayments of CDO bonds payable	$	321,921	$	337,143
	Restricted cash used for settlement of derivative instruments	$	—	$	1,563

GENERAL_Details_Narrative

GENERAL (Details Narrative) (USD $)

9 Months Ended

1 Months Ended

9 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 13, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Aug. 31, 2014

Nov. 06, 2014

Sep. 30, 2014

Sep. 30, 2014

Upper Range [Member]

Golf Investments [Member]

Golf Investments [Member]

Manager [Member]

New Media Spin-Off [Member]

New Media Spin-Off [Member]

National Golf [Member]

American Golf [Member]

Underwriter [Member]

Subsequent To Balance Sheet Date [Member]

Reverse Stock Split 1 [Member]

Reverse Stock Split 2 [Member]

Upper Range [Member]

Lower Range [Member]

Courses

Courses

New Senior Spin-Off [Member]

Subsequent To Balance Sheet Date [Member]

States

REIT distribution threshold for nontaxation

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Reverse stock-split ratio

0.167

'

'

'

'

'

'

'

'

'

'

'

0.33

0.5

Stock split effective date

'

'

'

'

'

'

'

'

'

'

'

'

'August 18, 2014 close of trading

'October 22, 2014 close of trading

Spin-off distribution ratio

'

'

'

'

'

'

0.0722

'

'

'

'

1

'

'

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

'

'

'

'

Net Assets

'

'

'

'

'

'

$391,347

$395,479

'

'

'

$243,000

'

'

Date of issuance

'

'

'

'

'

'

'

'

'

'

'2014-08

'

'

'

Number of shares issued

'

'

'

'

'

'

'

'

'

'

7,654,166

'

'

'

Share price

'

'

'

'

'

'

'

'

'

'

$25.92

'

'

'

Proceeds from issuance of common stock

198,671

962,827

'

'

'

'

'

'

'

'

197,900

'

'

'

Shares held by Fortress and affiliates in Newcastle

1,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Options outstanding

5,541,877

'

'

'

'

5,013,147

'

'

'

'

'

'

'

'

Fees paid indirectly to principal of manager for aircraft charter

$200

'

$100

'

'

'

'

'

'

'

'

'

'

'

Refundable term for initiation fees

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Lease term

'

'

'

'20 years

'10 years

'

'

'

'

'

'

'

'

'

ACQUISITIONS_Senior_Housing_Pr

ACQUISITIONS - Senior Housing Properties (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Managed Properties acquired in 2014 [Member]	'
Allocation Of Purchase Price	'
Investments in Real Estate	$103,530
Resident Lease Intangibles	13,963
Other Liabilities, net of other Assets	-1,280
Total purchase price	116,213
Mortgage notes payable	-80,145	[1]
Net assets acquired	36,068
Total acquisition related costs	2,149	[2]
Triple Net Lease Properties acquired in 2014 [Member]	'
Allocation Of Purchase Price	'
Investments in Real Estate	144,148
Resident Lease Intangibles	39,475
Other Intangibles	960
Other Liabilities, net of other Assets	-1,552
Total purchase price	183,031
Net assets acquired	183,031
Total acquisition related costs	980	[2]
Senior Housing Properties acquired in 2014 [Member]	'
Allocation Of Purchase Price	'
Investments in Real Estate	247,678
Resident Lease Intangibles	53,438
Other Intangibles	960
Other Liabilities, net of other Assets	-2,832
Total purchase price	299,244
Mortgage notes payable	-80,145	[1]
Net assets acquired	219,099
Total acquisition related costs	$3,129	[2]
[1]	See Note 10.
[2]	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 $)	9 Months Ended				3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
	Managed Properties acquired in 2014 [Member]	Managed Properties acquired in 2014 [Member]	Managed Properties acquired in 2014 [Member]	Triple Net Lease Properties acquired in 2014 [Member]	Senior Housing Properties acquired in 2014 [Member]
	Portfolios	Senior Housing Property Holiday [Member]	Senior Housing Properties Blue Harbor [Member]	Housing
	Housing	Housing	Housing	Renewals
Number of housing properties acquired	9	2	7	6	'
Number of portfolios acquired	6	'	'	'	'
Total purchase price	$116,213	'	'	$183,031	$299,244
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	'6% of the property's effective gross income for the first two years and 7% thereafter	'	'
Lease term	'	'	'	'15 years	'
Number of renewals available	'	'	'	2	'
Renewal Term	'	'	'	'5 years	'
Base rent, as a percentage of purchase price	'	'	'	7.60%	'
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	'
Adjustments to provisional amounts	'	'	'	'	'
Investments in senior housing real estate	'	'	'	'	-18,700
Investments in other real estate	'	'	'	'	-8,700
Intangibles	'	'	'	'	15,300
Receivables and other assets	'	'	'	'	-2,200
Accounts payable, accrued expenses and other liabilities	'	'	'	'	$14,300

DISCONTINUED_OPERATIONS_Carryi

DISCONTINUED OPERATIONS - Carrying Value of Assets and Liabilities Immediately Prior to Spin-Off and 12/31/2013 (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Feb. 13, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified			New Media Spin-Off [Member]	New Media Spin-Off [Member]
Assets:	'	'	'	'
Property, plant and equipment, net	'	'	$266,385	$270,188
Intangibles, net	'	'	144,664	145,400
Goodwill	'	'	126,686	126,686
Cash & cash equivalents	'	'	23,845	31,811
Restricted cash	'	'	6,477	6,477
Receivables and other assets	'	'	101,940	110,184
Total Assets of discontinued operations	6,863	697,572	669,997	690,746
Liabilities:	'	'	'	'
Credit facilities - media	'	'	177,955	182,016
Accounts payable, accrued expenses and other liabilities	'	'	100,695	113,251
Total Liabilities of discontinued operations	412	295,680	278,650	295,267
Net Assets	'	'	$391,347	$395,479

DISCONTINUED_OPERATIONS_Result

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details 1) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Results of operations from discontinued operations	'	'	'	'
Net interest income (expense)	($5,005)	$26,931	$1,549	$106,379
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
Earnings from investments in equity method investees	'	'	621	587
Property operating costs	26,519	15,542	74,092	31,827
Income (loss) from discontinued operations	127	-1,121	-4,748	35,008
Discontinued Operations [Member]	'	'	'	'
Results of operations from discontinued operations	'	'	'	'
Interest income	'	'	'	15,095
Interest Expense	'	'	2,096	'
Net interest income (expense)	'	'	-2,096	15,095
Media income	'	'	68,213	'
Rental Income	527	542	1,630	1,545
Other income (loss)	'	-2,386	'	-2,388
Change in fair value of investments in excess mortgage servicing rights	'	'	'	3,894
Change in fair value of investments in equity method investees	'	'	'	885
Earnings from investments in equity method investees	'	1,045	'	19,331
Total media, rental and other income (loss)	527	-799	69,843	23,267
Media operating expenses	'	'	65,826	'
Property operating costs	327	262	838	761
General and administrative expenses	9	6	1,973	2,429
Depreciation and amortization	64	54	4,773	164
Income tax (benefit) expense	'	'	-915	'
Total expenses	400	322	72,495	3,354
Income (loss) from discontinued operations	127	-1,121	-4,748	35,008
Net income attributable to noncontrolling interest	'	'	$522	'

