Drive Shack (DSHK) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 26, 2015
Document And Entity Information
Entity Registrant Name	NEWCASTLE INVESTMENT CORP
Entity Central Index Key	1,175,483
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		66,486,652

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Assets
Real estate securities, available-for-sale	$ 61,508		$ 231,754
Real estate securities, pledged as collateral	370,342		407,689
Real estate related and other loans, held-for-sale, net	142,802		230,200
Residential mortgage loans, held-for-sale, net	569		3,854
Subprime mortgage loans subject to call option	392,342	[1]	406,217
Investments in other real estate, net of accumulated depreciation	230,735		239,283
Intangibles, net of accumulated amortization	77,198		84,686
Other investments	20,258		26,788
Cash and cash equivalents	31,493		73,727
Restricted cash	5,759		15,714
Receivables from brokers, dealers and clearing organizations	363,981		0
Receivables and other assets	41,550		35,191
Assets of discontinued operations	53		6,803
Total Assets	1,738,590		1,761,906
Liabilities
CDO bonds payable	92,812	[2]	227,673
Other bonds and notes payable	7,494	[2]	27,069
Repurchase agreements	415,442		441,176
Credit facilities and obligations under capital leases	12,003		161,474
Financing of subprime mortgage loans subject to call option	392,342	[1]	406,217
Junior subordinated notes payable	51,226		51,231
Dividends payable	8,908		8,901
Payables to brokers, dealers and clearing organizations	370,473		0
Accounts payable, accrued expenses and other liabilities	164,078		179,390
Liabilities of discontinued operations	0		447
Total Liabilities	$ 1,514,778		$ 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 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of September 30, 2015 and December 31, 2014	$ 61,583		$ 61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,486,652 and 66,424,508 shares issued and outstanding, at September 30, 2015 and December 31, 2014, respectively	665		664
Additional paid-in capital	3,172,297		3,172,060
Accumulated deficit	(3,044,381)		(3,041,880)
Accumulated other comprehensive income	33,829		65,865
Total Newcastle Stockholders' Equity	223,993		258,292
Noncontrolling interests	(181)		36
Total Equity	223,812		258,328
Total Liabilities and Equity	$ 1,738,590		$ 1,761,906
[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. 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.

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 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	66,486,652	66,424,508
Common stock, shares outstanding	66,486,652	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	8.375%	8.375%
Preferred stock, shares issued	620,000	620,000
Preferred stock, shares outstanding	620,000	620,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Interest income	$ 23,010	$ 27,544	$ 74,353	$ 103,889
Interest expense	(14,715)	(18,411)	(48,392)	(60,909)
Net interest income	8,295	9,133	25,961	42,980
Impairment/(Reversal)
Valuation allowance (reversal) on loans	3,010	(4,015)	7,684	(1,243)
Other-than-temporary impairment on securities and other investments	427	0	9,899	0
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	23	0	(39)	0
Total impairment (reversal)	3,460	(4,015)	17,544	(1,243)
Net interest income after impairment/reversal	4,835	13,148	8,417	44,223
Operating Revenues
Golf course operations	49,418	50,414	137,150	140,699
Sales of food and beverages - golf	20,035	18,871	53,991	52,333
Other golf revenue	13,411	12,209	35,352	33,831
Total operating revenues	82,864	81,494	226,493	226,863
Other Income (Loss)
Gain (loss) on settlement of investments, net	(3,168)	7,763	24,623	50,532
Gain (loss) on extinguishment of debt, net	14,878	0	15,367	(3,410)
Other income, net	277	4,855	1,871	23,011
Total other income	11,987	12,618	41,861	70,133
Expenses
Loan and security servicing expense	41	159	255	1,424
Operating expenses - golf	67,984	68,747	188,359	194,875
Cost of sales - golf	8,842	8,420	24,003	23,183
General and administrative expense	3,876	3,132	9,076	11,464
Management fee to affiliate	2,675	5,664	8,017	16,853
Depreciation and amortization	7,111	7,204	20,983	19,384
Total expenses	90,529	93,326	250,693	267,183
Income from continuing operations before income tax	9,157	13,934	26,078	74,036
Income tax expense	1,257	0	1,330	144
Income from continuing operations	7,900	13,934	24,748	73,892
Income (loss) from discontinued operations, net of tax	7	(8,624)	646	(32,427)
Net Income	7,907	5,310	25,394	41,465
Preferred dividends	(1,395)	(1,395)	(4,185)	(4,185)
Net (income) loss attributable to noncontrolling interests	(13)	21	217	711
Income Applicable to Common Stockholders	$ 6,499	$ 3,936	$ 21,426	$ 37,991
Income Applicable to Common Stock, per share
Basic (in dollars per share)	$ 0.10	$ 0.06	$ 0.32	$ 0.63
Diluted (in dollars per share)	0.09	0.06	0.31	0.62
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests
Basic (in dollars per share)	0.10	0.20	0.31	1.18
Diluted (in dollars per share)	0.09	0.20	0.30	1.14
Income (Loss) from discontinued operations per share of common stock
Basic (in dollars per share)	0	(0.14)	0.01	(0.54)
Diluted (in dollars per share)	$ 0	$ (0.14)	$ 0.01	$ (0.54)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in dollars per share)	66,484,962	62,329,023	66,445,705	59,848,506
Diluted (in dollars per share)	69,069,659	63,865,796	69,053,302	61,630,175
Dividends Declared per Share of Common Stock (in dollars per share)	$ 0.12	$ 0.60	$ 0.36	$ 1.80

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 7,907	$ 5,310	$ 25,394	$ 41,465
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	5,149	(3,743)	2,577	4,734
Reclassification of net realized (gain) on securities into earnings	(7,594)	0	(36,470)	(18,032)
Net unrecognized gain and pension prior service cost (discontinued operations)	0	0	0	9
Net unrealized gain (loss) on derivatives designated as cash flow hedges	0	6	(60)	(148)
Reclassification of net realized (gain) loss on derivatives designated as cash flow hedges into earnings	(20)	1,200	1,917	3,372
Other comprehensive loss	(2,465)	(2,537)	(32,036)	(10,065)
Total comprehensive income (loss)	5,442	2,773	(6,642)	31,400
Comprehensive income (loss) attributable to Newcastle stockholders' equity	5,429	2,794	(6,425)	32,111
Comprehensive income (loss) attributable to noncontrolling interests	$ 13	$ (21)	$ (217)	$ (711)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Total Newcastle Stockholders' Equity [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Equity - December 31, 2014 at Dec. 31, 2014	$ 258,328	$ 258,292	$ 61,583	$ 664	$ 3,172,060	$ (3,041,880)	$ 65,865	$ 36
Balance, beginning - shares at Dec. 31, 2014			2,463,321	66,424,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(28,112)	(28,112)				(28,112)
Issuance of common stock	238	238		$ 1	237
Issuance of common stock, shares				62,144
Comprehensive income (loss)
Net income (loss)	25,394	25,611				25,611		(217)
Other comprehensive loss	(32,036)	(32,036)					(32,036)
Total comprehensive income (loss)	(6,642)	(6,425)						(217)
Equity - September 30, 2015 at Sep. 30, 2015	$ 223,812	$ 223,993	$ 61,583	$ 665	$ 3,172,297	$ (3,044,381)	$ 33,829	$ (181)
Balance, ending - shares at Sep. 30, 2015			2,463,321	66,486,652

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities
Net income	$ 25,394	$ 41,465
Adjustments to reconcile net income to net cash (used in) provided by operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	20,994	102,585
Accretion of discount and other amortization	4,942	(12,393)
Net interest income on investments accrued to principal balance	(19,147)	(15,628)
Non-cash directors' compensation	238	275
Valuation allowance (reversal) on loans	7,684	(1,243)
Other-than-temporary impairment on securities	9,860	0
Change in fair value of contingent consideration	0	(1,500)
Straight-lining of rental income	0	(19,035)
Equity in earnings from equity method investments, net of distributions	(975)	(621)
Gain on settlement of investments (net)	(24,451)	(49,742)
Unrealized loss (gain) on non-hedge derivatives and hedge ineffectiveness	89	(18,432)
Loss/(gain) on extinguishment of debt, net	(15,367)	3,410
Change in:
Restricted cash	(1,725)	1,530
Receivables and other assets	(1,555)	6,441
Accounts payable, accrued expenses and other liabilities	(22,415)	(11,494)
Net cash (used in) provided by operating activities	(16,434)	25,618
Cash Flows From Investing Activities
Principal repayments from investments	124,015	232,630
Purchase of real estate securities	(1,039,220)	0
Proceeds from sale of investments	1,061,499	798,122
Acquisition and additions of investments in real estate	(2,894)	(313,519)
Change in restricted cash from investing activities	56,774	0
Deposits paid on investments	0	(150)
Net cash provided by investing activities	200,174	717,083
Cash Flows From Financing Activities
Repurchases of debt obligations	(152,281)	0
Borrowings under debt obligations	1,454,435	167,232
Repayments of debt obligations	(1,485,065)	(819,980)
Margin deposits under repurchase agreements and derivatives	(113,899)	(23,716)
Return of margin deposits under repurchase agreements and derivatives	(112,631)	(23,716)
Issuance of common stock	0	198,671
Costs related to issuance of common stock	0	(254)
Contribution of cash to New Media/New Residential upon spin-off	0	(23,845)
Common stock dividends paid	(23,919)	(105,462)
Preferred stock dividends paid	(4,185)	(4,185)
Payment of deferred financing costs	(500)	(3,002)
Payments from settlement of derivative instruments	(13,326)	0
Net cash used in financing activities	(226,109)	(590,825)
Net (Decrease) Increase in Cash and Cash Equivalents	(42,369)	151,876
Cash and Cash Equivalents of Continuing Operations, 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	31,493	257,820
Cash and Cash Equivalents of Continuing Operations, End of Period	31,493	215,035
Cash and Cash Equivalents of Discontinued Operations, End of Period	0	42,785
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for income taxes	268	1,351
Cash paid during the period for interest expense	13,583	58,093
Supplemental Schedule of Non-Cash Investing and Financing Activities
Costs associated with issuance of common stock	0	346
Preferred stock dividends declared but not paid	930	930
Common stock dividends declared but not paid	7,978	39,840
Additions to capital lease assets and liabilities	7,231	5,162
Reduction of Assets and Liabilities relating to the spin-off of New Media
Property, plant and equipment, net	0	266,385
Goodwill and intangibles, net	0	271,350
Restricted cash	0	6,477
Receivables and other assets	0	101,940
Credit facilities, media	0	177,955
Accounts payable, accrued expenses and other liabilities	$ 0	$ 100,695

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	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. 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 September 30, 2015 . In addition, Fortress, through its affiliates, held options to purchase approximately 5.1 million shares of Newcastle’s common stock at September 30, 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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. As of September 30, 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 deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into revenue in the consolidated statements of operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the consolidated balance sheet 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 Internal Revenue Code of 1986, as amended (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 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 September 30, 2015 , Newcastle no longer has derivative instruments that are designated and qualify as hedging instruments based on ASC 815, Derivatives and Hedging. Newcastle terminated two interest rate swaps in connection with the liquidation of CDO VIII and the interest rate swap in CDO VI matured in March 2015. 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 that were 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. Newcastle also transacts in the to be announced mortgage backed securities ("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 instruments, with changes in market value recorded on the statement of operations. As of September 30, 2015 , Newcastle held TBA contracts consisting of four short contracts totaling $1,100.9 million notional amount and three long contracts totaling $745.8 million 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 years 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 and nine months ended September 30, 2015 , Newcastle recorded $0.1 million and $0.3 million , respectively, of servicing rights amortization and no servicing rights impairment. As of September 30, 2015 , Newcastle’s servicing assets had a carrying value of $0.8 million , which is reported within 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 buildings and 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 assets and liabilities of discontinued operations 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 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. Depreciation 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 lesser of the lease term or the following estimated useful lives: Buildings and improvements 10-30 years Furniture, fixtures and equipment 3-10 years Capital leases - equipment 4-6 years 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 property. The management contract intangible represents Newcastle’s golf course management contracts for both leased and managed properties. The management contract intangible for leased and managed properties is valued utilizing a discounted cash flow methodology under the income approach and is amortized over the term of the underlying lease or management agreements, respectively. The membership base intangible represents Newcastle’s relationship with its private golf club members. The membership base intangible 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 equity interest in a commercial real estate project which is recorded as an equity method investment. As of September 30, 2015 and December 31, 2014, the carrying value of this investment was $20.3 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 May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board ("IASB") issued Accounting Standards Update ("ASU") 2014-09 Revenues from Contracts with Customers (Topic 606) . The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date which defers the effective date by one year. The standard will be effective for annual and interim periods beginning after December 15, 2017; however, all entities are allowed to adopt the standard as early as the original effective date (annual periods beginning after December 15, 2016). Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. We are currently reviewing the guidance to determine the impact to the consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The standard amends the consolidation considerations when evaluating certain limited partnerships, variable interest entities and investment funds. The ASU is effective for Newcastle in the first quarter of 2016 and early adoption is permitted. The adoption of the new guidance will have no impact on the 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 "Repurchase Agreements" is reported net of deferred financing costs of $0.4 million as of September 30, 2015 and "Credit facilities and obligations under capital leases" is reported net of deferred financing costs of $0.4 million as of 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	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. ("New Media") from Newcastle. On November 6, 2014, Newcastle completed the spin-off of New Senior Investment Group Inc. ("New Senior") from Newcastle. In April 2015, Newcastle closed 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. As a result of the spin-offs and the sale of the commercial real estate properties in Beavercreek, OH (which was initially reported as held-for-sale as of September 30, 2014), 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. With respect to the sale of the commercial real estate properties in Beavercreek, OH, the assets of discontinued operations include no investments in other real estate as of September 30, 2015 and $6.6 million as of December 31, 2014 , and cash and cash equivalents, restricted cash and receivables and other assets in the total amount of $0.1 million and $0.2 million as of September 30, 2015 and December 31, 2014 , respectively. There were no liabilities of discontinued operations as of September 30, 2015 . The liabilities of discontinued operations include accounts payable, accrued liabilities and other liabilities of $0.5 million as of December 31, 2014 . Results from discontinued operations were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest income $ — $ — $ — $ — Interest expense — 14,138 — 43,525 Net interest income (loss) — (14,138 ) — (43,525 ) Media income — — — 68,213 Rental income 7 61,355 556 168,838 Care and ancillary income — 6,428 — 17,555 Gain on settlement of investments — — 318 — Other income — 1,481 — 1,457 Total media, rental and other income 7 69,264 874 256,063 Media operating expenses — — — 65,826 Property operating expenses — 29,288 187 81,696 General and administrative expenses (A) — 5,416 30 17,888 Depreciation and amortization — 28,712 11 79,445 Income tax expense — 334 — 110 Total expenses — 63,750 228 244,965 Income (loss) from discontinued operations $ 7 $ (8,624 ) $ 646 $ (32,427 ) Net income attributable to noncontrolling interests $ — $ — $ — $ 522 (A) Includes acquisition and spin-off related expenses of $4.0 million and $14.7 million for the three and nine months ended September 30, 2014 . The February 13, 2014 spin-off of New Media resulted in a $391.3 million 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 $673.0 million 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. DISCONTINUED OPERATIONS On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. ("New Media") from Newcastle. On November 6, 2014, Newcastle completed the spin-off of New Senior Investment Group Inc. ("New Senior") from Newcastle. In April 2015, Newcastle closed 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. As a result of the spin-offs and the sale of the commercial real estate properties in Beavercreek, OH (which was initially reported as held-for-sale as of September 30, 2014), 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. With respect to the sale of the commercial real estate properties in Beavercreek, OH, the assets of discontinued operations include no investments in other real estate as of September 30, 2015 and $6.6 million as of December 31, 2014 , and cash and cash equivalents, restricted cash and receivables and other assets in the total amount of $0.1 million and $0.2 million as of September 30, 2015 and December 31, 2014 , respectively. There were no liabilities of discontinued operations as of September 30, 2015 . The liabilities of discontinued operations include accounts payable, accrued liabilities and other liabilities of $0.5 million as of December 31, 2014 . Results from discontinued operations were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest income $ — $ — $ — $ — Interest expense — 14,138 — 43,525 Net interest income (loss) — (14,138 ) — (43,525 ) Media income — — — 68,213 Rental income 7 61,355 556 168,838 Care and ancillary income — 6,428 — 17,555 Gain on settlement of investments — — 318 — Other income — 1,481 — 1,457 Total media, rental and other income 7 69,264 874 256,063 Media operating expenses — — — 65,826 Property operating expenses — 29,288 187 81,696 General and administrative expenses (A) — 5,416 30 17,888 Depreciation and amortization — 28,712 11 79,445 Income tax expense — 334 — 110 Total expenses — 63,750 228 244,965 Income (loss) from discontinued operations $ 7 $ (8,624 ) $ 646 $ (32,427 ) Net income attributable to noncontrolling interests $ — $ — $ — $ 522 (A) Includes acquisition and spin-off related expenses of $4.0 million and $14.7 million for the three and nine months ended September 30, 2014 . The February 13, 2014 spin-off of New Media resulted in a $391.3 million 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 $673.0 million 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	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	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. 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 Nine Months Ended September 30, 2015 Interest income $ 30,983 $ 46,246 $ 110 $ 19 $ — $ (3,005 ) $ 74,353 Interest expense (5,993 ) (28,789 ) (13,779 ) (2,836 ) — 3,005 (48,392 ) Inter-segment elimination (3,005 ) — 3,005 — — — — Net interest income (expense) 21,985 17,457 (10,664 ) (2,817 ) — — 25,961 Total impairment (reversal) 12,569 4,975 — — — — 17,544 Total operating revenues — — 226,493 — — — 226,493 Total other income (loss) 30,271 (3,070 ) 14,606 54 — — 41,861 Loan and security servicing expense 249 6 — — — — 255 Operating expenses - golf (C) — — 181,506 — — — 181,506 Operating expenses - golf, repairs and maintenance expenses — — 6,853 — — — 6,853 Cost of sales - golf — — 24,003 — — — 24,003 General and administrative expense — — 1,960 5,767 — — 7,727 General and administrative expense - acquisition and transaction expenses (D) — 60 1,239 50 — — 1,349 Management fee to affiliate — — — 8,017 — — 8,017 Depreciation and amortization — — 20,983 — — — 20,983 Income tax expense — — 1,330 — — — 1,330 Income (loss) from continuing operations 39,438 9,346 (7,439 ) (16,597 ) — — 24,748 Income from discontinued operations, net of tax — — — — 646 — 646 Net income (loss) 39,438 9,346 (7,439 ) (16,597 ) 646 — 25,394 Preferred dividends — — — (4,185 ) — — (4,185 ) Net loss attributable to noncontrolling interests — — 217 — — — 217 Income (loss) applicable to common stockholders $ 39,438 $ 9,346 $ (7,222 ) $ (20,782 ) $ 646 $ — $ 21,426 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt (B) Golf Corporate Operations Eliminations Total Three Months Ended September 30, 2015 Interest income $ 1,375 $ 21,587 $ 38 $ 10 $ — $ — $ 23,010 Interest expense (680 ) (9,617 ) (3,473 ) (945 ) — — (14,715 ) Inter-segment elimination — — — — — — — Net interest income (expense) 695 11,970 (3,435 ) (935 ) — — 8,295 Total impairment (reversal) 363 3,097 — — — — 3,460 Total operating revenues — — 82,864 — — — 82,864 Total other income (loss) — (2,893 ) 14,834 46 — — 11,987 Loan and security servicing expense 35 6 — — — — 41 Operating expenses - golf (C) — — 65,518 — — — 65,518 Operating expenses - golf, repairs and maintenance expenses — — 2,466 — — — 2,466 Cost of sales - golf — — 8,842 — — — 8,842 General and administrative expense — — 919 1,946 — — 2,865 General and administrative expense - acquisition and transaction expenses (D) — 60 918 33 — — 1,011 Management fee to affiliate — — — 2,675 — — 2,675 Depreciation and amortization — — 7,111 — — — 7,111 Income tax expense — — 1,257 — — — 1,257 Income (loss) from continuing operations 297 5,914 7,232 (5,543 ) — — 7,900 Income from discontinued operations, net of tax — — — — 7 — 7 Net income (loss) 297 5,914 7,232 (5,543 ) 7 — 7,907 Preferred dividends — — — (1,395 ) — — (1,395 ) Net income attributable to noncontrolling interests — — (13 ) — — — (13 ) Income (loss) applicable to common stockholders $ 297 $ 5,914 $ 7,219 $ (6,938 ) $ 7 $ — $ 6,499 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt (B) Golf Corporate Operations Total September 30, 2015 Investments $ 49,397 $ 938,424 $ 307,933 $ — $ — $ 1,295,754 Cash and restricted cash 110 2,528 6,156 28,458 — 37,252 Other assets 95 371,036 33,954 446 — 405,531 Assets of discontinued operations — — — — 53 53 Total assets 49,602 1,311,988 348,043 28,904 53 1,738,590 Debt, net 100,306 738,201 81,586 51,226 — 971,319 Other liabilities 22 379,197 150,915 13,325 — 543,459 Liabilities of discontinued operations — — — — — — Total liabilities 100,328 1,117,398 232,501 64,551 — 1,514,778 Preferred stock — — — 61,583 — 61,583 Noncontrolling interests — — (181 ) — — (181 ) Equity attributable to common stockholders $ (50,726 ) $ 194,590 $ 115,723 $ (97,230 ) $ 53 $ 162,410 Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired $ — $ — $ 9,028 $ — $ — $ 9,028 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Eliminations Total Nine Months Ended September 30, 2014 Interest income $ 70,635 $ 39,102 $ 112 $ 41 $ — $ (6,001 ) $ 103,889 Interest expense (16,932 ) (32,344 ) (14,764 ) (2,870 ) — 6,001 (60,909 ) Inter-segment elimination (6,001 ) 1,748 4,253 — — — — Net interest income (expense) 47,702 8,506 (10,399 ) (2,829 ) — — 42,980 Total impairment (reversal) (2,185 ) 942 — — — — (1,243 ) Total operating revenues — — 226,863 — — — 226,863 Total other income 34,717 32,698 2,718 — — — 70,133 Loan and security servicing expense 466 958 — — — — 1,424 Operating expenses - golf (C) — — 187,681 — — — 187,681 Operating expenses - golf, repairs and maintenance expenses — — 7,194 — — — 7,194 Cost of sales - golf — — 23,183 — — — 23,183 General and administrative expense — 2,921 986 5,963 — — 9,870 General and administrative expense - acquisition and transaction expenses (D) — — 1,530 64 — — 1,594 Management fee to affiliate — — — 16,853 — — 16,853 Depreciation and amortization — — 19,297 87 — — 19,384 Income tax expense — — 144 — — — 144 Income (loss) from continuing operations 84,138 36,383 (20,833 ) (25,796 ) — — 73,892 Loss from discontinued operations — — — — (32,427 ) — (32,427 ) Net income (loss) 84,138 36,383 (20,833 ) (25,796 ) (32,427 ) — 41,465 Preferred dividends — — — (4,185 ) — — (4,185 ) Net loss attributable to non-controlling interests — — 189 — 522 — 711 Income (loss) applicable to common stockholders $ 84,138 $ 36,383 $ (20,644 ) $ (29,981 ) $ (31,905 ) $ — $ 37,991 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Eliminations Total Three Months Ended September 30, 2014 Interest income $ 19,316 $ 9,749 $ 37 $ 6 $ — $ (1,564 ) $ 27,544 Interest expense (4,823 ) (9,343 ) (4,847 ) (962 ) — 1,564 (18,411 ) Inter-segment elimination (1,564 ) 112 1,452 — — — — Net interest income (expense) 12,929 518 (3,358 ) (956 ) — — 9,133 Total impairment (reversal) (4,143 ) 128 — — — — (4,015 ) Total operating revenues — — 81,494 — — — 81,494 Total other income 1,822 8,067 2,729 — — — 12,618 Loan and security servicing expense 157 2 — — — — 159 Operating expenses - golf (C) — — 66,155 — — — 66,155 Operating expenses - golf, repairs and maintenance expenses — — 2,592 — — — 2,592 Cost of sales - golf — — 8,420 — — — 8,420 General and administrative expense — 1,051 527 2,238 — — 3,816 General and administrative expense - acquisition and transaction expenses (D) — — 27 (711 ) — — (684 ) Management fee to affiliate — — — 5,664 — — 5,664 Depreciation and amortization — — 7,191 13 — — 7,204 Income tax expense — — — — — — — Income (loss) from continuing operations 18,737 7,404 (4,047 ) (8,160 ) — — 13,934 Loss from discontinued operations — — — — (8,624 ) — (8,624 ) Net income (loss) 18,737 7,404 (4,047 ) (8,160 ) (8,624 ) — 5,310 Preferred dividends — — — (1,395 ) — — (1,395 ) Net loss attributable to non-controlling interests — — 21 — — — 21 Income (loss) applicable to common stockholders $ 18,737 $ 7,404 $ (4,026 ) $ (9,555 ) $ (8,624 ) $ — $ 3,936 (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: September 30, 2015 Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options $ 392,342 $ 392,342 $ 392,342 $ 392,342 Other Unlevered real estate securities (E) 37,347 12,111 — — Levered real estate securities 354,806 370,342 345,859 345,859 Real estate related and other loans 230,229 142,802 — — Other investments N/A 20,258 — — Residential mortgage loans 925 569 — — $ 1,015,649 $ 938,424 $ 738,201 $ 738,201 (C) Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $3.4 million for the three and nine months ended September 30, 2015 , respectively and $1.2 million and $3.9 million for the three and nine months ended September 30, 2014 . (D) Includes all transaction related and spin-off related expenses. (E) Excludes eight securities with zero value, which had an aggregate face amount of $115.5 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. September 30, 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 $ 49,398 $ 219,490 Real estate related and other loans, held-for-sale, net — 230,200 Residential mortgage loans, held-for-sale, net — 3,211 Subprime mortgage loans subject to call option 392,342 406,217 Other investments — 20,308 Restricted cash 110 11,790 Receivables and other assets 95 1,927 Assets of discontinued operations — 6,803 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 441,945 $ 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. September 30, 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 $ 92,812 $ 227,673 Other bonds and notes payable 7,494 27,069 Financing of subprime mortgage loans subject to call option 392,342 406,217 Accounts payable, accrued expenses and other liabilities 22 2,391 Liabilities of discontinued operations — 447 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle $ 492,670 $ 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. Newcastle deconsolidated CDO V as of June 17, 2011 as a result of an event of default which allowed Newcastle to be removed as collateral manager and prevents purchasing and selling of certain collateral within CDO V. In addition, Newcastle’s investments in RMBS, commercial mortgage backed securities (“CMBS”), CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE since they involve subjective determinations of significance, with respect to both power and economics. The result could be the consolidation of an entity that otherwise would not have been consolidated or the deconsolidation of an entity that otherwise would have been consolidated. As of September 30, 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 September 30, 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 $ 80,426 $ 107,438 $ 9,183 (A) Face amount. (B) Newcastle CDO V includes $43.5 million face amount of debt owned by Newcastle with a carrying value of $9.2 million at September 30, 2015 . (C) This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	REAL ESTATE SECURITIES The following is a summary of Newcastle’s real estate securities at September 30, 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) CMBS $ 70,284 $ 80,167 $ (55,372 ) $ 24,795 $ 17,802 $ (35 ) $ 42,562 16 B 5.00 % 20.57 % 1.6 25.9 % Non-Agency RMBS 16,688 23,461 (20,667 ) 2,794 7,036 (67 ) 9,763 9 CC 1.59 % 11.32 % 11.0 9.1 % ABS-Franchise 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % — 0.0 % CDO (E) 14,575 — — — 9,183 — 9,183 2 C 1.53 % — % 8.1 24.2 % Debt Security Total / Average (F) $ 110,011 $ 111,275 $ (83,686 ) $ 27,589 $ 34,021 $ (102 ) $ 61,508 28 CCC+ 4.15 % 19.64 % 3.8 Equity Securities 87 (87 ) — — — — 2 Total Securities, Available-for-Sale $ 111,362 $ (83,773 ) $ 27,589 $ 34,021 $ (102 ) $ 61,508 30 FNMA/FHLMC 354,806 370,472 — 370,472 — (130 ) 370,342 2 AAA 3.50 % 2.83 % 8.0 N/A Total Securities, Pledged as Collateral (F) $ 354,806 $ 370,472 $ — $ 370,472 $ — $ (130 ) $ 370,342 2 (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 8 securities with zero value, which had an aggregate face amount of $115.5 million . (F) The total outstanding face amount was $423.2 million for fixed rate securities and $41.6 million for floating rate securities. Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the nine months ended September 30, 2015 , Newcastle recorded other-than-temporary impairment charges (“OTTI”) of $2.4 million with respect to real estate securities (gross of less than $0.1 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 September 30, 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 $ 358,555 $ 374,899 $ (3,010 ) $ 371,889 $ — $ (230 ) $ 371,659 4 AAA 3.50 % 2.84 % 7.9 Twelve or More 192 192 — 192 — (2 ) 190 1 B- 5.16 % 5.16 % 0.1 Total $ 358,747 $ 375,091 $ (3,010 ) $ 372,081 $ — $ (232 ) $ 371,849 5 AAA 3.50 % 2.84 % 7.9 Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following: September 30, 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 1,315 1,416 (3,010 ) (100 ) Non credit impaired securities 370,534 370,665 — (132 ) Total debt securities in an unrealized loss position $ 371,849 $ 372,081 $ (3,010 ) $ (232 ) (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 nine months ended September 30, 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 (1,567 ) Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income (1,443 ) Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date 4,174 Reduction for securities sold/written off during the period — Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at September 30, 2015 : CMBS ABS Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Western U.S. $ 10,373 14.8 % $ 8,560 34.0 % Northeastern U.S. 12,753 18.1 % 5,507 21.9 % Southeastern U.S. 17,676 25.1 % 5,945 23.6 % Midwestern U.S. 21,715 30.9 % 3,358 13.4 % Southwestern U.S. 7,767 11.1 % 1,768 7.0 % Other — — % 14 0.1 % Foreign — — % — — % $ 70,284 100.0 % $ 25,152 100.0 % 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, Newcastle 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 recognized a gain of approximately $5.9 million . Additionally, in March 2015, Newcastle 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 . This transaction was financed with repurchase financing of $386.1 million . In May 2015, Newcastle sold $98.6 million face amount of CMBS securities at an average price of 104.03% of par for total proceeds of $102.6 million and recognized a gain of $14.0 million . Newcastle also sold $42.8 million face amount of non-Agency RMBS securities at an average price of 85.54% of par for total proceeds of $36.7 million and recognized a gain of $14.1 million . The proceeds from these CMBS and non-Agency sales were used to repay the associated outstanding notes in CDO VI, CDO VIII and CDO IX. Additionally in May 2015, Newcastle received a $25.0 million par paydown of CMBS securities held in CDO IX. These funds were used to repay the associated outstanding notes in CDO IX. In May 2015, Newcastle also sold $3.9 million face amount of unencumbered non-Agency RMBS at an average price of 24.11% of par for total proceeds of $0.9 million and recognized a gain of $0.8 million . In June 2015, Newcastle entered into a trade to sell $380.4 million face amount of agency RMBS at an average price of 103.13% of par for total proceeds of approximately $392.3 million and recognized a loss of $5.9 million . This transaction settled in July 2015 and Newcastle repaid $375.7 million of outstanding repurchase agreement liabilities in connection with this sale. In June 2015, Newcastle entered into a trade to purchase $201.9 million face amount of agency RMBS at an average price of 102.87% of par for total proceeds of approximately $207.7 million . This transaction settled in July 2015 and was financed with $196.7 million of repurchase agreements. In July 2015, Newcastle settled on a trade to purchase $403.9 million face amount of agency RMBS at an average price of 102.88% of par for total proceeds of approximately $415.6 million . This transaction was financed with $393.8 million of repurchase agreements. In September 2015, Newcastle sold $250.4 million face amount of agency RMBS at an average price of 103.83% of par for total proceeds of approximately $260.0 million and recognized a gain of $2.5 million . Newcastle repaid $250.1 million of outstanding repurchase agreement liabilities in connection with this sale. In September 2015, Newcastle entered into a trade to sell $348.9 million face amount of agency RMBS at an average price of 104.32% of par for total proceeds of approximately $364.0 million and recognized a gain of $5.1 million . Newcastle repaid $345.9 million of outstanding repurchase agreement liabilities in connection with this sale. Newcastle settled on this trade in October 2015. In September 2015, Newcastle entered into a trade to purchase $354.8 million face amount of agency RMBS at an average price of 104.42% of par for total proceeds of approximately $370.5 million . This transaction was financed with $352.6 million of repurchase agreements and the trade settled in October 2015. Securities Pledged as Collateral These government agency securities were sold under agreements to repurchase which will be treated as collateralized financing transactions. 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 L

