Drive Shack (DSHK) 10-K 2 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 20, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	NEWCASTLE INVESTMENT CORP
Entity Central Index Key	1175483
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
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 Public Float			$1,600
Entity Common Stock, Shares Outstanding		66,424,508
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets
Real estate securities, available-for-sale	$231,754	$432,993
Real estate securities, pledged as collateral	407,689	551,270
Real estate related and other loans, held-for-sale, net	230,200	437,530
Residential mortgage loans, held-for-investment, net		255,450
Residential mortgage loans, held-for-sale, net	3,854	2,185
Subprime mortgage loans subject to call option	406,217	406,217
Investments in other real estate, net of accumulated depreciation	239,283	250,208
Intangibles, net of accumulated amortization	84,686	95,548
Other investments	26,788	25,468
Cash and cash equivalents	73,727	42,721
Restricted cash	15,714	5,856
Receivables and other assets	35,574	84,166
Assets of discontinued operations	6,803	2,248,023
Total Assets	1,762,289	4,837,635
Liabilities
CDO bonds payable	227,673	544,525
Other bonds and notes payable	27,069	230,279
Repurchase agreements	441,176	556,347
Credit facilities and obligations under capital leases, golf	161,857	152,498
Financing of subprime mortgage loans subject to call option	406,217	406,217
Junior subordinated notes payable	51,231	51,237
Dividends Payable	8,901	36,075
Accounts payable, accrued expenses and other liabilities	179,390	199,939
Liabilities of discontinued operations	447	1,434,394
Total Liabilities	1,503,961	3,611,511
Commitments and contingencies
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 December 31, 2014 and December 31, 2013	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,424,508 and 58,575,583 shares issued and outstanding, at December 31, 2014 and December 31, 2013, respectively	664	586
Additional paid-in capital	3,172,060	2,973,715
Accumulated deficit	-3,041,880	-1,947,913
Accumulated other comprehensive income	65,865	76,874
Total Newcastle Stockholders' Equity	258,292	1,164,845
Noncontrolling interests	36	61,279
Total Equity	258,328	1,226,124
Total Liabilities and Equity	1,762,289	4,837,635
Non Recourse VIE Financing Structures [Member]
Assets
Real estate securities, available-for-sale	219,490	426,695
Real estate related and other loans, held-for-sale, net	230,200	437,530
Residential mortgage loans, held-for-investment, net	3,211	223,628
Subprime mortgage loans subject to call option	406,217	406,217
Other investments	20,308	19,308
Restricted cash	11,790	2,344
Receivables and other assets	1,927	3,680
Assets of discontinued operations	6,803	6,677
Total Assets	899,946	1,526,079
Liabilities
CDO bonds payable	227,673	544,525
Other bonds and notes payable	27,069	230,279
Financing of subprime mortgage loans subject to call option	406,217	406,217
Accounts payable, accrued expenses and other liabilities	2,391	20,148
Liabilities of discontinued operations	447	413
Total Liabilities	$663,797	$1,201,582

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	2,463,321	2,463,321
Preferred stock, shares outstanding	2,463,321	2,463,321
Preferred stock liquidation preference, per share	25	25
Common stock, par value	0.01	0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	66,428,508	58,575,583
Common stock, shares outstanding	66,428,508	58,575,583
Series B Cumulative Redeemable Preferred Stock [Member]
Preferred stock, dividend rate	9.75%	9.75%
Preferred stock, shares issued	1,347,321
Preferred stock, shares outstanding	1,347,321
Series C Cumulative Redeemable Preferred Stock [Member]
Preferred stock, dividend rate	8.05%	8.05%
Preferred stock, shares issued	496,000
Preferred stock, shares outstanding	496,000
Series D Cumulative Redemable Preferred [Member]
Preferred stock, dividend rate	8.38%	8.38%
Preferred stock, shares issued	620,000
Preferred stock, shares outstanding	620,000

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Income Statement [Abstract]
Interest income	$127,627		$213,712		$282,951
Interest expense	80,022		78,601		108,236
Net interest income (expense)	47,605		135,111		174,715
Impairment/(Reversal)
Valuation allowance (reversal) on loans	-2,419		-25,035		-24,587
Other-than-temporary impairment on securities			5,222		19,359
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive (income) loss into net income			44		-436
Total impairment (reversal)	-2,419		-19,769		-5,664
Net interest income after impairment/reversal	50,024		154,880		180,379
Operating Revenues
Golf course operations	179,445
Sales of food and beverages - golf	68,554
Other golf revenue	43,538
Total operating revenues	291,537
Other Income
Gain on settlement of investments, net	50,734		17,369		232,897
Gain (loss) on extinguishment of debt	-3,410		4,565		24,085
Other income, net	27,138		13,356		5,394
Total other income	74,462	[1]	35,290	[1]	262,376
Expenses
Loan and security servicing expense	1,199		3,857		4,260
Operating expenses - golf	254,104
Cost of sales - golf	30,271
General and administrative expense	14,652		17,458		11,239
Management fee to affiliate	21,039		28,057		23,611
Depreciation and amortization	26,967		4
Total expenses	348,232		49,376		39,110
Income from continuing operations before income tax	67,791		140,794		403,645
Income tax expense	208
Income from continuing operations	67,583		140,794		403,645
Income (loss) from discontinued operations, net of tax	-35,189		11,547		30,465
Net income	32,394		152,341		434,110
Preferred dividends	-5,580		-5,580		-5,580
Net (income) loss attributable to noncontrolling interests	852		-928
Income Applicable to Common Stockholders	$27,666		$145,833		$428,530
Income Applicable to Common Stock, per share
Basic	$0.45	[2]	$3.16	[2]	$17.84	[2]
Diluted	$0.44	[2]	$3.09	[2]	$17.64	[2]
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interests
Basic	$1.02	[2]	$2.91	[2]	$16.57	[2]
Diluted	$1	[2]	$2.84	[2]	$16.39	[2]
Income (loss) from Discontinued Pperations per share of Common Stock
Basic	($0.57)	[2]	$0.25	[2]	$1.27	[2]
Diluted	($0.57)	[2]	$0.24	[2]	$1.25	[2]
Weighted Average Number of Shares of Common Stock Outstanding
Basic	61,500,913	[2]	46,146,882	[2]	24,024,395	[2]
Diluted	63,131,227	[2]	47,218,274	[2]	24,294,402	[2]
[1]	Including equity in earnings of unconsolidated subsidiaries.
[2]	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)	12 Months Ended
	Dec. 31, 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]
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 (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income	$32,394	$152,341	$434,110
Other comprehensive income (loss):
Net unrealized gain (loss) on securities	8,953	45,128	136,527
Reclassification of net realized (gain) loss on securities into earnings	-23,679	-995	8,727
Net unrealized gain (loss) on derivatives designated as cash flow hedges	-177	-195	-11,825
Reclassification of realized portion of cash flow hedges into earnings	4,352	6,227	35,935
Net unrecognized gain and pension prior service cost	9	458
Other comprehensive income (loss)	-10,542	50,623	169,364
Total comprehensive income	21,852	202,964	603,474
Comprehensive income attributable to Newcastle stockholders' equity	22,704	202,036	603,474
Comprehensive income (loss) attributable to noncontrolling interests	($852)	$928

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (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, 2011	$61,583	$176	$1,276,668	($1,073,252)	($73,086)	$192,089		$192,089
Balance, beginning - shares at Dec. 31, 2011	2,463,321	17,530,168
Dividends declared				-131,953		-131,953		-131,953
Issuance of common stock		112	434,852			434,964		434,964
Issuance of common stock, shares		11,224,106
Deconsolidation of CDO X:
Unrealized gain on securities					-59,881	-59,881		-59,881
Unrealized loss on derivatives designated as cash flow hedges					34,367	34,367		34,367
Comprehensive income (loss)
Net income				434,110		434,110		434,110
Other comprehensive income (loss)					169,364	169,364		169,364
Total comprehensive income (loss)						603,474		603,474
Balance, ending at Dec. 31, 2012	61,583	288	1,711,520	-771,095	70,764	1,073,060		1,073,060
Balance, ending - shares at Dec. 31, 2012	2,463,321	28,754,274
Dividends declared				-168,761		-168,761		-168,761
Issuance of common stock		298	1,262,195			1,262,493		1,262,493
Issuance of common stock, shares		29,821,308
Deconsolidation of CDO X:
Noncontrolling interest recorded upon restructuring of media business							60,351	60,351
Spin-off of New Senior				-1,159,470	-44,513	-1,203,983		-1,203,983
Comprehensive income (loss)
Net income				151,413		151,413	928	152,341
Other comprehensive income (loss)					50,623	50,623		50,623
Total comprehensive income (loss)						202,036	928	202,964
Balance, ending at Dec. 31, 2013	61,583	586	2,973,715	-1,947,913	76,874	1,164,845	61,279	1,226,124
Balance, ending - shares at Dec. 31, 2013	2,463,321	58,575,583
Dividends declared				-123,708		-123,708		-123,708
Issuance of common stock		78	198,345			198,423		198,423
Issuance of common stock, shares		7,848,926
Deconsolidation of CDO X:
Spin-off of New Media				-330,489	-467	-330,956	-60,391	-391,347
Spin-off of New Senior				-673,016		-673,016		-673,016
Comprehensive income (loss)
Net income				33,246		33,246	-852	32,394
Other comprehensive income (loss)					-10,542	-10,542		-10,542
Total comprehensive income (loss)						22,704	-852	21,852
Balance, ending at Dec. 31, 2014	$61,583	$664	$3,172,060	($3,041,880)	$65,865	$258,292	$36	$258,328
Balance, ending - shares at Dec. 31, 2014	2,463,321	66,424,508

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows From Operating Activities
Net Income	$32,394	$152,341	$434,110
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	117,594	30,973	7,451
Accretion of discount and other amortization	-3,819	-30,621	-45,582
Interest income on investments accrued to principal balance	-20,386	-26,148	-22,398
Reversal of valuation allowance on loans	-2,419	-25,035	-24,587
Other-than-temporary impairment on securities		5,266	18,923
Change in fair value of investments in excess mortgage servicing rights		-3,894	-9,023
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	-21,794
Equity in earnings from equity method investments, net of distributions	-954	-677
Gain on settlement of investments (net)	-51,380	-17,369	-232,897
Unrealized gain on non-hedge derivatives and hedge ineffectiveness	-17,565	-10,467	-2,547
Loss/(gain) on extinguishment of debt	3,410	-4,565	-24,085
Non-cash directors' compensation	321	350	280
Change in:
Restricted cash	1,464	10,595	-3,829
Receivables and other assets	-314	-19,077	-1,702
Accounts payable, accrued expenses and other liabilities	5,328	63,684	3,220
Net cash provided by operating activities	40,380	106,186	97,334
Cash Flows From Investing Activities
Principal repayments from investments	245,447	494,443	191,703
Restructuring of investments in media and golf, net of cash and cash equivalents assumed		-60,654
Purchase of real estate securities	-404,638	-1,411,002	-989,709
Purchase of real estate related and other loans		-382,771	-27,226
Proceeds from sale of investments	798,580	46,536	127,000
Acquisition and additions to investments in real estate	-315,454	-1,254,214	-185,982
Funds reserved for future capital expenditures	-3,424
Acquisition of investments in excess mortgage servicing rights			-221,832
Return of investments in excess mortgage servicing rights		15,803	29,167
Deposits paid on investments, net of repayments	-655	-505	-275
Contributions to equity method investees, net of distributions		-374,367
Net cash provided by (used in) investing activities	319,856	-2,926,731	-1,077,154
Cash Flows From Financing Activities
Repurchases of CDO bonds payable		-31,285	-35,748
Borrowings under debt obligations	668,003	3,271,588	903,274
Repayments of debt obligations	-831,042	-1,400,255	-135,497
Margin deposits under repurchase agreements and derivatives	-36,752	-207,905	-87,895
Return of margin deposits under repurchase agreements and derivatives	38,079	175,405	87,895
Issuance of common stock	198,702	1,264,769	435,821
Costs related to issuance of common stock	-595	-2,471	-1,083
Contribution of cash upon spin-off	-269,091	-181,582
Common stock dividends paid	-145,299	-165,989	-104,196
Preferred stock dividends paid	-5,580	-5,580	-5,580
Payment of financing costs	-4,592	-40,633	-2,385
Purchase of derivative instruments			-244
Proceeds from settlement of derivative instruments	-4,151	217
Restricted cash returned from refinancing activities		18,312
Net cash provided by (used in) financing activities	-392,318	2,694,591	1,054,362
Net Increase (Decrease) in Cash and Cash Equivalents	-32,082	-125,954	74,542
Cash and Cash Equivalents, Beginning of Period	42,721	221,798	156,334
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	63,223	10,100	-1,022
Cash and Cash Equivalents, End of Period	73,862	105,944	231,898
Cash and Cash Equivalents of Continuing Operations, End of Period	73,727	42,721	221,798
Cash and Cash Equivalents of Discontinued Operations, End of Period	135	63,223	10,100
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	73,735	48,892	71,395
Cash paid during the period for income taxes	1,355	899
Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividends declared but not paid	7,971	35,145	37,954
Preferred stock dividends declared but not paid	930	930	930
Assumption of mortgage notes payable, at fair value		43,128
Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO			29,959
Issuance of seller financing for acquisition of senior housing facilities		9,412
Purchase price payable on investments in excess mortgage servicing rights			$59

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION
	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.
	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 approximately 0.0722 shares of New Media common stock for each share of Newcastle common stock.
	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 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 shares of Newcastle's common stock began trading on a reverse split-adjusted basis on the New York Stock Exchange on October 23, 2014. No fractional shares were issued in connection with the reverse stock splits. 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 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.
	On November 6, 2014, Newcastle completed the spin-off of New Senior Investment Group Inc. ("New Senior") and established New Senior as a separate, publicly traded company (NYSE:SNR). 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 Senior to Newcastle's common stockholders of record at the close of business on October 27, 2014. The distribution ratio was one share of New Senior common stock for each share of Newcastle common stock, based on the number of Newcastle shares outstanding following the 1-for-3 and 1-for-2 reverse stock splits. 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 and a cash and cash equivalents balance of $245.2 million.
	As a result, Newcastle now conducts its business through the following segments: (i) debt investments financed with collateralized debt obligations (“CDOs”), (ii) other debt investments (“Other Debt”), (iii) investments in golf properties and facilities (“Golf”) and (iv) 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”), pursuant to which the Manager provides for a management team and other professionals who are responsible for implementing Newcastle’s business strategy, 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. For a further discussion of the Management Agreement, see Note 13.
	Approximately 1.1 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at December 31, 2014. In addition, Fortress, through its affiliates, held options to purchase approximately 5.0 million shares of Newcastle’s common stock at December 31, 2014.
	The following table presents information on shares of Newcastle’s common stock issued subsequent to its formation:
	Year		Shares Issued	Range of Issue	Net Proceeds
				Prices (1)(2)	(millions)
	Formation - 2011		17,530,168
	2012		11,224,106	$37.32 - $40.26	$	434.9
	2013		29,821,308	$29.82 - $62.88	$	1,262.60
	2014		7,848,926	$25.92	$	197.9
	December 31, 2014		66,424,508
	-1	Excludes prices of shares issued pursuant to the exercise of options and of shares issued to Newcastle’s independent directors.
	-2	On May 15, 2013, Newcastle completed the spin-off of New Residential. The May 15, 2013 closing price of Newcastle’s common stock on the NYSE was $73.98, and the opening price of Newcastle’s common stock on May 16, 2013 was $34.74. On February 13, 2014, Newcastle completed the spin-off of New Media. The February 13, 2014 closing price of Newcastle's common stock was $34.50, and the opening price of Newcastle's common stock on February 14, 2014 was $29.88. On November 6, 2014, Newcastle completed the spin-off of New Senior. The November 6, 2014 closing price of Newcastle's common stock on the NYSE was $23.53, and the opening price of Newcastle's common stock on November 7, 2014 was $4.00.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	GENERAL
	Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The consolidated financial statements include the accounts of Newcastle and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Newcastle consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Newcastle is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Newcastle’s CDO subsidiaries (with the exception of CDO V) (Note 11) are special purpose entities which are considered VIEs of which Newcastle is the primary beneficiary. Therefore, the debt issued by such entities is considered a non-recourse secured borrowing of Newcastle. The subprime securitizations and CDO V (Note 4) are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, for the subprime securitizations, no longer receive a significant portion of their returns, and therefore do not consolidate them.
	For entities over which Newcastle exercises significant influence, but which do not meet the requirements for consolidation, Newcastle uses the equity method of accounting whereby it records its share of the underlying income of such entities. Newcastle’s investments in equity method investees were not significant at December 31, 2014, 2013 or 2012. With respect to investments in entities over which Newcastle does not meet the requirements for consolidation and does not exercise significant influence, Newcastle records these investments at cost, subject to impairment.
	Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Newcastle. This is primarily related to noncontrolling interests in Golf.
	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
	Risks and Uncertainties — In the normal course of business, Newcastle encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Newcastle’s investments in securities, loans, derivatives and leases that results from a borrower’s, derivative counterparty’s or lessee’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in securities, loans and derivatives or in real estate due to changes in interest rates, spreads or other market factors, including the value of the collateral underlying loans and securities and the valuation of real estate held by Newcastle. Management believes that the carrying values of its investments are reasonable taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories, and other borrower information.
	Additionally, Newcastle is subject to significant tax risks. If Newcastle were to fail to qualify as a REIT in any taxable year, Newcastle would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Newcastle would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
	Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Newcastle’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income, adjusted for unrealized gains or losses on securities available for sale and derivatives designated as cash flow hedges and net unrecognized gain and prior period service costs and credits relating to pension and other postretirement benefits (included in discontinued operations).
	The following table summarizes Newcastle’s accumulated other comprehensive income:
		December 31,
		2014				2013
	Net unrealized gains on securities	$	67,682			$	82,408
	Net unrealized losses on derivatives designated as cash flow hedges	(1,817		)		(5,992		)
	Net unrecognized gain and prior service cost	—				458
	Accumulated other comprehensive income	$	65,865			$	76,874
	REVENUE RECOGNITION
	Real Estate Securities and Loans Receivable — Newcastle invests in securities, including commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and FNMA/FHLMC securities. Income on these securities is recognized using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. For securities that are not acquired at a discount for credit quality, these assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). For securities acquired at a discount for credit quality and with respect to which management has determined at acquisition that it is probable that all contractually required principal and interest payments will not be collected, these assumptions also include expected losses. For these securities, Newcastle recognizes the excess of all expected cash flows over the investment in the securities, referred to as accretable yield, as interest income on a loss-adjusted yield basis. The loss adjusted yield is determined based on an evaluation of the credit status of securities, as described in connection with the analysis of impairment. The excess of total contractual cash flows over the cash flows expected to be collected is referred to as the nonaccretable difference and is not recognized as income. The assumptions that impact income recognition are updated on at least a quarterly basis if applicable to reflect changes related to a particular security, actual historical data, and market changes. These uncertainties and contingencies are difficult to predict and are subject to future events, and economic and market conditions, which may alter the assumptions.
	Newcastle also invests in loans, including real estate related loans, commercial mortgage loans, residential mortgage loans, manufactured housing loans and subprime mortgage loans. Newcastle determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. The loans are evaluated at acquisition for evidence of credit quality deterioration. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. Loans for which it is determined that it is probable that all contractually required principal and interest payments at acquisition will not be collected are categorized as loans acquired at a discount for credit quality. Loans receivable are presented in the consolidated balance sheet net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference) and is not recognized as income. Probable increases in expected cash flows would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining expected life of the loan. Newcastle discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held-for-investment to held-for-sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Interest income includes prepayment penalties received of $0.2 million and $2.7 million in 2013 and 2012, respectively. There were no prepayment penalties received in 2014.
	Impairment of Securities and Loans — Newcastle continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Newcastle will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality, whenever there has been a probable adverse change in the timing or amounts of expected cash flows, or that represent retained beneficial interests in securitizations, when Newcastle determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, Newcastle must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write-down to fair value must be recorded. Similarly for securities, Newcastle must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. For certain securities which represent beneficial interests in securitized financial assets and non-Agency RMBS acquired with evidence of deteriorated credit quality for which it was deemed probable, at acquisition, that we would be unable to collect all contractually required payments as they come due, an other-than-temporary impairment also will be deemed to have occurred whenever there is a probable adverse change in the timing or amounts of previously projected estimated cash flows. Upon determination of impairment, Newcastle establishes specific valuation allowances for loans or records a direct write-down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. Newcastle also establishes allowances for estimated unidentified incurred losses on pools of loans. The allowance for each loan is maintained at a level believed adequate by management to absorb probable losses, based on periodic reviews of actual and expected losses. It is Newcastle’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from Newcastle’s estimates. Newcastle may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment, and a related write-down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Newcastle charges off the corresponding loan allowance when it determines the loans to be uncollectable.
	Golf Revenues — Revenue from green fees, cart rentals, food and beverage sales, merchandise sales and other income (consisting primarily of range income, banquets, instruction, 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 (currently seven years). 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.
	Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following:
		Year Ended December 31,
		2014				2013				2012
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	23,679			$	9,853			$	14,629
	Loss on settlement of real estate securities	—				(3,592		)		(4,433		)
	Gain on sale of CDO X interests	—				—				224,317
	Settlement of TBAs	(4,151		)		—				—
	Gain on repayment/disposition of loans held-for-sale	32,500				10,716				—
	Loss on repayment/disposition of loans held-for-sale	—				(354		)		(1,614		)
	Gain on termination of derivative	—				813				—
	Gain (loss) on disposal of long-lived assets	(1,294		)		(67		)		(2		)
		$	50,734			$	17,369			$	232,897
	Other income (loss), net
	Gain on non-hedge derivative instruments	$	17,599			$	10,525			$	9,180
	Gain on lease modifications and terminations	7,219				—				—
	Unrealized loss recognized upon de-designation of hedges	(34		)		(110		)		(7,036		)
	Hedge ineffectiveness	—				—				483
	Equity in earnings of equity method investees	954				(97		)		—
	Collateral management fee income, net	963				1,279				1,786
	Other income (loss)	437				1,759				981
		$	27,138			$	13,356			$	5,394
	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:
					Year Ended December 31,
	Accumulated Other Comprehensive		Income Statement		2014				2013
	Income (“AOCI”) Components		Location
	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		$	—			$	(5,266	)
	Gain on settlement of real estate securities		Gain (loss) on settlement of investments, net		23,679				9,853
	Loss on settlement of real estate securities		Gain (loss) on settlement of investments, net		—				(3,592		)
					$	23,679			$	995
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Deferred hedge gain (loss) reclassified from AOCI into earnings		Interest expense		27				(99		)
	Loss reclassified from AOCI into income, related to effective portion		Interest expense		(4,379		)		(6,128		)
					$	(4,352	)		$	(6,227	)
	Total reclassifications				$	19,327			$	(5,232	)
	EXPENSE RECOGNITION
	Interest Expense — Newcastle finances its investments using both fixed and floating rate debt, including securitizations, loans, repurchase agreements, and other financing vehicles. Certain of this debt has been issued at a discount. Discounts are accreted into interest expense on the effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing.
	Deferred Costs and Interest Rate Cap Premiums — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight-line basis or the interest method. Interest rate cap premiums, if any, are included in receivables and other assets, and are amortized as described below.
Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as either a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation.
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 management, including restrictions imposed by the Code 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.
Description of the risks being hedged
1)	Interest rate risk, existing debt obligations – Newcastle has hedged (and may continue to hedge, when feasible and appropriate) the risk of interest rate fluctuations with respect to its borrowings, regardless of the form of such borrowings, which require payments based on a variable interest rate index. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). In order to reduce such risks, Newcastle may enter into swap agreements whereby Newcastle would receive floating rate payments in exchange for fixed rate payments, effectively converting the borrowing to fixed rate. Newcastle may also enter into cap agreements whereby, in exchange for a premium, Newcastle would be reimbursed for interest paid in excess of a certain cap rate.
2)	Interest rate risk, anticipated transactions – Newcastle may hedge the aggregate risk of interest rate fluctuations with respect to anticipated transactions, primarily anticipated borrowings. The primary risk involved in an anticipated borrowing is that interest rates may increase between the date the transaction becomes probable and the date of consummation. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). This is generally accomplished through the use of interest rate swaps.
Cash Flow Hedges
To qualify for cash flow hedge accounting, interest rate swaps and caps must meet certain criteria, including (1) the items to be hedged expose Newcastle to interest rate risk, (2) the interest rate swaps or caps are highly effective in reducing Newcastle’s exposure to interest rate risk, and (3) with respect to an anticipated transaction, such transaction is probable. Correlation and effectiveness are periodically assessed based upon a comparison of the relative changes in the fair values or cash flows of the interest rate swaps and caps and the items being hedged, or using regression analysis on an ongoing basis to assess retrospective and prospective hedge effectiveness.
For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss, and net payments received or made, on the derivative instrument are reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. The premiums paid for interest rate caps, treated as cash flow hedges, are amortized into interest expense based on the estimated value of such cap for each period covered by such cap.
With respect to interest rate swaps which have been designated as hedges of anticipated financings, periodic net payments are recognized currently as adjustments to interest expense; any gain or loss from fluctuations in the fair value of the interest rate swaps is recorded as a deferred hedge gain or loss in accumulated other comprehensive income and treated as a component of the anticipated transaction. In the event the anticipated refinancing failed to occur as expected, the deferred hedge credit or charge would be recognized immediately in earnings. Newcastle’s hedges of such financings were terminated upon the consummation of such financings.
Newcastle has designated certain of its derivatives, and in some cases re-designated all or a portion thereof as hedges. As a result of these designations, in the cases where the originally hedged items were still owned by Newcastle, the unrealized gain or loss was recorded in accumulated other comprehensive income as a deferred hedge gain or loss and is being amortized over the life of the hedged item.
As of December 31, 2014, the aggregate notional amount of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $58.3 million. Under these agreements, we will pay fixed monthly coupons at fixed rates of 5.04% of the notional amount to the counterparty and receive floating rate LIBOR. Our interest rate swaps designated as cash flow hedges of interest rate risk will mature on April 2016.
Non-Hedge Derivatives
With respect to interest rate swaps and caps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps and caps have been recognized currently in other income (loss). These derivatives may, to some extent, be economically effective as hedges. As of December 31, 2014, the aggregate notional amount of our interest rate swaps not designated as hedges of interest rate risk totaled $46.5 million. Under these agreements, we will pay fixed monthly coupons at fixed rates of 4.85% of the notional amount to the counterparty and receive floating rate LIBOR. Our interest rate swaps not designated as hedges will mature on March 2015.
Newcastle has entered into certain transactions which financed the purchase of certain assets with the seller of these assets. The contemporaneous purchase of the asset and the associated financing are treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the statement of income. 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 and there are no linked transactions at December 31, 2014.
Newcastle also transacts in the To Be Announced MBS ("TBA") market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Newcastle primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our investment strategies.  For example, Newcastle takes short positions in TBAs to offset - to varying degrees - changes in the values of our Agency RMBS investments for which we have exposure to interest rate volatility; therefore, these derivatives may, to some extent, be economically effective as hedges.
Newcastle typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Newcastle may "roll" its TBA positions, whereby we may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Newcastle accounts for its TBA transactions as non-hedge instrument, with changes in market value recorded on the statement of income. As of December 31, 2014, Newcastle held nine TBA contracts with $390.5 million in short notional amount of Agency RMBS.
Newcastle’s derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. Newcastle reduces such risk by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties. Newcastle does not require collateral for the derivative financial instruments within its CDO financing structures.
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.
Management Fees to Affiliate — These represent amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 13.
BALANCE SHEET MEASUREMENT
Investment in Real Estate Securities — Newcastle has classified its investments in securities as available-for-sale. Securities available-for-sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described above.
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.
Purchase Accounting — In determining the allocation of a purchase price between net tangible and identified intangible assets acquired and liabilities assumed, management makes estimates of the fair value of the tangible and intangible assets and liabilities using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities, and independent appraisals. In the case of real property, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Management allocated the purchase price to net tangible and identified intangible assets acquired and liabilities assumed based on their fair values.
Investments in CDO Servicing Rights — In February 2011, Newcastle, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) CDOs for $2.2 million pursuant to a bankruptcy proceeding. Newcastle initially recorded the cost of acquiring the collateral management rights as a servicing asset and subsequently amortizes this asset in proportion to, and over the period of, estimated net servicing income. Servicing assets are assessed for impairment on a quarterly basis, with impairment recognized as a valuation allowance. Key economic assumptions used in measuring any potential impairment of the servicing assets include the prepayment speeds of the underlying loans, default rates, loss severities and discount rates. During the years ended December 31, 2014 and 2013, Newcastle recorded $0.3 million and $0.3 million, respectively, of servicing rights amortization and no servicing rights impairment. As of December 31, 2014, Newcastle’s servicing asset had a carrying value of $1.0 million recorded in receivables and other assets.
Investments in Other Real Estate, Net — Real estate and related improvements are recorded at cost less accumulated depreciation. Costs that both materially add value and appreciably extend the useful life of an asset are capitalized. Fees and costs incurred in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. With respect to golf course improvements (included in land improvements), only costs associated with original construction, significant replacements, or the addition of new trees, permanent landscaping, sand traps, fairways, tee boxes or greens are capitalized. Expenditures for repairs and maintenance are expensed as incurred.
Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to real estate held-for-sale and measured at the lower of their carrying amount or fair value less costs of sale. The results of operations for such an asset, assuming such asset qualifies as a “component of an entity” as defined, are retroactively reclassified to income (loss) from discontinued operations for all periods presented.
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.
Depreciation is calculated using the straight-line method based on the following estimated useful lives:
Buildings	15-30 years
Building improvements	3-10 years
Capital leases - equipment	shorter of the lease term or estimated useful life of the asset
Furniture, fixtures, and equipment	3-10 years
Leasehold improvements	shorter of the lease term or estimated useful life of the asset
Intangibles — Intangible assets relating to the Golf business consist primarily of leasehold advantages (disadvantages), management contracts and membership base. A leasehold advantage (disadvantage) exists to Newcastle when it pays a contracted rent that is below (above) market rents at the date of the transaction. The value of a leasehold advantage (disadvantage) is calculated based on the differential between market and contracted rent, which is tax effected and discounted to present value based on an after-tax discount rate corresponding to each golf course.  The management contract intangible represents Newcastle’s golf course management contracts for both leased and managed properties, is valued utilizing a discounted cash flow methodology under the income approach, and is amortized over the average contractual term of the agreements.  The membership base intangible represents Newcastle’s relationship with its private golf club members, is valued using the multi-period excess earnings method under the income approach, and is amortized over the weighted average remaining useful life of the private memberships.
Amortization of leasehold intangible assets is included within operating expense - golf and amortization of all other intangible assets is included within depreciation and amortization on the consolidated statements of income. Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
Golf business
Trade name	30 - 40 years
Leasehold intangibles	9 - 27 years
Management contracts	11 - 12 years
Internally-developed software	5 years
Membership base	7 years
Other Investment — Newcastle’s investment in American Dream Project (a.k.a. Xanadu) is recorded as an equity method investment.  Newcastle owns approximately 23% of Preferred B and C stock of Meadowland Joint Venture LLC which was formed in conjunction with Triple Five Group, which took ownership of this project in 2013.  As of December 31, 2014 and 2013, Newcastle's investment in American Dream Project was $26.8 million and $25.5 million, respectively.  Newcastle evaluates equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near term prospects of the investee, the length of time and the extent to which the market value of the investment has been less than cost and the intent and ability of Newcastle to retain its investment.
Impairment of Real Estate and Finite-lived Intangible Assets — Newcastle periodically reviews the carrying amounts of its long-lived assets, including real estate and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. Newcastle generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.
Cash and Cash Equivalents and Restricted Cash — Newcastle considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash consisted of:
	December 31,
	2014				2013
CDO bond sinking funds	$	11,497			$	1,902
CDO trustee accounts	293				442
Derivative margin accounts	877				—
Collateral for Golf lease obligations	3,047				3,512
	$	15,714			$	5,856
Reduction of assets and liabilities relating to spin-offs and acquisitions are disclosed below:
	Year Ended December 31,
	2014				2013				2012
Reduction of Assets and Liabilities relating to the spin-off of New Residential/New Media/New Senior, non-cash portion
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			$	—
Investments in senior housing real estate, net	$	1,574,048			$	—			$	—
Property, plant and equipment, net	$	266,385			$	—			$	—
Goodwill and intangibles, net	$	379,008			$	—			$	—
Restricted cash	$	6,477			$	—			$	—
Receivables and other assets	$	197,882			$	37,844			$	—
Mortgage notes payable	$	1,260,633			$	—			$	—
Credit facilities - media	$	177,955			$	—			$	—
Repurchase agreements	$	—			$	1,320,360			$	—
Accrued expenses and other liabilities	$	189,940			$	642			$	—
Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion
Investments in other real estate	$	—			$	259,573			$	—
Property, plant and equipment	$	—			$	272,153			$	—
Intangibles	$	—			$	244,885			$	—
Goodwill	$	—			$	126,686			$	—
Receivables and other assets	$	—			$	145,191			$	—
Credit facilities	$	—			$	334,498			$	—
Accounts payable, accrued expenses and other liabilities	$	—			$	287,439			$	—
Noncontrolling interests	$	—			$	366			$	—
Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
	Year Ended December 31,
	2014				2013				2012
Restricted cash generated from sale of securities	$	125,850			$	136,148			$	56,629
Restricted cash generated from sale of real estate related and other loans	$	—			$	104,837			$	—
Restricted cash generated from paydowns on securities and loans	$	325,932			$	331,349			$	274,832
Restricted cash used for purchases of real estate securities	$	—			$	—			$	143,184
Restricted cash used for purchases of real estate related and other loans	$	—			$	—			$	91,481
Restricted cash used for repayments of CDO bonds payable	$	382,177			$	513,879			$	166,845
Restricted cash used for purchases of derivative instruments	$	—			$	—			$	408
Restricted cash used for settlement of derivative instruments	$	—			$	1,563			$	—
Restricted cash used to return margin collateral	$	—			$	—			$	6,550
CDO deconsolidation:
Real estate securities	$	—			$	—			$	1,033,016
Restricted cash	$	—			$	—			$	51,522
Derivative liabilities	$	—			$	—			$	57,343
CDO bonds payable	$	—			$	—			$	1,110,694
Receivables and Other Assets
Receivables and other assets are comprised of the following, net of allowances for uncollectable amounts of $0.9 million, as of December 31, 2014 and 2013:
	December 31,
	2014				2013
Accounts receivable, net	$	7,369			$	8,230
Derivative assets	—				43,662
Prepaid expenses	6,639				5,937
Interest receivable	2,324				4,667
Deposits	7,339				8,537
Inventory	4,964				4,891
Miscellaneous assets, net	6,939				8,242
	$	35,574			$	84,166
Accounts Receivable, Net – Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required. The allowance for bad debt was $11 and $0 as of December 31, 2014 and 2013, respectively.
Derivative Assets – All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the usage period of the goods or services.
Interest Receivable – Interest receivable consists of interest earned on real estate securities, real estate related and other loans and residential mortgage loans that has not yet been received.
Deposits – Deposits consist primarily of certificates of deposits used as collateral for letters of credit related to the Golf business.
Inventory – Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method. Golf inventories consist primarily of food, beverages and merchandise for sale.
Repurchase Agreements
Securities sold under repurchase agreements will be treated as collateralized financing transactions, unless they meet sale treatment . Securities financed through a repurchase agreement will remain on the consolidated balance sheet as an asset and cash received from the purchaser will be recorded on the consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements will be recorded in interest expense.
Accounts Payable, Accrued Expenses and Other Liabilities
Accounts payable, accrued expenses and other liabilities are comprised of the following:
	December 31,
	2014				2013
Accounts payable and accrued expenses	$	35,854			$	33,689
Membership deposit liabilities	79,678				71,644
Deferred revenue	29,322				33,162
Security deposits payable	5,293				5,144
Unfavorable leasehold interests	6,443				23,113
Derivative liabilities	4,328				13,795
Accrued rent	2,605				—
Due to affiliates	1,125				2,235
Miscellaneous liabilities	14,742				17,157
	$	179,390			$	199,939
Accounts Payable and Accrued Expenses – Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued expenses reflect invoices that have not yet been received.
Membership Deposit Liabilities – Private country club members pay an advance initiation fee upon their acceptance as a member to the country club. Initiation fees are generally deposits which are refundable 30 years after the date of acceptance as a member. The difference between the amount paid by the member (net of incremental direct costs, primarily commissions) and the net present value of the future refund obligation is deferred and recognized on a straight-line basis over the estimated average expected life of an active membership (currently seven years), and included in deferred revenue above.
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.
Deferred Revenue – Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue until the services are performed or the product is delivered.
Security Deposits Payable – Security deposits payable relate to deposits received for events at golf properties.
Unfavorable Leasehold Interests – Unfavorable leasehold interests relates to leases acquired as part of the Golf business where the terms of the leasehold contracts are less favorable than the estimated market terms of the leases at the acquisition date.
Derivative Liabilities – All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
Accrued Rent – Golf properties pay rent on certain leased properties in arrears.
Due to Affiliates – Represents amounts due to the Manager pursuant to the Management Agreement.
Options — The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for Newcastle was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to Newcastle’s directors were accounted for using the fair value method.
Preferred Stock — Newcastle’s accounting policy for its preferred stock is described in Note 12.
Income Taxes – Newcastle operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of Newcastle’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income.
Certain activities are conducted through taxable REIT subsidiaries (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Newcastle recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of income.
Accretion of Discount and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:
	Year Ended December 31,
	2014				2013				2012
Accretion of net discount on securities, loans and other investments	$	(28,638	)		$	(34,525	)		$	(48,608	)
Amortization of net discount on debt obligations	6,907				2,859				1,525
Amortization of deferred financing costs and interest rate cap premiums	7,310				1,056				2,751
Amortization of net deferred hedge (gains) and losses - debt	(61		)		(11		)		(1,250		)
Amortization of leasehold intangibles	5,000				—				—
Accretion of membership deposit liability	5,663				—				—
	$	(3,819	)		$	(30,621	)		$	(45,582	)
Securitization of Subprime Mortgage Loans — Newcastle’s accounting policy for its securitization of subprime mortgage loans is disclosed in Note 6.
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 does not expect the adoption of this guidance to have a material impact on its consolidated financial statements until it disposes of its assets in future periods.
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 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 has determined that the adoption of this guidance currently has no impact 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.
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The standard amends the consolidation considerations when evaluating certain limited partnerships, variable interest entities and investment funds. The ASU is effective for Newcastle in the first quarter of 2016. Early adoption is permitted. 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 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.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 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.
	As previously discussed in Note 1, 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.
		February 13, 2014			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 previously discussed in Note 1, on November 6, 2014, Newcastle completed the spin-off of New Senior from Newcastle.
	The following table presents the carrying value of the assets and liabilities of New Senior, immediately preceding the November 6, 2014 spin-off and at December 31, 2013.
		November 6, 2014			December 31, 2013
	Assets
	Investment in senior housing real estate, net	$	1,574,048		$	1,362,900
	Intangibles, net	107,658			100,858
	Cash and cash equivalents	245,246			31,263
	Receivables and other assets	95,942			55,430
	Total assets	$	2,022,894		$	1,550,451
	Liabilities
	Mortgage notes payable	$	1,260,633		$	1,076,828
	Accounts payable, accrued expenses and other liabilities	89,245			61,886
	Total liabilities	$	1,349,878		$	1,138,714
	Net Assets	$	673,016		$	411,737
	As of December 31, 2014, Newcastle plans to sell its commercial real estate properties in Beavercreek, OH.
	As a result of the spin-offs 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-offs and/or (ii) represent operations Newcastle plans to sell in which it 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 of investments in other real estate and $0.2 million of cash and cash equivalents, restricted cash and receivables and other assets, as of December 31, 2014 and 2013. The liabilities of discontinued operations include $0.5 million and $0.4 million of accounts payable, accrued liabilities and other liabilities, as of December 31, 2014 and 2013, respectively.
	Results of operations from discontinued operations were as follows:
		Year Ended December 31,
		2014			2013			2012
	Interest income	$	—		$	15,098		$	27,508
	Interest expense	49,705			12,372			1,688
	Net interest income (expense)	(49,705		)	2,726			25,820
	Operating Revenues
	Media income	68,212			61,637			—
	Rental income	194,729			74,936			17,081
	Care and ancillary income	20,428			12,387			2,994
	Total operating revenues	283,369			148,960			20,075
	Other Income
	Other income (loss)	1,444			(2,404		)	17,339
	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	—			20,156			—
	Total other income	1,444			22,531			17,339
	Expenses
	Property operating expenses	152,896			53,733			12,969
	Media operating expenses	—			49,092			—
	General and administrative expense	20,096			21,742			11,743
	Depreciation and amortization	90,627			30,969			6,975
	Management fee to affiliate	7,789			5,034			1,082
	Income tax expense (benefit)	(1,111		)	2,100			—
	Total expenses	270,297			162,670			32,769
	Income (loss) from discontinued operations, net of tax	$	(35,189	)	$	11,547		$	30,465
	The May 15, 2013 spin-off of New Residential also resulted in a $1.2 billion reduction in the basis upon which Newcastle’s management fees are computed (and an equivalent reduction in the basis upon which the incentive compensation threshold is computed), as well as a reduction in the strike price of Newcastle’s then outstanding options (see Note 12).
	The February 13, 2014 spin-off of New Media 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 12).
	The November 6, 2014 spin-off of New Senior resulted in a $0.7 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 12).

