Drive Shack (DSHK) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information
Entity Registrant Name	NEWCASTLE INVESTMENT CORP
Entity Central Index Key	1,175,483
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding		66,734,136

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Real estate securities, available-for-sale	$ 3,430	$ 59,034
Real estate securities, available-for-sale - pledged as collateral	663,559	105,963
Real estate related and other loans, held-for-sale, net	52,874	149,198
Subprime mortgage loans subject to call option	353,347	380,806
Investments in real estate, net of accumulated depreciation	227,327	227,907
Intangibles, net of accumulated amortization	67,738	74,472
Other investments	21,724	20,595
Cash and cash equivalents	134,289	45,651
Restricted cash	7,295	4,469
Receivables from brokers, dealers and clearing organizations	858,233	361,341
Receivables and other assets	47,123	38,546
Total Assets	2,436,939	1,467,982
Liabilities
CDO bonds payable	0	92,933
Other bonds and notes payable	0	16,162
Repurchase agreements	831,741	418,458
Credit facilities and obligations under capital leases	114,697	11,258
Financing of subprime mortgage loans subject to call option	353,347	380,806
Junior subordinated notes payable	51,219	51,225
Dividends payable	0	8,929
Membership deposit liabilities	87,539	83,210
Payables to brokers, dealers and clearing organizations	663,456	105,940
Accounts payable, accrued expenses and other liabilities	77,292	88,939
Total Liabilities	2,179,291	1,257,860
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of September 30, 2016 and December 31, 2015	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,734,136 and 66,654,598 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	667	667
Additional paid-in capital	3,172,721	3,172,370
Accumulated deficit	(2,980,016)	(3,057,538)
Accumulated other comprehensive income	2,785	33,297
Total Newcastle Stockholders’ Equity	257,740	210,379
Noncontrolling interests	(92)	(257)
Total Equity	257,648	210,122
Total Liabilities and Equity	$ 2,436,939	$ 1,467,982

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock liquidation preference, (in dollars per share)	$ 25	$ 25
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	66,734,136	66,654,598
Common stock, shares outstanding (in shares)	66,734,136	66,654,598
Series B Cumulative Redeemable Preferred Stock
Preferred stock, dividend rate	9.75%	9.75%
Preferred stock, shares issued (in shares)	1,347,321	1,347,321
Preferred stock, shares outstanding (in shares)	1,347,321	1,347,321
Series C Cumulative Redeemable Preferred Stock
Preferred stock, dividend rate	8.05%	8.05%
Preferred stock, shares issued (in shares)	496,000	496,000
Preferred stock, shares outstanding (in shares)	496,000	496,000
Series D Cumulative Redemable Preferred
Preferred stock, dividend rate	8.375%	8.375%
Preferred stock, shares issued (in shares)	620,000	620,000
Preferred stock, shares outstanding (in shares)	620,000	620,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Interest income	$ 32,310	$ 23,010	$ 73,770	$ 74,353
Interest expense	(13,138)	(14,715)	(39,089)	(48,392)
Net interest income	19,172	8,295	34,681	25,961
Impairment (Reversal)
Valuation allowance on loans	611	3,010	3,454	7,684
Other-than-temporary impairment on securities and other investments	0	427	56	9,899
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)	0	23	54	(39)
Total impairment	611	3,460	3,564	17,544
Net interest income after impairment	18,561	4,835	31,117	8,417
Operating Revenues
Golf course operations	48,515	49,418	135,291	137,150
Sales of food and beverages - golf	19,913	20,035	55,086	53,991
Other golf revenue	14,734	13,411	39,427	35,352
Total operating revenues	83,162	82,864	229,804	226,493
Other Income (Loss)
Gain (loss) on settlement of investments, net	6,350	(3,168)	4,838	24,623
Gain (loss) on extinguishment of debt, net	(227)	14,878	(607)	15,367
Gain on deconsolidation	0	0	82,130	0
Other income, net	987	277	244	1,871
Total other income	7,110	11,987	86,605	41,861
Expenses
Loan and security servicing expense	32	41	70	255
Operating expenses - golf	67,027	67,984	189,131	188,359
Cost of sales - golf	8,250	8,842	23,678	24,003
General and administrative expense	3,656	3,876	10,278	9,076
Management fee to affiliate	2,676	2,675	8,027	8,017
Depreciation and amortization	6,735	7,111	19,250	20,983
Total expenses	88,376	90,529	250,434	250,693
Income from continuing operations before income tax	20,457	9,157	97,092	26,078
Income tax expense (benefit)	(38)	1,257	144	1,330
Income from continuing operations	20,495	7,900	96,948	24,748
Income from discontinued operations, net of tax	0	7	0	646
Net Income	20,495	7,907	96,948	25,394
Preferred dividends	(1,395)	(1,395)	(4,185)	(4,185)
Net (income) loss attributable to noncontrolling interests	(177)	(13)	(165)	217
Income Applicable to Common Stockholders	$ 18,923	$ 6,499	$ 92,598	$ 21,426
Income Applicable to Common Stock, per share
Basic (in dollars per share)	$ 0.28	$ 0.10	$ 1.39	$ 0.32
Diluted (in dollars per share)	0.27	0.09	1.35	0.31
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests
Basic (in dollars per share)	0.28	0.10	1.39	0.31
Diluted (in dollars per share)	0.27	0.09	1.35	0.30
Income from discontinued operations per share of common stock
Basic (in dollars per share)	0	0	0	0.01
Diluted (in dollars per share)	$ 0	$ 0	$ 0	$ 0.01
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	66,730,583	66,484,962	66,688,962	66,445,705
Diluted (in shares)	69,072,676	69,069,659	68,753,532	69,053,302
Dividends Declared per Share of Common Stock (in dollars per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.36

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 20,495	$ 7,907	$ 96,948	$ 25,394
Other comprehensive income (loss):
Net unrealized gain on available-for-sale securities	894	5,149	8,696	2,577
Reclassification of net realized gain on securities into earnings	(10,080)	(7,594)	(18,506)	(36,470)
Reclassification of net realized gain on deconsolidation of CDO VI	0	0	(20,682)	0
Net unrealized loss on derivatives designated as cash flow hedges	0	0	0	(60)
Reclassification of net realized (gain) loss on derivatives designated as cash flow hedges into earnings	0	(20)	(20)	1,917
Other comprehensive loss	(9,186)	(2,465)	(30,512)	(32,036)
Total comprehensive income (loss)	11,309	5,442	66,436	(6,642)
Comprehensive income (loss) attributable to Newcastle stockholders’ equity	11,132	5,429	66,271	(6,425)
Comprehensive income (loss) attributable to noncontrolling interests	$ 177	$ 13	$ 165	$ (217)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid- in Capital	Accumulated Deficit	Accumulated Other Comp. Income (Loss)	Total Newcastle Stockholders’ Equity	Noncontrolling Interests
Equity (deficit), beginning (in shares) at Dec. 31, 2015		2,463,321	66,654,598
Equity (deficit), beginning at Dec. 31, 2015	$ 210,122	$ 61,583	$ 667	$ 3,172,370	$ (3,057,538)	$ 33,297	$ 210,379	$ (257)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(19,261)				(19,261)		(19,261)
Issuance of common stock (directors) (in shares)			79,538
Issuance of common stock (directors)	351			351			351
Comprehensive income
Net income	96,948				96,783		96,783	165
Deconsolidation of net unrealized gain on securities	(20,682)					(20,682)	(20,682)
Other comprehensive loss	(9,830)					(9,830)	(9,830)
Total comprehensive income (loss)	66,436						66,271	165
Equity (deficit), ending (in shares) at Sep. 30, 2016		2,463,321	66,734,136
Equity (deficit), ending at Sep. 30, 2016	$ 257,648	$ 61,583	$ 667	$ 3,172,721	$ (2,980,016)	$ 2,785	$ 257,740	$ (92)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities
Net income	$ 96,948	$ 25,394
Adjustments to reconcile net income to net cash used in operating activities (inclusive of amounts related to discontinued operations):
Depreciation and amortization	19,250	20,994
Amortization of discount and premium	(8,156)	(3,166)
Other amortization	7,998	8,108
Net interest income on investments accrued to principal balance	(25,570)	(19,147)
Amortization of revenue on golf membership deposit liabilities	(646)	(312)
Amortization of prepaid golf membership dues	(20,951)	(20,923)
Non-cash directors’ compensation	351	238
Valuation allowance on loans	3,454	7,684
Other-than-temporary impairment on securities and other investments	110	9,860
Equity in earnings from equity method investments, net of distributions	(1,129)	(975)
Gain on deconsolidation	(82,130)	0
Gain on settlement of investments, net	(5,146)	(24,451)
Unrealized loss on non-hedge derivatives	1,702	89
Loss (gain) on extinguishment of debt, net	607	(15,367)
Change in:
Restricted cash	(2,487)	(1,725)
Receivables and other assets	(4,307)	(1,555)
Accounts payable, accrued expenses and other liabilities	5,405	(4,303)
Net cash used in operating activities	(14,697)	(19,557)
Cash Flows From Investing Activities
Principal repayments from investments	133,756	124,015
Purchase of real estate securities	(1,618,090)	(1,039,220)
Proceeds from sale of investments	1,128,906	1,061,499
Payments for settlement of TBAs	(13,675)	0
Acquisition and additions of investments in real estate	(9,147)	(2,894)
Change in restricted cash from investing activities	0	56,774
Net cash (used in) provided by investing activities	(378,250)	200,174
Cash Flows From Financing Activities
Repurchases of debt obligations	0	(152,281)
Borrowings under debt obligations	1,670,481	1,454,435
Repayments of debt obligations	(1,158,754)	(1,485,065)
Margin deposits under repurchase agreements and derivatives	(41,131)	(113,899)
Return of margin deposits under repurchase agreements and derivatives	40,442	112,631
Golf membership deposits received	3,117	3,623
Common stock dividends paid	(24,006)	(23,919)
Preferred stock dividends paid	(4,185)	(4,185)
Payment of deferred financing costs	(3,670)	(500)
Payments for settlement of derivative instruments	0	(13,326)
Other financing activities	(709)	(500)
Net cash provided by (used in) financing activities	481,585	(222,986)
Net Increase (Decrease) in Cash and Cash Equivalents	88,638	(42,369)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period	45,651	73,727
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period	0	135
Cash and Cash Equivalents, End of Period	134,289	31,493
Cash and Cash Equivalents of Continuing Operations, End of Period	134,289	31,493
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	0	930
Common stock dividends declared but not paid	0	7,978
Financing costs accrued but not paid	600	0
Additions to capital lease assets and liabilities	7,018	7,231
Option exercise	$ 0	$ 48

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Newcastle Investment Corp. (and its subsidiaries, “Newcastle” or the “Company”) is a Maryland corporation that was formed in 2002. Newcastle focuses on investing in, and actively managing, real estate related assets, including traditional and innovative golf assets. Newcastle is organized and currently conducts its operations to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, Newcastle will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. However, certain of our activities are conducted through taxable REIT subsidiaries (“TRS”) and therefore are subject to federal and state income taxes at regular corporate tax rates. Newcastle’s common stock is traded on the New York Stock Exchange under the symbol “NCT.” Newcastle conducts its business through the following segments: (i) debt investments financed with collateralized debt obligations (“CDOs”), (ii) other debt investments (“Other Debt”), (iii) investments in golf properties and facilities (“Golf”) and (iv) corporate. Newcastle is party to a management agreement (the “Management Agreement”) with FIG LLC (the “Manager”), a subsidiary of Fortress Investment Group LLC (“Fortress”), 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 further discussion of the Management Agreement, see Note 15.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The accompanying Consolidated Financial Statements and related notes of Newcastle have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of Newcastle’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with Newcastle’s Consolidated Financial Statements for the year ended December 31, 2015 and notes thereto included in Newcastle’s Annual Report on Form 10-K filed with the SEC on March 10, 2016. Capitalized terms used herein, and not otherwise defined, are defined in Newcastle’s Consolidated Financial Statements for the year ended December 31, 2015 . Certain prior period amounts have been reclassified to conform to the current period’s presentation. As of September 30, 2016 , Newcastle’s significant accounting policies for these financial statements are summarized below and should be read in conjunction with the Summary of Significant Accounting Policies detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . REVENUE RECOGNITION 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) is 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 into revenue ratably over the appropriate period, which is generally 12 months or less. The membership dues are generally structured to cover country club operating costs and membership services. EXPENSE RECOGNITION Derivatives and Hedging Activities - All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge or a fair value hedge. Derivative transactions are entered into by Newcastle solely for risk management purposes in the ordinary course of business. 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. As of September 30, 2016 , Newcastle has no derivative instruments that qualify and are designated as hedging instruments, but has one interest rate cap in the amount of $0.2 million which is not designated as a hedge. Newcastle transacts in the To Be Announced mortgage backed securities (“TBA”) market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Newcastle primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our investment strategies. For example, Newcastle takes short positions in TBAs to offset - to varying degrees - changes in the values of our Agency residential mortgage backed securities (“RMBS”) investments for which we have exposure to interest rate volatility; therefore, these derivatives may, to some extent, be economically effective as hedges. Newcastle typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Newcastle may “roll” its TBA positions, whereby it may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Newcastle accounts for its TBA transactions as non-hedge instruments, with changes in market value recorded in the Statement of Operations. As of September 30, 2016 , Newcastle held six short TBA contracts totaling $1,457.2 million in notional amount and four long contracts totaling $823.0 million in notional amount of Agency RMBS. As of September 30, 2016 and December 31, 2015 , Newcastle funded approximately $2.9 million and $1.0 million , respectively, for margin calls related to TBA contracts. 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 seeks to reduce 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. Operating Leases and Operating Expenses - Operating expenses for the Golf business consist primarily of payroll, 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 scheduled increases or decreases in minimum rental payments at various times during the term of the lease. These scheduled rent increases or decreases are recognized on a straight-line basis over the term of the lease. Increases result in an accrual, which is included in accounts payable, accrued expenses and other liabilities, and decreases result in a receivable, which is included in receivables and other assets, for the amount by which the cumulative straight-line rent differs from the contractual cash rent. BALANCE SHEET MEASUREMENT Investments in 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. Depreciation 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 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 4-7 years Furniture, fixtures and equipment 3-7 years 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 country club members. The membership base intangible is valued using the multi-period excess earnings method under the income approach, and is amortized over the expected life of an active membership. Amortization of leasehold intangible assets and liabilities is included within operating expenses - golf, and amortization of all other intangible assets is included within depreciation and amortization in the Consolidated Statements of Operations. Membership Deposit Liabilities - In our 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. 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. Other Investment - Newcastle owns a 23% economic interest within a commercial real estate project which is recorded as an equity method investment. As of September 30, 2016 and December 31, 2015 , the carrying value of this investment was $21.7 million and $20.6 million , respectively. Newcastle evaluates its investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near term prospects of the investee, the length of time and the extent to which the market value of the investment has been less than cost and the intent and ability of Newcastle to retain its investment. Impairment of Real Estate and Finite-lived Intangible Assets - Newcastle periodically reviews the carrying amounts of its long-lived assets, including real estate and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset is greater than the expected undiscounted cash flows to be generated by such asset, an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. Newcastle generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. Investments in CDO Servicing Rights - In February 2011, Newcastle, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) CDOs for $2.2 million pursuant to a bankruptcy proceeding. Newcastle initially recorded the cost of acquiring the collateral management rights as a servicing asset and subsequently amortizes this asset in proportion to, and over the period of, estimated net servicing income. Servicing assets are assessed for impairment on a quarterly basis, with impairment recognized as a valuation allowance. Key economic assumptions used in measuring any potential impairment of the servicing assets include the prepayment speeds of the underlying loans, default rates, loss severities and discount rates. During the three and nine months ended September 30, 2016 , Newcastle recorded $0.1 million and $0.3 million , respectively, of servicing rights amortization and no servicing rights impairment. During the three and nine months ended September 30, 2015 , Newcastle recorded $0.1 million and $0.3 million , respectively, of servicing rights amortization and no servicing rights impairment. As of September 30, 2016 and December 31, 2015 , Newcastle’s servicing assets had a carrying value of $0.4 million and $0.7 million , respectively, recorded in receivables and other assets. Variable Interest Entities (“VIEs”) - Newcastle’s subprime securitizations (see Note 6), CDO V, and CDO VI are 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 August 2016, Newcastle settled on a trade to sell $14.8 million face amount of two CDO V securities for total proceeds of $9.9 million (see Note 5). As a result of this trade, Newcastle no longer has a variable or economic interest in CDO V. In March 2016, Newcastle sold to third parties $11.0 million face amount of NCT 2013-VI Class I-MM-2 at a price of 93.0% of par. This tranche was previously held by Newcastle since issuance and was eliminated in consolidation. By selling this tranche, Newcastle was no longer deemed the primary beneficiary of CDO VI. As a result of this sale, Newcastle deconsolidated CDO VI from its Consolidated Balance Sheet, which included $43.9 million carrying value of real estate securities available-for-sale, $93.1 million of CDO bonds payable, and $12.4 million of other bonds payable. In addition, Newcastle reclassified $20.7 million of related other comprehensive income into earnings, and recognized a total gain of approximately $82.1 million as a result of deconsolidating CDO VI. As a result of this transaction, Newcastle no longer has a variable interest in CDO VI. Newcastle continues to receive servicing fees as collateral manager, which are not considered variable interests in CDO VI. 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 equal to or in excess of those obligations. Additionally, the assets in the table below exclude intercompany balances that eliminate in consolidation. September 30, 2016 (Unaudited) December 31, 2015 Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs Real estate securities, available-for-sale $ — $ 46,392 Subprime mortgage loans subject to call option 353,347 380,806 Restricted cash — 128 Receivables and other assets — 77 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 353,347 $ 427,403 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. September 30, 2016 (Unaudited) December 31, 2015 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 Other bonds and notes payable — 4,672 Financing of subprime mortgage loans subject to call option 353,347 380,806 Accounts payable, accrued expenses and other liabilities — 29 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle $ 353,347 $ 478,440 In addition, Newcastle’s investments in RMBS, commercial mortgage backed securities (“CMBS”), CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE, which 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 September 30, 2016 , 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 (e.g., if Newcastle were to own 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) 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. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations which clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how to apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients which amends the new revenue recognition guidance on transition, collectibility, noncash consideration and the presentation of sales and other similar taxes. Newcastle is currently reviewing the guidance to determine its impact on the Consolidated Financial Statements and has not yet determined the method by which it will adopt the standard. 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. Newcastle adopted this guidance in the first quarter of 2016. 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. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount under the other-than-temporary impairment model. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted for annual periods beginning after December 15, 2018. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Newcastle is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The standard provides specific guidance over eight identified cash flow issues in order to reduce diversity in practice over the presentation and classification of certain types of cash receipts and cash payments. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. Entities should apply the standard using a retrospective transition method to each period presented. 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, financial instruments and hedging. Some of the proposed changes are significant and could have a material impact on Newcastle’s reporting. Newcastle has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS 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 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 represent operations in which Newcastle has no significant continuing involvement, are presented separately in discontinued operations in Newcastle’s Consolidated Financial Statements for all periods presented. Results from discontinued operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Rental income $ — $ 7 $ — $ 556 Gain on settlement of investments — — — 318 Total income — 7 — 874 Property operating expenses — — — 187 General and administrative expenses — — — 30 Depreciation and amortization — — — 11 Total expenses — — — 228 Income from discontinued operations $ — $ 7 $ — $ 646

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Newcastle conducts its business through the following segments: (i) debt investments financed with collateralized debt obligations (“CDOs”), (ii) other debt investments (“Other Debt”), (iii) investment in golf properties and facilities (“Golf”) and (iv) corporate, which consists primarily of interest income on short-term investments, general and administrative expenses, interest expense on the junior subordinated notes payable and management fees pursuant to the Management Agreement. Summary financial data on Newcastle’s segments is given below, together with reconciliation to the same data for Newcastle as a whole: Debt Investments (A) CDOs Other Debt (B) Golf Corporate Total Nine Months Ended September 30, 2016 Interest income $ 1,097 $ 72,564 $ 94 $ 15 $ 73,770 Interest expense (491 ) (27,991 ) (8,703 ) (1,904 ) (39,089 ) Net interest income (expense) 606 44,573 (8,609 ) (1,889 ) 34,681 Total impairment 110 3,454 — — 3,564 Total operating revenues — — 229,804 — 229,804 Total other income (loss), net 82,130 4,782 (307 ) — 86,605 Loan and security servicing expense 30 40 — — 70 Operating expenses - golf (C) — — 182,919 — 182,919 Operating expenses - golf, repairs and maintenance expenses — — 6,212 — 6,212 Cost of sales - golf — — 23,678 — 23,678 General and administrative expense — — 2,212 5,602 7,814 General and administrative expense - acquisition and transaction expenses (D) — — 2,093 371 2,464 Management fee to affiliate — — — 8,027 8,027 Depreciation and amortization — — 19,250 — 19,250 Income tax expense — — 144 — 144 Income (loss) from continuing operations 82,596 45,861 (15,620 ) (15,889 ) 96,948 Net income (loss) 82,596 45,861 (15,620 ) (15,889 ) 96,948 Preferred dividends — — — (4,185 ) (4,185 ) Net income attributable to noncontrolling interests — — (165 ) — (165 ) Income (loss) applicable to common stockholders $ 82,596 $ 45,861 $ (15,785 ) $ (20,074 ) $ 92,598 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Total Three Months Ended September 30, 2016 Interest income $ — $ 32,286 $ 17 $ 7 $ 32,310 Interest expense — (9,405 ) (3,340 ) (393 ) (13,138 ) Net interest income (expense) — 22,881 (3,323 ) (386 ) 19,172 Total impairment — 611 — — 611 Total operating revenues — — 83,162 — 83,162 Total other income (loss), net — 7,125 (15 ) — 7,110 Loan and security servicing expense — 32 — — 32 Operating expenses - golf (C) — — 65,101 — 65,101 Operating expenses - golf, repairs and maintenance expenses — — 1,926 — 1,926 Cost of sales - golf — — 8,250 — 8,250 General and administrative expense — — 665 1,936 2,601 General and administrative expense - acquisition and transaction expenses (D) — — 855 200 1,055 Management fee to affiliate — — — 2,676 2,676 Depreciation and amortization — — 6,735 — 6,735 Income tax benefit — — (38 ) — (38 ) Income (loss) from continuing operations — 29,363 (3,670 ) (5,198 ) 20,495 Net income (loss) — 29,363 (3,670 ) (5,198 ) 20,495 Preferred dividends — — — (1,395 ) (1,395 ) Net income attributable to noncontrolling interests — — (177 ) — (177 ) Income (loss) applicable to common stockholders $ — $ 29,363 $ (3,847 ) $ (6,593 ) $ 18,923 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Total September 30, 2016 Investments $ — $ 1,094,934 $ 295,065 $ — $ 1,389,999 Cash and restricted cash — 2,017 9,640 129,927 141,584 Other assets — 867,921 37,359 76 905,356 Total assets — 1,964,872 342,064 130,003 2,436,939 Debt, net — 1,185,088 114,697 51,219 1,351,004 Other liabilities — 666,490 157,705 4,092 828,287 Total liabilities — 1,851,578 272,402 55,311 2,179,291 Preferred stock — — — 61,583 61,583 Noncontrolling interests — — (92 ) — (92 ) Equity attributable to common stockholders $ — $ 113,294 $ 69,754 $ 13,109 $ 196,157 Additions to investments in real estate during the nine months ended September 30, 2016 $ — $ — $ 15,883 $ — $ 15,883 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Eliminations Total Nine Months Ended September 30, 2015 Interest income $ 30,983 $ 46,246 $ 110 $ 19 $ — $ (3,005 ) $ 74,353 Interest expense (5,993 ) (28,789 ) (13,779 ) (2,836 ) — 3,005 (48,392 ) Inter-segment elimination (3,005 ) — 3,005 — — — — Net interest income (expense) 21,985 17,457 (10,664 ) (2,817 ) — — 25,961 Total impairment 12,569 4,975 — — — — 17,544 Total operating revenues — — 226,493 — — — 226,493 Total other income (loss), net 30,271 (3,070 ) 14,606 54 — — 41,861 Loan and security servicing expense 249 6 — — — — 255 Operating expenses - golf (C) — — 181,506 — — — 181,506 Operating expenses - golf, repairs and maintenance expenses — — 6,853 — — — 6,853 Cost of sales - golf — — 24,003 — — — 24,003 General and administrative expense — — 1,960 5,767 — — 7,727 General and administrative expense - acquisition and transaction expenses (D) — 60 1,239 50 — — 1,349 Management fee to affiliate — — — 8,017 — — 8,017 Depreciation and amortization — — 20,983 — — — 20,983 Income tax expense — — 1,330 — — — 1,330 Income (loss) from continuing operations 39,438 9,346 (7,439 ) (16,597 ) — — 24,748 Income from discontinued operations — — — — 646 — 646 Net income (loss) 39,438 9,346 (7,439 ) (16,597 ) 646 — 25,394 Preferred dividends — — — (4,185 ) — — (4,185 ) Net loss attributable to non-controlling interests — — 217 — — — 217 Income (loss) applicable to common stockholders $ 39,438 $ 9,346 $ (7,222 ) $ (20,782 ) $ 646 $ — $ 21,426 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Total Three Months Ended September 30, 2015 Interest income $ 1,375 $ 21,587 $ 38 $ 10 $ — $ 23,010 Interest expense (680 ) (9,617 ) (3,473 ) (945 ) — (14,715 ) Net interest income (expense) 695 11,970 (3,435 ) (935 ) — 8,295 Total impairment 363 3,097 — — — 3,460 Total operating revenues — — 82,864 — — 82,864 Total other income (loss), net — (2,893 ) 14,834 46 — 11,987 Loan and security servicing expense 35 6 — — — 41 Operating expenses - golf (C) — — 65,518 — — 65,518 Operating expenses - golf, repairs and maintenance expenses — — 2,466 — — 2,466 Cost of sales - golf — — 8,842 — — 8,842 General and administrative expense — — 919 1,946 — 2,865 General and administrative expense - acquisition and transaction expenses (D) — 60 918 33 — 1,011 Management fee to affiliate — — — 2,675 — 2,675 Depreciation and amortization — — 7,111 — — 7,111 Income tax expense — — 1,257 — — 1,257 Income (loss) from continuing operations 297 5,914 7,232 (5,543 ) — 7,900 Income from discontinued operations — — — — 7 7 Net income (loss) 297 5,914 7,232 (5,543 ) 7 7,907 Preferred dividends — — — (1,395 ) — (1,395 ) Net income attributable to non-controlling interests — — (13 ) — — (13 ) Income (loss) applicable to common stockholders $ 297 $ 5,914 $ 7,219 $ (6,938 ) $ 7 $ 6,499 (A) Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure. (B) The following table summarizes the investments and debt in the Other Debt segment: September 30, 2016 Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options $ 353,347 $ 353,347 $ 353,347 $ 353,347 Other Unlevered real estate securities (E) 12,464 3,430 — — Levered real estate securities (F) 632,206 663,559 831,741 831,741 Real estate related and other loans (G) 71,378 52,874 — — Other investments N/A 21,724 — — $ 1,069,395 $ 1,094,934 $ 1,185,088 $ 1,185,088 (C) Operating expenses - golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $0.9 million and $2.9 million for the three and nine months ended September 30, 2016 , respectively, and $1.1 million and $3.4 million for the three and nine months ended September 30, 2015 , respectively. (D) Includes all transaction related expenses. (E) Excludes 11 CDO securities with zero value, which had an aggregate face amount of $154.0 million . (F) These investments represent purchases that were traded on September 30, 2016 but settled on October 13, 2016. These debts represent repurchase agreements collateralized by sold investments that were traded on September 30, 2016 and settled on October 13, 2016. (G) Excludes two mezzanine loans with zero value, which had an aggregate face amount of $17.8 million and two corporate loans with zero value, which had an aggregate face amount of $45.7 million .

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	REAL ESTATE SECURITIES The following is a summary of Newcastle’s real estate securities at September 30, 2016 , all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) CMBS $ 10,308 $ 10,308 $ (10,308 ) $ — $ — $ — $ — 2 C 2.53 % — % 0.0 — % ABS - Non-Agency RMBS 4,000 2,269 (1,521 ) 748 2,682 — 3,430 1 C 0.92 % 24.61 % 5.3 26.5 % ABS - Small Business Loans 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % 0.0 — % Debt Security Total / Average (E) $ 22,772 $ 20,224 $ (19,476 ) $ 748 $ 2,682 $ — $ 3,430 4 C 3.79 % 24.61 % 0.9 Equity Securities — — — — — — 1 Total Securities, Available-for-Sale $ 20,224 $ (19,476 ) $ 748 $ 2,682 $ — $ 3,430 5 FNMA/FHLMC 632,206 663,456 — 663,456 103 — 663,559 10 AAA 3.26 % 2.87 % 6.3 N/A Total Securities, Pledged as Collateral (E) $ 632,206 $ 663,456 $ — $ 663,456 $ 103 $ — $ 663,559 10 (A) See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle uses an implied AAA rating for the Fannie Mae/Freddie Mac ( “ FNMA/FHLMC ”) securities. Ratings provided were determined by third-party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current. (C) The weighted average life is based on the timing of expected cash flows on the assets. (D) Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle’s investments. (E) The total outstanding face amount was $640.7 million for fixed rate securities and $14.3 million for floating rate securities. Excludes 11 CDO securities with zero value, which had an aggregate face amount of $154.0 million . Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the nine months ended September 30, 2016 , Newcastle recorded other-than-temporary impairment charges (“OTTI”) of $0.1 million with respect to real estate securities (gross of less than $0.1 million of other-than-temporary impairment recognized in other comprehensive income). Based on management’s analysis of the securities, the performance of the underlying loans and changes in market factors, Newcastle noted adverse changes in the expected cash flows on certain of these securities and concluded that they were other-than-temporarily impaired. Any remaining unrealized losses on Newcastle’s securities were primarily the result of changes in market factors, rather than issue-specific credit impairment. Newcastle performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support that the carrying values of such securities were fully recoverable over their expected holding period. Newcastle had no securities in an unrealized loss position as of September 30, 2016 . The following table summarizes the activity related to credit losses on debt securities for the nine months ended September 30, 2016 : Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) Additions for credit losses on securities for which an OTTI was not previously recognized — Additions to credit losses on securities for which OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income (110 ) Reduction for securities deconsolidated during the period 3,120 Reduction for securities sold/written off during the period — Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — Ending balance of credit losses on debt securities for which a portion of OTTI was recognized in other comprehensive income $ — The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset-backed securities (“ABS”) at September 30, 2016 : CMBS ABS (A) Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Western U.S. $ — — % $ 1,309 10.5 % Northeastern U.S. — — % 9,086 72.9 % Southeastern U.S. 10,308 100.0 % 1,058 8.5 % Midwestern U.S. — — % 424 3.4 % Southwestern U.S. — — % 587 4.7 % $ 10,308 100.0 % $ 12,464 100.0 % (A) Includes ABS - Non Agency RMBS and ABS - Small Business Loans. Geographic concentrations of investments expose Newcastle to the risk of economic downturns within the relevant regions, particularly given the current unfavorable market conditions. These market conditions may make regions more vulnerable to downturns in certain market factors. Any such downturn in a region where Newcastle holds significant investments could have a material, negative impact on Newcastle. In January 2016, Newcastle settled on a trade to sell $350.3 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.2% of par for total proceeds of $361.3 million and repaid $348.6 million of repurchase agreements associated with these securities. In January 2016, Newcastle settled on a trade to purchase $102.7 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.2% of par for total proceeds of $105.9 million . This transaction was financed with $102.2 million of repurchase agreements. In January 2016, Newcastle settled on a trade to purchase $250.1 million face amount of agency FNMA/FHLMC fixed-rate securities 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. In April 2016, Newcastle settled on a trade to sell $347.5 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 104.9% of par for total proceeds of $364.3 million and recognized a gain on sale of securities of approximately $5.9 million at trade date. Newcastle repaid $352.0 million of repurchase agreements associated with these securities. In April 2016, Newcastle settled on a trade to purchase $363.1 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.0% of par for total proceeds of $381.1 million . This transaction was financed with $366.4 million of repurchase agreements. In June 2016, Newcastle sold a CDO bond with a face amount of $10.0 million at a price of 7.25% of par for total proceeds of $0.7 million and reported a gain on sale of $0.7 million , as this bond was previously written down to zero. In July 2016, Newcastle settled on a trade to sell $353.6 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.5% of par for total proceeds of $373.1 million and recognized a gain on sale of securities of approximately $1.8 million at trade date. Newcastle repaid $361.1 million of repurchase agreements associated with these securities. In July 2016, Newcastle settled on a trade to purchase $428.9 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.7% of par for total proceeds of $453.1 million . This transaction was financed with $434.9 million of repurchase agreements. In August 2016, Newcastle settled on a trade to purchase $249.6 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.9% of par for total proceeds of $259.3 million . This transaction was financed with $248.7 million of repurchase agreements. In August 2016, Newcastle settled on a trade to purchase $116.8 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.7% of par for total proceeds of $123.5 million . This transaction was financed with $118.6 million of repurchase agreements. In August 2016, Newcastle settled on a trade to sell $14.8 million face amount of two CDO securities at an average price of 67.3% of par for total proceeds of $9.9 million and recognized a gain on the sale of approximately $9.9 million . In September 2016, Newcastle settled on a trade to purchase $35.6 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.8% of par for total proceeds of $37.0 million . This transaction was financed with $35.4 million of repurchase agreements. In September 2016, Newcastle entered into a trade to purchase $632.2 million face amount of agency FNMA fixed-rate securities at an average price of 104.9% of par for total proceeds of $663.5 million . The trade is recorded in payables to brokers, dealers and clearing organizations on the Consolidated Balance Sheets. This transaction was financed with $628.2 million of repurchase agreements. This trade settled in October 2016 (see Note 22). In September 2016, Newcastle entered into a trade to sell $817.2 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.0% of par for total proceeds of $858.2 million and recognized a gain on sale of securities of approximately $0.1 million . The trade is recorded in receivables from brokers, dealers and clearing organizations on the Consolidated Balance Sheets. Newcastle repaid $831.7 million of repurchase agreements associated with these securities. This trade settled in October 2016 (see Note 22). Securities Pledged as Collateral Securities pledged as collateral relate to government agency securities that were sold under agreements to repurchase which will be treated as collateralized financing transactions. Although being pledged as collateral, securities financed through a repurchase agreement remains as an asset and cash received from the purchaser is recorded as a liability on Newcastle’s Consolidated Balance Sheets.

REAL ESTATE RELATED AND OTHER L

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTAGE LOANS	REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS Loans are accounted for based on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. Purchased loans that Newcastle has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held-for-investment. Alternatively, loans acquired with the intent to sell are classified as held-for-sale. The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at September 30, 2016 . The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment. Loan Type Outstanding Carrying Valuation Allowance Loan Weighted Weighted Average Coupon Weighted Average Life Floating Rate Loans as % of Face Amount Delinquent Face Amount (C) Mezzanine Loans $ 17,767 $ — $ — 2 — % 8.39 % 0.0 100.0 % $ 17,767 Corporate Loans 117,065 52,874 3,247 4 22.47 % 14.99 % 0.5 — % 59,384 Total Real Estate Related and other Loans Held-for-Sale, Net $ 134,832 $ 52,874 $ 3,247 6 22.47 % 14.12 % 0.4 13.2 % $ 77,151 Residential Mortgage Loans Held-for-Sale, Net (D) $ 774 $ 240 $ 207 3 3.34 % 2.98 % 1.8 100.0 % $ 628 Subprime Mortgage Loans Subject to Call Option $ 353,347 $ 353,347 (A) Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average life is based on the timing of expected cash flows on the assets. (C) Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of September 30, 2016 , $77.2 million face amount of real estate related and other loans was on non-accrual status. (D) Loans acquired at a discount for credit quality. Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of real estate related and other loans by maturities at September 30, 2016 : Year of Maturity Outstanding Face Amount Carrying Value Number of Loans Delinquent (A) $ 77,151 $ 725 5 Period from October 1, 2016 to December 31, 2016 — — — 2017 — — — 2018 — — — 2019 57,681 52,149 1 2020 — — — 2021 — — — Thereafter — — — Total $ 134,832 $ 52,874 6 (A) Includes loans that are non-performing, in foreclosure, or under bankruptcy Activities relating to the carrying value of Newcastle’s real estate related and other loans and residential mortgage loans are as follows: Held-for-Sale Real Estate Related and Other Loans Residential Mortgage Loans (A) Balance at December 31, 2015 $ 149,198 $ 532 Purchases / additional fundings — — Interest accrued to principal balance 25,708 — Principal paydowns (109,892 ) (38 ) Sales (19,433 ) — Valuation allowance on loans (3,247 ) (207 ) Accretion of loan discount, other amortization and other income 10,540 — Loss on settlement of loans — (47 ) Balance at September 30, 2016 $ 52,874 $ 240 (A) Recorded in receivables and other assets on the Consolidated Balance Sheets. The following is a rollforward of the related loss allowance. Held-For-Sale Real Estate Related and Other Loans Residential Mortgage Loans Balance at December 31, 2015 $ (70,865 ) $ (251 ) Charge-offs — — Valuation allowance on loans (3,247 ) (207 ) Balance at September 30, 2016 $ (74,112 ) $ (458 ) The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at September 30, 2016 : Real Estate Related Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ — — % $ 523 67.6 % Southeastern U.S. — — % 251 32.4 % Foreign 63,454 100.0 % — — % $ 63,454 100.0 % $ 774 100.0 % Other (A) 71,378 $ 134,832 (A) Includes corporate loans which are not directly secured by real estate assets. In April 2016, Newcastle sold a mezzanine loan with a face amount of $19.4 million at par. Newcastle subsequently repaid $11.7 million of notes payable that were collateralized by the loan. In September 2016, Newcastle received a paydown on a corporate loan in the resorts industry (“the resort-related loan”) in the amount of $109.9 million . As of September 30, 2016 , the face amount of the resort-related loan was $57.7 million . Securitization of Subprime Mortgage Loans The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at September 30, 2016 : Subprime Portfolio I II Total Total securitized loans (unpaid principal balance) (A) $ 247,163 $ 360,388 $ 607,551 Loans subject to call option (carrying value) $ 246,306 $ 107,041 $ 353,347 Retained bonds (fair value) (B) $ 3,430 $ — $ 3,430 (A) Average loan seasoning of 134 months and 116 months for Subprime Portfolios I and II, respectively, at September 30, 2016 . (B) The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. The weighted average yield of the retained bonds was 24.6% as of September 30, 2016 . Newcastle ’ s residual interests were written off in 2010. Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that its exposure to loss is limited to the carrying amount of its retained interests in the securitization entities, as described above. A subsidiary of Newcastle gave limited representations and warranties with respect to Subprime Portfolio II and is required to pay the difference, if any, between the repurchase price of any loan in such portfolio and the price required to be paid by a third party originator for such loan. Such subsidiary, however, has no assets and does not have recourse to the general credit of Newcastle. The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of September 30, 2016 : Subprime Portfolio I II Loan unpaid principal balance (“UPB”) $ 247,163 $ 360,388 Weighted average coupon rate of loans 5.45 % 4.37 % Delinquencies of 60 or more days (UPB) (A) $ 38,390 $ 84,480 Net credit losses for the nine months ended September 30, 2016 $ 6,452 $ 13,036 Cumulative net credit losses $ 291,776 $ 376,653 Cumulative net credit losses as a % of original UPB 19.4 % 34.6 % Percentage of ARM loans (B) 51.7 % 64.1 % Percentage of loans with original loan-to-value ratio >90% 10.6 % 15.5 % Percentage of interest-only loans 0.8 % 1.9 % Face amount of debt (C) $ 242,306 $ 360,388 Weighted average funding cost of debt (D) 0.91 % 0.79 % (A) Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO. (B) ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs. (C) Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I and over-collateralization of $0.9 million on Subprime Portfolio I at September 30, 2016 . (D) Includes the effect of applicable hedges, if any. Newcastle received negligible cash inflows from the retained interests of Subprime Portfolios I and II during the nine months ended September 30, 2016 and 2015 . The loans subject to call option and the corresponding financing recognize interest income and expense based on the expected weighted average coupons of the loans subject to call option at the call date of 9.24% and 8.68% for Subprime Portfolio’s I and II, respectively.

INVESTMENTS IN REAL ESTATE, NET

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECATION	INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION The following table summarizes Newcastle’s investments in real estate related to its Golf business: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 90,324 $ — $ 90,324 $ 90,324 $ — $ 90,324 Buildings and improvements 149,310 (39,957 ) 109,353 142,558 (29,053 ) 113,505 Furniture, fixtures and equipment 29,613 (20,736 ) 8,877 25,984 (17,189 ) 8,795 Capital leases - equipment 19,741 (3,982 ) 15,759 12,752 (1,970 ) 10,782 Construction in progress 3,014 — 3,014 4,501 — 4,501 Total Investments in Real Estate $ 292,002 $ (64,675 ) $ 227,327 $ 276,119 $ (48,212 ) $ 227,907 In January 2016, the lease on a golf property in Oregon expired and the Golf business did not renew the lease for such property. In July 2016, the lease on a golf property in California was terminated and the Golf business exited the property.

INTANGIBLES, NET OF ACCUMULATED

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION	INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes Newcastle’s intangible assets related to its Golf business: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (64 ) $ 636 $ 700 $ (47 ) $ 653 Leasehold intangibles (A) 49,861 (13,160 ) 36,701 49,962 (9,817 ) 40,145 Management contracts 36,222 (10,225 ) 25,997 36,500 (7,911 ) 28,589 Internally-developed software 800 (440 ) 360 800 (320 ) 480 Membership base 5,236 (2,057 ) 3,179 5,236 (1,496 ) 3,740 Nonamortizable liquor license 865 — 865 865 — 865 Total Intangibles $ 93,684 $ (25,946 ) $ 67,738 $ 94,063 $ (19,591 ) $ 74,472 (A) The amortization expense for leasehold intangibles is reported in operating expenses - golf in the Consolidated Statements of Operations. Intangible assets are amortized on a straight-line basis over the following estimated useful lives: 30 years for trade name; 1 - 26 years for leasehold intangibles and management contracts; 5 years for internally-developed software and 7 years for the membership base.

RECEIVABLES AND OTHER ASSETS

RECEIVABLES AND OTHER ASSETS	9 Months Ended
	Sep. 30, 2016
Receivables And Other Assets [Abstract]
RECEIVABLES AND OTHER ASSETS	RECEIVABLES AND OTHER ASSETS The following table summarizes Newcastle’s receivables and other assets: September 30, 2016 December 31, 2015 Accounts receivable, net $ 13,908 $ 9,889 Prepaid expenses 3,470 3,205 Interest receivable 2,284 1,142 Deposits 6,645 7,437 Inventory 4,958 5,057 Derivative assets 395 127 Residential mortgage loans, held-for-sale, net 240 532 Miscellaneous assets, net 15,223 11,157 Total Receivables and Other Assets $ 47,123 $ 38,546

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table presents certain information regarding Newcastle’s debt obligations at September 30, 2016 : Collateral Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life(Years) Face Amount of Outstanding Face Amount Amortized Carrying Weighted Average Life Floating Rate Face Amount Repurchase Agreements (C) FNMA/FHLMC Securities Sep 2016 831,741 831,741 Oct 2016 0.79% 0.79 % 0.1 — 817,235 858,097 858,233 6.0 — 831,741 831,741 0.79 % 0.1 — 817,235 858,097 858,233 6.0 — Golf Credit Facilities Golf Term Loan (D) June 2016 102,000 98,380 Jul 2019 LIBOR+4.70% (E) 7.92 % 2.7 102,000 N/A N/A N/A N/A N/A Vineyard II Dec 1993 200 200 Dec 2043 2.20% 2.20 % 27.2 200 N/A N/A N/A N/A N/A Capital Leases (Equipment) May 2014 - Sep 2016 16,117 16,117 Mar 2022 3.00% to 16.16% 6.56 % 4.3 — N/A N/A N/A N/A N/A 118,317 114,697 7.72 % 3.0 102,200 N/A N/A N/A N/A N/A Corporate Junior subordinated notes payable Mar 2006 51,004 51,219 Apr 2035 LIBOR+2.25% 2.98 % 18.6 51,004 N/A N/A N/A N/A N/A 51,004 51,219 2.98 % 18.6 51,004 N/A N/A N/A N/A N/A Subtotal debt obligations 1,001,062 997,657 1.70 % 1.4 $ 153,204 $ 817,235 $ 858,097 $ 858,233 6.0 $ — Financing on subprime mortgage loans subject to call option (F) 353,347 353,347 Total debt obligations $ 1,354,409 $ 1,351,004 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing costs. (C) These repurchase agreements had $0.1 million of accrued interest payable at September 30, 2016 . The counterparties on these repurchase agreements are Citi ( $399.1 million ), Jefferies ( $284.5 million ), and Morgan Stanley ( $148.1 million ). Newcastle has margin exposures on a total of $831.7 million repurchase agreements related to the financing of FNMA/FHLMC securities. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity. $831.7 million of repurchase agreements were repaid in October 2016 as part of the sale of the FNMA/FHLMC securities. (D) The golf term loan is collateralized by 22 golf properties. The carrying amount of the golf term loan is reported net of deferred financing costs of $3.6 million as of September 30, 2016 . (E) Interest rate based on 30 day LIBOR plus 4.70% with a LIBOR floor of 1.80% . At the time of closing, Newcastle purchased a co-terminus LIBOR interest rate cap of 1.80% . (F) See Note 6 regarding the securitizations of Subprime Portfolios I and II. In January 2016, Newcastle settled on a trade to sell $350.3 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.2% for total proceeds of $361.3 million and repaid $348.6 million of repurchase agreements associated with these securities. In January 2016, Newcastle settled on a trade to purchase $102.7 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.2% for total proceeds of $105.9 million . This transaction was financed with $102.2 million of repurchase agreements. In January 2016, Newcastle settled on a trade to purchase $250.1 million face amount of agency FNMA/FHLMC fixed-rate securities 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% . In April 2016, Newcastle settled on a trade to sell $347.5 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 104.9% for total proceeds of $364.3 million and recognized a gain of approximately $5.9 million at trade date. Newcastle repaid $352.0 million of repurchase agreements associated with these securities. In April 2016, Newcastle settled on a trade to purchase $363.1 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.0% for total proceeds of $381.1 million . This transaction was financed with $366.4 million of repurchase agreements. In April 2016, Newcastle sold a mezzanine loan with a face amount of $19.4 million at par. Newcastle subsequently repaid $11.7 million of notes payable that were collateralized by the loan. In May 2016, the option on the repurchase agreement on the golf loans was exercised to extend the maturity to June 30, 2016. In June 2016, Newcastle obtained third-party financing on 22 golf properties for a total of $102.0 million at a floating rate of the greater of: (i) 30-day LIBOR + 4.70% or (ii) 6.50% . At the time of closing, Newcastle purchased a co-terminus LIBOR interest rate cap of 1.80% . The financing is for a term of three years with the option for two one -year extensions. Newcastle used $64.9 million of the proceeds to repay the repurchase agreement on the golf loans. In July 2016, Newcastle sold $353.6 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.5% of par for total proceeds of $373.1 million and recognized a gain on sale of securities of approximately $1.8 million at trade date. Newcastle repaid $361.1 million of repurchase agreements associated with these securities. In July 2016, Newcastle purchased $428.9 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.7% of par for total proceeds of $453.1 million . This transaction was financed with $434.9 million of repurchase agreements. In August 2016, Newcastle purchased $249.6 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.9% of par for total proceeds of $259.3 million . This transaction was financed with $248.7 million of repurchase agreements. In August 2016, Newcastle purchased $116.8 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.7% of par for total proceeds of $123.5 million . This transaction was financed with $118.6 million of repurchase agreements. In September 2016, Newcastle purchased $35.6 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.8% of par for total proceeds of $37.0 million . This transaction was financed with $35.4 million of repurchase agreements. In September 2016, Newcastle entered into a trade to purchase $632.2 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 104.9% of par for total proceeds of $663.5 million . This transaction was financed with $628.2 million of repurchase agreements. This trade settled in October 2016 (see Note 22). In September 2016, Newcastle entered into a trade to sell $817.2 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.0% of par for total proceeds of $858.2 million and recognized a gain of $0.1 million . Newcastle repaid $831.7 million of repurchase agreements associated with these securities. This trade settled in October 2016 (see Note 22). The Golf business leases certain golf carts and other equipment under capital leases. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 36 to 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 September 30, 2016 are as follows: October 1, 2016 - December 31, 2016 $ 1,104 2017 4,418 2018 4,412 2019 4,260 2020 2,938 2021 1,360 Thereafter 89 Total minimum lease payments 18,581 Less: imputed interest (2,464 ) Present value of net minimum lease payments $ 16,117 Newcastle’s golf credit facilities contain various customary loan covenants, including certain coverage ratios. Newcastle was in compliance with all of these covenants as of September 30, 2016 .

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The following table summarizes Newcastle’s accounts payable, accrued expenses and other liabilities: September 30, 2016 December 31, 2015 Accounts payable and accrued expenses $ 32,384 $ 26,966 Deferred revenue 14,911 33,926 Security deposit payable 7,800 5,975 Unfavorable leasehold interests 4,509 5,485 Derivative liabilities 2,463 684 Accrued rent 3,204 3,135 Due to affiliates 892 892 Miscellaneous liabilities 11,129 11,876 Total Accounts Payable, Accrued Expenses and Other Liabilities $ 77,292 $ 88,939

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES Newcastle’s derivative instruments are comprised of interest rate swaps, interest rate caps and TBAs. Derivative assets with a fair value of $0.4 million and $0.1 million as of September 30, 2016 and December 31, 2015 , respectively, were recorded within receivables and other assets on the Consolidated Balance Sheets. Derivative liabilities with a fair value of $2.5 million and $0.7 million as of September 30, 2016 and December 31, 2015 , respectively, were recorded within accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. The following table summarizes gains (losses) recorded in relation to derivatives: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2016 2015 2016 2015 Cash flow hedges Loss recognized on termination of derivative instruments Gain (loss) on settlement of investments, net $ — $ — $ — $ (612 ) Deferred hedge gain reclassified from Accumulated Other Comprehensive Income (“AOCI”) into earnings Interest expense — 20 20 58 Amount of loss reclassified from AOCI into income (effective portion) Interest expense — — — (1,363 ) Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion) N/A — — — (60 ) Non-hedge derivatives Unrealized gain (loss) on interest rate derivatives Other income (loss), net $ (15 ) $ — $ (34 ) $ 292 Unrealized gain (loss) recognized related to TBAs Other income (loss), net 270 (382 ) (1,668 ) (381 ) Realized loss on settlement of TBAs Gain (loss) on settlement of investments, net (3,730 ) (10,771 ) (13,675 ) (12,714 ) As of September 30, 2016 and December 31, 2015 , Newcastle had zero and less than $0.1 million , respectively, of expected reclassification of deferred hedges from AOCI into earnings over the next 12 months.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value Summary Table The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at September 30, 2016 : Carrying Estimated Fair Value Method (A) Assets Real estate securities, available-for-sale $ 3,430 $ 3,430 Broker/counterparty quotations, pricing services, pricing models Real estate securities, available-for-sale - pledged as collateral 663,559 663,559 Broker/counterparty quotations, pricing services Real estate related and other loans, held-for-sale, net 52,874 58,406 Pricing models, broker/counterparty quotations, pricing services Residential mortgage loans, held-for-sale, net (B) 240 274 Broker/counterparty quotations, pricing models Subprime mortgage loans subject to call option (C) 353,347 353,347 (C) Cash and cash equivalents 134,289 134,289 Restricted cash 7,295 7,295 Non-hedge derivative assets (D) 395 395 Counterparty quotations, pricing services Liabilities Repurchase agreements 831,741 831,741 Counterparty quotations, market comparables Credit facilities and obligations under capital leases 114,697 114,697 Pricing models Financing of subprime mortgage loans subject to call option (C) 353,347 353,347 (C) Junior subordinated notes payable 51,219 22,978 Pricing models Non-hedge derivative liabilities (D) 2,463 2,463 Counterparty quotations, pricing services 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) Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. (C) Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6). (D) Represents derivative assets and liabilities, including interest rate caps and TBA forward contracts (Note 12). Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Newcastle follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including • quoted prices for similar assets or liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are supported by little or no market activity, and that are significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using non-binding market quotations, pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Fair value may be based upon broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications or management’s good faith estimate, and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. A significant portion of Newcastle’s loans, securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, Newcastle has estimated the fair value of 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 September 30, 2016 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations (Observable) Market Quotations (Unobservable) Internal Pricing Models Assets Real estate securities, available-for-sale: ABS - Non-Agency RMBS $ 3,430 $ — $ 3,430 $ — $ 3,430 Real estate securities, available-for-sale total $ 3,430 $ — $ 3,430 $ — $ 3,430 Real estate securities, available-for-sale - pledged as collateral: FNMA/FHLMC $ 663,559 $ 663,559 $ — $ — $ 663,559 Real estate securities, available-for-sale - pledged as collateral total $ 663,559 $ 663,559 $ — $ — $ 663,559 Derivative assets: Interest rate cap, not treated as hedge $ 156 $ 156 $ — $ — $ 156 TBAs, not treated as hedges 239 239 — — 239 Derivative assets total $ 395 $ 395 $ — $ — $ 395 Liabilities Derivative liabilities: TBAs, not treated as hedges $ 2,463 $ 2,463 $ — $ — $ 2,463 Derivative liabilities total $ 2,463 $ 2,463 $ — $ — $ 2,463 Significant Unobservable Inputs The following describes significant unobservable inputs generally used by Newcastle for assets and liabilities measured at fair value on a recurring basis. As of September 30, 2016 , Newcastle did not have any Level 3 assets valued using internal models. All of the inputs used 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 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. Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model. The 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. Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the nine months ended September 30, 2016 as follows: CMBS ABS - Non-Agency RMBS Equity/Other Securities Total Balance at December 31, 2015 $ 39,684 $ 9,619 $ 9,731 $ 59,034 Transfers Transfers into Level 3 — — — — CDO VI deconsolidation (37,179 ) (6,710 ) (43,889 ) Total gains (losses) (A) Included in net income (B) (110 ) — 10,669 10,559 Included in other comprehensive income (loss) (658 ) 499 (9,731 ) (9,890 ) Amortization included in interest income 879 234 — 1,113 Purchases, sales and repayments Purchases — — — — Proceeds from sales — — (10,669 ) (10,669 ) Proceeds from repayments (2,616 ) (212 ) — (2,828 ) Balance at September 30, 2016 $ — $ 3,430 $ — $ 3,430 (A) None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Nine Months Ended September 30, 2016 Gain (loss) on settlement of investments, net $ 10,669 OTTI (110 ) Total $ 10,559 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 table summarizes certain information for real estate related and other loans as of September 30, 2016 : Significant Input Range Weighted Average Loan Type Carrying Value Fair Value Discount Rate Loss Severity Discount Rate Loss Severity Corporate Loans 52,874 58,406 0.0%-22.5% 0%-100% 22.5 % 39.0 % Total Real Estate Related and Other Loans Held-for-Sale, Net (A) $ 52,874 $ 58,406 (A) Excludes $17.8 million face amount of mezzanine loans which have a zero carrying value. 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 Repurchase agreements Level 2 Valuation technique is based on market comparables. Significant variables include: l Amount and timing of expected future cash flows l Interest rates l Collateral funding spreads Golf credit facilities Level 3 Valuation technique is based on discounted cash flows. l Amount and timing of expected future cash flows l Interest rates l Market yields Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of Newcastle

EQUITY AND EARNINGS PER SHARE

EQUITY AND EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE A. Equity The following is a summary of the changes in Newcastle’s outstanding options for the nine months ended September 30, 2016 : Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2015 5,421,561 $ 2.85 Granted (A) 333 3.78 Balance at September 30, 2016 5,421,894 $ 2.86 6.04 Exercisable at September 30, 2016 5,294,325 $ 2.83 5.98 (A) Options granted to a non-employee director upon joining the board of directors. As of September 30, 2016 , Newcastle’s outstanding options were summarized as follows: Issued Prior to 2011 Issued in 2011 and thereafter Total Held by the Manager 115,239 5,010,243 5,125,482 Issued to the Manager and subsequently transferred to certain of the Manager’s employees 29,422 266,657 296,079 Issued to the independent directors — 333 333 Total 144,661 5,277,233 5,421,894 Weighted average strike price $ 13.18 $ 2.57 $ 2.86 On March 29, 2016 , Newcastle declared a quarterly dividend of $0.12 per common share, for the quarter ended March 31, 2016 and declared dividends of $0.609375 , $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the period beginning February 1, 2016 and ending April 30, 2016. Dividends totaling $9.4 million were paid in April 2016 . On July 12, 2016 , Newcastle declared a quarterly dividend of $0.12 per common share, for the quarter ended June 30, 2016 and declared dividends of $0.609375 , $0.503125 , and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the period beginning May 1, 2016 and ending July 31, 2016. Dividends totaling $9.4 million were paid in July 2016 . As of September 30, 2016 , Newcastle had $0.9 million ( $0.38 per share) of preferred dividends in arrears. On October 13, 2016 , Newcastle declared a quarterly dividend of $0.12 per common share, for the quarter ended September 30, 2016 and declared dividends of $0.609375 , $0.503125 , and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the period beginning August 1, 2016 and ending October 31, 2016. Dividends totaling $9.4 million were paid in October 2016 . In May 2016 and July 2016, Newcastle issued a total of 57,740 and 21,798 shares, respectively, of its common stock to its independent directors as a component of their annual compensation. B. Earnings Per Share Newcastle is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interests $ 18,923 $ 6,492 $ 92,598 $ 20,780 Income from discontinued operations, net of tax — 7 — 646 Income Applicable to Common Stockholders $ 18,923 $ 6,499 $ 92,598 $ 21,426 Denominator: Denominator for basic earnings per share - weighted average shares 66,730,583 66,484,962 66,688,962 66,445,705 Effect of dilutive securities Options 2,342,093 2,584,697 2,064,570 2,607,597 Denominator for diluted earnings per share - adjusted weighted average shares 69,072,676 69,069,659 68,753,532 69,053,302 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.28 $ 0.10 $ 1.39 $ 0.31 Income from discontinued operations per share of common stock $ — $ — $ — $ 0.01 Income Applicable to Common Stock, per share (A) $ 0.28 $ 0.10 $ 1.39 $ 0.32 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.27 $ 0.09 $ 1.35 $ 0.30 Income from discontinued operations per share of common stock $ — $ — $ — $ 0.01 Income Applicable to Common Stock, per share (A) $ 0.27 $ 0.09 $ 1.35 $ 0.31 (A) 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. Basic EPS is calculated by dividing income applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing income 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. Newcastle’s common stock equivalents are its outstanding stock options. During the nine months ended September 30, 2016 and 2015 , Newcastle had 335,725 and 251,459 antidilutive options, respectively. During the three months ended September 30, 2016 and 2015 , based on the treasury stock method, Newcastle had 2,342,093 and 2,584,697 dilutive common stock equivalents, respectively, resulting from its outstanding options. During the nine months ended September 30, 2016 and 2015 , based on the treasury stock method, Newcastle had 2,064,570 and 2,607,597 dilutive common stock equivalents, respectively, resulting from its outstanding options. Income applicable to common stockholders is equal to net income less preferred dividends and net income attributable to noncontrolling interests.

TRANSACTIONS WITH AFFILIATES AN

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	9 Months Ended
	Sep. 30, 2016
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 12 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. In addition to expense reimbursements for expenses incurred by the Manager, Newcastle is responsible for reimbursing the Manager for certain expenses incurred by Newcastle that are initially paid by the Manager on behalf of Newcastle. 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 applicable to 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 initial public offering (“IPO”) and the value attributed to the net assets transferred to Newcastle by its predecessor, and in any subsequent offerings by Newcastle (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding. Amounts incurred under the Management Agreement Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Management fees $ 2,551 $ 2,550 $ 7,652 $ 7,642 Expense reimbursement to the Manager 125 125 375 375 Incentive compensation — — — — Total Management fee to affiliate $ 2,676 $ 2,675 $ 8,027 $ 8,017 At September 30, 2016 , 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 14). At September 30, 2016 and December 31, 2015 , due to affiliates was comprised of $0.9 million and $0.9 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 receives, 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 September 30, 2016 , the outstanding unpaid principal balances of Subprime Portfolios I and II were approximately $247.2 million and $360.4 million , respectively. In April 2010, Newcastle, through two of its CDOs, made a cash investment of $75.0 million in the resorts-related loan to a portfolio company of a private equity fund managed by an affiliate of Newcastle’s Manager. Newcastle’s chairman is a director of and has an indirect ownership interest in the borrower. This investment improved the applicable CDOs’ results under some of their respective tests, and is expected to yield approximately 22.5% . The maturity of the resorts-related loan has been extended to June 2019. Interest on the loan will be accrued and deferred until maturity. In September 2016, Newcastle received a $109.9 million paydown on the loan. As of September 30, 2016 , Newcastle held on its balance sheet total investments of $57.7 million face amount of loans issued by affiliates of the Manager. Newcastle earned approximately $9.1 million and $25.7 million of interest on investments issued by affiliates of the Manager for the three and nine months ended September 30, 2016 , respectively, and $7.3 million and $18.1 million of interest on investments issued by affiliates of the Manager for the three and nine months ended September 30, 2015 , 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	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 September 30, 2016 , 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.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for income taxes consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Current: Federal $ (37 ) $ 996 $ 27 $ 1,076 State and Local (1 ) 269 20 289 Total Current Provision (Benefit) $ (38 ) $ 1,265 $ 47 $ 1,365 Deferred: Federal $ — $ (7 ) $ 83 $ (30 ) State and Local — (1 ) 14 (5 ) Total Deferred Provision (Benefit) $ — $ (8 ) $ 97 $ (35 ) Total Provision (Benefit) for Income Taxes $ (38 ) $ 1,257 $ 144 $ 1,330 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2016 are presented below: September 30, 2016 December 31, 2015 Deferred tax assets: Allowance for loan losses $ 380 $ 399 Depreciation and amortization 35,587 33,495 Accrued expenses 2,184 2,008 Net operating losses 29,690 22,524 Total deferred tax assets 67,841 58,426 Less valuation allowance (52,928 ) (42,158 ) Net deferred tax assets $ 14,913 $ 16,268 Deferred tax liabilities: Leaseholds 14,125 15,366 Other 788 805 Total deferred tax liabilities $ 14,913 $ 16,171 Net deferred income tax assets (A) $ — $ 97 (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 recorded a valuation allowance against its deferred tax assets as of September 30, 2016 as management does not believe that it is more likely than not that the deferred tax assets will be realized.

GAINS (LOSSES) ON SETTLEMENT OF

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET	9 Months Ended
	Sep. 30, 2016
Gains Losses On Settlement Of Investments Net And Other Income Loss Net
GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET	GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET These items are comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gain on settlement of real estate securities $ 10,080 $ 7,617 $ 18,560 $ 42,357 Loss on settlement of real estate securities — — — (5,926 ) Gain (loss) on repayment/disposition of loans held-for-sale — (14 ) (47 ) 1,518 Loss recognized on termination of derivative instruments — — — (612 ) Realized loss on settlement of TBAs (3,730 ) (10,771 ) (13,675 ) (12,714 ) Gain (Loss) on Settlement of Investments, net $ 6,350 $ (3,168 ) $ 4,838 $ 24,623 Unrealized gain (loss) on non-hedge derivative instruments $ 255 $ (382 ) $ (1,702 ) $ (89 ) Gain (loss) on lease modifications and terminations 2 514 (75 ) 734 Collateral management fee income, net 119 174 481 553 Equity in earnings of equity method investees 384 333 1,129 975 Gain (loss) on disposal of long-lived assets — (549 ) 24 (729 ) Other income 227 187 387 427 Other Income (Loss), net $ 987 $ 277 $ 244 $ 1,871

RECLASSIFICATION FROM ACCUMULAT

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	9 Months Ended
	Sep. 30, 2016
Reclassification From Accumulated Other Comprehensive Income Into Net Income
RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME	RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income: Accumulated Other Comprehensive Income Statement Three Months Ended September 30, Nine Months Ended September 30, Income Components Location 2016 2015 2016 2015 Net realized gain (loss) on securities (Impairment) reversal Portion of other-than-temporary impairment on securities recognized in other comprehensive income $ — $ (23 ) $ (54 ) $ 39 Gain on settlement of real estate securities Gain (loss) on settlement of investments, net 10,080 7,617 18,560 42,357 Gain on deconsolidation of CDO VI Gain on deconsolidation — — 20,682 — Loss on settlement of real estate securities Gain (loss) on settlement of investments, net — — — (5,926 ) $ 10,080 $ 7,594 $ 39,188 $ 36,470 Net realized gain (loss) on derivatives designated as cash flow hedges Loss recognized on termination of derivative instruments Gain (loss) on settlement of investments, net — — — (612 ) Amortization of deferred gain Interest expense — 20 20 58 Loss reclassified from AOCI into income, related to effective portion Interest expense — — — (1,363 ) $ — $ 20 $ 20 $ (1,917 ) Total reclassifications $ 10,080 $ 7,614 $ 39,208 $ 34,553

OTHER-THAN-TEMPORARY IMPAIRMENT

OTHER-THAN-TEMPORARY IMPAIRMENT	9 Months Ended
	Sep. 30, 2016
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 Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Debt securities $ — $ 363 $ 110 $ 1,988 Equity securities — 87 — 367 Other investments — — — 7,505 Total impairment expense $ — $ 450 $ 110 $ 9,860

SUPPLEMENTAL NON-CASH INVESTING

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	9 Months Ended
	Sep. 30, 2016
Supplemental Non-cash Investing And Financing Activities Related To Cdos
SUPPLEMENTAL NON CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs	SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs Newcastle considers all activity in its CDOs’ restricted cash accounts to be non-cash activity for purposes of its Consolidated Statement of Cash Flows since transactions conducted with restricted cash have no effect on its cash and cash equivalents. Supplemental non-cash investing and financing activities relating to CDOs are disclosed below: Nine Months Ended September 30, 2016 2015 Restricted cash generated from sale of securities $ — $ 139,257 Restricted cash generated from sale of loans $ — $ 55,574 Restricted cash generated from paydowns on securities and loans $ 2,310 $ 76,126 Restricted cash used for repayments of CDO and other bonds payable $ 2,748 $ 145,773 CDO VI deconsolidation: Real estate securities $ 43,889 $ — Restricted cash $ 67 $ — CDO and other bonds payable $ 105,423 $ —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These Consolidated Financial Statements include a discussion of material events, if any, that have occurred subsequent to September 30, 2016 through the issuance of these Consolidated Financial Statements. On October 7, 2016, Newcastle purchased $776.9 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 103.6% of par for total proceeds of $805.1 million . This transaction was financed with $769.6 million of repurchase agreements. On October 13, 2016 , Newcastle declared a quarterly dividend of $0.12 per common share, for the quarter ended September 30, 2016 and declared dividends of $0.609375 , $0.503125 , and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively, for the period beginning August 1, 2016 and ending October 31, 2016. Dividends totaling $9.4 million were paid in October 2016 . On October 13, 2016, Newcastle settled on a trade to purchase $632.2 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 104.9% of par for total proceeds of $663.5 million . This transaction was financed with $628.2 million of repurchase agreements (see Note 5). On October 13, 2016, Newcastle settled on a trade to sell $817.2 million face amount of agency FNMA/FHLMC fixed-rate securities at an average price of 105.0% of par for total proceeds of $858.2 million . Newcastle repaid $831.7 million of repurchase agreements associated with these securities (see Note 5).

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The accompanying Consolidated Financial Statements and related notes of Newcastle have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of Newcastle’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with Newcastle’s Consolidated Financial Statements for the year ended December 31, 2015 and notes thereto included in Newcastle’s Annual Report on Form 10-K filed with the SEC on March 10, 2016. Capitalized terms used herein, and not otherwise defined, are defined in Newcastle’s Consolidated Financial Statements for the year ended December 31, 2015 . Certain prior period amounts have been reclassified to conform to the current period’s presentation. As of September 30, 2016 , Newcastle’s significant accounting policies for these financial statements are summarized below and should be read in conjunction with the Summary of Significant Accounting Policies detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 .
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) is 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 into revenue ratably over the appropriate period, which is generally 12 months or less. The membership dues are generally structured to cover country club operating costs and membership services.
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 a cash flow hedge or a fair value hedge. Derivative transactions are entered into by Newcastle solely for risk management purposes in the ordinary course of business. 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. As of September 30, 2016 , Newcastle has no derivative instruments that qualify and are designated as hedging instruments, but has one interest rate cap in the amount of $0.2 million which is not designated as a hedge. Newcastle transacts in the To Be Announced mortgage backed securities (“TBA”) market. TBA contracts are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. Newcastle primarily engages in TBA transactions for purposes of managing interest rate risk and market risk associated with our investment strategies. For example, Newcastle takes short positions in TBAs to offset - to varying degrees - changes in the values of our Agency residential mortgage backed securities (“RMBS”) investments for which we have exposure to interest rate volatility; therefore, these derivatives may, to some extent, be economically effective as hedges. Newcastle typically does not take delivery of TBAs, but rather settles the associated receivable and payable with its trading counterparties on a net basis. As part of its TBA activities, Newcastle may “roll” its TBA positions, whereby it may sell (buy) securities for delivery (receipt) in an earlier month and simultaneously contract to repurchase (sell) similar securities at an agreed-upon price on a fixed date in a later month. Newcastle accounts for its TBA transactions as non-hedge instruments, with changes in market value recorded in the Statement of Operations. As of September 30, 2016 , Newcastle held six short TBA contracts totaling $1,457.2 million in notional amount and four long contracts totaling $823.0 million in notional amount of Agency RMBS. As of September 30, 2016 and December 31, 2015 , Newcastle funded approximately $2.9 million and $1.0 million , respectively, for margin calls related to TBA contracts. 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 seeks to reduce 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.
Operating Leases and Operating Expenses	Operating Leases and Operating Expenses - Operating expenses for the Golf business consist primarily of payroll, 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 scheduled increases or decreases in minimum rental payments at various times during the term of the lease. These scheduled rent increases or decreases are recognized on a straight-line basis over the term of the lease. Increases result in an accrual, which is included in accounts payable, accrued expenses and other liabilities, and decreases result in a receivable, which is included in receivables and other assets, for the amount by which the cumulative straight-line rent differs from the contractual cash rent.
Investments in Real Estate, Net	Investments in 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. Depreciation 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 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 4-7 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 country club members. The membership base intangible is valued using the multi-period excess earnings method under the income approach, and is amortized over the expected life of an active membership. Amortization of leasehold intangible assets and liabilities is included within operating expenses - golf, and amortization of all other intangible assets is included within depreciation and amortization in the Consolidated Statements of Operations. Intangible assets are amortized on a straight-line basis over the following estimated useful lives: 30 years for trade name; 1 - 26 years for leasehold intangibles and management contracts; 5 years for internally-developed software and 7 years for the membership base.
Membership Deposit Liabilities	Membership Deposit Liabilities - In our 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. 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.
Other Investment	Other Investment - Newcastle owns a 23% economic interest within a commercial real estate project which is recorded as an equity method investment. As of September 30, 2016 and December 31, 2015 , the carrying value of this investment was $21.7 million and $20.6 million , respectively. Newcastle evaluates its 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.
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.
Variable Interest Entities	Variable Interest Entities (“VIEs”) - Newcastle’s subprime securitizations (see Note 6), CDO V, and CDO VI are 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 August 2016, Newcastle settled on a trade to sell $14.8 million face amount of two CDO V securities for total proceeds of $9.9 million (see Note 5). As a result of this trade, Newcastle no longer has a variable or economic interest in CDO V. In March 2016, Newcastle sold to third parties $11.0 million face amount of NCT 2013-VI Class I-MM-2 at a price of 93.0% of par. This tranche was previously held by Newcastle since issuance and was eliminated in consolidation. By selling this tranche, Newcastle was no longer deemed the primary beneficiary of CDO VI. As a result of this sale, Newcastle deconsolidated CDO VI from its Consolidated Balance Sheet, which included $43.9 million carrying value of real estate securities available-for-sale, $93.1 million of CDO bonds payable, and $12.4 million of other bonds payable. In addition, Newcastle reclassified $20.7 million of related other comprehensive income into earnings, and recognized a total gain of approximately $82.1 million as a result of deconsolidating CDO VI. As a result of this transaction, Newcastle no longer has a variable interest in CDO VI. Newcastle continues to receive servicing fees as collateral manager, which are not considered variable interests in CDO VI. 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 equal to or in excess of those obligations. Additionally, the assets in the table below exclude intercompany balances that eliminate in consolidation. September 30, 2016 (Unaudited) December 31, 2015 Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs Real estate securities, available-for-sale $ — $ 46,392 Subprime mortgage loans subject to call option 353,347 380,806 Restricted cash — 128 Receivables and other assets — 77 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 353,347 $ 427,403 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. September 30, 2016 (Unaudited) December 31, 2015 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 Other bonds and notes payable — 4,672 Financing of subprime mortgage loans subject to call option 353,347 380,806 Accounts payable, accrued expenses and other liabilities — 29 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle $ 353,347 $ 478,440 In addition, Newcastle’s investments in RMBS, commercial mortgage backed securities (“CMBS”), CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE, which 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 September 30, 2016 , 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 (e.g., if Newcastle were to own 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) 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. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations which clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how to apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients which amends the new revenue recognition guidance on transition, collectibility, noncash consideration and the presentation of sales and other similar taxes. Newcastle is currently reviewing the guidance to determine its impact on the Consolidated Financial Statements and has not yet determined the method by which it will adopt the standard. 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. Newcastle adopted this guidance in the first quarter of 2016. 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. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. For available-for-sale debt securities, entities will be required to record allowances rather than reduce the carrying amount under the other-than-temporary impairment model. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted for annual periods beginning after December 15, 2018. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Newcastle is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The standard provides specific guidance over eight identified cash flow issues in order to reduce diversity in practice over the presentation and classification of certain types of cash receipts and cash payments. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. Entities should apply the standard using a retrospective transition method to each period presented. 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, 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.
Segment Reporting	Newcastle conducts its business through the following segments: (i) debt investments financed with collateralized debt obligations (“CDOs”), (ii) other debt investments (“Other Debt”), (iii) investment in golf properties and facilities (“Golf”) and (iv) corporate, which consists primarily of interest income on short-term investments, general and administrative expenses, interest expense on the junior subordinated notes payable and management fees pursuant to the Management Agreement.
Fair Value Measurements	Significant Unobservable Inputs The following describes significant unobservable inputs generally used by Newcastle for assets and liabilities measured at fair value on a recurring basis. As of September 30, 2016 , Newcastle did not have any Level 3 assets valued using internal models. All of the inputs used 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 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. Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model. The 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. Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Newcastle follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including • quoted prices for similar assets or liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are supported by little or no market activity, and that are significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using non-binding market quotations, pricing models, discounted cash flow methodologies, or similar techniques where significant inputs are unobservable, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Fair value may be based upon broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications or management’s good faith estimate, and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. A significant portion of Newcastle’s loans, securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, Newcastle has estimated the fair value of 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.
Earnings Per Share	Basic EPS is calculated by dividing income applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing income 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. Newcastle’s common stock equivalents are its outstanding stock options.
Commitments and Contingencies	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 September 30, 2016 , 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.
Income Taxes	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.
Subsequent Events	These Consolidated Financial Statements include a discussion of material events, if any, that have occurred subsequent to September 30, 2016 through the issuance of these Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of useful lives of property, plant, and equipment	Depreciation is calculated using the straight-line method based on the following estimated useful lives: Buildings and improvements 10-30 years Capital leases - equipment 4-7 years Furniture, fixtures and equipment 3-7 years
Schedule of certain assets and liabilities of Variable Interest Entities	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 equal to or in excess of those obligations. Additionally, the assets in the table below exclude intercompany balances that eliminate in consolidation. September 30, 2016 (Unaudited) December 31, 2015 Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs Real estate securities, available-for-sale $ — $ 46,392 Subprime mortgage loans subject to call option 353,347 380,806 Restricted cash — 128 Receivables and other assets — 77 Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs $ 353,347 $ 427,403 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. September 30, 2016 (Unaudited) December 31, 2015 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 Other bonds and notes payable — 4,672 Financing of subprime mortgage loans subject to call option 353,347 380,806 Accounts payable, accrued expenses and other liabilities — 29 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle $ 353,347 $ 478,440

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of results of operations from discontinued operations	Results from discontinued operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Rental income $ — $ 7 $ — $ 556 Gain on settlement of investments — — — 318 Total income — 7 — 874 Property operating expenses — — — 187 General and administrative expenses — — — 30 Depreciation and amortization — — — 11 Total expenses — — — 228 Income from discontinued operations $ — $ 7 $ — $ 646

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2016
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 Total Nine Months Ended September 30, 2016 Interest income $ 1,097 $ 72,564 $ 94 $ 15 $ 73,770 Interest expense (491 ) (27,991 ) (8,703 ) (1,904 ) (39,089 ) Net interest income (expense) 606 44,573 (8,609 ) (1,889 ) 34,681 Total impairment 110 3,454 — — 3,564 Total operating revenues — — 229,804 — 229,804 Total other income (loss), net 82,130 4,782 (307 ) — 86,605 Loan and security servicing expense 30 40 — — 70 Operating expenses - golf (C) — — 182,919 — 182,919 Operating expenses - golf, repairs and maintenance expenses — — 6,212 — 6,212 Cost of sales - golf — — 23,678 — 23,678 General and administrative expense — — 2,212 5,602 7,814 General and administrative expense - acquisition and transaction expenses (D) — — 2,093 371 2,464 Management fee to affiliate — — — 8,027 8,027 Depreciation and amortization — — 19,250 — 19,250 Income tax expense — — 144 — 144 Income (loss) from continuing operations 82,596 45,861 (15,620 ) (15,889 ) 96,948 Net income (loss) 82,596 45,861 (15,620 ) (15,889 ) 96,948 Preferred dividends — — — (4,185 ) (4,185 ) Net income attributable to noncontrolling interests — — (165 ) — (165 ) Income (loss) applicable to common stockholders $ 82,596 $ 45,861 $ (15,785 ) $ (20,074 ) $ 92,598 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Total Three Months Ended September 30, 2016 Interest income $ — $ 32,286 $ 17 $ 7 $ 32,310 Interest expense — (9,405 ) (3,340 ) (393 ) (13,138 ) Net interest income (expense) — 22,881 (3,323 ) (386 ) 19,172 Total impairment — 611 — — 611 Total operating revenues — — 83,162 — 83,162 Total other income (loss), net — 7,125 (15 ) — 7,110 Loan and security servicing expense — 32 — — 32 Operating expenses - golf (C) — — 65,101 — 65,101 Operating expenses - golf, repairs and maintenance expenses — — 1,926 — 1,926 Cost of sales - golf — — 8,250 — 8,250 General and administrative expense — — 665 1,936 2,601 General and administrative expense - acquisition and transaction expenses (D) — — 855 200 1,055 Management fee to affiliate — — — 2,676 2,676 Depreciation and amortization — — 6,735 — 6,735 Income tax benefit — — (38 ) — (38 ) Income (loss) from continuing operations — 29,363 (3,670 ) (5,198 ) 20,495 Net income (loss) — 29,363 (3,670 ) (5,198 ) 20,495 Preferred dividends — — — (1,395 ) (1,395 ) Net income attributable to noncontrolling interests — — (177 ) — (177 ) Income (loss) applicable to common stockholders $ — $ 29,363 $ (3,847 ) $ (6,593 ) $ 18,923 Summary segment financial data (continued). Debt Investments (A) CDOs Other Debt (B) Golf Corporate Total September 30, 2016 Investments $ — $ 1,094,934 $ 295,065 $ — $ 1,389,999 Cash and restricted cash — 2,017 9,640 129,927 141,584 Other assets — 867,921 37,359 76 905,356 Total assets — 1,964,872 342,064 130,003 2,436,939 Debt, net — 1,185,088 114,697 51,219 1,351,004 Other liabilities — 666,490 157,705 4,092 828,287 Total liabilities — 1,851,578 272,402 55,311 2,179,291 Preferred stock — — — 61,583 61,583 Noncontrolling interests — — (92 ) — (92 ) Equity attributable to common stockholders $ — $ 113,294 $ 69,754 $ 13,109 $ 196,157 Additions to investments in real estate during the nine months ended September 30, 2016 $ — $ — $ 15,883 $ — $ 15,883 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Eliminations Total Nine Months Ended September 30, 2015 Interest income $ 30,983 $ 46,246 $ 110 $ 19 $ — $ (3,005 ) $ 74,353 Interest expense (5,993 ) (28,789 ) (13,779 ) (2,836 ) — 3,005 (48,392 ) Inter-segment elimination (3,005 ) — 3,005 — — — — Net interest income (expense) 21,985 17,457 (10,664 ) (2,817 ) — — 25,961 Total impairment 12,569 4,975 — — — — 17,544 Total operating revenues — — 226,493 — — — 226,493 Total other income (loss), net 30,271 (3,070 ) 14,606 54 — — 41,861 Loan and security servicing expense 249 6 — — — — 255 Operating expenses - golf (C) — — 181,506 — — — 181,506 Operating expenses - golf, repairs and maintenance expenses — — 6,853 — — — 6,853 Cost of sales - golf — — 24,003 — — — 24,003 General and administrative expense — — 1,960 5,767 — — 7,727 General and administrative expense - acquisition and transaction expenses (D) — 60 1,239 50 — — 1,349 Management fee to affiliate — — — 8,017 — — 8,017 Depreciation and amortization — — 20,983 — — — 20,983 Income tax expense — — 1,330 — — — 1,330 Income (loss) from continuing operations 39,438 9,346 (7,439 ) (16,597 ) — — 24,748 Income from discontinued operations — — — — 646 — 646 Net income (loss) 39,438 9,346 (7,439 ) (16,597 ) 646 — 25,394 Preferred dividends — — — (4,185 ) — — (4,185 ) Net loss attributable to non-controlling interests — — 217 — — — 217 Income (loss) applicable to common stockholders $ 39,438 $ 9,346 $ (7,222 ) $ (20,782 ) $ 646 $ — $ 21,426 Summary segment financial data (continued). Debt Investments (A) Discontinued CDOs Other Debt Golf Corporate Operations Total Three Months Ended September 30, 2015 Interest income $ 1,375 $ 21,587 $ 38 $ 10 $ — $ 23,010 Interest expense (680 ) (9,617 ) (3,473 ) (945 ) — (14,715 ) Net interest income (expense) 695 11,970 (3,435 ) (935 ) — 8,295 Total impairment 363 3,097 — — — 3,460 Total operating revenues — — 82,864 — — 82,864 Total other income (loss), net — (2,893 ) 14,834 46 — 11,987 Loan and security servicing expense 35 6 — — — 41 Operating expenses - golf (C) — — 65,518 — — 65,518 Operating expenses - golf, repairs and maintenance expenses — — 2,466 — — 2,466 Cost of sales - golf — — 8,842 — — 8,842 General and administrative expense — — 919 1,946 — 2,865 General and administrative expense - acquisition and transaction expenses (D) — 60 918 33 — 1,011 Management fee to affiliate — — — 2,675 — 2,675 Depreciation and amortization — — 7,111 — — 7,111 Income tax expense — — 1,257 — — 1,257 Income (loss) from continuing operations 297 5,914 7,232 (5,543 ) — 7,900 Income from discontinued operations — — — — 7 7 Net income (loss) 297 5,914 7,232 (5,543 ) 7 7,907 Preferred dividends — — — (1,395 ) — (1,395 ) Net income attributable to non-controlling interests — — (13 ) — — (13 ) Income (loss) applicable to common stockholders $ 297 $ 5,914 $ 7,219 $ (6,938 ) $ 7 $ 6,499 (A) Assets held within non-recourse structures, including all of the assets in the CDO segment, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure. (B) The following table summarizes the investments and debt in the Other Debt segment: September 30, 2016 Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options $ 353,347 $ 353,347 $ 353,347 $ 353,347 Other Unlevered real estate securities (E) 12,464 3,430 — — Levered real estate securities (F) 632,206 663,559 831,741 831,741 Real estate related and other loans (G) 71,378 52,874 — — Other investments N/A 21,724 — — $ 1,069,395 $ 1,094,934 $ 1,185,088 $ 1,185,088 (C) Operating expenses - golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $0.9 million and $2.9 million for the three and nine months ended September 30, 2016 , respectively, and $1.1 million and $3.4 million for the three and nine months ended September 30, 2015 , respectively. (D) Includes all transaction related expenses. (E) Excludes 11 CDO securities with zero value, which had an aggregate face amount of $154.0 million . (F) These investments represent purchases that were traded on September 30, 2016 but settled on October 13, 2016. These debts represent repurchase agreements collateralized by sold investments that were traded on September 30, 2016 and settled on October 13, 2016. (G) Excludes two mezzanine loans with zero value, which had an aggregate face amount of $17.8 million and two corporate loans with zero value, which had an aggregate face amount of $45.7 million .
Schedule of other debt segment investments and debt	The following table summarizes the investments and debt in the Other Debt segment: September 30, 2016 Investments Debt Non-Recourse Outstanding Carrying Outstanding Carrying Subprime mortgage loans subject to call options $ 353,347 $ 353,347 $ 353,347 $ 353,347 Other Unlevered real estate securities (E) 12,464 3,430 — — Levered real estate securities (F) 632,206 663,559 831,741 831,741 Real estate related and other loans (G) 71,378 52,874 — — Other investments N/A 21,724 — — $ 1,069,395 $ 1,094,934 $ 1,185,088 $ 1,185,088 (C) Operating expenses - golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $0.9 million and $2.9 million for the three and nine months ended September 30, 2016 , respectively, and $1.1 million and $3.4 million for the three and nine months ended September 30, 2015 , respectively. (D) Includes all transaction related expenses. (E) Excludes 11 CDO securities with zero value, which had an aggregate face amount of $154.0 million . (F) These investments represent purchases that were traded on September 30, 2016 but settled on October 13, 2016. These debts represent repurchase agreements collateralized by sold investments that were traded on September 30, 2016 and settled on October 13, 2016. (G) Excludes two mezzanine loans with zero value, which had an aggregate face amount of $17.8 million and two corporate loans with zero value, which had an aggregate face amount of $45.7 million .

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	The following is a summary of Newcastle’s real estate securities at September 30, 2016 , all of which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) CMBS $ 10,308 $ 10,308 $ (10,308 ) $ — $ — $ — $ — 2 C 2.53 % — % 0.0 — % ABS - Non-Agency RMBS 4,000 2,269 (1,521 ) 748 2,682 — 3,430 1 C 0.92 % 24.61 % 5.3 26.5 % ABS - Small Business Loans 8,464 7,647 (7,647 ) — — — — 1 C 6.69 % — % 0.0 — % Debt Security Total / Average (E) $ 22,772 $ 20,224 $ (19,476 ) $ 748 $ 2,682 $ — $ 3,430 4 C 3.79 % 24.61 % 0.9 Equity Securities — — — — — — 1 Total Securities, Available-for-Sale $ 20,224 $ (19,476 ) $ 748 $ 2,682 $ — $ 3,430 5 FNMA/FHLMC 632,206 663,456 — 663,456 103 — 663,559 10 AAA 3.26 % 2.87 % 6.3 N/A Total Securities, Pledged as Collateral (E) $ 632,206 $ 663,456 $ — $ 663,456 $ 103 $ — $ 663,559 10 (A) See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle uses an implied AAA rating for the Fannie Mae/Freddie Mac ( “ FNMA/FHLMC ”) securities. Ratings provided were determined by third-party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current. (C) The weighted average life is based on the timing of expected cash flows on the assets. (D) Percentage of the outstanding face amount of securities and interests that is subordinate to Newcastle’s investments. (E) The total outstanding face amount was $640.7 million for fixed rate securities and $14.3 million for floating rate securities.
Schedule of activity related to credit losses on debt securities	The following table summarizes the activity related to credit losses on debt securities for the nine months ended September 30, 2016 : Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income $ (3,010 ) Additions for credit losses on securities for which an OTTI was not previously recognized — Additions to credit losses on securities for which OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income (110 ) Reduction for securities deconsolidated during the period 3,120 Reduction for securities sold/written off during the period — Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security — Ending balance of credit losses on debt securities for which a portion of OTTI was recognized in other comprehensive income $ —
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	The table below summarizes the geographic distribution of the collateral securing Newcastle’s CMBS and asset-backed securities (“ABS”) at September 30, 2016 : CMBS ABS (A) Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Western U.S. $ — — % $ 1,309 10.5 % Northeastern U.S. — — % 9,086 72.9 % Southeastern U.S. 10,308 100.0 % 1,058 8.5 % Midwestern U.S. — — % 424 3.4 % Southwestern U.S. — — % 587 4.7 % $ 10,308 100.0 % $ 12,464 100.0 % (A) Includes ABS - Non Agency RMBS and ABS - Small Business Loans.

REAL ESTATE RELATED AND OTHER35

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Schedule of real estate and other related loans, residential mortgage loans and subprime mortgage loans	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans at September 30, 2016 . The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment. Loan Type Outstanding Carrying Valuation Allowance Loan Weighted Weighted Average Coupon Weighted Average Life Floating Rate Loans as % of Face Amount Delinquent Face Amount (C) Mezzanine Loans $ 17,767 $ — $ — 2 — % 8.39 % 0.0 100.0 % $ 17,767 Corporate Loans 117,065 52,874 3,247 4 22.47 % 14.99 % 0.5 — % 59,384 Total Real Estate Related and other Loans Held-for-Sale, Net $ 134,832 $ 52,874 $ 3,247 6 22.47 % 14.12 % 0.4 13.2 % $ 77,151 Residential Mortgage Loans Held-for-Sale, Net (D) $ 774 $ 240 $ 207 3 3.34 % 2.98 % 1.8 100.0 % $ 628 Subprime Mortgage Loans Subject to Call Option $ 353,347 $ 353,347 (A) Carrying value includes negligible interest receivable for the residential housing loans. (B) The weighted average life is based on the timing of expected cash flows on the assets. (C) Includes loans that are 60 or more days past due (including loans that are in foreclosure, or borrower’s in bankruptcy) or considered real estate owned (“REO”). As of September 30, 2016 , $77.2 million face amount of real estate related and other loans was on non-accrual status. (D) Loans acquired at a discount for credit quality. Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets.
Schedule of real estate related and other loans by maturity	The following is a summary of real estate related and other loans by maturities at September 30, 2016 : Year of Maturity Outstanding Face Amount Carrying Value Number of Loans Delinquent (A) $ 77,151 $ 725 5 Period from October 1, 2016 to December 31, 2016 — — — 2017 — — — 2018 — — — 2019 57,681 52,149 1 2020 — — — 2021 — — — Thereafter — — — Total $ 134,832 $ 52,874 6 (A) Includes loans that are non-performing, in foreclosure, or under bankruptcy
Schedule of activity in carrying value of real estate related and other loans and residential mortgage loans	Activities relating to the carrying value of Newcastle’s real estate related and other loans and residential mortgage loans are as follows: Held-for-Sale Real Estate Related and Other Loans Residential Mortgage Loans (A) Balance at December 31, 2015 $ 149,198 $ 532 Purchases / additional fundings — — Interest accrued to principal balance 25,708 — Principal paydowns (109,892 ) (38 ) Sales (19,433 ) — Valuation allowance on loans (3,247 ) (207 ) Accretion of loan discount, other amortization and other income 10,540 — Loss on settlement of loans — (47 ) Balance at September 30, 2016 $ 52,874 $ 240 (A) Recorded in receivables and other assets on the Consolidated Balance Sheets.
Rollforward of loss allowance for real estate related and other loans and residential mortgage loans	The following is a rollforward of the related loss allowance. Held-For-Sale Real Estate Related and Other Loans Residential Mortgage Loans Balance at December 31, 2015 $ (70,865 ) $ (251 ) Charge-offs — — Valuation allowance on loans (3,247 ) (207 ) Balance at September 30, 2016 $ (74,112 ) $ (458 )
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	The table below summarizes the geographic distribution of real estate related and other loans and residential mortgage loans at September 30, 2016 : Real Estate Related Residential Mortgage Loans Geographic Location Outstanding Face Amount Percentage Outstanding Face Amount Percentage Northeastern U.S. $ — — % $ 523 67.6 % Southeastern U.S. — — % 251 32.4 % Foreign 63,454 100.0 % — — % $ 63,454 100.0 % $ 774 100.0 % Other (A) 71,378 $ 134,832 (A) Includes corporate loans which are not directly secured by real estate assets.
Schedule of retained interests in securitizations of subprime mortgage loans	The following table presents information on the retained interests in Newcastle’s securitizations of subprime mortgage loans at September 30, 2016 : Subprime Portfolio I II Total Total securitized loans (unpaid principal balance) (A) $ 247,163 $ 360,388 $ 607,551 Loans subject to call option (carrying value) $ 246,306 $ 107,041 $ 353,347 Retained bonds (fair value) (B) $ 3,430 $ — $ 3,430 (A) Average loan seasoning of 134 months and 116 months for Subprime Portfolios I and II, respectively, at September 30, 2016 . (B) The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. The weighted average yield of the retained bonds was 24.6% as of September 30, 2016 . Newcastle ’ s residual interests were written off in 2010.
Schedule of details regarding subprime mortgage loans and related financing in the securitizations	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of September 30, 2016 : Subprime Portfolio I II Loan unpaid principal balance (“UPB”) $ 247,163 $ 360,388 Weighted average coupon rate of loans 5.45 % 4.37 % Delinquencies of 60 or more days (UPB) (A) $ 38,390 $ 84,480 Net credit losses for the nine months ended September 30, 2016 $ 6,452 $ 13,036 Cumulative net credit losses $ 291,776 $ 376,653 Cumulative net credit losses as a % of original UPB 19.4 % 34.6 % Percentage of ARM loans (B) 51.7 % 64.1 % Percentage of loans with original loan-to-value ratio >90% 10.6 % 15.5 % Percentage of interest-only loans 0.8 % 1.9 % Face amount of debt (C) $ 242,306 $ 360,388 Weighted average funding cost of debt (D) 0.91 % 0.79 % (A) Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO. (B) ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs. (C) Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I and over-collateralization of $0.9 million on Subprime Portfolio I at September 30, 2016 . (D) Includes the effect of applicable hedges, if any.

INVESTMENTS IN REAL ESTATE, N36

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of investments in real estate related to its Golf business	The following table summarizes Newcastle’s investments in real estate related to its Golf business: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 90,324 $ — $ 90,324 $ 90,324 $ — $ 90,324 Buildings and improvements 149,310 (39,957 ) 109,353 142,558 (29,053 ) 113,505 Furniture, fixtures and equipment 29,613 (20,736 ) 8,877 25,984 (17,189 ) 8,795 Capital leases - equipment 19,741 (3,982 ) 15,759 12,752 (1,970 ) 10,782 Construction in progress 3,014 — 3,014 4,501 — 4,501 Total Investments in Real Estate $ 292,002 $ (64,675 ) $ 227,327 $ 276,119 $ (48,212 ) $ 227,907

INTANGIBLES, NET OF ACCUMULAT37

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The following table summarizes Newcastle’s intangible assets related to its Golf business: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (64 ) $ 636 $ 700 $ (47 ) $ 653 Leasehold intangibles (A) 49,861 (13,160 ) 36,701 49,962 (9,817 ) 40,145 Management contracts 36,222 (10,225 ) 25,997 36,500 (7,911 ) 28,589 Internally-developed software 800 (440 ) 360 800 (320 ) 480 Membership base 5,236 (2,057 ) 3,179 5,236 (1,496 ) 3,740 Nonamortizable liquor license 865 — 865 865 — 865 Total Intangibles $ 93,684 $ (25,946 ) $ 67,738 $ 94,063 $ (19,591 ) $ 74,472 (A) The amortization expense for leasehold intangibles is reported in operating expenses - golf in the Consolidated Statements of Operations.

RECEIVABLES AND OTHER ASSETS (T

RECEIVABLES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables And Other Assets [Abstract]
Schedule of receivables and other assets	The following table summarizes Newcastle’s receivables and other assets: September 30, 2016 December 31, 2015 Accounts receivable, net $ 13,908 $ 9,889 Prepaid expenses 3,470 3,205 Interest receivable 2,284 1,142 Deposits 6,645 7,437 Inventory 4,958 5,057 Derivative assets 395 127 Residential mortgage loans, held-for-sale, net 240 532 Miscellaneous assets, net 15,223 11,157 Total Receivables and Other Assets $ 47,123 $ 38,546

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt obligations and related hedges	The following table presents certain information regarding Newcastle’s debt obligations at September 30, 2016 : Collateral Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life(Years) Face Amount of Outstanding Face Amount Amortized Carrying Weighted Average Life Floating Rate Face Amount Repurchase Agreements (C) FNMA/FHLMC Securities Sep 2016 831,741 831,741 Oct 2016 0.79% 0.79 % 0.1 — 817,235 858,097 858,233 6.0 — 831,741 831,741 0.79 % 0.1 — 817,235 858,097 858,233 6.0 — Golf Credit Facilities Golf Term Loan (D) June 2016 102,000 98,380 Jul 2019 LIBOR+4.70% (E) 7.92 % 2.7 102,000 N/A N/A N/A N/A N/A Vineyard II Dec 1993 200 200 Dec 2043 2.20% 2.20 % 27.2 200 N/A N/A N/A N/A N/A Capital Leases (Equipment) May 2014 - Sep 2016 16,117 16,117 Mar 2022 3.00% to 16.16% 6.56 % 4.3 — N/A N/A N/A N/A N/A 118,317 114,697 7.72 % 3.0 102,200 N/A N/A N/A N/A N/A Corporate Junior subordinated notes payable Mar 2006 51,004 51,219 Apr 2035 LIBOR+2.25% 2.98 % 18.6 51,004 N/A N/A N/A N/A N/A 51,004 51,219 2.98 % 18.6 51,004 N/A N/A N/A N/A N/A Subtotal debt obligations 1,001,062 997,657 1.70 % 1.4 $ 153,204 $ 817,235 $ 858,097 $ 858,233 6.0 $ — Financing on subprime mortgage loans subject to call option (F) 353,347 353,347 Total debt obligations $ 1,354,409 $ 1,351,004 See notes on next page. (A) Weighted average, including floating and fixed rate classes. (B) Including the effect of deferred financing costs. (C) These repurchase agreements had $0.1 million of accrued interest payable at September 30, 2016 . The counterparties on these repurchase agreements are Citi ( $399.1 million ), Jefferies ( $284.5 million ), and Morgan Stanley ( $148.1 million ). Newcastle has margin exposures on a total of $831.7 million repurchase agreements related to the financing of FNMA/FHLMC securities. To the extent that the value of the collateral underlying these repurchase agreements declines, Newcastle may be required to post margin, which could significantly impact its liquidity. $831.7 million of repurchase agreements were repaid in October 2016 as part of the sale of the FNMA/FHLMC securities. (D) The golf term loan is collateralized by 22 golf properties. The carrying amount of the golf term loan is reported net of deferred financing costs of $3.6 million as of September 30, 2016 . (E) Interest rate based on 30 day LIBOR plus 4.70% with a LIBOR floor of 1.80% . At the time of closing, Newcastle purchased a co-terminus LIBOR interest rate cap of 1.80% . (F) See Note 6 regarding the securitizations of Subprime Portfolios I and II.
Schedule of future minimum lease payments under capital leases	The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of September 30, 2016 are as follows: October 1, 2016 - December 31, 2016 $ 1,104 2017 4,418 2018 4,412 2019 4,260 2020 2,938 2021 1,360 Thereafter 89 Total minimum lease payments 18,581 Less: imputed interest (2,464 ) Present value of net minimum lease payments $ 16,117

ACCOUNTS PAYABLE, ACCRUED EXP40

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Schedule of accounts payable, accrued expenses and other liabilities	The following table summarizes Newcastle’s accounts payable, accrued expenses and other liabilities: September 30, 2016 December 31, 2015 Accounts payable and accrued expenses $ 32,384 $ 26,966 Deferred revenue 14,911 33,926 Security deposit payable 7,800 5,975 Unfavorable leasehold interests 4,509 5,485 Derivative liabilities 2,463 684 Accrued rent 3,204 3,135 Due to affiliates 892 892 Miscellaneous liabilities 11,129 11,876 Total Accounts Payable, Accrued Expenses and Other Liabilities $ 77,292 $ 88,939

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of gains (losses) recorded in relation to derivatives	The following table summarizes gains (losses) recorded in relation to derivatives: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2016 2015 2016 2015 Cash flow hedges Loss recognized on termination of derivative instruments Gain (loss) on settlement of investments, net $ — $ — $ — $ (612 ) Deferred hedge gain reclassified from Accumulated Other Comprehensive Income (“AOCI”) into earnings Interest expense — 20 20 58 Amount of loss reclassified from AOCI into income (effective portion) Interest expense — — — (1,363 ) Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion) N/A — — — (60 ) Non-hedge derivatives Unrealized gain (loss) on interest rate derivatives Other income (loss), net $ (15 ) $ — $ (34 ) $ 292 Unrealized gain (loss) recognized related to TBAs Other income (loss), net 270 (382 ) (1,668 ) (381 ) Realized loss on settlement of TBAs Gain (loss) on settlement of investments, net (3,730 ) (10,771 ) (13,675 ) (12,714 )

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of carrying value and estimated fair value of assets and liabilities	The following table summarizes the carrying values and estimated fair values of Newcastle’s financial instruments at September 30, 2016 : Carrying Estimated Fair Value Method (A) Assets Real estate securities, available-for-sale $ 3,430 $ 3,430 Broker/counterparty quotations, pricing services, pricing models Real estate securities, available-for-sale - pledged as collateral 663,559 663,559 Broker/counterparty quotations, pricing services Real estate related and other loans, held-for-sale, net 52,874 58,406 Pricing models, broker/counterparty quotations, pricing services Residential mortgage loans, held-for-sale, net (B) 240 274 Broker/counterparty quotations, pricing models Subprime mortgage loans subject to call option (C) 353,347 353,347 (C) Cash and cash equivalents 134,289 134,289 Restricted cash 7,295 7,295 Non-hedge derivative assets (D) 395 395 Counterparty quotations, pricing services Liabilities Repurchase agreements 831,741 831,741 Counterparty quotations, market comparables Credit facilities and obligations under capital leases 114,697 114,697 Pricing models Financing of subprime mortgage loans subject to call option (C) 353,347 353,347 (C) Junior subordinated notes payable 51,219 22,978 Pricing models Non-hedge derivative liabilities (D) 2,463 2,463 Counterparty quotations, pricing services (A) Methods are listed in order of priority. In the case of real estate securities and real estate related and other loans, broker quotations are obtained if available and practicable, otherwise counterparty quotations or pricing service valuations are obtained or, finally, internal pricing models are used. Internal pricing models are only used for (i) securities and loans that are not traded in an active market, and, therefore, have little or no price transparency, and for which significant unobservable inputs must be used in estimating fair value, or (ii) loans or debt obligations which are private and untraded. (B) Residential mortgage loans held-for-sale, net is recorded in receivables and other assets on the Consolidated Balance Sheets. (C) Represents an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 6). (D) Represents derivative assets and liabilities, including interest rate caps and TBA forward contracts (Note 12).
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 September 30, 2016 : Fair Value Carrying Value Level 2 Level 3 Total Market Quotations (Observable) Market Quotations (Unobservable) Internal Pricing Models Assets Real estate securities, available-for-sale: ABS - Non-Agency RMBS $ 3,430 $ — $ 3,430 $ — $ 3,430 Real estate securities, available-for-sale total $ 3,430 $ — $ 3,430 $ — $ 3,430 Real estate securities, available-for-sale - pledged as collateral: FNMA/FHLMC $ 663,559 $ 663,559 $ — $ — $ 663,559 Real estate securities, available-for-sale - pledged as collateral total $ 663,559 $ 663,559 $ — $ — $ 663,559 Derivative assets: Interest rate cap, not treated as hedge $ 156 $ 156 $ — $ — $ 156 TBAs, not treated as hedges 239 239 — — 239 Derivative assets total $ 395 $ 395 $ — $ — $ 395 Liabilities Derivative liabilities: TBAs, not treated as hedges $ 2,463 $ 2,463 $ — $ — $ 2,463 Derivative liabilities total $ 2,463 $ 2,463 $ — $ — $ 2,463
Schedule of change in fair value of Level 3 investments	Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed during the nine months ended September 30, 2016 as follows: CMBS ABS - Non-Agency RMBS Equity/Other Securities Total Balance at December 31, 2015 $ 39,684 $ 9,619 $ 9,731 $ 59,034 Transfers Transfers into Level 3 — — — — CDO VI deconsolidation (37,179 ) (6,710 ) (43,889 ) Total gains (losses) (A) Included in net income (B) (110 ) — 10,669 10,559 Included in other comprehensive income (loss) (658 ) 499 (9,731 ) (9,890 ) Amortization included in interest income 879 234 — 1,113 Purchases, sales and repayments Purchases — — — — Proceeds from sales — — (10,669 ) (10,669 ) Proceeds from repayments (2,616 ) (212 ) — (2,828 ) Balance at September 30, 2016 $ — $ 3,430 $ — $ 3,430 (A) None of the gains (losses) recorded in earnings during the period is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. (B) These gains (losses) are recorded in the following line items in the Consolidated Statements of Operations: Nine Months Ended September 30, 2016 Gain (loss) on settlement of investments, net $ 10,669 OTTI (110 ) Total $ 10,559
Schedule of fair value for real estate related and other loans held-for-sale	The following table summarizes certain information for real estate related and other loans as of September 30, 2016 : Significant Input Range Weighted Average Loan Type Carrying Value Fair Value Discount Rate Loss Severity Discount Rate Loss Severity Corporate Loans 52,874 58,406 0.0%-22.5% 0%-100% 22.5 % 39.0 % Total Real Estate Related and Other Loans Held-for-Sale, Net (A) $ 52,874 $ 58,406 (A) Excludes $17.8 million face amount of mezzanine loans which have a zero carrying value.

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of outstanding options	The following is a summary of the changes in Newcastle’s outstanding options for the nine months ended September 30, 2016 : Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2015 5,421,561 $ 2.85 Granted (A) 333 3.78 Balance at September 30, 2016 5,421,894 $ 2.86 6.04 Exercisable at September 30, 2016 5,294,325 $ 2.83 5.98 (A) Options granted to a non-employee director upon joining the board of directors.
Schedule of outstanding options summary	As of September 30, 2016 , Newcastle’s outstanding options were summarized as follows: Issued Prior to 2011 Issued in 2011 and thereafter Total Held by the Manager 115,239 5,010,243 5,125,482 Issued to the Manager and subsequently transferred to certain of the Manager’s employees 29,422 266,657 296,079 Issued to the independent directors — 333 333 Total 144,661 5,277,233 5,421,894 Weighted average strike price $ 13.18 $ 2.57 $ 2.86
Schedule of amounts used in computing basic and diluted EPS	Newcastle is required to present both basic and diluted earnings per share (“EPS”). The following table shows the amounts used in computing basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator for basic and diluted earnings per share: Income from continuing operations after preferred dividends and noncontrolling interests $ 18,923 $ 6,492 $ 92,598 $ 20,780 Income from discontinued operations, net of tax — 7 — 646 Income Applicable to Common Stockholders $ 18,923 $ 6,499 $ 92,598 $ 21,426 Denominator: Denominator for basic earnings per share - weighted average shares 66,730,583 66,484,962 66,688,962 66,445,705 Effect of dilutive securities Options 2,342,093 2,584,697 2,064,570 2,607,597 Denominator for diluted earnings per share - adjusted weighted average shares 69,072,676 69,069,659 68,753,532 69,053,302 Basic earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.28 $ 0.10 $ 1.39 $ 0.31 Income from discontinued operations per share of common stock $ — $ — $ — $ 0.01 Income Applicable to Common Stock, per share (A) $ 0.28 $ 0.10 $ 1.39 $ 0.32 Diluted earnings per share: Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests $ 0.27 $ 0.09 $ 1.35 $ 0.30 Income from discontinued operations per share of common stock $ — $ — $ — $ 0.01 Income Applicable to Common Stock, per share (A) $ 0.27 $ 0.09 $ 1.35 $ 0.31 (A) 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.

TRANSACTIONS WITH AFFILIATES 44

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Transactions With Affiliates And Affiliated Entity [Abstract]
Schedule of amounts Incurred under management agreement	Amounts incurred under the Management Agreement Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Management fees $ 2,551 $ 2,550 $ 7,652 $ 7,642 Expense reimbursement to the Manager 125 125 375 375 Incentive compensation — — — — Total Management fee to affiliate $ 2,676 $ 2,675 $ 8,027 $ 8,017

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of provisions for income taxes	The provision for income taxes consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Current: Federal $ (37 ) $ 996 $ 27 $ 1,076 State and Local (1 ) 269 20 289 Total Current Provision (Benefit) $ (38 ) $ 1,265 $ 47 $ 1,365 Deferred: Federal $ — $ (7 ) $ 83 $ (30 ) State and Local — (1 ) 14 (5 ) Total Deferred Provision (Benefit) $ — $ (8 ) $ 97 $ (35 ) Total Provision (Benefit) for Income Taxes $ (38 ) $ 1,257 $ 144 $ 1,330
Schedule of deferred tax assets and liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2016 are presented below: September 30, 2016 December 31, 2015 Deferred tax assets: Allowance for loan losses $ 380 $ 399 Depreciation and amortization 35,587 33,495 Accrued expenses 2,184 2,008 Net operating losses 29,690 22,524 Total deferred tax assets 67,841 58,426 Less valuation allowance (52,928 ) (42,158 ) Net deferred tax assets $ 14,913 $ 16,268 Deferred tax liabilities: Leaseholds 14,125 15,366 Other 788 805 Total deferred tax liabilities $ 14,913 $ 16,171 Net deferred income tax assets (A) $ — $ 97 (A) Recorded in receivables and other assets on the Consolidated Balance Sheets.

GAINS (LOSSES) ON SETTLEMENT 46

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Tables)	9 Months Ended
	Sep. 30, 2016
Gains Losses On Settlement Of Investments Net And Other Income Loss Net
Schedule of gains (losses) on settlement of investments, net and other income (loss), net	These items are comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gain on settlement of real estate securities $ 10,080 $ 7,617 $ 18,560 $ 42,357 Loss on settlement of real estate securities — — — (5,926 ) Gain (loss) on repayment/disposition of loans held-for-sale — (14 ) (47 ) 1,518 Loss recognized on termination of derivative instruments — — — (612 ) Realized loss on settlement of TBAs (3,730 ) (10,771 ) (13,675 ) (12,714 ) Gain (Loss) on Settlement of Investments, net $ 6,350 $ (3,168 ) $ 4,838 $ 24,623 Unrealized gain (loss) on non-hedge derivative instruments $ 255 $ (382 ) $ (1,702 ) $ (89 ) Gain (loss) on lease modifications and terminations 2 514 (75 ) 734 Collateral management fee income, net 119 174 481 553 Equity in earnings of equity method investees 384 333 1,129 975 Gain (loss) on disposal of long-lived assets — (549 ) 24 (729 ) Other income 227 187 387 427 Other Income (Loss), net $ 987 $ 277 $ 244 $ 1,871

RECLASSIFICATION FROM ACCUMUL47

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Tables)	9 Months Ended
	Sep. 30, 2016
Reclassification From Accumulated Other Comprehensive Income Into Net Income
Schedule of reclassification from accumulated other comprehensive income into net income	The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income: Accumulated Other Comprehensive Income Statement Three Months Ended September 30, Nine Months Ended September 30, Income Components Location 2016 2015 2016 2015 Net realized gain (loss) on securities (Impairment) reversal Portion of other-than-temporary impairment on securities recognized in other comprehensive income $ — $ (23 ) $ (54 ) $ 39 Gain on settlement of real estate securities Gain (loss) on settlement of investments, net 10,080 7,617 18,560 42,357 Gain on deconsolidation of CDO VI Gain on deconsolidation — — 20,682 — Loss on settlement of real estate securities Gain (loss) on settlement of investments, net — — — (5,926 ) $ 10,080 $ 7,594 $ 39,188 $ 36,470 Net realized gain (loss) on derivatives designated as cash flow hedges Loss recognized on termination of derivative instruments Gain (loss) on settlement of investments, net — — — (612 ) Amortization of deferred gain Interest expense — 20 20 58 Loss reclassified from AOCI into income, related to effective portion Interest expense — — — (1,363 ) $ — $ 20 $ 20 $ (1,917 ) Total reclassifications $ 10,080 $ 7,614 $ 39,208 $ 34,553

OTHER-THAN-TEMPORARY IMPAIRME48

OTHER-THAN-TEMPORARY IMPAIRMENT (Tables)	9 Months Ended
	Sep. 30, 2016
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 Consolidated Statement of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Debt securities $ — $ 363 $ 110 $ 1,988 Equity securities — 87 — 367 Other investments — — — 7,505 Total impairment expense $ — $ 450 $ 110 $ 9,860

SUPPLEMENTAL NON-CASH INVESTI49

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Non-cash Investing And Financing Activities Related To Cdos
Schedule of supplemental non cash investing and financing activities relating to CDOs	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below: Nine Months Ended September 30, 2016 2015 Restricted cash generated from sale of securities $ — $ 139,257 Restricted cash generated from sale of loans $ — $ 55,574 Restricted cash generated from paydowns on securities and loans $ 2,310 $ 76,126 Restricted cash used for repayments of CDO and other bonds payable $ 2,748 $ 145,773 CDO VI deconsolidation: Real estate securities $ 43,889 $ — Restricted cash $ 67 $ — CDO and other bonds payable $ 105,423 $ —

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative)	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
REIT distribution threshold for nontaxation	90.00%

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	1 Months Ended				3 Months Ended		9 Months Ended
	Aug. 31, 2016USD ($)security	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Feb. 28, 2011USD ($)	Sep. 30, 2016USD ($)derivative_instrumentcontract	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)derivative_instrumentcontract	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Refundable term for initiation fees							30 years
Expected life of active golf membership							7 years
Ownership in equity investment					23.00%		23.00%
Other investments					$ 21,724,000		$ 21,724,000		$ 20,595,000
Acquisition of servicing rights				$ 2,200,000
Amortization of servicing rights					100,000	$ 100,000	300,000	$ 300,000
(MSR) impairment (recovery)					0	0	0	0
Servicing assets					400,000		400,000		700,000
Proceeds from sale of investments							1,128,906,000	1,061,499,000
CDO bonds payable					0		0		92,933,000
Other bonds and notes payable					0		0		16,162,000
Reclassification of net realized gain on deconsolidation of CDO VI					0	$ 0	20,682,000	$ 0
Variable Interest Entity, Primary Beneficiary
Derivative [Line Items]
CDO bonds payable					0		0		92,933,000
Other bonds and notes payable					0		$ 0		4,672,000
Newcastle CDO VI | Variable Interest Entity, Primary Beneficiary
Derivative [Line Items]
Reclassification of net realized gain on deconsolidation of CDO VI			$ 20,700,000
Gain on extinguishment of debt, net			82,100,000
Newcastle CDO VI | Variable Interest Entity, Primary Beneficiary | Available-for-sale Securities
Derivative [Line Items]
Carrying value of Newcastle's investment			43,900,000
Newcastle CDO VI | Variable Interest Entity, Primary Beneficiary | CDO Bonds Payable
Derivative [Line Items]
CDO bonds payable			93,100,000
Newcastle CDO VI | Variable Interest Entity, Primary Beneficiary | Other Bonds Payable
Derivative [Line Items]
Other bonds and notes payable			12,400,000
Non-consolidated CDO Securities
Derivative [Line Items]
Face amount of securities sold	$ 14,800,000	$ 10,000,000
Number of securities sold (in securities) | security	2
Proceeds from sale of investments	$ 9,900,000	700,000
Gain on extinguishment of debt, net	$ 9,900,000	$ 700,000
NCT 2013-VI Class I-MM-2
Derivative [Line Items]
Face amount of securities sold			$ 11,000,000
Debt instrument, redemption price, percentage of principal amount redeemed			93.00%
Lower Range
Derivative [Line Items]
Operating lease term							10 years
Upper Range
Derivative [Line Items]
Operating lease term							20 years
Interest rate cap
Derivative [Line Items]
Interest rate derivative instruments not designated as hedging instruments at fair value, net					$ 200,000		$ 200,000
Interest rate cap | Not designated as hedging instrument
Derivative [Line Items]
Number of interest rate derivatives held (in derivative instruments) | derivative_instrument					1		1
Other Contract | Not designated as hedging instrument | Short
Derivative [Line Items]
Derivative, number of instruments held (in contracts) | contract					6		6
Notional amount					$ 1,457,200,000		$ 1,457,200,000
Other Contract | Not designated as hedging instrument | Short | Forward Contracts
Derivative [Line Items]
Margin deposit assets					$ 2,900,000		$ 2,900,000		$ 1,000,000
Other Contract | Not designated as hedging instrument | Long
Derivative [Line Items]
Derivative, number of instruments held (in contracts) | contract					4		4
Notional amount					$ 823,000,000		$ 823,000,000

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Useful Lives of Property, Plant and Equipment) (Details)	9 Months Ended
	Sep. 30, 2016
Buildings and improvements | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Buildings and improvements | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Furniture, fixtures and equipment | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures and equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Capital leases - equipment | Lower Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Capital leases - equipment | Upper Range
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Assets of VIE) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
Real estate securities, available-for-sale	$ 3,430	$ 59,034
Loans subject to call option (carrying value)	353,347	380,806
Restricted cash	7,295	4,469
Receivables and other assets	47,123	38,546
Total Assets	2,436,939	1,467,982
Variable Interest Entity, Primary Beneficiary
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs
Real estate securities, available-for-sale	0	46,392
Loans subject to call option (carrying value)	353,347	380,806
Restricted cash	0	128
Receivables and other assets	0	77
Total Assets	$ 353,347	$ 427,403

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Liabilities of VIE) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle
CDO bonds payable	$ 0	$ 92,933
Other bonds and notes payable	0	16,162
Financing of subprime mortgage loans subject to call option	353,347	380,806
Accounts payable, accrued expenses and other liabilities	77,292	88,939
Total Liabilities	2,179,291	1,257,860
Variable Interest Entity, Primary Beneficiary
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Newcastle
CDO bonds payable	0	92,933
Other bonds and notes payable	0	4,672
Financing of subprime mortgage loans subject to call option	353,347	380,806
Accounts payable, accrued expenses and other liabilities	0	29
Total Liabilities	$ 353,347	$ 478,440

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of investments		$ 1,128,906	$ 1,061,499
Repayments of debt obligations		$ 1,158,754	$ 1,485,065
Discontinued Operations, Disposed of by Sale | 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
Gain of sale of discontinued operations	300
Repayments of debt obligations	$ 6,000

DISCONTINUED OPERATIONS (Result

DISCONTINUED OPERATIONS (Results of Operations from Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ 0	$ 7	$ 0	$ 646
Discontinued Operations, Disposed of by Sale | Provision (benefit) for income taxes from discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental income	0	7	0	556
Gain on settlement of investments	0	0	0	318
Total income	0	7	0	874
Property operating expenses	0	0	0	187
General and administrative expenses	0	0	0	30
Depreciation and amortization	0	0	0	11
Total expenses	0	0	0	228
Income from discontinued operations	$ 0	$ 7	$ 0	$ 646

SEGMENT REPORTING (Segment Repo

SEGMENT REPORTING (Segment Reporting) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Interest income	$ 32,310	$ 23,010	$ 73,770	$ 74,353
Interest expense	(13,138)	(14,715)	(39,089)	(48,392)
Inter-segment elimination				0
Net interest income	19,172	8,295	34,681	25,961
Total impairment	611	3,460	3,564	17,544
Total operating revenues	83,162	82,864	229,804	226,493
Total other income (loss), net	7,110	11,987	86,605	41,861
Loan and security servicing expense	32	41	70	255
Operating expenses - golf	65,101	65,518	182,919	181,506
Operating expenses - golf, repairs and maintenance expenses	1,926	2,466	6,212	6,853
Cost of sales - golf	8,250	8,842	23,678	24,003
General and administrative expense	2,601	2,865	7,814	7,727
General and administrative expense - acquisition and transaction expenses	1,055	1,011	2,464	1,349
Management fee to affiliate	2,676	2,675	8,027	8,017
Depreciation and amortization	6,735	7,111	19,250	20,983
Income tax expense	(38)	1,257	144	1,330
Income from continuing operations	20,495	7,900	96,948	24,748
Income from discontinued operations	0	7	0	646
Net Income	20,495	7,907	96,948	25,394
Preferred dividends	(1,395)	(1,395)	(4,185)	(4,185)
Net income attributable to noncontrolling interests	(177)	(13)	(165)	217
Income Applicable to Common Stockholders	18,923	6,499	92,598	21,426
Investments	1,389,999		1,389,999
Cash and restricted cash	141,584		141,584
Other assets	905,356		905,356
Total Assets	2,436,939		2,436,939		$ 1,467,982
Debt, net	1,351,004		1,351,004
Other liabilities	828,287		828,287
Total Liabilities	2,179,291		2,179,291		1,257,860
Preferred stock	61,583		61,583		61,583
Noncontrolling interests	(92)		(92)		$ (257)
Equity attributable to common stockholders	196,157		196,157
Additions to investments in real estate during the nine months ended September 30, 2016			15,883
Operating Segments | Discontinued Operations
Segment Reporting Information [Line Items]
Interest income		0		0
Interest expense		0		0
Inter-segment elimination				0
Net interest income		0		0
Total impairment		0		0
Total operating revenues		0		0
Total other income (loss), net		0		0
Loan and security servicing expense		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
General and administrative expense - acquisition and transaction expenses		0		0
Management fee to affiliate		0		0
Depreciation and amortization		0		0
Income tax expense		0		0
Income from continuing operations		0		0
Income from discontinued operations		7		646
Net Income		7		646
Preferred dividends		0		0
Net income attributable to noncontrolling interests		0		0
Income Applicable to Common Stockholders		7		646
Eliminations
Segment Reporting Information [Line Items]
Interest income				(3,005)
Interest expense				3,005
Inter-segment elimination				0
Net interest income				0
Total impairment				0
Total operating revenues				0
Total other income (loss), net				0
Loan and security servicing expense				0
Operating expenses - golf				0
Operating expenses - golf, repairs and maintenance expenses				0
Cost of sales - golf				0
General and administrative expense				0
General and administrative expense - acquisition and transaction expenses				0
Management fee to affiliate				0
Depreciation and amortization				0
Income tax expense				0
Income from continuing operations				0
Income from discontinued operations				0
Net Income				0
Preferred dividends				0
Net income attributable to noncontrolling interests				0
Income Applicable to Common Stockholders				0
CDOs | Operating Segments
Segment Reporting Information [Line Items]
Interest income	0	1,375	1,097	30,983
Interest expense	0	(680)	(491)	(5,993)
Inter-segment elimination				(3,005)
Net interest income	0	695	606	21,985
Total impairment	0	363	110	12,569
Total operating revenues	0	0	0	0
Total other income (loss), net	0	0	82,130	30,271
Loan and security servicing expense	0	35	30	249
Operating expenses - golf	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses	0	0	0	0
Cost of sales - golf	0	0	0	0
General and administrative expense	0	0	0	0
General and administrative expense - acquisition and transaction expenses	0	0	0	0
Management fee to affiliate	0	0	0	0
Depreciation and amortization	0	0	0	0
Income tax expense	0	0	0	0
Income from continuing operations	0	297	82,596	39,438
Income from discontinued operations		0		0
Net Income	0	297	82,596	39,438
Preferred dividends	0	0	0	0
Net income attributable to noncontrolling interests	0	0	0	0
Income Applicable to Common Stockholders	0	297	82,596	39,438
Investments	0		0
Cash and restricted cash	0		0
Other assets	0		0
Total Assets	0		0
Debt, net	0		0
Other liabilities	0		0
Total Liabilities	0		0
Preferred stock	0		0
Noncontrolling interests	0		0
Equity attributable to common stockholders	0		0
Additions to investments in real estate during the nine months ended September 30, 2016			0
Other Debt
Segment Reporting Information [Line Items]
Investments	1,094,934		1,094,934
Other Debt | Operating Segments
Segment Reporting Information [Line Items]
Interest income	32,286	21,587	72,564	46,246
Interest expense	(9,405)	(9,617)	(27,991)	(28,789)
Inter-segment elimination				0
Net interest income	22,881	11,970	44,573	17,457
Total impairment	611	3,097	3,454	4,975
Total operating revenues	0	0	0	0
Total other income (loss), net	7,125	(2,893)	4,782	(3,070)
Loan and security servicing expense	32	6	40	6
Operating expenses - golf	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses	0	0	0	0
Cost of sales - golf	0	0	0	0
General and administrative expense	0	0	0	0
General and administrative expense - acquisition and transaction expenses	0	60	0	60
Management fee to affiliate	0	0	0	0
Depreciation and amortization	0	0	0	0
Income tax expense	0	0	0	0
Income from continuing operations	29,363	5,914	45,861	9,346
Income from discontinued operations		0		0
Net Income	29,363	5,914	45,861	9,346
Preferred dividends	0	0	0	0
Net income attributable to noncontrolling interests	0	0	0	0
Income Applicable to Common Stockholders	29,363	5,914	45,861	9,346
Investments	1,094,934		1,094,934
Cash and restricted cash	2,017		2,017
Other assets	867,921		867,921
Total Assets	1,964,872		1,964,872
Debt, net	1,185,088		1,185,088
Other liabilities	666,490		666,490
Total Liabilities	1,851,578		1,851,578
Preferred stock	0		0
Noncontrolling interests	0		0
Equity attributable to common stockholders	113,294		113,294
Additions to investments in real estate during the nine months ended September 30, 2016			0
Golf | Operating Segments
Segment Reporting Information [Line Items]
Interest income	17	38	94	110
Interest expense	(3,340)	(3,473)	(8,703)	(13,779)
Inter-segment elimination				3,005
Net interest income	(3,323)	(3,435)	(8,609)	(10,664)
Total impairment	0	0	0	0
Total operating revenues	83,162	82,864	229,804	226,493
Total other income (loss), net	(15)	14,834	(307)	14,606
Loan and security servicing expense	0	0	0	0
Operating expenses - golf	65,101	65,518	182,919	181,506
Operating expenses - golf, repairs and maintenance expenses	1,926	2,466	6,212	6,853
Cost of sales - golf	8,250	8,842	23,678	24,003
General and administrative expense	665	919	2,212	1,960
General and administrative expense - acquisition and transaction expenses	855	918	2,093	1,239
Management fee to affiliate	0	0	0	0
Depreciation and amortization	6,735	7,111	19,250	20,983
Income tax expense	(38)	1,257	144	1,330
Income from continuing operations	(3,670)	7,232	(15,620)	(7,439)
Income from discontinued operations		0		0
Net Income	(3,670)	7,232	(15,620)	(7,439)
Preferred dividends	0	0	0	0
Net income attributable to noncontrolling interests	(177)	(13)	(165)	217
Income Applicable to Common Stockholders	(3,847)	7,219	(15,785)	(7,222)
Investments	295,065		295,065
Cash and restricted cash	9,640		9,640
Other assets	37,359		37,359
Total Assets	342,064		342,064
Debt, net	114,697		114,697
Other liabilities	157,705		157,705
Total Liabilities	272,402		272,402
Preferred stock	0		0
Noncontrolling interests	(92)		(92)
Equity attributable to common stockholders	69,754		69,754
Additions to investments in real estate during the nine months ended September 30, 2016			15,883
Corporate | Operating Segments
Segment Reporting Information [Line Items]
Interest income	7	10	15	19
Interest expense	(393)	(945)	(1,904)	(2,836)
Inter-segment elimination				0
Net interest income	(386)	(935)	(1,889)	(2,817)
Total impairment	0	0	0	0
Total operating revenues	0	0	0	0
Total other income (loss), net	0	46	0	54
Loan and security servicing expense	0	0	0	0
Operating expenses - golf	0	0	0	0
Operating expenses - golf, repairs and maintenance expenses	0	0	0	0
Cost of sales - golf	0	0	0	0
General and administrative expense	1,936	1,946	5,602	5,767
General and administrative expense - acquisition and transaction expenses	200	33	371	50
Management fee to affiliate	2,676	2,675	8,027	8,017
Depreciation and amortization	0	0	0	0
Income tax expense	0	0	0	0
Income from continuing operations	(5,198)	(5,543)	(15,889)	(16,597)
Income from discontinued operations		0		0
Net Income	(5,198)	(5,543)	(15,889)	(16,597)
Preferred dividends	(1,395)	(1,395)	(4,185)	(4,185)
Net income attributable to noncontrolling interests	0	0	0	0
Income Applicable to Common Stockholders	(6,593)	$ (6,938)	(20,074)	$ (20,782)
Investments	0		0
Cash and restricted cash	129,927		129,927
Other assets	76		76
Total Assets	130,003		130,003
Debt, net	51,219		51,219
Other liabilities	4,092		4,092
Total Liabilities	55,311		55,311
Preferred stock	61,583		61,583
Noncontrolling interests	0		0
Equity attributable to common stockholders	$ 13,109		13,109
Additions to investments in real estate during the nine months ended September 30, 2016			$ 0

SEGMENT REPORTING (Other Debt S

SEGMENT REPORTING (Other Debt Segment Investments and Debt) (Details 1)	Sep. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Investments Carrying Value	$ 1,389,999,000
Debt Outstanding Face Amount	1,354,409,000
Other Debt
Segment Reporting Information [Line Items]
Investments Outstanding Face Amount	1,069,395,000
Investments Carrying Value	1,094,934,000
Debt Outstanding Face Amount	1,185,088,000
Debt Carrying Value	1,185,088,000
Subprime mortgage loans subject to call options | Non-Recourse
Segment Reporting Information [Line Items]
Investments Outstanding Face Amount	353,347,000
Investments Carrying Value	353,347,000
Debt Outstanding Face Amount	353,347,000
Debt Carrying Value	353,347,000
Unlevered real estate securities | Other
Segment Reporting Information [Line Items]
Investments Outstanding Face Amount	12,464,000
Investments Carrying Value	3,430,000
Debt Outstanding Face Amount	0
Debt Carrying Value	0
Levered real estate securities | Other
Segment Reporting Information [Line Items]
Investments Outstanding Face Amount	632,206,000
Investments Carrying Value	663,559,000
Debt Outstanding Face Amount	831,741,000
Debt Carrying Value	831,741,000
Real estate related and other loans | Other
Segment Reporting Information [Line Items]
Investments Outstanding Face Amount	71,378,000
Investments Carrying Value	52,874,000
Debt Outstanding Face Amount	0
Debt Carrying Value	0
Other investments | Other
Segment Reporting Information [Line Items]
Investments Carrying Value	21,724,000
Debt Outstanding Face Amount	0
Debt Carrying Value	$ 0

SEGMENT REPORTING (Details Narr

SEGMENT REPORTING (Details Narrative)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)securityloan	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)securityloan	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Loan Count (in loans) | loan	6		6
Outstanding Face Amount	$ 134,832,000		$ 134,832,000
Mezzanine Loans
Segment Reporting Information [Line Items]
Loan Count (in loans) | loan	2		2
Outstanding Face Amount	$ 17,767,000		$ 17,767,000
Corporate Bank Loans
Segment Reporting Information [Line Items]
Loan Count (in loans) | loan	2		2
Outstanding Face Amount	$ 45,700,000		$ 45,700,000
Non-consolidated CDO Securities
Segment Reporting Information [Line Items]
Investments Outstanding Face Amount	0		0
Golf
Segment Reporting Information [Line Items]
Rental expense - carts and equipment	$ 900,000	$ 1,100,000	$ 2,900,000	$ 3,400,000
Other | Unlevered real estate securities
Segment Reporting Information [Line Items]
Number of securities (in securities) | security	11		11
Investments Outstanding Face Amount	$ 12,464,000		$ 12,464,000
Excluded from face amount of unlevered real estate securities	$ 154,000,000		$ 154,000,000

REAL ESTATE SECURITIES (Real Es

REAL ESTATE SECURITIES (Real Estate Securities Holdings) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)contractsecurity	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Carrying Value	$ 3,430,000	$ 59,034,000
Total outstanding face amount of fixed rate securities	640,700,000
Total outstanding face amount of floating rate securities	14,300,000
Other | Unlevered real estate securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 12,464,000
Number of Securities (in contracts/securities) | security	11
Excluded from face amount of unlevered real estate securities	$ 154,000,000
Total Securities, Pledged as Collateral
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	632,206,000
Before Impairment - Amortized Cost Basis	663,456,000
Other-Than-Temporary Impairment - Amortized Cost Basis	0
After Impairment - Amortized Cost Basis	663,456,000
Gross Unrealized Gains	103,000
Gross Unrealized Losses	0
Carrying Value	$ 663,559,000
Number of Securities (in contracts/securities) | contract	10
Real Estate Securities Available For Sale
Schedule of Available-for-sale Securities [Line Items]
Before Impairment - Amortized Cost Basis	$ 20,224,000
Other-Than-Temporary Impairment - Amortized Cost Basis	(19,476,000)
After Impairment - Amortized Cost Basis	748,000
Gross Unrealized Gains	2,682,000
Gross Unrealized Losses	0
Carrying Value	$ 3,430,000
Number of Securities (in contracts/securities) | contract	5
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 10,308,000
Before Impairment - Amortized Cost Basis	10,308,000
Other-Than-Temporary Impairment - Amortized Cost Basis	(10,308,000)
After Impairment - Amortized Cost Basis	0
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Carrying Value	$ 0
Number of Securities (in contracts/securities) | contract	2
Weighted Average Rating	C
Weighted Average Coupon	2.53%
Weighted Average Yield	0.00%
Weighted Average Life	1 day
Weighted Average Principal Subordination	0.00%
ABS - Non-Agency RMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 4,000,000
Before Impairment - Amortized Cost Basis	2,269,000
Other-Than-Temporary Impairment - Amortized Cost Basis	(1,521,000)
After Impairment - Amortized Cost Basis	748,000
Gross Unrealized Gains	2,682,000
Gross Unrealized Losses	0
Carrying Value	$ 3,430,000
Number of Securities (in contracts/securities) | contract	1
Weighted Average Rating	C
Weighted Average Coupon	0.92%
Weighted Average Yield	24.61%
Weighted Average Life	5 years 4 months
Weighted Average Principal Subordination	26.50%
ABS - Small Business Loans
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 8,464,000
Before Impairment - Amortized Cost Basis	7,647,000
Other-Than-Temporary Impairment - Amortized Cost Basis	(7,647,000)
After Impairment - Amortized Cost Basis	0
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Carrying Value	$ 0
Number of Securities (in contracts/securities) | contract	1
Weighted Average Rating	C
Weighted Average Coupon	6.69%
Weighted Average Yield	0.00%
Weighted Average Life	1 day
Weighted Average Principal Subordination	0.00%
Debt securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 22,772,000
Before Impairment - Amortized Cost Basis	20,224,000
Other-Than-Temporary Impairment - Amortized Cost Basis	(19,476,000)
After Impairment - Amortized Cost Basis	748,000
Gross Unrealized Gains	2,682,000
Gross Unrealized Losses	0
Carrying Value	$ 3,430,000
Number of Securities (in contracts/securities) | contract	4
Weighted Average Rating	C
Weighted Average Coupon	3.79%
Weighted Average Yield	24.61%
Weighted Average Life	10 months 15 days
Equity Securities
Schedule of Available-for-sale Securities [Line Items]
Before Impairment - Amortized Cost Basis	$ 0
Other-Than-Temporary Impairment - Amortized Cost Basis	0
After Impairment - Amortized Cost Basis	0
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Carrying Value	$ 0
Number of Securities (in contracts/securities) | contract	1
FNMA/FHLMC
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 632,206,000
Before Impairment - Amortized Cost Basis	663,456,000
Other-Than-Temporary Impairment - Amortized Cost Basis	0
After Impairment - Amortized Cost Basis	663,456,000
Gross Unrealized Gains	103,000
Gross Unrealized Losses	0
Carrying Value	$ 663,559,000
Number of Securities (in contracts/securities) | contract	10
Weighted Average Rating	AAA
Weighted Average Coupon	3.26%
Weighted Average Yield	2.87%
Weighted Average Life	6 years 4 months
Non-consolidated CDO Securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0

REAL ESTATE SECURITIES (Details

REAL ESTATE SECURITIES (Details Narrative)	1 Months Ended						3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Aug. 31, 2016USD ($)security	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Apr. 30, 2016USD ($)	Jan. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairment on securities							$ 0	$ 450,000	$ 110,000	$ 9,860,000
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)							0	$ 23,000	54,000	(39,000)
Proceeds from transaction									1,128,906,000	$ 1,061,499,000
Real Estate Securities
Schedule of Available-for-sale Securities [Line Items]
Other-than-temporary impairment on securities									100,000
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)									100,000
FNMA/FHLMC
Schedule of Available-for-sale Securities [Line Items]
Face amount of securities sold			$ 353,600,000		$ 347,500,000	$ 350,300,000
Average price percentage - sold			105.50%		104.90%	103.20%
Proceeds from transaction	$ 37,000,000		$ 373,100,000		$ 364,300,000	$ 361,300,000
Repayments of repurchase agreements			361,100,000		352,000,000	348,600,000
Investment owned	$ 35,600,000						35,600,000		35,600,000
Average price percentage - purchases	103.80%
Proceeds from securities purchased under agreements to resell	$ 35,400,000
Gain on extinguishment of debt, net			1,800,000		$ 5,900,000
FNMA/FHLMC 2
Schedule of Available-for-sale Securities [Line Items]
Average price percentage - sold					105.00%
Proceeds from transaction	663,500,000		453,100,000		$ 381,100,000	105,900,000
Investment owned	$ 632,200,000		$ 428,900,000		363,100,000	$ 102,700,000	$ 632,200,000		$ 632,200,000
Average price percentage - purchases	104.90%		105.70%			103.20%
Proceeds from securities purchased under agreements to resell	$ 628,200,000		$ 434,900,000		$ 366,400,000	$ 102,200,000
FNMA/FHLMC 3
Schedule of Available-for-sale Securities [Line Items]
Face amount of securities sold	$ 817,200,000
Average price percentage - sold	105.00%
Proceeds from transaction	$ 858,200,000	$ 259,300,000				258,100,000
Repayments of repurchase agreements	831,700,000
Investment owned		$ 249,600,000				$ 250,100,000
Average price percentage - purchases		103.90%				103.20%
Proceeds from securities purchased under agreements to resell		$ 248,700,000				$ 249,100,000
Gain on extinguishment of debt, net	$ 100,000
Non-consolidated CDO Securities
Schedule of Available-for-sale Securities [Line Items]
Face amount of securities sold		$ 14,800,000		$ 10,000,000
Average price percentage - sold		67.30%		7.25%
Proceeds from transaction		$ 9,900,000		$ 700,000
Gain on extinguishment of debt, net		$ 9,900,000		$ 700,000
Number of securities sold (in securities) | security		2
FNMA/FHLMC 4
Schedule of Available-for-sale Securities [Line Items]
Proceeds from transaction		$ 123,500,000
Investment owned		$ 116,800,000
Average price percentage - purchases		105.70%
Proceeds from securities purchased under agreements to resell		$ 118,600,000

REAL ESTATE SECURITIES (Credit

REAL ESTATE SECURITIES (Credit Losses on Debt Securities) (Details 3) - Total $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
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	$ (3,010)
Additions for credit losses on securities for which an OTTI was not previously recognized	0
Additions to credit losses on securities for which OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income	(110)
Reduction for securities deconsolidated during the period	3,120
Reduction for securities sold/written off during the period	0
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	0
Ending balance of credit losses on debt securities for which a portion of OTTI was recognized in other comprehensive income	$ 0

REAL ESTATE SECURITIES (Geograp

REAL ESTATE SECURITIES (Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS) (Details 4) $ in Thousands	Sep. 30, 2016USD ($)
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 10,308
Percentage	100.00%
CMBS | Western U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
CMBS | Northeastern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
CMBS | Southeastern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 10,308
Percentage	100.00%
CMBS | Midwestern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
CMBS | Southwestern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
ABS (A)
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 12,464
Percentage	100.00%
ABS (A) | Western U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 1,309
Percentage	10.50%
ABS (A) | Northeastern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 9,086
Percentage	72.90%
ABS (A) | Southeastern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 1,058
Percentage	8.50%
ABS (A) | Midwestern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 424
Percentage	3.40%
ABS (A) | Southwestern U.S.
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 587
Percentage	4.70%

REAL ESTATE RELATED AND OTHER64

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Schedule of Loans) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 134,832,000
Carrying Value	$ 52,874,000
Loan Count (in loans) | loan	6
Delinquent Face Amount	$ 77,151,000
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	17,767,000
Carrying Value	0
Valuation Allowance	$ 0
Loan Count (in loans) | loan	2
Weighted Average Yield	0.00%
Weighted Average Coupon	8.39%
Weighted Average Life	6 days
Floating Rate Loans as % of Face Amount	100.00%
Delinquent Face Amount	$ 17,767,000
Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	117,065,000
Carrying Value	52,874,000
Valuation Allowance	$ 3,247,000
Loan Count (in loans) | loan	4
Weighted Average Yield	22.47%
Weighted Average Coupon	14.99%
Weighted Average Life	6 months
Floating Rate Loans as % of Face Amount	0.00%
Delinquent Face Amount	$ 59,384,000
Total Real Estate Related and other Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	134,832,000
Carrying Value	52,874,000
Valuation Allowance	$ 3,247,000
Loan Count (in loans) | loan	6
Weighted Average Yield	22.47%
Weighted Average Coupon	14.12%
Weighted Average Life	5 months
Floating Rate Loans as % of Face Amount	13.20%
Delinquent Face Amount	$ 77,151,000
Face amount of real estate related loans on non-accrual status	77,200,000
Residential Mortgage Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	774,000
Carrying Value	240,000
Valuation Allowance	$ 207,000
Loan Count (in loans) | loan	3
Weighted Average Yield	3.34%
Weighted Average Coupon	2.98%
Weighted Average Life	1 year 9 months
Floating Rate Loans as % of Face Amount	100.00%
Delinquent Face Amount	$ 628,000
Subprime Mortgage Loans Subject to Call Option
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	353,347,000
Carrying Value	$ 353,347,000

REAL ESTATE RELATED AND OTHER65

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Loans By Maturity) (Details 1) $ in Thousands	Sep. 30, 2016USD ($)loan
Outstanding Face Amount
Delinquent	$ 77,151
Period from October 1, 2016 to December 31, 2016	0
2,017	0
2,018	0
2,019	57,681
2,020	0
2,021	0
Thereafter	0
Total	134,832
Carrying Value
Delinquent	725
Period from October 1, 2016 to December 31, 2016	0
2,017	0
2,018	0
2,019	52,149
2,020	0
2,021	0
Thereafter	0
Total	$ 52,874
Number of Loans
Delinquent (in loans) | loan	5
Period from October 1, 2016 to December 31, 2016 (in loans) | loan	0
2017 (in loans) | loan	0
2018 (in loans) | loan	0
2019 (in loans) | loan	1
2020 (in loans) | loan	0
2021 (in loans) | loan	0
Thereafter (in loans) | loan	0
Total (in loans) | loan	6

REAL ESTATE RELATED AND OTHER66

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Activity in Carrying Value) (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Held-for-Sale
Valuation allowance on loans	$ (611)	$ (3,010)	$ (3,454)	$ (7,684)
Balance at September 30, 2016	52,874		52,874
Real Estate Related and Other Loans
Held-for-Sale
Balance at December 31, 2015			149,198
Purchases / additional fundings			0
Interest accrued to principal balance			25,708
Principal paydowns			(109,892)
Sales			(19,433)
Valuation allowance on loans			(3,247)
Accretion of loan discount, other amortization and other income			10,540
Loss on settlement of loans			0
Balance at September 30, 2016	52,874		52,874
Residential Mortgage Loans
Held-for-Sale
Balance at December 31, 2015			532
Purchases / additional fundings			0
Interest accrued to principal balance			0
Principal paydowns			(38)
Sales			0
Valuation allowance on loans			(207)
Accretion of loan discount, other amortization and other income			0
Loss on settlement of loans			(47)
Balance at September 30, 2016	$ 240		$ 240

REAL ESTATE RELATED AND OTHER67

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Loss Allowance Rollforward) (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Held-For-Sale
Valuation allowance on loans	$ (611)	$ (3,010)	$ (3,454)	$ (7,684)
Real Estate Related and Other Loans
Held-For-Sale
Balance at December 31, 2015			(70,865)
Charge-offs			0
Valuation allowance on loans			(3,247)
Balance at September 30, 2016	(74,112)		(74,112)
Residential Mortgage Loans
Held-For-Sale
Balance at December 31, 2015			(251)
Charge-offs			0
Valuation allowance on loans			(207)
Balance at September 30, 2016	$ (458)		$ (458)

REAL ESTATE RELATED AND OTHER68

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Geographic Distribution) (Details 4) $ in Thousands	Sep. 30, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 134,832
Real Estate Related and Other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 134,832
Percentage	100.00%
Real Estate Related and Other Loans | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
Real Estate Related and Other Loans | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%
Real Estate Related and Other Loans | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 63,454
Percentage	100.00%
Real Estate Related and Other Loans | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 71,378
Real Estate Related and Other Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	63,454
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 774
Percentage	100.00%
Residential Mortgage Loans | Northeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 523
Percentage	67.60%
Residential Mortgage Loans | Southeastern U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 251
Percentage	32.40%
Residential Mortgage Loans | Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding Face Amount	$ 0
Percentage	0.00%

REAL ESTATE RELATED AND OTHER69

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Details Narrative) - USD ($)	1 Months Ended
	Sep. 30, 2016	Apr. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from collection of notes receivable	$ 109,900,000
Notes receivable	$ 57,700,000
Subprime Portfolio I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average coupon rate	9.24%
Subprime Portfolio II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average coupon rate	8.68%
Mezzanine note payable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount of securities sold		$ 19,400,000
Repayments of debt		$ 11,700,000

REAL ESTATE RELATED AND OTHER70

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Subprime Mortgage Loans) (Details 5) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total securitized loans (unpaid principal balance)	$ 607,551
Loans subject to call option (carrying value)	353,347	$ 380,806
Retained bonds (fair value)	3,430
Subprime Portfolio I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total securitized loans (unpaid principal balance)	247,163
Loans subject to call option (carrying value)	246,306
Retained bonds (fair value)	$ 3,430
Average loan seasoning	134 months
Weighted average yield of retained bonds	24.60%
Subprime Portfolio II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total securitized loans (unpaid principal balance)	$ 360,388
Loans subject to call option (carrying value)	107,041
Retained bonds (fair value)	$ 0
Average loan seasoning	116 months

REAL ESTATE RELATED AND OTHER71

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS (Subprime Characteristics) (Details 6)	9 Months Ended
	Sep. 30, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan unpaid principal balance (“UPB”)	$ 607,551,000
Face amount of debt	1,354,409,000
Subprime Portfolio I
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan unpaid principal balance (“UPB”)	$ 247,163,000
Weighted average coupon rate of loans	5.45%
Delinquencies of 60 or more days (UPB)	$ 38,390,000
Net credit losses for the nine months ended September 30, 2016	6,452,000
Cumulative net credit losses	$ 291,776,000
Cumulative net credit losses as a % of original UPB	19.40%
Percentage of ARM loans	51.70%
Percentage of loans with original loan-to-value ratio 90%	10.60%
Percentage of interest-only loans	0.80%
Face amount of debt	$ 242,306,000
Weighted average funding cost of debt	0.91%
Retained Notes excluded from face amount of debt in Subprime Portfolio I	$ 4,000,000
Excess collateralization	900,000
Subprime Portfolio II
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan unpaid principal balance (“UPB”)	$ 360,388,000
Weighted average coupon rate of loans	4.37%
Delinquencies of 60 or more days (UPB)	$ 84,480,000
Net credit losses for the nine months ended September 30, 2016	13,036,000
Cumulative net credit losses	$ 376,653,000
Cumulative net credit losses as a % of original UPB	34.60%
Percentage of ARM loans	64.10%
Percentage of loans with original loan-to-value ratio 90%	15.50%
Percentage of interest-only loans	1.90%
Face amount of debt	$ 360,388,000
Weighted average funding cost of debt	0.79%

INVESTMENTS IN REAL ESTATE, N72

INVESTMENTS IN REAL ESTATE, NET OF ACCUMULATED DEPRECIATION - Investments in Other Real Estate (Details) - Golf Investments - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investment [Line Items]
Gross Carrying Amount	$ 292,002	$ 276,119
Accumulated Depreciation	(64,675)	(48,212)
Net Carrying Value	227,327	227,907
Land
Investment [Line Items]
Gross Carrying Amount	90,324	90,324
Accumulated Depreciation	0	0
Net Carrying Value	90,324	90,324
Buildings and improvements
Investment [Line Items]
Gross Carrying Amount	149,310	142,558
Accumulated Depreciation	(39,957)	(29,053)
Net Carrying Value	109,353	113,505
Furniture, fixtures and equipment
Investment [Line Items]
Gross Carrying Amount	29,613	25,984
Accumulated Depreciation	(20,736)	(17,189)
Net Carrying Value	8,877	8,795
Capital leases - equipment
Investment [Line Items]
Gross Carrying Amount	19,741	12,752
Accumulated Depreciation	(3,982)	(1,970)
Net Carrying Value	15,759	10,782
Construction in progress
Investment [Line Items]
Gross Carrying Amount	3,014	4,501
Accumulated Depreciation	0	0
Net Carrying Value	$ 3,014	$ 4,501

INTANGIBLES, NET OF ACCUMULAT73

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Amortized intangible assets:
Total Intangibles, Net Carrying Value	$ 67,738	$ 74,472
Golf Investments
Amortized intangible assets:
Accumulated Amortization	(25,946)	(19,591)
Nonamortizable liquor license	865	865
Total Intangibles, Gross Carrying Amount	93,684	94,063
Total Intangibles, Net Carrying Value	67,738	74,472
Golf Investments | Trade name
Amortized intangible assets:
Gross Carrying Amount	700	700
Accumulated Amortization	(64)	(47)
Net Carrying Value	636	653
Golf Investments | Leasehold Intangibles
Amortized intangible assets:
Gross Carrying Amount	49,861	49,962
Accumulated Amortization	(13,160)	(9,817)
Net Carrying Value	36,701	40,145
Golf Investments | Management contracts
Amortized intangible assets:
Gross Carrying Amount	36,222	36,500
Accumulated Amortization	(10,225)	(7,911)
Net Carrying Value	25,997	28,589
Golf Investments | Internally-developed software
Amortized intangible assets:
Gross Carrying Amount	800	800
Accumulated Amortization	(440)	(320)
Net Carrying Value	360	480
Golf Investments | Membership base
Amortized intangible assets:
Gross Carrying Amount	5,236	5,236
Accumulated Amortization	(2,057)	(1,496)
Net Carrying Value	$ 3,179	$ 3,740

INTANGIBLES, NET OF ACCUMULAT74

INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Details Narrative)	9 Months Ended
	Sep. 30, 2016
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization period	30 years
Leasehold intangibles | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Leasehold intangibles | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	26 years
Management contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	1 year
Management contracts | Maximum
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

RECEIVABLES AND OTHER ASSETS (D

RECEIVABLES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Receivables And Other Assets [Abstract]
Accounts receivable, net	$ 13,908	$ 9,889
Prepaid expenses	3,470	3,205
Interest receivable	2,284	1,142
Deposits	6,645	7,437
Inventory	4,958	5,057
Derivative assets	395	127
Residential mortgage loans, held-for-sale, net	240	532
Miscellaneous assets, net	15,223	11,157
Total Receivables and Other Assets	$ 47,123	$ 38,546

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details)	1 Months Ended		9 Months Ended
	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)property	Sep. 30, 2016USD ($)property
Debt Instrument [Line Items]
Outstanding Face Amount			$ 1,354,409,000
Carrying Value			1,351,004,000
FNMA/FHLMC Securities
Debt Instrument [Line Items]
Outstanding Face Amount			831,741,000
Carrying Value			$ 831,741,000
Weighted Average Coupon			0.79%
Weighted Average Funding Cost			0.79%
Weighted Average Life			1 month
Face Amount of Floating Rate Debt			$ 0
Outstanding Face Amount of Collateral			817,235,000
Amortized Cost Basis of Collateral			858,097,000
Carrying Value of Collateral			$ 858,233,000
Weighted Average Maturity of Collateral			6 years
Floating Rate Face Amount of Collateral			$ 0
Margin exposure			831,700,000
Repayments of debt	$ 831,700,000
Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Face Amount			831,741,000
Carrying Value			$ 831,741,000
Weighted Average Funding Cost			0.79%
Weighted Average Life			1 month
Face Amount of Floating Rate Debt			$ 0
Outstanding Face Amount of Collateral			817,235,000
Amortized Cost Basis of Collateral			858,097,000
Carrying Value of Collateral			$ 858,233,000
Weighted Average Maturity of Collateral			6 years
Floating Rate Face Amount of Collateral			$ 0
Accrued interest payable			100,000
Repurchase Agreements | Citi
Debt Instrument [Line Items]
Outstanding Face Amount			399,100,000
Repurchase Agreements | Jefferies
Debt Instrument [Line Items]
Outstanding Face Amount			284,500,000
Repurchase Agreements | Morgan Stanley
Debt Instrument [Line Items]
Outstanding Face Amount			148,100,000
Golf Term Loans
Debt Instrument [Line Items]
Outstanding Face Amount		$ 102,000,000	102,000,000
Carrying Value			$ 98,380,000
Weighted Average Funding Cost			7.92%
Weighted Average Life			2 years 8 months
Face Amount of Floating Rate Debt			$ 102,000,000
Number of golf properties collateralized (in properties) | property		22	22
Deferred financing costs			$ 3,600,000
Golf Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate spread		4.70%	4.70%
Golf Term Loans | London Interbank Offered Rate (LIBOR) | Lower Range
Debt Instrument [Line Items]
Variable rate			1.80%
Golf Term Loans | London Interbank Offered Rate (LIBOR) | Upper Range | Interest rate cap
Debt Instrument [Line Items]
Variable rate		1.80%
Vineyard II
Debt Instrument [Line Items]
Outstanding Face Amount			$ 200,000
Carrying Value			$ 200,000
Weighted Average Coupon			2.20%
Weighted Average Funding Cost			2.20%
Weighted Average Life			27 years 2 months
Face Amount of Floating Rate Debt			$ 200,000
Capital Leases (Equipment)
Debt Instrument [Line Items]
Outstanding Face Amount			16,117,000
Carrying Value			$ 16,117,000
Weighted Average Funding Cost			6.56%
Weighted Average Life			4 years 3 months
Face Amount of Floating Rate Debt			$ 0
Capital Leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Weighted Average Coupon			3.00%
Capital Leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Weighted Average Coupon			16.16%
Golf Credit Facilities
Debt Instrument [Line Items]
Outstanding Face Amount			$ 118,317,000
Carrying Value			$ 114,697,000
Weighted Average Funding Cost			7.72%
Weighted Average Life			3 years
Face Amount of Floating Rate Debt			$ 102,200,000
Junior subordinated notes payable
Debt Instrument [Line Items]
Outstanding Face Amount			51,004,000
Carrying Value			$ 51,219,000
Weighted Average Funding Cost			2.98%
Weighted Average Life			18 years 7 months
Face Amount of Floating Rate Debt			$ 51,004,000
Junior subordinated notes payable | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate spread			2.25%
Corporate
Debt Instrument [Line Items]
Outstanding Face Amount			$ 51,004,000
Carrying Value			$ 51,219,000
Weighted Average Funding Cost			2.98%
Weighted Average Life			18 years 7 months
Face Amount of Floating Rate Debt			$ 51,004,000
Subtotal debt obligations
Debt Instrument [Line Items]
Outstanding Face Amount			1,001,062,000
Carrying Value			$ 997,657,000
Weighted Average Funding Cost			1.70%
Weighted Average Life			1 year 5 months
Face Amount of Floating Rate Debt			$ 153,204,000
Outstanding Face Amount of Collateral			817,235,000
Amortized Cost Basis of Collateral			858,097,000
Carrying Value of Collateral			$ 858,233,000
Weighted Average Maturity of Collateral			6 years
Floating Rate Face Amount of Collateral			$ 0
Financing on subprime mortgage loans subject to call option
Debt Instrument [Line Items]
Outstanding Face Amount			353,347,000
Carrying Value			$ 353,347,000

DEBT OBLIGATIONS (Details Narra

DEBT OBLIGATIONS (Details Narrative)	Feb. 26, 2016	Sep. 30, 2016USD ($)property	Aug. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)renewalproperty	Apr. 30, 2016USD ($)	Jan. 31, 2016USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Proceeds from transaction								$ 1,128,906,000	$ 1,061,499,000
Outstanding face amount		$ 1,354,409,000						$ 1,354,409,000
Golf First Lien Loan
Debt Instrument [Line Items]
Variable interest rate spread	4.00%
Mezzanine note payable
Debt Instrument [Line Items]
Face amount of securities sold						$ 19,400,000
Repayments of debt						11,700,000
Golf Term Loans
Debt Instrument [Line Items]
Repayments of repurchase agreements					$ 64,900,000
Number of golf properties financed (in properties) | property		22			22			22
Outstanding face amount		$ 102,000,000			$ 102,000,000			$ 102,000,000
Debt instrument, term					3 years
Number of renewals (in renewals) | renewal					2
Renewal period					1 year
Golf Term Loans | Lower Range
Debt Instrument [Line Items]
Minimum effective interest rate					6.50%
Golf Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate spread					4.70%			4.70%
Golf Term Loans | London Interbank Offered Rate (LIBOR) | Lower Range
Debt Instrument [Line Items]
Variable rate								1.80%
Golf Term Loans | London Interbank Offered Rate (LIBOR) | Upper Range | Interest rate cap
Debt Instrument [Line Items]
Variable rate					1.80%
Capital Leases (Equipment)
Debt Instrument [Line Items]
Outstanding face amount		16,117,000						$ 16,117,000
Capital Leases (Equipment) | Lower Range
Debt Instrument [Line Items]
Debt instrument, term								36 months
Capital Leases (Equipment) | Upper Range
Debt Instrument [Line Items]
Debt instrument, term								66 months
FNMA/FHLMC
Debt Instrument [Line Items]
Face amount of securities sold				$ 353,600,000		$ 347,500,000	$ 350,300,000
Average price percentage - sold				105.50%		104.90%	103.20%
Proceeds from transaction		37,000,000		$ 373,100,000		$ 364,300,000	$ 361,300,000
Repayments of repurchase agreements				361,100,000		352,000,000	348,600,000
Investment owned		$ 35,600,000						$ 35,600,000
Average price percentage - purchases		103.80%
Proceeds from securities purchased under agreements to resell		$ 35,400,000
Gain on extinguishment of debt, net				1,800,000		$ 5,900,000
FNMA/FHLMC 2
Debt Instrument [Line Items]
Average price percentage - sold						105.00%
Proceeds from transaction		663,500,000		453,100,000		$ 381,100,000	105,900,000
Investment owned		$ 632,200,000		$ 428,900,000		363,100,000	$ 102,700,000	$ 632,200,000
Average price percentage - purchases		104.90%		105.70%			103.20%
Proceeds from securities purchased under agreements to resell		$ 628,200,000		$ 434,900,000		$ 366,400,000	$ 102,200,000
FNMA/FHLMC 3
Debt Instrument [Line Items]
Face amount of securities sold		$ 817,200,000
Average price percentage - sold		105.00%
Proceeds from transaction		$ 858,200,000	$ 259,300,000				258,100,000
Repayments of repurchase agreements		831,700,000
Investment owned			$ 249,600,000				$ 250,100,000
Average price percentage - purchases			103.90%				103.20%
Proceeds from securities purchased under agreements to resell			$ 248,700,000				$ 249,100,000
Gain on extinguishment of debt, net		$ 100,000
FNMA/FHLMC 4
Debt Instrument [Line Items]
Proceeds from transaction			123,500,000
Investment owned			$ 116,800,000
Average price percentage - purchases			105.70%
Proceeds from securities purchased under agreements to resell			$ 118,600,000

DEBT OBLIGATIONS (Future Minimu

DEBT OBLIGATIONS (Future Minimum Lease Payments) (Details 1) $ in Thousands	Sep. 30, 2016USD ($)
Future minimum lease payments due
October 1, 2016 - December 31, 2016	$ 1,104
2,017	4,418
2,018	4,412
2,019	4,260
2,020	2,938
2,021	1,360
Thereafter	89
Total minimum lease payments	18,581
Less: imputed interest	(2,464)
Present value of net minimum lease payments	$ 16,117

ACCOUNTS PAYABLE, ACCRUED EXP79

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of accounts payable, accrued expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 32,384	$ 26,966
Deferred revenue	14,911	33,926
Security deposit payable	7,800	5,975
Unfavorable leasehold interests	4,509	5,485
Derivative liabilities	2,463	684
Accrued rent	3,204	3,135
Due to affiliates	892	892
Miscellaneous liabilities	11,129	11,876
Total Accounts Payable, Accrued Expenses and Other Liabilities	$ 77,292	$ 88,939

DERIVATIVES (Details Narrative)

DERIVATIVES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 395,000	$ 127,000
Derivative liabilities	2,463,000	684,000
Deferred | Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Expected reclassification of current hedges from AOCI into earnings over the next 12 months (less than in 2015)	$ 0	$ 100,000

DERIVATIVES (Schedule of Gains

DERIVATIVES (Schedule of Gains (Losses) Recorded In Relation to Derivatives) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Amount of loss reclassified from AOCI into income (effective portion)	$ (13,138)	$ (14,715)	$ (39,089)	$ (48,392)
Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion)	0	0	0	(60)
Realized loss on settlement of TBAs	(3,730)	(10,771)	(13,675)	(12,714)
Designated as hedging instrument
Derivative [Line Items]
Amount of unrealized loss recognized in Other Comprehensive Income on derivatives (effective portion)	0	0	0	(60)
Designated as hedging instrument | Gain (loss) on settlement of investments, net
Derivative [Line Items]
Loss recognized on termination of derivative instruments	0	0	0	(612)
Designated as hedging instrument | Interest expense
Derivative [Line Items]
Deferred hedge gain reclassified from Accumulated Other Comprehensive Income (“AOCI”) into earnings	0	20	20	58
Amount of loss reclassified from AOCI into income (effective portion)	0	0	0	(1,363)
Not designated as hedging instrument | Gain (loss) on settlement of investments, net | Other Contract
Derivative [Line Items]
Realized loss on settlement of TBAs	(3,730)	(10,771)	(13,675)	(12,714)
Not designated as hedging instrument | Other income (loss), net | Interest rate swap
Derivative [Line Items]
Unrealized gain (loss) on interest rate derivatives	(15)	0	(34)	292
Not designated as hedging instrument | Other income (loss), net | Other Contract
Derivative [Line Items]
Unrealized gain (loss) recognized related to TBAs	$ 270	$ (382)	$ (1,668)	$ (381)