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTAGE LOANS	REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS Loans are accounted for based on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. Purchased loans that Newcastle has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held-for-investment. Alternatively, loans acquired with the intent to sell are classified as held-for-sale. The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at September 30, 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) Mezzanine Loans $ 37,200 $ 19,433 3 8.00 % 8.27 % 0.4 100.0 % $ 17,767 Corporate Bank Loans 193,029 123,369 4 22.39 % 18.32 % 1.1 — % 45,687 Total Real Estate Related and other Loans Held-for-Sale, Net $ 230,229 $ 142,802 7 20.43 % 16.70 % 1.0 16.2 % $ 63,454 Residential Mortgage Loans Held-for-Sale, Net (D) $ 925 $ 569 4 69.30 % 2.83 % 1.7 100.0 % $ 766 Subprime Mortgage Loans Subject to Call Option $ 392,342 $ 392,342 (A) Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average life is based on the timing of expected principal reduction on the assets. (C) Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of September 30, 2015 , $63.5 million face amount of real estate related and other loans was on non-accrual status. (D) Loans acquired at a discount for credit quality. The following is a summary of real estate related and other loans by maturities at September 30, 2015 : Outstanding Number of Year of Maturity (1) Face Amount Carrying Value Loans Period from October 1, 2015 to December 31, 2015 $ 63,453 $ — 4 2016 19,433 19,433 1 2017 — — — 2018 — — — 2019 147,343 123,369 2 2020 — — — Thereafter — — — Total $ 230,229 $ 142,802 7 (1) Based on the final extended maturity date of each loan investment as of September 30, 2015 . 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 Purchases / additional fundings — — Interest accrued to principal balance 19,497 — Principal paydowns (46,696 ) (131 ) Sales (55,574 ) (2,912 ) Valuation (allowance) reversal on loans (7,461 ) (223 ) Accretion of loan discount, other amortization and other income 3,203 (13 ) Other (367 ) (6 ) Balance at September 30, 2015 $ 142,802 $ 569 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 (A) 14,345 160 Valuation (allowance) reversal on loans (7,461 ) (223 ) Balance at September 30, 2015 $ (69,042 ) $ (217 ) (A) The charge-offs for real estate related loans represent four loans. Two loans were sold, one loan was restructured, and one loan was written off. The charge-offs for residential mortgage loans represent the sale of two loans. The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at September 30, 2015 : Real Estate Related Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Western U.S. $ — — % $ — — % Northeastern U.S. 7,967 9.6 % 523 56.6 % Southeastern U.S. 7,754 9.3 % 263 28.4 % Midwestern U.S. — — % 139 15.0 % Southwestern U.S. 3,711 4.5 % — — % Foreign 63,454 76.6 % — — % $ 82,886 100.0 % $ 925 100.0 % Other 147,343 (A) $ 230,229 (A) Primarily includes corporate bank loans which are not directly secured by real estate assets. In June 2015, Newcastle sold $12.0 million face amount of commercial real estate related loans from CDO VIII at a price of 100.01% of par for total proceeds of $12.0 million and recognized a gain of $0.9 million . Newcastle also sold $45.7 million face amount of commercial real estate related loans from CDO IX at an average price of 95.35% for total proceeds of $43.5 million and recognized a gain of $0.6 million . These proceeds were used to repay the outstanding notes in CDO VIII and CDO IX, respectively. In August 2015, Newcastle closed on the sale of two residential mortgage loans with face amount of $3.3 million for total proceeds of $2.9 million net of transaction expenses. Securitization of Subprime Mortgage Loans The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at September 30, 2015 : Subprime Portfolio I II Total Total securitized loans (unpaid principal balance) (A) $ 285,550 $ 408,323 $ 693,873 Loans subject to call option (carrying value) $ 285,301 $ 107,041 $ 392,342 Retained bonds (fair value) (B) $ 2,926 $ — $ 2,926 (A) Average loan seasoning of 122 months and 104 months for Subprime Portfolios I and II, respectively, at September 30, 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. The weighted average yield of the retained bonds was 21.2% as of September 30, 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 September 30, 2015 : Subprime Portfolio I II Loan unpaid principal balance (UPB) $ 285,550 $ 408,323 Weighted average coupon rate of loans 5.59 % 4.46 % Delinquencies of 60 or more days (UPB) (A) $ 60,932 $ 122,962 Net credit losses for the nine months ended September 30, 2015 $ 12,455 $ 16,432 Cumulative net credit losses $ 284,485 $ 353,529 Cumulative net credit losses as a % of original UPB 18.9 % 32.5 % Percentage of ARM loans (B) 51.0 % 63.4 % Percentage of loans with original loan-to-value ratio >90% 11.0 % 16.9 % Percentage of interest-only loans 1.8 % 3.5 % Face amount of debt (C) $ 281,301 $ 406,027 Weighted average funding cost of debt (D) 0.56 % 0.34 % (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 and overcollateralization of $0.2 million and $2.3 million on Subprime Portfolio I and II, respectively, at September 30, 2015 . (D) Includes the effect of applicable hedges, if any. Newcastle received negligible cash inflows from the retained interests of Subprime Portfolios I and II during the nine months ended September 30, 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 ESTAT

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECATION	INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION The following table summarizes Newcastle’s investments in real estate related to its Golf business: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 90,324 $ — $ 90,324 $ 90,324 $ — $ 90,324 Buildings and improvements 141,429 (25,391 ) 116,038 139,949 (17,729 ) 122,220 Furniture, fixtures and equipment 25,087 (14,612 ) 10,475 23,621 (5,544 ) 18,077 Capital leases - equipment 13,011 (1,393 ) 11,618 6,528 (547 ) 5,981 Construction in progress 2,280 — 2,280 2,681 — 2,681 Investments in Other Real Estate $ 272,131 $ (41,396 ) $ 230,735 $ 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. In August 2015, the lease on the golf property in Hawaii expired and Golf exited the property.

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes Newcastle’s intangible assets related to its Golf business: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (41 ) $ 659 $ 700 $ (23 ) $ 677 Leasehold intangibles (1) 49,962 (8,590 ) 41,372 50,275 (5,206 ) 45,069 Management contracts 36,993 (7,138 ) 29,855 37,650 (4,666 ) 32,984 Internally-developed software 800 (280 ) 520 800 (160 ) 640 Membership base 5,236 (1,309 ) 3,927 5,214 (748 ) 4,466 Nonamortizable liquor license 865 — 865 850 — 850 Total Intangibles $ 94,556 $ (17,358 ) $ 77,198 $ 95,489 $ (10,803 ) $ 84,686 (1) The amortization expense for leasehold intangibles is reported in operating expense - golf in the consolidated statements of operations. Intangible assets are amortized on a straight-line basis over the following estimated useful lives: 30 years for trade name; 1 - 26 years for leasehold intangibles and management contracts; 5 years for internally-developed software and 7 years for the membership base.

RECEIVABLES AND OTHER ASSETS

RECEIVABLES AND OTHER ASSETS	9 Months Ended
	Sep. 30, 2015
Receivables And Other Assets [Abstract]
RECEIVABLES AND OTHER ASSETS	RECEIVABLES AND OTHER ASSETS The following table summarizes Newcastle's receivables and other assets: September 30, 2015 December 31, 2014 Accounts receivable, net $ 8,112 $ 7,369 Prepaid expenses 6,757 6,639 Interest receivable 1,145 2,324 Deposits 7,465 7,339 Inventory 5,424 4,964 Derivative assets 3,712 — Miscellaneous assets, net (1) 8,935 6,556 $ 41,550 $ 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	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding Newcastle’s debt obligations at September 30, 2015 : September 30, 2015 Collateral 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) CDO Bonds Payable CDO VI (D) Apr 2005 $ 92,812 $ 92,812 Apr 2040 0.89% 0.89 % 4.1 $ 89,123 $ 72,663 $ 26,960 $ 49,398 3.4 $ 12,688 92,812 92,812 0.89 % 4.1 89,123 72,663 26,960 49,398 3.4 12,688 Other Bonds and Notes Payable NCT 2013-VI IMM-1 (E) Nov 2013 8,177 7,494 Apr 2040 LIBOR+0.25% 17.50 % 0.4 8,177 N/A N/A N/A N/A N/A 8,177 7,494 17.50 % 0.4 8,177 N/A N/A N/A N/A N/A Repurchase Agreements (F) FNMA/FHLMC Securities Sep 2015 345,859 345,859 Oct 2015 0.49% 0.49 % 0.1 — 348,920 363,981 363,981 7.7 — Golf Loans (G) Aug 2015 70,000 69,583 Feb 2016 LIBOR+3.50% 6.15 % 0.4 70,000 N/A N/A N/A N/A N/A 415,859 415,442 1.43 % 0.2 70,000 348,920 363,981 363,981 7.7 — Golf Credit Facilities Vineyard II Dec 1993 200 200 Dec 2043 2.11% 2.11 % 28.2 200 N/A N/A N/A N/A N/A Capital Leases (Equipment) May 2014 - Sep 2015 11,803 11,803 May 2021 3.22% to 11.54% 6.57 % 4.8 — N/A N/A N/A N/A N/A 12,003 12,003 6.51 % 5.2 200 N/A N/A N/A N/A N/A Corporate Junior subordinated notes payable Mar 2006 51,004 51,226 Apr 2035 7.57% (H) 7.36 % 19.6 — N/A N/A N/A N/A N/A 51,004 51,226 7.36 % 19.6 — N/A N/A N/A N/A N/A Subtotal debt obligations 579,855 578,977 2.18 % 2.6 $ 167,500 $ 421,583 $ 390,941 $ 413,379 7.0 $ 12,688 Financing on subprime mortgage loans subject to call option (I) 392,342 392,342 Total debt obligations $ 972,197 $ 971,319 (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the nine months ended September 30, 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 September 30, 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 $0.3 million of accrued interest payable at September 30, 2015 . The counterparties on these repurchase agreements are Nomura ( $196.9 million ), Morgan Stanley ( $98.8 million ), Citi ( $50.2 million ) and Credit Suisse ( $70.0 million ). Newcastle has margin exposures on a total of $415.9 million repurchase agreements related to the financing of FNMA/FHLMC securities and Golf loans. 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. $345.9 million of repurchase agreements were repaid in October 2015 as part of the sale of the FNMA/FHLMC securities. (G) The golf repurchase agreement is collateralized by assets of the Golf business. The carrying amount of the golf repurchase agreement is reported net of deferred financing costs of $0.4 million as of September 30, 2015 . (H) LIBOR + 2.25% after April 2016. (I) 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 September 30, 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 bore interest at 0.37% , matured in April 2015 and were subject to customary margin provisions. During the second quarter of 2015, approximately $60.3 million of Newcastle CDO VIII notes were repaid primarily due to the sale of securities and loans. See Notes 5 and 6. As a result of the repayment of the Newcastle CDO VIII notes, Newcastle also repaid $13.3 million of repurchase agreements associated with Newcastle CDO VIII. During the second quarter of 2015, approximately $51.4 million of Newcastle CDO IX notes were repaid primarily due to the sales and paydown of securities and loans. See Notes 5 and 6. As a result of the repayment of the Newcastle CDO IX notes, Newcastle also repaid $22.3 million of repurchase agreements associated with Newcastle CDO IX. In June 2015, Newcastle repurchased $11.5 million face amount of CDO bonds payable issued by Newcastle CDO VIII at a price of 95.50% of par for total proceeds of $11.0 million . As a result, Newcastle extinguished $11.5 million face amount of CDO bonds payable and recorded a gain on extinguishment of debt of $0.5 million . In June 2015, Newcastle entered into a trade to sell $380.4 million face amount of agency RMBS at an average price of 103.13% for total proceeds of approximately $392.3 million and recognized a loss of approximately $5.9 million . This transaction settled in July 2015 and Newcastle repaid $375.7 million of outstanding repurchase agreement liabilities in connection with this sale. In August 2015, Newcastle acquired from a third party $51.4 million outstanding face amount of first lien golf debt at a price of 90.0% of par, or $46.3 million , and $105.6 million outstanding face amount of second lien golf debt at a price of 90.0% of par, or $95.0 million . The purchases were funded with $71.3 million cash and $70.0 million of short-term debt financing. Newcastle recorded a gain on extinguishment of debt of $15.4 million . In September 2015, Newcastle sold $250.4 million face amount of agency RMBS at an average price of 103.83% of par for total proceeds of approximately $260.0 million and recognized a gain of $2.5 million . Newcastle repaid $250.1 million of outstanding repurchase agreement liabilities in connection with this sale. In September 2015, Newcastle entered into a trade to sell $348.9 million face amount of agency RMBS at an average price of 104.32% of par for total proceeds of approximately $364.0 million and recognized a gain of $5.1 million . Newcastle repaid $345.9 million of outstanding repurchase agreement liabilities in connection with this sale. Newcastle settled on this trade in October 2015. In September 2015, Newcastle entered into a trade to purchase $354.8 million face amount of agency RMBS at an average price of 104.42% of par for total proceeds of approximately $370.5 million . This transaction was financed with $352.6 million of repurchase agreements and the trade settled in October 2015. 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 48 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 September 30, 2015 are as follows: October 1, 2015 - December 31, 2015 $ 672 2016 2,690 2017 2,690 2018 2,683 2019 2,627 2020 and thereafter 2,669 Total minimum lease payments 14,031 Less: imputed interest (2,228 ) Present value of net minimum lease payments $ 11,803 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 September 30, 2015 .