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details Narrative) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	15-May-13	Feb. 13, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
	New Residential Spin-Off [Member]	New Media Spin-Off [Member]	New Media Spin-Off [Member]	Beavercreek, OH Planned Sale [Member]	Beavercreek, OH Planned Sale [Member]
Investments in other real estate	'	'	'	$6,600	$6,600
Cash & cash equivalents	'	23,845	31,811	300	200
Accounts payable, accrued expenses and other liabilities	'	100,695	113,251	400	400
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				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Interest income, net	$27,544		$47,486		$103,889		$171,642		'
Interest expense, net	-32,549		-20,555		-102,340		-65,263		'
Net interest income (expense)	-5,005		26,931		1,549		106,379		'
Impairment (reversal)	-4,015		-12,998		-1,243		-7,024		'
Operating revenues	148,750		24,370		411,627		50,880		'
Other income, net	14,099		6,710		71,590		20,570		'
Loan and security servicing expense	159		908		1,424		2,963		'
Property operating expenses	26,519		15,542		74,092		31,827		'
Operating expenses - golf	64,984	[1]	'		183,925	[1]	'		'
Repairs and maintenance expenses - golf	2,592		'		7,194		'		'
Cost of sales - golf	8,420		'		23,183		'		'
General and administrative expense	5,231		9,350		12,986		23,495		'
Acquisition and transaction expenses	3,308	[2]	'		14,394	[2]	'		'
Management fee to affiliate	8,106		7,166		23,618		24,879		'
Depreciation and amortization	37,023		7,678		97,812		15,717		'
Income tax expense	334		'		1,169		'		'
Income from continuing operations	5,183		30,365		46,212		85,972		'
Loss from discontinued operations, net of tax	127		-1,121		-4,748		35,008		'
Net Income	5,310		29,244		41,464		120,980		'
Preferred dividends	-1,395		-1,395		-4,185		-4,185		'
Net loss attributable to noncontrolling interests	21		'		711		'		'
Income Applicable to Common Stockholders	3,936		27,849		37,990		116,795		'
Investments, net	3,002,236	[3]	'		3,002,236	[3]	'		'
Cash and restricted cash	262,208		'		262,208		'		'
Other assets	111,996		'		111,996		'		'
Assets of discontinued operations	6,863		'		6,863		'		697,572
Total Assets	3,383,303		'		3,383,303		'		4,837,635
Debt, net	2,142,875	[3]	'		2,142,875	[3]	'		'
Other liabilities	289,835		'		289,835		'		'
Liabilities of discontinued operations	412		'		412		'		295,680
Total Liabilities	2,433,122		'		2,433,122		'		3,611,511
Preferred Stock	61,583		'		61,583		'		61,583
Noncontrolling interests	176		'		176		'		61,279
Equity attributable to common stockholders	888,422		'		888,422		'		'
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	'		'		267,077		'		'
Inter-segment Elimination [Member]	'		'		'		'		'
Interest income, net	-1,564		-1,524		-6,001		-3,455		'
Interest expense, net	1,564		1,524		6,001		3,455		'
Investments, net	39,700		'		39,700		'		'
Debt, net	39,700		'		39,700		'		'
Discontinued Operations [Member]	'		'		'		'		'
Loss from discontinued operations, net of tax	127		-1,121		-4,748		35,008		'
Net Income	127		-1,121		-4,748		35,008		'
Net loss attributable to noncontrolling interests	'		'		522		'		'
Income Applicable to Common Stockholders	127		-1,121		-4,226		35,008		'
Assets of discontinued operations	6,863		'		6,863		'		'
Total Assets	6,863		'		6,863		'		'
Liabilities of discontinued operations	412		'		412		'		'
Total Liabilities	412		'		412		'		'
Equity attributable to common stockholders	6,451		'		6,451		'		'
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	'		'		638		'		'
Senior Housing [Member]	'		'		'		'		'
Interest income, net	'		2	[4]	'		2	[4]	'
Interest expense, net	-14,138	[4]	-2,880	[4]	-41,429	[4]	-5,358	[4]	'
Net interest income (expense)	-14,138	[4]	-2,878	[4]	-41,429	[4]	-5,356	[4]	'
Operating revenues	67,256	[4]	24,370	[4]	184,763	[4]	50,880	[4]	'
Other income, net	1,481	[4]	-74	[4]	1,457	[4]	46	[4]	'
Property operating expenses	26,519	[4]	15,542	[4]	74,092	[4]	31,827	[4]	'
General and administrative expense	1,415	[4]	6,095	[4]	3,116	[4]	9,591	[4]	'
Acquisition and transaction expenses	3,992	[2],[4]	'		12,800	[2],[4]	'		'
Management fee to affiliate	2,442	[4]	1,450	[4]	6,766	[4]	3,028	[4]	'
Depreciation and amortization	28,648	[4]	7,676	[4]	74,672	[4]	15,715	[4]	'
Income tax expense	334	[4]	'		1,025	[4]	'		'
Income from continuing operations	-8,751	[4]	-9,345	[4]	-27,680	[4]	-14,591	[4]	'
Net Income	-8,751	[4]	-9,345	[4]	-27,680	[4]	-14,591	[4]	'
Income Applicable to Common Stockholders	-8,751	[4]	-9,345	[4]	-27,680	[4]	-14,591	[4]	'
Investments, net	1,696,999	[3],[4]	'		1,696,999	[3],[4]	'		'
Cash and restricted cash	42,549	[4]	'		42,549	[4]	'		'
Other assets	76,851	[4]	'		76,851	[4]	'		'
Total Assets	1,816,399	[4]	'		1,816,399	[4]	'		'
Debt, net	1,148,008	[3],[4]	'		1,148,008	[3],[4]	'		'
Other liabilities	82,580	[4]	'		82,580	[4]	'		'
Total Liabilities	1,230,588	[4]	'		1,230,588	[4]	'		'
Equity attributable to common stockholders	585,811	[4]	'		585,811	[4]	'		'
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	'		'		253,606	[4]	'		'
CDOs [Member]	'		'		'		'		'
Interest income, net	19,316	[4]	27,027	[4]	70,635	[4]	95,254	[4]	'
Interest expense, net	-4,823	[4]	-5,051	[4]	-16,932	[4]	-19,013	[4]	'
Inter-segment eliminations	-1,564	[4]	-1,524	[4]	-6,001	[4]	-3,455	[4]	'
Net interest income (expense)	12,929	[4]	20,452	[4]	47,702	[4]	72,786	[4]	'
Impairment (reversal)	-4,143	[4]	-12,375	[4]	-2,185	[4]	-389	[4]	'
Other income, net	1,822	[4]	4,821	[4]	34,717	[4]	16,496	[4]	'
Loan and security servicing expense	157	[4]	179	[4]	466	[4]	563	[4]	'
Income from continuing operations	18,737	[4]	37,469	[4]	84,138	[4]	89,108	[4]	'
Net Income	18,737	[4]	37,469	[4]	84,138	[4]	89,108	[4]	'
Income Applicable to Common Stockholders	18,737	[4]	37,469	[4]	84,138	[4]	89,108	[4]	'
Investments, net	547,654	[3],[4]	'		547,654	[3],[4]	'		'
Cash and restricted cash	1,672	[4]	'		1,672	[4]	'		'
Other assets	1,731	[4]	'		1,731	[4]	'		'
Total Assets	551,057	[4]	'		551,057	[4]	'		'
Debt, net	376,725	[3],[4]	'		376,725	[3],[4]	'		'
Other liabilities	4,845	[4]	'		4,845	[4]	'		'
Total Liabilities	381,570	[4]	'		381,570	[4]	'		'
Equity attributable to common stockholders	169,487	[4]	'		169,487	[4]	'		'
Other Debt [Member]	'		'		'		'		'
Interest income, net	9,749	[4],[5]	21,942	[4],[5]	39,102	[4],[5]	79,700	[4],[5]	'
Interest expense, net	-9,343	[4],[5]	-13,190	[4],[5]	-32,344	[4],[5]	-41,483	[4],[5]	'
Inter-segment eliminations	112	[4],[5]	1,524	[4],[5]	1,748	[4],[5]	3,455	[4],[5]	'
Net interest income (expense)	518	[4],[5]	10,276	[4],[5]	8,506	[4],[5]	41,672	[4],[5]	'
Impairment (reversal)	128	[4],[5]	-623	[4],[5]	942	[4],[5]	-6,635	[4],[5]	'
Other income, net	8,067	[4],[5]	1,963	[4],[5]	32,698	[4],[5]	4,028	[4],[5]	'
Loan and security servicing expense	2	[4],[5]	726	[4],[5]	958	[4],[5]	2,397	[4],[5]	'
General and administrative expense	1,051	[4],[5]	'		2,921	[4],[5]	18	[4],[5]	'
Income from continuing operations	7,404	[4],[5]	12,136	[4],[5]	36,383	[4],[5]	49,920	[4],[5]	'
Net Income	7,404	[4],[5]	12,136	[4],[5]	36,383	[4],[5]	49,920	[4],[5]	'
Income Applicable to Common Stockholders	7,404	[4],[5]	12,136	[4],[5]	36,383	[4],[5]	49,920	[4],[5]	'
Investments, net	424,686	[3],[4],[5]	'		424,686	[3],[4],[5]	'		'
Other assets	1,138	[4],[5]	'		1,138	[4],[5]	'		'
Total Assets	425,824	[4],[5]	'		425,824	[4],[5]	'		'
Debt, net	406,217	[3],[4],[5]	'		406,217	[3],[4],[5]	'		'
Other liabilities	1,253	[4],[5]	'		1,253	[4],[5]	'		'
Total Liabilities	407,470	[4],[5]	'		407,470	[4],[5]	'		'
Equity attributable to common stockholders	18,354	[4],[5]	'		18,354	[4],[5]	'		'
Golf [Member]	'		'		'		'		'
Interest income, net	37		'		112		'		'
Interest expense, net	-4,847		'		-14,764		'		'
Inter-segment eliminations	1,452		'		4,253		'		'
Net interest income (expense)	-3,358		'		-10,399		'		'
Operating revenues	81,494		'		226,864		'		'
Other income, net	2,729		'		2,718		'		'
Operating expenses - golf	64,984	[1]	'		183,925	[1]	'		'
Repairs and maintenance expenses - golf	2,592		'		7,194		'		'
Cost of sales - golf	8,420		'		23,183		'		'
General and administrative expense	527		'		986		'		'
Acquisition and transaction expenses	27	[2]	'		1,530	[2]	'		'
Depreciation and amortization	8,362		'		23,053		'		'
Income tax expense	'		'		144		'		'
Income from continuing operations	-4,047		'		-20,832		'		'
Net Income	-4,047		'		-20,832		'		'
Net loss attributable to noncontrolling interests	21		'		189		'		'
Income Applicable to Common Stockholders	-4,026		'		-20,643		'		'
Investments, net	332,897	[3]	'		332,897	[3]	'		'
Cash and restricted cash	10,786		'		10,786		'		'
Other assets	32,099		'		32,099		'		'
Total Assets	375,782		'		375,782		'		'
Debt, net	160,692	[3]	'		160,692	[3]	'		'
Other liabilities	154,207		'		154,207		'		'
Total Liabilities	314,899		'		314,899		'		'
Noncontrolling interests	176		'		176		'		'
Equity attributable to common stockholders	60,707		'		60,707		'		'
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	'		'		12,833		'		'
Corporate [Member]	'		'		'		'		'
Interest income, net	6		39		41		141		'
Interest expense, net	-962		-958		-2,872		-2,864		'
Net interest income (expense)	-956		-919		-2,831		-2,723		'
Loan and security servicing expense	'		3		'		3		'
General and administrative expense	2,238		3,255		5,963		13,886		'
Acquisition and transaction expenses	-711	[2]	'		64	[2]	'		'
Management fee to affiliate	5,664		5,716		16,852		21,851		'
Depreciation and amortization	13		2		87		2		'
Income from continuing operations	-8,160		-9,895		-25,797		-38,465		'
Net Income	-8,160		-9,895		-25,797		-38,465		'
Preferred dividends	-1,395		-1,395		-4,185		-4,185		'
Income Applicable to Common Stockholders	-9,555		-11,290		-29,982		-42,650		'
Cash and restricted cash	207,201		'		207,201		'		'
Other assets	177		'		177		'		'
Total Assets	207,378		'		207,378		'		'
Debt, net	51,233	[3]	'		51,233	[3]	'		'
Other liabilities	46,950		'		46,950		'		'
Total Liabilities	98,183		'		98,183		'		'
Preferred Stock	61,583		'		61,583		'		'
Equity attributable to common stockholders	$47,612		'		$47,612		'		'
[1]	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.2 million and $3.9 million for the three and nine months ended September 30, 2014, respectively.
[2]	Includes all transaction related and spin-off related expenses.
[3]	Net of $39.7 million of inter-segment eliminations.
[4]	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.
[5]	The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).

SEGMENT_REPORTING_AND_VARIABLE3

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Investments Carrying Value	$3,002,236	[1]
Debt Face Amount	2,147,137
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
Other [Member] | Unlevered Real Estate Securities [Member]	'
Investments Face Amount	166,999
Investments Carrying Value	11,279
Other [Member] | Other Investments [Member]	'
Investments Carrying Value	6,399
Other [Member] | Residential Mortgage Loans [Member]	'
Investments Face Amount	1,276
Investments Carrying Value	919
Other Debt [Member]	'
Investments Face Amount	574,492
Investments Carrying Value	424,686	[1],[2],[3]
Debt Face Amount	406,217
Debt Carrying Value	$406,217
[1]	Net of $39.7 million of inter-segment eliminations.
[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).

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 $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Non Recourse VIE Financing Structures [Member] | CDO V [Member]	'
Gross Assets	$126,228	[1]
Debt	154,574	[1],[2]
Carrying Value of Newcastle's Investment	$7,013	[3]
[1]	Face amount.
[2]	Newcastle CDO V includes $41.4 million face amount of debt owned by Newcastle with a carrying value of $7.0 million at September 30, 2014.
[3]	This amount represents Newcastle?s maximum exposure to loss from this entity.

