Drive Shack (DSHK) 10-K 10 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	NEWCASTLE INVESTMENT CORP
Entity Central Index Key	1,175,483
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned User	No
Is Entity a Voluntary Filer	No
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 287.9
Entity Common Stock, Shares Outstanding		66,654,598
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Real estate securities, available-for-sale - Note 5	$ 59,034	$ 231,754
Real estate securities, pledged as collateral - Note 5	105,963	407,689
Real estate related and other loans, held-for-sale, net - Note 6	149,198	230,200
Residential mortgage loans, held-for-sale, net - Note 6	532	3,854
Subprime mortgage loans subject to call option - Note 6	380,806	406,217
Investments in other real estate, net of accumulated depreciation - Note 7	227,907	239,283
Intangibles, net of accumulated amortization - Note 8	74,472	84,686
Other investments	20,595	26,788
Cash and cash equivalents	45,651	73,727
Restricted cash	4,469	15,714
Receivables from brokers, dealers and clearing organizations	361,341	0
Receivables and other assets - Note 2	38,014	35,191
Assets of discontinued operations - Note 3	0	6,803
Total Assets	1,467,982	1,761,906
Liabilities
CDO bonds payable - Note 11	92,933	227,673
Other bonds and notes payable - Note 11	16,162	27,069
Repurchase agreements - Note 11	418,458	441,176
Credit facilities and obligations under capital leases - Note 11	11,258	161,474
Financing of subprime mortgage loans subject to call option - Note 6	380,806	406,217
Junior subordinated notes payable - Note 11	51,225	51,231
Dividends payable	8,929	8,901
Membership deposit liabilities	88,205	79,678
Payables to brokers, dealers and clearing organizations	105,940	0
Accounts payable, accrued expenses and other liabilities - Note 2	83,944	99,712
Liabilities of discontinued operations - Note 3	0	447
Total Liabilities	$ 1,257,860	$ 1,503,578
Commitments and contingencies - Notes 12, 13 and 14
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of December 31, 2015 and 2014	$ 61,583	$ 61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,654,598 and 66,424,508 shares issued and outstanding at December 31, 2015 and 2014, respectively	667	664
Additional paid-in capital	3,172,370	3,172,060
Accumulated deficit	(3,057,538)	(3,041,880)
Accumulated other comprehensive income - Note 2	33,297	65,865
Total Newcastle Stockholders’ Equity	210,379	258,292
Noncontrolling interests	(257)	36
Total Equity	210,122	258,328
Total Liabilities and Equity	1,467,982	1,761,906
Non Recourse VIE Financing Structures
Assets
Real estate securities, available-for-sale - Note 5	46,392	219,490
Real estate related and other loans, held-for-sale, net - Note 6	0	230,200
Subprime mortgage loans subject to call option - Note 6	380,806	406,217
Other investments	0	20,308
Restricted cash	128	11,790
Receivables and other assets - Note 2	77	1,927
Assets of discontinued operations - Note 3	0	6,803
Total Assets	427,403	899,946
Liabilities
CDO bonds payable - Note 11	92,933	227,673
Other bonds and notes payable - Note 11	4,672	27,069
Financing of subprime mortgage loans subject to call option - Note 6	380,806	406,217
Accounts payable, accrued expenses and other liabilities - Note 2	29	2,391
Liabilities of discontinued operations - Note 3	0	447
Total Liabilities	$ 478,440	$ 663,797

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 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 (In dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	66,654,598	66,424,508
Common stock, shares outstanding	66,654,598	66,424,508
Series B Preferred Stock
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 Preferred Stock
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 Preferred Stock
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 INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Interest income	$ 95,891	$ 127,627	$ 213,712
Interest expense	(62,129)	(80,022)	(78,601)
Net interest income	33,762	47,605	135,111
Impairment (Reversal)
Valuation allowance (reversal) on loans - Note 6	9,541	(2,419)	(25,035)
Other-than-temporary impairment on securities and other investments- Note 5	9,891	0	5,222
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive (income) loss into net income	(31)	0	44
Total impairment (reversal)	19,401	(2,419)	(19,769)
Net interest income after impairment (reversal)	14,361	50,024	154,880
Operating Revenues
Golf course operations	177,266	179,445	0
Sales of food and beverages - golf	71,437	68,554	0
Other golf revenue	47,153	43,538	0
Total operating revenues	295,856	291,537	0
Other Income
Gain on settlement of investments, net - Note 2	20,506	52,028	17,436
Gain (loss) on extinguishment of debt - Note 11	15,306	(3,410)	4,565
Other income, net - Note 2	3,689	25,844	13,289
Total other income	39,501	74,462	35,290
Expenses
Loan and security servicing expense	291	1,199	3,857
Operating expenses - golf	245,421	254,104	0
Cost of sales - golf	31,681	30,271	0
General and administrative expense	11,746	14,652	17,458
Management fee to affiliate - Note 13	10,692	21,039	28,057
Depreciation and amortization	28,634	26,967	4
Total expenses	328,465	348,232	49,376
Income from continuing operations before income tax	21,253	67,791	140,794
Income tax expense - Note 15	345	208	0
Income from continuing operations	20,908	67,583	140,794
Income (loss) from discontinued operations, net of tax - Note 3	646	(35,189)	11,547
Net Income	21,554	32,394	152,341
Preferred dividends	5,580	5,580	5,580
Net (income) loss attributable to noncontrolling interest	293	852	(928)
Income Applicable To Common Stockholders	$ 16,267	$ 27,666	$ 145,833
Income Applicable to Common Stock, per share
Income Applicable to Common Stock, per share	$ 0.24	$ 0.45	$ 3.16
Income Applicable to Common Stock, per share	0.24	0.44	3.09
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interest
Basic (in dollars per share)	0.23	1.02	2.91
Diluted (in dollars per share)	0.23	1	2.84
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in dollars per share)	0.01	(0.57)	0.25
Diluted (in dollars per share)	$ 0.01	$ (0.57)	$ 0.24
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in dollars per share)	66,479,321	61,500,913	46,146,882
Diluted (in dollars per share)	68,647,915	63,131,227	47,218,274

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 21,554	$ 32,394	$ 152,341
Other comprehensive income (loss):
Net unrealized gain (loss) on securities	(1,868)	8,953	50,350
Reclassification of net realized gain on securities into earnings	(32,537)	(23,679)	(6,217)
Net unrealized loss on derivatives designated as cash flow hedges	(60)	(177)	(195)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	1,897	4,352	6,227
Net unrecognized gain and pension prior service cost (discontinued operations)	0	9	458
Other comprehensive income (loss)	(32,568)	(10,542)	50,623
Total comprehensive income (loss)	(11,014)	21,852	202,964
Comprehensive income (loss) attributable to Newcastle stockholders' equity	(10,721)	22,704	202,036
Comprehensive income (loss) attributable to noncontrolling interest	$ (293)	$ (852)	$ 928

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Total Newcastle Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance, beginning at Dec. 31, 2012	$ 1,073,060	$ 1,073,060	$ 61,583	$ 288	$ 1,711,520	$ (771,095)	$ 70,764	$ 0
Balance, beginning - shares at Dec. 31, 2012			2,463,321	28,754,274
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(168,761)	(168,761)				(168,761)
Issuance of common stock	$ 1,262,493	1,262,493		$ 298	1,262,195
Issuance of common stock, shares	29,821,308			29,821,308
Noncontrolling interest recorded upon restructuring of media business	$ 60,351	0					0	60,351
Spin-off of New Residential	(1,203,983)	(1,203,983)				(1,159,470)	(44,513)
Net income (loss)	152,341	151,413				151,413		928
Other comprehensive income (loss)	50,623	50,623					50,623
Total comprehensive income (loss)	202,964	202,036						928
Balance, ending at Dec. 31, 2013	1,226,124	1,164,845	$ 61,583	$ 586	2,973,715	(1,947,913)	76,874	61,279
Balance, ending - shares at Dec. 31, 2013			2,463,321	58,575,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(123,708)	(123,708)				(123,708)
Issuance of common stock	$ 198,423	198,423		$ 78	198,345
Issuance of common stock, shares	7,848,926			7,848,926
Spin-off of New Media	$ (391,347)	(330,956)				(330,489)	(467)	(60,391)
Spin-off of New Senior	(673,016)	(673,016)				(673,016)	0
Net income (loss)	32,394	33,246				33,246		(852)
Other comprehensive income (loss)	(10,542)	(10,542)					(10,542)
Total comprehensive income (loss)	21,852	22,704						(852)
Balance, ending at Dec. 31, 2014	258,328	258,292	$ 61,583	$ 664	3,172,060	(3,041,880)	65,865	36
Balance, ending - shares at Dec. 31, 2014			2,463,321	66,424,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(37,505)	(37,505)				(37,505)
Issuance of common stock	$ 313	313		$ 3	310
Issuance of common stock, shares	230,090			230,090
Net income (loss)	$ 21,554	21,847				21,847		(293)
Other comprehensive income (loss)	(32,568)	(32,568)					(32,568)
Total comprehensive income (loss)	(11,014)	(10,721)						(293)
Balance, ending at Dec. 31, 2015	$ 210,122	$ 210,379	$ 61,583	$ 667	$ 3,172,370	$ (3,057,538)	$ 33,297	$ (257)
Balance, ending - shares at Dec. 31, 2015			2,463,321	66,654,598

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows From Operating Activities
Net income (loss)	$ 21,554	$ 32,394	$ 152,341
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	28,645	117,594	30,973
Accretion of discount and other amortization	8,227	(3,819)	(30,621)
Net interest income on investments accrued to principal balance	(27,246)	(20,386)	(26,148)
Amortization of revenue on golf membership deposit liabilities	(509)	(167)	0
Amortization of prepaid golf member dues	(29,558)	(28,071)	0
Valuation allowance (reversal) on loans	9,541	(2,419)	(25,035)
Other-than-temporary impairment on securities and other investments	9,860	0	5,266
Change in fair value on investments in excess mortgage servicing rights	0	0	(3,894)
Change in fair value of investments in equity method investees	0	0	(19,170)
Change in fair value of contingent consideration	0	(1,500)	0
Straight-lining of rental income	0	(21,794)	0
Equity in earnings from equity method investees, net of distributions	(1,311)	(954)	(677)
Gain on settlement of investments (net)	(19,305)	(51,380)	(17,369)
Unrealized gain on non-hedge derivatives and hedge ineffectiveness	(1,758)	(17,565)	(10,467)
Loss/(gain) on extinguishment of debt, net	(15,306)	3,410	(4,565)
Non-cash directors' compensation	313	321	350
Change in:
Restricted cash	(2,344)	1,464	10,595
Receivables and other assets	(1,805)	(314)	(19,077)
Accounts payable, accrued expenses and other liabilities	18,361	30,665	63,684
Net cash (used in) provided by operating activities	(2,641)	37,479	106,186
Cash Flows From Investing Activities
Principal repayments from investments	128,191	245,447	494,443
Restructuring of investments in media and golf, net of cash and cash equivalents acquired	0	0	(60,654)
Purchase of real estate securities	(1,409,693)	(404,638)	(1,411,002)
Purchase of real estate related and other loans	0	0	(382,771)
Proceeds from sale of investments	1,425,480	798,580	46,536
Acquisition and additions of investments in real estate	(7,637)	(315,454)	(1,254,214)
Funds reserved for future capital expenditures	0	(3,424)	0
Change in restricted cash from investing activities	56,774	0	0
Return of investment in excess mortgage servicing rights	0	0	15,803
Deposits paid on investments	0	(655)	(505)
Contributions to equity method investees, net of distributions	0	0	(374,367)
Net cash provided by (used in) investing activities	193,115	319,856	(2,926,731)
Cash Flows From Financing Activities
Repurchases of debt obligations	(152,281)	0	(31,285)
Borrowings under debt obligations	1,966,666	668,003	3,271,588
Repayments of debt obligations	1,983,438	831,042	1,400,255
Margin deposits under repurchase agreements and derivatives	(130,398)	(36,752)	(207,905)
Return of margin deposits under repurchase agreements and derivatives	(128,430)	(38,079)	(175,405)
Golf membership deposits received	4,711	3,518	0
Issuance of common stock	0	198,702	1,264,769
Costs related to issuance of common stock	0	(595)	(2,471)
Contribution of cash upon spin-off	0	(269,091)	(181,582)
Common Stock dividends paid	(31,897)	(145,299)	(165,989)
Preferred Stock dividends paid	(5,580)	(5,580)	(5,580)
Payment of deferred financing costs	(754)	(4,592)	(40,633)
Proceeds (payments) from settlement of derivative instruments	(13,519)	(4,151)	217
Restricted cash returned from refinancing activities	0	0	18,312
Other financing activities	(625)	(617)	0
Net cash (used in) provided by financing activities	(218,685)	(389,417)	2,694,591
Net Decrease in Cash and Cash Equivalents	(28,211)	(32,082)	(125,954)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period	73,727	42,721	221,798
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	135	63,223	10,100
Cash and Cash Equivalents, End of Period	45,651	73,862	105,944
Cash and Cash Equivalents of Continuing Operations, End of Period	45,651	73,727	42,721
Cash and Cash Equivalents of Discontinued Operations, End of Period	0	135	63,223
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	16,438	73,735	48,892
Cash paid during the period for income taxes	268	1,355	899
Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividends declared but not paid	7,999	7,971	35,145
Preferred stock dividends declared but not paid	930	930	930
Assumption of mortgage notes payable, at fair value	0	0	43,128
Issuance of seller financing for acquisition of senior housing properties, at fair value	0	0	9,412
Addition to capital lease assets and liabilities	7,182	6,529	0
Option exercise	$ 752	$ 3,369	$ 885

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Newcastle Investment Corp. (and its subsidiaries, “Newcastle”) is a Maryland corporation that was formed in 2002. Newcastle focuses on opportunistically investing in, and actively managing, a variety of real estate-related and other investments. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, Newcastle will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. 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”), pursuant to which the Manager provides for a management team and other professionals who are responsible for implementing Newcastle’s business strategy, subject to the supervision of Newcastle’s board of directors. For its services, the Manager is entitled to an annual management fee and incentive compensation, both as defined in, and in accordance with the terms of, the Management Agreement. For a further discussion of the Management Agreement, see Note 13. Approximately 1.0 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at December 31, 2015 . In addition, Fortress, through its affiliates, held options to purchase approximately 5.1 million shares of Newcastle’s common stock at December 31, 2015 . The following table presents information on shares of Newcastle’s common stock issued subsequent to its formation: Year Shares Issued Range of Issue Net Proceeds Formation - 2012 28,754,274 2013 29,821,308 $29.82 - $62.88 $ 1,262.6 2014 7,848,926 $25.92 $ 197.9 2015 (C) 230,090 N/A N/A December 31, 2015 66,654,598 (A) Excludes prices of shares issued (i) pursuant to the exercise of options and (ii) as compensation to Newcastle’s independent directors. (B) On May 15, 2013, Newcastle completed the spin-off of New Residential Investment Corp ("New Residential"). The May 15, 2013 closing price of Newcastle’s common stock on the NYSE was $73.98 , and the opening price of Newcastle’s common stock on May 16, 2013 was $34.74 . On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. ("New Media"). The February 13, 2014 closing price of Newcastle's common stock was $34.50 , and the opening price of Newcastle's common stock on February 14, 2014 was $29.88 . On November 6, 2014, Newcastle completed the spin-off of New Senior Investment Group Inc. ("New Senior"). The November 6, 2014 closing price of Newcastle's common stock on the NYSE was $23.53 , and the opening price of Newcastle's common stock on November 7, 2014 was $4.00 . (C) All 2015 shares were issued (i) pursuant to the exercise of options and (ii) as compensation to Newcastle's independent directors.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL Basis of Accounting — The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The Consolidated Financial Statements include the accounts of Newcastle and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Newcastle consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Newcastle is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Newcastle’s CDO subsidiaries (with the exception of CDO V) (Note 11) are special purpose entities which are considered VIEs of which Newcastle is the primary beneficiary. Therefore, the debt issued by such entities is considered a non-recourse secured borrowing of Newcastle. The subprime securitizations and CDO V (Note 4) are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, for the subprime securitizations, no longer receive a significant portion of their returns, and therefore do not consolidate them. For entities over which Newcastle exercises significant influence, but which do not meet the requirements for consolidation, Newcastle uses the equity method of accounting whereby it records its share of the underlying income of such entities. Newcastle’s investments in equity method investees were not significant at December 31, 2015 , 2014 or 2013 . With respect to investments in entities over which Newcastle does not meet the requirements for consolidation and does not exercise significant influence, Newcastle records these investments at cost, subject to impairment. Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Newcastle. This is primarily related to noncontrolling interests in the Golf business. Certain prior period amounts have been reclassified to conform to the current period’s presentation. Risks and Uncertainties — In the normal course of business, Newcastle encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Newcastle’s investments in securities, loans, derivatives and leases that results from a borrower’s, derivative counterparty’s or lessee’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in securities, loans and derivatives or in real estate due to changes in interest rates, spreads or other market factors, including the value of the collateral underlying loans and securities and the valuation of real estate held by Newcastle. Management believes that the carrying values of its investments are reasonable taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories, and other borrower information. Additionally, Newcastle is subject to significant tax risks. If Newcastle were to fail to qualify as a REIT in any taxable year, Newcastle would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Newcastle would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Newcastle’s purposes, comprehensive income represents net income, as presented in the Consolidated Statements of Operations, adjusted for unrealized gains or losses on securities available for sale and derivatives designated as cash flow hedges and net unrecognized gain and prior period service costs and credits relating to pension and other postretirement benefits (included in discontinued operations). The following table summarizes Newcastle’s accumulated other comprehensive income: December 31, 2015 2014 Net unrealized gain on securities $ 33,277 $ 67,682 Net unrealized gain (loss) on derivatives designated as cash flow hedges 20 (1,817 ) Accumulated other comprehensive income $ 33,297 $ 65,865 REVENUE RECOGNITION Real Estate Securities and Loans Receivable — Newcastle invests in securities, including commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and FNMA/FHLMC securities. Income on these securities is recognized using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. For securities that are not acquired at a discount for credit quality, these assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). For securities acquired at a discount for credit quality and with respect to which management has determined at acquisition that it is probable that all contractually required principal and interest payments will not be collected, these assumptions also include expected losses. For these securities, Newcastle recognizes the excess of all expected cash flows over the investment in the securities, referred to as accretable yield, as interest income on a loss-adjusted yield basis. The loss adjusted yield is determined based on an evaluation of the credit status of securities, as described in connection with the analysis of impairment. The excess of total contractual cash flows over the cash flows expected to be collected is referred to as the nonaccretable difference and is not recognized as income. The assumptions that impact income recognition are updated on at least a quarterly basis if applicable to reflect changes related to a particular security, actual historical data, and market changes. These uncertainties and contingencies are difficult to predict and are subject to future events, and economic and market conditions, which may alter the assumptions. Newcastle also invests in loans, including real estate related loans, commercial mortgage loans, residential mortgage loans and subprime mortgage loans. Newcastle determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. The loans are evaluated at acquisition for evidence of credit quality deterioration. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. Loans for which it is determined that it is probable that all contractually required principal and interest payments at acquisition will not be collected are categorized as loans acquired at a discount for credit quality. Loans receivable are presented in the Consolidated Balance Sheets net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference) and is not recognized as income. Probable increases in expected cash flows would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining expected life of the loan. Newcastle discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held-for-investment to held-for-sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Interest income includes prepayment penalties received of $0.2 million in 2013 . There were no prepayment penalties received in 2015 and 2014 . Impairment of Securities and Loans — Newcastle continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Newcastle will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality, whenever there has been a probable adverse change in the timing or amounts of expected cash flows, or that represent retained beneficial interests in securitizations, when Newcastle determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, Newcastle must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write-down to fair value must be recorded. Similarly for securities, Newcastle must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. For certain securities which represent beneficial interests in securitized financial assets and non-Agency RMBS acquired with evidence of deteriorated credit quality for which it was deemed probable, at acquisition, that we would be unable to collect all contractually required payments as they come due, an other-than-temporary impairment also will be deemed to have occurred whenever there is a probable adverse change in the timing or amounts of previously projected estimated cash flows. Upon determination of impairment, Newcastle establishes specific valuation allowances for loans or records a direct write-down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. Newcastle also establishes allowances for estimated unidentified incurred losses on pools of loans. The allowance for each loan is maintained at a level believed adequate by management to absorb probable losses, based on periodic reviews of actual and expected losses. It is Newcastle’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from Newcastle’s estimates. Newcastle may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment, and a related write-down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Newcastle charges off the corresponding loan allowance when it determines the loans to be uncollectable. Golf Revenues — Revenue from green fees, cart rentals, food and beverage sales, merchandise sales and other activities (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 Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following: Year Ended December 31, 2015 2014 2013 Gain on settlement of investments, net Gain on settlement of real estate securities $ 42,356 $ 23,679 $ 9,853 Loss on settlement of real estate securities (9,850 ) — (3,592 ) Loss on settlement of TBAs (12,907 ) (4,151 ) — Gain on repayment/disposition of loans held-for-sale 1,533 32,500 10,716 Loss on repayment/disposition of loans held-for-sale (14 ) — (354 ) Gain (loss) recognized on termination of derivative instruments (612 ) — 813 $ 20,506 $ 52,028 $ 17,436 Other income, net Gain on non-hedge derivative instruments $ 1,758 $ 17,599 $ 10,525 Gain on lease modifications and terminations 471 7,219 — Realized loss recognized upon de-designation of hedges — (34 ) (110 ) Equity in earnings (losses) of equity method investees 1,311 954 (97 ) Collateral management fee income, net 708 963 1,279 Loss on disposal of long-lived assets (1,403 ) (1,294 ) (67 ) Other income 844 437 1,759 $ 3,689 $ 25,844 $ 13,289 Reclassification From Accumulated Other Comprehensive Income Into Net Income — The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income: Year Ended December 31, Accumulated Other Comprehensive Income Statement 2015 2014 2013 Net realized gain (loss) on securities Reversal (impairment) Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss) $ 31 $ — $ (44 ) Gain on settlement of real estate securities Gain on settlement of investments, net 42,356 23,679 9,853 Loss on settlement of real estate securities Gain on settlement of investments, net (9,850 ) — (3,592 ) $ 32,537 $ 23,679 $ 6,217 Net realized (loss) on derivatives designated as cash flow hedges Realized loss recognized upon de-designation of hedges Other income, net $ — $ (34 ) $ (110 ) Realized loss recognized on termination of hedges Gain on settlement of investments, net $ (612 ) $ — $ — Amortization of deferred gain Interest expense 78 61 11 Loss reclassified from AOCI into income, related to effective portion Interest expense (1,363 ) (4,379 ) (6,128 ) $ (1,897 ) $ (4,352 ) $ (6,227 ) Total reclassifications $ 30,640 $ 19,327 $ (10 ) EXPENSE RECOGNITION Interest Expense — Newcastle finances its investments using both fixed and floating rate debt, including securitizations, loans, repurchase agreements, and other financing vehicles. Certain of this debt has been issued at a discount. Discounts are accreted into interest expense on the effective yield or interest method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing. Deferred Costs and Interest Rate Cap Premiums — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight-line basis or the interest method. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Interest rate cap premiums, if any, are included in receivables and other assets, and are amortized as described below. Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as either a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. Derivative transactions are entered into by Newcastle solely for risk management purposes, except for total rate of return swaps. Such total rate of return swaps are essentially financings of certain reference assets which are treated as derivatives for accounting purposes. The decision of whether or not a given transaction/position (or portion thereof) is hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by management, including restrictions imposed by the 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 has designated certain of its derivatives, and in some cases re-designated all or a portion thereof as hedges. As a result of these designations, in the cases where the originally hedged items were still owned by Newcastle, the unrealized gain or loss was recorded in accumulated other comprehensive income as a deferred hedge gain or loss and is being amortized over the life of the hedged item. As of December 31, 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 in June 2015, and an 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 not designated as hedges matured in March 2015. Newcastle also transacts in the To Be Announced MBS ("TBA") market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Newcastle primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our investment strategies. For example, Newcastle takes short positions in TBAs to offset - to varying degrees - changes in the values of our Agency RMBS investments for which we have exposure to interest rate volatility; therefore, these derivatives may, to some extent, be economically effective as hedges. Newcastle typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Newcastle may "roll" its TBA positions, whereby we may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Newcastle accounts for its TBA transactions as non-hedge instrument, with changes in market value recorded in the statement of operations. As of December 31, 2015 , Newcastle held TBA contracts consisting of three short contracts totaling $705.0 million notional amount and two long contracts totaling $602.0 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 to 20 years, and typically, the leases contain renewal options. Certain leases include minimum scheduled increases in rental payments at various times during the term of the lease. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in accounts payable, accrued expenses and other liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent. Management Fees to Affiliate — These represent amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 13. BALANCE SHEET MEASUREMENT Investment in Real Estate Securities — Newcastle has classified its investments in securities as available-for-sale. Securities available-for-sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described above. Loans Held-for-Sale — Loans held-for-sale are recorded net of any unamortized discount (or gross of any unamortized premiums), including any fees received and are measured at the lower of cost or fair value, with valuation changes recorded in other income. As loans held-for-sale are recognized at the lower of cost or fair value, Newcastle’s allowance for loss policy does not apply to these loans. Purchase price discounts or premiums are deferred in a contra loan account until the related loans is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Acquisition Accounting — Newcastle has determined that all of its acquisitions should be accounted for under the acquisition method. The accounting for acquisitions requires the identification and measurement of all acquired tangible and intangible assets and assumed liabilities at their respective fair values, as of the respective transaction dates. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as Newcastle's estimates of future cash flows based on a number of factors including known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of real property includes qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties. Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions and include advisory, legal, accounting, valuation and other professional or consulting fees. Investments in CDO Servicing Rights — In February 2011, Newcastle, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) CDOs for $2.2 million pursuant to a bankruptcy proceeding. Newcastle initially recorded the cost of acquiring the collateral management rights as a servicing asset and subsequently amortizes this asset in proportion to, and over the period of, estimated net servicing income. Servicing assets are assessed for impairment on a quarterly basis, with impairment recognized as a valuation allowance. Key economic assumptions used in measuring any potential impairment of the servicing assets include the prepayment speeds of the underlying loans, default rates, loss severities and discount rates. During the years ended December 31, 2015 , 2014 and 2013 , Newcastle recorded $0.3 million , $0.3 million , and $0.3 million , respectively, of servicing rights amortization and no servicing rights impairment. As of December 31, 2015 and 2014 , Newcastle’s

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On May 15, 2013, Newcastle completed the spin-off of New Residential from Newcastle. On February 13, 2014, Newcastle completed the spin-off of New Media from Newcastle. On November 6, 2014, Newcastle completed the spin-off of 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 Newcastle plans to sell in which it 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 December 31, 2015 and $6.6 million as of December 31, 2014, and no cash and cash equivalents, restricted cash and receivables and other assets as of December 31, 2015 and $0.2 million as of December 31, 2014 . There were no liabilities of discontinued operations as of December 31, 2015 . The liabilities of discontinued operations include accounts payable, accrued liabilities and other liabilities of $0.5 million as of December 31, 2014. Results of operations from discontinued operations were as follows: Year Ended December 31, 2015 2014 2013 Interest income $ — $ — $ 15,098 Interest expense — (49,705 ) (12,372 ) Net interest income (expense) — (49,705 ) 2,726 Operating Revenues Media income — 68,212 61,637 Rental income 556 194,729 74,936 Care and ancillary income — 20,428 12,387 Total operating revenues 556 283,369 148,960 Other Income Other income (loss) — 1,444 (2,404 ) Gain on settlement of investments 318 — — Change in fair value of investments in excess mortgage servicing rights — — 3,894 Change in fair value of investments in equity method investees — — 4,924 Earnings from investments in equity method investees — — 16,117 Total other income 318 1,444 22,531 Expenses Property operating expenses 187 152,896 53,733 Media operating expenses — — 49,092 General and administrative expense (A) 30 20,096 21,742 Depreciation and amortization 11 90,627 30,969 Management fee to affiliate — 7,789 5,034 Income tax expense (benefit) — (1,111 ) 2,100 Total expenses 228 270,297 162,670 Income (loss) from discontinued operations, net of tax $ 646 $ (35,189 ) $ 11,547 (A) Includes acquisition and spin-off related expenses of $0.0 million , $15.8 million and $13.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 (see Note 12). 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 (see Note 12).

SEGMENT REPORTING AND VARIABLE

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 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) investments 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 (Note 11) and management fees pursuant to the Management Agreement (Note 13). Summary financial data on Newcastle’s segments is given below, together with reconciliation to the same data for Newcastle as a whole: Debt Investments (A) CDOs Other Debt (B) Golf Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2015 Interest income $ 32,488 $ 66,233 $ 152 $ 23 $ — $ (3,005 ) $ 95,891 Interest expense (6,587 ) (38,244 ) (16,520 ) (3,783 ) — 3,005 (62,129 ) Inter-segment elimination (3,005 ) — 3,005 — — — — Net interest income (expense) 22,896 27,989 (13,363 ) (3,760 ) — — 33,762 Total impairment (reversal) 12,569 6,832 — — — — 19,401 Total operating revenues — — 295,856 — — — 295,856 Total other income (expense) 30,270 (4,003 ) 13,180 54 — — 39,501 Loan and security servicing expense 283 8 — — — — 291 Operating expenses - golf (C) — — 236,971 — — — 236,971 Operating expenses-golf, repairs and maintenance expenses — — 8,450 — — — 8,450 Cost of sales - golf — — 31,681 — — — 31,681 General and administrative expense — — 2,983 7,640 — — 10,623 General and administrative expense - acquisition and transaction expenses (D) — 60 1,364 (301 ) — — 1,123 Management fee to affiliate — — — 10,692 — — 10,692 Depreciation and amortization — — 28,682 (48 ) — — 28,634 Income tax expense — — 345 — — — 345 Income (loss) from continuing operations 40,314 17,086 (14,803 ) (21,689 ) — — 20,908 Income from discontinued operations, net of tax — — — — 646 — 646 Net income (loss) 40,314 17,086 (14,803 ) (21,689 ) 646 — 21,554 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interests — — 293 — — — 293 Income (loss) applicable to common stockholders $ 40,314 $ 17,086 $ (14,510 ) $ (27,269 ) $ 646 $ — $ 16,267 December 31, 2015 Investments $ 46,392 $ 669,736 $ 302,379 $ — $ — $ — $ 1,018,507 Cash and restricted cash 128 1,082 19,981 28,929 — — 50,120 Other assets 77 365,104 33,765 409 — — 399,355 Assets of discontinued operations — — — — — — — Total assets 46,597 1,035,922 356,125 29,338 — — 1,467,982 Debt, net 97,605 740,921 81,091 51,225 — — 970,842 Other liabilities 29 107,125 166,973 12,891 — — 287,018 Liabilities of discontinued operations — — — — — — — Total liabilities 97,634 848,046 248,064 64,116 — — 1,257,860 Preferred stock — — — 61,583 — — 61,583 Noncontrolling interests — — (257 ) — — — (257 ) Equity (deficit) attributable to common stockholders $ (51,037 ) $ 187,876 $ 108,318 $ (96,361 ) $ — $ — $ 148,796 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2014 Interest income $ 84,938 $ 50,093 $ 147 $ 44 $ — $ (7,595 ) $ 127,627 Interest expense (22,142 ) (41,874 ) (19,783 ) (3,818 ) — 7,595 (80,022 ) Inter-segment elimination (7,595 ) 1,861 5,734 — — — — Net interest income (expense) 55,201 10,080 (13,902 ) (3,774 ) — — 47,605 Total impairment (reversal) (3,303 ) 884 — — — — (2,419 ) Total operating revenues — — 291,537 — — — 291,537 Total other income 41,780 26,819 5,863 — — — 74,462 Loan and security servicing expense 238 961 — — — — 1,199 Operating expenses - golf (C) — — 244,234 — — — 244,234 Operating expenses - golf, repairs and maintenance expenses — — 9,870 — — — 9,870 Cost of sales - golf — — 30,271 — — — 30,271 General and administrative expense 14 2 1,435 7,722 — — 9,173 General and administrative expense - acquisition and transaction expenses (D) — 2,919 1,941 619 — — 5,479 Management fee to affiliate — — — 21,039 — — 21,039 Depreciation and amortization — — 26,880 87 — — 26,967 Income tax expense — — 208 — — — 208 Income (loss) from continuing operations 100,032 32,133 (31,341 ) (33,241 ) — — 67,583 Loss from discontinued operations, net of tax — — — — (35,189 ) — (35,189 ) Net income (loss) 100,032 32,133 (31,341 ) (33,241 ) (35,189 ) — 32,394 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interests — — 329 — 523 — 852 Income (loss) applicable to common stockholders $ 100,032 $ 32,133 $ (31,012 ) $ (38,821 ) $ (34,666 ) $ — $ 27,666 December 31, 2014 Investments, net (E) $ 473,209 $ 833,293 $ 323,969 $ — $ — $ — $ 1,630,471 Cash and restricted cash 11,790 877 21,637 55,137 — — 89,441 Other assets (F) 1,927 2,190 30,983 91 — — 35,191 Assets of discontinued operations — — — — 6,803 — 6,803 Total assets 486,926 836,360 376,589 55,228 6,803 — 1,761,906 Debt, net (E) 310,636 791,499 161,474 51,231 — — 1,314,840 Other liabilities 2,391 4,528 164,897 16,475 — — 188,291 Liabilities of discontinued operations — — — — 447 — 447 Total liabilities 313,027 796,027 326,371 67,706 447 — 1,503,578 Preferred stock — — — 61,583 — — 61,583 Noncontrolling interest — — 36 — — — 36 Equity (deficit) attributable to common stockholders $ 173,899 $ 40,333 $ 50,182 $ (74,061 ) $ 6,356 $ — $ 196,709 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2013 Interest income $ 119,292 $ 98,968 $ — $ 198 $ — $ (4,746 ) $ 213,712 Interest expense (24,996 ) (54,534 ) — (3,817 ) — 4,746 (78,601 ) Inter-segment elimination (4,746 ) 4,746 — — — — — Net interest income (expense) 89,550 49,180 — (3,619 ) — — 135,111 Total impairment (reversal) (9,338 ) (10,431 ) — — — — (19,769 ) Total other income 23,946 11,344 — — — — 35,290 Loan and security servicing expense 741 3,113 — 3 — — 3,857 General and administrative expense — 18 — 17,440 — — 17,458 Management fee to affiliate — — — 28,057 — — 28,057 Depreciation and amortization — — — 4 — — 4 Income (loss) from continuing operations 122,093 67,824 — (49,123 ) — 140,794 Income from discontinued operations, net of tax — — — — 11,547 — 11,547 Net income (loss) 122,093 67,824 — (49,123 ) 11,547 — 152,341 Preferred dividends — — — (5,580 ) — — (5,580 ) Net income attributable to noncontrolling interests — — — — (928 ) — (928 ) Income (loss) applicable to common stockholders $ 122,093 $ 67,824 $ — $ (54,703 ) $ 10,619 $ — $ 145,833 (A) Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure. (B) The following table summarizes the investments and debt in the Other Debt segment: December 31, 2015 December 31, 2014 Investments Debt Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options 380,806 380,806 380,806 380,806 406,217 406,217 406,217 406,217 Other Unlevered real estate securities (G) 37,404 12,642 — — 167,457 12,265 — — Levered real estate securities (H) 102,660 105,963 348,625 348,625 390,771 407,689 385,282 385,282 Real estate related and other loans 238,449 149,198 11,660 11,490 — — — — Other investments N/A 20,595 — — N/A 6,479 — — Residential mortgage loans 922 532 — — 934 643 — — $ 760,241 $ 669,736 $ 741,091 $ 740,921 $ 965,379 $ 833,293 $ 791,499 $ 791,499 (C) Operating expenses - golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $4.6 million and $5.0 million for the years ended December 31, 2015 and 2014 , respectively. (D) Includes all transaction related and spin-off related expenses. (E) Net of $35.1 million of inter-segment eliminations as of 2014 . (F) In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Note 2) which requires retrospective application to all prior periods. Accordingly, Other assets is reduced by $0.4 million for deferred financing costs as of December 31, 2014. (G) Excludes eight securities with zero value, which had an aggregate face amount of $116.0 million . (H) These investments represent purchases that were traded on December 31, 2015 but settled on January 13, 2016. The debts represent repurchase agreements collateralized by sold investments that were traded on December 31, 2015 and settled on January 13, 2016. See Note 5 for additional detail. Variable Interest Entities The VIEs in which Newcastle has a significant interest include (i) Newcastle’s CDOs, in which Newcastle has been determined to be the primary beneficiary and therefore consolidates them (with the exception of CDO V), since it has the power to direct the activities that most significantly impact the CDOs’ economic performance and would absorb a significant portion of their expected losses and receive a significant portion of their expected residual returns. Newcastle’s CDOs are held in special purpose entities whose debt is treated as non-recourse secured borrowings of Newcastle. The following table presents certain assets of consolidated VIEs, which are included in the Consolidated Balance Sheets. The assets in the table below include only those assets that can 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. December 31, 2015 2014 Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs Real estate securities, available-for-sale $ 46,392 $ 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 380,806 406,217 Other investments — 20,308 Restricted cash 128 11,790 Receivables and other assets 77 1,927 Assets of discontinued operations — 6,803 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 427,403 $ 899,946 The following table presents certain liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets. The liabilities in the table below include third-party 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. December 31, 2015 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 $ 92,933 $ 227,673 Other bonds and notes payable 4,672 27,069 Financing of subprime mortgage loans subject to call option 380,806 406,217 Accounts payable, accrued expenses and other liabilities 29 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 $ 478,440 $ 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, CMBS, CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE since they involve subjective determinations of significance, with respect to both power and economics. The result could be the consolidation of an entity that otherwise would not have been consolidated or the de-consolidation of an entity that otherwise would have been consolidated. As of December 31, 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 December 31, 2015 , in addition to the subprime securitizations which are described in Note 6: Entity Gross Assets (A) Debt (B) Carrying Value of Newcastle’s Newcastle CDO V $ 80,062 $ 107,113 $ 9,731 (A) Face amount. (B) Newcastle CDO V includes $44.1 million face amount of debt owned by Newcastle with a carrying value of $9.7 million at December 31, 2015 . (C) This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 , all of which are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Before Other-Than- After Gains Losses Carrying Value Number of Rating Coupon Yield Life Principal December 31, 2015 CMBS $ 67,669 $ 78,416 $ (55,372 ) $ 23,044 $ 16,673 $ (33 ) $ 39,684 16 B 4.97 % 14.78 % 2.1 26.1 % Non-Agency RMBS 16,477 23,403 (20,667 ) 2,736 6,958 (75 ) 9,619 9 CC 1.89 % 11.95 % 11.0 9.7 % ABS-Franchise 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % 0 — % CDO (E) 14,632 — — — 9,731 — 9,731 2 C 1.80 % — % 7.2 25.1 % Debt Security Total/Average (F) $ 107,242 $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 28 CCC+ 4.20 % 14.48 % 4.0 Equity Securities — — — — — — 2 Total Securities, Available-for-Sale $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 30 Agency RMBS (FNMA/FHLMC) 102,660 105,940 — 105,940 23 — 105,963 3 AAA 3.50 % 2.99 % 7.8 N/A Total Securities, Pledged as Collateral $ 102,660 $ 105,940 $ — $ 105,940 $ 23 $ — $ 105,963 3 December 31, 2014 CMBS $ 214,026 $ 218,900 $ (75,574 ) $ 143,326 $ 35,441 $ (4 ) $ 178,763 32 B 5.86 % 11.00 % 2.6 10.4 % Non-Agency RMBS 67,475 79,808 (54,589 ) 25,219 19,816 — 45,035 28 CCC 1.21 % 9.66 % 7.7 21.8 % ABS-Franchise 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % 0 — % CDO (E) 14,413 — — — 7,956 — 7,956 2 CCC- 1.46 % — % 11.5 13.7 % Debt Security Total/Average (F) $ 304,378 $ 306,355 $ (137,810 ) $ 168,545 $ 63,213 $ (4 ) $ 231,754 63 B- 4.64 % 10.80 % 4.1 Equity Securities — — — — — — 1 Total Securities, Available-for-Sale $ 306,355 $ (137,810 ) $ 168,545 $ 63,213 $ (4 ) $ 231,754 64 Agency RMBS (FNMA/FHLMC) 390,771 403,216 — 403,216 4,473 — 407,689 9 AAA 3.50 % 2.94 % 5.6 N/A Total Securities, Pledged as Collateral $ 390,771 $ 403,216 $ — $ 403,216 $ 4,473 $ — $ 407,689 9 (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current. (C) The weighted average life is based on the timing of expected principal reduction on the assets. (D) Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments. (E) Represents non-consolidated CDO securities, excluding eight securities with zero value which had an aggregate face amount of $ 116.0 million and $113.3 million as of December 31, 2015 and 2014 , respectively. (F) As of December 31, 2015 and 2014 , the total outstanding face amount of fixed rate securities was $168.5 million and $600.9 million , respectively, and of floating rate securities were $41.4 million and $94.2 million , respectively. Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the years ended December 31, 2015 , 2014 and 2013 , Newcastle recorded other-than-temporary impairment charges (“OTTI”) of $2.4 million , $0.0 million and $5.2 million , respectively, (gross of less than $0.1 million , $0.0 million and $0.0 million of other-than-temporary impairment recognized (reversed) in other comprehensive income in 2015 , 2014 and 2013 , respectively). During the year ended December 31, 2013 , $3.8 million of the OTTI recorded was on certain real estate securities included in the spin-off of New Residential as Newcastle determined it did not have the intent to hold the securities past May 15, 2013. Based on management’s analysis of the securities, the performance of the underlying loans and changes in market factors, Newcastle noted adverse changes in the expected cash flows on certain of these securities and concluded that they were other-than-temporarily impaired. Any remaining unrealized losses as of each balance sheet date on Newcastle’s securities were primarily the result of changes in market factors, rather than issuer-specific credit impairment. Newcastle performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support that the carrying values of such securities were fully recoverable over their expected holding period. The following table summarizes Newcastle’s securities in an unrealized loss position as of December 31, 2015 . Amortized Cost Basis Gross Unrealized Weighted Average Securities in Outstanding Before Other-than- After Gains Losses Carrying Number Rating Coupon Yield Life Less Than Twelve Months $ 3,699 $ 4,389 $ (3,010 ) $ 1,379 $ — $ (108 ) $ 1,271 2 CC 3.46 % 11.20 % 7.4 Twelve or More Months — — — — — — — — — — — 0 Total $ 3,699 $ 4,389 $ (3,010 ) $ 1,379 $ — $ (108 ) $ 1,271 2 CC 3.46 % 11.20 % 7.4 Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following: December 31, 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 1,271 1,379 (3,010 ) (108 ) Non-credit impaired securities — — — — Total debt securities in an unrealized loss position $ 1,271 $ 1,379 $ (3,010 ) $ (108 ) (A) Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales. (B) This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle’s management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate. (C) This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income. The following table summarizes the activity related to credit losses on debt securities: 2015 2014 Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (4,174 ) $ (2,873 ) Additions for credit losses on securities for which an OTTI was not previously recognized (1,567 ) — Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income — (4,174 ) 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 during the period — 2,873 Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) $ (4,174 ) The table below summarizes the geographic distribution of the collateral securing the CMBS and ABS at December 31, 2015 : CMBS ABS Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ 12,303 18.2 % $ 7,922 31.8 % Southeastern U.S. 16,954 25.0 % 3,798 15.2 % Midwestern U.S. 21,105 31.2 % 7,630 30.6 % Western U.S. 9,857 14.6 % 4,184 16.8 % Southwestern U.S. 7,450 11.0 % 1,407 5.6 % $ 67,669 100.0 % $ 24,941 100.0 % 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 RMBS fixed-rate securities at an average price of 104.72% of par 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 RMBS fixed-rate securities at an average price of 104.77% of par 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 RMBS 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 July 2015, Newcastle sold $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 . Newcastle repaid $375.7 million of outstanding repurchase agreement liabilities in connection with this sale. In July 2015, Newcastle purchased $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 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 October 2015, Newcastle sold $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. In October 2015, Newcastle purchased $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. In December 2015, Newcastle entered into a trade to sell $350.3 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $361.3 million , and recognized a loss of $3.9 million . Newcastle repaid $348.6 million of outstanding repurchase agreement liabilities in connection with this sale. This trade settled in January 2016. In December 2015, Newcastle entered into a trade to purchase $102.7 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $105.9 million . This transaction was financed with $102.2 million of repurchase agreements. This trade settled in January 2016. Securities Pledged as Collateral These government agency securities were sold under agreements to repurchase which are treated as collateralized financing transactions. Although being pledged as collateral, securities financed through a repurchase agreement remains on Newcastle's Consolidated Balance Sheets as an asset and cash received from the purchaser is recorded on Newcastle's Consolidated Balance Sheets as a liability.