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following table summarizes Newcastle's accounts payable, accrued expenses and other liabilities: September 30, 2015 December 31, 2014 Accounts payable and accrued expenses $ 30,532 $ 35,854 Membership deposit liabilities 86,345 79,678 Deferred revenue 8,678 29,322 Security deposit payable 6,484 5,293 Unfavorable leasehold interests, net 5,862 6,443 Derivative liabilities 6,124 4,328 Accrued rent 3,942 2,605 Due to affiliates 1,032 1,125 Miscellaneous liabilities 15,079 14,742 $ 164,078 $ 179,390

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	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 September 30, 2015 and December 31, 2014 : Fair Value September 30, 2015 December 31, 2014 Balance Sheet Location Derivative assets TBAs, not designated as hedges Receivables and other assets $ 3,712 $ — $ 3,712 $ — Derivative liabilities Interest rate swaps, designated as hedges Accounts payable, accrued expenses and other liabilities $ — $ 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 6,124 2,031 $ 6,124 $ 4,328 The following table summarizes gains (losses) recorded in relation to derivatives: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2015 2014 2015 2014 Cash flow hedges Gain (loss) on the ineffective portion Other income (loss) $ — $ (158 ) $ — $ 101 Loss immediately recognized at de-designation Other income (loss) — (34 ) — (34 ) Loss recognized on termination of hedge Gain (loss) on settlement of investments — — (612 ) — Net deferred hedge gain reclassified from AOCI into earnings Interest expense 20 16 58 42 Amount of loss reclassified from AOCI into income (effective portion) Interest expense — (1,024 ) (1,363 ) (3,481 ) Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion) N/A — 6 (60 ) (148 ) Non-hedge derivatives Gain recognized related to interest rate swaps Other income (loss) $ — $ 1,762 $ 292 $ 5,866 Gain recognized related to linked transactions Other income (loss) — — — 12,499 Loss recognized related to linked transactions Interest expense — — — (211 ) Loss recognized related to TBAs Other income (loss) (382 ) — (381 ) — Loss on settlement of TBAs Gain (loss) on settlement of investments, net (10,771 ) — (12,714 ) — The following table presents additional information about cash flow hedge transactions: September 30, 2015 December 31, 2014 Cash flow hedges Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months $ 40 $ 78 Expected reclassification of current hedges from AOCI into earnings over the next 12 months — (1,730 )

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value Summary Table The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at September 30, 2015 : Carrying Estimated Fair Value Method (A) Assets Real estate securities, available-for-sale $ 61,508 $ 61,508 Broker/counterparty quotations, pricing services, pricing models Real estate securities, pledged as collateral 370,342 370,342 Broker/counterparty quotations, pricing services Real estate related and other loans, held-for-sale, net 142,802 158,874 Broker/counterparty quotations, pricing services, pricing models Residential mortgage loans, held-for-sale, net 569 603 Broker/counterparty quotations, pricing models Subprime mortgage loans subject to call option (B) 392,342 392,342 (B) Restricted cash 5,759 5,759 Cash and cash equivalents 31,493 31,493 Non-hedge derivative assets (C) 3,712 3,712 Counterparty quotations, pricing services Liabilities CDO bonds payable (D) $ 92,812 $ 16,243 Pricing models Other bonds and notes payable (D) 7,494 8,003 Pricing models Repurchase agreements 415,442 415,859 Market comparables, counterparty quotations Credit facilities and obligations under capital leases 12,003 12,003 Pricing models Financing of subprime mortgage loans subject to call option (B) 392,342 392,342 (B) Junior subordinated notes payable 51,226 38,696 Pricing models Non-hedge derivatives (C) 6,124 6,124 Counterparty quotations, pricing services (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6). (C) Represents derivative assets and liabilities including 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 observable market parameters, including • quoted prices for similar assets or liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are 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 non-binding market quotations, 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 illiquid instruments based on internal pricing models or quotations subject to Newcastle's controls described below. 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 September 30, 2015 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations (Observable) Market Quotations (Unobservable) Internal Pricing Models Assets Real estate securities, available-for-sale: CMBS $ 42,562 $ — $ 42,562 $ — $ 42,562 Non-Agency RMBS 9,763 — 9,763 — 9,763 CDO (A) 9,183 — — 9,183 9,183 Real estate securities, available-for-sale total $ 61,508 $ — $ 52,325 $ 9,183 $ 61,508 Real estate securities, pledged as collateral: FNMA/FHLMC $ 370,342 $ 370,342 $ — $ — $ 370,342 Real estate securities, pledged as collateral total $ 370,342 $ 370,342 $ — $ — $ 370,342 Derivative assets: TBAs, not treated as hedges $ 3,712 $ 3,712 $ — $ — $ 3,712 Derivative assets total $ 3,712 $ 3,712 $ — $ — $ 3,712 Liabilities Derivative liabilities: TBAs, not treated as hedges $ 6,124 $ 6,124 $ — $ — $ 6,124 Derivative liabilities total $ 6,124 $ 6,124 $ — $ — $ 6,124 (A) Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $115.5 million as of September 30, 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 September 30, 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 CDO $ — $ 9,183 10.5 % 4.7 % 28.8 % 62.5 % Total $ — $ 9,183 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 nine months ended September 30, 2015 as follows: CMBS Non-Agency RMBS Equity/Other Securities Total Balance at December 31, 2014 $ 178,763 $ 45,035 $ 7,956 $ 231,754 Transfers Transfers into Level 3 — — 367 367 Total gains (losses) Included in net income (A) 12,038 14,826 (367 ) 26,497 Included in other comprehensive income (loss) (17,671 ) (12,846 ) 1,227 (29,290 ) Amortization included in interest income 5,611 2,699 — 8,310 Purchases, sales and repayments Purchases — — — — Proceeds from sales (102,607 ) (37,582 ) — (140,189 ) Proceeds from repayments (33,572 ) (2,369 ) — (35,941 ) Balance at September 30, 2015 $ 42,562 $ 9,763 $ 9,183 $ 61,508 (A) These gains (losses) are recorded in the following line items in the consolidated statements of operations: Nine Months Ended September 30, 2015 Gain (loss) on settlement of investments, net $ 28,854 OTTI, net (2,357 ) Total $ 26,497 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 September 30, 2015 : Significant Input Range Weighted Average Carrying Fair Discount Loss Discount Loss Loan Type Value Value Rate Severity Rate Severity Mezzanine $ 19,433 $ 19,433 0.0%-8.0% 0%-100% 8.0 % 47.8 % Bank Loan 123,369 139,441 0.0%-22.5% 0%-100% 22.4 % 23.7 % Total Real Estate Related and other Loans Held-for-Sale, Net $ 142,802 $ 158,874 Significant Input (Weighted Average) Carrying Fair Discount Prepayment Constant Loss Loan Type Value Value Rate Speed Default Rate Severity Residential Loans 569 603 69.3 % 0.9 % 83.7 % 22.4 % Total Residential Mortgage Loans, Held-for-Sale, Net $ 569 $ 603 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. l Amount and timing of expected future cash flows l Interest rates 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	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE A. Equity The following is a summary of the changes in Newcastle's outstanding options for the nine months ended September 30, 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 178,740 1.00 Exercised 13,201 1.00 Expired 55,332 14.92 Forfeited — — Outstanding at September 30, 2015 5,610,806 $ 2.79 7.03 Exercisable at September 30, 2015 4,732,305 $ 2.64 6.68 On May 7, 2015, and pursuant to the anti-dilution provisions of the NCT Option Plans, 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 which were determined so as to compensate for the loss in value that would have otherwise occurred as a result of the 2014 return of capital distributions. As a result of this adjustment, a total of 178,740 options were issued on May 7, 2015 at a strike price of $1.00 . As of September 30, 2015 , Newcastle’s outstanding options were summarized as follows: Issued Prior to 2011 Issued in 2011 and thereafter Total Held by the Manager 115,239 5,010,243 5,125,482 Issued to the Manager and subsequently transferred to certain of the Manager's employees 29,422 455,902 485,324 Issued to the independent directors — — — Total 144,661 5,466,145 5,610,806 Weighted average strike price $ 13.18 $ 2.52 $ 2.79 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 . On June 22, 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 June 30, 2015 . Dividends totaling $9.4 million were paid in July 2015 . On September 21, 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 September 30, 2015 . Dividends totaling $9.4 million were paid in October 2015 . In June 2015, Newcastle issued a total of 51,777 shares of its common stock to its independent directors as a component of their annual compensation. B. Option Exercise On July 16, 2015 , a former employee of the Manager exercised 13,201 options with a weighted average exercise price of $1.00 . Upon exercise, 10,367 shares of Newcastle common stock were issued reflecting the $0.05 million intrinsic value of the exercisable options net of the exercise price. C. Earnings Per Share Newcastle is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interests $ 6,492 $ 12,560 $ 20,780 $ 70,418 Income (loss) from discontinued operations, net of tax 7 (8,624 ) 646 (32,427 ) Income Applicable to Common Stockholders $ 6,499 $ 3,936 $ 21,426 $ 37,991 Denominator: Denominator for basic earnings per share - weighted average shares 66,484,962 62,329,023 66,445,705 59,848,506 Effect of dilutive securities Options 2,584,697 1,536,773 2,607,597 1,781,669 Denominator for diluted earnings per share - adjusted weighted average shares 69,069,659 63,865,796 69,053,302 61,630,175 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.10 $ 0.20 $ 0.31 $ 1.18 Income (loss) from discontinued operations per share of common stock $ — $ (0.14 ) $ 0.01 $ (0.54 ) Income Applicable to Common Stock, per share $ 0.10 $ 0.06 $ 0.32 $ 0.63 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.09 $ 0.20 $ 0.30 $ 1.14 Income (loss) from discontinued operations per share of common stock $ — $ (0.14 ) $ 0.01 $ (0.54 ) Income Applicable to Common Stock, per share $ 0.09 $ 0.06 $ 0.31 $ 0.62 Basic EPS is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income available for common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. Newcastle’s common stock equivalents are its outstanding stock options. As of September 30, 2015 and 2014 , Newcastle had 251,459 and 227,079 antidilutive options. During the three months ended September 30, 2015 and 2014 , based on the treasury stock method, Newcastle had 2,584,697 and 1,536,773 dilutive common stock equivalents, respectively, resulting from its outstanding options. During the nine months ended September 30, 2015 and 2014 , Newcastle had 2,607,597 and 1,781,669 dilutive common stock equivalents, respectively, resulting from its outstanding options. Net income available for common stockholders is equal to net income less preferred dividends and net income attributable to noncontrolling interests.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Newcastle may, from time to time, be involved in various disputes, litigation and regulatory inquiries and investigations that arise in the ordinary course of business. Management, after consultation with legal counsel, believes the ultimate liability arising from such actions, individually and in the aggregate, that existed at September 30, 2015 , if any, will not materially affect Newcastle’s consolidated results of operations or financial position.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes (including discontinued operations) consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Current: Federal $ 996 $ 129 $ 1,076 $ 718 State and Local 269 29 289 194 Total Current Provision $ 1,265 $ 158 $ 1,365 $ 912 Deferred: Federal $ (7 ) $ 155 $ (30 ) $ (159 ) State and Local (1 ) 21 (5 ) (499 ) Total Deferred Provision $ (8 ) $ 176 $ (35 ) $ (658 ) Total Provision for Income Taxes $ 1,257 $ 334 $ 1,330 $ 254 Provision for income taxes from continuing operations $ 1,257 $ — $ 1,330 $ 144 Provision for income taxes from discontinued operations $ — $ 334 $ — $ 110 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2015 are presented below: September 30, 2015 December 31, 2014 Deferred tax assets: Allowance for loan losses $ 397 $ 366 Depreciation and amortization 32,593 13,938 Accrued expenses 1,660 2,006 Net operating losses 21,289 26,543 Other 159 2,365 Total deferred tax assets 56,098 45,218 Less valuation allowance (39,908 ) (27,434 ) Net deferred tax assets $ 16,190 $ 17,784 Deferred tax liabilities: Leaseholds 16,111 17,741 Total deferred tax liabilities $ 16,111 $ 17,741 Net deferred income tax assets (A) $ 79 $ 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 September 30, 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	9 Months Ended
	Sep. 30, 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	GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME, NET These items are comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gain (loss) on settlement of investments, net Gain on settlement of real estate securities $ 7,617 $ — $ 42,357 $ 18,032 Loss on settlement of real estate securities — — (5,926 ) — Gain on repayment/disposition of loans held-for-sale — 7,763 1,532 32,500 Loss on repayment/disposition of loans held-for-sale (14 ) — (14 ) — Loss recognized on termination of hedge — — (612 ) — Loss on settlement of TBAs (10,771 ) — (12,714 ) — $ (3,168 ) $ 7,763 $ 24,623 $ 50,532 Other income, net Gain (loss) on non-hedge derivative instruments $ (382 ) $ 1,762 $ (89 ) $ 18,365 Realized loss recognized at de-designation of hedges — (34 ) — (34 ) Hedge ineffectiveness — (158 ) — 101 Collateral management fee income, net 174 225 553 740 Equity in earnings of equity method investees 333 332 975 621 Loss on disposal of long-lived assets (549 ) (756 ) (729 ) (790 ) Other income 701 3,484 1,161 4,008 $ 277 $ 4,855 $ 1,871 $ 23,011

RECLASSIFICATION FROM ACCUMULAT

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	9 Months Ended
	Sep. 30, 2015
Reclassification From Accumulated Other Comprehensive Income Into Net Income
RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income: Accumulated Other Comprehensive Income Statement Three Months Ended September 30, Nine Months Ended September 30, Income Components Location 2015 2014 2015 2014 Net realized gain (loss) on securities (Impairment) reversal Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income $ (23 ) $ — $ 39 $ — Gain on settlement of real estate securities Gain (loss) on settlement of investments, net 7,617 — 42,357 18,032 Loss on settlement of real estate securities Gain (loss) on settlement of investments, net — — (5,926 ) — $ 7,594 $ — $ 36,470 $ 18,032 Net realized gain (loss) on derivatives designated as cash flow hedges Realized loss recognized upon de-designation Other income (loss) $ — $ (34 ) $ — $ (34 ) Loss recognized on termination of hedge Gain (loss) on settlement of investments, net — — (612 ) — Hedge ineffectiveness Other income (loss) — (158 ) — 101 Amortization of deferred gain Interest expense 20 16 58 42 Realized loss reclassified from AOCI into income, related to effective portion Interest expense — (1,024 ) (1,363 ) (3,481 ) $ 20 $ (1,200 ) $ (1,917 ) $ (3,372 ) Total reclassifications $ 7,614 $ (1,200 ) $ 34,553 $ 14,660

OTHER-THAN-TEMPORARY-IMPAIRMENT

OTHER-THAN-TEMPORARY-IMPAIRMENT	9 Months Ended
	Sep. 30, 2015
Other than Temporary Impairment Losses, Investments [Abstract]
OTHER-THAN-TEMPORARY-IMPAIRMENT	OTHER-THAN-TEMPORARY-IMPAIRMENT The following table summarizes the amounts Newcastle recorded in the statement of operations: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Debt securities $ 363 $ — $ 1,988 $ — Equity securities 87 — 367 — Other investments — — 7,505 — Total impairment expense $ 450 $ — $ 9,860 $ —

SUPPLEMENTAL NON-CASH INVESTING

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	9 Months Ended
	Sep. 30, 2015
Supplemental Non-cash Investing And Financing Activities Related To Cdos
SUPPLEMENTAL NON CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs Newcastle considers all activity in its CDOs’ restricted cash accounts to be non-cash activity for purposes of its consolidated statement of cash flows since transactions conducted with restricted cash have no effect on its cash and cash equivalents. Supplemental non-cash investing and financing activities relating to CDOs are disclosed below: Nine Months Ended September 30, 2015 2014 Restricted cash generated from sale of securities $ 139,257 $ 72,422 Restricted cash generated from sale of loans $ 55,574 $ — Restricted cash generated from paydowns on securities and loans $ 76,126 $ 297,505 Restricted cash used for repayments of CDO bonds payable $ 145,773 $ 321,921

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These consolidated financial statements include a discussion of material events, if any, that have occurred subsequent to September 30, 2015 (referred to as subsequent events) through the issuance of these consolidated financial statements. In October 2015, Newcastle settled on a trade to sell $348.9 million face amount of agency RMBS at an average price of 104.32% of par for total proceeds of approximately $364.0 million and recognized a gain of $5.1 million . Newcastle repaid $345.9 million of outstanding repurchase agreement liabilities in connection with this sale (see Note 5). In October 2015, Newcastle settled on a trade to purchase $354.8 million face amount of agency RMBS at an average price of 104.42% of par for total proceeds of approximately $370.5 million . This transaction was financed with $352.6 million of repurchase agreements (see Note 5). In October 2015, Newcastle financed an unencumbered real estate related loan with a face amount of $19.4 million with a note payable for $11.7 million . This note payable bears interest at one month LIBOR + 3.00% , matures in October 2016 and is subject to customary margin provisions.

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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. As of September 30, 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 deposit upon their acceptance as a member to the respective country club. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into revenue in the consolidated statements of operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the consolidated balance sheet 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 Internal Revenue Code of 1986, as amended (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 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 September 30, 2015 , Newcastle no longer has derivative instruments that are designated and qualify as hedging instruments based on ASC 815, Derivatives and Hedging. Newcastle terminated two interest rate swaps in connection with the liquidation of CDO VIII and the interest rate swap in CDO VI matured in March 2015. 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 that were 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. Newcastle also transacts in the to be announced mortgage backed securities ("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 instruments, with changes in market value recorded on the statement of operations. As of September 30, 2015 , Newcastle held TBA contracts consisting of four short contracts totaling $1,100.9 million notional amount and three long contracts totaling $745.8 million 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 years 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 and nine months ended September 30, 2015 , Newcastle recorded $0.1 million and $0.3 million , respectively, of servicing rights amortization and no servicing rights impairment. As of September 30, 2015 , Newcastle’s servicing assets had a carrying value of $0.8 million , which is reported within 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 buildings and 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 assets and liabilities of discontinued operations 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 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. Depreciation 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 lesser of the lease term or the following estimated useful lives: Buildings and improvements 10-30 years Furniture, fixtures and equipment 3-10 years Capital leases - equipment 4-6 years
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 property. The management contract intangible represents Newcastle’s golf course management contracts for both leased and managed properties. The management contract intangible for leased and managed properties is valued utilizing a discounted cash flow methodology under the income approach and is amortized over the term of the underlying lease or management agreements, respectively. The membership base intangible represents Newcastle’s relationship with its private golf club members. The membership base intangible 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 equity interest in a commercial real estate project which is recorded as an equity method investment. As of September 30, 2015 and December 31, 2014, the carrying value of this investment was $20.3 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 May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board ("IASB") issued Accounting Standards Update ("ASU") 2014-09 Revenues from Contracts with Customers (Topic 606) . The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date which defers the effective date by one year. The standard will be effective for annual and interim periods beginning after December 15, 2017; however, all entities are allowed to adopt the standard as early as the original effective date (annual periods beginning after December 15, 2016). Entities have the option of using either a full retrospective or a modified approach to adopt the guidance. We are currently reviewing the guidance to determine the impact to the consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The standard amends the consolidation considerations when evaluating certain limited partnerships, variable interest entities and investment funds. The ASU is effective for Newcastle in the first quarter of 2016 and early adoption is permitted. The adoption of the new guidance will have no impact on the 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 "Repurchase Agreements" is reported net of deferred financing costs of $0.4 million as of September 30, 2015 and "Credit facilities and obligations under capital leases" is reported net of deferred financing costs of $0.4 million as of 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 ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of useful lives of property, plant, and equipment	Depreciation is calculated using the straight-line method based on the lesser of the lease term or the following estimated useful lives: Buildings and improvements 10-30 years Furniture, fixtures and equipment 3-10 years Capital leases - equipment 4-6 years

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of results of operations from discontinued operations	Results from discontinued operations were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest income $ — $ — $ — $ — Interest expense — 14,138 — 43,525 Net interest income (loss) — (14,138 ) — (43,525 ) Media income — — — 68,213 Rental income 7 61,355 556 168,838 Care and ancillary income — 6,428 — 17,555 Gain on settlement of investments — — 318 — Other income — 1,481 — 1,457 Total media, rental and other income 7 69,264 874 256,063 Media operating expenses — — — 65,826 Property operating expenses — 29,288 187 81,696 General and administrative expenses (A) — 5,416 30 17,888 Depreciation and amortization — 28,712 11 79,445 Income tax expense — 334 — 110 Total expenses — 63,750 228 244,965 Income (loss) from discontinued operations $ 7 $ (8,624 ) $ 646 $ (32,427 ) Net income attributable to noncontrolling interests $ — $ — $ — $ 522 (A) Includes acquisition and spin-off related expenses of $4.0 million and $14.7 million for the three and nine months ended September 30, 2014 . Results from discontinued operations were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest income $ — $ — $ — $ — Interest expense — 14,138 — 43,525 Net interest income (loss) — (14,138 ) — (43,525 ) Media income — — — 68,213 Rental income 7 61,355 556 168,838 Care and ancillary income — 6,428 — 17,555 Gain on settlement of investments — — 318 — Other income — 1,481 — 1,457 Total media, rental and other income 7 69,264 874 256,063 Media operating expenses — — — 65,826 Property operating expenses — 29,288 187 81,696 General and administrative expenses (A) — 5,416 30 17,888 Depreciation and amortization — 28,712 11 79,445 Income tax expense — 334 — 110 Total expenses — 63,750 228 244,965 Income (loss) from discontinued operations $ 7 $ (8,624 ) $ 646 $ (32,427 ) Net income attributable to noncontrolling interests $ — $ — $ — $ 522 (A) Includes acquisition and spin-off related expenses of $4.0 million and $14.7 million for the three and nine months ended September 30, 2014 .