SEGMENT_REPORTING_AND_VARIABLE

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 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) debt investments financed with collateralized debt obligations (“CDOs”), (ii) other debt investments (“Other Debt”), (iii) investment in golf courses and facilities (“Golf”) and (iv) 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 (Note 11) and management fees pursuant to the Management Agreement (Note 13).
	Summary financial data on Newcastle’s segments is given below, together with reconciliation to the same data for Newcastle as a whole:
		Debt Investments (A)
		CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations			Eliminations			Total
	Year Ended December 31, 2014
	Interest income	$	84,938		$	50,093		$	147		$	44		$	—		$	(7,595	)	$	127,627
	Interest expense	(22,142		)	(41,874		)	(19,783		)	(3,818		)	—			7,595			(80,022		)
	Inter-segment elimination	(7,595		)	1,861			5,734			—			—			—			—
	Net interest income (expense)	55,201			10,080			(13,902		)	(3,774		)	—			—			47,605
	Impairment (reversal)	(3,303		)	884			—			—			—			—			(2,419		)
	Operating revenues	—			—			291,537			—			—			—			291,537
	Other income	41,780			26,819			5,863			—			—			—			74,462
	Loan and security servicing expense	238			961			—			—			—			—			1,199
	Operating expenses - golf (C)	—			—			244,234			—			—			—			244,234
	Repairs and maintenance expenses - golf	—			—			9,870			—			—			—			9,870
	Cost of sales - golf	—			—			30,271			—			—			—			30,271
	General and administrative expense	14			2			1,435			7,722			—			—			9,173
	Acquisition and transaction expenses (D)	—			2,919			1,941			619			—			—			5,479
	Management fee to affiliate	—			—			—			21,039			—			—			21,039
	Depreciation and amortization	—			—			26,880			87			—			—			26,967
	Income tax expense	—			—			208			—			—			—			208
	Income (loss) from continuing operations	100,032			32,133			(31,341		)	(33,241		)	—			—			67,583
	Loss from discontinued operations, net of tax	—			—			—			—			(35,189		)	—			(35,189		)
	Net income (loss)	100,032			32,133			(31,341		)	(33,241		)	(35,189		)	—			32,394
	Preferred dividends	—			—			—			(5,580		)	—			—			(5,580		)
	Net loss attributable to noncontrolling interests	—			—			329			—			523			—			852
	Income (loss) applicable to common stockholders	$	100,032		$	32,133		$	(31,012	)	$	(38,821	)	$	(34,666	)	$	—		$	27,666
	December 31, 2014
	Investments, net (E)	$	473,209		$	833,293		$	323,969		$	—		$	—		$	—		$	1,630,471
	Cash and restricted cash	11,790			877			21,637			55,137			—			—			89,441
	Other assets	1,927			2,190			31,366			91			—			—			35,574
	Assets of discontinued operations	—			—			—			—			6,803			—			6,803
	Total assets	486,926			836,360			376,972			55,228			6,803			—			1,762,289
	Debt, net (E)	310,636			791,499			161,857			51,231			—			—			1,315,223
	Other liabilities	2,391			4,528			164,897			16,475			—			—			188,291
	Liabilities of discontinued operations	—			—			—			—			447			—			447
	Total liabilities	313,027			796,027			326,754			67,706			447			—			1,503,961
	Preferred stock	—			—			—			61,583			—			—			61,583
	Noncontrolling interests	—			—			36			—			—			—			36
	Equity attributable to common stockholders	$	173,899		$	40,333		$	50,182		$	(74,061	)	$	6,356		$	—		$	196,709
		Debt Investments (A)
		CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations			Eliminations			Total
	Year Ended December 31, 2013
	Interest income	$	119,292		$	98,968		$	—		$	198		$	—		$	(4,746	)	$	213,712
	Interest expense	(24,996		)	(54,534		)				(3,817		)				4,746			(78,601		)
	Inter-segment elimination	(4,746		)	4,746			—			—			—			—			—
	Net interest income (expense)	89,550			49,180			—			(3,619		)	—			—			135,111
	Impairment (reversal)	(9,338		)	(10,431		)	—			—			—			—			(19,769		)
	Other income, net	23,946			11,344			—			—			—			—			35,290
	Loan and security servicing expense	741			3,113			—			3			—			—			3,857
	General and administrative expense	—			18			—			17,440			—			—			17,458
	Management fee to affiliate	—			—			—			28,057			—			—			28,057
	Depreciation and amortization	—			—			—			4			—			—			4
	Income (loss) from continuing operations	122,093			67,824			—			(49,123		)	—			—			140,794
	Income from discontinued operations, net of tax	—			—			—			—			11,547			—			11,547
	Net income (loss)	122,093			67,824			—			(49,123		)	11,547			—			152,341
	Preferred dividends	—			—			—			(5,580		)	—			—			(5,580		)
	Net income attributable to noncontrolling interests	—			—			—			—			(928		)	—			(928		)
	Income (loss) applicable to common stockholders	$	122,093		$	67,824		$	—		$	(54,703	)	$	10,619		$	—		$	145,833
	31-Dec-13
	Investments, net (E)	$	838,162		$	1,272,952		$	345,755		$	—		$	—		$	—		$	2,456,869
	Cash and restricted cash	2,377			—			22,890			23,310			—			—			48,577
Other assets	47,130			3,395			32,654			987						—			84,166
Assets of discontinued operations	—			—			—			—			2,248,023			—			2,248,023
Total assets	887,669			1,276,347			401,299			24,297			2,248,023			—			4,837,635
Debt, net (E)	645,938			1,091,430			152,498			51,237			—			—			1,941,103
Other liabilities	19,194			1,669			170,623			44,528						—			236,014
Liabilities of discontinued operations	—			—			—			—			1,434,394			—			1,434,394
Total liabilities	665,132			1,093,099			323,121			95,765			1,434,394			—			3,611,511
Preferred stock	—			—			—			61,583			—			—			61,583
Noncontrolling interest	—			—			366			—			60,913			—			61,279
Equity attributable to common stockholders	$	222,537		$	183,248		$	77,812		$	(133,051	)	$	752,716		$	—		$	1,103,262
	Debt Investments (A)
	CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations			Eliminations (D)			Total
Year Ended December 31, 2012
Interest income	$	197,007		$	91,818		$	—		$	170		$	—		$	(6,044	)	$	282,951
Interest expense	(56,767		)	(53,700		)	—			(3,813		)	—			6,044			(108,236		)
Inter-segment elimination	(6,044		)	6,044			—			—			—			—			—
Net interest income (expense)	134,196			44,162			—			(3,643		)	—			—			174,715
Impairment (reversal)	(7,381		)	1,717			—			—			—			—			(5,664		)
Other income, net	260,025			2,351			—			—			—			—			262,376
Loan and security servicing expense	916			3,344			—			—			—			—			4,260
General and administrative expense	—			4			—			11,235			—			—			11,239
Management fee to affiliate	—			—			—			23,611			—			—			23,611
Depreciation and amortization	—			—			—			—			—			—			—
Income (loss) from continuing operations	400,686			41,448			—			(38,489		)				—			403,645
Income from discontinued operations, net of tax	—			—			—			—			30,465			—			30,465
Net income (loss)	400,686			41,448			—			(38,489		)	30,465			—			434,110
Preferred dividends	—			—			—			(5,580		)	—			—			(5,580		)
Income (loss) applicable to common stockholders	$	400,686		$	41,448		$	—		$	(44,069	)	$	30,465		$	—		$	428,530
(A)	Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
(B)	The following table summarizes the investments and debt in the other debt segment:
	December 31, 2014												December 31, 2013
	Investments						Debt						Investments						Debt
Non-Recourse	Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying
	Face Amount			Value			Face Amount			Value			Face Amount			Value			Face Amount			Value
Manufactured housing loan portfolio I	$	—		$	—		$	—		$	—		$	102,681		$	91,924		$	53,753		$	50,424
Manufactured housing loan portfolio II	—			—			—			—			128,975			128,117			93,863			93,536
Subprime mortgage loans subject to call options	406,217			406,217			406,217			406,217			406,217			406,217			406,217			406,217
Real estate securities	—			—			—			—			56,466			50,961			—			—
Subtotal	406,217			406,217			406,217			406,217			694,339			677,219			553,833			550,177
Other
Unlevered real estate securities	167,457			12,265			—			—			129,563			4,296			—			—
Levered real estate securities	390,771			407,689			385,282			385,282			514,994			551,270			516,134			516,134
Other Investments	N/A			6,479			—			—			N/A			6,160			—			—
Residential mortgage loans	934			643			—			—			45,323			34,007			25,119			25,119
	$	965,379		$	833,293		$	791,499		$	791,499		$	1,384,219		$	1,272,952		$	1,095,086		$	1,091,430
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $5.0 million for the year ended December 31, 2014.
(D)	Includes all transaction related and spin-off related expenses.
(E)	Net of $35.1 million and $87.7 million of inter-segment eliminations as of December 31, 2014 and 2013, respectively.
Variable Interest Entities
The VIEs in which Newcastle has a significant interest include (i) Newcastle’s CDOs, in which Newcastle has been determined to be the primary beneficiary and therefore consolidates them (with the exception of CDO V), 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 are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and no longer receive a significant portion of their returns, and therefore does not consolidate them.
In addition, Newcastle’s investments in RMBS, CMBS, CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE since they involve subjective determinations of significance, with respect to both power and economics. The result could be the consolidation of an entity that otherwise would not have been consolidated or the de-consolidation of an entity that otherwise would have been consolidated.
As of December 31, 2014, Newcastle has not consolidated these potential VIEs. This determination is based, in part, on the assessment that Newcastle does not have the power to direct the activities that most significantly impact the economic performance of these entities, such as if Newcastle owned a majority of the currently controlling class. In addition, Newcastle is not obligated to provide, and has not provided, any financial support to these entities.
On September 12, 2012, Newcastle deconsolidated CDO X subsequent to the completion of the sale of 100% of its interests in CDO X to the sole owner of the senior notes and another third party. The sale and resulting deconsolidation has reduced Newcastle’s gross assets by $1.1 billion, reduced liabilities by $1.2 billion, decreased other comprehensive income by $25.5 million and resulted in a gain on sale of $224.3 million. As of December 31, 2014, Newcastle had no continuing involvement with CDO X as it had been liquidated.
Newcastle had variable interests in the following unconsolidated VIEs at December 31, 2014, in addition to the subprime securitizations which are described in Note 6:
Entity		Gross Assets (A)			Debt (B)			Carrying Value of Newcastle’s
								Investment (C)
Newcastle CDO V		$	121,497		$	149,402		$	7,956
(A)	Face amount.
(B)	Newcastle CDO V includes $41.8 million face amount of debt owned by Newcastle with a carrying value of $8.0 million at December 31, 2014.
(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 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 December 31, 2014 and 2013, 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			Before			Other-Than-				After			Gains			Losses				Carrying Value			Number of		Rating		Coupon			Yield		Life	Principal
			Face Amount			Impairment			Temporary-				Impairment										(A)			Securities		(B)							(Years)	Subordination
									Impairment																										(C)	(D)
	December 31, 2014
	CMBS		$	214,026		$	218,900		$	(75,574	)		$	143,326		$	35,441		$	(4	)		$	178,763		32		B		5.86	%		11	%	2.6	10.4	%
	Non-Agency RMBS		67,475			79,808			(54,589		)		25,219			19,816			—				45,035			28		CCC		1.21	%		9.66	%	7.7	21.8	%
	ABS-Franchise		8,464			7,647			(7,647		)		—			—			—				—			1		C		6.69	%		0	%	—	0	%
	CDO (E)		14,413			—			—				—			7,956			—				7,956			2		CCC-		1.46	%		0	%	11.5	13.7	%
	Debt Security Total/Average (F)		$	304,378		$	306,355		$	(137,810	)		$	168,545		$	63,213		$	(4	)		$	231,754		63		B-		4.64	%		10.8	%	4.1
	Equity Securities					—			—				—			—			—				—			1
	Total Securities, Available-for-Sale					$	306,355		$	(137,810	)		$	168,545		$	63,213		$	(4	)		$	231,754		64
	FNMA/FHLMC		390,771			403,216			—				403,216			4,473			—				407,689			9		AAA		3.5	%		2.94	%	5.6	N/A
	Total Securities, Pledged as Collateral		$	390,771		$	403,216		$	—			$	403,216		$	4,473		$	—			$	407,689		9
	December 31, 2013
	CMBS		$	333,121		$	309,341		$	(81,463	)		$	227,878		$	56,881		$	(290	)		$	284,469		50		BB-		5.54	%		13.5	%	2.6	9.6	%
	REIT Debt		29,200			28,667			—				28,667			2,519			—				31,186			5		BB+		5.89	%		6.86	%	1.8	N/A
	Non-Agency RMBS		96,762			103,535			(62,860		)		40,675			16,907			(1		)		57,581			34		CCC+		1.07	%		12.2	%	4.4	25.9	%
	ABS-Franchise		8,464			7,647			(7,647		)		—			—			—				—			1		C		6.69	%		0	%	—	0	%
	CDO		188,364			71,857			(14,861		)		56,996			2,761			—				59,757			11		CCC-		3.21	%		7.56	%	1.2	19.1	%
	Total/Average Securities, Available-for-Sale (F)		$	655,911		$	521,047		$	(166,831	)		$	354,216		$	79,068		$	(291	)		$	432,993		101		B		4.24	%		11.86	%	2.4
	FNMA/FHLMC (G)		514,994			548,456			(817		)		547,639			3,631			—				551,270			64		AAA		2.9	%		1.25	%	3.6	N/A
	Total Securities, Pledged as Collateral		$	514,994		$	548,456		$	(817	)		$	547,639		$	3,631		$	—			$	551,270		64
	(A)	See Note 10 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. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current.
	(C)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(D)	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding eight securities with zero value which had an aggregate face amount of $113.3 million.
	(F)	As of December 31, 2014 and 2013, the total outstanding face amount of fixed rate securities was $0.6 billion and $0.4 billion, respectively, and of floating rate securities were $0.1 billion and $0.8 billion, respectively.
	(G)	Amortized cost basis and carrying value include no principal receivable as of December 31, 2014 and principal receivable of $4.8 million as of December 31, 2013.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the years ended December 31, 2014, 2013 and 2012, Newcastle recorded other-than-temporary impairment charges (“OTTI”) of $0.0 million, $5.2 million and $19.3 million, respectively, with respect to real estate securities of which $3.8 million was recorded on certain real estate securities included in the spin-off of New Residential as Newcastle determined it did not have the intent to hold the securities past May 15, 2013 (gross of $0.0 million, $0.0 million and $0.4 million of other-than-temporary impairment recognized (reversed) in other comprehensive income in 2014, 2013 and 2012, respectively). Based on management’s analysis of the securities, the performance of the underlying loans and changes in market factors, Newcastle noted adverse changes in the expected cash flows on certain of these securities and concluded that they were other-than-temporarily impaired. Any remaining unrealized losses as of each balance sheet date on Newcastle’s securities were primarily the result of changes in market factors, rather than issuer-specific credit impairment. Newcastle performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support its belief that the carrying values of such securities were fully recoverable over their expected holding period. The following table summarizes Newcastle’s securities in an unrealized loss position as of December 31, 2014.
					Amortized Cost Basis										Gross Unrealized												Weighted Average
	Securities in	Outstanding			Before			Other-than-				After			Gains			Losses				Carrying			Number		Rating	Coupon			Yield			Life
	an Unrealized	Face			Impairment			Temporary				Impairment										Value			of									(Years)
	Loss Position	Amount						Impairment																	Securities
	Less Than	$	5,903		$	9,394		$	(4,174	)		$	5,220		$	—		$	(4	)		5,216			2		CCC	5.53	%		12.23	%		3.4
	Twelve
	Months
	Twelve or	—			—			—				—			—			—				—			—		—	—			—			—
	More
	Months
	Total	$	5,903		$	9,394		$	(4,174	)		$	5,220		$	—		$	(4	)		5,216			2		CCC	5.53	%		12.23	%		3.4
	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:
		December 31, 2014
					Amortized Cost Basis			Unrealized Losses
		Fair Value			After Impairment			Credit (B)				Non-Credit (C)
	Securities Newcastle intends to sell	$	—		$	—		$	—			N/A
	Securities Newcastle is more likely than not to be required to sell (A)	—			—			—				N/A
	Securities Newcastle has no intent to sell and is not more likely than not to be required to sell:
	Credit impaired securities	3,882			3,884			(4,174		)		(3		)
	Non-credit impaired securities	1,334			1,336			—				(1		)
	Total debt securities in an unrealized loss position	$	5,216		$	5,220		$	(4,174	)		$	(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:
		2014			2013
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(2,873	)	$	(4,770	)
	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	(4,174		)	(89		)
	Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	—			(2,874		)
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	—			120
	Reduction for securities sold during the period	2,873			4,739
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	—			1
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(4,174	)	$	(2,873	)
The table below summarizes the geographic distribution of the collateral securing the CMBS and ABS at December 31, 2014:
		CMBS					ABS
Geographic Location		Outstanding Face Amount			Percentage		Outstanding Face Amount				Percentage
Northeastern U.S.		$	57,463		26.8	%	$	19,791			26.1	%
Southeastern U.S.		47,764			22.3	%	16,448				21.7	%
Midwestern U.S.		35,604			16.6	%	10,017				13.2	%
Western U.S.		30,827			14.4	%	21,672				28.5	%
Southwestern U.S.		27,530			12.9	%	8,011				10.5	%
Other		10,825			5.1	%	—				0	%
Foreign		4,013			1.9	%	—				0	%
		$	214,026		100	%	$	75,939			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 agency FNMA/FHLMC ARM 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.
In November 2014, Newcastle purchased 9 agency FNMA/FHLMC fixed-rate securities with $391.9 million face amount for total proceeds of $404.6 million. Newcastle financed this transaction with repurchase financing of $383.4 million. Newcastle also entered into TBAs to economically hedge the market risk of the whole pools, but did not apply hedge accounting.
During the fourth quarter of 2014, Newcastle sold $53.9 million outstanding face amount of twelve securities at an average price of 99.1% of total proceeds of $53.4 million. Newcastle recognized a net gain of approximately $5.7 million on the sale of these securities.
Securities Pledged as Collateral
These government agency securities were sold under agreements to repurchase which will be treated as collateralized financing transactions, unless they meet sales treatment. Although being pledged as collateral, securities financed through a repurchase agreement remains on Newcastle's consolidated balance sheet as an asset and cash received from the purchaser is recorded on Newcastle's consolidated balance sheet as a liability.

REAL_ESTATE_RELATED_AND_OTHER_

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2014
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	6. REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS
	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
			December 31, 2014																								December 31, 2013
	Loan Type		Outstanding				Carrying				Loan			Wtd.			Weighted			Weighted			Floating Rate		Delinquent		Carrying		Wtd. Avg.
			Face Amount				Value (A)				Count			Avg			Average			Average			Loans as a %		Face Amount		Value		Yield
														Yield			Coupon			Life			of Face		(C)
																				(Years) (B)			Amount
	Mezzanine Loans		$	131,551			$	103,582			7			7.79	%		7.2	%		1.2			71.9	%	$	12,000	$	139,720	6.63	%
	Corporate Bank Loans		174,530				107,715				5			22.08	%		13.19	%		1.7			0.6	%	—		166,710		24.18	%
	B-Notes		21,865				18,748				1			12	%		7.32	%		4			0	%	—		101,385		10.12	%
	Whole Loans		155				155				1			4	%		7.48	%		0.2			0	%	—		29,715		3.65	%
	Total Real Estate Related and other Loans Held-for-Sale, Net (D)		$	328,101			$	230,200			14			14.82	%		10.39	%		1.6			29.1	%	$	12,000	$	437,530	13.92	%
	Non-Securitized Manufactured Housing Loan Portfolio I		$	—			$	—			—			—			—			—			—		$	—	$	130	81.79	%
	Non-Securitized Manufactured Housing Loan Portfolio II		—				—				—			—			—			—			—		—		2,055		15.39	%
	Residential Loans		4,309				3,854				6			23.48	%		1.84	%		1.2			100	%	766		—		—
	Total Residential Mortgage Loans Held-for-Sale, Net (E)(F)		$	4,309			$	3,854			6			23.48	%		1.84	%		1.2			100	%	$	766	$	2,185	19.34	%
	Securitized Manufactured Housing Loan Portfolio I		$	—			$	—			—			—			—			—			—		—		$	91,924	9.44	%
	Securitized Manufactured Housing Loan Portfolio II		—				—				—			—			—			—			—		—		128,117		8.11	%
	Residential Loans		—				—				—			—			—			—			—		—		35,409		7.49	%
	Total Residential Mortgage Loans Held-for-Investment, Net (F)		$	—			$	—			—			—			—			—			—		—		$	255,450	8.5	%
	Subprime Mortgage Loans Subject to Call Option		$	406,217			$	406,217																			$	406,217
	(A)	The aggregate United States federal income tax basis for such assets at December 31, 2014 was approximately $253.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans.
	(B)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2014 and December 31, 2013, $76.5 million and $76.5 million face amount of real estate related and other loans, respectively, was on non-accrual status.
	(D)	Loans which are more than 3% of the total current carrying value (or $6.9 million) at December 31, 2014 are as follows:
			December 31, 2014
	Loan Type		Outstanding				Carrying Value				Prior Liens				Loan			Yield (2)			Coupon (2)			Weighted Average
			Face Amount								-1				Count									Life (Years)
	Individual Bank Loan	-3	$	116,048			$	99,976			$	627,615			1			22.5	%		15.55	%		2.1
	Individual Mezzanine Loan	-4	35,859				34,246				738,782				1			7	%		7	%		1.2
	Individual Mezzanine Loan	-4	28,939				28,939				169,933				1			7	%		8	%		0.1
	Individual Mezzanine Loan	-4	24,294				24,294				299,770				1			9	%		9	%		2.3
	Individual B-Note Loan	-4	21,865				18,748				124,548				1			12	%		7.32	%		4
	Individual Mezzanine Loan	-4	12,691				11,716				175,000				1			5	%		5.15	%		3.6
	Individual Bank Loan	-4	11,798				7,291				—				1			15	%		15	%		4.2
	Others	-5	76,607				4,990								7			21.64	%		6.55	%		0.2
			$	328,101			$	230,200							14			14.82	%		10.39	%		1.6
	-1	Represents face amount of third party liens that are senior to Newcastle’s position.
	-2	For others, represents weighted average yield and weighted average coupon.
	-3	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
	-4	Interest only payments over life to maturity and balloon principal payment upon maturity.
	-5	Various terms of payment. This represents $46.7 million, $29.8 million and $0.1 million of bank loans, mezzanine loans and whole loans, respectively. Each of the seven loans had a carrying value of less than $6.9 million at December 31, 2014.
	(E)	The following is an aging analysis of past due residential loans held-for-sale as of December 31, 2014:
		30-59 Days				60-90 Days				Over 90 Days				REO				Total Past				Current			Total Outstanding
		Past Due				Past Due				Past Due								Due							Face Amount
	Residential Loans	$	—			$	—			$	—			$	766			$	766			$	3,543		$	4,309
	Newcastle’s management monitors the credit qualities of the residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate.
	(F)	Loans acquired at a discount for credit quality.
	Newcastle's investments in real estate related and other loans and non-securitized manufactured housing loans were classified as held-for-sale as of December 31, 2014 and December 31, 2013. Loans held-for-sale are marked to the lower of carrying value or fair value.
	Newcastle’s investment in the securitized manufactured housing loan portfolios I and II was classified as held-for-investment as of December 31, 2013. In connection with the securitizations of the manufactured housing loan portfolios, Newcastle gave representations and warranties with respect to the manufactured housing loans sold to the securitization trusts. To the extent a breach of any such representations and warranties materially and adversely affects the value or enforceability of the related loans, Newcastle will be required to repurchase such loans from the respective securitization trusts.
	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 was 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 $1.1 million of transaction expenses.
	The following is a summary of real estate related and other loans by maturity at December 31, 2014:
	Year of Maturity (1)		Outstanding				Carrying Value				Number of
			Face Amount								Loans
	Delinquent (2)		$	12,000			$	—			1
	2015		64,607				4,990				6
	2016		64,799				63,185				2
	2017		24,294				24,294				1
	2018		21,865				18,748				1
	2019		127,845				107,266				2
	Thereafter		12,691				11,717				1
	Total		$	328,101			$	230,200			14
	(1)Based on the final extended maturity date of each loan investment as of December 31, 2014.
(2)Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows:
	Held for Sale								Held for Investment
	Real Estate				Residential				Residential				NPL Reverse
	Related Loans				Mortgage Loans				Mortgage Loans				Mortgage Loans
December 31, 2011	$	813,580			$	2,687			$	331,236			$	—
Purchases / additional fundings	109,491				—				—				—
Interest accrued to principal balance	22,835				—				—				—
Principal paydowns	(129,950		)		(686		)		(38,182		)		—
Sales	—				—				—				—
Transfer to held for investment	—				—				—				—
Valuation (allowance) reversal on loans	28,213				493				(4,119		)		—
Loss on repayment of loans held for sale	(1,614		)		—				—				—
Accretion of loan discount and other amortization	—				—				4,002				—
Other	577				(23		)		(476		)		—
December 31, 2012	$	843,132			$	2,471			$	292,461			$	—
Purchases / additional fundings	315,296				—				—				35,138
Interest accrued to principal balance	26,588				—				—				—
Principal paydowns	(257,335		)		(373		)		(45,665		)		—
Sales	(101,338		)		—				—				—
New Residential spin-off	—				—				—				(35,865		)
Conversion to equity-GateHouse	(393,531		)		—				—				—
Elimination after restructure-Golf	(29,412		)		—				—				—
Valuation (allowance) reversal on loans	19,479				105				5,451				—
Gain on repayment of loans held for sale	7,216				—				—				—
Accretion of loan discount and other amortization	6,689				—				3,684				727
Other	746				(18		)		(481		)		—
December 31, 2013	$	437,530			$	2,185			$	255,450			$	—
Purchases / additional fundings	—				—				—				—
Interest accrued to principal balance	20,830				—				—				—
Principal paydowns	(240,937		)		(9,574		)		(9,436		)		—
Transfer to held-for-sale	—				246,121				(246,121		)		—
Sales	—				(233,349		)		—				—
Valuation (allowance) reversal on loans	3,303				(51		)		(833		)		—
Accretion of loan discount and other amortization	8,867				—				115				—
Other	607				(1,478		)		825				—
December 31, 2014	$	230,200			$	3,854			$	—			$	—
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, 2011		$	(228,017	)		$	(2,461	)		$	(26,075	)
Charge-offs (B)		17,742				896				7,716
Valuation (allowance) reversal on loans		28,213				493				(4,119		)
Balance at December 31, 2012		(182,062		)		(1,072		)		(22,478		)
Charge-offs (B)		68,546				143				4,780
Valuation (allowance) reversal on loans		19,479				105				5,451
Balance at December 31, 2013		$	(94,037	)		$	(824	)		$	(12,247	)
Charge-offs (B)		14,808				84				711
Transfer to held-for-sale		—				(12,369		)		12,369
Sales		—				13,006				—
Valuation (allowance) reversal on loans		3,303				(51		)		(833		)
Balance at December 31, 2014		$	(75,926	)		$	(154	)		$	—
(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 three, three and six loans which were written off, sold, restructured, or paid off at a discounted price during 2014, 2013 and 2012, respectively.
The average carrying amount of Newcastle’s real estate related and other loans was approximately $270.1 million, $761.7 million and $843.4 million during 2014, 2013 and 2012, respectively, on which Newcastle earned approximately $49.3 million, $81.5 million and $81.5 million of gross interest revenues, respectively.
The average carrying amount of Newcastle’s residential mortgage loans was approximately $90.5 million, $282.7 million and $312.5 million during 2014, 2013 and 2012, respectively, on which Newcastle earned approximately $8.3 million, $27.3 million and $31.6 million of gross interest revenues, respectively.
The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2014:
		Real Estate Related and Other Loans							Residential Mortgage Loans
Geographic Location		Outstanding Face Amount				Percentage			Outstanding Face Amount				Percentage
Western U.S.		$	28,112			17.7	%		$	980			22.8	%
Northeastern U.S.		26,302				16.6	%		523				12.1	%
Southeastern U.S.		51,247				32.3	%		2,667				61.9	%
Midwestern U.S.		3,817				2.4	%		139				3.2	%
Southwestern U.S.		10,426				6.5	%		—				—
Foreign		38,872				24.5	%		—				—
		$	158,776			100	%		$	4,309			100	%
Other		169,325				(A)
		$	328,101
(A)Includes corporate bank loans which are not directly secured by real estate assets.
Securitization of Subprime Mortgage Loans
Newcastle acquired and securitized two portfolios of subprime residential mortgage loans (“Subprime Portfolio I” and “Subprime Portfolio II”), through subsidiaries, as summarized in the table below. Both portfolios are being serviced by an affiliate of the Manager for a servicing fee equal to 0.50% per annum on their respective unpaid principal balances.
Both portfolios were securitized through special purpose entities (“Securitization Trust 2006”) and (“Securitization Trust 2007”) which are not consolidated by Newcastle. Newcastle retained a portion of the notes issued by, and all of the equity of, both entities.
Newcastle, as holder of the equity (or residual interest), has the option (a call option) to redeem the notes once the aggregate principal balance of Subprime Portfolio I or Subprime Portfolio II is equal to or less than 20% or 10%, respectively, of such balance at the date of the transfer. The transactions between Newcastle and each securitization trust qualified as sales for accounting purposes. However, the loans which are subject to a call option by Newcastle were not treated as being sold and are classified as “held for investment” subsequent to the completion of the securitizations. 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 options at the call date of 9.24% and 8.68% for Subprime Portfolios I and II, respectively. The call options are “out of the money,” meaning that the price Newcastle would have to pay to acquire such loans exceeds their fair value at this time, and there is no requirement to exercise such options.
In both transactions, the residual interests and the retained bonds are reported as real estate securities, available for sale. The retained loans subject to call option and corresponding financing are reported as separate line items on Newcastle’s balance sheet.
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.
	Subprime Portfolio
	I		II
Date of acquisition	Mar-06		Mar-07
Original number of loans (approximate)	11,300		7,300
Predominant origination date of loans	2005		2006
Original face amount of purchase	$1.5 billion		$1.3 billion
Pre-securitization loan write-down	($4.1 million)		($5.8 million)
Gain on pre-securitization hedge	$5.5 million		$5.8 million
Gain on sale	Less than $0.1 million		$0.1 million
Securitization date	Apr-06		Jul-07
Face amount of loans at securitization	$1.5 billion		$1.1 billion
Face amount of notes sold by trust	$1.4 billion		$1.0 billion
Stated maturity of notes	Mar-36		Apr-37
Face amount of notes retained by Newcastle	$37.6 million		$38.8 million
Fair value of equity retained by Newcastle	$62.4 million (A)		$46.7 million (A)
Key assumptions in measuring such fair value (A):
Weighted average life (years)	3.1		3.8
Expected credit losses	5.30%		8.00%
Weighted average constant prepayment rate	28.00%		30.10%
Discount rate	18.80%		22.50%
(A)As of the date of transfer.
The following table presents information on the retained interests in the securitizations of Subprime Portfolios I and II at December 31, 2014:
	Subprime Portfolio
	I				II				Total
Total securitized loans (unpaid principal balance) (A)	$	322,723			$	452,199			$	774,922
Loans subject to call option (carrying value)	$	299,176			$	107,041			$	406,217
Retained interests (fair value) (B)	$	3,024			$	—			$	3,024
(A)	Average loan seasoning of 113 months and 95 months for Subprime Portfolios I and II, respectively, at December 31, 2014.
(B)	The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained note was 22.40% as of December 31, 2014.
The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of December 31, 2014 (unaudited, except stated otherwise):
	Subprime Portfolio
	I				II
Loan unpaid principal balance (UPB) (A)	$	322,723			$	452,199
Weighted average coupon rate of loans	5.77		%		4.67		%
Delinquencies of 60 or more days (UPB) (B)	$	77,785			$	158,124
Net credit losses for year ended
December 31, 2014	$	25,225			$	34,102
December 31, 2013	$	26,388			$	44,855
Cumulative net credit losses	$	272,030			$	335,676
Cumulative net credit losses as a % of original UPB	18.1		%		30.9		%
Percentage of ARM loans (C)	50.9		%		63.9		%
Percentage of loans with loan-to-value ratio >90%	10.4		%		16.9		%
Percentage of interest-only loans	2.9		%		17.2		%
Face amount of debt (A) (D)	$	318,723			$	452,199
Weighted average funding cost of debt (E)	0.53		%		0.44		%
(A)	Audited.
(B)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned.
(C)	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.
(D)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2014.
(E)	Includes the effect of applicable hedges.
Newcastle received negligible cash flows from the retained interests of Subprime Portfolios I and II during the years ended December 31, 2014, 2013 and 2012.

INVESTMENTS_IN_OTHER_REAL_ESTA

INVESTMENTS IN OTHER REAL ESTATE	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
INVESTMENTS IN OTHER REAL ESTATE	7. INVESTMENTS IN OTHER REAL ESTATE
	Newcastle acquired other real estate assets as part of the acquisition of the Golf business, which consisted of primarily land, buildings, machinery and equipment. These assets were recognized at fair value on the acquisition date. The following table summarizes the balances of other real estate assets at December 31, 2014.
							Initial Cost											Gross Carrying Amount (A) (C)
							Land and Improvements		Buildings and Improvements		Furniture, Fixtures and Equipment		Construction In-Progress		Costs Capitalized Subsequent to Acquisition			Land and Improvements		Buildings and Improvements		Furniture, Fixtures and Equipment		Construction In-Progress				Accumulated Depreciation (A)(B)			Net Book Value
	Property Name		City		State																					Total
	Owned Properties
	Bear Creek		Woodinville		WA		$	3,573	$	2,178	$	179	$	28	$	114		$	3,573	$	2,198	$	287	$	14	$	6,072	$	(290	)	$	5,782
	Bradshaw Farm		Woodstock		GA		773		1,962		92		—		42			773		1,978		118		—		2,869		(256		)	2,613
	Brookstone		Acworth		GA		579		2,448		200		—		702			579		2,916		434		—		3,929		(315		)	3,614
	Canyon Oaks		Chico		CA		1,545		4,127		205		13		110			1,545		4,161		288		6		6,000		(507		)	5,493
	Casta Del Sol		Mission Viejo		CA		5,794		—		—		—		118			5,794		—		118		—		5,912		—			5,912
	El Camino		Oceanside		CA		4,635		2,960		158		80		277			4,635		3,182		254		39		8,110		(346		)	7,764
	Forrest Crossing		Franklin		TN		3,187		807		76		55		20			3,187		814		117		27		4,145		(126		)	4,019
	Gettysvue		Knoxville		TN		2,994		1,428		235		181		281			2,994		1,619		417		89		5,119		(273		)	4,846
	Lomas Santa Fe (Executive)		Solana Beach		CA		3,766		—		—		—		48			3,766		24		24		—		3,814		—			3,814
	Marbella		SJ Capistrano		CA		5,794		9,114		410		—		425			5,794		9,248		701		—		15,743		62			15,805
	Monterey		Palm Desert		CA		5,698		3,004		202		19		337			5,698		3,170		383		9		9,260		(430		)	8,830
	Oakhurst		Clayton		CA		1,449		2,575		428		1,645		(427		)	1,449		2,636		599		986		5,670		(2,297		)	3,373
	Oregon Golf Club		West Linn		OR		4,828		8,011		416		51		364			4,828		8,085		732		25		13,670		(889		)	12,781
	Palm Valley		Palm Desert		CA		7,531		8,864		379		56		494			7,531		9,144		621		28		17,324		(962		)	16,362
	Plantation		Boise		ID		2,607		2,236		262		13		202			2,607		2,262		445		6		5,320		(336		)	4,984
	Rancho San Joaquin		Irvine		CA		12,650		3,775		279		1,366		199			12,650		4,336		609		674		18,269		(458		)	17,811
	Seascape		Aptos		CA		2,897		4,944		108		67		103			2,897		4,985		204		33		8,119		(457		)	7,662
	Summitpointe		Milpitas		CA		2,511		3,271		128		8		132			2,511		3,330		205		4		6,050		(344		)	5,706
	Sunset Hills		Thousand Oaks		CA		2,125		5,447		383		—		249			2,125		5,506		573		—		8,204		(674		)	7,530
	Tanoan		Albuquerque		NM		1,642		7,600		431		364		419			1,642		7,982		652		180		10,456		(1,025		)	9,431
	Trophy Club of Apalachee		Dacula		GA		483		640		55		—		163			483		781		77		—		1,341		(98		)	1,243
	Trophy Club of Atlanta		Alpharetta		GA		483		3,898		60		—		93			483		3,966		85		—		4,534		(342		)	4,192
	Vista Valencia		Valencia		CA		1,352		5,199		91		—		249			1,352		5,411		128		—		6,891		(503		)	6,388
	Wood Ranch		Simi Valley		CA		2,125		1,951		239		416		723			2,125		2,302		822		205		5,454		(339		)	5,115
	Other		N/A		N/A		9,303		—		—		—		332			9,303		175		157		—		9,635		—			9,635
	Total Owned Properties						$	90,324	$	86,439	$	5,016	$	4,362	$	5,769		$	90,324	$	90,211	$	9,050	$	2,325	$	191,910	$	(11,205	)	$	180,705
	Managed Properties
	Candler Park		Atlanta		GA		$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—		$	—
	El Cariso		Sylmar		CA		—		—		—		—		—			—		—		—		—		—		—			—
	Fullerton		Fullerton		CA		—		—		—		—		—			—		—		—		—		—		—			—
	John A White		Atlanta		GA		—		—		—		—		—			—		—		—		—		—		—			—
	Lomas Santa Fe		Solana Beach		CA		—		—		8		—		2			—		—		10		—		10		(2		)	8
	Paradise Knolls		Riverside		CA		—		—		46		—		13			—		—		59		—		59		(26		)	33
	Pumpkin Ridge		North Plains		OR		—		—		—		—		193			—		186		7		—		193		—			193
	Santa Clara		Santa Clara		CA		—		—		—		—		—			—		—		—		—		—		—			—
	Westchester		Los Angeles		CA		—		—		—		—		—			—		—		—		—		—		—			—
	Woodlands		Wayne		MI		—		—		—		—		—			—		—		—		—		—		—			—
	Yorba Linda		Yorba Linda		CA		—		—		5		—		1			—		—		6		—		6		(3		)	3
	Total Managed Properties						$	—	$	—	$	59	$	—	$	209		$	—	$	186	$	82	$	—	$	268	$	(31	)	$	237
	Total Leased Properties						—		50,062		9,429		1,298		4,054			—		50,341		13,874		628		64,843		(12,048		)	52,795
	Corporate		N/A		N/A		—		—		3,219		—		3,783			—		418		6,584		—		7,002		(1,456		)	5,546
	Total Properties						$	90,324	$	136,501	$	17,723	$	5,660	$	13,815		$	90,324	$	141,156	$	29,590	$	2,953	$	264,023	$	(24,740	)	$	239,283
	(A)	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
		Year ended December 31, 2014				Year ended December 31, 2013
	Gross Carrying Amount
	Balance at beginning of year	$	250,208			$	—
	Additions:
	Acquisitions of other real estate	—				250,208
	Improvements	16,035				—
	Transferred from operating real estate held for sale	—				—
	Disposals:
	Disposal of long-lived assets	(2,220		)		—
	Balance at end of year	$	264,023			$	250,208
	Accumulated Depreciation
	Balance at beginning of year	$	—			$	—
	Additions:
	Depreciation expense	(25,666		)		—
	Transferred from assets held-for-sale	—				—
Disposals:
Disposal of long-lived assets	926				—
Balance at end of year	$	(24,740	)		$	—
(B)	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
(C)	The aggregate United States federal income tax basis for Newcastle’s other operating real estate, including furniture, fixtures and equipment at December 31, 2014 was approximately $300.2 million.
The real estate assets in the Golf businesses are encumbered by various debt obligations, as described in Note 11, at December 31, 2014.

INTANGIBLES_NET_OF_ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	8. INTANGIBLES, NET OF ACCUMULATED AMORTIZATION
	The following table summarizes Newcastle's intangibles related to its Golf business:
		December 31, 2014							December 31, 2013
		Gross Carrying		Accumulated			Net Carrying		Gross Carrying		Accumulated		Net Carrying
		Amount		Amortization			Value		Amount		Amortization		Value
	Trade name	$	700	$	(23	)	$	677	$	700	$	—	$	700
	Leasehold intangibles (1)	50,275		(5,206		)	45,069		50,275		—		50,275
	Management contracts	37,650		(4,666		)	32,984		37,659		—		37,659
	Internally-developed software	800		(160		)	640		800		—		800
	Membership base	5,214		(748		)	4,466		5,214		—		5,214
	Nonamortizable liquor licenses	850		—			850		900		—		900
	Total intangibles	$	95,489	$	(10,803	)	$	84,686	$	95,548	$	—	$	95,548
	(1) The amortization expense for leasehold intangibles is reported in operating expense - golf on the consolidated statements of income.
	The unamortized balance of intangible assets at December 31, 2014 are expected to be charged to amortization expense as follows:
	2015	$	10,803
	2016	9,937
	2017	8,959
	2018	8,414
	2019	7,765
	Thereafter	37,958
		$	83,836

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	9. DERIVATIVES
	Newcastle's derivative instruments are comprised of interest rate swaps, linked transactions and TBAs. The table below presents the fair value of the derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2014 and 2013:
				Fair Value
				December 31,
		Balance sheet location		2014				2013
	Derivative Assets
	Linked transaction 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		$	1,963			$	6,203
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		334				7,592
	TBAs, not designated as hedges	Accounts payable, accrued expenses and other liabilities		2,031				—
				$	4,328			$	13,795
	The following table summarizes gains (losses) recorded in relation to derivatives:
		Income Statement Location		Year Ended December 31,
	Cash flow hedges			2014				2013			2012
	Gain (loss) on the ineffective portion	Other income (loss)		$	—			$	—		$	483
	Loss immediately recognized at de-designation	Gain (loss) on sale of		—				—			(7,036		)
		investments, Other income (loss)
	Deferred hedge gain (loss) reclassified from AOCI into earnings	Interest expense		27				(99		)	1,249
	Amount of loss reclassified from AOCI into income (effective portion)	Interest expense		(4,379		)		(6,128		)	(30,631		)
	Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)	None		(177		)		(195		)	(11,825		)
	Non-hedge derivatives
	Gain recognized related to interest rate swaps	Other income		7,131				10,577			9,101
	Gain recognized related to linked transactions	Other income		12,498				1,168			—
	Gain (loss) recognized related to linked transactions	Interest expense		(211		)		(236		)	—
	Gain (loss) recognized related to TBAs	Other income (loss)		(2,030		)		—			—
	The following table presents additional information about cash flow hedge transactions:
		December 31,
		2014				2013
	Cash flow hedges
	Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months	$	78			$	53
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(1,730		)		(3,915		)
	The following table presents both gross and net information about linked transactions:
		As of December 31,
		2014				2013
	Real estate securities-available for sale (A)	$	—			$	104,308
	Repurchase agreements (B)	—				(60,646		)
	Net assets recognized as linked transactions	$	—			$	43,662
	(A)	Represents the fair value of the securities accounted for as part of linked transactions.
	(B)	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
FAIR VALUE	10. FAIR VALUE OF FINANCIAL INSTRUMENTS
	The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at December 31, 2014 and 2013:
		31-Dec-14									December 31, 2013
		Carrying				Estimated			Fair Value Method (A)		Carrying				Estimated
		Value				Fair Value					Value				Fair Value
	Assets
	Real estate securities, available-for-sale	$	231,754			$	231,754		Broker quotations, counterparty quotations, pricing services, pricing models		$	432,993			$	432,993
	Real estate securities, pledged as collateral	407,689				407,689			Broker/counterparty quotations		551,270				551,270
	Real estate related and other loans, held-for-sale, net	230,200				246,678			Broker quotations, counterparty quotations, pricing services, pricing models		437,530				456,535
	Residential mortgage loans, held-for-investment, net	—				—			Pricing models		255,450				252,039
	Residential mortgage loans, held-for-sale, net	3,854				4,076			Broker/counterparty quotations		2,185				2,185
	Subprime mortgage loans subject to call option (B)	406,217				406,217			(B)		406,217				406,217
	Restricted cash	15,714				15,714					5,856				5,856
	Cash and cash equivalents	73,727				73,727					42,721				42,721
	Non-hedge derivative assets (C)	—				—			Counterparty quotations		43,662				43,662
	Liabilities
	CDO bonds payable (D)	$	227,673			$	134,491		Pricing models		544,525				395,689
	Other bonds and notes payable (D)	27,069				28,102			Broker quotations, pricing models		230,279				235,464
	Repurchase agreements	441,176				441,176			Market comparables		556,347				556,347
	Credit facilities and obligations under capital leases, golf	161,857				161,857			Pricing models		152,498				152,498
	Financing of subprime mortgage loans subject to call option (B)	406,217				406,217			(B)		406,217				406,217
	Junior subordinated notes payable	51,231				28,918			Pricing models		51,237				35,479
	Interest rate swaps, treated as hedges (C)	1,963				1,963			Counterparty quotations		6,203				6,203
	Non-hedge derivatives(C)	2,365				2,365			Counterparty quotations		7,592				7,592
	(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)	Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6).
	(C)	Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9).
	(D)	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse 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.
	Fair Value Measurements
	Valuation Hierarchy
	The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Newcastle follows this hierarchy for its financial instruments measured at fair value.
	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 on inputs that are unobservable and supported by little or no market activity and that are significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
	Fair value may be based upon broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications or management's good faith estimate, and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. A significant portion of Newcastle’s loans, securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, Newcastle has estimated the fair value of these illiquid instruments based on internal pricing models rather than quotations.
	Newcastle has various processes and controls in place to ensure that fair value measurements are reasonably estimated. With respect to broker and pricing service quotations, and in order to ensure these quotes represent a reasonable estimate of fair value, Newcastle’s quarterly procedures include a comparison of such quotations to quotations from different sources, outputs generated from its internal pricing models and transactions completed, 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 and models, where available, for reasonableness. Newcastle believes its valuation methods and the assumptions used are appropriate and consistent with other market participants.
	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 accompanied by directionally similar changes in the assumptions used for the loss severity and the prepayment speed.
	Recurring Fair Value Measurements - Real Estate Securities and Derivatives
	The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2014:
						Fair Value
		Carrying Value				Level 2			Level 3								Total
						Market Quotations			Market Quotations				Internal Pricing Models
	Assets:
	Real estate securities, available for sale:
	CMBS	$	178,763			$	—		$	178,763			$	—			$	178,763
	Non-Agency RMBS	45,035				—			45,035				—				45,035
	CDO (A)	7,956				—			—				7,956				7,956
	Real estate securities, available for sale total	$	231,754			$	—		$	223,798			$	7,956			$	231,754
	Real estate securities, pledged as collateral
	FNMA/FHLMC	407,689				407,689			—				—				407,689
	Real estate securities, pledged as collateral	$	407,689			$	407,689		$	—			$	—			$	407,689
	Derivative assets:
	Derivative assets at fair value	—				—			—				—				—
	Derivative assets total	$	—			$	—		$	—			$	—			$	—
	Liabilities:
	Derivative Liabilities:
	Interest rate swaps, treated as hedges	$	1,963			$	1,963		$	—			$	—			$	1,963
	Interest rate swaps and TBAs, not treated as hedges	2,365				2,365			—				—				2,365
	Derivative liabilities total	$	4,328			$	4,328		$	—			$	—			$	4,328
	(A)	Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $113.3 million as of December 31, 2014.
Significant Unobservable Inputs
The following table provides quantitative information regarding the significant unobservable inputs used by Newcastle for assets and liabilities measured at fair value on a recurring basis as of December 31, 2014. This table excludes inputs used to measure fair value that are not developed by Newcastle, such as broker prices and other third-party pricing service valuations.
Asset Type		Amortized				Fair			Weighted Average Significant Input
		Cost				Value
		Basis										Prepayment Speed			Cumulative Default Rate			Loss Severity
									Discount
									Rate
CDO		—				7,956			8.5	%		3.7	%		20.7	%		73.3	%
Total		$	—			$	7,956
All of the inputs used in the table have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
The prepayment speed vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment speed 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 affect 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 cumulative 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.
Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows:
	Level 3 Assets
	CMBS				ABS							Equity/Other				Derivative
					Subprime			Other				Securities				Transactions				Total
Balance at December 31, 2012	$	376,391			$	355,975		$	1,475			$	71,025			$	—			$	804,866
Spin-off of New Residential (A)	—				(560,783		)	—				—				—				(560,783		)
Total gains (losses) (B)
Included in net income (loss) (C)	17				2,372			(82		)		1,638				1,168				5,113
Included in other comprehensive income (loss)	17,167				24,755			73				(726		)		—				41,269
Amortization included in interest income	12,849				17,981			331				5,265				—				36,426
Purchases, sales and settlements
Purchases	—				267,160			—				—				43,172				310,332
Proceeds from sales	(105,565		)		(11,181		)	(1,359		)		(8,156		)		—				(126,261		)
Proceeds from repayments	(16,390		)		(38,698		)	(438		)		(9,289		)		(678		)		(65,493		)
Balance at December 31, 2013	$	284,469			$	57,581		$	—			$	59,757			$	43,662			$	445,469
Total gains (losses) (B)
Included in net income (loss) (C)	15,384				4,165			—				976				12,498				33,023
Included in other comprehensive income (loss)	(21,154		)		2,909			—				5,193				—				(13,052		)
Amortization included in interest income	17,184				5,218			—				1,924				—				24,326
Purchases, sales and settlements
Purchases	—				—			—				—				—				—
Proceeds from sales	(73,252		)		(15,787		)	—				(57,053		)		—				(146,092		)
Proceeds from repayments	(43,868		)		(9,051		)	—				(2,841		)		(56,160		)		(111,920		)
Balance at December 31, 2014	$	178,763			$	45,035		$	—			$	7,956			$	—			$	231,754
(A)	The spin-off of New Residential occurred on May 15, 2013.
(B)	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
(C)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
	Year Ended December 31,
	2014				2013
Gain (loss) on settlement of investments, net	$	20,525			$	5,367
Other income (loss), net	12,498				1,168
OTTI	—				(1,422		)
Total	$	33,023			$	5,113
Gain (loss) on sale of investments, net, from investments transferred into Level 3 during the period	$	—			$	—
Non Recurring Fair Value Measurements - Loans
Loans which Newcastle does not have the ability or intent to hold into the foreseeable future are classified as held-for-sale. 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 as well as for residential mortgage loans held-for-sale as of December 31, 2014:
									Significant Input
									Range						Weighted Average
		Carrying				Fair			Discount			Loss			Discount			Loss
Loan Type		Value				Value			Rate			Severity			Rate			Severity
Mezzanine		$	103,582			$	106,459		5.0% - 20.0%			0.0% - 100.0%			7.8	%		22.6	%
Bank Loan		107,715				121,315			15.0% - 43.7%			0.0% - 100.0%			22.1	%		26.3	%
B-Note		18,748				18,748			12	%		0	%		12	%		0	%
Whole Loan		155				156			4	%		0	%		4	%		0	%
Total Real Estate Related and Other Loans Held for Sale, Net		$	230,200			$	246,678
									Significant Input (Weighted Average)
		Carrying							Discount			Prepayment			Constant
Loan Type		Value				Fair Value			Rate			Speed			Default Rate			Loss Severity
Residential Loans		3,854				4,076			23.5	%		0.2	%		18	%		3.9	%
Total Residential Mortgage Loans, Held-for-Sale, Net		$	3,854			$	4,076
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:
				•	Underlying security and loan prepayment, default and cumulative loss expectations
				•	Amount and timing of expected future cash flows
				•	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:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Broker quotations
				•	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:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Collateral funding spreads
Golf credit facilities		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Credit spread of Golf
Junior subordinated notes payable		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Market yields and the credit spread of Newcastle