SEGMENT_REPORTING_AND_VARIABLE5

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2014
Investments, net	$3,002,236	[1]	$3,002,236	[1]
Debt, net	2,142,875	[1]	2,142,875	[1]
Debt Face Amount	2,147,137		2,147,137
Non Recourse VIE Financing Structures [Member] | CDO V [Member]	'		'
Debt Face Amount	41,400		41,400
Carrying Value of Newcastle's Investment	7,013	[2]	7,013	[2]
Inter-segment Elimination [Member]	'		'
Investments, net	39,700		39,700
Debt, net	39,700		39,700
Golf [Member]	'		'
Rental expense - carts and equipment	1,200		3,900
Investments, net	332,897	[1]	332,897	[1]
Debt, net	$160,692	[1]	$160,692	[1]
[1]	Net of $39.7 million of inter-segment eliminations.
[2]	This amount represents Newcastle?s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Real_Es

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

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 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]

Debt Securities [Member]

Equity Securities [Member]

Real Estate Securities [Member]

Securities

Securities

Securities

Securities

Securities

Securities

Securities

Securities

Securities

Securities

Outstanding Face Amount

'

'

$157,778

$79,396

$3,229

$29,200

[1]

$87,113

[1]

$8,464

[1]

$21,377

[1],[2]

$386,557

[3]

'

$386,557

[1]

Before Impairment - Amortized Cost Basis

'

'

161,688

79,044

3,229

28,856

97,879

7,647

6,394

384,737

'

384,737

Other Than Temporary Impairment - Amortized Cost Basis

'

'

-63,210

-12,364

'

'

-59,987

-7,647

'

-143,208

'

-143,208

Amortized Cost Basis After Impairment

'

'

98,478

66,680

3,229

28,856

[4]

37,892

[4]

'

6,394

[2],[4]

241,529

'

241,529

[4]

Gains - gross unrealized

'

'

34,030

3,672

'

1,437

22,339

'

7,327

68,805

309

69,114

Losses - gross unrealized

'

'

'

-4

'

'

'

'

'

-4

'

-4

Carrying Value

$310,639

$984,263

$132,508

[5]

$70,348

[5]

$3,229

[5]

$30,293

[5]

$60,231

[5]

'

$13,721

[2],[5]

$310,330

[5]

$309

[5]

$310,639

[5]

Number of securities

'

'

26

12

1

5

33

1

3

81

1

82

Weighted Average Rating

'

'

'B+

[6]

'BB-

[6]

'BBB-

[6]

'BB+

[6]

'CCC+

[6]

'C

[6]

'B-

[6]

'B

[6]

'

'

Weighted Average Coupon

'

'

5.52%

6.33%

3.36%

5.89%

1.04%

6.69%

1.10%

4.47%

'

'

Weighted Average Yield

'

'

12.08%

7.25%

3.36%

6.88%

10.75%

'

10.11%

9.75%

'

'

Weighted Average Life (Years)

'

'

'2 years 3 months 18 days

[7]

'2 years 3 months 18 days

[7]

'0 years 2 months 12 days

[7]

'0 years 9 months 18 days

[7]

'6 years 2 months 12 days

[7]

'

'7 years 8 months 12 days

[7]

'3 years 3 months 18 days

[7]

'

'

Weighted Average Principal Subordination

'

'

12.40%

[8]

2.20%

[8]

4.40%

[8]

'

26.80%

[8]

0.00%

[8]

27.10%

[8]

'

'

'

[1]

Net of incurred losses.

[2]

Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.

[3]

The total outstanding face amount was $262.6 million for fixed rate securities and $124.0 million for floating rate securities.

[4]

Net of discounts (or gross of premiums) and after OTTI.

[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 interests that is subordinate to Newcastle's investments.

REAL_ESTATE_SECURITIES_Holding

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	Securities
Carrying Value	$310,639	$984,263
Securities in an Unrealized Loss Position Less than Twelve Months [Member]	'	'
Outstanding Face Amount	3,237	'
Before Impairment - Amortized Cost Basis	3,237	'
Amortized Cost Basis After Impairment	3,237	'
Gross unrealized losses - less than twelve months	-4	'
Carrying value - less than twelve months	3,233	'
Number of securities, less than twelve months	1	'
Weighted Average Rating	'BBB-	'
Weighted Average Coupon	5.78%	'
Weighted Average Yield	5.78%	'
Weighted Average Maturity (Years)	'0 years 1 month 6 days	'
Securities in an Unrealized Loss Position [Member]	'	'
Outstanding Face Amount	3,237	'
Before Impairment - Amortized Cost Basis	3,237	'
Other Than Temporary Impairment - Amortized Cost Basis	'	-2,873
Amortized Cost Basis After Impairment	3,237	'
Total gross unrealized losses	-4	'
Carrying Value	$3,233	'
Number of securities	1	'
Weighted Average Rating	'BBB-	'
Weighted Average Coupon	5.78%	'
Weighted Average Yield	5.78%	'
Weighted Average Maturity (Years)	'0 years 1 month 6 days	'

REAL_ESTATE_SECURITIES_Holding1

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
RE Securities No Intent to Sell Non Credit Impaired [Member]	'
Fair Value	$3,233
Amortized Cost Basis	3,237
Unrealized Non-Credit Losses	-4	[1]
Securities in an Unrealized Loss Position [Member]	'
Fair Value	3,233
Amortized Cost Basis	3,237
Unrealized Non-Credit Losses	($4)	[1]
[1]	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.

REAL_ESTATE_SECURITIES_Credit_

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details 3) (Securities in an Unrealized Loss Position [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 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 $)

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 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

$240,403

[1]

$40,073

$51,078

$47,340

$33,008

$51,696

$10,825

$6,383

$95,577

$29,606

$23,194

$19,477

$12,310

$10,382

$608

Percentage of principal balance

100.00%

16.70%

21.20%

19.70%

13.70%

21.50%

4.50%

2.70%

100.00%

31.00%

24.20%

20.40%

12.90%

10.90%

0.60%

[1]

Net of incurred losses.

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details Narrative) (USD $)	9 Months Ended			1 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 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]
			Securities
Number of securities	'	'	8	'	'	'
Outstanding Face Amount	'	'	$112,500	'	'	'
Total outstanding face amount of fixed rate securities	262,600	'	'	'	'	'
Total outstanding face amount of floating rate securities	124,000	'	'	'	'	'
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	798,122	43,916	'	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 $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
	Loans
Mezzanine Loans [Member]	'
Outstanding face amount	$132,053
Carrying value	99,666
Loan Count	7
Weighted Average Yield	7.25%
Weighted Average Coupon	7.20%
Weighted Average Life (Years)	'1 year 2 months 12 days	[1]
Floating Rate Loans as a % of Face Amount	71.60%
Delinquent face amount	12,000	[2]
Corporate Bank Loans [Member]	'
Outstanding face amount	169,659
Carrying value	106,296
Loan Count	5
Weighted Average Yield	21.84%
Weighted Average Coupon	13.19%
Weighted Average Life (Years)	'1 year 9 months 18 days	[1]
Floating Rate Loans as a % of Face Amount	0.06%
B-Notes [Member]	'
Outstanding face amount	22,067
Carrying value	18,761
Loan Count	1
Weighted Average Yield	12.00%
Weighted Average Coupon	7.32%
Weighted Average Life (Years)	'4 years 3 months 18 days	[1]
Floating Rate Loans as a % of Face Amount	0.00%
Whole Loans [Member]	'
Outstanding face amount	269
Carrying value	269
Loan Count	1
Weighted Average Yield	4.00%
Weighted Average Coupon	7.48%
Weighted Average Life (Years)	'0 years 4 months 24 days	[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	324,048
Carrying value	224,992
Loan Count	14
Weighted Average Yield	14.53%
Weighted Average Coupon	10.34%
Weighted Average Life (Years)	'1 year 8 months 12 days	[1]
Floating Rate Loans as a % of Face Amount	29.50%
Delinquent face amount	12,000	[2],[3]
Residential Loans [Member]	'
Outstanding face amount	4,686	[4]
Carrying value	4,036	[5]
Loan Count	8
Weighted Average Yield	7.74%
Weighted Average Coupon	1.84%
Weighted Average Life (Years)	'1 year 8 months 12 days	[1]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent face amount	1,105	[2]
Total Residential Mortgage Loans Held-for-Sale, Net [Member]	'
Outstanding face amount	4,686
Carrying value	4,036
Loan Count	8
Weighted Average Yield	7.74%
Weighted Average Coupon	1.84%
Weighted Average Life (Years)	'1 year 8 months 12 days	[1]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent face amount	1,105	[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 September 30, 2014, $76.5 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 $)	Sep. 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]
2015	64,720
2016	64,843
2017	24,370
2018	22,067
2019	122,974
Thereafter	13,074
Total	324,048
Carrying Value	'
2015	718
2016	63,227
2017	24,370
2018	18,761
2019	105,846
Thereafter	12,070
Total	$224,992
Number of Loans	'
Delinquent face amount	1	[2]
2015	6
2016	2
2017	1
2018	1
2019	2
Thereafter	1
Total	14
[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 September 30, 2014, $76.5 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		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Valuation (allowance) reversal on loans	($4,015)	($12,998)	($1,243)	($11,473)
Real Estate Related and Other Loans Held For Sale [Member]	'	'	'	'
Carrying value, beginning	'	'	437,530	'
Interest accrued to principal balance	'	'	15,960	'
Principal paydowns	'	'	-240,119	'
Valuation (allowance) reversal on loans	'	'	2,186	'
Accretion of loan discount and other amortization	'	'	8,867	'
Other	'	'	568	'
Carrying value, ending	224,992	'	224,992	'
Residential Mortgage Loans Held For Sale [Member]	'	'	'	'
Carrying value, beginning	'	'	2,185	'
Principal paydowns	'	'	-9,333	'
Transfer to held-for-sale	'	'	246,121	'
Sales	'	'	-233,349	'
Valuation (allowance) reversal on loans	'	'	-109	'
Other	'	'	-1,479	'
Carrying value, ending	4,036	'	4,036	'
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		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Valuation (allowance) reversal on loans	($4,015)	($12,998)	($1,243)		($11,473)
Real Estate Related and Other Loans Held For Sale [Member]	'	'	'		'
Beginning balance	'	'	-94,037		'
Charge-offs	'	'	14,397	[1]	'
Valuation (allowance) reversal on loans	'	'	2,186		'
Ending balance	-77,454	'	-77,454		'
Residential Mortgage Loans Held For Sale [Member]	'	'	'		'
Beginning balance	'	'	-824		'
Charge-offs	'	'	84		'
Transfer to held-for-sale	'	'	-12,369		'
Sales	'	'	13,006		'
Valuation (allowance) reversal on loans	'	'	-109		'
Ending balance	-212	'	-212		'
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 $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]	'
Outstanding face amount	$324,048
Subtotal prior to bank loans not secured by assets	159,392
Percentage of loans	100.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Western US [Member]	'
Outstanding face amount	28,298
Percentage of loans	17.80%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Northeastern US [Member]	'
Outstanding face amount	26,426
Percentage of loans	16.60%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southeastern US [Member]	'
Outstanding face amount	51,494
Percentage of loans	32.30%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Midwestern US [Member]	'
Outstanding face amount	3,830
Percentage of loans	2.40%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southwestern US [Member]	'
Outstanding face amount	10,446
Percentage of loans	6.50%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Foreign Locations [Member]	'
Outstanding face amount	38,898
Percentage of loans	24.40%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Other Locations [Member]	'
Outstanding face amount	164,656	[1]
Total Residential Mortgage Loans [Member]	'
Outstanding face amount	4,686
Percentage of loans	100.00%
Total Residential Mortgage Loans [Member] | Western US [Member]	'
Outstanding face amount	991
Percentage of loans	21.10%
Total Residential Mortgage Loans [Member] | Northeastern US [Member]	'
Outstanding face amount	531
Percentage of loans	11.30%
Total Residential Mortgage Loans [Member] | Southeastern US [Member]	'
Outstanding face amount	3,025
Percentage of loans	64.60%
Total Residential Mortgage Loans [Member] | Midwestern US [Member]	'
Outstanding face amount	$139
Percentage of loans	3.00%
[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 $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Total securitized loans (unpaid principal balance)	$802,858	[1]	'
Subprime mortgage loans subject to call option	406,217		406,217
Retained interests (fair value)	3,057	[2]	'
Subprime Portfolio I [Member]	'		'
Total securitized loans (unpaid principal balance)	334,758	[1]	'
Subprime mortgage loans subject to call option	299,176		'
Retained interests (fair value)	3,057	[2]	'
Subprime Portfolio II [Member]	'		'
Total securitized loans (unpaid principal balance)	468,100	[1]	'
Subprime mortgage loans subject to call option	$107,041		'
[1]	Average loan seasoning of 110 months and 92 months for Subprime Portfolios I and II, respectively, at September 30, 2014.
[2]	The retained interests include retained bonds of the securitizations with negligible monthly interest cash flow until principal payment is available. The fair value of which is estimated based on pricing service quotation. Newcastle's retained interests were written off in 2010. The weighted average yield of the retained bonds was 22.40% as of September 30, 2014.