SEGMENT REPORTING AND VARIABL32

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2015 Interest income $ 30,983 $ 46,246 $ 110 $ 19 $ — $ (3,005 ) $ 74,353 Interest expense (5,993 ) (28,789 ) (13,779 ) (2,836 ) — 3,005 (48,392 ) Inter-segment elimination (3,005 ) — 3,005 — — — — Net interest income (expense) 21,985 17,457 (10,664 ) (2,817 ) — — 25,961 Total impairment (reversal) 12,569 4,975 — — — — 17,544 Total operating revenues — — 226,493 — — — 226,493 Total other income (loss) 30,271 (3,070 ) 14,606 54 — — 41,861 Loan and security servicing expense 249 6 — — — — 255 Operating expenses - golf (C) — — 181,506 — — — 181,506 Operating expenses - golf, repairs and maintenance expenses — — 6,853 — — — 6,853 Cost of sales - golf — — 24,003 — — — 24,003 General and administrative expense — — 1,960 5,767 — — 7,727 General and administrative expense - acquisition and transaction expenses (D) — 60 1,239 50 — — 1,349 Management fee to affiliate — — — 8,017 — — 8,017 Depreciation and amortization — — 20,983 — — — 20,983 Income tax expense — — 1,330 — — — 1,330 Income (loss) from continuing operations 39,438 9,346 (7,439 ) (16,597 ) — — 24,748 Income from discontinued operations, net of tax — — — — 646 — 646 Net income (loss) 39,438 9,346 (7,439 ) (16,597 ) 646 — 25,394 Preferred dividends — — — (4,185 ) — — (4,185 ) Net loss attributable to noncontrolling interests — — 217 — — — 217 Income (loss) applicable to common stockholders $ 39,438 $ 9,346 $ (7,222 ) $ (20,782 ) $ 646 $ — $ 21,426 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt (B) Golf Corporate Operations Eliminations Total Three Months Ended September 30, 2015 Interest income $ 1,375 $ 21,587 $ 38 $ 10 $ — $ — $ 23,010 Interest expense (680 ) (9,617 ) (3,473 ) (945 ) — — (14,715 ) Inter-segment elimination — — — — — — — Net interest income (expense) 695 11,970 (3,435 ) (935 ) — — 8,295 Total impairment (reversal) 363 3,097 — — — — 3,460 Total operating revenues — — 82,864 — — — 82,864 Total other income (loss) — (2,893 ) 14,834 46 — — 11,987 Loan and security servicing expense 35 6 — — — — 41 Operating expenses - golf (C) — — 65,518 — — — 65,518 Operating expenses - golf, repairs and maintenance expenses — — 2,466 — — — 2,466 Cost of sales - golf — — 8,842 — — — 8,842 General and administrative expense — — 919 1,946 — — 2,865 General and administrative expense - acquisition and transaction expenses (D) — 60 918 33 — — 1,011 Management fee to affiliate — — — 2,675 — — 2,675 Depreciation and amortization — — 7,111 — — — 7,111 Income tax expense — — 1,257 — — — 1,257 Income (loss) from continuing operations 297 5,914 7,232 (5,543 ) — — 7,900 Income from discontinued operations, net of tax — — — — 7 — 7 Net income (loss) 297 5,914 7,232 (5,543 ) 7 — 7,907 Preferred dividends — — — (1,395 ) — — (1,395 ) Net income attributable to noncontrolling interests — — (13 ) — — — (13 ) Income (loss) applicable to common stockholders $ 297 $ 5,914 $ 7,219 $ (6,938 ) $ 7 $ — $ 6,499 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt (B) Golf Corporate Operations Total September 30, 2015 Investments $ 49,397 $ 938,424 $ 307,933 $ — $ — $ 1,295,754 Cash and restricted cash 110 2,528 6,156 28,458 — 37,252 Other assets 95 371,036 33,954 446 — 405,531 Assets of discontinued operations — — — — 53 53 Total assets 49,602 1,311,988 348,043 28,904 53 1,738,590 Debt, net 100,306 738,201 81,586 51,226 — 971,319 Other liabilities 22 379,197 150,915 13,325 — 543,459 Liabilities of discontinued operations — — — — — — Total liabilities 100,328 1,117,398 232,501 64,551 — 1,514,778 Preferred stock — — — 61,583 — 61,583 Noncontrolling interests — — (181 ) — — (181 ) Equity attributable to common stockholders $ (50,726 ) $ 194,590 $ 115,723 $ (97,230 ) $ 53 $ 162,410 Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired $ — $ — $ 9,028 $ — $ — $ 9,028 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Eliminations Total Nine Months Ended September 30, 2014 Interest income $ 70,635 $ 39,102 $ 112 $ 41 $ — $ (6,001 ) $ 103,889 Interest expense (16,932 ) (32,344 ) (14,764 ) (2,870 ) — 6,001 (60,909 ) Inter-segment elimination (6,001 ) 1,748 4,253 — — — — Net interest income (expense) 47,702 8,506 (10,399 ) (2,829 ) — — 42,980 Total impairment (reversal) (2,185 ) 942 — — — — (1,243 ) Total operating revenues — — 226,863 — — — 226,863 Total other income 34,717 32,698 2,718 — — — 70,133 Loan and security servicing expense 466 958 — — — — 1,424 Operating expenses - golf (C) — — 187,681 — — — 187,681 Operating expenses - golf, repairs and maintenance expenses — — 7,194 — — — 7,194 Cost of sales - golf — — 23,183 — — — 23,183 General and administrative expense — 2,921 986 5,963 — — 9,870 General and administrative expense - acquisition and transaction expenses (D) — — 1,530 64 — — 1,594 Management fee to affiliate — — — 16,853 — — 16,853 Depreciation and amortization — — 19,297 87 — — 19,384 Income tax expense — — 144 — — — 144 Income (loss) from continuing operations 84,138 36,383 (20,833 ) (25,796 ) — — 73,892 Loss from discontinued operations — — — — (32,427 ) — (32,427 ) Net income (loss) 84,138 36,383 (20,833 ) (25,796 ) (32,427 ) — 41,465 Preferred dividends — — — (4,185 ) — — (4,185 ) Net loss attributable to non-controlling interests — — 189 — 522 — 711 Income (loss) applicable to common stockholders $ 84,138 $ 36,383 $ (20,644 ) $ (29,981 ) $ (31,905 ) $ — $ 37,991 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Eliminations Total Three Months Ended September 30, 2014 Interest income $ 19,316 $ 9,749 $ 37 $ 6 $ — $ (1,564 ) $ 27,544 Interest expense (4,823 ) (9,343 ) (4,847 ) (962 ) — 1,564 (18,411 ) Inter-segment elimination (1,564 ) 112 1,452 — — — — Net interest income (expense) 12,929 518 (3,358 ) (956 ) — — 9,133 Total impairment (reversal) (4,143 ) 128 — — — — (4,015 ) Total operating revenues — — 81,494 — — — 81,494 Total other income 1,822 8,067 2,729 — — — 12,618 Loan and security servicing expense 157 2 — — — — 159 Operating expenses - golf (C) — — 66,155 — — — 66,155 Operating expenses - golf, repairs and maintenance expenses — — 2,592 — — — 2,592 Cost of sales - golf — — 8,420 — — — 8,420 General and administrative expense — 1,051 527 2,238 — — 3,816 General and administrative expense - acquisition and transaction expenses (D) — — 27 (711 ) — — (684 ) Management fee to affiliate — — — 5,664 — — 5,664 Depreciation and amortization — — 7,191 13 — — 7,204 Income tax expense — — — — — — — Income (loss) from continuing operations 18,737 7,404 (4,047 ) (8,160 ) — — 13,934 Loss from discontinued operations — — — — (8,624 ) — (8,624 ) Net income (loss) 18,737 7,404 (4,047 ) (8,160 ) (8,624 ) — 5,310 Preferred dividends — — — (1,395 ) — — (1,395 ) Net loss attributable to non-controlling interests — — 21 — — — 21 Income (loss) applicable to common stockholders $ 18,737 $ 7,404 $ (4,026 ) $ (9,555 ) $ (8,624 ) $ — $ 3,936 (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: September 30, 2015 Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options $ 392,342 $ 392,342 $ 392,342 $ 392,342 Other Unlevered real estate securities (E) 37,347 12,111 — — Levered real estate securities 354,806 370,342 345,859 345,859 Real estate related and other loans 230,229 142,802 — — Other investments N/A 20,258 — — Residential mortgage loans 925 569 — — $ 1,015,649 $ 938,424 $ 738,201 $ 738,201 (C) Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $3.4 million for the three and nine months ended September 30, 2015 , respectively and $1.2 million and $3.9 million for the three and nine months ended September 30, 2014 . (D) Includes all transaction related and spin-off related expenses. (E) Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million .
Schedule of other debt segment investments and debt	The following table summarizes the investments and debt in the other debt segment: September 30, 2015 Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options $ 392,342 $ 392,342 $ 392,342 $ 392,342 Other Unlevered real estate securities (E) 37,347 12,111 — — Levered real estate securities 354,806 370,342 345,859 345,859 Real estate related and other loans 230,229 142,802 — — Other investments N/A 20,258 — — Residential mortgage loans 925 569 — — $ 1,015,649 $ 938,424 $ 738,201 $ 738,201 (C) Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $3.4 million for the three and nine months ended September 30, 2015 , respectively and $1.2 million and $3.9 million for the three and nine months ended September 30, 2014 . (D) Includes all transaction related and spin-off related expenses. (E) Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million .
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. September 30, 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 $ 49,398 $ 219,490 Real estate related and other loans, held-for-sale, net — 230,200 Residential mortgage loans, held-for-sale, net — 3,211 Subprime mortgage loans subject to call option 392,342 406,217 Other investments — 20,308 Restricted cash 110 11,790 Receivables and other assets 95 1,927 Assets of discontinued operations — 6,803 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 441,945 $ 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. September 30, 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 $ 92,812 $ 227,673 Other bonds and notes payable 7,494 27,069 Financing of subprime mortgage loans subject to call option 392,342 406,217 Accounts payable, accrued expenses and other liabilities 22 2,391 Liabilities of discontinued operations — 447 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle $ 492,670 $ 663,797
Schedule of holdings in variable interests	Newcastle had variable interests in the following unconsolidated VIEs at September 30, 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 $ 80,426 $ 107,438 $ 9,183 (A) Face amount. (B) Newcastle CDO V includes $43.5 million face amount of debt owned by Newcastle with a carrying value of $9.2 million at September 30, 2015 . (C) This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) CMBS $ 70,284 $ 80,167 $ (55,372 ) $ 24,795 $ 17,802 $ (35 ) $ 42,562 16 B 5.00 % 20.57 % 1.6 25.9 % Non-Agency RMBS 16,688 23,461 (20,667 ) 2,794 7,036 (67 ) 9,763 9 CC 1.59 % 11.32 % 11.0 9.1 % ABS-Franchise 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % — 0.0 % CDO (E) 14,575 — — — 9,183 — 9,183 2 C 1.53 % — % 8.1 24.2 % Debt Security Total / Average (F) $ 110,011 $ 111,275 $ (83,686 ) $ 27,589 $ 34,021 $ (102 ) $ 61,508 28 CCC+ 4.15 % 19.64 % 3.8 Equity Securities 87 (87 ) — — — — 2 Total Securities, Available-for-Sale $ 111,362 $ (83,773 ) $ 27,589 $ 34,021 $ (102 ) $ 61,508 30 FNMA/FHLMC 354,806 370,472 — 370,472 — (130 ) 370,342 2 AAA 3.50 % 2.83 % 8.0 N/A Total Securities, Pledged as Collateral (F) $ 354,806 $ 370,472 $ — $ 370,472 $ — $ (130 ) $ 370,342 2 (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 8 securities with zero value, which had an aggregate face amount of $115.5 million . (F) The total outstanding face amount was $423.2 million for fixed rate securities and $41.6 million for floating rate securities.
Schedule of real estate securities holdings in an unrealized loss position	The following table summarizes Newcastle’s securities in an unrealized loss position as of September 30, 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 $ 358,555 $ 374,899 $ (3,010 ) $ 371,889 $ — $ (230 ) $ 371,659 4 AAA 3.50 % 2.84 % 7.9 Twelve or More 192 192 — 192 — (2 ) 190 1 B- 5.16 % 5.16 % 0.1 Total $ 358,747 $ 375,091 $ (3,010 ) $ 372,081 $ — $ (232 ) $ 371,849 5 AAA 3.50 % 2.84 % 7.9 Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following: September 30, 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 1,315 1,416 (3,010 ) (100 ) Non credit impaired securities 370,534 370,665 — (132 ) Total debt securities in an unrealized loss position $ 371,849 $ 372,081 $ (3,010 ) $ (232 ) (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 activity related to credit losses on debt securities	The following table summarizes the activity related to credit losses on debt securities for the nine months ended September 30, 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 (1,567 ) Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income (1,443 ) Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date 4,174 Reduction for securities sold/written off during the period — Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 )
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset backed securities (“ABS”) at September 30, 2015 : CMBS ABS Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Western U.S. $ 10,373 14.8 % $ 8,560 34.0 % Northeastern U.S. 12,753 18.1 % 5,507 21.9 % Southeastern U.S. 17,676 25.1 % 5,945 23.6 % Midwestern U.S. 21,715 30.9 % 3,358 13.4 % Southwestern U.S. 7,767 11.1 % 1,768 7.0 % Other — — % 14 0.1 % Foreign — — % — — % $ 70,284 100.0 % $ 25,152 100.0 %

REAL ESTATE RELATED AND OTHER34

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) Mezzanine Loans $ 37,200 $ 19,433 3 8.00 % 8.27 % 0.4 100.0 % $ 17,767 Corporate Bank Loans 193,029 123,369 4 22.39 % 18.32 % 1.1 — % 45,687 Total Real Estate Related and other Loans Held-for-Sale, Net $ 230,229 $ 142,802 7 20.43 % 16.70 % 1.0 16.2 % $ 63,454 Residential Mortgage Loans Held-for-Sale, Net (D) $ 925 $ 569 4 69.30 % 2.83 % 1.7 100.0 % $ 766 Subprime Mortgage Loans Subject to Call Option $ 392,342 $ 392,342 (A) Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average life is based on the timing of expected principal reduction on the assets. (C) Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of September 30, 2015 , $63.5 million face amount of real estate related and other loans was on non-accrual status. (D) Loans acquired at a discount for credit quality.
Schedule of real estate related and other loans by maturity	The following is a summary of real estate related and other loans by maturities at September 30, 2015 : Outstanding Number of Year of Maturity (1) Face Amount Carrying Value Loans Period from October 1, 2015 to December 31, 2015 $ 63,453 $ — 4 2016 19,433 19,433 1 2017 — — — 2018 — — — 2019 147,343 123,369 2 2020 — — — Thereafter — — — Total $ 230,229 $ 142,802 7 (1) Based on the final extended maturity date of each loan investment as of September 30, 2015 .
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 Purchases / additional fundings — — Interest accrued to principal balance 19,497 — Principal paydowns (46,696 ) (131 ) Sales (55,574 ) (2,912 ) Valuation (allowance) reversal on loans (7,461 ) (223 ) Accretion of loan discount, other amortization and other income 3,203 (13 ) Other (367 ) (6 ) Balance at September 30, 2015 $ 142,802 $ 569
Rollforward of loss allowance for real estate related and other loans and residental 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 (A) 14,345 160 Valuation (allowance) reversal on loans (7,461 ) (223 ) Balance at September 30, 2015 $ (69,042 ) $ (217 ) (A) The charge-offs for real estate related loans represent four loans. Two loans were sold, one loan was restructured, and one loan was written off. The charge-offs for residential mortgage loans represent the sale of two loans.
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at September 30, 2015 : Real Estate Related Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Western U.S. $ — — % $ — — % Northeastern U.S. 7,967 9.6 % 523 56.6 % Southeastern U.S. 7,754 9.3 % 263 28.4 % Midwestern U.S. — — % 139 15.0 % Southwestern U.S. 3,711 4.5 % — — % Foreign 63,454 76.6 % — — % $ 82,886 100.0 % $ 925 100.0 % Other 147,343 (A) $ 230,229 (A) Primarily includes corporate bank loans which are not directly secured by real estate assets.
Schedule of retained interests in securitizations of subprime mortgage loans	The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at September 30, 2015 : Subprime Portfolio I II Total Total securitized loans (unpaid principal balance) (A) $ 285,550 $ 408,323 $ 693,873 Loans subject to call option (carrying value) $ 285,301 $ 107,041 $ 392,342 Retained bonds (fair value) (B) $ 2,926 $ — $ 2,926 (A) Average loan seasoning of 122 months and 104 months for Subprime Portfolios I and II, respectively, at September 30, 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. The weighted average yield of the retained bonds was 21.2% as of September 30, 2015 .
Schedule of details regarding subprime mortgage loans and related financing in the securitizations	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of September 30, 2015 : Subprime Portfolio I II Loan unpaid principal balance (UPB) $ 285,550 $ 408,323 Weighted average coupon rate of loans 5.59 % 4.46 % Delinquencies of 60 or more days (UPB) (A) $ 60,932 $ 122,962 Net credit losses for the nine months ended September 30, 2015 $ 12,455 $ 16,432 Cumulative net credit losses $ 284,485 $ 353,529 Cumulative net credit losses as a % of original UPB 18.9 % 32.5 % Percentage of ARM loans (B) 51.0 % 63.4 % Percentage of loans with original loan-to-value ratio >90% 11.0 % 16.9 % Percentage of interest-only loans 1.8 % 3.5 % Face amount of debt (C) $ 281,301 $ 406,027 Weighted average funding cost of debt (D) 0.56 % 0.34 % (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 and overcollateralization of $0.2 million and $2.3 million on Subprime Portfolio I and II, respectively, at September 30, 2015 . (D) Includes the effect of applicable hedges, if any.

INVESTMENTS IN OTHER REAL EST35

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of investments in real estate related to its Golf business	The following table summarizes Newcastle’s investments in real estate related to its Golf business: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 90,324 $ — $ 90,324 $ 90,324 $ — $ 90,324 Buildings and improvements 141,429 (25,391 ) 116,038 139,949 (17,729 ) 122,220 Furniture, fixtures and equipment 25,087 (14,612 ) 10,475 23,621 (5,544 ) 18,077 Capital leases - equipment 13,011 (1,393 ) 11,618 6,528 (547 ) 5,981 Construction in progress 2,280 — 2,280 2,681 — 2,681 Investments in Other Real Estate $ 272,131 $ (41,396 ) $ 230,735 $ 263,103 $ (23,820 ) $ 239,283

INTANGIBLES, NET OF ACCUMULAT36

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes Newcastle’s intangible assets related to its Golf business: September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (41 ) $ 659 $ 700 $ (23 ) $ 677 Leasehold intangibles (1) 49,962 (8,590 ) 41,372 50,275 (5,206 ) 45,069 Management contracts 36,993 (7,138 ) 29,855 37,650 (4,666 ) 32,984 Internally-developed software 800 (280 ) 520 800 (160 ) 640 Membership base 5,236 (1,309 ) 3,927 5,214 (748 ) 4,466 Nonamortizable liquor license 865 — 865 850 — 850 Total Intangibles $ 94,556 $ (17,358 ) $ 77,198 $ 95,489 $ (10,803 ) $ 84,686 (1) The amortization expense for leasehold intangibles is reported in operating expense - golf in the consolidated statements of operations.

RECEIVABLES AND OTHER ASSETS (T

RECEIVABLES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables And Other Assets [Abstract]
Schedule of receivables and other assets	The following table summarizes Newcastle's receivables and other assets: September 30, 2015 December 31, 2014 Accounts receivable, net $ 8,112 $ 7,369 Prepaid expenses 6,757 6,639 Interest receivable 1,145 2,324 Deposits 7,465 7,339 Inventory 5,424 4,964 Derivative assets 3,712 — Miscellaneous assets, net (1) 8,935 6,556 $ 41,550 $ 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)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations and related hedges	The following table presents certain information regarding Newcastle’s debt obligations at September 30, 2015 : September 30, 2015 Collateral 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) CDO Bonds Payable CDO VI (D) Apr 2005 $ 92,812 $ 92,812 Apr 2040 0.89% 0.89 % 4.1 $ 89,123 $ 72,663 $ 26,960 $ 49,398 3.4 $ 12,688 92,812 92,812 0.89 % 4.1 89,123 72,663 26,960 49,398 3.4 12,688 Other Bonds and Notes Payable NCT 2013-VI IMM-1 (E) Nov 2013 8,177 7,494 Apr 2040 LIBOR+0.25% 17.50 % 0.4 8,177 N/A N/A N/A N/A N/A 8,177 7,494 17.50 % 0.4 8,177 N/A N/A N/A N/A N/A Repurchase Agreements (F) FNMA/FHLMC Securities Sep 2015 345,859 345,859 Oct 2015 0.49% 0.49 % 0.1 — 348,920 363,981 363,981 7.7 — Golf Loans (G) Aug 2015 70,000 69,583 Feb 2016 LIBOR+3.50% 6.15 % 0.4 70,000 N/A N/A N/A N/A N/A 415,859 415,442 1.43 % 0.2 70,000 348,920 363,981 363,981 7.7 — Golf Credit Facilities Vineyard II Dec 1993 200 200 Dec 2043 2.11% 2.11 % 28.2 200 N/A N/A N/A N/A N/A Capital Leases (Equipment) May 2014 - Sep 2015 11,803 11,803 May 2021 3.22% to 11.54% 6.57 % 4.8 — N/A N/A N/A N/A N/A 12,003 12,003 6.51 % 5.2 200 N/A N/A N/A N/A N/A Corporate Junior subordinated notes payable Mar 2006 51,004 51,226 Apr 2035 7.57% (H) 7.36 % 19.6 — N/A N/A N/A N/A N/A 51,004 51,226 7.36 % 19.6 — N/A N/A N/A N/A N/A Subtotal debt obligations 579,855 578,977 2.18 % 2.6 $ 167,500 $ 421,583 $ 390,941 $ 413,379 7.0 $ 12,688 Financing on subprime mortgage loans subject to call option (I) 392,342 392,342 Total debt obligations $ 972,197 $ 971,319 (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the nine months ended September 30, 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 September 30, 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 $0.3 million of accrued interest payable at September 30, 2015 . The counterparties on these repurchase agreements are Nomura ( $196.9 million ), Morgan Stanley ( $98.8 million ), Citi ( $50.2 million ) and Credit Suisse ( $70.0 million ). Newcastle has margin exposures on a total of $415.9 million repurchase agreements related to the financing of FNMA/FHLMC securities and Golf loans. 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. $345.9 million of repurchase agreements were repaid in October 2015 as part of the sale of the FNMA/FHLMC securities. (G) The golf repurchase agreement is collateralized by assets of the Golf business. The carrying amount of the golf repurchase agreement is reported net of deferred financing costs of $0.4 million as of September 30, 2015 . (H) LIBOR + 2.25% after April 2016. (I) Issued in April 2006 and July 2007 and secured by the general credit of Newcastle. See Note 6 regarding the securitizations of Subprime Portfolio I and II.
Schedule of future minimum lease payments under capital leases	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of September 30, 2015 are as follows: October 1, 2015 - December 31, 2015 $ 672 2016 2,690 2017 2,690 2018 2,683 2019 2,627 2020 and thereafter 2,669 Total minimum lease payments 14,031 Less: imputed interest (2,228 ) Present value of net minimum lease payments $ 11,803 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 September 30, 2015 .

ACCOUNTS PAYABLE, ACCRUED EXP39

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2015 December 31, 2014 Accounts payable and accrued expenses $ 30,532 $ 35,854 Membership deposit liabilities 86,345 79,678 Deferred revenue 8,678 29,322 Security deposit payable 6,484 5,293 Unfavorable leasehold interests, net 5,862 6,443 Derivative liabilities 6,124 4,328 Accrued rent 3,942 2,605 Due to affiliates 1,032 1,125 Miscellaneous liabilities 15,079 14,742 $ 164,078 $ 179,390

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 : Fair Value September 30, 2015 December 31, 2014 Balance Sheet Location Derivative assets TBAs, not designated as hedges Receivables and other assets $ 3,712 $ — $ 3,712 $ — Derivative liabilities Interest rate swaps, designated as hedges Accounts payable, accrued expenses and other liabilities $ — $ 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 6,124 2,031 $ 6,124 $ 4,328
Schedule of gains (losses) recorded in relation to derivatives	The following table summarizes gains (losses) recorded in relation to derivatives: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2015 2014 2015 2014 Cash flow hedges Gain (loss) on the ineffective portion Other income (loss) $ — $ (158 ) $ — $ 101 Loss immediately recognized at de-designation Other income (loss) — (34 ) — (34 ) Loss recognized on termination of hedge Gain (loss) on settlement of investments — — (612 ) — Net deferred hedge gain reclassified from AOCI into earnings Interest expense 20 16 58 42 Amount of loss reclassified from AOCI into income (effective portion) Interest expense — (1,024 ) (1,363 ) (3,481 ) Amount of unrealized gain (loss) recognized in OCI on derivatives (effective portion) N/A — 6 (60 ) (148 ) Non-hedge derivatives Gain recognized related to interest rate swaps Other income (loss) $ — $ 1,762 $ 292 $ 5,866 Gain recognized related to linked transactions Other income (loss) — — — 12,499 Loss recognized related to linked transactions Interest expense — — — (211 ) Loss recognized related to TBAs Other income (loss) (382 ) — (381 ) — Loss on settlement of TBAs Gain (loss) on settlement of investments, net (10,771 ) — (12,714 ) —
Schedule of additional information about cash flow hedges	The following table presents additional information about cash flow hedge transactions: September 30, 2015 December 31, 2014 Cash flow hedges Expected reclassification of deferred hedges from AOCI into earnings over the next 12 months $ 40 $ 78 Expected reclassification of current hedges from AOCI into earnings over the next 12 months — (1,730 )

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 : Carrying Estimated Fair Value Method (A) Assets Real estate securities, available-for-sale $ 61,508 $ 61,508 Broker/counterparty quotations, pricing services, pricing models Real estate securities, pledged as collateral 370,342 370,342 Broker/counterparty quotations, pricing services Real estate related and other loans, held-for-sale, net 142,802 158,874 Broker/counterparty quotations, pricing services, pricing models Residential mortgage loans, held-for-sale, net 569 603 Broker/counterparty quotations, pricing models Subprime mortgage loans subject to call option (B) 392,342 392,342 (B) Restricted cash 5,759 5,759 Cash and cash equivalents 31,493 31,493 Non-hedge derivative assets (C) 3,712 3,712 Counterparty quotations, pricing services Liabilities CDO bonds payable (D) $ 92,812 $ 16,243 Pricing models Other bonds and notes payable (D) 7,494 8,003 Pricing models Repurchase agreements 415,442 415,859 Market comparables, counterparty quotations Credit facilities and obligations under capital leases 12,003 12,003 Pricing models Financing of subprime mortgage loans subject to call option (B) 392,342 392,342 (B) Junior subordinated notes payable 51,226 38,696 Pricing models Non-hedge derivatives (C) 6,124 6,124 Counterparty quotations, pricing services (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6). (C) Represents derivative assets and liabilities including 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 liabilites 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 September 30, 2015 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations (Observable) Market Quotations (Unobservable) Internal Pricing Models Assets Real estate securities, available-for-sale: CMBS $ 42,562 $ — $ 42,562 $ — $ 42,562 Non-Agency RMBS 9,763 — 9,763 — 9,763 CDO (A) 9,183 — — 9,183 9,183 Real estate securities, available-for-sale total $ 61,508 $ — $ 52,325 $ 9,183 $ 61,508 Real estate securities, pledged as collateral: FNMA/FHLMC $ 370,342 $ 370,342 $ — $ — $ 370,342 Real estate securities, pledged as collateral total $ 370,342 $ 370,342 $ — $ — $ 370,342 Derivative assets: TBAs, not treated as hedges $ 3,712 $ 3,712 $ — $ — $ 3,712 Derivative assets total $ 3,712 $ 3,712 $ — $ — $ 3,712 Liabilities Derivative liabilities: TBAs, not treated as hedges $ 6,124 $ 6,124 $ — $ — $ 6,124 Derivative liabilities total $ 6,124 $ 6,124 $ — $ — $ 6,124 (A) Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $115.5 million as of September 30, 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 September 30, 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 CDO $ — $ 9,183 10.5 % 4.7 % 28.8 % 62.5 % Total $ — $ 9,183
Schedule of change in fair value of Level 3 investments	Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the nine months ended September 30, 2015 as follows: CMBS Non-Agency RMBS Equity/Other Securities Total Balance at December 31, 2014 $ 178,763 $ 45,035 $ 7,956 $ 231,754 Transfers Transfers into Level 3 — — 367 367 Total gains (losses) Included in net income (A) 12,038 14,826 (367 ) 26,497 Included in other comprehensive income (loss) (17,671 ) (12,846 ) 1,227 (29,290 ) Amortization included in interest income 5,611 2,699 — 8,310 Purchases, sales and repayments Purchases — — — — Proceeds from sales (102,607 ) (37,582 ) — (140,189 ) Proceeds from repayments (33,572 ) (2,369 ) — (35,941 ) Balance at September 30, 2015 $ 42,562 $ 9,763 $ 9,183 $ 61,508 (A) These gains (losses) are recorded in the following line items in the consolidated statements of operations: Nine Months Ended September 30, 2015 Gain (loss) on settlement of investments, net $ 28,854 OTTI, net (2,357 ) Total $ 26,497
Schedule of gains (losses) on investments	These gains (losses) are recorded in the following line items in the consolidated statements of operations: Nine Months Ended September 30, 2015 Gain (loss) on settlement of investments, net $ 28,854 OTTI, net (2,357 ) Total $ 26,497
Schedule of fair value for real estate related and other loans and residential mortgage loans held-for-sale	The following tables summarize certain information for real estate related and other loans and residential mortgage loans held-for-sale as of September 30, 2015 : Significant Input Range Weighted Average Carrying Fair Discount Loss Discount Loss Loan Type Value Value Rate Severity Rate Severity Mezzanine $ 19,433 $ 19,433 0.0%-8.0% 0%-100% 8.0 % 47.8 % Bank Loan 123,369 139,441 0.0%-22.5% 0%-100% 22.4 % 23.7 % Total Real Estate Related and other Loans Held-for-Sale, Net $ 142,802 $ 158,874 Significant Input (Weighted Average) Carrying Fair Discount Prepayment Constant Loss Loan Type Value Value Rate Speed Default Rate Severity Residential Loans 569 603 69.3 % 0.9 % 83.7 % 22.4 % Total Residential Mortgage Loans, Held-for-Sale, Net $ 569 $ 603