REAL ESTATE RELATED AND OTHER L

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment. December 31, 2015 December 31, 2014 Loan Type Outstanding Carrying Valuation Allowance (Reversal) Loan Wtd. Wtd Wtd Floating Rate Delinquent Carrying Wtd. Avg. Mezzanine Loans $ 37,200 $ 19,433 $ 4,386 3 8.00 % 8.27 % 0.3 100.0 % $ 17,767 $ 103,582 7.79 % Corporate Bank Loans 201,249 129,765 5,218 4 22.42 % 18.47 % 1.0 0.0 % 45,687 107,715 22.08 % B-Notes — — — — — % — % 0 — % — 18,748 12.00 % Whole Loans — — — — — % — % 0 — % — 155 4.00 % Total Real Estate Related and other Loans Held-for-Sale, Net (D) $ 238,449 $ 149,198 $ 9,604 7 20.54 % 16.88 % 0.9 15.6 % $ 63,454 $ 230,200 14.82 % Residential Mortgage Loans Held-for-Sale, Net (E)(F) $ 922 $ 532 $ 96 4 62.02 % 2.84 % 1.6 100.0 % $ 766 $ 3,854 23.48 % Subprime Mortgage Loans Subject to Call Option $ 380,806 $ 380,806 $ 406,217 (A) The aggregate United States federal income tax basis for such assets at December 31, 2015 was approximately $175.9 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average maturity is based on the timing of expected principal reduction on the assets. (C) Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2015 and December 31, 2014 , $63.5 million and $76.5 million face amount of real estate related and other loans, respectively, was on non-accrual status. (D) Loans which are more than 3% of the total current carrying value (or $4.5 million ) at December 31, 2015 are as follows: December 31, 2015 Loan Type Outstanding Carrying Value Prior Liens Loan Yield (1) Coupon (1) Weighted Average Individual Corporate Bank Loan (2) $ 141,865 $ 125,793 $ 621,088 1 22.50 % 22.50 % 1.0 Individual Mezzanine Loan (3) 19,433 19,433 114,111 1 8.00 % 8.00 % 0.5 Others (4) 77,151 3,972 22,500 5 20.00 % 8.78 % 0.6 $ 238,449 $ 149,198 7 20.54 % 16.88 % 0.9 (1) For Others, represents weighted average yield and weighted average coupon. (2) Interest accrued to principal balance over life to maturity. Prior Liens reflect indebtedness and other claims on the assets of the related companies which support the Individual Corporate Bank Loan. (3) Interest only payments over life to maturity and balloon principal payment upon maturity. Prior Liens reflect loans in this capital structure which are ranked pari passu to the Individual Mezzanine Loan. (4) Various terms of payment. This represents $59.4 million and $17.8 million of bank loans and mezzanine loans, respectively. Each of the five loans had a carrying value of less than $4.5 million at December 31, 2015 . Prior Liens reflect face amounts of third party liens that are senior to Newcastle’s position for Others. (E) The following is an aging analysis of past due residential loans held-for-sale as of December 31, 2015 : 30-59 Days 60-90 Days Over 90 Days REO Total Past Current Total Outstanding Residential Loans $ — $ — $ — $ 766 $ 766 $ 156 $ 922 Newcastle’s management monitors the credit qualities of the residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate. (F) Loans acquired at a discount for credit quality. Newcastle's investments in real estate related and other loans were classified as held-for-sale as of December 31, 2015 and December 31, 2014 . Loans held-for-sale are marked to the lower of carrying value or fair value. 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. The following is a summary of real estate related and other loans by maturity at December 31, 2015 : Year of Maturity (1) Outstanding Carrying Value Number of Delinquent (2) $ 63,454 $ — 4 2016 19,433 19,433 1 2017 — — — 2018 — — — 2019 155,562 129,765 2 2020 — — — Thereafter — — — Total $ 238,449 $ 149,198 7 (1) Based on the final extended maturity date of each loan investment as of December 31, 2015 . (2) Includes loans that are non-performing, in foreclosure, or under bankruptcy. Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows: Held for Sale Held for Investment Real Estate Residential Residential NPL Reverse Balance at December 31, 2012 $ 843,132 $ 2,471 $ 292,461 $ — Purchases / additional fundings 315,296 — — 35,138 Interest accrued to principal balance 26,588 — — — Principal paydowns (257,335 ) (373 ) (45,665 ) — Sales (101,338 ) — — — New Residential spin-off — — — (35,865 ) Conversion to equity-GateHouse (393,531 ) — — — Elimination after restructure-Golf (29,412 ) — — — Valuation (allowance) reversal on loans 19,479 105 5,451 — Gain on repayment of loans held for sale 7,216 — — — Accretion of loan discount and other amortization 6,689 — 3,684 727 Other 746 (18 ) (481 ) — Balance at December 31, 2013 $ 437,530 $ 2,185 $ 255,450 $ — Purchases / additional fundings — — — — Interest accrued to principal balance 20,830 — — — Principal paydowns (240,937 ) (9,574 ) (9,436 ) — Sales — (233,349 ) — — Transfer to held-for-sale — 246,121 (246,121 ) — Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) — Accretion of loan discount and other amortization 8,867 — 115 — Other 607 (1,478 ) 825 — Balance at December 31, 2014 $ 230,200 $ 3,854 $ — $ — Purchases / additional fundings — — — — Interest accrued to principal balance 27,717 — — — Principal paydowns (46,696 ) (134 ) — — Sales (55,574 ) (2,925 ) — — Valuation (allowance) reversal on loans (9,284 ) (257 ) — — Accretion of loan discount and other amortization 3,203 — — — Other (368 ) (6 ) — — Balance at December 31, 2015 $ 149,198 $ 532 $ — $ — The following is a rollforward of the related loss allowance: Held for Sale Held for Investment Real Estate Related and Other Loans Residential Mortgage Loans Residential Mortgage Loans (A) Balance at December 31, 2012 $ (182,062 ) $ (1,072 ) $ (22,478 ) Charge-offs (B) 68,546 143 4,780 Valuation (allowance) reversal on loans 19,479 105 5,451 Balance at December 31, 2013 (94,037 ) (824 ) (12,247 ) Charge-offs (B) 14,808 84 711 Transfer to held-for-sale — (12,369 ) 12,369 Sales — 13,006 — Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) Balance at December 31, 2014 $ (75,926 ) $ (154 ) $ — Charge-offs (B) 14,345 160 — Sales — — — Valuation (allowance) reversal on loans (9,284 ) (257 ) — Balance at December 31, 2015 $ (70,865 ) $ (251 ) $ — (A) The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality. (B) The charge-offs for real estate related loans represent four , three and three loans which were written off, sold, restructured, or paid off at a discounted price during 2015 , 2014 and 2013 , respectively. The average carrying amount of Newcastle’s real estate related and other loans was approximately $172.8 million , $270.1 million and $761.7 million during 2015 , 2014 and 2013 , respectively, on which Newcastle earned approximately $36.8 million , $49.3 million and $81.5 million of gross interest revenues, respectively. The average carrying amount of Newcastle’s residential mortgage loans was approximately $2.4 million , $90.5 million and $282.7 million during 2015 , 2014 and 2013 , respectively, on which Newcastle earned approximately $0.1 million , $8.3 million and $27.3 million of gross interest revenues, respectively. The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2015 : Real Estate Related and Other Loans Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ 7,967 9.6 % $ 523 56.7 % Southeastern U.S. 7,754 9.3 % 260 28.2 % Midwestern U.S. — — % 139 15.1 % Southwestern U.S. 3,712 4.5 % — — Foreign 63,454 76.6 % — — $ 82,887 100.0 % $ 922 100.0 % Other 155,562 (A) $ 238,449 (A) Includes corporate bank loans which are not directly secured by real estate assets. Securitization of Subprime Mortgage Loans Newcastle acquired and securitized two portfolios of subprime residential mortgage loans (“Subprime Portfolio I” and “Subprime Portfolio II”), through subsidiaries, as summarized in the table below. Both portfolios are being serviced by an affiliate of the Manager for a servicing fee equal to 0.50% per annum on their respective unpaid principal balances. Both portfolios were securitized through special purpose entities (“Securitization Trust 2006”) and (“Securitization Trust 2007”) which are not consolidated by Newcastle. Newcastle retained a portion of the notes issued by, and all of the equity of, both entities. Newcastle, as holder of the equity (or residual interest), has the option (a call option) to redeem the notes once the aggregate principal balance of Subprime Portfolio I or Subprime Portfolio II is equal to or less than 20% or 10% , respectively, of such balance at the date of the transfer. The transactions between Newcastle and each securitization trust qualified as sales for accounting purposes. However, the loans which are subject to a call option by Newcastle were not treated as being sold and are classified as “held for investment” subsequent to the completion of the securitizations. The loans subject to call option and the corresponding financing recognize interest income and expense based on the expected weighted average coupons of the loans subject to call options at the call date of 9.24% and 8.68% for Subprime Portfolios I and II, respectively. The call options are “out of the money,” meaning that the price Newcastle would have to pay to acquire such loans exceeds their fair value at this time, and there is no requirement to exercise such options. In both transactions, the residual interests and the retained bonds are reported as real estate securities, available for sale. The retained loans subject to call option and corresponding financing are reported as separate line items on Newcastle’s balance sheet. Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that its exposure to loss is limited to the carrying amount of its retained interests in the securitization entities, as described above. A subsidiary of Newcastle gave limited representations and warranties with respect to Subprime Portfolio II and is required to pay the difference, if any, between the repurchase price of any loan in such portfolio and the price required to be paid by a third party originator for such loan. Such subsidiary, however, has no assets and does not have recourse to the general credit of Newcastle. Subprime Portfolio I II Date of acquisition March 2006 March 2007 Original number of loans (approximate) 11,300 7,300 Predominant origination date of loans 2005 2006 Original face amount of purchase $1.5 billion $1.3 billion Pre-securitization loan write-down ($4.1 million) ($5.8 million) Gain on pre-securitization hedge $5.5 million $5.8 million Gain on sale Less than $0.1 million $0.1 million Securitization date April 2006 July 2007 Face amount of loans at securitization $1.5 billion $1.1 billion Face amount of notes sold by trust $1.4 billion $1.0 billion Stated maturity of notes March 2036 April 2037 Face amount of notes retained by Newcastle $37.6 million $38.8 million Fair value of equity retained by Newcastle $62.4 million (A) $46.7 million (A) Key assumptions in measuring such fair value (A) : Weighted average life (years) 3.1 3.8 Expected credit losses 5.3% 8.0% Weighted average constant prepayment rate 28.0% 30.1% Discount rate 18.8% 22.5% (A) As of the date of transfer. The following table presents information on the retained interests in the securitizations of Subprime Portfolios I and II at December 31, 2015 : Subprime Portfolio I II Total Total securitized loans (unpaid principal balance) (A) $ 274,956 $ 389,827 $ 664,783 Loans subject to call option (carrying value) $ 273,765 $ 107,041 $ 380,806 Retained interests (fair value) (B) $ 2,911 $ — $ 2,911 (A) Average loan seasoning of 125 months and 107 months for Subprime Portfolios I and II, respectively, at December 31, 2015 . (B) The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained note was 21.80% as of December 31, 2015 . The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of December 31, 2015 (unaudited, except stated otherwise): Subprime Portfolio I II Loan unpaid principal balance (UPB) (A) $ 274,956 $ 389,827 Weighted average coupon rate of loans 5.52 % 4.36 % Delinquencies of 60 or more days (UPB) (A)(B) $ 54,197 $ 108,817 Net credit losses for year ended December 31, 2015 $ 13,295 $ 27,942 December 31, 2014 $ 25,225 $ 34,102 Cumulative net credit losses $ 285,324 $ 363,618 Cumulative net credit losses as a % of original UPB 19.0 % 33.4 % Percentage of ARM loans (C) 51.4 % 63.9 % Percentage of loans with loan-to-value ratio >90% 10.6 % 16.1 % Percentage of interest-only loans 1.9 % 3.4 % Face amount of debt (A) (D) $ 269,765 $ 389,827 Weighted average funding cost of debt (E) 0.79 % 0.69 % (A) Audited. (B) Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned. (C) ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs. (D) Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I and overcollateralization of $1.2 million on Subprime Portfolio I at December 31, 2015 . (E) Includes the effect of applicable hedges. Newcastle received negligible cash flows from the retained interests of Subprime Portfolios I and II during the years ended December 31, 2015 , 2014 and 2013 .

INVESTMENTS IN OTHER REAL ESTAT

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION The following table summarizes the balances of other real estate assets at December 31, 2015 . Initial Cost Gross Carrying Amount (A) (C) Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Owned Properties Bear Creek Woodinville WA $ 3,573 $ 2,178 $ 179 $ 28 $ 214 $ 3,573 $ 2,271 $ 327 $ 1 $ 6,172 $ (582 ) $ 5,590 Bradshaw Farm Woodstock GA 773 1,962 92 — 405 773 1,972 487 — 3,232 (544 ) 2,688 Brookstone Acworth GA 579 2,448 200 — 808 579 2,927 529 — 4,035 (692 ) 3,343 Canyon Oaks Chico CA 1,545 4,127 205 13 144 1,545 4,156 323 10 6,034 (946 ) 5,088 Casta Del Sol Mission Viejo CA 5,794 — — — 495 5,794 28 152 315 6,289 (26 ) 6,263 El Camino Oceanside CA 4,635 2,960 158 80 380 4,635 3,237 312 29 8,213 (684 ) 7,529 Forrest Crossing Franklin TN 3,187 807 76 55 215 3,187 848 264 41 4,340 (263 ) 4,077 Gettysvue Knoxville TN 2,994 1,428 235 181 284 2,994 1,647 396 85 5,122 (561 ) 4,561 Lomas Santa Fe (Executive) Solana Beach CA 3,766 — — — 120 3,766 63 21 36 3,886 (18 ) 3,868 Marbella SJ Capistrano CA 5,794 9,114 410 — 1,944 5,794 9,215 857 1,396 17,262 (1,948 ) 15,314 Monterey Palm Desert CA 5,698 3,004 202 19 892 5,698 3,471 646 — 9,815 (903 ) 8,912 Oakhurst Clayton CA 1,449 2,575 428 1,645 (1,251 ) 1,449 2,649 653 95 4,846 (946 ) 3,900 Oregon Golf Club West Linn OR 4,828 8,011 416 51 604 4,828 8,039 856 187 13,910 (1,742 ) 12,168 Palm Valley Palm Desert CA 7,531 8,864 379 56 232 7,531 8,744 665 122 17,062 (1,845 ) 15,217 Plantation Boise ID 2,607 2,236 262 13 248 2,607 2,314 445 — 5,366 (663 ) 4,703 Rancho San Joaquin Irvine CA 12,650 3,775 279 1,366 (12 ) 12,650 4,668 730 10 18,058 (995 ) 17,063 Seascape Aptos CA 2,897 4,944 108 67 289 2,897 4,967 360 81 8,305 (904 ) 7,401 Summitpointe Milpitas CA 2,511 3,271 128 8 746 2,511 3,542 584 27 6,664 (717 ) 5,947 Sunset Hills Thousand Oaks CA 2,125 5,447 383 — 799 2,125 5,525 1,022 82 8,754 (1,329 ) 7,425 Tanoan Albuquerque NM 1,642 7,600 431 364 419 1,642 8,020 786 8 10,456 (1,996 ) 8,460 Trophy Club of Apalachee Dacula GA 483 640 55 — 397 483 879 166 47 1,575 (221 ) 1,354 Initial Cost Gross Carrying Amount (A) (C) Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Trophy Club of Atlanta Alpharetta GA 483 3,898 60 — 377 483 3,935 198 202 4,818 (638 ) 4,180 Vista Valencia Valencia CA 1,352 5,199 91 — 344 1,352 5,399 225 10 6,986 (948 ) 6,038 Wood Ranch Simi Valley CA 2,125 1,951 239 416 678 2,125 2,284 927 73 5,409 (789 ) 4,620 Other N/A N/A 9,303 — — — 689 9,303 236 362 91 9,992 (99 ) 9,893 Total Owned Properties $ 90,324 $ 86,439 $ 5,016 $ 4,362 $ 10,460 $ 90,324 $ 91,036 $ 12,293 $ 2,948 $ 196,601 $ (20,999 ) $ 175,602 Managed Properties Candler Park Atlanta GA $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — El Cariso Sylmar CA — — — — 32 — — 32 — 32 (2 ) 30 Fullerton Fullerton CA — — — — 478 — — 373 105 478 (37 ) 441 John A White Atlanta GA — — — — — — — — — — — — Lomas Santa Fe Solana Beach CA — — 8 — 290 — — 298 — 298 (36 ) 262 Paradise Knolls Riverside CA — — 46 — — — — 46 — 46 (46 ) — Santa Clara Santa Clara CA — — — — — — — — — — — — Westchester Los Angeles CA — — — — 19 — — 19 — 19 — 19 Woodlands Wayne MI — — — — 8 — — 8 — 8 — 8 Yorba Linda Yorba Linda CA — — 5 — 95 — — 100 — 100 (16 ) 84 Total Managed Properties $ — $ — $ 59 $ — $ 922 $ — $ — $ 876 $ 105 $ 981 $ (137 ) $ 844 Total Leased Properties — 48,412 8,798 1,273 15,694 — 51,522 21,207 1,448 74,177 (23,660 ) 50,517 Corporate N/A N/A — — 3,219 — 1,141 — — 4,360 — 4,360 (3,416 ) 944 Total Properties $ 90,324 $ 134,851 $ 17,092 $ 5,635 $ 28,217 $ 90,324 $ 142,558 $ 38,736 $ 4,501 $ 276,119 $ (48,212 ) $ 227,907 (A) The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2015 and 2014 . Year ended December 31, 2015 Year ended December 31, 2014 Gross Carrying Amount Balance at beginning of year $ 263,103 $ 250,208 Additions: Acquisitions of other real estate — — Improvements 14,970 15,109 Disposals: Disposal of long-lived assets (1,954 ) (2,214 ) Balance at end of year $ 276,119 $ 263,103 Accumulated Depreciation Balance at beginning of year $ (23,820 ) $ — Additions: Depreciation expense (24,943 ) (24,740 ) Disposals: Disposal of long-lived assets 551 920 Balance at end of year $ (48,212 ) $ (23,820 ) (B) Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. (C) The aggregate United States federal income tax basis for Newcastle’s other operating real estate, including furniture, fixtures and equipment at December 31, 2015 was approximately $344.8 million . The real estate assets in the Golf business are encumbered by various debt obligations, as described in Note 11, at December 31, 2015 . In March 2015, the Golf business 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 a golf property in Hawaii expired, and the Golf business did not renew the lease for such property. In October 2015, the owner of a managed golf property in Oregon sold it to a third party who terminated the management agreement on such property.

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes Newcastle's intangibles related to its Golf business: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Value Amount Amortization Value Trade name $ 700 $ (47 ) $ 653 $ 700 $ (23 ) $ 677 Leasehold intangibles (A) 49,962 (9,817 ) 40,145 50,275 (5,206 ) 45,069 Management contracts 36,500 (7,911 ) 28,589 37,650 (4,666 ) 32,984 Internally-developed software 800 (320 ) 480 800 (160 ) 640 Membership base 5,236 (1,496 ) 3,740 5,214 (748 ) 4,466 Nonamortizable liquor licenses 865 — 865 850 — 850 Total intangibles $ 94,063 $ (19,591 ) $ 74,472 $ 95,489 $ (10,803 ) $ 84,686 (A) The amortization expense for leasehold intangibles is reported in operating expense - golf in the Consolidated Statements of Operations. The unamortized balance of intangible assets at December 31, 2015 are expected to be amortized as follows: 2016 $ 8,815 2017 8,246 2018 8,074 2019 7,442 2020 6,763 Thereafter 34,267 $ 73,607

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 : Fair Value December 31, Balance sheet location 2015 2014 Derivative Assets TBAs, not designated as hedges Receivables and other assets $ 127 $ — $ 127 $ — 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 684 2,031 $ 684 $ 4,328 The following table summarizes gains (losses) recorded in relation to derivatives: Income Statement Location Year Ended December 31, Cash flow hedges 2015 2014 2013 Loss immediately recognized at de-designation Other income $ — $ (34 ) $ (110 ) Loss recognized on termination of derivative instruments Gain on settlement of investments, net (612 ) — — Deferred hedge gain reclassified from AOCI into earnings Interest expense 78 61 11 Amount of loss reclassified from AOCI into income (effective portion) Interest expense (1,363 ) (4,379 ) (6,128 ) Amount of unrealized loss recognized in OCI on derivatives (effective portion) N/A (60 ) (177 ) (195 ) Non-hedge derivatives Gain recognized related to interest rate swaps Other income $ 284 $ 7,131 $ 9,764 Gain recognized related to linked transactions Other income — 12,498 1,168 Loss recognized related to linked transactions Interest expense — (211 ) (236 ) Gain (loss) recognized related to TBAs Other income 1,474 (2,030 ) — Loss on settlement of TBAs Gain on settlement of investments, net (12,907 ) (4,151 ) — Gain recognized on termination of derivative instruments Gain on settlement of investments, net — — 813 The following table presents additional information about cash flow hedge transactions: December 31, 2015 2014 Cash flow hedges Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months $ 20 $ 78 Expected reclassification of current hedges from AOCI into earnings over the next 12 months — (1,730 )

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 59,034 $ 59,034 Broker/counterparty quotations, pricing services, pricing models $ 231,754 $ 231,754 Real estate securities, pledged as collateral 105,963 105,963 Broker/counterparty quotations, pricing services 407,689 407,689 Real estate related and other loans, held-for-sale, net 149,198 165,270 Broker/counterparty quotations, pricing services, pricing models 230,200 246,678 Residential mortgage loans, held-for-sale, net 532 569 Broker/counterparty quotations, pricing models 3,854 4,076 Subprime mortgage loans subject to call option (B) 380,806 380,806 (B) 406,217 406,217 Restricted cash 4,469 4,469 15,714 15,714 Cash and cash equivalents 45,651 45,651 73,727 73,727 Non-hedge derivative assets (C) 127 127 Counterparty quotations, pricing services — — Liabilities CDO bonds payable (D) $ 92,933 $ 15,193 Pricing models $ 227,673 $ 134,491 Other bonds and notes payable (D) 16,162 16,620 Pricing models 27,069 28,102 Repurchase agreements 418,458 418,625 Counterparty quotations, market comparables 441,176 441,176 Credit facilities and obligations under capital leases 11,258 11,258 Pricing models 161,474 161,474 Financing of subprime mortgage loans subject to call option (B) 380,806 380,806 (B) 406,217 406,217 Junior subordinated notes payable 51,225 24,649 Pricing models 51,231 28,918 Interest rate swaps, treated as hedges (C) — — Counterparty quotations 1,963 1,963 Non-hedge derivative liabilities (C) 684 684 Counterparty quotations, pricing services 2,365 2,365 (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6). (C) Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9). (D) Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows. Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Newcastle follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including: • quoted prices for similar assets and 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 these 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 December 31, 2015 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations Market Quotations (Unobservable) Internal Pricing Models Assets: Real estate securities, available for sale: CMBS $ 39,684 $ — $ 39,684 $ — $ 39,684 Non-Agency RMBS 9,619 — 9,619 — 9,619 CDO (A) 9,731 — — 9,731 9,731 Real estate securities, available for sale total $ 59,034 $ — $ 49,303 $ 9,731 $ 59,034 Real estate securities, pledged as collateral: FNMA/FHLMC $ 105,963 $ 105,963 $ — $ — $ 105,963 Real estate securities, pledged as collateral $ 105,963 $ 105,963 $ — $ — $ 105,963 Derivative assets: TBAs, not treated as hedges $ 127 $ 127 $ — $ — $ 127 Derivative assets total $ 127 $ 127 $ — $ — $ 127 Liabilities: Derivative liabilities: TBAs, not treated as hedges $ 684 $ 684 $ — $ — $ 684 Derivative liabilities total $ 684 $ 684 $ — $ — $ 684 (A) Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $116.0 million as of December 31, 2015 . Significant Unobservable Inputs The following table provides quantitative information regarding the significant unobservable inputs used by Newcastle for assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 This table excludes inputs used to measure fair value that are not developed by Newcastle, such as broker prices and other third-party pricing service valuations. Asset Type Amortized Fair Weighted Average Significant Input Prepayment Speed Cumulative Default Rate Loss Severity CDO $ — $ 9,731 10.3 % 4.7 % 18.5 % 32.2 % Total $ — $ 9,731 All of the inputs used in the table have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security. The prepayment speed vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment speed vector is based on projections from a widely published investment bank model, which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services. Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also affect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections. Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the cumulative default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model. The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis. Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows: Level 3 Assets CMBS Non-Agency RMBS Equity/Other Securities Derivative Transactions Total Balance at December 31, 2013 $ 284,469 $ 57,581 $ 59,757 $ 43,662 $ 445,469 Total gains (losses) (A) Included in net income (B) 15,384 4,165 976 12,498 33,023 Included in other comprehensive income (loss) (21,154 ) 2,909 5,193 — (13,052 ) Amortization included in interest income 17,184 5,218 1,924 — 24,326 Purchases, sales and settlements Purchases — — — — — Proceeds from sales (73,252 ) (15,787 ) (57,053 ) — (146,092 ) Proceeds from repayments (43,868 ) (9,051 ) (2,841 ) (56,160 ) (111,920 ) Balance at December 31, 2014 $ 178,763 $ 45,035 $ 7,956 $ — $ 231,754 Transfers Transfer into Level 3 — — 367 — 367 Total gains (losses) (A) Included in net income (B) 12,038 14,826 (367 ) — 26,497 Included in other comprehensive income (loss) (18,797 ) (12,933 ) 1,775 — (29,955 ) Amortization included in interest income 6,866 2,849 — — 9,715 Purchases, sales and settlements Purchases — — — — — Proceeds from sales (102,607 ) (37,582 ) — — (140,189 ) Proceeds from repayments (36,579 ) (2,576 ) — — (39,155 ) Balance at December 31, 2015 $ 39,684 $ 9,619 $ 9,731 $ — $ 59,034 (A) None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2015 2014 Gain on settlement of investments, net $ 28,854 $ 20,525 Other income, net — 12,498 OTTI (2,357 ) — Total $ 26,497 $ 33,023 Gain on sale of investments, net, from investments transferred into Level 3 during the period $ — $ — Non Recurring Fair Value Measurements - Loans Loans which Newcastle does not have the ability or intent to hold into the foreseeable future are classified as held-for-sale. Held-for-sale loans are carried at the lower of amortized cost or fair value and are therefore recorded at fair value on a non-recurring basis. These loans were written down to fair value at the time of the impairment, based on broker quotations, pricing service quotations or internal pricing models. All the loans were within Level 3 of the fair value hierarchy. For real estate related and other loans, the most significant inputs used in the valuations are the amount and timing of expected future cash flows, market yields and the estimated collateral value of such loan investments. For residential mortgage loans, significant inputs include management’s expectations of prepayment speeds, default rates, loss severities and discount rates that market participants would use in determining the fair values of similar pools of residential mortgage loans. The following tables summarize certain information for real estate related and other loans as well as for residential mortgage loans held-for-sale as of December 31, 2015 : Significant Input Range Weighted Average Loan Type Carrying Value Fair Value Discount Rate Loss Severity Discount Rate Loss Severity Mezzanine $ 19,433 $ 19,433 0.0% - 8.0% 0.0% - 100.0% 8.0 % 47.8 % Bank Loan 129,765 145,837 0% - 22.5% 0.0% - 100.0% 22.4 % 22.7 % Total Real Estate Related and Other Loans Held for Sale, Net $ 149,198 $ 165,270 Significant Input (Weighted Average) Loan Type Carrying Value Fair Value Discount Rate Prepayment Speed Constant Default Rate Loss Severity Residential Loans $ 532 $ 569 62.0 % 0.8 % 75.7 % 22.5 % Total Residential Mortgage Loans, Held-for-Sale, Net $ 532 $ 569 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: • Underlying security and loan prepayment, default and cumulative loss expectations • Amount and timing of expected future cash flows • Market yields and credit spreads implied by comparisons to transactions of similar tranches of CDO debt by the varying levels of subordination Other bonds and notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates • Broker quotations • Market yields and credit spreads implied by comparisons to transactions of similar tranches of securitized debt by the varying levels of subordination Repurchase agreements Level 2 Valuation technique is based on market comparables. Significant variables include: • Amount and timing of expected future cash flows • Interest rates • Collateral funding spreads Golf credit facilities Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: • Amount and timing of expected future cash flows • Interest rates • Market yields and the credit spread of Newcastle

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding Newcastle's debt obligations and related hedges: December 31, 2015 December 31, 2014 Collateral Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon (A) Weighted Average Funding Cost (B) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount (C) Amortized Cost Basis (C) Carrying Value (C) Weighted Average Life (Years) Floating Rate Face Amount (C) Outstanding Face Amount Carrying Value CDO Bonds Payable CDO VI (D) Apr 2005 $ 92,933 $ 92,933 Apr 2040 1.12% 1.12 % 4.1 $ 89,183 $ 69,838 $ 25,124 $ 46,392 3.9 $ 12,477 $ 92,462 $ 92,462 CDO VIII Nov 2006 — — — —% — % 0.0 — — — — 0.0 — 71,813 71,717 CDO IX May 2007 — — — —% — % 0.0 — — — — 0.0 — 62,578 63,494 92,933 92,933 1.12 % 4.1 89,183 69,838 25,124 46,392 3.9 12,477 226,853 227,673 Other Bonds & Notes Payable NCT 2013-VI IMM-1 (E) Nov 2013 4,984 4,672 Apr 2040 LIBOR+0.25% 21.78 % 0.4 4,984 N/A N/A N/A N/A N/A 31,060 27,069 Mezzanine Note Payable Oct 2015 11,660 11,490 Oct 2016 LIBOR+3.00% 6.38 % 0.8 11,660 19,433 19,433 19,433 0.5 19,433 — — 16,644 16,162 10.83 % 0.7 16,644 19,433 19,433 19,433 0.5 19,433 31,060 27,069 Repurchase Agreements (F) CDO Securities Dec 2013 — — — —% — % 0.0 — N/A N/A N/A N/A N/A 55,894 55,894 FNMA/FHLMC securities Dec 2015 348,625 348,625 Jan 2016 0.71% 0.71 % 0.1 — 350,280 365,265 365,265 7.7 — 385,282 385,282 Golf Loans (G) Aug 2015 70,000 69,833 Feb 2016 LIBOR + 3.50% 5.13 % 0.4 70,000 N/A N/A N/A N/A — — — 418,625 418,458 1.45 % 0.2 70,000 350,280 365,265 365,265 7.7 — 441,176 441,176 December 31, 2015 December 31, 2014 Collateral Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon (A) Weighted Average Funding Cost (B) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount (C) Amortized Cost Basis (C) Carrying Value (C) Weighted Average Life (Years) Floating Rate Face Amount (C) Outstanding Face Amount Carrying Value Golf Credit Facilities First Lien Loan (G) Dec 2013 — — — — — % 0.0 — N/A N/A N/A N/A N/A 49,923 49,800 Second Lien Loan (G) Dec 2013 — — —% —% — % 0.0 — N/A N/A N/A N/A N/A 105,575 105,315 Vineyard II Dec 1993 200 200 Dec 2043 2.11% 2.11 % 28.0 200 N/A N/A N/A N/A N/A 200 200 Capital Leases (Equipment) May 2014 - Dec 2015 11,058 11,058 Jun 2021 3.83% to 11.54% 6.46 % 4.5 — N/A N/A N/A N/A N/A 6,159 6,159 11,258 11,258 6.38 % 4.9 200 N/A N/A N/A N/A N/A 161,857 161,474 Corporate Junior subordinated notes payable Mar 2006 51,004 51,225 Apr 2035 7.57% (H) 7.36 % 19.3 — N/A N/A N/A N/A N/A 51,004 51,231 51,004 51,225 7.36 % 19.3 — N/A N/A N/A N/A N/A 51,004 51,231 Subtotal debt obligation 590,464 590,036 2.26 % 2.6 $ 176,027 $ 439,551 $ 409,822 $ 431,090 6.7 $ 31,910 911,950 908,623 Financing on subprime mortgage loans subject to call option (I) 380,806 380,806 406,217 406,217 Total debt obligation $ 971,270 $ 970,842 $ 1,318,167 $ 1,314,840 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of applicable hedges and deferred financing cost. (C) Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt. (D) This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2015 . Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), because net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future. (E) Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation. (F) These repurchase agreements had $ 0.5 million accrued interest payable at December 31, 2015 . The counterparties on these repurchase agreements are Nomura ($ 48.6 million ), Morgan Stanley ($ 53.7 million ), Citi ($ 246.3 million ) and Credit Suisse ($ 70.0 million ). Newcastle has margin exposure on $ 418.6 million of 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. $348.6 million of repurchase agreements were repaid in 2016 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 $0.2 million as of December 31, 2015 . The First Lien Loan and Second Lien Loan are reported net of deferred financing costs of $0.4 million as of December 31, 2014 . (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. Certain of the debt obligations included above are obligations of consolidated subsidiaries of Newcastle which own the related collateral. In some cases, including the CDO and Other Bonds Payable, such collateral is not available to other creditors of Newcastle. CDO Bonds Payable Each CDO financing is subject to tests that measure the amount of over collateralization and excess interest in the transaction. Failure to satisfy these tests would cause the principal and/or interest cashflow that would otherwise be distributed to more junior classes of securities (including those held by Newcastle) to be redirected to pay down the most senior class of securities outstanding until the tests are satisfied. As a result, cash flow and liquidity are negatively impacted upon such a failure. As of December 31, 2015 , CDO VI was not in compliance with its over collateralization tests. In June 2011, Newcastle deconsolidated a non-recourse financing structure, CDO V. Newcastle determined that it does not currently have the power to direct the relevant activities of CDO V as an event of default had occurred and Newcastle may be removed as the collateral manager by a single party. So long as the event of default continues, Newcastle will not be permitted to purchase or sell any collateral in CDO V. If Newcastle is removed as the collateral manager of CDO V, it would no longer receive the senior management fees from such CDO. As of February 29, 2016 , Newcastle has not been removed as collateral manager. Newcastle does not expect the failure of these additional tests to have a material negative impact on its cash flows, business, results of operations or financial condition. In June 2013, Newcastle completed the sale of 100% of the assets in CDO IV. Newcastle sold $153.4 million face amount of collateral at an average price of 95% of par, or $145.2 million . Subsequently, Newcastle paid off $71.9 million of outstanding third party debt and terminated the CDO. This transaction resulted in approximately $73.1 million of proceeds to Newcastle of which approximately $5.3 million was received in Newcastle CDO VIII. Newcastle recovered par on $59.5 million of CDO debt which had been repurchased in the past at an average price of 52% of par and $8.0 million of proceeds on its subordinated interests. This transaction has also decreased Newcastle’s comprehensive income by $0.6 million and resulted in a net gain on sale of assets of $4.2 million and a $0.8 million gain on hedge termination. In June 2013, Newcastle completed the purchase of $116.8 million aggregate face amount of securities that are collateralized by certain Newcastle CDO VIII Class I notes for an aggregate purchase of approximately $103.1 million , or an average price of 88.3% of par. Simultaneously, Newcastle financed the purchase with $60.0 million received pursuant to a master repurchase agreement with the seller of the securities (“CDO VIII Repack”). The terms of the repurchase agreement included a rate of one-month LIBOR plus 150 bps and a 30-day maturity. The purchase of the securities and the repurchase agreement were treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the statement of operations. In May 2014, the CDO VIII Class I notes were repaid in full and the repurchase agreement was terminated. 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 . As of December 31, 2015 , CDO VI was not in compliance with its applicable over collateralization tests and, consequently, Newcastle was not receiving cash flows from this CDO currently (other than senior management fees and interest distributions from senior classes of bonds Newcastle owns). Based upon Newcastle’s current calculations, Newcastle expects this CDO to remain out of compliance for the foreseeable future. Other Bonds and Notes Payable In October 2015, Newcastle financed an unencumbered real estate related loan with a face amount of $19.4 million with a mezzanine 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. Repurchase Agreements In July 2014, Newcastle financed an additional $20.0 million face amount of previously repurchased CDO bonds payable with repurchase agreements for $12.0 million . These repurchase agreements bore interest at one-month LIBOR + 1.65% , matured in January 2015 and were subject to customary margin provisions. In November 2014, Newcastle financed $391.9 million face amount of purchased FNMA/FHLMC securities with repurchase agreements with carrying value of $385.3 million as of December 31, 2014. These repurchase agreements bore interest at 0.36% , matured in February 2015 and were subject to customary margin provisions. 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. In July 2015, Newcastle sold $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 . Newcastle repaid $375.7 million of outstanding repurchase agreement liabilities in connection with this sale. 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 October 2015, Newcastle sold $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. In October 2015, Newcastle purchased $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. In December 2015, Newcastle entered into a trade to sell $350.3 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $361.3 million , and recognized a loss of $3.9 million . Newcastle repaid $348.6 million of outstanding repurchase agreement liabilities in connection with this sale. This trade settled in January 2016. In December 2015, Newcastle entered into a trade to purchase $102.7 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $105.9 million . This transaction was financed with $102.2 million of repurchase agreements. This trade settled in January 2016. Golf Credit Facilities and Repurchase Agreement In December 2013, the Golf business entered into two loan agreements (“First Lien Loan” and “Second Lien Loan”) with General Electric Capital Corporation (“GECC”). In August 2015, Newcastle acquired from GECC $51.4 million outstanding face amount of the First Lien Loan at a price of 90.0% of par, or $46.3 million , and $105.6 million outstanding face amount of the Second Lien Loan at a price of 90.0% of par, or $95.0 million . The purchases were funded with $71.3 million cash and a $70.0 million repurchase agreement. The repurchase agreement was extended, and bears interest at LIBOR + 4.00% and matures on May 31, 2016 (see Note 17 for additional information). Newcastle recorded a gain on extinguishment of debt of $15.4 million . The Golf business is obligated under a $0.2 million loan with the City of Escondido, California (“Vineyard II”). The principal amount of the loan is payable in five equal installments upon reaching the "Achievement Date”, which is the date on which the previous 36-month period equals or exceeds 240,000 rounds of golf played on the property. As of December 31, 2015 , 240,000 rounds of golf have not been achieved within an applicable 36-month period. The interest rate is adjusted annually and is equal to 1% plus an Index amount, as defined in the loan agreement. As of December 31, 2015 , the interest rate is 2.11% . Capital Leases - Equipment The Golf business leases certain golf carts and other equipment under capital lease agreements. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 36 - 66 months. Certain leases include bargain purchase options at lease expiration. The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of December 31, 2015 are as follows: 2016 $ 2,848 2017 2,844 2018 2,837 2019 2,720 2020 1,425 Thereafter 128 Total minimum lease payments 12,802 Less: imputed interest 1,744 Present value of net minimum lease payments $ 11,058 Maturity Table Newcastle’s debt obligations (gross of $0.4 million of discounts at December 31, 2015 ) have contractual maturities as follows: Nonrecourse Recourse Total 2016 $ 13,858 $ 418,625 $ 432,483 2017 2,339 — 2,339 2018 2,488 — 2,488 2019 2,534 — 2,534 2020 1,372 — 1,372 Thereafter 479,050 51,004 530,054 Total $ 501,641 $ 469,629 $ 971,270 Debt Covenants Newcastle’s non-CDO financings and Golf credit facilities contain various customary loan covenants. Newcastle was in compliance with all of these covenants as of December 31, 2015 .

EQUITY AND EARNINGS PER SHARE

EQUITY AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE 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: For Year Ended December 31, 2015 2014 2013 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interest $ 15,621 $ 62,855 $ 134,286 Income (loss) from discontinued operations, net of tax 646 (35,189 ) 11,547 Income Applicable to Common Stockholders $ 16,267 $ 27,666 $ 145,833 Denominator: Denominator for basic earnings per share - weighted average shares 66,479,321 61,500,913 46,146,882 Effect of dilutive securities Options 2,168,594 1,630,314 1,071,392 Denominator for diluted earnings per share - adjusted weighted average shares 68,647,915 63,131,227 47,218,274 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 0.23 $ 1.02 $ 2.91 Income (loss) from discontinued operations per share of common stock $ 0.01 $ (0.57 ) $ 0.25 Income Applicable to Common Stock, per share $ 0.24 $ 0.45 $ 3.16 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 0.23 $ 1.00 $ 2.84 Income (loss) from discontinued operations per share of common stock $ 0.01 $ (0.57 ) $ 0.24 Income Applicable to Common Stock, per share $ 0.24 $ 0.44 $ 3.09 Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Due to rounding, income per share from continuing operations and income per share from discontinued operations may not sum to the income per share of common stock. Newcastle’s common stock equivalents are its options. During 2015 , 2014 and 2013 , based on the treasury stock method, Newcastle had 2,168,594 , 1,630,314 , and 1,071,392 , dilutive common stock equivalents, respectively, resulting from its outstanding options. As of December 31, 2015 , 2014 and 2013 , Newcastle had 259,277 , 1,931,257 , and 387,044 antidilutive options, respectively. Net income (loss) applicable to common stockholders is equal to net income (loss) less preferred dividends. Common Stock Offerings The following table presents shares of common stock issued by Newcastle in connection with public offerings since 2013 : Price per Share Aggregate Shares purchased by Principals of Fortress Options Granted to Manager (A) Date Number To To Underwriters Net Number Price Number Grant Date Strike Grant Date January 2013 9,583,333 $ 56.10 N/A $ 526.2 35,650 $ 56.10 958,333 $ 56.10 $ 18.0 February 2013 3,833,333 N/A $ 62.04 $ 237.4 31,833 $ 62.88 383,333 $ 62.88 $ 8.4 June 2013 6,708,333 N/A $ 29.52 $ 197.6 125,000 $ 29.82 670,833 $ 29.82 $ 3.8 November 2013 9,658,492 N/A $ 31.26 $ 301.4 75,159 $ 31.50 965,849 $ 31.50 $ 6.0 August 2014 7,654,166 N/A $ 25.92 $ 197.9 83,333 $ 26.34 765,416 $ 26.34 $ 1.7 (A) In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Newcastle. (B) This figure also includes shares purchased by officers of Newcastle. In December 2015 , Newcastle issued an aggregate of 18,798 shares of its common stock to its independent directors as part of annual compensation. Option Plan In June 2002, (with the approval of our board of directors) we adopted the Newcastle Nonqualified Stock Option and Incentive Award Plan (the "Newcastle Option Plan"), for officers, directors, consultants and advisors, including the Manager and its employees. In May 2012, our board of directors adopted the 2012 Newcastle Nonqualified Stock Option and Incentive Plan (the "2012 Plan") which was approved by our shareholders. The 2012 Plan was adopted as the successor to the Newcastle Option Plan for officers, directors, consultants and advisors, including the Manager and its employees, and facilitated the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. On April 8, 2014, our board of directors adopted the 2014 Plan, which was approved by our shareholders and was amended and restated by our board of directors as of September 17, 2014 to reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014, and as of November 3, 2014 to reflect the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014. The 2014 Plan was adopted as the successor to the 2012 Plan for officers, directors, consultants and advisors, including the Manager and its employees, and facilitated the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. On April 16, 2015, our board of directors adopted the 2015 Newcastle Investment Corp. Nonqualified Option and Incentive Award Plan (the “2015 Plan”), which was approved by our shareholders. The 2015 Plan is the successor to the 2014 Plan for officers, directors, consultants and advisors, including the Manager and its employees, and is intended to facilitate the continued use of long-term equity-based awards and incentives for the benefit of the service providers to us and our Manager. The maximum number of shares available for issuance under the 2015 Plan is 300,000 shares, as increased on the date of any equity issuance by us during the one -year term of the 2015 Plan by ten percent of the equity securities issued by us in such equity issuance. All outstanding options granted under the 2014 Plan, 2012 Plan and the Newcastle Option Plan will continue to be subject to the terms and conditions set forth in the agreements evidencing such options and the terms of the 2014 Plan, 2012 Plan and the Newcastle Option Plan. Our board of directors may also determine to issue options to the Manager that are not subject to the 2015 Plan, provided that the number of shares underlying any options granted to the Manager in connection with capital raising efforts would not exceed 10% of the shares sold in such offering and would be subject to NYSE rules. Upon exercise, all options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless advance approval is made to settle the option in shares of common stock. On May 7, 2015, and pursuant to the anti-dilution provisions of the the 2014 Plan, the 2012 Plan and Newcastle Option Plan, as applicable, 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, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share. Upon joining the board, the non-employee directors were, in accordance with the Newcastle Option Plan or the 2015 Plan, as applicable, automatically granted options relating to an aggregate of 3,333 shares of common stock. The fair value of such options was not material at the date of grant. For the purpose of compensating the Manager for its role in raising capital for Newcastle, the Manager has been granted options relating to shares of Newcastle’s common stock, with strike prices subject to adjustment as necessary to preserve the value of such options in connection with the occurrence of certain events (including capital dividends and capital distributions made by Newcastle). These options represented an amount equal to 10% of the shares of common stock of Newcastle sold in its public offerings and the value of such options was recorded as an increase in equity with an offsetting reduction of capital proceeds received. The options granted to the Manager, which may be assigned by Fortress to its employees, were fully vested on the date of grant and one thirtieth of the options become exercisable on the first day of each of the following thirty calendar months, or earlier upon the occurrence of certain events, such as a change in control of Newcastle or the termination of the Management Agreement. These options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless a majority of the independent members of Newcastle’s board of directors determine to settle the option in shares of common stock. The options expire ten years from the date of issuance. In connection with the spin-off of New Residential on May 15, 2013, 3.6 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Newcastle option and a new New Residential option. The strike price of each adjusted Newcastle option and New Residential option was set to collectively maintain the intrinsic value of the Newcastle option immediately prior to the spin-off of New Residential and to maintain the ratio of the strike price of the adjusted Newcastle option and the New Residential option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date. In connection with the spin-off of New Media on February 13, 2014, the strike price of each Newcastle option was reduced by $5.34 to reflect the adjusted value of Newcastle’s shares as a result of the spin-off. The adjusted value was calculated based on the five day average closing price of the New Media's shares subsequent to the spin-off date. In connection with the spin-off of New Senior on November 6, 2014, 5.5 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Newcastle option and a new New Senior option. The strike price of each adjusted Newcastle option and New Senior option was set to collectively maintain the intrinsic value of the Newcastle option immediately prior to the spin-off of New Senior and to maintain the ratio of the strike price of the adjusted Newcastle option and the New Senior option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date. The following is a summary of the changes in Newcastle's outstanding options for the year ended December 31, 2015 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2014 5,500,599 $ 4.26 Granted 178,740 1.00 Exercised (202,446 ) 1.00 Expired (55,332 ) 14.92 Forfeited — — Balance at December 31, 2015 5,421,561 $ 2.85 6.79 years Exercisable at December 31, 2015 4,723,210 $ 2.75 6.52 years Newcastle's outstanding options were summarized as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Issued Prior Issued in 2011 Total Issued Prior to 2011 Issued in 2011 Total Held by the Manager 115,239 5,010,243 5,125,482 157,791 4,833,961 4,991,752 Issued to the Manager and subsequently transferred to certain Manager’s employees 29,422 266,657 296,079 41,869 466,645 508,514 Issued to the independent directors — — — 333 — 333 Total 144,661 5,276,900 5,421,561 199,993 5,300,606 5,500,599 The following table summarizes Newcastle’s outstanding options at December 31, 2015 . Note that the last sales price on the New York Stock Exchange for Newcastle’s common stock in the year ended December 31, 2015 was $ 4.08 per share. Recipient Date of Grant/Exercise Number of Options (A) Options Exercisable at Weighted Average Fair Value At Grant Intrinsic Value at Directors Various 3,333 — $ — Not Material — Manager (C) 2002 - 2007 587,277 144,661 $ 13.18 $ 6.4 — Manager (C) Mar-11 311,853 206,881 $ 1.00 $ 7.0 (I) $ 0.6 Manager (C) Sep-11 524,212 376,268 $ 1.00 $ 5.6 (J) $ 1.2 Manager (C) Apr-12 348,352 279,452 $ 1.00 $ 5.6 (K) $ 0.9 Manager (C) May-12 396,316 316,871 $ 1.00 $ 7.6 (L) $ 1.0 Manager (C) Jul-12 437,991 353,674 $ 1.00 $ 8.3 (M) $ 1.1 Manager (C) Jan-13 958,331 872,528 $ 2.32 $ 18.0 (N) $ 1.5 Manager (C) Feb-13 383,331 349,011 $ 2.95 $ 8.4 (O) $ 0.4 Manager (C) Jun-13 670,829 610,770 $ 3.23 $ 3.8 (P) 0.5 Manager (C) Nov-13 965,847 804,873 $ 3.57 $ 6.0 (Q) 0.4 Manager (C) Aug-14 765,416 408,221 $ 4.01 $ 1.7 (R) 0.1 Exercised (D) Prior to 2008 (173,853 ) N/A $ 14.09 N/A N/A Exercised (E) Oct-12 (15,972 ) N/A $ 1.48 N/A N/A Exercised (F) Sep-13 (51,306 ) N/A $ 1.67 N/A N/A Exercised (G) 2014 (216,186 ) N/A $ 1.46 N/A N/A Exercised (H) 2015 (202,446 ) N/A 1.00 N/A N/A Expired unexercised 2002-2005 (271,764 ) N/A N/A N/A N/A Outstanding 5,421,561 4,723,210 (A) The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. On May 7, 2015, and pursuant to the anti-dilution provisions of the 2014 Plan, 2012 Plan and Newcastle Option Plan, as applicable, 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, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share as detailed below. Grant Date Number of Options Issued Mar-11 24,354 Sep-11 92,963 Apr-12 32,105 May-12 12,987 Jul-12 16,331 Total options issued 178,740 As of December 31, 2015 , the weighted average strike price of the outstanding options issued prior to 2011 was $13.18 . (B) The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan, 2014 Plan and 2015 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options. (C) The Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Range of Strike Prices Total Unexercised Inception to Date 2006 $13.38 6,373 2007 $12.44 - $14.44 23,049 2011 $1.00 — 2012 $1.00 — 2013 $2.32 - $3.57 266,657 Total 296,079 (D) 111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors. (E) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million . (F) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million . (G) 215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million . 333 options were exercised by directors with a minimal intrinsic value. (H) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.8 million . (I) The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term. (J) The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term. (K) The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term. (L) The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term. (M) The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.rice (N) The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term. (O) The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term. (P) The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term. (Q) The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term. (R) The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term. Preferred Stock In March 2003, Newcastle issued 2.5 million shares ( $62.5 million face amount) of its 9.75% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred”). In October 2005, Newcastle issued 1.6 million shares ( $40.0 million face amount) of its 8.05% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred”). In March 2007, Newcastle issued 2.0 million shares ( $50.0 million face amount) of its 8.375% Series D Cumulative Redeemable Preferred Stock (the “Series D Preferred”). The Series B Preferred, Series C Preferred and Series D Preferred are non-voting, have a $25 per share liquidation preference, no maturity date and no mandatory redemption. Newcastle has the option to redeem the Series B Preferred, the Series C Preferred and the Series D Preferred, at their liquidation preference. If the Series C Preferred or Series D Preferred cease to be listed on the NYSE or the AMEX, or quoted on the NASDAQ, and Newcastle is not subject to the reporting requirements of the Exchange Act, Newcastle has the option to redeem the Series C Preferred or Series D Preferred, as applicable, at their liquidation preference and, during such time any shares of Series C Preferred or Series D Preferred are outstanding, the dividend will increase to 9.05% or 9.375% per annum, respectively. In connection with the issuance of the Series B Preferred, Series C Preferred and Series D Preferred, Newcastle incurred approximately $2.4 million , $1.5 million , and $1.8 million of costs, respectively, which were netted against the proceeds of such offerings. If any series of preferred stock were redeemed, the related costs would be recorded as an adjustment to income available for common stockholders at that time. In March 2010, Newcastle settled its offer to exchange (the “Exchange Offer”) shares of its common stock and cash for shares of its preferred stock. After settlement of the Exchange Offer, 1,347,321 shares of Series B Preferred Stock, 496,000 shares of Series C Preferred Stock and 620,000 shares of Series D Preferred Stock remain outstanding for trading on the New York Stock Exchange. As of January 31, 2016, Newcastle had paid all current and accrued dividends on its preferred stock. Noncontrolling Interest Newcastle’s noncontrolling interest in 2015 and 2014 is related to our investment in the Golf business, a portion of which Newcastle does not own.

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	12 Months Ended
	Dec. 31, 2015
Transactions With Affiliates And Affiliated Entity [Abstract]
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Management Agreement Newcastle is party to a Management Agreement with FIG, LLC, its Manager and an affiliate of Fortress, which provides for automatically renewing one -year terms subject to certain termination rights. The Manager’s performance is reviewed annually and the Management Agreement may be terminated by Newcastle by payment of a termination fee, as defined in the Management Agreement, equal to the amount of management fees earned by the Manager during the twelve consecutive calendar months immediately preceding the termination, upon the affirmative vote of at least two-thirds of the independent directors, or by a majority vote of the holders of common stock. Pursuant to the Management Agreement, the Manager provides for a management team and other professionals who are responsible for implementing our business strategy, subject to the supervision of our board of directors. Our Manager is responsible for, among other things, (i) setting investment criteria in accordance with broad investment guidelines adopted by our board of directors, (ii) sourcing, analyzing and executing acquisitions, (iii) providing financial and accounting management services and (iv) performing other duties as specified in the Management Agreement. For performing these services, Newcastle pays the Manager an annual management fee equal to 1.5% of the gross equity of Newcastle, as defined, including adjustments for return of capital dividends. The Management Agreement provides that Newcastle will reimburse the Manager for various expenses incurred by the Manager or its officers, employees and agents on Newcastle’s behalf, including costs of legal, accounting, tax, auditing, administrative and other similar services rendered for Newcastle by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. To provide an incentive for the Manager to enhance the value of the common stock, the Manager is entitled to receive an incentive return (the “Incentive Compensation’’) on a cumulative, but not compounding, basis in an amount equal to the product of (A) 25% of the dollar amount by which (1) (a) the Funds from Operations (defined as the net income available for common stockholders before Incentive Compensation, excluding extraordinary items, plus depreciation of operating real estate and after adjustments for unconsolidated subsidiaries, if any) of Newcastle per share of common stock (based on the weighted average number of shares of common stock outstanding) plus (b) gains (or losses) from debt restructuring and from sales of property and other assets per share of common stock (based on the weighted average number of shares of common stock outstanding), exceed (2) an amount equal to (a) the weighted average of the price per share of common stock in the IPO and the value attributed to the net assets transferred to Newcastle by its predecessor, and in any subsequent offerings by Newcastle (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding. Amounts incurred under the management 2015 2014 2013 Management Fees $ 10.2 $ 20.5 $ 27.6 Expense Reimbursement to the Manager 0.5 0.5 0.5 Incentive Compensation — — — Total management fees to affiliate $ 10.7 $ 21.0 $ 28.1 At December 31, 2015 , Fortress, through its affiliates, and principals of Fortress, owned 1.0 million shares of Newcastle’s common stock and Fortress, through its affiliates, had options relating to an additional 5.1 million shares of Newcastle’s common stock (Note 12). At December 31, 2015 and 2014 , due to affiliates (Note 2) was comprised of $0.9 million and $1.1 million , respectively, of management fees and expense reimbursements payable to the Manager. Other Affiliated Entities In April 2006, Newcastle securitized Subprime Portfolio I and, through Securitization Trust 2006, entered into a servicing agreement with a subprime home equity mortgage lender (the “Subprime Servicer”) to service this portfolio. In July 2006, private equity funds managed by an affiliate of Newcastle’s Manager completed the acquisition of the Subprime Servicer. As compensation under the servicing agreement, the Subprime Servicer will receive, on a monthly basis, a net servicing fee equal to 0.5% per annum on the unpaid principal balance of the portfolio. In March 2007, through Securitization Trust 2007, Newcastle entered into a servicing agreement with the Subprime Servicer to service Subprime Portfolio II under substantially the same terms. At December 31, 2015 , the outstanding unpaid principal balances of Subprime Portfolios I and II were approximately $275.0 million and $389.8 million , respectively. In April 2010, Newcastle, through two of its CDOs, made a cash investment of $75.0 million in a new real estate related loan to a portfolio company of a private equity fund managed by an affiliate of Newcastle’s Manager. Newcastle’s chairman is an officer of the borrower. This investment improved the applicable CDOs’ results under some of their respective tests, and is expected to yield approximately 22% . The loan is secured by subordinated interests in the properties of the borrower and its maturity has been extended to June 2019. Interest on the loan will be accrued and deferred until maturity. As of December 31, 2015 , Newcastle held on its balance sheet total investments of $141.9 million face amount of real estate securities and related loans issued by affiliates of the Manager. Newcastle earned approximately $25.8 million , $20.0 million and $36.5 million of interest on investments issued by affiliates of the Manager for the years ended December 31, 2015 , 2014 and 2013 , respectively. In each instance described above, affiliates of Newcastle’s Manager have an investment in the applicable affiliated fund and receive from the fund, in addition to management fees, incentive compensation if the fund’s aggregate investment returns exceed certain thresholds. A principal of the Manager owned or leased aircraft that Newcastle chartered from a third-party aircraft operator for business purposes in the course of operations. Newcastle paid the aircraft operator market rates for the charters.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation — Newcastle is and may become, from time to time, involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. Although management is unable to predict with certainty the eventual outcome of any legal action, management believes the ultimate liability arising from such actions, individually and in the aggregate, which existed at December 31, 2015 , if any, will not materially affect Newcastle’s consolidated results of operations, financial position or cash flow. Given the inherent unpredictability of these types of proceedings, however, it is possible that future adverse outcomes could have a material effect on our financial results. Environmental Costs — As a commercial real estate owner, Newcastle is subject to potential environmental costs. At December 31, 2015 , management of Newcastle is not aware of any environmental concerns that would have a material adverse effect on Newcastle’s consolidated financial position or results of operations. Debt Covenants — Newcastle’s debt obligations contain various customary loan covenants. See Note 11. Subprime Securitizations — Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that Newcastle’s exposure to loss is limited to the carrying amount of its retained interests in the securitization entities (Note 6). A subsidiary of Newcastle gave limited representations and warranties with respect to the second securitization; however, it has no assets and does not have recourse to the general credit of Newcastle. Operating lease obligations – The Golf business leases many of its golf courses and related facilities under long-term operating leases, including triple net leases. In addition to minimum payments, certain leases require the payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The triple net leases require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of the lease terms range from 10 to 20 years and, typically, the leases contain renewal options. Certain leases include minimum scheduled increases in rental payments at various times during the term of the lease. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in accounts payable, accrued expenses and other liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent. The Golf business is required to maintain bonds under certain third-party agreements, as requested by certain utility providers, and under the rules and regulations of licensing authorities and other governmental agencies. The Golf business had bonds outstanding of approximately $0.9 million as of December 31, 2015 . Rental expenses recorded under operating leases for carts and equipment were $4.6 million and $5.0 million for the years ended December 31, 2015 and 2014 , respectively. The Golf business has three month-to-month leases with an aggregate monthly expense of $0.1 million , which are cancellable by the parties with 30 days written notice. The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2015 were as follows: For the years ending December 31: 2016 $ 33,957 2017 29,858 2018 27,338 2019 24,857 2020 21,582 Thereafter 148,144 Total Minimum lease payments $ 285,736 Membership Deposit Liability – In the Golf business, 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. As of December 31, 2015 , the total face amount of initiation fee deposits was approximately $242.0 million . Restricted Cash – Approximately $3.3 million of restricted cash at December 31, 2015 is used as credit enhancement for the Golf business’s obligations related to the performance of lease agreements and certain insurance claims.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes (including discontinued operations) consists of the following: Year Ended December 31, 2015 2014 2013 Current: Federal $ 298 $ 704 $ 2,170 State and Local 101 318 381 Total Current Provision $ 399 $ 1,022 $ 2,551 Deferred Federal $ (46 ) $ (1,293 ) $ (404 ) State and Local (8 ) (632 ) (47 ) Total Deferred Provision $ (54 ) $ (1,925 ) $ (451 ) Total Provision (benefit) for Income Taxes $ 345 $ (903 ) $ 2,100 Provision (benefit) for income taxes from discontinued operations $ — $ (1,111 ) $ 2,100 Provision (benefit) for income taxes from continuing operations $ 345 $ 208 $ — Newcastle is organized and conducts its operations to qualify as a REIT under the Code. A REIT will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. A portion of this distribution requirement may be met through stock dividends rather than cash, subject to limitations based on the value of Newcastle’s stock. Common stock distributions relating to 2015 , 2014 , and 2013 were taxable as follows: Ordinary Long-term Dividends Per Share Income Capital Gain Return of Capital 2015 $ 0.60 30.41 % 69.59 % 0.00 % 2014 $ 25.76 (A) 32.64 % 7.57 % 59.79 % 2013 $ 44.28 (B) 33.91 % 0.00 % 66.09 % (A) Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share. (B) Includes the distribution of New Residential common stock valued at $41.34 per share. During 2010 and 2009, Newcastle repurchased an aggregate of $ 787.8 million face amount of its outstanding CDO debt and junior subordinated notes at a discount and recorded $521.1 million of aggregate gain. The gain recorded upon such cancellation of indebtedness is characterized as ordinary income for tax purposes. In compliance with current tax laws, Newcastle has the ability to defer such ordinary income to future years and has deferred all or a portion of such gain for 2010 and 2009. However, cancellation of indebtedness income recognized on or after January 1, 2011 cannot be deferred and must generally be recognized as ordinary income in the year of such cancellation. During 2011, Newcastle repurchased $188.9 million face amount of its outstanding CDO debt and notes payable at a discount and recorded $81.1 million of gain for tax purposes, of which only $66.1 million gain relating to $171.8 million face amount of debt repurchased was recognized for GAAP purposes. During 2012, Newcastle repurchased $39.3 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $24.1 million gain on extinguishment of debt for GAAP, of which only $23.2 million of gain relating to $34.1 million face amount of debt repurchased was recognized for tax purposes. During 2013, Newcastle repurchased $35.9 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $4.6 million gain on extinguishment of debt for GAAP and tax purposes. During 2014, Newcastle did not repurchase any of the outstanding CDO debt and notes payable. During 2015, Newcastle repurchased $11.5 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $0.5 million gain on extinguishment of debt for GAAP and tax purposes. In addition, Newcastle may recognize material ordinary income from the cancellation of debt within its non-recourse financing, and structures, including its subprime securitizations, while losses on the related collateral may be recognized as capital losses. Through December 31, 2015 , $159.4 million of debt in Newcastle’s subprime securitizations has been cancelled as a result losses incurred on the underlying assets in the securitization trusts. As of December 31, 2014 , Newcastle had a loss carryforward, inclusive of net operating loss and capital loss, of approximately $644.1 million . The net operating loss carryforward and capital loss carryforward can generally be used to offset future ordinary taxable income and taxable capital gains, for up to 20 years and 5 years , respectively. The amounts of net operating loss carryforward and net long-term capital loss carryforward as of December 31, 2015 are subject to the finalization of the 2015 tax returns. The net operating loss carryforward and capital loss carryforward will begin to expire in 2029 and 2015, respectively. Newcastle experienced an “ownership change” for purposes of Section 382 of the Code in January 2013. The provisions of Section 382 of the Code will impose an annual limit on the amount of net operating loss and net capital loss carryforwards that Newcastle can use to offset future taxable income. Such limitation may increase Newcastle’s dividend distribution requirement in the future. Newcastle does not believe that the limitation as a result of the ownership change will prevent it from satisfying the REIT distribution requirement for the current year and future years. The Golf business is held through TRSs and, as such, is subject to regular corporate income taxes. At December 31, 2015 , Newcastle’s TRSs had approximately $78.2 million of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if any. These federal and state net operating loss carryforwards will begin to expire in 2018. A significant portion of these net operating losses are subject to the limitations of Code Section 382. This section provides substantial limitations on the availability of net operating losses to offset current taxable income if significant ownership changes have occurred for federal tax purposes. Newcastle and its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. Newcastle is no longer subject to tax examinations by tax authorities for years prior to 2012. Generally, Newcastle has assessed its tax positions for all open years, which includes 2012 to 2015, and concluded that there are no material uncertainties to be recognized. Newcastle does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within the next twelve months. During the years ended December 31, 2015 , 2014 and 2013 , Newcastle’s TRSs recorded approximately $0.3 million , $(0.9) million and $2.1 million , respectively, of income tax expense (benefit). Generally, the Newcastle’s effective tax rate differs from the federal statutory rate as a result of state and local taxes and non-taxable REIT income. The difference between Newcastle's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2015 2014 2013 Provision at the statutory rate 35.00 % 35.00 % 35.00 % Non-taxable REIT income (86.91 )% (56.20 )% (33.88 )% Permanent items 31.24 % — % — % State and local taxes 0.32 % (1.18 )% 0.21 % Valuation allowance (reversal) 22.04 % 21.70 % (0.50 )% Other (0.04 )% (1.80 )% 0.90 % Total provision (benefit) 1.65 % (2.48 )% 1.73 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2015 and 2014 are presented below: December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 399 $ 366 Depreciation and amortization 33,495 13,938 Accrued expenses 2,008 2,006 Net operating losses 22,524 26,543 Other — 2,365 Total deferred tax assets 58,426 45,218 Less valuation allowance (42,158 ) (27,434 ) Net deferred tax assets $ 16,268 $ 17,784 Deferred tax liabilities: Leaseholds 15,366 17,741 Other 805 — Total deferred tax liabilities $ 16,171 $ 17,741 Net deferred tax assets (A) $ 97 $ 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 December 31, 2015 as management does not believe that it is more likely than not that the deferred tax assets will be realized. The following table summarizes the change in the deferred tax asset valuation allowance: Valuation allowance at December 31, 2014 $ 27,434 Current year income 14,724 Valuation allowance at December 31, 2015 $ 42,158

OTHER-THAN-TEMPORARY-IMPAIRMENT

OTHER-THAN-TEMPORARY-IMPAIRMENT	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2015 2014 2013 Debt securities $ 1,988 $ — $ 5,266 Equity securities 367 — — Other investments 7,505 — — Total impairment expense $ 9,860 $ — $ 5,266

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS These financial statements include a discussion of material events which have occurred subsequent to December 31, 2015 through the issuance of these Consolidated Financial Statements. In January 2016, Newcastle settled on a trade to sell $350.3 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $361.3 million and recognized a loss of $3.9 million . Newcastle repaid $348.6 million of outstanding repurchase agreement liabilities in connection with this sale (see Note 5). In January 2016, Newcastle settled on a trade to purchase $102.7 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $105.9 million . This transaction was financed with $102.2 million of repurchase agreements (see Note 5). In January 2016, Newcastle settled on a trade to purchase $250.1 million face amount of agency RMBS at an average price of 103.2% of par for total proceeds of approximately $258.1 million . This transaction was financed with $249.1 million of repurchase agreements. On February 26, 2016, Newcastle extended the repurchase agreement on the Golf loans to mature on May 31, 2016, with an option to extend to June 30, 2016. The repurchase agreement bears interest at LIBOR + 4.00% .

SUMMARY OF QUARTERLY CONSOLIDAT

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) 2015 Quarter Ended Year Ended March 31 (A)(B) June 30 (A) September 30 (A) December 31 (B) December 31 Interest income $ 27,078 $ 24,265 $ 23,010 $ 21,538 $ 95,891 Interest expense (16,727 ) (16,950 ) (14,715 ) (13,737 ) (62,129 ) Net interest income 10,351 7,315 8,295 7,801 33,762 Impairment 405 13,679 3,460 1,857 19,401 Operating revenues 60,826 82,803 82,864 69,363 295,856 Other income (loss) (C) 501 29,373 11,987 (2,360 ) 39,501 Property operating expenses 60,990 74,546 76,826 64,740 277,102 Depreciation and amortization 6,753 7,119 7,111 7,651 28,634 Other operating expenses 4,477 6,279 6,592 5,381 22,729 Income tax expense 46 27 1,257 (985 ) 345 Income (loss) from continuing operations (993 ) 17,841 7,900 (3,840 ) 20,908 Income from discontinued operations 115 524 7 — 646 Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net loss (income) attributable to noncontrolling interests 181 49 (13 ) 76 293 Income (loss) applicable to common stockholders $ (2,092 ) $ 17,019 $ 6,499 $ (5,159 ) $ 16,267 Net income (loss) per share of common stock Basic $ (0.03 ) $ 0.26 $ 0.10 $ (0.08 ) $ 0.24 Diluted $ (0.03 ) $ 0.25 $ 0.09 $ (0.08 ) $ 0.24 Income from discontinued operations per share of common stock Basic $ — $ 0.01 $ — $ — $ 0.01 Diluted $ — $ 0.01 $ — $ — $ 0.01 Weighted average number of shares of common stock outstanding Basic 66,424,508 66,426,980 66,484,962 66,579,072 66,479,321 Diluted 66,424,508 69,204,717 69,069,659 66,579,072 68,647,915 2014 Quarter Ended Year Ended March 31 (A) June 30 (A) September 30 (A) December 31 (B) December 31 Interest income $ 46,452 $ 29,893 $ 27,544 $ 23,738 $ 127,627 Interest expense (22,170 ) (20,328 ) (18,411 ) (19,113 ) (80,022 ) Net interest income 24,282 9,565 9,133 4,625 47,605 Impairment (reversal) 1,246 1,526 (4,015 ) (1,176 ) (2,419 ) Operating revenues 62,632 82,737 81,494 64,674 291,537 Other income (loss) (C) 15,808 41,707 12,618 4,329 74,462 Property operating expenses 65,603 75,289 77,167 66,316 284,375 Depreciation and amortization 5,863 6,317 7,204 7,583 26,967 Other operating expenses 10,314 10,471 8,955 7,150 36,890 Income tax expense 140 4 — 64 208 Income (loss) from continuing operations 19,556 40,402 13,934 (6,309 ) 67,583 Income (loss) from discontinued operations (15,299 ) (8,504 ) (8,624 ) (2,762 ) (35,189 ) Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net income attributable to noncontrolling interests 661 29 21 141 852 Income (loss) applicable to common stockholders $ 3,523 $ 30,532 $ 3,936 $ (10,325 ) $ 27,666 Net income (loss) per share of common stock Basic $ 0.06 $ 0.52 $ 0.06 $ (0.16 ) $ 0.45 Diluted $ 0.06 $ 0.50 $ 0.06 $ (0.16 ) $ 0.44 Income (loss) from discontinued operations per share of common stock Basic $ (0.26 ) $ (0.15 ) $ (0.14 ) $ (0.04 ) $ (0.57 ) Diluted $ (0.26 ) $ (0.15 ) $ (0.14 ) $ (0.04 ) $ (0.57 ) Weighted average number of shares of common stock outstanding Basic 58,575,582 58,599,666 62,329,023 66,404,248 61,500,913 Diluted 60,511,128 60,477,084 63,865,796 66,404,248 63,131,227 See footnotes on next page. (A) The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3). (B) The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive. (C) Includes equity in earnings of unconsolidated subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting — The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The Consolidated Financial Statements include the accounts of Newcastle and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Newcastle consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Newcastle is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Newcastle’s CDO subsidiaries (with the exception of CDO V) (Note 11) are special purpose entities which are considered VIEs of which Newcastle is the primary beneficiary. Therefore, the debt issued by such entities is considered a non-recourse secured borrowing of Newcastle. The subprime securitizations and CDO V (Note 4) are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, for the subprime securitizations, no longer receive a significant portion of their returns, and therefore do not consolidate them. For entities over which Newcastle exercises significant influence, but which do not meet the requirements for consolidation, Newcastle uses the equity method of accounting whereby it records its share of the underlying income of such entities. Newcastle’s investments in equity method investees were not significant at December 31, 2015 , 2014 or 2013 . With respect to investments in entities over which Newcastle does not meet the requirements for consolidation and does not exercise significant influence, Newcastle records these investments at cost, subject to impairment. Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Newcastle. This is primarily related to noncontrolling interests in the Golf business. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Risks and Uncertainties	Risks and Uncertainties — In the normal course of business, Newcastle encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Newcastle’s investments in securities, loans, derivatives and leases that results from a borrower’s, derivative counterparty’s or lessee’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in securities, loans and derivatives or in real estate due to changes in interest rates, spreads or other market factors, including the value of the collateral underlying loans and securities and the valuation of real estate held by Newcastle. Management believes that the carrying values of its investments are reasonable taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories, and other borrower information. Additionally, Newcastle is subject to significant tax risks. If Newcastle were to fail to qualify as a REIT in any taxable year, Newcastle would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Newcastle would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Comprehensive Income	Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Newcastle’s purposes, comprehensive income represents net income, as presented in the Consolidated Statements of Operations, adjusted for unrealized gains or losses on securities available for sale and derivatives designated as cash flow hedges and net unrecognized gain and prior period service costs and credits relating to pension and other postretirement benefits (included in discontinued operations).
Revenue Recognition - Real Estate Securities and Loans Receivable	Real Estate Securities and Loans Receivable — Newcastle invests in securities, including commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and FNMA/FHLMC securities. Income on these securities is recognized using a level yield methodology based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. For securities that are not acquired at a discount for credit quality, these assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults). For securities acquired at a discount for credit quality and with respect to which management has determined at acquisition that it is probable that all contractually required principal and interest payments will not be collected, these assumptions also include expected losses. For these securities, Newcastle recognizes the excess of all expected cash flows over the investment in the securities, referred to as accretable yield, as interest income on a loss-adjusted yield basis. The loss adjusted yield is determined based on an evaluation of the credit status of securities, as described in connection with the analysis of impairment. The excess of total contractual cash flows over the cash flows expected to be collected is referred to as the nonaccretable difference and is not recognized as income. The assumptions that impact income recognition are updated on at least a quarterly basis if applicable to reflect changes related to a particular security, actual historical data, and market changes. These uncertainties and contingencies are difficult to predict and are subject to future events, and economic and market conditions, which may alter the assumptions. Newcastle also invests in loans, including real estate related loans, commercial mortgage loans, residential mortgage loans and subprime mortgage loans. Newcastle determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. The loans are evaluated at acquisition for evidence of credit quality deterioration. Interest income on performing loans is accrued and recognized as interest income at the contractual rate of interest. Loans for which it is determined that it is probable that all contractually required principal and interest payments at acquisition will not be collected are categorized as loans acquired at a discount for credit quality. Loans receivable are presented in the Consolidated Balance Sheets net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference) and is not recognized as income. Probable increases in expected cash flows would first reverse any previously recorded allowance for loan losses with any remaining increases recognized prospectively as a yield adjustment over the remaining expected life of the loan. Newcastle discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held-for-investment to held-for-sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Interest income includes prepayment penalties received of $0.2 million in 2013 . There were no prepayment penalties received in 2015 and 2014 .
Impairment Of Securities and Loans	Impairment of Securities and Loans — Newcastle continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Newcastle will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality, whenever there has been a probable adverse change in the timing or amounts of expected cash flows, or that represent retained beneficial interests in securitizations, when Newcastle determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, Newcastle must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write-down to fair value must be recorded. Similarly for securities, Newcastle must record a write-down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. For certain securities which represent beneficial interests in securitized financial assets and non-Agency RMBS acquired with evidence of deteriorated credit quality for which it was deemed probable, at acquisition, that we would be unable to collect all contractually required payments as they come due, an other-than-temporary impairment also will be deemed to have occurred whenever there is a probable adverse change in the timing or amounts of previously projected estimated cash flows. Upon determination of impairment, Newcastle establishes specific valuation allowances for loans or records a direct write-down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. Newcastle also establishes allowances for estimated unidentified incurred losses on pools of loans. The allowance for each loan is maintained at a level believed adequate by management to absorb probable losses, based on periodic reviews of actual and expected losses. It is Newcastle’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from Newcastle’s estimates. Newcastle may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment, and a related write-down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Newcastle charges off the corresponding loan allowance when it determines the loans to be uncollectable.
Golf Revenues	Golf Revenues — Revenue from green fees, cart rentals, food and beverage sales, merchandise sales and other activities (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 Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations.
Interest Expense	Interest Expense — Newcastle finances its investments using both fixed and floating rate debt, including securitizations, loans, repurchase agreements, and other financing vehicles. Certain of this debt has been issued at a discount. Discounts are accreted into interest expense on the effective yield or interest method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing.
Deferred Costs and Interest Rate Cap Premiums	Deferred Costs and Interest Rate Cap Premiums — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight-line basis or the interest method. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Interest rate cap premiums, if any, are included in receivables and other assets, and are amortized as described below.
Derivatives and Hedging Activities	Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as either a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. Derivative transactions are entered into by Newcastle solely for risk management purposes, except for total rate of return swaps. Such total rate of return swaps are essentially financings of certain reference assets which are treated as derivatives for accounting purposes. The decision of whether or not a given transaction/position (or portion thereof) is hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by management, including restrictions imposed by the 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 has designated certain of its derivatives, and in some cases re-designated all or a portion thereof as hedges. As a result of these designations, in the cases where the originally hedged items were still owned by Newcastle, the unrealized gain or loss was recorded in accumulated other comprehensive income as a deferred hedge gain or loss and is being amortized over the life of the hedged item. As of December 31, 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 in June 2015, and an 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 not designated as hedges matured in March 2015. Newcastle also transacts in the To Be Announced MBS ("TBA") market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Newcastle primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our investment strategies. For example, Newcastle takes short positions in TBAs to offset - to varying degrees - changes in the values of our Agency RMBS investments for which we have exposure to interest rate volatility; therefore, these derivatives may, to some extent, be economically effective as hedges. Newcastle typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Newcastle may "roll" its TBA positions, whereby we may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Newcastle accounts for its TBA transactions as non-hedge instrument, with changes in market value recorded in the statement of operations. As of December 31, 2015 , Newcastle held TBA contracts consisting of three short contracts totaling $705.0 million notional amount and two long contracts totaling $602.0 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 to 20 years, and typically, the leases contain renewal options. Certain leases include minimum scheduled increases in rental payments at various times during the term of the lease. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in accounts payable, accrued expenses and other liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent.
Management Fees to Affiliate	Management Fees to Affiliate — These represent amounts due to the Manager pursuant to the Management Agreement.
Investment in Real Estate Securities	Investment in Real Estate Securities — Newcastle has classified its investments in securities as available-for-sale. Securities available-for-sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described above. Loans Held-for-Sale — Loans held-for-sale are recorded net of any unamortized discount (or gross of any unamortized premiums), including any fees received and are measured at the lower of cost or fair value, with valuation changes recorded in other income. As loans held-for-sale are recognized at the lower of cost or fair value, Newcastle’s allowance for loss policy does not apply to these loans. Purchase price discounts or premiums are deferred in a contra loan account until the related loans is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale.
Acquisition Accounting	Acquisition Accounting — Newcastle has determined that all of its acquisitions should be accounted for under the acquisition method. The accounting for acquisitions requires the identification and measurement of all acquired tangible and intangible assets and assumed liabilities at their respective fair values, as of the respective transaction dates. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as Newcastle's estimates of future cash flows based on a number of factors including known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of real property includes qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties. Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions and include advisory, legal, accounting, valuation and other professional or consulting fees.
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.
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 to an asset and extend the useful life of an asset by more than a year are capitalized. With respect to golf course improvements (included in buildings and improvements), costs associated with original construction, significant replacements, permanent landscaping, sand traps, fairways, tee boxes or greens are capitalized. All other asset-related costs that do not meet these criteria, such as minor repairs and routine maintenance, are expensed as incurred. Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to real estate held-for-sale and measured at the lower of their carrying amount or fair value less costs of sale. A disposal of a component of an entity or a group of components of an entity are reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on Newcastle’s operations and financial results. Discontinued operations are retroactively reclassified to income (loss) from discontinued operations for all periods presented. The Golf business leases certain golf carts and other equipment that are classified as capital leases. The value of capital leases is recorded as an asset on the balance sheet, along with a liability related to the associated payments. Amortization of capital lease assets is calculated using the straight-line method over the shorter of the estimated useful lives and the expected 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 leases are treated as reductions of the liability, with a portion being recorded as interest expense under the effective interest method. Depreciation is calculated using the straight-line method based on the following estimated useful lives: Buildings and improvements 10-30 years Capital leases - equipment 6-7 years Furniture, fixtures, and equipment 3-7 years
Intangibles	Intangibles — Intangible assets and liabilities 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, and is amortized over the term of the underlying lease agreement. 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 average membership life. Amortization of leasehold intangible assets and liabilities are included within operating expense - golf and amortization of all other intangible assets is included within depreciation and amortization in the Consolidated Statements of Operations. Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives: Trade name 30 years Leasehold intangibles 1 - 26 years Management contracts 1 - 26 years Internally-developed software 5 years Membership base 7 years
Other Investment	Other Investment — Newcastle owns 23% of equity interests in a commercial real estate project which is recorded as an equity method investment. As of December 31, 2015 and 2014 , the carrying value of this investment was $20.6 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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash — Newcastle considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits.
Receivables and Other Assets	Accounts Receivable, Net – Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required. The allowance for doubtful accounts increased by $0.09 million and $0.01 million for the years ended December 31, 2015 and 2014 , respectively. Derivative Assets – All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the usage period of the goods or services. Interest Receivable – Interest receivable consists of interest earned on real estate securities, real estate related and other loans and residential mortgage loans that has not yet been received. Deposits – Deposits consist primarily of certificates of deposits used as collateral for letters of credit related to the Golf business. Inventory – Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first-out (“FIFO”) method. Inventories in our Golf business consist primarily of food, beverages and merchandise for sale.
Repurchase Agreements	Repurchase Agreements Securities sold under repurchase agreements are treated as collateralized financing transactions. Securities financed through a repurchase agreement remain on the Consolidated Balance Sheets as an asset and cash received from the purchaser is recorded on the Consolidated Balance Sheets as a liability. Interest paid in accordance with repurchase agreements is recorded as interest expense in the Consolidated Statements of Operations.
Membership Deposit Liabilities	Membership Deposit Liabilities 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 Sheets and accretes over a 30 -year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations.
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable and Accrued Expenses – Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued expenses reflect invoices that have not yet been received. Deferred Revenue – Payments received in advance of the performance of services are recorded as deferred revenue until the services are performed. Security Deposits Payable – Security deposits payable relate to deposits received for events at golf properties. Unfavorable Leasehold Interests – Unfavorable leasehold interests relates to leases acquired as part of the Golf business where the terms of the leasehold contracts are less favorable than the estimated market terms of the leases at the acquisition date. Derivative Liabilities – All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Accrued Rent – Golf properties pay rent on certain leased properties in arrears and scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual. Due to Affiliates – Represents amounts due to the Manager pursuant to the Management Agreement.
Options	Options — The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for Newcastle was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to Newcastle’s directors were accounted for using the fair value method.
Income Taxes	Income Taxes – Newcastle operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of Newcastle’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities are conducted through taxable REIT subsidiaries (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Newcastle recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations.
Securitization of Subprime Mortgage Loans	Securitization of Subprime Mortgage Loans — Newcastle’s accounting policy for its securitization of subprime mortgage loans is disclosed in Note 6.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board ("IASB") issued Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers (Topic 606) . The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. 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. Newcastle is currently reviewing the guidance to determine its impact on 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, "Repurchase Agreements" is reported net of deferred financing costs of $0.2 million as of December 31, 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. In January 2016, the FASB issued ASU 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The standard addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Newcastle is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). The standard requires lessees to recognize most leases on the balance sheet and addresses certain aspects of lessor accounting. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, with an option to use certain relief. Newcastle is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. The FASB has recently issued or discussed a number of proposed standards on such topics as financial statement presentation, leases, financial instruments and hedging. Some of the proposed changes are significant and could have a material impact on Newcastle’s reporting. Newcastle has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of common stock issued	The following table presents information on shares of Newcastle’s common stock issued subsequent to its formation: Year Shares Issued Range of Issue Net Proceeds Formation - 2012 28,754,274 2013 29,821,308 $29.82 - $62.88 $ 1,262.6 2014 7,848,926 $25.92 $ 197.9 2015 (C) 230,090 N/A N/A December 31, 2015 66,654,598 (A) Excludes prices of shares issued (i) pursuant to the exercise of options and (ii) as compensation to Newcastle’s independent directors. (B) On May 15, 2013, Newcastle completed the spin-off of New Residential Investment Corp ("New Residential"). The May 15, 2013 closing price of Newcastle’s common stock on the NYSE was $73.98 , and the opening price of Newcastle’s common stock on May 16, 2013 was $34.74 . On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. ("New Media"). The February 13, 2014 closing price of Newcastle's common stock was $34.50 , and the opening price of Newcastle's common stock on February 14, 2014 was $29.88 . On November 6, 2014, Newcastle completed the spin-off of New Senior Investment Group Inc. ("New Senior"). The November 6, 2014 closing price of Newcastle's common stock on the NYSE was $23.53 , and the opening price of Newcastle's common stock on November 7, 2014 was $4.00 . (C) All 2015 shares were issued (i) pursuant to the exercise of options and (ii) as compensation to Newcastle's independent directors.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of accumulated other comprehensive income	The following table summarizes Newcastle’s accumulated other comprehensive income: December 31, 2015 2014 Net unrealized gain on securities $ 33,277 $ 67,682 Net unrealized gain (loss) on derivatives designated as cash flow hedges 20 (1,817 ) Accumulated other comprehensive income $ 33,297 $ 65,865
Schedule of gain (loss) on settlement of investments, net and other income (loss), net	Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following: Year Ended December 31, 2015 2014 2013 Gain on settlement of investments, net Gain on settlement of real estate securities $ 42,356 $ 23,679 $ 9,853 Loss on settlement of real estate securities (9,850 ) — (3,592 ) Loss on settlement of TBAs (12,907 ) (4,151 ) — Gain on repayment/disposition of loans held-for-sale 1,533 32,500 10,716 Loss on repayment/disposition of loans held-for-sale (14 ) — (354 ) Gain (loss) recognized on termination of derivative instruments (612 ) — 813 $ 20,506 $ 52,028 $ 17,436 Other income, net Gain on non-hedge derivative instruments $ 1,758 $ 17,599 $ 10,525 Gain on lease modifications and terminations 471 7,219 — Realized loss recognized upon de-designation of hedges — (34 ) (110 ) Equity in earnings (losses) of equity method investees 1,311 954 (97 ) Collateral management fee income, net 708 963 1,279 Loss on disposal of long-lived assets (1,403 ) (1,294 ) (67 ) Other income 844 437 1,759 $ 3,689 $ 25,844 $ 13,289
Schedule of reclassification from accumulated other comprehensive income into net income	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income: Year Ended December 31, Accumulated Other Comprehensive Income Statement 2015 2014 2013 Net realized gain (loss) on securities Reversal (impairment) Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss) $ 31 $ — $ (44 ) Gain on settlement of real estate securities Gain on settlement of investments, net 42,356 23,679 9,853 Loss on settlement of real estate securities Gain on settlement of investments, net (9,850 ) — (3,592 ) $ 32,537 $ 23,679 $ 6,217 Net realized (loss) on derivatives designated as cash flow hedges Realized loss recognized upon de-designation of hedges Other income, net $ — $ (34 ) $ (110 ) Realized loss recognized on termination of hedges Gain on settlement of investments, net $ (612 ) $ — $ — Amortization of deferred gain Interest expense 78 61 11 Loss reclassified from AOCI into income, related to effective portion Interest expense (1,363 ) (4,379 ) (6,128 ) $ (1,897 ) $ (4,352 ) $ (6,227 ) Total reclassifications $ 30,640 $ 19,327 $ (10 )
Schedule of useful lives of property, plant, and equipment	Depreciation is calculated using the straight-line method based on the following estimated useful lives: Buildings and improvements 10-30 years Capital leases - equipment 6-7 years Furniture, fixtures, and equipment 3-7 years
Schedule of amortization period	Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives: Trade name 30 years Leasehold intangibles 1 - 26 years Management contracts 1 - 26 years Internally-developed software 5 years Membership base 7 years
Schedule of restricted cash from continuing operations	Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash consisted of: December 31, 2015 2014 CDO bond sinking funds $ 51 $ 11,497 CDO trustee accounts 272 293 Derivative margin accounts 887 877 Collateral for Golf lease obligations 3,259 3,047 $ 4,469 $ 15,714
Schedule of supplemental non-cash investing and financing activities relating to CDOs	Reduction of assets and liabilities relating to spin-offs and acquisitions that are non-cash are disclosed below (there were no such reductions for the year ended December 31, 2015): Year Ended December 31, 2014 2013 Reduction of Assets and Liabilities relating to the spin-off of New Residential/New Media/New Senior, non-cash portion Real estate securities, available-for-sale $ — $ 1,647,289 Residential mortgage loans, held-for-investment, net $ — $ 35,865 Investments in excess mortgage servicing rights at fair value $ — $ 229,936 Investments in equity method investees $ — $ 392,469 Investments in senior housing real estate, net $ 1,574,048 $ — Property, plant and equipment, net $ 266,385 $ — Goodwill and intangibles, net $ 379,008 $ — Restricted cash $ 6,477 $ — Receivables and other assets $ 197,882 $ 37,844 Mortgage notes payable $ 1,260,633 $ — Credit facilities - media $ 177,955 $ — Repurchase agreements $ — $ 1,320,360 Accrued expenses and other liabilities $ 189,940 $ 642 Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion Investments in other real estate $ — $ 259,573 Property, plant and equipment $ — $ 272,153 Intangibles $ — $ 244,885 Goodwill $ — $ 126,686 Receivables and other assets $ — $ 145,191 Credit facilities $ — $ 334,498 Accounts payable, accrued expenses and other liabilities $ — $ 287,439 Noncontrolling interests $ — $ 366 Supplemental non-cash investing and financing activities relating to CDOs are disclosed below: Year Ended December 31, 2015 2014 2013 Restricted cash generated from sale of securities $ 139,257 $ 125,850 $ 136,148 Restricted cash generated from sale of real estate related and other loans $ 55,574 $ — $ 104,837 Restricted cash generated from paydowns on securities and loans $ 78,853 $ 325,932 $ 331,349 Restricted cash used for repayments of CDO bonds payable $ 148,966 $ 382,177 $ 513,879 Restricted cash used for settlement of derivative instruments $ — $ — $ 1,563
Schedule of receivables and other assets	Receivables and other assets are comprised of the following, net of allowances for doubtful accounts of $1.0 million and $0.9 million , as of December 31, 2015 and 2014 : December 31, 2015 2014 Accounts receivable, net $ 9,889 $ 7,369 Derivative assets 127 — Prepaid expenses 3,205 4,691 Interest receivable 1,142 2,324 Deposits 7,437 7,339 Inventory 5,057 4,964 Miscellaneous assets, net (A) 11,157 8,504 $ 38,014 $ 35,191 (A) In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Recent Accounting Pronouncements below), 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.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities are comprised of the following: December 31, 2015 2014 Accounts payable and accrued expenses $ 26,966 $ 35,854 Deferred revenue 28,931 29,322 Security deposits payable 5,975 5,293 Unfavorable leasehold interests 5,485 6,443 Derivative liabilities 684 4,328 Accrued rent 3,135 2,605 Due to affiliates 892 1,125 Miscellaneous liabilities 11,876 14,742 $ 83,944 $ 99,712
Schedule of accretion of discount and other amortization	Accretion of Discount and Other Amortization — As reflected in the Consolidated Statements of Cash Flows, this item is comprised of the following: Year Ended December 31, 2015 2014 2013 Accretion of net discount on securities, loans and other investments $ (5,802 ) $ (28,638 ) $ (34,525 ) Amortization of net discount on debt obligations and deferred financing costs 3,325 14,217 3,915 Amortization of net deferred hedge gains - debt (78 ) (61 ) (11 ) Amortization of leasehold intangibles 4,942 5,000 — Accretion of membership deposit liability 5,840 5,663 — $ 8,227 $ (3,819 ) $ (30,621 )

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of results of operations from discontinued operations	Results of operations from discontinued operations were as follows: Year Ended December 31, 2015 2014 2013 Interest income $ — $ — $ 15,098 Interest expense — (49,705 ) (12,372 ) Net interest income (expense) — (49,705 ) 2,726 Operating Revenues Media income — 68,212 61,637 Rental income 556 194,729 74,936 Care and ancillary income — 20,428 12,387 Total operating revenues 556 283,369 148,960 Other Income Other income (loss) — 1,444 (2,404 ) Gain on settlement of investments 318 — — Change in fair value of investments in excess mortgage servicing rights — — 3,894 Change in fair value of investments in equity method investees — — 4,924 Earnings from investments in equity method investees — — 16,117 Total other income 318 1,444 22,531 Expenses Property operating expenses 187 152,896 53,733 Media operating expenses — — 49,092 General and administrative expense (A) 30 20,096 21,742 Depreciation and amortization 11 90,627 30,969 Management fee to affiliate — 7,789 5,034 Income tax expense (benefit) — (1,111 ) 2,100 Total expenses 228 270,297 162,670 Income (loss) from discontinued operations, net of tax $ 646 $ (35,189 ) $ 11,547 (A) Includes acquisition and spin-off related expenses of $0.0 million , $15.8 million and $13.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively.

SEGMENT REPORTING AND VARIABL30

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of segment reporting	Summary financial data on Newcastle’s segments is given below, together with reconciliation to the same data for Newcastle as a whole: Debt Investments (A) CDOs Other Debt (B) Golf Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2015 Interest income $ 32,488 $ 66,233 $ 152 $ 23 $ — $ (3,005 ) $ 95,891 Interest expense (6,587 ) (38,244 ) (16,520 ) (3,783 ) — 3,005 (62,129 ) Inter-segment elimination (3,005 ) — 3,005 — — — — Net interest income (expense) 22,896 27,989 (13,363 ) (3,760 ) — — 33,762 Total impairment (reversal) 12,569 6,832 — — — — 19,401 Total operating revenues — — 295,856 — — — 295,856 Total other income (expense) 30,270 (4,003 ) 13,180 54 — — 39,501 Loan and security servicing expense 283 8 — — — — 291 Operating expenses - golf (C) — — 236,971 — — — 236,971 Operating expenses-golf, repairs and maintenance expenses — — 8,450 — — — 8,450 Cost of sales - golf — — 31,681 — — — 31,681 General and administrative expense — — 2,983 7,640 — — 10,623 General and administrative expense - acquisition and transaction expenses (D) — 60 1,364 (301 ) — — 1,123 Management fee to affiliate — — — 10,692 — — 10,692 Depreciation and amortization — — 28,682 (48 ) — — 28,634 Income tax expense — — 345 — — — 345 Income (loss) from continuing operations 40,314 17,086 (14,803 ) (21,689 ) — — 20,908 Income from discontinued operations, net of tax — — — — 646 — 646 Net income (loss) 40,314 17,086 (14,803 ) (21,689 ) 646 — 21,554 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interests — — 293 — — — 293 Income (loss) applicable to common stockholders $ 40,314 $ 17,086 $ (14,510 ) $ (27,269 ) $ 646 $ — $ 16,267 December 31, 2015 Investments $ 46,392 $ 669,736 $ 302,379 $ — $ — $ — $ 1,018,507 Cash and restricted cash 128 1,082 19,981 28,929 — — 50,120 Other assets 77 365,104 33,765 409 — — 399,355 Assets of discontinued operations — — — — — — — Total assets 46,597 1,035,922 356,125 29,338 — — 1,467,982 Debt, net 97,605 740,921 81,091 51,225 — — 970,842 Other liabilities 29 107,125 166,973 12,891 — — 287,018 Liabilities of discontinued operations — — — — — — — Total liabilities 97,634 848,046 248,064 64,116 — — 1,257,860 Preferred stock — — — 61,583 — — 61,583 Noncontrolling interests — — (257 ) — — — (257 ) Equity (deficit) attributable to common stockholders $ (51,037 ) $ 187,876 $ 108,318 $ (96,361 ) $ — $ — $ 148,796 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2014 Interest income $ 84,938 $ 50,093 $ 147 $ 44 $ — $ (7,595 ) $ 127,627 Interest expense (22,142 ) (41,874 ) (19,783 ) (3,818 ) — 7,595 (80,022 ) Inter-segment elimination (7,595 ) 1,861 5,734 — — — — Net interest income (expense) 55,201 10,080 (13,902 ) (3,774 ) — — 47,605 Total impairment (reversal) (3,303 ) 884 — — — — (2,419 ) Total operating revenues — — 291,537 — — — 291,537 Total other income 41,780 26,819 5,863 — — — 74,462 Loan and security servicing expense 238 961 — — — — 1,199 Operating expenses - golf (C) — — 244,234 — — — 244,234 Operating expenses - golf, repairs and maintenance expenses — — 9,870 — — — 9,870 Cost of sales - golf — — 30,271 — — — 30,271 General and administrative expense 14 2 1,435 7,722 — — 9,173 General and administrative expense - acquisition and transaction expenses (D) — 2,919 1,941 619 — — 5,479 Management fee to affiliate — — — 21,039 — — 21,039 Depreciation and amortization — — 26,880 87 — — 26,967 Income tax expense — — 208 — — — 208 Income (loss) from continuing operations 100,032 32,133 (31,341 ) (33,241 ) — — 67,583 Loss from discontinued operations, net of tax — — — — (35,189 ) — (35,189 ) Net income (loss) 100,032 32,133 (31,341 ) (33,241 ) (35,189 ) — 32,394 Preferred dividends — — — (5,580 ) — — (5,580 ) Net loss attributable to noncontrolling interests — — 329 — 523 — 852 Income (loss) applicable to common stockholders $ 100,032 $ 32,133 $ (31,012 ) $ (38,821 ) $ (34,666 ) $ — $ 27,666 December 31, 2014 Investments, net (E) $ 473,209 $ 833,293 $ 323,969 $ — $ — $ — $ 1,630,471 Cash and restricted cash 11,790 877 21,637 55,137 — — 89,441 Other assets (F) 1,927 2,190 30,983 91 — — 35,191 Assets of discontinued operations — — — — 6,803 — 6,803 Total assets 486,926 836,360 376,589 55,228 6,803 — 1,761,906 Debt, net (E) 310,636 791,499 161,474 51,231 — — 1,314,840 Other liabilities 2,391 4,528 164,897 16,475 — — 188,291 Liabilities of discontinued operations — — — — 447 — 447 Total liabilities 313,027 796,027 326,371 67,706 447 — 1,503,578 Preferred stock — — — 61,583 — — 61,583 Noncontrolling interest — — 36 — — — 36 Equity (deficit) attributable to common stockholders $ 173,899 $ 40,333 $ 50,182 $ (74,061 ) $ 6,356 $ — $ 196,709 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Discontinued Operations Eliminations Total Year Ended December 31, 2013 Interest income $ 119,292 $ 98,968 $ — $ 198 $ — $ (4,746 ) $ 213,712 Interest expense (24,996 ) (54,534 ) — (3,817 ) — 4,746 (78,601 ) Inter-segment elimination (4,746 ) 4,746 — — — — — Net interest income (expense) 89,550 49,180 — (3,619 ) — — 135,111 Total impairment (reversal) (9,338 ) (10,431 ) — — — — (19,769 ) Total other income 23,946 11,344 — — — — 35,290 Loan and security servicing expense 741 3,113 — 3 — — 3,857 General and administrative expense — 18 — 17,440 — — 17,458 Management fee to affiliate — — — 28,057 — — 28,057 Depreciation and amortization — — — 4 — — 4 Income (loss) from continuing operations 122,093 67,824 — (49,123 ) — 140,794 Income from discontinued operations, net of tax — — — — 11,547 — 11,547 Net income (loss) 122,093 67,824 — (49,123 ) 11,547 — 152,341 Preferred dividends — — — (5,580 ) — — (5,580 ) Net income attributable to noncontrolling interests — — — — (928 ) — (928 ) Income (loss) applicable to common stockholders $ 122,093 $ 67,824 $ — $ (54,703 ) $ 10,619 $ — $ 145,833 (A) Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure. (B) The following table summarizes the investments and debt in the Other Debt segment: December 31, 2015 December 31, 2014 Investments Debt Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options 380,806 380,806 380,806 380,806 406,217 406,217 406,217 406,217 Other Unlevered real estate securities (G) 37,404 12,642 — — 167,457 12,265 — — Levered real estate securities (H) 102,660 105,963 348,625 348,625 390,771 407,689 385,282 385,282 Real estate related and other loans 238,449 149,198 11,660 11,490 — — — — Other investments N/A 20,595 — — N/A 6,479 — — Residential mortgage loans 922 532 — — 934 643 — — $ 760,241 $ 669,736 $ 741,091 $ 740,921 $ 965,379 $ 833,293 $ 791,499 $ 791,499 (C) Operating expenses - golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $4.6 million and $5.0 million for the years ended December 31, 2015 and 2014 , respectively. (D) Includes all transaction related and spin-off related expenses. (E) Net of $35.1 million of inter-segment eliminations as of 2014 . (F) In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Note 2) which requires retrospective application to all prior periods. Accordingly, Other assets is reduced by $0.4 million for deferred financing costs as of December 31, 2014. (G) Excludes eight securities with zero value, which had an aggregate face amount of $116.0 million . (H) These investments represent purchases that were traded on December 31, 2015 but settled on January 13, 2016. The debts represent repurchase agreements collateralized by sold investments that were traded on December 31, 2015 and settled on January 13, 2016. See Note 5 for additional detail.
Schedule of other debt segment investments and debt	The following table summarizes the investments and debt in the Other Debt segment: December 31, 2015 December 31, 2014 Investments Debt Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options 380,806 380,806 380,806 380,806 406,217 406,217 406,217 406,217 Other Unlevered real estate securities (G) 37,404 12,642 — — 167,457 12,265 — — Levered real estate securities (H) 102,660 105,963 348,625 348,625 390,771 407,689 385,282 385,282 Real estate related and other loans 238,449 149,198 11,660 11,490 — — — — Other investments N/A 20,595 — — N/A 6,479 — — Residential mortgage loans 922 532 — — 934 643 — — $ 760,241 $ 669,736 $ 741,091 $ 740,921 $ 965,379 $ 833,293 $ 791,499 $ 791,499 (C) Operating expenses - golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $4.6 million and $5.0 million for the years ended December 31, 2015 and 2014 , respectively. (D) Includes all transaction related and spin-off related expenses. (E) Net of $35.1 million of inter-segment eliminations as of 2014 . (F) In the first quarter of 2015, Newcastle adopted ASU 2015-03 (see Note 2) which requires retrospective application to all prior periods. Accordingly, Other assets is reduced by $0.4 million for deferred financing costs as of December 31, 2014. (G) Excludes eight securities with zero value, which had an aggregate face amount of $116.0 million . (H) These investments represent purchases that were traded on December 31, 2015 but settled on January 13, 2016. The debts represent repurchase agreements collateralized by sold investments that were traded on December 31, 2015 and settled on January 13, 2016. See Note 5 for additional detail.
Schedule of assets of consolidated variable interests entities	December 31, 2015 2014 Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs Real estate securities, available-for-sale $ 46,392 $ 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 380,806 406,217 Other investments — 20,308 Restricted cash 128 11,790 Receivables and other assets 77 1,927 Assets of discontinued operations — 6,803 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 427,403 $ 899,946
Schedule of liabilities of consolidated variable interests entities	December 31, 2015 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 $ 92,933 $ 227,673 Other bonds and notes payable 4,672 27,069 Financing of subprime mortgage loans subject to call option 380,806 406,217 Accounts payable, accrued expenses and other liabilities 29 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 $ 478,440 $ 663,797
Schedule of holdings in variable interest entities	Newcastle had variable interests in the following unconsolidated VIEs at December 31, 2015 , in addition to the subprime securitizations which are described in Note 6: Entity Gross Assets (A) Debt (B) Carrying Value of Newcastle’s Newcastle CDO V $ 80,062 $ 107,113 $ 9,731 (A) Face amount. (B) Newcastle CDO V includes $44.1 million face amount of debt owned by Newcastle with a carrying value of $9.7 million at December 31, 2015 . (C) This amount represents Newcastle’s maximum exposure to loss from this entity.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 , all of which are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Before Other-Than- After Gains Losses Carrying Value Number of Rating Coupon Yield Life Principal December 31, 2015 CMBS $ 67,669 $ 78,416 $ (55,372 ) $ 23,044 $ 16,673 $ (33 ) $ 39,684 16 B 4.97 % 14.78 % 2.1 26.1 % Non-Agency RMBS 16,477 23,403 (20,667 ) 2,736 6,958 (75 ) 9,619 9 CC 1.89 % 11.95 % 11.0 9.7 % ABS-Franchise 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % 0 — % CDO (E) 14,632 — — — 9,731 — 9,731 2 C 1.80 % — % 7.2 25.1 % Debt Security Total/Average (F) $ 107,242 $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 28 CCC+ 4.20 % 14.48 % 4.0 Equity Securities — — — — — — 2 Total Securities, Available-for-Sale $ 109,466 $ (83,686 ) $ 25,780 $ 33,362 $ (108 ) $ 59,034 30 Agency RMBS (FNMA/FHLMC) 102,660 105,940 — 105,940 23 — 105,963 3 AAA 3.50 % 2.99 % 7.8 N/A Total Securities, Pledged as Collateral $ 102,660 $ 105,940 $ — $ 105,940 $ 23 $ — $ 105,963 3 December 31, 2014 CMBS $ 214,026 $ 218,900 $ (75,574 ) $ 143,326 $ 35,441 $ (4 ) $ 178,763 32 B 5.86 % 11.00 % 2.6 10.4 % Non-Agency RMBS 67,475 79,808 (54,589 ) 25,219 19,816 — 45,035 28 CCC 1.21 % 9.66 % 7.7 21.8 % ABS-Franchise 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % 0 — % CDO (E) 14,413 — — — 7,956 — 7,956 2 CCC- 1.46 % — % 11.5 13.7 % Debt Security Total/Average (F) $ 304,378 $ 306,355 $ (137,810 ) $ 168,545 $ 63,213 $ (4 ) $ 231,754 63 B- 4.64 % 10.80 % 4.1 Equity Securities — — — — — — 1 Total Securities, Available-for-Sale $ 306,355 $ (137,810 ) $ 168,545 $ 63,213 $ (4 ) $ 231,754 64 Agency RMBS (FNMA/FHLMC) 390,771 403,216 — 403,216 4,473 — 407,689 9 AAA 3.50 % 2.94 % 5.6 N/A Total Securities, Pledged as Collateral $ 390,771 $ 403,216 $ — $ 403,216 $ 4,473 $ — $ 407,689 9 (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current. (C) The weighted average life is based on the timing of expected principal reduction on the assets. (D) Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments. (E) Represents non-consolidated CDO securities, excluding eight securities with zero value which had an aggregate face amount of $ 116.0 million and $113.3 million as of December 31, 2015 and 2014 , respectively. (F) As of December 31, 2015 and 2014 , the total outstanding face amount of fixed rate securities was $168.5 million and $600.9 million , respectively, and of floating rate securities were $41.4 million and $94.2 million , respectively.
Schedule of real estate securities holdings in an unrealized loss position	The following table summarizes Newcastle’s securities in an unrealized loss position as of December 31, 2015 . Amortized Cost Basis Gross Unrealized Weighted Average Securities in Outstanding Before Other-than- After Gains Losses Carrying Number Rating Coupon Yield Life Less Than Twelve Months $ 3,699 $ 4,389 $ (3,010 ) $ 1,379 $ — $ (108 ) $ 1,271 2 CC 3.46 % 11.20 % 7.4 Twelve or More Months — — — — — — — — — — — 0 Total $ 3,699 $ 4,389 $ (3,010 ) $ 1,379 $ — $ (108 ) $ 1,271 2 CC 3.46 % 11.20 % 7.4 Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following: December 31, 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 1,271 1,379 (3,010 ) (108 ) Non-credit impaired securities — — — — Total debt securities in an unrealized loss position $ 1,271 $ 1,379 $ (3,010 ) $ (108 ) (A) Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales. (B) This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle’s management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate. (C) This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
Schedule of credit losses on debt securities	The following table summarizes the activity related to credit losses on debt securities: 2015 2014 Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (4,174 ) $ (2,873 ) Additions for credit losses on securities for which an OTTI was not previously recognized (1,567 ) — Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income — (4,174 ) 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 during the period — 2,873 Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — — Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) $ (4,174 )
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	The table below summarizes the geographic distribution of the collateral securing the CMBS and ABS at December 31, 2015 : CMBS ABS Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ 12,303 18.2 % $ 7,922 31.8 % Southeastern U.S. 16,954 25.0 % 3,798 15.2 % Midwestern U.S. 21,105 31.2 % 7,630 30.6 % Western U.S. 9,857 14.6 % 4,184 16.8 % Southwestern U.S. 7,450 11.0 % 1,407 5.6 % $ 67,669 100.0 % $ 24,941 100.0 %

REAL ESTATE RELATED AND OTHER32

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment. December 31, 2015 December 31, 2014 Loan Type Outstanding Carrying Valuation Allowance (Reversal) Loan Wtd. Wtd Wtd Floating Rate Delinquent Carrying Wtd. Avg. Mezzanine Loans $ 37,200 $ 19,433 $ 4,386 3 8.00 % 8.27 % 0.3 100.0 % $ 17,767 $ 103,582 7.79 % Corporate Bank Loans 201,249 129,765 5,218 4 22.42 % 18.47 % 1.0 0.0 % 45,687 107,715 22.08 % B-Notes — — — — — % — % 0 — % — 18,748 12.00 % Whole Loans — — — — — % — % 0 — % — 155 4.00 % Total Real Estate Related and other Loans Held-for-Sale, Net (D) $ 238,449 $ 149,198 $ 9,604 7 20.54 % 16.88 % 0.9 15.6 % $ 63,454 $ 230,200 14.82 % Residential Mortgage Loans Held-for-Sale, Net (E)(F) $ 922 $ 532 $ 96 4 62.02 % 2.84 % 1.6 100.0 % $ 766 $ 3,854 23.48 % Subprime Mortgage Loans Subject to Call Option $ 380,806 $ 380,806 $ 406,217 (A) The aggregate United States federal income tax basis for such assets at December 31, 2015 was approximately $175.9 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average maturity is based on the timing of expected principal reduction on the assets. (C) Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2015 and December 31, 2014 , $63.5 million and $76.5 million face amount of real estate related and other loans, respectively, was on non-accrual status. (D) Loans which are more than 3% of the total current carrying value (or $4.5 million ) at December 31, 2015 are as follows: December 31, 2015 Loan Type Outstanding Carrying Value Prior Liens Loan Yield (1) Coupon (1) Weighted Average Individual Corporate Bank Loan (2) $ 141,865 $ 125,793 $ 621,088 1 22.50 % 22.50 % 1.0 Individual Mezzanine Loan (3) 19,433 19,433 114,111 1 8.00 % 8.00 % 0.5 Others (4) 77,151 3,972 22,500 5 20.00 % 8.78 % 0.6 $ 238,449 $ 149,198 7 20.54 % 16.88 % 0.9 (1) For Others, represents weighted average yield and weighted average coupon. (2) Interest accrued to principal balance over life to maturity. Prior Liens reflect indebtedness and other claims on the assets of the related companies which support the Individual Corporate Bank Loan. (3) Interest only payments over life to maturity and balloon principal payment upon maturity. Prior Liens reflect loans in this capital structure which are ranked pari passu to the Individual Mezzanine Loan. (4) Various terms of payment. This represents $59.4 million and $17.8 million of bank loans and mezzanine loans, respectively. Each of the five loans had a carrying value of less than $4.5 million at December 31, 2015 . Prior Liens reflect face amounts of third party liens that are senior to Newcastle’s position for Others. (E) The following is an aging analysis of past due residential loans held-for-sale as of December 31, 2015 : 30-59 Days 60-90 Days Over 90 Days REO Total Past Current Total Outstanding Residential Loans $ — $ — $ — $ 766 $ 766 $ 156 $ 922 Newcastle’s management monitors the credit qualities of the residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate. (F) Loans acquired at a discount for credit quality.
Schedule of large loans	Loans which are more than 3% of the total current carrying value (or $4.5 million ) at December 31, 2015 are as follows: December 31, 2015 Loan Type Outstanding Carrying Value Prior Liens Loan Yield (1) Coupon (1) Weighted Average Individual Corporate Bank Loan (2) $ 141,865 $ 125,793 $ 621,088 1 22.50 % 22.50 % 1.0 Individual Mezzanine Loan (3) 19,433 19,433 114,111 1 8.00 % 8.00 % 0.5 Others (4) 77,151 3,972 22,500 5 20.00 % 8.78 % 0.6 $ 238,449 $ 149,198 7 20.54 % 16.88 % 0.9 (1) For Others, represents weighted average yield and weighted average coupon. (2) Interest accrued to principal balance over life to maturity. Prior Liens reflect indebtedness and other claims on the assets of the related companies which support the Individual Corporate Bank Loan. (3) Interest only payments over life to maturity and balloon principal payment upon maturity. Prior Liens reflect loans in this capital structure which are ranked pari passu to the Individual Mezzanine Loan. (4) Various terms of payment. This represents $59.4 million and $17.8 million of bank loans and mezzanine loans, respectively. Each of the five loans had a carrying value of less than $4.5 million at December 31, 2015 .
Schedule of aging of past due residential loans held for sale	The following is an aging analysis of past due residential loans held-for-sale as of December 31, 2015 : 30-59 Days 60-90 Days Over 90 Days REO Total Past Current Total Outstanding Residential Loans $ — $ — $ — $ 766 $ 766 $ 156 $ 922
Schedule of real estate related loans by maturity	The following is a summary of real estate related and other loans by maturity at December 31, 2015 : Year of Maturity (1) Outstanding Carrying Value Number of Delinquent (2) $ 63,454 $ — 4 2016 19,433 19,433 1 2017 — — — 2018 — — — 2019 155,562 129,765 2 2020 — — — Thereafter — — — Total $ 238,449 $ 149,198 7 (1) Based on the final extended maturity date of each loan investment as of December 31, 2015 . (2) Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Schedule of activity in carrying value of real estate related and other loans and residential mortgage loans	Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows: Held for Sale Held for Investment Real Estate Residential Residential NPL Reverse Balance at December 31, 2012 $ 843,132 $ 2,471 $ 292,461 $ — Purchases / additional fundings 315,296 — — 35,138 Interest accrued to principal balance 26,588 — — — Principal paydowns (257,335 ) (373 ) (45,665 ) — Sales (101,338 ) — — — New Residential spin-off — — — (35,865 ) Conversion to equity-GateHouse (393,531 ) — — — Elimination after restructure-Golf (29,412 ) — — — Valuation (allowance) reversal on loans 19,479 105 5,451 — Gain on repayment of loans held for sale 7,216 — — — Accretion of loan discount and other amortization 6,689 — 3,684 727 Other 746 (18 ) (481 ) — Balance at December 31, 2013 $ 437,530 $ 2,185 $ 255,450 $ — Purchases / additional fundings — — — — Interest accrued to principal balance 20,830 — — — Principal paydowns (240,937 ) (9,574 ) (9,436 ) — Sales — (233,349 ) — — Transfer to held-for-sale — 246,121 (246,121 ) — Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) — Accretion of loan discount and other amortization 8,867 — 115 — Other 607 (1,478 ) 825 — Balance at December 31, 2014 $ 230,200 $ 3,854 $ — $ — Purchases / additional fundings — — — — Interest accrued to principal balance 27,717 — — — Principal paydowns (46,696 ) (134 ) — — Sales (55,574 ) (2,925 ) — — Valuation (allowance) reversal on loans (9,284 ) (257 ) — — Accretion of loan discount and other amortization 3,203 — — — Other (368 ) (6 ) — — Balance at December 31, 2015 $ 149,198 $ 532 $ — $ —
Rollforward of loss allowance for real estate related and other loans and residential mortgage loans	The following is a rollforward of the related loss allowance: Held for Sale Held for Investment Real Estate Related and Other Loans Residential Mortgage Loans Residential Mortgage Loans (A) Balance at December 31, 2012 $ (182,062 ) $ (1,072 ) $ (22,478 ) Charge-offs (B) 68,546 143 4,780 Valuation (allowance) reversal on loans 19,479 105 5,451 Balance at December 31, 2013 (94,037 ) (824 ) (12,247 ) Charge-offs (B) 14,808 84 711 Transfer to held-for-sale — (12,369 ) 12,369 Sales — 13,006 — Valuation (allowance) reversal on loans 3,303 (51 ) (833 ) Balance at December 31, 2014 $ (75,926 ) $ (154 ) $ — Charge-offs (B) 14,345 160 — Sales — — — Valuation (allowance) reversal on loans (9,284 ) (257 ) — Balance at December 31, 2015 $ (70,865 ) $ (251 ) $ — (A) The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality. (B) The charge-offs for real estate related loans represent four , three and three loans which were written off, sold, restructured, or paid off at a discounted price during 2015 , 2014 and 2013 , respectively.
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2015 : Real Estate Related and Other Loans Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ 7,967 9.6 % $ 523 56.7 % Southeastern U.S. 7,754 9.3 % 260 28.2 % Midwestern U.S. — — % 139 15.1 % Southwestern U.S. 3,712 4.5 % — — Foreign 63,454 76.6 % — — $ 82,887 100.0 % $ 922 100.0 % Other 155,562 (A) $ 238,449 (A) Includes corporate bank loans which are not directly secured by real estate assets.
Schedule of holdings in subprime mortgage loans	Subprime Portfolio I II Date of acquisition March 2006 March 2007 Original number of loans (approximate) 11,300 7,300 Predominant origination date of loans 2005 2006 Original face amount of purchase $1.5 billion $1.3 billion Pre-securitization loan write-down ($4.1 million) ($5.8 million) Gain on pre-securitization hedge $5.5 million $5.8 million Gain on sale Less than $0.1 million $0.1 million Securitization date April 2006 July 2007 Face amount of loans at securitization $1.5 billion $1.1 billion Face amount of notes sold by trust $1.4 billion $1.0 billion Stated maturity of notes March 2036 April 2037 Face amount of notes retained by Newcastle $37.6 million $38.8 million Fair value of equity retained by Newcastle $62.4 million (A) $46.7 million (A) Key assumptions in measuring such fair value (A) : Weighted average life (years) 3.1 3.8 Expected credit losses 5.3% 8.0% Weighted average constant prepayment rate 28.0% 30.1% Discount rate 18.8% 22.5% (A) As of the date of transfer. The following table presents information on the retained interests in the securitizations of Subprime Portfolios I and II at December 31, 2015 : Subprime Portfolio I II Total Total securitized loans (unpaid principal balance) (A) $ 274,956 $ 389,827 $ 664,783 Loans subject to call option (carrying value) $ 273,765 $ 107,041 $ 380,806 Retained interests (fair value) (B) $ 2,911 $ — $ 2,911 (A) Average loan seasoning of 125 months and 107 months for Subprime Portfolios I and II, respectively, at December 31, 2015 . (B) The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained note was 21.80% as of December 31, 2015 .
Schedule of details regarding subprime mortgage loans	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of December 31, 2015 (unaudited, except stated otherwise): Subprime Portfolio I II Loan unpaid principal balance (UPB) (A) $ 274,956 $ 389,827 Weighted average coupon rate of loans 5.52 % 4.36 % Delinquencies of 60 or more days (UPB) (A)(B) $ 54,197 $ 108,817 Net credit losses for year ended December 31, 2015 $ 13,295 $ 27,942 December 31, 2014 $ 25,225 $ 34,102 Cumulative net credit losses $ 285,324 $ 363,618 Cumulative net credit losses as a % of original UPB 19.0 % 33.4 % Percentage of ARM loans (C) 51.4 % 63.9 % Percentage of loans with loan-to-value ratio >90% 10.6 % 16.1 % Percentage of interest-only loans 1.9 % 3.4 % Face amount of debt (A) (D) $ 269,765 $ 389,827 Weighted average funding cost of debt (E) 0.79 % 0.69 % (A) Audited. (B) Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned. (C) ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs. (D) Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I and overcollateralization of $1.2 million on Subprime Portfolio I at December 31, 2015 . (E) Includes the effect of applicable hedges.

INVESTMENTS IN OTHER REAL EST33

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of investments in other real estate	The following table summarizes the balances of other real estate assets at December 31, 2015 . Initial Cost Gross Carrying Amount (A) (C) Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Owned Properties Bear Creek Woodinville WA $ 3,573 $ 2,178 $ 179 $ 28 $ 214 $ 3,573 $ 2,271 $ 327 $ 1 $ 6,172 $ (582 ) $ 5,590 Bradshaw Farm Woodstock GA 773 1,962 92 — 405 773 1,972 487 — 3,232 (544 ) 2,688 Brookstone Acworth GA 579 2,448 200 — 808 579 2,927 529 — 4,035 (692 ) 3,343 Canyon Oaks Chico CA 1,545 4,127 205 13 144 1,545 4,156 323 10 6,034 (946 ) 5,088 Casta Del Sol Mission Viejo CA 5,794 — — — 495 5,794 28 152 315 6,289 (26 ) 6,263 El Camino Oceanside CA 4,635 2,960 158 80 380 4,635 3,237 312 29 8,213 (684 ) 7,529 Forrest Crossing Franklin TN 3,187 807 76 55 215 3,187 848 264 41 4,340 (263 ) 4,077 Gettysvue Knoxville TN 2,994 1,428 235 181 284 2,994 1,647 396 85 5,122 (561 ) 4,561 Lomas Santa Fe (Executive) Solana Beach CA 3,766 — — — 120 3,766 63 21 36 3,886 (18 ) 3,868 Marbella SJ Capistrano CA 5,794 9,114 410 — 1,944 5,794 9,215 857 1,396 17,262 (1,948 ) 15,314 Monterey Palm Desert CA 5,698 3,004 202 19 892 5,698 3,471 646 — 9,815 (903 ) 8,912 Oakhurst Clayton CA 1,449 2,575 428 1,645 (1,251 ) 1,449 2,649 653 95 4,846 (946 ) 3,900 Oregon Golf Club West Linn OR 4,828 8,011 416 51 604 4,828 8,039 856 187 13,910 (1,742 ) 12,168 Palm Valley Palm Desert CA 7,531 8,864 379 56 232 7,531 8,744 665 122 17,062 (1,845 ) 15,217 Plantation Boise ID 2,607 2,236 262 13 248 2,607 2,314 445 — 5,366 (663 ) 4,703 Rancho San Joaquin Irvine CA 12,650 3,775 279 1,366 (12 ) 12,650 4,668 730 10 18,058 (995 ) 17,063 Seascape Aptos CA 2,897 4,944 108 67 289 2,897 4,967 360 81 8,305 (904 ) 7,401 Summitpointe Milpitas CA 2,511 3,271 128 8 746 2,511 3,542 584 27 6,664 (717 ) 5,947 Sunset Hills Thousand Oaks CA 2,125 5,447 383 — 799 2,125 5,525 1,022 82 8,754 (1,329 ) 7,425 Tanoan Albuquerque NM 1,642 7,600 431 364 419 1,642 8,020 786 8 10,456 (1,996 ) 8,460 Trophy Club of Apalachee Dacula GA 483 640 55 — 397 483 879 166 47 1,575 (221 ) 1,354 Initial Cost Gross Carrying Amount (A) (C) Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Construction In-Progress Accumulated Depreciation (A)(B) Net Book Value Property Name City State Total Trophy Club of Atlanta Alpharetta GA 483 3,898 60 — 377 483 3,935 198 202 4,818 (638 ) 4,180 Vista Valencia Valencia CA 1,352 5,199 91 — 344 1,352 5,399 225 10 6,986 (948 ) 6,038 Wood Ranch Simi Valley CA 2,125 1,951 239 416 678 2,125 2,284 927 73 5,409 (789 ) 4,620 Other N/A N/A 9,303 — — — 689 9,303 236 362 91 9,992 (99 ) 9,893 Total Owned Properties $ 90,324 $ 86,439 $ 5,016 $ 4,362 $ 10,460 $ 90,324 $ 91,036 $ 12,293 $ 2,948 $ 196,601 $ (20,999 ) $ 175,602 Managed Properties Candler Park Atlanta GA $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — El Cariso Sylmar CA — — — — 32 — — 32 — 32 (2 ) 30 Fullerton Fullerton CA — — — — 478 — — 373 105 478 (37 ) 441 John A White Atlanta GA — — — — — — — — — — — — Lomas Santa Fe Solana Beach CA — — 8 — 290 — — 298 — 298 (36 ) 262 Paradise Knolls Riverside CA — — 46 — — — — 46 — 46 (46 ) — Santa Clara Santa Clara CA — — — — — — — — — — — — Westchester Los Angeles CA — — — — 19 — — 19 — 19 — 19 Woodlands Wayne MI — — — — 8 — — 8 — 8 — 8 Yorba Linda Yorba Linda CA — — 5 — 95 — — 100 — 100 (16 ) 84 Total Managed Properties $ — $ — $ 59 $ — $ 922 $ — $ — $ 876 $ 105 $ 981 $ (137 ) $ 844 Total Leased Properties — 48,412 8,798 1,273 15,694 — 51,522 21,207 1,448 74,177 (23,660 ) 50,517 Corporate N/A N/A — — 3,219 — 1,141 — — 4,360 — 4,360 (3,416 ) 944 Total Properties $ 90,324 $ 134,851 $ 17,092 $ 5,635 $ 28,217 $ 90,324 $ 142,558 $ 38,736 $ 4,501 $ 276,119 $ (48,212 ) $ 227,907 (A) The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2015 and 2014 .
Schedule of the rollforward of the gross carrying amount and accumulated depreciation of other real estate	Year ended December 31, 2015 Year ended December 31, 2014 Gross Carrying Amount Balance at beginning of year $ 263,103 $ 250,208 Additions: Acquisitions of other real estate — — Improvements 14,970 15,109 Disposals: Disposal of long-lived assets (1,954 ) (2,214 ) Balance at end of year $ 276,119 $ 263,103 Accumulated Depreciation Balance at beginning of year $ (23,820 ) $ — Additions: Depreciation expense (24,943 ) (24,740 ) Disposals: Disposal of long-lived assets 551 920 Balance at end of year $ (48,212 ) $ (23,820 )

INTANGIBLES, NET OF ACCUMULAT34

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes Newcastle's intangibles related to its Golf business: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Value Amount Amortization Value Trade name $ 700 $ (47 ) $ 653 $ 700 $ (23 ) $ 677 Leasehold intangibles (A) 49,962 (9,817 ) 40,145 50,275 (5,206 ) 45,069 Management contracts 36,500 (7,911 ) 28,589 37,650 (4,666 ) 32,984 Internally-developed software 800 (320 ) 480 800 (160 ) 640 Membership base 5,236 (1,496 ) 3,740 5,214 (748 ) 4,466 Nonamortizable liquor licenses 865 — 865 850 — 850 Total intangibles $ 94,063 $ (19,591 ) $ 74,472 $ 95,489 $ (10,803 ) $ 84,686 (A) The amortization expense for leasehold intangibles is reported in operating expense - golf in the Consolidated Statements of Operations.
Schedule of future amortization expense	The unamortized balance of intangible assets at December 31, 2015 are expected to be amortized as follows: 2016 $ 8,815 2017 8,246 2018 8,074 2019 7,442 2020 6,763 Thereafter 34,267 $ 73,607

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of derivatives financial instruments	The table below presents the fair value of the derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 : Fair Value December 31, Balance sheet location 2015 2014 Derivative Assets TBAs, not designated as hedges Receivables and other assets $ 127 $ — $ 127 $ — 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 684 2,031 $ 684 $ 4,328
Schedule of gains (losses) on derivatives	The following table summarizes gains (losses) recorded in relation to derivatives: Income Statement Location Year Ended December 31, Cash flow hedges 2015 2014 2013 Loss immediately recognized at de-designation Other income $ — $ (34 ) $ (110 ) Loss recognized on termination of derivative instruments Gain on settlement of investments, net (612 ) — — Deferred hedge gain reclassified from AOCI into earnings Interest expense 78 61 11 Amount of loss reclassified from AOCI into income (effective portion) Interest expense (1,363 ) (4,379 ) (6,128 ) Amount of unrealized loss recognized in OCI on derivatives (effective portion) N/A (60 ) (177 ) (195 ) Non-hedge derivatives Gain recognized related to interest rate swaps Other income $ 284 $ 7,131 $ 9,764 Gain recognized related to linked transactions Other income — 12,498 1,168 Loss recognized related to linked transactions Interest expense — (211 ) (236 ) Gain (loss) recognized related to TBAs Other income 1,474 (2,030 ) — Loss on settlement of TBAs Gain on settlement of investments, net (12,907 ) (4,151 ) — Gain recognized on termination of derivative instruments Gain on settlement of investments, net — — 813
Schedule of additional information about cash flow hedges	The following table presents additional information about cash flow hedge transactions: December 31, 2015 2014 Cash flow hedges Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months $ 20 $ 78 Expected reclassification of current hedges from AOCI into earnings over the next 12 months — (1,730 )

FAIR VALUE OF FINANCIAL INSTR36

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of carrying value and estimated fair value of assets and liabilities	The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Carrying Estimated Fair Value Method (A) Carrying Estimated Assets Real estate securities, available-for-sale $ 59,034 $ 59,034 Broker/counterparty quotations, pricing services, pricing models $ 231,754 $ 231,754 Real estate securities, pledged as collateral 105,963 105,963 Broker/counterparty quotations, pricing services 407,689 407,689 Real estate related and other loans, held-for-sale, net 149,198 165,270 Broker/counterparty quotations, pricing services, pricing models 230,200 246,678 Residential mortgage loans, held-for-sale, net 532 569 Broker/counterparty quotations, pricing models 3,854 4,076 Subprime mortgage loans subject to call option (B) 380,806 380,806 (B) 406,217 406,217 Restricted cash 4,469 4,469 15,714 15,714 Cash and cash equivalents 45,651 45,651 73,727 73,727 Non-hedge derivative assets (C) 127 127 Counterparty quotations, pricing services — — Liabilities CDO bonds payable (D) $ 92,933 $ 15,193 Pricing models $ 227,673 $ 134,491 Other bonds and notes payable (D) 16,162 16,620 Pricing models 27,069 28,102 Repurchase agreements 418,458 418,625 Counterparty quotations, market comparables 441,176 441,176 Credit facilities and obligations under capital leases 11,258 11,258 Pricing models 161,474 161,474 Financing of subprime mortgage loans subject to call option (B) 380,806 380,806 (B) 406,217 406,217 Junior subordinated notes payable 51,225 24,649 Pricing models 51,231 28,918 Interest rate swaps, treated as hedges (C) — — Counterparty quotations 1,963 1,963 Non-hedge derivative liabilities (C) 684 684 Counterparty quotations, pricing services 2,365 2,365 (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6). (C) Represents derivative assets and liabilities including interest rate swaps and TBA forward contracts (Note 9). (D) Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2015 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations Market Quotations (Unobservable) Internal Pricing Models Assets: Real estate securities, available for sale: CMBS $ 39,684 $ — $ 39,684 $ — $ 39,684 Non-Agency RMBS 9,619 — 9,619 — 9,619 CDO (A) 9,731 — — 9,731 9,731 Real estate securities, available for sale total $ 59,034 $ — $ 49,303 $ 9,731 $ 59,034 Real estate securities, pledged as collateral: FNMA/FHLMC $ 105,963 $ 105,963 $ — $ — $ 105,963 Real estate securities, pledged as collateral $ 105,963 $ 105,963 $ — $ — $ 105,963 Derivative assets: TBAs, not treated as hedges $ 127 $ 127 $ — $ — $ 127 Derivative assets total $ 127 $ 127 $ — $ — $ 127 Liabilities: Derivative liabilities: TBAs, not treated as hedges $ 684 $ 684 $ — $ — $ 684 Derivative liabilities total $ 684 $ 684 $ — $ — $ 684 (A) Represents non-consolidated CDO securities, excluding eight securities with zero value, which had an aggregate face amount of $116.0 million as of December 31, 2015 .
Schedule of quantitative information about significant unobservable inputs	The following table provides quantitative information regarding the significant unobservable inputs used by Newcastle for assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 This table excludes inputs used to measure fair value that are not developed by Newcastle, such as broker prices and other third-party pricing service valuations. Asset Type Amortized Fair Weighted Average Significant Input Prepayment Speed Cumulative Default Rate Loss Severity CDO $ — $ 9,731 10.3 % 4.7 % 18.5 % 32.2 % Total $ — $ 9,731
Schedule of change in fair value of Level 3 investments	Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows: Level 3 Assets CMBS Non-Agency RMBS Equity/Other Securities Derivative Transactions Total Balance at December 31, 2013 $ 284,469 $ 57,581 $ 59,757 $ 43,662 $ 445,469 Total gains (losses) (A) Included in net income (B) 15,384 4,165 976 12,498 33,023 Included in other comprehensive income (loss) (21,154 ) 2,909 5,193 — (13,052 ) Amortization included in interest income 17,184 5,218 1,924 — 24,326 Purchases, sales and settlements Purchases — — — — — Proceeds from sales (73,252 ) (15,787 ) (57,053 ) — (146,092 ) Proceeds from repayments (43,868 ) (9,051 ) (2,841 ) (56,160 ) (111,920 ) Balance at December 31, 2014 $ 178,763 $ 45,035 $ 7,956 $ — $ 231,754 Transfers Transfer into Level 3 — — 367 — 367 Total gains (losses) (A) Included in net income (B) 12,038 14,826 (367 ) — 26,497 Included in other comprehensive income (loss) (18,797 ) (12,933 ) 1,775 — (29,955 ) Amortization included in interest income 6,866 2,849 — — 9,715 Purchases, sales and settlements Purchases — — — — — Proceeds from sales (102,607 ) (37,582 ) — — (140,189 ) Proceeds from repayments (36,579 ) (2,576 ) — — (39,155 ) Balance at December 31, 2015 $ 39,684 $ 9,619 $ 9,731 $ — $ 59,034 (A) None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2015 2014 Gain on settlement of investments, net $ 28,854 $ 20,525 Other income, net — 12,498 OTTI (2,357 ) — Total $ 26,497 $ 33,023 Gain on sale of investments, net, from investments transferred into Level 3 during the period $ — $ —
Schedule of gains losses on fair value of real estate securities	These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Year Ended December 31, 2015 2014 Gain on settlement of investments, net $ 28,854 $ 20,525 Other income, net — 12,498 OTTI (2,357 ) — Total $ 26,497 $ 33,023 Gain on sale of investments, net, from investments transferred into Level 3 during the period $ — $ —
Schedule of fair value for real estate related and other loans and residential mortgage loans held for sale	The following tables summarize certain information for real estate related and other loans as well as for residential mortgage loans held-for-sale as of December 31, 2015 : Significant Input Range Weighted Average Loan Type Carrying Value Fair Value Discount Rate Loss Severity Discount Rate Loss Severity Mezzanine $ 19,433 $ 19,433 0.0% - 8.0% 0.0% - 100.0% 8.0 % 47.8 % Bank Loan 129,765 145,837 0% - 22.5% 0.0% - 100.0% 22.4 % 22.7 % Total Real Estate Related and Other Loans Held for Sale, Net $ 149,198 $ 165,270 Significant Input (Weighted Average) Loan Type Carrying Value Fair Value Discount Rate Prepayment Speed Constant Default Rate Loss Severity Residential Loans $ 532 $ 569 62.0 % 0.8 % 75.7 % 22.5 % Total Residential Mortgage Loans, Held-for-Sale, Net $ 532 $ 569

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations and related hedges	The following table presents certain information regarding Newcastle's debt obligations and related hedges: December 31, 2015 December 31, 2014 Collateral Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon (A) Weighted Average Funding Cost (B) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount (C) Amortized Cost Basis (C) Carrying Value (C) Weighted Average Life (Years) Floating Rate Face Amount (C) Outstanding Face Amount Carrying Value CDO Bonds Payable CDO VI (D) Apr 2005 $ 92,933 $ 92,933 Apr 2040 1.12% 1.12 % 4.1 $ 89,183 $ 69,838 $ 25,124 $ 46,392 3.9 $ 12,477 $ 92,462 $ 92,462 CDO VIII Nov 2006 — — — —% — % 0.0 — — — — 0.0 — 71,813 71,717 CDO IX May 2007 — — — —% — % 0.0 — — — — 0.0 — 62,578 63,494 92,933 92,933 1.12 % 4.1 89,183 69,838 25,124 46,392 3.9 12,477 226,853 227,673 Other Bonds & Notes Payable NCT 2013-VI IMM-1 (E) Nov 2013 4,984 4,672 Apr 2040 LIBOR+0.25% 21.78 % 0.4 4,984 N/A N/A N/A N/A N/A 31,060 27,069 Mezzanine Note Payable Oct 2015 11,660 11,490 Oct 2016 LIBOR+3.00% 6.38 % 0.8 11,660 19,433 19,433 19,433 0.5 19,433 — — 16,644 16,162 10.83 % 0.7 16,644 19,433 19,433 19,433 0.5 19,433 31,060 27,069 Repurchase Agreements (F) CDO Securities Dec 2013 — — — —% — % 0.0 — N/A N/A N/A N/A N/A 55,894 55,894 FNMA/FHLMC securities Dec 2015 348,625 348,625 Jan 2016 0.71% 0.71 % 0.1 — 350,280 365,265 365,265 7.7 — 385,282 385,282 Golf Loans (G) Aug 2015 70,000 69,833 Feb 2016 LIBOR + 3.50% 5.13 % 0.4 70,000 N/A N/A N/A N/A — — — 418,625 418,458 1.45 % 0.2 70,000 350,280 365,265 365,265 7.7 — 441,176 441,176 December 31, 2015 December 31, 2014 Collateral Debt Obligation/Collateral Month Issued Outstanding Face Amount Carrying Value Final Stated Maturity Weighted Average Coupon (A) Weighted Average Funding Cost (B) Weighted Average Life (Years) Face Amount of Floating Rate Debt Outstanding Face Amount (C) Amortized Cost Basis (C) Carrying Value (C) Weighted Average Life (Years) Floating Rate Face Amount (C) Outstanding Face Amount Carrying Value Golf Credit Facilities First Lien Loan (G) Dec 2013 — — — — — % 0.0 — N/A N/A N/A N/A N/A 49,923 49,800 Second Lien Loan (G) Dec 2013 — — —% —% — % 0.0 — N/A N/A N/A N/A N/A 105,575 105,315 Vineyard II Dec 1993 200 200 Dec 2043 2.11% 2.11 % 28.0 200 N/A N/A N/A N/A N/A 200 200 Capital Leases (Equipment) May 2014 - Dec 2015 11,058 11,058 Jun 2021 3.83% to 11.54% 6.46 % 4.5 — N/A N/A N/A N/A N/A 6,159 6,159 11,258 11,258 6.38 % 4.9 200 N/A N/A N/A N/A N/A 161,857 161,474 Corporate Junior subordinated notes payable Mar 2006 51,004 51,225 Apr 2035 7.57% (H) 7.36 % 19.3 — N/A N/A N/A N/A N/A 51,004 51,231 51,004 51,225 7.36 % 19.3 — N/A N/A N/A N/A N/A 51,004 51,231 Subtotal debt obligation 590,464 590,036 2.26 % 2.6 $ 176,027 $ 439,551 $ 409,822 $ 431,090 6.7 $ 31,910 911,950 908,623 Financing on subprime mortgage loans subject to call option (I) 380,806 380,806 406,217 406,217 Total debt obligation $ 971,270 $ 970,842 $ 1,318,167 $ 1,314,840 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of applicable hedges and deferred financing cost. (C) Excluding restricted cash held in CDOs to be used for principal and interest payments of CDO debt. (D) This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2015 . Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), because net interest is being used to repay debt, and expects this CDO to remain out of compliance for the forseeable future. (E) Represents financings of previously repurchased Newcastle CDO bonds for which the collateral is eliminated in consolidation. (F) These repurchase agreements had $ 0.5 million accrued interest payable at December 31, 2015 . The counterparties on these repurchase agreements are Nomura ($ 48.6 million ), Morgan Stanley ($ 53.7 million ), Citi ($ 246.3 million ) and Credit Suisse ($ 70.0 million ). Newcastle has margin exposure on $ 418.6 million of 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. $348.6 million of repurchase agreements were repaid in 2016 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 $0.2 million as of December 31, 2015 . The First Lien Loan and Second Lien Loan are reported net of deferred financing costs of $0.4 million as of December 31, 2014 . (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 December 31, 2015 are as follows: 2016 $ 2,848 2017 2,844 2018 2,837 2019 2,720 2020 1,425 Thereafter 128 Total minimum lease payments 12,802 Less: imputed interest 1,744 Present value of net minimum lease payments $ 11,058
Schedule of contractual maturities of debt obligations	Newcastle’s debt obligations (gross of $0.4 million of discounts at December 31, 2015 ) have contractual maturities as follows: Nonrecourse Recourse Total 2016 $ 13,858 $ 418,625 $ 432,483 2017 2,339 — 2,339 2018 2,488 — 2,488 2019 2,534 — 2,534 2020 1,372 — 1,372 Thereafter 479,050 51,004 530,054 Total $ 501,641 $ 469,629 $ 971,270

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
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: For Year Ended December 31, 2015 2014 2013 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interest $ 15,621 $ 62,855 $ 134,286 Income (loss) from discontinued operations, net of tax 646 (35,189 ) 11,547 Income Applicable to Common Stockholders $ 16,267 $ 27,666 $ 145,833 Denominator: Denominator for basic earnings per share - weighted average shares 66,479,321 61,500,913 46,146,882 Effect of dilutive securities Options 2,168,594 1,630,314 1,071,392 Denominator for diluted earnings per share - adjusted weighted average shares 68,647,915 63,131,227 47,218,274 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 0.23 $ 1.02 $ 2.91 Income (loss) from discontinued operations per share of common stock $ 0.01 $ (0.57 ) $ 0.25 Income Applicable to Common Stock, per share $ 0.24 $ 0.45 $ 3.16 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest $ 0.23 $ 1.00 $ 2.84 Income (loss) from discontinued operations per share of common stock $ 0.01 $ (0.57 ) $ 0.24 Income Applicable to Common Stock, per share $ 0.24 $ 0.44 $ 3.09
Schedule of shares of common stock issued in connection with public offerings	The following table presents shares of common stock issued by Newcastle in connection with public offerings since 2013 : Price per Share Aggregate Shares purchased by Principals of Fortress Options Granted to Manager (A) Date Number To To Underwriters Net Number Price Number Grant Date Strike Grant Date January 2013 9,583,333 $ 56.10 N/A $ 526.2 35,650 $ 56.10 958,333 $ 56.10 $ 18.0 February 2013 3,833,333 N/A $ 62.04 $ 237.4 31,833 $ 62.88 383,333 $ 62.88 $ 8.4 June 2013 6,708,333 N/A $ 29.52 $ 197.6 125,000 $ 29.82 670,833 $ 29.82 $ 3.8 November 2013 9,658,492 N/A $ 31.26 $ 301.4 75,159 $ 31.50 965,849 $ 31.50 $ 6.0 August 2014 7,654,166 N/A $ 25.92 $ 197.9 83,333 $ 26.34 765,416 $ 26.34 $ 1.7 (A) In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its role in raising capital for Newcastle. (B) This figure also includes shares purchased by officers of Newcastle.
Schedule of outstanding options	The following is a summary of the changes in Newcastle's outstanding options for the year ended December 31, 2015 . Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2014 5,500,599 $ 4.26 Granted 178,740 1.00 Exercised (202,446 ) 1.00 Expired (55,332 ) 14.92 Forfeited — — Balance at December 31, 2015 5,421,561 $ 2.85 6.79 years Exercisable at December 31, 2015 4,723,210 $ 2.75 6.52 years
Schedule of outstanding options summary	Newcastle's outstanding options were summarized as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Issued Prior Issued in 2011 Total Issued Prior to 2011 Issued in 2011 Total Held by the Manager 115,239 5,010,243 5,125,482 157,791 4,833,961 4,991,752 Issued to the Manager and subsequently transferred to certain Manager’s employees 29,422 266,657 296,079 41,869 466,645 508,514 Issued to the independent directors — — — 333 — 333 Total 144,661 5,276,900 5,421,561 199,993 5,300,606 5,500,599
Summary of Newcastle's outstanding options	The following table summarizes Newcastle’s outstanding options at December 31, 2015 . Note that the last sales price on the New York Stock Exchange for Newcastle’s common stock in the year ended December 31, 2015 was $ 4.08 per share. Recipient Date of Grant/Exercise Number of Options (A) Options Exercisable at Weighted Average Fair Value At Grant Intrinsic Value at Directors Various 3,333 — $ — Not Material — Manager (C) 2002 - 2007 587,277 144,661 $ 13.18 $ 6.4 — Manager (C) Mar-11 311,853 206,881 $ 1.00 $ 7.0 (I) $ 0.6 Manager (C) Sep-11 524,212 376,268 $ 1.00 $ 5.6 (J) $ 1.2 Manager (C) Apr-12 348,352 279,452 $ 1.00 $ 5.6 (K) $ 0.9 Manager (C) May-12 396,316 316,871 $ 1.00 $ 7.6 (L) $ 1.0 Manager (C) Jul-12 437,991 353,674 $ 1.00 $ 8.3 (M) $ 1.1 Manager (C) Jan-13 958,331 872,528 $ 2.32 $ 18.0 (N) $ 1.5 Manager (C) Feb-13 383,331 349,011 $ 2.95 $ 8.4 (O) $ 0.4 Manager (C) Jun-13 670,829 610,770 $ 3.23 $ 3.8 (P) 0.5 Manager (C) Nov-13 965,847 804,873 $ 3.57 $ 6.0 (Q) 0.4 Manager (C) Aug-14 765,416 408,221 $ 4.01 $ 1.7 (R) 0.1 Exercised (D) Prior to 2008 (173,853 ) N/A $ 14.09 N/A N/A Exercised (E) Oct-12 (15,972 ) N/A $ 1.48 N/A N/A Exercised (F) Sep-13 (51,306 ) N/A $ 1.67 N/A N/A Exercised (G) 2014 (216,186 ) N/A $ 1.46 N/A N/A Exercised (H) 2015 (202,446 ) N/A 1.00 N/A N/A Expired unexercised 2002-2005 (271,764 ) N/A N/A N/A N/A Outstanding 5,421,561 4,723,210 (A) The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. In the first quarter of 2014, strike prices were adjusted by $0.32 reflecting the portion of Newcastle's 2013 dividends which was deemed return of capital. The strike prices were adjusted for the New Residential, New Media and New Senior spin-offs as described above. On May 7, 2015, and pursuant to the anti-dilution provisions of the 2014 Plan, 2012 Plan and Newcastle Option Plan, as applicable, 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, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share as detailed below. Grant Date Number of Options Issued Mar-11 24,354 Sep-11 92,963 Apr-12 32,105 May-12 12,987 Jul-12 16,331 Total options issued 178,740 As of December 31, 2015 , the weighted average strike price of the outstanding options issued prior to 2011 was $13.18 . (B) The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan, 2012 Plan, 2014 Plan and 2015 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options. (C) The Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Range of Strike Prices Total Unexercised Inception to Date 2006 $13.38 6,373 2007 $12.44 - $14.44 23,049 2011 $1.00 — 2012 $1.00 — 2013 $2.32 - $3.57 266,657 Total 296,079 (D) 111,770 of the total options exercised were by the Manager. 61,417 of the total options exercised were by employees of Fortress subsequent to their assignment. 666 of the total options exercised were by directors. (E) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million . (F) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million . (G) 215,853 options were exercised by employees of Fortress subsequent to their assignment with an intrinsic value of $4.1 million . 333 options were exercised by directors with a minimal intrinsic value. (H) Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.8 million . (I) The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term. (J) The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term. (K) The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term. (L) The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term. (M) The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.rice (N) The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term. (O) The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term. (P) The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term. (Q) The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term. (R) The assumptions used in valuing the options were: a 2.7% risk-free rate, 8.6% dividend yield, 23.4% volatility and a 10 year term.
Schedule of options issued	As a result of this adjustment, options relating to a total of 178,740 shares were issued on May 7, 2015 at a strike price of $1.00 per share as detailed below. Grant Date Number of Options Issued Mar-11 24,354 Sep-11 92,963 Apr-12 32,105 May-12 12,987 Jul-12 16,331 Total options issued 178,740
Schedule of assigned options to Fortress's employees	The Manager assigned certain of its options to Fortress’s employees as follows: Date of Grant Range of Strike Prices Total Unexercised Inception to Date 2006 $13.38 6,373 2007 $12.44 - $14.44 23,049 2011 $1.00 — 2012 $1.00 — 2013 $2.32 - $3.57 266,657 Total 296,079

TRANSACTIONS WITH AFFILIATES 39

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Transactions With Affiliates And Affiliated Entity [Abstract]
Schedule of amounts Incurred under management agreement	To provide an incentive for the Manager to enhance the value of the common stock, the Manager is entitled to receive an incentive return (the “Incentive Compensation’’) on a cumulative, but not compounding, basis in an amount equal to the product of (A) 25% of the dollar amount by which (1) (a) the Funds from Operations (defined as the net income available for common stockholders before Incentive Compensation, excluding extraordinary items, plus depreciation of operating real estate and after adjustments for unconsolidated subsidiaries, if any) of Newcastle per share of common stock (based on the weighted average number of shares of common stock outstanding) plus (b) gains (or losses) from debt restructuring and from sales of property and other assets per share of common stock (based on the weighted average number of shares of common stock outstanding), exceed (2) an amount equal to (a) the weighted average of the price per share of common stock in the IPO and the value attributed to the net assets transferred to Newcastle by its predecessor, and in any subsequent offerings by Newcastle (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding. Amounts incurred under the management 2015 2014 2013 Management Fees $ 10.2 $ 20.5 $ 27.6 Expense Reimbursement to the Manager 0.5 0.5 0.5 Incentive Compensation — — — Total management fees to affiliate $ 10.7 $ 21.0 $ 28.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental commitments	The future minimum rental commitments under non-cancellable leases, net of subleases, as of December 31, 2015 were as follows: For the years ending December 31: 2016 $ 33,957 2017 29,858 2018 27,338 2019 24,857 2020 21,582 Thereafter 148,144 Total Minimum lease payments $ 285,736

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The provision for income taxes (including discontinued operations) consists of the following: Year Ended December 31, 2015 2014 2013 Current: Federal $ 298 $ 704 $ 2,170 State and Local 101 318 381 Total Current Provision $ 399 $ 1,022 $ 2,551 Deferred Federal $ (46 ) $ (1,293 ) $ (404 ) State and Local (8 ) (632 ) (47 ) Total Deferred Provision $ (54 ) $ (1,925 ) $ (451 ) Total Provision (benefit) for Income Taxes $ 345 $ (903 ) $ 2,100 Provision (benefit) for income taxes from discontinued operations $ — $ (1,111 ) $ 2,100 Provision (benefit) for income taxes from continuing operations $ 345 $ 208 $ —
Schedule of tax treatment of common stock dividend distribution	Common stock distributions relating to 2015 , 2014 , and 2013 were taxable as follows: Ordinary Long-term Dividends Per Share Income Capital Gain Return of Capital 2015 $ 0.60 30.41 % 69.59 % 0.00 % 2014 $ 25.76 (A) 32.64 % 7.57 % 59.79 % 2013 $ 44.28 (B) 33.91 % 0.00 % 66.09 % (A) Includes the distribution of New Media common stock valued at $5.34 per share and the distribution of New Senior common stock valued at $18.02 per share. (B) Includes the distribution of New Residential common stock valued at $41.34 per share.
Schedule of effective income tax reconciliation	The difference between Newcastle's reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows: December 31, 2015 2014 2013 Provision at the statutory rate 35.00 % 35.00 % 35.00 % Non-taxable REIT income (86.91 )% (56.20 )% (33.88 )% Permanent items 31.24 % — % — % State and local taxes 0.32 % (1.18 )% 0.21 % Valuation allowance (reversal) 22.04 % 21.70 % (0.50 )% Other (0.04 )% (1.80 )% 0.90 % Total provision (benefit) 1.65 % (2.48 )% 1.73 %
Schedule of deferred tax assets	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2015 and 2014 are presented below: December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 399 $ 366 Depreciation and amortization 33,495 13,938 Accrued expenses 2,008 2,006 Net operating losses 22,524 26,543 Other — 2,365 Total deferred tax assets 58,426 45,218 Less valuation allowance (42,158 ) (27,434 ) Net deferred tax assets $ 16,268 $ 17,784 Deferred tax liabilities: Leaseholds 15,366 17,741 Other 805 — Total deferred tax liabilities $ 16,171 $ 17,741 Net deferred tax assets (A) $ 97 $ 43 (A) Recorded in receivables and other assets on the Consolidated Balance Sheets.
Schedule of change in deferred tax asset valuation allowance	The following table summarizes the change in the deferred tax asset valuation allowance: Valuation allowance at December 31, 2014 $ 27,434 Current year income 14,724 Valuation allowance at December 31, 2015 $ 42,158

OTHER-THAN-TEMPORARY-IMPAIRME42

OTHER-THAN-TEMPORARY-IMPAIRMENT (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2015 2014 2013 Debt securities $ 1,988 $ — $ 5,266 Equity securities 367 — — Other investments 7,505 — — Total impairment expense $ 9,860 $ — $ 5,266

SUMMARY OF QUARTERLY CONSOLID43

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly unaudited summary information	2015 Quarter Ended Year Ended March 31 (A)(B) June 30 (A) September 30 (A) December 31 (B) December 31 Interest income $ 27,078 $ 24,265 $ 23,010 $ 21,538 $ 95,891 Interest expense (16,727 ) (16,950 ) (14,715 ) (13,737 ) (62,129 ) Net interest income 10,351 7,315 8,295 7,801 33,762 Impairment 405 13,679 3,460 1,857 19,401 Operating revenues 60,826 82,803 82,864 69,363 295,856 Other income (loss) (C) 501 29,373 11,987 (2,360 ) 39,501 Property operating expenses 60,990 74,546 76,826 64,740 277,102 Depreciation and amortization 6,753 7,119 7,111 7,651 28,634 Other operating expenses 4,477 6,279 6,592 5,381 22,729 Income tax expense 46 27 1,257 (985 ) 345 Income (loss) from continuing operations (993 ) 17,841 7,900 (3,840 ) 20,908 Income from discontinued operations 115 524 7 — 646 Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net loss (income) attributable to noncontrolling interests 181 49 (13 ) 76 293 Income (loss) applicable to common stockholders $ (2,092 ) $ 17,019 $ 6,499 $ (5,159 ) $ 16,267 Net income (loss) per share of common stock Basic $ (0.03 ) $ 0.26 $ 0.10 $ (0.08 ) $ 0.24 Diluted $ (0.03 ) $ 0.25 $ 0.09 $ (0.08 ) $ 0.24 Income from discontinued operations per share of common stock Basic $ — $ 0.01 $ — $ — $ 0.01 Diluted $ — $ 0.01 $ — $ — $ 0.01 Weighted average number of shares of common stock outstanding Basic 66,424,508 66,426,980 66,484,962 66,579,072 66,479,321 Diluted 66,424,508 69,204,717 69,069,659 66,579,072 68,647,915 2014 Quarter Ended Year Ended March 31 (A) June 30 (A) September 30 (A) December 31 (B) December 31 Interest income $ 46,452 $ 29,893 $ 27,544 $ 23,738 $ 127,627 Interest expense (22,170 ) (20,328 ) (18,411 ) (19,113 ) (80,022 ) Net interest income 24,282 9,565 9,133 4,625 47,605 Impairment (reversal) 1,246 1,526 (4,015 ) (1,176 ) (2,419 ) Operating revenues 62,632 82,737 81,494 64,674 291,537 Other income (loss) (C) 15,808 41,707 12,618 4,329 74,462 Property operating expenses 65,603 75,289 77,167 66,316 284,375 Depreciation and amortization 5,863 6,317 7,204 7,583 26,967 Other operating expenses 10,314 10,471 8,955 7,150 36,890 Income tax expense 140 4 — 64 208 Income (loss) from continuing operations 19,556 40,402 13,934 (6,309 ) 67,583 Income (loss) from discontinued operations (15,299 ) (8,504 ) (8,624 ) (2,762 ) (35,189 ) Preferred dividends (1,395 ) (1,395 ) (1,395 ) (1,395 ) (5,580 ) Net income attributable to noncontrolling interests 661 29 21 141 852 Income (loss) applicable to common stockholders $ 3,523 $ 30,532 $ 3,936 $ (10,325 ) $ 27,666 Net income (loss) per share of common stock Basic $ 0.06 $ 0.52 $ 0.06 $ (0.16 ) $ 0.45 Diluted $ 0.06 $ 0.50 $ 0.06 $ (0.16 ) $ 0.44 Income (loss) from discontinued operations per share of common stock Basic $ (0.26 ) $ (0.15 ) $ (0.14 ) $ (0.04 ) $ (0.57 ) Diluted $ (0.26 ) $ (0.15 ) $ (0.14 ) $ (0.04 ) $ (0.57 ) Weighted average number of shares of common stock outstanding Basic 58,575,582 58,599,666 62,329,023 66,404,248 61,500,913 Diluted 60,511,128 60,477,084 63,865,796 66,404,248 63,131,227 See footnotes on next page. (A) The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3). (B) The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive. (C) Includes equity in earnings of unconsolidated subsidiaries.

ORGANIZATION - Common Stock Iss

ORGANIZATION - Common Stock Issued (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended			127 Months Ended
	Jan. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 07, 2014	Nov. 06, 2014	Feb. 14, 2014	Feb. 13, 2014	May. 16, 2013	May. 15, 2013
Class of Stock [Line Items]
Net Proceeds (millions)			$ 197.9	$ 1,262.6
Issuance of common stock, shares	9,583,333	230,090	7,848,926	29,821,308	28,754,274
Shares Issued, Price Per Share	$ 56.10		$ 25.92
Common stock, shares issued		66,654,598	66,424,508
Share Price (in dollars per share)		$ 4.08				$ 4	$ 23.53	$ 29.88	$ 34.50	$ 34.74	$ 73.98
Lower Range
Class of Stock [Line Items]
Shares Issued, Price Per Share				$ 29.82
Upper Range
Class of Stock [Line Items]
Shares Issued, Price Per Share				$ 62.88

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - shares	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
REIT distribution threshold for nontaxation	90.00%	90.00%
Shares held by Fortress and affiliates in Newcastle	1,000,000
Stock Options outstanding (in shares)	5,421,561	5,500,599
Affiliates
Related Party Transaction [Line Items]
Stock Options outstanding (in shares)	5,100,000

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Net unrealized gain on securities	$ 33,277	$ 67,682
Net unrealized gain (loss) on derivatives designated as cash flow hedges	20	(1,817)
Accumulated other comprehensive income	$ 33,297	$ 65,865

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain (Loss) on Settlement of Investments (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain on settlement of investments, net
Loss on settlement of TBAs	$ (12,907)	$ (4,151)	$ 0
Gain (loss) recognized on termination of derivative instruments	(612)	0	813
Gain (loss) on settlement of investments, net	20,506	52,028	17,436
Other income, net
Gain on non-hedge derivative instruments	1,758	17,599	10,525
Gain on lease modifications and terminations	471	7,219	0
Realized loss recognized upon de-designation of hedges	0	(34)	(110)
Equity in earnings (losses) of equity method investees	1,311	954	(97)
Collateral management fee income, net	708	963	1,279
Loss on disposal of long-lived assets	(1,403)	(1,294)	(67)
Other income	844	437	1,759
Total Other income (loss), net	3,689	25,844	13,289
Total Real Estate Related and other Loans Held-for-Sale, Net
Gain on settlement of investments, net
Gain on settlement of investments	1,533	32,500	10,716
Loss on securities	(14)	0	(354)
Real Estate Securities
Gain on settlement of investments, net
Gain on settlement of investments	42,356	23,679	9,853
Loss on securities	$ (9,850)	$ 0	$ (3,592)

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification from accumulated other comprehensive income (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net realized gain (loss) on securities
Net realized gain (loss) on securities	$ 32,537	$ 23,679	$ 6,217
Net realized (loss) on derivatives designated as cash flow hedges
Net realized (loss) on derivatives designated as cash flow hedges	(1,897)	(4,352)	(6,227)
Total reclassifications	30,640	19,327	(10)
Real Estate Securities
Net realized gain (loss) on securities
Gain on settlement of investments	42,356	23,679	9,853
Loss on settlement of real estate securities	(9,850)	0	(3,592)
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Categories of Investments [Domain]
Net realized gain (loss) on securities
Reversal (impairment)	31	0	(44)
Gain on settlement of investments, net | Real Estate Securities
Net realized gain (loss) on securities
Gain on settlement of investments	42,356	23,679	9,853
Loss on settlement of real estate securities	(9,850)	0	(3,592)
Gain on settlement of investments, net | Loss recognized on termination of derivative instruments
Net realized (loss) on derivatives designated as cash flow hedges
Loss recognized on termination of derivative instruments	(612)	0	0
Other income
Net realized (loss) on derivatives designated as cash flow hedges
Realized loss recognized upon de-designation of hedges	0	34	110
Other income | Other Income (Loss)
Net realized (loss) on derivatives designated as cash flow hedges
Realized loss recognized upon de-designation of hedges	0	(34)	(110)
Interest expense
Net realized (loss) on derivatives designated as cash flow hedges
Hedge deferred gain (loos)	78	61	11
Interest expense | Amortization of Deferred Gain
Net realized (loss) on derivatives designated as cash flow hedges
Hedge deferred gain (loos)	(78)	(61)	(11)
Interest expense | Realized Loss Reclassified Related to Effective Portion
Net realized (loss) on derivatives designated as cash flow hedges
Loss reclassified from AOCI into income, related to effective portion	$ (1,363)	$ (4,379)	$ (6,128)

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details 3)	12 Months Ended
	Dec. 31, 2015
Building | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Assets Held under Capital Leases | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	6 years
Assets Held under Capital Leases | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Building Improvements | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building 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	7 years

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives for Amortization (Details 4) - Golf	12 Months Ended
	Dec. 31, 2015
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization period	30 years
Leasehold Intangibles | Lower Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Leasehold Intangibles | Upper Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Management contracts | Lower Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Management contracts | Upper Range
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Internally-developed software
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years
Membership base
Finite-Lived Intangible Assets [Line Items]
Amortization period	7 years

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details 5) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 4,469	$ 15,714
CDO bond sinking funds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	51	11,497
CDO trustee accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	272	293
Derivative margin accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	887	877
Collateral for Golf lease obligations
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 3,259	$ 3,047

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Non-cash Investing and Financing Activities CDOS (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reduction of Assets and Liabilities relating to the spin-off of New Residential/New Media/New Senior, non-cash portion
Real estate securities, available-for-sale		$ 0	$ 1,647,289
Residential mortgage loans, held-for-investment, net		0	35,865
Investments in excess mortgage servicing rights at fair value		0	229,936
Investments in equity method investees		0	392,469
Investments in senior housing real estate, net		1,574,048	0
Property, plant and equipment, net		266,385	0
Goodwill and intangibles, net		379,008	0
Restricted cash		6,477	0
Receivables and other assets		197,882	37,844
Mortgage notes payable		1,260,633	0
Credit facilities - media		177,955	0
Repurchase agreements		0	1,320,360
Accrued expenses and other liabilities		189,940	642
Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion
Investments in other real estate		0	259,573
Property, plant and equipment		0	272,153
Intangibles		0	244,885
Goodwill		0	126,686
Receivables and other assets		0	145,191
Credit facilities		0	334,498
Accounts payable, accrued expenses and other liabilities		0	287,439
Noncontrolling interests		0	366
Restricted Cash activity:
Restricted cash generated from sale of securities	$ 139,257	125,850	136,148
Restricted cash generated from sale of real estate related and other loans	55,574	0	104,837
Restricted cash generated from paydowns on securities and loans	78,853	325,932	331,349
Restricted cash used for repayments of CDO bonds payable	148,966	382,177	513,879
Restricted cash used for settlement of derivative instruments	$ 0	$ 0	$ 1,563

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of receivables and other assets (Details 7) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Accounts receivable, net	$ 9,889	$ 7,369
Derivative assets	127	0
Prepaid expenses	3,205	4,691
Interest receivable	1,142	2,324
Deposits	7,437	7,339
Inventory	5,057	4,964
Miscellaneous assets, net	11,157	8,504
Receivables and other assets	$ 38,014	$ 35,191

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of accounts payable, accrued expenses and other liabilities (Details 8) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Accounts payable and accrued expenses	$ 26,966	$ 35,854
Deferred revenue	28,931	29,322
Security deposits payable	5,975	5,293
Unfavorable leasehold interests	5,485	6,443
Derivative liabilities	684	4,328
Accrued rent	3,135	2,605
Due to affiliates	892	1,125
Miscellaneous liabilities	11,876	14,742
Accounts payable, accrued expenses and other liabilities	$ 83,944	$ 99,712

SUMMARY OF SIGNIFICANT ACCOUN55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accretion of discount and other amortization (Details 9) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accretion of discount and other amortization
Accretion of net discount on securities, loans and other investments	$ (5,802)	$ (28,638)	$ (34,525)
Amortization of net discount on debt obligations and deferred financing costs	3,325	14,217	3,915
Amortization of net deferred hedge gains - debt	(78)	(61)	(11)
Amortization of leasehold intangibles	4,942	5,000	0
Accretion of membership deposit liability	5,840	5,663	0
Accretion of discount and other amortization	$ 8,227	$ (3,819)	$ (30,621)

SUMMARY OF SIGNIFICANT ACCOUN56

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	1 Months Ended	12 Months Ended
	Feb. 28, 2011USD ($)	Dec. 31, 2015USD ($)contractSwap	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Derivative [Line Items]
Deferred Finance Costs, Current, Gross		$ 200,000	$ 400,000
Number of Interest Rate Swaps, Terminated | Swap		2
Consolidation percentage		50.00%
Prepayment penalties, included in interest income		$ 0	$ 0	$ 200,000
REIT Distribution Threshold for Nontaxation		90.00%	90.00%
Percentage of distribution that must be made within the taxable year to avoid excise tax		85.00%
Allowances for uncollectable amounts		$ 1,000,000	$ 900,000
Operating lease term		21 years
Acquisition of servicing rights	$ 2,200,000
Amortization of servicing rights		$ 300,000	300,000	$ 300,000
Servicing assets		$ 700,000	1,000,000
Accretion of membership deposit liability		30 years
Refundable term for initiation fees		30 years
Expected life of active golf membership		7 years
Number of days past due		90 days
Allowance for Bad Debts
Derivative [Line Items]
Allowances for uncollectable amounts		$ 90,000	10,000
American Dream Project
Derivative [Line Items]
Ownership in equity investment		23.00%
Equity method investment		$ 20,600,000	$ 26,800,000
Lower Range
Derivative [Line Items]
Operating lease term		10 years
Upper Range
Derivative [Line Items]
Operating lease term		20 years
Interest rate swaps | Not designated as hedging instrument
Derivative [Line Items]
Interest rate		4.85%
Short | Other Contract | Not designated as hedging instrument
Derivative [Line Items]
Derivative, Number of Instruments Held | contract		3
Derivative, Notional Amount		$ 705,000,000
Long | Other Contract | Not designated as hedging instrument
Derivative [Line Items]
Derivative, Number of Instruments Held | contract		2
Derivative, Notional Amount		$ 602,000,000

DISCONTINUED OPERATIONS - Resul

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
General and administrative expense - acquisition and transaction expenses									$ 1,123	$ 5,479
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net interest income	$ 7,801	$ 8,295	$ 7,315	$ 10,351	$ 4,625	$ 9,133	$ 9,565	$ 24,282	33,762	47,605	$ 135,111
Operating Revenues
Total operating revenues	69,363	82,864	82,803	60,826	64,674	81,494	82,737	62,632	295,856	291,537	0
Other Income
Change in fair value of investments in excess mortgage servicing rights									0	0	3,894
Earnings from investments in equity method investees									1,311	954	677
Expenses
Property operating expenses	$ 64,740	$ 76,826	$ 74,546	$ 60,990	$ 66,316	$ 77,167	$ 75,289	$ 65,603	277,102	284,375
Management fee to affiliate - Note 13									10,692	21,039	28,057
Income tax expense (benefit)									0	(1,111)	2,100
Income (loss) from discontinued operations, net of tax									646	(35,189)	11,547
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
General and administrative expense - acquisition and transaction expenses									0	15,800	13,300
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Interest income									0	0	15,098
Interest expense									0	(49,705)	(12,372)
Net interest income									0	(49,705)	2,726
Operating Revenues
Media income									0	68,212	61,637
Rental income									556	194,729	74,936
Care and ancillary income									0	20,428	12,387
Total operating revenues									556	283,369	148,960
Other Income
Other income (loss)									0	1,444	(2,404)
Gain on settlement of investments									318	0	0
Change in fair value of investments in excess mortgage servicing rights									0	0	3,894
Change in fair value of investments in equity method investees									0	0	4,924
Earnings from investments in equity method investees									0	0	16,117
Total other income									318	1,444	22,531
Expenses
Property operating expenses									187	152,896	53,733
Media operating expenses									0	0	49,092
General and administrative expense									30	20,096	21,742
Depreciation and amortization									11	90,627	30,969
Management fee to affiliate - Note 13									0	7,789	5,034
Income tax expense (benefit)									0	(1,111)	2,100
Total expenses									228	270,297	162,670
Income (loss) from discontinued operations, net of tax									$ 646	$ (35,189)	$ 11,547

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details Narrative) - USD ($)	Nov. 06, 2014	Feb. 13, 2014	May. 31, 2015	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of investments			$ 900,000		$ 1,425,480,000	$ 798,580,000	$ 46,536,000
Repayments of Other Debt					1,983,438,000	831,042,000	1,400,255,000
Cash & cash equivalents					0	135,000	$ 63,223,000	$ 10,100,000
New Media Spin-Off
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in basis for management fee computation		$ 391,300,000
New Senior Spin-Off
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in basis for management fee computation	$ 673,000,000
Beavercreek, OH Planned Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of investments				$ 7,000,000
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax				300,000
Repayments of Other Debt				$ 6,000,000
Investments in other real estate					0	6,600,000
Cash & cash equivalents					0	200,000
Accounts payable, accrued expenses and other liabilities					$ 0	$ 500,000

