Drive Shack (DSHK) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 27, 2015
Document And Entity Information
Entity Registrant Name	NEWCASTLE INVESTMENT CORP
Entity Central Index Key	1175483
Document Type	10-Q
Document Period End Date	31-Mar-15
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 Common Stock, Shares Outstanding		66,424,508
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Real estate securities, available-for-sale	$231,727	$231,754
Real estate securities, pledged as collateral	409,037	407,689
Real estate related and other loans, held-for-sale, net	197,251	230,200
Residential mortgage loans, held-for-sale, net	3,735	3,854
Subprime mortgage loans subject to call option	406,217	406,217
Investments in other real estate, net of accumulated depreciation	234,049	239,283
Intangibles, net of accumulated amortization	82,000	84,686
Other investments	27,102	26,788
Cash and cash equivalents	56,002	73,727
Restricted cash	21,874	15,714
Receivables and other assets	37,448	35,191
Assets of discontinued operations	6,883	6,803
Total Assets	1,713,325	1,761,906
Liabilities
CDO bonds payable	216,464	227,673
Other bonds and notes payable	25,317	27,069
Repurchase agreements	421,803	441,176
Credit facilities and obligations under capital leases, golf	162,806	161,474
Financing of subprime mortgage loans subject to call option	406,217	406,217
Junior subordinated notes payable	51,230	51,231
Dividends Payable	8,901	8,901
Accounts payable, accrued expenses and other liabilities	173,489	179,390
Liabilities of discontinued operations	502	447
Total Liabilities	1,466,729	1,503,578
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	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,424,508 and 66,424,508 shares issued and outstanding, at March 31, 2015 and December 31, 2014, respectively	664	664
Additional paid-in capital	3,172,060	3,172,060
Accumulated deficit	-3,051,943	-3,041,880
Accumulated other comprehensive income	64,377	65,865
Total Newcastle Stockholders' Equity	246,741	258,292
Noncontrolling interests	-145	36
Total Equity	246,596	258,328
Total Liabilities and Equity	$1,713,325	$1,761,906

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock liquidation preference, per share	25	25
Common stock, par value	0.01	0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	66,424,508	66,424,508
Common stock, shares outstanding	66,424,508	66,424,508
Series B Cumulative Redeemable Preferred Stock [Member]
Preferred stock, dividend rate	9.75%	9.75%
Preferred stock, shares issued	1,347,321	1,347,321
Preferred stock, shares outstanding	1,347,321	1,347,321
Series C Cumulative Redeemable Preferred Stock [Member]
Preferred stock, dividend rate	8.05%	8.05%
Preferred stock, shares issued	496,000	496,000
Preferred stock, shares outstanding	496,000	496,000
Series D Cumulative Redemable Preferred [Member]
Preferred stock, dividend rate	8.38%	8.38%
Preferred stock, shares issued	620,000	620,000
Preferred stock, shares outstanding	620,000	620,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Income Statement [Abstract]
Interest income	$27,078		$46,452
Interest expense	16,727		22,170
Net interest income	10,351		24,282
Impairment/(Reversal)
Valuation allowance (reversal) on loans	357		1,246
Other-than-temporary impairment on securities	344
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)	-296
Total impairment (reversal)	405		1,246
Net interest income after impairment/reversal	9,946		23,036
Operating Revenues
Golf course operations	38,954		39,772
Sales of food and beverages - golf	13,012		13,539
Other golf revenue	8,860		9,321
Total operating revenues	60,826		62,632
Other Income (Loss)
Gain on settlement of investments, net	1,015		2,334
Other income (loss), net	-514		13,474
Total other income	501		15,808
Expenses
Loan and security servicing expense	96		857
Operating expenses - golf	54,937		59,647
Cost of sales - golf	6,053		5,956
General and administrative expense	1,713		3,564
Management fee to affiliate	2,668		5,893
Depreciation and amortization	6,753		5,863
Total expenses	72,220		81,780
(Loss) income from continuing operations before income tax	-947		19,696
Income tax expense	46		140
(Loss) income from continuing operations	-993		19,556
Income (loss) from discontinued operations, net of tax	115		-15,299
Net (Loss) Income	-878		4,257
Preferred dividends	-1,395		-1,395
Net loss attributable to noncontrolling interests	181		661
(Loss) Income Applicable to Common Stockholders	($2,092)		$3,523
(Loss) Income Applicable to Common Stock, per share
Basic	($0.03)	[1]	$0.06	[1]
Diluted	($0.03)		$0.06	[1]
(Loss) Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interests
Basic	($0.03)	[1]	$0.32	[1]
Diluted	($0.03)		$0.31	[1]
Income (Loss) from Discontinued Operations per share of Common Stock
Basic		[1]	($0.26)	[1]
Diluted			($0.26)	[1]
Weighted Average Number of Shares of Common Stock Outstanding
Basic	66,424,508	[1]	58,575,582	[1]
Diluted	66,424,508		60,511,128	[1]
Dividends Declared per Share of Common Stock	$0.12	[1]	$0.60	[1]
[1]	All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2015
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 (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	($878)	$4,257
Other comprehensive income (loss):
Net unrealized gain (loss) on securities	3,694	4,588
Reclassification of net realized (gain) loss on securities into earnings	-5,838	-2,334
Net unrecognized gain and pension prior service cost (discontinued operations)		9
Net unrealized gain (loss) on derivatives designated as cash flow hedges	-33	-77
Reclassification of realized portion of cash flow hedges into earnings	689	1,267
Other comprehensive (loss) income	-1,488	3,453
Total comprehensive (loss) income	-2,366	7,710
Comprehensive (loss) income attributable to Newcastle stockholders' equity	-2,185	8,371
Comprehensive (loss) attributable to noncontrolling interests	($181)	($661)

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Newcastle Stockholders' Equity [Member]	Noncontrolling Interests [Member]	Total
In Thousands, except Share data, unless otherwise specified
Balance, beginning at Dec. 31, 2014	$61,583	$664	$3,172,060	($3,041,880)	$65,865	$258,292	$36	$258,328
Balance, beginning - shares at Dec. 31, 2014	2,463,321	66,424,508
Dividends declared				-9,366		-9,366		-9,366
Comprehensive income (loss)
Net (loss)				-697		-697	-181	-878
Other comprehensive loss					-1,488	-1,488		-1,488
Total comprehensive loss						-2,185	-181	-2,366
Balance, ending at Mar. 31, 2015	$61,583	$664	$3,172,060	($3,051,943)	$64,377	$246,741	($145)	$246,596
Balance, ending - shares at Mar. 31, 2015	2,463,321	66,424,508

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows From Operating Activities
Net (loss) income	($878)	$4,257
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	6,764	33,402
Accretion of discount and other amortization	-638	-7,346
Net interest income on investments accrued to principal balance	-4,840	-7,105
Valuation allowance on loans	357	1,246
Other-than-temporary impairment on securities	48
Straight-lining of rental income		-6,107
Equity in earnings from equity method investments, net of distributions	-314	39
Gain on settlement of investments (net)	-1,043	-2,332
Unrealized loss (gain) on non-hedge derivatives and hedge ineffectiveness	1,029	-12,748
Change in:
Restricted cash	-1,570	1,690
Receivables and other assets	-2,362	8,434
Accounts payable, accrued expenses and other liabilities	-7,837	-8,793
Net cash (used in) provided by operating activities	-11,284	4,637
Cash Flows From Investing Activities
Principal repayments from investments	37,961	57,143
Purchase of real estate securities	-407,627
Proceeds from sale of investments	398,395	532,236
Acquisition and additions to investments in real estate	-421	-26,378
Deposit paid on investments		-2,448
Net cash provided by investing activities	28,308	560,553
Cash Flows From Financing Activities
Borrowings under debt obligations	391,244	52,933
Repayments of debt obligations	-409,350	-538,934
Margin deposits under repurchase agreements and derivatives	-29,985	-12,277
Return of margin deposits under repurchase agreements and derivatives	27,650	11,867
Contribution of cash to New Media/New Residential upon spin-off		-23,845
Common stock dividends paid	-7,971	-35,145
Preferred stock dividends paid	-1,395	-1,395
Payment of financing costs		-2,285
Proceeds (payments) from settlement of derivative instruments	-4,872
Net cash used in financing activities	-34,679	-549,081
Net (Decrease) Increase in Cash and Cash Equivalents	-17,655	16,109
Cash and Cash Equivalents, Beginning of Period	73,727	42,721
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	135	63,223
Cash and Cash Equivalents, End of Period	56,207	122,053
Cash and Cash Equivalents of Continuing Operations, End of Period	56,002	85,724
Cash and Cash Equivalents of Discontinued Operations, End of Period	205	36,329
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	260	76
Cash paid during the period for income taxes	5,294	20,477
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	930	930
Common stock dividends declared but not paid	7,971	35,145
Additions to capital lease assets and liabilities	243
Reduction of Assets and Liabilities relating to the spin-off of New Media
Property, plant and equipment		266,385
Goodwill and intangibles, net		271,350
Restricted cash		6,477
Receivables and other assets		101,940
Credit facilities, media		177,955
Accounts payable, accrued expenses and other liabilities		$100,695

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	1.   GENERAL
	Newcastle Investment Corp. (and its subsidiaries, “Newcastle or the "Company”) is a Maryland corporation that was formed in 2002. Newcastle focuses on opportunistically investing in, and actively managing, a variety of real estate-related and other investments. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, Newcastle will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. However, certain of our activities are conducted through taxable REIT subsidiaries ("TRS") and therefore are subject to federal and state income taxes at regular corporate tax rates. Newcastle's common stock is traded on the New York Stock Exchange under the symbol "NCT".
	Newcastle 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”), under which the Manager advises Newcastle on various aspects of its business and manages its day-to-day operations, subject to the supervision of Newcastle's board of directors. For its services, the Manager is entitled to an annual management fee and incentive compensation, both as defined in, and in accordance with the terms of the Management Agreement.
	Approximately 1.0 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at March 31, 2015. In addition, Fortress, through its affiliates, held options to purchase approximately 4.9 million shares of Newcastle’s common stock at March 31, 2015.
	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. There were no amounts incurred for the three months ended March 31, 2015 and 2014.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation - The accompanying consolidated financial statements and related notes of Newcastle have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of Newcastle's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with Newcastle's consolidated financial statements for the year ended December 31, 2014 and notes thereto included in Newcastle’s Annual Report on Form 10-K filed with the SEC on March 2, 2015. Capitalized terms used herein, and not otherwise defined, are defined in Newcastle’s consolidated financial statements for the year ended December 31, 2014.
	Certain prior period amounts have been reclassified to conform to the current period’s presentation. All per share amounts, common shares outstanding and options for all prior periods reflect Newcastle's 1-for-3 reverse stock split, which was effective August 18, 2014 and Newcastle's 1-for-2 reverse stock split, which was effective October 22, 2014.
	As of March 31, 2015, Newcastle's significant accounting policies for these financial statements are summarized below and should be read in conjunction with the Summary of Significant Accounting Policies detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.
	REVENUE RECOGNITION
	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 a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the consolidated statements of operations.
	EXPENSE RECOGNITION
	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 March 31, 2015, the aggregate notional amount of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $57.9 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. Under these agreements, we paid fixed monthly coupons at fixed rates of 4.85% of the notional amount to the counterparty and received floating rate LIBOR. Our interest rate swaps not designated as hedges matured in 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 operations. 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 residential mortgage backed securities ("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 operations. As of March 31, 2015, Newcastle held two TBA contracts with $390.0 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.
	BALANCE SHEET MEASUREMENT
	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 three months ended March 31, 2015, Newcastle recorded $0.1 million of servicing rights amortization and no servicing rights impairment. As of March 31, 2015, 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 disposal, assuming such disposal qualifies as a “component of an entity” that represents a strategic shift that had (or will have) a major effect on the operations or financial results 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 operations.
	Other Investment - Newcastle owns 23% of preferred equity in a commercial real estate project which is recorded as an equity method investment. As of March 31, 2015 and December 31, 2014, the carry value of this investment was $27.1 million and $26.8 million, respectively.  Newcastle evaluates its 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.
	Recent Accounting Pronouncements
	In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 and early adoption is permitted. Newcastle is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.
	In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs.  The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new guidance is effective in the first quarter of 2016 and early adoption is permitted. Newcastle elected to early adopt this new guidance effective for the first quarter of 2015 to simplify presentation of debt issuance costs and has applied the changes retrospectively to all periods presented. Accordingly, "Receivables and other assets" excludes deferred financing costs and "Credit facilities and obligations under capital leases" is reported net of deferred financing costs of $0.4 million as of both March 31, 2015 and December 31, 2014 in the Consolidated Balance Sheets.
	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	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	3.   DISCONTINUED OPERATIONS
	On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. ("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.
		13-Feb-14
	Assets
	Property, plant and equipment, net	$	266,385
	Intangibles, net	144,664
	Goodwill	126,686
	Cash and cash equivalents	23,845
	Restricted cash	6,477
	Receivables and other assets	101,940
	Total Assets	$	669,997
	Liabilities
	Credit facilities - media	$	177,955
	Accounts payable, accrued expenses and other liabilities	100,695
	Total Liabilities	$	278,650
	Net Assets	$	391,347
	On November 6, 2014, Newcastle completed the spin-off of New Senior Investment Group Inc. ("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.
		November 6, 2014
	Assets
	Investment in senior housing real estate, net	$	1,574,048
	Intangibles, net	107,658
	Cash and cash equivalents	245,246
	Receivables and other assets	95,942
	Total Assets	$	2,022,894
	Liabilities
	Mortgage notes payable	$	1,260,633
	Accounts payable, accrued expenses and other liabilities	89,245
	Total Liabilities	$	1,349,878
	Net Assets	$	673,016
	Newcastle initially reported its commercial real estate properties in Beavercreek, OH as held-for-sale as of September 30, 2014 and the properties continue to be reported as held-for-sale as of March 31, 2015. As a result of the spin-offs and the plan to sell the commercial real estate properties in Beavercreek, OH, 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 in which Newcastle has no significant continuing involvement, are presented separately in discontinued operations in Newcastle’s consolidated financial statements for all periods presented.
	In April 2015, Newcastle closed on the sale of these properties (see Note 20).
	With respect to the planned sale of the commercial real estate properties in Beavercreek, Ohio, the assets of discontinued operations include investments in other real estate in the amount of $6.6 million as of both March 31, 2015 and December 31, 2014 and cash and cash equivalents, restricted cash and receivables and other assets in the total amount of $0.3 million and $0.2 million as of March 31, 2015 and December 31, 2014, respectively. The liabilities of discontinued operations include $0.5 million of accounts payable, accrued liabilities and other liabilities, as of both March 31, 2015 and December 31, 2014.
	Results from discontinued operations were as follows:
		Three Months Ended
		March 31,
		2015		2014
	Interest income	$	—	$	—
	Interest expense	—		15,797
	Net interest income (loss)	—		(15,797		)
	Media income	—		68,213
	Rental income	499		52,890
	Care and ancillary income	—		5,461
	Total media, rental and other income	499		126,564
	Media operating expenses	—		65,826
	Property operating expenses	344		25,960
	General and administrative expenses	29		7,552
	Depreciation and amortization	11		27,488
	Income tax (benefit) expense	—		(760		)
	Total expenses	384		126,066
	Income (loss) from discontinued operations	$	115	$	(15,299	)
	Net income attributable to noncontrolling interests	$	—	$	522
	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.
	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.