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of outstanding options	The following is a summary of the changes in Newcastle's outstanding options for the nine months ended September 30, 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 178,740 1.00 Exercised 13,201 1.00 Expired 55,332 14.92 Forfeited — — Outstanding at September 30, 2015 5,610,806 $ 2.79 7.03 Exercisable at September 30, 2015 4,732,305 $ 2.64 6.68
Schedule of outstanding options summary	As of September 30, 2015 , Newcastle’s outstanding options were summarized as follows: Issued Prior to 2011 Issued in 2011 and thereafter Total Held by the Manager 115,239 5,010,243 5,125,482 Issued to the Manager and subsequently transferred to certain of the Manager's employees 29,422 455,902 485,324 Issued to the independent directors — — — Total 144,661 5,466,145 5,610,806 Weighted average strike price $ 13.18 $ 2.52 $ 2.79
Schedule of amounts used in computing basic and diluted EPS	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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interests $ 6,492 $ 12,560 $ 20,780 $ 70,418 Income (loss) from discontinued operations, net of tax 7 (8,624 ) 646 (32,427 ) Income Applicable to Common Stockholders $ 6,499 $ 3,936 $ 21,426 $ 37,991 Denominator: Denominator for basic earnings per share - weighted average shares 66,484,962 62,329,023 66,445,705 59,848,506 Effect of dilutive securities Options 2,584,697 1,536,773 2,607,597 1,781,669 Denominator for diluted earnings per share - adjusted weighted average shares 69,069,659 63,865,796 69,053,302 61,630,175 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.10 $ 0.20 $ 0.31 $ 1.18 Income (loss) from discontinued operations per share of common stock $ — $ (0.14 ) $ 0.01 $ (0.54 ) Income Applicable to Common Stock, per share $ 0.10 $ 0.06 $ 0.32 $ 0.63 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.09 $ 0.20 $ 0.30 $ 1.14 Income (loss) from discontinued operations per share of common stock $ — $ (0.14 ) $ 0.01 $ (0.54 ) Income Applicable to Common Stock, per share $ 0.09 $ 0.06 $ 0.31 $ 0.62

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of provisions for income taxes	The provision for income taxes (including discontinued operations) consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Current: Federal $ 996 $ 129 $ 1,076 $ 718 State and Local 269 29 289 194 Total Current Provision $ 1,265 $ 158 $ 1,365 $ 912 Deferred: Federal $ (7 ) $ 155 $ (30 ) $ (159 ) State and Local (1 ) 21 (5 ) (499 ) Total Deferred Provision $ (8 ) $ 176 $ (35 ) $ (658 ) Total Provision for Income Taxes $ 1,257 $ 334 $ 1,330 $ 254 Provision for income taxes from continuing operations $ 1,257 $ — $ 1,330 $ 144 Provision for income taxes from discontinued operations $ — $ 334 $ — $ 110
Schedule of deferred tax assets and liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2015 are presented below: September 30, 2015 December 31, 2014 Deferred tax assets: Allowance for loan losses $ 397 $ 366 Depreciation and amortization 32,593 13,938 Accrued expenses 1,660 2,006 Net operating losses 21,289 26,543 Other 159 2,365 Total deferred tax assets 56,098 45,218 Less valuation allowance (39,908 ) (27,434 ) Net deferred tax assets $ 16,190 $ 17,784 Deferred tax liabilities: Leaseholds 16,111 17,741 Total deferred tax liabilities $ 16,111 $ 17,741 Net deferred income tax assets (A) $ 79 $ 43

GAINS (LOSSES) ON SETTLEMENT 44

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gain (loss) on settlement of investments, net Gain on settlement of real estate securities $ 7,617 $ — $ 42,357 $ 18,032 Loss on settlement of real estate securities — — (5,926 ) — Gain on repayment/disposition of loans held-for-sale — 7,763 1,532 32,500 Loss on repayment/disposition of loans held-for-sale (14 ) — (14 ) — Loss recognized on termination of hedge — — (612 ) — Loss on settlement of TBAs (10,771 ) — (12,714 ) — $ (3,168 ) $ 7,763 $ 24,623 $ 50,532 Other income, net Gain (loss) on non-hedge derivative instruments $ (382 ) $ 1,762 $ (89 ) $ 18,365 Realized loss recognized at de-designation of hedges — (34 ) — (34 ) Hedge ineffectiveness — (158 ) — 101 Collateral management fee income, net 174 225 553 740 Equity in earnings of equity method investees 333 332 975 621 Loss on disposal of long-lived assets (549 ) (756 ) (729 ) (790 ) Other income 701 3,484 1,161 4,008 $ 277 $ 4,855 $ 1,871 $ 23,011

RECLASSIFICATION FROM ACCUMUL45

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, Income Components Location 2015 2014 2015 2014 Net realized gain (loss) on securities (Impairment) reversal Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income $ (23 ) $ — $ 39 $ — Gain on settlement of real estate securities Gain (loss) on settlement of investments, net 7,617 — 42,357 18,032 Loss on settlement of real estate securities Gain (loss) on settlement of investments, net — — (5,926 ) — $ 7,594 $ — $ 36,470 $ 18,032 Net realized gain (loss) on derivatives designated as cash flow hedges Realized loss recognized upon de-designation Other income (loss) $ — $ (34 ) $ — $ (34 ) Loss recognized on termination of hedge Gain (loss) on settlement of investments, net — — (612 ) — Hedge ineffectiveness Other income (loss) — (158 ) — 101 Amortization of deferred gain Interest expense 20 16 58 42 Realized loss reclassified from AOCI into income, related to effective portion Interest expense — (1,024 ) (1,363 ) (3,481 ) $ 20 $ (1,200 ) $ (1,917 ) $ (3,372 ) Total reclassifications $ 7,614 $ (1,200 ) $ 34,553 $ 14,660

OTHER-THAN-TEMPORARY-IMPAIRME46

OTHER-THAN-TEMPORARY-IMPAIRMENT (Tables)	9 Months Ended
	Sep. 30, 2015
Other than Temporary Impairment Losses, Investments [Abstract]
Summary of amounts recorded in the statement of operations for OTTI	The following table summarizes the amounts Newcastle recorded in the statement of operations: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Debt securities $ 363 $ — $ 1,988 $ — Equity securities 87 — 367 — Other investments — — 7,505 — Total impairment expense $ 450 $ — $ 9,860 $ —

SUPPLEMENTAL NON-CASH INVESTI47

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2015 2014 Restricted cash generated from sale of securities $ 139,257 $ 72,422 Restricted cash generated from sale of loans $ 55,574 $ — Restricted cash generated from paydowns on securities and loans $ 76,126 $ 297,505 Restricted cash used for repayments of CDO bonds payable $ 145,773 $ 321,921

GENERAL (Details Narrative)

GENERAL (Details Narrative)	Sep. 30, 2015shares
Related Party Transaction [Line Items]
REIT distribution threshold for nontaxation	90.00%
Shares held by Fortress and affiliates in Newcastle	982,507
Stock options outstanding	5,610,806
Held by the Manager [Member]
Related Party Transaction [Line Items]
Stock options outstanding	5,125,482

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details)	9 Months Ended
	Sep. 30, 2015
Buildings and Improvements | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Buildings and Improvements | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Furniture, fixtures and equipment | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures and equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Capital leases - equipment | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Capital leases - equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	6 years

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)contract	Sep. 30, 2015USD ($)contract	Dec. 31, 2011USD ($)	Mar. 31, 2015Swap	Dec. 31, 2014USD ($)
Derivative [Line Items]
Number of Interest Rate Swaps, Terminated | Swap				2
Operating lease term		21 years
Acquisition of servicing rights			$ (2,200)
Amortization of servicing rights	$ 100	$ 300
Mortgage Servicing Rights (MSR) Impairment (Recovery)	0	0
Servicing assets	$ 800	$ 800
Ownership in equity investment	23.00%	23.00%
Other investments	$ 20,258	$ 20,258			$ 26,788
Accrection of membership deposit liability		30 years
Refundable term for initiation fees		30 years
Excpected life of active golf membership		7 years
Deferred financing costs	$ 400	$ 400			$ 400
Not designated as hedging instrument [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	4.85%	4.85%
TBAs [Member] | Not designated as hedging instrument [Member] | Short [Member]
Derivative [Line Items]
Notional Amount	$ 1,100,900	$ 1,100,900
Derivative, Number of Instruments Held | contract	4	4
TBAs [Member] | Not designated as hedging instrument [Member] | Long [Member]
Derivative [Line Items]
Notional Amount	$ 745,800	$ 745,800
Derivative, Number of Instruments Held | contract	3	3
Lower Range
Derivative [Line Items]
Operating lease term		10 years
Upper Range
Derivative [Line Items]
Operating lease term		20 years

DISCONTINUED OPERATIONS - Resul

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net interest income		$ 8,295	$ 9,133	$ 25,961	$ 42,980
Net interest income (loss)		8,295	9,133	25,961	42,980
Total operating revenues		82,864	81,494	226,493	226,863
Income (loss) from discontinued operations, net of tax		7	(8,624)	646	(32,427)
Provision (benefit) for income taxes from discontinued operations [member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest income		0	0	0	0
Interest expense		0	14,138	0	43,525
Net interest income		0	(14,138)	0	(43,525)
Media income		0	0	0	68,213
Net interest income (loss)		0	(14,138)	0	(43,525)
Gain on settlement of investments		0	0	318	0
Rental income		7	61,355	556	168,838
Care and ancillary income		0	6,428	0	17,555
Media operating expenses		0	0	0	65,826
Other income		0	1,481	0	1,457
Total operating revenues		7	69,264	874	256,063
Property operating expenses		0	29,288	187	81,696
General and administrative expenses (A)	[1]	0	5,416	30	17,888
Depreciation and amortization		0	28,712	11	79,445
Income (loss) from discontinued operations, net of tax		7	(8,624)	646	(32,427)
Income tax expense		0	334	0	110
Total expenses		0	63,750	228	244,965
Net income attributable to noncontrolling interests		$ 0	$ 0	$ 0	$ 522
[1]	Includes acquisition and spin-off related expenses of $4.0 million and $14.7 million for the three and nine months ended September 30, 2014.

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details Narrative) - USD ($) $ in Thousands		Nov. 06, 2014	Feb. 13, 2014	May. 31, 2015	Apr. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition and transaction expenses	[1]					$ 1,011	$ (684)	$ 1,349	$ 1,594
Liabilities of discontinued operations						0		0		$ 447
Proceeds from sale of investments				$ 900				1,061,499	798,122
Repayments of debt obligations								(1,485,065)	(819,980)
New Media Spin-Off [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in basis for management fee computation			$ 391,300
New Senior Spin-Off [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in basis for management fee computation		$ 673,000
Beavercreek, OH Planned Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments in other real estate						0		0		6,600
Cash and cash equivalents, restricted cash and receivables and other assets						100		100		200
Liabilities of discontinued operations						$ 0		$ 0
Accounts payable, accrued expenses and other liabilities										$ 500
Proceeds from sale of investments					$ 7,000
Gain of sale of discontinued operations					300
Repayments of debt obligations					$ (6,000)
Provision (benefit) for income taxes from discontinued operations [member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition and transaction expenses							$ 4,000		$ 14,700
[1]	(D)Includes all transaction related and spin-off related expenses.

SEGMENT REPORTING AND VARIABL53

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Interest income		$ 23,010	$ 27,544	$ 74,353	$ 103,889
Interest expense		(14,715)	(18,411)	(48,392)	(60,909)
Inter-segment elimination		0	0	0	0
Net interest income		8,295	9,133	25,961	42,980
Total impairment (reversal)		3,460	(4,015)	17,544	(1,243)
Total operating revenues		82,864	81,494	226,493	226,863
Total other income (loss)		11,987	12,618	41,861	70,133
Loan and security servicing expense		41	159	255	1,424
Operating expenses - golf	[1]	65,518	66,155	181,506	187,681
Operating expenses - golf, repairs and maintenance expenses		2,466	2,592	6,853	7,194
Cost of sales - golf		8,842	8,420	24,003	23,183
General and administrative expense		2,865	3,816	7,727	9,870
General and administrative expense - acquisition and transaction expenses	[2]	1,011	(684)	1,349	1,594
Management fee to affiliate		2,675	5,664	8,017	16,853
Depreciation and amortization		7,111	7,204	20,983	19,384
Income tax expense		1,257	0	1,330	144
Income from continuing operations		7,900	13,934	24,748	73,892
Income from discontinued operations, net of tax		7	(8,624)	646	(32,427)
Net Income		7,907	5,310	25,394	41,465
Preferred dividends		(1,395)	(1,395)	(4,185)	(4,185)
Net loss attributable to noncontrolling interests		(13)	21	217	711
Income Applicable to Common Stockholders		6,499	3,936	21,426	37,991
Investments		1,295,754		1,295,754
Cash and restricted cash		37,252		37,252
Other assets		405,531		405,531
Assets of discontinued operations		53		53		$ 6,803
Total Assets		1,738,590		1,738,590		1,761,906
Debt, net		971,319		971,319
Other liabilities		543,459		543,459
Liabilities of discontinued operations		0		0		447
Total Liabilities		1,514,778		1,514,778		1,503,578
Preferred stock		61,583		61,583		61,583
Noncontrolling interests		(181)		(181)		$ 36
Equity attributable to common stockholders		162,410		162,410
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired				9,028
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Interest income		0	0	0	0
Interest expense		0	0	0	0
Inter-segment elimination		0	0	0	0
Net interest income		0	0	0	0
Total impairment (reversal)		0	0	0	0
Total operating revenues		0	0	0	0
Total other income (loss)		0	0	0	0
Loan and security servicing expense		0	0	0	0
Operating expenses - golf	[1]	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses		0	0	0	0
Cost of sales - golf		0	0	0	0
General and administrative expense		0	0	0	0
General and administrative expense - acquisition and transaction expenses	[2]	0	0	0	0
Management fee to affiliate		0	0	0	0
Depreciation and amortization		0	0	0	0
Income tax expense		0	0	0	0
Income from continuing operations		0	0	0	0
Income from discontinued operations, net of tax		7	(8,624)	646	(32,427)
Net Income		7	(8,624)	646	(32,427)
Preferred dividends		0	0	0	0
Net loss attributable to noncontrolling interests		0	0	0	522
Income Applicable to Common Stockholders		7	(8,624)	646	(31,905)
Investments		0		0
Cash and restricted cash		0		0
Other assets		0		0
Assets of discontinued operations		53		53
Total Assets		53		53
Debt, net		0		0
Other liabilities		0		0
Liabilities of discontinued operations		0		0
Total Liabilities		0		0
Preferred stock		0		0
Noncontrolling interests		0		0
Equity attributable to common stockholders		53		53
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired				0
CDOs [Member]
Segment Reporting Information [Line Items]
Interest income	[3]	1,375	19,316	30,983	70,635
Interest expense	[3]	(680)	(4,823)	(5,993)	(16,932)
Inter-segment elimination	[3]	0	(1,564)	(3,005)	(6,001)
Net interest income	[3]	695	12,929	21,985	47,702
Total impairment (reversal)	[3]	363	(4,143)	12,569	(2,185)
Total operating revenues	[3]	0	0	0	0
Total other income (loss)	[3]	0	1,822	30,271	34,717
Loan and security servicing expense	[3]	35	157	249	466
Operating expenses - golf	[1],[3]	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses	[3]	0	0	0	0
Cost of sales - golf	[3]	0	0	0	0
General and administrative expense	[3]	0	0	0	0
General and administrative expense - acquisition and transaction expenses	[2],[3]	0	0	0	0
Management fee to affiliate	[3]	0	0	0	0
Depreciation and amortization	[3]	0	0	0	0
Income tax expense	[3]	0	0	0	0
Income from continuing operations	[3]	297	18,737	39,438	84,138
Income from discontinued operations, net of tax	[3]	0	0	0	0
Net Income	[3]	297	18,737	39,438	84,138
Preferred dividends	[3]	0	0	0	0
Net loss attributable to noncontrolling interests	[3]	0	0	0	0
Income Applicable to Common Stockholders	[3]	297	18,737	39,438	84,138
Investments	[3]	49,397		49,397
Cash and restricted cash	[3]	110		110
Other assets	[3]	95		95
Assets of discontinued operations	[3]	0		0
Total Assets	[3]	49,602		49,602
Debt, net	[3]	100,306		100,306
Other liabilities	[3]	22		22
Liabilities of discontinued operations	[3]	0		0
Total Liabilities	[3]	100,328		100,328
Preferred stock	[3]	0		0
Noncontrolling interests	[3]	0		0
Equity attributable to common stockholders	[3]	(50,726)		(50,726)
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	[3]			0
Other Debt [Member]
Segment Reporting Information [Line Items]
Interest income	[3],[4]	21,587	9,749	46,246	39,102
Interest expense	[3],[4]	(9,617)	(9,343)	(28,789)	(32,344)
Inter-segment elimination	[3],[4]	0	112	0	1,748
Net interest income	[3],[4]	11,970	518	17,457	8,506
Total impairment (reversal)	[3],[4]	3,097	128	4,975	942
Total operating revenues	[3],[4]	0	0	0	0
Total other income (loss)	[3],[4]	(2,893)	8,067	(3,070)	32,698
Loan and security servicing expense	[3],[4]	6	2	6	958
Operating expenses - golf	[1],[3],[4]	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses	[3],[4]	0	0	0	0
Cost of sales - golf	[3],[4]	0	0	0	0
General and administrative expense	[3],[4]	0	1,051	0	2,921
General and administrative expense - acquisition and transaction expenses	[2],[3],[4]	60	0	60	0
Management fee to affiliate	[3],[4]	0	0	0	0
Depreciation and amortization	[3],[4]	0	0	0	0
Income tax expense	[3],[4]	0	0	0	0
Income from continuing operations	[3],[4]	5,914	7,404	9,346	36,383
Income from discontinued operations, net of tax	[3],[4]	0	0	0	0
Net Income	[3],[4]	5,914	7,404	9,346	36,383
Preferred dividends	[3],[4]	0	0	0	0
Net loss attributable to noncontrolling interests	[3],[4]	0	0	0	0
Income Applicable to Common Stockholders	[3],[4]	5,914	7,404	9,346	36,383
Investments	[3],[4]	938,424		938,424
Cash and restricted cash	[3],[4]	2,528		2,528
Other assets	[3],[4]	371,036		371,036
Assets of discontinued operations	[3],[4]	0		0
Total Assets	[3],[4]	1,311,988		1,311,988
Debt, net	[3],[4]	738,201		738,201
Other liabilities	[3],[4]	379,197		379,197
Liabilities of discontinued operations	[3],[4]	0		0
Total Liabilities	[3],[4]	1,117,398		1,117,398
Preferred stock	[3],[4]	0		0
Noncontrolling interests	[3],[4]	0		0
Equity attributable to common stockholders	[3],[4]	194,590		194,590
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired	[3],[4]			0
Golf [Member]
Segment Reporting Information [Line Items]
Interest income		38	37	110	112
Interest expense		(3,473)	(4,847)	(13,779)	(14,764)
Inter-segment elimination		0	1,452	3,005	4,253
Net interest income		(3,435)	(3,358)	(10,664)	(10,399)
Total impairment (reversal)		0	0	0	0
Total operating revenues		82,864	81,494	226,493	226,863
Total other income (loss)		14,834	2,729	14,606	2,718
Loan and security servicing expense		0	0	0	0
Operating expenses - golf	[1]	65,518	66,155	181,506	187,681
Operating expenses - golf, repairs and maintenance expenses		2,466	2,592	6,853	7,194
Cost of sales - golf		8,842	8,420	24,003	23,183
General and administrative expense		919	527	1,960	986
General and administrative expense - acquisition and transaction expenses	[2]	918	27	1,239	1,530
Management fee to affiliate		0	0	0	0
Depreciation and amortization		7,111	7,191	20,983	19,297
Income tax expense		1,257	0	1,330	144
Income from continuing operations		7,232	(4,047)	(7,439)	(20,833)
Income from discontinued operations, net of tax		0	0	0	0
Net Income		7,232	(4,047)	(7,439)	(20,833)
Preferred dividends		0	0	0	0
Net loss attributable to noncontrolling interests		(13)	21	217	189
Income Applicable to Common Stockholders		7,219	(4,026)	(7,222)	(20,644)
Investments		307,933		307,933
Cash and restricted cash		6,156		6,156
Other assets		33,954		33,954
Assets of discontinued operations		0		0
Total Assets		348,043		348,043
Debt, net		81,586		81,586
Other liabilities		150,915		150,915
Liabilities of discontinued operations		0		0
Total Liabilities		232,501		232,501
Preferred stock		0		0
Noncontrolling interests		(181)		(181)
Equity attributable to common stockholders		115,723		115,723
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired				9,028
Corporate [Member]
Segment Reporting Information [Line Items]
Interest income		10	6	19	41
Interest expense		(945)	(962)	(2,836)	(2,870)
Inter-segment elimination		0	0	0	0
Net interest income		(935)	(956)	(2,817)	(2,829)
Total impairment (reversal)		0	0	0	0
Total operating revenues		0	0	0	0
Total other income (loss)		46	0	54	0
Loan and security servicing expense		0	0	0	0
Operating expenses - golf	[1]	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses		0	0	0	0
Cost of sales - golf		0	0	0	0
General and administrative expense		1,946	2,238	5,767	5,963
General and administrative expense - acquisition and transaction expenses	[2]	33	(711)	50	64
Management fee to affiliate		2,675	5,664	8,017	16,853
Depreciation and amortization		0	13	0	87
Income tax expense		0	0	0	0
Income from continuing operations		(5,543)	(8,160)	(16,597)	(25,796)
Income from discontinued operations, net of tax		0	0	0	0
Net Income		(5,543)	(8,160)	(16,597)	(25,796)
Preferred dividends		(1,395)	(1,395)	(4,185)	(4,185)
Net loss attributable to noncontrolling interests		0	0	0	0
Income Applicable to Common Stockholders		(6,938)	(9,555)	(20,782)	(29,981)
Investments		0		0
Cash and restricted cash		28,458		28,458
Other assets		446		446
Assets of discontinued operations		0		0
Total Assets		28,904		28,904
Debt, net		51,226		51,226
Other liabilities		13,325		13,325
Liabilities of discontinued operations		0		0
Total Liabilities		64,551		64,551
Preferred stock		61,583		61,583
Noncontrolling interests		0		0
Equity attributable to common stockholders		(97,230)		(97,230)
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired				0
Eliminations [Member]
Segment Reporting Information [Line Items]
Interest income		0	(1,564)	(3,005)	(6,001)
Interest expense		0	1,564	3,005	6,001
Inter-segment elimination		0	0	0	0
Net interest income		0	0	$ 0	0
Total impairment (reversal)		0	0		0
Total operating revenues		0	0		0
Total other income (loss)		0	0		0
Loan and security servicing expense		0	0		0
Operating expenses - golf	[1]	0	0		0
Operating expenses - golf, repairs and maintenance expenses		0	0		0
Cost of sales - golf		0	0		0
General and administrative expense		0	0		0
General and administrative expense - acquisition and transaction expenses	[2]	0	0		0
Management fee to affiliate		0	0		0
Depreciation and amortization		0	0		0
Income tax expense		0	0		0
Income from continuing operations		0	0		0
Income from discontinued operations, net of tax		0	0		0
Net Income		0	0		0
Preferred dividends		0	0		0
Net loss attributable to noncontrolling interests		0	0		0
Income Applicable to Common Stockholders		$ 0	$ 0		$ 0
[1]	(C)Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.1 million and $3.4 million for the three and nine months ended September 30, 2015, respectively and $1.2 million and $3.9 million for the three and nine months ended September 30, 2014.
[2]	(D)Includes all transaction related and spin-off related expenses.
[3]	(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.
[4]	(B)The following table summarizes the investments and debt in the other debt segment:

SEGMENT REPORTING AND VARIABL54

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) $ in Thousands	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Investments Carrying Value	$ 1,295,754
Outstanding Face Amount	972,197
Other Debt [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	1,015,649
Investments Carrying Value	938,424	[1],[2]
Outstanding Face Amount	738,201
Debt Carrying Value	738,201
Subprime Mortgage Loans subject to Call Options [Member] | Non-recourse [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	392,342
Investments Carrying Value	392,342
Outstanding Face Amount	392,342
Debt Carrying Value	392,342
Unlevered Real Estate Securities [Member] | Other [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	37,347	[3]
Investments Carrying Value	12,111	[3]
Outstanding Face Amount	0	[3]
Debt Carrying Value	0	[3]
Levered Real Estate Securities [Member] | Other [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	354,806
Investments Carrying Value	370,342
Outstanding Face Amount	345,859
Debt Carrying Value	345,859
Real Estate Related and Other Loans [Member] | Other [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	230,229
Investments Carrying Value	142,802
Outstanding Face Amount	0
Debt Carrying Value	0
Other Investments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Investments Carrying Value	20,258
Outstanding Face Amount	0
Debt Carrying Value	0
Residential Mortgage Loans [Member] | Other [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	925
Investments Carrying Value	569
Outstanding Face Amount	0
Debt Carrying Value	$ 0
[1]	(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.
[2]	(B)The following table summarizes the investments and debt in the other debt segment:
[3]	Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million.