SEGMENT REPORTING AND VARIABL59

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Interest income	$ 21,538	$ 23,010	$ 24,265	$ 27,078	$ 23,738	$ 27,544	$ 29,893	$ 46,452	$ 95,891	$ 127,627	$ 213,712
Interest expense	(13,737)	(14,715)	(16,950)	(16,727)	(19,113)	(18,411)	(20,328)	(22,170)	(62,129)	(80,022)	(78,601)
Inter-segment elimination									0	0	0
Net interest income	7,801	8,295	7,315	10,351	4,625	9,133	9,565	24,282	33,762	47,605	135,111
Total impairment (reversal)	1,857	3,460	13,679	405	(1,176)	(4,015)	1,526	1,246	19,401	(2,419)	(19,769)
Total operating revenues	69,363	82,864	82,803	60,826	64,674	81,494	82,737	62,632	295,856	291,537	0
Total other income (expense)	(2,360)	11,987	29,373	501	4,329	12,618	41,707	15,808	39,501	74,462	35,290
Loan and security servicing expense									291	1,199	3,857
Operating expenses - golf									236,971	244,234
Operating expenses-golf, repairs and maintenance expenses									8,450	9,870
Cost of sales - golf									31,681	30,271	0
General and administrative expense									10,623	9,173	17,458
General and administrative expense - acquisition and transaction expenses									1,123	5,479
Management fee to affiliate - Note 13									10,692	21,039	28,057
Depreciation and amortization	7,651	7,111	7,119	6,753	7,583	7,204	6,317	5,863	28,634	26,967	4
Income tax expense - Note 15	(985)	1,257	27	46	64	0	4	140	345	208	0
Income from continuing operations	(3,840)	7,900	17,841	(993)	(6,309)	13,934	40,402	19,556	20,908	67,583	140,794
Income from discontinued operations, net of tax									646	(35,189)	11,547
Net Income									21,554	32,394	152,341
Preferred dividends	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(5,580)	(5,580)	(5,580)
Net loss (income) attributable to noncontrolling interests	76	(13)	49	181	141	21	29	661	293	852	(928)
Income Applicable To Common Stockholders	(5,159)	$ 6,499	$ 17,019	$ (2,092)	(10,325)	$ 3,936	$ 30,532	$ 3,523	16,267	27,666	145,833
Investments	1,018,507				1,630,471				1,018,507	1,630,471
Cash and restricted cash	50,120				89,441				50,120	89,441
Other assets	399,355				35,191				399,355	35,191
Assets of discontinued operations	0				6,803				0	6,803
Total Assets	1,467,982				1,761,906				1,467,982	1,761,906
Debt, net	970,842				1,314,840				970,842	1,314,840
Other liabilities	287,018				188,291				287,018	188,291
Liabilities of discontinued operations	0				447				0	447
Total Liabilities	1,257,860				1,503,578				1,257,860	1,503,578
Preferred stock	61,583				61,583				61,583	61,583
Noncontrolling interests	(257)				36				(257)	36
Equity (deficit) attributable to common stockholders	148,796				196,709				148,796	196,709
Deferred Finance Costs, Current, Gross	200				400				200	400
Discontinued Operations
Segment Reporting Information [Line Items]
Interest income									0	0	0
Interest expense									0	0	0
Inter-segment elimination									0	0	0
Net interest income									0	0	0
Total impairment (reversal)									0	0	0
Total operating revenues									0	0
Total other income (expense)									0	0	0
Loan and security servicing expense									0	0	0
Operating expenses - golf									0	0
Operating expenses-golf, repairs and maintenance expenses									0	0
Cost of sales - golf									0	0
General and administrative expense									0	0	0
General and administrative expense - acquisition and transaction expenses									0	0
Management fee to affiliate - Note 13									0	0	0
Depreciation and amortization									0	0	0
Income tax expense - Note 15									0	0
Income from continuing operations									0	0
Income from discontinued operations, net of tax									646	(35,189)	11,547
Net Income									646	(35,189)	11,547
Preferred dividends									0	0	0
Net loss (income) attributable to noncontrolling interests									0	523	(928)
Income Applicable To Common Stockholders									646	(34,666)	10,619
Investments	0				0				0	0
Cash and restricted cash	0				0				0	0
Other assets	0				0				0	0
Assets of discontinued operations	0				6,803				0	6,803
Total Assets	0				6,803				0	6,803
Debt, net	0				0				0	0
Other liabilities	0				0				0	0
Liabilities of discontinued operations	0				447				0	447
Total Liabilities	0				447				0	447
Preferred stock	0				0				0	0
Noncontrolling interests	0				0				0	0
Equity (deficit) attributable to common stockholders	0				6,356				0	6,356
CDOs
Segment Reporting Information [Line Items]
Interest income									32,488	84,938	119,292
Interest expense									(6,587)	(22,142)	(24,996)
Inter-segment elimination									(3,005)	(7,595)	(4,746)
Net interest income									22,896	55,201	89,550
Total impairment (reversal)									12,569	(3,303)	(9,338)
Total operating revenues									0	0
Total other income (expense)									30,270	41,780	23,946
Loan and security servicing expense									283	238	741
Operating expenses - golf									0	0
Operating expenses-golf, repairs and maintenance expenses									0	0
Cost of sales - golf									0	0
General and administrative expense									0	14	0
General and administrative expense - acquisition and transaction expenses									0	0
Management fee to affiliate - Note 13									0	0	0
Depreciation and amortization									0	0	0
Income tax expense - Note 15									0	0
Income from continuing operations									40,314	100,032	122,093
Income from discontinued operations, net of tax									0	0	0
Net Income									40,314	100,032	122,093
Preferred dividends									0	0	0
Net loss (income) attributable to noncontrolling interests									0	0	0
Income Applicable To Common Stockholders									40,314	100,032	122,093
Investments	46,392				473,209				46,392	473,209
Cash and restricted cash	128				11,790				128	11,790
Other assets	77				1,927				77	1,927
Assets of discontinued operations	0				0				0	0
Total Assets	46,597				486,926				46,597	486,926
Debt, net	97,605				310,636				97,605	310,636
Other liabilities	29				2,391				29	2,391
Liabilities of discontinued operations	0				0				0	0
Total Liabilities	97,634				313,027				97,634	313,027
Preferred stock	0				0				0	0
Noncontrolling interests	0				0				0	0
Equity (deficit) attributable to common stockholders	(51,037)				173,899				(51,037)	173,899
Other Debt
Segment Reporting Information [Line Items]
Interest income									66,233	50,093	98,968
Interest expense									(38,244)	(41,874)	(54,534)
Inter-segment elimination									0	1,861	4,746
Net interest income									27,989	10,080	49,180
Total impairment (reversal)									6,832	884	(10,431)
Total operating revenues									0	0
Total other income (expense)									(4,003)	26,819	11,344
Loan and security servicing expense									8	961	3,113
Operating expenses - golf									0	0
Operating expenses-golf, repairs and maintenance expenses									0	0
Cost of sales - golf									0	0
General and administrative expense									0	2	18
General and administrative expense - acquisition and transaction expenses									60	2,919
Management fee to affiliate - Note 13									0	0	0
Depreciation and amortization									0	0	0
Income tax expense - Note 15									0	0
Income from continuing operations									17,086	32,133	67,824
Income from discontinued operations, net of tax									0	0	0
Net Income									17,086	32,133	67,824
Preferred dividends									0	0	0
Net loss (income) attributable to noncontrolling interests									0	0	0
Income Applicable To Common Stockholders									17,086	32,133	67,824
Investments	669,736				833,293				669,736	833,293
Cash and restricted cash	1,082				877				1,082	877
Other assets	365,104				2,190				365,104	2,190
Assets of discontinued operations	0				0				0	0
Total Assets	1,035,922				836,360				1,035,922	836,360
Debt, net	740,921				791,499				740,921	791,499
Other liabilities	107,125				4,528				107,125	4,528
Liabilities of discontinued operations	0				0				0	0
Total Liabilities	848,046				796,027				848,046	796,027
Preferred stock	0				0				0	0
Noncontrolling interests	0				0				0	0
Equity (deficit) attributable to common stockholders	187,876				40,333				187,876	40,333
Golf
Segment Reporting Information [Line Items]
Interest income									152	147	0
Interest expense									(16,520)	(19,783)	0
Inter-segment elimination									3,005	5,734	0
Net interest income									(13,363)	(13,902)	0
Total impairment (reversal)									0	0	0
Total operating revenues									295,856	291,537
Total other income (expense)									13,180	5,863	0
Loan and security servicing expense									0	0	0
Operating expenses - golf									236,971	244,234
Operating expenses-golf, repairs and maintenance expenses									8,450	9,870
Cost of sales - golf									31,681	30,271
General and administrative expense									2,983	1,435	0
General and administrative expense - acquisition and transaction expenses									1,364	1,941
Management fee to affiliate - Note 13									0	0	0
Depreciation and amortization									28,682	26,880	0
Income tax expense - Note 15									345	208
Income from continuing operations									(14,803)	(31,341)	0
Income from discontinued operations, net of tax									0	0	0
Net Income									(14,803)	(31,341)	0
Preferred dividends									0	0	0
Net loss (income) attributable to noncontrolling interests									293	329	0
Income Applicable To Common Stockholders									(14,510)	(31,012)	0
Investments	302,379				323,969				302,379	323,969
Cash and restricted cash	19,981				21,637				19,981	21,637
Other assets	33,765				30,983				33,765	30,983
Assets of discontinued operations	0				0				0	0
Total Assets	356,125				376,589				356,125	376,589
Debt, net	81,091				161,474				81,091	161,474
Other liabilities	166,973				164,897				166,973	164,897
Liabilities of discontinued operations	0				0				0	0
Total Liabilities	248,064				326,371				248,064	326,371
Preferred stock	0				0				0	0
Noncontrolling interests	(257)				36				(257)	36
Equity (deficit) attributable to common stockholders	108,318				50,182				108,318	50,182
Corporate
Segment Reporting Information [Line Items]
Interest income									23	44	198
Interest expense									(3,783)	(3,818)	(3,817)
Inter-segment elimination									0	0	0
Net interest income									(3,760)	(3,774)	(3,619)
Total impairment (reversal)									0	0	0
Total operating revenues									0	0
Total other income (expense)									54	0	0
Loan and security servicing expense									0	0	3
Operating expenses - golf									0	0
Operating expenses-golf, repairs and maintenance expenses									0	0
Cost of sales - golf									0	0
General and administrative expense									7,640	7,722	17,440
General and administrative expense - acquisition and transaction expenses									(301)	619
Management fee to affiliate - Note 13									10,692	21,039	28,057
Depreciation and amortization									(48)	87	4
Income tax expense - Note 15									0	0
Income from continuing operations									(21,689)	(33,241)	(49,123)
Income from discontinued operations, net of tax									0	0	0
Net Income									(21,689)	(33,241)	(49,123)
Preferred dividends									(5,580)	(5,580)	(5,580)
Net loss (income) attributable to noncontrolling interests									0	0	0
Income Applicable To Common Stockholders									(27,269)	(38,821)	(54,703)
Investments	0				0				0	0
Cash and restricted cash	28,929				55,137				28,929	55,137
Other assets	409				91				409	91
Assets of discontinued operations	0				0				0	0
Total Assets	29,338				55,228				29,338	55,228
Debt, net	51,225				51,231				51,225	51,231
Other liabilities	12,891				16,475				12,891	16,475
Liabilities of discontinued operations	0				0				0	0
Total Liabilities	64,116				67,706				64,116	67,706
Preferred stock	61,583				61,583				61,583	61,583
Noncontrolling interests	0				0				0	0
Equity (deficit) attributable to common stockholders	(96,361)				(74,061)				(96,361)	(74,061)
Eliminations
Segment Reporting Information [Line Items]
Interest income									(3,005)	(7,595)	(4,746)
Interest expense									3,005	7,595	4,746
Inter-segment elimination									0	0	0
Net interest income									0	0	0
Total impairment (reversal)									0	0	0
Total operating revenues									0	0
Total other income (expense)									0	0	0
Loan and security servicing expense									0	0	0
Operating expenses - golf									0	0
Operating expenses-golf, repairs and maintenance expenses									0	0
Cost of sales - golf									0	0
General and administrative expense									0	0	0
General and administrative expense - acquisition and transaction expenses									0	0
Management fee to affiliate - Note 13									0	0	0
Depreciation and amortization									0	0	0
Income tax expense - Note 15									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 (income) attributable to noncontrolling interests									0	0	0
Income Applicable To Common Stockholders									0	0	$ 0
Investments	0				0				0	0
Cash and restricted cash	0				0				0	0
Other assets	0				0				0	0
Assets of discontinued operations	0				0				0	0
Total Assets	0				0				0	0
Debt, net	0				0				0	0
Other liabilities	0				0				0	0
Liabilities of discontinued operations	0				0				0	0
Total Liabilities	0				0				0	0
Preferred stock	0				0				0	0
Noncontrolling interests	0				0				0	0
Equity (deficit) attributable to common stockholders	0				0				0	0
Investments, net of eliminations					35,100					35,100
Non Recourse VIE Financing Structures
Segment Reporting Information [Line Items]
Assets of discontinued operations	0				6,803				0	6,803
Total Assets	427,403				899,946				427,403	899,946
Liabilities of discontinued operations	0				447				0	447
Total Liabilities	$ 478,440				$ 663,797				$ 478,440	$ 663,797

SEGMENT REPORTING AND VARIABL60

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2015
Segment Reporting Information [Line Items]
Investments Carrying Value	$ 1,018,507	$ 1,630,471
Debt Face Amount	971,270	1,318,167	$ 19,400
Golf
Segment Reporting Information [Line Items]
Operating Leases, Rent Expense	4,600	5,000
Investments Carrying Value	302,379	323,969
Non-Recourse | Subprime mortgage loans subject to call options
Segment Reporting Information [Line Items]
Investments Face Amount	380,806	406,217
Investments Carrying Value	380,806	406,217
Debt Face Amount	380,806	406,217
Debt Carrying Value	380,806	406,217
Other | Unlevered real estate securities
Segment Reporting Information [Line Items]
Excluded from face amount of unlevered real estate securities	116,000	113,300
Investments Face Amount	37,404	167,457
Investments Carrying Value	12,642	12,265
Debt Face Amount	0	0
Debt Carrying Value	0	0
Other | Levered real estate securities
Segment Reporting Information [Line Items]
Investments Face Amount	102,660	390,771
Investments Carrying Value	105,963	407,689
Debt Face Amount	348,625	385,282
Debt Carrying Value	348,625	385,282
Other | Real estate related and other loans
Segment Reporting Information [Line Items]
Investments Face Amount	238,449	0
Investments Carrying Value	149,198	0
Debt Face Amount	11,660	0
Debt Carrying Value	11,490	0
Other | Other investments
Segment Reporting Information [Line Items]
Investments Carrying Value	20,595	6,479
Debt Face Amount	0	0
Debt Carrying Value	0	0
Other | Residential mortgage loans
Segment Reporting Information [Line Items]
Investments Face Amount	922	934
Investments Carrying Value	532	643
Debt Face Amount	0	0
Debt Carrying Value	0	0
Other Debt
Segment Reporting Information [Line Items]
Investments Face Amount	760,241	965,379
Investments Carrying Value	669,736	833,293
Debt Face Amount	741,091	791,499
Debt Carrying Value	$ 740,921	$ 791,499

SEGMENT REPORTING AND VARIABL61

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Holdings in Variable Interest Entities (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Oct. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Real estate securities	$ 59,034		$ 231,754
Real estate related and other loans, held-for-sale, net	149,198		230,200
Subprime mortgage loans subject to call option	380,806		406,217
Other investments	20,595		26,788
Restricted cash	4,469		15,714
Receivables and other assets	38,014		35,191
Assets of discontinued operations	0		6,803
Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs	1,467,982		1,761,906
CDO bonds payable	92,933		227,673
Other bonds and notes payable	16,162		27,069
Financing of subprime mortgage loans subject to call option	380,806		406,217
Accounts payable, accrued expenses and other liabilities	83,944		99,712
Liabilities of discontinued operations	0		447
Total Liabilities	1,257,860		1,503,578
Debt Face Amount	971,270	$ 19,400	1,318,167
Non Recourse VIE Financing Structures
Schedule of Investments [Line Items]
Real estate securities	46,392		219,490
Real estate related and other loans, held-for-sale, net	0		230,200
Residential mortgage loans, held-for-investment, net - Note 6	0		3,211
Subprime mortgage loans subject to call option	380,806		406,217
Other investments	0		20,308
Restricted cash	128		11,790
Receivables and other assets	77		1,927
Assets of discontinued operations	0		6,803
Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs	427,403		899,946
CDO bonds payable	92,933		227,673
Other bonds and notes payable	4,672		27,069
Financing of subprime mortgage loans subject to call option	380,806		406,217
Accounts payable, accrued expenses and other liabilities	29		2,391
Liabilities of discontinued operations	0		447
Total Liabilities	478,440		$ 663,797
Non Recourse VIE Financing Structures | CDO V
Schedule of Investments [Line Items]
Gross Assets	80,062
Debt	107,113
Carrying Value of Newcastle's Investment	9,731
Debt Face Amount	$ 44,100

REAL ESTATE SECURITIES - Real E

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Secutiy	Dec. 31, 2014USD ($)Secutiy	Apr. 30, 2010Secutiy
Investment [Line Items]
Other Than Temporary Impairment - Amortized Cost Basis	$ 0
Amortized Cost Basis	0
Carrying Value	$ 59,034,000	$ 231,754,000
Weighted Average Yield	20.54%
Weighted Average Life (Years)	11 months 6 days
Total outstanding face amount of fixed rate securities	$ 168,500,000	600,900,000
Total outstanding face amount of floating rate securities	41,400,000	94,200,000
Total Securities, Pledged as Collateral
Investment [Line Items]
Outstanding Face Amount	102,660,000	390,771,000
Before Impairment - Amortized Cost Basis	105,940,000	403,216,000
Other Than Temporary Impairment - Amortized Cost Basis		0
Amortized Cost Basis	105,940,000	403,216,000
Gains-Gross Unrealized	23,000	4,473,000
Losses- Gross Unrealized	0	0
Carrying Value	$ 105,963,000	$ 407,689,000
Number of Securities | Secutiy	3	9
Weighted Average Rating	AAA
Weighted average coupon rate of loans		2.90%
Total Securities, Available-for-Sale
Investment [Line Items]
Before Impairment - Amortized Cost Basis	$ 109,466,000	$ 306,355,000
Other Than Temporary Impairment - Amortized Cost Basis	(83,686,000)	(137,810,000)
Amortized Cost Basis	25,780,000	168,545,000
Gains-Gross Unrealized	33,362,000	63,213,000
Losses- Gross Unrealized	(108,000)	(4,000)
Carrying Value	$ 59,034,000	$ 231,754,000
Number of Securities | Secutiy	30	64
Non-consolidated CDO Securities
Investment [Line Items]
Outstanding Face Amount	$ 0
CMBS
Investment [Line Items]
Outstanding Face Amount	67,669,000	$ 214,026,000
Before Impairment - Amortized Cost Basis	78,416,000	218,900,000
Other Than Temporary Impairment - Amortized Cost Basis	(55,372,000)	(75,574,000)
Amortized Cost Basis	23,044,000	143,326,000
Gains-Gross Unrealized	16,673,000	35,441,000
Losses- Gross Unrealized	(33,000)	(4,000)
Carrying Value	$ 39,684,000	$ 178,763,000
Number of Securities | Secutiy	16	32
Weighted Average Rating	B	B
Weighted average coupon rate of loans	4.97%	5.86%
Weighted Average Yield	14.78%	11.00%
Weighted Average Life (Years)	2 years 1 month 6 days	2 years 7 months 6 days
Weighted Average Principal Subordination	26.10%	10.40%
Non-Agency RMBS
Investment [Line Items]
Outstanding Face Amount	$ 16,477,000	$ 67,475,000
Before Impairment - Amortized Cost Basis	23,403,000	79,808,000
Other Than Temporary Impairment - Amortized Cost Basis	(20,667,000)	(54,589,000)
Amortized Cost Basis	2,736,000	25,219,000
Gains-Gross Unrealized	6,958,000	19,816,000
Losses- Gross Unrealized	(75,000)	0
Carrying Value	$ 9,619,000	$ 45,035,000
Number of Securities | Secutiy	9	28
Weighted Average Rating	CC	CCC
Weighted average coupon rate of loans	1.89%	1.21%
Weighted Average Yield	11.95%	9.66%
Weighted Average Life (Years)	11 years 6 days	7 years 8 months 6 days
Weighted Average Principal Subordination	9.70%	21.80%
ABS-Franchise
Investment [Line Items]
Outstanding Face Amount	$ 8,464,000	$ 8,464,000
Before Impairment - Amortized Cost Basis	7,647,000	7,647,000
Other Than Temporary Impairment - Amortized Cost Basis	(7,647,000)	(7,647,000)
Amortized Cost Basis	0	0
Gains-Gross Unrealized	0	0
Losses- Gross Unrealized	0	0
Carrying Value	$ 0	$ 0
Number of Securities | Secutiy	1	1
Weighted Average Rating	C	C
Weighted average coupon rate of loans	6.69%	6.69%
Weighted Average Yield	0.00%	0.00%
Weighted Average Life (Years)	0 years	0 years
Weighted Average Principal Subordination	0.00%	0.00%
CDO
Investment [Line Items]
Outstanding Face Amount	$ 14,632,000
Before Impairment - Amortized Cost Basis	0
Other Than Temporary Impairment - Amortized Cost Basis	0
Amortized Cost Basis	0
Gains-Gross Unrealized	9,731,000
Losses- Gross Unrealized	0
Carrying Value	$ 9,731,000
Number of Securities | Secutiy	2		2
Weighted Average Rating	C
Weighted average coupon rate of loans	1.80%
Weighted Average Yield	0.00%
Weighted Average Life (Years)	7 years 2 months 6 days
Weighted Average Principal Subordination	25.10%
Debt securities
Investment [Line Items]
Outstanding Face Amount	$ 107,242,000
Before Impairment - Amortized Cost Basis	109,466,000
Other Than Temporary Impairment - Amortized Cost Basis	(83,686,000)
Amortized Cost Basis	25,780,000
Gains-Gross Unrealized	33,362,000
Losses- Gross Unrealized	(108,000)
Carrying Value	$ 59,034,000
Number of Securities | Secutiy	28
Weighted Average Rating	CCC+
Weighted average coupon rate of loans	4.20%
Weighted Average Yield	14.48%
Weighted Average Life (Years)	4 years 6 days
Debt securities | Total Securities, Available-for-Sale
Investment [Line Items]
Outstanding Face Amount		$ 304,378,000
Before Impairment - Amortized Cost Basis		306,355,000
Other Than Temporary Impairment - Amortized Cost Basis		(137,810,000)
Amortized Cost Basis		168,545,000
Gains-Gross Unrealized		63,213,000
Losses- Gross Unrealized		(4,000)
Carrying Value		$ 231,754,000
Number of Securities | Secutiy		63
Weighted Average Rating		B-
Weighted average coupon rate of loans		4.64%
Weighted Average Yield		10.80%
Weighted Average Life (Years)		4 years 1 month 6 days
Equity Securities
Investment [Line Items]
Before Impairment - Amortized Cost Basis	$ 0	$ 0
Other Than Temporary Impairment - Amortized Cost Basis	0	0
Amortized Cost Basis	0	0
Gains-Gross Unrealized	0	0
Losses- Gross Unrealized	0	0
Carrying Value	$ 0	$ 0
Number of Securities | Secutiy	2	1
Agency RMBS (FNMA/FHLMC)
Investment [Line Items]
Outstanding Face Amount	$ 102,660,000	$ 390,771,000
Before Impairment - Amortized Cost Basis	105,940,000	403,216,000
Other Than Temporary Impairment - Amortized Cost Basis	0	0
Amortized Cost Basis	105,940,000	403,216,000
Gains-Gross Unrealized	23,000	4,473,000
Losses- Gross Unrealized	0	0
Carrying Value	$ 105,963,000	$ 407,689,000
Number of Securities | Secutiy	3	9
Weighted Average Rating	AAA	AAA
Weighted average coupon rate of loans	3.50%	3.50%
Weighted Average Yield	2.99%	2.94%
Weighted Average Life (Years)	7 years 10 months	5 years 7 months 6 days
CDO
Investment [Line Items]
Outstanding Face Amount		$ 14,413,000
Before Impairment - Amortized Cost Basis		0
Other Than Temporary Impairment - Amortized Cost Basis		0
Amortized Cost Basis		0
Gains-Gross Unrealized		7,956,000
Losses- Gross Unrealized		0
Carrying Value		$ 7,956,000
Number of Securities | Secutiy		2
Weighted Average Rating		CCC-
Weighted average coupon rate of loans		1.46%
Weighted Average Yield		0.00%
Weighted Average Life (Years)		11 years 6 months 6 days
Weighted Average Principal Subordination		13.70%
Unlevered real estate securities | Other
Investment [Line Items]
Outstanding Face Amount	$ 37,404,000	$ 167,457,000
Excluded from face amount of unlevered real estate securities	$ 116,000,000	$ 113,300,000
Number of Securities | Secutiy	8

REAL ESTATE SECURITIES - Holdin

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Securities	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Investment [Line Items]
Other Than Temporary Impairment - Amortized Cost Basis	$ 0
Amortized Cost Basis	0
Carrying Value	$ 59,034	$ 231,754
Weighted Average Yield	20.54%
Weighted Average Maturity (Years)	11 months 6 days
Less Than Twelve Months
Investment [Line Items]
Outstanding Face Amount	$ 3,699
Before Impairment - Amortized Cost Basis	4,389
Other Than Temporary Impairment - Amortized Cost Basis	(3,010)
Amortized Cost Basis	1,379
Gains-Gross Unrealized	0
Losses- Gross Unrealized	(108)
Carrying value - less than twelve months	$ 1,271
Number of Securities | Securities	2
Weighted Average Rating	CC
Weighted average coupon rate of loans	3.46%
Weighted Average Yield	11.20%
Weighted Average Maturity (Years)	7 years 5 months 6 days
Twelve or More Months
Investment [Line Items]
Outstanding Face Amount	$ 0
Before Impairment - Amortized Cost Basis	0
Other Than Temporary Impairment - Amortized Cost Basis	0
Amortized Cost Basis	0
Gains-Gross Unrealized	0
Losses- Gross Unrealized	0
Carrying value - less than twelve months	$ 0
Number of Securities | Securities	0
Weighted Average Rating	0
Weighted average coupon rate of loans	0.00%
Weighted Average Yield	0.00%
Weighted Average Maturity (Years)	0 years
Total debt securities in an unrealized loss position
Investment [Line Items]
Outstanding Face Amount	$ 3,699
Before Impairment - Amortized Cost Basis	4,389
Other Than Temporary Impairment - Amortized Cost Basis	(3,010)	(4,174)	$ (2,873)
Amortized Cost Basis	1,379
Gains-Gross Unrealized	0
Losses- Gross Unrealized	(108)
Carrying Value	$ 1,271
Number of Securities | Securities	2
Weighted Average Rating	CC
Weighted average coupon rate of loans	3.46%
Weighted Average Yield	11.20%
Weighted Average Maturity (Years)	7 years 5 months 6 days
Unlevered real estate securities | Other
Investment [Line Items]
Outstanding Face Amount	$ 37,404	167,457
Excluded from face amount of unlevered real estate securities	$ 116,000	$ 113,300

REAL ESTATE SECURITIES - Hold64

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Securities Newcastle intends to sell
Investment [Line Items]
Fair Value	$ 0
Amortized Cost Basis	0
Unrealized Credit Losses	0
Securities Newcastle is more likely than not to be required to sell
Investment [Line Items]
Fair Value	0
Amortized Cost Basis	0
Unrealized Credit Losses	0
Credit impaired securities
Investment [Line Items]
Fair Value	1,271
Amortized Cost Basis	1,379
Unrealized Credit Losses	(3,010)
Unrealized Non-Credit Losses	(108)
Non-credit impaired securities
Investment [Line Items]
Fair Value	0
Amortized Cost Basis	0
Unrealized Credit Losses	0
Unrealized Non-Credit Losses	0
Total debt securities in an unrealized loss position
Investment [Line Items]
Fair Value	1,271
Amortized Cost Basis	1,379
Unrealized Credit Losses	(3,010)
Unrealized Non-Credit Losses	$ (108)

REAL ESTATE SECURITIES - Credit

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$ 0
Total debt securities in an unrealized loss position
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)	$ (2,873)
Additions for credit losses on securities for which an OTTI was not previously recognized	(1,567)	0
Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income	0	(4,174)
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)	0
Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	4,174	0
Reduction for securities sold during the period	0	2,873
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	0	0
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	$ (3,010)	$ (4,174)

REAL ESTATE SECURITIES - Geogra

REAL ESTATE SECURITIES - Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS (Details 4) $ in Thousands	Dec. 31, 2015USD ($)
CMBS
Investment [Line Items]
Outstanding Face Amount	$ 67,669
Percentage	100.00%
CMBS | Northeastern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 12,303
Percentage	18.20%
CMBS | Southeastern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 16,954
Percentage	25.00%
CMBS | Midwestern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 21,105
Percentage	31.20%
CMBS | Western U.S.
Investment [Line Items]
Outstanding Face Amount	$ 9,857
Percentage	14.60%
CMBS | Southwestern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 7,450
Percentage	11.00%
ABS
Investment [Line Items]
Outstanding Face Amount	$ 24,941
Percentage	100.00%
ABS | Northeastern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 7,922
Percentage	31.80%
ABS | Southeastern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 3,798
Percentage	15.20%
ABS | Midwestern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 7,630
Percentage	30.60%
ABS | Western U.S.
Investment [Line Items]
Outstanding Face Amount	$ 4,184
Percentage	16.80%
ABS | Southwestern U.S.
Investment [Line Items]
Outstanding Face Amount	$ 1,407
Percentage	5.60%

REAL ESTATE SECURITIES (Details

REAL ESTATE SECURITIES (Details Narrative) - USD ($)	1 Months Ended						12 Months Ended
	Dec. 31, 2015	Oct. 31, 2015	Sep. 30, 2015	Jul. 31, 2015	May. 31, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Total outstanding face amount of fixed rate securities	$ 168,500,000						$ 168,500,000	$ 600,900,000
Total outstanding face amount of floating rate securities	41,400,000						41,400,000	94,200,000
Face amount of securities sold					$ 3,900,000
Average price percentage					24.11%
Proceeds from sale of securities					$ 900,000		1,425,480,000	798,580,000	$ 46,536,000
Gain (loss) on sale of securities					800,000
Principal repayments from investments							128,191,000	245,447,000	494,443,000
Other Than Temporary Impairment Charges in period							2,400,000	0	5,200,000
Reduction for securities transferred to New Residential									3,800,000
OTTI charges for Newcastle owned securities at end of period							100,000	0	0
Payments to Acquire Available-for-sale Securities							1,409,693,000	404,638,000	$ 1,411,002,000
Non-consolidated CDO Securities
Investment [Line Items]
Outstanding Face Amount	0						0
Agency RMBS (FNMA/FHLMC)
Investment [Line Items]
Outstanding Face Amount	102,660,000						102,660,000	390,771,000
Face amount of securities sold						$ 380,400,000
Average price percentage						104.72%
Proceeds from sale of securities						$ 398,400,000
Repayments of repurchase agreements						385,600,000
Gain (loss) on sale of securities						5,900,000
Face amount of securities purchased						389,100,000
Proceeds from repurchase financing						$ 386,100,000
Average price percentage - purchases						104.77%
Payments to Acquire Available-for-sale Securities						$ 407,600,000
CMBS
Investment [Line Items]
Outstanding Face Amount	67,669,000						67,669,000	214,026,000
Face amount of securities sold					$ 98,600,000
Average price percentage					104.03%
Proceeds from sale of securities					$ 102,600,000
Gain (loss) on sale of securities					14,000,000
Principal repayments from investments					25,000,000
Non-Agency RMBS
Investment [Line Items]
Outstanding Face Amount	16,477,000						16,477,000	$ 67,475,000
Face amount of securities sold					$ 42,800,000
Average price percentage					85.54%
Proceeds from sale of securities					$ 36,700,000
Gain (loss) on sale of securities					$ 14,100,000
Agency RMBS
Investment [Line Items]
Face amount of securities sold				$ 380,400,000
Average price percentage				103.13%
Proceeds from sale of securities				$ 392,300,000
Repayments of repurchase agreements				375,700,000
Gain (loss) on sale of securities				(5,900,000)
Agency RMBS 2
Investment [Line Items]
Proceeds from sale of securities			$ 260,000,000
Repayments of repurchase agreements			250,100,000
Gain (loss) on sale of securities			2,500,000
Face amount of securities purchased			$ 250,400,000	201,900,000
Proceeds from repurchase financing				$ 196,700,000
Average price percentage - purchases			103.83%	102.87%
Payments to Acquire Available-for-sale Securities				$ 207,700,000
Agency RMBS 3
Investment [Line Items]
Repayments of repurchase agreements		$ 345,900,000
Gain (loss) on sale of securities		5,100,000
Face amount of securities purchased		$ 348,900,000		403,900,000
Proceeds from repurchase financing				$ 393,800,000
Average price percentage - purchases		104.32%		102.88%
Payments to Acquire Available-for-sale Securities		$ 364,000,000		$ 415,600,000
Agency RMBS 4
Investment [Line Items]
Proceeds from sale of securities		370,500,000
Face amount of securities purchased		354,800,000
Proceeds from repurchase financing		$ 352,600,000
Average price percentage - purchases		104.42%
Agency RMBS 5
Investment [Line Items]
Proceeds from sale of securities	361,300,000
Repayments of repurchase agreements	348,600,000
Gain (loss) on sale of securities	(3,900,000)
Face amount of securities purchased	$ 350,300,000						350,300,000
Average price percentage - purchases	103.20%
Agency RMBS 6
Investment [Line Items]
Proceeds from sale of securities	$ 105,900,000
Face amount of securities purchased	102,700,000						$ 102,700,000
Proceeds from repurchase financing	$ 102,200,000
Average price percentage - purchases	103.20%

REAL ESTATE RELATED LOANS, RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Schedule of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 238,449
Carrying Value	$ 149,198
Loan Count | loan	7
Weighted Average Yield	20.54%
Wtd Avg Coupon	16.88%
Weighted Average Life (Years)	11 months 6 days
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 37,200
Carrying Value	19,433	$ 103,582
Valuation Allowance (Reversal)	$ 4,386
Loan Count | loan	3
Weighted Average Yield	8.00%	7.79%
Wtd Avg Coupon	8.27%
Weighted Average Life (Years)	4 months
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent Face Amount	$ 17,767
Corporate Bank Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	201,249
Carrying Value	129,765	$ 107,715
Valuation Allowance (Reversal)	$ 5,218
Loan Count | loan	4
Weighted Average Yield	22.42%	22.08%
Wtd Avg Coupon	18.47%
Weighted Average Life (Years)	1 year
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 45,687
B-Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	0
Carrying Value	0	$ 18,748
Valuation Allowance (Reversal)	$ 0
Loan Count | loan	0
Weighted Average Yield	0.00%	12.00%
Wtd Avg Coupon	0.00%
Weighted Average Life (Years)	0 years
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 0
Whole Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	0
Carrying Value	0	$ 155
Valuation Allowance (Reversal)	$ 0
Loan Count | loan	0
Weighted Average Yield	0.00%	4.00%
Wtd Avg Coupon	0.00%
Weighted Average Life (Years)	0 years
Floating Rate Loans as a % of Face Amount	0.00%
Delinquent Face Amount	$ 0
Total Real Estate Related and other Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	238,449
Carrying Value	149,198	$ 230,200
Valuation Allowance (Reversal)	$ 9,604
Loan Count | loan	7
Weighted Average Yield	20.54%	14.82%
Wtd Avg Coupon	16.88%
Weighted Average Life (Years)	11 months
Floating Rate Loans as a % of Face Amount	15.60%
Delinquent Face Amount	$ 63,454
Residential Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	922
Carrying Value	532
Total Residential Mortgage Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	922
Carrying Value	532	$ 3,854
Valuation Allowance (Reversal)	$ 96
Loan Count | loan	4
Weighted Average Yield	62.02%	23.48%
Wtd Avg Coupon	2.84%
Weighted Average Life (Years)	1 year 7 months
Floating Rate Loans as a % of Face Amount	100.00%
Delinquent Face Amount	$ 766
Subprime Mortgage Loans Subject to Call Option
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	380,806
Carrying Value	$ 380,806	$ 406,217

REAL ESTATE RELATED LOANS, RE69

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Large Loans (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 238,449
Carrying Value	$ 149,198
Loan Count | loan	7
Weighted Average Yield	20.54%
Wtd Avg Coupon	16.88%
Weighted Average Life (Years)	11 months 6 days
Individual Corporate Bank Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 141,865
Carrying Value	125,793
Prior Liens	$ 621,088
Loan Count | loan	1
Weighted Average Yield	22.50%
Wtd Avg Coupon	22.50%
Weighted Average Life (Years)	1 year 6 days
Individual Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 19,433
Carrying Value	19,433
Prior Liens	$ 114,111
Loan Count | loan	1
Weighted Average Yield	8.00%
Wtd Avg Coupon	8.00%
Weighted Average Life (Years)	6 months
Others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 77,151
Carrying Value	3,972
Prior Liens	$ 22,500
Loan Count | loan	5
Weighted Average Yield	20.00%
Wtd Avg Coupon	8.78%
Weighted Average Life (Years)	7 months 6 days

REAL ESTATE RELATED LOANS, RE70

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Past Due Residential Loans HFI (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Aging Analysis of Past Due Residential Loans Held-For-Sale
Total Outstanding Face Amount	$ 238,449
Residential Loans
Aging Analysis of Past Due Residential Loans Held-For-Sale
REO	766
Total Past Due	766
Current	156
Total Outstanding Face Amount	922
30-59 Days Past Due | Residential Loans
Aging Analysis of Past Due Residential Loans Held-For-Sale
Total Past Due	0
60-90 Days Past Due | Residential Loans
Aging Analysis of Past Due Residential Loans Held-For-Sale
Total Past Due	0
Over 90 Days Past Due | Residential Loans
Aging Analysis of Past Due Residential Loans Held-For-Sale
Total Past Due	$ 0

REAL ESTATE RELATED LOANS, RE71

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 3) $ in Thousands	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Outstanding Face Amount
Outstanding Face Amount	$ 238,449
Carrying Value
Total	$ 149,198
Number of Loans
Total | loan	7
Total Real Estate Related and other Loans Held-for-Sale, Net
Outstanding Face Amount
Delinquent	$ 63,454
2,016	19,433
2,017	0
2,018	0
2,019	155,562
2,020	0
Thereafter	0
Outstanding Face Amount	238,449
Carrying Value
Delinquent	0
2,016	19,433
2,017	0
2,018	0
2,019	129,765
2,020	0
Thereafter	0
Total	$ 149,198	$ 230,200
Number of Loans
Delinquent | loan	4
2016 | loan	1
2017 | loan	0
2018 | loan	0
2019 | loan	2
2020 | loan	0
Thereafter | loan	0
Total | loan	7

REAL ESTATE RELATED LOANS, RE72

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loans and Leases Receivable [Roll Forward]
New Residential spin-off			$ 1,203,983
Valuation allowance (reversal) on loans	$ 9,541	$ (2,419)	(25,035)
Carrying Value	149,198
Real Estate Related Loans, Held for Sale
Loans and Leases Receivable [Roll Forward]
Carrying value	230,200	437,530	843,132
Purchases / additional fundings	0	0	315,296
Interest accrued to principal balance	27,717	20,830	26,588
Principal paydowns	(46,696)	(240,937)	(257,335)
Sales	(55,574)	0	(101,338)
New Residential spin-off			0
Conversion to equity-GateHouse			(393,531)
Elimination after restructure-Golf			(29,412)
Transfer to held-for-sale		0
Valuation allowance (reversal) on loans	(9,284)	3,303	19,479
Gain on repayment of loans held for sale			7,216
Accretion of loan discount and other amortization	3,203	8,867	6,689
Other	(368)	607	746
Carrying Value	149,198	230,200	437,530
Residential Mortgage Loans, Held for Sale
Loans and Leases Receivable [Roll Forward]
Carrying value	3,854	2,185	2,471
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	0	0	0
Principal paydowns	(134)	(9,574)	(373)
Sales	(2,925)	(233,349)	0
New Residential spin-off			0
Conversion to equity-GateHouse			0
Elimination after restructure-Golf			0
Transfer to held-for-sale		246,121
Valuation allowance (reversal) on loans	(257)	(51)	105
Gain on repayment of loans held for sale			0
Accretion of loan discount and other amortization	0	0	0
Other	(6)	(1,478)	(18)
Carrying Value	532	3,854	2,185
Residential Mortgage Loans, Held for Investment
Loans and Leases Receivable [Roll Forward]
Carrying value	0	255,450	292,461
Purchases / additional fundings	0	0	0
Interest accrued to principal balance	0	0	0
Principal paydowns	0	(9,436)	(45,665)
Sales	0	0	0
New Residential spin-off			0
Conversion to equity-GateHouse			0
Elimination after restructure-Golf			0
Transfer to held-for-sale		(246,121)
Valuation allowance (reversal) on loans	0	(833)	5,451
Gain on repayment of loans held for sale			0
Accretion of loan discount and other amortization	0	115	3,684
Other	0	825	(481)
Carrying Value	0	0	255,450
NPL Reverse Mortgage Loans, Held for Investment
Loans and Leases Receivable [Roll Forward]
Carrying value	0	0	0
Purchases / additional fundings	0	0	35,138
Interest accrued to principal balance	0	0	0
Principal paydowns	0	0	0
Sales	0	0	0
New Residential spin-off			(35,865)
Conversion to equity-GateHouse			0
Elimination after restructure-Golf			0
Transfer to held-for-sale		0
Valuation allowance (reversal) on loans	0	0	0
Gain on repayment of loans held for sale			0
Accretion of loan discount and other amortization	0	0	727
Other	0	0	0
Carrying Value	$ 0	$ 0	$ 0

REAL ESTATE RELATED LOANS, RE73

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details 5) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan	Dec. 31, 2013USD ($)Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans - total charge-offs | Loan	4	3	3
Allowance for Loan and Lease Losses [Roll Forward]
Valuation allowance (reversal) on loans	$ 9,541	$ (2,419)	$ (25,035)
Real Estate Related Loans, Held for Sale
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(75,926)	(94,037)	(182,062)
Charge-offs	14,345	14,808	68,546
Valuation allowance (reversal) on loans	(9,284)	3,303	19,479
Transfer to held-for-sale		0
Sales	0	0
Ending balance	(70,865)	(75,926)	(94,037)
Residential Mortgage Loans, Held for Sale
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(154)	(824)	(1,072)
Charge-offs	160	84	143
Valuation allowance (reversal) on loans	(257)	(51)	105
Transfer to held-for-sale		(12,369)
Sales	0	13,006
Ending balance	(251)	(154)	(824)
Residential Mortgage Loans, Held for Investment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	(12,247)	(22,478)
Charge-offs	0	711	4,780
Valuation allowance (reversal) on loans	0	(833)	5,451
Transfer to held-for-sale		12,369
Sales	0	0
Ending balance	$ 0	$ 0	$ (12,247)

REAL ESTATE RELATED LOANS, RE74

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details 6) - USD ($) $ in Thousands	Dec. 31, 2015	Aug. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 238,449
Total Real Estate Related and other Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	238,449
Subtotal prior to bank loans not secured by assets	$ 82,887
Percentage of loans	100.00%
Total Real Estate Related and other Loans Held-for-Sale, Net | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 7,967
Percentage of loans	9.60%
Total Real Estate Related and other Loans Held-for-Sale, Net | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 7,754
Percentage of loans	9.30%
Total Real Estate Related and other Loans Held-for-Sale, Net | Midwestern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage of loans	0.00%
Total Real Estate Related and other Loans Held-for-Sale, Net | Southwestern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 3,712
Percentage of loans	4.50%
Total Real Estate Related and other Loans Held-for-Sale, Net | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 63,454
Percentage of loans	76.60%
Total Real Estate Related and other Loans Held-for-Sale, Net | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 155,562
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 922	$ 3,300
Percentage of loans	100.00%
Residential Mortgage Loans | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 523
Percentage of loans	56.70%
Residential Mortgage Loans | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 260
Percentage of loans	28.20%
Residential Mortgage Loans | Midwestern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 139
Percentage of loans	15.10%
Residential Mortgage Loans | Southwestern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage of loans	0.00%
Residential Mortgage Loans | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage of loans	0.00%

REAL ESTATE RELATED LOANS, RE75

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS, SUBPRIME MORTGAGE LOANS - Subprime Details (Details 7) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)loan
Financing Receivable, Impaired [Line Items]
Original number of loans (approximate) | loan	2
Subprime Portfolio I
Financing Receivable, Impaired [Line Items]
Date of acquisition	March 2,006
Original number of loans (approximate) | loan	11,300
Predominant origination date of loans	2,005
Original face amount of purchase	$ 1,500
Pre-securitization loan write-down	(4.1)
Gain on pre-securitization hedge	$ 5.5
Gain on sale	Less than $0.1 million
Securitization date	April 2,006
Face amount of loans at securitization	$ 1,500
Face amount of notes sold by trust	$ 1,400
Stated maturity of notes	March 2,036
Face amount of notes retained by Newcastle	$ 37.6
Fair value of equity retained by Newcastle	$ 62.4
Key assumptions in measuring such fair value (A):
Weighted average life (years)	3 years 1 month 6 days
Expected credit losses	5.30%
Weighted average constant prepayment rate	28.00%
Discount rate	18.80%
Subprime Portfolio II
Financing Receivable, Impaired [Line Items]
Date of acquisition	March 2,007
Original number of loans (approximate) | loan	7,300
Predominant origination date of loans	2,006
Original face amount of purchase	$ 1,300
Pre-securitization loan write-down	(5.8)
Gain on pre-securitization hedge	$ 5.8
Gain on sale	$0.1 million
Securitization date	July 2,007
Face amount of loans at securitization	$ 1,100
Face amount of notes sold by trust	$ 1,000
Stated maturity of notes	April 2,037
Face amount of notes retained by Newcastle	$ 38.8
Fair value of equity retained by Newcastle	$ 46.7
Key assumptions in measuring such fair value (A):
Weighted average life (years)	3 years 9 months 18 days
Expected credit losses	8.00%
Weighted average constant prepayment rate	30.10%
Discount rate	22.50%

REAL ESTATE RELATED LOANS, RE76

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Mortgage Loans (Details 8) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total securitized loans (unpaid principal balance)	$ 664,783
Loans subject to call option (carrying value)	380,806	$ 406,217
Retained interests (fair value)	2,911
Subprime Portfolio I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total securitized loans (unpaid principal balance)	274,956
Loans subject to call option (carrying value)	273,765
Retained interests (fair value)	2,911
Subprime Portfolio II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total securitized loans (unpaid principal balance)	389,827
Loans subject to call option (carrying value)	107,041
Retained interests (fair value)	$ 0