FAIR VALUE (Carrying Values and

FAIR VALUE (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Real estate securities, available-for-sale	$ 3,430	$ 59,034
Real estate securities, available-for-sale - pledged as collateral	663,559	105,963
Real estate related and other loans, held-for-sale, net	52,874	149,198
Subprime mortgage loans subject to call option	353,347	380,806
Cash and cash equivalents	134,289	45,651	$ 31,493	$ 73,727
Restricted cash	7,295	4,469
Liabilities
Repurchase agreements	831,741	418,458
Credit facilities and obligations under capital leases	114,697	11,258
Financing of subprime mortgage loans subject to call option	353,347	380,806
Junior subordinated notes payable	51,219	$ 51,225
Carrying Value
Assets
Real estate securities, available-for-sale	3,430
Real estate securities, available-for-sale - pledged as collateral	663,559
Real estate related and other loans, held-for-sale, net	52,874
Residential mortgage loans, held-for-sale, net	240
Subprime mortgage loans subject to call option	353,347
Cash and cash equivalents	134,289
Restricted cash	7,295
Non-hedge derivative assets	395
Liabilities
Repurchase agreements	831,741
Credit facilities and obligations under capital leases	114,697
Financing of subprime mortgage loans subject to call option	353,347
Junior subordinated notes payable	51,219
Non-hedge derivative liabilities	2,463
Estimated Fair Value
Assets
Real estate securities, available-for-sale	3,430
Real estate securities, available-for-sale - pledged as collateral	663,559
Real estate related and other loans, held-for-sale, net	58,406
Residential mortgage loans, held-for-sale, net	274
Subprime mortgage loans subject to call option	353,347
Cash and cash equivalents	134,289
Restricted cash	7,295
Non-hedge derivative assets	395
Liabilities
Repurchase agreements	831,741
Credit facilities and obligations under capital leases	114,697
Financing of subprime mortgage loans subject to call option	353,347
Junior subordinated notes payable	22,978
Non-hedge derivative liabilities	$ 2,463

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Fair Value Recurring Basis) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	$ 663,559	$ 105,963
Derivative assets total	395	127
Derivative liabilities:
Derivative liabilities total	2,463	$ 684
Carrying Value
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	663,559
Non-hedge derivative assets	395
Derivative liabilities:
TBAs, not treated as hedges	2,463
Carrying Value | Measured on a Recurring Basis
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	663,559
Derivative assets total	395
Derivative liabilities:
Derivative liabilities total	2,463
Carrying Value | Measured on a Recurring Basis | Not designated as hedging instrument
Derivative assets:
Non-hedge derivative assets	239
Derivative liabilities:
TBAs, not treated as hedges	2,463
Carrying Value | Measured on a Recurring Basis | Not designated as hedging instrument | Interest rate cap
Derivative assets:
Non-hedge derivative assets	156
Carrying Value | Measured on a Recurring Basis | ABS - Non-Agency RMBS
Derivative assets:
Real estate securities, available-for-sale:	3,430
Carrying Value | Measured on a Recurring Basis | FNMA/FHLMC
Derivative assets:
Real estate securities, available-for-sale:	3,430
Estimated Fair Value
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	663,559
Non-hedge derivative assets	395
Derivative assets total	395
Derivative liabilities:
TBAs, not treated as hedges	2,463
Derivative liabilities total	2,463
Estimated Fair Value | Not designated as hedging instrument
Derivative assets:
Non-hedge derivative assets	239
Derivative liabilities:
TBAs, not treated as hedges	2,463
Estimated Fair Value | Not designated as hedging instrument | Interest rate cap
Derivative assets:
Non-hedge derivative assets	156
Estimated Fair Value | ABS - Non-Agency RMBS
Derivative assets:
Real estate securities, available-for-sale:	3,430
Estimated Fair Value | FNMA/FHLMC
Derivative assets:
Real estate securities, available-for-sale:	3,430
Estimated Fair Value | Level 2 Market Quotations (Observable)
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	663,559
Derivative assets total	395
Derivative liabilities:
Derivative liabilities total	2,463
Estimated Fair Value | Level 2 Market Quotations (Observable) | Not designated as hedging instrument
Derivative assets:
Non-hedge derivative assets	239
Derivative liabilities:
TBAs, not treated as hedges	2,463
Estimated Fair Value | Level 2 Market Quotations (Observable) | Not designated as hedging instrument | Interest rate cap
Derivative assets:
Non-hedge derivative assets	156
Estimated Fair Value | Level 2 Market Quotations (Observable) | ABS - Non-Agency RMBS
Derivative assets:
Real estate securities, available-for-sale:	0
Estimated Fair Value | Level 2 Market Quotations (Observable) | FNMA/FHLMC
Derivative assets:
Real estate securities, available-for-sale:	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Market Quotations (Unobservable)
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	0
Derivative assets total	0
Derivative liabilities:
Derivative liabilities total	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Market Quotations (Unobservable) | Not designated as hedging instrument
Derivative assets:
Non-hedge derivative assets	0
Derivative liabilities:
TBAs, not treated as hedges	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Market Quotations (Unobservable) | Not designated as hedging instrument | Interest rate cap
Derivative assets:
Non-hedge derivative assets	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Market Quotations (Unobservable) | ABS - Non-Agency RMBS
Derivative assets:
Real estate securities, available-for-sale:	3,430
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Market Quotations (Unobservable) | FNMA/FHLMC
Derivative assets:
Real estate securities, available-for-sale:	3,430
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Internal Pricing Models
Derivative assets:
Real estate securities, available-for-sale - pledged as collateral	0
Derivative assets total	0
Derivative liabilities:
Derivative liabilities total	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Internal Pricing Models | Not designated as hedging instrument
Derivative assets:
Non-hedge derivative assets	0
Derivative liabilities:
TBAs, not treated as hedges	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Internal Pricing Models | Not designated as hedging instrument | Interest rate cap
Derivative assets:
Non-hedge derivative assets	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Internal Pricing Models | ABS - Non-Agency RMBS
Derivative assets:
Real estate securities, available-for-sale:	0
Estimated Fair Value | Level 3 Market Quotations (Unobservable) | Internal Pricing Models | FNMA/FHLMC
Derivative assets:
Real estate securities, available-for-sale:	$ 0

FAIR VALUE (Change in Fair Valu

FAIR VALUE (Change in Fair Value of Level 3 Investments) (Details 3) - Level 3 Market Quotations (Unobservable) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2015	$ 59,034
Transfers
Transfers into Level 3	0
CDO VI deconsolidation	(43,889)
Total gains (losses)
Included in net income	10,559
Included in other comprehensive income (loss)	(9,890)
Amortization included in interest income	1,113
Purchases, sales and repayments
Purchases	0
Proceeds from sales	(10,669)
Proceeds from repayments	(2,828)
Balance at September 30, 2016	3,430
Measured on a Recurring Basis
Total gains (losses)
Included in net income	10,559
Measured on a Recurring Basis | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2015	39,684
Transfers
Transfers into Level 3	0
CDO VI deconsolidation	(37,179)
Total gains (losses)
Included in net income	(110)
Included in other comprehensive income (loss)	(658)
Amortization included in interest income	879
Purchases, sales and repayments
Purchases	0
Proceeds from sales	0
Proceeds from repayments	(2,616)
Balance at September 30, 2016	0
Measured on a Recurring Basis | ABS - Non-Agency RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2015	9,619
Transfers
Transfers into Level 3	0
CDO VI deconsolidation	(6,710)
Total gains (losses)
Included in net income	0
Included in other comprehensive income (loss)	499
Amortization included in interest income	234
Purchases, sales and repayments
Purchases	0
Proceeds from sales	0
Proceeds from repayments	(212)
Balance at September 30, 2016	3,430
Measured on a Recurring Basis | Equity/Other Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2015	9,731
Transfers
Transfers into Level 3	0
CDO VI deconsolidation
Total gains (losses)
Included in net income	10,669
Included in other comprehensive income (loss)	(9,731)
Amortization included in interest income	0
Purchases, sales and repayments
Purchases	0
Proceeds from sales	(10,669)
Proceeds from repayments	0
Balance at September 30, 2016	$ 0

FAIR VALUE (Gains (Losses) on R

FAIR VALUE (Gains (Losses) on RE Securities) (Details 4) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OTTI	$ 0	$ (427)	$ (56)	$ (9,899)
Level 3 Market Quotations (Unobservable)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total			10,559
Measured on a Recurring Basis | Level 3 Market Quotations (Unobservable)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on settlement of investments, net			10,669
OTTI			(110)
Total			$ 10,559

FAIR VALUE (Loan Valuation) (De

FAIR VALUE (Loan Valuation) (Details 5)	9 Months Ended
	Sep. 30, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 52,874,000
Face amount	134,832,000
Corporate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	52,874,000
Fair Value	58,406,000
Face amount	$ 117,065,000
Corporate Loans | Lower Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	0.00%
Loss Severity	0.00%
Corporate Loans | Upper Range
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	22.50%
Loss Severity	100.00%
Corporate Loans | Weighted Average
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount Rate	22.50%
Loss Severity	39.00%
Total Real Estate Related and other Loans Held-for-Sale, Net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 52,874,000
Fair Value	58,406,000
Face amount	134,832,000
Mezzanine Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	0
Face amount	$ 17,767,000

EQUITY AND EARNINGS PER SHARE87

EQUITY AND EARNINGS PER SHARE (Outstanding Options) (Details)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Number of Options [Roll Forward]
Balance (in shares) | shares	5,421,561
Granted (in shares) | shares	333
Balance (in shares) | shares	5,421,894
Exercisable (in shares) | shares	5,294,325
Weighted Average Strike Price [Roll Forward]
Outstanding (in dollars per share) | $ / shares	$ 2.85
Granted (in dollars per share) | $ / shares	3.78
Outstanding (in dollars per share) | $ / shares	2.86
Exercisable (in dollars per share) | $ / shares	$ 2.83
Weighted Average Life Remaining
Outstanding, Weighted Average Life Remaining	6 years 15 days
Exercisable, Weighted Average Life Remaining	5 years 11 months 22 days

EQUITY AND EARNINGS PER SHARE88

EQUITY AND EARNINGS PER SHARE (Outstanding Options Summary) (Details 1) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	5,421,894
Weighted average strike price (in dollars per share)	$ 2.86	$ 2.85
Issued Prior to 2011
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	144,661
Weighted average strike price (in dollars per share)	$ 13.18
Issued in 2011 and thereafter
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	5,277,233
Weighted average strike price (in dollars per share)	$ 2.57
Held by the Manager
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	5,125,482
Held by the Manager | Issued Prior to 2011
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	115,239
Held by the Manager | Issued in 2011 and thereafter
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	5,010,243
Issued to the Manager and subsequently transferred to certain of the Manager’s employees
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	296,079
Issued to the Manager and subsequently transferred to certain of the Manager’s employees | Issued Prior to 2011
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	29,422
Issued to the Manager and subsequently transferred to certain of the Manager’s employees | Issued in 2011 and thereafter
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	266,657
Issued to the independent directors
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	333
Issued to the independent directors | Issued Prior to 2011
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	0
Issued to the independent directors | Issued in 2011 and thereafter
Related Party Transaction [Line Items]
Stock options outstanding (in shares)	333

EQUITY AND EARNINGS PER SHARE89

EQUITY AND EARNINGS PER SHARE (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Oct. 13, 2016	Jul. 12, 2016	Mar. 29, 2016	Oct. 31, 2016	Jul. 31, 2016	May 31, 2016	Apr. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)		$ 0.12	$ 0.12					$ 0.12	$ 0.12	$ 0.24	$ 0.36
Dividends paid					$ 9.4		$ 9.4
Preferred dividends in arrears										$ 0.9
Preferred dividends in arrears (in dollars per share)										$ 0.38
Dilutive common stock equivalents (in shares)								2,342,093	2,584,697	2,064,570	2,607,597
Dilutive stock options, due to loss position (in shares)										2,064,570	2,607,597
Employee Stock Option
Class of Stock [Line Items]
Potentially dilutive securities (in shares)										335,725	251,459
Issued to the independent directors
Class of Stock [Line Items]
Shares issued to independent directors (in shares)					21,798	57,740
Subsequent Event
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.12000
Dividends paid				$ 9.4
Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.609375	$ 0.609375
Preferred stock, dividend rate		9.75%	9.75%							9.75%		9.75%
Series B Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.609375
Preferred stock, dividend rate	9.75%
Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.503125	$ 0.503125
Preferred stock, dividend rate		8.05%	8.05%							8.05%		8.05%
Series C Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.503125
Preferred stock, dividend rate	8.05%
Series D Cumulative Redemable Preferred
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.523438	$ 0.523438
Preferred stock, dividend rate		8.375%	8.375%							8.375%		8.375%
Series D Cumulative Redemable Preferred | Subsequent Event
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.523438
Preferred stock, dividend rate	8.375%

EQUITY AND EARNINGS PER SHARE90

EQUITY AND EARNINGS PER SHARE (Earnings Per Share) (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator for basic and diluted earnings per share:
Income from continuing operations after preferred dividends and noncontrolling interests	$ 18,923	$ 6,492	$ 92,598	$ 20,780
Income from discontinued operations, net of tax	0	7	0	646
Income Applicable to Common Stockholders	$ 18,923	$ 6,499	$ 92,598	$ 21,426
Denominator:
Denominator for basic earnings per share - weighted average shares (in shares)	66,730,583	66,484,962	66,688,962	66,445,705
Effect of dilutive securities
Options (in shares)	2,342,093	2,584,697	2,064,570	2,607,597
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)	69,072,676	69,069,659	68,753,532	69,053,302
Basic earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	$ 0.28	$ 0.10	$ 1.39	$ 0.31
Income from discontinued operations per share of common stock (in dollars per share)	0	0	0	0.01
Income Applicable to Common Stock, per share (in dollars per share)	0.28	0.10	1.39	0.32
Diluted earnings per share:
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share)	0.27	0.09	1.35	0.30
Income from discontinued operations per share of common stock (in dollars per share)	0	0	0	0.01
Income Applicable to Common Stock, per share (in dollars per share)	$ 0.27	$ 0.09	$ 1.35	$ 0.31

TRANSACTIONS WITH AFFILIATES 91

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Details Narrative) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)shares	Apr. 30, 2010USD ($)security	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2006
Related Party Transaction [Line Items]
Lease term					1 year
Management fee earned					12 months
Manager advisory fee	1.50%		1.50%		1.50%
Incentive compensation percentage	25.00%		25.00%		25.00%
Simple interest rate in incentive calculation	10.00%		10.00%		10.00%
Shares held by fortress and affiliates in newcastle (in shares) | shares	1,000,000		1,000,000		1,000,000
Stock options outstanding (in shares) | shares	5,421,894		5,421,894		5,421,894
Due to affiliates	$ 892		$ 892		$ 892		$ 892
Total securitized loans (unpaid principal balance)	607,551		607,551		607,551
Investments in and advances to affiliates, at fair value, gross additions		$ 75,000
Expected yield		22.50%
Proceeds from collection of notes receivable	109,900
Corporate loan investment	3,430		3,430		3,430		$ 59,034
Interest income			32,310	$ 23,010	73,770	$ 74,353
CDO
Related Party Transaction [Line Items]
Number of Securities (in contracts) | security		2
Subprime Portfolio I
Related Party Transaction [Line Items]
Servicing fee percentage								0.50%
Total securitized loans (unpaid principal balance)	247,163		247,163		247,163
Subprime Portfolio II
Related Party Transaction [Line Items]
Total securitized loans (unpaid principal balance)	$ 360,388		$ 360,388		$ 360,388
Affiliated Entity
Related Party Transaction [Line Items]
Stock options outstanding (in shares) | shares	5,100,000		5,100,000		5,100,000
Corporate loan investment	$ 57,700		$ 57,700		$ 57,700
Interest income			$ 9,100	$ 7,300	$ 25,700	$ 18,100

TRANSACTIONS WITH AFFILIATES 92

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Amounts Incurred Under Management Agreement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Transactions With Affiliates And Affiliated Entity [Abstract]
Management fees	$ 2,551	$ 2,550	$ 7,652	$ 7,642
Expense reimbursement to the Manager	125	125	375	375
Incentive compensation	0	0	0	0
Total Management fee to affiliate	$ 2,676	$ 2,675	$ 8,027	$ 8,017

INCOME TAXES (Provision for Inc

INCOME TAXES (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Current:
Federal	$ (37)	$ 996	$ 27	$ 1,076
State and Local	(1)	269	20	289
Total Current Provision (Benefit)	(38)	1,265	47	1,365
Deferred:
Federal	0	(7)	83	(30)
State and Local	0	(1)	14	(5)
Total Deferred Provision (Benefit)	0	(8)	97	(35)
Total Provision (Benefit) for Income Taxes	$ (38)	$ 1,257	$ 144	$ 1,330

INCOME TAXES (Deferred Tax Asse

INCOME TAXES (Deferred Tax Assets) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deferred tax assets:
Allowance for loan losses	$ 380	$ 399
Depreciation and amortization	35,587	33,495
Accrued expenses	2,184	2,008
Net operating losses	29,690	22,524
Total deferred tax assets	67,841	58,426
Less valuation allowance	(52,928)	(42,158)
Net deferred tax assets	14,913	16,268
Deferred tax liabilities:
Leaseholds	14,125	15,366
Other	788	805
Total deferred tax liabilities	14,913	16,171
Net deferred income tax assets	$ 0	$ 97

GAINS (LOSSES) ON SETTLEMENT 95

GAINS (LOSSES) ON SETTLEMENT OF INVESTMENTS, NET AND OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gains Losses On Settlement Of Investments Net And Other Income Loss Net
Gain on settlement of real estate securities	$ 10,080	$ 7,617	$ 18,560	$ 42,357
Loss on settlement of real estate securities	0	0	0	(5,926)
Gain (loss) on repayment/disposition of loans held-for-sale	0	(14)	(47)	1,518
Loss recognized on termination of derivative instruments	0	0	0	(612)
Realized loss on settlement of TBAs	(3,730)	(10,771)	(13,675)	(12,714)
Gain (Loss) on Settlement of Investments, net	6,350	(3,168)	4,838	24,623
Unrealized gain (loss) on non-hedge derivative instruments	255	(382)	(1,702)	(89)
Gain (loss) on lease modifications and terminations	2	514	(75)	734
Collateral management fee income, net	119	174	481	553
Equity in earnings of equity method investees	384	333	1,129	975
Gain (loss) on disposal of long-lived assets	0	(549)	24	(729)
Other income	227	187	387	427
Other Income (Loss), net	$ 987	$ 277	$ 244	$ 1,871

RECLASSIFICATION FROM ACCUMUL96

RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME INTO NET INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Impairment) reversal, Portion of other-than-temporary impairment on securities recognized in other comprehensive income	$ 0	$ (23)	$ (54)	$ 39
Gain on deconsolidation of CDO VI, Gain on deconsolidation	0	0	82,130	0
Loss recognized on termination of derivative instruments, Gain (loss) on settlement of investments, net	6,350	(3,168)	4,838	24,623
Interest expense	(13,138)	(14,715)	(39,089)	(48,392)
Total reclassifications	10,080	7,614	39,208	34,553
Net realized gain (loss) on securities | Reclassification out of accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Impairment) reversal, Portion of other-than-temporary impairment on securities recognized in other comprehensive income	0	(23)	(54)	39
Gain on settlement of real estate securities, Gain (loss) on settlement of investments, net	10,080	7,617	18,560	42,357
Gain on deconsolidation of CDO VI, Gain on deconsolidation	0	0	20,682	0
Loss on settlement of real estate securities, Gain (loss) on settlement of investments, net	0	0	0	(5,926)
Net income (loss)	10,080	7,594	39,188	36,470
Net realized gain (loss) on derivatives designated as cash flow hedges | Reclassification out of accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss recognized on termination of derivative instruments, Gain (loss) on settlement of investments, net	0	0	0	(612)
Amortization of deferred gain, Interest expense	0	20	20	58
Interest expense	0	0	0	(1,363)
Net income (loss)	$ 0	$ 20	$ 20	$ (1,917)

OTHER-THAN-TEMPORARY IMPAIRME97

OTHER-THAN-TEMPORARY IMPAIRMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	$ 0	$ 450	$ 110	$ 9,860
Other investments
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	0	0	0	7,505
Debt securities
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	0	363	110	1,988
Equity securities
Schedule of Investments [Line Items]
Other-than-temporary impairment on securities	$ 0	$ 87	$ 0	$ 367

SUPPLEMENTAL NON-CASH INVESTI98

SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES RELATED TO CDOs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Variable Interest Entity [Line Items]
Restricted cash generated from sale of securities	$ 0	$ 139,257
Restricted cash generated from sale of loans	0	55,574
Restricted cash generated from paydowns on securities and loans	2,310	76,126
Restricted cash used for repayments of CDO and other bonds payable	2,748	145,773
Variable Interest Entity, Primary Beneficiary | Newcastle CDO VI
Variable Interest Entity [Line Items]
Real estate securities	43,889	0
Restricted cash	67	0
CDO and other bonds payable	$ 105,423	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Oct. 13, 2016	Oct. 07, 2016	Jul. 12, 2016	Mar. 29, 2016	Oct. 31, 2016	Sep. 30, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Proceeds from transaction												$ 1,128,906,000	$ 1,061,499,000
Dividends declared per share of common stock (in dollars per share)			$ 0.12	$ 0.12						$ 0.12	$ 0.12	$ 0.24	$ 0.36
Dividends paid							$ 9,400,000	$ 9,400,000
Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)			$ 0.609375	$ 0.609375
Preferred stock, dividend rate			9.75%	9.75%								9.75%		9.75%
Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)			$ 0.503125	$ 0.503125
Preferred stock, dividend rate			8.05%	8.05%								8.05%		8.05%
Series D Cumulative Redemable Preferred
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)			$ 0.523438	$ 0.523438
Preferred stock, dividend rate			8.375%	8.375%								8.375%		8.375%
FNMA/FHLMC
Subsequent Event [Line Items]
Investment owned						$ 35,600,000				$ 35,600,000		$ 35,600,000
Average price percentage - purchases						103.80%
Proceeds from transaction						$ 37,000,000	373,100,000	364,300,000	$ 361,300,000
Proceeds from securities purchased under agreements to resell						35,400,000
Face amount of securities sold							$ 353,600,000	$ 347,500,000	$ 350,300,000
Average price percentage - sold							105.50%	104.90%	103.20%
Repayments of repurchase agreements							$ 361,100,000	$ 352,000,000	$ 348,600,000
FNMA/FHLMC 2
Subsequent Event [Line Items]
Investment owned						$ 632,200,000	$ 428,900,000	363,100,000	$ 102,700,000	$ 632,200,000		$ 632,200,000
Average price percentage - purchases						104.90%	105.70%		103.20%
Proceeds from transaction						$ 663,500,000	$ 453,100,000	381,100,000	$ 105,900,000
Proceeds from securities purchased under agreements to resell						$ 628,200,000	$ 434,900,000	$ 366,400,000	$ 102,200,000
Average price percentage - sold								105.00%
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.12000
Dividends paid					$ 9,400,000
Subsequent Event | Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.609375
Preferred stock, dividend rate	9.75%
Subsequent Event | Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.503125
Preferred stock, dividend rate	8.05%
Subsequent Event | Series D Cumulative Redemable Preferred
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 0.523438
Preferred stock, dividend rate	8.375%
Subsequent Event | FNMA/FHLMC
Subsequent Event [Line Items]
Investment owned	$ 632,200,000	$ 776,900,000
Average price percentage - purchases	104.90%	103.60%
Proceeds from transaction	$ 663,500,000	$ 805,100,000
Proceeds from securities purchased under agreements to resell	628,200,000	$ 769,600,000
Subsequent Event | FNMA/FHLMC 2
Subsequent Event [Line Items]
Proceeds from transaction	858,200,000
Face amount of securities sold	$ 817,200,000
Average price percentage - sold	105.00%
Repayments of repurchase agreements	$ 831,700,000