SEGMENT REPORTING AND VARIABL55

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Variable Interest Entities (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
Real estate securities, available-for-sale	$ 61,508		$ 231,754
Real estate related and other loans, held-for-sale, net	142,802		230,200
Subprime mortgage loans subject to call option	392,342	[1]	406,217
Restricted cash	5,759		15,714
Receivables and other assets	41,550		35,191
Assets of discontinued operations	53		6,803
Total Assets	1,738,590		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	92,812	[2]	227,673
Other bonds and notes payable	7,494	[2]	27,069
Financing of subprime mortgage loans subject to call option	392,342	[1]	406,217
Accounts payable, accrued expenses and other liabilities	164,078		179,390
Liabilities of discontinued operations	0		447
Total Liabilities	1,514,778		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	49,398		219,490
Real estate related and other loans, held-for-sale, net	0		230,200
Residential mortgage loans, held-for-sale, net	0		3,211
Subprime mortgage loans subject to call option	392,342		406,217
Other investments	0		20,308
Restricted cash	110		11,790
Receivables and other assets	95		1,927
Assets of discontinued operations	0		6,803
Total Assets	441,945		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	92,812		227,673
Other bonds and notes payable	7,494		27,069
Financing of subprime mortgage loans subject to call option	392,342		406,217
Accounts payable, accrued expenses and other liabilities	22		2,391
Liabilities of discontinued operations	0		447
Total Liabilities	$ 492,670		$ 663,797
[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. 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.

SEGMENT REPORTING AND VARIABL56

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Holdings in Variable Interest Entities (Details 3) $ in Thousands	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Outstanding Face Amount	$ 972,197
CDO V [Member] | Non Recourse VIE Financing Structures [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	43,500
Gross Assets	80,426	[1]
Debt	107,438	[1],[2]
Carrying Value of Newcastle's Investment	$ 9,183	[3]
[1]	(A)Face amount.
[2]	(B)Newcastle CDO V includes $43.5 million face amount of debt owned by Newcastle with a carrying value of $9.2 million at September 30, 2015.
[3]	(C)This amount represents Newcastle’s maximum exposure to loss from this entity.

SEGMENT REPORTING AND VARIABL57

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative)		3 Months Ended		9 Months Ended
		Sep. 30, 2015USD ($)Secutiy	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Secutiy	Sep. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Outstanding Face Amount		$ 972,197,000		$ 972,197,000
Investments		1,295,754,000		1,295,754,000
Non Recourse VIE Financing Structures [Member] | CDO V [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount		43,500,000		43,500,000
Non-consolidated CDO Securities [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount		0		0
Golf [Member]
Segment Reporting Information [Line Items]
Investments		307,933,000		307,933,000
Rental expense - carts and equipment		1,100,000	$ 1,200,000	3,400,000	$ 3,900,000
Other [Member] | Unlevered Real Estate Securities [Member]
Segment Reporting Information [Line Items]
Outstanding Face Amount	[1]	0		0
Debt Carrying Value	[1]	0		0
Investments	[1]	12,111,000		12,111,000
Excluded from face amount of unlevered real estate securities		$ 115,500,000		$ 115,500,000
Number of Securities | Secutiy		8		8
Outstanding Face Amount	[1]	$ 37,347,000		$ 37,347,000
[1]	Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million.

REAL ESTATE SECURITIES - Real E

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2015USD ($)contract	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
After Impairment - Amortized Cost Basis	[1]	$ 0
Carrying Value		61,508	$ 231,754
Total Securities Pledged as Collateral [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	[2]	354,806
Before Impairment - Amortized Cost Basis	[2]	370,472
Other Than Temporary Impairment - Amortized Cost Basis	[2]	0
After Impairment - Amortized Cost Basis	[2]	370,472
Gains - gross unrealized	[2]	0
Losses - gross unrealized	[2]	(130)
Carrying Value	[2],[3]	$ 370,342
Number of Securities | contract		2
Real Estate Securities Available For Sale [Member]
Schedule of Available-for-sale Securities [Line Items]
Before Impairment - Amortized Cost Basis		$ 111,362
Other Than Temporary Impairment - Amortized Cost Basis		(83,773)
After Impairment - Amortized Cost Basis		27,589
Gains - gross unrealized		34,021
Losses - gross unrealized		(102)
Carrying Value	[3]	$ 61,508
Number of Securities | contract		30
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 70,284
Before Impairment - Amortized Cost Basis		80,167
Other Than Temporary Impairment - Amortized Cost Basis		(55,372)
After Impairment - Amortized Cost Basis		24,795
Gains - gross unrealized		17,802
Losses - gross unrealized		(35)
Carrying Value	[3]	$ 42,562
Number of Securities | contract		16
Weighted Average Rating	[2]	B
Weighted Average Coupon		5.00%
Weighted Average Yield		20.57%
Weighted Average Life (Years)	[4]	1 year 7 months 6 days
Weighted Average Principal Subordination	[5]	25.90%
Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 16,688
Before Impairment - Amortized Cost Basis		23,461
Other Than Temporary Impairment - Amortized Cost Basis		(20,667)
After Impairment - Amortized Cost Basis		2,794
Gains - gross unrealized		7,036
Losses - gross unrealized		(67)
Carrying Value	[3]	$ 9,763
Number of Securities | contract		9
Weighted Average Rating	[2]	CC
Weighted Average Coupon		1.59%
Weighted Average Yield		11.32%
Weighted Average Life (Years)	[4]	11 years 6 days
Weighted Average Principal Subordination	[5]	9.10%
ABS-Franchise [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 8,464
Before Impairment - Amortized Cost Basis		7,647
Other Than Temporary Impairment - Amortized Cost Basis		(7,647)
After Impairment - Amortized Cost Basis		0
Gains - gross unrealized		0
Losses - gross unrealized		0
Carrying Value	[3]	$ 0
Number of Securities | contract		1
Weighted Average Rating	[2]	C
Weighted Average Coupon		6.69%
Weighted Average Yield		0.00%
Weighted Average Principal Subordination	[5]	0.00%
CDO Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	[1]	$ 14,575
Before Impairment - Amortized Cost Basis	[1]	0
Other Than Temporary Impairment - Amortized Cost Basis	[1]	0
After Impairment - Amortized Cost Basis	[1]	0
Gains - gross unrealized	[1]	9,183
Losses - gross unrealized	[1]	0
Carrying Value	[1],[3],[6]	$ 9,183
Number of Securities | contract		2
Weighted Average Rating	[1],[2]	C
Weighted Average Coupon	[1]	1.53%
Weighted Average Yield	[1]	0.00%
Weighted Average Life (Years)	[1],[4]	8 years 1 month 6 days
Weighted Average Principal Subordination	[1],[5]	24.20%
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	[2]	$ 110,011
Before Impairment - Amortized Cost Basis	[2]	111,275
Other Than Temporary Impairment - Amortized Cost Basis	[2]	(83,686)
After Impairment - Amortized Cost Basis	[2]	27,589
Gains - gross unrealized	[2]	34,021
Losses - gross unrealized	[2]	(102)
Carrying Value	[2],[3]	$ 61,508
Number of Securities | contract		28
Weighted Average Rating	[2]	CCC+
Weighted Average Coupon	[2]	4.15%
Weighted Average Yield	[2]	19.64%
Weighted Average Life (Years)	[2],[4]	3 years 9 months 6 days
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Before Impairment - Amortized Cost Basis		$ 87
Other Than Temporary Impairment - Amortized Cost Basis		(87)
After Impairment - Amortized Cost Basis		0
Gains - gross unrealized		0
Losses - gross unrealized		0
Carrying Value	[3]	$ 0
Number of Securities | contract		2
FNMA/FHLMC Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 354,806
Before Impairment - Amortized Cost Basis		370,472
Other Than Temporary Impairment - Amortized Cost Basis		0
After Impairment - Amortized Cost Basis		370,472
Gains - gross unrealized		0
Losses - gross unrealized		(130)
Carrying Value	[3]	$ 370,342
Number of Securities | contract		2
Weighted Average Rating	[2]	AAA
Weighted Average Coupon		3.50%
Weighted Average Yield		2.83%
Weighted Average Life (Years)	[4]	8 years 6 days
[1]	(E)Represents non-consolidated CDO securities, excluding 8 securities with zero value, which had an aggregate face amount of $115.5 million.
[2]	(F)The total outstanding face amount was $423.2 million for fixed rate securities and $41.6 million for floating rate securities.
[3]	(A)See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[4]	(C)The weighted average life is based on the timing of expected principal reduction on the assets.
[5]	(D)Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle’s investments.
[6]	Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $115.5 million as of September 30, 2015.

REAL ESTATE SECURITIES - Holdin

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) $ in Thousands		9 Months Ended
		Sep. 30, 2015USD ($)Secutiy	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
After Impairment - Amortized Cost Basis	[1]	$ 0
Carrying Value		61,508	$ 231,754
Less Than Twelve Months
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		358,555
Before Impairment - Amortized Cost Basis		374,899
Other Than Temporary Impairment - Amortized Cost Basis		(3,010)
After Impairment - Amortized Cost Basis		371,889
Gains - Gross Unrealized		0
Losses - gross unrealized		(230)
Carrying value - less than twelve months		$ 371,659
Number of securities, less than twelve months Securities | Secutiy		4
Weighted Average Rating		AAA
Weighted Average Coupon		3.50%
Weighted Average Yield		2.84%
Weighted Average Maturity (Years)		7 years 11 months 6 days
Twelve or More Months
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 192
Before Impairment - Amortized Cost Basis		192
Other Than Temporary Impairment - Amortized Cost Basis		0
After Impairment - Amortized Cost Basis		192
Gains - Gross Unrealized		0
Losses - gross unrealized		(2)
Carrying value - less than twelve months		$ 190
Number of securities, less than twelve months Securities | Secutiy		1
Weighted Average Rating		B-
Weighted Average Coupon		5.16%
Weighted Average Yield		5.16%
Weighted Average Maturity (Years)		1 month 6 days
Securities in an Unrealized Loss Position [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 358,747
Before Impairment - Amortized Cost Basis		375,091
Other Than Temporary Impairment - Amortized Cost Basis		(3,010)	$ (4,174)
After Impairment - Amortized Cost Basis		372,081
Gains - Gross Unrealized		0
Losses - gross unrealized		(232)
Carrying value - less than twelve months		$ 371,849
Number of securities, less than twelve months Securities | Secutiy		5
Weighted Average Rating		AAA
Weighted Average Coupon		3.50%
Weighted Average Yield		2.84%
Weighted Average Maturity (Years)		7 years 11 months 6 days
[1]	(E)Represents non-consolidated CDO securities, excluding 8 securities with zero value, which had an aggregate face amount of $115.5 million.

REAL ESTATE SECURITIES - Hold60

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) $ in Thousands	Sep. 30, 2015USD ($)
RE Securities Intended to Sell [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 0
Amortized Cost Basis After Impairment	0
Unrealized Credit Losses	0	[1]
RE Securities More Likely to Sell [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	0
Amortized Cost Basis After Impairment	0
Unrealized Credit Losses	0	[1]
RE Securities No Intent to Sell Credit Impaired [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	1,315
Amortized Cost Basis After Impairment	1,416
Unrealized Credit Losses	(3,010)	[1]
Unrealized Non-Credit Losses	(100)	[2]
RE Securities No Intent to Sell Non Credit Impaired [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	370,534
Amortized Cost Basis After Impairment	370,665
Unrealized Credit Losses	0	[1]
Unrealized Non-Credit Losses	(132)	[2]
Securities in an Unrealized Loss Position [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value	371,849
Amortized Cost Basis After Impairment	372,081
Unrealized Credit Losses	(3,010)	[1]
Unrealized Non-Credit Losses	$ (232)	[2]
[1]	(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.
[2]	(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.

REAL ESTATE SECURITIES - Credit

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details 3) - Securities in an Unrealized Loss Position [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
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	(1,567)
Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	(1,443)
Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	4,174
Reduction for securities sold/written off during the period	0
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	0
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$ (3,010)

REAL ESTATE SECURITIES - Geogra

REAL ESTATE SECURITIES - Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS (Details 4) $ in Thousands	Sep. 30, 2015USD ($)
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 70,284
Percentage	100.00%
CMBS [Member] | Western US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 10,373
Percentage	14.80%
CMBS [Member] | Northeastern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 12,753
Percentage	18.10%
CMBS [Member] | Southeastern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 17,676
Percentage	25.10%
CMBS [Member] | Midwestern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 21,715
Percentage	30.90%
CMBS [Member] | Southwestern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 7,767
Percentage	11.10%
CMBS [Member] | Other Locations [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
CMBS [Member] | Foreign [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 25,152
Percentage	100.00%
ABS [Member] | Western US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 8,560
Percentage	34.00%
ABS [Member] | Northeastern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 5,507
Percentage	21.90%
ABS [Member] | Southeastern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 5,945
Percentage	23.60%
ABS [Member] | Midwestern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 3,358
Percentage	13.40%
ABS [Member] | Southwestern US [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 1,768
Percentage	7.00%
ABS [Member] | Other Locations [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 14
Percentage	0.10%
ABS [Member] | Foreign [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%

REAL ESTATE SECURITIES (Details

REAL ESTATE SECURITIES (Details Narrative)		1 Months Ended					3 Months Ended		9 Months Ended
		Sep. 30, 2015USD ($)contractSecutiy	Jul. 31, 2015USD ($)	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)contractSecutiy	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)contractSecutiy	Sep. 30, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairment on securities							$ 450,000	$ 0	$ 9,860,000	$ 0
Total outstanding face amount of fixed rate securities		$ 423,200,000					423,200,000		423,200,000
Total outstanding face amount of floating rate securities		41,600,000					41,600,000		41,600,000
Face amount of securities sold					$ 3,900,000
Average price percentage - sold					24.11%
Proceeds from sale of securities					$ 900,000				1,061,499,000	798,122,000
Available-for-sale Securities, Gross Realized Gain (Loss)					800,000
Purchase of real estate securities									1,039,220,000	0
Principal repayments from investments									124,015,000	232,630,000
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							23,000	$ 0	(39,000)	$ 0
Real Estate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairment on securities									2,400,000
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									100,000
Non-consolidated CDO Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		0					0		0
FNMA/FHLMC Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 354,806,000					$ 354,806,000		$ 354,806,000
Number of Securities | contract		2					2		2
Face amount of securities sold						$ 380,400,000
Average price percentage - sold						104.72%
Proceeds from sale of securities						$ 398,400,000
Repayments of repurchase agreements						385,600,000
Available-for-sale Securities, Gross Realized Gain (Loss)						5,900,000
Investment Owned, Face Amount						389,100,000
Purchase of real estate securities						407,600,000
Proceeds from Securities Purchased under Agreements to Resell						$ 386,100,000
Average price percentage - purchases						104.77%
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 70,284,000					$ 70,284,000		$ 70,284,000
Number of Securities | contract		16					16		16
Face amount of securities sold					$ 98,600,000
Average price percentage - sold					104.03%
Proceeds from sale of securities					$ 102,600,000
Available-for-sale Securities, Gross Realized Gain (Loss)					14,000,000
Principal repayments from investments					25,000,000
Non-Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount		$ 16,688,000					$ 16,688,000		$ 16,688,000
Number of Securities | contract		9					9		9
Face amount of securities sold					$ 42,800,000
Average price percentage - sold					85.54%
Proceeds from sale of securities					$ 36,700,000
Available-for-sale Securities, Gross Realized Gain (Loss)					$ 14,100,000
Agency RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Face amount of securities sold				$ 380,400,000
Average price percentage - sold				103.13%
Proceeds from sale of securities				$ 392,300,000
Repayments of repurchase agreements				375,700,000
Available-for-sale Securities, Gross Realized Gain (Loss)				(5,900,000)
Investment Owned, Face Amount			$ 403,900,000	201,900,000
Purchase of real estate securities			415,600,000	207,700,000
Proceeds from Securities Purchased under Agreements to Resell			$ 393,800,000	$ 196,700,000
Average price percentage - purchases			102.88%	102.87%
Agency RMBS 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of securities		$ 260,000,000
Repayments of repurchase agreements		250,100,000
Available-for-sale Securities, Gross Realized Gain (Loss)		2,500,000
Investment Owned, Face Amount		$ 250,400,000					$ 250,400,000		$ 250,400,000
Average price percentage - purchases		103.83%
Agency RMBS 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Repayments of repurchase agreements		$ 345,900,000
Available-for-sale Securities, Gross Realized Gain (Loss)		5,100,000
Investment Owned, Face Amount		348,900,000					348,900,000		348,900,000
Purchase of real estate securities		$ 364,000,000
Average price percentage - purchases		104.32%
Agency RMBS 4 [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of securities		$ 370,500,000
Investment Owned, Face Amount		354,800,000					354,800,000		354,800,000
Proceeds from Securities Purchased under Agreements to Resell		$ 352,600,000
Average price percentage - purchases		104.42%
Other [Member] | Unlevered Real Estate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	[1]	$ 37,347,000					37,347,000		37,347,000
Excluded from face amount of unlevered real estate securities		$ 115,500,000					$ 115,500,000		$ 115,500,000
Number of Securities | Secutiy		8					8		8
[1]	Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million.

REAL ESTATE RELATED LOANS, RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Loan
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	$ 230,229
Carrying Value	$ 142,802	[1]
Loan Count | Loan	7
Mezzanine Loans [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	$ 37,200
Carrying Value	$ 19,433	[2]
Loan Count | Loan	3
Weighted Average Yield	8.00%
Weighted Average Coupon	8.27%
Weighted Average Life (Years)	5 months 6 days	[3]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent Face Amount	$ 17,767	[4]
Corporate Bank Loans [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	193,029
Carrying Value	$ 123,369	[2]
Loan Count | Loan	4
Weighted Average Yield	22.39%
Weighted Average Coupon	18.32%
Weighted Average Life (Years)	1 year 1 month 6 days	[3]
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 45,687	[4]
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	230,229
Carrying Value	$ 142,802	[2]
Loan Count | Loan	7
Weighted Average Yield	20.43%
Weighted Average Coupon	16.70%
Weighted Average Life (Years)	1 year 6 days	[3]
Floating Rate Loans as a % of Face Amount	16.20%
Delinquent Face Amount	$ 63,454	[4]
Total Residential Mortgage Loans Held-For-Sale [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	925
Carrying Value	$ 569	[2]
Loan Count | Loan	4
Weighted Average Yield	69.30%
Weighted Average Coupon	2.83%
Weighted Average Life (Years)	1 year 8 months 6 days	[3]
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent Face Amount	$ 766	[4],[5]
Subprime Mortgage Loans Subject to Call [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	392,342
Carrying Value	$ 392,342	[2]
[1]	Based on the final extended maturity date of each loan investment as of September 30, 2015.
[2]	Carrying value includes negligible interest receivable for the residential housing loans.
[3]	The weighted average life is based on the timing of expected principal reduction on the assets.
[4]	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of September 30, 2015, $63.5 million face amount of real estate related and other loans was on non-accrual status.
[5]	Loans acquired at a discount for credit quality.

REAL ESTATE RELATED LOANS, RE65

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 1) $ in Thousands	Sep. 30, 2015USD ($)Loan
Outstanding Face Amount
Period from October 1, 2015 to December 31, 2015	$ 63,453
2,016	19,433
2,017	0
2,018	0
2,019	147,343
2,020	0
Thereafter	0
Total	230,229
Carrying Value
Period from October 1, 2015 to December 31, 2015	0
2,016	19,433
2,017	0
2,018	0
2,019	123,369
2,020	0
Thereafter	0
Total	$ 142,802	[1]
Number of Loans
Period from October 1, 2015 to December 31, 2015 | Loan	4
2016 | Loan	1
2017 | Loan	0
2018 | Loan	0
2019 | Loan	2
2020 | Loan	0
Thereafter | Loan	0
Total | Loan	7
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Outstanding Face Amount
Total	$ 230,229
Carrying Value
Total	$ 142,802	[2]
Number of Loans
Total | Loan	7
[1]	Based on the final extended maturity date of each loan investment as of September 30, 2015.
[2]	Carrying value includes negligible interest receivable for the residential housing loans.

REAL ESTATE RELATED LOANS, RE66

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details 2) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Financing Receivable, Impaired [Line Items]
Valuation (allowance) reversal on loans		$ (3,010)	$ 4,015	$ (7,684)	$ 1,243
Balance at September 30, 2015	[1]	142,802		142,802
Real Estate Related and Other Loans Held For Sale [Member]
Financing Receivable, Impaired [Line Items]
Balance at December 31, 2014				230,200
Purchases / additional fundings				0
Interest accrued to principal balance				19,497
Principal paydowns				(46,696)
Sales				(55,574)
Valuation (allowance) reversal on loans				(7,461)
Accretion of loan discount, other amortization and other income				(3,203)
Other				(367)
Balance at September 30, 2015		142,802		142,802
Residential Mortgage Loans Held For Sale [Member]
Financing Receivable, Impaired [Line Items]
Balance at December 31, 2014				3,854
Purchases / additional fundings				0
Interest accrued to principal balance				0
Principal paydowns				(131)
Sales				(2,912)
Valuation (allowance) reversal on loans				(223)
Accretion of loan discount, other amortization and other income				13
Other				(6)
Balance at September 30, 2015		$ 569		$ 569
[1]	Based on the final extended maturity date of each loan investment as of September 30, 2015.

REAL ESTATE RELATED LOANS, RE67

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Valuation (allowance) reversal on loans	$ (3,010)	$ 4,015	$ (7,684)	$ 1,243
Real Estate Related and Other Loans Held For Sale [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Balance at December 31, 2014			(75,926)
Charge-offs			14,345
Valuation (allowance) reversal on loans			(7,461)
Balance at September 30, 2015	(69,042)		(69,042)
Residential Mortgage Loans Held For Sale [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Balance at December 31, 2014			(154)
Charge-offs			160
Valuation (allowance) reversal on loans			(223)
Balance at September 30, 2015	$ (217)		$ (217)

REAL ESTATE RELATED LOANS, RE68

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details 4) - USD ($) $ in Thousands		Sep. 30, 2015	Aug. 31, 2015
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 230,229
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 230,229
Percentage of loans		100.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Western US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 0
Percentage of loans		0.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Northeastern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 7,967
Percentage of loans		9.612%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southeastern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 7,754
Percentage of loans		9.25502%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Midwestern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 0
Percentage of loans		0.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Southwestern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 3,711
Percentage of loans		4.47723%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Foreign [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 63,454
Percentage of loans		76.55575%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member] | Other Locations [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount	[1]	$ 147,343
Total Residential Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 925	$ 3,300
Percentage of loans		100.00%
Total Residential Mortgage Loans [Member] | Western US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 0
Percentage of loans		0.00%
Total Residential Mortgage Loans [Member] | Northeastern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 523
Percentage of loans		56.64054%
Total Residential Mortgage Loans [Member] | Southeastern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 263
Percentage of loans		28.43243%
Total Residential Mortgage Loans [Member] | Midwestern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 139
Percentage of loans		15.02703%
Total Residential Mortgage Loans [Member] | Southwestern US [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 0
Percentage of loans		0.00%
Total Residential Mortgage Loans [Member] | Foreign [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 0
Percentage of loans		0.00%
Real Estate Related and Other Loans Held For Sale [Member]
Financing Receivable, Impaired [Line Items]
Outstanding Face Amount		$ 82,886
[1]	Primarily includes corporate bank loans which are not directly secured by real estate assets.