REAL ESTATE RELATED LOANS, RE77

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 9) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan unpaid principal balance	$ 664,783
Face amount of debt	971,270	$ 1,318,167
Subprime Portfolio I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan unpaid principal balance	$ 274,956
Weighted average coupon rate of loans	5.52%
Delinquencies of 60 or more days (UPB)	$ 54,197
Net credit losses for year ended	13,295	25,225
Cumulative net credit losses	$ 285,324
Cumulative net credit losses as a % of original UPB	19.00%
Percentage of ARM loans	51.40%
Percentage of loans with loan-to-value ratio 90%	10.60%
Percentage of interest-only loans	1.90%
Face amount of debt	$ 269,765
Weighted average funding cost of debt	0.79%
Subprime Portfolio II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan unpaid principal balance	$ 389,827
Weighted average coupon rate of loans	4.36%
Delinquencies of 60 or more days (UPB)	$ 108,817
Net credit losses for year ended	27,942	$ 34,102
Cumulative net credit losses	$ 363,618
Cumulative net credit losses as a % of original UPB	33.40%
Percentage of ARM loans	63.90%
Percentage of loans with loan-to-value ratio 90%	16.10%
Percentage of interest-only loans	3.40%
Face amount of debt	$ 389,827
Weighted average funding cost of debt	0.69%

REAL ESTATE RELATED LOANS, RE78

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative) $ in Thousands	1 Months Ended			3 Months Ended								12 Months Ended
	Aug. 31, 2015USD ($)loan	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Dec. 31, 2015USD ($)loan	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original number of loans (approximate) | loan				2								2
Face amount of securities sold			$ 3,900
Face amount of real estate related loans on non-accrual status				$ 63,500				$ 76,500				$ 63,500	$ 76,500
Federal Income Tax basis				$ 175,900								$ 175,900
Large loan reporting, percentage threshold				3.00%								3.00%
Large loan reporting, dollar threshold				$ 4,500								$ 4,500
Outstanding Face Amount				$ 238,449								$ 238,449
Annual servicing fee, as a percentage of unpaid principal balances				0.50%								0.50%
Interest income				$ 21,538	$ 23,010	$ 24,265	$ 27,078	23,738	$ 27,544	$ 29,893	$ 46,452	$ 95,891	127,627	$ 213,712
Weighted Average Yield of Retained Bonds				21.80%								21.80%
Average price percentage - sold			24.11%
Proceeds from sale of investments			$ 900									$ 1,425,480	798,580	46,536
Gain (loss) on sale of securities			$ 800
Individual Corporate Bank Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount				$ 141,865								141,865
Others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Large Loans reporting in the other category - Bank Loans Face Amount				59,400								59,400
Large Loans reporting in the other category - Mezzanine Loans Face Amount				17,800								17,800
Outstanding Face Amount				$ 77,151								$ 77,151
Subprime Portfolio I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original number of loans (approximate) | loan				11,300								11,300
Average loan seasoning												125 months
Percentage of aggregate principal balance for redemption of option				20.00%								20.00%
Retained Notes excluded from face amount of debt in Subprime Portfolio I				$ 4,000								$ 4,000
Excess Collateralization				$ 1,200								$ 1,200
Weighted average coupon rate				9.24%								9.24%
Gain on sale of CDO assets												$ 100
Subprime Portfolio II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original number of loans (approximate) | loan				7,300								7,300
Average loan seasoning												107 months
Percentage of aggregate principal balance for redemption of option				10.00%								10.00%
Weighted average coupon rate				8.68%								8.68%
Gain on sale of CDO assets												$ 100
Total Real Estate Related and Other Loans Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income												36,800	49,300	81,500
Total Real Estate Related and other Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount				$ 238,449								238,449
Average Carrying Value				172,800				270,100				172,800	270,100	761,700
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 3,300			922								922
Average Carrying Value				$ 2,400				$ 90,500				2,400	90,500	282,700
Interest income												$ 100	$ 8,300	$ 27,300
Number of loans - charge-offs, sold | loan	2
Proceeds from Sale of Mortgage Loans Held-for-sale	$ 2,900
Commercial Real Estate Loans - CDO VIII
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold		$ 12,000
Average price percentage - sold		100.01%
Proceeds from sale of investments		$ 12,000
Gain (loss) on sale of securities		900
Commercial Real Estate Loans - CDO IX
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold		$ 45,700
Average price percentage - sold		95.35%
Proceeds from sale of investments		$ 43,500
Gain (loss) on sale of securities		$ 600

INVESTMENTS IN OTHER REAL EST79

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Initial cost - land	$ 90,324
Initial cost - building and improvements	134,851
Initial cost - furniture, fixtures and equipment	17,092
Initial cost - construction In-progress	5,635
Costs Capitalized Subsequent to Acquisition	28,217
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	142,558
Gross Carrying Amount - furniture, fixtures and equipment	38,736
Gross Carrying Amount - Construction in-progress	4,501
Gross Carrying Amount - total	276,119	$ 263,103	$ 250,208
Accumulated depreciation	(48,212)	$ (23,820)	$ 0
Net Book Value	227,907
Owned Properties
Investment [Line Items]
Initial cost - land	90,324
Initial cost - building and improvements	86,439
Initial cost - furniture, fixtures and equipment	5,016
Initial cost - construction In-progress	4,362
Costs Capitalized Subsequent to Acquisition	10,460
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	91,036
Gross Carrying Amount - furniture, fixtures and equipment	12,293
Gross Carrying Amount - Construction in-progress	2,948
Gross Carrying Amount - total	196,601
Accumulated depreciation	(20,999)
Net Book Value	175,602
Owned Properties | Bear Creek | Woodville, WA
Investment [Line Items]
Initial cost - land	3,573
Initial cost - building and improvements	2,178
Initial cost - furniture, fixtures and equipment	179
Initial cost - construction In-progress	28
Costs Capitalized Subsequent to Acquisition	214
Gross Carrying Amount - land and improvements	3,573
Gross Carrying Amount - buildings and improvements	2,271
Gross Carrying Amount - furniture, fixtures and equipment	327
Gross Carrying Amount - Construction in-progress	1
Gross Carrying Amount - total	6,172
Accumulated depreciation	(582)
Net Book Value	5,590
Owned Properties | Bradshaw Farm | Woodstock, GA
Investment [Line Items]
Initial cost - land	773
Initial cost - building and improvements	1,962
Initial cost - furniture, fixtures and equipment	92
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	405
Gross Carrying Amount - land and improvements	773
Gross Carrying Amount - buildings and improvements	1,972
Gross Carrying Amount - furniture, fixtures and equipment	487
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	3,232
Accumulated depreciation	(544)
Net Book Value	2,688
Owned Properties | Brookstone | Acworth, GA
Investment [Line Items]
Initial cost - land	579
Initial cost - building and improvements	2,448
Initial cost - furniture, fixtures and equipment	200
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	808
Gross Carrying Amount - land and improvements	579
Gross Carrying Amount - buildings and improvements	2,927
Gross Carrying Amount - furniture, fixtures and equipment	529
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	4,035
Accumulated depreciation	(692)
Net Book Value	3,343
Owned Properties | Canyon Oaks | Chico, CA
Investment [Line Items]
Initial cost - land	1,545
Initial cost - building and improvements	4,127
Initial cost - furniture, fixtures and equipment	205
Initial cost - construction In-progress	13
Costs Capitalized Subsequent to Acquisition	144
Gross Carrying Amount - land and improvements	1,545
Gross Carrying Amount - buildings and improvements	4,156
Gross Carrying Amount - furniture, fixtures and equipment	323
Gross Carrying Amount - Construction in-progress	10
Gross Carrying Amount - total	6,034
Accumulated depreciation	(946)
Net Book Value	5,088
Owned Properties | Casta Del Sol | Mission Viejo, CA
Investment [Line Items]
Initial cost - land	5,794
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	495
Gross Carrying Amount - land and improvements	5,794
Gross Carrying Amount - buildings and improvements	28
Gross Carrying Amount - furniture, fixtures and equipment	152
Gross Carrying Amount - Construction in-progress	315
Gross Carrying Amount - total	6,289
Accumulated depreciation	(26)
Net Book Value	6,263
Owned Properties | El Camino | Oceanside, CA
Investment [Line Items]
Initial cost - land	4,635
Initial cost - building and improvements	2,960
Initial cost - furniture, fixtures and equipment	158
Initial cost - construction In-progress	80
Costs Capitalized Subsequent to Acquisition	380
Gross Carrying Amount - land and improvements	4,635
Gross Carrying Amount - buildings and improvements	3,237
Gross Carrying Amount - furniture, fixtures and equipment	312
Gross Carrying Amount - Construction in-progress	29
Gross Carrying Amount - total	8,213
Accumulated depreciation	(684)
Net Book Value	7,529
Owned Properties | Forrest Crossing | Franklin, TN
Investment [Line Items]
Initial cost - land	3,187
Initial cost - building and improvements	807
Initial cost - furniture, fixtures and equipment	76
Initial cost - construction In-progress	55
Costs Capitalized Subsequent to Acquisition	215
Gross Carrying Amount - land and improvements	3,187
Gross Carrying Amount - buildings and improvements	848
Gross Carrying Amount - furniture, fixtures and equipment	264
Gross Carrying Amount - Construction in-progress	41
Gross Carrying Amount - total	4,340
Accumulated depreciation	(263)
Net Book Value	4,077
Owned Properties | Gettysvue | Knoxville, TN
Investment [Line Items]
Initial cost - land	2,994
Initial cost - building and improvements	1,428
Initial cost - furniture, fixtures and equipment	235
Initial cost - construction In-progress	181
Costs Capitalized Subsequent to Acquisition	284
Gross Carrying Amount - land and improvements	2,994
Gross Carrying Amount - buildings and improvements	1,647
Gross Carrying Amount - furniture, fixtures and equipment	396
Gross Carrying Amount - Construction in-progress	85
Gross Carrying Amount - total	5,122
Accumulated depreciation	(561)
Net Book Value	4,561
Owned Properties | Lomas Santa Fe (Executive) | Solana Beach, CA
Investment [Line Items]
Initial cost - land	3,766
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	120
Gross Carrying Amount - land and improvements	3,766
Gross Carrying Amount - buildings and improvements	63
Gross Carrying Amount - furniture, fixtures and equipment	21
Gross Carrying Amount - Construction in-progress	36
Gross Carrying Amount - total	3,886
Accumulated depreciation	(18)
Net Book Value	3,868
Owned Properties | Marbella | SJ Capistrano, CA
Investment [Line Items]
Initial cost - land	5,794
Initial cost - building and improvements	9,114
Initial cost - furniture, fixtures and equipment	410
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	1,944
Gross Carrying Amount - land and improvements	5,794
Gross Carrying Amount - buildings and improvements	9,215
Gross Carrying Amount - furniture, fixtures and equipment	857
Gross Carrying Amount - Construction in-progress	1,396
Gross Carrying Amount - total	17,262
Accumulated depreciation	(1,948)
Net Book Value	15,314
Owned Properties | Monterey | Palm Desert, CA
Investment [Line Items]
Initial cost - land	5,698
Initial cost - building and improvements	3,004
Initial cost - furniture, fixtures and equipment	202
Initial cost - construction In-progress	19
Costs Capitalized Subsequent to Acquisition	892
Gross Carrying Amount - land and improvements	5,698
Gross Carrying Amount - buildings and improvements	3,471
Gross Carrying Amount - furniture, fixtures and equipment	646
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	9,815
Accumulated depreciation	(903)
Net Book Value	8,912
Owned Properties | Oakhurst | Clayton, CA
Investment [Line Items]
Initial cost - land	1,449
Initial cost - building and improvements	2,575
Initial cost - furniture, fixtures and equipment	428
Initial cost - construction In-progress	1,645
Costs Capitalized Subsequent to Acquisition	(1,251)
Gross Carrying Amount - land and improvements	1,449
Gross Carrying Amount - buildings and improvements	2,649
Gross Carrying Amount - furniture, fixtures and equipment	653
Gross Carrying Amount - Construction in-progress	95
Gross Carrying Amount - total	4,846
Accumulated depreciation	(946)
Net Book Value	3,900
Owned Properties | Oregon Golf Club | West Linn, OR
Investment [Line Items]
Initial cost - land	4,828
Initial cost - building and improvements	8,011
Initial cost - furniture, fixtures and equipment	416
Initial cost - construction In-progress	51
Costs Capitalized Subsequent to Acquisition	604
Gross Carrying Amount - land and improvements	4,828
Gross Carrying Amount - buildings and improvements	8,039
Gross Carrying Amount - furniture, fixtures and equipment	856
Gross Carrying Amount - Construction in-progress	187
Gross Carrying Amount - total	13,910
Accumulated depreciation	(1,742)
Net Book Value	12,168
Owned Properties | Palm Valley | Palm Desert, CA
Investment [Line Items]
Initial cost - land	7,531
Initial cost - building and improvements	8,864
Initial cost - furniture, fixtures and equipment	379
Initial cost - construction In-progress	56
Costs Capitalized Subsequent to Acquisition	232
Gross Carrying Amount - land and improvements	7,531
Gross Carrying Amount - buildings and improvements	8,744
Gross Carrying Amount - furniture, fixtures and equipment	665
Gross Carrying Amount - Construction in-progress	122
Gross Carrying Amount - total	17,062
Accumulated depreciation	(1,845)
Net Book Value	15,217
Owned Properties | Plantation | Boise, ID
Investment [Line Items]
Initial cost - land	2,607
Initial cost - building and improvements	2,236
Initial cost - furniture, fixtures and equipment	262
Initial cost - construction In-progress	13
Costs Capitalized Subsequent to Acquisition	248
Gross Carrying Amount - land and improvements	2,607
Gross Carrying Amount - buildings and improvements	2,314
Gross Carrying Amount - furniture, fixtures and equipment	445
Gross Carrying Amount - Construction in-progress	0
Gross Carrying Amount - total	5,366
Accumulated depreciation	(663)
Net Book Value	4,703
Owned Properties | Rancho San Joaquin | Irvine, CA
Investment [Line Items]
Initial cost - land	12,650
Initial cost - building and improvements	3,775
Initial cost - furniture, fixtures and equipment	279
Initial cost - construction In-progress	1,366
Costs Capitalized Subsequent to Acquisition	(12)
Gross Carrying Amount - land and improvements	12,650
Gross Carrying Amount - buildings and improvements	4,668
Gross Carrying Amount - furniture, fixtures and equipment	730
Gross Carrying Amount - Construction in-progress	10
Gross Carrying Amount - total	18,058
Accumulated depreciation	(995)
Net Book Value	17,063
Owned Properties | Seascape | Aptos, CA
Investment [Line Items]
Initial cost - land	2,897
Initial cost - building and improvements	4,944
Initial cost - furniture, fixtures and equipment	108
Initial cost - construction In-progress	67
Costs Capitalized Subsequent to Acquisition	289
Gross Carrying Amount - land and improvements	2,897
Gross Carrying Amount - buildings and improvements	4,967
Gross Carrying Amount - furniture, fixtures and equipment	360
Gross Carrying Amount - Construction in-progress	81
Gross Carrying Amount - total	8,305
Accumulated depreciation	(904)
Net Book Value	7,401
Owned Properties | Summitpointe | Milpitas, CA
Investment [Line Items]
Initial cost - land	2,511
Initial cost - building and improvements	3,271
Initial cost - furniture, fixtures and equipment	128
Initial cost - construction In-progress	8
Costs Capitalized Subsequent to Acquisition	746
Gross Carrying Amount - land and improvements	2,511
Gross Carrying Amount - buildings and improvements	3,542
Gross Carrying Amount - furniture, fixtures and equipment	584
Gross Carrying Amount - Construction in-progress	27
Gross Carrying Amount - total	6,664
Accumulated depreciation	(717)
Net Book Value	5,947
Owned Properties | Sunset Hills | Thousand Oaks, CA
Investment [Line Items]
Initial cost - land	2,125
Initial cost - building and improvements	5,447
Initial cost - furniture, fixtures and equipment	383
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	799
Gross Carrying Amount - land and improvements	2,125
Gross Carrying Amount - buildings and improvements	5,525
Gross Carrying Amount - furniture, fixtures and equipment	1,022
Gross Carrying Amount - Construction in-progress	82
Gross Carrying Amount - total	8,754
Accumulated depreciation	(1,329)
Net Book Value	7,425
Owned Properties | Tanoan | Albuquerque, NM
Investment [Line Items]
Initial cost - land	1,642
Initial cost - building and improvements	7,600
Initial cost - furniture, fixtures and equipment	431
Initial cost - construction In-progress	364
Costs Capitalized Subsequent to Acquisition	419
Gross Carrying Amount - land and improvements	1,642
Gross Carrying Amount - buildings and improvements	8,020
Gross Carrying Amount - furniture, fixtures and equipment	786
Gross Carrying Amount - Construction in-progress	8
Gross Carrying Amount - total	10,456
Accumulated depreciation	(1,996)
Net Book Value	8,460
Owned Properties | Trophy Club of Apalachee | Dacula, GA
Investment [Line Items]
Initial cost - land	483
Initial cost - building and improvements	640
Initial cost - furniture, fixtures and equipment	55
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	397
Gross Carrying Amount - land and improvements	483
Gross Carrying Amount - buildings and improvements	879
Gross Carrying Amount - furniture, fixtures and equipment	166
Gross Carrying Amount - Construction in-progress	47
Gross Carrying Amount - total	1,575
Accumulated depreciation	(221)
Net Book Value	1,354
Owned Properties | Trophy Club of Atlanta | Alpharetta, GA
Investment [Line Items]
Initial cost - land	483
Initial cost - building and improvements	3,898
Initial cost - furniture, fixtures and equipment	60
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	377
Gross Carrying Amount - land and improvements	483
Gross Carrying Amount - buildings and improvements	3,935
Gross Carrying Amount - furniture, fixtures and equipment	198
Gross Carrying Amount - Construction in-progress	202
Gross Carrying Amount - total	4,818
Accumulated depreciation	(638)
Net Book Value	4,180
Owned Properties | Vista Valencia | Valencia, CA
Investment [Line Items]
Initial cost - land	1,352
Initial cost - building and improvements	5,199
Initial cost - furniture, fixtures and equipment	91
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	344
Gross Carrying Amount - land and improvements	1,352
Gross Carrying Amount - buildings and improvements	5,399
Gross Carrying Amount - furniture, fixtures and equipment	225
Gross Carrying Amount - Construction in-progress	10
Gross Carrying Amount - total	6,986
Accumulated depreciation	(948)
Net Book Value	6,038
Owned Properties | Wood Ranch | Sim Valley, CA
Investment [Line Items]
Initial cost - land	2,125
Initial cost - building and improvements	1,951
Initial cost - furniture, fixtures and equipment	239
Initial cost - construction In-progress	416
Costs Capitalized Subsequent to Acquisition	678
Gross Carrying Amount - land and improvements	2,125
Gross Carrying Amount - buildings and improvements	2,284
Gross Carrying Amount - furniture, fixtures and equipment	927
Gross Carrying Amount - Construction in-progress	73
Gross Carrying Amount - total	5,409
Accumulated depreciation	(789)
Net Book Value	4,620
Owned Properties | Other
Investment [Line Items]
Initial cost - land	9,303
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	689
Gross Carrying Amount - land and improvements	9,303
Gross Carrying Amount - buildings and improvements	236
Gross Carrying Amount - furniture, fixtures and equipment	362
Gross Carrying Amount - Construction in-progress	91
Gross Carrying Amount - total	9,992
Accumulated depreciation	(99)
Net Book Value	$ 9,893

INVESTMENTS IN OTHER REAL EST80

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Initial cost - land	$ 90,324
Initial cost - building and improvements	134,851
Initial cost - furniture, fixtures and equipment	17,092
Initial cost - construction In-progress	5,635
Costs Capitalized Subsequent to Acquisition	28,217
Gross Carrying Amount - land and improvements	90,324
Gross Carrying Amount - buildings and improvements	142,558
Gross Carrying Amount - furniture, fixtures and equipment	38,736
Gross Carrying Amount - construction in-progress	4,501
Gross Carrying Amount - total	276,119	$ 263,103	$ 250,208
Accumulated depreciation	(48,212)	$ (23,820)	$ 0
Net Book Value	227,907
Managed Properties
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	59
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	922
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	876
Gross Carrying Amount - construction in-progress	105
Gross Carrying Amount - total	981
Accumulated depreciation	(137)
Net Book Value	844
Managed Properties | Candler Park | Atlanta, GA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	0
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	0
Accumulated depreciation	0
Net Book Value	0
Managed Properties | El Cariso | Sylmar, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	32
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	32
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	32
Accumulated depreciation	(2)
Net Book Value	30
Managed Properties | Fullerton | Fullerton, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	478
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	373
Gross Carrying Amount - construction in-progress	105
Gross Carrying Amount - total	478
Accumulated depreciation	(37)
Net Book Value	441
Managed Properties | John A White | Atlanta, GA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	0
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	0
Accumulated depreciation	0
Net Book Value	0
Managed Properties | Lomas Santa Fe | Solana Beach, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	8
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	290
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	298
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	298
Accumulated depreciation	(36)
Net Book Value	262
Managed Properties | Paradise Knolls | Riverdale, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	46
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	46
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	46
Accumulated depreciation	(46)
Net Book Value	0
Managed Properties | Santa Clara | Santa Clara, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	0
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	0
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	0
Accumulated depreciation	0
Net Book Value	0
Managed Properties | Westchester | Los Angeles, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	19
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	19
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	19
Accumulated depreciation	0
Net Book Value	19
Managed Properties | Woodlands | Wayne, MI
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	0
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	8
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	8
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	8
Accumulated depreciation	0
Net Book Value	8
Managed Properties | Yorba Linda | Yorba Linda, CA
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	5
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	95
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	100
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	100
Accumulated depreciation	(16)
Net Book Value	84
Total Leased Properties
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	48,412
Initial cost - furniture, fixtures and equipment	8,798
Initial cost - construction In-progress	1,273
Costs Capitalized Subsequent to Acquisition	15,694
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	51,522
Gross Carrying Amount - furniture, fixtures and equipment	21,207
Gross Carrying Amount - construction in-progress	1,448
Gross Carrying Amount - total	74,177
Accumulated depreciation	(23,660)
Net Book Value	50,517
Corporate
Investment [Line Items]
Initial cost - land	0
Initial cost - building and improvements	0
Initial cost - furniture, fixtures and equipment	3,219
Initial cost - construction In-progress	0
Costs Capitalized Subsequent to Acquisition	1,141
Gross Carrying Amount - land and improvements	0
Gross Carrying Amount - buildings and improvements	0
Gross Carrying Amount - furniture, fixtures and equipment	4,360
Gross Carrying Amount - construction in-progress	0
Gross Carrying Amount - total	4,360
Accumulated depreciation	(3,416)
Net Book Value	$ 944

INVESTMENTS IN OTHER REAL EST81

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Rollforward of Investments in Other Real Estate (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Gross Carrying Amount
Balance at beginning of year	$ 263,103	$ 250,208
Additions:
Acquisitions of other real estate	0	0
Improvements	14,970	15,109
Disposals:
Disposal of long-lived assets	(1,954)	(2,214)
Balance at end of year	276,119	263,103
Accumulated Depreciation
Balance at beginning of year	(23,820)	0
Additions:
Depreciation expense	(24,943)	(24,740)
Disposals:
Disposal of long-lived assets	551	920
Balance at end of year	$ (48,212)	$ (23,820)

INVESTMENTS IN OTHER REAL EST82

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Details Narrative) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Mar. 31, 2015hole
Real Estate [Abstract]
Federal income tax basis | $	$ 344.8
Number of holes in leased golf property | hole		27
Operating lease term	21 years

INTANGIBLES, NET OF ACCUMULAT83

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Total intangibles, Net Carrying Value	$ 74,472	$ 84,686
Golf Investments
Investment [Line Items]
Accumulated Amortization	(19,591)	(10,803)
Nonamortizable liquor licenses	865	850
Total intangibles, Gross Carrying Amount	94,063	95,489
Total intangibles, Net Carrying Value	74,472	84,686
Golf Investments | Trade name
Investment [Line Items]
Gross Carrying Amount	700	700
Accumulated Amortization	(47)	(23)
Net Carrying Value	653	677
Golf Investments | Leasehold Intangibles
Investment [Line Items]
Gross Carrying Amount	49,962	50,275
Accumulated Amortization	(9,817)	(5,206)
Net Carrying Value	40,145	45,069
Golf Investments | Management contracts
Investment [Line Items]
Gross Carrying Amount	36,500	37,650
Accumulated Amortization	(7,911)	(4,666)
Net Carrying Value	28,589	32,984
Golf Investments | Internally-developed software
Investment [Line Items]
Gross Carrying Amount	800	800
Accumulated Amortization	(320)	(160)
Net Carrying Value	480	640
Golf Investments | Membership base
Investment [Line Items]
Gross Carrying Amount	5,236	5,214
Accumulated Amortization	(1,496)	(748)
Net Carrying Value	$ 3,740	$ 4,466

INTANGIBLES, NET OF ACCUMULAT84

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION - Schedule of Future Amortization Expense (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 8,815
2,017	8,246
2,018	8,074
2,019	7,442
2,020	6,763
Thereafter	34,267
Total	$ 73,607

DERIVATIVES - Schedule of fair

DERIVATIVES - Schedule of fair value of derivatives financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Interest rate swaps | Designated as hedging instrument
Derivative [Line Items]
Fair Value of Derivatives	$ 0	$ 1,963
Interest rate swaps | Not designated as hedging instrument
Derivative [Line Items]
Fair Value of Derivatives	0	334
TBAs, not designated as hedges | Not designated as hedging instrument
Derivative [Line Items]
Fair Value of Derivatives	684	2,031
TBAs, not designated as hedges
Derivative [Line Items]
Fair Value of Derivatives	127	0
Derivative Transactions | Liability
Derivative [Line Items]
Fair Value of Derivatives	684	4,328
Derivative Transactions | Assets
Derivative [Line Items]
Fair Value of Derivatives	$ 127	$ 0

DERIVATIVES - Schedule of gains

DERIVATIVES - Schedule of gains (losses) recorded in relation to derivatives (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Amount of unrealized loss recognized in OCI on derivatives (effective portion)	$ (60)	$ (177)	$ (195)
TBAs, not designated as hedges | Not designated as hedging instrument
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Loss recognized related to linked transactions	0	(211)	(236)
Other income
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Loss immediately recognized at de-designation	0	(34)	(110)
Other income | Not designated as hedging instrument
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to interest rate swaps	284	7,131	9,764
Other income | TBAs, not designated as hedges | Not designated as hedging instrument
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to non-hedge	1,474	(2,030)	0
Other income | TBAs, not designated as hedges | Not designated as hedging instrument
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to non-hedge	0	12,498	1,168
Gain on settlement of investments, net
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to interest rate swaps	0	0	813
Gain on settlement of investments, net | TBAs, not designated as hedges | Not designated as hedging instrument
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Gain recognized related to non-hedge	(12,907)	(4,151)	0
Gain on settlement of investments, net | Loss recognized on termination of derivative instruments
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Loss recognized on termination of derivative instruments	(612)	0	0
Interest expense
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Deferred hedge gain reclassified from AOCI into earnings	78	61	11
Amount of loss reclassified from AOCI into income (effective portion)	$ (1,363)	$ (4,379)	$ (6,128)

DERIVATIVES - Schedule of addit

DERIVATIVES - Schedule of additional information about cash flow hedges (Details 2) - Designated as hedging instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months
Cash flow hedges
Cash flow hedges	$ 20	$ 78
Expected reclassification of current hedges from AOCI into earnings over the next 12 months
Cash flow hedges
Cash flow hedges	$ 0	$ (1,730)

FAIR VALUE OF FINANCIAL INSTR88

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financial Instruments
Real estate securities, available-for-sale - Note 5	$ 59,034	$ 231,754
Real estate securities, pledged as collateral - Note 5	105,963	407,689
Real estate related and other loans, held-for-sale, net	149,198	230,200
Residential mortgage loans, held-for-sale, net - Note 6	532	3,854
Subprime mortgage loans subject to call option - Note 6	380,806	406,217
Restricted cash	4,469	15,714
Cash and cash equivalents	45,651	73,727	$ 42,721	$ 221,798
Non-hedge derivative assets	127	0
Financial Instruments
CDO bonds payable	92,933	227,673
Other bonds and notes payable	16,162	27,069
Repurchase agreements	418,458	441,176
Credit facilities and obligations under capital leases - Note 11	11,258	161,474
Financing of subprime mortgage loans subject to call option	380,806	406,217
Junior subordinated notes payable - Note 11	51,225	51,231
Carrying Value
Financial Instruments
Real estate securities, available-for-sale - Note 5	59,034	231,754
Real estate securities, pledged as collateral - Note 5	105,963	407,689
Real estate related and other loans, held-for-sale, net	149,198	230,200
Residential mortgage loans, held-for-sale, net - Note 6	532	3,854
Subprime mortgage loans subject to call option - Note 6	380,806	406,217
Restricted cash	4,469	15,714
Cash and cash equivalents	45,651	73,727
Non-hedge derivative assets	127	0
Financial Instruments
CDO bonds payable	92,933	227,673
Other bonds and notes payable	16,162	27,069
Repurchase agreements	418,458	441,176
Credit facilities and obligations under capital leases - Note 11	11,258	161,474
Financing of subprime mortgage loans subject to call option	380,806	406,217
Junior subordinated notes payable - Note 11	51,225	51,231
Interest rate swaps, treated as hedges	0	1,963
Non-hedge derivatives	684	2,365
Estimated Fair Value
Financial Instruments
Real estate securities, available-for-sale - Note 5	59,034	231,754
Real estate securities, pledged as collateral - Note 5	105,963	407,689
Real estate related and other loans, held-for-sale, net	165,270	246,678
Residential mortgage loans, held-for-sale, net - Note 6	569	4,076
Subprime mortgage loans subject to call option - Note 6	380,806	406,217
Restricted cash	4,469	15,714
Cash and cash equivalents	45,651	73,727
Non-hedge derivative assets	127	0
Financial Instruments
CDO bonds payable	15,193	134,491
Other bonds and notes payable	16,620	28,102
Repurchase agreements	418,625	441,176
Credit facilities and obligations under capital leases - Note 11	11,258	161,474
Financing of subprime mortgage loans subject to call option	380,806	406,217
Junior subordinated notes payable - Note 11	24,649	28,918
Interest rate swaps, treated as hedges	0	1,963
Non-hedge derivatives	$ 684	$ 2,365

FAIR VALUE OF FINANCIAL INSTR89

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Fair Value Recurring Basis (Details 1)	Dec. 31, 2015USD ($)Secutiy	Dec. 31, 2014USD ($)Secutiy	Apr. 30, 2010Secutiy
Assets:
Real estate securities, available-for-sale - Note 5	$ 59,034,000	$ 231,754,000
Real estate securities, pledged as collateral - Note 5	105,963,000	407,689,000
Derivative assets total	127,000	0
Derivative liabilities:
Derivative liabilities total	684,000	4,328,000
Carrying Value
Assets:
Real estate securities, available-for-sale - Note 5	59,034,000	231,754,000
Real estate securities, pledged as collateral - Note 5	105,963,000	407,689,000
TBAs, not treated as hedges	127,000
Derivative assets total	127,000	0
Derivative liabilities:
TBAs, not treated as hedges	684,000	2,365,000
Estimated Fair Value
Assets:
Real estate securities, available-for-sale - Note 5	59,034,000	231,754,000
Real estate securities, pledged as collateral - Note 5	105,963,000	407,689,000
Derivative assets total	127,000	0
Derivative liabilities:
TBAs, not treated as hedges	684,000	2,365,000
Non-consolidated CDO Securities
Derivative liabilities:
Investments Face Amount	0
CMBS
Assets:
Real estate securities, available-for-sale - Note 5	178,966,000
Derivative liabilities:
Investments Face Amount	67,669,000
Non-Agency RMBS
Assets:
Real estate securities, available-for-sale - Note 5	$ 9,619,000	$ 45,035,000
Derivative liabilities:
Number of Securities | Secutiy	9	28
Investments Face Amount	$ 16,477,000	$ 67,475,000
CDO
Assets:
Real estate securities, available-for-sale - Note 5	$ 9,731,000
Derivative liabilities:
Number of Securities | Secutiy	2		2
Investments Face Amount	$ 14,632,000
Agency RMBS (FNMA/FHLMC)
Assets:
Real estate securities, available-for-sale - Note 5	$ 105,963,000	$ 407,689,000
Derivative liabilities:
Number of Securities | Secutiy	3	9
Investments Face Amount	$ 102,660,000	$ 390,771,000
Level 2 | Carrying Value
Assets:
TBAs, not treated as hedges	127,000
Derivative assets total	127,000
Level 3 | Carrying Value
Assets:
TBAs, not treated as hedges	0
Derivative assets total	0
Level 3 Internal Pricing | Carrying Value
Assets:
TBAs, not treated as hedges	0
Derivative assets total	0
Measured on a Recurring Basis | Carrying Value
Assets:
Real estate securities, available-for-sale - Note 5	59,034,000
Real estate securities, pledged as collateral - Note 5	105,963,000
TBAs, not treated as hedges	127,000
Derivative assets total	127,000
Derivative liabilities:
TBAs, not treated as hedges	684,000
Derivative liabilities total	684,000
Measured on a Recurring Basis | Estimated Fair Value
Assets:
Real estate securities, available-for-sale - Note 5	59,034,000
Real estate securities, pledged as collateral - Note 5	105,963,000
Derivative liabilities:
TBAs, not treated as hedges	684,000
Derivative liabilities total	684,000
Measured on a Recurring Basis | CMBS | Carrying Value
Assets:
Real estate securities, available-for-sale - Note 5	39,684,000
Measured on a Recurring Basis | CMBS | Estimated Fair Value
Assets:
Real estate securities, available-for-sale - Note 5	39,684,000
Measured on a Recurring Basis | Non-Agency RMBS | Carrying Value
Assets:
Real estate securities, available-for-sale - Note 5	9,619,000
Measured on a Recurring Basis | Non-Agency RMBS | Estimated Fair Value
Assets:
Real estate securities, available-for-sale - Note 5	9,619,000
Measured on a Recurring Basis | CDO | Carrying Value
Assets:
Real estate securities, available-for-sale - Note 5	9,731,000
Measured on a Recurring Basis | CDO | Estimated Fair Value
Assets:
Real estate securities, available-for-sale - Note 5	9,731,000
Measured on a Recurring Basis | Agency RMBS (FNMA/FHLMC) | Carrying Value
Assets:
Real estate securities, pledged as collateral - Note 5	105,963,000
Measured on a Recurring Basis | Agency RMBS (FNMA/FHLMC) | Estimated Fair Value
Assets:
Real estate securities, pledged as collateral - Note 5	105,963,000
Measured on a Recurring Basis | Level 2
Assets:
Real estate securities, available-for-sale - Note 5	0
Real estate securities, pledged as collateral - Note 5	105,963,000
Derivative liabilities:
TBAs, not treated as hedges	684,000
Derivative liabilities total	684,000
Measured on a Recurring Basis | Level 2 | CMBS
Assets:
Real estate securities, available-for-sale - Note 5	0
Measured on a Recurring Basis | Level 2 | Non-Agency RMBS
Assets:
Real estate securities, available-for-sale - Note 5	0
Measured on a Recurring Basis | Level 2 | CDO
Assets:
Real estate securities, available-for-sale - Note 5	0
Measured on a Recurring Basis | Level 2 | Agency RMBS (FNMA/FHLMC)
Assets:
Real estate securities, pledged as collateral - Note 5	105,963,000
Measured on a Recurring Basis | Level 3
Assets:
Real estate securities, available-for-sale - Note 5	49,303,000
Real estate securities, pledged as collateral - Note 5	0
Derivative liabilities:
TBAs, not treated as hedges	0
Derivative liabilities total	0
Measured on a Recurring Basis | Level 3 | CMBS
Assets:
Real estate securities, available-for-sale - Note 5	39,684,000
Measured on a Recurring Basis | Level 3 | Non-Agency RMBS
Assets:
Real estate securities, available-for-sale - Note 5	9,619,000
Measured on a Recurring Basis | Level 3 | CDO
Assets:
Real estate securities, available-for-sale - Note 5	0
Measured on a Recurring Basis | Level 3 | Agency RMBS (FNMA/FHLMC)
Assets:
Real estate securities, pledged as collateral - Note 5	0
Measured on a Recurring Basis | Level 3 Internal Pricing
Assets:
Real estate securities, available-for-sale - Note 5	9,731,000
Real estate securities, pledged as collateral - Note 5	0
Derivative liabilities:
TBAs, not treated as hedges	0
Derivative liabilities total	0
Measured on a Recurring Basis | Level 3 Internal Pricing | CMBS
Assets:
Real estate securities, available-for-sale - Note 5	0
Measured on a Recurring Basis | Level 3 Internal Pricing | Non-Agency RMBS
Assets:
Real estate securities, available-for-sale - Note 5	0
Measured on a Recurring Basis | Level 3 Internal Pricing | CDO
Assets:
Real estate securities, available-for-sale - Note 5	9,731,000
Measured on a Recurring Basis | Level 3 Internal Pricing | Agency RMBS (FNMA/FHLMC)
Assets:
Real estate securities, pledged as collateral - Note 5	$ 0
Other | Unlevered real estate securities
Derivative liabilities:
Number of Securities | Secutiy	8
Investments Face Amount	$ 37,404,000	167,457,000
Excluded from face amount of unlevered real estate securities	$ 116,000,000	$ 113,300,000

FAIR VALUE OF FINANCIAL INSTR90

FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information about Significant Unobservable Inputs (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	$ 0
CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost Basis	0
Measured on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,731
Measured on a Recurring Basis | CDO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 9,731
Weighted Average Significant Input
Discount Rate	10.30%
Prepayment Speed	4.70%
Cumulative Default Rate	18.50%
Loss Severity	32.20%

FAIR VALUE OF FINANCIAL INSTR91

FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Fair Value of Level 3 Investments (Details 3) - Measured on a Recurring Basis - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ 231,754	$ 445,469
Transfers
Transfer into Level 3	367
Total gains (losses)
Included in net income (loss)	26,497	33,023
Included in other comprehensive income (loss)	(29,955)	(13,052)
Amortization included in interest income	9,715	24,326
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(140,189)	(146,092)
Proceeds from repayments	(39,155)	(111,920)
Balance, ending	59,034	231,754
Derivative Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	0	43,662
Transfers
Transfer into Level 3	0
Total gains (losses)
Included in net income (loss)	0	12,498
Included in other comprehensive income (loss)	0	0
Amortization included in interest income	0	0
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	0	0
Proceeds from repayments	0	(56,160)
Balance, ending	0	0
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	178,763	284,469
Transfers
Transfer into Level 3	0
Total gains (losses)
Included in net income (loss)	12,038	15,384
Included in other comprehensive income (loss)	(18,797)	(21,154)
Amortization included in interest income	6,866	17,184
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(102,607)	(73,252)
Proceeds from repayments	(36,579)	(43,868)
Balance, ending	39,684	178,763
Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	45,035	57,581
Transfers
Transfer into Level 3	0
Total gains (losses)
Included in net income (loss)	14,826	4,165
Included in other comprehensive income (loss)	(12,933)	2,909
Amortization included in interest income	2,849	5,218
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	(37,582)	(15,787)
Proceeds from repayments	(2,576)	(9,051)
Balance, ending	9,619	45,035
Equity/Other Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	7,956	59,757
Transfers
Transfer into Level 3	367
Total gains (losses)
Included in net income (loss)	(367)	976
Included in other comprehensive income (loss)	1,775	5,193
Amortization included in interest income	0	1,924
Purchases, sales and settlements
Purchases	0	0
Proceeds from sales	0	(57,053)
Proceeds from repayments	0	(2,841)
Balance, ending	$ 9,731	$ 7,956

FAIR VALUE OF FINANCIAL INSTR92

FAIR VALUE OF FINANCIAL INSTRUMENTS - Gains Losses on RE Securities (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Gain on settlement of investments, net - Note 2	$ 20,506	$ 52,028	$ 17,436
OTTI	(9,891)	0	$ (5,222)
Measured on a Recurring Basis | Level 3
Investment [Line Items]
Gain on settlement of investments, net - Note 2	28,854	20,525
Other income, net	0	12,498
OTTI	(2,357)	0
Total	$ 26,497	$ 33,023

FAIR VALUE OF FINANCIAL INSTR93

FAIR VALUE OF FINANCIAL INSTRUMENTS - Loan Valuation (Details 5) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 149,198
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	19,433
Fair Value	$ 19,433
Discount Rate	8.00%
Loss Severity	47.80%
Mezzanine Loans | Lower Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	0.00%
Loss Severity	0.00%
Mezzanine Loans | Upper Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	8.00%
Loss Severity	100.00%
Corporate Bank Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 129,765
Fair Value	$ 145,837
Discount Rate	22.40%
Loss Severity	22.70%
Corporate Bank Loans | Lower Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	0.00%
Loss Severity	0.00%
Corporate Bank Loans | 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
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 149,198
Fair Value	165,270
Residential Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	532
Fair Value	$ 569
Discount Rate	62.00%
Loss Severity	22.50%
Prepayment Speed	0.80%
Constant Default Rate	75.70%
Total Residential Mortgage Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 532
Fair Value	$ 569