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	11. DEBT OBLIGATIONS
	The following table presents certain information regarding Newcastle's debt obligations and related hedges:
		December 31, 2014																													December 31, 2013
																				Collateral
																													Aggregate
															Weighted		Weighted	Face								Weighted	Floating		Notional
				Outstanding								Final	Weighted		Average		Average	Amount		Outstanding		Amortized				Average	Rate		Amount of		Outstanding
		Month		Face				Carrying				Stated	Average		Funding		Life	of Floating		Face		Cost		Carrying		Life	Face		Current		Face		Carrying
	Debt Obligation/Collateral	Issued		Amount				Value				Maturity	Coupon (A)		Cost (B)		(Years)	Rate Debt		Amount (C)		Basis (C)		Value (C)		(Years)	Amount (C)		Hedges(D)		Amount		Value
	CDO Bonds Payable
	CDO VI (E)	Apr-05		$	92,462			$	92,462			Apr-40	0.86%		5.36	%	5.1	$	88,949	$	98,920	$	36,327	$	67,809	5.1	$	29,734	$	46,528	$	92,018	$	92,018
	CDO VIII	Nov-06		71,813				71,717				Nov-52	2.13%		6.55	%	2	64,213		210,606		151,760		162,506		1.8	72,252		58,291		264,733		264,277
	CDO IX	May-07		62,578				63,494				May-52	0.74%		0.16	%	1.1	62,578		292,487		233,420		242,894		2.4	57,295		—		186,765		188,230
				226,853				227,673							4.28	%	3	215,740		602,013		421,507		473,209		2.6	159,281		104,819		543,516		544,525
	Other Bonds & Notes Payable
	NCT 2013-VI IMM-1 (F)	Nov-13		31,060				27,069				Apr-40	LIBOR+0.25%		9.31	%	2.5	31,060		N/A		N/A		N/A		N/A	N/A		—		96,129		86,319
	MH Loans Portfolio I	Apr-10		—				—				—	—%		—		—	—		N/A		N/A		N/A		N/A	N/A		—		53,753		50,424
	MH Loans Portfolio II	May-11		—				—				—	—%		—		—	—		N/A		N/A		N/A		N/A	N/A		—		93,863		93,536
				31,060				27,069							9.31	%	2.5	31,060		N/A		N/A		N/A		N/A	N/A		—		243,745		230,279
	Repurchase Agreements (G)
	CDO Securities (F)	Dec-13		55,894				55,894				Jan-15	LIBOR+1.65%		1.82	%	0.1	55,894		N/A		N/A		N/A		N/A	N/A		—		15,094		15,094
	FNMA/FHLMC securities	Nov-14		385,282				385,282				Feb-15	0.36%		0.36	%	0.1	—		390,771		403,216		407,689		5.6	—		—		516,134		516,134
	Residential Mortgage Loans	Nov-13		—				—				—	—%		—		—	—		—		—		—		—	—		—		25,119		25,119
				441,176				441,176							0.55	%	0.1	55,894		390,771		403,216		407,689		5.6	—		—		556,347		556,347
	Golf Credit Facilities (H)
	First Lien Loan	Dec-13		49,923				49,923				Dec-18	LIBOR+4.00%	(I)	4.5	%	3	49,923		N/A		N/A		N/A		N/A	N/A		N/A		46,922		46,922
	Second Lien Loan	Dec-13		105,575				105,575				Dec-18	5.50%		5.5	%	3	—		N/A		N/A		N/A		N/A	N/A		N/A		105,576		105,576
	Vineyard II	Dec-93		200				200				Dec-43	2.13%		2.13	%	29	200		N/A		N/A		N/A		N/A	N/A		N/A		—		—
	Capital Leases (Equipment)	May - Dec 2014		6,159				6,159				Jul-20	5.25% to 7.15%		6.91	%	5.5	—		N/A		N/A		N/A		N/A	N/A		N/A		—		—
				161,857				161,857							5.24	%	3.1	50,123		N/A		N/A		N/A		N/A	N/A		—		152,498		152,498
	Corporate
	Junior subordinated notes payable	Mar-06		51,004				51,231				Apr-35	7.57%	(J)	7.36	%	20.3	—		N/A		N/A		N/A		N/A	N/A		—		51,004		51,237
				51,004				51,231							7.36	%	20.3	—		N/A		N/A		N/A		N/A	N/A		—		51,004		51,237
	Subtotal debt obligation			911,950				909,006							2.96	%	2.6	352,817		992,784		824,723		880,898		3.8	159,281		104,819		1,547,110		1,534,886
	Financing on subprime mortgage loans subject to call option	(K)		406,217				406,217																							406,217		406,217
	Total debt obligation			$	1,318,167			$	1,315,223																						$	1,953,327	$	1,941,103
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost.
	(C)	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
	(D)	Including $46.5 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.
	(E)	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable 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 accrued interest payable at December 31, 2014. $436.0 million face amount of these repurchase agreements were renewed subsequent to December 31, 2014. The counterparties on these repurchase agreements are Bank of America ($55.9 million) and Nomura ($385.3 million). Newcastle has margin exposure on $441.2 million of repurchase agreements related to the financing of certain Newcastle CDO VIII, CDO IX notes and FNMA/FHLMC securities. 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)	The golf credit facilities are collateralized by all of the assets of the Golf business.
	(I)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(J)	LIBOR +2.25% after April 2016.
	(K)	Issued in April 2006 and July 2007. Secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.
	Certain of the debt obligations included above are obligations of consolidated subsidiaries of Newcastle which own the related collateral. In some cases, including the CDO and Other Bonds Payable, such collateral is not available to other creditors of Newcastle.
	CDO Bonds Payable
	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, cash flow and liquidity are negatively impacted upon such a failure. As of December 31, 2014, CDO VI was not in compliance with its over collateralization tests.
	In June 2011, Newcastle deconsolidated a non-recourse financing structure, CDO V. Newcastle determined that it does not currently have the power to direct the relevant activities of CDO V as an event of default had occurred and Newcastle may be removed as the collateral manager by a single party. So long as the event of default continues, Newcastle will not be permitted to purchase or sell any collateral in CDO V. If Newcastle is removed as the collateral manager of CDO V, it would no longer receive the senior management fees from such CDO. As of February 27, 2014, Newcastle has not been removed as collateral manager. Newcastle does not expect the failure of these additional tests to have a material negative impact on its cash flows, business, results of operations or financial condition.
	On September 12, 2012, Newcastle deconsolidated a non-recourse financing structure, CDO X. Newcastle completed the sale of 100% of its interests in CDO X to the sole owner of the senior notes and another third party, in connection with the liquidation and termination of CDO X. Newcastle received $130 million for $89.75 million face amount of subordinated notes and all of its equity in CDO X. As a result, Newcastle recorded a gain on sale and deconsolidated CDO X. The sale and resulting deconsolidation has reduced Newcastle’s gross assets by $1.1 billion, reduced liabilities by $1.2 billion, decreased other comprehensive income by $25.5 million and resulted in a gain of $224.3 million in the quarter ended September 30, 2012. A condition to the sale of its interests was the right to purchase certain collateral held by CDO X. Newcastle purchased eight securities with a face amount of $101 million for 49.4% of par, or approximately $50 million. As of December 31, 2012, Newcastle had no continuing involvement with CDO X as it had been liquidated.
	In June 2013, Newcastle completed the sale of 100% of the assets in CDO IV. Newcastle sold $153.4 million face amount of collateral at an average price of 95% of par, or $145.2 million. Subsequently, Newcastle paid off $71.9 million of outstanding third party debt and terminated the CDO. This transaction resulted in approximately $73.1 million of proceeds to Newcastle of which approximately $5.3 million was received in Newcastle CDO VIII. Newcastle recovered par on $59.5 million of CDO debt which had been repurchased in the past at an average price of 52% of par and $8.0 million of proceeds on its subordinated interests. This transaction has also decreased Newcastle’s comprehensive income by $0.6 million and resulted in a net gain on sale of assets of $4.2 million and a $0.8 million gain on hedge termination.
	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.
	As of December 31, 2014, CDO VI was not in compliance with its applicable over collateralization tests and, consequently, Newcastle was not receiving cash flows from this CDO currently (other than senior management fees and interest distributions from senior classes of bonds Newcastle owns). Based upon Newcastle’s current calculations, Newcastle expects this CDO to remain out of compliance for the foreseeable future. Moreover, given current market conditions, it is possible that all of Newcastle’s CDOs could be out of compliance with their over collateralization tests as of one or more measurement dates within the next twelve months.
	Repurchase Agreements
	In July 2014, Newcastle financed an additional $20.0 million face amount of previously repurchased CDO bonds payable with repurchase agreements for $12.0 million.  These repurchase agreements bear interest at one month LIBOR + 1.65%, mature in August 2014 and are subject to customary margin provisions.
	In November 2014, Newcastle financed $391.9 million face amount of purchased FNMA/FHLMC securities with repurchase agreements with carrying value of $385.3 million as of December 31, 2014. These repurchase agreements bear interest at 0.36%, mature in February 2015 and are subject to customary margin provisions.
	Credit Facilities
	In December 2013, the Golf business entered into two loan agreements (“First Lien Loan” and “Second Lien Loan”) with General Electric Capital Corporation (“GECC”). The loans mature on December 30, 2017. The terms of the loans may be extended for an additional 12-month period.
	The First Lien Loan has a principal balance of $54.5 million (of which $49.9 million was funded to date). The interest rate on the First Lien Loan is 3-month LIBOR, with a floor of 0.50%, plus a margin of 4.00% (less the impact of the interest rate cap agreement that limits Newcastle’s exposure on LIBOR to 4.79% on a notional amount of $94.0 million). As of December 31, 2014, LIBOR was below the floor. Repayments of principal shall commence on January 1, 2017 based on a 30-year amortization schedule, with the entire outstanding amount due on the maturity date.
	The Second Lien Loan has a principal balance of $105.6 million and bears interest as at 5.5% per annum. Interest is paid on a monthly basis, and the monthly repayments of principal commence on January 1, 2017 based on a 30-year amortization schedule, with the entire outstanding amount due on the maturity date.
	As of December 31, 2014 approximately $4.6 million of the facilities is subject to a working capital hold-back provision and can be used only to ensure that there are adequate funds for the settlement of third party lease terminations and to cover modifications events, and operating expenses, including up to $2.5 million of interest on these loans.
	Golf is obligated under a $200,000 loan with the City of Escondido, California (“Vineyard II”). The principal amount of the loan is payable in five equal installments of $40,000 each upon reaching the "Achievement Date”, which is the date on which the previous 36-month period equals or exceeds 240,000 rounds of golf played on the property. As of December 31, 2014, 240,000 rounds of golf have not been achieved within an applicable 36-month period. The interest rate is adjusted annually and is equal to 1% plus an Index amount, as defined in the loan agreement. As of December 31, 2014, the interest rate is 2.13%.
Capital Leases - Equipment
The Golf business leases certain golf carts and other equipment under capital lease agreements. The agreements normally provide for minimum rentals plus executory costs. Lease terms for golf carts are 66 months with a purchase price option at the termination of the lease. Lease terms for equipment are generally 36-60 months with bargain purchase options at lease expiration.
The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of December 31, 2014 are as follows:
2015	$	1,325
2016	1,325
2017	1,325
2018	1,325
2019	1,446
Thereafter	700
Total minimum lease payments	7,446
Less: imputed interest	1,287
Present value of net minimum lease payments	$	6,159
Maturity Table
Newcastle’s debt obligations (gross of $2.9 million of discounts at December 31, 2014) have contractual maturities as follows:
	Nonrecourse				Recourse				Total
2015	$	929			$	441,176			$	442,105
2016	994				—				994
2017	156,563				—				156,563
2018	1,140				—				1,140
2019	1,340				—				1,340
Thereafter	665,021				51,004				716,025
Total	$	825,987			$	492,180			$	1,318,167
Debt Covenants
Newcastle’s non-CDO financings and Golf credit facilities contain various customary loan covenants. Newcastle was in compliance with all of these covenants as of February 23, 2015.

EQUITY_AND_EARNINGS_PER_SHARE

EQUITY AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	12. EQUITY AND EARNINGS PER SHARE
	Earnings per Share
	Newcastle is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to 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 options. During 2014, 2013 and 2012, based on the treasury stock method, Newcastle had 1,630,314, 1,071,391, and 270,007, dilutive common stock equivalents, respectively, resulting from its outstanding options. As of December 31, 2014, 2013 and 2012, Newcastle had 1,931,257, 387,044, and 582,664 antidilutive options, respectively. Net income (loss) applicable to common stockholders is equal to net income (loss) less preferred dividends.
	In June 2012, Newcastle filed a shelf registration statement with the SEC covering common stock, preferred stock, depositary shares, debt securities and warrants.
	On June 6, 2013, Newcastle’s stockholders approved an amendment to Newcastle’s charter, to increase the total number of authorized shares of common stock, par value $0.01 per share, from 500 million shares to 1.0 billion shares and correspondingly, to increase the total number of authorized shares of Newcastle capital stock from 600 million shares to 1.1 billion shares, which includes 100 million shares of preferred stock, par value $0.01 per share.
	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 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 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.
	Common Stock Offerings
	The following table presents shares of common stock issued by Newcastle in connection with public offerings since 2012:
				Price per Share											Aggregate Shares purchased by					Options Granted to Manager (A)
															Principals of Fortress
	Date		Number	To			To Underwriters				Net				Number			Price		Number	Grant Date Strike		Grant Date
			of Shares	Public							Proceeds				of Shares					of Shares	Price		Value (millions)
			Issued								(millions)
	Apr-12		3,162,500	$	37.32		N/A				$	115.2			—			—		316,250	$	37.32	$	5.6
	May-12		3,833,333	$	40.26		N/A				$	152			—			—		383,333	$	40.26	$	7.6
	Jul-12		4,216,667	N/A			$	39.78			$	167.4			75,000			$	40.2	421,667	$	40.2	$	8.3
	Jan-13		9,583,333	$	56.1		N/A				$	526.2			35,650			$	56.1	958,333	$	56.1	$	18
	Feb-13		3,833,333	N/A			$	62.04			$	237.4			31,833			$	62.88	383,333	$	62.88	$	8.4
	Jun-13		6,708,333	N/A			$	29.52			$	197.6			125,000			$	29.82	670,833	$	29.82	$	3.8
	Nov-13		9,658,492	N/A			$	31.26			$	301.4			75,159			$	31.5	965,849	$	31.5	$	6
	Aug-14		7,654,166	N/A			$	25.92			$	197.9			83,333			$	26.34	765,416	$	26.34	$	1.7
	(A)	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Newcastle.
	(B)	This figure also includes shares purchased by officers of Newcastle.
	In December 2014, Newcastle issued an aggregate of 10,463 shares of its common stock to its independent directors as part of annual compensation.
	Option Plan
	In June 2002, (with the approval of our board of directors) we adopted the Newcastle Nonqualified Stock Option and Incentive Award Plan (the "Newcastle Option Plan"), for officers, directors, consultants and advisors, including the Manager and its employees.
	In May 2012, our board of directors adopted the 2012 Newcastle Nonqualified Stock Option and Incentive Plan (the "2012 Plan") which was approved by our shareholders. The 2012 Plan was adopted as the successor to the Newcastle Option Plan for officers, directors, consultants and advisors, including the Manager and its employees, and facilitated the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager.
	On April 8, 2014, our board of directors adopted the 2014 Plan, which was approved by our shareholders and was amended and restated by our board of directors as of September 17, 2014 to reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014, and as of November 3, 2014 to reflect the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014. The 2014 Plan is the successor to the 2012 Plan for officers, directors, consultants and advisors, including the Manager and its employees, and is intended to facilitate the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. All outstanding options granted under the 2012 Plan and the Newcastle Option Plan will continue to be subject to the terms and conditions set forth in the agreements evidencing such options and the terms of the 2012 Plan and the Newcastle Option Plan. The maximum number of shares available for issuance in the 2014 Plan is 166,666 shares. Our board of directors may also determine to issue options to the Manager that are not subject to the 2014 Plan, provided that the number of shares underlying any options granted to the Manager in connection with capital raising efforts would not exceed 10% of the shares sold in such offering and would be subject to NYSE rules. Upon exercise, all options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless advance approval is made to settle the option in shares of common stock.
	Upon joining the board, the non-employee directors were, in accordance with the Newcastle Option Plan, automatically granted options relating to an aggregate of 3,333 shares of common stock. The fair value of such options was not material at the date of grant.
	For the purpose of compensating the Manager for its role in raising capital for Newcastle, the Manager has been granted options relating to shares of Newcastle’s common stock, with strike prices subject to adjustment as necessary to preserve the value of such options in connection with the occurrence of certain events (including capital dividends and capital distributions made by Newcastle). These options represented an amount equal to 10% of the shares of common stock of Newcastle sold in its public offerings and the value of such options was recorded as an increase in equity with an offsetting reduction of capital proceeds received. The options granted to the Manager, which may be assigned by Fortress to its employees, were fully vested on the date of grant and one thirtieth of the options become exercisable on the first day of each of the following thirty calendar months, or earlier upon the occurrence of certain events, such as a change in control of Newcastle or the termination of the Management Agreement. These options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless a majority of the independent members of Newcastle’s board of directors determine to settle the option in shares of common stock. The options expire ten years from the date of issuance.
	In connection with the spin-off of New Residential on May 15, 2013, 3.6 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Newcastle option and a new New Residential option. The strike price of each adjusted Newcastle option and New Residential option was set to collectively maintain the intrinsic value of the Newcastle option immediately prior to the spin-off of New Residential and to maintain the ratio of the strike price of the adjusted Newcastle option and the New Residential option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date.
	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 spin-off of New Senior on November 6, 2014, 5.5 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Newcastle option and a new New Senior option. The strike price of each adjusted Newcastle option and New Senior option was set to collectively maintain the intrinsic value of the Newcastle option immediately prior to the spin-off of New Senior and to maintain the ratio of the strike price of the adjusted Newcastle option and the New Senior option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date.
	Newcastle's outstanding options were summarized as follows:
		Year Ended December 31, 2014							Year Ended December 31, 2013
		Issued Prior		Issued in 2011		Total			Issued Prior to 2011			Issued in 2011			Total
		to 2011		and thereafter								and thereafter
	Held by the Manager	157,791		4,833,961		4,991,752			249,426			4,332,738			4,582,164
	Issued to the Manager and subsequently transferred to certain Manager’s employees	41,869		466,645		508,514			89,262			418,335			507,597
	Issued to the independent directors	333		—		333			333			333			666
	Total	199,993		5,300,606		5,500,599			339,021			4,751,406			5,090,427
	The following table summarizes Newcastle’s outstanding options at December 31, 2014. Note that the last sales price on the New York Stock Exchange for Newcastle’s common stock in the year ended December 31, 2014 was $4.49 per share.
																	Intrinsic Value at
			Date of			Options Exercisable at			Weighted Average				Fair Value At Grant				December 31, 2014
	Recipient		Grant/Exercise	Number of Options		December 31, 2014			Strike Price (A)				Date (millions) (B)				(millions)
	Directors		Various	3,333		333			$	12.73			Not Material				—
	Manager (C)		2002 - 2007	587,277		199,660			$	14.09			$	6.4			—
	Manager (C)		11-Mar	287,499		182,527			$	1.88			$	7		(H)	$	0.5
	Manager (C)		11-Sep	431,249		283,305			$	1.07			$	5.6		(I)	$	1
	Manager (C)		12-Apr	316,247		306,991			$	2			$	5.6		(J)	$	0.8
	Manager (C)		12-May	383,328		372,440			$	2.29			$	7.6		(K)	$	0.8
	Manager (C)		12-Jul	421,661		397,698			$	2.27			$	8.3		(L)	$	0.9
	Manager (C)		13-Jan	958,331		734,720			$	3.76			$	18		(M)	$	0.7
	Manager (C)		13-Feb	383,331		281,109			$	4.39			$	8.4		(N)	$	0.1
	Manager (C)		13-Jun	670,829		402,497			$	4.67			$	3.8		(O)	—
	Manager (C)		13-Nov	965,847		418,534			$	5.01			$	6		(P)	—
	Manager (C)		14-Aug	765,416		102,055			$	5.45			$	1.7		(Q)	—
	Exercised (D)		Prior to 2008	(173,853	)	N/A			$	14.09			N/A				N/A
	Exercised (E)		12-Oct	(15,972	)	N/A			$	1.48			N/A				N/A
Exercised (F)		13-Sep	(51,306	)	N/A			$	1.67			N/A				N/A
Exercised (G)		2014	(216,186	)	N/A			$	1.46			N/A				N/A
Expired unexercised		2002-2004	(216,432	)	N/A			N/A				N/A				N/A
Outstanding			5,500,599		3,681,869
(A)	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. As of December 31, 2014, the weighted average strike price of the outstanding options issued prior to 2011 was $14.09.
(B)	The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan and 2014 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options.
(C)	The Manager assigned certain of its options to Fortress’s employees as follows:
Date of Grant		Range of Strike Prices	Total Unexercised Inception to Date
2005		$14.92	11,687
2006		$14.82	6,373
2007		$13.88 - $15.88	23,809
2011		$1.07 - $1.88	—
2012		$2.00 - $2.29	199,988
2013		$3.76 - $5.01	266,657
		Total	508,514
(D)	111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors.
(E)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
(F)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
(G)	215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million. 333 options were exercised by directors with a minimal intrinsic value.
(H)	The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term.
(I)	The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term.
(J)	The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term.
(K)	The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term.
(L)	The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.
(M)	The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term.
(N)	The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term.
(O)	The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term.
(P)	The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term.
(Q)	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.
Preferred Stock
In March 2003, Newcastle issued 2.5 million shares ($62.5 million face amount) of its 9.75% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred”). In October 2005, Newcastle issued 1.6 million shares ($40.0 million face amount) of its 8.05% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred”). In March 2007, Newcastle issued 2.0 million shares ($50.0 million face amount) of its 8.375% Series D Cumulative Redeemable Preferred Stock (the “Series D Preferred”). The Series B Preferred, Series C Preferred and Series D Preferred are non-voting, have a $25 per share liquidation preference, no maturity date and no mandatory redemption. Newcastle has the option to redeem the Series B Preferred, the Series C Preferred and the Series D Preferred, at their liquidation preference. If the Series C Preferred or Series D Preferred cease to be listed on the NYSE or the AMEX, or quoted on the NASDAQ, and Newcastle is not subject to the reporting requirements of the Exchange Act, Newcastle has the option to redeem the Series C Preferred or Series D Preferred, as applicable, at their liquidation preference and, during such time any shares of Series C Preferred or Series D Preferred are outstanding, the dividend will increase to 9.05% or 9.375% per annum, respectively.
In connection with the issuance of the Series B Preferred, Series C Preferred and Series D Preferred, Newcastle incurred approximately $2.4 million, $1.5 million, and $1.8 million of costs, respectively, which were netted against the proceeds of such offerings. If any series of preferred stock were redeemed, the related costs would be recorded as an adjustment to income available for common stockholders at that time.
In March 2010, Newcastle settled its offer to exchange (the “Exchange Offer”) shares of its common stock and cash for shares of its preferred stock. After settlement of the Exchange Offer, 1,347,321 shares of Series B Preferred Stock, 496,000 shares of Series C Preferred Stock and 620,000 shares of Series D Preferred Stock remain outstanding for trading on the New York Stock Exchange.
As of January 31, 2015, Newcastle had paid all current and accrued dividends on its preferred stock.
Noncontrolling Interest
Newcastle’s noncontrolling interest in 2014 is related to our investment in Golf, a portion of which Newcastle does not own. Newcastle's noncontrolling interest in 2013 is primarily comprised of the 15.4% of New Media and its subsidiaries that Newcastle does not own.

TRANSACTIONS_WITH_AFFILIATES_A

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	12 Months Ended
	Dec. 31, 2014
Transactions With Affiliates And Affiliated Entities
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	13. TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES
	Management Agreement
	Newcastle is party to a Management Agreement with FIG, LLC, its Manager and an affiliate of Fortress, which provides for automatically renewing one-year terms subject to certain termination rights. The Manager’s performance is reviewed annually and the Management Agreement may be terminated by Newcastle by payment of a termination fee, as defined in the Management Agreement, equal to the amount of management fees earned by the Manager during the twelve consecutive calendar months immediately preceding the termination, upon the affirmative vote of at least two-thirds of the independent directors, or by a majority vote of the holders of common stock. Pursuant to the Management Agreement, the Manager provides for a management team and other professionals who are responsible for implementing our business strategy, subject to the supervision of our board of directors.  Our Manager is responsible for, among other things, (i) setting investment criteria in accordance with broad investment guidelines adopted by our board of directors, (ii) sourcing, analyzing and executing acquisitions, (iii) providing financial and accounting management services and (iv) performing other duties as specified in the Management Agreement. For performing these services, Newcastle pays the Manager an annual management fee equal to 1.5% of the gross equity of Newcastle, as defined, including adjustments for return of capital dividends.
	The Management Agreement provides that Newcastle will reimburse the Manager for various expenses incurred by the Manager or its officers, employees and agents on Newcastle’s behalf, including costs of legal, accounting, tax, auditing, administrative and other similar services rendered for Newcastle by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis.
	To provide an incentive for the Manager to enhance the value of the common stock, the Manager is entitled to receive an incentive return (the “Incentive Compensation’’) on a cumulative, but not compounding, basis in an amount equal to the product of (A) 25% of the dollar amount by which (1) (a) the Funds from Operations (defined as the net income available for common stockholders before Incentive Compensation, excluding extraordinary items, plus depreciation of operating real estate and after adjustments for unconsolidated subsidiaries, if any) of Newcastle per share of common stock (based on the weighted average number of shares of common stock outstanding) plus (b) gains (or losses) from debt restructuring and from sales of property and other assets per share of common stock (based on the weighted average number of shares of common stock outstanding), exceed (2) an amount equal to (a) the weighted average of the price per share of common stock in the IPO and the value attributed to the net assets transferred to Newcastle by its predecessor, and in any subsequent offerings by Newcastle (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding.
		Amounts incurred under the management
		agreement (in millions)
		2014		2013		2012
	Management Fees	$	20.5	$	27.6	$	23.1
	Expense Reimbursement to the Manager	0.5		0.5		0.5
	Incentive Compensation	—		—		—
	Total management fees to affiliate	$	21	$	28.1	$	23.6
	At December 31, 2014, Fortress, through its affiliates, and principals of Fortress, owned 1.1 million shares of Newcastle’s common stock and Fortress, through its affiliates, had options relating to an additional 5.0 million shares of Newcastle’s common stock (Note 12).
	At December 31, 2014 and 2013, due to affiliates (Note 2) was comprised of $1.1 million and $2.2 million, respectively, of management fees and expense reimbursements payable to the Manager.
	Other Affiliated Entities
	In April 2006, Newcastle securitized Subprime Portfolio I and, through Securitization Trust 2006, entered into a servicing agreement with a subprime home equity mortgage lender (the “Subprime Servicer”) to service this portfolio. In July 2006, private equity funds managed by an affiliate of Newcastle’s Manager completed the acquisition of the Subprime Servicer. As compensation under the servicing agreement, the Subprime Servicer will receive, on a monthly basis, a net servicing fee equal to 0.5% per annum on the unpaid principal balance of the portfolio. In March 2007, through Securitization Trust 2007, Newcastle entered into a servicing agreement with the Subprime Servicer to service Subprime Portfolio II under substantially the same terms. At December 31, 2014, the outstanding unpaid principal balances of Subprime Portfolios I and II were approximately $322.7 million and $452.2 million, respectively.
	In April 2010, Newcastle, through two of its CDOs, made a cash investment of $75.0 million in a new real estate related loan to a portfolio company of a private equity fund managed by an affiliate of Newcastle’s Manager. Newcastle’s chairman is an officer of the borrower. This investment improved the applicable CDOs’ results under some of their respective tests, and is expected to yield approximately 22%. The loan is secured by subordinated interests in the properties of the borrower and its maturity has been extended to June 2019. Interest on the loan will be accrued and deferred until maturity.
	In January 2011, Newcastle, through two of its CDOs, made a cash investment of approximately $47 million in a portion of a new secured loan to a portfolio company of a private equity fund managed by Newcastle’s Manager. Newcastle’s chairman and secretary are officers or directors of the borrower. The terms of the loan were negotiated by a third party bank who acted as agent for the creditors on the loan. At closing, Newcastle received an origination fee on the loan equal to 2% of the amount of cash it loaned to the portfolio company, which was the same fee received by other creditors on the loan. In February 2011, the portfolio company repaid the loan in full.
	As of December 31, 2014, Newcastle held on its balance sheet total investments of $116.0 million face amount of real estate securities and related loans issued by affiliates of the Manager. Newcastle earned approximately $20.0 million, $36.5 million and $25.8 million of interest on investments issued by affiliates of the Manager for the years ended December 31, 2014, 2013 and 2012, respectively.
	In each instance described above, affiliates of Newcastle’s Manager have an investment in the applicable affiliated fund and receive from the fund, in addition to management fees, incentive compensation if the fund’s aggregate investment returns exceed certain thresholds.
	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 years ended December 31, 2014 and 2013, respectively.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES
	Litigation — Newcastle is, from time to time, a defendant in legal actions from transactions conducted in the ordinary course of business including governmental and administrative proceedings concerning employment, labor, environmental and other claims. Management, after consultation with legal counsel, believes the ultimate liability arising from such actions, individually and in the aggregate, which existed at December 31, 2014, if any, will not materially affect Newcastle’s consolidated results of operations, financial position or cash flow.
	Environmental Costs — As a commercial real estate owner, Newcastle is subject to potential environmental costs. At December 31, 2014, management of Newcastle is not aware of any environmental concerns that would have a material adverse effect on Newcastle’s consolidated financial position or results of operations.
	Debt Covenants — Newcastle’s debt obligations contain various customary loan covenants. See Note 11.
	Subprime Securitizations — Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that Newcastle’s exposure to loss is limited to the carrying amount of its retained interests in the securitization entities (Note 6). A subsidiary of Newcastle gave limited representations and warranties with respect to the second securitization; however, it has no assets and does not have recourse to the general credit of Newcastle.
	Operating lease obligations – The Golf business leases many of its golf courses and related facilities under long-term operating leases, including triple net leases. In addition to minimum payments, certain leases require the payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The triple net leases require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of the 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 other long-term liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent.
	The Golf business is required to maintain bonds under certain third-party agreements, as requested by certain utility providers, and under the rules and regulations of licensing authorities and other governmental agencies. Golf had bonds outstanding of approximately $0.9 million as of December 31, 2014.
	The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2014 were as follows:
	For the years ending December 31:
	2015	$	38,229
	2016	32,544
	2017	29,377
	2018	23,931
	2019	21,636
	Thereafter	206,822
	Total Minimum lease payments	$	352,539
	Membership Deposit Liability – In the Golf business, members are required to pay an initiation deposit upon their acceptance as a member to a private club. In most cases, membership deposits are fully refundable after a fixed number of years, typically 30 years. As of December 31, 2014, the total face amount of membership deposits was approximately $238.1 million.
	Restricted Cash – Restricted cash at December 31, 2014, in the amount of $3.0 million is used as credit enhancement for Golf’s obligations related to the performance of lease agreements and certain insurance claims.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES
	The provision for income taxes (including discontinued operations) consists of the following:
		Year Ended December 31,
		2014				2013
	Current:
	Federal	$	704			$	2,170
	State and Local	318				381
	Total Current Provision	$	1,022			$	2,551
	Deferred
	Federal	$	(1,293	)		$	(404	)
	State and Local	(632		)		(47		)
	Total Deferred Provision	$	(1,925	)		$	(451	)
	Total Provision (benefit) for Income Taxes	$	(903	)		$	2,100
	Provision (benefit) for income taxes from discontinued operations	$	(1,111	)		$	2,100
	Provision (benefit) for income taxes from continuing operations	$	208			$	—
	Newcastle is organized and conducts its operations to qualify as a REIT under the Code. A REIT 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. A portion of this distribution requirement may be met through stock dividends rather than cash, subject to limitations based on the value of Newcastle’s stock. Newcastle distributed 100% of its 2014, 2013 and 2012 REIT taxable income.
	Common stock distributions relating to 2014, 2013, and 2012 were taxable as follows:
						Ordinary			Long-term
		Dividends Per Share (A)				Income			Capital Gain		Return of Capital
	2014	$	25.76		(B)	32.63	%		7.57	%	59.79	%
	2013	$	44.28		(C)	33.91	%		0	%	66.09	%
	2012	$	5.04			100	%		0	%	0	%
	(A)	Distribution per share has been adjusted for the 1-for-3 and 1-for-2 reverse stock split effective in August and October 2014, respectively.
	(B)	Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share.
	(C)	Includes the distribution of New Residential common stock valued at $41.34 per share.
	During 2010 and 2009, Newcastle repurchased an aggregate of $787.8 million face amount of its outstanding CDO debt and junior subordinated notes at a discount and recorded $521.1 million of aggregate gain. The gain recorded upon such cancellation of indebtedness is characterized as ordinary income for tax purposes. In compliance with current tax laws, Newcastle has the ability to defer such ordinary income to future years and has deferred all or a portion of such gain for 2010 and 2009. However, cancellation of indebtedness income recognized on or after January 1, 2011 cannot be deferred and must generally be recognized as ordinary income in the year of such cancellation. During 2011, Newcastle repurchased $188.9 million face amount of its outstanding CDO debt and notes payable at a discount and recorded $81.1 million of gain for tax purposes, of which only $66.1 million gain relating to $171.8 million face amount of debt repurchased was recognized for GAAP purposes. During 2012, Newcastle repurchased $39.3 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $24.1 million gain on extinguishment of debt for GAAP, of which only $23.2 million of gain relating to $34.1 million face amount of debt repurchased was recognized for tax purposes. During 2013, Newcastle repurchased $35.9 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $4.6 million gain on extinguishment of debt for GAAP and tax purposes. During 2014, Newcastle did not repurchase any of the outstanding CDO debt and notes payable.
	In addition, Newcastle may recognize material ordinary income from the cancellation of debt within its non-recourse financing, and structures, including its subprime securitizations, while losses on the related collateral may be recognized as capital losses. Through December 31, 2014, $139.5 million of debt in Newcastle’s subprime securitizations has been cancelled as a result losses incurred on the underlying assets in the securitization trusts.
	As of December 31, 2013, Newcastle had a loss carryforward, inclusive of net operating loss and capital loss, of approximately $659.1 million. The net operating loss carryforward and capital loss carryforward can generally be used to offset future ordinary taxable income and taxable capital gains, for up to 20 years and 5 years, respectively. The amounts of net operating loss carryforward and net long-term capital loss carryforward as of December 31, 2014 are subject to the finalization of the 2014 tax returns. The net operating loss carryforward and capital loss carryforward will begin to expire in 2029 and 2015, respectively.
	Newcastle experienced an “ownership change” for purposes of Section 382 of the Code in January 2013. The provisions of Section 382 of the Code will impose an annual limit on the amount of net operating loss and net capital loss carryforwards that Newcastle can use to offset future taxable income. Such limitation may increase Newcastle’s dividend distribution requirement in the future. Newcastle does not believe that the limitation as a result of the ownership change will prevent it from satisfying the REIT distribution requirement for the current year and future years.
	The Golf business is held through TRSs and, as such, is subject to regular corporate income taxes. At December 31, 2014, Newcastle’s TRSs had approximately $67.6 million of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if any. These federal and state net operating loss carryforwards will begin to expire in 2018. A significant portion of these net operating losses may be subject to the limitations of the Code Section 382. This section provides substantial limitations on the availability of net operating losses to offset current taxable income if significant ownership changes have occurred for federal tax purposes.
	Newcastle and its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. Newcastle is no longer subject to tax examinations by tax authorities for years prior to 2011. Generally, Newcastle has assessed its tax positions for all open years, which includes 2011 to 2014, and concluded that there are no material uncertainties to be recognized.
	During the years ended December 31, 2014, 2013 and 2012, Newcastle’s TRSs recorded approximately $(0.9) million, $2.1 million and $0, respectively, of income tax expense (benefit). Generally, the Newcastle’s effective tax rate differs from the federal statutory rate as a result of state and local taxes and non-taxable REIT income.
	The difference between Newcastle's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:
		December 31,
		2014			2013			2012
	Provision at the statutory rate	35	%		35	%		35	%
	Non-taxable REIT income	(56.20	)%		(33.88	)%		(35.00	)%
	State and local taxes	(1.18	)%		0.21	%		—
	Valuation allowance	21.7	%		(0.50	)%		—
	Other	(1.80	)%		0.9	%		—
	Total provision	(2.48	)%		1.73	%		0	%
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2014 are presented below:
		31-Dec
		2014				2013
	Deferred tax assets:
	Allowance for loan losses	$	366			$	2,076
	Depreciation and amortization	38,237				94,880
	Leaseholds	6,489				6,489
	Accrued expenses	15,293				23,816
	Deposits	7,787				7,787
	Net operating losses	26,543				211,560
	Other	885				17,036
	Total deferred tax assets	95,600				363,644
	Less valuation allowance	(95,557		)		(363,192		)
	Net deferred tax assets (A)	$	43			$	452
	(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 December 31, 2014 as management does not believe that it is more likely than not that the deferred tax assets will be realized.
	As of December 31, 2014, the valuation allowance decreased by $267.6 million primarily related to the spin-off of New Media.
	The following table summarizes the change in the deferred tax asset valuation allowance:
	Valuation allowance at December 31, 2013	$	363,192
	Decrease due to spin-off of New Media	(244,401		)
	Other decrease	(23,234		)
	Valuation allowance at December 31, 2014	$	95,557

RECENT_ACTIVITIES

RECENT ACTIVITIES	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
RECENT ACTIVITIES	16. RECENT ACTIVITIES
	These financial statements include a discussion of material events which have occurred subsequent to December 31, 2014 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
	Subsequent to December 31, 2014, Newcastle sold Agency RMBS with a face amount of approximately $387.4 million at an average price of 104.72% for an estimated gain of $6 million and repaid associated repurchase agreements.  Newcastle also purchased Agency RMBS with a face amount approximately $390 million at an average price of 104.77%.