REAL ESTATE RELATED LOANS, RE69

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Mortgage Loans (Details 5) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Total securitized loans (unpaid principal balance)	[1]	$ 693,873
Loans subject to call option (carrying value)		392,342	[2]	$ 406,217
Retained bonds (fair value)	[3]	2,926
Subprime Portfolio I [Member]
Financing Receivable, Impaired [Line Items]
Total securitized loans (unpaid principal balance)	[1]	285,550
Loans subject to call option (carrying value)		285,301
Retained bonds (fair value)	[3]	2,926
Subprime Portfolio II [Member]
Financing Receivable, Impaired [Line Items]
Total securitized loans (unpaid principal balance)	[1]	408,323
Loans subject to call option (carrying value)		107,041
Retained bonds (fair value)	[3]	$ 0
[1]	Average loan seasoning of 122 months and 104 months for Subprime Portfolios I and II, respectively, at September 30, 2015.
[2]	Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6).
[3]	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. The weighted average yield of the retained bonds was 21.2% as of September 30, 2015.

REAL ESTATE RELATED LOANS, RE70

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Financing Receivable, Impaired [Line Items]
Loan unpaid principal balance (UPB)	$ 693,873	[1]
Debt Face Amount	972,197
Subprime Portfolio I [Member]
Financing Receivable, Impaired [Line Items]
Loan unpaid principal balance (UPB)	$ 285,550	[1]
Weighted Average Coupon	5.59%
Delinquencies of 60 or more days (UPB)	$ 60,932	[2]
Net credit losses	12,455
Cumulative net credit losses	$ 284,485
Cumulative net credit losses as a % of original UPB	18.90%
Percentage of ARM loans	51.00%	[3]
Percentage of loans with original loan-to-value ratio >90%	11.00%
Percentage of interest-only loans	1.80%
Debt Face Amount	$ 281,301	[4]
Weighted average funding cost of debt	0.56%	[5]
Subprime Portfolio II [Member]
Financing Receivable, Impaired [Line Items]
Loan unpaid principal balance (UPB)	$ 408,323	[1]
Weighted Average Coupon	4.46%
Delinquencies of 60 or more days (UPB)	$ 122,962	[2]
Net credit losses	16,432
Cumulative net credit losses	$ 353,529
Cumulative net credit losses as a % of original UPB	32.50%
Percentage of ARM loans	63.40%	[3]
Percentage of loans with original loan-to-value ratio >90%	16.90%
Percentage of interest-only loans	3.50%
Debt Face Amount	$ 406,027	[4]
Weighted average funding cost of debt	0.34%	[5]
[1]	Average loan seasoning of 122 months and 104 months for Subprime Portfolios I and II, respectively, at September 30, 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 and overcollateralization of $0.2 million and $2.3 million on Subprime Portfolio I and II, respectively, at September 30, 2015.
[5]	Includes the effect of applicable hedges, if any.

REAL ESTATE RELATED LOANS, RE71

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative)		1 Months Ended			9 Months Ended
		Aug. 31, 2015USD ($)Loan	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Financing Receivable, Impaired [Line Items]
Face amount of securities sold				$ 3,900,000
Average price percentage - sold				24.11%
Proceeds from sale of securities				$ 900,000	$ 1,061,499,000	$ 798,122,000
Available-for-sale Securities, Gross Realized Gain (Loss)				$ 800,000
Number of loans - total charge-offs					4
Number of loans - charge-offs, sold					2
Number of loans - charge-offs, restructured					1
Number of loans - charge-offs, written off					1
Outstanding Face Amount					$ 230,229,000
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Financing Receivable, Impaired [Line Items]
Delinquent Face Amount	[1]				63,454,000
Face amount of real estate related loans on non-accrual status	[1]				63,500,000
Outstanding Face Amount					$ 230,229,000
Subprime Portfolio I [Member]
Financing Receivable, Impaired [Line Items]
Average loan seasoning					122 months
Weighted Average Yield of Retained Bonds					21.20%
Retained Notes excluded from face amount of debt in Subprime Portfolio I					$ 4,000,000
Excess Collateralization					$ 200,000
Weighted average coupon rate					9.24%
Subprime Portfolio II [Member]
Financing Receivable, Impaired [Line Items]
Average loan seasoning					104 months
Excess Collateralization					$ 2,300,000
Weighted average coupon rate					8.68%
Commercial Real Estate Loans - CDO VIII [Member]
Financing Receivable, Impaired [Line Items]
Face amount of securities sold			$ 12,000,000
Average price percentage - sold			100.01%
Proceeds from sale of securities			$ 12,000,000
Available-for-sale Securities, Gross Realized Gain (Loss)			900,000
Commercial Real Estate Loans - CDO IX [Member]
Financing Receivable, Impaired [Line Items]
Face amount of securities sold			$ 45,700,000
Average price percentage - sold			95.35%
Proceeds from sale of securities			$ 43,500,000
Available-for-sale Securities, Gross Realized Gain (Loss)			$ 600,000
Total Residential Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Number of loans - charge-offs, sold | Loan		2
Outstanding Face Amount		$ 3,300,000			$ 925,000
Proceeds from Sale of Mortgage Loans Held-for-sale		$ 2,900,000
[1]	Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of September 30, 2015, $63.5 million face amount of real estate related and other loans was on non-accrual status.

INVESTMENTS IN OTHER REAL EST72

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate (Details) - Golf Investments [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment [Line Items]
Gross Carrying Amount	$ 272,131	$ 263,103
Accumulated Depreciation	(41,396)	(23,820)
Net Carrying Value	230,735	239,283
Land [Member]
Investment [Line Items]
Gross Carrying Amount	90,324	90,324
Accumulated Depreciation	0	0
Net Carrying Value	90,324	90,324
Buildings and Improvements
Investment [Line Items]
Gross Carrying Amount	141,429	139,949
Accumulated Depreciation	(25,391)	(17,729)
Net Carrying Value	116,038	122,220
Furniture, fixtures and equipment
Investment [Line Items]
Gross Carrying Amount	25,087	23,621
Accumulated Depreciation	(14,612)	(5,544)
Net Carrying Value	10,475	18,077
Capital leases - equipment
Investment [Line Items]
Gross Carrying Amount	13,011	6,528
Accumulated Depreciation	(1,393)	(547)
Net Carrying Value	11,618	5,981
Construction in Progress [Member]
Investment [Line Items]
Gross Carrying Amount	2,280	2,681
Accumulated Depreciation	0	0
Net Carrying Value	$ 2,280	$ 2,681

INVESTMENTS IN OTHER REAL EST73

INVESTMENTS IN OTHER REAL ESTATE (Details Narrative)	9 Months Ended
	Sep. 30, 2015hole
Real Estate [Abstract]
Number of holes in leased golf property	27
Operating lease term	21 years

INTANGIBLES, NET OF ACCUMULAT74

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Amortized intangible assets:
Total Intangibles, net, including non-amortizable assets		$ 77,198	$ 84,686
Golf Investments [Member]
Amortized intangible assets:
Accumulated Amortization		(17,358)	(10,803)
Nonamortizable liquor license		865	850
Total Intangibles, including non-amortizable assets		94,556	95,489
Total Intangibles, net, including non-amortizable assets		77,198	84,686
Golf Investments [Member] | Trade Name [Member]
Amortized intangible assets:
Gross Carrying Amount		700	700
Accumulated Amortization		(41)	(23)
Net Carrying Value		659	677
Golf Investments [Member] | Leasehold Intangibles
Amortized intangible assets:
Gross Carrying Amount	[1]	49,962	50,275
Accumulated Amortization	[1]	(8,590)	(5,206)
Net Carrying Value	[1]	41,372	45,069
Golf Investments [Member] | Management contracts [Member]
Amortized intangible assets:
Gross Carrying Amount		36,993	37,650
Accumulated Amortization		(7,138)	(4,666)
Net Carrying Value		29,855	32,984
Golf Investments [Member] | Internally-developed software [Member]
Amortized intangible assets:
Gross Carrying Amount		800	800
Accumulated Amortization		(280)	(160)
Net Carrying Value		520	640
Golf Investments [Member] | Membership Base
Amortized intangible assets:
Gross Carrying Amount		5,236	5,214
Accumulated Amortization		(1,309)	(748)
Net Carrying Value		$ 3,927	$ 4,466
[1]	The amortization expense for leasehold intangibles is reported in operating expense - golf in the consolidated statements of operations.

INTANGIBLES, NET OF ACCUMULAT75

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Details Narrative)	9 Months Ended
	Sep. 30, 2015
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	30 years
Service Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Service Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Internally-developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years
Membership Base
Finite-Lived Intangible Assets [Line Items]
Amortization period	7 years

RECEIVABLES AND OTHER ASSETS -

RECEIVABLES AND OTHER ASSETS - Schedule of receivables and other assets (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Receivables And Other Assets [Abstract]
Accounts receivable, net		$ 8,112	$ 7,369
Prepaid expenses		6,757	6,639
Interest receivable		1,145	2,324
Deposits		7,465	7,339
Inventory		5,424	4,964
Derivative assets		3,712	0
Miscellaneous assets, net	[1]	8,935	6,556
Receivables and other assets		41,550	35,191
Deferred financing costs		$ 400	$ 400
[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 Obligat

DEBT OBLIGATIONS - Debt Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Outstanding Face Amount	$ 972,197
Carrying Value	971,319
NCT 2013-VI IMM-1 [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	8,177	[1]
Carrying Value	$ 7,494	[1]
Weighted Average Funding Cost	17.50%	[1],[2]
Weighted Average Life(Years)	5 months 6 days	[1]
Face Amount of Floating Rate Debt	$ 8,177	[1]
CDO VI Bonds Payable [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	92,812	[3]
Carrying Value	$ 92,812	[3]
Weighted Average Coupon - Rate	0.89%	[3],[4]
Weighted Average Funding Cost	0.89%	[2],[3]
Weighted Average Life(Years)	4 years 1 month 6 days	[3]
Face Amount of Floating Rate Debt	$ 89,123	[3]
Outstanding Face Amount of Collateral	72,663	[3],[5]
Amortized Cost Basis of Collateral	26,960	[3],[5]
Carrying Value of Collateral	$ 49,398	[3],[5]
Weighted Average Maturity (Years) Of Collateral	3 years 5 months 6 days	[3]
Floating Rate Face Amount of Collateral	$ 12,688	[3],[5]
Secured Debt [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	92,812
Carrying Value	$ 92,812
Weighted Average Funding Cost	0.89%	[2]
Weighted Average Life(Years)	4 years 1 month 6 days
Face Amount of Floating Rate Debt	$ 89,123
Outstanding Face Amount of Collateral	72,663	[5]
Amortized Cost Basis of Collateral	26,960	[5]
Carrying Value of Collateral	$ 49,398	[5]
Weighted Average Maturity (Years) Of Collateral	3 years 5 months 6 days
Floating Rate Face Amount of Collateral	$ 12,688	[5]
Total Other Bonds And Notes Payable [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	8,177
Carrying Value	$ 7,494
Weighted Average Funding Cost	17.50%	[2]
Weighted Average Life(Years)	5 months 6 days
Face Amount of Floating Rate Debt	$ 8,177
FNMA/FHLMC Securities Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	345,859	[6]
Carrying Value	$ 345,859	[6]
Weighted Average Coupon - Rate	0.49%	[4],[6]
Weighted Average Funding Cost	0.49%	[2],[6]
Weighted Average Life(Years)	1 month 6 days	[6]
Face Amount of Floating Rate Debt	$ 0	[6]
Outstanding Face Amount of Collateral	348,920	[5],[6]
Amortized Cost Basis of Collateral	363,981	[5],[6]
Carrying Value of Collateral	$ 363,981	[5],[6]
Weighted Average Maturity (Years) Of Collateral	7 years 8 months 6 days	[6]
Floating Rate Face Amount of Collateral	$ 0	[5],[6]
Golf [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	70,000	[6],[7]
Carrying Value	$ 69,583	[6],[7]
Weighted Average Funding Cost	6.15%	[2],[6],[7]
Weighted Average Life(Years)	5 months 6 days	[6],[7]
Face Amount of Floating Rate Debt	$ 70,000	[6],[7]
Total Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	415,859	[6]
Carrying Value	$ 415,442	[6]
Weighted Average Funding Cost	1.43%	[2],[6]
Weighted Average Life(Years)	2 months 6 days	[6]
Face Amount of Floating Rate Debt	$ 70,000	[6]
Outstanding Face Amount of Collateral	348,920	[5],[6]
Amortized Cost Basis of Collateral	363,981	[5],[6]
Carrying Value of Collateral	$ 363,981	[5],[6]
Weighted Average Maturity (Years) Of Collateral	7 years 8 months 6 days	[6]
Floating Rate Face Amount of Collateral	$ 0	[5],[6]
Golf Vineyard II [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	200
Carrying Value	$ 200
Weighted Average Coupon - Rate	2.11%	[4]
Weighted Average Funding Cost	2.11%	[2]
Weighted Average Life(Years)	28 years 2 months 6 days
Face Amount of Floating Rate Debt	$ 200
Capital Lease Equipment [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	11,803
Carrying Value	$ 11,803
Weighted Average Funding Cost	6.57%	[2]
Weighted Average Life(Years)	4 years 9 months 6 days
Face Amount of Floating Rate Debt	$ 0
Capital Lease Equipment [Member] | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon - Rate	3.22%
Capital Lease Equipment [Member] | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon - Rate	11.54%
Total Golf Credit Facilities [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	$ 12,003
Carrying Value	$ 12,003
Weighted Average Funding Cost	6.51%	[2]
Weighted Average Life(Years)	5 years 2 months 6 days
Face Amount of Floating Rate Debt	$ 200
Junior Subordinated Notes Payable [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	51,004
Carrying Value	$ 51,226
Weighted Average Coupon - Rate	7.57%	[4],[8]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Weighted Average Funding Cost	7.36%	[2]
Weighted Average Life(Years)	19 years 7 months 6 days
Face Amount of Floating Rate Debt	$ 0
Total Corporate [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	51,004
Carrying Value	$ 51,226
Weighted Average Funding Cost	7.36%	[2]
Weighted Average Life(Years)	19 years 7 months 6 days
Face Amount of Floating Rate Debt	$ 0
Subtotal Debt Obligations [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	579,855
Carrying Value	$ 578,977
Weighted Average Funding Cost	2.18%	[2]
Weighted Average Life(Years)	2 years 7 months 6 days
Face Amount of Floating Rate Debt	$ 167,500
Outstanding Face Amount of Collateral	421,583	[5]
Amortized Cost Basis of Collateral	390,941	[5]
Carrying Value of Collateral	$ 413,379	[5]
Weighted Average Maturity (Years) Of Collateral	7 years 6 days
Floating Rate Face Amount of Collateral	$ 12,688	[5]
Financing on subprime mortgage loans subject to call option [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	392,342	[9]
Carrying Value	$ 392,342	[9]
London Interbank Offered Rate (LIBOR) [Member] | NCT 2013-VI IMM-1 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
London Interbank Offered Rate (LIBOR) [Member] | Golf [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%
[1]	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.
[2]	Including the effect of applicable hedges and deferred financing cost. For fixed rate mortgage notes payable, the weighted average funding cost is calculated based on the average rate during the nine months ended September 30, 2015.
[3]	This CDO was not in compliance with its applicable over collateralization tests as of September 30, 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.
[4]	Weighted average, including floating and fixed rate classes.
[5]	Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt.
[6]	These repurchase agreements had $0.3 million of accrued interest payable at September 30, 2015. The counterparties on these repurchase agreements are Nomura ($196.9 million), Morgan Stanley ($98.8 million), Citi ($50.2 million) and Credit Suisse ($70.0 million). Newcastle has margin exposures on a total of $415.9 million repurchase agreements related to the financing of FNMA/FHLMC securities and Golf loans. 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. $345.9 million of repurchase agreements were repaid in October 2015 as part of the sale of the FNMA/FHLMC securities.
[7]	The golf repurchase agreement is collateralized by assets of the Golf business. The carrying amount of the golf repurchase agreement is reported net of deferred financing costs of $0.4 million as of September 30, 2015.
[8]	LIBOR +2.25% after April 2016.
[9]	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 Minim

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details 1) $ in Thousands	Sep. 30, 2015USD ($)
Future minimum lease payments due
October 1, 2015 - December 31, 2015	$ 672
2,016	2,690
2,017	2,690
2,018	2,683
2,019	2,627
2020 and thereafter	2,669
Total minimum lease payments	14,031
Less: imputed interest	(2,228)
Present value of net minimum lease payments	$ 11,803

DEBT OBLIGATIONS (Details Narra

DEBT OBLIGATIONS (Details Narrative) - USD ($) $ in Thousands		Aug. 04, 2015	Oct. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	May. 31, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Face amount of securities sold						$ 3,900
Average price percentage - sold						24.11%
Available-for-sale Securities, Gross Realized Gain (Loss)						$ 800
Repayments of debt obligations										$ (1,485,065)	$ (819,980)
Deferred financing costs				$ 400				$ 400		400		$ 400
Outstanding Face Amount				972,197				972,197		972,197
Payments to Acquire Available-for-sale Securities										1,039,220	0
Gain (loss) on extinguishment of debt, net		$ 15,400						14,878	$ 0	15,367	(3,410)
Proceeds from sale of investments						$ 900				$ 1,061,499	$ 798,122
Repayments of Debt		71,300
Repayments of Debt, Non-cash Financing		70,000
Junior Subordinated Notes Payable [Member]
Debt Instrument [Line Items]
Derivative, Type of Interest Rate Paid on Swap										LIBOR
Variable interest rate spread										2.25%
Outstanding Face Amount				51,004				51,004		$ 51,004
Golf First Lien Loan [Member]
Debt Instrument [Line Items]
Outstanding Face Amount		$ 51,400
Average price percentage - purchases		90.00%
Payments to Acquire Other Investments		$ 46,300
Golf Second Lien Loan [Member]
Debt Instrument [Line Items]
Outstanding Face Amount		$ 105,600
Average price percentage - purchases		90.00%
Payments to Acquire Other Investments		$ 95,000
CDO Securities Repurchase Agreements [Member]
Debt Instrument [Line Items]
Interest Payable				$ 300				$ 300		$ 300
Face amount of securities sold					$ 380,400		$ 380,400
Average price percentage - sold					103.13%		104.72%
Available-for-sale Securities, Gross Realized Gain (Loss)					$ (5,900)		$ 5,900
Investment Owned, Face Amount							389,100
Proceeds from Securities Purchased under Agreements to Resell							$ 386,100
Debt Instrument, Interest Rate, Stated Percentage				0.37%				0.37%		0.37%
Repayments of repurchase agreements					375,700
Proceeds from sale of investments					392,300
Margin exposure				$ 415,900				$ 415,900		$ 415,900
Total Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount	[1]			415,859				415,859		415,859
Capital Lease Equipment [Member]
Debt Instrument [Line Items]
Outstanding Face Amount				11,803				11,803		$ 11,803
Capital Lease Equipment [Member] | Lower Range
Debt Instrument [Line Items]
Debt Instrument, Term										48 months
Capital Lease Equipment [Member] | Upper Range
Debt Instrument [Line Items]
Debt Instrument, Term										66 months
CDO VIII Bonds Payable [Member]
Debt Instrument [Line Items]
Repayments of debt obligations								(60,300)
Repayments of repurchase agreements								13,300
Outstanding Face Amount					$ 11,500
Average price percentage - purchases					95.50%
Repurchase of bonds					$ 11,000
Extinguishment of Debt, Amount					11,500
Gain (loss) on extinguishment of debt, net					$ 500
CDO IX Bonds Payable [Member]
Debt Instrument [Line Items]
Repayments of debt obligations								(51,400)
Repayments of repurchase agreements								22,300
Nomura [Member] | Total Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount				196,900				196,900		$ 196,900
Morgan Stanley [Member] | Total Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount				98,800				98,800		98,800
Citi [Member] | Total Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount				50,200				50,200		50,200
Credit Suisse [Member] | Total Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Face Amount				70,000				70,000		70,000
Agency RMBS 3 [Member]
Debt Instrument [Line Items]
Available-for-sale Securities, Gross Realized Gain (Loss)				5,100
Investment Owned, Face Amount				348,900				$ 348,900		$ 348,900
Repayments of repurchase agreements				$ 345,900
Average price percentage - purchases				104.32%
Payments to Acquire Available-for-sale Securities				$ 364,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Outstanding Face Amount			$ 19,400
Subsequent Event [Member] | Agency RMBS 3 [Member]
Debt Instrument [Line Items]
Available-for-sale Securities, Gross Realized Gain (Loss)			5,100
Investment Owned, Face Amount			348,900
Repayments of repurchase agreements			$ 345,900
Average price percentage - purchases			104.32%
Payments to Acquire Available-for-sale Securities			$ 364,000
[1]	These repurchase agreements had $0.3 million of accrued interest payable at September 30, 2015. The counterparties on these repurchase agreements are Nomura ($196.9 million), Morgan Stanley ($98.8 million), Citi ($50.2 million) and Credit Suisse ($70.0 million). Newcastle has margin exposures on a total of $415.9 million repurchase agreements related to the financing of FNMA/FHLMC securities and Golf loans. 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. $345.9 million of repurchase agreements were repaid in October 2015 as part of the sale of the FNMA/FHLMC securities.

ACCOUNTS PAYABLE, ACCRUED EXP80

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of accounts payable, accrued expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 30,532	$ 35,854
Membership deposit liabilities	86,345	79,678
Deferred revenue	8,678	29,322
Security deposit payable	6,484	5,293
Unfavorable leasehold interests, net	5,862	6,443
Derivative liabilities	6,124	4,328
Accrued rent	3,942	2,605
Due to affiliates	1,032	1,125
Miscellaneous liabilities	15,079	14,742
Accounts payable, accrued expenses and other liabilities	$ 164,078	$ 179,390

DERIVATIVES - Schedule of fair

DERIVATIVES - Schedule of fair value of derivatives financial instruments (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015		Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-hedge derivative assets		$ 3,712		$ 0
TBAs, not treated as hedges		6,124		4,328
Reported Value Measurement [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-hedge derivative assets		3,712
TBAs, not treated as hedges		6,124
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-hedge derivative assets	[1]	3,712		0
Designated as hedging instrument [Member] | Interest rate swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
TBAs, not treated as hedges		0		1,963
Not designated as hedging instrument [Member] | Interest rate swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
TBAs, not treated as hedges		0		334
Not designated as hedging instrument [Member] | TBAs [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
TBAs, not treated as hedges		$ 6,124	[1]	$ 2,031
Fair Value of Derivatives, Balance Sheet Location		Receivables and other assets Accounts payable, accrued expenses and other liabilities
[1]	Represents derivative assets and liabilities including TBA forward contracts (Note 12).

DERIVATIVES - Schedule of gains

DERIVATIVES - Schedule of gains (losses) recorded in relation to derivatives (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Gain (loss) on the ineffective portion	$ 0	$ (158)	$ 0	$ 101
Loss immediately recognized at de-designation	0	(34)	0	(34)
Net unrealized gain (loss) on derivatives designated as cash flow hedges	0	6	(60)	(148)
Gain recognized related to interest rate swaps	0	1,762	292	5,866
Loss on settlement of TBAs	(10,771)	0	(12,714)	0
Linked Transactions - Gain [Member]
Derivative [Line Items]
Gain (loss) recognized related to non-hedge	0	0	0	12,499
Linked Transactions - Loss [Member]
Derivative [Line Items]
Gain (loss) recognized related to non-hedge	0	0	0	(211)
Loss on termination of hedge [Member]
Derivative [Line Items]
Loss recognized on termination of hedge	0	0	(612)	0
Amortization of Deferred Gain [Member]
Derivative [Line Items]
Net deferred hedge gain reclassified from AOCI into earnings	20	16	58	42
Realized Loss Reclassified Related to Effective Portion [Member]
Derivative [Line Items]
Amount of loss reclassified from AOCI into income (effective portion)	0	(1,024)	(1,363)	(3,481)
Other Contract [Member]
Derivative [Line Items]
Loss on settlement of TBAs	(10,771)	0	(12,714)	0
Other Contract [Member] | Not designated as hedging instrument [Member]
Derivative [Line Items]
Gain (loss) recognized related to non-hedge	$ (382)	$ 0	$ (381)	$ 0

DERIVATIVES - Schedule of addit

DERIVATIVES - Schedule of additional information about cash flow hedges (Details 2) - Designated as hedging instrument [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Deferred [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	$ 40	$ 78
Current [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Expected reclassification of current hedges from AOCI into earnings over the next 12 months	$ 0	$ (1,730)

FAIR VALUE - Carrying Values an

FAIR VALUE - Carrying Values and Estimated Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available-for-sale		$ 61,508		$ 231,754
Real estate securities, pledged as collateral		370,342		407,689
Real estate related and other loans, held-for-sale, net		142,802		230,200
Subprime mortgage loans subject to call option		392,342	[1]	406,217
Restricted cash		5,759		15,714
Cash and cash equivalents		31,493		73,727	$ 215,035	$ 42,721
Non-hedge derivative assets		3,712		0
CDO bonds payable		92,812	[2]	227,673
Other bonds and notes payable		7,494	[2]	27,069
Repurchase agreements		415,442		441,176
Credit facilities and obligations under capital leases		12,003		161,474
Financing of subprime mortgage loans subject to call option		392,342	[1]	406,217
Junior subordinated notes payable		51,226		51,231
TBAs, not treated as hedges		6,124		$ 4,328
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available-for-sale		61,508
Real estate securities, pledged as collateral		370,342
Real estate related and other loans, held-for-sale, net		142,802
Residential mortgage loans, held-for-sale, net		569
Subprime mortgage loans subject to call option		392,342
Restricted cash		5,759
Cash and cash equivalents		31,493
Non-hedge derivative assets		3,712
CDO bonds payable		92,812
Other bonds and notes payable		7,494
Repurchase agreements		415,442
Credit facilities and obligations under capital leases		12,003
Financing of subprime mortgage loans subject to call option		392,342
Junior subordinated notes payable		51,226
TBAs, not treated as hedges		6,124
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate securities, available-for-sale		61,508
Real estate securities, pledged as collateral		370,342
Real estate related and other loans, held-for-sale, net		158,874
Residential mortgage loans, held-for-sale, net		603
Subprime mortgage loans subject to call option	[1]	392,342
Restricted cash		5,759
Cash and cash equivalents		31,493
Non-hedge derivative assets	[3]	3,712
CDO bonds payable	[2]	16,243
Other bonds and notes payable	[2]	8,003
Repurchase agreements		415,859
Credit facilities and obligations under capital leases		12,003
Financing of subprime mortgage loans subject to call option	[1]	392,342
Junior subordinated notes payable		38,696
TBAs, not treated as hedges		$ 6,124
[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. 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 assets and liabilities including TBA forward contracts (Note 12).