SEGMENT_REPORTING_AND_VARIABLE

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2015
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 properties 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 and management fees pursuant to the Management Agreement.
	Summary financial data on Newcastle's segments is given below, together with reconciliation to the same data for Newcastle as a whole:
		Debt Investments (A)												Discontinued
		CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
	Three Months Ended March 31, 2015
	Interest income	$	15,922		$	12,595		$	35		$	4		$	—		$	(1,478	)	$	27,078
	Interest expense	(2,583		)	(9,579		)	(5,097		)	(946		)	—			1,478			(16,727		)
	Inter-segment elimination	(1,478		)	—			1,478			—			—			—			—
	Net interest income (expense)	11,861			3,016			(3,584		)	(942		)	—			—			10,351
	Impairment (reversal)	337			68			—			—			—			—			405
	Operating revenues	—			—			60,826			—			—			—			60,826
	Other income, net	530			(37		)	8			—			—			—			501
	Loan and security servicing expense	96			—			—			—			—			—			96
	Operating expenses - golf (C)	—			—			52,971			—			—			—			52,971
	Repairs and maintenance expenses - golf	—			—			1,966			—			—			—			1,966
	Cost of sales - golf	—			—			6,053			—			—			—			6,053
	General and administrative expense	—			—			249			1,428			—			—			1,677
	Acquisition and transaction expenses (D)	—			—			36			—			—			—			36
	Management fee to affiliate	—			—			—			2,668			—			—			2,668
	Depreciation and amortization	—			—			6,753			—			—			—			6,753
	Income tax expense	—			—			46			—			—			—			46
	Income (loss) from continuing operations	11,958			2,911			(10,824		)	(5,038		)	—			—			(993		)
	Income from discontinued operations, net of tax	—			—			—			—			115			—			115
	Net income (loss)	11,958			2,911			(10,824		)	(5,038		)	115			—			(878		)
	Preferred dividends	—			—			—			(1,395		)	—			—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			181			—			—			—			181
	Income (loss) applicable to common stockholders	$	11,958		$	2,911		$	(10,643	)	$	(6,433	)	$	115		$	—		$	(2,092	)
		Debt Investments (A)												Discontinued
		CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	March 31, 2015
	Investments, net (E)	$	440,436		$	834,633		$	316,049		$	—		$	—		$	1,591,118
	Cash and restricted cash	14,149			3,778			11,933			48,016			—			77,876
	Other assets	1,575			2,100			33,637			136			—			37,448
	Assets of discontinued operations	—			—			—			—			6,883			6,883
	Total assets	456,160			840,511			361,619			48,152			6,883			1,713,325
	Debt, net (E)	277,464			792,337			162,806			51,230			—			1,283,837
	Other liabilities	1,386			6,352			158,406			16,246			—			182,390
	Liabilities of discontinued operations	—			—			—			—			502			502
	Total liabilities	278,850			798,689			321,212			67,476			502			1,466,729
	Preferred stock	—			—			—			61,583			—			61,583
	Noncontrolling interests	—			—			(145		)	—			—			(145		)
	Equity attributable to common stockholders	$	177,310		$	41,822		$	40,552		$	(80,907	)	$	6,381		$	185,158
	Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	$	—		$	—		$	385		$	—		$	—		$	385
		Debt Investments (A)												Discontinued
		CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
	Three Months Ended March 31, 2014
	Interest income	$	30,722		$	16,952		$	41		$	11		$	—		$	(1,274	)	$	46,452
	Interest expense	(6,128		)	(12,663		)	(3,698		)	(955		)	—			1,274			(22,170		)
	Inter-segment elimination	(1,274		)	1,274			—			—			—			—			—
	Net interest income (expense)	23,320			5,563			(3,657		)	(944		)	—			—			24,282
	Impairment (reversal)	432			814			—			—			—			—			1,246
	Operating revenues	—			—			62,632			—			—			—			62,632
	Other income, net	13,610			2,198			—			—			—			—			15,808
	Loan and security servicing expense	156			701			—			—			—			—			857
	Operating expenses - golf (C)	—			—			57,129			—			—			—			57,129
	Repairs and maintenance expenses - golf	—			—			2,518			—			—			—			2,518
	Cost of sales - golf	—			—			5,956			—			—			—			5,956
	General and administrative expense	—			—			307			2,095			—			—			2,402
	Acquisition and transaction expenses (D)	—			—			775			387			—			—			1,162
	Management fee to affiliate	—			—			—			5,893			—			—			5,893
	Depreciation and amortization	—			—			5,826			37			—			—			5,863
	Income tax expense	—			—			140			—			—			—			140
Income (loss) from continuing operations	36,342			6,246			(13,676		)	(9,356		)	—			—			19,556
Income from discontinued operations	—			—			—			—			(15,299		)	—			(15,299		)
Net income (loss)	36,342			6,246			(13,676		)	(9,356		)	(15,299		)	—			4,257
Preferred dividends	—			—			—			(1,395		)	—			—			(1,395		)
Net loss attributable to non-controlling interests	—			—			139			$	—		522			—			661
Income (loss) applicable to common stockholders	$	36,342		$	6,246		$	(13,537	)	$	(10,751	)	$	(14,777	)	$	—		$	3,523
(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:
	March 31, 2015
	Investments						Debt
Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
	Face Amount			Value			Face Amount			Value
Subprime mortgage loans subject to call options	$	406,217		$	406,217		$	406,217		$	406,217
Other
Unlevered real estate securities (F)	52,327			12,252			—			—
Levered real estate securities	389,056			409,037			386,120			386,120
Other investments	N/A			6,555			—			—
Residential mortgage loans	931			572			—			—
	$	848,531		$	834,633		$	792,337		$	792,337
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively.
(D)	Includes all transaction related and spin-off related expenses.
(E)	Net of $36.6 million of inter-segment eliminations.
(F)	Excludes eight securities with a zero value, which had an aggregate face amount of $113.8 million.
Variable Interest Entities (“VIEs”)
The consolidated variable interest entities ("VIEs") in which Newcastle has a significant interest include Newcastle’s CDOs, in which Newcastle has been determined to be the primary beneficiary and therefore consolidates them (with the exception of CDO V), since it has the power to direct the activities that most significantly impact the CDOs’ economic performance and would absorb a significant portion of their expected losses and receive a significant portion of their expected residual returns. Newcastle’s CDOs are held in special purpose entities whose debt is treated as non-recourse secured borrowings of Newcastle.
The following table presents certain assets of VIEs, which are included in the Consolidated Balance Sheets. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, and are in excess of those obligations. Additionally, the assets in the table below exclude intercompany balances that eliminate in consolidation.
	March 31, 2015
	(Unaudited)			December 31, 2014
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
Real estate securities, available-for-sale	$	219,475		$	219,490
Real estate related and other loans, held-for-sale, net	197,251			230,200
Residential mortgage loans, held-for-sale, net	3,164			3,211
Subprime mortgage loans subject to call option	406,217			406,217
Other investments	20,546			20,308
Restricted cash	14,149			11,790
Receivables and other assets	1,575			1,927
Assets of discontinued operations	6,883			6,803
Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs	$	869,260		$	899,946
The following table presents certain liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The liabilities in the table below include liabilities of consolidated VIEs due to third parties only, and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Newcastle.
	March 31, 2015
	(Unaudited)			December 31, 2014
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle
CDO bonds payable	$	216,464		$	227,673
Other bonds and notes payable	25,317			27,069
Financing of subprime mortgage loans subject to call option	406,217			406,217
Accounts payable, accrued expenses and other liabilities	1,386			2,391
Liabilities of discontinued operations	502			447
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle	$	649,886		$	663,797
Newcastle’s subprime securitizations and CDO V are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, no longer receives a significant portion of their returns, and therefore does not consolidate them.
In addition, Newcastle’s investments in RMBS, commercial mortgage backed securities (“CMBS”), CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE since they involve subjective determinations of significance, with respect to both power and economics. The result could be the consolidation of an entity that otherwise would not have been consolidated or the deconsolidation of an entity that otherwise would have been consolidated.
As of March 31, 2015, Newcastle has not consolidated these potential VIEs. This determination is based, in part, on the assessment that Newcastle does not have the power to direct the activities that most significantly impact the economic performance of these entities, such as if Newcastle owned a majority of the currently controlling class. In addition, Newcastle is not obligated to provide, and has not provided, any financial support to these entities.
Newcastle had variable interests in the following unconsolidated VIEs at March 31, 2015, in addition to the subprime securitizations which are described in Note 6:
Entity		Gross Assets (A)			Debt (A) (B)			Carrying Value of Newcastle's Investment (C)
Newcastle CDO V		$	115,835		$	143,480		$	8,538
(A)	Face amount.
(B)	Newcastle CDO V includes $42.4 million face amount of debt owned by Newcastle with a carrying value of $8.5 million at March 31, 2015.
(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
						Amortized Cost Basis										Gross Unrealized								Weighted Average
	Asset Type		Outstanding Face Amount			Before Impairment				Other-Than- Temporary Impairment				After Impairment		Gains		Losses			Carrying		Number of Securities	Rating (B)	Coupon			Yield			Life		Principal Subordination (D)
																					Value (A)										(Years) (C)
	CMBS		$	209,371		$	207,761			$	(65,861	)		$	141,900	$	37,122	$	(293	)	$	178,729	30	B	5.88	%		11.01	%		2.4		11.9	%
	Non-Agency RMBS		64,720			80,421				(54,589		)		25,832		18,628		—			44,460		28	CCC	1.24	%		10.08	%		7.7		22.4	%
	ABS-Franchise		8,464			7,647				(7,647		)		—		—		—			—		1	C	6.69	%		0	%		—		0	%
	CDO (E)		14,466			—				—				—		8,538		—			8,538		2	CCC-	1.47	%		0	%		11.1		15.1	%
	Debt Security Total / Average (F)		$	297,021		$	295,829			$	(128,097	)		$	167,732	$	64,288	$	(293	)	$	231,727	61	B-	4.68	%		10.87	%		3.9
	Equity Securities					—				—				—		—		—			—		1
	Total Securities, Available-for-Sale					$	295,829			$	(128,097	)		$	167,732	$	64,288	$	(293	)	$	231,727	62
	FNMA/FHLMC		389,056			407,494				—				407,494		1,543		—			409,037		4	AAA	3.5	%		2.72	%		7.1		N/A
	Total Securities, Pledged as Collateral (F)		$	389,056		$	407,494			$	—			$	407,494	$	1,543	$	—		$	409,037	4
	(A)	See Note 13 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 uses an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
	(C)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(D)	Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million.
	(F)	The total outstanding face amount was $0.6 billion for fixed rate securities and $0.1 billion for floating rate securities.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the three months ended March 31, 2015, Newcastle recorded other-than-temporary impairment charges (“OTTI”) of $0.3 million with respect to real estate securities (gross of $0.2 million of other-than-temporary impairment recognized in other comprehensive income). 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 on Newcastle’s securities were primarily the result of changes in market factors, rather than issue-specific credit impairment. Newcastle performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support that the carrying values of such securities were fully recoverable over their expected holding period. The following table summarizes Newcastle’s securities in an unrealized loss position as of March 31, 2015.
						Amortized Cost Basis
	Securities in		Outstanding							Other-than-													Number	Weighted Average
	an Unrealized		Face			Before				Temporary				After		Gross Unrealized					Carrying		of									Life
	Loss Position		Amount			Impairment				Impairment				Impairment		Gains		Losses			Value		Securities	Rating		Coupon			Yield			(Years)
	Less Than Twelve		$	3,823		$	3,818			$	(48	)		$	3,770	$	—	$	(293	)	$	3,477	3	CCC-		6.49	%		7.05	%		2
	Months
	Twelve or More		—			—				—				—		—		—			—		—	—		—	%		—	%		—
	Months
	Total		$	3,823		$	3,818			$	(48	)		$	3,770	$	—	$	(293	)	$	3,477	3	CCC-		6.49	%		7.05	%		2
	Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following:
		March 31, 2015
					Amortized
					Cost Basis				Unrealized Losses
		Fair Value			After Impairment				Credit (B)				Non-Credit (C)
	Securities Newcastle intends to sell	$	—		$	—			$	—			$          N/A
	Securities Newcastle is more likely than not to be required to sell (A)	—			—				—				N/A
	Securities Newcastle has no intent to sell and is not more likely than not to be required to sell:
	Credit impaired securities	1,383			1,649				(48		)		(266		)
	Non credit impaired securities	2,094			2,121				—				(27		)
	Total debt securities in an unrealized loss position	$	3,477		$	3,770			$	(48	)		$	(293	)
	(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 flows for each of the securities.  This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends.  Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities.  Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate.
	(C)	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
	The following table summarizes the activity related to credit losses on debt securities for the three months ended March 31, 2015:
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(4,174	)
	Additions for credit losses on securities for which an OTTI was not previously recognized	(48		)
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	4,174
	Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(48	)
	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at March 31, 2015:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	28,315		13.5	%		$	20,229			27.6	%
	Northeastern U.S.	58,336			27.8	%		18,903				25.8	%
	Southeastern U.S.	44,957			21.5	%		16,215				22.2	%
	Midwestern U.S.	35,954			17.2	%		9,743				13.3	%
	Southwestern U.S.	27,605			13.2	%		8,094				11.1	%
	Other	10,825			5.2	%		—				—	%
	Foreign	3,379			1.6	%		—				—	%
		$	209,371		100	%		$	73,184			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 March 2015, we sold $380.4 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 104.72% for total proceeds of $398.4 million and repaid $385.6 million of repurchase agreements associated with these securities and we recognized a gain of approximately $5.9 million.
	Additionally, in March 2015, we purchased $389.1 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 104.77% for total proceeds of $407.6 million. We financed this transaction with repurchase financing of $386.1 million.
	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	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	6. REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS
	Loans are accounted for based on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. Purchased loans that Newcastle has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held-for-investment. Alternatively, loans acquired with the intent to sell are classified as held-for-sale.
	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at March 31, 2015. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
	Loan Type	Outstanding			Carrying				Loan		Weighted		Weighted Average Coupon		Weighted Average Life	Floating Rate Loans as a % of Face Amount		Delinquent Face Amount (C)
		Face Amount			Value (A)				Count		Average				(Years) (B)
											Yield
	Mezzanine Loans	$	92,668		$	65,862			6		8.56	%	7.26	%	1.2	60.6	%	$	12,000
	Corporate Bank Loans	179,464			112,459				5		22.02	%	13.25	%	1.5	0.5	%	—
	B-Notes	21,621			18,891				1		12	%	7.32	%	3.4	0	%	—
	Whole Loans	39			39				1		7.48	%	7.48	%	0.1	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	293,792		$	197,251			13		16.56	%	10.92	%	1.5	19.4	%	$	12,000
	Residential Loans (D)	4,259			3,735				6		12.98	%	1.91	%	1.1	100	%	766
	Total Residential Mortgage Loans Held-for-Sale, Net	$	4,259		$	3,735			6		12.98	%	1.91	%	1.1	100	%	$	766
	Subprime Mortgage Loans Subject to Call Option	$	406,217		$	406,217
	(A)	Carrying value includes negligible interest receivable for the residential housing loans.
	(B)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of March 31, 2015, $76.4 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
	The following is a summary of real estate related and other loans by maturities at March 31, 2015:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	12,000		$	—			1
	Period from April 1, 2015 to December 31, 2015	90,859			30,700				7
	2016	—			—				—
	2017	24,211			24,211				1
	2018	21,621			18,891				1
	2019	132,799			112,092				2
	2020	—			—				—
	Thereafter	12,302			11,357				1
	Total	$	293,792		$	197,251			13
	-1	Based on the final extended maturity date of each loan investment as of March 31, 2015.
	-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
	Activities relating to the carrying value of Newcastle’s real estate related and other loans and residential mortgage loans are as follows:
		Held-for-Sale
		Real Estate Related and Other Loans			Residential Mortgage Loans
	Balance at December 31, 2014	$	230,200		$	3,854
	Interest accrued to principal balance	4,954			—
	Principal paydowns	(39,263		)	(50		)
	Valuation (allowance) reversal on loans	(289		)	(68		)
	Accretion of loan discount and other amortization	1,649			—
	Other	—			(1		)
	Balance at March 31, 2015	$	197,251		3,735
	The following is a rollforward of the related loss allowance.
		Held-For-Sale
		Real Estate Related and Other Loans			Residential Mortgage Loans
	Balance at December 31, 2014	$	(75,926	)	$	(154	)
	Charge-offs	—			—
	Valuation (allowance) reversal on loans	(289		)	(68		)
	Balance at March 31, 2015	$	(76,215	)	$	(222	)
	The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at March 31, 2015:
		Real Estate Related						Residential Mortgage Loans
		and Other Loans
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount			Percentage
	Western U.S.	$	24,314		20.3	%		$	957		22.5	%
	Northeastern U.S.	11,352			9.5	%		523			12.3	%
	Southeastern U.S.	39,073			32.6	%		2,640			62	%
	Midwestern U.S.	1,702			1.4	%		139			3.2	%
	Southwestern U.S.	4,547			3.8	%		—			—	%
	Foreign	38,757			32.4	%		—			—	%
		$	119,745		100	%		$	4,259		100	%
	Other	174,047			(A)
		$	293,792
	(A)    Primarily includes corporate bank loans which are not directly secured by real estate assets.
	Securitization of Subprime Mortgage Loans
The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at March 31, 2015:
	Subprime Portfolio
	I			II				Total
Total securitized loans (unpaid principal balance) (A)	$	311,133		$	437,380			$	748,513
Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
Retained interests (fair value) (B)	$	2,960		$	—			$	2,960
(A)	Average loan seasoning of 116 months and 98 months for Subprime Portfolios I and II, respectively, at March 31, 2015.
(B)	The retained interests include retained bonds of the securitizations with negligible monthly interest cash flows until principal payment is available. The fair value of which is estimated based on pricing service quotation. Newcastle’s retained interests were written off in 2010. The weighted average yield of the retained bonds was 21.25% as of March 31, 2015.
Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that its exposure to loss is limited to the carrying amount of its retained interests in the securitization entities, as described above.  A subsidiary of Newcastle gave limited representations and warranties with respect to Subprime Portfolio II and is required to pay
the difference, if any, between the repurchase price of any loan in such portfolio and the price required to be paid by a third party originator for such loan. Such subsidiary, however, has no assets and does not have recourse to the general credit of Newcastle.
The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of March 31, 2015:
	Subprime Portfolio
	I			II
Loan unpaid principal balance (UPB)	$	311,133		$	437,380
Weighted average coupon rate of loans	5.71		%	4.63		%
Delinquencies of 60 or more days (UPB) (A)	$	73,706		$	150,239
Net credit losses for the three months ended March 31, 2015	$	6,070		$	5,147
Cumulative net credit losses	$	278,100		$	342,243
Cumulative net credit losses as a % of original UPB	18.5		%	31.5		%
Percentage of ARM loans (B)	50.5		%	63.8		%
Percentage of loans with original loan-to-value ratio >90%	10.6		%	17.1		%
Percentage of interest-only loans	2		%	4.5		%
Face amount of debt (C)	$	307,133		$	437,380
Weighted average funding cost of debt (D)	0.53		%	0.44		%
(A)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
(B)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
(C)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2015.
(D)	Includes the effect of applicable hedges.
Newcastle received negligible cash inflows from the retained interests of Subprime Portfolios I and II during the three months ended March 31, 2015 and 2014.
The loans subject to call option and the corresponding financing recognize interest income and expense based on the expected weighted average coupons of the loans subject to call option at the call date of 9.24% and 8.68% for Subprime Portfolio’s I and II, respectively.

INVESTMENTS_IN_OTHER_REAL_ESTA

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	7. INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION
	The following table summarizes Newcastle’s investments in real estate related to its Golf business:
		March 31, 2015							December 31, 2014
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Golf
	Land	$	90,324	$	—		$	90,324	$	90,324	$	—		$	90,324
	Buildings and improvements	140,752		(20,973		)	119,779		139,949		(17,729		)	122,220
	Furniture, fixtures and equipment	22,756		(7,757		)	14,999		23,621		(5,544		)	18,077
	Capital leases - equipment	6,547		(709		)	5,838		6,528		(547		)	5,981
	Construction in progress	3,109		—			3,109		2,681		—			2,681
	Investments in Other Real Estate	$	263,488	$	(29,439	)	$	234,049	$	263,103	$	(23,820	)	$	239,283
	In March 2015, Golf entered into a lease for a 27-hole municipal golf property owned by Los Angeles County, California. The lease is for a term of 21 years and encompasses the golf course, a driving range, food and beverage facilities and a pro shop.

INTANGIBLES_NET_OF_ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	8. INTANGIBLES, NET OF ACCUMULATED AMORTIZATION
	The following table summarizes Newcastle’s intangible assets related to its Golf business:
		March 31, 2015							December 31, 2014
		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
	Trade name	$	700	$	(29	)	$	671	$	700	$	(23	)	$	677
	Leasehold intangibles (1)	50,275		(6,507		)	43,768		50,275		(5,206		)	45,069
	Management contracts	37,650		(5,833		)	31,817		37,650		(4,666		)	32,984
	Internally-developed software	800		(200		)	600		800		(160		)	640
	Membership base	5,214		(935		)	4,279		5,214		(748		)	4,466
	Nonamortizable liquor license	865		—			865		850		—			850
	Total Intangibles	$	95,504	$	(13,504	)	$	82,000	$	95,489	$	(10,803	)	$	84,686
	(1) The amortization expense for leasehold intangibles is reported in operating expense - golf on the consolidated statements of operations.
	Intangible assets are amortized on a straight-line basis over the following estimated useful lives: 30-40 years for trade name; 9-27 years for leasehold intangibles; 2-26 years for management contracts (the actual contractual terms of the corresponding lease agreements); 5 years for internally-developed software and 7 years for the membership base.

RECEIVABLES_AND_OTHER_ASSETS

RECEIVABLES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
RECEIVABLES AND OTHER ASSETS	9.    RECEIVABLES AND OTHER ASSETS
	The following table summarizes Newcastle's receivables and other assets:
		31-Mar-15		31-Dec-14
	Accounts receivable, net	$	7,864	$	7,369
	Prepaid expenses	7,625		6,639
	Interest receivable	2,145		2,324
	Deposits	7,354		7,339
	Inventory	5,477		4,964
	Miscellaneous assets, net (1)	6,983		6,556
		$	37,448	$	35,191
	-1	In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Note 2) which requires retrospective application to all prior periods. Accordingly, "Miscellaneous assets, net" is reduced by $0.4 million for deferred financing costs as of December 31, 2014.

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	10.   DEBT OBLIGATIONS
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at March 31, 2015:
		31-Mar-15
																Collateral									Aggregate
	Debt Obligation/Collateral	Month Issued		Outstanding		Carrying		Final Stated Maturity	Weighted		Weighted Average		Weighted Average Life(Years)	Face Amount of		Outstanding Face Amount (C)		Amortized		Carrying		Weighted Average Life	Floating Rate Face Amount (C)		Notional
				Face		Value			Average		Funding			Floating Rate Debt				Cost Basis (C)		Value (C)		(Years)			Amount of Current Hedges
				Amount					Coupon (A)		Cost (B)
	CDO Bonds Payable
	CDO VI (D)	Apr-05		$	92,576	$	92,576	Apr 2040	0.87%		0.87	%	4.8	$	89,005	$	96,288	$	35,093	$	67,432	4.8	$	28,869	$	—
	CDO VIII	Nov-06		71,813		71,727		Nov 2052	2.13%		6.56	%	1.7	64,213		192,392		134,997		144,945		1.8	52,220		57,903
	CDO IX	May-07		51,371		52,161		May 2052	0.77%		0.21	%	1.5	51,371		273,680		217,877		228,059		2.3	35,946		—
				215,760		216,464					2.59	%	3	204,589		562,360		387,967		440,436		2.5	117,035		57,903
	Other Bonds and Notes Payable
	NCT 2013-VI IMM-1 (E)	Nov-13		28,563		25,317		Apr-40	LIBOR+0.25%		6.87	%	2.2	28,563		N/A		N/A		N/A		N/A	N/A		—
				28,563		25,317					6.87	%	2.2	28,563		N/A		N/A		N/A		N/A	N/A		—
	Repurchase Agreements (F)
	CDO securities (E)	Mar-15		35,683		35,683		Apr-15	LIBOR+1.65%		1.83	%	0.1	35,683		N/A		N/A		N/A		N/A	N/A		—
	FNMA/FHLMC Securities	Mar-15		386,120		386,120		Apr-15	0.37%		0.37	%	0.1	—		389,056		407,494		409,037		7.1	—		—
				421,803		421,803					0.49	%	0.1	35,683		389,056		407,494		409,037		7.1	—		—
	Golf Credit Facilities (G)
	First Lien Loan	Dec-13		51,423		51,308		Dec-17	LIBOR+4.00%	(H)	4.58	%	2.8	51,423		N/A		N/A		N/A		N/A	N/A		—
	Second Lien Loan	Dec-13		105,575		105,339		Dec-17	5.50%		5.58	%	2.8	—		N/A		N/A		N/A		N/A	N/A		—
	Vineyard II	Dec-93		200		200		Dec-43	2.11%		2.11	%	28.7	200		N/A		N/A		N/A		N/A	N/A		—
	Capital Leases (Equipment)	May 2014 - Mar 2015		5,959		5,959		Sep-20	4.80% to 7.15%		6.77	%	5.5	—		N/A		N/A		N/A		N/A	N/A		—
				163,157		162,806					5.3	%	2.9	51,623		N/A		N/A		N/A		N/A	N/A		—
	Corporate
	Junior subordinated notes payable	Mar 2006		51,004		51,230		Apr-35	7.57%	(I)	7.36	%	20.1	—		N/A		N/A		N/A		N/A	N/A		—
				51,004		51,230					7.36	%	20.1	—		N/A		N/A		N/A		N/A	N/A		—
	Subtotal debt obligations			880,287		877,620					2.49	%	2.6	$	320,458	$	951,416	$	795,461	$	849,473	4.4	$	117,035	$	57,903
	Financing on subprime mortgage loans subject to call option (J)			406,217		406,217
	Total debt obligations			$	1,286,504	$	1,283,837
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the three months ended March 31, 2015.
	(C)	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
	(D)	This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2015. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the foreseeable future.
	(E)	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
	(F)	These repurchase agreements had $0.1 million of accrued interest payable at March 31, 2015. Approximately $386.3 million face amount of these repurchase agreements were renewed subsequent to March 31, 2015. The counterparties on these repurchase agreements are Bank of America ($35.7 million) and Nomura ($386.1 million). Newcastle has margin exposures on a total of $421.8 million repurchase agreement 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.
	(G)	The golf credit facilities are collateralized by all of the assets of the Golf business. The carrying value of the golf credit facilities are reported net of deferred financing costs of $0.4 million as of March 31, 2015.
	(H)	Interest rate based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(I)	LIBOR +2.25% after April 2016.
	(J)	Issued in April 2006 and July 2007 and secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.
	Each CDO financing is subject to tests that measure the amount of over collateralization and excess interest in the transaction.  Failure to satisfy these tests would cause the principal and/or interest cashflows 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 of March 31, 2015, CDO VI was not in compliance with its over collateralization tests and as a result, Newcastle’s cashflows and liquidity were negatively impacted due to the failure. Based upon Newcastle's current calculations, Newcastle expects this CDO to remain out of compliance for the foreseeable future.
	In March 2015, Newcastle sold Agency RMBS with a face amount of approximately $380.4 million at an average price of 104.72% for a gain of $5.9 million and repaid associated repurchase agreements. Also in March 2015, Newcastle financed $389.1 million face amount of purchased FNMA/FHLMC securities with repurchase agreements with carrying value of $386.1 million as of March 31, 2015. These repurchase agreements bear interest at 0.37%, mature in April 2015 and are subject to customary margin provisions.
	As of March 31, 2015, Newcastle has unused borrowing capacity of $3.1 million on the golf credit facilities.
	The Golf business leases certain golf carts and other equipment under capital leases. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 60 to 66 months with a purchase price option at the termination of the lease.
	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of March 31, 2015 are as follows:
	April 1, 2015 - December 31, 2015	$	1,005
	2016	1,340
	2017	1,340
	2018	1,340
	2019	1,437
	2020 and thereafter	671
	Total minimum lease payments	7,133
	Less: imputed interest	1,174
	Present value of net minimum lease payments	$	5,959
	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 March 31, 2015.

ACCOUNTS_PAYABLE_ACCRUED_EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
	11	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
	The following table summarizes Newcastle's accounts payable, accrued expenses and other liabilities:
		March 31, 2015		December 31, 2014
	Accounts payable and accrued expenses	$	31,389	$	35,854
	Membership deposit liabilities	81,605		79,678
	Deferred revenue	23,380		29,322
	Security deposit payable	8,022		5,293
	Unfavorable leasehold interests	6,057		6,443
	Derivative liabilities	4,639		4,328
	Accrued rent	2,675		2,605
	Due to affiliates	1,919		1,125
	Miscellaneous liabilities	13,803		14,742
		$	173,489	$	179,390

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	12.   DERIVATIVES
	Newcastle's derivative instruments are comprised of interest rate swaps 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 March 31, 2015 and December 31, 2014:
				Fair Value
				March 31, 2015				December 31, 2014
		Balance Sheet Location
	Derivative liabilities
	Interest rate swaps, designated as hedges	Accounts payable, accrued expenses and other liabilities		$	1,287			$	1,963
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		—				334
	TBAs, not designated as hedges	Accounts payable, accrued expenses and other liabilities		3,352				2,031
				$	4,639			$	4,328
	The following table summarizes gains (losses) recorded in relation to derivatives:
				Three Months Ended March 31,
		Income Statement Location		2015			2014
	Cash flow hedges
	Deferred hedge gain (loss) reclassified from AOCI into earnings	Interest expense		19			13
	Amount of loss reclassified from AOCI into income (effective portion)	Interest expense		(708	)		(1,280	)
	Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)	None		(33	)		(77	)
	Non-hedge derivatives
	Gain recognized related to interest rate swaps	Other income (loss)		292			2,075
	Gain recognized related to linked transactions	Other income (loss)		—			10,673
	Gain (loss) recognized related to TBAs	Other income (loss)		(1,321	)		—
	Gain (loss) on settlement of TBAs	Gain (loss) on settlement of investments, net		(4,871	)		—
	The following table presents additional information about cash flow hedge transactions:
		March 31, 2015			December 31, 2014
	Cash flow hedges
	Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	79			78
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(1,705	)		(1,730	)

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	13.   FAIR VALUE
	Fair Value Summary Table
	The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at March 31, 2015:
		Carrying				Estimated				Fair Value Method (A)
		Value				Fair Value
	Assets
	Real estate securities, available-for-sale	$	231,727			$	231,727			Broker/counterparty quotations, pricing services,  pricing models
	Real estate securities, pledged as collateral	409,037				409,037				Broker/counterparty quotations
	Real estate related and other loans, held-for-sale, net	197,251				213,822				Broker/counterparty quotations, pricing services,  pricing models
	Residential mortgage loans, held-for-sale, net	3,735				3,889				Broker/counterparty quotations
	Subprime mortgage loans subject to call option (B)	406,217				406,217				(B)
	Restricted cash	21,874				21,874
	Cash and cash equivalents	56,002				56,002
	Liabilities
	CDO bonds payable (D)	$	216,464			$	121,112			Pricing models
	Other bonds and notes payable (D)	25,317				26,212				Broker quotations, pricing models
	Repurchase agreements	421,803				421,803				Market comparables
	Credit facilities and obligations under capital leases	162,806				162,806				Pricing models
	Financing of subprime mortgage loans subject to call option (B)	406,217				406,217				(B)
	Junior subordinated notes payable	51,230				39,257				Pricing models
	Interest rate swaps, treated as hedges (C)	1,287				1,287				Counterparty quotations
	Non-hedge derivatives (C)	3,352				3,352				Counterparty quotations
	(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 liabilities including interest rate swaps and TBA forward contracts (Note 12).
	(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. 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 March 31, 2015:
						Fair Value
		Carrying Value				Level 2				Level 3							Total
						Market Quotations				Market Quotations				Internal Pricing Models
	Assets
	Real estate securities, available-for-sale:
	CMBS	$	178,729			$	—			$	178,729			$	—		$	178,729
	Non-Agency RMBS	44,460				—				44,460				—			44,460
	CDO (A)	8,538				—				—				8,538			8,538
	Equity securities	—				—				—				—			—
	Real estate securities, available-for-sale total	$	231,727			$	—			$	223,189			$	8,538		$	231,727
	Real estate securities, pledged as collateral:
	FNMA/FHLMC	409,037				409,037				—				—			409,037
	Real estate securities, pledged as collateral total	$	409,037			$	409,037			$	—			$	—		$	409,037
	Liabilities
	Derivative liabilities:
	Interest rate swaps, treated as hedges	$	1,287			$	1,287			$	—			$	—		$	1,287
	Interest rate swaps and TBAs, not treated as hedges	3,352				3,352				—				—			3,352
	Derivative liabilities total	$	4,639			$	4,639			$	—			$	—		$	4,639
	(A)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million as of March 31, 2015.
	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 March 31, 2015. 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.
											Weighted Average Significant Input
	Asset Type		Amortized				Fair Value				Discount			Prepayment		Cumulative			Loss
Cost			Rate		Speed						Default			Severity
Basis											Rate
CDO		—				8,538				7.4	%		3.6	%	21.7	%		73.6	%
Total		$	—			$	8,538
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 vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended March 31, 2015 as follows:
	CMBS				Non-Agency RMBS			Equity/Other Securities				Total
Balance at December 31, 2014	$	178,763			45,035			$	7,956			$	231,754
Total gains (losses)
Included in net income (A)	(48		)		—			—				(48		)
Included in other comprehensive income (loss)	1,392				(1,189	)		582				785
Amortization included in interest income	1,803				2,098			—				3,901
Purchases, sales and repayments
Purchases	—				—			—				—
Proceeds from sales	—				—			—				—
Proceeds from repayments	(3,181		)		(1,484	)		—				(4,665		)
Balance at March 31, 2015	$	178,729			44,460			$	8,538			$	231,727
(A)	These gains (losses) are recorded in the following line items in the consolidated statements of operations:
	Three Months Ended March 31, 2015
Gain (loss) on settlement of investments, net	$	—
Other income (loss), net	—
OTTI	(48		)
Total	$	(48	)
Gain (loss) on settlement 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. As a result, these held-for-sale loans are carried at the lower of amortized cost or fair value and are therefore recorded at fair value on a non-recurring basis. These loans were written down to fair value at the time of the impairment, based on broker quotations, pricing service quotations or internal pricing models. All the loans were within Level 3 of the fair value hierarchy. For real estate related and other loans, the most significant inputs used in the valuations are the amount and timing of expected future cash flows, market yields and the estimated collateral value of such loan investments.  For residential mortgage loans, significant inputs include management’s expectations of prepayment speeds, default rates, loss severities and discount rates that market participants would use in determining the fair values of similar pools of residential mortgage loans.
The following tables summarize certain information for real estate related and other loans and residential mortgage loans held-for-sale as of March 31, 2015:
										Significant Input
										Range					Weighted Average
		Carrying				Fair				Discount			Loss		Discount			Loss
Loan Type		Value				Value				Rate			Severity		Rate			Severity
Mezzanine		$	65,862			$	66,956			5.0%-20.0%			0%-100%		8.6	%		27.9	%
Bank Loan		112,459				127,936				15.0%-29.3%			0%-100%		22	%		25.7	%
B-Note		18,891				18,891				12	%		0	%	12	%		0	%
Whole Loan		39				39				7.5	%		0	%	7.5	%		0	%
Total Real Estate Related and other Loans Held-for-Sale, Net		$	197,251			$	213,822
										Significant Input (Weighted Average)
		Carrying				Fair				Discount			Prepayment		Constant			Loss
Loan Type		Value				Value				Rate			Speed		Default Rate			Severity
Residential Loans		3,735				3,889				13	%		0.2	%	18.2	%		4.9	%
Total Residential Mortgage Loans, Held-for-Sale, Net		$	3,735			$	3,889
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 flows.
				Significant inputs include:
				l	Underlying security and loan prepayment, default and cumulative loss expectations
				l	Amount and timing of expected future cash flows
				l	Market yields and credit spreads implied by comparisons to transactions of similar tranches of CDO debt by the varying levels of subordination
Other bonds and notes payable		Level 3		Valuation technique is based on discounted cash flows.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Broker quotations
				l	Market yields and credit spreads implied by comparisons to transactions of similar tranches of securitized debt by the varying levels of subordination
Repurchase agreements		Level 2		Valuation technique is based on market comparables.
				Significant variables include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Collateral funding spreads
Golf credit facilities		Level 3		Valuation technique is based on discounted cash flows.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Credit spread of golf
Junior subordinated notes payable		Level 3		Valuation technique is based on discounted cash flows.
				Significant inputs include:
				l	Amount and timing of expected future cash flows
				l	Interest rates
				l	Market yields and the credit spread of Newcastle

EQUITY_AND_EARNINGS_PER_SHARE

EQUITY AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	14.   EQUITY AND EARNINGS PER SHARE
	A. Stockholder's Equity
	The following is a summary of the changes in Newcastle's outstanding options for the three months ended March 31, 2015:
		Number of Options			Weighted Average Strike Price				Weighted Average Life Remaining (in years)
	Outstanding at December 31, 2014	5,500,599			$	4.26
	Granted	—			—
	Exercised	—			—
	Expired	54,999			14.92
	Forfeited	—			—
	Outstanding at March 31, 2015	5,445,600			$	4.15			7.7
	Exercisable at March 31, 2015	3,824,013			$	3.82			7.1
	As of March 31, 2015, Newcastle’s outstanding options were summarized as follows:
		Issued Prior to 2011				Issued in 2011 and thereafter				Total
	Held by the Manager	114,479				4,833,961				4,948,440
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	30,182				466,645				496,827
	Issued to the independent directors	333				—				333
	Total	144,994				5,300,606				5,445,600
	Weighted average strike price	$	14.62			$	3.86			$	4.15
	On March 16, 2015, Newcastle declared a quarterly dividend of $0.12 per common share, and declared dividends of $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the quarter ended March 31, 2015. Dividends totaling $9.4 million were paid in April 2015.
	B. Earnings Per Share
	Newcastle is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS:
			Three Months Ended March 31,
			2015				2014
	Numerator for basis and diluted earnings per share:
	(Loss) Income from continuing operations after preferred dividends and noncontrolling interests		$	(2,207	)		$	18,822
	Income (loss) from discontinued operations, net of tax		115				(15,299		)
	(Loss) Income Applicable to Common Stockholders		$	(2,092	)		$	3,523
	Denominator:
	Denominator for basic earnings per share - weighted average shares		66,425				58,576
	Effect of dilutive securities
	Options		—				1,936
	Denominator for diluted earnings per share - adjusted weighted average shares		66,425				60,512
	Basic earnings per share:
	(Loss) Income from continuing operations per share of common stock,		$	(0.03	)		$	0.32
	after preferred dividends and noncontrolling interests
	Income (loss) from discontinued operations per share of common		$	—			$	(0.26	)
	stock
	(Loss) Income Applicable to Common Stock, per share		$	(0.03	)		$	0.06
	Diluted earnings per share:
	(Loss) Income from continuing operations per share of common stock,		$	(0.03	)		$	0.31
	after preferred dividends and noncontrolling interests
	Income (loss) from discontinued operations per share of common		$	—			$	(0.26	)
	stock
	(Loss) Income Applicable to Common Stock, per share		$	(0.03	)		$	0.06
	Basic EPS is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. Newcastle’s common stock equivalents are its outstanding stock options. During the three months ended March 31, 2015 and 2014, Newcastle had 2,547,086 and 284,295 antidilutive options. During the three months ended March 31, 2015, based on the treasury stock method, Newcastle had 1,069,463 potentially dilutive common stock equivalents which were excluded due to Newcastle's loss position. During the three months ended March 31, 2014, Newcastle had 1,935,545 dilutive common stock equivalents, resulting from its outstanding options. Net income available for common stockholders is equal to net income less preferred dividends and net income attributable to noncontrolling interests.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15.   COMMITMENTS AND CONTINGENCIES
	Newcastle is, from time to time, a defendant in legal actions from transactions conducted in the ordinary course of business. Management, after consultation with legal counsel, believes the ultimate liability arising from such actions, individually and in the aggregate, that existed at March 31, 2015, if any, will not materially affect Newcastle’s consolidated results of operations or financial position.
	In March 2015, Golf entered into a lease for a 27-hole municipal golf property owned by Los Angeles County, California. The lease is for a term of 21 years and encompasses the golf course, a driving range, food and beverage facilities and a pro shop.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	16. INCOME TAXES
	The provision for income taxes (including discontinued operations) consists of the following:
		Three Months Ended March 31,
		2015			2014
	Current:
	Federal	$	46		$	72
	State and Local	12			61
	Total Current Provision	$	58		$	133
	Deferred:
	Federal	$	(10	)	$	(240	)
	State and Local	(2		)	(513		)
	Total Deferred Provision	$	(12	)	$	(753	)
	Provision for income taxes from continuing operations	$	46		$	140
	Provision (benefit) for income taxes from discontinued operations	$	—		$	(760	)
	Total Provision (benefit) for Income Taxes	$	46		$	(620	)
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of March 31, 2015 are presented below:
		March 31, 2015			December 31, 2014
	Deferred tax assets:
	Allowance for loan losses	$	374		$	366
	Depreciation and amortization	15,392			13,938
	Accrued expenses	1,271			2,006
	Net operating losses	29,058			26,543
	Other	2,367			2,365
	Total deferred tax assets	48,462			45,218
	Less valuation allowance	(31,138		)	(27,434		)
	Net deferred tax assets	$	17,324		$	17,784
	Deferred tax liabilities:
	Leaseholds	17,270			17,741
	Total deferred tax liabilities	$	17,270		$	17,741
	Net deferred income tax assets (A)	$	54		$	43
	(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 March 31, 2015 as management does not believe that it is more likely than not that the deferred tax assets will be realized.

GAINS_LOSSES_ON_SETTLEMENT_OF_

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET	3 Months Ended
	Mar. 31, 2015
Gains Losses On Settlement Of Investments Net And Other Income Loss Net
GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET	17.   GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET
	These items are comprised of the following:
		Three Months Ended March 31,
		2015			2014
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	5,886		$	2,334
	Settlement of TBAs	(4,871		)	—
		$	1,015		$	2,334
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	(1,029	)	$	12,748
	Collateral management fee income, net	193			265
	Equity (deficit) in earnings of equity method investees	314			(39		)
	Loss on disposal of long-lived assets	(183		)	(2		)
	Other income	191			502
		$	(514	)	$	13,474

RECLASSIFICATION_FROM_ACCUMULA

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	3 Months Ended
	Mar. 31, 2015
Reclassification From Accumulated Other Comprehensive Income Into Net Income
RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	18. RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME
	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income:
	Accumulated Other Comprehensive	Income Statement	Three Months Ended March 31,
	Income Components	Location	2015			2014
	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	$	(48	)	$	—
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	5,886			2,334
			$	5,838		$	2,334
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Amortization of deferred gain	Interest expense	$	19		$	13
	Realized loss reclassified from AOCI into income, related to effective portion	Interest expense	(708		)	(1,280		)
			$	(689	)	$	(1,267	)
	Total reclassifications		$	5,149		$	1,067

SUPPLEMENTAL_NONCASH_INVESTING

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	3 Months Ended
	Mar. 31, 2015
Supplemental Non-cash Investing And Financing Activities Related To Cdos
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	19.   SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs
	Newcastle considers all activity in its CDOs’ restricted cash accounts to be non-cash activity for purposes of its consolidated statement of cash flows since transactions conducted with restricted cash have no effect on its cash and cash equivalents. Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Three Months Ended March 31,
		2015		2014
	Restricted cash generated from sale of securities	$	—	$	548
	Restricted cash generated from paydowns on securities and loans	$	42,745	$	141,348
	Restricted cash used for repayments of CDO bonds payable	$	13,704	$	137,831

RECENT_ACTIVITIES

RECENT ACTIVITIES	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
RECENT ACTIVITIES	20.   RECENT ACTIVITIES
	These financial statements include a discussion of material events, if any, that have occurred subsequent to March 31, 2015 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
	In April 2015, Newcastle closed on the sale of its commercial real estate properties in Beavercreek, OH for $7.0 million, net of closing costs and recognized a net gain on the sale of these assets of approximately $0.3 million. In addition, Newcastle repaid the related debt on this property of $6.0 million held within CDO IX, which was eliminated in consolidation.
	On May 7, 2015, and pursuant to the anti-dilution provisions of the Option Plans (as defined herein), Newcastle’s board of directors approved an equitable adjustment of all outstanding options in order to account for the impact of the 2014 return of capital distributions. The equitable adjustment entails a strike price adjustment and the issuance of additional options, and the number of additional options to be issued will be determined so as to restore the loss in value that would otherwise occur in the absence of an equitable adjustment as a result of the 2014 return of capital distributions.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The accompanying consolidated financial statements and related notes of Newcastle have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of Newcastle's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with Newcastle's consolidated financial statements for the year ended December 31, 2014 and notes thereto included in Newcastle’s Annual Report on Form 10-K filed with the SEC on March 2, 2015. Capitalized terms used herein, and not otherwise defined, are defined in Newcastle’s consolidated financial statements for the year ended December 31, 2014.
	Certain prior period amounts have been reclassified to conform to the current period’s presentation. All per share amounts, common shares outstanding and options for all prior periods reflect Newcastle's 1-for-3 reverse stock split, which was effective August 18, 2014 and Newcastle's 1-for-2 reverse stock split, which was effective October 22, 2014.
	As of March 31, 2015, Newcastle's significant accounting policies for these financial statements are summarized below and should be read in conjunction with the Summary of Significant Accounting Policies detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.
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 a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the consolidated statements of operations.
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 March 31, 2015, the aggregate notional amount of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $57.9 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. Under these agreements, we paid fixed monthly coupons at fixed rates of 4.85% of the notional amount to the counterparty and received floating rate LIBOR. Our interest rate swaps not designated as hedges matured in 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 operations. 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 residential mortgage backed securities ("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 operations. As of March 31, 2015, Newcastle held two TBA contracts with $390.0 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.
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 three months ended March 31, 2015, Newcastle recorded $0.1 million of servicing rights amortization and no servicing rights impairment. As of March 31, 2015, 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 disposal, assuming such disposal qualifies as a “component of an entity” that represents a strategic shift that had (or will have) a major effect on the operations or financial results 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 operations.
Other Investment	Other Investment - Newcastle owns 23% of preferred equity in a commercial real estate project which is recorded as an equity method investment. As of March 31, 2015 and December 31, 2014, the carry value of this investment was $27.1 million and $26.8 million, respectively.  Newcastle evaluates its 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 and early adoption is permitted. Newcastle is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements.
	In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs.  The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new guidance is effective in the first quarter of 2016 and early adoption is permitted. Newcastle elected to early adopt this new guidance effective for the first quarter of 2015 to simplify presentation of debt issuance costs and has applied the changes retrospectively to all periods presented. Accordingly, "Receivables and other assets" excludes deferred financing costs and "Credit facilities and obligations under capital leases" is reported net of deferred financing costs of $0.4 million as of both March 31, 2015 and December 31, 2014 in the Consolidated Balance Sheets.
	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.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
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

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of carrying value of assets and liabilities immediately preceding the spin-off	The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off.
		13-Feb-14
	Assets
	Property, plant and equipment, net	$	266,385
	Intangibles, net	144,664
	Goodwill	126,686
	Cash and cash equivalents	23,845
	Restricted cash	6,477
	Receivables and other assets	101,940
	Total Assets	$	669,997
	Liabilities
	Credit facilities - media	$	177,955
	Accounts payable, accrued expenses and other liabilities	100,695
	Total Liabilities	$	278,650
	Net Assets	$	391,347
	The following table presents the carrying value of the assets and liabilities of New Senior, immediately preceding the November 6, 2014 spin-off.
		November 6, 2014
	Assets
	Investment in senior housing real estate, net	$	1,574,048
	Intangibles, net	107,658
	Cash and cash equivalents	245,246
	Receivables and other assets	95,942
	Total Assets	$	2,022,894
	Liabilities
	Mortgage notes payable	$	1,260,633
	Accounts payable, accrued expenses and other liabilities	89,245
	Total Liabilities	$	1,349,878
	Net Assets	$	673,016
Schedule of results of operations from discontinued operations	Results from discontinued operations were as follows:
		Three Months Ended
		March 31,
		2015		2014
	Interest income	$	—	$	—
	Interest expense	—		15,797
	Net interest income (loss)	—		(15,797		)
	Media income	—		68,213
	Rental income	499		52,890
	Care and ancillary income	—		5,461
	Total media, rental and other income	499		126,564
	Media operating expenses	—		65,826
	Property operating expenses	344		25,960
	General and administrative expenses	29		7,552
	Depreciation and amortization	11		27,488
	Income tax (benefit) expense	—		(760		)
	Total expenses	384		126,066
	Income (loss) from discontinued operations	$	115	$	(15,299	)
	Net income attributable to noncontrolling interests	$	—	$	522

SEGMENT_REPORTING_AND_VARIABLE1

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2015
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)												Discontinued
		CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
	Three Months Ended March 31, 2015
	Interest income	$	15,922		$	12,595		$	35		$	4		$	—		$	(1,478	)	$	27,078
	Interest expense	(2,583		)	(9,579		)	(5,097		)	(946		)	—			1,478			(16,727		)
	Inter-segment elimination	(1,478		)	—			1,478			—			—			—			—
	Net interest income (expense)	11,861			3,016			(3,584		)	(942		)	—			—			10,351
	Impairment (reversal)	337			68			—			—			—			—			405
	Operating revenues	—			—			60,826			—			—			—			60,826
	Other income, net	530			(37		)	8			—			—			—			501
	Loan and security servicing expense	96			—			—			—			—			—			96
	Operating expenses - golf (C)	—			—			52,971			—			—			—			52,971
	Repairs and maintenance expenses - golf	—			—			1,966			—			—			—			1,966
	Cost of sales - golf	—			—			6,053			—			—			—			6,053
	General and administrative expense	—			—			249			1,428			—			—			1,677
	Acquisition and transaction expenses (D)	—			—			36			—			—			—			36
	Management fee to affiliate	—			—			—			2,668			—			—			2,668
	Depreciation and amortization	—			—			6,753			—			—			—			6,753
	Income tax expense	—			—			46			—			—			—			46
	Income (loss) from continuing operations	11,958			2,911			(10,824		)	(5,038		)	—			—			(993		)
	Income from discontinued operations, net of tax	—			—			—			—			115			—			115
	Net income (loss)	11,958			2,911			(10,824		)	(5,038		)	115			—			(878		)
	Preferred dividends	—			—			—			(1,395		)	—			—			(1,395		)
	Net loss attributable to noncontrolling interests	—			—			181			—			—			—			181
	Income (loss) applicable to common stockholders	$	11,958		$	2,911		$	(10,643	)	$	(6,433	)	$	115		$	—		$	(2,092	)
		Debt Investments (A)												Discontinued
		CDOs			Other Debt (B)			Golf			Corporate			Operations			Total
	March 31, 2015
	Investments, net (E)	$	440,436		$	834,633		$	316,049		$	—		$	—		$	1,591,118
	Cash and restricted cash	14,149			3,778			11,933			48,016			—			77,876
	Other assets	1,575			2,100			33,637			136			—			37,448
	Assets of discontinued operations	—			—			—			—			6,883			6,883
	Total assets	456,160			840,511			361,619			48,152			6,883			1,713,325
	Debt, net (E)	277,464			792,337			162,806			51,230			—			1,283,837
	Other liabilities	1,386			6,352			158,406			16,246			—			182,390
	Liabilities of discontinued operations	—			—			—			—			502			502
	Total liabilities	278,850			798,689			321,212			67,476			502			1,466,729
	Preferred stock	—			—			—			61,583			—			61,583
	Noncontrolling interests	—			—			(145		)	—			—			(145		)
	Equity attributable to common stockholders	$	177,310		$	41,822		$	40,552		$	(80,907	)	$	6,381		$	185,158
	Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	$	—		$	—		$	385		$	—		$	—		$	385
		Debt Investments (A)												Discontinued
		CDOs			Other Debt (B)			Golf			Corporate			Operations			Eliminations			Total
	Three Months Ended March 31, 2014
	Interest income	$	30,722		$	16,952		$	41		$	11		$	—		$	(1,274	)	$	46,452
	Interest expense	(6,128		)	(12,663		)	(3,698		)	(955		)	—			1,274			(22,170		)
	Inter-segment elimination	(1,274		)	1,274			—			—			—			—			—
	Net interest income (expense)	23,320			5,563			(3,657		)	(944		)	—			—			24,282
	Impairment (reversal)	432			814			—			—			—			—			1,246
	Operating revenues	—			—			62,632			—			—			—			62,632
	Other income, net	13,610			2,198			—			—			—			—			15,808
	Loan and security servicing expense	156			701			—			—			—			—			857
	Operating expenses - golf (C)	—			—			57,129			—			—			—			57,129
	Repairs and maintenance expenses - golf	—			—			2,518			—			—			—			2,518
	Cost of sales - golf	—			—			5,956			—			—			—			5,956
	General and administrative expense	—			—			307			2,095			—			—			2,402
	Acquisition and transaction expenses (D)	—			—			775			387			—			—			1,162
	Management fee to affiliate	—			—			—			5,893			—			—			5,893
	Depreciation and amortization	—			—			5,826			37			—			—			5,863
	Income tax expense	—			—			140			—			—			—			140
	Income (loss) from continuing operations	36,342			6,246			(13,676		)	(9,356		)	—			—			19,556
	Income from discontinued operations	—			—			—			—			(15,299		)	—			(15,299		)
	Net income (loss)	36,342			6,246			(13,676		)	(9,356		)	(15,299		)	—			4,257
Preferred dividends	—			—			—			(1,395		)	—			—			(1,395		)
Net loss attributable to non-controlling interests	—			—			139			$	—		522			—			661
Income (loss) applicable to common stockholders	$	36,342		$	6,246		$	(13,537	)	$	(10,751	)	$	(14,777	)	$	—		$	3,523
(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:
	March 31, 2015
	Investments						Debt
Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
	Face Amount			Value			Face Amount			Value
Subprime mortgage loans subject to call options	$	406,217		$	406,217		$	406,217		$	406,217
Other
Unlevered real estate securities (F)	52,327			12,252			—			—
Levered real estate securities	389,056			409,037			386,120			386,120
Other investments	N/A			6,555			—			—
Residential mortgage loans	931			572			—			—
	$	848,531		$	834,633		$	792,337		$	792,337
(C)	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively.
(D)	Includes all transaction related and spin-off related expenses.
(E)	Net of $36.6 million of inter-segment eliminations.
(F)	Excludes eight securities with a zero value, which had an aggregate face amount of $113.8 million.
Schedule of other debt segment investments and debt	(B)	The following table summarizes the investments and debt in the other debt segment:
		March 31, 2015
		Investments						Debt
	Non-Recourse	Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount			Value
	Subprime mortgage loans subject to call options	$	406,217		$	406,217		$	406,217		$	406,217
	Other
	Unlevered real estate securities (F)	52,327			12,252			—			—
	Levered real estate securities	389,056			409,037			386,120			386,120
	Other investments	N/A			6,555			—			—
	Residential mortgage loans	931			572			—			—
		$	848,531		$	834,633		$	792,337		$	792,337
Schedule of certain assets and liabilities of Variable Interest Entities	The following table presents certain assets of VIEs, which are included in the Consolidated Balance Sheets. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, and are in excess of those obligations. Additionally, the assets in the table below exclude intercompany balances that eliminate in consolidation.
		March 31, 2015
		(Unaudited)			December 31, 2014
	Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
	Real estate securities, available-for-sale	$	219,475		$	219,490
	Real estate related and other loans, held-for-sale, net	197,251			230,200
	Residential mortgage loans, held-for-sale, net	3,164			3,211
	Subprime mortgage loans subject to call option	406,217			406,217
	Other investments	20,546			20,308
	Restricted cash	14,149			11,790
	Receivables and other assets	1,575			1,927
	Assets of discontinued operations	6,883			6,803
	Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs	$	869,260		$	899,946
	The following table presents certain liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The liabilities in the table below include liabilities of consolidated VIEs due to third parties only, and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Newcastle.
		March 31, 2015
		(Unaudited)			December 31, 2014
	Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle
	CDO bonds payable	$	216,464		$	227,673
	Other bonds and notes payable	25,317			27,069
	Financing of subprime mortgage loans subject to call option	406,217			406,217
	Accounts payable, accrued expenses and other liabilities	1,386			2,391
	Liabilities of discontinued operations	502			447
	Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle	$	649,886		$	663,797
Schedule of holdings in variable interest entities	Newcastle had variable interests in the following unconsolidated VIEs at March 31, 2015, in addition to the subprime securitizations which are described in Note 6:
	Entity		Gross Assets (A)			Debt (A) (B)			Carrying Value of Newcastle's Investment (C)
	Newcastle CDO V		$	115,835		$	143,480		$	8,538
	(A)	Face amount.
	(B)	Newcastle CDO V includes $42.4 million face amount of debt owned by Newcastle with a carrying value of $8.5 million at March 31, 2015.
	(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of real estate securities holdings	The following is a summary of Newcastle’s real estate securities at March 31, 2015, all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
						Amortized Cost Basis										Gross Unrealized								Weighted Average
	Asset Type		Outstanding Face Amount			Before Impairment				Other-Than- Temporary Impairment				After Impairment		Gains		Losses			Carrying		Number of Securities	Rating (B)	Coupon			Yield			Life		Principal Subordination (D)
																					Value (A)										(Years) (C)
	CMBS		$	209,371		$	207,761			$	(65,861	)		$	141,900	$	37,122	$	(293	)	$	178,729	30	B	5.88	%		11.01	%		2.4		11.9	%
	Non-Agency RMBS		64,720			80,421				(54,589		)		25,832		18,628		—			44,460		28	CCC	1.24	%		10.08	%		7.7		22.4	%
	ABS-Franchise		8,464			7,647				(7,647		)		—		—		—			—		1	C	6.69	%		0	%		—		—	%
	CDO (E)		14,466			—				—				—		8,538		—			8,538		2	CCC-	1.47	%		0	%		11.1		15.1	%
	Debt Security Total / Average (F)		$	297,021		$	295,829			$	(128,097	)		$	167,732	$	64,288	$	(293	)	$	231,727	61	B-	4.68	%		10.87	%		3.9
	Equity Securities					—				—				—		—		—			—		1
	Total Securities, Available-for-Sale					$	295,829			$	(128,097	)		$	167,732	$	64,288	$	(293	)	$	231,727	62
	FNMA/FHLMC		389,056			407,494				—				407,494		1,543		—			409,037		4	AAA	3.5	%		2.72	%		7.1		N/A
	Total Securities, Pledged as Collateral (F)		$	389,056		$	407,494			$	—			$	407,494	$	1,543	$	—		$	409,037	4
	(A)	See Note 13 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 uses an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
	(C)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(D)	Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle’s investments.
	(E)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million.
	(F)	The total outstanding face amount was $0.6 billion for fixed rate securities and $0.1 billion for floating rate securities.
Schedule of real estate securities holdings in an unrealized loss position	The following table summarizes Newcastle’s securities in an unrealized loss position as of March 31, 2015.
						Amortized Cost Basis
	Securities in		Outstanding							Other-than-													Number	Weighted Average
	an Unrealized		Face			Before				Temporary				After		Gross Unrealized					Carrying		of									Life
	Loss Position		Amount			Impairment				Impairment				Impairment		Gains		Losses			Value		Securities	Rating		Coupon			Yield			(Years)
	Less Than Twelve		$	3,823		$	3,818			$	(48	)		$	3,770	$	—	$	(293	)	$	3,477	3	CCC-		6.49	%		7.05	%		2
	Months
	Twelve or More		—			—				—				—		—		—			—		—	—		—	%		—	%		—
	Months
	Total		$	3,823		$	3,818			$	(48	)		$	3,770	$	—	$	(293	)	$	3,477	3	CCC-		6.49	%		7.05	%		2
	Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following:
		March 31, 2015
					Amortized
					Cost Basis				Unrealized Losses
		Fair Value			After Impairment				Credit (B)				Non-Credit (C)
	Securities Newcastle intends to sell	$	—		$	—			$	—			$          N/A
	Securities Newcastle is more likely than not to be required to sell (A)	—			—				—				N/A
	Securities Newcastle has no intent to sell and is not more likely than not to be required to sell:
	Credit impaired securities	1,383			1,649				(48		)		(266		)
	Non credit impaired securities	2,094			2,121				—				(27		)
	Total debt securities in an unrealized loss position	$	3,477		$	3,770			$	(48	)		$	(293	)
	(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 flows for each of the securities.  This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends.  Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities.  Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate.
	(C)	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
Schedule of credit losses on debt securities	The following table summarizes the activity related to credit losses on debt securities for the three months ended March 31, 2015:
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(4,174	)
	Additions for credit losses on securities for which an OTTI was not previously recognized	(48		)
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	4,174
	Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$	(48	)
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at March 31, 2015:
		CMBS						ABS
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount				Percentage
	Western U.S.	$	28,315		13.5	%		$	20,229			27.6	%
	Northeastern U.S.	58,336			27.8	%		18,903				25.8	%
	Southeastern U.S.	44,957			21.5	%		16,215				22.2	%
	Midwestern U.S.	35,954			17.2	%		9,743				13.3	%
	Southwestern U.S.	27,605			13.2	%		8,094				11.1	%
	Other	10,825			5.2	%		—				—	%
	Foreign	3,379			1.6	%		—				—	%
		$	209,371		100	%		$	73,184			100	%

REAL_ESTATE_RELATED_AND_OTHER_1

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at March 31, 2015. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
	Loan Type	Outstanding			Carrying				Loan		Weighted		Weighted Average Coupon		Weighted Average Life	Floating Rate Loans as a % of Face Amount		Delinquent Face Amount (C)
		Face Amount			Value (A)				Count		Average				(Years) (B)
											Yield
	Mezzanine Loans	$	92,668		$	65,862			6		8.56	%	7.26	%	1.2	60.6	%	$	12,000
	Corporate Bank Loans	179,464			112,459				5		22.02	%	13.25	%	1.5	0.5	%	—
	B-Notes	21,621			18,891				1		12	%	7.32	%	3.4	0	%	—
	Whole Loans	39			39				1		7.48	%	7.48	%	0.1	0	%	—
	Total Real Estate Related and other Loans Held-for-Sale, Net	$	293,792		$	197,251			13		16.56	%	10.92	%	1.5	19.4	%	$	12,000
	Residential Loans (D)	4,259			3,735				6		12.98	%	1.91	%	1.1	100	%	766
	Total Residential Mortgage Loans Held-for-Sale, Net	$	4,259		$	3,735			6		12.98	%	1.91	%	1.1	100	%	$	766
	Subprime Mortgage Loans Subject to Call Option	$	406,217		$	406,217
	(A)	Carrying value includes negligible interest receivable for the residential housing loans.
	(B)	The weighted average life is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of March 31, 2015, $76.4 million face amount of real estate related and other loans was on non-accrual status.
	(D)	Loans acquired at a discount for credit quality.
Schedule of real estate related loans by maturity	The following is a summary of real estate related and other loans by maturities at March 31, 2015:
		Outstanding							Number of
	Year of Maturity (1)	Face Amount			Carrying Value				Loans
	Delinquent (2)	$	12,000		$	—			1
	Period from April 1, 2015 to December 31, 2015	90,859			30,700				7
	2016	—			—				—
	2017	24,211			24,211				1
	2018	21,621			18,891				1
	2019	132,799			112,092				2
	2020	—			—				—
	Thereafter	12,302			11,357				1
	Total	$	293,792		$	197,251			13
	-1	Based on the final extended maturity date of each loan investment as of March 31, 2015.
	-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Schedule of activity in carrying value of real estate related and other loans and residential mortgage loans	Activities relating to the carrying value of Newcastle’s real estate related and other loans and residential mortgage loans are as follows:
		Held-for-Sale
		Real Estate Related and Other Loans			Residential Mortgage Loans
	Balance at December 31, 2014	$	230,200		$	3,854
	Interest accrued to principal balance	4,954			—
	Principal paydowns	(39,263		)	(50		)
	Valuation (allowance) reversal on loans	(289		)	(68		)
	Accretion of loan discount and other amortization	1,649			—
	Other	—			(1		)
	Balance at March 31, 2015	$	197,251		3,735
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
		Real Estate Related and Other Loans			Residential Mortgage Loans
	Balance at December 31, 2014	$	(75,926	)	$	(154	)
	Charge-offs	—			—
	Valuation (allowance) reversal on loans	(289		)	(68		)
	Balance at March 31, 2015	$	(76,215	)	$	(222	)
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at March 31, 2015:
		Real Estate Related						Residential Mortgage Loans
		and Other Loans
	Geographic Location	Outstanding Face Amount			Percentage			Outstanding Face Amount			Percentage
	Western U.S.	$	24,314		20.3	%		$	957		22.5	%
	Northeastern U.S.	11,352			9.5	%		523			12.3	%
	Southeastern U.S.	39,073			32.6	%		2,640			62	%
	Midwestern U.S.	1,702			1.4	%		139			3.2	%
	Southwestern U.S.	4,547			3.8	%		—			—	%
	Foreign	38,757			32.4	%		—			—	%
		$	119,745		100	%		$	4,259		100	%
	Other	174,047			(A)
		$	293,792
	(A)    Primarily includes corporate bank loans which are not directly secured by real estate assets.
Schedule of holdings in subprime mortgage loans	The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at March 31, 2015:
		Subprime Portfolio
		I			II				Total
	Total securitized loans (unpaid principal balance) (A)	$	311,133		$	437,380			$	748,513
	Loans subject to call option (carrying value)	$	299,176		$	107,041			$	406,217
	Retained interests (fair value) (B)	$	2,960		$	—			$	2,960
	(A)	Average loan seasoning of 116 months and 98 months for Subprime Portfolios I and II, respectively, at March 31, 2015.
	(B)	The retained interests include retained bonds of the securitizations with negligible monthly interest cash flows until principal payment is available. The fair value of which is estimated based on pricing service quotation. Newcastle’s retained interests were written off in 2010. The weighted average yield of the retained bonds was 21.25% as of March 31, 2015.
Schedule of details regarding subprime mortgage loans	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of March 31, 2015:
		Subprime Portfolio
		I			II
	Loan unpaid principal balance (UPB)	$	311,133		$	437,380
	Weighted average coupon rate of loans	5.71		%	4.63		%
	Delinquencies of 60 or more days (UPB) (A)	$	73,706		$	150,239
	Net credit losses for the three months ended March 31, 2015	$	6,070		$	5,147
	Cumulative net credit losses	$	278,100		$	342,243
	Cumulative net credit losses as a % of original UPB	18.5		%	31.5		%
	Percentage of ARM loans (B)	50.5		%	63.8		%
	Percentage of loans with original loan-to-value ratio >90%	10.6		%	17.1		%
	Percentage of interest-only loans	2		%	4.5		%
	Face amount of debt (C)	$	307,133		$	437,380
	Weighted average funding cost of debt (D)	0.53		%	0.44		%
	(A)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
	(B)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
	(C)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2015.
	(D)	Includes the effect of applicable hedges.

INVESTMENTS_IN_OTHER_REAL_ESTA1

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of investments in other real estate	The following table summarizes Newcastle’s investments in real estate related to its Golf business:
		March 31, 2015							December 31, 2014
		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value		Gross Carrying Amount		Accumulated Depreciation			Net Carrying Value
	Golf
	Land	$	90,324	$	—		$	90,324	$	90,324	$	—		$	90,324
	Buildings and improvements	140,752		(20,973		)	119,779		139,949		(17,729		)	122,220
	Furniture, fixtures and equipment	22,756		(7,757		)	14,999		23,621		(5,544		)	18,077
	Capital leases - equipment	6,547		(709		)	5,838		6,528		(547		)	5,981
	Construction in progress	3,109		—			3,109		2,681		—			2,681
	Investments in Other Real Estate	$	263,488	$	(29,439	)	$	234,049	$	263,103	$	(23,820	)	$	239,283

INTANGIBLES_NET_OF_ACCUMULATED1

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes Newcastle’s intangible assets related to its Golf business:
		March 31, 2015							December 31, 2014
		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
	Trade name	$	700	$	(29	)	$	671	$	700	$	(23	)	$	677
	Leasehold intangibles (1)	50,275		(6,507		)	43,768		50,275		(5,206		)	45,069
	Management contracts	37,650		(5,833		)	31,817		37,650		(4,666		)	32,984
	Internally-developed software	800		(200		)	600		800		(160		)	640
	Membership base	5,214		(935		)	4,279		5,214		(748		)	4,466
	Nonamortizable liquor license	865		—			865		850		—			850
	Total Intangibles	$	95,504	$	(13,504	)	$	82,000	$	95,489	$	(10,803	)	$	84,686
	(1) The amortization expense for leasehold intangibles is reported in operating expense - golf on the consolidated statements of operations.

RECEIVABLES_AND_OTHER_ASSETS_T

RECEIVABLES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables And Other Assets Tables
Schedule of receivables and other assets	The following table summarizes Newcastle's receivables and other assets:
		31-Mar-15		31-Dec-14
	Accounts receivable, net	$	7,864	$	7,369
	Prepaid expenses	7,625		6,639
	Interest receivable	2,145		2,324
	Deposits	7,354		7,339
	Inventory	5,477		4,964
	Miscellaneous assets, net (1)	6,983		6,556
		$	37,448	$	35,191
	-1	In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Note 2) which requires retrospective application to all prior periods. Accordingly. "Miscellaneous assets, net" is reduced by $0.4 million for deferred financing costs as of December 31, 2014.

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations and related hedges	The following table presents certain information regarding Newcastle’s debt obligations and related hedges at March 31, 2015:
		31-Mar-15
																Collateral									Aggregate
	Debt Obligation/Collateral	Month Issued		Outstanding		Carrying		Final Stated Maturity	Weighted		Weighted Average		Weighted Average Life(Years)	Face Amount of		Outstanding Face Amount (C)		Amortized		Carrying		Weighted Average Life	Floating Rate Face Amount (C)		Notional
				Face		Value			Average		Funding			Floating Rate Debt				Cost Basis (C)		Value (C)		(Years)			Amount of Current Hedges
				Amount					Coupon (A)		Cost (B)
	CDO Bonds Payable
	CDO VI (D)	Apr-05		$	92,576	$	92,576	Apr 2040	0.87%		0.87	%	4.8	$	89,005	$	96,288	$	35,093	$	67,432	4.8	$	28,869	$	—
	CDO VIII	Nov-06		71,813		71,727		Nov 2052	2.13%		6.56	%	1.7	64,213		192,392		134,997		144,945		1.8	52,220		57,903
	CDO IX	May-07		51,371		52,161		May 2052	0.77%		0.21	%	1.5	51,371		273,680		217,877		228,059		2.3	35,946		—
				215,760		216,464					2.59	%	3	204,589		562,360		387,967		440,436		2.5	117,035		57,903
	Other Bonds and Notes Payable
	NCT 2013-VI IMM-1 (E)	Nov-13		28,563		25,317		Apr-40	LIBOR+0.25%		6.87	%	2.2	28,563		N/A		N/A		N/A		N/A	N/A		—
				28,563		25,317					6.87	%	2.2	28,563		N/A		N/A		N/A		N/A	N/A		—
	Repurchase Agreements (F)
	CDO securities (E)	Mar-15		35,683		35,683		Apr-15	LIBOR+1.65%		1.83	%	0.1	35,683		N/A		N/A		N/A		N/A	N/A		—
	FNMA/FHLMC Securities	Mar-15		386,120		386,120		Apr-15	0.37%		0.37	%	0.1	—		389,056		407,494		409,037		7.1	—		—
				421,803		421,803					0.49	%	0.1	35,683		389,056		407,494		409,037		7.1	—		—
	Golf Credit Facilities (G)
	First Lien Loan	Dec-13		51,423		51,308		Dec-17	LIBOR+4.00%	(H)	4.58	%	2.8	51,423		N/A		N/A		N/A		N/A	N/A		—
	Second Lien Loan	Dec-13		105,575		105,339		Dec-17	5.50%		5.58	%	2.8	—		N/A		N/A		N/A		N/A	N/A		—
	Vineyard II	Dec-93		200		200		Dec-43	2.11%		2.11	%	28.7	200		N/A		N/A		N/A		N/A	N/A		—
	Capital Leases (Equipment)	May 2014 - Mar 2015		5,959		5,959		Sep-20	4.80% to 7.15%		6.77	%	5.5	—		N/A		N/A		N/A		N/A	N/A		—
				163,157		162,806					5.3	%	2.9	51,623		N/A		N/A		N/A		N/A	N/A		—
	Corporate
	Junior subordinated notes payable	Mar 2006		51,004		51,230		Apr-35	7.57%	(I)	7.36	%	20.1	—		N/A		N/A		N/A		N/A	N/A		—
				51,004		51,230					7.36	%	20.1	—		N/A		N/A		N/A		N/A	N/A		—
	Subtotal debt obligations			880,287		877,620					2.49	%	2.6	$	320,458	$	951,416	$	795,461	$	849,473	4.4	$	117,035	$	57,903
	Financing on subprime mortgage loans subject to call option (J)			406,217		406,217
	Total debt obligations			$	1,286,504	$	1,283,837
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the three months ended March 31, 2015.
	(C)	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
	(D)	This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2015. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the foreseeable future.
	(E)	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
	(F)	These repurchase agreements had $0.1 million of accrued interest payable at March 31, 2015. Approximately $386.3 million face amount of these repurchase agreements were renewed subsequent to March 31, 2015. The counterparties on these repurchase agreements are Bank of America ($35.7 million) and Nomura ($386.1 million). Newcastle has margin exposures on a total of $421.8 million repurchase agreement 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.
	(G)	The golf credit facilities are collateralized by all of the assets of the Golf business. The carrying value of the golf credit facilities are reported net of deferred financing costs of $0.4 million as of March 31, 2015.
	(H)	Interest rate based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(I)	LIBOR +2.25% after April 2016.
	(J)	Issued in April 2006 and July 2007 and secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.
Schedule of future minimum lease payments under capital leases	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of March 31, 2015 are as follows:
	April 1, 2015 - December 31, 2015	$	1,005
	2016	1,340
	2017	1,340
	2018	1,340
	2019	1,437
	2020 and thereafter	671
	Total minimum lease payments	7,133
	Less: imputed interest	1,174
	Present value of net minimum lease payments	$	5,959

ACCOUNTS_PAYABLE_ACCRUED_EXPEN1

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Schedule of accounts payable, accrued expenses and other liabilities	The following table summarizes Newcastle's accounts payable, accrued expenses and other liabilities:
		March 31, 2015		December 31, 2014
	Accounts payable and accrued expenses	$	31,389	$	35,854
	Membership deposit liabilities	81,605		79,678
	Deferred revenue	23,380		29,322
	Security deposit payable	8,022		5,293
	Unfavorable leasehold interests	6,057		6,443
	Derivative liabilities	4,639		4,328
	Accrued rent	2,675		2,605
	Due to affiliates	1,919		1,125
	Miscellaneous liabilities	13,803		14,742
		$	173,489	$	179,390

DERIVATIVES_Tables

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014:
				Fair Value
				March 31, 2015				December 31, 2014
		Balance Sheet Location
	Derivative liabilities
	Interest rate swaps, designated as hedges	Accounts payable, accrued expenses and other liabilities		$	1,287			$	1,963
	Interest rate swaps, not designated as hedges	Accounts payable, accrued expenses and other liabilities		—				334
	TBAs, not designated as hedges	Accounts payable, accrued expenses and other liabilities		3,352				2,031
				$	4,639			$	4,328
Schedule of gains (losses) on derivatives	The following table summarizes gains (losses) recorded in relation to derivatives:
				Three Months Ended March 31,
		Income Statement Location		2015			2014
	Cash flow hedges
	Deferred hedge gain (loss) reclassified from AOCI into earnings	Interest expense		19			13
	Amount of loss reclassified from AOCI into income (effective portion)	Interest expense		(708	)		(1,280	)
	Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)	None		(33	)		(77	)
	Non-hedge derivatives
	Gain recognized related to interest rate swaps	Other income (loss)		292			2,075
	Gain recognized related to linked transactions	Other income (loss)		—			10,673
	Gain (loss) recognized related to TBAs	Other income (loss)		(1,321	)		—
	Gain (loss) on settlement of TBAs	Gain (loss) on settlement of investments, net		(4,871	)		—
Schedule of additional information about cash flow hedges	The following table presents additional information about cash flow hedge transactions:
		March 31, 2015			December 31, 2014
	Cash flow hedges
	Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months	79			78
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months	(1,705	)		(1,730	)

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
		Carrying			Estimated				Fair Value Method (A)
		Value			Fair Value
	Assets
	Real estate securities, available-for-sale	$	231,727		$	231,727			Broker/counterparty quotations, pricing services,  pricing models
	Real estate securities, pledged as collateral	409,037			409,037				Broker/counterparty quotations
	Real estate related and other loans, held-for-sale, net	197,251			213,822				Broker/counterparty quotations, pricing services,  pricing models
	Residential mortgage loans, held-for-sale, net	3,735			3,889				Broker/counterparty quotations
	Subprime mortgage loans subject to call option (B)	406,217			406,217				(B)
	Restricted cash	21,874			21,874
	Cash and cash equivalents	56,002			56,002
	Liabilities
	CDO bonds payable (D)	$	216,464		$	121,112			Pricing models
	Other bonds and notes payable (D)	25,317			26,212				Broker quotations, pricing models
	Repurchase agreements	421,803			421,803				Market comparables
	Credit facilities and obligations under capital leases	162,806			162,806				Pricing models
	Financing of subprime mortgage loans subject to call option (B)	406,217			406,217				(B)
	Junior subordinated notes payable	51,230			39,257				Pricing models
	Interest rate swaps, treated as hedges (C)	1,287			1,287				Counterparty quotations
	Non-hedge derivatives (C)	3,352			3,352				Counterparty quotations
	(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 liabilities including interest rate swaps and TBA forward contracts (Note 12).
	(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. 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 March 31, 2015:
					Fair Value
		Carrying Value			Level 2				Level 3							Total
					Market Quotations				Market Quotations				Internal Pricing Models
	Assets
	Real estate securities, available-for-sale:
	CMBS	$	178,729		$	—			$	178,729			$	—		$	178,729
	Non-Agency RMBS	44,460			—				44,460				—			44,460
	CDO (A)	8,538			—				—				8,538			8,538
	Equity securities	—			—				—				—			—
	Real estate securities, available-for-sale total	$	231,727		$	—			$	223,189			$	8,538		$	231,727
	Real estate securities, pledged as collateral:
	FNMA/FHLMC	409,037			409,037				—				—			409,037
	Real estate securities, pledged as collateral total	$	409,037		$	409,037			$	—			$	—		$	409,037
	Liabilities
	Derivative liabilities:
	Interest rate swaps, treated as hedges	$	1,287		$	1,287			$	—			$	—		$	1,287
	Interest rate swaps and TBAs, not treated as hedges	3,352			3,352				—				—			3,352
	Derivative liabilities total	$	4,639		$	4,639			$	—			$	—		$	4,639
	(A)	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million as of March 31, 2015.
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 March 31, 2015. 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.
										Weighted Average Significant Input
	Asset Type		Amortized			Fair Value				Discount			Prepayment		Cumulative			Loss
			Cost							Rate			Speed		Default			Severity
			Basis												Rate
	CDO		—			8,538				7.4	%		3.6	%	21.7	%		73.6	%
	Total		$	—		$	8,538
Schedule of change in fair value of Level 3 investments	Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended March 31, 2015 as follows:
		CMBS			Non-Agency RMBS			Equity/Other Securities				Total
	Balance at December 31, 2014	$	178,763		45,035			$	7,956			$	231,754
	Total gains (losses)
	Included in net income (A)	(48		)	—			—				(48		)
	Included in other comprehensive income (loss)	1,392			(1,189	)		582				785
	Amortization included in interest income	1,803			2,098			—				3,901
	Purchases, sales and repayments
	Purchases	—			—			—				—
	Proceeds from sales	—			—			—				—
	Proceeds from repayments	(3,181		)	(1,484	)		—				(4,665		)
	Balance at March 31, 2015	$	178,729		44,460			$	8,538			$	231,727
	(A)	These gains (losses) are recorded in the following line items in the consolidated statements of operations:
		Three Months Ended March 31, 2015
	Gain (loss) on settlement of investments, net	$	—
	Other income (loss), net	—
	OTTI	(48		)
	Total	$	(48	)
	Gain (loss) on settlement of investments, net, from investments transferred into Level 3 during the period	$	—
Schedule of gains (losses) on investments	(A)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
		Three Months Ended March 31, 2015
	Gain (loss) on settlement of investments, net	$	—
	Other income (loss), net	—
	OTTI	(48		)
	Total	$	(48	)
	Gain (loss) on settlement 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 and residential mortgage loans held-for-sale as of March 31, 2015:
										Significant Input
										Range					Weighted Average
			Carrying			Fair				Discount			Loss		Discount			Loss
	Loan Type		Value			Value				Rate			Severity		Rate			Severity
	Mezzanine		$	65,862		$	66,956			5.0%-20.0%			0%-100%		8.6	%		27.9	%
	Bank Loan		112,459			127,936				15.0%-29.3%			0%-100%		22	%		25.7	%
	B-Note		18,891			18,891				12	%		0	%	12	%		0	%
	Whole Loan		39			39				7.5	%		0	%	7.5	%		0	%
	Total Real Estate Related and other Loans Held-for-Sale, Net		$	197,251		$	213,822
										Significant Input (Weighted Average)
			Carrying			Fair				Discount			Prepayment		Constant			Loss
	Loan Type		Value			Value				Rate			Speed		Default Rate			Severity
	Residential Loans		3,735			3,889				13	%		0.2	%	18.2	%		4.9	%
	Total Residential Mortgage Loans, Held-for-Sale, Net		$	3,735		$	3,889

EQUITY_AND_EARNINGS_PER_SHARE_

EQUITY AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of outstanding options	The following is a summary of the changes in Newcastle's outstanding options for the three months ended March 31, 2015:
		Number of Options			Weighted Average Strike Price				Weighted Average Life Remaining (in years)
	Outstanding at December 31, 2014	5,500,599			$	4.26
	Granted	—			—
	Exercised	—			—
	Expired	54,999			14.92
	Forfeited	—			—
	Outstanding at March 31, 2015	5,445,600			$	4.15			7.7
	Exercisable at March 31, 2015	3,824,013			$	3.82			7.1
Schedule of outstanding options summary	As of March 31, 2015, Newcastle’s outstanding options were summarized as follows:
		Issued Prior to 2011				Issued in 2011 and thereafter				Total
	Held by the Manager	114,479				4,833,961				4,948,440
	Issued to the Manager and subsequently transferred to certain of the Manager's employees	30,182				466,645				496,827
	Issued to the independent directors	333				—				333
	Total	144,994				5,300,606				5,445,600
	Weighted average strike price	$	14.62			$	3.86			$	4.15
Schedule of amounts used in computing basic and diluted EPS	The following table shows the amounts used in computing basic and diluted EPS:
			Three Months Ended March 31,
			2015				2014
	Numerator for basis and diluted earnings per share:
	(Loss) Income from continuing operations after preferred dividends and noncontrolling interests		$	(2,207	)		$	18,822
	Income (loss) from discontinued operations, net of tax		115				(15,299		)
	(Loss) Income Applicable to Common Stockholders		$	(2,092	)		$	3,523
	Denominator:
	Denominator for basic earnings per share - weighted average shares		66,425				58,576
	Effect of dilutive securities
	Options		—				1,936
	Denominator for diluted earnings per share - adjusted weighted average shares		66,425				60,512
	Basic earnings per share:
	(Loss) Income from continuing operations per share of common stock,		$	(0.03	)		$	0.32
	after preferred dividends and noncontrolling interests
	Income (loss) from discontinued operations per share of common		$	—			$	(0.26	)
	stock
	(Loss) Income Applicable to Common Stock, per share		$	(0.03	)		$	0.06
	Diluted earnings per share:
	(Loss) Income from continuing operations per share of common stock,		$	(0.03	)		$	0.31
	after preferred dividends and noncontrolling interests
	Income (loss) from discontinued operations per share of common		$	—			$	(0.26	)
	stock
	(Loss) Income Applicable to Common Stock, per share		$	(0.03	)		$	0.06

INCOME_TAXES_Tables

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes (including discontinued operations) consists of the following:
		Three Months Ended March 31,
		2015			2014
	Current:
	Federal	$	46		$	72
	State and Local	12			61
	Total Current Provision	$	58		$	133
	Deferred:
	Federal	$	(10	)	$	(240	)
	State and Local	(2		)	(513		)
	Total Deferred Provision	$	(12	)	$	(753	)
	Provision for income taxes from continuing operations	$	46		$	140
	Provision (benefit) for income taxes from discontinued operations	$	—		$	(760	)
	Total Provision (benefit) for Income Taxes	$	46		$	(620	)
Schedule of deferred tax assets	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of March 31, 2015 are presented below:
		March 31, 2015			December 31, 2014
	Deferred tax assets:
	Allowance for loan losses	$	374		$	366
	Depreciation and amortization	15,392			13,938
	Accrued expenses	1,271			2,006
	Net operating losses	29,058			26,543
	Other	2,367			2,365
	Total deferred tax assets	48,462			45,218
	Less valuation allowance	(31,138		)	(27,434		)
	Net deferred tax assets	$	17,324		$	17,784
	Deferred tax liabilities:
	Leaseholds	17,270			17,741
	Total deferred tax liabilities	$	17,270		$	17,741
	Net deferred income tax assets (A)	$	54		$	43
	(A)	Recorded in Receivables and Other Assets on the consolidated balance sheets.

GAINS_LOSSES_ON_SETTLEMENT_OF_1

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Tables)	3 Months Ended
	Mar. 31, 2015
Gains Losses On Settlement Of Investments Net And Other Income Loss Net
Schedule of gains (losses) on settlement of investments, net and other income (loss), net	These items are comprised of the following:
		Three Months Ended March 31,
		2015			2014
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities	$	5,886		$	2,334
	Settlement of TBAs	(4,871		)	—
		$	1,015		$	2,334
	Other income (loss), net
	Gain (loss) on non-hedge derivative instruments	$	(1,029	)	$	12,748
	Collateral management fee income, net	193			265
	Equity (deficit) in earnings of equity method investees	314			(39		)
	Loss on disposal of long-lived assets	(183		)	(2		)
	Other income	191			502
		$	(514	)	$	13,474

RECLASSIFICATION_FROM_ACCUMULA1

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Tables)	3 Months Ended
	Mar. 31, 2015
Reclassification From Accumulated Other Comprehensive Income Into Net Income
Schedule of reclassification from accumulated other comprehensive income into net income	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income:
	Accumulated Other Comprehensive	Income Statement	Three Months Ended March 31,
	Income Components	Location	2015			2014
	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	$	(48	)	$	—
	Gain on settlement of real estate securities	Gain (loss) on settlement of investments, net	5,886			2,334
			$	5,838		$	2,334
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Amortization of deferred gain	Interest expense	$	19		$	13
	Realized loss reclassified from AOCI into income, related to effective portion	Interest expense	(708		)	(1,280		)
			$	(689	)	$	(1,267	)
	Total reclassifications		$	5,149		$	1,067

SUPPLEMENTAL_NONCASH_INVESTING1

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Non-cash Investing And Financing Activities Related To Cdos
Schedule of supplemental non-cash investing and financing activities relating to CDOs	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Three Months Ended March 31,
		2015		2014
	Restricted cash generated from sale of securities	$	—	$	548
	Restricted cash generated from paydowns on securities and loans	$	42,745	$	141,348
	Restricted cash used for repayments of CDO bonds payable	$	13,704	$	137,831

GENERAL_Details_Narrative

GENERAL (Details Narrative)	Mar. 31, 2015
REIT distribution threshold for nontaxation	90.00%
Shares held by Fortress and affiliates in Newcastle	1,000,000
Stock options outstanding	5,445,600
Affiliates [Member]
Stock options outstanding	4,900,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details 3)	3 Months Ended
	Mar. 31, 2015
Buildings | Lower Range
Estimated useful lives	15 years
Buildings | Upper Range
Estimated useful lives	30 years
Buildings and Improvements | Lower Range
Estimated useful lives	3 years
Buildings and 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_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2011	Dec. 31, 2014
Acquisition of servicing rights		$2,200
Amortization of servicing rights	100
Servicing assets	1,000
Accrection of membership deposit liability	30 years
Refundable term for initiation fees	30 years
Deferred financing costs	400		400
Lower Range
Operating lease term	10 years
Upper Range
Operating lease term	20 years
American Dream Project [Member]
Ownership in equity investment	23.00%
Equity method investment	27,100		26,800
Interest rate swaps [Member] | Designated as hedging instrument [Member]
Notional amount	57,900
Interest rate	5.04%
TBAs [Member] | Not designated as hedging instrument [Member]
Notional amount	$390,000
Interest rate caps [Member] | Not designated as hedging instrument [Member]
Interest rate	4.85%

DISCONTINUED_OPERATIONS_Carryi

DISCONTINUED OPERATIONS - Carrying Value of Assets and Liabilities Immediately Prior to Spin-Off (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Feb. 13, 2014	Nov. 06, 2014
In Thousands, unless otherwise specified
Assets:
Cash and cash equivalents	$205	$135	$36,329	$63,223
Total Assets of discontinued operations	6,883	6,803
Liabilities:
Total Liabilities of discontinued operations	502	447
New Media Spin-Off [Member]
Assets:
Property, plant and equipment, net					266,385
Intangibles, net					144,664
Goodwill					126,686
Cash and cash equivalents					23,845
Restricted cash					6,477
Receivables and other assets					101,940
Total Assets of discontinued operations					669,997
Liabilities:
Credit facilities - media					177,955
Accounts payable, accrued expenses and other liabilities					100,695
Total Liabilities of discontinued operations					278,650
Net Assets					391,347
New Senior Spin-Off [Member]
Assets:
Investments in senior housing real estate, net						1,574,048
Intangibles, net						107,658
Cash and cash equivalents						245,246
Receivables and other assets						95,942
Total Assets of discontinued operations						2,022,894
Liabilities:
Mortgage notes payable						1,260,633
Accounts payable, accrued expenses and other liabilities						89,245
Total Liabilities of discontinued operations						1,349,878
Net Assets						$673,016

DISCONTINUED_OPERATIONS_Result

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Results of operations from discontinued operations
Net interest income	$10,351	$24,282
Total operating revenues	60,826	62,632
Expenses
Income tax expense (benefit)		-760
Income (loss) from discontinued operations, net of tax	115	-15,299
Discontinued Operations [Member]
Results of operations from discontinued operations
Interest expense		15,797
Net interest income		-15,797
Media income		68,213
Rental Income	499	52,890
Care and ancillary income		5,461
Total operating revenues	499	126,564
Expenses
Media operating expenses		65,826
Property operating costs	344	25,960
General and administrative expenses	29	7,552
Depreciation and amortization	11	27,488
Income tax expense (benefit)		-760
Total expenses	384	126,066
Income (loss) from discontinued operations, net of tax	115	-15,299
Net income attributable to noncontrolling interests		$522

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details Narrative) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Feb. 13, 2014	Nov. 06, 2014	Mar. 31, 2015	Dec. 31, 2014
New Media Spin-Off [Member]
Accounts payable, accrued expenses and other liabilities	$100,695
Reduction in basis for management fee computation	400,000
New Senior Spin-Off [Member]
Accounts payable, accrued expenses and other liabilities		89,245
Reduction in basis for management fee computation		700,000
Beavercreek, OH Planned Sale [Member]
Investments in other real estate			6,600	6,600
Cash and cash equivalents, restricted cash and receivables and other assets			300	200
Accounts payable, accrued expenses and other liabilities			$500	$500

SEGMENT_REPORTING_AND_VARIABLE2

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Interest income, net	$27,078		$46,452
Interest expense, net	-16,727		-22,170
Net interest income	10,351		24,282
Impairment (reversal)	405		1,246
Operating revenues	60,826		62,632
Other income, net	501		15,808
Loan and security servicing expense	96		857
Operating expenses - golf	52,971	[1]	57,129	[1]
Repairs and maintenance expenses - golf	1,966		2,518
Cost of sales - golf	6,053		5,956
General and administrative expense	1,677		2,402
Acquisition and transaction expenses	36	[2]	1,162	[2]
Management fee to affiliate	2,668		5,893
Depreciation and amortization	6,753		5,863
Income tax expense	46		140
(Loss) income from continuing operations	-993		19,556
income (loss) from discontinued operations, net of tax	115		-15,299
Net (Loss) Income	-878		4,257
Preferred dividends	-1,395		-1,395
Net income (loss) attributable to noncontrolling interests	181		661
(Loss) Income Applicable to Common Stockholders	-2,092		3,523
Investments, net	1,591,118	[3]
Cash and restricted cash	77,876
Other assets	37,448
Assets of discontinued operations	6,883				6,803
Total Assets	1,713,325				1,761,906
Debt, net	1,283,837	[3]
Other liabilities	182,390
Liabilities of discontinued operations	502				447
Total Liabilities	1,466,729				1,503,578
Preferred Stock	61,583				61,583
Noncontrolling interests	-145				36
Equity attributable to common stockholders	185,158
Additions to investments in real estate	385
Inter-segment Elimination [Member]
Interest income, net	-1,478
Interest expense, net	1,478
Investments, net	36,600
Discontinued Operations [Member]
Interest income, net			-1,274
Interest expense, net			1,274
income (loss) from discontinued operations, net of tax	115		-15,299
Net (Loss) Income	115		-15,299
Net income (loss) attributable to noncontrolling interests			522
(Loss) Income Applicable to Common Stockholders	115		-14,777
Assets of discontinued operations	6,883
Total Assets	6,883
Liabilities of discontinued operations	502
Total Liabilities	502
Equity attributable to common stockholders	6,381
CDOs [Member]
Interest income, net	15,922	[4]	30,722	[4]
Interest expense, net	-2,583	[4]	-6,128	[4]
Inter-segment eliminations	-1,478	[4]	-1,274	[4]
Net interest income	11,861	[4]	23,320	[4]
Impairment (reversal)	337	[4]	432	[4]
Other income, net	530	[4]	13,610	[4]
Loan and security servicing expense	96	[4]	156	[4]
(Loss) income from continuing operations	11,958	[4]	36,342	[4]
income (loss) from discontinued operations, net of tax		[4]
Net (Loss) Income	11,958	[4]	36,342	[4]
(Loss) Income Applicable to Common Stockholders	11,958	[4]	36,342	[4]
Investments, net	440,436	[3],[4]
Cash and restricted cash	14,149	[4]
Other assets	1,575	[4]
Total Assets	456,160	[4]
Debt, net	277,464	[3],[4]
Other liabilities	1,386	[4]
Total Liabilities	278,850	[4]
Equity attributable to common stockholders	177,310	[4]
Other Debt [Member]
Interest income, net	12,595	[4]	16,952	[4]
Interest expense, net	-9,579	[4]	-12,663	[4]
Inter-segment eliminations			1,274	[4]
Net interest income	3,016	[4]	5,563	[4]
Impairment (reversal)	68	[4]	814	[4]
Other income, net	-37	[4]	2,198	[4]
Loan and security servicing expense			701	[4]
(Loss) income from continuing operations	2,911	[4]	6,246	[4]
income (loss) from discontinued operations, net of tax		[4]
Net (Loss) Income	2,911	[4]	6,246	[4]
(Loss) Income Applicable to Common Stockholders	2,911	[4]	6,246	[4]
Investments, net	834,633	[3],[4]
Cash and restricted cash	3,778	[4]
Other assets	2,100	[4]
Total Assets	840,511	[4]
Debt, net	792,337	[3],[4]
Other liabilities	6,352	[4]
Total Liabilities	798,689	[4]
Equity attributable to common stockholders	41,822	[4]
Golf
Interest income, net	35		41
Interest expense, net	-5,097		-3,698
Inter-segment eliminations	1,478
Net interest income	-3,584		-3,657
Operating revenues	60,826		62,632
Other income, net	8
Operating expenses - golf	52,971	[1]	57,129	[1]
Repairs and maintenance expenses - golf	1,966		2,518
Cost of sales - golf	6,053		5,956
General and administrative expense	249		307
Acquisition and transaction expenses	36	[2]	775	[2]
Depreciation and amortization	6,753		5,826
Income tax expense	46		140
(Loss) income from continuing operations	-10,824		-13,676
income (loss) from discontinued operations, net of tax
Net (Loss) Income	-10,824		-13,676
Net income (loss) attributable to noncontrolling interests	181		139
(Loss) Income Applicable to Common Stockholders	-10,643		-13,537
Investments, net	316,049	[3]
Cash and restricted cash	11,933
Other assets	33,637
Total Assets	361,619
Debt, net	162,806	[3]
Other liabilities	158,406
Total Liabilities	321,212
Noncontrolling interests	-145
Equity attributable to common stockholders	40,552
Additions to investments in real estate	385
Corporate [Member]
Interest income, net	4		11
Interest expense, net	-946		-955
Net interest income	-942		-944
General and administrative expense	1,428		2,095
Acquisition and transaction expenses			387	[2]
Management fee to affiliate	2,668		5,893
Depreciation and amortization			37
(Loss) income from continuing operations	-5,038		-9,356
income (loss) from discontinued operations, net of tax
Net (Loss) Income	-5,038		-9,356
Preferred dividends	-1,395		-1,395
(Loss) Income Applicable to Common Stockholders	-6,433		-10,751
Cash and restricted cash	48,016
Other assets	136
Total Assets	48,152
Debt, net	51,230	[3]
Other liabilities	16,246
Total Liabilities	67,476
Preferred Stock	61,583
Equity attributable to common stockholders	($80,907)
[1]	Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively.
[2]	Includes all transaction related and spin-off related expenses.
[3]	Net of $36.6 million of inter-segment eliminations.
[4]	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.

SEGMENT_REPORTING_AND_VARIABLE3

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Investments Carrying Value	$1,591,118	[1]
Debt Face Amount	1,286,504
Non-recourse [Member] | Subprime Mortgage Loans subject to Call Options [Member]
Investments Face Amount	406,217
Investments Carrying Value	406,217
Debt Face Amount	406,217
Debt Carrying Value	406,217
Other [Member] | Unlevered Real Estate Securities [Member]
Investments Face Amount	52,327	[2]
Investments Carrying Value	12,252	[2]
Other [Member] | Levered Real Estate Securities [Member]
Investments Face Amount	389,056
Investments Carrying Value	409,037
Debt Face Amount	386,120
Debt Carrying Value	386,120
Other [Member] | Other Investments [Member]
Investments Carrying Value	6,555
Other [Member] | Residential Mortgage Loans [Member]
Investments Face Amount	931
Investments Carrying Value	572
Other Debt [Member]
Investments Face Amount	848,531
Investments Carrying Value	834,633	[1],[3]
Debt Face Amount	792,337
Debt Carrying Value	$792,337
[1]	Net of $36.6 million of inter-segment eliminations.
[2]	Excludes eight securities with a zero value, which had an aggregate face amount of $113.8 million.
[3]	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.

SEGMENT_REPORTING_AND_VARIABLE4

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Variable Interest Entities (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
Real estate securities, available-for-sale	$231,727	$231,754
Real estate related and other loans, held-for-sale, net	197,251	230,200
Subprime mortgage loans subject to call option	406,217	406,217
Other investments	27,102	26,788
Restricted cash	21,874	15,714
Receivables and other assets	37,448	35,191
Assets of discontinued operations	6,883	6,803
Total Assets	1,713,325	1,761,906
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle
CDO bonds payable	216,464	227,673
Other bonds and notes payable	25,317	27,069
Financing of subprime mortgage loans subject to call option	406,217	406,217
Accounts payable, accrued expenses and other liabilities	173,489	179,390
Liabilities of discontinued operations	502	447
Total Liabilities	1,466,729	1,503,578
Non Recourse VIE Financing Structures [Member]
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
Real estate securities, available-for-sale	219,475	219,490
Real estate related and other loans, held-for-sale, net	197,251	230,200
Residential mortgage loans, held-for-investment, net	3,164	3,211
Subprime mortgage loans subject to call option	406,217	406,217
Other investments	20,546	20,308
Restricted cash	14,149	11,790
Receivables and other assets	1,575	1,927
Assets of discontinued operations	6,883	6,803
Total Assets	869,260	899,946
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle
CDO bonds payable	216,464	227,673
Other bonds and notes payable	25,317	27,069
Financing of subprime mortgage loans subject to call option	406,217	406,217
Accounts payable, accrued expenses and other liabilities	1,386	2,391
Liabilities of discontinued operations	502	447
Total Liabilities	$649,886	$663,797

SEGMENT_REPORTING_AND_VARIABLE5

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Holdings in Variable Interest Entities (Details 3) (Non Recourse VIE Financing Structures [Member], CDO V [Member], USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Non Recourse VIE Financing Structures [Member] | CDO V [Member]
Gross Assets	$115,835	[1]
Debt	143,480	[1],[2]
Carrying Value of Newcastle's Investment	$8,538	[3]
[1]	Face amount.
[2]	Newcastle CDO V includes $42.4 million face amount of debt owned by Newcastle with a carrying value of $8.5 million at March 31, 2015.
[3]	This amount represents Newcastle's maximum exposure to loss from this entity.

SEGMENT_REPORTING_AND_VARIABLE6

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Investments, net	$1,591,118	[1]
Debt Face Amount	1,286,504
Golf
Investments, net	316,049	[1]
Rental expense - carts and equipment	1,100		1,400
Other [Member] | Unlevered Real Estate Securities [Member]
Investments, net	12,252	[2]
Excluded from face amount of unlevered real estate securities	113,800
Number of securities	8
Inter-segment Elimination [Member]
Investments, net	36,600
Non Recourse VIE Financing Structures [Member] | CDO V [Member]
Debt Face Amount	42,400
Debt Carrying Value	$8,500
[1]	Net of $36.6 million of inter-segment eliminations.
[2]	Excludes eight securities with a zero value, which had an aggregate face amount of $113.8 million.

REAL_ESTATE_SECURITIES_Real_Es

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
	Securities
Carrying Value	$231,727		$231,754
Total Securities Pledged as Collateral [Member]
Outstanding Face Amount	389,056
Before Impairment - Amortized Cost Basis	407,494
Amortized Cost Basis After Impairment	407,494
Gains - gross unrealized	1,543
Carrying Value	409,037
Number of securities	4
Real Estate Securities Available For Sale [Member]
Before Impairment - Amortized Cost Basis	295,829
Other Than Temporary Impairment - Amortized Cost Basis	-128,097
Amortized Cost Basis After Impairment	167,732
Gains - gross unrealized	64,288
Losses - gross unrealized	-293
Carrying Value	231,737
Number of securities	62
CMBS [Member]
Outstanding Face Amount	209,371
Before Impairment - Amortized Cost Basis	207,761
Other Than Temporary Impairment - Amortized Cost Basis	-65,861
Amortized Cost Basis After Impairment	141,900
Gains - gross unrealized	37,122
Losses - gross unrealized	-293
Carrying Value	178,729	[1]
Number of securities	30
Weighted Average Rating	B	[2]
Weighted Average Coupon	5.88%
Weighted Average Yield	11.01%
Weighted Average Life (Years)	2 years 4 months 24 days	[3]
Weighted Average Principal Subordination	11.90%	[4]
Non-Agency RMBS [Member]
Outstanding Face Amount	64,720
Before Impairment - Amortized Cost Basis	80,421
Other Than Temporary Impairment - Amortized Cost Basis	-54,589
Amortized Cost Basis After Impairment	25,832
Gains - gross unrealized	18,628
Carrying Value	44,460	[1]
Number of securities	28
Weighted Average Rating	CCC	[2]
Weighted Average Coupon	1.24%
Weighted Average Yield	10.08%
Weighted Average Life (Years)	7 years 8 months 12 days	[3]
Weighted Average Principal Subordination	22.40%	[4]
ABS-Franchise [Member]
Outstanding Face Amount	8,464
Before Impairment - Amortized Cost Basis	7,647
Other Than Temporary Impairment - Amortized Cost Basis	-7,647
Number of securities	1
Weighted Average Rating	C	[2]
Weighted Average Coupon	6.69%
Weighted Average Yield	0.00%
CDO Securities [Member]
Outstanding Face Amount	14,466	[3],[5]
Gains - gross unrealized	8,538	[3],[5]
Carrying Value	8,538	[1],[3],[5]
Number of securities	2	[3],[5]
Weighted Average Rating	CCC-	[2],[3],[5]
Weighted Average Coupon	1.47%	[3],[5]
Weighted Average Yield	0.00%
Weighted Average Life (Years)	11 years 1 month 6 days	[3],[5]
Weighted Average Principal Subordination	15.10%	[3],[5]
Debt Securities [Member]
Outstanding Face Amount	297,021	[6]
Before Impairment - Amortized Cost Basis	295,829	[6]
Other Than Temporary Impairment - Amortized Cost Basis	-128,097	[6]
Amortized Cost Basis After Impairment	167,732	[6]
Gains - gross unrealized	64,288	[6]
Losses - gross unrealized	-293	[6]
Carrying Value	231,727	[1],[6]
Number of securities	61	[6]
Weighted Average Rating	B-	[2],[6]
Weighted Average Coupon	4.68%	[6]
Weighted Average Yield	10.87%
Weighted Average Life (Years)	3 years 10 months 25 days	[3],[6]
Equity Securities [Member]
Number of securities	1
FNMA/FHLMC Securities [Member]
Outstanding Face Amount	389,056
Before Impairment - Amortized Cost Basis	407,494
Amortized Cost Basis After Impairment	407,494
Gains - gross unrealized	1,543
Carrying Value	$409,037
Number of securities	4
Weighted Average Rating	AAA	[2]
Weighted Average Coupon	3.50%
Weighted Average Yield	2.72%
Weighted Average Life (Years)	7 years 1 month 6 days	[3]
[1]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	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 uses an implied AAA rating for the FNMA/FHLMC securities. 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.
[3]	The weighted average life is based on the timing of expected principal reduction on the assets.
[4]	Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle's investments.
[5]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million.
[6]	The total outstanding face amount was $0.6 billion for fixed rate securities and $0.1 billion for floating rate securities.

REAL_ESTATE_SECURITIES_Holding

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	Securities
Carrying Value	$231,727	$231,754
Securities in an Unrealized Loss Position Less than Twelve Months [Member]
Outstanding Face Amount	3,823
Before Impairment - Amortized Cost Basis	3,818
Other Than Temporary Impairment - Amortized Cost Basis	-48
Amortized Cost Basis After Impairment	3,770
Gross unrealized losses - less than twelve months	-293
Carrying value - less than twelve months	3,477
Number of securities, less than twelve months	3
Weighted Average Rating	CCC-
Weighted Average Coupon	6.49%
Weighted Average Yield	7.05%
Weighted Average Maturity (Years)	2 years
Securities in an Unrealized Loss Position [Member]
Outstanding Face Amount	3,823
Before Impairment - Amortized Cost Basis	3,818
Other Than Temporary Impairment - Amortized Cost Basis	-48	-4,174
Amortized Cost Basis After Impairment	3,770
Gross unrealized losses - less than twelve months	-293
Carrying value - less than twelve months	$3,477
Number of securities, less than twelve months	3
Weighted Average Rating	CCC-
Weighted Average Coupon	6.49%
Weighted Average Yield	7.05%
Weighted Average Maturity (Years)	2 years

REAL_ESTATE_SECURITIES_Holding1

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
RE Securities No Intent to Sell Credit Impaired [Member]
Fair Value	$1,383
Amortized Cost Basis	1,649
Unrealized Credit Losses	-48	[1]
Unrealized Non-Credit Losses	-266	[2]
RE Securities No Intent to Sell Non Credit Impaired [Member]
Fair Value	2,094
Amortized Cost Basis	2,121
Unrealized Non-Credit Losses	-27	[2]
Securities in an Unrealized Loss Position [Member]
Fair Value	3,477
Amortized Cost Basis	3,770
Unrealized Credit Losses	-48
Unrealized Non-Credit Losses	($293)
[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 flows 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) (Securities in an Unrealized Loss Position [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
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	($4,174)
Additions for credit losses on securities for which an OTTI was not previously recognized	-48
Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	4,174
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	($48)

REAL_ESTATE_SECURITIES_Geograp

REAL ESTATE SECURITIES - Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS (Details 4) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
CMBS [Member]
Principal balance	$209,371
Percentage of principal balance	100.00%
CMBS [Member] | Western US [Member]
Principal balance	28,315
Percentage of principal balance	13.50%
CMBS [Member] | Northeastern US [Member]
Principal balance	58,336
Percentage of principal balance	27.80%
CMBS [Member] | Southeastern US [Member]
Principal balance	44,957
Percentage of principal balance	21.50%
CMBS [Member] | Midwestern US [Member]
Principal balance	35,954
Percentage of principal balance	17.20%
CMBS [Member] | Southwestern US [Member]
Principal balance	27,605
Percentage of principal balance	13.20%
CMBS [Member] | Other Locations [Member]
Principal balance	10,825
Percentage of principal balance	5.20%
CMBS [Member] | Foreign [Member]
Principal balance	3,379
Percentage of principal balance	1.60%
ABS [Member]
Principal balance	73,184
Percentage of principal balance	100.00%
ABS [Member] | Western US [Member]
Principal balance	20,229
Percentage of principal balance	27.60%
ABS [Member] | Northeastern US [Member]
Principal balance	18,903
Percentage of principal balance	25.80%
ABS [Member] | Southeastern US [Member]
Principal balance	16,215
Percentage of principal balance	22.20%
ABS [Member] | Midwestern US [Member]
Principal balance	9,743
Percentage of principal balance	13.30%
ABS [Member] | Southwestern US [Member]
Principal balance	$8,094
Percentage of principal balance	11.10%

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details Narrative) (USD $)	3 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Total outstanding face amount of fixed rate securities	$600,000		$600,000
Total outstanding face amount of floating rate securities	100,000		100,000
Average price percentage	104.77%
Proceeds from sale of securities	398,395	532,236
Purchase of real estate securities	-407,627
Other than temporary impairment - other comprehensive income	200
Non-consolidated CDO Securities [Member]
Outstanding Face Amount	113,800		113,800
FNMA/FHLMC Securities [Member]
Outstanding Face Amount	389,056		389,056
Face amount of securities sold			380,400
Average price percentage			104.72%
Proceeds from sale of securities			398,400
Repayments of repurchase agreements			385,600
Gain on sale of securities			5,900
Face amount of securities purchased	389,100		389,100
Purchase of real estate securities			407,600
Proceeds from repurchase financing			$386,100

REAL_ESTATE_RELATED_LOANS_RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	Loans
Mezzanine Loans [Member]
Outstanding face amount	$92,668
Carrying value	65,862	[1]
Loan Count	6
Weighted Average Yield	8.56%
Weighted Average Coupon	7.26%
Weighted Average Life (Years)	1 year 2 months 12 days	[2]
Floating Rate Loans as a % of Face Amount	60.60%
Delinquent face amount	12,000	[3]
Corporate Bank Loans [Member]
Outstanding face amount	179,464
Carrying value	112,459	[1]
Loan Count	5
Weighted Average Yield	22.02%
Weighted Average Coupon	13.25%
Weighted Average Life (Years)	1 year 6 months	[2]
Floating Rate Loans as a % of Face Amount	0.50%
B-Notes [Member]
Outstanding face amount	21,621
Carrying value	18,891	[1]
Loan Count	1
Weighted Average Yield	12.00%
Weighted Average Coupon	7.32%
Weighted Average Life (Years)	3 years 4 months 24 days	[2]
Floating Rate Loans as a % of Face Amount	0.00%
Whole Loans [Member]
Outstanding face amount	39
Carrying value	39	[1]
Loan Count	1
Weighted Average Yield	7.48%
Weighted Average Coupon	7.48%
Weighted Average Life (Years)	1 month 6 days	[2]
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	293,792
Carrying value	197,251	[1]
Loan Count	13
Weighted Average Yield	16.56%
Weighted Average Coupon	10.92%
Weighted Average Life (Years)	1 year 6 months	[2]
Floating Rate Loans as a % of Face Amount	19.40%
Delinquent face amount	12,000	[3],[4]
Residential Loans [Member]
Outstanding face amount	4,259	[5]
Carrying value	3,735	[1],[5]
Loan Count	6	[5]
Weighted Average Yield	12.98%
Weighted Average Coupon	1.91%	[5]
Weighted Average Life (Years)	1 year 1 month 6 days	[2]
Floating Rate Loans as a % of Face Amount	100.00%	[5]
Delinquent face amount	766	[3],[5]
Total Residential Mortgage Loans Held-For-Sale [Member]
Outstanding face amount	4,259
Carrying value	3,735	[1]
Loan Count	6
Weighted Average Yield	12.98%
Weighted Average Coupon	1.91%
Weighted Average Life (Years)	1 year 1 month 6 days	[2]
Floating Rate Loans as a % of Face Amount	100.00%	[5]
Delinquent face amount	766	[3]
Subprime Mortgage Loans Subject to Call [Member]
Outstanding face amount	406,217
Carrying value	$406,217	[1]
[1]	Carrying value includes negligible interest receivable for the residential housing loans.
[2]	The weighted average life is based on the timing of expected principal reduction on the assets.
[3]	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower's in bankruptcy) or considered real estate owned ("REO"). As of March 31, 2015, $76.4 million face amount of real estate related and other loans was on non-accrual status.
[4]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
[5]	Loans acquired at a discount for credit quality.

REAL_ESTATE_RELATED_LOANS_RESI1

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 1) (Total Real Estate Related and Other Loans Held-for-Sale, Net [Member], USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Loans
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Outstanding Face Amount
Delinquent face amount	$12,000	[1],[2]
Period from April 1, 2015 to December 31, 2015	90,859
2016
2017	24,211
2018	21,621
2019	132,799
Thereafter	12,302
Outstanding face amount	293,792
Carrying Value
Period from April 1, 2015 to December 31, 2015	30,700
2016
2017	24,211
2018	18,891
2019	112,092
Thereafter	11,357
Total	$197,251	[3]
Number of Loans
Delinquent face amount	1
Period from April 1, 2015 to December 31, 2015	7
2016
2017	1
2018	1
2019	2
Thereafter	1
Total	13
[1]	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower's in bankruptcy) or considered real estate owned ("REO"). As of March 31, 2015, $76.4 million face amount of real estate related and other loans was on non-accrual status.
[2]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
[3]	Carrying value includes negligible interest receivable for the residential housing loans.

REAL_ESTATE_RELATED_LOANS_RESI2

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Valuation (allowance) reversal on loans	$357	$1,246
Real Estate Related and Other Loans Held For Sale [Member]
Carrying value	230,200
Interest accrued to principal balance	4,954
Principal paydowns	-39,263
Valuation (allowance) reversal on loans	-289
Accretion of loan discount and other amortization	1,649
Carrying value	197,251
Residential Mortgage Loans Held For Sale [Member]
Carrying value	3,854
Principal paydowns	-50
Valuation (allowance) reversal on loans	-68
Other	-1
Carrying value	$3,735

REAL_ESTATE_RELATED_LOANS_RESI3

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Valuation (allowance) reversal on loans	$357	$1,246
Real Estate Related and Other Loans Held For Sale [Member]
Beginning balance	-75,926
Valuation (allowance) reversal on loans	-289
Ending balance	-76,215
Residential Mortgage Loans Held For Sale [Member]
Beginning balance	-154
Valuation (allowance) reversal on loans	-68
Ending balance	($222)

REAL_ESTATE_RELATED_LOANS_RESI4

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details 4) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Outstanding face amount	$293,792
Subtotal prior to bank loans not secured by assets	119,745
Percentage of loans	100.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Western US [Member]
Outstanding face amount	24,314
Percentage of loans	20.30%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Northeastern US [Member]
Outstanding face amount	11,352
Percentage of loans	9.50%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southeastern US [Member]
Outstanding face amount	39,073
Percentage of loans	32.60%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Midwestern US [Member]
Outstanding face amount	1,702
Percentage of loans	1.40%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southwestern US [Member]
Outstanding face amount	4,547
Percentage of loans	3.80%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Foreign [Member]
Outstanding face amount	38,757
Percentage of loans	32.40%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Other Locations [Member]
Outstanding face amount	174,047	[1]
Total Residential Mortgage Loans [Member]
Outstanding face amount	4,259
Percentage of loans	100.00%
Total Residential Mortgage Loans [Member] | Western US [Member]
Outstanding face amount	957
Percentage of loans	22.50%
Total Residential Mortgage Loans [Member] | Northeastern US [Member]
Outstanding face amount	523
Percentage of loans	12.30%
Total Residential Mortgage Loans [Member] | Southeastern US [Member]
Outstanding face amount	2,640
Percentage of loans	62.00%
Total Residential Mortgage Loans [Member] | Midwestern US [Member]
Outstanding face amount	$139
Percentage of loans	3.20%
[1]	Primarily includes corporate bank loans which are not directly secured by real estate assets.

REAL_ESTATE_RELATED_LOANS_RESI5

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Mortgage Loans (Details 5) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Total securitized loans (unpaid principal balance)	$748,513	[1]
Subprime mortgage loans subject to call option	406,217		406,217
Retained interests (fair value)	2,960	[2]
Subprime Portfolio I [Member]
Total securitized loans (unpaid principal balance)	311,133	[1]
Subprime mortgage loans subject to call option	299,176
Retained interests (fair value)	2,960	[2]
Subprime Portfolio II [Member]
Total securitized loans (unpaid principal balance)	437,380	[1]
Subprime mortgage loans subject to call option	$107,041
[1]	Average loan seasoning of 116 months and 98 months for Subprime Portfolios I and II, respectively, at March 31, 2015.
[2]	The retained interests include retained bonds of the securitizations with negligible monthly interest cash flow until principal payment is available. The fair value of which is estimated based on pricing service quotation. Newcastle's retained interests were written off in 2010. The weighted average yield of the retained bonds was 21.25% as of March 31, 2015.

REAL_ESTATE_RELATED_LOANS_RESI6

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Loan unpaid principal balance (UPB)	$748,513	[1]
Debt Face Amount	1,286,504
Subprime Portfolio I [Member]
Loan unpaid principal balance (UPB)	311,133	[1]
Weighted Average Coupon	5.71%
Delinquencies of 60 or more days (UPB)	73,706	[2]
Net credit losses	6,070
Cumulative net credit losses	278,100
Cumulative net credit losses as a % of original UPB	18.50%
Percentage of ARM loans	50.50%	[3]
Percentage of loans with original loan-to-value ratio >90%	10.60%
Percentage of interest-only loans	2.00%
Debt Face Amount	307,133	[4]
Weighted average funding cost of debt	0.53%	[5]
Subprime Portfolio II [Member]
Loan unpaid principal balance (UPB)	437,380	[1]
Weighted Average Coupon	4.63%
Delinquencies of 60 or more days (UPB)	150,239	[2]
Net credit losses	5,147
Cumulative net credit losses	342,243
Cumulative net credit losses as a % of original UPB	31.50%
Percentage of ARM loans	63.80%	[3]
Percentage of loans with original loan-to-value ratio >90%	17.10%
Percentage of interest-only loans	4.50%
Debt Face Amount	$437,380	[4]
Weighted average funding cost of debt	0.44%	[5]
[1]	Average loan seasoning of 116 months and 98 months for Subprime Portfolios I and II, respectively, at March 31, 2015.
[2]	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
[3]	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
[4]	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2015.
[5]	Includes the effect of applicable hedges.

REAL_ESTATE_RELATED_LOANS_RESI7

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Face amount of real estate related loans on non-accrual status	$76,400
Weighted Average Yield of Retained Bonds	21.25%
Subprime Portfolio I [Member]
Average loan seasoning	9 years 8 months 2 days
Retained Notes excluded from face amount of debt in Subprime Portfolio I	$4,000
Weighted average coupon rate	9.24%
Subprime Portfolio II [Member]
Average loan seasoning	8 years 2 months 1 day
Weighted average coupon rate	8.68%

INVESTMENTS_IN_OTHER_REAL_ESTA2

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Gross Carrying Amount	$263,488	$263,103
Accumulated depreciation	-29,439	-23,820
Net Carrying Value	234,049	239,283
Golf Investments [Member] | Land [Member]
Gross Carrying Amount	90,324	90,324
Net Carrying Value	90,324	90,324
Golf Investments [Member] | Buildings and Improvements
Gross Carrying Amount	140,752	139,949
Accumulated depreciation	-20,973	-17,729
Net Carrying Value	119,779	122,220
Golf Investments [Member] | Furniture, fixtures and equipment
Gross Carrying Amount	22,756	23,621
Accumulated depreciation	-7,757	-5,544
Net Carrying Value	14,999	18,077
Golf Investments [Member] | Capital leases - equipment [Member]
Gross Carrying Amount	6,547	6,528
Accumulated depreciation	-709	-547
Net Carrying Value	5,838	5,981
Golf Investments [Member] | Construction in progress [Member]
Gross Carrying Amount	3,109	2,681
Net Carrying Value	$3,109	$2,681

INVESTMENTS_IN_OTHER_REAL_ESTA3

INVESTMENTS IN OTHER REAL ESTATE (Details Narrative) (Golf Investments [Member])	3 Months Ended
	Mar. 31, 2015
	Holes
Golf Investments [Member]
Number of holes in leased golf property	27
Lease term of municipal golf property	21 years

INTANGIBLES_NET_OF_ACCUMULATED2

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Amortized intangible assets:
Total Intangibles, net, including non-amortizable assets	$82,000		$84,686
Golf Investments [Member]
Amortized intangible assets:
Accumulated Amortization	-13,504		-10,803
Nonamortizable liquor license	865		850
Total Intangibles, including non-amortizable assets	95,504		95,489
Total Intangibles, net, including non-amortizable assets	82,000		84,686
Golf Investments [Member] | Trade Name
Amortized intangible assets:
Gross Carrying Amount	700		700
Accumulated Amortization	-29		-23
Net Carrying Value	671		677
Golf Investments [Member] | Leasehold Intangibles
Amortized intangible assets:
Gross Carrying Amount	50,275	[1]	50,275	[1]
Accumulated Amortization	-6,507	[1]	-5,206	[1]
Net Carrying Value	43,768	[1]	45,069	[1]
Golf Investments [Member] | Management Contracts
Amortized intangible assets:
Gross Carrying Amount	37,650		37,650
Accumulated Amortization	-5,833		-4,666
Net Carrying Value	31,817		32,984
Golf Investments [Member] | Internally-developed software
Amortized intangible assets:
Gross Carrying Amount	800		800
Accumulated Amortization	-200		-160
Net Carrying Value	600		640
Golf Investments [Member] | Membership Base
Amortized intangible assets:
Gross Carrying Amount	5,214		5,214
Accumulated Amortization	-935		-748
Net Carrying Value	$4,279		$4,466
[1]	The amortization expense for leasehold intangibles is reported in operating expense - golf on the consolidated statements of operations.

INTANGIBLES_NET_OF_ACCUMULATED3

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Details Narrative) (Golf)	3 Months Ended
	Mar. 31, 2015
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	2 years
Management Contracts | Upper Range
Amortization period	26 years
Internally-developed software
Amortization period	5 years
Membership Base
Amortization period	7 years

RECEIVABLES_AND_OTHER_ASSETS_S

RECEIVABLES AND OTHER ASSETS - Schedule of receivables and other assets (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
ReceivablesAndOtherAssetsAbstract
Accounts receivable, net	$7,864		$7,369
Prepaid expenses	7,625		6,639
Interest receivable	2,145		2,324
Deposits	7,354		7,339
Inventory	5,477		4,964
Miscellaneous assets, net	6,983	[1]	6,556	[1]
Receivables and other assets	$37,448		$35,191
[1]	In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Note 2) which requires retrospective application to all prior periods. Accordingly, "Miscellaneous assets, net" is reduced by $0.4 million for deferred financing costs as of December 31, 2014.

DEBT_OBLIGATIONS_Debt_Obligati

DEBT OBLIGATIONS - Debt Obligations (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Debt Face Amount	$1,286,504
Carrying Value	1,283,837	[1]
CDO VI Bonds Payable [Member]
Month Issued	2005-04	[2]
Debt Face Amount	92,576	[2]
Carrying Value	92,576	[2]
Final Stated Maturity	2040-04	[2]
Weighted Average Coupon - Rate	0.87%	[2],[3]
Weighted Average Funding Cost	0.86%	[2],[4]
Weighted Average Life (Years)	4 years 9 months 18 days	[2]
Face Amount of Floating Rate Debt	89,005	[2]
Outstanding Face Amount of Collateral	96,288	[2],[5]
Amortized Cost Basis of Collateral	35,093	[2],[5]
Carrying Value of Collateral	67,432	[2],[5]
Weighted Average Maturity (Years) Of Collateral	4 years 9 months 18 days	[2]
Floating Rate Face Amount of Collateral	28,869	[2],[5]
Aggregate Notional Amount of Current Hedges
CDO VIII Bonds Payable [Member]
Month Issued	2006-11
Debt Face Amount	71,813
Carrying Value	71,727
Final Stated Maturity	2052-11
Weighted Average Coupon - Rate	2.13%	[3]
Weighted Average Funding Cost	6.56%	[4]
Weighted Average Life (Years)	1 year 8 months 12 days
Face Amount of Floating Rate Debt	64,213
Outstanding Face Amount of Collateral	192,392	[5]
Amortized Cost Basis of Collateral	134,997	[5]
Carrying Value of Collateral	144,945	[5]
Weighted Average Maturity (Years) Of Collateral	1 year 9 months 18 days
Floating Rate Face Amount of Collateral	52,220	[5]
Aggregate Notional Amount of Current Hedges	57,903
CDO IX Bonds Payable [Member]
Month Issued	2007-05
Debt Face Amount	51,371
Carrying Value	52,161
Final Stated Maturity	2052-05
Weighted Average Coupon - Rate	0.77%	[3]
Weighted Average Funding Cost	0.21%	[4]
Weighted Average Life (Years)	1 year 6 months
Face Amount of Floating Rate Debt	51,371
Outstanding Face Amount of Collateral	273,680	[5]
Amortized Cost Basis of Collateral	217,877	[5]
Carrying Value of Collateral	228,059	[5]
Weighted Average Maturity (Years) Of Collateral	2 years 3 months 19 days
Floating Rate Face Amount of Collateral	35,946	[5]
Total CDO Bonds Payable [Member]
Debt Face Amount	215,760
Carrying Value	216,464
Weighted Average Funding Cost	2.59%	[4]
Weighted Average Life (Years)	3 years
Face Amount of Floating Rate Debt	204,589
Outstanding Face Amount of Collateral	562,360	[5]
Amortized Cost Basis of Collateral	387,967	[5]
Carrying Value of Collateral	440,436	[5]
Weighted Average Maturity (Years) Of Collateral	2 years 6 months
Floating Rate Face Amount of Collateral	117,035	[5]
Aggregate Notional Amount of Current Hedges	57,903
NCT 2013-VI IMM-1 [Member]
Month Issued	2013-11	[6]
Debt Face Amount	28,563	[6]
Carrying Value	25,317	[6]
Final Stated Maturity	2040-04	[6]
Weighted Average Coupon - Basis for Variable Rate	LIBOR	[3],[6]
Weighted Average Coupon - Spread on Basis for Variable Rate	0.25%	[3],[6]
Weighted Average Funding Cost	6.87%	[4]
Weighted Average Life (Years)	2 years 2 months 12 days	[6]
Face Amount of Floating Rate Debt	28,563
Total Other Bonds And Notes Payable [Member]
Debt Face Amount	28,563	[7]
Carrying Value	25,317	[7]
Weighted Average Funding Cost	6.87%	[4]
Weighted Average Life (Years)	2 years 2 months 12 days
Face Amount of Floating Rate Debt	28,563
CDO Securities Repurchase Agreements [Member]
Month Issued	2015-03	[6],[8]
Debt Face Amount	35,683	[6]
Carrying Value	35,683	[6]
Final Stated Maturity	2015-04	[6],[8]
Weighted Average Coupon - Basis for Variable Rate	LIBOR	[3],[6],[8]
Weighted Average Coupon - Spread on Basis for Variable Rate	1.65%	[3],[6],[8]
Weighted Average Funding Cost	1.83%	[4]
Weighted Average Life (Years)	1 month 6 days	[6],[8]
Face Amount of Floating Rate Debt	35,683
FNMA/FHLMC Securities Repurchase Agreements [Member]
Month Issued	2015-03	[8]
Debt Face Amount	386,120
Carrying Value	386,120
Final Stated Maturity	2015-04	[8]
Weighted Average Coupon - Rate	0.37%	[3]
Weighted Average Funding Cost	0.37%	[4]
Weighted Average Life (Years)	1 month 6 days	[8]
Outstanding Face Amount of Collateral	389,056	[5]
Amortized Cost Basis of Collateral	407,494	[5]
Carrying Value of Collateral	409,037	[5]
Weighted Average Maturity (Years) Of Collateral	7 years 1 month 6 days	[8]
Total Repurchase Agreements [Member]
Debt Face Amount	421,803
Carrying Value	421,803
Weighted Average Funding Cost	0.49%	[4]
Weighted Average Life (Years)	1 month 6 days	[8]
Face Amount of Floating Rate Debt	35,683
Outstanding Face Amount of Collateral	389,056	[5]
Amortized Cost Basis of Collateral	407,494	[5]
Carrying Value of Collateral	409,037	[5]
Weighted Average Maturity (Years) Of Collateral	7 years 1 month 6 days	[8]
Golf First Lien Loan [Member]
Month Issued	2013-12	[9]
Debt Face Amount	51,423
Carrying Value	51,308
Final Stated Maturity	2017-12	[9]
Weighted Average Coupon - Basis for Variable Rate	LIBOR	[10],[3],[9]
Weighted Average Coupon - Spread on Basis for Variable Rate	4.00%	[10],[3],[9]
Weighted Average Funding Cost	4.58%	[4]
Weighted Average Life (Years)	2 years 9 months 18 days	[9]
Face Amount of Floating Rate Debt	51,423
Golf Second Lien Loan [Member]
Month Issued	2013-12	[9]
Debt Face Amount	105,575
Carrying Value	105,339
Final Stated Maturity	2017-12	[9]
Weighted Average Coupon - Rate	5.50%	[3]
Weighted Average Funding Cost	5.58%	[4]
Weighted Average Life (Years)	2 years 9 months 18 days	[9]
Golf Vineyard II [Member]
Month Issued	1993-12	[9]
Debt Face Amount	200	[9]
Carrying Value	200	[9]
Final Stated Maturity	2043-12	[9]
Weighted Average Coupon - Rate	2.11%	[3],[9]
Weighted Average Funding Cost	2.11%	[4],[9]
Weighted Average Life (Years)	28 years 8 months 12 days	[9]
Face Amount of Floating Rate Debt	200	[9]
Capital Lease Equipment [Member]
Debt Face Amount	5,959	[9]
Carrying Value	5,959	[9]
Final Stated Maturity	2020-09	[9]
Weighted Average Funding Cost	6.77%	[4],[9]
Weighted Average Life (Years)	5 years 6 months	[9]
Capital Lease Equipment [Member] | Lower Range
Month Issued	2014-05	[9]
Weighted Average Coupon - Rate	4.80%	[3],[9]
Capital Lease Equipment [Member] | Upper Range
Month Issued	2015-03	[9]
Weighted Average Coupon - Rate	7.15%	[3],[9]
Total Golf Credit Facilities [Member]
Debt Face Amount	163,157
Carrying Value	162,806
Weighted Average Funding Cost	5.30%	[4]
Weighted Average Life (Years)	2 years 10 months 25 days	[9]
Face Amount of Floating Rate Debt	51,623
Junior Subordinated Notes Payable [Member]
Month Issued	2006-03
Debt Face Amount	51,004
Carrying Value	51,230
Final Stated Maturity	2035-04
Weighted Average Coupon - Rate	7.57%	[11],[3]
Weighted Average Coupon - Spread on Basis for Variable Rate	2.25%
Weighted Average Funding Cost	7.36%	[4]
Weighted Average Life (Years)	20 years 1 month 6 days
Total Corporate [Member]
Debt Face Amount	51,004
Carrying Value	51,230
Weighted Average Funding Cost	7.36%	[4]
Weighted Average Life (Years)	20 years 1 month 6 days
Subtotal Debt Obligations [Member]
Debt Face Amount	880,287
Carrying Value	877,620
Weighted Average Funding Cost	2.49%	[4]
Weighted Average Life (Years)	2 years 7 months 6 days
Face Amount of Floating Rate Debt	320,458
Outstanding Face Amount of Collateral	951,416	[5]
Amortized Cost Basis of Collateral	795,461	[5]
Carrying Value of Collateral	849,473	[5]
Weighted Average Maturity (Years) Of Collateral	4 years 4 months 24 days
Floating Rate Face Amount of Collateral	117,035	[5]
Aggregate Notional Amount of Current Hedges	57,903
Financing on subprime mortgage loans subject to call option [Member]
Debt Face Amount	406,217	[12]
Carrying Value	$406,217	[12]
[1]	Net of $36.6 million of inter-segment eliminations.
[2]	This CDO was not in compliance with its applicable over collateralization tests as of March 31, 2015. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects this CDO to remain out of compliance for the foreseeable future.
[3]	Weighted average, including floating and fixed rate classes.
[4]	Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the three months ended March 31, 2015.
[5]	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
[6]	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[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]	These repurchase agreements had $0.1 million of accrued interest payable at March 31, 2015. Approximately $386.3 million face amount of these repurchase agreements were renewed subsequent to March 31, 2015. The counterparties on these repurchase agreements are Bank of America ($35.7 million) and Nomura ($386.1 million). Newcastle has margin exposures on a total of $421.8 million repurchase agreement 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.
[9]	The golf credit facilities are collateralized by all of the assets of the Golf business. The carrying value of the golf credit facilities are reported net of deferred financing costs of $0.4 million as of March 31, 2015.
[10]	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[11]	LIBOR +2.25% after April 2016.
[12]	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 $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Future minimum lease payments due
April 1, 2015 - December 31, 2015	$1,005
2016	1,340
2017	1,340
2018	1,340
2019	1,437
2020 and thereafter	671
Total minimum lease payments	7,133
Less: Imputed interest	1,174
Present value of net minimum lease payments	$5,959

DEBT_OBLIGATIONS_Details_Narra

DEBT OBLIGATIONS (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Unused borrowing capacity	3,100
Bank of America [Member]
Repurchase agreements	35,700
Nomura [Member]
Repurchase agreements	386,100
Sale of Real Estate - Beavercreek, OH [Member]
Repurchase agreements	386,300
Junior Subordinated Notes Payable [Member]
Description of interest rate	LIBOR
Variable interest rate spread	2.25%
Golf First Lien Loan [Member]
Variable rate description	LIBOR	[1],[2],[3]
LIBOR Floor	0.50%
Description of interest rate	3 month LIBOR
Variable interest rate spread	4.00%	[1],[2],[3]
CDO Securities Repurchase Agreements [Member]
Interest Payable	100
Margin exposure	421,800
Variable rate description	LIBOR	[1],[4],[5]
Variable interest rate spread	1.65%	[1],[4],[5]
Interest rate	0.37%
Lower Range | Capital Lease Equipment [Member]
Capital lease term	60 months
Upper Range | Capital Lease Equipment [Member]
Capital lease term	66 months
[1]	Weighted average, including floating and fixed rate classes.
[2]	The golf credit facilities are collateralized by all of the assets of the Golf business. The carrying value of the golf credit facilities are reported net of deferred financing costs of $0.4 million as of March 31, 2015.
[3]	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
[4]	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[5]	These repurchase agreements had $0.1 million of accrued interest payable at March 31, 2015. Approximately $386.3 million face amount of these repurchase agreements were renewed subsequent to March 31, 2015. The counterparties on these repurchase agreements are Bank of America ($35.7 million) and Nomura ($386.1 million). Newcastle has margin exposures on a total of $421.8 million repurchase agreement 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.

ACCOUNTS_PAYABLE_ACCRUED_EXPEN2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of accounts payable, accrued expenses (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts Payable Accrued Expenses And Other Liabilities - Schedule Of Accounts Payable Accrued Expenses Details
Accounts payable and accrued expenses	$31,389	$35,854
Membership deposit liabilities	81,605	79,678
Deferred revenue	23,380	29,322
Security deposit payable	8,022	5,293
Unfavorable leasehold interests	6,057	6,443
Derivative liabilities	4,639	4,328
Accrued rent	2,675	2,605
Due to affiliates	1,919	1,125
Miscellaneous liabilities	13,803	14,742
Accounts payable, accrued expenses and other liabilities	$173,489	$179,390

DERIVATIVES_Schedule_of_fair_v

DERIVATIVES - Schedule of fair value of derivatives financial instruments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Interest rate swaps [Member] | Designated as hedging instrument [Member]
Fair Value of Derivatives	$1,287	$1,963
Fair Value of Derivatives, Balance Sheet Location	Accounts payable. accrued expenses and other liabilities
Interest rate swaps [Member] | Not designated as hedging instrument [Member]
Fair Value of Derivatives		334
Fair Value of Derivatives, Balance Sheet Location	Accounts payable. accrued expenses and other liabilities
TBAs [Member] | Not designated as hedging instrument [Member]
Fair Value of Derivatives	3,352	2,031
Fair Value of Derivatives, Balance Sheet Location	Accounts payable, accrued expenses and other liabilities
Derivative Transactions [Member] | Liabilities [Member]
Fair Value of Derivatives	$4,639	$4,328

DERIVATIVES_Schedule_of_gains_

DERIVATIVES - Schedule of gains (losses) recorded in relation to derivatives (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flow hedges
Cash flow hedge income statement location - reclassifications		Interest expense
Deferred hedge gain (loss) reclassified from AOCI into earnings	$19	$13
Amount of loss reclassified from AOCI into income (effective portion)	-708	-1,280
Non-hedge income statement location		Other income (loss)
Gain recognized related to interest rate swaps	292	2,075
Gain (loss) on settlement of TBAs	-4,871
Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion)	-33	-77
TBAs [Member]
Cash flow hedges
Non-hedge income statement location	Gain (loss) on settlement investments, net
Gain (loss) on settlement of TBAs	-4,871
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	-1,321
Linked Transactions [Member]
Cash flow hedges
Non-hedge income statement location		Other income (loss)
Gain recognized related to non-hedge		$10,673

DERIVATIVES_Schedule_of_additi

DERIVATIVES - Schedule of additional information about cash flow hedges (Details 2) (Designated as hedging instrument [Member], USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Deferred [Member]
Cash flow hedges
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	$79	$78
Current [Member]
Cash flow hedges
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	($1,705)	($1,730)

FAIR_VALUE_Carrying_Values_and

FAIR VALUE - Carrying Values and Estimated Fair Value (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial Instruments
Real estate securities, available-for-sale	$231,727		$231,754
Real estate securities, pledged as collateral	409,037		407,689
Real estate related and other loans, held-for-sale, net	197,251		230,200
Residential mortgage loans, held-for-sale, net	3,735		3,854
Subprime mortgage loans subject to call option	406,217		406,217
Restricted cash	21,874		15,714
Cash and cash equivalents	56,002		73,727	85,724	42,721
Financial Instruments
CDO bonds payable	216,464		227,673
Other bonds and notes payable	25,317		27,069
Repurchase agreements	421,803		441,176
Credit facilities and obligations under capital leases, golf	162,806		161,474
Financing of subprime mortgage loans subject to call option	406,217		406,217
Junior subordinated notes payable	51,230		51,231
Carrying Value [Member]
Financial Instruments
Real estate securities, available-for-sale	231,727
Real estate securities, pledged as collateral	409,037
Real estate related and other loans, held-for-sale, net	197,251
Residential mortgage loans, held-for-sale, net	3,735
Subprime mortgage loans subject to call option	406,217	[1]
Restricted cash	21,874
Cash and cash equivalents	56,002
Financial Instruments
CDO bonds payable	216,464	[2]
Other bonds and notes payable	25,317	[2]
Repurchase agreements	421,803
Credit facilities and obligations under capital leases, golf	162,806
Financing of subprime mortgage loans subject to call option	406,217	[1]
Junior subordinated notes payable	51,230
Interest rate swaps, treated as hedges	1,287	[3]
Non-hedge derivatives	3,352	[3]
Estimated Fair Value [Member]
Financial Instruments
Real estate securities, available-for-sale	231,727
Real estate securities, pledged as collateral	409,037
Real estate related and other loans, held-for-sale, net	213,822
Residential mortgage loans, held-for-sale, net	3,889
Subprime mortgage loans subject to call option	406,217	[1]
Restricted cash	21,874
Cash and cash equivalents	56,002
Financial Instruments
CDO bonds payable	121,112	[2]
Other bonds and notes payable	26,212	[2]
Repurchase agreements	421,803
Credit facilities and obligations under capital leases, golf	162,806
Financing of subprime mortgage loans subject to call option	406,217	[1]
Junior subordinated notes payable	39,257
Interest rate swaps, treated as hedges	1,287	[3]
Non-hedge derivatives	$3,352	[3]
[1]	Represents an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 6).
[2]	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.
[3]	Represents derivative liabilities including interest rate swaps and TBA forward contracts (Note 12).

FAIR_VALUE_Assets_and_Liabilit

FAIR VALUE - Assets and Liabilities Fair Value Recurring Basis (Details 1) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Real estate securities, available-for-sale	$231,727		$231,754
Real estate securities, pledged as collateral	409,037		407,689
Derivative Liabilities:
Derivative liabilities	4,639		4,328
Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	231,727
Real estate securities, pledged as collateral	409,037
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,287	[1]
Interest rate swapsand TBAs, not treated as hedges	3,352	[1]
Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	231,727
Real estate securities, pledged as collateral	409,037
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,287	[1]
Interest rate swapsand TBAs, not treated as hedges	3,352	[1]
Non-Agency RMBS [Member]
Assets:
Real estate securities, available-for-sale	44,460	[2]
CDO Securities [Member]
Assets:
Real estate securities, available-for-sale	8,538	[2],[3],[4]
FNMA/FHLMC Securities [Member]
Assets:
Real estate securities, available-for-sale	409,037
Measured on a Recurring Basis [Member] | Level 2 [Member]
Assets:
Real estate securities, pledged as collateral	409,037
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,287
Interest rate swapsand TBAs, not treated as hedges	3,352
Derivative liabilities	4,639
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	223,189
Measured on a Recurring Basis [Member] | Level 3 Internal Pricing [Member]
Assets:
Real estate securities, available-for-sale	8,538
Measured on a Recurring Basis [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	231,727
Real estate securities, pledged as collateral	409,037
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,287
Interest rate swapsand TBAs, not treated as hedges	3,352
Derivative liabilities	4,639
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	231,727
Real estate securities, pledged as collateral	409,037
Derivative Liabilities:
Interest rate swaps, treated as hedges	1,287
Interest rate swapsand TBAs, not treated as hedges	3,352
Derivative liabilities	4,639
Measured on a Recurring Basis [Member] | CMBS [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	178,729
Measured on a Recurring Basis [Member] | CMBS [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	178,729
Measured on a Recurring Basis [Member] | CMBS [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	178,729
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Level 3 Inputs [Member]
Assets:
Real estate securities, available-for-sale	44,460
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	44,460
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	44,460
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Level 3 Internal Pricing [Member]
Assets:
Real estate securities, available-for-sale	8,538	[5],[6]
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Carrying Value [Member]
Assets:
Real estate securities, available-for-sale	8,538	[5],[6]
Measured on a Recurring Basis [Member] | CDO Securities [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, available-for-sale	8,538	[5],[6]
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Level 2 [Member]
Assets:
Real estate securities, pledged as collateral	409,037
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Carrying Value [Member]
Assets:
Real estate securities, pledged as collateral	490,037
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member] | Estimated Fair Value [Member]
Assets:
Real estate securities, pledged as collateral	$409,037
[1]	Represents derivative liabilities including interest rate swaps and TBA forward contracts (Note 12).
[2]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[3]	The weighted average life is based on the timing of expected principal reduction on the assets.
[4]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million.
[5]	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.
[6]	Represents non-consolidated CDO securities, excluding eight securities with a zero value, which had an aggregate face amount of $113.8 million as of March 31, 2015.

FAIR_VALUE_Quantitative_Inform

FAIR VALUE - Quantitative Information about Significant Unobservable Inputs (Details 2) (Measured on a Recurring Basis [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Fair Value	$8,538
CDO Securities [Member]
Fair Value	$8,538
Weighted Average Signiifcant Input
Discount Rate	7.40%
Weighted Average - Prepayment Speed	3.60%
Cumulative Default Rate	21.70%
Loss Severity	73.60%

FAIR_VALUE_Change_in_Fair_Valu

FAIR VALUE - Change in Fair Value of Level 3 Investments (Details 3) (Measured on a Recurring Basis [Member], Level 3 Inputs [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Balance, beginning	$231,754
Total gains (losses)
Included in net income	-48	[1]
Included in other comprehensive income (loss)	785
Amortization included in interest income	3,901
Purchases, sales and settlements
Proceeds from repayments	-4,665
Balance, ending	231,727
CMBS [Member]
Balance, beginning	178,763
Total gains (losses)
Included in net income	-48	[1]
Included in other comprehensive income (loss)	1,392
Amortization included in interest income	1,803
Purchases, sales and settlements
Proceeds from repayments	-3,181
Balance, ending	178,729
Non-Agency RMBS [Member]
Balance, beginning	45,035
Total gains (losses)
Included in other comprehensive income (loss)	-1,189
Amortization included in interest income	2,098
Purchases, sales and settlements
Proceeds from repayments	-1,484
Balance, ending	44,460
Equity/Other Securities [Member]
Balance, beginning	7,956
Total gains (losses)
Included in other comprehensive income (loss)	582
Purchases, sales and settlements
Balance, ending	$8,538
[1]	These gains (losses) are recorded in the following line items in the consolidated statements of operations:

FAIR_VALUE_Gains_Losses_on_RE_

FAIR VALUE - Gains Losses on RE Securities (Details 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
OTTI	($344)
Measured on a Recurring Basis [Member] | Level 3 Inputs [Member]
OTTI	-48
Total	($48)	[1]
[1]	These gains (losses) are recorded in the following line items in the consolidated statements of operations:

FAIR_VALUE_Loan_Valuation_Deta

FAIR VALUE - Loan Valuation (Details 5) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Mezzanine Loans [Member]
Carrying value	$65,862	[1]
Fair Value	66,956
Discount Rate	8.60%
Loss Severity	27.90%
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	112,459	[1]
Fair Value	127,936
Discount Rate	22.00%
Loss Severity	25.70%
Corporate Bank Loans [Member] | Lower Range
Discount Rate	15.00%
Loss Severity	0.00%
Corporate Bank Loans [Member] | Upper Range
Discount Rate	29.30%
Loss Severity	100.00%
B-Notes [Member]
Carrying value	18,891	[1]
Fair Value	18,891
Discount Rate	12.00%
Loss Severity	0.00%
Whole Loans [Member]
Carrying value	39	[1]
Fair Value	39
Discount Rate	7.50%
Loss Severity	0.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Carrying value	197,251	[1]
Fair Value	213,822
Residential Loans [Member]
Carrying value	3,735	[1],[2]
Fair Value	3,889
Discount Rate	13.00%
Loss Severity	4.90%
Prepayment Speed	0.20%
Constant Default Rate	18.20%
Total Residential Mortgage Loans Held-For-Sale [Member]
Carrying value	3,735	[1]
Fair Value	$3,889
[1]	Carrying value includes negligible interest receivable for the residential housing loans.
[2]	Loans acquired at a discount for credit quality.

EQUITY_AND_EARNINGS_PER_SHARE_1

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Number of Options
Outstanding at December 31, 2014	5,500,599
Expired	54,999
Outstanding at March 31, 2015	5,445,600
Exercisable at March 31, 2015	3,824,013
Weighted Average Strike Price
Strike Price	$4.26
Expired	$14.92
Strike Price	$4.15
Exercisable at March 31, 2015	$3.82
Weighted Average Life Remaining
Outstanding at March 31, 2015	7 years 8 months 12 days
Exercisable at March 31, 2015	7 years 1 month 6 days

EQUITY_AND_EARNINGS_PER_SHARE_2

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Stock options outstanding	5,445,600
Strike Price	$4.15	$4.26
Issued Prior to 2011 [Member]
Stock options outstanding	144,994
Strike Price	$14.62
Issued in 2011 and Thereafter [Member]
Stock options outstanding	5,300,606
Strike Price	$3.86
Manager [Member]
Stock options outstanding	4,948,440
Manager [Member] | Issued Prior to 2011 [Member]
Stock options outstanding	114,479
Manager [Member] | Issued in 2011 and Thereafter [Member]
Stock options outstanding	4,833,961
Employees of Fortress [Member]
Stock options outstanding	496,827
Employees of Fortress [Member] | Issued Prior to 2011 [Member]
Stock options outstanding	30,182
Employees of Fortress [Member] | Issued in 2011 and Thereafter [Member]
Stock options outstanding	466,645
Directors [Member]
Stock options outstanding	333
Directors [Member] | Issued Prior to 2011 [Member]
Stock options outstanding	333

EQUITY_AND_EARNINGS_PER_SHARE_3

EQUITY AND EARNINGS PER SHARE - Earnings Per Share (Details 2) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Numerator for basis and diluted earnings per share:
(Loss) Income from continuing operations after preferred dividends and noncontrolling interests	($2,207)		$18,822
Income (loss) from discontinued operations, net of tax	115		-15,299
(Loss) Income Applicable to Common Stockholders	($2,092)		$3,523
Denominator:
Denominator for basic earnings per share - weighted average shares	66,424,508	[1]	58,575,582	[1]
Effect of dilutive securities
Options	0		1,935,545
Denominator for diluted earnings per share - adjusted weighted average shares	66,424,508		60,511,128	[1]
Basic earnings per share:
(Loss) Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	($0.03)	[1]	$0.32	[1]
Income (loss) from discontinued operations per share of common stock		[1]	($0.26)	[1]
(Loss) Income Applicable to Common Stock, per share	($0.03)	[1]	$0.06	[1]
Diluted earnings per share:
(Loss) Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	($0.03)		$0.31	[1]
Income (loss) from discontinued operations per share of common stock			($0.26)	[1]
(Loss) Income Applicable to Common Stock, per share	($0.03)		$0.06	[1]
[1]	All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.

EQUITY_AND_EARNINGS_PER_SHARE_4

EQUITY AND EARNINGS PER SHARE (Details Narrative) (USD $)	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Apr. 30, 2015	Mar. 31, 2015		Mar. 31, 2014
Dividends Declared per Share of Common Stock		$0.12	[1]	$0.60	[1]
Dividends paid	$9,400
Potentially dilutive securities		1,069,463
Dilutive common stock equivalents		0		1,935,545
Series B Cumulative Redeemable Preferred Stock [Member]
Dividends Declared per Share of Preferred Stock		$0.61
Series C Cumulative Redeemable Preferred Stock [Member]
Dividends Declared per Share of Preferred Stock		$0.50
Series D Cumulative Redemable Preferred [Member]
Dividends Declared per Share of Preferred Stock		$0.52
Stock Options [Member]
Potentially dilutive securities		2,547,086		284,295
[1]	All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.

INCOME_TAXES_Provision_for_Inc

INCOME TAXES - Provision for Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Current:
Federal	$46	$72
State and Local	12	61
Total Current Provision	58	133
Deferred
Federal	-10	-240
State and Local	-2	-513
Total Deferred Provision	-12	-753
Provision for income taxes from continuing operations	46	140
Provision (benefit) for income taxes from discontinued operations		-760
Total Provision (benefit) for Income Taxes	$46	($620)

INCOME_TAXES_Deferred_Tax_Asse

INCOME TAXES - Deferred Tax Assets (Details 1) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Deferred tax assets
Allowance for loan losses	$374		$366
Depreciation and amortization	15,392		13,938
Accrued expenses	1,271		2,006
Net operating losses	29,058		26,543
Other	2,367		2,365
Total deferred tax assets	48,462		45,218
Less valuation allowance	-31,138		-27,434
Net deferred tax assets	17,324		17,784
Deferred tax liabilities
Leaseholds	17,270		17,741
Total deferred tax liabilities	17,270		17,741
Net deferred income tax assets	$54	[1]	$43	[1]
[1]	Recorded in receivables and other assets on the consolidated balance sheets.

GAINS_LOSSES_ON_SETTLEMENT_OF_2

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Gain (loss) on settlement of investments, net
Gain on settlement of real estate securities	$5,886	$2,334
Settlement of TBAs	-4,871
Gain on settlement of investments, net	1,015	2,334
Other income (loss), net
Gain (loss) on non-hedge derivative instruments	-1,029	12,748
Collateral management fee income, net	193	265
Equity (deficit) in earnings of equity method investees	314	-39
Gain (loss) on disposal of long-lived assets	-183	-2
Other income	191	502
Total Other income (loss), net	($514)	$13,474

RECLASSIFICATION_FROM_ACCUMULA2

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net realized gain (loss) on securities
Impairment	($48)
Gain on settlement of real estate securities	1,043	2,332
Gain on settlement of investments, net	1,015	2,334
Net realized gain (loss) on derivatives designated as cash flow hedges
Interest Expense	16,727	22,170
Net realized gains (losses) on derivatives designated as cash flow hedges	-689	-1,267
Total reclassifications	5,149	1,067
Net Realized Gain (Loss) on Securities [Member]
Net realized gain (loss) on securities
Impairment	-48
Gain on settlement of real estate securities	5,886	2,334
Gain on settlement of investments, net	5,838	2,334
Amortization of Deferred Gain [Member]
Net realized gain (loss) on derivatives designated as cash flow hedges
Interest Expense	19	13
Realized Loss Reclassified Related to Effective Portion [Member]
Net realized gain (loss) on derivatives designated as cash flow hedges
Interest Expense	$708	($1,280)

SUPPLEMENTAL_NONCASH_INVESTING2

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Restricted Cash activity:
Restricted cash generated from sale of securities		$548
Restricted cash generated from paydowns on securities and loans	42,745	141,348
Restricted cash used for repayments of CDO bonds payable	$13,704	$137,831

RECENT_ACTIVITIES_Details_Narr

RECENT ACTIVITIES (Details Narrative) (USD $)	3 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015
Proceeds from sale of investments	$398,395	$532,236
Repayments of debt obligations	-409,350	-538,934
Sale of Real Estate - Beavercreek, OH [Member]
Proceeds from sale of investments			7,000
Gain of sale of discontinued operations			300
Repayments of debt obligations			$6,000