SUMMARY_OF_QUARTERLY_CONSOLIDA

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	17. SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
	2014	Quarter Ended												Year Ended
		March 31 (A)			June 30 (A)			September 30 (A)			December 31 (B)			31-Dec
	Interest income	$	46,452		$	29,893		$	27,544		$	23,738		$	127,627
	Interest expense	22,170			20,328			18,411			19,113			80,022
	Net interest income (expense)	24,282			9,565			9,133			4,625			47,605
	Impairment	1,246			1,526			(4,015		)	(1,176		)	(2,419		)
	Operating revenues	62,632			82,737			81,494			64,674			291,537
	Other income (loss) (C)	15,808			41,707			12,618			4,329			74,462
	Property operating expenses	65,603			75,289			77,167			66,316			284,375
	Depreciation and amortization	5,863			6,317			7,204			7,583			26,967
	Other operating expenses	10,314			10,471			8,955			7,150			36,890
	Income tax expense	140			4			—			64			208
	Income (loss) from continuing operations	19,556			40,402			13,934			(6,309		)	67,583
	Income (loss) from discontinued operations	(15,299		)	(8,504		)	(8,624		)	(2,762		)	(35,189		)
	Preferred dividends	(1,395		)	(1,395		)	(1,395		)	(1,395		)	(5,580		)
	Net loss (income) attributable to noncontrolling interests	661			29			21			141			852
	Income (loss) applicable to common stockholders	$	3,523		$	30,532		$	3,936		$	(10,325	)	$	27,666
	Net income (loss) per share of common stock
	Basic	$	0.06		$	0.52		$	0.06		$	(0.16	)	$	0.45
	Diluted	$	0.06		$	0.5		$	0.06		$	(0.16	)	$	0.44
	Income (loss) from discontinued operations per share of common stock
	Basic	$	(0.26	)	$	(0.15	)	$	(0.14	)	$	(0.04	)	$	(0.57	)
	Diluted	$	(0.26	)	$	(0.15	)	$	(0.14	)	$	(0.04	)	$	(0.57	)
	Weighted average number of shares of common stock outstanding
	Basic	58,576			58,600			62,329			66,404			61,501
	Diluted	60,511			60,477			63,866			66,404			63,131
	2013	Quarter Ended												Year Ended
		March 31 (A)			June 30 (A)			September 30 (A)			31-Dec			31-Dec
	Interest income	$	61,332		$	62,824		$	47,484		$	42,072		$	213,712
	Interest expense	21,478			20,752			17,675			18,696			78,601
	Net interest income (expense)	39,854			42,072			29,809			23,376			135,111
	Impairment	2,773			3,201			(12,998		)	(12,745		)	(19,769		)
	Operating revenues	—			—			—			—			—
	Other income (loss) (C)	5,762			7,978			6,784			14,766			35,290
	Property operating expenses	—			—			—			—			—
	Depreciation and amortization	—			—			2			2			4
	Other operating expenses	12,730			16,339			8,533			11,770			49,372
	Income tax expense	—			—			—			—			—
	Income (loss) from continuing operations	30,113			30,510			41,056			39,115			140,794
	Income (loss) from discontinued operations	7,900			23,213			(9,386		)	(10,180		)	11,547
	Preferred dividends	(1,395		)	(1,395		)	(1,395		)	(1,395		)	(5,580		)
	Net income attributable to noncontrolling interests	—			—			—			(928		)	(928		)
	Income (loss) applicable to common stockholders	$	36,618		$	52,328		$	30,275		$	26,612		$	145,833
	Net income (loss) per share of common stock
	Basic	$	0.93		$	1.21		$	0.62		$	0.5		$	3.16
	Diluted	$	0.92		$	1.18		$	0.6		$	0.49		$	3.09
	Income (loss) from discontinued operations per share of common stock
	Basic	$	0.2		$	0.54		$	(0.19	)	$	(0.19	)	$	0.25
	Diluted	$	0.2		$	0.52		$	(0.19	)	$	(0.19	)	$	0.24
	Weighted average number of shares of common stock outstanding
	Basic	39,189			43,205			48,896			53,114			46,147
	Diluted	40,013			44,233			50,171			54,267			47,218
	(A)	The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).
	(B)	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
	(C)	Including equity in earnings of unconsolidated subsidiaries.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The consolidated financial statements include the accounts of Newcastle and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Newcastle consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Newcastle is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Newcastle’s CDO subsidiaries (with the exception of CDO V) (Note 11) are special purpose entities which are considered VIEs of which Newcastle is the primary beneficiary. Therefore, the debt issued by such entities is considered a non-recourse secured borrowing of Newcastle. The subprime securitizations and CDO V (Note 4) are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, for the subprime securitizations, no longer receive a significant portion of their returns, and therefore do not consolidate them.
	For entities over which Newcastle exercises significant influence, but which do not meet the requirements for consolidation, Newcastle uses the equity method of accounting whereby it records its share of the underlying income of such entities. Newcastle’s investments in equity method investees were not significant at December 31, 2014, 2013 or 2012. With respect to investments in entities over which Newcastle does not meet the requirements for consolidation and does not exercise significant influence, Newcastle records these investments at cost, subject to impairment.
	Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Newcastle. This is primarily related to noncontrolling interests in Golf.
	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Risks and Uncertainties	Risks and Uncertainties — In the normal course of business, Newcastle encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Newcastle’s investments in securities, loans, derivatives and leases that results from a borrower’s, derivative counterparty’s or lessee’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in securities, loans and derivatives or in real estate due to changes in interest rates, spreads or other market factors, including the value of the collateral underlying loans and securities and the valuation of real estate held by Newcastle. Management believes that the carrying values of its investments are reasonable taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories, and other borrower information.
	Additionally, Newcastle is subject to significant tax risks. If Newcastle were to fail to qualify as a REIT in any taxable year, Newcastle would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Newcastle would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Comprehensive Income	Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Newcastle’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income, adjusted for unrealized gains or losses on securities available for sale and derivatives designated as cash flow hedges and net unrecognized gain and prior period service costs and credits relating to pension and other postretirement benefits (included in discontinued operations).
	The following table summarizes Newcastle’s accumulated other comprehensive income:
		December 31,
		2014				2013
	Net unrealized gains on securities	$	67,682			$	82,408
	Net unrealized losses on derivatives designated as cash flow hedges	(1,817		)		(5,992		)
	Net unrecognized gain and prior service cost	—				458
	Accumulated other comprehensive income	$	65,865			$	76,874
Revenue Recognition - Real Estate Securities and Loans Receivable	Real Estate Securities and Loans Receivable — Newcastle invests in securities, including commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and FNMA/FHLMC securities. Income on these securities is recognized using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. For securities that are not acquired at a discount for credit quality, these assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). For securities acquired at a discount for credit quality and with respect to which management has determined at acquisition that it is probable that all contractually required principal and interest payments will not be collected, these assumptions also include expected losses. For these securities, Newcastle recognizes the excess of all expected cash flows over the investment in the securities, referred to as accretable yield, as interest income on a loss-adjusted yield basis. The loss adjusted yield is determined based on an evaluation of the credit status of securities, as described in connection with the analysis of impairment. The excess of total contractual cash flows over the cash flows expected to be collected is referred to as the nonaccretable difference and is not recognized as income. The assumptions that impact income recognition are updated on at least a quarterly basis if applicable to reflect changes related to a particular security, actual historical data, and market changes. These uncertainties and contingencies are difficult to predict and are subject to future events, and economic and market conditions, which may alter the assumptions.
	Newcastle also invests in loans, including real estate related loans, commercial mortgage loans, residential mortgage loans, manufactured housing loans and subprime mortgage loans. Newcastle determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. The loans are evaluated at acquisition for evidence of credit quality deterioration. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. Loans for which it is determined that it is probable that all contractually required principal and interest payments at acquisition will not be collected are categorized as loans acquired at a discount for credit quality. Loans receivable are presented in the consolidated balance sheet net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference) and is not recognized as income. Probable increases in expected cash flows would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining expected life of the loan. Newcastle discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held-for-investment to held-for-sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Interest income includes prepayment penalties received of $0.2 million and $2.7 million in 2013 and 2012, respectively. There were no prepayment penalties received in 2014.
Impairment Of Securities and Loans	Impairment of Securities and Loans — Newcastle continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Newcastle will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality, whenever there has been a probable adverse change in the timing or amounts of expected cash flows, or that represent retained beneficial interests in securitizations, when Newcastle determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, Newcastle must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write-down to fair value must be recorded. Similarly for securities, Newcastle must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. For certain securities which represent beneficial interests in securitized financial assets and non-Agency RMBS acquired with evidence of deteriorated credit quality for which it was deemed probable, at acquisition, that we would be unable to collect all contractually required payments as they come due, an other-than-temporary impairment also will be deemed to have occurred whenever there is a probable adverse change in the timing or amounts of previously projected estimated cash flows. Upon determination of impairment, Newcastle establishes specific valuation allowances for loans or records a direct write-down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. Newcastle also establishes allowances for estimated unidentified incurred losses on pools of loans. The allowance for each loan is maintained at a level believed adequate by management to absorb probable losses, based on periodic reviews of actual and expected losses. It is Newcastle’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from Newcastle’s estimates. Newcastle may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment, and a related write-down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Newcastle charges off the corresponding loan allowance when it determines the loans to be uncollectable.
Golf Revenues	Golf Revenues — Revenue from green fees, cart rentals, food and beverage sales, merchandise sales and other income (consisting primarily of range income, banquets, instruction, 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 (currently seven years). 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.
Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net	Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following:
		Year Ended December 31,
		2014				2013				2012
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	23,679			$	9,853			$	14,629
	Loss on settlement of real estate securities	—				(3,592		)		(4,433		)
	Gain on sale of CDO X interests	—				—				224,317
	Settlement of TBAs	(4,151		)		—				—
	Gain on repayment/disposition of loans held-for-sale	32,500				10,716				—
	Loss on repayment/disposition of loans held-for-sale	—				(354		)		(1,614		)
	Gain on termination of derivative	—				813				—
	Gain (loss) on disposal of long-lived assets	(1,294		)		(67		)		(2		)
		$	50,734			$	17,369			$	232,897
	Other income (loss), net
	Gain on non-hedge derivative instruments	$	17,599			$	10,525			$	9,180
	Gain on lease modifications and terminations	7,219				—				—
	Unrealized loss recognized upon de-designation of hedges	(34		)		(110		)		(7,036		)
	Hedge ineffectiveness	—				—				483
	Equity in earnings of equity method investees	954				(97		)		—
	Collateral management fee income, net	963				1,279				1,786
	Other income (loss)	437				1,759				981
		$	27,138			$	13,356			$	5,394
Reclassification from Accumulated Other Comprehensive Income Into Net Income	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:
					Year Ended December 31,
	Accumulated Other Comprehensive		Income Statement		2014				2013
	Income (“AOCI”) Components		Location
	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		$	—			$	(5,266	)
	Gain on settlement of real estate securities		Gain (loss) on settlement of investments, net		23,679				9,853
	Loss on settlement of real estate securities		Gain (loss) on settlement of investments, net		—				(3,592		)
					$	23,679			$	995
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Loss recognized upon de-designation		Other income (loss)		$	(34	)		$	(110	)
	Amortization of deferred gain		Interest expense		61				11
	Loss reclassified from AOCI into income, related to effective portion		Interest expense		(4,379		)		(6,128		)
					$	(4,352	)		$	(6,227	)
	Total reclassifications				$	19,327			$	(5,232	)
Interest Expense	Interest Expense — Newcastle finances its investments using both fixed and floating rate debt, including securitizations, loans, repurchase agreements, and other financing vehicles. Certain of this debt has been issued at a discount. Discounts are accreted into interest expense on the effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing.
Deferred Costs and Interest Rate Cap Premiums	Deferred Costs and Interest Rate Cap Premiums — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight-line basis or the interest method. Interest rate cap premiums, if any, are included in receivables and other assets, and are amortized as described below.
Derivatives and Hedging Activities	Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as either a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation.
	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 management, including restrictions imposed by the Code 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.
	Description of the risks being hedged
	1)	Interest rate risk, existing debt obligations – Newcastle has hedged (and may continue to hedge, when feasible and appropriate) the risk of interest rate fluctuations with respect to its borrowings, regardless of the form of such borrowings, which require payments based on a variable interest rate index. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). In order to reduce such risks, Newcastle may enter into swap agreements whereby Newcastle would receive floating rate payments in exchange for fixed rate payments, effectively converting the borrowing to fixed rate. Newcastle may also enter into cap agreements whereby, in exchange for a premium, Newcastle would be reimbursed for interest paid in excess of a certain cap rate.
	2)	Interest rate risk, anticipated transactions – Newcastle may hedge the aggregate risk of interest rate fluctuations with respect to anticipated transactions, primarily anticipated borrowings. The primary risk involved in an anticipated borrowing is that interest rates may increase between the date the transaction becomes probable and the date of consummation. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). This is generally accomplished through the use of interest rate swaps.
	Cash Flow Hedges
	To qualify for cash flow hedge accounting, interest rate swaps and caps must meet certain criteria, including (1) the items to be hedged expose Newcastle to interest rate risk, (2) the interest rate swaps or caps are highly effective in reducing Newcastle’s exposure to interest rate risk, and (3) with respect to an anticipated transaction, such transaction is probable. Correlation and effectiveness are periodically assessed based upon a comparison of the relative changes in the fair values or cash flows of the interest rate swaps and caps and the items being hedged, or using regression analysis on an ongoing basis to assess retrospective and prospective hedge effectiveness.
	For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss, and net payments received or made, on the derivative instrument are reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. The premiums paid for interest rate caps, treated as cash flow hedges, are amortized into interest expense based on the estimated value of such cap for each period covered by such cap.
	With respect to interest rate swaps which have been designated as hedges of anticipated financings, periodic net payments are recognized currently as adjustments to interest expense; any gain or loss from fluctuations in the fair value of the interest rate swaps is recorded as a deferred hedge gain or loss in accumulated other comprehensive income and treated as a component of the anticipated transaction. In the event the anticipated refinancing failed to occur as expected, the deferred hedge credit or charge would be recognized immediately in earnings. Newcastle’s hedges of such financings were terminated upon the consummation of such financings.
	Newcastle has designated certain of its derivatives, and in some cases re-designated all or a portion thereof as hedges. As a result of these designations, in the cases where the originally hedged items were still owned by Newcastle, the unrealized gain or loss was recorded in accumulated other comprehensive income as a deferred hedge gain or loss and is being amortized over the life of the hedged item.
	As of December 31, 2014, the aggregate notional amount of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $58.3 million. Under these agreements, we will pay fixed monthly coupons at fixed rates of 5.04% of the notional amount to the counterparty and receive floating rate LIBOR. Our interest rate swaps designated as cash flow hedges of interest rate risk will mature on April 2016.
	Non-Hedge Derivatives
	With respect to interest rate swaps and caps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps and caps have been recognized currently in other income (loss). These derivatives may, to some extent, be economically effective as hedges. As of December 31, 2014, the aggregate notional amount of our interest rate swaps not designated as hedges of interest rate risk totaled $46.5 million. Under these agreements, we will pay fixed monthly coupons at fixed rates of 4.85% of the notional amount to the counterparty and receive floating rate LIBOR. Our interest rate swaps not designated as hedges will mature on March 2015.
	Newcastle has entered into certain transactions which financed the purchase of certain assets with the seller of these assets. The contemporaneous purchase of the asset and the associated financing are treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the statement of income. 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 and there are no linked transactions at December 31, 2014.
	Newcastle also transacts in the To Be Announced MBS ("TBA") market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Newcastle primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our investment strategies.  For example, Newcastle takes short positions in TBAs to offset - to varying degrees - changes in the values of our Agency RMBS investments for which we have exposure to interest rate volatility; therefore, these derivatives may, to some extent, be economically effective as hedges.
	Newcastle typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Newcastle may "roll" its TBA positions, whereby we may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Newcastle accounts for its TBA transactions as non-hedge instrument, with changes in market value recorded on the statement of income. As of December 31, 2014, Newcastle held nine TBA contracts with $390.5 million in short notional amount of Agency RMBS.
	Newcastle’s derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. Newcastle reduces such risk by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties. Newcastle does not require collateral for the derivative financial instruments within its CDO financing structures.
Operating Leases and Other Operating Expenses	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.
Management Fees to Affiliate	Management Fees to Affiliate — These represent amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 13.
Investment in Real Estate Securities, Loans Held-for-Investment and Sale	Investment in Real Estate Securities — Newcastle has classified its investments in securities as available-for-sale. Securities available-for-sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described above.
Purchase Accounting	Purchase Accounting — In determining the allocation of a purchase price between net tangible and identified intangible assets acquired and liabilities assumed, management makes estimates of the fair value of the tangible and intangible assets and liabilities using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities, and independent appraisals. In the case of real property, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Management allocated the purchase price to net tangible and identified intangible assets acquired and liabilities assumed based on their fair values.
Investment in CDO Servicing Rights	Investments in CDO Servicing Rights — In February 2011, Newcastle, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) CDOs for $2.2 million pursuant to a bankruptcy proceeding. Newcastle initially recorded the cost of acquiring the collateral management rights as a servicing asset and subsequently amortizes this asset in proportion to, and over the period of, estimated net servicing income. Servicing assets are assessed for impairment on a quarterly basis, with impairment recognized as a valuation allowance. Key economic assumptions used in measuring any potential impairment of the servicing assets include the prepayment speeds of the underlying loans, default rates, loss severities and discount rates. During the years ended December 31, 2014 and 2013, Newcastle recorded $0.3 million and $0.3 million, respectively, of servicing rights amortization and no servicing rights impairment. As of December 31, 2014, Newcastle’s servicing asset had a carrying value of $1.0 million recorded in receivables and other assets.
Investments in Other Real Estate, Net	Investments in Other Real Estate, Net — Real estate and related improvements are recorded at cost less accumulated depreciation. Costs that both materially add value and appreciably extend the useful life of an asset are capitalized. Fees and costs incurred in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. With respect to golf course improvements (included in land improvements), only costs associated with original construction, significant replacements, or the addition of new trees, permanent landscaping, sand traps, fairways, tee boxes or greens are capitalized. Expenditures for repairs and maintenance are expensed as incurred.
	Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to real estate held-for-sale and measured at the lower of their carrying amount or fair value less costs of sale. The results of operations for such an asset, assuming such asset qualifies as a “component of an entity” as defined, are retroactively reclassified to income (loss) from discontinued operations for all periods presented.
	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.
	Depreciation is calculated using the straight-line method based on the following estimated useful lives:
	Buildings	15-30 years
	Building improvements	3-10 years
	Capital leases - equipment	shorter of the lease term or estimated useful life of the asset
	Furniture, fixtures, and equipment	3-10 years
	Leasehold improvements	shorter of the lease term or estimated useful life of the asset
Intangibles	Intangibles — Intangible assets relating to the Golf business consist primarily of leasehold advantages (disadvantages), management contracts and membership base. A leasehold advantage (disadvantage) exists to Newcastle when it pays a contracted rent that is below (above) market rents at the date of the transaction. The value of a leasehold advantage (disadvantage) is calculated based on the differential between market and contracted rent, which is tax effected and discounted to present value based on an after-tax discount rate corresponding to each golf course.  The management contract intangible represents Newcastle’s golf course management contracts for both leased and managed properties, is valued utilizing a discounted cash flow methodology under the income approach, and is amortized over the average contractual term of the agreements.  The membership base intangible represents Newcastle’s relationship with its private golf club members, is valued using the multi-period excess earnings method under the income approach, and is amortized over the weighted average remaining useful life of the private memberships.
	Amortization of leasehold intangible assets is included within operating expense - golf and amortization of all other intangible assets is included within depreciation and amortization on the consolidated statements of income. Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
	Golf business
	Trade name	30 - 40 years
	Leasehold intangibles	9 - 27 years
	Management contracts	11 - 12 years
	Internally-developed software	5 years
	Membership base	7 years
Other Investment	Other Investment — Newcastle’s investment in American Dream Project (a.k.a. Xanadu) is recorded as an equity method investment.  Newcastle owns approximately 23% of Preferred B and C stock of Meadowland Joint Venture LLC which was formed in conjunction with Triple Five Group, which took ownership of this project in 2013.  As of December 31, 2014 and 2013, Newcastle's investment in American Dream Project was $26.8 million and $25.5 million, respectively.  Newcastle evaluates equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near term prospects of the investee, the length of time and the extent to which the market value of the investment has been less than cost and the intent and ability of Newcastle to retain its investment.
Impairment of Real Estate and Finite-lived Intangible Assets	Impairment of Real Estate and Finite-lived Intangible Assets — Newcastle periodically reviews the carrying amounts of its long-lived assets, including real estate and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. Newcastle generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — Newcastle considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash consisted of:
		December 31,
		2014				2013
	CDO bond sinking funds	$	11,497			$	1,902
	CDO trustee accounts	293				442
	Derivative margin accounts	877				—
	Collateral for Golf lease obligations	3,047				3,512
		$	15,714			$	5,856
	Reduction of assets and liabilities relating to spin-offs and acquisitions are disclosed below:
		Year Ended December 31,
		2014				2013				2012
	Reduction of Assets and Liabilities relating to the spin-off of New Residential/New Media/New Senior, non-cash portion
	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			$	—
	Investments in senior housing real estate, net	$	1,574,048			$	—			$	—
	Property, plant and equipment, net	$	266,385			$	—			$	—
	Goodwill and intangibles, net	$	379,008			$	—			$	—
	Restricted cash	$	6,477			$	—			$	—
	Receivables and other assets	$	197,882			$	37,844			$	—
	Mortgage notes payable	$	1,260,633			$	—			$	—
	Credit facilities - media	$	177,955			$	—			$	—
	Repurchase agreements	$	—			$	1,320,360			$	—
	Accrued expenses and other liabilities	$	189,940			$	642			$	—
	Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion
	Investments in other real estate	$	—			$	259,573			$	—
	Property, plant and equipment	$	—			$	272,153			$	—
	Intangibles	$	—			$	244,885			$	—
	Goodwill	$	—			$	126,686			$	—
	Receivables and other assets	$	—			$	145,191			$	—
	Credit facilities	$	—			$	334,498			$	—
	Accounts payable, accrued expenses and other liabilities	$	—			$	287,439			$	—
	Noncontrolling interests	$	—			$	366			$	—
	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Year Ended December 31,
		2014				2013				2012
	Restricted cash generated from sale of securities	$	125,850			$	136,148			$	56,629
	Restricted cash generated from sale of real estate related and other loans	$	—			$	104,837			$	—
	Restricted cash generated from paydowns on securities and loans	$	325,932			$	331,349			$	274,832
	Restricted cash used for purchases of real estate securities	$	—			$	—			$	143,184
	Restricted cash used for purchases of real estate related and other loans	$	—			$	—			$	91,481
	Restricted cash used for repayments of CDO bonds payable	$	382,177			$	513,879			$	166,845
	Restricted cash used for purchases of derivative instruments	$	—			$	—			$	408
	Restricted cash used for settlement of derivative instruments	$	—			$	1,563			$	—
	Restricted cash used to return margin collateral	$	—			$	—			$	6,550
	CDO deconsolidation:
	Real estate securities	$	—			$	—			$	1,033,016
	Restricted cash	$	—			$	—			$	51,522
	Derivative liabilities	$	—			$	—			$	57,343
	CDO bonds payable	$	—			$	—			$	1,110,694
Receivables and Other Assets	Receivables and Other Assets
	Receivables and other assets are comprised of the following, net of allowances for uncollectable amounts of $0.9 million, as of December 31, 2014 and 2013:
		December 31,
		2014				2013
	Accounts receivable, net	$	7,369			$	8,230
	Derivative assets	—				43,662
	Prepaid expenses	6,639				5,937
	Interest receivable	2,324				4,667
	Deposits	7,339				8,537
	Inventory	4,964				4,891
	Miscellaneous assets, net	6,939				8,242
		$	35,574			$	84,166
	Accounts Receivable, Net – Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required. The allowance for bad debt was $11 and $0 as of December 31, 2014 and 2013, respectively.
	Derivative Assets – All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
	Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the usage period of the goods or services.
	Interest Receivable – Interest receivable consists of interest earned on real estate securities, real estate related and other loans and residential mortgage loans that has not yet been received.
	Deposits – Deposits consist primarily of certificates of deposits used as collateral for letters of credit related to the Golf business.
	Inventory – Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method. Golf inventories consist primarily of food, beverages and merchandise for sale.
Repurchase Agreements	Repurchase Agreements
	Securities sold under repurchase agreements will be treated as collateralized financing transactions, unless they meet sale treatment . Securities financed through a repurchase agreement will remain on the consolidated balance sheet as an asset and cash received from the purchaser will be recorded on the consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements will be recorded in interest expense.
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities
	Accounts payable, accrued expenses and other liabilities are comprised of the following:
		December 31,
		2014				2013
	Accounts payable and accrued expenses	$	35,854			$	33,689
	Membership deposit liabilities	79,678				71,644
	Deferred revenue	29,322				33,162
	Security deposits payable	5,293				5,144
	Unfavorable leasehold interests	6,443				23,113
	Derivative liabilities	4,328				13,795
	Accrued rent	2,605				—
	Due to affiliates	1,125				2,235
	Miscellaneous liabilities	14,742				17,157
		$	179,390			$	199,939
	Accounts Payable and Accrued Expenses – Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued expenses reflect invoices that have not yet been received.
	Membership Deposit Liabilities – Private country club members pay an advance initiation fee upon their acceptance as a member to the country club. Initiation fees are generally deposits which are refundable 30 years after the date of acceptance as a member. The difference between the amount paid by the member (net of incremental direct costs, primarily commissions) and the net present value of the future refund obligation is deferred and recognized on a straight-line basis over the estimated average expected life of an active membership (currently seven years), and included in deferred revenue above.
	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.
	Deferred Revenue – Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue until the services are performed or the product is delivered.
	Security Deposits Payable – Security deposits payable relate to deposits received for events at golf properties.
	Unfavorable Leasehold Interests – Unfavorable leasehold interests relates to leases acquired as part of the Golf business where the terms of the leasehold contracts are less favorable than the estimated market terms of the leases at the acquisition date.
	Derivative Liabilities – All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
	Accrued Rent – Golf properties pay rent on certain leased properties in arrears.
	Due to Affiliates – Represents amounts due to the Manager pursuant to the Management Agreement.
Options	Options — The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for Newcastle was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to Newcastle’s directors were accounted for using the fair value method.
Preferred Stock	Preferred Stock — Newcastle’s accounting policy for its preferred stock is described in Note 12.
Income Taxes	Income Taxes – Newcastle operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of Newcastle’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income.
	Certain activities are conducted through taxable REIT subsidiaries (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
	Newcastle recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of income.
Accretion of Discount and Other Amortization	Accretion of Discount and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:
		Year Ended December 31,
		2014				2013				2012
	Accretion of net discount on securities, loans and other investments	$	(28,638	)		$	(34,525	)		$	(48,608	)
	Amortization of net discount on debt obligations	6,907				2,859				1,525
	Amortization of deferred financing costs and interest rate cap premiums	7,310				1,056				2,751
	Amortization of net deferred hedge (gains) and losses - debt	(61		)		(11		)		(1,250		)
	Amortization of leasehold intangibles	5,000				—				—
	Accretion of membership deposit liability	5,663				—				—
		$	(3,819	)		$	(30,621	)		$	(45,582	)
Securitization of Subprime Mortgage Loans	Securitization of Subprime Mortgage Loans — Newcastle’s accounting policy for its securitization of subprime mortgage loans is disclosed in Note 6.
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 does not expect the adoption of this guidance to have a material impact on its consolidated financial statements until it disposes of its assets in future periods.
	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 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 has determined that the adoption of this guidance currently has no impact 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.
	In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The standard amends the consolidation considerations when evaluating certain limited partnerships, variable interest entities and investment funds. The ASU is effective for Newcastle in the first quarter of 2016. Early adoption is permitted. 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 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.

ORGANIZATION_Tables

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of common stock issued	The following table presents information on shares of Newcastle’s common stock issued subsequent to its formation:
	Year		Shares Issued	Range of Issue	Net Proceeds
				Prices (1)(2)	(millions)
	Formation - 2011		17,530,168
	2012		11,224,106	$37.32 - $40.26	$	434.9
	2013		29,821,308	$29.82 - $62.88	$	1,262.60
	2014		7,848,926	$25.92	$	197.9
	December 31, 2014		66,424,508
	-1	Excludes prices of shares issued pursuant to the exercise of options and of shares issued to Newcastle’s independent directors.
	-2	On May 15, 2013, Newcastle completed the spin-off of New Residential. The May 15, 2013 closing price of Newcastle’s common stock on the NYSE was $73.98, and the opening price of Newcastle’s common stock on May 16, 2013 was $34.74. On February 13, 2014, Newcastle completed the spin-off of New Media. The February 13, 2014 closing price of Newcastle's common stock was $34.50, and the opening price of Newcastle's common stock on February 14, 2014 was $29.88. On November 6, 2014, Newcastle completed the spin-off of New Senior. The November 6, 2014 closing price of Newcastle's common stock on the NYSE was $23.53, and the opening price of Newcastle's common stock on November 7, 2014 was $4.00.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of accumulated other comprehensive income	The following table summarizes Newcastle’s accumulated other comprehensive income:
		December 31,
		2014				2013
	Net unrealized gains on securities	$	67,682			$	82,408
	Net unrealized losses on derivatives designated as cash flow hedges	(1,817		)		(5,992		)
	Net unrecognized gain and prior service cost	—				458
	Accumulated other comprehensive income	$	65,865			$	76,874
Schedule of gain (loss) on settlement of investments, net and other income (loss), net	Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following:
		Year Ended December 31,
		2014				2013				2012
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	23,679			$	9,853			$	14,629
	Loss on settlement of real estate securities	—				(3,592		)		(4,433		)
	Gain on sale of CDO X interests	—				—				224,317
	Settlement of TBAs	(4,151		)		—				—
	Gain on repayment/disposition of loans held-for-sale	32,500				10,716				—
	Loss on repayment/disposition of loans held-for-sale	—				(354		)		(1,614		)
	Gain on termination of derivative	—				813				—
	Gain (loss) on disposal of long-lived assets	(1,294		)		(67		)		(2		)
		$	50,734			$	17,369			$	232,897
	Other income (loss), net
	Gain on non-hedge derivative instruments	$	17,599			$	10,525			$	9,180
	Gain on lease modifications and terminations	7,219				—				—
	Unrealized loss recognized upon de-designation of hedges	(34		)		(110		)		(7,036		)
	Hedge ineffectiveness	—				—				483
	Equity in earnings of equity method investees	954				(97		)		—
	Collateral management fee income, net	963				1,279				1,786
	Other income (loss)	437				1,759				981
		$	27,138			$	13,356			$	5,394
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:
					Year Ended December 31,
	Accumulated Other Comprehensive		Income Statement		2014				2013
	Income (“AOCI”) Components		Location
	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		$	—			$	(5,266	)
	Gain on settlement of real estate securities		Gain (loss) on settlement of investments, net		23,679				9,853
	Loss on settlement of real estate securities		Gain (loss) on settlement of investments, net		—				(3,592		)
					$	23,679			$	995
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Deferred hedge gain (loss) reclassified from AOCI into earnings		Interest expense		27				(99		)
	Loss reclassified from AOCI into income, related to effective portion		Interest expense		(4,379		)		(6,128		)
					$	(4,352	)		$	(6,227	)
	Total reclassifications				$	19,327			$	(5,232	)
Schedule of useful lives of property, plant, and equipment	Depreciation is calculated using the straight-line method based on the following estimated useful lives:
	Buildings	15-30 years
	Building improvements	3-10 years
	Capital leases - equipment	shorter of the lease term or estimated useful life of the asset
	Furniture, fixtures, and equipment	3-10 years
	Leasehold improvements	shorter of the lease term or estimated
		useful life of the asset
Schedule of amortization period	Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
	Golf business
	Trade name	30 - 40 years
	Leasehold intangibles	9 - 27 years
	Management contracts	11 - 12 years
	Internally-developed software	5 years
	Membership base	7 years
Schedule of restricted cash from continuing operations	Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash consisted of:
		December 31,
		2014				2013
	CDO bond sinking funds	$	11,497			$	1,902
	CDO trustee accounts	293				442
	Derivative margin accounts	877				—
	Collateral for Golf lease obligations	3,047				3,512
		$	15,714			$	5,856
Schedule of supplemental non-cash investing and financing activities relating to CDOs	Reduction of assets and liabilities relating to spin-offs and acquisitions are disclosed below:
		Year Ended December 31,
		2014				2013				2012
	Reduction of Assets and Liabilities relating to the spin-off of New Residential/New Media/New Senior, non-cash portion
	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			$	—
	Investments in senior housing real estate, net	$	1,574,048			$	—			$	—
	Property, plant and equipment, net	$	266,385			$	—			$	—
	Goodwill and intangibles, net	$	379,008			$	—			$	—
	Restricted cash	$	6,477			$	—			$	—
	Receivables and other assets	$	197,882			$	37,844			$	—
	Mortgage notes payable	$	1,260,633			$	—			$	—
	Credit facilities - media	$	177,955			$	—			$	—
	Repurchase agreements	$	—			$	1,320,360			$	—
	Accrued expenses and other liabilities	$	189,940			$	642			$	—
	Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion
	Investments in other real estate	$	—			$	259,573			$	—
	Property, plant and equipment	$	—			$	272,153			$	—
	Intangibles	$	—			$	244,885			$	—
	Goodwill	$	—			$	126,686			$	—
	Receivables and other assets	$	—			$	145,191			$	—
	Credit facilities	$	—			$	334,498			$	—
	Accounts payable, accrued expenses and other liabilities	$	—			$	287,439			$	—
	Noncontrolling interests	$	—			$	366			$	—
	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Year Ended December 31,
		2014				2013				2012
	Restricted cash generated from sale of securities	$	125,850			$	136,148			$	56,629
	Restricted cash generated from sale of real estate related and other loans	$	—			$	104,837			$	—
	Restricted cash generated from paydowns on securities and loans	$	325,932			$	331,349			$	274,832
	Restricted cash used for purchases of real estate securities	$	—			$	—			$	143,184
	Restricted cash used for purchases of real estate related and other loans	$	—			$	—			$	91,481
	Restricted cash used for repayments of CDO bonds payable	$	382,177			$	513,879			$	166,845
	Restricted cash used for purchases of derivative instruments	$	—			$	—			$	408
	Restricted cash used for settlement of derivative instruments	$	—			$	1,563			$	—
	Restricted cash used to return margin collateral	$	—			$	—			$	6,550
	CDO deconsolidation:
	Real estate securities	$	—			$	—			$	1,033,016
	Restricted cash	$	—			$	—			$	51,522
	Derivative liabilities	$	—			$	—			$	57,343
	CDO bonds payable	$	—			$	—			$	1,110,694
Schedule of receivables and other assets	Receivables and other assets are comprised of the following, net of allowances for uncollectable amounts of $0.9 million, as of December 31, 2014 and 2013:
		December 31,
		2014				2013
	Accounts receivable, net	$	7,369			$	8,230
	Derivative assets	—				43,662
	Prepaid expenses	6,639				5,937
	Interest receivable	2,324				4,667
	Deposits	7,339				8,537
	Inventory	4,964				4,891
	Miscellaneous assets, net	6,939				8,242
		$	35,574			$	84,166
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities are comprised of the following:
		December 31,
		2014				2013
	Accounts payable and accrued expenses	$	35,854			$	33,689
	Membership deposit liabilities	79,678				71,644
	Deferred revenue	29,322				33,162
	Security deposits payable	5,293				5,144
	Unfavorable leasehold interests	6,443				23,113
	Derivative liabilities	4,328				13,795
	Accrued rent	2,605				—
	Due to affiliates	1,125				2,235
	Miscellaneous liabilities	14,742				17,157
		$	179,390			$	199,939
Schedule of accretion of discount and other amortization	Accretion of Discount and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:
		Year Ended December 31,
		2014				2013				2012
	Accretion of net discount on securities, loans and other investments	$	(28,638	)		$	(34,525	)		$	(48,608	)
	Amortization of net discount on debt obligations	6,907				2,859				1,525
	Amortization of deferred financing costs and interest rate cap premiums	7,310				1,056				2,751
	Amortization of net deferred hedge (gains) and losses - debt	(61		)		(11		)		(1,250		)
	Amortization of leasehold intangibles	5,000				—				—
	Accretion of membership deposit liability	5,663				—				—
		$	(3,819	)		$	(30,621	)		$	(45,582	)

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 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.
		February 13, 2014			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 previously discussed in Note 1, on November 6, 2014, Newcastle completed the spin-off of New Senior from Newcastle.
	The following table presents the carrying value of the assets and liabilities of New Senior, immediately preceding the November 6, 2014 spin-off and at December 31, 2013.
		November 6, 2014			December 31, 2013
	Assets
	Investment in senior housing real estate, net	$	1,574,048		$	1,362,900
	Intangibles, net	107,658			100,858
	Cash and cash equivalents	245,246			31,263
	Receivables and other assets	95,942			55,430
	Total assets	$	2,022,894		$	1,550,451
	Liabilities
	Mortgage notes payable	$	1,260,633		$	1,076,828
	Accounts payable, accrued expenses and other liabilities	89,245			61,886
	Total liabilities	$	1,349,878		$	1,138,714
	Net Assets	$	673,016		$	411,737
Schedule of results of operations from discontinued operations	Results of operations from discontinued operations were as follows:
		Year Ended December 31,
		2014			2013			2012
	Interest income	$	—		$	15,098		$	27,508
	Interest expense	49,705			12,372			1,688
	Net interest income (expense)	(49,705		)	2,726			25,820
	Operating Revenues
	Media income	68,212			61,637			—
	Rental income	194,729			74,936			17,081
	Care and ancillary income	20,428			12,387			2,994
	Total operating revenues	283,369			148,960			20,075
	Other Income
	Other income (loss)	1,444			(2,404		)	17,339
	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	—			20,156			—
	Total other income	1,444			22,531			17,339
	Expenses
	Property operating expenses	152,896			53,733			12,969
	Media operating expenses	—			49,092			—
	General and administrative expense	20,096			21,742			11,743
	Depreciation and amortization	90,627			30,969			6,975
	Management fee to affiliate	7,789			5,034			1,082
	Income tax expense (benefit)	(1,111		)	2,100			—
	Total expenses	270,297			162,670			32,769
	Income (loss) from discontinued operations, net of tax	$	(35,189	)	$	11,547		$	30,465

SEGMENT_REPORTING_AND_VARIABLE1

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 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:
		Debt Investments (A)
		CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations			Eliminations			Total
	Year Ended December 31, 2014
	Interest income	$	84,938		$	50,093		$	147		$	44		$	—		$	(7,595	)	$	127,627
	Interest expense	(22,142		)	(41,874		)	(19,783		)	(3,818		)	—			7,595			(80,022		)
	Inter-segment elimination	(7,595		)	1,861			5,734			—			—			—			—
	Net interest income (expense)	55,201			10,080			(13,902		)	(3,774		)	—			—			47,605
	Impairment (reversal)	(3,303		)	884			—			—			—			—			(2,419		)
	Operating revenues	—			—			291,537			—			—			—			291,537
	Other income	41,780			26,819			5,863			—			—			—			74,462
	Loan and security servicing expense	238			961			—			—			—			—			1,199
	Operating expenses - golf (C)	—			—			244,234			—			—			—			244,234
	Repairs and maintenance expenses - golf	—			—			9,870			—			—			—			9,870
	Cost of sales - golf	—			—			30,271			—			—			—			30,271
	General and administrative expense	14			2			1,435			7,722			—			—			9,173
	Acquisition and transaction expenses (D)	—			2,919			1,941			619			—			—			5,479
	Management fee to affiliate	—			—			—			21,039			—			—			21,039
	Depreciation and amortization	—			—			26,880			87			—			—			26,967
	Income tax expense	—			—			208			—			—			—			208
	Income (loss) from continuing operations	100,032			32,133			(31,341		)	(33,241		)	—			—			67,583
	Loss from discontinued operations, net of tax	—			—			—			—			(35,189		)	—			(35,189		)
	Net income (loss)	100,032			32,133			(31,341		)	(33,241		)	(35,189		)	—			32,394
	Preferred dividends	—			—			—			(5,580		)	—			—			(5,580		)
	Net loss attributable to noncontrolling interests	—			—			329			—			523			—			852
	Income (loss) applicable to common stockholders	$	100,032		$	32,133		$	(31,012	)	$	(38,821	)	$	(34,666	)	$	—		$	27,666
	December 31, 2014
	Investments, net (E)	$	473,209		$	833,293		$	323,969		$	—		$	—		$	—		$	1,630,471
	Cash and restricted cash	11,790			877			21,637			55,137			—			—			89,441
	Other assets	1,927			2,190			31,366			91			—			—			35,574
	Assets of discontinued operations	—			—			—			—			6,803			—			6,803
	Total assets	486,926			836,360			376,972			55,228			6,803			—			1,762,289
	Debt, net (E)	310,636			791,499			161,857			51,231			—			—			1,315,223
	Other liabilities	2,391			4,528			164,897			16,475			—			—			188,291
	Liabilities of discontinued operations	—			—			—			—			447			—			447
	Total liabilities	313,027			796,027			326,754			67,706			447			—			1,503,961
	Preferred stock	—			—			—			61,583			—			—			61,583
	Noncontrolling interests	—			—			36			—			—			—			36
	Equity attributable to common stockholders	$	173,899		$	40,333		$	50,182		$	(74,061	)	$	6,356		$	—		$	196,709
		Debt Investments (A)
		CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations			Eliminations			Total
	Year Ended December 31, 2013
	Interest income	$	119,292		$	98,968		$	—		$	198		$	—		$	(4,746	)	$	213,712
	Interest expense	(24,996		)	(54,534		)				(3,817		)				4,746			(78,601		)
	Inter-segment elimination	(4,746		)	4,746			—			—			—			—			—
	Net interest income (expense)	89,550			49,180			—			(3,619		)	—			—			135,111
	Impairment (reversal)	(9,338		)	(10,431		)	—			—			—			—			(19,769		)
	Other income, net	23,946			11,344			—			—			—			—			35,290
	Loan and security servicing expense	741			3,113			—			3			—			—			3,857
	General and administrative expense	—			18			—			17,440			—			—			17,458
	Management fee to affiliate	—			—			—			28,057			—			—			28,057
	Depreciation and amortization	—			—			—			4			—			—			4
	Income (loss) from continuing operations	122,093			67,824			—			(49,123		)	—			—			140,794
	Income from discontinued operations, net of tax	—			—			—			—			11,547			—			11,547
	Net income (loss)	122,093			67,824			—			(49,123		)	11,547			—			152,341
	Preferred dividends	—			—			—			(5,580		)	—			—			(5,580		)
	Net income attributable to noncontrolling interests	—			—			—			—			(928		)	—			(928		)
	Income (loss) applicable to common stockholders	$	122,093		$	67,824		$	—		$	(54,703	)	$	10,619		$	—		$	145,833
	31-Dec-13
	Investments, net (E)	$	838,162		$	1,272,952		$	345,755		$	—		$	—		$	—		$	2,456,869
	Cash and restricted cash	2,377			—			22,890			23,310			—			—			48,577
	Other assets	47,130			3,395			32,654			987						—			84,166
	Assets of discontinued operations	—			—			—			—			2,248,023			—			2,248,023
	Total assets	887,669			1,276,347			401,299			24,297			2,248,023			—			4,837,635
Debt, net (E)	645,938			1,091,430			152,498			51,237			—			—			1,941,103
Other liabilities	19,194			1,669			170,623			44,528						—			236,014
Liabilities of discontinued operations	—			—			—			—			1,434,394			—			1,434,394
Total liabilities	665,132			1,093,099			323,121			95,765			1,434,394			—			3,611,511
Preferred stock	—			—			—			61,583			—			—			61,583
Noncontrolling interest	—			—			366			—			60,913			—			61,279
Equity attributable to common stockholders	$	222,537		$	183,248		$	77,812		$	(133,051	)	$	752,716		$	—		$	1,103,262
	Debt Investments (A)
	CDOs			Other Debt (B)			Golf			Corporate			Discontinued Operations			Eliminations (D)			Total
Year Ended December 31, 2012
Interest income	$	197,007		$	91,818		$	—		$	170		$	—		$	(6,044	)	$	282,951
Interest expense	(56,767		)	(53,700		)	—			(3,813		)	—			6,044			(108,236		)
Inter-segment elimination	(6,044		)	6,044			—			—			—			—			—
Net interest income (expense)	134,196			44,162			—			(3,643		)	—			—			174,715
Impairment (reversal)	(7,381		)	1,717			—			—			—			—			(5,664		)
Other income, net	260,025			2,351			—			—			—			—			262,376
Loan and security servicing expense	916			3,344			—			—			—			—			4,260
General and administrative expense	—			4			—			11,235			—			—			11,239
Management fee to affiliate	—			—			—			23,611			—			—			23,611
Depreciation and amortization	—			—			—			—			—			—			—
Income (loss) from continuing operations	400,686			41,448			—			(38,489		)				—			403,645
Income from discontinued operations, net of tax	—			—			—			—			30,465			—			30,465
Net income (loss)	400,686			41,448			—			(38,489		)	30,465			—			434,110
Preferred dividends	—			—			—			(5,580		)	—			—			(5,580		)
Income (loss) applicable to common stockholders	$	400,686		$	41,448		$	—		$	(44,069	)	$	30,465		$	—		$	428,530
(A)	Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
(B)	The following table summarizes the investments and debt in the other debt segment:
	December 31, 2014												December 31, 2013
	Investments						Debt						Investments						Debt
Non-Recourse	Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying
	Face Amount			Value			Face Amount			Value			Face Amount			Value			Face Amount			Value
Manufactured housing loan portfolio I	$	—		$	—		$	—		$	—		$	102,681		$	91,924		$	53,753		$	50,424
Manufactured housing loan portfolio II	—			—			—			—			128,975			128,117			93,863			93,536
Subprime mortgage loans subject to call options	406,217			406,217			406,217			406,217			406,217			406,217			406,217			406,217
Real estate securities	—			—			—			—			56,466			50,961			—			—
Subtotal	406,217			406,217			406,217			406,217			694,339			677,219			553,833			550,177
Other
Unlevered real estate securities	167,457			12,265			—			—			129,563			4,296			—			—
Levered real estate securities	390,771			407,689			385,282			385,282			514,994			551,270			516,134			516,134
Other Investments	N/A			6,479			—			—			N/A			6,160			—			—
Residential mortgage loans	934			643			—			—			45,323			34,007			25,119			25,119
	$	965,379		$	833,293		$	791,499		$	791,499		$	1,384,219		$	1,272,952		$	1,095,086		$	1,091,430
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $5.0 million for the year ended December 31, 2014.
(D)	Includes all transaction related and spin-off related expenses.
(E)	Net of $35.1 million and $87.7 million of inter-segment eliminations as of December 31, 2014 and 2013, respectively.
Schedule of other debt segment investments and debt	The following table summarizes the investments and debt in the other debt segment:
		December 31, 2014												December 31, 2013
		Investments						Debt						Investments						Debt
	Non-Recourse	Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount			Value			Face Amount			Value			Face Amount			Value
	Manufactured housing loan portfolio I	$	—		$	—		$	—		$	—		$	102,681		$	91,924		$	53,753		$	50,424
	Manufactured housing loan portfolio II	—			—			—			—			128,975			128,117			93,863			93,536
	Subprime mortgage loans subject to call options	406,217			406,217			406,217			406,217			406,217			406,217			406,217			406,217
	Real estate securities	—			—			—			—			56,466			50,961			0			0
	Subtotal	406,217			406,217			406,217			406,217			694,339			677,219			553,833			550,177
	Other
	Unlevered real estate securities	167,457			12,265			—			—			129,563			4,296			—			—
	Levered real estate securities	390,771			407,689			385,282			385,282			514,994			551,270			516,134			516,134
	Other Investments	N/A			6,479			—			—			N/A			6,160			—			—
	Residential mortgage loans	934			643			—			—			45,323			34,007			25,119			25,119
		$	965,379		$	833,293		$	791,499		$	791,499		$	1,384,219		$	1,272,952		$	1,095,086		$	1,091,430
Schedule of holdings in variable interest entities	Newcastle had variable interests in the following unconsolidated VIEs at December 31, 2014, in addition to the subprime securitizations which are described in Note 6:
	Entity		Gross Assets (A)			Debt (B)			Carrying Value of Newcastle’s
									Investment (C)
	Newcastle CDO V		$	121,497		$	149,402		$	7,956
	(A)	Face amount.
	(B)	Newcastle CDO V includes $41.8 million face amount of debt owned by Newcastle with a carrying value of $8.0 million at December 31, 2014.
	(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014 and 2013, 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			Before			Other-Than-				After			Gains			Losses				Carrying Value			Number of		Rating		Coupon			Yield		Life	Principal
			Face Amount			Impairment			Temporary-				Impairment										(A)			Securities		(B)							(Years)	Subordination
									Impairment																										(C)	(D)
	December 31, 2014
	CMBS		$	214,026		$	218,900		$	(75,574	)		$	143,326		$	35,441		$	(4	)		$	178,763		32		B		5.86	%		11	%	2.6	10.4	%
	Non-Agency RMBS		67,475			79,808			(54,589		)		25,219			19,816			—				45,035			28		CCC		1.21	%		9.66	%	7.7	21.8	%
	ABS-Franchise		8,464			7,647			(7,647		)		—			—			—				—			1		C		6.69	%		0	%	—	0	%
	CDO (E)		14,413			—			—				—			7,956			—				7,956			2		CCC-		1.46	%		0	%	11.5	13.7	%
	Debt Security Total/Average (F)		$	304,378		$	306,355		$	(137,810	)		$	168,545		$	63,213		$	(4	)		$	231,754		63		B-		4.64	%		10.8	%	4.1
	Equity Securities					—			—				—			—			—				—			1
	Total Securities, Available-for-Sale					$	306,355		$	(137,810	)		$	168,545		$	63,213		$	(4	)		$	231,754		64
	FNMA/FHLMC		390,771			403,216			—				403,216			4,473			—				407,689			9		AAA		3.5	%		2.94	%	5.6	N/A
	Total Securities, Pledged as Collateral		$	390,771		$	403,216		$	—			$	403,216		$	4,473		$	—			$	407,689		9
	December 31, 2013
	CMBS		$	333,121		$	309,341		$	(81,463	)		$	227,878		$	56,881		$	(290	)		$	284,469		50		BB-		5.54	%		13.5	%	2.6	9.6	%
	REIT Debt		29,200			28,667			—				28,667			2,519			—				31,186			5		BB+		5.89	%		6.86	%	1.8	N/A
	Non-Agency RMBS		96,762			103,535			(62,860		)		40,675			16,907			(1		)		57,581			34		CCC+		1.07	%		12.2	%	4.4	25.9	%
	ABS-Franchise		8,464			7,647			(7,647		)		—			—			—				—			1		C		6.69	%		0	%	—	0	%
	CDO		188,364			71,857			(14,861		)		56,996			2,761			—				59,757			11		CCC-		3.21	%		7.56	%	1.2	19.1	%
	Total/Average Securities, Available-for-Sale (F)		$	655,911		$	521,047		$	(166,831	)		$	354,216		$	79,068		$	(291	)		$	432,993		101		B		4.24	%		11.86	%	2.4
	FNMA/FHLMC (G)		514,994			548,456			(817		)		547,639			3,631			—				551,270			64		AAA		2.9	%		1.25	%	3.6	N/A
	Total Securities, Pledged as Collateral		$	514,994		$	548,456		$	(817	)		$	547,639		$	3,631		$	—			$	551,270		64
	(A)	See Note 10 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. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current.
	(C)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(D)	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding eight securities with zero value which had an aggregate face amount of $113.3 million.
	(F)	As of December 31, 2014 and 2013, the total outstanding face amount of fixed rate securities was $0.6 billion and $0.4 billion, respectively, and of floating rate securities were $0.1 billion and $0.8 billion, respectively.
	(G)	Amortized cost basis and carrying value include no principal receivable as of December 31, 2014 and principal receivable of $4.8 million as of December 31, 2013.
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 December 31, 2014.
					Amortized Cost Basis										Gross Unrealized												Weighted Average
	Securities in	Outstanding			Before			Other-than-				After			Gains			Losses				Carrying			Number		Rating	Coupon			Yield			Life
	an Unrealized	Face			Impairment			Temporary				Impairment										Value			of									(Years)
	Loss Position	Amount						Impairment																	Securities
	Less Than	$	5,903		$	9,394		$	(4,174	)		$	5,220		$	—		$	(4	)		5,216			2		CCC	5.53	%		12.23	%		3.4
	Twelve
	Months
	Twelve or	—			—			—				—			—			—				—			—		—	—			—			—
	More
	Months
	Total	$	5,903		$	9,394		$	(4,174	)		$	5,220		$	—		$	(4	)		5,216			2		CCC	5.53	%		12.23	%		3.4
	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:
		December 31, 2014
					Amortized Cost Basis			Unrealized Losses
		Fair Value			After Impairment			Credit (B)				Non-Credit (C)
	Securities Newcastle intends to sell	$	—		$	—		$	—			N/A
	Securities Newcastle is more likely than not to be required to sell (A)	—			—			—				N/A
	Securities Newcastle has no intent to sell and is not more likely than not to be required to sell:
	Credit impaired securities	3,882			3,884			(4,174		)		(3		)
	Non-credit impaired securities	1,334			1,336			—				(1		)
	Total debt securities in an unrealized loss position	$	5,216		$	5,220		$	(4,174	)		$	(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:
		2014			2013
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(2,873	)	$	(4,770	)
	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	(4,174		)	(89		)
	Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	—			(2,874		)
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	—			120
	Reduction for securities sold during the period	2,873			4,739
	Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	—			1
	Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(4,174	)	$	(2,873	)
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	The table below summarizes the geographic distribution of the collateral securing the CMBS and ABS at December 31, 2014:
			CMBS					ABS
	Geographic Location		Outstanding Face Amount			Percentage		Outstanding Face Amount				Percentage
	Northeastern U.S.		$	57,463		26.8	%	$	19,791			26.1	%
	Southeastern U.S.		47,764			22.3	%	16,448				21.7	%
	Midwestern U.S.		35,604			16.6	%	10,017				13.2	%
	Western U.S.		30,827			14.4	%	21,672				28.5	%
	Southwestern U.S.		27,530			12.9	%	8,011				10.5	%
	Other		10,825			5.1	%	—				0	%
	Foreign		4,013			1.9	%	—				0	%
			$	214,026		100	%	$	75,939			100	%

REAL_ESTATE_RELATED_AND_OTHER_1

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	12 Months Ended
	Dec. 31, 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. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
			December 31, 2014																								December 31, 2013
	Loan Type		Outstanding				Carrying				Loan			Wtd.			Weighted			Weighted			Floating Rate		Delinquent		Carrying		Wtd. Avg.
			Face Amount				Value (A)				Count			Avg			Average			Average			Loans as a %		Face Amount		Value		Yield
														Yield			Coupon			Life			of Face		(C)
																				(Years) (B)			Amount
	Mezzanine Loans		$	131,551			$	103,582			7			7.79	%		7.2	%		1.2			71.9	%	$	12,000	$	139,720	6.63	%
	Corporate Bank Loans		174,530				107,715				5			22.08	%		13.19	%		1.7			0.6	%	—		166,710		24.18	%
	B-Notes		21,865				18,748				1			12	%		7.32	%		4			0	%	—		101,385		10.12	%
	Whole Loans		155				155				1			4	%		7.48	%		0.2			0	%	—		29,715		3.65	%
	Total Real Estate Related and other Loans Held-for-Sale, Net (D)		$	328,101			$	230,200			14			14.82	%		10.39	%		1.6			29.1	%	$	12,000	$	437,530	13.92	%
	Non-Securitized Manufactured Housing Loan Portfolio I		$	—			$	—			—			—			—			—			—		$	—	$	130	81.79	%
	Non-Securitized Manufactured Housing Loan Portfolio II		—				—				—			—			—			—			—		—		2,055		15.39	%
	Residential Loans		4,309				3,854				6			23.48	%		1.84	%		1.2			100	%	766		—		—
	Total Residential Mortgage Loans Held-for-Sale, Net (E)(F)		$	4,309			$	3,854			6			23.48	%		1.84	%		1.2			100	%	$	766	$	2,185	19.34	%
	Securitized Manufactured Housing Loan Portfolio I		$	—			$	—			—			—			—			—			—		—		$	91,924	9.44	%
	Securitized Manufactured Housing Loan Portfolio II		—				—				—			—			—			—			—		—		128,117		8.11	%
	Residential Loans		—				—				—			—			—			—			—		—		35,409		7.49	%
	Total Residential Mortgage Loans Held-for-Investment, Net (F)		$	—			$	—			—			—			—			—			—		—		$	255,450	8.5	%
	Subprime Mortgage Loans Subject to Call Option		$	406,217			$	406,217																			$	406,217
	(A)	The aggregate United States federal income tax basis for such assets at December 31, 2014 was approximately $253.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans.
	(B)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2014 and December 31, 2013, $76.5 million and $76.5 million face amount of real estate related and other loans, respectively, was on non-accrual status.
	(D)	Loans which are more than 3% of the total current carrying value (or $6.9 million) at December 31, 2014 are as follows:
			December 31, 2014
	Loan Type		Outstanding				Carrying Value				Prior Liens				Loan			Yield (2)			Coupon (2)			Weighted Average
			Face Amount								-1				Count									Life (Years)
	Individual Bank Loan	-3	$	116,048			$	99,976			$	627,615			1			22.5	%		15.55	%		2.1
	Individual Mezzanine Loan	-4	35,859				34,246				738,782				1			7	%		7	%		1.2
	Individual Mezzanine Loan	-4	28,939				28,939				169,933				1			7	%		8	%		0.1
	Individual Mezzanine Loan	-4	24,294				24,294				299,770				1			9	%		9	%		2.3
	Individual B-Note Loan	-4	21,865				18,748				124,548				1			12	%		7.32	%		4
	Individual Mezzanine Loan	-4	12,691				11,716				175,000				1			5	%		5.15	%		3.6
	Individual Bank Loan	-4	11,798				7,291				—				1			15	%		15	%		4.2
	Others	-5	76,607				4,990								7			21.64	%		6.55	%		0.2
			$	328,101			$	230,200							14			14.82	%		10.39	%		1.6
	-1	Represents face amount of third party liens that are senior to Newcastle’s position.
	-2	For others, represents weighted average yield and weighted average coupon.
	-3	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
	-4	Interest only payments over life to maturity and balloon principal payment upon maturity.
	-5	Various terms of payment. This represents $46.7 million, $29.8 million and $0.1 million of bank loans, mezzanine loans and whole loans, respectively. Each of the seven loans had a carrying value of less than $6.9 million at December 31, 2014.
	(E)	The following is an aging analysis of past due residential loans held-for-sale as of December 31, 2014:
		30-59 Days				60-90 Days				Over 90 Days				REO				Total Past				Current			Total Outstanding
		Past Due				Past Due				Past Due								Due							Face Amount
	Residential Loans	$	—			$	—			$	—			$	766			$	766			$	3,543		$	4,309
	Newcastle’s management monitors the credit qualities of the residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate.
	(F)	Loans acquired at a discount for credit quality.
Schedule of large loans	Loans which are more than 3% of the total current carrying value (or $6.9 million) at December 31, 2014 are as follows:
			December 31, 2014
	Loan Type		Outstanding				Carrying Value				Prior Liens				Loan			Yield (2)			Coupon (2)			Weighted Average
			Face Amount								-1				Count									Life (Years)
	Individual Bank Loan	-3	$	116,048			$	99,976			$	627,615			1			22.5	%		15.55	%		2.1
	Individual Mezzanine Loan	-4	35,859				34,246				738,782				1			7	%		7	%		1.2
	Individual Mezzanine Loan	-4	28,939				28,939				169,933				1			7	%		8	%		0.1
	Individual Mezzanine Loan	-4	24,294				24,294				299,770				1			9	%		9	%		2.3
	Individual B-Note Loan	-4	21,865				18,748				124,548				1			12	%		7.32	%		4
	Individual Mezzanine Loan	-4	12,691				11,716				175,000				1			5	%		5.15	%		3.6
	Individual Bank Loan	-4	11,798				7,291				—				1			15	%		15	%		4.2
	Others	-5	76,607				4,990								7			21.64	%		6.55	%		0.2
			$	328,101			$	230,200							14			14.82	%		10.39	%		1.6
	-1	Represents face amount of third party liens that are senior to Newcastle’s position.
	-2	For others, represents weighted average yield and weighted average coupon.
	-3	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
	-4	Interest only payments over life to maturity and balloon principal payment upon maturity.
	-5	Various terms of payment. This represents $46.7 million, $29.8 million and $0.1 million of bank loans, mezzanine loans and whole loans, respectively. Each of the seven loans had a carrying value of less than $6.9 million at December 31, 2014.
Schedule of aging of past due residential loans held for sale	The following is an aging analysis of past due residential loans held-for-sale as of December 31, 2014:
		30-59 Days				60-90 Days				Over 90 Days				REO				Total Past				Current			Total Outstanding
		Past Due				Past Due				Past Due								Due							Face Amount
	Residential Loans	$	—			$	—			$	—			$	766			$	766			$	3,543		$	4,309
Schedule of real estate related loans by maturity	The following is a summary of real estate related and other loans by maturity at December 31, 2014:
	Year of Maturity (1)		Outstanding				Carrying Value				Number of
			Face Amount								Loans
	Delinquent (2)		$	12,000			$	—			1
	2015		64,607				4,990				6
	2016		64,799				63,185				2
	2017		24,294				24,294				1
	2018		21,865				18,748				1
	2019		127,845				107,266				2
	Thereafter		12,691				11,717				1
	Total		$	328,101			$	230,200			14
	(1)Based on the final extended maturity date of each loan investment as of December 31, 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 real estate related and other loans and residential mortgage loans are as follows:
		Held for Sale								Held for Investment
		Real Estate				Residential				Residential				NPL Reverse
		Related Loans				Mortgage Loans				Mortgage Loans				Mortgage Loans
	December 31, 2011	$	813,580			$	2,687			$	331,236			$	—
	Purchases / additional fundings	109,491				—				—				—
	Interest accrued to principal balance	22,835				—				—				—
	Principal paydowns	(129,950		)		(686		)		(38,182		)		—
	Sales	—				—				—				—
	Transfer to held for investment	—				—				—				—
	Valuation (allowance) reversal on loans	28,213				493				(4,119		)		—
	Loss on repayment of loans held for sale	(1,614		)		—				—				—
	Accretion of loan discount and other amortization	—				—				4,002				—
	Other	577				(23		)		(476		)		—
	December 31, 2012	$	843,132			$	2,471			$	292,461			$	—
	Purchases / additional fundings	315,296				—				—				35,138
	Interest accrued to principal balance	26,588				—				—				—
	Principal paydowns	(257,335		)		(373		)		(45,665		)		—
	Sales	(101,338		)		—				—				—
	New Residential spin-off	—				—				—				(35,865		)
	Conversion to equity-GateHouse	(393,531		)		—				—				—
	Elimination after restructure-Golf	(29,412		)		—				—				—
	Valuation (allowance) reversal on loans	19,479				105				5,451				—
	Gain on repayment of loans held for sale	7,216				—				—				—
	Accretion of loan discount and other amortization	6,689				—				3,684				727
	Other	746				(18		)		(481		)		—
	December 31, 2013	$	437,530			$	2,185			$	255,450			$	—
	Purchases / additional fundings	—				—				—				—
	Interest accrued to principal balance	20,830				—				—				—
	Principal paydowns	(240,937		)		(9,574		)		(9,436		)		—
	Transfer to held-for-sale	—				246,121				(246,121		)		—
	Sales	—				(233,349		)		—				—
	Valuation (allowance) reversal on loans	3,303				(51		)		(833		)		—
	Accretion of loan discount and other amortization	8,867				—				115				—
	Other	607				(1,478		)		825				—
	December 31, 2014	$	230,200			$	3,854			$	—			$	—
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, 2011		$	(228,017	)		$	(2,461	)		$	(26,075	)
	Charge-offs (B)		17,742				896				7,716
	Valuation (allowance) reversal on loans		28,213				493				(4,119		)
	Balance at December 31, 2012		(182,062		)		(1,072		)		(22,478		)
	Charge-offs (B)		68,546				143				4,780
	Valuation (allowance) reversal on loans		19,479				105				5,451
	Balance at December 31, 2013		$	(94,037	)		$	(824	)		$	(12,247	)
	Charge-offs (B)		14,808				84				711
	Transfer to held-for-sale		—				(12,369		)		12,369
	Sales		—				13,006				—
	Valuation (allowance) reversal on loans		3,303				(51		)		(833		)
	Balance at December 31, 2014		$	(75,926	)		$	(154	)		$	—
	(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 three, three and six loans which were written off, sold, restructured, or paid off at a discounted price during 2014, 2013 and 2012, respectively.
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 loans at December 31, 2014:
			Real Estate Related and Other Loans							Residential Mortgage Loans
	Geographic Location		Outstanding Face Amount				Percentage			Outstanding Face Amount				Percentage
	Western U.S.		$	28,112			17.7	%		$	980			22.8	%
	Northeastern U.S.		26,302				16.6	%		523				12.1	%
	Southeastern U.S.		51,247				32.3	%		2,667				61.9	%
	Midwestern U.S.		3,817				2.4	%		139				3.2	%
	Southwestern U.S.		10,426				6.5	%		—				—
	Foreign		38,872				24.5	%		—				—
			$	158,776			100	%		$	4,309			100	%
	Other		169,325				(A)
			$	328,101
	(A)Includes corporate bank loans which are not directly secured by real estate assets.
Schedule of holdings in subprime mortgage loans		Subprime Portfolio
		I		II
	Date of acquisition	Mar-06		Mar-07
	Original number of loans (approximate)	11,300		7,300
	Predominant origination date of loans	2005		2006
	Original face amount of purchase	$1.5 billion		$1.3 billion
	Pre-securitization loan write-down	($4.1 million)		($5.8 million)
	Gain on pre-securitization hedge	$5.5 million		$5.8 million
	Gain on sale	Less than $0.1 million		$0.1 million
	Securitization date	Apr-06		Jul-07
	Face amount of loans at securitization	$1.5 billion		$1.1 billion
	Face amount of notes sold by trust	$1.4 billion		$1.0 billion
	Stated maturity of notes	Mar-36		Apr-37
	Face amount of notes retained by Newcastle	$37.6 million		$38.8 million
	Fair value of equity retained by Newcastle	$62.4 million (A)		$46.7 million (A)
	Key assumptions in measuring such fair value (A):
	Weighted average life (years)	3.1		3.8
	Expected credit losses	5.30%		8.00%
	Weighted average constant prepayment rate	28.00%		30.10%
	Discount rate	18.80%		22.50%
	(A)As of the date of transfer.
	The following table presents information on the retained interests in the securitizations of Subprime Portfolios I and II at December 31, 2014:
		Subprime Portfolio
		I				II				Total
	Total securitized loans (unpaid principal balance) (A)	$	322,723			$	452,199			$	774,922
	Loans subject to call option (carrying value)	$	299,176			$	107,041			$	406,217
	Retained interests (fair value) (B)	$	3,024			$	—			$	3,024
	(A)	Average loan seasoning of 113 months and 95 months for Subprime Portfolios I and II, respectively, at December 31, 2014.
	(B)	The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained note was 22.40% as of December 31, 2014.
Schedule of details regarding subprime mortgage loans	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of December 31, 2014 (unaudited, except stated otherwise):
		Subprime Portfolio
		I				II
	Loan unpaid principal balance (UPB) (A)	$	322,723			$	452,199
	Weighted average coupon rate of loans	5.77		%		4.67		%
	Delinquencies of 60 or more days (UPB) (B)	$	77,785			$	158,124
	Net credit losses for year ended
	December 31, 2014	$	25,225			$	34,102
	December 31, 2013	$	26,388			$	44,855
	Cumulative net credit losses	$	272,030			$	335,676
	Cumulative net credit losses as a % of original UPB	18.1		%		30.9		%
	Percentage of ARM loans (C)	50.9		%		63.9		%
	Percentage of loans with loan-to-value ratio >90%	10.4		%		16.9		%
	Percentage of interest-only loans	2.9		%		17.2		%
	Face amount of debt (A) (D)	$	318,723			$	452,199
	Weighted average funding cost of debt (E)	0.53		%		0.44		%
	(A)	Audited.
	(B)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned.
	(C)	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.
	(D)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2014.
	(E)	Includes the effect of applicable hedges.

INVESTMENTS_IN_OTHER_REAL_ESTA1

INVESTMENTS IN OTHER REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Schedule of investments in other real estate	The following table summarizes the balances of other real estate assets at December 31, 2014.
							Initial Cost											Gross Carrying Amount (A) (C)
							Land and Improvements		Buildings and Improvements		Furniture, Fixtures and Equipment		Construction In-Progress		Costs Capitalized Subsequent to Acquisition			Land and Improvements		Buildings and Improvements		Furniture, Fixtures and Equipment		Construction In-Progress				Accumulated Depreciation (A)(B)			Net Book Value
	Property Name		City		State																					Total
	Owned Properties
	Bear Creek		Woodinville		WA		$	3,573	$	2,178	$	179	$	28	$	114		$	3,573	$	2,198	$	287	$	14	$	6,072	$	(290	)	$	5,782
	Bradshaw Farm		Woodstock		GA		773		1,962		92		—		42			773		1,978		118		—		2,869		(256		)	2,613
	Brookstone		Acworth		GA		579		2,448		200		—		702			579		2,916		434		—		3,929		(315		)	3,614
	Canyon Oaks		Chico		CA		1,545		4,127		205		13		110			1,545		4,161		288		6		6,000		(507		)	5,493
	Casta Del Sol		Mission Viejo		CA		5,794		—		—		—		118			5,794		—		118		—		5,912		—			5,912
	El Camino		Oceanside		CA		4,635		2,960		158		80		277			4,635		3,182		254		39		8,110		(346		)	7,764
	Forrest Crossing		Franklin		TN		3,187		807		76		55		20			3,187		814		117		27		4,145		(126		)	4,019
	Gettysvue		Knoxville		TN		2,994		1,428		235		181		281			2,994		1,619		417		89		5,119		(273		)	4,846
	Lomas Santa Fe (Executive)		Solana Beach		CA		3,766		—		—		—		48			3,766		24		24		—		3,814		—			3,814
	Marbella		SJ Capistrano		CA		5,794		9,114		410		—		425			5,794		9,248		701		—		15,743		62			15,805
	Monterey		Palm Desert		CA		5,698		3,004		202		19		337			5,698		3,170		383		9		9,260		(430		)	8,830
	Oakhurst		Clayton		CA		1,449		2,575		428		1,645		(427		)	1,449		2,636		599		986		5,670		(2,297		)	3,373
	Oregon Golf Club		West Linn		OR		4,828		8,011		416		51		364			4,828		8,085		732		25		13,670		(889		)	12,781
	Palm Valley		Palm Desert		CA		7,531		8,864		379		56		494			7,531		9,144		621		28		17,324		(962		)	16,362
	Plantation		Boise		ID		2,607		2,236		262		13		202			2,607		2,262		445		6		5,320		(336		)	4,984
	Rancho San Joaquin		Irvine		CA		12,650		3,775		279		1,366		199			12,650		4,336		609		674		18,269		(458		)	17,811
	Seascape		Aptos		CA		2,897		4,944		108		67		103			2,897		4,985		204		33		8,119		(457		)	7,662
	Summitpointe		Milpitas		CA		2,511		3,271		128		8		132			2,511		3,330		205		4		6,050		(344		)	5,706
	Sunset Hills		Thousand Oaks		CA		2,125		5,447		383		—		249			2,125		5,506		573		—		8,204		(674		)	7,530
	Tanoan		Albuquerque		NM		1,642		7,600		431		364		419			1,642		7,982		652		180		10,456		(1,025		)	9,431
	Trophy Club of Apalachee		Dacula		GA		483		640		55		—		163			483		781		77		—		1,341		(98		)	1,243
	Trophy Club of Atlanta		Alpharetta		GA		483		3,898		60		—		93			483		3,966		85		—		4,534		(342		)	4,192
	Vista Valencia		Valencia		CA		1,352		5,199		91		—		249			1,352		5,411		128		—		6,891		(503		)	6,388
	Wood Ranch		Simi Valley		CA		2,125		1,951		239		416		723			2,125		2,302		822		205		5,454		(339		)	5,115
	Other		N/A		N/A		9,303		—		—		—		332			9,303		175		157		—		9,635		—			9,635
	Total Owned Properties						$	90,324	$	86,439	$	5,016	$	4,362	$	5,769		$	90,324	$	90,211	$	9,050	$	2,325	$	191,910	$	(11,205	)	$	180,705
	Managed Properties
	Candler Park		Atlanta		GA		$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—		$	—
	El Cariso		Sylmar		CA		—		—		—		—		—			—		—		—		—		—		—			—
	Fullerton		Fullerton		CA		—		—		—		—		—			—		—		—		—		—		—			—
	John A White		Atlanta		GA		—		—		—		—		—			—		—		—		—		—		—			—
	Lomas Santa Fe		Solana Beach		CA		—		—		8		—		2			—		—		10		—		10		(2		)	8
	Paradise Knolls		Riverside		CA		—		—		46		—		13			—		—		59		—		59		(26		)	33
	Pumpkin Ridge		North Plains		OR		—		—		—		—		193			—		186		7		—		193		—			193
	Santa Clara		Santa Clara		CA		—		—		—		—		—			—		—		—		—		—		—			—
	Westchester		Los Angeles		CA		—		—		—		—		—			—		—		—		—		—		—			—
	Woodlands		Wayne		MI		—		—		—		—		—			—		—		—		—		—		—			—
	Yorba Linda		Yorba Linda		CA		—		—		5		—		1			—		—		6		—		6		(3		)	3
	Total Managed Properties						$	—	$	—	$	59	$	—	$	209		$	—	$	186	$	82	$	—	$	268	$	(31	)	$	237
	Total Leased Properties						—		50,062		9,429		1,298		4,054			—		50,341		13,874		628		64,843		(12,048		)	52,795
	Corporate		N/A		N/A		—		—		3,219		—		3,783			—		418		6,584		—		7,002		(1,456		)	5,546
	Total Properties						$	90,324	$	136,501	$	17,723	$	5,660	$	13,815		$	90,324	$	141,156	$	29,590	$	2,953	$	264,023	$	(24,740	)	$	239,283
	(A)	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
		Year ended December 31, 2014				Year ended December 31, 2013
	Gross Carrying Amount
	Balance at beginning of year	$	250,208			$	—
	Additions:
	Acquisitions of other real estate	—				250,208
	Improvements	16,035				—
	Transferred from operating real estate held for sale	—				—
	Disposals:
	Disposal of long-lived assets	(2,220		)		—
	Balance at end of year	$	264,023			$	250,208
	Accumulated Depreciation
	Balance at beginning of year	$	—			$	—
	Additions:
	Depreciation expense	(25,666		)		—
	Transferred from assets held-for-sale	—				—
	Disposals:
Disposal of long-lived assets	926				—
Balance at end of year	$	(24,740	)		$	—
(B)	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
(C)	The aggregate United States federal income tax basis for Newcastle’s other operating real estate, including furniture, fixtures and equipment at December 31, 2014 was approximately $300.2 million.
Schedule of the rollforward of the gross carrying amount and accumulated depreciation of other real estate	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
		Year ended December 31, 2014				Year ended December 31, 2013
	Gross Carrying Amount
	Balance at beginning of year	$	250,208			$	—
	Additions:
	Acquisitions of other real estate	—				250,208
	Improvements	16,035				—
	Transferred from operating real estate held for sale	—				—
	Disposals:
	Disposal of long-lived assets	(2,220		)		—
	Balance at end of year	$	264,023			$	250,208
	Accumulated Depreciation
	Balance at beginning of year	$	—			$	—
	Additions:
	Depreciation expense	(25,666		)		—
	Transferred from assets held-for-sale	—				—
	Disposals:
	Disposal of long-lived assets	926				—
	Balance at end of year	$	(24,740	)		$	—

INTANGIBLES_NET_OF_ACCUMULATED1

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes Newcastle's intangibles related to its Golf business:
		December 31, 2014							December 31, 2013
		Gross Carrying		Accumulated			Net Carrying		Gross Carrying		Accumulated		Net Carrying
		Amount		Amortization			Value		Amount		Amortization		Value
	Trade name	$	700	$	(23	)	$	677	$	700	$	—	$	700
	Leasehold intangibles (1)	50,275		(5,206		)	45,069		50,275		—		50,275
	Management contracts	37,650		(4,666		)	32,984		37,659		—		37,659
	Internally-developed software	800		(160		)	640		800		—		800
	Membership base	5,214		(748		)	4,466		5,214		—		5,214
	Nonamortizable liquor licenses	850		—			850		900		—		900
	Total intangibles	$	95,489	$	(10,803	)	$	84,686	$	95,548	$	—	$	95,548
	(1) The amortization expense for leasehold intangibles is reported in operating expense - golf on the consolidated statements of income.
Schedule of future amortization expense	The unamortized balance of intangible assets at December 31, 2014 are expected to be charged to amortization expense as follows:
	2015	$	10,803
	2016	9,937
	2017	8,959
	2018	8,414
	2019	7,765
	Thereafter	37,958
		$	83,836

DERIVATIVES_Tables

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of derivatives financial instruments	The table below presents the fair value of the derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2014 and 2013:
				Fair Value
				December 31,
		Balance sheet location		2014				2013
	Derivative Assets
	Linked transaction 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		$	1,963			$	6,203
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		334				7,592
	TBAs, not designated as hedges	Accounts payable, accrued expenses and other liabilities		2,031				—
				$	4,328			$	13,795
Schedule of gains (losses) on derivatives	The following table summarizes gains (losses) recorded in relation to derivatives:
		Income Statement Location		Year Ended December 31,
	Cash flow hedges			2014				2013			2012
	Gain (loss) on the ineffective portion	Other income (loss)		$	—			$	—		$	483
	Loss immediately recognized at de-designation	Gain (loss) on sale of		—				—			(7,036		)
		investments, Other income (loss)
	Deferred hedge gain (loss) reclassified from AOCI into earnings	Interest expense		27				(99		)	1,249
	Amount of loss reclassified from AOCI into income (effective portion)	Interest expense		(4,379		)		(6,128		)	(30,631		)
	Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)	None		(177		)		(195		)	(11,825		)
	Non-hedge derivatives
	Gain recognized related to interest rate swaps	Other income		7,131				10,577			9,101
	Gain recognized related to linked transactions	Other income		12,498				1,168			—
	Gain (loss) recognized related to linked transactions	Interest expense		(211		)		(236		)	—
	Gain (loss) recognized related to TBAs	Other income (loss)		(2,030		)		—			—
Schedule of additional information about cash flow hedges	The following table presents additional information about cash flow hedge transactions:
		December 31,
		2014				2013
	Cash flow hedges
	Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months	$	78			$	53
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(1,730		)		(3,915		)
Schedule of gross and net information about linked transactions	The following table presents both gross and net information about linked transactions:
		As of December 31,
		2014				2013
	Real estate securities-available for sale (A)	$	—			$	104,308
	Repurchase agreements (B)	—				(60,646		)
	Net assets recognized as linked transactions	$	—			$	43,662
	(A)	Represents the fair value of the securities accounted for as part of linked transactions.
	(B)	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions.

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of carrying value and estimated fair value of assets and liabilities	The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at December 31, 2014 and 2013:
		31-Dec-14								December 31, 2013
		Carrying			Estimated			Fair Value Method (A)		Carrying				Estimated
		Value			Fair Value					Value				Fair Value
	Assets
	Real estate securities, available-for-sale	$	231,754		$	231,754		Broker quotations, counterparty quotations, pricing services, pricing models		$	432,993			$	432,993
	Real estate securities, pledged as collateral	407,689			407,689			Broker/counterparty quotations		551,270				551,270
	Real estate related and other loans, held-for-sale, net	230,200			246,678			Broker quotations, counterparty quotations, pricing services, pricing models		437,530				456,535
	Residential mortgage loans, held-for-investment, net	—			—			Pricing models		255,450				252,039
	Residential mortgage loans, held-for-sale, net	3,854			4,076			Broker/counterparty quotations		2,185				2,185
	Subprime mortgage loans subject to call option (B)	406,217			406,217			(B)		406,217				406,217
	Restricted cash	15,714			15,714					5,856				5,856
	Cash and cash equivalents	73,727			73,727					42,721				42,721
	Non-hedge derivative assets (C)	—			—			Counterparty quotations		43,662				43,662
	Liabilities
	CDO bonds payable (D)	$	227,673		$	134,491		Pricing models		544,525				395,689
	Other bonds and notes payable (D)	27,069			28,102			Broker quotations, pricing models		230,279				235,464
	Repurchase agreements	441,176			441,176			Market comparables		556,347				556,347
	Credit facilities and obligations under capital leases, golf	161,857			161,857			Pricing models		152,498				152,498
	Financing of subprime mortgage loans subject to call option (B)	406,217			406,217			(B)		406,217				406,217
	Junior subordinated notes payable	51,231			28,918			Pricing models		51,237				35,479
	Interest rate swaps, treated as hedges (C)	1,963			1,963			Counterparty quotations		6,203				6,203
	Non-hedge derivatives(C)	2,365			2,365			Counterparty quotations		7,592				7,592
	(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)	Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6).
	(C)	Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts, (Note 9).
	(D)	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2014:
					Fair Value
		Carrying Value			Level 2			Level 3								Total
					Market Quotations			Market Quotations				Internal Pricing Models
	Assets:
	Real estate securities, available for sale:
	CMBS	$	178,763		$	—		$	178,763			$	—			$	178,763
	Non-Agency RMBS	45,035			—			45,035				—				45,035
	CDO (A)	7,956			—			—				7,956				7,956
	Real estate securities, available for sale total	$	231,754		$	—		$	223,798			$	7,956			$	231,754
	Real estate securities, pledged as collateral
	FNMA/FHLMC	407,689			407,689			—				—				407,689
	Real estate securities, pledged as collateral	$	407,689		$	407,689		$	—			$	—			$	407,689
	Derivative assets:
	Derivative assets at fair value	—			—			—				—				—
	Derivative assets total	$	—		$	—		$	—			$	—			$	—
	Liabilities:
	Derivative Liabilities:
	Interest rate swaps, treated as hedges	$	1,963		$	1,963		$	—			$	—			$	1,963
	Interest rate swaps and TBAs, not treated as hedges	2,365			2,365			—				—				2,365
	Derivative liabilities total	$	4,328		$	4,328		$	—			$	—			$	4,328
	(A)	Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $113.3 million as of December 31, 2014.
Schedule of quantitative information about significant unobservable inputs	The following table provides quantitative information regarding the significant unobservable inputs used by Newcastle for assets and liabilities measured at fair value on a recurring basis as of December 31, 2014. This table excludes inputs used to measure fair value that are not developed by Newcastle, such as broker prices and other third-party pricing service valuations.
	Asset Type		Amortized			Fair			Weighted Average Significant Input
			Cost			Value
			Basis									Prepayment Speed			Cumulative Default Rate			Loss Severity
									Discount
									Rate
	CDO		—			7,956			8.5	%		3.7	%		20.7	%		73.3	%
	Total		$	—		$	7,956
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 as follows:
		Level 3 Assets
		CMBS			ABS							Equity/Other				Derivative
					Subprime			Other				Securities				Transactions				Total
	Balance at December 31, 2012	$	376,391		$	355,975		$	1,475			$	71,025			$	—			$	804,866
	Spin-off of New Residential (A)	—			(560,783		)	—				—				—				(560,783		)
	Total gains (losses) (B)
	Included in net income (loss) (C)	17			2,372			(82		)		1,638				1,168				5,113
	Included in other comprehensive income (loss)	17,167			24,755			73				(726		)		—				41,269
	Amortization included in interest income	12,849			17,981			331				5,265				—				36,426
	Purchases, sales and settlements
	Purchases	—			267,160			—				—				43,172				310,332
	Proceeds from sales	(105,565		)	(11,181		)	(1,359		)		(8,156		)		—				(126,261		)
	Proceeds from repayments	(16,390		)	(38,698		)	(438		)		(9,289		)		(678		)		(65,493		)
	Balance at December 31, 2013	$	284,469		$	57,581		$	—			$	59,757			$	43,662			$	445,469
	Total gains (losses) (B)
	Included in net income (loss) (C)	15,384			4,165			—				976				12,498				33,023
	Included in other comprehensive income (loss)	(21,154		)	2,909			—				5,193				—				(13,052		)
	Amortization included in interest income	17,184			5,218			—				1,924				—				24,326
	Purchases, sales and settlements
	Purchases	—			—			—				—				—				—
	Proceeds from sales	(73,252		)	(15,787		)	—				(57,053		)		—				(146,092		)
	Proceeds from repayments	(43,868		)	(9,051		)	—				(2,841		)		(56,160		)		(111,920		)
	Balance at December 31, 2014	$	178,763		$	45,035		$	—			$	7,956			$	—			$	231,754
	(A)	The spin-off of New Residential occurred on May 15, 2013.
	(B)	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
	(C)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
		Year Ended December 31,
		2014			2013
	Gain (loss) on settlement of investments, net	$	20,525		$	5,367
	Other income (loss), net	12,498			1,168
	OTTI	—			(1,422		)
	Total	$	33,023		$	5,113
	Gain (loss) on sale 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:
		Year Ended December 31,
		2014			2013
	Gain (loss) on settlement of investments, net	$	20,525		$	5,367
	Other income (loss), net	12,498			1,168
	OTTI	—			(1,422		)
	Total	$	33,023		$	5,113
	Gain (loss) on sale of investments, net, from investments transferred into Level 3 during the period	$	—		$	—
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 as well as for residential mortgage loans held-for-sale as of December 31, 2014:
									Significant Input
									Range						Weighted Average
			Carrying			Fair			Discount			Loss			Discount			Loss
	Loan Type		Value			Value			Rate			Severity			Rate			Severity
	Mezzanine		$	103,582		$	106,459		5.0% - 20.0%			0.0% - 100.0%			7.8	%		22.6	%
	Bank Loan		107,715			121,315			15.0% - 43.7%			0.0% - 100.0%			22.1	%		26.3	%
	B-Note		18,748			18,748			12	%		0	%		12	%		0	%
	Whole Loan		155			156			4	%		0	%		4	%		0	%
	Total Real Estate Related and Other Loans Held for Sale, Net		$	230,200		$	246,678
									Significant Input (Weighted Average)
			Carrying						Discount			Prepayment			Constant
	Loan Type		Value			Fair Value			Rate			Speed			Default Rate			Loss Severity
	Residential Loans		3,854			4,076			23.5	%		0.2	%		18	%		3.9	%
	Total Residential Mortgage Loans, Held-for-Sale, Net		$	3,854		$	4,076

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of debt obligations and related hedges	The following table presents certain information regarding Newcastle's debt obligations and related hedges:
		December 31, 2014																													December 31, 2013
																				Collateral
																													Aggregate
															Weighted		Weighted	Face								Weighted	Floating		Notional
				Outstanding								Final	Weighted		Average		Average	Amount		Outstanding		Amortized				Average	Rate		Amount of		Outstanding
		Month		Face				Carrying				Stated	Average		Funding		Life	of Floating		Face		Cost		Carrying		Life	Face		Current		Face		Carrying
	Debt Obligation/Collateral	Issued		Amount				Value				Maturity	Coupon (A)		Cost (B)		(Years)	Rate Debt		Amount (C)		Basis (C)		Value (C)		(Years)	Amount (C)		Hedges(D)		Amount		Value
	CDO Bonds Payable
	CDO VI (E)	Apr-05		$	92,462			$	92,462			Apr-40	0.86%		5.36	%	5.1	$	88,949	$	98,920	$	36,327	$	67,809	5.1	$	29,734	$	46,528	$	92,018	$	92,018
	CDO VIII	Nov-06		71,813				71,717				Nov-52	2.13%		6.55	%	2	64,213		210,606		151,760		162,506		1.8	72,252		58,291		264,733		264,277
	CDO IX	May-07		62,578				63,494				May-52	0.74%		0.16	%	1.1	62,578		292,487		233,420		242,894		2.4	57,295		—		186,765		188,230
				226,853				227,673							4.28	%	3	215,740		602,013		421,507		473,209		2.6	159,281		104,819		543,516		544,525
	Other Bonds & Notes Payable
	NCT 2013-VI IMM-1 (F)	Nov-13		31,060				27,069				Apr-40	LIBOR+0.25%		9.31	%	2.5	31,060		N/A		N/A		N/A		N/A	N/A		—		96,129		86,319
	MH Loans Portfolio I	Apr-10		—				—				—	—%		—		—	—		N/A		N/A		N/A		N/A	N/A		—		53,753		50,424
	MH Loans Portfolio II	May-11		—				—				—	—%		—		—	—		N/A		N/A		N/A		N/A	N/A		—		93,863		93,536
				31,060				27,069							9.31	%	2.5	31,060		N/A		N/A		N/A		N/A	N/A		—		243,745		230,279
	Repurchase Agreements (G)
	CDO Securities (F)	Dec-13		55,894				55,894				Jan-15	LIBOR+1.65%		1.82	%	0.1	55,894		N/A		N/A		N/A		N/A	N/A		—		15,094		15,094
	FNMA/FHLMC securities	Nov-14		385,282				385,282				Feb-15	0.36%		0.36	%	0.1	—		390,771		403,216		407,689		5.6	—		—		516,134		516,134
	Residential Mortgage Loans	Nov-13		—				—				—	—%		—		—	—		—		—		—		—	—		—		25,119		25,119
				441,176				441,176							0.55	%	0.1	55,894		390,771		403,216		407,689		5.6	—		—		556,347		556,347
	Golf Credit Facilities (H)
	First Lien Loan	Dec-13		49,923				49,923				Dec-18	LIBOR+4.00%	(I)	4.5	%	3	49,923		N/A		N/A		N/A		N/A	N/A		N/A		46,922		46,922
	Second Lien Loan	Dec-13		105,575				105,575				Dec-18	5.50%		5.5	%	3	—		N/A		N/A		N/A		N/A	N/A		N/A		105,576		105,576
	Vineyard II	Dec-93		200				200				Dec-43	2.13%		2.13	%	29	200		N/A		N/A		N/A		N/A	N/A		N/A		—		—
	Capital Leases (Equipment)	May - Dec 2014		6,159				6,159				Jul-20	5.25% to 7.15%		6.91	%	5.5	—		N/A		N/A		N/A		N/A	N/A		N/A		—		—
				161,857				161,857							5.24	%	3.1	50,123		N/A		N/A		N/A		N/A	N/A		—		152,498		152,498
	Corporate
	Junior subordinated notes payable	Mar-06		51,004				51,231				Apr-35	7.57%	(J)	7.36	%	20.3	—		N/A		N/A		N/A		N/A	N/A		—		51,004		51,237
				51,004				51,231							7.36	%	20.3	—		N/A		N/A		N/A		N/A	N/A		—		51,004		51,237
	Subtotal debt obligation			911,950				909,006							2.96	%	2.6	352,817		992,784		824,723		880,898		3.8	159,281		104,819		1,547,110		1,534,886
	Financing on subprime mortgage loans subject to call option	(K)		406,217				406,217																							406,217		406,217
	Total debt obligation			$	1,318,167			$	1,315,223																						$	1,953,327	$	1,941,103
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost.
	(C)	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
	(D)	Including $46.5 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.
	(E)	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable 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 accrued interest payable at December 31, 2014. $436.0 million face amount of these repurchase agreements were renewed subsequent to December 31, 2014. The counterparties on these repurchase agreements are Bank of America ($55.9 million) and Nomura ($385.3 million). Newcastle has margin exposure on $441.2 million of repurchase agreements related to the financing of certain Newcastle CDO VIII, CDO IX notes and FNMA/FHLMC securities. 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)	The golf credit facilities are collateralized by all of the assets of the Golf business.
	(I)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(J)	LIBOR +2.25% after April 2016.
	(K)	Issued in April 2006 and July 2007. 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 December 31, 2014 are as follows:
	2015	$	1,325
	2016	1,325
	2017	1,325
	2018	1,325
	2019	1,446
	Thereafter	700
	Total minimum lease payments	7,446
	Less: imputed interest	1,287
	Present value of net minimum lease payments	$	6,159
Schedule of contractual maturities of debt obligations	Maturity Table
	Newcastle’s debt obligations (gross of $2.9 million of discounts at December 31, 2014) have contractual maturities as follows:
		Nonrecourse				Recourse				Total
	2015	$	929			$	441,176			$	442,105
	2016	994				—				994
	2017	156,563				—				156,563
	2018	1,140				—				1,140
	2019	1,340				—				1,340
	Thereafter	665,021				51,004				716,025
	Total	$	825,987			$	492,180			$	1,318,167

EQUITY_AND_EARNINGS_PER_SHARE_

EQUITY AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 since 2012:
				Price per Share											Aggregate Shares purchased by					Options Granted to Manager (A)
															Principals of Fortress
	Date		Number	To			To Underwriters				Net				Number			Price		Number	Grant Date Strike		Grant Date
			of Shares	Public							Proceeds				of Shares					of Shares	Price		Value (millions)
			Issued								(millions)
	Apr-12		3,162,500	$	37.32		N/A				$	115.2			—			—		316,250	$	37.32	$	5.6
	May-12		3,833,333	$	40.26		N/A				$	152			—			—		383,333	$	40.26	$	7.6
	Jul-12		4,216,667	N/A			$	39.78			$	167.4			75,000			$	40.2	421,667	$	40.2	$	8.3
	Jan-13		9,583,333	$	56.1		N/A				$	526.2			35,650			$	56.1	958,333	$	56.1	$	18
	Feb-13		3,833,333	N/A			$	62.04			$	237.4			31,833			$	62.88	383,333	$	62.88	$	8.4
	Jun-13		6,708,333	N/A			$	29.52			$	197.6			125,000			$	29.82	670,833	$	29.82	$	3.8
	Nov-13		9,658,492	N/A			$	31.26			$	301.4			75,159			$	31.5	965,849	$	31.5	$	6
	Aug-14		7,654,166	N/A			$	25.92			$	197.9			83,333			$	26.34	765,416	$	26.34	$	1.7
	(A)	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Newcastle.
	(B)	This figure also includes shares purchased by officers of Newcastle.
Schedule of outstanding options summary	Newcastle's outstanding options were summarized as follows:
		Year Ended December 31, 2014							Year Ended December 31, 2013
		Issued Prior		Issued in 2011		Total			Issued Prior to 2011			Issued in 2011			Total
		to 2011		and thereafter								and thereafter
	Held by the Manager	157,791		4,833,961		4,991,752			249,426			4,332,738			4,582,164
	Issued to the Manager and subsequently transferred to certain Manager’s employees	41,869		466,645		508,514			89,262			418,335			507,597
	Issued to the independent directors	333		—		333			333			333			666
	Total	199,993		5,300,606		5,500,599			339,021			4,751,406			5,090,427
Summary of Newcastle's outstanding options	The following table summarizes Newcastle’s outstanding options at December 31, 2014. Note that the last sales price on the New York Stock Exchange for Newcastle’s common stock in the year ended December 31, 2014 was $4.49 per share.
																	Intrinsic Value at
			Date of			Options Exercisable at			Weighted Average				Fair Value At Grant				December 31, 2014
	Recipient		Grant/Exercise	Number of Options		December 31, 2014			Strike Price (A)				Date (millions) (B)				(millions)
	Directors		Various	3,333		333			$	12.73			Not Material				—
	Manager (C)		2002 - 2007	587,277		199,660			$	14.09			$	6.4			—
	Manager (C)		11-Mar	287,499		182,527			$	1.88			$	7		(H)	$	0.5
	Manager (C)		11-Sep	431,249		283,305			$	1.07			$	5.6		(I)	$	1
	Manager (C)		12-Apr	316,247		306,991			$	2			$	5.6		(J)	$	0.8
	Manager (C)		12-May	383,328		372,440			$	2.29			$	7.6		(K)	$	0.8
	Manager (C)		12-Jul	421,661		397,698			$	2.27			$	8.3		(L)	$	0.9
	Manager (C)		13-Jan	958,331		734,720			$	3.76			$	18		(M)	$	0.7
	Manager (C)		13-Feb	383,331		281,109			$	4.39			$	8.4		(N)	$	0.1
	Manager (C)		13-Jun	670,829		402,497			$	4.67			$	3.8		(O)	—
	Manager (C)		13-Nov	965,847		418,534			$	5.01			$	6		(P)	—
	Manager (C)		14-Aug	765,416		102,055			$	5.45			$	1.7		(Q)	—
	Exercised (D)		Prior to 2008	(173,853	)	N/A			$	14.09			N/A				N/A
	Exercised (E)		12-Oct	(15,972	)	N/A			$	1.48			N/A				N/A
	Exercised (F)		13-Sep	(51,306	)	N/A			$	1.67			N/A				N/A
	Exercised (G)		2014	(216,186	)	N/A			$	1.46			N/A				N/A
	Expired unexercised		2002-2004	(216,432	)	N/A			N/A				N/A				N/A
	Outstanding			5,500,599		3,681,869
	(A)	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. As of December 31, 2014, the weighted average strike price of the outstanding options issued prior to 2011 was $14.09.
	(B)	The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan and 2014 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term
	method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options.
	(C)	The Manager assigned certain of its options to Fortress’s employees as follows:
	Date of Grant		Range of Strike Prices	Total Unexercised Inception to Date
	2005		$14.92	11,687
	2006		$14.82	6,373
	2007		$13.88 - $15.88	23,809
	2011		$1.07 - $1.88	—
	2012		$2.00 - $2.29	199,988
	2013		$3.76 - $5.01	266,657
			Total	508,514
	(D)	111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors.
	(E)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
	(F)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
	(G)	215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million. 333 options were exercised by directors with a minimal intrinsic value.
	(H)	The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term.
	(I)	The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term.
	(J)	The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term.
	(K)	The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term.
	(L)	The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.
	(M)	The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term.
	(N)	The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term.
	(O)	The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term.
	(P)	The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term.
	(Q)	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 assigned options to Fortress's employees	The Manager assigned certain of its options to Fortress’s employees as follows:
	Date of Grant		Range of Strike Prices	Total Unexercised Inception to Date
	2005		$14.92	11,687
	2006		$14.82	6,373
	2007		$13.88 - $15.88	23,809
	2011		$1.07 - $1.88	—
	2012		$2.00 - $2.29	199,988
	2013		$3.76 - $5.01	266,657
			Total	508,514

TRANSACTIONS_WITH_AFFILIATES_A1

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2014
Transactions With Affiliates And Affiliated Entities Tables
Schedule of amounts Incurred under management agreement
		Amounts incurred under the management
		agreement (in millions)
		2014		2013		2012
	Management Fees	$	20.5	$	27.6	$	23.1
	Expense Reimbursement to the Manager	0.5		0.5		0.5
	Incentive Compensation	—		—		—
	Total management fees to affiliate	$	21	$	28.1	$	23.6

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental commitments	The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2014 were as follows:
	For the years ending December 31:
	2015	$	38,229
	2016	32,544
	2017	29,377
	2018	23,931
	2019	21,636
	Thereafter	206,822
	Total Minimum lease payments	$	352,539

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes (including discontinued operations) consists of the following:
		Year Ended December 31,
		2014				2013
	Current:
	Federal	$	704			$	2,170
	State and Local	318				381
	Total Current Provision	$	1,022			$	2,551
	Deferred
	Federal	$	(1,293	)		$	(404	)
	State and Local	(632		)		(47		)
	Total Deferred Provision	$	(1,925	)		$	(451	)
	Total Provision (benefit) for Income Taxes	$	(903	)		$	2,100
	Provision (benefit) for income taxes from discontinued operations	$	(1,111	)		$	2,100
	Provision (benefit) for income taxes from continuing operations	$	208			$	—
Schedule of tax treatment of common stock dividend distribution	Common stock distributions relating to 2014, 2013, and 2012 were taxable as follows:
						Ordinary			Long-term
		Dividends Per Share (A)				Income			Capital Gain		Return of Capital
	2014	$	25.76		(B)	32.63	%		7.57	%	59.79	%
	2013	$	44.28		(C)	33.91	%		0	%	66.09	%
	2012	$	5.04			100	%		0	%	0	%
	(A)	Distribution per share has been adjusted for the 1-for-3 and 1-for-2 reverse stock split effective in August and October 2014, respectively.
	(B)	Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share.
	(C)	Includes the distribution of New Residential common stock valued at $41.34 per share.
Schedule of effective income tax reconciliation	The difference between Newcastle's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:
		December 31,
		2014			2013			2012
	Provision at the statutory rate	35	%		35	%		35	%
	Non-taxable REIT income	(56.20	)%		(33.88	)%		(35.00	)%
	State and local taxes	(1.18	)%		0.21	%		—
	Valuation allowance	21.7	%		(0.50	)%		—
	Other	(1.80	)%		0.9	%		—
	Total provision	(2.48	)%		1.73	%		0	%
Schedule of deferred tax assets	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2014 are presented below:
		31-Dec
		2014				2013
	Deferred tax assets:
	Allowance for loan losses	$	366			$	2,076
	Depreciation and amortization	38,237				94,880
	Leaseholds	6,489				6,489
	Accrued expenses	15,293				23,816
	Deposits	7,787				7,787
	Net operating losses	26,543				211,560
	Other	885				17,036
	Total deferred tax assets	95,600				363,644
	Less valuation allowance	(95,557		)		(363,192		)
	Net deferred tax assets (A)	$	43			$	452
	(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 decrease	(23,234		)
	Valuation allowance at December 31, 2014	$	95,557

SUMMARY_OF_QUARTERLY_CONSOLIDA1

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly unaudited summary information
	2014	Quarter Ended												Year Ended
		March 31 (A)			June 30 (A)			September 30 (A)			December 31 (B)			31-Dec
	Interest income	$	46,452		$	29,893		$	27,544		$	23,738		$	127,627
	Interest expense	22,170			20,328			18,411			19,113			80,022
	Net interest income (expense)	24,282			9,565			9,133			4,625			47,605
	Impairment	1,246			1,526			(4,015		)	(1,176		)	(2,419		)
	Operating revenues	62,632			82,737			81,494			64,674			291,537
	Other income (loss) (C)	15,808			41,707			12,618			4,329			74,462
	Property operating expenses	65,603			75,289			77,167			66,316			284,375
	Depreciation and amortization	5,863			6,317			7,204			7,583			26,967
	Other operating expenses	10,314			10,471			8,955			7,150			36,890
	Income tax expense	140			4			—			64			208
	Income (loss) from continuing operations	19,556			40,402			13,934			(6,309		)	67,583
	Income (loss) from discontinued operations	(15,299		)	(8,504		)	(8,624		)	(2,762		)	(35,189		)
	Preferred dividends	(1,395		)	(1,395		)	(1,395		)	(1,395		)	(5,580		)
	Net loss (income) attributable to noncontrolling interests	661			29			21			141			852
	Income (loss) applicable to common stockholders	$	3,523		$	30,532		$	3,936		$	(10,325	)	$	27,666
	Net income (loss) per share of common stock
	Basic	$	0.06		$	0.52		$	0.06		$	(0.16	)	$	0.45
	Diluted	$	0.06		$	0.5		$	0.06		$	(0.16	)	$	0.44
	Income (loss) from discontinued operations per share of common stock
	Basic	$	(0.26	)	$	(0.15	)	$	(0.14	)	$	(0.04	)	$	(0.57	)
	Diluted	$	(0.26	)	$	(0.15	)	$	(0.14	)	$	(0.04	)	$	(0.57	)
	Weighted average number of shares of common stock outstanding
	Basic	58,576			58,600			62,329			66,404			61,501
	Diluted	60,511			60,477			63,866			66,404			63,131
	2013	Quarter Ended												Year Ended
		March 31 (A)			June 30 (A)			September 30 (A)			31-Dec			31-Dec
	Interest income	$	61,332		$	62,824		$	47,484		$	42,072		$	213,712
	Interest expense	21,478			20,752			17,675			18,696			78,601
	Net interest income (expense)	39,854			42,072			29,809			23,376			135,111
	Impairment	2,773			3,201			(12,998		)	(12,745		)	(19,769		)
	Operating revenues	—			—			—			—			—
	Other income (loss) (C)	5,762			7,978			6,784			14,766			35,290
	Property operating expenses	—			—			—			—			—
	Depreciation and amortization	—			—			2			2			4
	Other operating expenses	12,730			16,339			8,533			11,770			49,372
	Income tax expense	—			—			—			—			—
	Income (loss) from continuing operations	30,113			30,510			41,056			39,115			140,794
	Income (loss) from discontinued operations	7,900			23,213			(9,386		)	(10,180		)	11,547
	Preferred dividends	(1,395		)	(1,395		)	(1,395		)	(1,395		)	(5,580		)
	Net income attributable to noncontrolling interests	—			—			—			(928		)	(928		)
	Income (loss) applicable to common stockholders	$	36,618		$	52,328		$	30,275		$	26,612		$	145,833
	Net income (loss) per share of common stock
	Basic	$	0.93		$	1.21		$	0.62		$	0.5		$	3.16
	Diluted	$	0.92		$	1.18		$	0.6		$	0.49		$	3.09
	Income (loss) from discontinued operations per share of common stock
	Basic	$	0.2		$	0.54		$	(0.19	)	$	(0.19	)	$	0.25
	Diluted	$	0.2		$	0.52		$	(0.19	)	$	(0.19	)	$	0.24
	Weighted average number of shares of common stock outstanding
	Basic	39,189			43,205			48,896			53,114			46,147
	Diluted	40,013			44,233			50,171			54,267			47,218
	(A)	The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).
	(B)	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
	(C)	Including equity in earnings of unconsolidated subsidiaries.

ORGANIZATION_Common_Stock_Issu

ORGANIZATION - Common Stock Issued (Details) (USD $)	12 Months Ended						115 Months Ended	151 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2014
Shares issued	7,848,926		29,821,308		11,224,106		17,530,168	66,424,508
Equity Issuance, Per Share Amount	$25.92	[1],[2]
Common stock issuance, total proceeds	$197,900		$1,262,600		$434,900
Lower Range
Equity Issuance, Per Share Amount			$29.82	[1],[2]	$37.32	[1],[2]
Upper Range
Equity Issuance, Per Share Amount			$62.88	[1],[2]	$40.26	[1],[2]
[1]	Excludes prices of shares issued pursuant to the exercise of options and of shares issued to our independent directors.
[2]	On May 15, 2013, Newcastle completed the spin-off of New Residential. The May 15, 2013 closing price of Newcastle's common stock on the NYSE was $73.98, and the opening price of Newcastle's common stock on May 16, 2013 was $34.74. On February 13, 2014, Newcastle completed the spin-off of New Media. The February 13, 2014 closing price of Newcastle's common stock was $34.50, and the opening price of Newcastle's common stock on February 14, 2014 was $29.88. On November 6, 2014, Newcastle completed the spin-off of New Senior, the November 6, 2014 closing price of Newcastle's common stock on the NYSE was $23.53, and the opening price of Newcastle's common stock on November 7, 2014 was $4.00.

ORGANIZATION_Details_Narrative

ORGANIZATION (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Nov. 07, 2014	Nov. 06, 2014	Feb. 14, 2014	Feb. 13, 2014	Dec. 31, 2013	16-May-13	15-May-13
REIT distribution threshold for nontaxation	90.00%					90.00%
Reverse stock-split ratio	0.167
Shares held by Fortress and affiliates in Newcastle	1,100,000					6,400,000
Stock options outstanding	5,500,599					5,090,427
Share price	$4.49	$4	$23.53	$29.88	$34.50		$34.74	$73.98
Affiliates [Member]
Stock options outstanding	4,991,752
New Media Spin-Off [Member]
Spin-off distribution ratio					0.0722
New Senior Spin-Off [Member]
Spin-off distribution ratio			1

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounting Policies [Abstract]
Net unrealized gains on securities	$67,682	$82,408
Net unrealized losses on derivatives designated as cash flow hedges	-1,817	-5,992
Net unrecognized gain and prior service cost		458
Accumulated other comprehensive income	$65,865	$76,874

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain (Loss) on Settlement of Investments (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gain (loss) on settlement of investments, net
Gain on termination of derivative		$813
Gain (loss) on disposal of long-lived assets	-1,294	-67	-2
[GainLossOnInvestments]	50,734	17,369	232,897
Other income (loss), net
Gain on non-hedge derivative instruments	17,599	10,525	9,180
Gain on lease modifications and terminations	7,219
Unrealized loss recognized at de-designation of hedges	-34	-110	-7,036
Hedge ineffectiveness			483
Equity in earnings of equity method investees	954	-97
Collateral management fee income, net	963	1,279	1,786
Other income (loss)	437	1,759	981
Total Other income (loss), net	27,138	13,356	5,394
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Gain (loss) on settlement of investments, net
Gain on settlement of investments	32,500	10,716
Loss on settlement of investments		-354	-1,614
Real Estate Securities [Member]
Gain (loss) on settlement of investments, net
Gain on settlement of investments	23,679	9,853	14,629
Loss on settlement of investments		-3,592	-4,433
CDO X [Member]
Gain (loss) on settlement of investments, net
Gain on settlement of investments			$224,317

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification from accumulated other comprehensive income (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net realized gain (loss) on securities
Impairment		($5,266)
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	23,679	995	-8,727
Net realized gain (loss) on derivatives designated as cash flow hedges
Cash flow hedge income statement location - ineffective portion			Other income (loss)
Hedge ineffectiveness			483
Cash flow hedge income statement location - reclassifications	Interest expense	Interest expense	Interest expense
Deferred hedge gain (loss) reclassified from AOCI into earnings	27	-99	1,249
Loss reclassified from AOCI into income, related to effective portion	-4,379	-6,128	-30,631
Net realized gains (losses) on derivatives designated as cash flow hedges	-4,352	-6,227
Total reclassifications	19,327	-5,232
Real Estate Securities [Member]
Net realized gain (loss) on securities
Gain on settlement of investments	23,679	9,853	14,629
Loss on settlement of investments		($3,592)	($4,433)
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

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details 3)	12 Months Ended
	Dec. 31, 2014
Buildings | Lower Range
Estimated useful lives	15 years
Buildings | Upper Range
Estimated useful lives	30 years
Building Improvements | Lower Range
Estimated useful lives	3 years
Building Improvements | Upper Range
Estimated useful lives	10 years
Capital leases - equipment
Estimated useful life	shorter of the lease term or estimated useful life of the asset
Furniture, fixtures and equipment | Lower Range
Estimated useful lives	3 years
Furniture, fixtures and equipment | Upper Range
Estimated useful lives	10 years
Leasehold Improvements
Estimated useful life	shorter of the lease term or estimated useful life of the asset

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives for Amortization (Details 4) (Golf)	12 Months Ended
	Dec. 31, 2014
Trade Name | Lower Range
Amortization period	30 years
Trade Name | Upper Range
Amortization period	40 years
Leasehold Intangibles | Lower Range
Amortization period	9 years
Leasehold Intangibles | Upper Range
Amortization period	27 years
Management Contracts | Lower Range
Amortization period	11 years
Management Contracts | Upper Range
Amortization period	12 years
Internally-developed software
Amortization period	5 years
Membership Base
Amortization period	7 years

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details 5) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Restricted cash	$15,714	$5,856
CDO Bond Sinking Fund [Member]
Restricted cash	11,497	1,902
CDO Trustee Accounts [Member]
Restricted cash	293	442
Derivative Margin Accounts [Member]
Restricted cash	877
Collateral for Golf Lease Obligations [Member]
Restricted cash	$3,047	$3,512

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Non-cash Investing and Financing Activities CDOS (Details 6) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reduction of Assets and Liabilities relating to the spin-off of New Residential/New Media/New Senior, non-cash portion
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
Investments in senior housing real estate, net	1,574,048
Property, plant and equipment	266,385
Goodwill and intangibles, net	379,008
Restricted cash	6,477
Receivables and other assets	197,882	37,844
Mortgage notes payable	1,260,633
Credit facilities	177,955
Repurchase Agreements		1,320,360
Accrued expenses and other liabilities	189,940	642
Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion
Investments in other real estate		259,573
Property, plant and equipment		272,153
Intangibles		244,885
Goodwill		126,686
Receivables and other assets		145,191
Credit facilities		334,498
Accounts payable, accrued expenses and other liabilities		287,439
Noncontrolling interests		366
Restricted Cash activity:
Restricted cash generated from sale of securities	125,850	136,148	56,629
Restricted cash generated from sale of real estate related and other loans		104,837
Restricted cash generated from paydowns on securities and loans	325,932	331,349	274,832
Restricted cash used for purchases of real estate securities			143,184
Restricted cash used for purchases of real estate related and other loans			91,481
Restricted cash used for repayments of CDO bonds payable	382,177	513,879	166,845
Restricted cash used for purchases of derivative instruments			408
Restricted cash used for settlement of derivative instruments		1,563
Restricted cash used to return margin capital			6,550
CDO Deconsolidation:
Real Estate Securities			1,033,016
Restricted Cash			51,522
Derivative liabilities			57,343
CDO bonds payable			$1,110,694

Recovered_Sheet1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of receivables and other assets (Details 7) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounting Policies [Abstract]
Accounts receivable, net	$7,369	$8,230
Derivative assets		43,662
Prepaid expenses	6,639	5,937
Interest receivable	2,324	4,667
Deposits	7,339	8,537
Inventory	4,964	4,891
Miscellaneous assets, net	6,939	8,242
Receivables and other assets	$35,574	$84,166

Recovered_Sheet2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of accounts payable, accrued expenses and other liabilities (Details 8) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounting Policies [Abstract]
Accounts payable and accrued expenses	$35,854	$33,689
Membership deposit liabilities	79,678	71,644
Deferred revenue	29,322	33,162
Security deposit payable	5,293	5,144
Unfavorable leasehold interests	6,443	23,113
Derivative liabilities	4,328	13,795
Accrued rent	2,605
Due to affiliates	1,125	2,235
Miscellaneous liabilities	14,742	17,157
Accounts payable, accrued expenses and other liabilities	$179,390	$199,939

Recovered_Sheet3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accretion of discount and other amortization (Details 9) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accretion of discount and other amortization
Accretion of net discount on securities, loans and other investments	($28,638)	($34,525)	($48,608)
Amortization of net discount on debt obligations	6,907	2,859	1,525
Amortization of deferred financing costs and interest rate cap premiums	7,310	1,056	2,751
Amortization of net deferred hedge (gains) and losses - debt	-61	-11	-1,250
Amortization of leasehold intangibles	5,000
Accretion of membership deposit liability	5,663
Accretion of discount and other amortization	($3,819)	($30,621)	($45,582)

Recovered_Sheet4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidation percentage	50.00%
Prepayment penalties, included in interest income		$200	$2,700
REIT Distribution Threshold for Nontaxation	90.00%	90.00%
Percentage of distribution that must be maid within the taxable year to avoid excise tax	85.00%
Allowances for uncollectable amounts	900	900
Acquisition of servicing rights				2,200
Amortization of servicing rights	300	300
Servicing assets	1,000
Accrection of membership deposit liability	30 years
Refundable term for initiation fees	30 years
Number of days past due	90 days
Allowance for Bad Debts [Member]
Allowances for uncollectable amounts	11	0
American Dream Project [Member]
Ownership in equity investment	23.00%
Equity method investment	26,800	25,500
Lower Range
Operating lease term	10 years
Upper Range
Operating lease term	20 years
Interest rate swaps [Member] | Not designated as hedging instrument [Member]
Notional amount	46,500
Interest rate	4.85%
Interest rate swaps [Member] | Designated as hedging instrument [Member]
Notional amount	58,300
Interest rate	5.04%
TBAs [Member] | Not designated as hedging instrument [Member]
Notional amount	$390,500

DISCONTINUED_OPERATIONS_Carryi

DISCONTINUED OPERATIONS - Carrying Value of Assets and Liabilities Immediately Prior to Spin-Off and 12/31/2013 (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Feb. 13, 2014	Nov. 06, 2014
In Thousands, unless otherwise specified
Assets:
Cash and cash equivalents	$135	$63,223	$10,100	($1,022)
Total Assets of discontinued operations	6,803	2,248,023
Liabilities:
Total Liabilities of discontinued operations	447	1,434,394
New Media Spin-Off [Member]
Assets:
Property, plant and equipment, net		270,188			266,385
Intangibles, net		145,400			144,664
Goodwill		126,686			126,686
Cash and cash equivalents		31,811			23,845
Restricted cash		6,477			6,477
Receivables and other assets		110,184			101,940
Total Assets of discontinued operations		690,746			669,997
Liabilities:
Credit facilities - media		182,016			177,955
Accounts payable, accrued expenses and other liabilities		113,251			100,695
Total Liabilities of discontinued operations		295,267			278,650
Net Assets		395,479			391,347
New Senior Spin-Off [Member]
Assets:
Investments in senior housing real estate, net		1,362,900				1,574,048
Intangibles, net		100,858				107,658
Cash and cash equivalents		31,263				245,246
Receivables and other assets		55,430				95,942
Total Assets of discontinued operations		1,550,451				2,022,894
Liabilities:
Mortgage notes payable		1,076,828				1,260,633
Accounts payable, accrued expenses and other liabilities		61,886				89,245
Total Liabilities of discontinued operations		1,138,714				1,349,878
Net Assets		$411,737				$673,016

DISCONTINUED_OPERATIONS_Result

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details 1) (USD $)	3 Months Ended															12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Results of operations from discontinued operations
Net interest income (expense)	$4,625	[1]	$9,133	[2]	$9,565	[2]	$24,282	[2]	$23,376	$29,809	[3]	$42,072	[3]	$39,854	[3]	$47,605	$135,111	$174,715
Total operating revenues	64,674	[1]	81,494	[2]	82,737	[2]	62,632	[2]			[3]		[3]		[3]	291,537
Other Income
Change in fair value of investments in excess mortgage servicing rights																	3,894	9,023
Earnings from investments in equity method investees																954	677
Expenses
Property operating costs	66,316	[1]	77,167	[2]	75,289	[2]	65,603	[2]			[3]		[3]		[3]	284,375
Management fee to affiliate																21,039	28,057	23,611
Income (loss) from discontinued operations, net of tax																-35,189	11,547	30,465
Discontinued Operations [Member]
Results of operations from discontinued operations
Interest income																	15,098	27,508
Interest expense																49,705	12,372	1,688
Net interest income (expense)																-49,705	2,726	25,820
Media income																68,212	61,637
Rental Income																194,729	74,936	17,081
Care and ancillary income																20,428	12,387	2,994
Total operating revenues																283,369	148,960	20,075
Other Income
Other income (loss)																1,444	-2,404	17,339
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																	20,156
Total other income																1,444	22,531	17,339
Expenses
Property operating costs																152,896	53,733	12,969
Media operating expenses																	49,092
General and administrative expenses																20,096	21,742	11,743
Depreciation and amortization																90,627	30,969	6,975
Management fee to affiliate																7,789	5,034	1,082
Income tax expense (benefit)																-1,111	2,100
Total expenses																270,297	162,670	32,769
Income (loss) from discontinued operations, net of tax																($35,189)	$11,547	$30,465
[1]	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Including equity in earnings of unconsolidated subsidiaries.
[3]	The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details Narrative) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	15-May-13	Feb. 13, 2014	Nov. 06, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash & cash equivalents				$135	$63,223	$10,100	($1,022)
New Residential Spin-Off [Member]
Reduction in basis for management fee computation	1,200,000
New Media Spin-Off [Member]
Cash & cash equivalents		23,845			31,811
Accounts payable, accrued expenses and other liabilities		100,695			113,251
Reduction in basis for management fee computation		400,000
New Senior Spin-Off [Member]
Cash & cash equivalents			245,246		31,263
Accounts payable, accrued expenses and other liabilities			89,245		61,886
Reduction in basis for management fee computation			700,000
Beavercreek, OH Planned Sale [Member]
Investments in other real estate				6,600	6,600
Cash & cash equivalents				200	200
Accounts payable, accrued expenses and other liabilities				$500	$400

SEGMENT_REPORTING_AND_VARIABLE2

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)	3 Months Ended																12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Interest income, net	$23,738	[1]	$27,544	[2]	$29,893	[2]	$46,452	[2],[3]	$42,072		$47,484	[3]	$62,824	[3]	$61,332	[3]	$127,627		$213,712		$282,951
Interest expense, net	-19,113	[1]	-18,411	[2]	-20,328	[2]	-22,170	[2]	-18,696		-17,675	[3]	-20,752	[3]	-21,478	[3]	-80,022		-78,601		-108,236
Net interest income (expense)	4,625	[1]	9,133	[2]	9,565	[2]	24,282	[2]	23,376		29,809	[3]	42,072	[3]	39,854	[3]	47,605		135,111		174,715
Impairment (reversal)	-1,176	[1]	-4,015	[2]	1,526	[2]	1,246	[2]	-12,745		-12,998	[3]	3,201	[3]	2,773	[3]	-2,419		-19,769		-5,664
Operating revenues	64,674	[1]	81,494	[2]	82,737	[2]	62,632	[2]				[3]		[3]		[3]	291,537
Other income, net	4,329	[1],[2]	12,618	[2],[3]	41,707	[2],[3]	15,808	[2],[3]	14,766	[2]	6,784	[2],[3]	7,978	[2],[3]	5,762	[2],[3]	74,462	[2]	35,290	[2]	262,376
Loan and security servicing expense																	1,199		3,857		4,260
Operating expenses - golf																	244,234	[4]
Repairs and maintenance expenses - golf																	9,870
Cost of sales - golf																	30,271
General and administrative expense																	9,173		17,458		11,239
Acquisition and transaction expenses																	5,479
Management fee to affiliate																	21,039		28,057		23,611
Depreciation and amortization	7,583	[1]	7,204	[2]	6,317	[2]	5,863	[2]	2		2	[3]		[3]		[3]	26,967		4
Income tax expense	64	[1]		[2]	4	[2]	140	[2],[3]				[3]		[3]		[3]	208
Income from continuing operations	-6,309	[1]	13,934	[2]	40,402	[2]	19,556	[2],[3]	39,115		41,056	[3]	30,510	[3]	30,113	[3]	67,583		140,794		403,645
income (loss) from discontinued operations, net of tax																	-35,189		11,547		30,465
Net income																	32,394		152,341		434,110
Preferred dividends	-1,395	[1]	-1,395	[2]	-1,395	[2]	-1,395	[2],[3]	-1,395		-1,395	[3]	-1,395	[3]	-1,395	[3]	-5,580		-5,580		-5,580
Net income (loss) attributable to noncontrolling interests	141	[1]	21	[2]	29	[2]	661	[2],[3]	-928			[3]		[3]		[3]	852		-928
Income Applicable to Common Stockholders	-10,325	[1]	3,936	[2]	30,532	[2]	3,523	[2],[3]	26,612		30,275	[3]	52,328	[3]	36,618	[3]	27,666		145,833		428,530
Investments, net	1,630,471	[5]							2,456,869								1,630,471	[5]	2,456,869
Cash and restricted cash	89,441								48,577								89,441		48,577
Other assets	35,574								84,166								35,574		84,166
Assets of discontinued operations	6,803								2,248,023								6,803		2,248,023
Total Assets	1,762,289								4,837,635								1,762,289		4,837,635
Debt, net	1,315,223	[5]							1,941,103	[6]							1,315,223	[5]	1,941,103	[6]
Other liabilities	188,291								236,014								188,291		236,014
Liabilities of discontinued operations	447								1,434,394								447		1,434,394
Total Liabilities	1,503,961								3,611,511								1,503,961		3,611,511
Preferred Stock	61,583								61,583								61,583		61,583
Noncontrolling interests	36								61,279								36		61,279
Equity attributable to common stockholders	196,709								1,103,262								196,709		1,103,262
Inter-segment Elimination [Member]
Interest income, net																	-7,595		-4,746		-6,044
Interest expense, net																	7,595		4,746		6,044
Investments, net	35,100								87,700								35,100		87,700
Discontinued Operations [Member]
income (loss) from discontinued operations, net of tax																	-35,189		11,547		30,465
Net income																	-35,189		11,547		30,465
Net income (loss) attributable to noncontrolling interests																	523		-928
Income Applicable to Common Stockholders																	-34,666		10,619		30,465
Assets of discontinued operations	6,803								2,248,023								6,803		2,248,023
Total Assets	6,803								2,248,023								6,803		2,248,023
Liabilities of discontinued operations	447								1,434,394								447		1,434,394
Total Liabilities	447								1,434,394								447		1,434,394
Noncontrolling interests									60,913										60,913
Equity attributable to common stockholders	6,356								752,716								6,356		752,716
CDOs [Member]
Interest income, net																	84,938	[7]	119,292	[7]	197,007	[7]
Interest expense, net																	-22,142	[7]	-24,996	[7]	-56,767	[7]
Inter-segment eliminations																	-7,595	[7]	-4,746	[7]	-6,044	[7]
Net interest income (expense)																	55,201	[7]	89,550	[7]	134,196	[7]
Impairment (reversal)																	-3,303	[7]	-9,338	[7]	-7,381	[7]
Other income, net																	41,780	[7]	23,946	[7]	260,025	[7]
Loan and security servicing expense																	238	[7]	741	[7]	916	[7]
General and administrative expense																	14	[7]
Income from continuing operations																	100,032	[7]	122,093	[7]	400,686	[7]
Net income																	100,032	[7]	122,093	[7]	400,686	[7]
Income Applicable to Common Stockholders																	100,032	[7]	122,093	[7]	400,686	[7]
Investments, net	473,209	[7]							838,162	[7]							473,209	[7]	838,162	[7]
Cash and restricted cash	11,790	[7]							2,377	[7]							11,790	[7]	2,377	[7]
Other assets	1,927	[7]							47,130	[7]							1,927	[7]	47,130	[7]
Total Assets	486,926	[7]							887,669	[7]							486,926	[7]	887,669	[7]
Debt, net	310,636	[7]							645,938	[7]							310,636	[7]	645,938	[7]
Other liabilities	2,391	[7]							19,194	[7]							2,391	[7]	19,194	[7]
Liabilities of discontinued operations										[7]										[7]
Total Liabilities	313,027	[7]							665,132	[7]							313,027	[7]	665,132	[7]
Equity attributable to common stockholders	173,899	[7]							222,537	[7]							173,899	[7]	222,537	[7]
Other Debt [Member]
Interest income, net																	50,093	[7],[8]	98,968	[7],[8]	91,818	[7],[8]
Interest expense, net																	-41,874	[7],[8]	-54,534	[7],[8]	-53,700	[7],[8]
Inter-segment eliminations																	1,861	[7],[8]	4,746	[7],[8]	6,044	[7],[8]
Net interest income (expense)																	10,080	[7],[8]	49,180	[7],[8]	44,162	[7],[8]
Impairment (reversal)																	884	[7],[8]	-10,431	[7],[8]	1,717	[7],[8]
Other income, net																	26,819	[7],[8]	11,344	[7],[8]	2,351	[7],[8]
Loan and security servicing expense																	961	[7],[8]	3,113	[7],[8]	3,344	[7],[8]
General and administrative expense																	2	[7],[8]	18	[7],[8]	4	[7],[8]
Acquisition and transaction expenses																	2,919	[7],[8]
Income from continuing operations																	32,133	[7],[8]	67,824	[7],[8]	41,448	[7],[8]
Net income																	32,133	[7],[8]	67,824	[7],[8]	41,448	[7],[8]
Income Applicable to Common Stockholders																	32,133	[7],[8]	67,824	[7],[8]	41,448	[7],[8]
Investments, net	833,293	[7],[8]							1,272,952	[7],[8]							833,293	[7],[8]	1,272,952	[7],[8]
Cash and restricted cash	877	[7],[8]															877	[7],[8]
Other assets	2,190	[7],[8]							3,395	[7],[8]							2,190	[7],[8]	3,395	[7],[8]
Total Assets	836,360	[7],[8]							1,276,347	[7],[8]							836,360	[7],[8]	1,276,347	[7],[8]
Debt, net	791,499	[7],[8]							1,091,430	[7],[8]							791,499	[7],[8]	1,091,430	[7],[8]
Other liabilities	4,528	[7],[8]							1,669	[7],[8]							4,528	[7],[8]	1,669	[7],[8]
Liabilities of discontinued operations										[7],[8]										[7],[8]
Total Liabilities	796,027	[7],[8]							1,093,099	[7],[8]							796,027	[7],[8]	1,093,099	[7],[8]
Equity attributable to common stockholders	40,333	[7],[8]							183,248	[7],[8]							40,333	[7],[8]	183,248	[7],[8]
Golf
Interest income, net																	147
Interest expense, net																	-19,783
Inter-segment eliminations																	5,734
Net interest income (expense)																	-13,902
Operating revenues																	291,537
Other income, net																	5,863
Loan and security servicing expense
Operating expenses - golf																	244,234	[4]
Repairs and maintenance expenses - golf																	9,870
Cost of sales - golf																	30,271
General and administrative expense																	1,435
Acquisition and transaction expenses																	1,941
Management fee to affiliate
Depreciation and amortization																	26,880
Income tax expense																	208
Income from continuing operations																	-31,341
Net income																	-31,341
Net income (loss) attributable to noncontrolling interests																	329
Income Applicable to Common Stockholders																	-31,012
Investments, net	323,969	[5]							345,755								323,969	[5]	345,755
Cash and restricted cash	21,637								22,890								21,637		22,890
Other assets	31,366								32,654								31,366		32,654
Total Assets	376,972								401,299								376,972		401,299
Debt, net	161,857								152,498								161,857		152,498
Other liabilities	164,897								170,623								164,897		170,623
Total Liabilities	326,754								323,121								326,754		323,121
Noncontrolling interests	36								366								36		366
Equity attributable to common stockholders	50,182								77,812								50,182		77,812
Corporate [Member]
Interest income, net																	44		198		170
Interest expense, net																	-3,818		-3,817		-3,813
Net interest income (expense)																	-3,774		-3,619		-3,643
Loan and security servicing expense																			3
General and administrative expense																	7,722		17,440		11,235
Acquisition and transaction expenses																	619
Management fee to affiliate																	21,039		28,057		23,611
Depreciation and amortization																	87		4
Income from continuing operations																	-33,241		-49,123		-38,489
Net income																	-33,241		-49,123		-38,489
Preferred dividends																	-5,580		-5,580		-5,580
Income Applicable to Common Stockholders																	-38,821		-54,703		-44,069
Cash and restricted cash	55,137								23,310								55,137		23,310
Other assets	91								987								91		987
Total Assets	55,228								24,297								55,228		24,297
Debt, net	51,231								51,237								51,231		51,237
Other liabilities	16,475								44,528								16,475		44,528
Total Liabilities	67,706								95,765								67,706		95,765
Preferred Stock	61,583								61,583								61,583		61,583
Equity attributable to common stockholders	($74,061)								($133,051)								($74,061)		($133,051)
[1]	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Including equity in earnings of unconsolidated subsidiaries.
[3]	The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).
[4]	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $5.0 million for the year ended December 31, 2014.
[5]	Net of $35.1 million and $87.7 million of inter-segment eliminations as of December 31, 2014 and 2013, respectively.
[6]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.
[7]	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.
[8]	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 $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Investments Carrying Value	$1,630,471	[1]	$2,456,869
Debt Face Amount	1,318,167		1,953,327	[2]	2,786,059
Non-recourse [Member]
Investments Face Amount	406,217		694,339
Investments Carrying Value	406,217		677,219
Debt Face Amount	406,217		553,833
Debt Carrying Value	406,217		550,177
Non-recourse [Member] | Subprime Mortgage Loans subject to Call Options [Member]
Investments Face Amount	406,217		406,217
Investments Carrying Value	406,217		406,217
Debt Face Amount	406,217		406,217
Debt Carrying Value	406,217		406,217
Non-recourse [Member] | Manufactured Housing Loan Portfolio I [Member]
Investments Face Amount			102,681
Investments Carrying Value			91,924
Debt Face Amount			53,753
Debt Carrying Value			50,424
Non-recourse [Member] | Manufactured Housing Loan Portfolio II [Member]
Investments Face Amount			128,975
Investments Carrying Value			128,117
Debt Face Amount			93,863
Debt Carrying Value			93,536
Non-recourse [Member] | Real Estate Securities [Member]
Investments Face Amount			56,466
Investments Carrying Value			50,961
Other [Member] | Unlevered Real Estate Securities [Member]
Investments Face Amount	167,457		129,563
Investments Carrying Value	12,265		4,296
Other [Member] | Levered Real Estate Securities [Member]
Investments Face Amount	390,771		514,994
Investments Carrying Value	407,689		551,270
Debt Face Amount	385,282		516,134
Debt Carrying Value	385,282		516,134
Other [Member] | Other Investments [Member]
Investments Carrying Value	6,479		6,160
Other [Member] | Residential Mortgage Loans [Member]
Investments Face Amount	934		45,323
Investments Carrying Value	643		34,007
Debt Face Amount			25,119
Debt Carrying Value			25,119
Other Debt [Member]
Investments Face Amount	965,379		1,384,219
Investments Carrying Value	833,293	[3],[4]	1,272,952	[3],[4]
Debt Face Amount	791,499		1,095,086
Debt Carrying Value	$791,499		$1,091,430
[1]	Net of $35.1 million and $87.7 million of inter-segment eliminations as of December 31, 2014 and 2013, respectively.
[2]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.
[3]	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle?s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
[4]	The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).

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 $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Non Recourse VIE Financing Structures [Member] | CDO V [Member]
Gross Assets	$121,497	[1]
Debt	149,402	[1],[2]
Carrying Value of Newcastle's Investment	$7,956	[3]
[1]	Face amount.
[2]	Newcastle CDO V includes $41.8 million face amount of debt owned by Newcastle with a carrying value of $8.0 million at December 31, 2014.
[3]	This amount represents Newcastle's maximum exposure to loss from this entity.

SEGMENT_REPORTING_AND_VARIABLE5

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014		Dec. 31, 2013
Investments, net		$1,630,471	[1]	$2,456,869
Debt Face Amount	2,786,059	1,318,167		1,953,327	[2]
Inter-segment Elimination [Member]
Investments, net		35,100		87,700
Non Recourse VIE Financing Structures [Member] | CDO V [Member]
Debt Face Amount		41,800
Non Recourse VIE Financing Structures [Member] | CDO X [Member]
Decrease in gross assets in deconsolidation of CDO	1,100,000
Decrease in gross liabilities in deconsolidation of CDO	1,200,000
Decrease in AOCI loss in deconsolidation of CDO	25,500
Gain on sale of CDO assets	$224,300
Sale of interest	100.00%
[1]	Net of $35.1 million and $87.7 million of inter-segment eliminations as of December 31, 2014 and 2013, respectively.
[2]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.

REAL_ESTATE_SECURITIES_Real_Es

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
	Securities		Securities
Carrying Value	$231,754		$432,993
Weighted Average Yield	14.82%	[1],[2]
Weighted Average Life (Years)	1 year 7 months 6 days
Total Securities Pledged as Collateral [Member]
Outstanding Face Amount	390,771		514,994
Before Impairment - Amortized Cost Basis	403,216		548,456
Other Than Temporary Impairment - Amortized Cost Basis			-817
Amortized Cost Basis After Impairment	403,216		547,639
Gains - gross unrealized	4,473		3,631
Carrying Value	407,689	[3]	551,270	[3]
Number of securities	9		64
Weighted Average Rating			AAA	[4]
Weighted Average Coupon			2.90%
Weighted Average Yield			1.25%
Weighted Average Life (Years)			3 years 7 months 6 days	[5]
Real Estate Securities Available For Sale [Member]
Outstanding Face Amount			655,911	[6]
Before Impairment - Amortized Cost Basis	306,355		521,047	[6]
Other Than Temporary Impairment - Amortized Cost Basis	-137,810		-166,831	[6]
Amortized Cost Basis After Impairment	168,545		354,216	[6]
Gains - gross unrealized	63,213		79,068	[6]
Losses - gross unrealized	-4		-291	[6]
Carrying Value	231,754	[3]	432,993	[3],[6]
Number of securities	64		101	[6]
Weighted Average Rating			B	[4],[6]
Weighted Average Coupon			4.24%	[6]
Weighted Average Yield			11.86%	[6]
Weighted Average Life (Years)			2 years 4 months 24 days	[5],[6]
CMBS [Member]
Outstanding Face Amount	214,026		333,121
Before Impairment - Amortized Cost Basis	218,900		309,341
Other Than Temporary Impairment - Amortized Cost Basis	-75,574		-81,463
Amortized Cost Basis After Impairment	143,326		227,878
Gains - gross unrealized	35,441		56,881
Losses - gross unrealized	-4		-290
Carrying Value	178,966	[3],[7]	284,469	[3]
Number of securities	32		50
Weighted Average Rating	B	[4]	BB-	[4]
Weighted Average Coupon	5.86%		5.47%
Weighted Average Yield	11.00%		13.50%
Weighted Average Life (Years)	2 years 7 months 6 days	[5]	2 years 7 months 6 days	[5]
Weighted Average Principal Subordination	10.40%	[8]	9.60%	[8]
Non-Agency RMBS [Member]
Outstanding Face Amount	67,475	[9]	96,762	[9]
Before Impairment - Amortized Cost Basis	79,808		103,535
Other Than Temporary Impairment - Amortized Cost Basis	-54,589		-62,860
Amortized Cost Basis After Impairment	25,219	[10]	40,675	[11]
Gains - gross unrealized	19,816		16,907
Losses - gross unrealized			-1
Carrying Value	45,035	[3],[7]	57,581	[3]
Number of securities	28		34
Weighted Average Rating	CCC	[4]	CCC+	[4]
Weighted Average Coupon	1.21%		1.07%
Weighted Average Yield	9.66%		12.20%
Weighted Average Life (Years)	7 years 8 months 12 days	[5]	4 years 4 months 24 days	[5]
Weighted Average Principal Subordination	21.80%	[8]	25.90%	[8]
ABS-Franchise [Member]
Outstanding Face Amount	8,464	[9]	8,464	[9]
Before Impairment - Amortized Cost Basis	7,647		7,647
Other Than Temporary Impairment - Amortized Cost Basis	-7,647		-7,647
Number of securities	1		1
Weighted Average Rating	C	[4]	C	[4]
Weighted Average Coupon	6.69%		6.69%
Weighted Average Yield	0.00%		0.00%
Weighted Average Principal Subordination	0.00%	[8]	0.00%	[8]
CDO Securities [Member]
Outstanding Face Amount	14,413	[3],[9]
Gains - gross unrealized	7,956	[3]
Carrying Value	7,956	[3],[7]
Number of securities	2	[3]
Weighted Average Rating	CCC-	[3],[4]
Weighted Average Coupon	1.46%	[3]
Weighted Average Yield	0.00%	[3]
Weighted Average Life (Years)	11 years 6 months 0 days	[3],[5]
Weighted Average Principal Subordination	13.70%	[3],[8]
Debt Securities [Member]
Outstanding Face Amount	304,378	[6]
Before Impairment - Amortized Cost Basis	306,355	[6]
Other Than Temporary Impairment - Amortized Cost Basis	-137,810	[6]
Amortized Cost Basis After Impairment	168,545	[6]
Gains - gross unrealized	63,213	[6]
Losses - gross unrealized	-4	[6]
Carrying Value	231,754	[6],[7]
Number of securities	63	[6]
Weighted Average Rating	B-	[4],[6]
Weighted Average Coupon	4.64%	[6]
Weighted Average Yield	10.80%	[6]
Weighted Average Life (Years)	4 years 1 month 6 days	[5],[6]
Equity Securities [Member]
Number of securities	1
FNMA/FHLMC Securities [Member]
Outstanding Face Amount	390,771		514,994	[12]
Before Impairment - Amortized Cost Basis	403,216		548,456	[12]
Other Than Temporary Impairment - Amortized Cost Basis			-817	[12]
Amortized Cost Basis After Impairment	403,216		547,639	[12]
Gains - gross unrealized	4,473		3,631	[12]
Carrying Value	407,689	[3]	551,270	[12],[3]
Number of securities	9		64	[12]
Weighted Average Rating	AAA	[4]	AAA	[12],[4]
Weighted Average Coupon	3.50%		2.90%	[12]
Weighted Average Yield	2.94%		1.25%	[12]
Weighted Average Life (Years)	5 years 7 months 6 days	[5]	3 years 7 months 6 days	[12],[5]
REIT Debt [Member]
Outstanding Face Amount			29,200	[9]
Before Impairment - Amortized Cost Basis			28,667
Amortized Cost Basis After Impairment			28,667	[11]
Gains - gross unrealized			2,519
Carrying Value			31,186	[3]
Number of securities			5
Weighted Average Rating			BB+	[4]
Weighted Average Coupon			5.89%
Weighted Average Yield			6.86%
Weighted Average Life (Years)			1 year 9 months 18 days	[5]
Collateralized Debt Obligations Investment [Member]
Outstanding Face Amount			188,364	[13]
Before Impairment - Amortized Cost Basis			71,857	[13]
Other Than Temporary Impairment - Amortized Cost Basis			-14,861	[13]
Amortized Cost Basis After Impairment			56,996
Gains - gross unrealized			2,761	[13]
Carrying Value			$59,757	[3]
Number of securities			11
Weighted Average Rating			CCC-	[4]
Weighted Average Coupon			3.21%
Weighted Average Yield			7.56%
Weighted Average Life (Years)			1 year 2 months 12 days
Weighted Average Principal Subordination			19.10%	[8]
[1]	For others, represents weighted average yield and weighted average coupon.
[2]	Interest only payments over life to maturity and balloon principal payment upon maturity.
[3]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.3 million.
[4]	Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
[5]	The weighted average life is based on the timing of expected principal reduction on the assets.
[6]	As of December 31, 2014 and 2013, the total outstanding face amount of fixed rate securities was $0.6 billion and $0.4 billion, respectively, and of floating rate securities were $0.1 billion and $0.8 billion, respectively.
[7]	See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
[8]	Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle's investments.
[9]	Net of incurred losses.
[10]	Net of discounts (or gross of premiums) and after OTTI.
[11]	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
[12]	Amortized cost basis and carrying value include no principal receivable as of December 31, 2014 and principal receivable of $4.8 million as of December 31, 2013.
[13]	Includes two CDO bonds issued by a third party with a carrying value of $57.8 million, three CDO bonds issued by CDO V (which has been deconsolidated) and held as an investment by Newcastle with a carrying value of $2.0 million and six CDO bonds issued by C-BASS with no carrying value.

REAL_ESTATE_SECURITIES_Holding

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
	Securities
Carrying Value	$231,754		$432,993
Weighted Average Yield	14.82%	[1],[2]
Weighted Average Maturity (Years)	1 year 7 months 6 days
Securities in an Unrealized Loss Position Less than Twelve Months [Member]
Outstanding Face Amount	5,903
Before Impairment - Amortized Cost Basis	9,394
Other Than Temporary Impairment - Amortized Cost Basis	-4,174
Amortized Cost Basis After Impairment	5,220
Gross unrealized losses - less than twelve months	-4
Carrying value - less than twelve months	5,216
Number of securities, less than twelve months	2
Weighted Average Rating	CCC
Weighted Average Coupon	5.53%
Weighted Average Yield	12.23%
Weighted Average Maturity (Years)	3 years 4 months 24 days
Securities in an Unrealized Loss Position [Member]
Outstanding Face Amount	5,903
Before Impairment - Amortized Cost Basis	9,394
Other Than Temporary Impairment - Amortized Cost Basis	-4,174		-2,873	-4,770
Amortized Cost Basis After Impairment	5,220
Total gross unrealized losses	-4
Carrying Value	$5,216
Number of securities, less than twelve months	2
Weighted Average Rating	CCC
Weighted Average Coupon	5.53%
Weighted Average Yield	12.23%
Weighted Average Maturity (Years)	3 years 4 months 24 days
[1]	For others, represents weighted average yield and weighted average coupon.
[2]	Interest only payments over life to maturity and balloon principal payment upon maturity.

REAL_ESTATE_SECURITIES_Holding1

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
RE Securities No Intent to Sell Credit Impaired [Member]
Fair Value	$3,882
Amortized Cost Basis	3,884
Unrealized Credit Losses	-4,174	[1]
Unrealized Non-Credit Losses	-3	[2]
RE Securities No Intent to Sell Non Credit Impaired [Member]
Fair Value	1,334
Amortized Cost Basis	1,336
Unrealized Non-Credit Losses	-1	[2]
Securities in an Unrealized Loss Position [Member]
Fair Value	5,216
Amortized Cost Basis	5,220
Unrealized Credit Losses	-4,174	[1]
Unrealized Non-Credit Losses	($4)	[2]
[1]	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.
[2]	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.

REAL_ESTATE_SECURITIES_Credit_

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Reduction for securities transferred to New Residential	$3,800
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	-4,770
Increases to credit losses on securities for which an OTTI was previously recognized and a portion of OTTI recognized in other comprehensive income	-4,174	-89
Additions for credit losses on securities for which an OTTI was previously recognized without any protion of OTTI recognized in comprehensive income		-2,874
Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date		120
Reduction for securities sold/written off during the period	2,873	4,739
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security		1
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	($4,174)	($2,873)

REAL_ESTATE_SECURITIES_Geograp

REAL ESTATE SECURITIES - Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS (Details 4) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
CMBS [Member]
Principal balance	$214,026
Percentage of principal balance	100.00%
CMBS [Member] | Northeastern US [Member]
Principal balance	57,463
Percentage of principal balance	26.80%
CMBS [Member] | Southeastern US [Member]
Principal balance	47,764
Percentage of principal balance	22.30%
CMBS [Member] | Midwestern US [Member]
Principal balance	35,604
Percentage of principal balance	16.60%
CMBS [Member] | Western US [Member]
Principal balance	30,827
Percentage of principal balance	14.40%
CMBS [Member] | Southwestern US [Member]
Principal balance	27,530
Percentage of principal balance	12.90%
CMBS [Member] | Other Locations [Member]
Principal balance	10,825
Percentage of principal balance	5.10%
CMBS [Member] | Foreign [Member]
Principal balance	4,013
Percentage of principal balance	1.90%
ABS [Member]
Principal balance	75,939
Percentage of principal balance	100.00%
ABS [Member] | Northeastern US [Member]
Principal balance	19,791
Percentage of principal balance	26.10%
ABS [Member] | Southeastern US [Member]
Principal balance	16,448
Percentage of principal balance	21.70%
ABS [Member] | Midwestern US [Member]
Principal balance	10,017
Percentage of principal balance	13.20%
ABS [Member] | Western US [Member]
Principal balance	21,672
Percentage of principal balance	28.50%
ABS [Member] | Southwestern US [Member]
Principal balance	$8,011
Percentage of principal balance	10.50%

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details Narrative) (USD $)	3 Months Ended	12 Months Ended				1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012	Nov. 30, 2014	Jan. 31, 2014	31-May-14
						Securities
Total outstanding face amount of fixed rate securities	$600,000	$600,000	$400,000
Total outstanding face amount of floating rate securities	100,000	100,000	800,000
Principal receivable			4,800
Face amount of securities sold		53,900
Proceeds from sale of securities	53,400	798,580	46,536		127,000
Gain on sale of securities	5,700
Other Than Temporary Impairment Charges in period		0	5,200		19,300
Reduction for securities transferred to New Residential		3,800
OTTI charges for Newcastle owned securities at end of period		0	0		400
Non-consolidated CDO Securities [Member]
Outstanding Face Amount	113,300	113,300
FNMA/FHLMC Securities [Member]
Outstanding Face Amount	390,771	390,771	514,994	[1]
Face amount of securities sold							503,000
Average price percentage						99.10%	105.82%
Proceeds from sale of securities							532,200
Repayments of repurchase agreements							-516,100
Gain on sale of securities							1,900
Face amount of securities purchased						391,900
Number of securities purchased						9
Proceeds from repurchase financing						383,400
CDO Securities Tranche 1 [Member]
Face amount of securities sold								68,300
Average price percentage								105.20%
Proceeds from sale of securities								71,900
Gain on sale of securities								15,000
Repayments of CDO bonds payable and other term loan financings								-71,900
CDO Securities Tranche 2 [Member]
Face amount of securities sold								54,200
Average price percentage								93.00%
Proceeds from sale of securities								50,400
Gain on sale of securities								700
Repayments of CDO bonds payable and other term loan financings								($50,400)
[1]	Amortized cost basis and carrying value include no principal receivable as of December 31, 2014 and principal receivable of $4.8 million as of December 31, 2013.

REAL_ESTATE_RELATED_LOANS_RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
	Loans
Outstanding face amount	$328,101
Carrying value	230,200
Loan Count	14
Weighted Average Yield	14.82%	[1],[2]
Weighted Average Coupon	10.39%	[1],[2]
Weighted Average Life (Years)	1 year 7 months 6 days
Mezzanine Loans [Member]
Outstanding face amount	131,551
Carrying value	103,582	[3]	139,720
Loan Count	7
Weighted Average Yield	7.79%		6.63%
Weighted Average Coupon	7.20%
Weighted Average Life (Years)	1 year 2 months 12 days	[4]
Floating Rate Loans as a % of Face Amount	71.90%
Delinquent face amount	12,000	[5]
Corporate Bank Loans [Member]
Outstanding face amount	174,530
Carrying value	107,715	[3]	166,710
Loan Count	5
Weighted Average Yield	22.08%		24.18%
Weighted Average Coupon	13.19%
Weighted Average Life (Years)	1 year 8 months 12 days	[4]
Floating Rate Loans as a % of Face Amount	0.60%
B-Notes [Member]
Outstanding face amount	21,865
Carrying value	18,748	[3]	101,385
Loan Count	1
Weighted Average Yield	12.00%		10.12%
Weighted Average Coupon	7.32%
Weighted Average Life (Years)	4 years	[4]
Floating Rate Loans as a % of Face Amount	0.00%
Whole Loans [Member]
Outstanding face amount	155
Carrying value	155	[3]	29,715
Loan Count	1
Weighted Average Yield	4.00%		3.65%
Weighted Average Coupon	7.48%
Weighted Average Life (Years)	2 months 12 days	[4]
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	328,101
Carrying value	230,200	[3]	437,530	[6]
Loan Count	14
Weighted Average Yield	14.82%		13.92%
Weighted Average Coupon	10.39%
Weighted Average Life (Years)	1 year 7 months 6 days	[4]
Floating Rate Loans as a % of Face Amount	29.10%
Delinquent face amount	12,000	[5],[7]
Residential Loans [Member]
Outstanding face amount	4,309
Carrying value	3,854	[3],[8]	35,409
Loan Count	6
Weighted Average Yield	23.48%		7.49%
Weighted Average Coupon	1.84%
Weighted Average Life (Years)	1 year 2 months 12 days	[4]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent face amount	766	[5]
Total Residential Mortgage Loans Held-For-Sale [Member]
Outstanding face amount	4,309
Carrying value	3,854		2,185	[9]
Loan Count	6
Weighted Average Yield	23.48%		19.34%
Weighted Average Coupon	1.84%
Weighted Average Life (Years)	1 year 2 months 12 days	[4]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent face amount	766	[5]
Subprime Mortgage Loans Subject to Call [Member]
Outstanding face amount	406,217
Carrying value	406,217		406,217
Non-Securitized Manufacturing Housing Loan Portfolio I [Member]
Carrying value			130
Weighted Average Yield			81.79%
Non-Securitized Manufacturing Housing Loan Portfolio II [Member]
Carrying value			2,055
Weighted Average Yield			15.39%
Securitized Manufacturing Housing Loan Portfolio I [Member]
Carrying value			91,924
Weighted Average Yield			9.44%
Securitized Manufacturing Housing Loan Portfolio II [Member]
Carrying value			128,117
Weighted Average Yield			8.11%
Total Residential Mortgage Loans Held For Investment [Member]
Carrying value			$255,450	[10],[9]
Weighted Average Yield			8.50%
[1]	For others, represents weighted average yield and weighted average coupon.
[2]	Interest only payments over life to maturity and balloon principal payment upon maturity.
[3]	The aggregate United States federal income tax basis for such assets at December 31, 2014 was approximately $253.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans.
[4]	The weighted average life is based on the timing of expected principal reduction on the assets.
[5]	Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned ("REO"). As of December 31, 2014 and December 31, 2013, $76.5 million and $76.5 million face amount of real estate related and other loans, respectively, was on non-accrual status.
[6]	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)
[7]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
[8]	Carrying value includes negligible interest receivable for the residential housing loans.
[9]	Loans acquired at a discount for credit quality.
[10]	The following is an aging analysis of past due residential loans held-for-investment as of December 31, 2013: (See Schedule of aging of past due residential loans held for investment).

REAL_ESTATE_RELATED_LOANS_RESI1

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Large Loans (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
	Loans
Outstanding face amount	$328,101
Carrying value	230,200
Loan Count	14
Weighted Average Yield	14.82%	[1],[2]
Weighted Average Coupon	10.39%	[1],[2]
Weighted Average Life (Years)	1 year 7 months 6 days
Individual Bank Loan 1 [Member]
Outstanding face amount	116,048	[1]
Carrying value	99,976	[1]
Prior Liens	627,615
Loan Count	1
Weighted Average Yield	22.50%	[1],[2]
Weighted Average Coupon	15.55%	[1],[2]
Weighted Average Life (Years)	2 years 1 month 6 days	[1]
Individual Mezzanine Loan 1 [Member]
Outstanding face amount	35,859	[3]
Carrying value	34,246	[3]
Prior Liens	738,782
Loan Count	1	[3]
Weighted Average Yield	7.00%	[2],[3]
Weighted Average Coupon	7.00%	[2],[3]
Weighted Average Life (Years)	1 year 2 months 12 days	[3]
Individual Mezzanine Loan 2 [Member]
Outstanding face amount	28,939	[1]
Carrying value	28,939	[1]
Prior Liens	169,933
Loan Count	1
Weighted Average Yield	7.00%	[1],[2]
Weighted Average Coupon	8.00%	[1],[2]
Weighted Average Life (Years)	1 month 6 days	[1]
Individual Mezzanine Loan 3 [Member]
Outstanding face amount	24,294	[1]
Carrying value	24,294
Prior Liens	299,770
Loan Count	1
Weighted Average Yield	9.00%	[1],[2]
Weighted Average Coupon	9.00%	[1],[2]
Weighted Average Life (Years)	2 years 3 months 19 days
Individual B-Note Loan [Member]
Outstanding face amount	21,865	[1]
Carrying value	18,748	[1]
Prior Liens	124,548
Loan Count	1
Weighted Average Yield	12.00%	[1],[2]
Weighted Average Coupon	7.32%	[1],[2]
Weighted Average Life (Years)	4 years	[1]
Individual Mezzanine Loan 4 [Member]
Outstanding face amount	12,691	[1]
Carrying value	11,716	[1]
Prior Liens	175,000
Loan Count	1
Weighted Average Yield	5.00%	[1],[2]
Weighted Average Coupon	5.15%	[1],[2]
Weighted Average Life (Years)	3 years 7 months 6 days	[1]
Individual Bank Loan 2 [Member]
Outstanding face amount	11,798	[1]
Carrying value	7,291
Loan Count	1
Weighted Average Yield	15.00%	[1],[2]
Weighted Average Coupon	15.00%	[1],[2]
Weighted Average Life (Years)	4 years 2 months 12 days
Others [Member]
Outstanding face amount	76,607	[4]
Carrying value	$4,990	[4]
Loan Count	7
Weighted Average Yield	21.64%	[2],[4]
Weighted Average Coupon	6.55%	[2],[4]
Weighted Average Life (Years)	2 months 12 days	[4]
[1]	Interest only payments over life to maturity and balloon principal payment upon maturity.
[2]	For others, represents weighted average yield and weighted average coupon.
[3]	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
[4]	Various terms of payment. This represents $46.7 million, $29.8 million and $0.1 million of bank loans, mezzanine loans and whole loans, respectively. Each of the seven loans had a carrying value of less than $6.9 million at December 31, 2014.