REAL_ESTATE_RELATED_LOANS_RESI6

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Loan unpaid principal balance (UPB)	$802,858	[1]
Debt Face Amount	2,147,137
Subprime Portfolio I [Member]	'
Loan unpaid principal balance (UPB)	334,758	[1]
Weighted Average Coupon	5.83%
Delinquencies of 60 or more days (UPB)	83,602	[2]
Net credit losses	20,347
Cumulative net credit losses	267,152
Cumulative net credit losses as a % of original UPB	17.80%
Percentage of ARM loans	51.00%	[3]
Percentage of loans with original loan-to-value ratio >90%	10.80%
Percentage of interest-only loans	8.70%
Debt Face Amount	330,758	[4]
Weighted average funding cost of debt	0.51%	[5]
Subprime Portfolio II [Member]	'
Loan unpaid principal balance (UPB)	468,100	[1]
Weighted Average Coupon	4.71%
Delinquencies of 60 or more days (UPB)	164,991	[2]
Net credit losses	24,126
Cumulative net credit losses	325,700
Cumulative net credit losses as a % of original UPB	29.90%
Percentage of ARM loans	64.20%	[3]
Percentage of loans with original loan-to-value ratio >90%	16.90%
Percentage of interest-only loans	18.70%
Debt Face Amount	$468,100	[4]
Weighted average funding cost of debt	0.43%	[5]
[1]	Average loan seasoning of 110 months and 92 months for Subprime Portfolios I and II, respectively, at September 30, 2014.
[2]	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
[3]	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
[4]	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at September 30, 2014.
[5]	Includes the effect of applicable hedges.

REAL_ESTATE_RELATED_LOANS_RESI7

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative) (USD $)	Sep. 30, 2014	Sep. 30, 2013	31-May-14	Jul. 31, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified		CDOs [Member]	Securitized Manufacturing Housing Loan Portfolio [Member]	Residential Whole Loans [Member]	Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]	Subprime Portfolio I [Member]	Subprime Portfolio II [Member]
					Loans	M	M
Face amount of real estate related loans on non-accrual status	$76,500	'	'	'	'	'	'
Outstanding face amount	'	'	222,200	37,400	324,048	'	'
Loan percentage against par	'	'	104.00%	91.50%	'	'	'
Proceeds from sale of loan portfolio	'	'	231,600	34,700	'	'	'
Debt repayed	'	20,500	132,400	23,000	'	'	'
Gross gain on sale of loans	'	'	24,700	'	'	'	'
Net gain on sale of loans	'	'	19,400	7,800	'	'	'
Deal/transaction expenses	'	'	1,900	1,200	'	'	'
Write off of unamortized discount on debt	'	'	3,400	'	'	'	'
Loans under restructuring	'	'	'	'	1	'	'
Average loan seasoning	'	'	'	'	'	110	92
Weighted Average Yield of Retained Bonds	22.40%	'	'	'	'	'	'
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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Senior Housing Assets [Member]	'	'
Gross Carrying Amount	$1,626,928	$1,373,322
Accumulated Depreciation	-44,451	-10,422
Net carrying value	1,582,477	1,362,900
Senior Housing Assets [Member] | Land [Member]	'	'
Gross Carrying Amount	137,720	102,235
Net carrying value	137,720	102,235
Senior Housing Assets [Member] | Buildings, Improvements and Other [Member]	'	'
Gross Carrying Amount	1,489,208	1,271,087
Accumulated Depreciation	-44,451	-10,422
Net carrying value	1,444,757	1,260,665
Golf Investments [Member]	'	'
Gross Carrying Amount	260,932	250,208
Accumulated Depreciation	-15,422	'
Net carrying value	245,510	250,208
Golf Investments [Member] | Land [Member]	'	'
Gross Carrying Amount	90,324	90,324
Net carrying value	90,324	90,324
Golf Investments [Member] | Buildings [Member]	'	'
Gross Carrying Amount	49,188	48,878
Accumulated Depreciation	-3,005	'
Net carrying value	46,183	48,878
Golf Investments [Member] | Building improvements [Member]	'	'
Gross Carrying Amount	89,383	87,623
Accumulated Depreciation	-8,682	'
Net carrying value	80,701	87,623
Golf Investments [Member] | Furniture, fixtures and equipment [Member]	'	'
Gross Carrying Amount	18,601	17,723
Accumulated Depreciation	-3,516	'
Net carrying value	15,085	17,723
Golf Investments [Member] | Capital leases - equipment [Member]	'	'
Gross Carrying Amount	5,162	'
Accumulated Depreciation	-219	'
Net carrying value	4,943	'
Golf Investments [Member] | Construction in progress [Member]	'	'
Gross Carrying Amount	8,274	5,660
Net carrying value	$8,274	$5,660

INTANGIBLES_NET_OF_ACCUMULATED2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Amortized intangible assets:	'	'
Accumulated Amortization	($71,040)	($22,252)
Total Intangibles, including non-amortizable assets	272,949	218,659
Total Intangibles, net, including non-amortizable assets	201,909	196,407
Senior Housing Assets [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	177,460	123,111
Accumulated Amortization	-62,938	-22,252
Net Carrying Value	114,522	100,859
Senior Housing Assets [Member] | In-place resident lease intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	165,651	112,267
Accumulated Amortization	-62,003	-21,902
Net Carrying Value	103,648	90,365
Senior Housing Assets [Member] | Above market lease intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	2,567	1,546
Accumulated Amortization	-87	-2
Net Carrying Value	2,480	1,544
Senior Housing Assets [Member] | Other intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	9,242	9,298
Accumulated Amortization	-848	-348
Net Carrying Value	8,394	8,950
Golf Investments [Member]	'	'
Amortized intangible assets:	'	'
Accumulated Amortization	-8,102	'
Nonamortizable liquor license	850	900
Total Intangibles, including non-amortizable assets	95,489	95,548
Total Intangibles, net, including non-amortizable assets	87,387	95,548
Golf Investments [Member] | Trade name [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	700	700
Accumulated Amortization	-17	'
Net Carrying Value	683	700
Golf Investments [Member] | Leasehold intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	50,275	50,275
Accumulated Amortization	-3,903	'
Net Carrying Value	46,372	50,275
Golf Investments [Member] | Management contracts [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	37,650	37,659
Accumulated Amortization	-3,500	'
Net Carrying Value	34,150	37,659
Golf Investments [Member] | Internally-developed software [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	800	800
Accumulated Amortization	-120	'
Net Carrying Value	680	800
Golf Investments [Member] | Membership base [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	5,214	5,214
Accumulated Amortization	-562	'
Net Carrying Value	$4,652	$5,214

INTANGIBLES_NET_OF_ACCUMULATED3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Details Narrative)	9 Months Ended
	Sep. 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] | Above market lease intangibles [Member] | Lower Range [Member]	'
Amortization period	'17 years
Senior Housing Assets [Member] | Above market lease intangibles [Member] | Upper Range [Member]	'
Amortization period	'82 years
Senior Housing Assets [Member] | Other intangibles [Member] | Lower Range [Member]	'
Amortization period	'5 years
Senior Housing Assets [Member] | Other intangibles [Member] | Upper Range [Member]	'
Amortization period	'13 years
Golf Investments [Member] | Trade name [Member] | Lower Range [Member]	'
Amortization period	'30 years
Golf Investments [Member] | Trade name [Member] | Upper Range [Member]	'
Amortization period	'40 years
Golf Investments [Member] | Leasehold intangibles [Member] | Lower Range [Member]	'
Amortization period	'9 years
Golf Investments [Member] | Leasehold intangibles [Member] | Upper Range [Member]	'
Amortization period	'10 years
Golf Investments [Member] | Management contracts [Member] | Lower Range [Member]	'
Amortization period	'11 years
Golf Investments [Member] | Management contracts [Member] | Upper Range [Member]	'
Amortization period	'12 years
Golf Investments [Member] | Internally-developed software [Member]	'
Amortization period	'5 years
Golf Investments [Member] | Membership base [Member] | Lower Range [Member]	'
Amortization period	'7 years
Golf Investments [Member] | Membership base [Member] | Upper Range [Member]	'
Amortization period	'9 years

RECEIVABLES_AND_OTHER_ASSETS_S

RECEIVABLES AND OTHER ASSETS - Schedule of receivables and other assets (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables And Other Assets - Schedule Of Receivables And Other Assets Details	'	'
Accounts receivable, net	$7,263	$11,550
Deferred financing costs	37,219	42,473
Derivative assets	'	43,662
Prepaid expenses	20,370	8,601
Interest receivable	1,557	4,667
Deposits	10,097	9,915
Inventory	5,474	5,140
Miscellaneous assets, net	30,016	13,587
Receivables and other assets	$111,996	$139,595

DEBT_OBLIGATIONS_Debt_Obligati

DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

In Thousands, unless otherwise specified

CDO VI Bonds Payable [Member]

CDO VIII Bonds Payable [Member]

CDO VIII Bonds Payable [Member]

CDO IX Bonds Payable [Member]

Total CDO Bonds Payable [Member]

Total CDO Bonds Payable [Member]

NCT 2013-VI IMM-1 [Member]

Total Other Bonds And Notes Payable [Member]

CDO Securities Repurchase Agreements [Member]

CDO Securities Repurchase Agreements [Member]

Total Repurchase Agreements [Member]

Fixed Rate Managed Properties [Member]

Fixed Rate Managed Properties [Member]

Fixed Rate Managed Properties [Member]

Floating Rate Managed Properties [Member]

Floating Rate Managed Properties [Member]

Floating Rate Managed Properties [Member]

Fixed Rate Triple Net Lease Properties [Member]

Fixed Rate Triple Net Lease Properties [Member]

Fixed Rate Triple Net Lease Properties [Member]

Total Mortgage Notes Payable [Member]

Golf First Lien Loan [Member]

Golf Second Lien Loan [Member]

Golf Vineyard II [Member]

Capital Lease Equipment [Member]

Capital Lease Equipment [Member]

Capital Lease Equipment [Member]

Total Golf Credit Facilities [Member]

Junior Subordinated Notes Payable [Member]

Total Corporate [Member]

Debt Obligations [Member]

Subprime mortgage loans subject to call option [Member]

Lower Range [Member]

Upper Range [Member]

Lower Range [Member]

Upper Range [Member]

Lower Range [Member]

Upper Range [Member]

Lower Range [Member]

Upper Range [Member]

Month Issued

'

'2005-04

[1]

'

'2006-11

'2007-05

'

'

'2013-11

[2]

'

'

'2013-12

[2],[3]

'

'

'

'

'

'

'

'

'

'

'

'2013-12

[4]

'2013-12

[4]

'1993-12

[4]

'

'2014-05

[4]

'2014-09

[4]

'

'2006-03

'

'

'

Debt Face Amount

$2,147,137

$92,349

[1]

'

$71,813

$65,671

$229,833

$20,000

$88,223

[2]

$88,223

$12,000

$63,804

[2],[3]

$63,804

[3]

$157,393

'

'

$278,549

'

'

$711,422

'

'

$1,147,364

$49,923

[4]

$105,575

[4]

$200

[4]

$4,994

[4]

'

'

$160,692

[4]

$51,004

$51,004

$1,740,920

$406,217

[5]

Carrying Value

2,142,875

[6]

92,349

[1]

'

71,770

66,739

230,858

'

82,063

[2]

82,063

'

63,804

[2],[3]

63,804

[3]

158,037

'

'

278,549

'

'

711,422

'

'

1,148,008

49,923

[4]

105,575

[4]

200

[4]

4,994

[4]

'

'

160,692

[4]

51,223

51,233

1,736,658

406,217

[5]

Final Stated Maturity

'

'2040-04

[1]

'

'2052-11

'2052-05

'

'

'2040-04

[2]

'

'

'2014-10

[2],[3]

'

'

'2018-08

'2020-03

'

'2016-08

'2019-09

'

'2021-01

'2024-01

'

'2018-12

[4]

'2018-12

[4]

'2043-12

[4]

'2020-03

[4]

'

'

'

'2035-04

'

'

'

Weighted Average Coupon - Rate

'

0.84%

[1],[7]

'

2.12%

[7]

0.72%

[7]

'

'

'

'

'

'

'

'

1.66%

[7],[8],[9]

4.93%

[7],[8],[9]

'

'

'

'

3.83%

[10],[7]

8.00%

[10],[7]

'

'

5.50%

[4],[7]

2.13%

[4],[7]

'

5.25%

[4],[7]

7.15%

[4],[7]

'

7.57%

[11],[7]

'

'

'

Weighted Average Coupon - Basis for Variable Rate

'

'

'one-month LIBOR

'

'

'

'

'LIBOR

[2],[7]

'

'one month LIBOR

'LIBOR

[2],[3],[7]

'

'

'

'

'

'LIBOR

[12],[7]

'LIBOR

[12],[7]

'

'

'

'

'3 month LIBOR

[13],[4],[7]

'

'

'

'

'

'

'

'

'

'

Weighted Average Coupon - Spread on Basis for Variable Rate

'

'

1.50%

'

'

'

'

0.25%

[2],[7]

'

1.65%

1.65%

[2],[3],[7]

'

'

'

'

'

2.75%

[12],[7]

3.75%

[12],[7]

'

'

'

'

4.00%

[13],[4],[7]

'

'

'

'

'

'

'

'

'

'

Weighted Average Funding Cost

'

5.36%

[1],[14]

'

6.55%

[14]

0.18%

[14]

4.23%

[14]

'

5.86%

[14],[2]

5.86%

[14]

'

1.81%

[14],[2],[3]

1.81%

[14],[3]

4.84%

[14]

'

'

4.55%

[14]

'

'

5.10%

[14]

'

'

4.93%

[14]

4.50%

[14],[4]

5.50%

[14],[4]

2.13%

[14],[4]

6.96%

[14],[4]

'

'

5.25%

[14],[4]

7.36%

[14]

7.36%

[14]

4.87%

[14]

'

Weighted Average Life (Years)

'

'5 years 2 months 12 days

[1]

'

'2 years 3 months 18 days

'1 year 7 months 6 days

'3 years 3 months 18 days

'

'1 year 8 months 12 days

[2]

'1 year 8 months 12 days

'

'0 years 1 month 6 days

[2],[3]

'0 years 1 month 6 days

[3]

'4 years 7 months 6 days

'

'

'3 years 7 months 6 days

'

'

'7 years 3 months 18 days

'

'

'6 years

'3 years 3 months 18 days

[4]

'3 years 3 months 18 days

[4]

'29 years 2 months 12 days

[4]

'5 years 6 months

[4]

'

'

'3 years 4 months 24 days

[4]

'20 years 7 months 6 days

'20 years 7 months 6 days

'5 years 4 months 24 days

'

Face Amount of Floating Rate Debt

'

88,894

[1]

'

64,213

65,671

218,778

'

88,223

[2]

88,223

'

63,804

[2],[3]

63,804

[3]

'

'

'

278,549

'

'

'

'

'

278,549

49,923

[4]

'

200

[4]

'

'

'

50,123

[4]

'

'

699,477

'

Outstanding Face Amount of Collateral

'

156,016

[1],[15]

'

226,441

[15]

297,120

[15]

679,577

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

679,577

[15]

'

Amortized Cost Basis of Collateral

'

89,826

[1],[15]

'

160,931

[15]

238,374

[15]

489,131

[15]

'

'

'

'

'

'

180,655

[15]

'

'

366,598

[15]

'

'

962,489

[15]

'

'

1,509,742

[15]

'

'

'

'

'

'

'

'

'

1,998,873

[15]

'

Carrying Value of Collateral

'

123,941

[1],[15]

'

175,216

[15]

248,189

[15]

547,346

[15]

'

'

'

'

'

'

180,655

[15]

'

'

366,598

[15]

'

'

962,489

[15]

'

'

1,509,742

[15]

'

'

'

'

'

'

'

'

'

2,057,088

[15]

'

Weighted Average Maturity (Years) Of Collateral

'

'2 years 7 months 6 days

[1]

'

'2 years 2 months 12 days

'2 years 6 months

'2 years 4 months 24 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years 4 months 24 days

'

Floating Rate Face Amount of Collateral

'

34,221

[1],[15]

'

89,874

[15]

64,489

[15]

188,584

[15]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

188,584

[15]

'

Aggregate Notional Amount of Current Hedges

'

$130,342

[1],[16]

'

$83,673

[16]

'

$214,015

[16]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$214,015

[16]

'

[1]

This CDO was not in compliance with its applicable over collateralization tests as of September 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]

Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.

[3]

These repurchase agreements had less than $0.1 million of accrued interest payable at September 30, 2014. $63.8 million face amount of these repurchase agreements were renewed subsequent to September 30, 2014. The counterparty on these repurchase agreements is Bank of America ($63.8 million). Newcastle has margin exposure on a $63.8 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]

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

[5]

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.

[6]

Net of $39.7 million of inter-segment eliminations.

[7]

Weighted average, including floating and fixed rate classes.

[8]

For loans totaling $40.7 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]

For loans with a total balance $358.4 million and $313.5 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.

[11]

LIBOR +2.25% after April 2016.

[12]

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

[13]

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

[14]

Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the nine months ended September 30, 2014.

[15]

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.

[16]

Including the $130.3 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.

DEBT_OBLIGATIONS_Future_Minimu

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details 1) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Future minimum lease payments due	'
October 1, 2014 - December 31, 2014	$260
2015	1,041
2016	1,041
2017	1,041
2018	1,041
2019 and thereafter	1,670
Total minimum lease payments	6,094
Less: Imputed interest	1,100
Present value of net minimum lease payments	$4,994

DEBT_OBLIGATIONS_Details_Narra

DEBT OBLIGATIONS (Details Narrative) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Jun. 30, 2013

Sep. 30, 2014

In Thousands, unless otherwise specified

Golf Investments [Member]

Bank of America [Member]

Subsequent To Balance Sheet Date [Member]

Upper Range [Member]

Interest rate swaps [Member]

Interest rate swaps [Member]

CDO VI Bonds Payable [Member]

CDO VI Bonds Payable [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]

Floating Rate Managed Properties [Member]

Floating Rate Managed Properties [Member]

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

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

Golf First Lien Loan [Member]

Subprime Mortgage Loans Subject to Call [Member]

Total CDO Bonds Payable [Member]

Total CDO Bonds Payable [Member]

Total Golf Credit Facilities [Member]

CDO VIII Bonds Payable [Member]

CDO VIII Bonds Payable [Member]

Not designated as hedging instrument [Member]

Not designated as hedging instrument [Member]

Interest rate swaps [Member]

Upper Range [Member]

Not designated as hedging instrument [Member]

Notional Amount of Derivatives

'

'

'

'

'

'

$130,342

$185,871

'

$130,300

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Payable

'

'

'

'

'

100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreements

'

'

'

63,800

63,800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Margin exposure

'

'

'

'

'

'

'

'

'

'

'

63,800

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt amount subject to specific conditions

'

'

'

'

'

'

'

'

'

'

'

'

40,700

11,400

165,000

'

358,400

313,500

'

'

'

'

'

'

'

Variable rate description

'

'

'

'

'

'

'

'

'

'

'one month LIBOR

'LIBOR

[1],[2],[3]

'4% the first two years; thereafter 5.99% to 6.76%

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

'

'LIBOR

[1],[4]

'4.00% until January 2019, 4.99% therafter

'3.83% until January 2019, 4.56% therafter

'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%

'

'

'

'

'

'

'

Debt Face Amount

2,147,137

'

'

'

'

'

'

'

92,349

[7]

'

12,000

63,804

[2],[3]

'

'

278,549

'

'

'

49,923

[5]

'

229,833

20,000

160,692

[5]

'

71,813

Variable Interest Rate Spread

'

'

'

'

'

'

'

'

'

'

1.65%

1.65%

[1],[2],[3]

'

'

'

3.75%

[1],[4]

'

'

4.00%

[1],[5],[6]

'

'

'

'

1.50%

'

Final Stated Maturity

'

'

'

'

'

'

'

'

'

'

'Aug 2014

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unused borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,600

'

'

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

$63,804

$556,347

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$60,000

'

[1]

Weighted average, including floating and fixed rate classes.

[2]

Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.

[3]

These repurchase agreements had less than $0.1 million of accrued interest payable at September 30, 2014. $63.8 million face amount of these repurchase agreements were renewed subsequent to September 30, 2014. The counterparty on these repurchase agreements is Bank of America ($63.8 million). Newcastle has margin exposure on a $63.8 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]

$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%.

[7]

This CDO was not in compliance with its applicable over collateralization tests as of September 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.

ACCOUNTS_PAYABLE_ACCRUED_EXPEN2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of other liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Accounts payable and accrued expenses	$58,328	$43,473
Membership deposit liabilities	77,564	71,644
Deferred revenue	13,309	36,985
Security deposit payable	57,139	48,823
Unfavorable leasehold interests	15,060	23,113
Derivative liabilities	4,528	13,795
Accrued rent	3,369	'
Due to affiliates	6,365	5,878
Miscellaneous liabilities	13,403	18,114
Accounts payable, accrued expenses and other liabilities	$249,065	$261,825

FAIR_VALUE_Fair_Value_of_Asset

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

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 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

$310,639

$984,263

'

'

'

'

'

'

'

'

'

'

'

'

'

$386,557

[1],[2]

$310,639

[1],[2]

$310,639

[1],[2]

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

224,992

437,530

'

'

'

'

'

'

'

'

'

'

'

'

'

324,048

224,992

239,701

Residential mortgage loans, held-for-sale, net

4,036

2,185

'

'

'

'

'

'

'

'

'

'

'

'

'

4,686

4,036

4,317

Subprime mortgage loans subject to call option

406,217

406,217

'

'

'

'

'

'

'

'

'

'

'

'

'

406,217

[3]

406,217

[3]

'

Restricted cash

4,624

5,856

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,624

[4]

4,624

[4]

Cash and cash equivalents

257,584

73,984

91,985

231,518

'

'

'

'

'

'

'

'

'

'

'

'

257,584

[4]

257,584

[4]

Non-hedge derivative assets

'

43,662

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in senior housing real estate, net

1,582,477

1,362,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,582,477

[5]

'

Investments in other real estate, net

245,510

250,208

'

'

'

'

'

'

'

'

'

'

'

'

'

'

245,510

[5]

'

Intangibles, net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

201,909

[5]

'

Other investments

26,456

25,468

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,456

[5]

'

Receivables and other assets

111,996

139,595

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,863

[5]

'

Financial Instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CDO bonds payable

230,858

544,525

'

'

'

'

'

'

'

'

'

'

'

'

'

229,833

[6]

230,858

[6]

127,254

[6]

Other bonds and notes payable

82,063

230,279

'

'

'

'

'

'

'

'

'

'

'

'

'

88,223

[6]

82,063

[6]

82,070

[6]

Repurchase agreements

63,804

556,347

'

'

'

'

'

'

'

'

'

'

'

'

'

63,804

63,804

63,804

Mortgage notes payable

1,148,008

1,076,828

'

'

'

'

'

'

'

'

'

'

'

'

'

1,147,364

1,148,008

1,157,815

Credit facilities and obligations under capital leases, golf

160,692

152,498

'

'

'

'

'

'

'

'

'

'

'

'

'

160,692

160,692

160,692

Financing of subprime mortgage loans subject to call option

406,217

406,217

'

'

'

'

'

'

'

'

'

'

'

'

'

406,217

[3]

406,217

[3]

'

Junior subordinated notes payable

51,233

51,237

'

'

'

'

'

'

'

'

'

'

'

'

'

51,004

51,233

31,833

Interest rate swaps, treated as hedges

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

83,673

[1],[7],[8]

2,852

[1],[7],[8]

2,852

[1],[7],[8]

Non-hedge derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

130,342

[1],[7],[8]

1,676

[1],[7],[8]

1,676

[1],[7],[8]

Liabilities of discontinued operations

$412

$295,680

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$412

'

Weighted Average

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Yield/Funding Cost

'

'

'

'

4.23%

[9]

5.86%

[9]

1.81%

[9]

4.93%

[9]

5.24%

[9]

9.09%

[9]

7.36%

[9]

14.53%

[9]

7.74%

[9]

9.09%

[9]

9.75%

[9]

'

'

'

Weighted Average Life (Years)

'

'

'

'

'3 years 3 months 18 days

'1 year 8 months 12 days

'0 years 1 month 6 days

'6 years

'3 years 4 months 24 days

'

'20 years 7 months 6 days

'1 year 8 months 12 days

'1 year 8 months 12 days

'

'3 years 3 months 18 days

'

'

'

[1]

Measured at fair value on a recurring basis.

[2]

Excludes eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.

[3]

Represents an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 6).

[4]

The carrying value of these assets and liabilities approximates fair value.

[5]

Newcastle has certain assets that are subject to measurement at fair value on a nonrecurring basis. For these assets, measurement at fair value in the period subsequent to their initial recognition is applicable if determined to be impaired. During the nine months ended September 30, 2014, Newcastle did not have any material impaired assets that were required to be measured at fair value.

[6]

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.

[7]

As of September 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $214.0 million is 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.

[8]

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

[9]

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 $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 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	$83,673	$105,031
Weighted average fixed pay rate	5.04%	'
Aggregate fair value of hedges	2,852	'
Not designated as hedging instrument [Member]	'	'
Agreement type	'Receive 1-Month LIBOR	'
Derivative maturity date	31-Mar-15	'
Aggregate notional amount	130,342	185,871
Weighted average fixed pay rate	4.85%	'
Aggregate fair value of non-hedge instruments	$1,676	'

FAIR_VALUE_Recurring_Basis_Det

FAIR VALUE - Recurring Basis (Details 2) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'		'
Real estate securities, available-for-sale	$310,639		$984,263
Derivative Liabilities:	'		'
Derivative liabilities	4,528		13,795
CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	206,085		'
REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,293	[1]	'
Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,231	[1]	'
CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	13,721	[1],[2]	'
Equity Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	309	[1]	'
Principal Balance or Notional Amount [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	386,557	[3],[4]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	83,673	[3],[5],[6]	'
Interest rate swaps, not treated as hedges	130,342	[3],[5],[6]	'
Carrying Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	310,639	[3],[4]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	2,852	[3],[5],[6]	'
Interest rate swaps, not treated as hedges	1,676	[3],[5],[6]	'
Estimated Fair Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	310,639	[3],[4]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	2,852	[3],[5],[6]	'
Interest rate swaps, not treated as hedges	1,676	[3],[5],[6]	'
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,293		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	2,852		'
Interest rate swaps, not treated as hedges	1,676		'
Derivative liabilities	4,528		'
Measured on a Recurring Basis [Member] | Level 2 Inputs [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,293	[7]	'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	280,346		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	206,085		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,231		'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	13,721	[8]	'
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member] | Equity Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	309		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	386,557		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	83,673		'
Interest rate swaps, not treated as hedges	130,342		'
Derivative liabilities	214,015		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	240,403		'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	29,200	[7]	'
Measured on a Recurring Basis [Member] | Principal Balance or Notional Amount [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	87,113		'
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	21,377	[8]	'
Measured on a Recurring Basis [Member] | Carrying Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	310,639		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	2,852		'
Interest rate swaps, not treated as hedges	1,676		'
Derivative liabilities	4,528		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	206,085		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,293	[7]	'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,231		'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	13,721	[8]	'
Measured on a Recurring Basis [Member] | Carrying Value [Member] | Equity Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	309		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	310,639		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	2,852		'
Interest rate swaps, not treated as hedges	1,676		'
Derivative liabilities	4,528		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	206,085		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | REIT Debt [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	30,293	[7]	'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Non-Agency RMBS [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	60,231		'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | CDO Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	13,721	[8]	'
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Equity Securities [Member]	'		'
Assets:	'		'
Real estate securities, available-for-sale	$309		'
[1]	See Note 12 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.
[3]	Measured at fair value on a recurring basis.
[4]	Excludes eight CDO securities with a zero value, which had an aggregate face amount of $112.5 million.
[5]	As of September 30, 2014, all derivative liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $214.0 million is 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]	REIT debt is measured at fair value based on more observable quotes. Therefore, is categorized as a Level 2 fair value hierarchy measurement.
[8]	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 $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Balance, Beginning	$445,469
Total gains (losses)	'
Included in net income	28,617	[1],[2]
Included in other comprehensive income (loss)	-8,588	[1]
Amortization included in interest income	21,393
Purchases, sales and settlements	'
Proceeds from sales	-122,828
Proceeds from repayments	-83,717
Balance, Ending	280,476
CMBS Conduit [Member]	'
Balance, Beginning	198,935
Total gains (losses)	'
Included in net income	15,402	[1],[2]
Included in other comprehensive income (loss)	-18,663	[1]
Amortization included in interest income	14,986
Purchases, sales and settlements	'
Proceeds from sales	-72,438
Proceeds from repayments	-5,713
Balance, Ending	132,509
CMBS Other [Member]	'
Balance, Beginning	85,534
Total gains (losses)	'
Included in other comprehensive income (loss)	-231	[1]
Amortization included in interest income	368
Purchases, sales and settlements	'
Proceeds from repayments	-12,095
Balance, Ending	73,576
Non-Agency RMBS [Member]	'
Balance, Beginning	57,581
Total gains (losses)	'
Included in other comprehensive income (loss)	5,432	[1]
Amortization included in interest income	4,101
Purchases, sales and settlements	'
Proceeds from repayments	-6,883
Balance, Ending	60,231
ABS Franchise [Member]	'
Total gains (losses)	'
Amortization included in interest income	72
Purchases, sales and settlements	'
Proceeds from repayments	-72
Equity/Other Securities [Member]	'
Balance, Beginning	59,757
Total gains (losses)	'
Included in net income	717	[1],[2]
Included in other comprehensive income (loss)	4,874	[1]
Amortization included in interest income	1,866
Purchases, sales and settlements	'
Proceeds from sales	-50,390
Proceeds from repayments	-2,794
Balance, Ending	14,030
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		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Gain (loss) on settlement of investments, net	$7,007	$1,388	$49,742		$6,451
OTTI	'	'	'		-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 $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Total Fair Value	$310,639		$984,263
CMBS [Member]	'		'
Outstanding Face Amount	240,403	[1]	'
Amortized Cost Basis	168,387	[2]	'
Multiple Quotes Fair Value	144,830	[3]	'
Single Quote Fair Value	61,255	[4]	'
Total Fair Value	206,085		'
REIT Debt [Member]	'		'
Outstanding Face Amount	29,200	[1]	'
Amortized Cost Basis	28,856	[2]	'
Multiple Quotes Fair Value	30,293	[3]	'
Total Fair Value	30,293	[5]	'
Non-Agency RMBS [Member]	'		'
Outstanding Face Amount	87,113	[1]	'
Amortized Cost Basis	37,892	[2]	'
Multiple Quotes Fair Value	46,177	[3]	'
Single Quote Fair Value	14,054	[4]	'
Total Fair Value	60,231	[5]	'
ABS Franchise [Member]	'		'
Outstanding Face Amount	8,464	[1]	'
CDO Securities [Member]	'		'
Outstanding Face Amount	21,377	[1],[6]	'
Amortized Cost Basis	6,394	[2],[6]	'
Single Quote Fair Value	6,708	[4],[6]	'
Internal Pricing Models Fair Value	7,013	[6],[7]	'
Total Fair Value	13,721	[5],[6]	'
Equity Securities [Member]	'		'
Single Quote Fair Value	309	[4]	'
Total Fair Value	309	[5]	'
Real Estate Securities [Member]	'		'
Outstanding Face Amount	386,557	[1]	'
Amortized Cost Basis	241,529	[2]	'
Multiple Quotes Fair Value	221,300	[3]	'
Single Quote Fair Value	82,326	[4]	'
Internal Pricing Models Fair Value	7,013	[7]	'
Total Fair Value	$310,639	[5]	'
[1]	Net of incurred losses.
[2]	Net of discounts (or gross of premiums) and after OTTI.
[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. Newcastle measures the fair value of REIT debt based on quoted market prices in less active markets or pricing service quotations and models utilizing observable market inputs. For securities that are categorized as a Level 3 fair value hierarchy measurement, 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.
[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 eight securities with a zero value, which had an aggregate face amount of $112.5 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).

FAIR_VALUE_Internal_Pricing_Mo

FAIR VALUE - Internal Pricing Models (Details 6) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2014	Sep. 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	'	$6,394	[1],[2]	'	'
Fair Value	'	'		7,013	7,013
Impairment recorded in current period	4,449	'		'	'
Unrealized Gains (Losses) in Accumulated OCI	'	$7,327		$7,013	$7,013
Weighted Average - Discount Rate	'	'		'	10.50%
Weighted Average - Prepayment Speed	'	'		'	5.00%	[3]
Cumulative Default Rate	'	'		'	19.30%
Loss Severity	'	'		'	72.50%
[1]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $112.5 million.
[2]	Net of discounts (or gross of premiums) and after OTTI.
[3]	Projected annualized average prepayment rate.

FAIR_VALUE_Loan_Valuation_Deta

FAIR VALUE - Loan Valuation (Details 7) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013	Dec. 31, 2013
Real estate related loans and other loans, held-for-sale, net	$224,992	'	$224,992		'	$437,530
Residential mortgage loans, held-for-sale, net	4,036	'	4,036		'	2,185
Valuation allowance (reversal) on loans	-4,015	-12,998	-1,243		-11,473	'
Mezzanine Loans [Member]	'	'	'		'	'
Outstanding Face Amount	132,053	'	132,053		'	'
Real estate related loans and other loans, held-for-sale, net	99,666	'	99,666		'	'
Fair Value	102,512	'	102,512		'	'
Valuation allowance (reversal) on loans	'	'	-31		'	'
Discount Rate	'	'	7.20%		'	'
Loss Severity	'	'	22.50%		'	'
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	169,659	'	169,659		'	'
Real estate related loans and other loans, held-for-sale, net	106,296	'	106,296		'	'
Fair Value	118,156	'	118,156		'	'
Valuation allowance (reversal) on loans	'	'	1,299		'	'
Discount Rate	'	'	21.80%		'	'
Loss Severity	'	'	27.10%		'	'
Corporate Bank Loans [Member] | Lower Range [Member]	'	'	'		'	'
Discount Rate	'	'	15.00%		'	'
Loss Severity	'	'	0.00%		'	'
Corporate Bank Loans [Member] | Upper Range [Member]	'	'	'		'	'
Discount Rate	'	'	35.90%		'	'
Loss Severity	'	'	100.00%		'	'
B-Notes [Member]	'	'	'		'	'
Outstanding Face Amount	22,067	'	22,067		'	'
Real estate related loans and other loans, held-for-sale, net	18,761	'	18,761		'	'
Fair Value	18,761	'	18,761		'	'
Valuation allowance (reversal) on loans	'	'	-3,454		'	'
Discount Rate	'	'	12.00%		'	'
Loss Severity	'	'	0.00%		'	'
Whole Loans [Member]	'	'	'		'	'
Outstanding Face Amount	269	'	269		'	'
Real estate related loans and other loans, held-for-sale, net	269	'	269		'	'
Fair Value	272	'	272		'	'
Discount Rate	'	'	4.00%		'	'
Loss Severity	'	'	0.00%		'	'
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]	'	'	'		'	'
Outstanding Face Amount	324,048	'	324,048		'	'
Real estate related loans and other loans, held-for-sale, net	224,992	'	224,992		'	'
Fair Value	239,701	'	239,701		'	'
Valuation allowance (reversal) on loans	'	'	-2,186		'	'
Residential Loans [Member]	'	'	'		'	'
Outstanding Face Amount	4,686	'	4,686		'	'
Residential mortgage loans, held-for-sale, net	4,036	'	4,036		'	'
Fair Value	4,317	'	4,317		'	'
Valuation allowance (reversal) on loans	'	'	527	[1]	'	'
Discount Rate	'	'	7.70%		'	'
Prepayment Speed	'	'	0.20%		'	'
Cumulative Default Rate	'	'	23.80%		'	'
Loss Severity	'	'	5.10%		'	'
Total Residential Mortgage Loans Held-for-Sale, Net [Member]	'	'	'		'	'
Outstanding Face Amount	4,686	'	4,686		'	'
Residential mortgage loans, held-for-sale, net	4,036	'	4,036		'	'
Fair Value	4,317	'	4,317		'	'
Valuation allowance (reversal) on loans	'	'	$527	[1]	'	'
[1]	The valuation allowance (reversal) excludes $0.4 million allowance 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 $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Interest rate swaps [Member] | Designated as hedging instrument [Member]	'	'
Fair Value of Derivatives	$2,852	$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	1,676	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	4,528	13,795
Derivatives [Member] | Assets [Member]	'	'
Fair Value of Derivatives	'	$43,662

FAIR_VALUE_Outstanding_Derivat

FAIR VALUE - Outstanding Derivatives (Details 9) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Cumulative unrealized loss in OCI on effective portion	($2,884)	($6,117)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	116	170
Deferred hedge gain (loss) related to dedesignation, net of amortization	'	-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	76	53
Designated as hedging instrument [Member] | Current [Member]	'	'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	-2,369	-3,915
Interest rate swaps [Member] | Designated as hedging instrument [Member]	'	'
Notional Amount of Derivatives	83,673	105,031
Interest rate swaps [Member] | Not designated as hedging instrument [Member]	'	'
Notional Amount of Derivatives	$130,342	$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		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Cash flow hedges	'	'	'	'
Cash flow hedge income statement location - ineffective portion	'Other income (loss)	'	'Other income (loss)	'
Realized gain (loss) on the ineffective portion	($158)	'	$101	'
Cash flow hedge income statement location - loss at dedesignation	'Other income (loss)	'	'Other income (loss)	'
Realized loss recognized at dedesignation	-34	'	-34	'
Cash flow hedge income statement location - reclassifications	'Interest expense	'Interest expense	'Interest expense	'Interest expense
Realized loss reclassified from AOCI into income, related to effective portion	-1,024	-1,280	-3,481	-4,848
Realized hedge gain reclassified from AOCI into income, related to anticipated financings	18	17	53	50
Realized hedge loss reclassified from AOCI into income, related to effective portion of dedesignated hedges	-2	-16	-11	-48
Non-hedge income statement location	'Other income (loss)	'Other income (loss)	'Other income (loss)	'Other income (loss)
Interest rate swaps gain/loss	1,762	1,894	5,866	7,302
Linked transactions gain/loss	'	'	12,499	'
Non-hedge income statement location - linked transactions interest expense	'Interest expense	'Interest expense	'Interest expense	'Interest expense
Linked transactions non-hedge interest expense	'	($110)	($211)	($118)

FAIR_VALUE_Details_Narrative

FAIR VALUE (Details Narrative) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Residential Loans [Member]	'
Outstanding Face Amount	$4,686
Securitized Manufacturing Housing Loan Portfolio I [Member]	'
Valuation allowance (reversal) excluded due to sale of manufactured housing portfolio	400
Interest rate swaps [Member] | Liabilities [Member]	'
Number of interest rate swaps	3
Notional Balance of Derivative Assets	214,000
Non-consolidated CDO Securities [Member]	'
Number of securities	8
Outstanding Face Amount	$112,500

EQUITY_AND_EARNINGS_PER_SHARE_1

EQUITY AND EARNINGS PER SHARE - Shares Issued in Public Offering (Details) (USD $)	9 Months Ended			1 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013	Aug. 31, 2014	Aug. 31, 2014		Aug. 31, 2014
				Principals of Fortress [Member]	Manager [Member]		Underwriter [Member]
Date of issuance	'		'	'	'		'2014-08
Number of shares issued	'		'	83,333	'		7,654,166
Share price	'		'	$26.34	'		$25.92
Issuance of common stock	$198,346		'	'	'		'
Proceeds from issuance of common stock	198,671		962,827	'	'		197,900
Options granted	'		'	'	765,416	[1]	'
Strike Price	$20.83	[2]	'	'	$26.34	[1]	'
Grant date value	'		'	'	$1,700	[1],[3]	'
[1]	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.
[2]	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 $1.92 (adjusted to reflect the reverse stock splits) reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital.
[3]	The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term.

EQUITY_AND_EARNINGS_PER_SHARE_2

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details 1) (USD $)	9 Months Ended
	Sep. 30, 2014
Stock Options outstanding	5,541,877
Strike Price	$20.83	[1]
Options - Strike Price 77.04 [Member]	'
Stock Options outstanding	27,080
Strike Price	$77.04	[1]
Maturity Date	'2014-11-22
Options - Strike Price 72.18 [Member]	'
Stock Options outstanding	54,999
Strike Price	$72.18	[1]
Maturity Date	'2015-01-12
Options - Strike Price 75.72 [Member]	'
Stock Options outstanding	333
Strike Price	$75.72	[1]
Maturity Date	'2015-08-01
Options - Strike Price 71.70 [Member]	'
Stock Options outstanding	28,331
Strike Price	$71.70	[1]
Maturity Date	'2016-11-01
Options - Strike Price 76.80 [Member]	'
Stock Options outstanding	40,330
Strike Price	$76.80	[1]
Maturity Date	'2017-01-23
Options - Strike Price 67.14 [Member]	'
Stock Options outstanding	76,000
Strike Price	$67.14	[1]
Maturity Date	'2017-04-11
Options - Strike Price 9.06 [Member]	'
Stock Options outstanding	182,527
Strike Price	$9.06	[1]
Maturity Date	'2021-03-29
Options - Strike Price 5.16 [Member]	'
Stock Options outstanding	283,305
Strike Price	$5.16	[1]
Maturity Date	'2021-09-27
Options - Strike Price 9.66 [Member]	'
Stock Options outstanding	311,194
Strike Price	$9.66	[1]
Maturity Date	'2022-04-03
Options - Strike Price 11.04 [Member]	'
Stock Options outstanding	377,500
Strike Price	$11.04	[1]
Maturity Date	'2022-05-21
Options - Strike Price 10.98 [Member]	'
Stock Options outstanding	416,524
Strike Price	$10.98	[1]
Maturity Date	'2022-07-31
Options - Strike Price 18.18 [Member]	'
Stock Options outstanding	958,331
Strike Price	$18.18	[1]
Maturity Date	'2023-01-11
Options - Strike Price 21.24 [Member]	'
Stock Options outstanding	383,331
Strike Price	$21.24	[1]
Maturity Date	'2023-02-15
Options - Strike Price 22.56 [Member]	'
Stock Options outstanding	670,829
Strike Price	$22.56	[1]
Maturity Date	'2023-06-17
Options - Strike Price 24.24 [Member]	'
Stock Options outstanding	965,847
Strike Price	$24.24	[1]
Maturity Date	'2023-11-22
Options - Strike Price 26.34 [Member]	'
Stock Options outstanding	765,416
Strike Price	$26.34	[1]
Maturity Date	'2024-08-18
[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 $1.92 (adjusted to reflect the reverse stock splits) 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 - Outstanding Options Summary (Details 2) (USD $)	Sep. 30, 2014		Aug. 31, 2014
Stock Options outstanding	5,541,877		'
Weighted average strike price	20.83	[1]	'
Issued Prior to 2011 [Member]	'		'
Stock Options outstanding	227,073		'
Weighted average strike price	71.84		'
Issued in 2011 and Thereafter [Member]	'		'
Stock Options outstanding	5,314,804		'
Weighted average strike price	18.65		'
Manager [Member]	'		'
Stock Options outstanding	5,013,147		'
Weighted average strike price	'		$26.34	[2]
Manager [Member] | Issued Prior to 2011 [Member]	'		'
Stock Options outstanding	179,186		'
Manager [Member] | Issued in 2011 and Thereafter [Member]	'		'
Stock Options outstanding	4,833,961		'
Manager's Employees [Member]	'		'
Stock Options outstanding	528,397		'
Manager's Employees [Member] | Issued Prior to 2011 [Member]	'		'
Stock Options outstanding	47,554		'
Manager's Employees [Member] | Issued in 2011 and Thereafter [Member]	'		'
Stock Options outstanding	480,843		'
Directors [Member]	'		'
Stock Options outstanding	333		'
Directors [Member] | Issued Prior to 2011 [Member]	'		'
Stock Options outstanding	333		'
[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 $1.92 (adjusted to reflect the reverse stock splits) reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital.
[2]	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.

EQUITY_AND_EARNINGS_PER_SHARE_4

EQUITY AND EARNINGS PER SHARE (Details Narrative) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

Oct. 31, 2014

Jul. 31, 2014

Apr. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 17, 2014

Dec. 31, 2013

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Aug. 31, 2014

Aug. 27, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Series B Cumulative Redeemable Preferred Stock [Member]

Series B Cumulative Redeemable Preferred Stock [Member]

Series B Cumulative Redeemable Preferred Stock [Member]

Series C Cumulative Redeemable Preferred Stock [Member]

Series C Cumulative Redeemable Preferred Stock [Member]

Series C Cumulative Redeemable Preferred Stock [Member]

Series D Cumulative Redemable Preferred [Member]

Series D Cumulative Redemable Preferred [Member]

Series D Cumulative Redemable Preferred [Member]

Manager [Member]

Directors [Member]

Directors [Member]

Reverse Stock Split 1 [Member]

Reverse Stock Split 2 [Member]

Subsequent To Balance Sheet Date [Member]

Reverse stock-split ratio

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0.167

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0.33

0.5

Stock split effective date

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'August 18, 2014 close of trading

'October 22, 2014 close of trading

Common stock, shares issued

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66,399,857

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66,399,857

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398,000,000

58,575,583

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Common stock, shares outstanding

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66,399,857

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66,399,857

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398,000,000

58,575,583

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Risk free rate

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2.70%

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Dividend yield

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8.60%

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Volatility

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23.40%

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Expected term

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'10 years

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Shares of common stock issued for compensation

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2,609

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Strike price adjustment for spin-off

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($5.34)

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Option conversion ratio in connection with reverse stock-split

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0.167

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Percentage increase in strike price due to reverse stock-split

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600.00%

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Strike price adjustment for dividends

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$1.92

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Dividends Declared per Share of Common Stock

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$0.60

[1]

$0.60

$0.60

$0.60

[1]

$1.80

[1]

$2.94

[1]

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Dividends Declared per Share of Preferred Stock

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$0.61

$0.61

$0.61

$0.50

$0.50

$0.50

$0.52

$0.52

$0.52

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Dividends paid

$41,200,000

$36,600,000

$36,500,000

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Options exercised

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333

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201,666

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Weighted average exercise price of options exercised

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$6.42

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$6.72

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Shares issued for option exercise

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254

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160,342

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Intrinsic value of options exercised

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$6,900

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$4,100,000

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Options forfeited

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14,775

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Antidilutive common stock equivalents

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227,079

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Dilutive common stock equivalents

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1,536,773

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1,275,671

1,781,669

1,044,116

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[1]

All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details Narrative) (Triple Net Lease Properties acquired in 2014 [Member], USD $)	Sep. 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	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014
Current:	'	'
Federal	$129	$718	[1]
State and Local	29	194	[1]
Total Current Provision	158	912	[1]
Deferred	'	'
Federal	155	-159	[1]
State and Local	21	-499	[1]
Total Deferred Provision	176	-658	[1]
Total Provision for Income Taxes	$334	$254	[1]
[1]	The provision for income taxes for the nine months ended September 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 $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred tax assets	'		'
Allowance for loan losses	$1,599		$2,076
Depreciation and amortization	37,425		94,880
Leaseholds	7,512		6,489
Accrued expenses	15,292		23,816
Deposits	7,787		7,787
Net operating losses	53,135		211,560
Other	837		17,036
Total deferred tax assets	123,587		363,644
Less valuation allowance	-123,392	[1]	-363,192	[1]
Net deferred tax assets	$195		$452
[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 $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Changes in deferred tax asset valuation allowance:	'
Valuation allowance, beginning	$363,192	[1]
Decrease due to spin-off of New Media	-244,401
Other increase	4,601
Valuation allowance, ending	$123,392	[1]
[1]	Recorded in Receivables and Other Assets on the consolidated balance sheets.

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Decrease in valuation allowance	($239,800)
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				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Gain (loss) on settlement of investments, net	'		'		'		'
Gain on termination of derivative	'		'		'		$813
Loss on disposal of long-lived assets	-756		7		-790		-6
[GainLossOnInvestments]	7,007		1,388		49,742		6,451
Other income (loss), net	'		'		'		'
Gain (loss) on non-hedge derivative instruments	1,762		1,894		18,365		7,302
Realized loss recognized at de-designation of hedges	-34		'		-34		'
Hedge ineffectiveness	-158		'		101		'
Collateral management fee income, net	225		304		740		992
Equity in earnings of equity method investees	332		-458		621		-458
Other income (loss)	4,965	[1]	223	[1]	5,465	[1]	1,718	[1]
Total Other income (loss), net	7,092		1,963		25,258		9,554
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]	'		'		'		'
Gain (loss) on settlement of investments, net	'		'		'		'
Gain on settlement of investments	7,763		'		32,500		'
Loss on settlement of investments	'		'		'		-354
Real Estate Securities [Member]	'		'		'		'
Gain (loss) on settlement of investments, net	'		'		'		'
Gain on settlement of investments	'		1,381		18,032		9,590
Loss on settlement of investments	'		'		'		($3,592)
[1]	Includes a $5.2 million gain on a lease modification related to a golf course in Rowlett, Texas.

GAINS_LOSSES_ON_SETTLEMENT_OF_3

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Details Narrative) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Gains Losses On Settlement Of Investments Net And Other Income Loss Net	'
Gain on lease modification	$5,200

RECLASSIFICATION_FROM_ACCUMULA2

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net realized gain (loss) on securities	'	'	'	'
Impairment	'	'	'	($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
Reclassification of net realized (gain) loss on securities into earnings	'	1,381	18,032	1,549
Net realized gain (loss) on derivatives designated as cash flow hedges	'	'	'	'
Cash flow hedge income statement location - loss at dedesignation	'Other income (loss)	'	'Other income (loss)	'
Realized loss recognized at de-designation	-34	'	-34	'
Cash flow hedge income statement location - ineffective portion	'Other income (loss)	'	'Other income (loss)	'
Hedge ineffectiveness	-158	'	101	'
Cash flow hedge income statement location - reclassifications	'Interest expense	'Interest expense	'Interest expense	'Interest expense
Amortization of deferred gain	16	1	42	2
Realized loss reclassified from AOCI into income, related to effective portion	-1,024	-1,280	-3,481	-4,848
Net realized gains (losses) on derivatives designated as cash flow hedges	-1,200	-1,279	-3,372	-4,846
Total reclassifications	-1,200	102	14,660	-3,297
Real Estate Securities [Member]	'	'	'	'
Net realized gain (loss) on securities	'	'	'	'
Gain on settlement of investments	'	1,381	18,032	9,590
Loss on settlement of investments	'	'	'	($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

SUPPLEMENTAL_NONCASH_INVESTING2

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 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	297,505	281,889
Restricted cash used for repayments of CDO bonds payable	321,921	337,143
Restricted cash used for settlement of derivative instruments	'	$1,563

RECENT_ACTIVITIES_Details_Narr

RECENT ACTIVITIES (Details Narrative) (USD $)	9 Months Ended	0 Months Ended		9 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Oct. 28, 2014	Nov. 06, 2014	Sep. 30, 2014	Oct. 07, 2014
		Subsequent To Balance Sheet Date [Member]	Subsequent To Balance Sheet Date [Member]	Subsequent To Balance Sheet Date [Member]	Variable Rate Triple Net Lease Properties [Member]
			New Senior Spin-Off [Member]	Reverse Stock Split 2 [Member]	Subsequent To Balance Sheet Date [Member]
					Housing
Debt Face Amount	$2,147,137	'	'	'	$115,000
Variable rate description	'	'	'	'	'LIBOR
Variable Interest Rate Spread	'	'	'	'	3.25%
Final Stated Maturity	'	'	'	'	'2017-10-06
Number of properties used as security	'	'	'	'	6
Reverse stock-split ratio	0.167	'	'	0.5	'
Stock split effective date	'	'	'	'October 22, 2014 close of trading	'
Spin-off distribution ratio	'	'	1	'	'
Net Assets	'	'	243,000	'	'
Lease termination payment	'	$800	'	'	'