DEBT OBLIGATIONS - Debt Obligat

DEBT OBLIGATIONS - Debt Obligations (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2014	Jun. 30, 2013	Dec. 31, 2015	Oct. 31, 2015	Aug. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Nov. 30, 2014
Debt Instrument [Line Items]
Debt Face Amount			$ 971,270,000	$ 19,400,000			$ 1,318,167,000
Carrying Value			$ 970,842,000				1,314,840,000
Weighted Average Coupon - Basis for Variable Rate			LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate			3.50%
CDO VI
Debt Instrument [Line Items]
Debt Face Amount			$ 92,933,000				92,462,000
Carrying Value			$ 92,933,000				92,462,000
Weighted Average Coupon - Rate			1.12%
Weighted Average Funding Cost			1.12%
Weighted Average Life (Years)			4 years 1 month 6 days
Face Amount of Floating Rate Debt			$ 89,183,000
Outstanding Face Amount of Collateral			69,838,000
Amortized Cost Basis of Collateral			25,124,000
Carrying Value of Collateral			$ 46,392,000
Weighted Average Maturity (Years) Of Collateral			3 years 11 months
Floating Rate Face Amount of Collateral			$ 12,477,000
CDO VIII
Debt Instrument [Line Items]
Debt Face Amount			0			$ 11,500,000	71,813,000
Carrying Value			$ 0				71,717,000
Weighted Average Coupon - Rate			0.00%
Weighted Average Coupon - Basis for Variable Rate		one-month LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate		1.50%
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
Outstanding Face Amount of Collateral			0
Amortized Cost Basis of Collateral			0
Carrying Value of Collateral			$ 0
Weighted Average Maturity (Years) Of Collateral			0 years
Floating Rate Face Amount of Collateral			$ 0
CDO IX
Debt Instrument [Line Items]
Debt Face Amount			0				62,578,000
Carrying Value			$ 0				63,494,000
Weighted Average Coupon - Rate			0.00%
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			6 days
Face Amount of Floating Rate Debt			$ 0
Outstanding Face Amount of Collateral			0
Amortized Cost Basis of Collateral			0
Carrying Value of Collateral			$ 0
Weighted Average Maturity (Years) Of Collateral			0 years
Floating Rate Face Amount of Collateral			$ 0
Total CDO Bonds Payable
Debt Instrument [Line Items]
Debt Face Amount			92,933,000				226,853,000
Carrying Value			$ 92,933,000				227,673,000
Weighted Average Funding Cost			1.12%
Weighted Average Life (Years)			4 years 1 month 6 days
Face Amount of Floating Rate Debt			$ 89,183,000
Outstanding Face Amount of Collateral			69,838,000
Amortized Cost Basis of Collateral			25,124,000
Carrying Value of Collateral			$ 46,392,000
Weighted Average Maturity (Years) Of Collateral			3 years 11 months
Floating Rate Face Amount of Collateral			$ 12,477,000
NCT 2013-VI IMM-1
Debt Instrument [Line Items]
Debt Face Amount			4,984,000				31,060,000
Carrying Value			$ 4,672,000				27,069,000
Weighted Average Coupon - Basis for Variable Rate			LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate			0.25%
Weighted Average Funding Cost			21.78%
Weighted Average Life (Years)			5 months 6 days
Face Amount of Floating Rate Debt			$ 4,984,000
Mezzanine Note Payable
Debt Instrument [Line Items]
Debt Face Amount			11,660,000	$ 11,700,000			0
Carrying Value			$ 11,490,000				0
Weighted Average Coupon - Spread on Basis for Variable Rate			3.00%
Weighted Average Funding Cost			6.38%
Weighted Average Life (Years)			9 months 6 days
Face Amount of Floating Rate Debt			$ 11,660,000
Outstanding Face Amount of Collateral			19,433,000
Amortized Cost Basis of Collateral			19,433,000
Carrying Value of Collateral			$ 19,433,000
Weighted Average Maturity (Years) Of Collateral			6 months 6 days
Floating Rate Face Amount of Collateral			$ 19,433,000
Total Other Bonds And Notes Payable
Debt Instrument [Line Items]
Debt Face Amount			16,644,000				31,060,000
Carrying Value			$ 16,162,000				27,069,000
Weighted Average Coupon - Basis for Variable Rate			LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate			3.00%
Weighted Average Funding Cost			10.83%
Weighted Average Life (Years)			8 months 6 days
Face Amount of Floating Rate Debt			$ 16,644,000
Outstanding Face Amount of Collateral			19,433,000
Amortized Cost Basis of Collateral			19,433,000
Carrying Value of Collateral			$ 19,433,000
Weighted Average Maturity (Years) Of Collateral			6 months 6 days
Floating Rate Face Amount of Collateral			$ 19,433,000
CDO Securities
Debt Instrument [Line Items]
Debt Face Amount	$ 20,000,000		0				55,894,000
Carrying Value			$ 0				55,894,000
Weighted Average Coupon - Rate			0.00%
Weighted Average Coupon - Basis for Variable Rate	one-month LIBOR		LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate	1.65%		1.65%
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
FNMA/FHLMC securities
Debt Instrument [Line Items]
Debt Face Amount			348,625,000				385,282,000	$ 391,900,000
Carrying Value			$ 348,625,000				385,282,000
Weighted Average Coupon - Rate			0.71%
Weighted Average Funding Cost			0.71%
Weighted Average Life (Years)			1 month 6 days
Face Amount of Floating Rate Debt			$ 0
Outstanding Face Amount of Collateral			350,280,000
Amortized Cost Basis of Collateral			365,265,000
Carrying Value of Collateral			$ 365,265,000
Weighted Average Maturity (Years) Of Collateral			7 years 8 months 6 days
Floating Rate Face Amount of Collateral			$ 0
Golf Loans
Debt Instrument [Line Items]
Debt Face Amount			70,000,000				0
Carrying Value			$ 69,833,000				0
Weighted Average Coupon - Basis for Variable Rate			LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate			3.50%
Weighted Average Funding Cost			5.13%
Weighted Average Life (Years)			5 months 6 days
Face Amount of Floating Rate Debt			$ 70,000,000
Floating Rate Face Amount of Collateral			0
Total Repurchase Agreements
Debt Instrument [Line Items]
Debt Face Amount			418,625,000				441,176,000
Carrying Value			$ 418,458,000				441,176,000
Weighted Average Funding Cost			1.45%
Weighted Average Life (Years)			2 months 6 days
Face Amount of Floating Rate Debt			$ 70,000,000
Outstanding Face Amount of Collateral			350,280,000
Amortized Cost Basis of Collateral			365,265,000
Carrying Value of Collateral			$ 365,265,000
Weighted Average Maturity (Years) Of Collateral			7 years 8 months 6 days
Floating Rate Face Amount of Collateral			$ 0
First Lien Loan (G)
Debt Instrument [Line Items]
Debt Face Amount			0		$ 51,400,000		49,923,000
Carrying Value			$ 0				49,800,000
Weighted Average Coupon - Basis for Variable Rate			3-month LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate			4.00%
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Face Amount of Floating Rate Debt			$ 0
Second Lien Loan (G)
Debt Instrument [Line Items]
Debt Face Amount			0		$ 105,600,000		105,575,000
Carrying Value			$ 0				105,315,000
Weighted Average Coupon - Rate			0.00%
Weighted Average Funding Cost			0.00%
Weighted Average Life (Years)			0 years
Vineyard II
Debt Instrument [Line Items]
Debt Face Amount			$ 200,000				200,000
Carrying Value			$ 200,000				200,000
Weighted Average Coupon - Rate			2.11%
Weighted Average Funding Cost			2.11%
Weighted Average Life (Years)			28 years 6 days
Face Amount of Floating Rate Debt			$ 200,000
Capital Leases (Equipment)
Debt Instrument [Line Items]
Debt Face Amount			11,058,000				6,159,000
Carrying Value			$ 11,058,000				6,159,000
Weighted Average Funding Cost			6.46%
Weighted Average Life (Years)			4 years 6 months 6 days
Face Amount of Floating Rate Debt			$ 0
Capital Leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon - Rate			3.83%
Capital Leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon - Rate			11.54%
Total Golf Credit Facilities
Debt Instrument [Line Items]
Debt Face Amount			$ 11,258,000				161,857,000
Carrying Value			$ 11,258,000				161,474,000
Weighted Average Funding Cost			6.38%
Weighted Average Life (Years)			4 years 11 months 6 days
Face Amount of Floating Rate Debt			$ 200,000
Junior subordinated notes payable
Debt Instrument [Line Items]
Debt Face Amount			51,004,000				51,004,000
Carrying Value			$ 51,225,000				51,231,000
Weighted Average Coupon - Rate			7.57%
Weighted Average Funding Cost			7.36%
Weighted Average Life (Years)			19 years 3 months 6 days
Face Amount of Floating Rate Debt			$ 0
Total Corporate
Debt Instrument [Line Items]
Debt Face Amount			51,004,000				51,004,000
Carrying Value			$ 51,225,000				51,231,000
Weighted Average Funding Cost			7.36%
Weighted Average Life (Years)			19 years 3 months 6 days
Face Amount of Floating Rate Debt			$ 0
Subtotal debt obligation
Debt Instrument [Line Items]
Debt Face Amount			590,464,000				911,950,000
Carrying Value			$ 590,036,000				908,623,000
Weighted Average Funding Cost			2.26%
Weighted Average Life (Years)			2 years 7 months 6 days
Face Amount of Floating Rate Debt			$ 176,027,000
Outstanding Face Amount of Collateral			439,551,000
Amortized Cost Basis of Collateral			409,822,000
Carrying Value of Collateral			$ 431,090,000
Weighted Average Maturity (Years) Of Collateral			6 years 8 months 6 days
Floating Rate Face Amount of Collateral			$ 31,910,000
Financing on subprime mortgage loans subject to call option
Debt Instrument [Line Items]
Debt Face Amount			380,806,000				406,217,000
Carrying Value			$ 380,806,000				$ 406,217,000

DEBT OBLIGATIONS - Future Minim

DEBT OBLIGATIONS - Future Minimum Lease Payments (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 2,848
2,017	2,844
2,018	2,837
2,019	2,720
2,020	1,425
Thereafter	128
Total minimum lease payments	12,802
Less: imputed interest	1,744
Present value of net minimum lease payments	$ 11,058

DEBT OBLIGATIONS - Maturities o

DEBT OBLIGATIONS - Maturities of Debt Obligations (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	$ 432,483
2,017	2,339
2,018	2,488
2,019	2,534
2,020	1,372
Thereafter	530,054
Total	971,270
Debt discounts	400
Nonrecourse Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	13,858
2,017	2,339
2,018	2,488
2,019	2,534
2,020	1,372
Thereafter	479,050
Total	501,641
Recourse Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	418,625
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	51,004
Total	$ 469,629

DEBT OBLIGATIONS DEBT OBLIGATIO

DEBT OBLIGATIONS DEBT OBLIGATIONS - Footnote Narrative (Details 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Deferred Finance Costs, Current, Gross	$ 0.2	$ 0.4
CDO Securities
Debt Instrument [Line Items]
Margin exposure	418.6
Upper Range
Debt Instrument [Line Items]
Interest Payable	0.5
Nomura
Debt Instrument [Line Items]
Secured Debt, Repurchase Agreements	48.6
Morgan Stanley
Debt Instrument [Line Items]
Secured Debt, Repurchase Agreements	53.7
Citi
Debt Instrument [Line Items]
Secured Debt, Repurchase Agreements	246.3
Credit Suisse
Debt Instrument [Line Items]
Secured Debt, Repurchase Agreements	$ 70

DEBT OBLIGATIONS DEBT OBLIGAT98

DEBT OBLIGATIONS DEBT OBLIGATIONS - Narrative (Details 4) Rounds in Thousands	1 Months Ended										3 Months Ended	12 Months Ended					24 Months Ended
	Dec. 31, 2015USD ($)	Oct. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Aug. 31, 2015USD ($)	Jul. 31, 2015USD ($)	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Jul. 31, 2014USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015Rounds	Dec. 31, 2015round	Nov. 30, 2014USD ($)
Debt Instrument [Line Items]
Proceeds from sale of investments							$ 900,000					$ 1,425,480,000	$ 798,580,000	$ 46,536,000
Repayments of Debt				$ 71,300,000								11,500,000		35,900,000	$ 39,300,000	$ 188,900,000	$ 787,800,000
Repayments of Debt, Non-cash Financing				70,000,000
Total comprehensive income												$ 32,568,000	10,542,000	(50,623,000)
Repurchase agreements													441,176,000					$ 418,458,000
Weighted Average Coupon - Basis for Variable Rate												LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate												3.50%
Repayments of Other Debt												$ 1,983,438,000	831,042,000	1,400,255,000
Debt Face Amount		$ 19,400,000											1,318,167,000					971,270,000
Payments to Acquire Available-for-sale Securities												1,409,693,000	404,638,000	1,411,002,000
Gain (loss) on extinguishment of debt				15,400,000								$ 15,306,000	(3,410,000)	$ 4,565,000
Debt, net													1,314,840,000					970,842,000
Face amount of securities sold							$ 3,900,000
Average price percentage - sold							24.11%
Gain (loss) on sale of securities							$ 800,000
Debt amount subject to specific conditions																		971,270,000
Lease term												1 year
Total Golf Credit Facilities
Debt Instrument [Line Items]
Amount of debt subject to working capital hold-back																		4,600,000
Debt Face Amount													161,857,000					11,258,000
Debt, net													161,474,000					11,258,000
Fixed Rate Triple Net Lease Properties - Tranche 1
Debt Instrument [Line Items]
Effective interest rate	4.00%											4.00%
Debt amount subject to specific conditions																		358,400,000
CDO IV Divestiture
Debt Instrument [Line Items]
Percentage divestiture of CDO										100.00%
Subordinated debt sold										$ 153,400,000
Percentage of par of CDO IV sale										95.00%
Proceeds from sale of investments										$ 145,200,000
Repayments of Debt										71,900,000
Net proceeds from sale of assets										73,100,000
Amount from sale of CDO IV received in CDO VIII										5,300,000
Par recovery										$ 59,500,000
Percentage of Par previously repurchased at										52.00%
Proceeds on subordinated interests										$ 8,000,000
Total comprehensive income										600,000
Gain on Sale of Investments										4,200,000
Gain on hedge termination										800,000
CDO VIII
Debt Instrument [Line Items]
SecuritiesPurchasedFaceAmount										116,800,000
SecuritiesPurchaseAmount										$ 103,100,000
Percentage of par of securities										88.30%
Repurchase agreements										$ 60,000,000
Weighted Average Coupon - Basis for Variable Rate										one-month LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate										1.50%
Repayments of Other Debt											$ 60,300,000
Repayments of repurchase agreements			$ 13,300,000
Debt Face Amount						$ 11,500,000					11,500,000		71,813,000					0
Average price percentage - purchases						95.50%
Repayments of Other Long-term Debt						$ 11,000,000
Extinguishment of Debt, Amount						11,500,000
Gain (loss) on extinguishment of debt						$ 500,000
Debt, net													71,717,000					0
Weighted Average Coupon - Rate	0.00%											0.00%
Mezzanine Note Payable
Debt Instrument [Line Items]
Weighted Average Coupon - Spread on Basis for Variable Rate												3.00%
Debt Face Amount		11,700,000											0					11,660,000
Debt, net													0					11,490,000
CDO Securities
Debt Instrument [Line Items]
Proceeds from sale of investments					$ 392,300,000
Weighted Average Coupon - Basis for Variable Rate									one-month LIBOR			LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate									1.65%			1.65%
Repayments of repurchase agreements					375,700,000
Debt Face Amount									$ 20,000,000				55,894,000					0
Proceeds from repurchase financing								$ 386,100,000	$ 12,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.37%											0.37%
Debt, net													55,894,000					0
Face amount of securities sold					$ 380,400,000			$ 380,400,000
Average price percentage - sold					103.13%			104.72%
Gain (loss) on sale of securities					$ (5,900,000)			$ 5,900,000
Face amount of securities purchased								$ 389,100,000
Weighted Average Coupon - Rate	0.00%											0.00%
First Lien Loan (G)
Debt Instrument [Line Items]
Weighted Average Coupon - Basis for Variable Rate												3-month LIBOR
Weighted Average Coupon - Spread on Basis for Variable Rate												4.00%
Debt Face Amount				$ 51,400,000									49,923,000					0
Average price percentage - purchases				90.00%
Payments to Acquire Other Investments				$ 46,300,000
Debt, net													49,800,000					0
CDO IX
Debt Instrument [Line Items]
Repayments of Other Debt											51,400,000
Repayments of repurchase agreements											$ 22,300,000
Debt Face Amount													62,578,000					0
Debt, net													63,494,000					0
Weighted Average Coupon - Rate	0.00%											0.00%
FNMA/FHLMC securities
Debt Instrument [Line Items]
Debt Face Amount													385,282,000					348,625,000			$ 391,900,000
Debt, net													$ 385,282,000					348,625,000
Effective interest rate													0.36%
Weighted Average Coupon - Rate	0.71%											0.71%
Second Lien Loan (G)
Debt Instrument [Line Items]
Debt Face Amount				105,600,000									$ 105,575,000					0
Payments to Acquire Other Investments				$ 95,000,000
Debt, net													105,315,000					0
Weighted Average Coupon - Rate	0.00%											0.00%
Vineyard II
Debt Instrument [Line Items]
Debt Face Amount													200,000					200,000
Debt, net													$ 200,000					200,000
Effective interest rate	2.11%											2.11%
Rounds of golf																			240	240,000
Weighted Average Coupon - Rate	2.11%											2.11%
Agency RMBS 2
Debt Instrument [Line Items]
Proceeds from sale of investments			260,000,000
Repayments of repurchase agreements			$ 250,100,000
Proceeds from repurchase financing					$ 196,700,000
Average price percentage - purchases			103.83%		102.87%
Payments to Acquire Available-for-sale Securities					$ 207,700,000
Gain (loss) on sale of securities			$ 2,500,000
Face amount of securities purchased			$ 250,400,000		201,900,000
Agency RMBS 3
Debt Instrument [Line Items]
Repayments of repurchase agreements		$ 345,900,000
Proceeds from repurchase financing					$ 393,800,000
Average price percentage - purchases		104.32%			102.88%
Payments to Acquire Available-for-sale Securities		$ 364,000,000			$ 415,600,000
Gain (loss) on sale of securities		5,100,000
Face amount of securities purchased		348,900,000			$ 403,900,000
Agency RMBS 4
Debt Instrument [Line Items]
Proceeds from sale of investments		370,500,000
Proceeds from repurchase financing		$ 352,600,000
Average price percentage - purchases		104.42%
Face amount of securities purchased		$ 354,800,000
Agency RMBS 5
Debt Instrument [Line Items]
Proceeds from sale of investments	$ 361,300,000
Repayments of repurchase agreements	$ 348,600,000
Average price percentage - purchases	103.20%
Gain (loss) on sale of securities	$ (3,900,000)
Face amount of securities purchased																		350,300,000
Agency RMBS 6
Debt Instrument [Line Items]
Proceeds from sale of investments	105,900,000
Proceeds from repurchase financing	$ 102,200,000
Average price percentage - purchases	103.20%
Face amount of securities purchased																		$ 102,700,000
Golf Investments | Lower Range | Capital leases - equipment
Debt Instrument [Line Items]
Lease term												36 months
Golf Investments | Upper Range | Capital leases - equipment
Debt Instrument [Line Items]
Lease term												66 months

EQUITY AND EARNINGS PER SHARE E

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator for basic and diluted earnings per share:
Income from continuing operations after preferred dividends and noncontrolling interest									$ 15,621	$ 62,855	$ 134,286
Income (loss) from discontinued operations, net of tax									646	(35,189)	11,547
Income Applicable To Common Stockholders	$ (5,159)	$ 6,499	$ 17,019	$ (2,092)	$ (10,325)	$ 3,936	$ 30,532	$ 3,523	$ 16,267	$ 27,666	$ 145,833
Denominator:
Denominator for basic earnings per share - weighted average shares	66,579,072	66,484,962	66,426,980	66,424,508	66,404,248	62,329,023	58,599,666	58,575,582	66,479,321	61,500,913	46,146,882
Effect of dilutive securities
Options									2,168,594	1,630,314	1,071,392
Denominator for diluted earnings per share - adjusted weighted average shares	66,579,072	69,069,659	69,204,717	66,424,508	66,404,248	63,865,796	60,477,084	60,511,128	68,647,915	63,131,227	47,218,274
Basic earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest									$ 0.23	$ 1.02	$ 2.91
Income (loss) from discontinued operations per share of common stock	$ 0	$ 0	$ 0.01	$ 0	$ (0.04)	$ (0.14)	$ (0.15)	$ (0.26)	0.01	(0.57)	0.25
Income Applicable to Common Stock, per share	(0.08)	0.10	0.26	(0.03)	(0.16)	0.06	0.52	0.06	0.24	0.45	3.16
Diluted earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest									0.23	1	2.84
Income (loss) from discontinued operations per share of common stock	0	0	0.01	0	(0.04)	(0.14)	(0.15)	(0.26)	0.01	(0.57)	0.24
Income Applicable to Common Stock, per share	$ (0.08)	$ 0.09	$ 0.25	$ (0.03)	$ (0.16)	$ 0.06	$ 0.50	$ 0.06	$ 0.24	$ 0.44	$ 3.09

EQUITY AND EARNINGS PER SHARE -

EQUITY AND EARNINGS PER SHARE - Shares Issued in Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					12 Months Ended			127 Months Ended
	Aug. 31, 2014	Nov. 30, 2013	Jun. 30, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Number of Shares Issued					9,583,333	230,090	7,848,926	29,821,308	28,754,274
Price per Share					$ 56.10		$ 25.92
Proceeds from Issuance of Common Stock					$ 526,200	$ 0	$ 198,702	$ 1,264,769
Grant Date Strike Price (in dollars per share						$ 2.85	$ 4.26
Manager
Class of Stock [Line Items]
Number of Shares	765,416	965,849	670,833	383,333	958,333
Grant Date Strike Price (in dollars per share	$ 26.34	$ 31.50	$ 29.82	$ 62.88	$ 56.10
Grant date value	$ 1,700	$ 6,000	$ 3,800	$ 8,400	$ 18,000
Principals of Fortress
Class of Stock [Line Items]
Number of Shares Issued	83,333	75,159	125,000	31,833	35,650
Price per Share	$ 26.34	$ 31.50	$ 29.82	$ 62.88	$ 56.10
Underwriter
Class of Stock [Line Items]
Number of Shares Issued	7,654,166	9,658,492	6,708,333	3,833,333
Price per Share	$ 25.92	$ 31.26	$ 29.52	$ 62.04
Proceeds from Issuance of Common Stock	$ 197,900	$ 301,400	$ 197,600	$ 237,400

EQUITY AND EARNINGS PER SHAR101

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Number of Options
Beginning Balance (in shares)	5,500,599
Granted (in shares)	178,740
Exercised (in shares)	(202,446)
Expired (in shares)	(55,332)
Forfeited (in shares)	0
Ending Balance (in shares)	5,421,561
Weighted Average Strike Price
Beginning Balance (in dollars per share) | $ / shares	$ 4.26
Granted (in dollars per share) | $ / shares	1
Exercised (in dollars per share) | $ / shares	1
Expired (in dollars per share) | $ / shares	14.92
Ending Balance (in dollars per share) | $ / shares	$ 2.85
Weighted Average Life Remaining
Exercisable at December 31, 2015, Number of Options (in shares)	4,723,210
Exercisable at December 31, 2015, Weighted Average Strike Price (in shares) | $ / shares	$ 2.75
Weighted Average Life Remaining (in years)	6 years 9 months 15 days
Weighted Average Life Remaining (in years)	6 years 6 months 6 days

EQUITY AND EARNINGS PER SHAR102

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details 1) - shares	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	5,421,561	5,500,599
Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	144,661	199,993
Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	5,276,900	5,300,606
Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	5,125,482	4,991,752
Manager | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	115,239	157,791
Manager | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	5,010,243	4,833,961
Employees of Fortress
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	296,079	508,514
Employees of Fortress | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	29,422	41,869
Employees of Fortress | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	266,657	466,645
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	0	333
Directors | Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	0	333
Directors | Issued in 2011 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options outstanding (in shares)	0	0

EQUITY AND EARNINGS PER SHAR103

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details 2) - USD ($) $ / shares in Units, $ in Millions	May. 07, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		5,421,561
Options exercisable (in shares)		4,723,210
Ending Balance (in dollars per share)		$ 2.85
Issued Prior to 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		144,661
Ending Balance (in dollars per share)		$ 13.18
Intrinsic value		$ 0
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		296,079
Stock Option | Various
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		3,333
Options exercisable (in shares)		0
Ending Balance (in dollars per share)		$ 0
Intrinsic value		$ 0
Stock Option | 2002 - 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		587,277
Options exercisable (in shares)		144,661
Fair value at date of grant		$ 6.4
Stock Option | Mar-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		311,853
Options exercisable (in shares)		206,881
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 7
Intrinsic value		$ 0.6
Stock Option | Sep-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		524,212
Options exercisable (in shares)		376,268
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 5.6
Intrinsic value		$ 1.2
Stock Option | Apr-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		348,352
Options exercisable (in shares)		279,452
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 5.6
Intrinsic value		$ 0.9
Stock Option | May-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		396,316
Options exercisable (in shares)		316,871
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 7.6
Intrinsic value		$ 1
Stock Option | Jul-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		437,991
Options exercisable (in shares)		353,674
Ending Balance (in dollars per share)		$ 1
Fair value at date of grant		$ 8.3
Intrinsic value		$ 1.1
Stock Option | Jan-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		958,331
Options exercisable (in shares)		872,528
Ending Balance (in dollars per share)		$ 2.32
Fair value at date of grant		$ 18
Intrinsic value		$ 1.5
Stock Option | Feb-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		383,331
Options exercisable (in shares)		349,011
Ending Balance (in dollars per share)		$ 2.95
Fair value at date of grant		$ 8.4
Intrinsic value		$ 0.4
Stock Option | Jun-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		670,829
Options exercisable (in shares)		610,770
Ending Balance (in dollars per share)		$ 3.23
Fair value at date of grant		$ 3.8
Intrinsic value		$ 0.5
Stock Option | Nov-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		965,847
Options exercisable (in shares)		804,873
Ending Balance (in dollars per share)		$ 3.57
Fair value at date of grant		$ 6
Intrinsic value		$ 0.4
Stock Option | Aug-14
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		765,416
Options exercisable (in shares)		408,221
Ending Balance (in dollars per share)		$ 4.01
Fair value at date of grant		$ 1.7
Intrinsic value		$ 0.1
Stock Option | Prior to 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(173,853)
Ending Balance (in dollars per share)		$ 14.09
Stock Option | Oct-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(15,972)
Ending Balance (in dollars per share)		$ 1.48
Stock Option | Sep-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(51,306)
Ending Balance (in dollars per share)		$ 1.67
Stock Option | 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(216,186)
Ending Balance (in dollars per share)		$ 1.46
Stock Option | 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(202,446)
Ending Balance (in dollars per share)		$ 1
Stock Option | 2002-2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, (in shares)		(271,764)
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	178,740
Stock Option | Mar-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	24,354
Stock Option | Sep-11
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	92,963
Stock Option | Apr-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	32,105
Stock Option | May-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	12,987
Stock Option | Jul-12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of stock options - equitable adjustment (in shares)	16,331

EQUITY AND EARNINGS PER SHAR104

EQUITY AND EARNINGS PER SHARE - Outstanding Options by Strike Price (Details 3) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 2.85	$ 4.26
Total Unexercised Inception to Date (in shares)	5,421,561	5,500,599
Stock Option
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	296,079
Stock Option | 2006
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 13.38
Total Unexercised Inception to Date (in shares)	6,373
Stock Option | 2007
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	23,049
Stock Option | 2007 | Lower Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 13.88
Stock Option | 2007 | Upper Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	15.88
Stock Option | 2011
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	0
Stock Option | 2011 | Lower Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 1.07
Stock Option | 2011 | Upper Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	1.88
Stock Option | 2012
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 1
Total Unexercised Inception to Date (in shares)	0
Stock Option | 2012 | Lower Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 2
Stock Option | 2012 | Upper Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 2.29
Stock Option | 2013
Option Indexed to Issuer's Equity [Line Items]
Total Unexercised Inception to Date (in shares)	266,657
Stock Option | 2013 | Lower Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 3.76
Stock Option | 2013 | Upper Range
Option Indexed to Issuer's Equity [Line Items]
Grant Date Strike Price (in dollars per share)	$ 5.01

EQUITY AND EARNINGS PER SHAR105

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Narrative (Details 4) $ / shares in Units, $ in Thousands	May. 07, 2015$ / sharesshares	Nov. 06, 2014$ / sharesshares	Oct. 16, 2014	Aug. 06, 2014	Feb. 13, 2014$ / shares	May. 15, 2013$ / sharesshares	Dec. 31, 2014$ / sharesshares	Mar. 31, 2007USD ($)shares	Oct. 31, 2005USD ($)shares	Mar. 31, 2003USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)shares	Apr. 16, 2015shares	Nov. 07, 2014$ / shares	Feb. 14, 2014$ / shares	May. 16, 2013$ / shares	Mar. 31, 2010shares
Class of Stock [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio			0.5	0.3333333333							0.167
Antidilutive common stock equivalents											259,277	1,931,257	387,044
Common stock, shares issued							66,424,508				66,654,598	66,424,508
Authorized shares under 2014 Plan, shares														300,000
Options granted to managers as percentage of shares sold in public offerings											10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period											1 year
Director awards granted on joining the board, per director											3,333
Share Price (in dollars per share) | $ / shares		$ 23.53			$ 34.50	$ 73.98					$ 4.08				$ 4	$ 29.88	$ 34.74
Preferred stock liquidation preference, per share | $ / shares							$ 25				$ 25	$ 25
Payments of Stock Issuance Costs | $											$ 0	$ 595	$ 2,471
Series B Preferred Stock
Class of Stock [Line Items]
Stock issued during period, shares, other										2,500,000
Issuance of preferred stock | $										$ 62,500
Preferred stock, dividend rate										9.75%	9.75%	9.75%
Preferred stock liquidation preference, per share | $ / shares										$ 25
Payments of Stock Issuance Costs | $										$ 2,400
Preferred stock, shares outstanding (in shares)							1,347,321				1,347,321	1,347,321						1,347,321
Series C Preferred Stock
Class of Stock [Line Items]
Stock issued during period, shares, other									1,600,000
Issuance of preferred stock | $									$ 40,000
Preferred stock, dividend rate									8.05%		8.05%	8.05%
Increased dividend rate of preferred stock, if delisting occurs									9.05%
Payments of Stock Issuance Costs | $									$ 1,500
Preferred stock, shares outstanding (in shares)							496,000				496,000	496,000						496,000
Series D Preferred Stock
Class of Stock [Line Items]
Stock issued during period, shares, other								2,000,000
Issuance of preferred stock | $								$ 50,000
Preferred stock, dividend rate								8.375%			8.375%	8.375%
Increased dividend rate of preferred stock, if delisting occurs								9.375%
Payments of Stock Issuance Costs | $								$ 1,800
Preferred stock, shares outstanding (in shares)							620,000				620,000	620,000						620,000
Directors
Class of Stock [Line Items]
Shares of common stock issued for compensation							18,798
Manager
Class of Stock [Line Items]
Options, vested and expected to vest, exercisable, (in shares)											0.08
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period											10 years
Exercisable Period Options granted to managers											30 months
Stock Option
Class of Stock [Line Items]
Issuance of stock options - equitable adjustment (in shares)	178,740
Share Price (in dollars per share) | $ / shares	$ 1
New Residential Spin-Off
Class of Stock [Line Items]
Stock options converted in spin-off (in shares)						3,600,000
New Senior Spin-Off
Class of Stock [Line Items]
Stock options converted in spin-off (in shares)		5,500,000
Strike price adjustment for spin-off (in dollars per share) | $ / shares					$ 5.34

EQUITY AND EARNINGS PER SHAR106

EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE -Footnote Narrative (Details 5) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2014	Nov. 30, 2013	Jun. 30, 2013	Feb. 28, 2013	Jan. 31, 2013
Class of Stock [Line Items]
Strike price adjustment for dividends (in dollars per share)	$ 0.32
Grant Date Strike Price (in dollars per share)		$ 2.85	$ 4.26
Exercised (in shares)		202,446
Issued Prior to 2011
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 13.18
Stock Option | Prior to 2008
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		14.09
Stock Option | Oct-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		1.48
Stock Option | Sep-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		1.67
Stock Option | 2014
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		1.46
Stock Option | 2015
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Intrinsic value of options exercised		$ 0.8
Stock Option | Mar-11
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate		1.70%
Volatility		107.80%
Expected term		3 years 3 months 19 days
Stock Option | Sep-11
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate		1.13%
Dividend yield		13.20%
Volatility		151.10%
Expected term		4 years 7 months 6 days
Stock Option | Apr-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate		1.30%
Dividend yield		12.90%
Volatility		149.40%
Expected term		4 years 8 months 12 days
Stock Option | May-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate		1.05%
Dividend yield		11.90%
Volatility		148.40%
Expected term		4 years 9 months 18 days
Stock Option | Jul-12
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 1
Risk free rate		0.75%
Dividend yield		11.90%
Volatility		147.50%
Expected term		4 years 9 months 18 days
Stock Option | Jan-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 2.32
Risk free rate		2.00%
Dividend yield		8.80%
Volatility		56.20%
Expected term		10 years
Stock Option | Feb-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 2.95
Risk free rate		2.10%
Dividend yield		7.80%
Volatility		55.50%
Expected term		10 years
Stock Option | Jun-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 3.23
Risk free rate		2.50%
Dividend yield		8.80%
Volatility		36.90%
Expected term		10 years
Stock Option | Nov-13
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 3.57
Risk free rate		2.80%
Dividend yield		6.70%
Volatility		32.00%
Expected term		10 years
Stock Option | Aug-14
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)		$ 4.01
Risk free rate		2.70%
Dividend yield		8.60%
Volatility		23.40%
Expected term		10 years
Manager
Class of Stock [Line Items]
Grant Date Strike Price (in dollars per share)				$ 26.34	$ 31.50	$ 29.82	$ 62.88	$ 56.10
Manager | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)		111,770
Employees of Fortress | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)		61,417
Employees of Fortress | Stock Option | Oct-12
Class of Stock [Line Items]
Intrinsic value of options exercised		$ 0.2
Employees of Fortress | Stock Option | Sep-13
Class of Stock [Line Items]
Intrinsic value of options exercised		$ 0.9
Employees of Fortress | Stock Option | 2014
Class of Stock [Line Items]
Exercised (in shares)		215,853
Intrinsic value of options exercised		$ 4.1
Directors | Stock Option | Prior to 2008
Class of Stock [Line Items]
Exercised (in shares)		666
Directors | Stock Option | 2014
Class of Stock [Line Items]
Exercised (in shares)		333

TRANSACTIONS WITH AFFILIATES107

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Amounts Incurred Under Management Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Transactions With Affiliates And Affiliated Entity [Abstract]
Management Fees	$ 10.2	$ 20.5	$ 27.6
Expense Reimbursement to the Manager	0.5	0.5	0.5
Incentive Compensation	0	0	0
Total management fees to affiliate	$ 10.7	$ 21	$ 28.1

TRANSACTIONS WITH AFFILIATES108

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Details Narrative) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Apr. 30, 2010USD ($)Secutiy	Dec. 31, 2015USD ($)Secutiy$ / sharesshares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)shares	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)Secutiy$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
Related Party Transaction [Line Items]
Lease term										1 year
Management Fee Earned										12 months
Manager Advisory Fee		1.50%								1.50%
Incentive compensation percentage | $ / shares		$ 0.25								$ 0.25
Simple interest rate in incentive calculation		10.00%								10.00%
Shares held by Fortress and affiliates in Newcastle | shares		1,000,000								1,000,000
Stock Options outstanding (in shares) | shares		5,421,561				5,500,599				5,421,561	5,500,599
Management Fees										$ 10,200	$ 20,500	$ 27,600
Loan unpaid principal balance		$ 664,783								664,783
Cash investments made in affiliates or related companies	$ 75,000
Expected yield	22.00%
Real estate securities		59,034				$ 231,754				59,034	231,754
Interest income		$ 21,538	$ 23,010	$ 24,265	$ 27,078	$ 23,738	$ 27,544	$ 29,893	$ 46,452	$ 95,891	127,627	213,712
Subprime Portfolio I
Related Party Transaction [Line Items]
Servicing fee percentage		0.50%								0.50%
Loan unpaid principal balance		$ 274,956								$ 274,956
Subprime Portfolio II
Related Party Transaction [Line Items]
Servicing fee percentage		0.50%								0.50%
Loan unpaid principal balance		$ 389,827								$ 389,827
Affiliates
Related Party Transaction [Line Items]
Stock Options outstanding (in shares) | shares		5,100,000								5,100,000
Real estate securities		$ 141,900								$ 141,900
Interest income										25,800	20,000	$ 36,500
Principal of Manager
Related Party Transaction [Line Items]
Management Fees										$ 900	$ 1,100
CDO
Related Party Transaction [Line Items]
Number of Securities | Secutiy	2	2								2
Real estate securities		$ 9,731								$ 9,731

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 33,957
2,017	29,858
2,018	27,338
2,019	24,857
2,020	21,582
Thereafter	148,144
Total Minimum lease payments	$ 285,736

COMITMENTS AND CONTINGENCIES (D

COMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Operating lease term	21 years
Golf
Segment Reporting Information [Line Items]
Regulatory bonds outstanding	$ 0.9
Operating leases, rent expense	4.6	$ 5
Membership deposits, face amount	242
Restricted cash held as collateral	$ 3.3
Membership deposit term	30 years
Operating Lease Expense, Monthly	$ 0.1
Operating lease term	30 days

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 298	$ 704	$ 2,170
State and Local	101	318	381
Total Current Provision	399	1,022	2,551
Deferred
Federal	(46)	(1,293)	(404)
State and Local	(8)	(632)	(47)
Total Deferred Provision	(54)	(1,925)	(451)
Total Provision (benefit) for Income Taxes	345	(903)	2,100
Income tax expense (benefit)	0	(1,111)	2,100
Provision (benefit) for income taxes from continuing operations	$ 345	$ 208	$ 0

INCOME TAXES - Tax Treatment of

INCOME TAXES - Tax Treatment of Common Stock Distributions (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Dividends Per Share	$ 0.60	$ 25.76	$ 44.28
Ordinary Income	30.41%	32.64%	33.91%
Long-Term Capital Gain	69.59%	7.57%	0.00%
Return of Capital	0.00%	59.79%	66.09%

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details 2)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Provision at the statutory rate	35.00%	35.00%	35.00%
Non-taxable REIT income	(86.91%)	(56.20%)	(33.88%)
Permanent items	31.24%	0.00%	0.00%
State and local taxes	0.32%	(1.18%)	0.21%
Valuation allowance (reversal)	22.04%	21.70%	(0.50%)
Other	(0.04%)	(1.80%)	0.90%
Total provision (benefit)	1.65%	(2.48%)	1.73%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Allowance for loan losses	$ 399	$ 366
Depreciation and amortization	33,495	13,938
Accrued expenses	2,008	2,006
Net operating losses	22,524	26,543
Other	0	2,365
Total deferred tax assets	58,426	45,218
Less valuation allowance	(42,158)	(27,434)
Net deferred tax assets	16,268	17,784
Deferred tax liabilities:
Leaseholds	15,366	17,741
Other	805	0
Total deferred tax liabilities	16,171	17,741
Net deferred tax assets	$ 97	$ 43

INCOME TAXES - Change in Deferr

INCOME TAXES - Change in Deferred Tax Asset Valuation Allowance (Details 4) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Changes in deferred tax asset valuation allowance:
December 31, 2014	$ 27,434
Current year income	14,724
December 31, 2015	$ 42,158

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended					24 Months Ended
	Aug. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Net Income Distributed											100.00%	100.00%
Repurchase of debt	$ 71,300									$ 11,500		$ 35,900	$ 39,300	$ 188,900	$ 787,800
Gain on extinguishment of debt										500		4,600	24,100	81,100	$ 521,100
GAAP gain													23,200	66,100
Face value of debt repurchased related to GAAP portion													$ 34,100	$ 171,800
Debt cancelled in securitization										$ 159,400
Net operating loss carryforwards expiration										20 years
Capital loss carryforwards expiration										5 years
Net operating loss carryforwards						$ 644,100					$ 644,100
Income tax expense (benefit)		$ (985)	$ 1,257	$ 27	$ 46	$ 64	$ 0	$ 4	$ 140	$ 345	208	0
Current year income										14,724
TRSs [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)										300	$ (900)	$ 2,100
TRSs [Member] | Federal and State Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 78,200								$ 78,200
New Residential Spin-Off
Operating Loss Carryforwards [Line Items]
Common stock value per share												$ 41.34
New Media Spin-Off
Operating Loss Carryforwards [Line Items]
Common stock value per share						$ 5.34					$ 5.34
New Senior Spin-Off
Operating Loss Carryforwards [Line Items]
Common stock value per share						$ 18.02					$ 18.02

OTHER-THAN-TEMPORARY-IMPAIRM117

OTHER-THAN-TEMPORARY-IMPAIRMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities and other investments	$ 9,860	$ 0	$ 5,266
Debt securities
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities and other investments	1,988	0	5,266
Equity Securities
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities and other investments	367	0	0
Other investments
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities and other investments	$ 7,505	$ 0	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Aug. 31, 2015	May. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Proceeds from sale of investments				$ 900	$ 1,425,480	$ 798,580	$ 46,536
Gain (loss) on sale of securities				$ 800
Weighted Average Coupon - Spread on Basis for Variable Rate					3.50%
Agency RMBS 5
Subsequent Event [Line Items]
Face amount of securities purchased		$ 350,300			$ 350,300
Average price percentage - purchases		103.20%
Proceeds from sale of investments		$ 361,300
Gain (loss) on sale of securities		(3,900)
Repayments of repurchase agreements		348,600
Agency RMBS 6
Subsequent Event [Line Items]
Face amount of securities purchased		$ 102,700			$ 102,700
Average price percentage - purchases		103.20%
Proceeds from sale of investments		$ 105,900
Proceeds from repurchase financing		$ 102,200
Subsequent Event | Agency RMBS 5
Subsequent Event [Line Items]
Face amount of securities purchased	$ 350,300
Average price percentage - purchases	103.20%
Proceeds from sale of investments	$ 361,300
Gain (loss) on sale of securities	(3,900)
Repayments of repurchase agreements	348,600
Subsequent Event | Agency RMBS 6
Subsequent Event [Line Items]
Face amount of securities purchased	$ 102,700
Average price percentage - purchases	103.20%
Proceeds from sale of investments	$ 105,900
Proceeds from repurchase financing	102,200
Subsequent Event | Agency RMBS 7
Subsequent Event [Line Items]
Face amount of securities purchased	$ 250,100
Average price percentage - purchases	103.20%
Proceeds from sale of investments	$ 258,100
Proceeds from repurchase financing	$ 249,100
First Lien Loan (G)
Subsequent Event [Line Items]
Average price percentage - purchases			90.00%
Weighted Average Coupon - Spread on Basis for Variable Rate					4.00%

SUMMARY OF QUARTERLY CONSOLI119

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 21,538	$ 23,010	$ 24,265	$ 27,078	$ 23,738	$ 27,544	$ 29,893	$ 46,452	$ 95,891	$ 127,627	$ 213,712
Interest expense	(13,737)	(14,715)	(16,950)	(16,727)	(19,113)	(18,411)	(20,328)	(22,170)	(62,129)	(80,022)	(78,601)
Net interest income	7,801	8,295	7,315	10,351	4,625	9,133	9,565	24,282	33,762	47,605	135,111
Impairment (reversal)	(1,857)	(3,460)	(13,679)	(405)	1,176	4,015	(1,526)	(1,246)	(19,401)	2,419	19,769
Operating revenues	69,363	82,864	82,803	60,826	64,674	81,494	82,737	62,632	295,856	291,537	0
Total other income	(2,360)	11,987	29,373	501	4,329	12,618	41,707	15,808	39,501	74,462	35,290
Property operating expenses	64,740	76,826	74,546	60,990	66,316	77,167	75,289	65,603	277,102	284,375
Depreciation and amortization	7,651	7,111	7,119	6,753	7,583	7,204	6,317	5,863	28,634	26,967	4
Other operating expenses	5,381	6,592	6,279	4,477	7,150	8,955	10,471	10,314	22,729	36,890
Income tax expense - Note 15	(985)	1,257	27	46	64	0	4	140	345	208	0
Income from continuing operations	(3,840)	7,900	17,841	(993)	(6,309)	13,934	40,402	19,556	20,908	67,583	140,794
Income from discontinued operations	0	7	524	115	(2,762)	(8,624)	(8,504)	(15,299)	646	(35,189)
Preferred dividends	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(1,395)	(5,580)	(5,580)	(5,580)
Net loss (income) attributable to noncontrolling interests	76	(13)	49	181	141	21	29	661	293	852	(928)
Income Applicable To Common Stockholders	$ (5,159)	$ 6,499	$ 17,019	$ (2,092)	$ (10,325)	$ 3,936	$ 30,532	$ 3,523	$ 16,267	$ 27,666	$ 145,833
Net income (loss) per share of common stock
Income Applicable to Common Stock, per share	$ (0.08)	$ 0.10	$ 0.26	$ (0.03)	$ (0.16)	$ 0.06	$ 0.52	$ 0.06	$ 0.24	$ 0.45	$ 3.16
Income Applicable to Common Stock, per share	(0.08)	0.09	0.25	(0.03)	(0.16)	0.06	0.50	0.06	0.24	0.44	3.09
Income from discontinued operations per share of common stock
Basic (in dollars per share)	0	0	0.01	0	(0.04)	(0.14)	(0.15)	(0.26)	0.01	(0.57)	0.25
Diluted (in dollars per share)	$ 0	$ 0	$ 0.01	$ 0	$ (0.04)	$ (0.14)	$ (0.15)	$ (0.26)	$ 0.01	$ (0.57)	$ 0.24
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in dollars per share)	66,579,072	66,484,962	66,426,980	66,424,508	66,404,248	62,329,023	58,599,666	58,575,582	66,479,321	61,500,913	46,146,882
Diluted (in dollars per share)	66,579,072	69,069,659	69,204,717	66,424,508	66,404,248	63,865,796	60,477,084	60,511,128	68,647,915	63,131,227	47,218,274