REAL_ESTATE_RELATED_LOANS_RESI2

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Past Due Residential Loans HFI (Details 2) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Aging Analysis of Past Due Residential Loans Held-For-Sale
Outstanding face amount	$328,101
Residential Loans [Member]
Aging Analysis of Past Due Residential Loans Held-For-Sale
Repossessed	766
Total Past Due	766
Current	3,543
Outstanding face amount	$4,309

REAL_ESTATE_RELATED_LOANS_RESI3

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 3) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Loans
Outstanding Face Amount
Outstanding face amount	$328,101
Carrying Value
Total	230,200
Number of Loans
Total	14
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Outstanding Face Amount
Delinquent face amount	12,000	[1],[2]
2015	64,607
2016	64,799
2017	24,294
2018	21,865
2019	127,845
Thereafter	12,691
Outstanding face amount	328,101
Carrying Value
2015	4,990
2016	63,185
2017	24,294
2018	18,748
2019	107,266
Thereafter	11,717
Total	$230,200	[3]	$437,530	[4]
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 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned ("REO"). As of December 31, 2014 and December 31, 2013, $76.5 million and $76.5 million face amount of real estate related and other loans, respectively, was on non-accrual status.
[2]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
[3]	The aggregate United States federal income tax basis for such assets at December 31, 2014 was approximately $253.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans.
[4]	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)

REAL_ESTATE_RELATED_LOANS_RESI4

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Valuation (allowance) reversal on loans	($2,419)		($25,035)		($24,587)
Carrying value	230,200
Real Estate Related and Other Loans Held For Sale [Member]
Carrying value	437,530		843,132		813,580
Purchases / additional fundings			315,296		109,491
Interest accrued to principal balance	20,830		26,588		22,835
Principal paydowns	-240,937		-257,335		-129,950
Sales			-101,338
Conversion to equity-GateHouse			-393,531
Elimination after restructure-Golf			-29,412
Valuation (allowance) reversal on loans	3,303		19,479		28,213
Gain (Loss) on repayment of loans held-for-sale			7,216		-1,614
Accretion of loan discount and other amortization	8,867		6,689
Other	607		746		577
Carrying value	230,200		437,530		843,132
Residential Mortgage Loans Held For Sale [Member]
Carrying value	2,185		2,471		2,687
Principal paydowns	-9,574		-373		-686
Transfer to held-for-sale	246,121
Sales	-233,349
Valuation (allowance) reversal on loans	-51		105		493
Other	-1,478		-18		-23
Carrying value	3,854		2,185		2,471
Residential Mortgage Loans Held For Investment [Member]
Carrying value	255,450		292,461		331,236
Principal paydowns	-9,436		-45,665		-38,182
Transfer to held-for-sale	-246,121
Valuation (allowance) reversal on loans	-833	[1]	5,451	[1]	-4,119	[1]
Accretion of loan discount and other amortization	115		3,684		4,002
Other	825		-481		-476
Carrying value			255,450		292,461
NPL Reverse Mortgage Loans [Member]
Purchases / additional fundings			35,138
Spin-off of New Residential			-35,865
Accretion of loan discount and other amortization			$727
[1]	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.

REAL_ESTATE_RELATED_LOANS_RESI5

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details 5) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Valuation (allowance) reversal on loans	($2,419)		($25,035)		($24,587)
Real Estate Related and Other Loans Held For Sale [Member]
Beginning balance	-94,037		-182,062		-228,017
Charge-offs	14,808	[1]	68,546	[1]	17,742	[1]
Valuation (allowance) reversal on loans	3,303		19,479		28,213
Ending balance	-75,926		-94,037		-182,062
Residential Mortgage Loans Held For Sale [Member]
Beginning balance	-824		-1,072		-2,461
Charge-offs	84	[1]	143	[1]	896	[1]
Transfer to held-for-sale	-12,369
Sales	13,006
Valuation (allowance) reversal on loans	-51		105		493
Ending balance	-154		-824		-1,072
Residential Mortgage Loans Held For Investment [Member]
Beginning balance	-12,247	[2]	-22,478	[2]	-26,075	[2]
Charge-offs	711	[1],[2]	4,780	[1],[2]	7,716	[1],[2]
Transfer to held-for-sale	12,369	[2]
Valuation (allowance) reversal on loans	-833	[2]	5,451	[2]	-4,119	[2]
Ending balance			($12,247)	[2]	($22,478)	[2]
[1]	The charge-offs for real estate related loans represent three, three and six loans which were written off, sold, restructured, or paid off at a discounted price during 2014, 2013 and 2012, respectively.
[2]	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.

REAL_ESTATE_RELATED_LOANS_RESI6

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details 6) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Outstanding face amount	$328,101
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Outstanding face amount	328,101
Subtotal prior to bank loans not secured by assets	158,776
Percentage of loans	100.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Western US [Member]
Outstanding face amount	28,112
Percentage of loans	17.70%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Northeastern US [Member]
Outstanding face amount	26,302
Percentage of loans	16.60%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southeastern US [Member]
Outstanding face amount	51,247
Percentage of loans	32.30%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Midwestern US [Member]
Outstanding face amount	3,817
Percentage of loans	2.40%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southwestern US [Member]
Outstanding face amount	10,426
Percentage of loans	6.50%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Foreign [Member]
Outstanding face amount	38,872
Percentage of loans	24.50%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Other Locations [Member]
Outstanding face amount	169,325	[1]
Total Residential Mortgage Loans [Member]
Outstanding face amount	4,309
Percentage of loans	100.00%
Total Residential Mortgage Loans [Member] | Western US [Member]
Outstanding face amount	980
Percentage of loans	22.80%
Total Residential Mortgage Loans [Member] | Northeastern US [Member]
Outstanding face amount	523
Percentage of loans	12.10%
Total Residential Mortgage Loans [Member] | Southeastern US [Member]
Outstanding face amount	2,667
Percentage of loans	61.90%
Total Residential Mortgage Loans [Member] | Midwestern US [Member]
Outstanding face amount	$139
Percentage of loans	3.20%
[1]	Includes corporate bank loans which are not directly secured by real estate assets.

REAL_ESTATE_RELATED_LOANS_RESI7

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS, SUBPRIME MORTGAGE LOANS - Subprime Details (Details 7) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
	Loans
Subprime Portfolio I [Member]
Date of acquisition	Mar-06
Original number of loans (approximate)	11,300
Predominant origination date of loans	2005
Original face amount of purchase	$1,500,000
Pre-securitization loan write-down	-4,100
Gain on pre-securitization hedge	5,500
Gain on sale	Less than $0.1 million
Securitization Date	Apr-06
Face amount of loans at securitization	1,500,000
Face amount of notes sold by trust	1,400,000
Stated maturity of notes	Mar-36
Face amount of notes retained by Newcastle	37,600
Fair value of equity retained by Newcastle	62,400
Key assumptions in measuring such fair value (A)
Weighted average life (years)	3 years 1 month 6 days	[1]
Expected credit losses	5.30%	[1]
Weighted average constant prepayment rate	28.00%	[1]
Discount rate	18.80%	[1]
Subprime Portfolio II [Member]
Date of acquisition	Mar-07
Original number of loans (approximate)	7,300
Predominant origination date of loans	2006
Original face amount of purchase	1,300,000
Pre-securitization loan write-down	-5,800
Gain on pre-securitization hedge	5,800
Gain on sale	$0.1 million
Securitization Date	Jul-07
Face amount of loans at securitization	1,100,000
Face amount of notes sold by trust	1,000,000
Stated maturity of notes	Apr-37
Face amount of notes retained by Newcastle	38,800
Fair value of equity retained by Newcastle	$46,700
Key assumptions in measuring such fair value (A)
Weighted average life (years)	3 years 9 months 18 days	[1]
Expected credit losses	8.00%	[1]
Weighted average constant prepayment rate	30.10%	[1]
Discount rate	22.50%	[1]
[1]	As of the date of transfer.

REAL_ESTATE_RELATED_LOANS_RESI8

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Mortgage Loans (Details 8) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Total securitized loans (unpaid principal balance)	$774,922	[1]
Subprime mortgage loans subject to call option	406,217		406,217
Retained interests (fair value)	3,024	[2]
Subprime Portfolio I [Member]
Total securitized loans (unpaid principal balance)	322,723	[1],[3]	372,661	[4]
Subprime mortgage loans subject to call option	299,176
Retained interests (fair value)	3,024	[2]
Subprime Portfolio II [Member]
Total securitized loans (unpaid principal balance)	452,199	[1],[3]	506,620	[4]
Subprime mortgage loans subject to call option	$107,041
[1]	Average loan seasoning of 113 months and 95 months for Subprime Portfolios I and II, respectively, at December 31, 2014.
[2]	The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle's residual interests were written off in 2010. The weighted average yield of the retained note was 22.40% as of December 31, 2014.
[3]	Audited.
[4]	Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.

REAL_ESTATE_RELATED_LOANS_RESI9

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 9) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Loan unpaid principal balance (UPB)	$774,922	[1]
Debt Face Amount	1,318,167		1,953,327	[2]	2,786,059
Subprime Portfolio I [Member]
Loan unpaid principal balance (UPB)	322,723	[1],[3]	372,661	[4]
Weighted Average Coupon	5.77%
Delinquencies of 60 or more days (UPB)	77,785	[5]
Net credit losses	25,225		26,388
Cumulative net credit losses	272,030
Cumulative net credit losses as a % of original UPB	18.10%
Percentage of ARM loans	50.90%	[6]
Percentage of loans with original loan-to-value ratio >90%	10.40%
Percentage of interest-only loans	2.90%
Debt Face Amount	318,723	[7]
Weighted average funding cost of debt	0.53%	[8]
Subprime Portfolio II [Member]
Loan unpaid principal balance (UPB)	452,199	[1],[3]	506,620	[4]
Weighted Average Coupon	4.67%
Delinquencies of 60 or more days (UPB)	158,124	[5]
Net credit losses	34,102		44,855
Cumulative net credit losses	335,676
Cumulative net credit losses as a % of original UPB	30.90%
Percentage of ARM loans	63.90%	[6]
Percentage of loans with original loan-to-value ratio >90%	16.90%
Percentage of interest-only loans	17.20%
Debt Face Amount	$452,199	[7]
Weighted average funding cost of debt	0.44%	[8]
[1]	Average loan seasoning of 113 months and 95 months for Subprime Portfolios I and II, respectively, at December 31, 2014.
[2]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.
[3]	Audited.
[4]	Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.
[5]	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
[6]	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.
[7]	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2014.
[8]	Includes the effect of applicable hedges.

Recovered_Sheet5

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative) (USD $)	3 Months Ended															12 Months Ended							24 Months Ended	5 Months Ended	1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010	31-May-14	Jul. 31, 2014
Face amount of real estate related loans on non-accrual status	$76,500								$76,500							$76,500		$76,500
Federal Income Tax basis	253,500															253,500
Large loan reporting, percentage threshold	3.00%															3.00%
Large loan reporting, dollar threshold	6,900															6,900
Outstanding face amount	328,101															328,101
Debt repayed																		35,900		39,300		188,900	787,800
Annual servicing fee, as a percentage of unpaid principal balances	0.50%															0.50%
Interest income	23,738	[1]	27,544	[2]	29,893	[2]	46,452	[2],[3]	42,072	47,484	[3]	62,824	[3]	61,332	[3]	127,627		213,712		282,951
Weighted Average Yield of Retained Bonds	22.40%															22.40%
CDOs [Member]
Debt repayed																		20,500
Interest income																84,938	[4]	119,292	[4]	197,007	[4]
Individual Bank Loan 1 [Member]
Cash received subsequent to period end	83,300															83,300
Face value subsequent to period end	99,400															99,400
Outstanding face amount	116,048	[5]														116,048	[5]
Others [Member]
Large Loans reporting in the other category - Bank Loans Face Amount	46,700															46,700
Large Loans reporting in the other category - Mezzanine Loans Face Amount	29,800															29,800
Large Loans reporting in the other category - Whole Loans Face Amount	100															100
Outstanding face amount	76,607	[6]														76,607	[6]
Securitized Manufacturing Housing Loan Portfolio [Member]
Outstanding face amount																								222,200
Loan percentage against par																								104.00%
Proceeds from sale of loan portfolio																								231,600
Debt repayed																								132,400
Gross gain on sale of loans																								24,700
Net gain on sale of loans																								19,400
Deal/transaction expenses																								1,900
Write off of unamortized discount on debt																								3,400
Residential Whole Loans [Member]
Outstanding face amount																									37,400
Loan percentage against par																									91.50%
Proceeds from sale of loan portfolio																									34,700
Debt repayed																									23,000
Net gain on sale of loans																									7,800
Deal/transaction expenses																									1,100
Subprime Portfolio I [Member]
Average loan seasoning																9 years 20 months 2 days
Percentage of aggregate principal balance for redemption of option	20.00%															20.00%
Retained Notes excluded from face amount of debt in Subprime Portfolio I	4,000															4,000
Weighted average coupon rate	9.24%															9.24%
Subprime Portfolio II [Member]
Average loan seasoning																7 years 8 months 2 days
Percentage of aggregate principal balance for redemption of option	10.00%															10.00%
Weighted average coupon rate	8.68%															8.68%
Total Real Estate Related and Other Loans Held for Sale
Interest income																49,300		81,500		81,500
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Outstanding face amount	328,101															328,101
Average Carrying Value	270,100								761,700							270,100		761,700		843,400
Total Residential Mortgage Loans [Member]
Outstanding face amount	4,309															4,309
Average Carrying Value	90,500								282,700							90,500		282,700		312,500
Interest income																$8,300		$27,300		$31,600
[1]	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Including equity in earnings of unconsolidated subsidiaries.
[3]	The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).
[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]	Interest only payments over life to maturity and balloon principal payment upon maturity.
[6]	Various terms of payment. This represents $46.7 million, $29.8 million and $0.1 million of bank loans, mezzanine loans and whole loans, respectively. Each of the seven loans had a carrying value of less than $6.9 million at December 31, 2014.

INVESTMENTS_IN_OTHER_REAL_ESTA2

INVESTMENTS IN OTHER REAL ESTATE - Investments in Other Real Estate (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Initial cost - land and improvements	$90,324
Initial cost - building and improvements	136,501
Initial cost - furniture, fixtures and equipment	17,723
Initial cost - construction In-progress	5,660
Costs capitalized subsequent to acquisition	13,815
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	141,156
Gross Carrying Amount - furniture, fixtures and equipment	29,590
Gross Carrying Amount - Construction in-progress	2,953
Gross Carrying Amount - total	264,023		250,208
Accumulated depreciation	-24,740	[1],[2]
Net book value	239,283
Owned Properties [Member]
Initial cost - land and improvements	90,324
Initial cost - building and improvements	86,439
Initial cost - furniture, fixtures and equipment	5,016
Initial cost - construction In-progress	4,362
Costs capitalized subsequent to acquisition	5,769
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	90,211
Gross Carrying Amount - furniture, fixtures and equipment	9,050
Gross Carrying Amount - Construction in-progress	2,325
Gross Carrying Amount - total	191,910	[3],[4]
Accumulated depreciation	-11,205	[1],[2]
Net book value	180,705
Owned Properties [Member] | Bear Creek [Member] | Woodville, WA [Member]
Initial cost - land and improvements	3,573
Initial cost - building and improvements	2,178
Initial cost - furniture, fixtures and equipment	179
Initial cost - construction In-progress	28
Costs capitalized subsequent to acquisition	114
Gross Carrying Amount - land and improvements	3,573
Gross Carrying Amount - buildings and improvements	2,198
Gross Carrying Amount - furniture, fixtures and equipment	287
Gross Carrying Amount - Construction in-progress	14
Gross Carrying Amount - total	6,072
Accumulated depreciation	-290	[1],[2]
Net book value	5,782
Owned Properties [Member] | Bradshaw Farm [Member] | Woodstock, GA [Member]
Initial cost - land and improvements	773
Initial cost - building and improvements	1,962
Initial cost - furniture, fixtures and equipment	92
Costs capitalized subsequent to acquisition	42
Gross Carrying Amount - land and improvements	773
Gross Carrying Amount - buildings and improvements	1,978
Gross Carrying Amount - furniture, fixtures and equipment	118
Gross Carrying Amount - total	2,869
Accumulated depreciation	-256	[1],[2]
Net book value	2,613
Owned Properties [Member] | Brookstone [Member] | Acworth, GA [Member]
Initial cost - land and improvements	579
Initial cost - building and improvements	2,448
Initial cost - furniture, fixtures and equipment	200
Costs capitalized subsequent to acquisition	702
Gross Carrying Amount - land and improvements	579
Gross Carrying Amount - buildings and improvements	2,916
Gross Carrying Amount - furniture, fixtures and equipment	434
Gross Carrying Amount - total	3,929
Accumulated depreciation	-315	[1],[2]
Net book value	3,614
Owned Properties [Member] | Canyon Oaks [Member] | Chico, CA [Member]
Initial cost - land and improvements	1,545
Initial cost - building and improvements	4,127
Initial cost - furniture, fixtures and equipment	205
Initial cost - construction In-progress	13
Costs capitalized subsequent to acquisition	110
Gross Carrying Amount - land and improvements	1,545
Gross Carrying Amount - buildings and improvements	4,161
Gross Carrying Amount - furniture, fixtures and equipment	288
Gross Carrying Amount - Construction in-progress	6
Gross Carrying Amount - total	6,000
Accumulated depreciation	-507	[1],[2]
Net book value	5,493
Owned Properties [Member] | Casa Del Sol [Member] | Mission Viejo, CA [Member]
Initial cost - land and improvements	5,794
Costs capitalized subsequent to acquisition	118
Gross Carrying Amount - land and improvements	5,794
Gross Carrying Amount - furniture, fixtures and equipment	118
Gross Carrying Amount - total	5,912
Accumulated depreciation		[1],[2]
Net book value	5,912
Owned Properties [Member] | El Camino [Member] | Oceanside, CA [Member]
Initial cost - land and improvements	4,635
Initial cost - building and improvements	2,960
Initial cost - furniture, fixtures and equipment	158
Initial cost - construction In-progress	80
Costs capitalized subsequent to acquisition	277
Gross Carrying Amount - land and improvements	4,635
Gross Carrying Amount - buildings and improvements	3,182
Gross Carrying Amount - furniture, fixtures and equipment	254
Gross Carrying Amount - Construction in-progress	39
Gross Carrying Amount - total	8,110
Accumulated depreciation	-346	[1],[2]
Net book value	7,764
Owned Properties [Member] | Forrest Crossing [Member] | Franklin, TN [Member]
Initial cost - land and improvements	3,187
Initial cost - building and improvements	807
Initial cost - furniture, fixtures and equipment	76
Initial cost - construction In-progress	55
Costs capitalized subsequent to acquisition	20
Gross Carrying Amount - land and improvements	3,187
Gross Carrying Amount - buildings and improvements	814
Gross Carrying Amount - furniture, fixtures and equipment	117
Gross Carrying Amount - Construction in-progress	27
Gross Carrying Amount - total	4,145
Accumulated depreciation	-126	[1],[2]
Net book value	4,019
Owned Properties [Member] | Gettysvue [Member] | Knoxville, TN [Member]
Initial cost - land and improvements	2,994
Initial cost - building and improvements	1,428
Initial cost - furniture, fixtures and equipment	235
Initial cost - construction In-progress	181
Costs capitalized subsequent to acquisition	281
Gross Carrying Amount - land and improvements	2,994
Gross Carrying Amount - buildings and improvements	1,619
Gross Carrying Amount - furniture, fixtures and equipment	417
Gross Carrying Amount - Construction in-progress	89
Gross Carrying Amount - total	5,119
Accumulated depreciation	-273	[1],[2]
Net book value	4,846
Owned Properties [Member] | Lomas Santa Fe [Member] | Solana Beach, CA [Member]
Initial cost - land and improvements	3,766
Costs capitalized subsequent to acquisition	48
Gross Carrying Amount - land and improvements	3,766
Gross Carrying Amount - buildings and improvements	24
Gross Carrying Amount - furniture, fixtures and equipment	24
Gross Carrying Amount - total	3,814
Net book value	3,814
Owned Properties [Member] | Marbella [Member] | SJ Capistrano, CA [Member]
Initial cost - land and improvements	5,794
Initial cost - building and improvements	9,114
Initial cost - furniture, fixtures and equipment	410
Costs capitalized subsequent to acquisition	425
Gross Carrying Amount - land and improvements	5,794
Gross Carrying Amount - buildings and improvements	9,248
Gross Carrying Amount - furniture, fixtures and equipment	701
Gross Carrying Amount - total	15,743
Accumulated depreciation	62	[1],[2]
Net book value	15,805
Owned Properties [Member] | Monterey [Member] | Palm Desert, CA [Member]
Initial cost - land and improvements	5,698
Initial cost - building and improvements	3,004
Initial cost - furniture, fixtures and equipment	202
Initial cost - construction In-progress	19
Costs capitalized subsequent to acquisition	337
Gross Carrying Amount - land and improvements	5,698
Gross Carrying Amount - buildings and improvements	3,170
Gross Carrying Amount - furniture, fixtures and equipment	383
Gross Carrying Amount - Construction in-progress	9
Gross Carrying Amount - total	9,260
Accumulated depreciation	-430	[1],[2]
Net book value	8,830
Owned Properties [Member] | Oakhurst [Member] | Clayton, CA [Member]
Initial cost - land and improvements	1,449
Initial cost - building and improvements	2,575
Initial cost - furniture, fixtures and equipment	428
Initial cost - construction In-progress	1,645
Costs capitalized subsequent to acquisition	-427
Gross Carrying Amount - land and improvements	1,449
Gross Carrying Amount - buildings and improvements	2,636
Gross Carrying Amount - furniture, fixtures and equipment	599
Gross Carrying Amount - Construction in-progress	986
Gross Carrying Amount - total	5,670
Accumulated depreciation	-2,297	[1],[2]
Net book value	3,373
Owned Properties [Member] | Oregon Golf Club [Member] | West Linn, OR [Member]
Initial cost - land and improvements	4,828
Initial cost - building and improvements	8,011
Initial cost - furniture, fixtures and equipment	416
Initial cost - construction In-progress	51
Costs capitalized subsequent to acquisition	364
Gross Carrying Amount - land and improvements	4,828
Gross Carrying Amount - buildings and improvements	8,085
Gross Carrying Amount - furniture, fixtures and equipment	732
Gross Carrying Amount - Construction in-progress	25
Gross Carrying Amount - total	13,670
Accumulated depreciation	-889	[1],[2]
Net book value	12,781
Owned Properties [Member] | Palm Valley [Member] | Palm Desert, CA [Member]
Initial cost - land and improvements	7,531
Initial cost - building and improvements	8,864
Initial cost - furniture, fixtures and equipment	379
Initial cost - construction In-progress	56
Costs capitalized subsequent to acquisition	494
Gross Carrying Amount - land and improvements	7,531
Gross Carrying Amount - buildings and improvements	9,144
Gross Carrying Amount - furniture, fixtures and equipment	621
Gross Carrying Amount - Construction in-progress	28
Gross Carrying Amount - total	17,324
Accumulated depreciation	-962	[1],[2]
Net book value	16,362
Owned Properties [Member] | Plantation [Member] | Boise, ID [Member]
Initial cost - land and improvements	2,607
Initial cost - building and improvements	2,236
Initial cost - furniture, fixtures and equipment	262
Initial cost - construction In-progress	13
Costs capitalized subsequent to acquisition	202
Gross Carrying Amount - land and improvements	2,607
Gross Carrying Amount - buildings and improvements	2,262
Gross Carrying Amount - furniture, fixtures and equipment	445
Gross Carrying Amount - Construction in-progress	6
Gross Carrying Amount - total	5,320
Accumulated depreciation	-336	[1],[2]
Net book value	4,984
Owned Properties [Member] | Rancho San Joaquin [Member] | Irvine, CA [Member]
Initial cost - land and improvements	12,650
Initial cost - building and improvements	3,775
Initial cost - furniture, fixtures and equipment	279
Initial cost - construction In-progress	1,366
Costs capitalized subsequent to acquisition	199
Gross Carrying Amount - land and improvements	12,650
Gross Carrying Amount - buildings and improvements	4,336
Gross Carrying Amount - furniture, fixtures and equipment	609
Gross Carrying Amount - Construction in-progress	674
Gross Carrying Amount - total	18,269
Accumulated depreciation	-458	[1],[2]
Net book value	17,811
Owned Properties [Member] | Seascape [Member] | Aptos, CA [Member]
Initial cost - land and improvements	2,897
Initial cost - building and improvements	4,944
Initial cost - furniture, fixtures and equipment	108
Initial cost - construction In-progress	67
Costs capitalized subsequent to acquisition	103
Gross Carrying Amount - land and improvements	2,897
Gross Carrying Amount - buildings and improvements	4,985
Gross Carrying Amount - furniture, fixtures and equipment	204
Gross Carrying Amount - Construction in-progress	33
Gross Carrying Amount - total	8,119
Accumulated depreciation	-457	[1],[2]
Net book value	7,662
Owned Properties [Member] | Summitpointe [Member] | Milpitas, CA [Member]
Initial cost - land and improvements	2,511
Initial cost - building and improvements	3,271
Initial cost - furniture, fixtures and equipment	128
Initial cost - construction In-progress	8
Costs capitalized subsequent to acquisition	132
Gross Carrying Amount - land and improvements	2,511
Gross Carrying Amount - buildings and improvements	3,330
Gross Carrying Amount - furniture, fixtures and equipment	205
Gross Carrying Amount - Construction in-progress	4
Gross Carrying Amount - total	6,050
Accumulated depreciation	-344	[1],[2]
Net book value	5,706
Owned Properties [Member] | Sunset Hills [Member] | Thousand Oaks, CA [Member]
Initial cost - land and improvements	2,125
Initial cost - building and improvements	5,447
Initial cost - furniture, fixtures and equipment	383
Costs capitalized subsequent to acquisition	249
Gross Carrying Amount - land and improvements	2,125
Gross Carrying Amount - buildings and improvements	5,506
Gross Carrying Amount - furniture, fixtures and equipment	573
Gross Carrying Amount - total	8,204
Accumulated depreciation	-674	[1],[2]
Net book value	7,530
Owned Properties [Member] | Tanoan [Member] | Albuquerque, NM [Member]
Initial cost - land and improvements	1,642
Initial cost - building and improvements	7,600
Initial cost - furniture, fixtures and equipment	431
Initial cost - construction In-progress	364
Costs capitalized subsequent to acquisition	419
Gross Carrying Amount - land and improvements	1,642
Gross Carrying Amount - buildings and improvements	7,982
Gross Carrying Amount - furniture, fixtures and equipment	652
Gross Carrying Amount - Construction in-progress	180
Gross Carrying Amount - total	10,456
Accumulated depreciation	-1,025	[1],[2]
Net book value	9,431
Owned Properties [Member] | Trophy Club of Apalachee [Member] | Dacula, GA [Member]
Initial cost - land and improvements	483
Initial cost - building and improvements	640
Initial cost - furniture, fixtures and equipment	55
Costs capitalized subsequent to acquisition	163
Gross Carrying Amount - land and improvements	483
Gross Carrying Amount - buildings and improvements	781
Gross Carrying Amount - furniture, fixtures and equipment	77
Gross Carrying Amount - total	1,341
Accumulated depreciation	-98	[1],[2]
Net book value	1,243
Owned Properties [Member] | Trophy Club of Atlanta [Member] | Alpharetta, GA [Member]
Initial cost - land and improvements	483
Initial cost - building and improvements	3,898
Initial cost - furniture, fixtures and equipment	60
Costs capitalized subsequent to acquisition	93
Gross Carrying Amount - land and improvements	483
Gross Carrying Amount - buildings and improvements	3,966
Gross Carrying Amount - furniture, fixtures and equipment	85
Gross Carrying Amount - total	4,534
Accumulated depreciation	-342	[1],[2]
Net book value	4,192
Owned Properties [Member] | Vista Valencia [Member] | Valencia, CA [Member]
Initial cost - land and improvements	1,352
Initial cost - building and improvements	5,199
Initial cost - furniture, fixtures and equipment	91
Costs capitalized subsequent to acquisition	249
Gross Carrying Amount - land and improvements	1,352
Gross Carrying Amount - buildings and improvements	5,411
Gross Carrying Amount - furniture, fixtures and equipment	128
Gross Carrying Amount - total	6,891
Accumulated depreciation	-503	[1],[2]
Net book value	6,388
Owned Properties [Member] | Wood Ranch [Member] | Sim Valley, CA [Member]
Initial cost - land and improvements	2,125
Initial cost - building and improvements	1,951
Initial cost - furniture, fixtures and equipment	239
Initial cost - construction In-progress	416
Costs capitalized subsequent to acquisition	723
Gross Carrying Amount - land and improvements	2,125
Gross Carrying Amount - buildings and improvements	2,302
Gross Carrying Amount - furniture, fixtures and equipment	822
Gross Carrying Amount - Construction in-progress	205
Gross Carrying Amount - total	5,454
Accumulated depreciation	-339	[1],[2]
Net book value	5,115
Owned Properties [Member] | Other [Member]
Initial cost - land and improvements	9,303
Costs capitalized subsequent to acquisition	332
Gross Carrying Amount - land and improvements	9,303
Gross Carrying Amount - buildings and improvements	175
Gross Carrying Amount - furniture, fixtures and equipment	157
Gross Carrying Amount - total	9,635
Net book value	$9,635
[1]	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
[2]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
[3]	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
[4]	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 RE securities).

INVESTMENTS_IN_OTHER_REAL_ESTA3

INVESTMENTS IN OTHER REAL ESTATE - Investments in Other Real Estate (Details 1) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Initial cost - land and improvements	$90,324
Initial cost - building and improvements	136,501
Initial cost - furniture, fixtures and equipment	17,723
Initial cost - construction In-progress	5,660
Costs capitalized subsequent to acquisition	13,815
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	141,156
Gross Carrying Amount - furniture, fixtures and equipment	29,590
Gross Carrying Amount - construction in-progress	2,953
Gross Carrying Amount - total	264,023		250,208
Accumulated depreciation	-24,740	[1],[2]
Net book value	239,283
Managed Properties [Member]
Initial cost - furniture, fixtures and equipment	59
Costs capitalized subsequent to acquisition	209
Gross Carrying Amount - buildings and improvements	186
Gross Carrying Amount - furniture, fixtures and equipment	82
Gross Carrying Amount - total	268
Accumulated depreciation	-31	[1],[2]
Net book value	237
Managed Properties [Member] | Lomas Santa Fe [Member] | Solana Beach, CA [Member]
Initial cost - furniture, fixtures and equipment	8
Costs capitalized subsequent to acquisition	2
Gross Carrying Amount - furniture, fixtures and equipment	10
Gross Carrying Amount - total	10
Accumulated depreciation	-2	[1],[2]
Net book value	8
Managed Properties [Member] | Paradise Knolls [Member] | Riverdale, CA [Member]
Initial cost - furniture, fixtures and equipment	46
Costs capitalized subsequent to acquisition	13
Gross Carrying Amount - furniture, fixtures and equipment	59
Gross Carrying Amount - total	59
Accumulated depreciation	-26	[1],[2]
Net book value	33
Managed Properties [Member] | Pumpkin Ridge [Member] | North Plains, OR [Member]
Costs capitalized subsequent to acquisition	193
Gross Carrying Amount - buildings and improvements	186
Gross Carrying Amount - furniture, fixtures and equipment	7
Gross Carrying Amount - total	193
Accumulated depreciation		[1],[2]
Net book value	193
Managed Properties [Member] | Yorba Linda [Member] | Yorba Linda, CA [Member]
Initial cost - furniture, fixtures and equipment	5
Costs capitalized subsequent to acquisition	1
Gross Carrying Amount - furniture, fixtures and equipment	6
Gross Carrying Amount - total	6
Accumulated depreciation	-3	[1],[2]
Net book value	3
Leased Properties [Member]
Initial cost - building and improvements	50,062
Initial cost - furniture, fixtures and equipment	9,429
Initial cost - construction In-progress	1,298
Costs capitalized subsequent to acquisition	4,054
Gross Carrying Amount - buildings and improvements	50,341
Gross Carrying Amount - furniture, fixtures and equipment	13,874
Gross Carrying Amount - construction in-progress	628
Gross Carrying Amount - total	64,843
Accumulated depreciation	-12,048	[1],[2]
Net book value	52,795
Corporate [Member]
Initial cost - furniture, fixtures and equipment	3,219
Costs capitalized subsequent to acquisition	3,783
Gross Carrying Amount - buildings and improvements	418
Gross Carrying Amount - furniture, fixtures and equipment	6,584
Gross Carrying Amount - total	7,002
Accumulated depreciation	-1,456	[1],[2]
Net book value	5,546
Owned Properties [Member]
Initial cost - land and improvements	90,324
Initial cost - building and improvements	86,439
Initial cost - furniture, fixtures and equipment	5,016
Initial cost - construction In-progress	4,362
Costs capitalized subsequent to acquisition	5,769
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	90,211
Gross Carrying Amount - furniture, fixtures and equipment	9,050
Gross Carrying Amount - construction in-progress	2,325
Gross Carrying Amount - total	191,910	[3],[4]
Accumulated depreciation	-11,205	[1],[2]
Net book value	180,705
Owned Properties [Member] | Other [Member]
Initial cost - land and improvements	9,303
Costs capitalized subsequent to acquisition	332
Gross Carrying Amount - land and improvements	9,303
Gross Carrying Amount - buildings and improvements	175
Gross Carrying Amount - furniture, fixtures and equipment	157
Gross Carrying Amount - total	9,635
Net book value	$9,635
[1]	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
[2]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
[3]	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
[4]	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 RE securities).

INVESTMENTS_IN_OTHER_REAL_ESTA4

INVESTMENTS IN OTHER REAL ESTATE - Rollforward of Investments in Other Real Estate (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Gross Carrying Amount
Balance, beginning of year	$250,208
Additions:
Acquisitions of other real estate			250,208
Improvements	16,035
Disposals:
Disposal of long-lived assets	-2,220
Balance, end of year	264,023		250,208
Accumulated Depreciation
Balance, beginning of year	-24,740	[1],[2]
Additions:
Depreciation expenses	-25,666
Disposals:
Disposal of long-lived assets	926
Balance, end of year	($24,740)	[1],[2]
[1]	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
[2]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.

INVESTMENTS_IN_OTHER_REAL_ESTA5

INVESTMENTS IN OTHER REAL ESTATE (Details Narrative) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate [Abstract]
Federal income tax basis	$300,200

INTANGIBLES_NET_OF_ACCUMULATED2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Amortized intangible assets:
Total Intangibles, net, including non-amortizable assets	$84,686		$95,548
Golf Investments [Member]
Amortized intangible assets:
Accumulated Amortization	-10,803
Nonamortizable liquor license	850		900
Total Intangibles, including non-amortizable assets	95,489		95,548
Total Intangibles, net, including non-amortizable assets	84,686		95,548
Golf Investments [Member] | Trade Name
Amortized intangible assets:
Gross Carrying Amount	700		700
Accumulated Amortization	-23
Net Carrying Value	677		700
Golf Investments [Member] | Leasehold Intangibles
Amortized intangible assets:
Gross Carrying Amount	50,275	[1]	50,275	[1]
Accumulated Amortization	-5,206	[1]
Net Carrying Value	45,069	[1]	50,275	[1]
Golf Investments [Member] | Management Contracts
Amortized intangible assets:
Gross Carrying Amount	37,650		37,659
Accumulated Amortization	-4,666
Net Carrying Value	32,984		37,659
Golf Investments [Member] | Internally-developed software
Amortized intangible assets:
Gross Carrying Amount	800		800
Accumulated Amortization	-160
Net Carrying Value	640		800
Golf Investments [Member] | Membership Base
Amortized intangible assets:
Gross Carrying Amount	5,214		5,214
Accumulated Amortization	-748
Net Carrying Value	$4,466		$5,214
[1]	The amortization expense for leasehold intangibles is reported in operating expense - golf on the consolidated statements of income.

INTANGIBLES_NET_OF_ACCUMULATED3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Future Amortization Expense (Details 1) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]
2015	$10,803
2016	9,937
2017	8,959
2018	8,414
2019	7,765
Thereafter	37,958
Total	$83,836

DERIVATIVES_Schedule_of_fair_v

DERIVATIVES - Schedule of fair value of derivatives financial instruments (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Interest rate swaps [Member] | Designated as hedging instrument [Member]
Fair Value of Derivatives	$1,963	$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	334	7,592
Fair Value of Derivatives, Balance Sheet Location	Accounts payable. accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
TBAs [Member] | Not designated as hedging instrument [Member]
Fair Value of Derivatives	2,031
Fair Value of Derivatives, Balance Sheet Location	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
Derivative Transactions [Member] | Liabilities [Member]
Fair Value of Derivatives	4,328	13,795
Derivative Transactions [Member] | Assets [Member]
Fair Value of Derivatives		$43,662

DERIVATIVES_Schedule_of_gains_

DERIVATIVES - Schedule of gains (losses) recorded in relation to derivatives (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flow hedges
Cash flow hedge income statement location - ineffective portion			Other income (loss)
Realized gain (loss) on the ineffective portion			$483
Cash flow hedge income statement location - loss at de-designation			Gain (loss) on sale of investments, Other income (loss)
Loss immediately recognized at de-designation			-7,036
Cash flow hedge income statement location - reclassifications	Interest expense	Interest expense	Interest expense
Deferred hedge gain (loss) reclassified from AOCI into earnings	27	-99	1,249
Amount of loss reclassified from AOCI into income (effective portion)	-4,379	-6,128	-30,631
Non-hedge income statement location	Other income	Other income	Other income
Gain recognized related to interest rate swaps	7,131	10,577	9,101
Non-hedge income statement location - linked transactions interest expense	Interest expense	Interest expense
Linked transactions non-hedge interest expense	-211	-236
Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)	-177	-195	-11,825
TBAs [Member] | Not designated as hedging instrument [Member]
Cash flow hedges
Non-hedge income statement location	Other income (loss)
Gain recognized related to non-hedge	-2,030
Linked Transactions [Member]
Cash flow hedges
Non-hedge income statement location	Other income	Other income
Gain recognized related to non-hedge	$12,498	$1,168

DERIVATIVES_Schedule_of_additi

DERIVATIVES - Schedule of additional information about cash flow hedges (Details 2) (Designated as hedging instrument [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred [Member]
Cash flow hedges
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	$78	$53
Current [Member]
Cash flow hedges
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	($1,730)	($3,915)

DERIVATIVES_Schedule_of_gross_

DERIVATIVES - Schedule of gross and net information about linked transactions (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate securities, available-for-sale	$231,754	$432,993
Repurchase agreements	-441,176	-556,347		-929,435
Linked Transactions [Member]
Real estate securities, available-for-sale		104,308	[1]
Repurchase agreements		-60,646	[2]
Net Assets recognized as linked transactions		$43,662
[1]	Represents the fair value of the securities accounted for as part of linked transactions.
[2]	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions.

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Value (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Financial Instruments
Real estate securities, available-for-sale	$231,754		$432,993
Real estate securities, pledged as collateral	407,689		551,270
Real estate related and other loans, held-for-sale, net	230,200		437,530
Residential mortgage loans, held-for-investment, net			255,450
Residential mortgage loans, held-for-sale, net	3,854		2,185
Subprime mortgage loans subject to call option	406,217		406,217
Restricted cash	15,714		5,856
Cash and cash equivalents	73,727		42,721		221,798	156,334
Non-hedge derivative assets			43,662
Financial Instruments
CDO bonds payable	227,673		544,525
Other bonds and notes payable	27,069		230,279
Repurchase agreements	441,176		556,347		929,435
Credit facilities and obligations under capital leases, golf	161,857		152,498
Financing of subprime mortgage loans subject to call option	406,217		406,217
Junior subordinated notes payable	51,231		51,237
Carrying Value [Member]
Financial Instruments
Real estate securities, available-for-sale	231,754	[1],[2]	432,933
Real estate securities, pledged as collateral	407,689		551,270
Real estate related and other loans, held-for-sale, net	230,200		437,530
Residential mortgage loans, held-for-investment, net			255,450
Residential mortgage loans, held-for-sale, net	3,854		2,185
Subprime mortgage loans subject to call option	406,217	[3]	406,217	[3]
Restricted cash	15,714	[4]	5,856
Cash and cash equivalents	73,727	[4]	42,721
Non-hedge derivative assets			43,662	[5]
Financial Instruments
CDO bonds payable	227,673	[6]	544,525	[6]
Other bonds and notes payable	27,069	[6]	230,279	[6]
Repurchase agreements	441,176		556,347
Credit facilities and obligations under capital leases, golf	161,857		152,498
Financing of subprime mortgage loans subject to call option	406,217	[3]	406,217	[3]
Junior subordinated notes payable	51,231		51,237
Interest rate swaps, treated as hedges	1,963	[5]	6,203	[5]
Non-hedge derivatives	2,365	[5]	7,592	[5]
Estimated Fair Value [Member]
Financial Instruments
Real estate securities, available-for-sale	231,754	[1],[2]	432,933
Real estate securities, pledged as collateral	407,689		551,270
Real estate related and other loans, held-for-sale, net	246,678		456,535
Residential mortgage loans, held-for-investment, net			252,039
Residential mortgage loans, held-for-sale, net	4,076		2,185
Subprime mortgage loans subject to call option	406,217	[3]	406,217	[3]
Restricted cash	15,714	[4]	5,856
Cash and cash equivalents	73,727	[4]	42,721
Non-hedge derivative assets			43,662	[5]
Financial Instruments
CDO bonds payable	134,491	[6]	395,689	[6]
Other bonds and notes payable	28,102	[6]	235,464	[6]
Repurchase agreements	441,176		556,347
Credit facilities and obligations under capital leases, golf	161,857		152,498
Financing of subprime mortgage loans subject to call option	406,217	[3]	406,217	[3]
Junior subordinated notes payable	28,918		35,479
Interest rate swaps, treated as hedges	1,963	[5]	6,203	[5]
Non-hedge derivatives	$2,365	[5]	$7,592	[5]
[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]	Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9).
[6]	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse 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.

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Fair Value Recurring Basis (Details 1) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:
Real estate securities, available-for-sale	$231,754		$432,993
Real estate securities, pledged as collateral	407,689		551,270
Derivative Liabilities:
Derivative liabilities	4,328		13,795
Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	231,754	[1],[2]	432,933
Real estate securities, pledged as collateral	407,689		551,270
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,963	[3]	6,203	[3]
Interest rate swapsand TBAs, not treated as hedges	2,365	[3]	7,592	[3]
Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	231,754	[1],[2]	432,933
Real estate securities, pledged as collateral	407,689		551,270
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,963	[3]	6,203	[3]
Interest rate swapsand TBAs, not treated as hedges	2,365	[3]	7,592	[3]
Non-Agency RMBS [Member]
Assets:
Real estate securities, available-for-sale	45,035	[4],[5]	57,581	[4]
CDO Securities [Member]
Assets:
Real estate securities, available-for-sale	7,956	[4],[5]
FNMA/FHLMC Securities [Member]
Assets:
Real estate securities, available-for-sale	407,689	[4]	551,270	[4],[6]
Measured on a Recurring Basis [Member] | Level 2 [Member]
Assets:
Real estate securities, pledged as collateral	407,689
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,963
Interest rate swapsand TBAs, not treated as hedges	2,365
Derivative liabilities	4,328
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	223,798
Measured on a Recurring Basis [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	231,754
Real estate securities, pledged as collateral	407,689
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,963
Interest rate swapsand TBAs, not treated as hedges	2,365
Derivative liabilities	4,328
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	231,754
Real estate securities, pledged as collateral	407,689
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,963
Interest rate swapsand TBAs, not treated as hedges	2,365
Derivative liabilities	4,328
Measured on a Recurring Basis [Member] | CMBS [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	178,763
Measured on a Recurring Basis [Member] | CMBS [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	178,763
Measured on a Recurring Basis [Member] | CMBS [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	178,966
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	45,035
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	45,035
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	45,035
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	7,956	[7],[8]
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	7,956	[7],[8]
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	7,956	[7],[8]
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Level 2 [Member]
Assets:
Real estate securities, pledged as collateral	407,689
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Carrying Value [Member]
Assets:
Real estate securities, pledged as collateral	407,689
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, pledged as collateral	$407,689
[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 derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9).
[4]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.3 million.
[5]	See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities.
[6]	Amortized cost basis and carrying value include no principal receivable as of December 31, 2014 and principal receivable of $4.8 million as of December 31, 2013.
[7]	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.
[8]	Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $113.3 million as of December 31, 2014.

FAIR_VALUE_OF_FINANCIAL_INSTRU4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information about Significant Unobservable Inputs (Details 2) (Measured on a Recurring Basis [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Fair Value	$7,956
CDO Securities [Member]
Fair Value	$7,956
Weighted Average Signiifcant Input
Discount Rate	8.50%
Weighted Average - Prepayment Speed	3.70%
Cumulative Default Rate	20.70%
Loss Severity	73.30%

FAIR_VALUE_OF_FINANCIAL_INSTRU5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Fair Value of Level 3 Investments (Details 3) (Measured on a Recurring Basis [Member], Level 3 Inputs [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Balance, beginning	$445,469		$804,866
Spin-off of New Residential			-560,783	[1]
Total gains (losses)
Included in net income	33,023	[2],[3]	5,113	[2],[3]
Included in other comprehensive income (loss)	-13,052	[2]	41,269	[2]
Amortization included in interest income	24,326		36,426
Purchases, sales and settlements
Purchases			310,332
Proceeds from sales	-146,092		-126,261
Proceeds from repayments	-111,920		-65,493
Balance, ending	231,754		445,469
Derivative Transactions [Member]
Balance, beginning	43,662
Total gains (losses)
Included in net income	12,498	[2],[3]	1,168	[2],[3]
Purchases, sales and settlements
Purchases			43,172
Proceeds from repayments	-56,160		-678
Balance, ending			43,662
CMBS [Member]
Balance, beginning	284,469		376,391
Total gains (losses)
Included in net income	15,384	[2],[3]	17
Included in other comprehensive income (loss)	-21,154	[2]	17,167
Amortization included in interest income	17,184		12,849
Purchases, sales and settlements
Proceeds from sales	-73,252		-105,565
Proceeds from repayments	-43,868		-16,390
Balance, ending	178,763		284,469
ABS-Subprime[Member]
Balance, beginning	57,581		355,975
Spin-off of New Residential			-560,783	[1]
Total gains (losses)
Included in net income	4,165	[2],[3]	2,372	[2],[3]
Included in other comprehensive income (loss)	2,909	[2]	24,755	[2]
Amortization included in interest income	5,218		17,981
Purchases, sales and settlements
Purchases			267,160
Proceeds from sales	-15,787		-11,181
Proceeds from repayments	-9,051		-38,698
Balance, ending	45,035		57,581
ABS-Other[Member]
Balance, beginning			1,475
Total gains (losses)
Included in net income			-82	[2],[3]
Included in other comprehensive income (loss)			73	[2]
Amortization included in interest income			331
Purchases, sales and settlements
Proceeds from sales			-1,359
Proceeds from repayments			-438
Equity/Other Securities [Member]
Balance, beginning	59,757		71,025
Total gains (losses)
Included in net income	976	[2],[3]	1,638	[2],[3]
Included in other comprehensive income (loss)	5,193	[2]	-726	[2]
Amortization included in interest income	1,924		5,265
Purchases, sales and settlements
Proceeds from sales	-57,053		-8,156
Proceeds from repayments	-2,841		-9,289
Balance, ending	$7,956		$59,757
[1]	The spin-off of New Residential occurred on May 15, 2013.
[2]	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.
[3]	These gains (losses) are recorded in the following line items in the consolidated statements of income:

FAIR_VALUE_OF_FINANCIAL_INSTRU6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Gains Losses on RE Securities (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Gain (loss) on settlement of investments, net	$50,734		$17,369		$232,897
OTTI			-5,222		-19,359
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]
Gain (loss) on settlement of investments, net	20,525		5,367
Other income (loss), net	12,498		1,168
OTTI			-1,422
Total	$33,023	[1],[2]	$5,113	[1],[2]
[1]	None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting date.
[2]	These gains (losses) are recorded in the following line items in the consolidated statements of income:

FAIR_VALUE_OF_FINANCIAL_INSTRU7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Loan Valuation (Details 5) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Carrying value	$230,200
Mezzanine Loans [Member]
Carrying value	103,582	[1]	139,720
Fair Value	106,459
Discount Rate	7.80%
Loss Severity	22.60%
Mezzanine Loans [Member] | Lower Range
Discount Rate	5.00%
Loss Severity	0.00%
Mezzanine Loans [Member] | Upper Range
Discount Rate	20.00%
Loss Severity	100.00%
Corporate Bank Loans [Member]
Carrying value	107,715	[1]	166,710
Fair Value	121,315
Discount Rate	22.10%
Loss Severity	26.30%
Corporate Bank Loans [Member] | Lower Range
Discount Rate	15.00%
Loss Severity	0.00%
Corporate Bank Loans [Member] | Upper Range
Discount Rate	43.70%
Loss Severity	100.00%
B-Notes [Member]
Carrying value	18,748	[1]	101,385
Fair Value	18,748
Discount Rate	12.00%
Loss Severity	0.00%
Whole Loans [Member]
Carrying value	155	[1]	29,715
Fair Value	156
Discount Rate	4.00%
Loss Severity	0.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Carrying value	230,200	[1]	437,530	[2]
Fair Value	246,678
Residential Loans [Member]
Carrying value	3,854	[1],[3]	35,409
Fair Value	4,076
Discount Rate	23.50%
Loss Severity	3.90%
Prepayment Speed	0.20%
Constant Default Rate	18.00%
Total Residential Mortgage Loans Held-For-Sale [Member]
Carrying value	3,854		2,185	[4]
Fair Value	$4,076
[1]	The aggregate United States federal income tax basis for such assets at December 31, 2014 was approximately $253.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans.
[2]	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)
[3]	Carrying value includes negligible interest receivable for the residential housing loans.
[4]	Loans acquired at a discount for credit quality.

DEBT_OBLIGATIONS_Debt_Obligati

DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)	12 Months Ended		1 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Jun. 30, 2013	Jul. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
Debt Face Amount	$1,318,167				$1,953,327	[1]	$2,786,059
Carrying Value	1,315,223	[2]			1,941,103	[1]
CDO VI Bonds Payable [Member]
Month Issued	2005-04	[3]
Debt Face Amount	92,462	[3]			92,018	[1],[3]
Carrying Value	92,462	[3]			92,018	[1],[3]
Final Stated Maturity	2040-04	[3]
Weighted Average Coupon - Rate	0.86%	[3],[4]
Weighted Average Funding Cost	5.36%	[3],[5]
Weighted Average Life (Years)	5 years 1 month 6 days	[3]
Face Amount of Floating Rate Debt	88,949	[3]
Outstanding Face Amount of Collateral	98,920	[3],[6]
Amortized Cost Basis of Collateral	36,327	[3],[6]
Carrying Value of Collateral	67,809	[3],[6]
Weighted Average Maturity (Years) Of Collateral	5 years 1 month 6 days	[3]
Floating Rate Face Amount of Collateral	29,734	[3],[6]
Aggregate Notional Amount of Current Hedges	46,528	[3],[7]
CDO VIII Bonds Payable [Member]
Month Issued	2006-11
Debt Face Amount	71,813				264,733	[1]
Carrying Value	71,717				264,277	[1]
Final Stated Maturity	2052-11
Weighted Average Coupon - Rate	2.13%	[4]
Weighted Average Coupon - Basis for Variable Rate			one-month LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate			1.50%
Weighted Average Funding Cost	6.55%	[5]
Weighted Average Life (Years)	2 years
Face Amount of Floating Rate Debt	64,213
Outstanding Face Amount of Collateral	210,606	[6]
Amortized Cost Basis of Collateral	151,760	[6]
Carrying Value of Collateral	162,506	[6]
Weighted Average Maturity (Years) Of Collateral	1 year 9 months 18 days
Floating Rate Face Amount of Collateral	72,252	[6]
Aggregate Notional Amount of Current Hedges	58,291	[7]
CDO IX Bonds Payable [Member]
Month Issued	2007-05
Debt Face Amount	62,578				186,765	[1]
Carrying Value	63,494				188,230	[1]
Final Stated Maturity	2052-05
Weighted Average Coupon - Rate	0.74%	[4]
Weighted Average Funding Cost	0.16%	[5]
Weighted Average Life (Years)	1 year 1 month 6 days
Face Amount of Floating Rate Debt	62,578
Outstanding Face Amount of Collateral	292,487	[6]
Amortized Cost Basis of Collateral	233,420	[6]
Carrying Value of Collateral	242,894	[6]
Weighted Average Maturity (Years) Of Collateral	2 years 4 months 24 days
Floating Rate Face Amount of Collateral	57,295	[6]
Total CDO Bonds Payable [Member]
Debt Face Amount	226,853				543,516	[1]
Carrying Value	227,673				544,525	[1]
Weighted Average Funding Cost	4.28%	[5]
Weighted Average Life (Years)	3 years
Face Amount of Floating Rate Debt	215,740
Outstanding Face Amount of Collateral	602,013	[6]
Amortized Cost Basis of Collateral	421,507	[6]
Carrying Value of Collateral	473,209	[6]
Weighted Average Maturity (Years) Of Collateral	2 years 7 months 6 days
Floating Rate Face Amount of Collateral	159,281	[6]
Aggregate Notional Amount of Current Hedges	104,819	[7]
NCT 2013-VI IMM-1 [Member]
Month Issued	2013-11	[8]
Debt Face Amount	31,060	[8]			96,129	[1],[8]
Carrying Value	27,069	[8]			86,319	[1],[8]
Final Stated Maturity	2040-04	[8]
Weighted Average Coupon - Basis for Variable Rate	LIBOR	[4],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate	0.25%	[4],[8]
Weighted Average Funding Cost	9.31%	[5],[8]
Weighted Average Life (Years)	2 years 6 months	[8]
Face Amount of Floating Rate Debt	31,060	[8]
Total Other Bonds And Notes Payable [Member]
Debt Face Amount	31,060				243,745	[1],[7]
Carrying Value	27,069				230,279	[1],[7]
Weighted Average Funding Cost	9.31%	[5]
Weighted Average Life (Years)	2 years 6 months
Face Amount of Floating Rate Debt	31,060
CDO Securities Repurchase Agreements [Member]
Month Issued	2015-01	[8],[9]
Debt Face Amount	55,894	[8],[9]		20,000	15,094	[1],[8]
Carrying Value	55,894	[8],[9]			15,094	[1],[8]
Final Stated Maturity	2014-10	[8],[9]
Weighted Average Coupon - Basis for Variable Rate	LIBOR	[4],[8],[9]		one month LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate	1.65%	[4],[8],[9]		1.65%
Weighted Average Funding Cost	1.82%	[5],[8],[9]
Weighted Average Life (Years)	1 month 6 days	[8],[9]
Face Amount of Floating Rate Debt	55,894	[8],[9]
FNMA/FHLMC Securities Repurchase Agreements [Member]
Month Issued	2014-11	[9]
Debt Face Amount	385,282	[9]			516,134	[1]
Carrying Value	385,282	[9]			516,134	[1]
Final Stated Maturity	2015-02	[9]
Weighted Average Coupon - Rate	0.36%	[9]
Weighted Average Funding Cost	0.36%	[9]
Weighted Average Life (Years)	1 month 6 days	[9]
Outstanding Face Amount of Collateral	390,771	[9]
Amortized Cost Basis of Collateral	403,216	[9]
Carrying Value of Collateral	407,689	[9]
Weighted Average Maturity (Years) Of Collateral	5 years 7 months 6 days	[9]
Total Repurchase Agreements [Member]
Debt Face Amount	441,176	[9]			556,347	[1]
Carrying Value	441,176	[9]			556,347	[1]
Weighted Average Funding Cost	0.55%	[5],[9]
Weighted Average Life (Years)	1 month 6 days	[9]
Face Amount of Floating Rate Debt	55,894	[9]
Outstanding Face Amount of Collateral	390,771	[9]
Amortized Cost Basis of Collateral	403,216	[9]
Carrying Value of Collateral	407,689	[9]
Weighted Average Maturity (Years) Of Collateral	5 years 7 months 6 days	[9]
Golf First Lien Loan [Member]
Month Issued	2013-12	[10]
Debt Face Amount	49,923	[10]			46,922	[1]
Carrying Value	49,923	[10]			46,922	[1]
Final Stated Maturity	2018-12	[10]
Weighted Average Coupon - Basis for Variable Rate	3 month LIBOR	[10],[11],[4]
Weighted Average Coupon - Spread on Basis for Variable Rate	4.00%	[10],[11],[4]
Weighted Average Funding Cost	4.50%	[10],[5]
Weighted Average Life (Years)	3 years	[10]
Face Amount of Floating Rate Debt	49,923	[10]
Golf Second Lien Loan [Member]
Month Issued	2013-12	[10]
Debt Face Amount	105,575	[10]			105,576	[1]
Carrying Value	105,575	[10]			105,576	[1]
Final Stated Maturity	2018-12	[10]
Weighted Average Coupon - Rate	5.50%	[10],[4]
Weighted Average Funding Cost	5.50%	[10],[5]
Weighted Average Life (Years)	3 years	[10]
Golf Vineyard II [Member]
Month Issued	1993-12	[10]
Debt Face Amount	200	[10]
Carrying Value	200	[10]
Final Stated Maturity	2043-12	[10]
Weighted Average Coupon - Rate	2.13%	[10],[4]
Weighted Average Funding Cost	2.13%	[10],[5]
Weighted Average Life (Years)	29 years	[10]
Face Amount of Floating Rate Debt	200	[10]
Capital Lease Equipment [Member]
Debt Face Amount	6,159	[10]
Carrying Value	6,159	[10]
Final Stated Maturity	2020-07	[10]
Weighted Average Funding Cost	6.91%	[10],[5]
Weighted Average Life (Years)	5 years 6 months	[10]
Capital Lease Equipment [Member] | Lower Range
Month Issued	2014-05	[10]
Weighted Average Coupon - Rate	5.25%	[10],[4]
Capital Lease Equipment [Member] | Upper Range
Month Issued	2014-12	[10]
Weighted Average Coupon - Rate	7.15%	[10],[4]
Total Golf Credit Facilities [Member]
Debt Face Amount	161,857	[10]			152,498	[1]
Carrying Value	161,857	[10]			152,498	[1]
Weighted Average Funding Cost	5.24%	[10],[5]
Weighted Average Life (Years)	3 years 1 month 6 days	[10]
Face Amount of Floating Rate Debt	50,123	[10]
Junior Subordinated Notes Payable [Member]
Month Issued	2006-03
Debt Face Amount	51,004				51,004	[1]
Carrying Value	51,213				51,237	[1]
Final Stated Maturity	2035-04
Weighted Average Coupon - Rate	7.57%	[12],[4]
Weighted Average Funding Cost	7.36%	[5]
Weighted Average Life (Years)	20 years 3 months 19 days
Total Corporate [Member]
Debt Face Amount	51,004				51,004	[1]
Carrying Value	51,237				51,237	[1]
Weighted Average Funding Cost	7.36%	[5]
Weighted Average Life (Years)	20 years 3 months 19 days
Subtotal Debt Obligations [Member]
Debt Face Amount	911,950				1,547,110	[1]
Carrying Value	909,006				1,534,886	[1]
Weighted Average Funding Cost	2.96%	[5]
Weighted Average Life (Years)	2 years 7 months 6 days
Face Amount of Floating Rate Debt	352,817
Outstanding Face Amount of Collateral	992,784	[6]
Amortized Cost Basis of Collateral	824,723	[6]
Carrying Value of Collateral	880,898	[6]
Weighted Average Maturity (Years) Of Collateral	3 years 9 months 18 days
Floating Rate Face Amount of Collateral	159,281	[6]
Aggregate Notional Amount of Current Hedges	104,819	[7]
Financing on subprime mortgage loans subject to call option [Member]
Debt Face Amount	406,217	[13]			406,217	[1],[13]
Carrying Value	406,217	[13]			406,217	[1],[13]
MH Loans Portfolio I Bonds and Notes Payable [Member]
Month Issued					2010-04
Debt Face Amount					53,753
Carrying Value					50,424
MH Loans Portfolio II Bonds and Notes Payable [Member]
Month Issued					2011-05
Debt Face Amount					93,863
Carrying Value					93,536
Residential Mortgage Loans Repurchase Agreements [Member]
Month Issued					2013-11
Debt Face Amount					25,119
Carrying Value					$25,119
[1]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.
[2]	Net of $35.1 million and $87.7 million of inter-segment eliminations as of December 31, 2014 and 2013, respectively.
[3]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the foreseeable future.
[4]	Weighted average, including floating and fixed rate classes.
[5]	Including the effect of applicable hedges and deferred financing cost.
[6]	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
[7]	Including the $46.5 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.
[8]	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[9]	These repurchase agreements had less than $0.1 million accrued interest payable at December 31, 2014. $436.0 million face amount of these repurchase agreements were renewed subsequent to December 31, 2014. The counterparties on these repurchase agreements are Bank of America ($55.9 million) and Nomura ($385.3 million). Newcastle has margin exposure on $441.2 million of repurchase agreements related to the financing of certain Newcastle CDO VIII, CDO IX notes and FNMA/FHLMC securities. 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.
[10]	The golf credit facilities are collateralized by all of the assets of the Golf business.
[11]	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[12]	LIBOR +2.25% after April 2016.
[13]	Issued in April 2006 and July 2007 and secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.

DEBT_OBLIGATIONS_Future_Minimu

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details 1) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Future minimum lease payments due
2015	$1,325
2016	1,325
2017	1,325
2018	1,325
2019	1,446
Thereafter	700
Total minimum lease payments	7,446
Less: Imputed interest	1,287
Present value of net minimum lease payments	$6,159

DEBT_OBLIGATIONS_Maturities_of

DEBT OBLIGATIONS - Maturities of Debt Obligations (Details 2) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt maturing in year
2015	$442,105
2016	994
2017	156,563
2018	1,140
2019	1,340
Thereafter	716,025
Total	1,318,167
Debt discounts	2,900
Nonrecourse Debt
Debt maturing in year
2015	929
2016	994
2017	156,563
2018	1,140
2019	1,340
Thereafter	665,021
Total	825,987
Recourse Debt
Debt maturing in year
2015	441,176
Thereafter	51,004
Total	$492,180

DEBT_OBLIGATIONS_Details_Narra

DEBT OBLIGATIONS (Details Narrative) (USD $)	12 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Jul. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
	Rounds
Debt amount subject to specific conditions	$1,318,167
Debt Face Amount	1,318,167			1,953,327	[1]	2,786,059
Nomura [Member]
Repurchase agreements	385,300
Bank of America [Member]
Repurchase agreements	55,900
Subsequent To Balance Sheet Date [Member]
Repurchase agreements	436,000
Golf Vineyard II [Member]
Principal payment amount	40,000
Debt Face Amount	200	[2]
Rounds of golf	240,000
Total Golf Credit Facilities [Member]
Debt Face Amount	161,857	[2]		152,498	[1]
Unused borrowing capacity	4,600
Amount of debt subject to working capital hold-back	4,600
Maximum interest that may be paid on working capital hold-back	2,500
Golf Second Lien Loan [Member]
Debt amount subject to specific conditions	105,600
Effective interest rate	5.50%
Debt Face Amount	105,575	[2]		105,576	[1]
Golf First Lien Loan [Member]
Debt amount subject to specific conditions	54,500
Variable rate description	3 month LIBOR	[2],[3],[4]
LIBOR Floor	0.50%
Interest rate cap	4.79%
Description of interest rate	LIBOR
Debt Face Amount	49,923	[2]		46,922	[1]
Variable interest rate spread	4.00%	[2],[3],[4]
Principal funded	49,900
Notional Balance of Derivative Assets	94,000
FNMA/FHLMC Securities Repurchase Agreements [Member]
Effective interest rate	0.36%
Debt Face Amount	385,282	[5]		516,134	[1]
CDO Securities Repurchase Agreements [Member]
Margin exposure	441,200
Variable rate description	LIBOR	[3],[5],[6]	one month LIBOR
Debt Face Amount	55,894	[5],[6]	20,000	15,094	[1],[6]
Variable interest rate spread	1.65%	[3],[5],[6]	1.65%
Final Stated Maturity			Aug-14
Proceeds from repurchase financing			12,000
Junior Subordinated Notes Payable [Member]
Debt Face Amount	51,004			51,004	[1]
CDO VI Bonds Payable [Member]
Debt Face Amount	92,462	[7]		92,018	[1],[7]
CDO VI Bonds Payable [Member] | Interest rate swaps [Member] | Not designated as hedging instrument [Member]
Notional Amount of Derivatives	46,500
Fixed Rate Triple Net Lease Properties - Tranche 1 [Member]
Debt amount subject to specific conditions	358,400
Effective interest rate	4.00%
Fixed Rate Managed Properties - Tranche 1 [Member]
Debt amount subject to specific conditions	40,700
Upper Range
Interest Payable	$100
Golf Investments [Member]
Lease term	66 months
Golf Investments [Member] | Capital leases - equipment | Lower Range
Lease term	36 months
Golf Investments [Member] | Capital leases - equipment | Upper Range
Lease term	60 months
[1]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.
[2]	The golf credit facilities are collateralized by all of the assets of the Golf business.
[3]	Weighted average, including floating and fixed rate classes.
[4]	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[5]	These repurchase agreements had less than $0.1 million accrued interest payable at December 31, 2014. $436.0 million face amount of these repurchase agreements were renewed subsequent to December 31, 2014. The counterparties on these repurchase agreements are Bank of America ($55.9 million) and Nomura ($385.3 million). Newcastle has margin exposure on $441.2 million of repurchase agreements related to the financing of certain Newcastle CDO VIII, CDO IX notes and FNMA/FHLMC securities. 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.
[6]	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[7]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the foreseeable future.

DEBT_OBLIGATIONS_Details_Narra1

DEBT OBLIGATIONS (Details Narrative 1) (USD $)	3 Months Ended		12 Months Ended					24 Months Ended	0 Months Ended	1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2012	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Sep. 12, 2012	Jun. 30, 2013
CDO Bonds Payable
Gain on extinguishment of debt			($3,410)	$4,565		$24,085
Proceeds from sale of investments	53,400		798,580	46,536		127,000
Gain on sale of investments		224,300
Comprehensive income			21,852	202,964		603,474
Debt paid off				35,900		39,300	188,900	787,800
Repurchase agreements	441,176		441,176	556,347		929,435
Other Bonds Payable
Debt Face Amount	1,318,167		1,318,167	1,953,327	[1]	2,786,059
Total CDO Bonds Payable [Member]
CDO Bonds Payable
Gain on extinguishment of debt				4,600		23,200	65,000
CDO X [Member]
CDO Bonds Payable
Proceeds from sale of investments									130,000
Percentage divestiture of CDO									100.00%
Subordinated debt sold									89,750
Decrease in gross assets									-1,100,000
Decrease in liabilities									-1,200,000
Comprehensive income									-25,500
Purchase of securities - face amount									101,000
Purchase of securities - pay amount									50,000
Percentage of par of securities									49.40%
CDO IV Divestiture [Member]
CDO Bonds Payable
Proceeds from sale of investments										145,200
Gain on sale of investments										4,200
Percentage divestiture of CDO										100.00%
Subordinated debt sold										153,400
Comprehensive income										-600
Percentage of par of CDO IV sale										95.00%
Debt paid off										71,900
Net proceeds from sale of assets										73,100
Amount from sale of CDO IV received in CDO VIII										5,300
Par recovery										59,500
Percentage of Par previously repurchased at										52.00%
Proceeds on subordinated interests										8,000
Gain on hedge termination										800
CDO VIII Bonds Payable [Member]
CDO Bonds Payable
Purchase of securities - face amount										116,800
Purchase of securities - pay amount										103,100
Percentage of par of securities										88.30%
Repurchase agreements										60,000
Variable rate description										one-month LIBOR
Variable interest rate spread										1.50%
Other Bonds Payable
Debt Face Amount	$71,813		$71,813	$264,733	[1]
[1]	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2014. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future.

EQUITY_AND_EARNINGS_PER_SHARE_1

EQUITY AND EARNINGS PER SHARE - Shares Issued in Public Offering (Details) (USD $)	1 Months Ended			12 Months Ended			1 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2013	31-May-12	Apr. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2014		Nov. 30, 2013	Jun. 30, 2013	Feb. 28, 2013	Jul. 31, 2012
Date of issuance	2013-01	2012-05	2012-04
Number of shares issued	9,583,333	3,833,333	3,162,500
Share price	$56.10	$40.26	$37.32
Proceeds from issuance of common stock	$526,200	$152,000	$115,200	$198,702	$1,264,769	$435,821
Manager [Member]
Options granted	958,333	383,333	316,250				765,416	[1]	965,849	670,833	383,333	421,667
Strike Price	$56.10	$40.26	$37.32				$26.34	[1]	$31.50	$29.82	$62.88	$40.20
Grant date value	18,000	7,600	5,600				1,700	[1],[2]	6,000	3,800	8,400	8,300
Principals of Fortress [Member]
Number of shares issued	35,650						83,333		75,159	125,000	31,833	75,000
Share price	$56.10						$26.34		$31.50	$29.82	$62.88	$40.20
Underwriter [Member]
Date of issuance							2014-08		2013-11	2013-06	2013-02	2012-07
Number of shares issued							7,654,166		9,658,492	6,708,333	3,833,333	4,216,667
Share price							$25.92		$31.26	$29.52	$62.04	$39.78
Proceeds from issuance of common stock							$197,900		$301,400	$197,600	$237,400	$167,400
[1]	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Newcastle.
[2]	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 Summary (Details 1)	Dec. 31, 2014	Dec. 31, 2013
Stock options outstanding	5,500,599	5,090,427
Issued Prior to 2011 [Member]
Stock options outstanding	199,993	339,021
Issued in 2011 and Thereafter [Member]
Stock options outstanding	5,300,606	4,751,406
Manager [Member]
Stock options outstanding	4,991,752	4,582,164
Manager [Member] | Issued Prior to 2011 [Member]
Stock options outstanding	157,791	249,426
Manager [Member] | Issued in 2011 and Thereafter [Member]
Stock options outstanding	4,833,961	4,332,738
Employees of Fortress [Member]
Stock options outstanding	508,514	507,597
Employees of Fortress [Member] | Issued Prior to 2011 [Member]
Stock options outstanding	41,869	89,262
Employees of Fortress [Member] | Issued in 2011 and Thereafter [Member]
Stock options outstanding	466,645	418,335
Directors [Member]
Stock options outstanding	333	666
Directors [Member] | Issued Prior to 2011 [Member]
Stock options outstanding	333	333
Directors [Member] | Issued in 2011 and Thereafter [Member]
Stock options outstanding		333

EQUITY_AND_EARNINGS_PER_SHARE_3

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Stock options outstanding	5,500,599		5,090,427
Options exercisable	3,681,869
Stock Option [Member]
Stock options outstanding	508,514
Stock Option [Member] | Various
Recipient	Directors
Stock options outstanding	3,333
Options exercisable	333
Weighted Average Strike Price	$12.73	[1]
Stock Option [Member] | 2002-2007
Recipient	Manager
Stock options outstanding	587,277
Options exercisable	199,660
Weighted Average Strike Price	$14.09	[1]
Fair value at date of grant	$6,400	[2]
Stock Option [Member] | Mar-11
Recipient	Manager
Stock options outstanding	287,499
Options exercisable	182,527
Weighted Average Strike Price	$1.88	[1]
Fair value at date of grant	7,000	[2],[3]
Intrinsic value	500
Stock Option [Member] | Sep-11
Recipient	Manager
Stock options outstanding	431,249
Options exercisable	283,305
Weighted Average Strike Price	$1.07	[1]
Fair value at date of grant	5,600	[2],[4]
Intrinsic value	1,000
Stock Option [Member] | Apr-12
Recipient	Manager
Stock options outstanding	316,247
Options exercisable	306,991
Weighted Average Strike Price	$2	[1]
Fair value at date of grant	5,600	[2],[5]
Intrinsic value	800
Stock Option [Member] | May-12
Recipient	Manager
Stock options outstanding	383,328
Options exercisable	372,440
Weighted Average Strike Price	$2.29	[1]
Fair value at date of grant	7,600	[2],[6]
Intrinsic value	800
Stock Option [Member] | Jul-12
Recipient	Manager
Stock options outstanding	421,661
Options exercisable	397,698
Weighted Average Strike Price	$2.27	[1]
Fair value at date of grant	8,300	[2],[7]
Intrinsic value	900
Stock Option [Member] | Jan-13
Recipient	Manager
Stock options outstanding	958,331
Options exercisable	734,720
Weighted Average Strike Price	$3.76	[1]
Fair value at date of grant	18,000	[2],[8]
Intrinsic value	700
Stock Option [Member] | Feb-13
Recipient	Manager
Stock options outstanding	383,331
Options exercisable	281,109
Weighted Average Strike Price	$4.39	[1]
Fair value at date of grant	8,400	[2],[9]
Intrinsic value	100
Stock Option [Member] | Jun-13
Recipient	Manager
Stock options outstanding	670,829
Options exercisable	402,497
Weighted Average Strike Price	$4.67	[1]
Fair value at date of grant	3,800	[10],[2]
Stock Option [Member] | Nov-13
Recipient	Manager
Stock options outstanding	965,847
Options exercisable	418,534
Weighted Average Strike Price	$5.01	[1]
Fair value at date of grant	6,000	[11],[2]
Stock Option [Member] | Aug-14
Recipient	Manager
Stock options outstanding	765,416
Options exercisable	102,055
Weighted Average Strike Price	$5.45	[1]
Fair value at date of grant	$1,700	[12],[2]
Stock Option [Member] | Prior to 2008
Recipient	Exercised	[13]
Stock options exercised	-173,833	[13]
Weighted Average Strike Price	$14.09	[1],[13]
Stock Option [Member] | Oct-12
Recipient	Exercised	[14]
Stock options exercised	-15,972	[14]
Weighted Average Strike Price	$1.48	[1],[14]
Stock Option [Member] | Sep-13
Recipient	Exercised	[15]
Stock options exercised	-51,306	[15]
Weighted Average Strike Price	$1.67	[1],[15]
Stock Option [Member] | 2014
Recipient	Exercised	[16]
Stock options exercised	-216,186	[16]
Weighted Average Strike Price	$1.46	[1],[16]
Stock Option [Member] | 2002-2004
Recipient	Expired unexercised
Stock options expired	-216,432
[1]	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle's 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. As of December 31, 2014, the weighted average strike price of the outstanding options issued prior to 2011 was $14.09.
[2]	The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan and 2014 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management's estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle's common stock and management's expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options.
[3]	The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term.
[4]	The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term.
[5]	The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term.
[6]	The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term.
[7]	The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.
[8]	The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term.
[9]	The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term.
[10]	The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term.
[11]	The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term.
[12]	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.
[13]	111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors.
[14]	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
[15]	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
[16]	215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million. 333 options were exercised by directors with a minimal intrinsic value.

EQUITY_AND_EARNINGS_PER_SHARE_4

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Total unexercised inception to date	5,500,599	5,090,427
Stock Option [Member]
Total unexercised inception to date	508,514
Stock Option [Member] | 2005
Total unexercised inception to date	11,687
Strike Price	14.92
Stock Option [Member] | 2006
Total unexercised inception to date	6,373
Strike Price	14.82
Stock Option [Member] | 2007
Total unexercised inception to date	23,809
Stock Option [Member] | 2007 | Lower Range
Strike Price	13.88
Stock Option [Member] | 2007 | Upper Range
Strike Price	15.88
Stock Option [Member] | 2011
Total unexercised inception to date	0
Stock Option [Member] | 2011 | Lower Range
Strike Price	1.07
Stock Option [Member] | 2011 | Upper Range
Strike Price	1.88
Stock Option [Member] | 2012
Total unexercised inception to date	199,988
Stock Option [Member] | 2012 | Lower Range
Strike Price	2
Stock Option [Member] | 2012 | Upper Range
Strike Price	2.29
Stock Option [Member] | 2013
Total unexercised inception to date	266,657
Stock Option [Member] | 2013 | Lower Range
Strike Price	3.76
Stock Option [Member] | 2013 | Upper Range
Strike Price	5.01

EQUITY_AND_EARNINGS_PER_SHARE_5

EQUITY AND EARNINGS PER SHARE (Details Narrative) (USD $)	3 Months Ended	12 Months Ended				0 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Nov. 06, 2014	15-May-13	Dec. 31, 2014		Nov. 07, 2014	Aug. 18, 2014	Feb. 14, 2014	Feb. 13, 2014	Jun. 06, 2013	16-May-13	Aug. 31, 2014		Nov. 30, 2013	Jun. 30, 2013	Feb. 28, 2013	Jan. 31, 2013	Jul. 31, 2012	31-May-12	Apr. 30, 2012
Reverse stock-split ratio		0.167
Common stock, shares issued		66,428,508		58,575,583				66,428,508			398,000,000
Common stock, shares outstanding		66,428,508		58,575,583				66,428,508			398,000,000
Common stock, par value		$0.01		$0.01				0.01						$0.01
Common stock, shares authorized		1,000,000,000		1,000,000,000				1,000,000,000						500,000,000
Preferred stock, par value		$0.01		$0.01				0.01						$0.01
Preferred stock, shares authorized		100,000,000		100,000,000				100,000,000						100,000,000
Capital stock authorized, shares														600,000,000
Strike price adjustment for dividends	$0.32
Dividends Declared per Share of Common Stock	$0.60
Antidilutive common stock equivalents		1,931,257		387,044	582,664
Dilutive common stock equivalents		1,630,314		1,071,391	270,007
Options granted to managers as percentage of shares sold in public offerings		10.00%						10.00%
Director awards granted on joining the board, per director		3,333
Authorized shares under 2014 Plan, shares		166,666						166,666
Last sales price		$4.49				$23.53	73.98	4.49		$4		$29.88	$34.50		$34.74
Issued Prior to 2011 [Member]
Weighted Average Strike Price		$14.09						14.09
Prior to 2008 | Stock Option [Member]
Options exercised		-173,833	[1]
Weighted Average Strike Price		$14.09	[1],[2]					14.09	[1],[2]
Oct-12 | Stock Option [Member]
Options exercised		-15,972	[3]
Weighted Average Strike Price		$1.48	[2],[3]					1.48	[2],[3]
Sep-13 | Stock Option [Member]
Options exercised		-51,306	[4]
Weighted Average Strike Price		$1.67	[2],[4]					1.67	[2],[4]
2014 | Stock Option [Member]
Options exercised		-216,186	[5]
Weighted Average Strike Price		$1.46	[2],[5]					1.46	[2],[5]
Mar-11 | Stock Option [Member]
Risk free rate		1.70%
Volatility		107.80%
Expected term		3 years 3 months 19 days
Weighted Average Strike Price		$1.88	[2]					1.88	[2]
Sep-11 | Stock Option [Member]
Risk free rate		1.13%
Dividend yield		13.20%
Volatility		151.00%
Expected term		4 years 7 months 6 days
Weighted Average Strike Price		$1.07	[2]					1.07	[2]
Apr-12 | Stock Option [Member]
Risk free rate		1.30%
Dividend yield		12.90%
Volatility		149.40%
Expected term		4 years 8 months 12 days
Weighted Average Strike Price		$2	[2]					2	[2]
May-12 | Stock Option [Member]
Risk free rate		1.05%
Dividend yield		11.90%
Volatility		148.40%
Expected term		4 years 9 months 18 days
Weighted Average Strike Price		$2.29	[2]					2.29	[2]
Jul-12 | Stock Option [Member]
Risk free rate		0.75%
Dividend yield		11.90%
Volatility		147.50%
Expected term		4 years 9 months 18 days
Weighted Average Strike Price		$2.27	[2]					2.27	[2]
Jan-13 | Stock Option [Member]
Risk free rate		2.00%
Dividend yield		8.80%
Volatility		56.20%
Expected term		10 years
Weighted Average Strike Price		$3.76	[2]					3.76	[2]
Feb-13 | Stock Option [Member]
Risk free rate		2.10%
Dividend yield		7.80%
Volatility		55.50%
Expected term		10 years
Weighted Average Strike Price		$4.39	[2]					4.39	[2]
Jun-13 | Stock Option [Member]
Risk free rate		2.50%
Dividend yield		8.80%
Volatility		36.90%
Expected term		10 years
Weighted Average Strike Price		$4.67	[2]					4.67	[2]
Nov-13 | Stock Option [Member]
Risk free rate		2.80%
Dividend yield		6.70%
Volatility		32.00%
Expected term		10 years
Weighted Average Strike Price		$5.01	[2]					5.01	[2]
Aug-14 | Stock Option [Member]
Risk free rate		2.70%
Dividend yield		8.60%
Volatility		23.40%
Expected term		10 years
Weighted Average Strike Price		$5.45	[2]					5.45	[2]
New Senior Spin-Off [Member]
Strike price adjustment for spin-off						($5.34)
Stock options converted in spin-off						5,500,000
New Residential Spin-Off [Member]
Stock options converted in spin-off							3,600,000
Directors [Member]
Shares of common stock issued for compensation								10,463
Directors [Member] | Prior to 2008 | Stock Option [Member]
Options exercised		666
Directors [Member] | 2014 | Stock Option [Member]
Options exercised		333
Manager [Member]
Weighted Average Strike Price																$26.34	[6]	$31.50	$29.82	$62.88	$56.10	$40.20	$40.26	$37.32
Manager [Member] | Prior to 2008 | Stock Option [Member]
Options exercised		111,770
Employees of Fortress [Member] | Prior to 2008 | Stock Option [Member]
Options exercised		61,417
Employees of Fortress [Member] | Oct-12 | Stock Option [Member]
Intrinsic value of options exercised		$200
Employees of Fortress [Member] | Sep-13 | Stock Option [Member]
Intrinsic value of options exercised		900
Employees of Fortress [Member] | 2014 | Stock Option [Member]
Options exercised		215,853
Intrinsic value of options exercised		$4,100
[1]	111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors.
[2]	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle's 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. As of December 31, 2014, the weighted average strike price of the outstanding options issued prior to 2011 was $14.09.
[3]	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
[4]	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
[5]	215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million. 333 options were exercised by directors with a minimal intrinsic value.
[6]	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Newcastle.

EQUITY_AND_EARNINGS_PER_SHARE_6

EQUITY AND EARNINGS PER SHARE (Details Narrative 1) (USD $)	12 Months Ended			1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2003	Oct. 31, 2005	Mar. 31, 2007	Mar. 31, 2010
Preferred stock liquidation preference, per share	$25	$25
Stock issuance costs	$595	$2,471	$1,083
Preferred stock, shares outstanding	2,463,321	2,463,321
Noncontrolling interest ownership in New Media		15.40%
Series B Cumulative Redeemable Preferred Stock [Member]
Issuance of preferred stock				62,500
Issuance of preferred stock, shares				2,500,000
Preferred stock, dividend percentage	9.75%	9.75%		9.75%
Preferred stock liquidation preference, per share				$25
Stock issuance costs				2,400
Preferred stock, shares outstanding	1,347,321						1,347,321
Series C Cumulative Redeemable Preferred Stock [Member]
Issuance of preferred stock					40,000
Issuance of preferred stock, shares					1,600,000
Preferred stock, dividend percentage	8.05%	8.05%			8.05%
Preferred stock liquidation preference, per share					$25
Increased dividend rate of preferred stock, if delisting occurs					9.05%
Stock issuance costs					1,500
Preferred stock, shares outstanding	496,000						496,000
Series D Cumulative Redemable Preferred [Member]
Issuance of preferred stock						50,000
Issuance of preferred stock, shares						2,000,000
Preferred stock, dividend percentage	8.38%	8.38%				8.38%
Preferred stock liquidation preference, per share						$25
Increased dividend rate of preferred stock, if delisting occurs						9.38%
Stock issuance costs						$1,800
Preferred stock, shares outstanding	620,000						620,000

TRANSACTIONS_WITH_AFFILIATES_A2

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Amounts Incurred Under Management Agreement (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Transactions with Affiliates and Affiliated Entities Amounts Paid to Manager Details
Management Fees	$20,500	$27,600	$23,100
Expense Reimbursement to the Manager	500	500	500
Total management fees to affiliate	$21,000	$28,100	$23,600

TRANSACTIONS_WITH_AFFILIATES_A3

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Details Narrative) (USD $)	1 Months Ended		3 Months Ended															12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2011	Apr. 30, 2010	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Manager Advisory Fee			1.50%															1.50%
Incentive compensation percentage			$0.25															$0.25
Simple interest rate in incentive calculation			10.00%															10.00%
Shares held by Fortress and affiliates in Newcastle			1,100,000								6,400,000							1,100,000	6,400,000
Stock Options outstanding			5,500,599								5,090,427							5,500,599	5,090,427
Cash investments made in affiliates or related companies	$47,000	$75,000
Expected yield		22.00%
Origination fee	2.00%
Real estate securities			231,754								432,993							231,754	432,993
Interest income			23,738	[1]	27,544	[2]	29,893	[2]	46,452	[2],[3]	42,072	47,484	[3]	62,824	[3]	61,332	[3]	127,627	213,712	282,951
Subprime Portfolio I [Member]
Servicing fee percentage			0.50%															0.50%
Subprime Portfolio II [Member]
Servicing fee percentage			0.50%															0.50%
Affiliates [Member]
Stock Options outstanding			4,991,752															4,991,752
Real estate securities			116,000															116,000
Interest income																		20,000	36,500	25,800
Principal of Manager [Member]
Aircraft charter expense																		200
Principal of Manager [Member] | Less than
Aircraft charter expense																			$100
[1]	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Including equity in earnings of unconsolidated subsidiaries.
[3]	The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Commitments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Future Minimum Lease Payments, Operating Leases:
2015	$38,229
2016	32,544
2017	29,377
2018	23,931
2019	21,636
Thereafter	206,822
Total Minimum Lease Payments	$352,539

COMITMENTS_AND_CONTINGENCIES_D

COMITMENTS AND CONTINGENCIES (Details Narrative) (Golf, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Golf
Regulatory bonds outstanding	$900
Membership deposits, face amount	238,100
Restricted cash held as collateral	$3,000
Membership deposit term	30 years

INCOME_TAXES_Provision_for_Inc

INCOME TAXES - Provision for Income Taxes (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$704	$2,170
State and Local	318	381
Total Current Provision	1,022	2,551
Deferred
Federal	-1,293	-404
State and Local	-632	-47
Total Deferred Provision	-1,925	-451
Total Provision (benefit) for Income Taxes	-903	2,100
Provision (benefit) for income taxes from continuing operations	$208

INCOME_TAXES_Tax_Treatment_of_

INCOME TAXES - Tax Treatment of Common Stock Distributions (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Income Tax Disclosure [Abstract]
Dividends per share	$25.76	[1],[2]	$44.28	[1],[3]	$5.04	[1]
Ordinary Income	32.63%		33.91%		100.00%
Long-Term Capital Gain	7.57%		0.00%		0.00%
Return of Capital	59.79%		66.09%		0.00%
[1]	Distribution per share has been adjusted for the 1-for-3 and 1-for-2 reverse stock split effective in August and October 2014, respectively.
[2]	Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share.
[3]	Includes the distribution of New Residential common stock valued at $41.34 per share.

INCOME_TAXES_Components_of_Inc

INCOME TAXES - Components of Income Tax Expense (Details 2)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income tax rate reconciliation
Provision at the statutory rate	35.00%	35.00%	35.00%
Non-taxable REIT income	-56.20%	-33.88%	-35.00%
State and local taxes	-1.18%	0.21%
Valuation allowance	21.70%	-0.50%
Other	-1.80%	0.90%
Total Provision	-2.48%	1.73%	0.00%

INCOME_TAXES_Deferred_Tax_Asse

INCOME TAXES - Deferred Tax Assets (Details 3) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred tax assets
Allowance for loan losses	$366		$2,076
Depreciation and amortization	38,237		94,880
Leaseholds	6,489		6,489
Accrued expenses	15,293		23,816
Deposits	7,787		7,787
Net operating losses	26,543		211,560
Other	885		17,036
Total deferred tax assets	95,600		363,644
Less valuation allowance	-95,557		-363,192
Net deferred tax assets	$43	[1]	$452	[1]
[1]	Recorded in receivables and other assets on the consolidated balance sheets.

INCOME_TAXES_Change_in_Deferre

INCOME TAXES - Change in Deferred Tax Asset Valuation Allowance (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Changes in deferred tax asset valuation allowance:
Valuation allowance, beginning	$363,192
Decrease due to spin-off of New Media	-244,401
Other decrease	-23,234
Valuation allowance, ending	$95,557

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)

3 Months Ended

12 Months Ended

24 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Net Income Distributed

100.00%

100.00%

100.00%

Repurchase of debt

$35,900

$39,300

$188,900

$787,800

Gain on extinguishment of debt

4,600

24,100

81,100

521,100

GAAP gain

23,200

66,100

Face value of debt repurchased related to GAAP portion

34,100

171,800

Debt cancelled in securitization

139,500

Net operating loss carryforwards expiration

20 years

Capital loss carryforwards expiration

5 years

Net operating loss carryforwards

659,100

659,100

Income tax expense (benefit)

64

[1]

[2]

4

[2]

140

[2],[3]

[3]

[3]

[3]

208

Decrease in valuation allowance

267,600

TRSs [Member]

Income tax expense (benefit)

-900

2,100

0

TRSs [Member] | Federal and State Tax Authority [Member]

Net operating loss carryforwards

$67,600

$67,600

New Residential Spin-Off [Member]

Common stock value per share

$41.34

$41.34

New Media Spin-Off [Member]

Common stock value per share

$5.34

$5.34

New Senior Spin-Off [Member]

Common stock value per share

$18.02

$18.02

[1]

The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.

[2]

Including equity in earnings of unconsolidated subsidiaries.

[3]

The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).

RECENT_ACTIVITIES_Details_Narr

RECENT ACTIVITIES (Details Narrative) (USD $)	3 Months Ended	12 Months Ended	2 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Mar. 02, 2015
Gain on sale of securities	$5,700
Sale of securities - face amount		53,900
Subsequent To Balance Sheet Date [Member] | Agency RMBS [Member]
Acquisition of securities - face amount			390,000
Gain on sale of securities			6,000
Sale of securities - face amount			$387,400
Average selling price (percent)			104.72%
Average purchase price (percent)			104.77%

SUMMARY_OF_QUARTERLY_CONSOLIDA2

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Interest income	$23,738	[1]	$27,544	[2]	$29,893	[2]	$46,452	[2],[3]	$42,072		$47,484	[3]	$62,824	[3]	$61,332	[3]	$127,627		$213,712		$282,951
Interest expense	19,113	[1]	18,411	[2]	20,328	[2]	22,170	[2]	18,696		17,675	[3]	20,752	[3]	21,478	[3]	80,022		78,601		108,236
Net interest income (expense)	4,625	[1]	9,133	[2]	9,565	[2]	24,282	[2]	23,376		29,809	[3]	42,072	[3]	39,854	[3]	47,605		135,111		174,715
Total Impairment (Reversal)	-1,176	[1]	-4,015	[2]	1,526	[2]	1,246	[2]	-12,745		-12,998	[3]	3,201	[3]	2,773	[3]	-2,419		-19,769		-5,664
Total operating revenues	64,674	[1]	81,494	[2]	82,737	[2]	62,632	[2]				[3]		[3]		[3]	291,537
Total other income	4,329	[1],[2]	12,618	[2],[3]	41,707	[2],[3]	15,808	[2],[3]	14,766	[2]	6,784	[2],[3]	7,978	[2],[3]	5,762	[2],[3]	74,462	[2]	35,290	[2]	262,376
Property operating expenses	66,316	[1]	77,167	[2]	75,289	[2]	65,603	[2]				[3]		[3]		[3]	284,375
Depreciation and amortization	7,583	[1]	7,204	[2]	6,317	[2]	5,863	[2]	2		2	[3]		[3]		[3]	26,967		4
Other operating expenses	7,150	[1]	8,955	[2]	10,471	[2]	10,314	[2]	11,770		8,533	[3]	16,339	[3]	12,730	[3]	36,890		49,372
Income tax expense	64	[1]		[2]	4	[2]	140	[2],[3]				[3]		[3]		[3]	208
Income from continuing operations	-6,309	[1]	13,934	[2]	40,402	[2]	19,556	[2],[3]	39,115		41,056	[3]	30,510	[3]	30,113	[3]	67,583		140,794		403,645
Income (loss) from discontinued operations	-2,762	[1]	-8,624	[2]	-8,504	[2]	-15,299	[2],[3]	-10,180		-9,386	[3]	23,213	[3]	7,900	[3]	-35,189		11,547
Preferred dividends	-1,395	[1]	-1,395	[2]	-1,395	[2]	-1,395	[2],[3]	-1,395		-1,395	[3]	-1,395	[3]	-1,395	[3]	-5,580		-5,580		-5,580
Net income (loss) attributable to noncontrolling interests	141	[1]	21	[2]	29	[2]	661	[2],[3]	-928			[3]		[3]		[3]	852		-928
Income Applicable to Common Stockholders	($10,325)	[1]	$3,936	[2]	$30,532	[2]	$3,523	[2],[3]	$26,612		$30,275	[3]	$52,328	[3]	$36,618	[3]	$27,666		$145,833		$428,530
Income (Loss) Per Share of Common Stock
Basic	($0.16)	[1]	$0.06	[3]	$0.52	[3]	$0.06	[3]	$0.50	[4]	$0.62	[3]	$1.21	[3]	$0.93	[3]	$0.45	[4]	$3.16	[4]	$17.84	[4]
Diluted	($0.16)	[1]	$0.06	[3]	$0.50	[3]	$0.06	[3]	$0.49	[4]	$0.60	[3]	$1.18	[3]	$0.92	[3]	$0.44	[4]	$3.09	[4]	$17.64	[4]
Income (loss) from discontinued operations per share of common stock
Basic	($0.04)	[1]	($0.14)	[3]	($0.15)	[3]	($0.26)	[3]	($0.19)	[4]	($0.19)	[3]	$0.54	[3]	$0.20	[3]	($0.57)	[4]	$0.25	[4]	$1.27	[4]
Diluted	($0.04)	[1]	($0.14)	[3]	($0.15)	[3]	($0.26)	[3]	($0.19)	[4]	($0.19)	[3]	$0.52	[3]	$0.20	[3]	($0.57)	[4]	$0.24	[4]	$1.25	[4]
Weighted Average Number of Shares of Common Stock Outstanding
Basic	66,404,000	[1]	62,329,000	[3]	58,600,000	[3]	58,576,000	[3]	53,114,000		48,896,000	[3]	43,205,000	[3]	39,189,000	[3]	61,500,913	[4]	46,146,882	[4]	24,024,395	[4]
Diluted	66,404,000	[1]	63,866,000	[3]	60,477,000	[3]	60,511,000	[3]	54,267,000		50,171,000	[3]	44,233,000	[3]	40,013,000	[3]	63,131,227	[4]	47,218,274	[4]	24,294,402	[4]
[1]	The options outstanding were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Including equity in earnings of unconsolidated subsidiaries.
[3]	The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3).
[4]	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.