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Fair Value Recurring Basis (Details 1)		Sep. 30, 2015USD ($)contractSecutiy	Dec. 31, 2014USD ($)
Derivative assets:
Real estate securities, available-for-sale:		$ 9,183,000
Real estate securities, pledged as collateral		370,342,000	$ 407,689,000
TBAs, not treated as hedges		3,712,000	0
Derivative assets total		3,712,000	0
Derivative liabilities:
TBAs, not treated as hedges		6,124,000	4,328,000
Derivative liabilities total		6,124,000	4,328,000
Carrying Value [Member]
Derivative assets:
Real estate securities, pledged as collateral		370,342,000
TBAs, not treated as hedges		3,712,000
Derivative assets total		3,712,000
Derivative liabilities:
TBAs, not treated as hedges		6,124,000
Estimated Fair Value [Member]
Derivative assets:
Real estate securities, pledged as collateral		370,342,000
TBAs, not treated as hedges	[1]	3,712,000
Derivative liabilities:
TBAs, not treated as hedges		6,124,000
Derivative liabilities total		6,124,000
Non-consolidated CDO Securities [Member]
Derivative liabilities:
Outstanding Face Amount		0
CMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		42,562,000
Derivative liabilities:
Outstanding Face Amount		70,284,000
Non-Agency RMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		$ 9,763,000
Derivative liabilities:
Number of Securities | contract		9
Outstanding Face Amount		$ 16,688,000
CDO Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:	[2]	$ 9,183,000
Derivative liabilities:
Number of Securities | contract		2
Outstanding Face Amount	[3]	$ 14,575,000
FNMA/FHLMC Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:		$ 61,508,000
Derivative liabilities:
Number of Securities | contract		2
Outstanding Face Amount		$ 354,806,000
Level 2 - Observable [Member]
Derivative assets:
Real estate securities, pledged as collateral		370,342,000
Level 2 - Observable [Member] | Carrying Value [Member]
Derivative assets:
TBAs, not treated as hedges		3,712,000
Derivative assets total		3,712,000
Level 2 - Observable [Member] | Estimated Fair Value [Member]
Derivative liabilities:
TBAs, not treated as hedges		6,124,000
Derivative liabilities total		6,124,000
Level 2 - Observable [Member] | CMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		0
Level 2 - Observable [Member] | Non-Agency RMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		0
Level 2 - Observable [Member] | CDO Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:	[2]	0
Level 2 - Observable [Member] | FNMA/FHLMC Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:		0
Level 3 Inputs - Unobservable [Member]
Derivative assets:
Real estate securities, pledged as collateral		0
Level 3 Inputs - Unobservable [Member] | Carrying Value [Member]
Derivative assets:
TBAs, not treated as hedges		0
Derivative assets total		0
Level 3 Inputs - Unobservable [Member] | Estimated Fair Value [Member]
Derivative liabilities:
TBAs, not treated as hedges		0
Derivative liabilities total		0
Level 3 Inputs - Unobservable [Member] | CMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		42,562,000
Level 3 Inputs - Unobservable [Member] | Non-Agency RMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		9,763,000
Level 3 Inputs - Unobservable [Member] | CDO Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:	[2]	0
Level 3 Inputs - Unobservable [Member] | FNMA/FHLMC Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:		52,325,000
Level 3 Internal Pricing [Member]
Derivative assets:
Real estate securities, pledged as collateral		0
Level 3 Internal Pricing [Member] | Carrying Value [Member]
Derivative assets:
TBAs, not treated as hedges		0
Derivative assets total		0
Level 3 Internal Pricing [Member] | Estimated Fair Value [Member]
Derivative liabilities:
TBAs, not treated as hedges		0
Derivative liabilities total		0
Level 3 Internal Pricing [Member] | CMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		0
Level 3 Internal Pricing [Member] | Non-Agency RMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:		0
Level 3 Internal Pricing [Member] | CDO Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:	[2]	9,183,000
Level 3 Internal Pricing [Member] | FNMA/FHLMC Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:		9,183,000
Measured on a Recurring Basis [Member]
Derivative assets:
Real estate securities, pledged as collateral	[4]	370,342,000
Measured on a Recurring Basis [Member] | Carrying Value [Member]
Derivative assets:
TBAs, not treated as hedges	[1]	3,712,000	$ 0
Derivative assets total		3,712,000
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]
Derivative liabilities:
Derivative liabilities total		6,124,000
Measured on a Recurring Basis [Member] | CMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:	[4]	42,562,000
Measured on a Recurring Basis [Member] | Non-Agency RMBS [Member]
Derivative assets:
Real estate securities, available-for-sale:	[4]	9,763,000
Measured on a Recurring Basis [Member] | CDO Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:	[4]	9,183,000
Measured on a Recurring Basis [Member] | FNMA/FHLMC Securities [Member]
Derivative assets:
Real estate securities, available-for-sale:		61,508,000
Not designated as hedging instrument [Member] | Measured on a Recurring Basis [Member] | Estimated Fair Value [Member]
Derivative liabilities:
TBAs, not treated as hedges		$ 6,124,000
Unlevered Real Estate Securities [Member] | Other [Member]
Derivative liabilities:
Number of Securities | Secutiy		8
Outstanding Face Amount	[5]	$ 37,347,000
Excluded from face amount of unlevered real estate securities		$ 115,500,000
[1]	Represents derivative assets and liabilities including TBA forward contracts (Note 12).
[2]	Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $115.5 million as of September 30, 2015.
[3]	(E)Represents non-consolidated CDO securities, excluding 8 securities with zero value, which had an aggregate face amount of $115.5 million.
[4]	(A)See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[5]	Excludes eight securities with zero value, which had an aggregate face amount of $115.5 million.

FAIR VALUE - Quantitative Infor

FAIR VALUE - Quantitative Information about Significant Unobservable Inputs (Details 2) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 0	[1]
Fair Value	61,508
Weighted Average Significant Input
Available-for-sale Securities	9,183
CDO Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	0	[1]
Fair Value	9,183	[1],[2],[3]
Weighted Average Significant Input
Available-for-sale Securities	$ 9,183	[3]
Measured on a Recurring Basis [Member] | CDO Securities [Member]
Weighted Average Significant Input
Discount Rate	10.50%
Prepayment Speed	4.70%
Cumulative Default Rate	28.80%
Loss Severity	62.50%
Available-for-sale Securities	$ 9,183	[2]
[1]	(E)Represents non-consolidated CDO securities, excluding 8 securities with zero value, which had an aggregate face amount of $115.5 million.
[2]	(A)See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[3]	Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $115.5 million as of September 30, 2015.

FAIR VALUE - Change in Fair Val

FAIR VALUE - Change in Fair Value of Level 3 Investments (Details 3) - Level 3 Inputs - Unobservable [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2014	$ 231,754
Transfers
Transfers into Level 3	367
Total gains (losses)
Included in net income (A)	26,497
Included in other comprehensive income (loss)	(29,290)
Amortization included in interest income	8,310
Purchases, sales and repayments
Purchases	0
Proceeds from sales	(140,189)
Proceeds from repayments	(35,941)
Balance at September 30, 2015	61,508
Fair Value, Measurements, Recurring [Member]
Total gains (losses)
Included in net income (A)	26,497
Fair Value, Measurements, Recurring [Member] | CMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2014	178,763
Transfers
Transfers into Level 3	0
Total gains (losses)
Included in net income (A)	12,038
Included in other comprehensive income (loss)	(17,671)
Amortization included in interest income	5,611
Purchases, sales and repayments
Purchases	0
Proceeds from sales	(102,607)
Proceeds from repayments	(33,572)
Balance at September 30, 2015	42,562
Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2014	45,035
Transfers
Transfers into Level 3	0
Total gains (losses)
Included in net income (A)	14,826
Included in other comprehensive income (loss)	(12,846)
Amortization included in interest income	2,699
Purchases, sales and repayments
Purchases	0
Proceeds from sales	(37,582)
Proceeds from repayments	(2,369)
Balance at September 30, 2015	9,763
Fair Value, Measurements, Recurring [Member] | Equity/Other Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2014	7,956
Transfers
Transfers into Level 3	367
Total gains (losses)
Included in net income (A)	(367)
Included in other comprehensive income (loss)	1,227
Amortization included in interest income	0
Purchases, sales and repayments
Purchases	0
Proceeds from sales	0
Proceeds from repayments	0
Balance at September 30, 2015	$ 9,183

FAIR VALUE - Gains Losses on RE

FAIR VALUE - Gains Losses on RE Securities (Details 4) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OTTI, net	$ (427)	$ 0	$ (9,899)	$ 0
Level 3 Inputs - Unobservable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total			26,497
Measured on a Recurring Basis [Member] | Level 3 Inputs - Unobservable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on settlement of investments, net			28,854
OTTI, net			(2,357)
Total			$ 26,497

FAIR VALUE - Loan Valuation (De

FAIR VALUE - Loan Valuation (Details 5) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at September 30, 2015	$ 142,802	[1]
Mezzanine Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at September 30, 2015	19,433	[2]
Fair Value	$ 19,433
Constant Default Rate	8.00%
Loss Severity	47.80%
Mezzanine Loans [Member] | Lower Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	0.00%
Loss Severity	0.00%
Mezzanine Loans [Member] | Upper Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	8.00%
Loss Severity	100.00%
Corporate Bank Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at September 30, 2015	$ 123,369	[2]
Fair Value	$ 139,441
Constant Default Rate	22.40%
Loss Severity	23.70%
Corporate Bank Loans [Member] | Lower Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	0.00%
Loss Severity	0.00%
Corporate Bank Loans [Member] | Upper Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	22.50%
Loss Severity	100.00%
Total Real Estate Related and Other Loans Held-for-Sale, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at September 30, 2015	$ 142,802	[2]
Fair Value	158,874
Residential Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at September 30, 2015	569
Fair Value	$ 603
Discount Rate	69.30%
Prepayment Speed	0.90%
Constant Default Rate	83.70%
Loss Severity	22.40%
Total Residential Mortgage Loans Held-For-Sale [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at September 30, 2015	$ 569	[2]
Fair Value	$ 603
[1]	Based on the final extended maturity date of each loan investment as of September 30, 2015.
[2]	Carrying value includes negligible interest receivable for the residential housing loans.

EQUITY AND EARNINGS PER SHARE -

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) - $ / shares	Jul. 16, 2015	Sep. 30, 2015
Number of Options [Roll Forward]
Outstanding at December 31, 2014		5,500,599
Granted		178,740
Exercised	13,201	13,201
Expired		55,332
Forfeited		0
Outstanding at September 30, 2015		5,610,806
Exercisable at September 30, 2015		4,732,305
Weighted Average Strike Price [Roll Forward]
Outstanding at December 31, 2014 (in dollars per share)		$ 4.26
Granted (in dollars per share)		1
Exercised (in dollars per share)	$ 1	1
Expired (in dollars per share)		14.92
Outstanding at September 30, 2015 (in dollars per share)		2.79
Exercisable at September 30, 2015		$ 2.64
Weighted Average Life Remaining
Outstanding, Weighted Average Life Remaining (in years)		7 years 11 days
Exercisable, Weighted Average Life Remaining (in years)		6 years 8 months 5 days

EQUITY AND EARNINGS PER SHARE91

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details 1) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Stock options outstanding	5,610,806
Weighted average strike price (in dollars per share)	$ 2.79	$ 4.26
Issued Prior to 2011 [Member]
Related Party Transaction [Line Items]
Stock options outstanding	144,661
Weighted average strike price (in dollars per share)	$ 13.18
Issued in 2011 and Thereafter [Member]
Related Party Transaction [Line Items]
Stock options outstanding	5,466,145
Weighted average strike price (in dollars per share)	$ 2.52
Held by the Manager [Member]
Related Party Transaction [Line Items]
Stock options outstanding	5,125,482
Held by the Manager [Member] | Issued Prior to 2011 [Member]
Related Party Transaction [Line Items]
Stock options outstanding	115,239
Held by the Manager [Member] | Issued in 2011 and Thereafter [Member]
Related Party Transaction [Line Items]
Stock options outstanding	5,010,243
Issued to the Manager and subsequently transferred to certain of the Manager's employees [Member]
Related Party Transaction [Line Items]
Stock options outstanding	485,324
Issued to the Manager and subsequently transferred to certain of the Manager's employees [Member] | Issued Prior to 2011 [Member]
Related Party Transaction [Line Items]
Stock options outstanding	29,422
Issued to the Manager and subsequently transferred to certain of the Manager's employees [Member] | Issued in 2011 and Thereafter [Member]
Related Party Transaction [Line Items]
Stock options outstanding	455,902
Issued to the independent directors [Member]
Related Party Transaction [Line Items]
Stock options outstanding	0
Issued to the independent directors [Member] | Issued Prior to 2011 [Member]
Related Party Transaction [Line Items]
Stock options outstanding	0
Issued to the independent directors [Member] | Issued in 2011 and Thereafter [Member]
Related Party Transaction [Line Items]
Stock options outstanding	0

EQUITY AND EARNINGS PER SHARE92

EQUITY AND EARNINGS PER SHARE - Earnings Per Share (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator for basic and diluted earnings per share:
Income from continuing operations after preferred dividends and noncontrolling interests	$ 6,492	$ 12,560	$ 20,780	$ 70,418
Income (loss) from discontinued operations, net of tax	7	(8,624)	646	(32,427)
Income Applicable to Common Stockholders	$ 6,499	$ 3,936	$ 21,426	$ 37,991
Denominator:
Denominator for basic earnings per share - weighted average shares	66,484,962	62,329,023	66,445,705	59,848,506
Effect of dilutive securities
Options	2,584,697	1,536,773	2,607,597	1,781,669
Denominator for diluted earnings per share - adjusted weighted average shares	69,069,659	63,865,796	69,053,302	61,630,175
Basic earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	$ 0.10	$ 0.20	$ 0.31	$ 1.18
Income (loss) from discontinued operations per share of common stock	0	(0.14)	0.01	(0.54)
Income Applicable to Common Stock, per share	0.10	0.06	0.32	0.63
Diluted earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests	0.09	0.20	0.30	1.14
Income (loss) from discontinued operations per share of common stock	0	(0.14)	0.01	(0.54)
Income Applicable to Common Stock, per share	$ 0.09	$ 0.06	$ 0.31	$ 0.62

EQUITY AND EARNINGS PER SHARE93

EQUITY AND EARNINGS PER SHARE (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Sep. 21, 2015	Jul. 16, 2015	Jun. 22, 2015	Jun. 30, 2015	Mar. 16, 2015	Sep. 30, 2015	Sep. 21, 2015	Sep. 30, 2014	Jun. 22, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	May. 07, 2015
Class of Stock [Line Items]
Dividends Declared per Share of Common Stock (in dollars per share)					$ 0.12	$ 0.12	$ 0.12	$ 0.60	$ 0.12	$ 0.36	$ 1.80
Dividends paid					$ 9,400		$ 9,400		$ 9,400
Dilutive common stock equivalents						2,584,697		1,536,773		2,607,597	1,781,669
Issuance of shares as compensation		10,367
Issuance of common stock		$ 50								$ 238
Options exercised		13,201								13,201
Weighted average exercise price (in dollars per share)		$ 1								$ 1
Issued to the independent directors [Member]
Class of Stock [Line Items]
Issuance of shares as compensation				51,777
Series B Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Dividends Declared per Share of Preferred Stock	$ 0.609375		$ 0.609375		$ 0.609375
Preferred stock, dividend rate										9.75%		9.75%
Series C Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Dividends Declared per Share of Preferred Stock	0.503125		0.503125		0.503125
Preferred stock, dividend rate										8.05%		8.05%
Series D Cumulative Redemable Preferred [Member]
Class of Stock [Line Items]
Dividends Declared per Share of Preferred Stock	$ 0.523438		$ 0.523438		$ 0.523438
Preferred stock, dividend rate										8.375%		8.375%
Employee Stock Option [Member]
Class of Stock [Line Items]
Potentially dilutive securities										251,459	227,079
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price													$ 1
Issuance of stock options - equitable adjustment										178,740

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Current:
Federal	$ 996	$ 129	$ 1,076	$ 718
State and Local	269	29	289	194
Total Current Provision	1,265	158	1,365	912
Deferred:
Federal	(7)	155	(30)	(159)
State and Local	(1)	21	(5)	(499)
Total Deferred Provision	(8)	176	(35)	(658)
Total Provision for Income Taxes	1,257	0	1,330	144
Provision for income taxes from continuing operations	1,257	334	1,330	254
Provision (benefit) for income taxes from discontinued operations [member]
Deferred:
Provision for income taxes from discontinued operations	$ 0	$ 334	$ 0	$ 110

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details 1) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Deferred tax assets:
Allowance for loan losses		$ 397	$ 366
Depreciation and amortization		32,593	13,938
Accrued expenses		1,660	2,006
Net operating losses		21,289	26,543
Other		159	2,365
Total deferred tax assets		56,098	45,218
Less valuation allowance		(39,908)	(27,434)
Net deferred tax assets		16,190	17,784
Deferred tax liabilities:
Leaseholds		16,111	17,741
Total deferred tax liabilities		16,111	17,741
Net deferred income tax assets	[1]	$ 79	$ 43
[1]	Recorded in Receivables and Other Assets on the consolidated balance sheets

GAINS (LOSSES) ON SETTLEMENT 96

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (loss) on settlement of investments, net
Gain on settlement of real estate securities	$ 7,617	$ 0	$ 42,357	$ 18,032
Loss on settlement of real estate securities	0	0	(5,926)	0
Gain (Loss) on Sale of Mortgage Loans	0	7,763	1,532	32,500
(Loss) on Sales of Mortgage Loans	(14)	0	(14)	0
Loss recognized on termination of hedge	0	0	(612)	0
Loss on settlement of TBAs	(10,771)	0	(12,714)	0
Gain on settlement of investments, net	(3,168)	7,763	24,623	50,532
Other income, net
Gain (loss) on non-hedge derivative instruments	(382)	1,762	(89)	18,365
Loss immediately recognized at de-designation	0	(34)	0	(34)
Hedge ineffectiveness	0	(158)	0	101
Collateral management fee income, net	174	225	553	740
Equity in earnings of equity method investees	333	332	975	621
Loss on disposal of long-lived assets	(549)	(756)	(729)	(790)
Other income	701	3,484	1,161	4,008
Total Other income (loss), net	$ 277	$ 4,855	$ 1,871	$ 23,011

RECLASSIFICATION FROM ACCUMUL97

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	$ (450)	$ 0	$ (9,860)	$ 0
Gain on settlement of real estate securities	7,617	0	42,357	18,032
Gain (loss) on settlement of investments, net	0	0	(5,926)	0
Loss immediately recognized at de-designation	0	(34)	0	(34)
Gain (loss) on the ineffective portion	0	(158)	0	101
Reclassifications	7,614	(1,200)	34,553	14,660
Impairement [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	(23)	0	39	0
Gain on settlement of real estate securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Gain on settlement of real estate securities	7,617	0	42,357	18,032
Loss on settlement of real estate securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Gain (loss) on settlement of investments, net	0	0	(5,926)	0
Net realized gain (loss) on securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Reclassifications	7,594	0	36,470	18,032
Other Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Loss immediately recognized at de-designation	0	(34)	0	(34)
Gain (loss) on the ineffective portion	0	(158)	0	101
Loss on termination of hedge [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Gain (loss) on settlement of investments, net	0	0	(612)	0
Amortization of Deferred Gain [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Realized loss reclassified from AOCI into income, related to effective portion	20	16	58	42
Realized Loss Reclassified Related to Effective Portion [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Amount of loss reclassified from AOCI into income (effective portion)	0	(1,024)	(1,363)	(3,481)
Net realized gain (loss) derivatives [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Reclassifications	$ 20	$ (1,200)	$ (1,917)	$ (3,372)

OTHER-THAN-TEMPORARY-IMPAIRME98

OTHER-THAN-TEMPORARY-IMPAIRMENT - Summary of amounts recorded in the statement of operations for OTTI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	$ 450	$ 0	$ 9,860	$ 0
Other Investments [Member]
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	0	0	7,505	0
Debt Securities [Member]
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	363	$ 0	1,988	$ 0
Equity Securities [Member]
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	$ 87		$ 367

SUPPLEMENTAL NON-CASH INVESTI99

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Non-cash Investing And Financing Activities Related To Cdos
Restricted cash generated from sale of securities	$ 139,257	$ 72,422
Restricted cash generated from sale of loans	55,574	0
Restricted cash generated from paydowns on securities and loans	76,126	297,505
Restricted cash used for repayments of CDO bonds payable	$ 145,773	$ 321,921

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ in Thousands		1 Months Ended			9 Months Ended
		Oct. 31, 2015	Sep. 30, 2015	May. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Payments to Acquire Available-for-sale Securities					$ 1,039,220	$ 0
Available-for-sale Securities, Gross Realized Gain (Loss)				$ 800
Proceeds from sale of investments				$ 900	1,061,499	$ 798,122
Outstanding Face Amount			$ 972,197		972,197
Carrying Value			971,319		971,319
Subsequent Event [Member]
Subsequent Event [Line Items]
Outstanding Face Amount		$ 19,400
Carrying Value		11,700
Agency RMBS 3 [Member]
Subsequent Event [Line Items]
Investment Owned, Face Amount			$ 348,900		348,900
Average price percentage - purchases			104.32%
Payments to Acquire Available-for-sale Securities			$ 364,000
Available-for-sale Securities, Gross Realized Gain (Loss)			5,100
Repayments of repurchase agreements			345,900
Agency RMBS 3 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Owned, Face Amount		$ 348,900
Average price percentage - purchases		104.32%
Payments to Acquire Available-for-sale Securities		$ 364,000
Available-for-sale Securities, Gross Realized Gain (Loss)		5,100
Repayments of repurchase agreements		345,900
Agency RMBS 4 [Member]
Subsequent Event [Line Items]
Investment Owned, Face Amount			$ 354,800		354,800
Average price percentage - purchases			104.42%
Proceeds from sale of investments			$ 370,500
Proceeds from Securities Purchased under Agreements to Resell			352,600
Agency RMBS 4 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Owned, Face Amount		$ 354,800
Average price percentage - purchases		104.42%
Proceeds from sale of investments		$ 370,500
Proceeds from Securities Purchased under Agreements to Resell		$ 352,600
NCT 2013-VI IMM-1 [Member]
Subsequent Event [Line Items]
Outstanding Face Amount	[1]		8,177		8,177
Carrying Value	[1]		$ 7,494		$ 7,494
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.00%
London Interbank Offered Rate (LIBOR) [Member] | NCT 2013-VI IMM-1 [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.25%
[1]	Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation.