Drive Shack (DSHK) 8-K 5 May 14 2013 FY Other Events Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Feb. 21, 2014	Jun. 30, 2013
Document and Entity Information [Abstract]	'	'	'
Entity Registrant Name	'NEWCASTLE INVESTMENT CORP	'	'
Entity Central Index Key	'0001175483	'	'
Document Type	'8-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Is Entity a Well-known Seasoned Issuer?	'No	'	'
Is Entity a Voluntary Filer?	'No	'	'
Is Entity's Reporting Status Current?	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$1,500,000
Entity Common stock, par value	$0.01	'	'
Entity Common Stock, Shares Outstanding	'	351,453,495	'
Document Fiscal Period Focus	'FY	'	'
Document Fiscal Year Focus	'2013	'	'

Consolidated_Balance_Sheet

Consolidated Balance Sheet (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'		'
Real estate securities, available-for-sale - Note 6	$984,263	[1]	$1,691,575	[1]
Real estate related and other loans, held-for-sale, net - Note 7	437,530		843,132
Residential mortgage loans, held-for-investment, net - Note 7	255,450		292,461
Residential mortgage loans, held-for-sale, net - Note 7	2,185		2,471
Subprime mortgage loans subject to call option - Note 7	406,217		405,814
Investments in senior housing real estate, net of accumulated depreciation - Note 9	1,362,900		162,801
Investments in other real estate, net of accumulated depreciation - Note 10	266,170		6,672
Intangibles, net of accumulated amortization - Note 12	199,725		19,086
Other investments	25,468		24,907
Cash and cash equivalents	74,133		231,898
Restricted cash	5,889		2,064
Receivables and other assets	141,887		17,362
Assets of discontinued operations	690,746		245,069
Total Assets	4,852,563		3,945,312
Liabilities	'		'
CDO bonds payable - Note 14	544,525		1,091,354
Other bonds and notes payable - Note 14	230,279		183,390
Repurchase agreements - Note 14	556,347		929,435
Mortgage notes payable - Note 14	1,076,828		120,525
Credit facilities, golf - Note 14	152,498		'
Financing of subprime mortgage loans subject to call option - Note 7	406,217		405,814
Junior subordinated notes payable - Note 14	51,237		51,243
Dividends Payable	36,075		38,884
Accounts payable, accrued expenses and other liabilities	277,166		51,127
Liabilities of discontinued operations	295,267		480
Total Liabilities	3,626,439		2,872,252
Commitments and contingencies - Notes 16, 17 and 18	'		'
Equity	'		'
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of December 31, 2013 and December 31, 2012	61,583		61,583
Common stock, $0.01 par value, 1,000,000,000 and 500,000,000 shares authorized, 351,453,495 and 172,525,645 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively	3,515		1,725
Additional paid-in capital	2,970,786		1,710,083
Accumulated deficit	-1,947,913		-771,095
Accumulated other comprehensive income - Note 2	76,874		70,764
Total Newcastle Stockholders' Equity	1,164,845		1,073,060
Noncontrolling interests	61,279		'
Total Equity	1,226,124		1,073,060
Total Liabilities and Equity	4,852,563		3,945,312
Non Recourse VIE Financing Structures	'		'
Assets:	'		'
Real estate securities, available-for-sale - Note 6	426,695		567,685
Real estate related and other loans, held-for-sale, net - Note 7	437,530		813,301
Residential mortgage loans, held-for-investment, net - Note 7	223,628		292,461
Subprime mortgage loans subject to call option - Note 7	406,217		405,814
Investments in other real estate, net of accumulated depreciation - Note 10	6,597		6,672
Other investments	19,308		18,883
Restricted cash	2,377		2,064
Receivables and other assets	3,727		7,535
Total Assets	1,526,079		2,114,415
Liabilities	'		'
CDO bonds payable - Note 14	544,525		1,091,354
Other bonds and notes payable - Note 14	230,279		183,390
Repurchase agreements - Note 14	'		4,244
Financing of subprime mortgage loans subject to call option - Note 7	406,217		405,814
Derivative liabilities	13,795		31,576
Accounts payable, accrued expenses and other liabilities	6,766		8,365
Total Liabilities	$1,201,582		$1,724,743
[1]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.

Consolidated_Balance_Sheet_Par

Consolidated Balance Sheet (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
			Series B Cumulative Redeemable Preferred Stock	Series B Cumulative Redeemable Preferred Stock	Series C Cumulative Redeemable Preferred Stock	Series C Cumulative Redeemable Preferred Stock	Series D Cumulative Redeemable Preferred Stock	Series D Cumulative Redeemable Preferred Stock
Preferred stock, dividend rate	'	'	9.75%	9.75%	8.05%	8.05%	8.38%	8.38%
Preferred stock, par value	$0.01	$0.01	'	'	'	'	'	'
Preferred stock, shares authorized	100,000,000	100,000,000	'	'	'	'	'	'
Preferred stock, shares issued	2,463,321	2,463,321	1,347,321	1,347,321	496,000	496,000	620,000	620,000
Preferred stock, shares outstanding	2,463,321	2,463,321	1,347,321	1,347,321	496,000	496,000	620,000	620,000
Preferred stock liquidation preference, per share	$25	$25	'	'	'	'	'	'
Common stock, par value	$0.01	$0.01	'	'	'	'	'	'
Common stock, shares authorized	1,000,000,000	500,000,000	'	'	'	'	'	'
Common stock, shares issued	351,453,495	172,525,645	'	'	'	'	'	'
Common stock, shares outstanding	351,453,495	172,525,645	'	'	'	'	'	'

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011
Expenses	'
Net Income	$304,519
Restated	'
Interest income	291,036
Interest expense	138,035
Net interest income	153,001
Impairment (Reversal)	'
Valuation allowance (reversal) on loans - Note 7	-15,163
Other-than-temporary impairment on securities- Note 6	12,955
Impairment of long-lived assets	433
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)	2,885
Total Impairment (Reversal)	1,110
Net interest income (loss) after impairment/reversal	151,891
Other Revenues	'
Rental income	1,899
Total other revenues	1,899
Other Income	'
Gain on settlement of investments, net - Note 2	78,181
Gain on extinguishment of debt - Note 14	66,110
Other income, net - Note 2	36,204
Total other income (loss)	180,495
Expenses	'
Loan and security servicing expense	4,649
Property operating expenses	1,110
General and administrative expense	6,267
Management fee to affiliate - Note 17	18,289
Depreciation and amortization	12
Operating Expenses	30,327
Income from continuing operations before income tax	303,958
Income from continuing operations	303,958
Income from discontinued operations, net of tax - Note 4	561
Net Income	304,519
Preferred dividends	-5,580
Income Applicable to Common Stockholders	$298,939
Income Per Share of Common Stock	'
Basic	$3.65
Diluted	$3.65
Income from continuing operations per share of common stock, after preferred dividends and excess of carrying amount of exchanged preferred stock over fair value of consideration paid	'
Basic	$3.64
Diluted	$3.64
Income from discontinued operations per share of common stock	'
Basic	$0.01
Diluted	$0.01
Weighted Average Number of Shares of Common Stock Outstanding	'
Basic	81,983,973
Diluted	81,990,297

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income	$152,341	$434,110	$304,519
Other comprehensive income (loss):	'	'	'
Net unrealized gain (loss) on securities	45,128	136,527	'
Reclassification of net realized (gain) loss on securities into earnings	-995	8,727	'
Net unrealized gain (loss) on derivatives designated as cash flow hedges	5,933	18,807	'
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	99	5,303	'
Net actuarial loss and prior service cost	458	'	'
Other comprehensive income (loss)	50,623	169,364	-37,235
Other comprehensive loss attributable to noncontrolling interest	-928	'	'
Total comprehensive income	202,036	603,474	'
Restated	'	'	'
Net income	'	'	304,519
Other comprehensive income (loss):	'	'	'
Net unrealized gain (loss) on securities	'	'	-4,786
Reclassification of net realized (gain) loss on securities into earnings	'	'	-60,503
Net unrealized gain (loss) on derivatives designated as cash flow hedges	'	'	15,514
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	'	'	12,540
Other comprehensive income (loss)	'	'	-37,235
Other comprehensive loss attributable to noncontrolling interest	'	'	'
Total comprehensive income	'	'	$267,284

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (Deficit) (USD $)	Total	Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
In Thousands, except Share data, unless otherwise specified
Equity (deficit), beginning at Dec. 31, 2010	($247,585)	$61,583	$620	$1,065,377	($1,328,987)	($46,178)	'
Common stock, shares - beginning at Dec. 31, 2010	'	'	62,027,184	'	'	'	'
Preferred stock, shares - beginning at Dec. 31, 2010	'	2,463,321	'	'	'	'	'
Dividends declared	-48,784	'	'	'	-48,784	'	'
Issuance of common stock	210,847	'	432	210,415	'	'	'
Issuance of common stock, shares	'	'	43,153,825	'	'	'	'
Deconsolidation of CDO:	'	'	'	'	'	'	'
Unrealized gain on securities	-8,026	'	'	'	'	-8,026	'
Unrealized loss on derivatives designated as cash flow hedges	18,353	'	'	'	'	18,353	'
Net income	304,519	'	'	'	304,519	'	'
Other comprehensive income (loss)	-37,235	'	'	'	'	-37,235	'
Equity (deficit), ending at Dec. 31, 2011	192,089	61,583	1,052	1,275,792	-1,073,252	-73,086	'
Common stock, shares - ending at Dec. 31, 2011	'	'	105,181,009	'	'	'	'
Preferred stock, shares outstanding at Dec. 31, 2011	'	2,463,321	'	'	'	'	'
Dividends declared	-131,953	'	'	'	-131,953	'	'
Issuance of common stock	434,964	'	673	434,291	'	'	'
Issuance of common stock, shares	67,344,636	'	67,344,636	'	'	'	'
Deconsolidation of CDO:	'	'	'	'	'	'	'
Unrealized gain on securities	-59,881	'	'	'	'	-59,881	'
Unrealized loss on derivatives designated as cash flow hedges	34,367	'	'	'	'	34,367	'
Net income	434,110	'	'	'	434,110	'	'
Other comprehensive income (loss)	169,364	'	'	'	'	169,364	'
Equity (deficit), ending at Dec. 31, 2012	1,073,060	61,583	1,725	1,710,083	-771,095	70,764	'
Common stock, shares - ending at Dec. 31, 2012	172,525,645	'	172,525,645	'	'	'	'
Preferred stock, shares outstanding at Dec. 31, 2012	2,463,321	2,463,321	'	'	'	'	'
Dividends declared	-168,761	'	'	'	-168,761	'	'
Issuance of common stock	1,262,493	'	1,790	1,260,703	'	'	'
Issuance of common stock, shares	178,927,850	'	178,927,850	'	'	'	'
Deconsolidation of CDO:	'	'	'	'	'	'	'
Noncontrolling interest recorded upon restructuring of media business	60,351	'	'	'	'	'	60,351
Spin-off of New Residential	-1,203,983	'	'	'	-1,159,470	-44,513	'
Net income	152,341	'	'	'	151,413	'	928
Other comprehensive income (loss)	50,623	'	'	'	'	50,623	'
Equity (deficit), ending at Dec. 31, 2013	$1,226,124	$61,583	$3,515	$2,970,786	($1,947,913)	$76,874	$61,279
Common stock, shares - ending at Dec. 31, 2013	351,453,495	'	351,453,495	'	'	'	'
Preferred stock, shares outstanding at Dec. 31, 2013	2,463,321	2,463,321	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash Flows From Operating Activities	'	'	'
Net income	$152,341	$434,110	$304,519
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):	'	'	'
Depreciation and amortization	30,973	7,451	'
Accretion of discount and other amortization	-30,621	-45,582	'
Interest income in CDOs redirected for reinvestment or CDO bond paydown	-1,895	-5,484	'
Interest income on investments accrued to principal balance	-26,588	-22,835	'
Interest expense on debt accrued to principal balance	440	437	'
Non-cash directors' compensation	350	280	'
Reversal of valuation allowance on loans	-25,035	-24,587	'
Other-than-temporary impairment on securities	5,266	18,923	'
Impairment of long-lived assets	'	'	'
Change in fair value of investments in excess mortgage servicing rights	-3,894	-9,023	'
Change in investments in equity method investments	-19,170	'	'
Equity in earnings from equity method investments	-1,746	'	'
Distributions of earnings from equity method investees	1,069	'	'
Gain on settlement of investments (net)	-17,369	-232,897	'
Gain on deconsolidation	'	'	'
Unrealized (gain)/loss on non-hedge derivatives and hedge ineffectiveness	-10,467	-2,547	'
Gain on extinguishment of debt	-4,565	-24,085	'
Change in:	'	'	'
Restricted cash	8,013	2,223	'
Receivables and other assets	-19,077	-1,702	'
Accounts payable, accrued expenses and other liabilities	63,684	3,220	'
Payment of deferred interest	-648	-568	'
Deferred interest received	5,125	'	'
Net cash provided by (used in) operating activities	106,186	97,334	'
Cash Flows From Investing Activities	'	'	'
Principal repayments from repurchased CDO debt	114,592	42,835	'
Principal repayments from CDO securities	3,405	2,014	'
Principal repayments from non-Agency RMBS	25,178	20,729	'
Return of investments in excess mortgage servicing rights	15,803	29,167	'
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)	351,268	126,125	'
Restructuring of investments in media and gold, net of cash and cash equivalents acquired	-60,654	'	'
Purchase of real estate securities	-1,307,862	-989,709	'
Purchase of securities accounted for as linked transactions	-103,140	'	'
Purchase of real estate related and other loans	-382,771	-27,226	'
Proceeds from sale of investments	46,536	127,000	'
Acquisition of investments in excess mortgage servicing rights	'	-221,832	'
Acquisition of investments in real estate	-1,249,410	-185,686	'
Additions to investments in real estate	-4,804	-296	'
Proceeds from sale of real estate held for sale	'	'	'
Acquisition of servicing rights	'	'	'
Deposit paid on investments	-505	-25,857	'
Return of deposit paid on investments	'	25,582	'
Payments on settlement of derivative instruments	'	'	'
Contributions to equity method investees	-386,501	'	'
Distributions of capital from equity method investees	12,134	'	'
Net cash provided by (used in) investing activities	-2,926,731	-1,077,154	'
Cash Flows From Financing Activities	'	'	'
Repurchases of CDO bonds payable	-31,285	-35,748	'
Repayments of other bonds and notes payable	-40,347	-42,443	'
Borrowings under repurchase agreements	2,306,433	782,749	'
Borrowings under repurchase agreements accounted for as linked transactions	60,646	'	'
Repayments of repurchase agreements	-1,359,161	-93,054	'
Margin deposits under repurchase agreements	-207,905	-87,895	'
Return of margin deposits under repurchase agreements	175,405	87,895	'
Borrowings under mortgage notes payable	904,509	120,525	'
Repayment of mortgage notes payable	-747	'	'
Issuance of common stock	1,264,769	435,821	'
Costs related to issuance of common stock	-2,471	-1,083	'
Contribution of cash to New Residential upon spin-off	-181,582	'	'
Common stock dividends paid	-165,989	-104,196	'
Preferred stock dividends paid	-5,580	-5,580	'
Payment of financing costs	-40,633	-2,385	'
Purchase of derivative instruments	'	-244	'
Proceeds from settlement of derivative instruments	217	'	'
Restricted cash returned from refinancing activities	18,312	'	'
Net cash provided by (used in) financing activities	2,694,591	1,054,362	'
Net Increase (Decrease) in Cash and Cash Equivalents	-125,954	74,542	'
Cash and Cash Equivalents, Beginning of Period	231,898	157,356	'
Less Cash and Cash Equivalents of Discontinued Operations	-31,811	'	'
Cash and Cash Equivalents, End of Period	74,133	231,898	'
Supplemental Disclosure of Cash Flow Information	'	'	'
Cash paid during the period for interest expense	48,892	71,395	'
Cash paid during the period for income taxes	899	'	'
Supplemental Schedule of Non-Cash Investing and Financing Activities	'	'	'
Common stock dividends declared but not paid	35,145	37,954	'
Preferred stock dividends declared but not paid	930	930	'
Assumption of mortgage notes payable, at fair value	43,128	'	'
Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO	'	29,959	'
Issuance of seller financing for acquisition of senior housing facilities, at fair value	9,412	'	'
Purchase price payable on investments in excess mortgage servicing rights	'	59	'
Reduction of Assets and Liabilities relating to the spin-off of New Residential	'	'	'
Real estate securities, available for sale	1,647,289	'	'
Residential mortgage loans, held-for-investment, net	35,865	'	'
Investments in excess mortgage servicing rights at fair value	229,936	'	'
Investments in equity method investees	392,469	'	'
Receivables and other assets	37,844	'	'
Repurchase Agreements	1,320,360	'	'
Accrued expenses and other liabilities	642	'	'
Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion	'	'	'
Investments in other real estate	259,573	'	'
Property, plant and equipment	272,153	'	'
Intangibles	244,885	'	'
Receivables and other assets	145,191	'	'
Credit facilities	334,498	'	'
Accounts Payable, Accrued Expenses and Other Liabilities	287,439	'	'
Noncontrolling interests	366	'	'
Restated	'	'	'
Cash Flows From Operating Activities	'	'	'
Net income	'	'	304,519
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):	'	'	'
Depreciation and amortization	'	'	312
Accretion of discount and other amortization	'	'	-44,786
Interest income in CDOs redirected for reinvestment or CDO bond paydown	'	'	-10,279
Interest income on investments accrued to principal balance	'	'	-19,507
Interest expense on debt accrued to principal balance	'	'	728
Non-cash directors' compensation	'	'	149
Reversal of valuation allowance on loans	'	'	-15,163
Other-than-temporary impairment on securities	'	'	15,840
Impairment of long-lived assets	'	'	433
Change in fair value of investments in excess mortgage servicing rights	'	'	-367
Gain on settlement of investments (net)	'	'	-77,310
Gain on deconsolidation	'	'	-45,072
Unrealized (gain)/loss on non-hedge derivatives and hedge ineffectiveness	'	'	11,572
Gain on extinguishment of debt	'	'	-66,110
Change in:	'	'	'
Restricted cash	'	'	1,161
Receivables and other assets	'	'	-1,342
Accounts payable, accrued expenses and other liabilities	'	'	1,226
Deferred interest received	'	'	1,027
Net cash provided by (used in) operating activities	'	'	57,031
Cash Flows From Investing Activities	'	'	'
Principal repayments from repurchased CDO debt	'	'	65,912
Principal repayments from CDO securities	'	'	10,728
Principal repayments from non-Agency RMBS	'	'	118
Return of investments in excess mortgage servicing rights	'	'	760
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)	'	'	82,789
Purchase of real estate securities	'	'	-333,895
Proceeds from sale of investments	'	'	3,885
Acquisition of investments in excess mortgage servicing rights	'	'	-40,492
Proceeds from sale of real estate held for sale	'	'	650
Acquisition of servicing rights	'	'	-2,268
Payments on settlement of derivative instruments	'	'	-14,322
Net cash provided by (used in) investing activities	'	'	-226,135
Cash Flows From Financing Activities	'	'	'
Repurchases of CDO bonds payable	'	'	-101,954
Issuance of other bonds payable	'	'	142,736
Repayments of other bonds and notes payable	'	'	-204,151
Borrowings under repurchase agreements	'	'	321,020
Repayments of repurchase agreements	'	'	-100,012
Margin deposits under repurchase agreements	'	'	-15,754
Return of margin deposits under repurchase agreements	'	'	15,754
Issuance of common stock	'	'	211,567
Costs related to issuance of common stock	'	'	-905
Common stock dividends paid	'	'	-23,706
Preferred stock dividends paid	'	'	-8,371
Payment of financing costs	'	'	-1,581
Restricted cash returned from refinancing activities	'	'	58,293
Net cash provided by (used in) financing activities	'	'	292,936
Net Increase (Decrease) in Cash and Cash Equivalents	'	'	123,832
Cash and Cash Equivalents, Beginning of Period	'	'	33,524
Less Cash and Cash Equivalents of Discontinued Operations	'	'	-9
Cash and Cash Equivalents, End of Period	'	'	157,347
Supplemental Disclosure of Cash Flow Information	'	'	'
Cash paid during the period for interest expense	'	'	99,096
Supplemental Schedule of Non-Cash Investing and Financing Activities	'	'	'
Common stock dividends declared but not paid	'	'	15,777
Preferred stock dividends declared but not paid	'	'	930
Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO	'	'	5,751
Purchase price payable on investments in excess mortgage servicing rights	'	'	$3,250

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2013
Organization	'
ORGANIZATION	'
	1	ORGANIZATION
	Newcastle Investment Corp. (and its subsidiaries, “Newcastle”) is a Maryland corporation that was formed in 2002. Newcastle focuses on opportunistically investing in, and actively managing, a variety of real estate-related and other investments. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As such, Newcastle will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements.
	On April 26, 2013, Newcastle announced that its board of directors had formally declared the distribution of shares of common stock of New Residential Investment Corp. (“New Residential,” NYSE: NRZ), a then wholly owned subsidiary of Newcastle. Following the spin-off, New Residential is an independent, publicly traded REIT primarily focused on investing in residential mortgage related assets. The spin-off transaction was effected as a taxable pro rata distribution by Newcastle of all the outstanding shares of common stock of New Residential to the stockholders of record of Newcastle at the close of business on May 6, 2013. The stockholders of Newcastle as of the record date received one share of New Residential common stock for each share of Newcastle common stock held.
	In connection with the spin-off, Newcastle contributed to New Residential all of its investments in excess mortgage servicing rights (“Excess MSRs”) as of May 15, 2013, the non-Agency residential mortgage backed securities (“RMBS”) Newcastle had acquired since the second quarter of 2012, certain Agency ARM RMBS, the residential mortgage loans Newcastle had acquired since the beginning of 2013, its interest in a portfolio of consumer loans and a cash and cash equivalents balance of $181.6 million.
	As described in more detail in Note 3, during 2013 Newcastle expanded its investments in senior housing. In addition, during the fourth quarter of 2013 Newcastle restructured its Media debt investments (which was spun-off in February 2014) and its Golf debt investment.
	As a result, Newcastle changed its financial reporting segments and now conducts its business through the following segments: (i) investments in senior housing properties (“senior housing”), (ii) debt investments financed with collateralized debt obligations (“CDOs”), (iii) other debt investments (“other debt”), (iv) investments in media (“Media”), (v) investments in golf courses and facilities (“Golf”) and (vi) corporate. With respect to the CDOs and other debt investments, subject to the passing of certain periodic coverage tests, Newcastle is generally entitled to receive the net cash flows from these structures on a periodic basis.
	Newcastle is party to a management agreement (the “Management Agreement”) with FIG LLC (the “Manager”), a subsidiary of Fortress Investment Group LLC (“Fortress”), under which the Manager advises Newcastle on various aspects of its business and manages its day-to-day operations, subject to the supervision of Newcastle’s board of directors. For its services, the Manager is entitled to an annual management fee and incentive compensation, both as defined in, and in accordance with the terms of, the Management Agreement. For a further discussion of the Management Agreement, see Note 17.
	Newcastle has its senior housing properties managed pursuant to property management agreements (the “Senior Housing Management Agreements”) with third parties (collectively, the “Senior Housing Managers”). Currently, the Senior Housing Managers are affiliates or subsidiaries of either Holiday Acquisition Holdings LLC (“Holiday”), a portfolio company that is majority owned by private equity funds managed by an affiliate of Newcastle’s Manager, or FHC Property Management LLC (together with its subsidiaries, “Blue Harbor”), an affiliate of Newcastle’s Manager.
	Approximately 6.4 million shares of Newcastle’s common stock were held by Fortress, through its affiliates, and its principals at December 31, 2013. In addition, Fortress, through its affiliates, held options relating to approximately 27.5 million shares of Newcastle’s common stock at December 31, 2013.
	The following table presents information on shares of Newcastle’s common stock issued subsequent to its formation:
	Year		Shares Issued		Range of Issue		Net Proceeds
					Prices (1)(2)		(millions)
	Formation - 2010			62,027,184
	2011			43,153,825		$4.55 - $6.00	$	210.9
	2012			67,344,636		$6.22 - $6.71	$	434.9
	2013			178,927,850		$4.97 - $10.48	$	1,262.60
	31-Dec-13			351,453,495
		-1	Excludes prices of shares issued pursuant to the exercise of options and of shares issued to Newcastle’s independent directors.
		-2	On May 15, 2013, Newcastle completed the spin-off of New Residential. The May 15, 2013 closing price of Newcastle’s common stock on the NYSE was $12.33. On May 16, 2013, the opening price of Newcastle’s common stock was $5.79.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	GENERAL
	Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The consolidated financial statements include the accounts of Newcastle and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Newcastle consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Newcastle is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Newcastle’s CDO subsidiaries and its manufactured housing loan financing structures (Note 14) are special purpose entities which are considered VIEs of which Newcastle is the primary beneficiary. Therefore, the debt issued by such entities is considered a non-recourse secured borrowing of Newcastle. The subprime securitizations and CDO VIII Repack (Note 5) are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, for the subprime securitizations, no longer receive a significant portion of their returns, and therefore do not consolidate them.
	For entities over which Newcastle exercises significant influence, but which do not meet the requirements for consolidation, Newcastle uses the equity method of accounting whereby it records its share of the underlying income of such entities. Newcastle’s investments in equity method investees were not significant at December 31, 2013, 2012 or 2011. With respect to investments in entities over which Newcastle does not meet the requirements for consolidation and does not exercise significant influence, Newcastle records these investments at cost, subject to impairment.
	Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Newcastle. This is primarily related to noncontrolling interests in New Media Investment Group, Inc. (Note 3).
	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
	Risks and Uncertainties — In the normal course of business, Newcastle encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Newcastle’s investments in securities, loans, derivatives and leases that results from a borrower’s, derivative counterparty’s or lessee’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in securities, loans and derivatives or in real estate due to changes in interest rates, spreads or other market factors, including the value of the collateral underlying loans and securities and the valuation of real estate held by Newcastle. Management believes that the carrying values of its investments are reasonable taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories, and other borrower information.
	Additionally, Newcastle is subject to significant tax risks. If Newcastle were to fail to qualify as a REIT in any taxable year, Newcastle would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Newcastle would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
	Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Newcastle’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income, adjusted for unrealized gains or losses on securities available for sale and derivatives designated as cash flow hedges and, upon the consolidation of GateHouse (see Note 3), net unrecognized gain and prior period service costs and credits relating to pension and other postretirement benefits.
	The following table summarizes Newcastle’s accumulated other comprehensive income:
			December 31,
			2013			2012
	Net unrealized gains on securities		$	82,408		$	82,788
	Net unrealized losses on derivatives designated as cash flow hedges			(5,992	)		(12,024	)
	Net unrecognized gain and prior service cost			458			—
	Accumulated other comprehensive income		$	76,874		$	70,764
	REVENUE RECOGNITION
	Real Estate Securities and Loans Receivable — Newcastle invests in securities, including commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and FNMA/FHLMC securities. Newcastle also invests in loans, including real estate related loans, commercial mortgage loans, residential mortgage loans, manufactured housing loans and subprime mortgage loans. Newcastle determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. Loans receivable are presented in the consolidated balance sheet net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference). Newcastle discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held for investment to held for sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Interest income includes prepayment penalties received of $0.2 million and $2.7 million in 2013 and 2012, respectively. No prepayments penalties were received in 2011.
	Impairment of Securities and Loans — Newcastle continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Newcastle will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality or that represent retained beneficial interests in securitizations, when Newcastle determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, Newcastle must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write down to fair value must be recorded. Similarly for securities, Newcastle must record a write down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. Upon determination of impairment, Newcastle establishes specific valuation allowances for loans or records a direct write down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. Newcastle also establishes allowances for estimated unidentified incurred losses on pools of loans. The allowance for each loan is maintained at a level believed adequate by management to absorb probable losses, based on periodic reviews of actual and expected losses. It is Newcastle’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from Newcastle’s estimates. Newcastle may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment, and a related write down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Newcastle charges off the corresponding loan allowance when it determines the loans to be uncollectable.
	Media Income - Advertising income from the publication of newspapers is recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user either clicks on or views certain ads, net of commissions and provisions for estimated sales incentives including rebates, rate adjustments, and discounts.
	Circulation income includes single-copy and subscription revenues. Circulation income is based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy income is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription income are deferred at the time of payment and are recognized in earnings on a pro rata basis over the terms of the subscriptions.
	Other income is recognized when the related service or product has been delivered.
	Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet until the services are performed or the product is delivered. Media income is included in income from discontinued operations on the consolidated statements of income.
	Rental Income, Care and Ancillary Income — Newcastle records rental revenue, care and ancillary income as they become due as provided for in the leases.
	Triple Net Lease Properties – Triple net leases with Holiday provide for periodic and determinable increases in base rent. Base rental revenues are recognized under these leases on a straight-line basis over the applicable lease term when collectability is reasonably assured.
	Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following:
			Year Ended December 31,
			2013			2012			2011
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities		$	9,853		$	14,629		$	81,434
	Loss on settlement of real estate securities			(3,592	)		(4,433	)		(5,091	)
	Gain on sale of CDO X interests			—			224,317			—
	Gain on repayment/disposition of loans held for sale			10,716			—			1,838
	Loss on repayment/disposition of loans held for sale			(354	)		(1,614	)		—
	Gain on termination of derivative			813			—			—
	Loss on disposal of long-lived assets			(67	)		(2	)		—
			$	17,369		$	232,897		$	78,181
	Other income (loss), net
	Gain on non-hedge derivative instruments		$	10,577		$	9,101		$	3,284
	Unrealized loss recognized upon de-designation of hedges			(110	)		(7,036	)		(13,939	)
	Hedge ineffectiveness			—			483			(917	)
	Gains on deconsolidation			—			—			45,072
	Equity in earnings of equity method investees			(97	)		—			272
	Collateral management fee income, net			1,279			1,786			2,432
	Other income			1,718			978			—
			$	13,367		$	5,312		$	36,204
	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		Year Ended			Year Ended
	Income (“AOCI”) Components		Location		31-Dec-13			31-Dec-12
	Net realized gain (loss) on securities
	Impairment		Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income		$	(5,266	)	$	(18,923	)
	Gain on settlement of real estate securities		Gain (loss) on settlement of investments, net			9,853			14,629
	Loss on settlement of real estate securities		Gain (loss) on settlement of investments, net			(3,592	)		(4,433	)
					$	995		$	(8,727	)
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Gain (loss) recognized upon de-designation		Other income (loss)		$	(110	)	$	(7,036	)
	Hedge ineffectiveness		Other income (loss)			—			483
	Amortization of deferred gain (loss)		Interest expense			11			1,250
	Gain (loss) reclassified from AOCI into income, related to effective portion		Interest expense			(6,128	)		—
					$	(6,227	)	$	(5,303	)
	Total reclassifications				$	(5,232	)	$	(14,030	)
	EXPENSE RECOGNITION
Interest Expense — Newcastle finances its investments using both fixed and floating rate debt, including securitizations, loans, repurchase agreements, and other financing vehicles. Certain of this debt have been issued at discounts. Discounts are accreted into interest expense on the effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing.
Deferred Costs and Interest Rate Cap Premiums — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight line basis or the interest method. Interest rate cap premiums, if any, are included in receivables and other assets, and are amortized as described below.
Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as either a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation.
Derivative transactions are entered into by Newcastle solely for risk management purposes, except for total rate of return swaps. Such total rate of return swaps are essentially financings of certain reference assets which are treated as derivatives for accounting purposes. The decision of whether or not a given transaction/position (or portion thereof) is hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code among others. In determining whether to hedge a risk, Newcastle may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by Newcastle. Generally, all derivatives entered into are intended to qualify as hedges under GAAP, unless specifically stated otherwise. To this end, terms of hedges are matched closely to the terms of hedged items.
Description of the risks being hedged
	1)	Interest rate risk, existing debt obligations – Newcastle has hedged (and may continue to hedge, when feasible and appropriate) the risk of interest rate fluctuations with respect to its borrowings, regardless of the form of such borrowings, which require payments based on a variable interest rate index. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). In order to reduce such risks, Newcastle may enter into swap agreements whereby Newcastle would receive floating rate payments in exchange for fixed rate payments, effectively converting the borrowing to fixed rate. Newcastle may also enter into cap agreements whereby, in exchange for a premium, Newcastle would be reimbursed for interest paid in excess of a certain cap rate.
	2)	Interest rate risk, anticipated transactions – Newcastle may hedge the aggregate risk of interest rate fluctuations with respect to anticipated transactions, primarily anticipated borrowings. The primary risk involved in an anticipated borrowing is that interest rates may increase between the date the transaction becomes probable and the date of consummation. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). This is generally accomplished through the use of interest rate swaps.
Cash Flow Hedges
To qualify for cash flow hedge accounting, interest rate swaps and caps must meet certain criteria, including (1) the items to be hedged expose Newcastle to interest rate risk, (2) the interest rate swaps or caps are highly effective in reducing Newcastle’s exposure to interest rate risk, and (3) with respect to an anticipated transaction, such transaction is probable. Correlation and effectiveness are periodically assessed based upon a comparison of the relative changes in the fair values or cash flows of the interest rate swaps and caps and the items being hedged or using regression analysis on an ongoing basis to assess retrospective and prospective hedge effectiveness.
For derivative instruments that are designated and qualify as a cash flow hedge (i.e. hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss, and net payments received or made, on the derivative instrument are reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. The premiums paid for interest rate caps, treated as cash flow hedges, are amortized into interest expense based on the estimated value of such cap for each period covered by such cap.
With respect to interest rate swaps which have been designated as hedges of anticipated financings, periodic net payments are recognized currently as adjustments to interest expense; any gain or loss from fluctuations in the fair value of the interest rate swaps is recorded as a deferred hedge gain or loss in accumulated other comprehensive income and treated as a component of the anticipated transaction. In the event the anticipated refinancing failed to occur as expected, the deferred hedge credit or charge would be recognized immediately in earnings. Newcastle’s hedges of such financings were terminated upon the consummation of such financings.
Newcastle has designated certain of its hedge derivatives, and in some cases re-designated all or a portion thereof as hedges. As a result of these designations, in the cases where the originally hedged items were still owned by Newcastle, the unrealized gain or loss was recorded in accumulated other comprehensive income as a deferred hedge gain or loss and is being amortized over the life of the hedged item.
Non-Hedge Derivatives
With respect to interest rate swaps and caps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps and caps have been recognized currently in Other Income (Loss). These derivatives may, to some extent, be economically effective as hedges.
Newcastle has entered into certain transactions which financed the purchase of certain assets with the seller of these assets.  The contemporaneous purchase of the asset and the associated financing are treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the statement of income.
Newcastle’s derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. Newcastle reduces such risk by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties. Newcastle does not require collateral for the derivative financial instruments within its CDO financing structures. Newcastle’s major derivative counterparties are Bank of America and Bank of New York Mellon.
Media Operating Expenses — Media operating expenses consist primarily of expenses to produce and circulate the related media publications and are expensed as incurred. Media operating expenses are included in income from discontinued operations on the consolidated statements of income.
Management Fees to Affiliate — These represent amounts due to the Manager and Senior Housing Managers pursuant to the Management Agreement and Senior Housing Management Agreements. For further information on the Management Agreement, see Note 17.
BALANCE SHEET MEASUREMENT
Investment in Real Estate Securities — Newcastle has classified its investments in securities as available for sale. Securities available for sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described above.
Investment in Loans — Loans receivable are presented net of any unamortized discount (or gross of any unamortized premium), including any fees received, and an allowance for loan losses. Loans which Newcastle does not have the intent or the ability to hold into the foreseeable future are considered held-for-sale and are carried at the lower of average amortized cost or market value.
Purchase Accounting — In determining the allocation of a purchase price between net tangible and identified intangible assets acquired and liabilities assumed, management makes estimates of the fair value of the tangible and intangible assets and liabilities using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities, and independent appraisals. In the case of real property, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Management allocated the purchase price to net tangible and identified intangible assets acquired and liabilities assumed based on their fair values.
Investments in Senior Housing Real Estate, Other Real Estate and Property, Plant and Equipment, Net — Real estate and related improvements are recorded at cost less accumulated depreciation. Costs that both materially add value and appreciably extend the useful life of an asset are capitalized. Fees and costs incurred in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. With respect to golf course improvements (included in land improvements), only costs associated with original construction, complete replacements, or the addition of new trees, sand traps, fairways or greens are capitalized. Expenditures for repairs and maintenance are expensed as incurred.
Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to Real Estate Held for Sale and measured at the lower of their carrying amount or fair value less costs of sale. The results of operations for such an asset, assuming such asset qualifies as a “component of an entity” as defined, are retroactively reclassified to Income (Loss) from Discontinued Operations for all periods presented.
Depreciation is calculated using the straight-line method based on the following estimated useful lives:
Buildings		25-40 years
Building improvements		3-10 years
Machinery and equipment		3-20 years
Furniture, fixtures, and computer software		3-7 years
Leasehold improvements		shorter of the lease term or estimated
		useful life of the asset
Goodwill and Intangibles — Resident lease intangibles reflect the fair value of in-place resident leases at acquisition of senior housing properties. Newcastle estimates the fair value of in-place leases as (i) the present value of the estimated rents that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant, and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period.
Non-compete intangibles reflect the fair value of non-compete agreements at acquisition relating to the senior housing business. Newcastle estimates the fair value of non-compete intangibles as the sum of (i) the present value of the consulting services during the non-compete period and (ii) the difference between (a) the present value of the net operating income with the non-compete agreements in place and (b) the present value of the net operating income, as if the non-compete agreements were not in place.
Land lease intangibles related to the senior housing business reflect the fair value of the land lease agreements in place at acquisition. Newcastle estimates the fair value of land lease intangibles as the difference between (a) the leased fee value and (b) the fee simple value. The acquisition fair values of the land lease intangibles are amortized over the contractual lives of the respective leases.
The payment in lieu of taxes (“PILOT”) intangible asset related to the senior housing business reflects the fair value of the PILOT agreement in place at acquisition. Newcastle estimates the fair value of the PILOT intangible as the present value of the difference between the (a) market taxes and (b) the anticipated PILOT amounts. The acquisition fair value of the PILOT intangible is amortized over the contractual life of the agreement.
Intangible assets relating to the media business consist of advertiser, subscriber and customer relationships, mastheads and trade names. These intangible assets are recorded at the fair value at the date of acquisition. Newcastle estimates the fair value of the advertiser, subscriber and customer relationships and the trade names using the multi-period excess earnings method under the income approach. This valuation method is based on first forecasting revenue for the existing customer base and then applying expected attrition rates. Mastheads are not amortized because it has been determined that the useful lives of such mastheads are indefinite. Intangible assets relating to the media business are included in discontinued operations on the consolidated balance sheets.
Intangible assets relating to the golf business consist primarily of leasehold advantages (disadvantages), management contracts and membership base. A leasehold advantage (disadvantage) exists to Newcastle when it pays a contracted rent that is below (above) market rents at the date of the transaction. The value of a leasehold advantage (disadvantage) is calculated based on the differential between market and contracted rent, which is tax effected and discounted to present value based on an after-tax discount rate corresponding to each golf course.  The management contract intangible represents Newcastle’s golf course management contracts for both leased and managed properties, is valued utilizing a discounted cash flow methodology under the income approach, and is amortized over the average contractual term of the agreements.  The membership base intangible represents Newcastle’s relationship with its private golf club members, is valued using the multi-period excess earnings method under the income approach, and is amortized over the weighted average remaining useful life of the private memberships.
Amortization of intangible assets is included within depreciation and amortization on the consolidated statements of income and is calculated using the straight-line method based on the following estimated useful lives:
Senior housing
In-place resident lease intangibles		2 - 3 years (1)
Non-compete intangibles		5 years
Land lease intangibles		74 - 82 years
PILOT intangibles		13 years
Other intangibles		2 - 5 years
Media business
Advertiser relationships		14-16 years
Customer relationships		15 - 16 years
Subscriber relationships		15 -16 years
Trade name		10 years
Golf business
Trade name		30 - 40 years
Leasehold intangibles		9 - 10 years
Management contracts		11 - 12 years
Internally-developed software		5 years
Membership base		7 - 9 years
(1)    Amortized over 24 months for AL/MC properties and 33 months for IL-only properties.
The excess of acquisition costs over the estimated fair value of tangible and identifiable intangible net assets acquired is recorded as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment annually or when events indicate that an impairment could exist which may include an economic downturn in a market, a change in the assessment of future operations or a decline in Newcastle’s stock price. Newcastle performs its impairment analysis at the reporting unit level. The reporting units have discrete financial information which are regularly reviewed by management. The fair value of the applicable reporting unit is compared to its carrying value. Newcastle estimates fair value by applying third-party market value indicators to projected cash flows and/or projected earnings before interest, taxes, depreciation, and amortization. In applying this methodology, Newcastle relies on a number of factors, including current operating results and cash flows, expected future operating results and cash flows, future business plans, and market data. If the carrying value of the reporting unit exceeds the estimate of fair value, Newcastle calculates the impairment as the excess of the carrying value of goodwill over its implied fair value. Goodwill is included in discontinued operations on the consolidated balance sheets.
Impairment of Real Estate, Property, Plant and Equipment and Finite-lived Intangible Assets - Newcastle periodically reviews the carrying amounts of its long-lived assets, including real estate, property, plant and equipment 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. Property, plant and equipment is included in discontinued operations on the consolidated balance sheets.
Cash and Cash Equivalents and Restricted Cash — Newcastle considers all highly liquid short term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash, from continuing operations, consisted of:
			December 31,
			2013			2012
	CDO bond sinking funds			1,902			1,254
	CDO trustee accounts			475			810
	Collateral for Golf lease obligations			3,512			—
			$	5,889		$	2,064
Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
		Year Ended December 31,
		2013			2012			2011
Restricted cash generated from sale of securities		$	136,148		$	56,629		$	336,911
Restricted cash generated from sale of real estate related and other loans		$	104,837		$	—		$	125,141
Restricted cash generated from paydowns on securities and loans		$	331,349		$	274,832		$	546,752
Restricted cash used for purchases of real estate securities		$	—		$	143,184		$	427,826
Restricted cash used for purchases of real estate related and other loans		$	—		$	91,481		$	384,850
Restricted cash used for repayments of CDO bonds payable		$	513,879		$	166,845		$	101,687
Restricted cash used for repurchases of CDO bonds payable and other bonds payable		$	—		$	—		$	3,213
Restricted cash used for purchases of derivative instruments		$	—		$	408		$	—
Restricted cash used for settlement of derivative instruments		$	1,563		$	—		$	—
Restricted cash generated from margin collateral received		$	—		$	—		$	6,550
Restricted cash used to return margin collateral		$	—		$	6,550		$	—
CDO deconsolidation:
Real estate securities		$	—		$	1,033,016		$	262,617
Restricted cash		$	—		$	51,522		$	37,988
Derivative liabilities		$	—		$	57,343		$	20,257
CDO bonds payable		$	—		$	1,110,694		$	336,046
Receivables and Other Assets
Receivables and other assets, from continuing operations, are comprised of the following, net of allowances for uncollectable amounts of $0.9 million and $0.1 million as of December 31, 2013 and 2012, respectively:
		December 31,
		2013			2012
Accounts receivable, net		$	13,477		$	1,102
Deferred financing costs			42,473			2,249
Derivative assets			43,662			165
Prepaid expenses			8,631			2,183
Interest receivable			4,667			8,959
Deposits			9,915			—
Inventory			5,140			—
Miscellaneous assets, net			13,922			2,704
		$	141,887		$	17,362
	Accounts Receivable, Net - Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required.
	Deferred Financing Costs - Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight line basis or the effective interest method.
	Derivative Assets - All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
	Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the useful lives of the goods or services.
	Interest Receivable – Interest receivable consists of interest earned on real estate securities, real estate related and other loans and residential mortgage loans that has not yet been received.
	Deposits – Deposits consist primarily of workers compensation premiums and health care insurance funds related to the media business.
	Inventory - Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first out (“FIFO”) method. Golf inventories consist primarily of food, beverages and merchandise held for sale.
Accounts payable, accrued expenses and other liabilities
Accounts payable, accrued expenses and other liabilities, from continuing operations, are comprised of the following:
		December 31,
		2013			2012
Accounts payable and accrued expenses		$	50,118		$	6,833
Membership deposit liabilities			71,644			—
Deferred revenue			37,114			6,584
Security deposits payable			48,823			33
Unfavorable leasehold interests			23,916			—
Derivative liabilities			13,794			31,576
Accrued rent			6,314			—
Due to affiliates			5,878			3,579
Miscellaneous liabilities			19,565			2,522
		$	277,166		$	51,127
Accounts Payable and Accrued Liabilities - Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued liabilities reflect invoices that have not yet been received.
Membership Deposit Liabilities - Private country club members pay an advance initiation fee upon their acceptance as a member to the country club. Initiation fees are generally deposits which are refundable 30 years after the date of acceptance as a member. The difference between the amount paid by the member (net of incremental direct costs, primarily commissions) and the net present value of the future refund obligation is deferred and recognized on a straight-line basis over the estimated average expected life of an active membership (currently seven years), and included in deferred revenue above.
The present value of the refund obligation is recorded as a membership deposit liability in the consolidated balance sheets and accretes over the nonrefundable term (30 years) using the effective interest method. This accretion is recorded as interest expense in the consolidated statements of income.
Deferred Revenue – Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue until services performed or the product is delivered.
Security Deposits Payable - Security deposits payable relate to deposits made by tenants of Newcastle’s properties primarily related to the senior housing business.
Unfavorable Leasehold Interests - Unfavorable leasehold interests relates to leases acquired as part of the Golf business where the terms of the leasehold contracts are less favorable than the estimated market terms of the leases at the acquisition date.
Derivative Liabilities - All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
Pension and Other Postretirement Benefit Obligations – Newcastle recognizes an asset or liability in the consolidated balance sheets, included in discontinued operations, reflecting the funded status of pension and other postretirement benefit plans such as retiree health and life insurance, with current-year changes in the funded status recognized in accumulated other comprehensive loss. The determination of pension plan obligations and expense is based on a number of actuarial assumptions. Two critical assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. For other postretirement benefit plans, which provide for certain health care and life insurance benefits for qualifying retired employees and which are not funded, critical assumptions in determining other postretirement benefit obligations and expense are the discount rate and the assumed health care cost-trend rates.
Self-Insurance Liabilities - Newcastle maintains self-insured medical and workers’ compensation programs for the media business. Newcastle purchases stop loss coverage from third-parties which limits exposure to large claims. Newcastle records a liability for medical and workers’ compensation costs during the period in which they occur as well as an estimate of incurred but not reported claims. Newcastle also is self insured for property and casualty losses for the media business and accrues for losses. Self-insurance liabilities are included in discontinued operations on the consolidated balance sheets.
Accrued Rent – Golf properties pay rent on certain properties in arrears.
Due to Affiliates – Represents amounts due to the Manager and the Senior Housing Managers pursuant to the Management Agreement and Senior Housing Management Agreements.
Stock Options — The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for Newcastle was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to Newcastle’s directors were accounted for using the fair value method.
Preferred Stock — Newcastle’s accounting policy for its preferred stock is described in Note 16.
Income Taxes – Newcastle operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of Newcastle’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income.
Certain activities are conducted through taxable REIT subsidiaries (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Newcastle recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of income.
Accretion of Discount and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:
		Year Ended December 31,
		2013			2012			2011
Accretion of net discount on securities, loans and other investments		$	(34,525	)	$	(48,608	)	$	(45,387	)
Amortization of net discount on debt obligations			2,859			1,525			(823	)
Amortization of deferred financing costs and interest rate cap premiums			1,056			2,751			3,740
Amortization of net deferred hedge (gains) and losses - debt			(11	)		(1,250	)		(2,316	)
		$	(30,621	)	$	(45,582	)	$	(44,786	)
Securitization of Subprime Mortgage Loans — Newcastle’s accounting policy for its securitization of subprime mortgage loans is disclosed in Note 7.
Recent Accounting Pronouncements — In February 2013, the FASB issued new guidance regarding the reporting of reclassifications out of accumulated other comprehensive income. The new guidance does not change current requirements for reporting net income or other comprehensive income in financial statements. However, it requires companies to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income if the item reclassified is required to be reclassified to net income in its entirety during the same reporting period. Presentation should occur either on the face of the income statement where net income is presented, or in the notes to the financial statements. Newcastle has adopted this accounting standard and presents this information, above under “Reclassification from Accumulated Other Comprehensive Income into Net Income.”
The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, revenue recognition, leases, financial instruments, hedging, and contingencies. 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.

ACQUISITIONS_IN_2013

ACQUISITIONS IN 2013	12 Months Ended
	Dec. 31, 2013
Acquisitions In 2013	'
ACQUISITIONS IN 2013	'
	3	ACQUISITIONS IN 2013
	A.	Acquisitions of Senior Housing Properties
	(i)	Managed Properties
		During 2013, Newcastle completed the acquisitions of 21 senior housing properties in seven different portfolios for an aggregate purchase price of approximately $302.8 million plus acquisition-related costs. Each of these acquisitions was accounted for as a business combination, under which all assets acquired and liabilities assumed are recognized at their acquisition-date fair value with acquisition-related costs being expensed as incurred. For 18 of the properties, Newcastle has retained Holiday to manage the properties. Pursuant to the property management agreements with Holiday, Newcastle pays management fees equal to either (i) 5% of the property’s effective gross income (as defined in the agreements) or (ii) 6% of the property’s effective gross income (as defined in the agreements) for the first two years and 7% thereafter. For the other 3 properties acquired, Newcastle has retained Blue Harbor to manage the properties. Pursuant to the agreements with Bl ue Harbor, Newcastle pays management fees equal to 6% of the property’s effective gross income (as defined in the agreements) for the first two years and 7% thereafter.
	(ii)	Holiday Portfolio
		In addition to the acquisitions described in paragraph (i) above, on December 23, 2013, Newcastle completed the acquisition of 51 independent living senior housing properties (the “Holiday Portfolio”) from certain affiliates of Holiday for an aggregate purchase price of approximately $1.0 billion plus acquisition-related costs. The Holiday Portfolio includes properties located across 24 states with 5,842 units in aggregate. The acquisition was accounted for as a business combination, under which all assets acquired and liabilities assumed are recognized at their acquisition-date fair value with acquisition-related costs being expensed as incurred.
		On December 23, 2013 Newcastle also entered into two triple net master leases of the Holiday Portfolio with certain affiliates of Holiday (collectively, the “Master Tenants”). Each lease has a 17-year term and first-year rent equal to 6.5% of the purchase price with annual increases during the following three years of 4.5% and up to 3.75% thereafter. Under each lease, the respective Master Tenant is responsible for (i) operating its portion of the Holiday Portfolio and bearing the related costs, including maintenance, utilities, taxes, insurance, repairs and capital improvements, and (ii) complying with the terms of the mortgage financing documents.
		Each master lease includes (i) a covenant requiring the Master Tenant to maintain a minimum lease coverage ratio, which the master lease defines as net operating income for the applicable trailing 12-month period for the Holiday Portfolio divided by the base rent for such trailing 12-month period, which steps up during the term of the lease and is subject to certain cure provisions, (ii) minimum capital expenditure requirements, (iii) customary operating covenants, events of default, and remedies, (iv) a non-compete clause restricting certain affiliates of the Master Tenant from developing or constructing new independent living properties within a specified radius of any property acquired by Newcastle in this transaction, and (v) restrictions on a change of control of the Master Tenants and Guarantor (as defined below), subject to certain exceptions. The master lease also required the Master Tenants to fund a security deposit in the amount of approximately $43.4 million, which serves as security for the Master Tenants’ performance of their respective obligations to Newcastle under the master leases. Additionally, the Master Tenants granted Newcastle a first priority security interest in certain personal property and receivables arising from the operations of the Holiday Portfolio, which security interest secures the Master Tenants’ obligations under the master leases. The Master Tenants’ obligations to Newcastle under the master leases are also guaranteed by Holiday AL Holdings LP, a subsidiary of Holiday (the “Guarantor”). The Guarantor is required to maintain a minimum net worth of $150 million, a minimum fixed charge coverage ratio of 1.10 and a maximum leverage ratio of 10 to 1.
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
			At Acquisition
			Managed			Holiday
			Properties			Portfolio			Total
	Allocation of Purchase Price (A)(B)
	Investments in Real Estate		$	268,010		$	937,548		$	1,205,558
	Resident Lease Intangibles			31,673			57,883			89,556
	Non-compete Intangibles			1,000			—			1,000
	Land Lease Intangibles			—			3,498			3,498
	PILOT Intangible			3,700			—			3,700
	Other Intangibles			500			1,546			2,046
	Assumed mortgage notes payable			(43,128	)		—			(43,128	)
	Other Assets, net of other liabilities			(2,157	)		—			(2,157	)
	Subtotal		$	259,598		$	1,000,475		$	1,260,073
	Mortgage Notes Payable (C)			(175,871	)		(719,350	)	$	(895,221	)
	Net assets acquired		$	83,727		$	281,125		$	364,852
	Total acquisition related costs (D)		$	6,118		$	3,604		$	9,722
		(A)	Due to the timing of the acquisitions, for the November and December acquisitions,, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
		(B)	Includes $1.5 million for the fair value of an earn-out payment to the seller if the aggregate EBITDA in one of the portfolios acquired for any calendar years in which the third, fourth, fifth and/or sixth anniversary of the acquisition date occurs is equal to or in excess of an earn-out threshold, as defined within the agreement. The undiscounted earn-out payment is limited to $4.6 million, as per the agreement.
		(C)	See Note 14.
		(D)	Acquisition related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.
	B.    Restructuring and Spin-off of Media Investments
	During 2013, Newcastle completed a restructuring of its debt investment in GateHouse Media, Inc. (“GateHouse”), and formed Local Media Group Holdings LLC to acquire Dow Jones Local Media Group (renamed Local Media Group Holdings LLC, or “Local Media Group”) from News Corp.
	Newcastle completed the purchase of Local Media Group on September 3, 2013 for an aggregate purchase price of approximately $86.9 million, including capitalized transaction costs of approximately $4.3 million. Newcastle made a total equity investment of $53.9 million and financed the remainder of the purchase price with $33.0 million of debt (the “Local Media Group Acquisition”).
	As discussed in Note 14, the above $33.0 million of debt was drawn from a $43.0 million credit agreement that Local Media Group signed on September 3, 2013 with Credit Suisse AG, Cayman Islands Branch and Credit Suisse Loan Funding LLC (collectively “Credit Suisse”).
	The Local Media Group operations are managed by GateHouse, pursuant to a management and advisory agreement. As a result of this agreement, management determined that Local Media Group was a variable interest entity and that GateHouse was the primary beneficiary because it had both the power to direct the activities that most significantly impact the economic performance of Local Media Group and it participated in the residual returns of Local Media Group that could be significant to Local Media Group. Since Newcastle was not the primary beneficiary from September 3, 2013 through November 25, 2013, it did not consolidate Local Media Group and recorded its investment in Local Media Group as an equity method investment.
	Newcastle sponsored a prepackaged plan of reorganization (as amended or supplemented, the “Plan”) for GateHouse. Prior to entering into the Plan, Newcastle owned approximately 52.2% of GateHouse’s $1.2 billion of outstanding debt. On September 27, 2013, GateHouse commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware, and the court confirmed the Plan on November 6, 2013. GateHouse’s restructuring was completed on November 26, 2013.
	Pursuant to the Plan, (i) Newcastle formed New Media Investment Group Inc. (“New Media”) as a wholly owned subsidiary of Newcastle, (ii) GateHouse and Local Media Group became wholly owned subsidiaries of New Media, (iii) Newcastle offered to either purchase in cash the claims of other GateHouse debt holders at 40% of the face amount of their claims or issue to other debt holders a pro rata share of the common stock of New Media and the net cash proceeds, if any, from a new financing (the “GateHouse Credit Facilities”), and (iv) Newcastle exchanged its debt claims for equity of New Media and net cash proceeds from the GateHouse Credit Facilities and, in accordance with the elections made by other debt holders, purchased approximately $441.5 million of claims and issued approximately 15.4% of New Media’s common stock to certain third parties. As a result, and taking into account the value assigned to the contribution of Local Media Group to New Media, Newcastle became the owner of approximately 84.6% of New Media.
	Pursuant to the Plan, GateHouse’s common stock was canceled and the holders received 1,362,479 warrants in New Media a then wholly owned subsidiary of Newcastle. The warrants have a strike price of $46.35 per share and expire on November 26, 2023. As of February 13, 2014, New Media’s common stock had a closing trading price of $12.67 per share.
	As part of the Plan, but not contingent on the Plan, GateHouse entered into the GateHouse credit facilities in the aggregate amount of $165.0 million. For additional information related to the GateHouse credit facilities, see Note 14.
	Newcastle accounted for the transaction as a business combination. The New Media assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Any excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed was allocated to goodwill.
	Significant assumptions were as follows.
		•	Intangibles – The estimated fair values of the acquired subscriber relationships, advertiser relationships and customer relationships were determined based on an excess earnings approach, a form of the income approach, which values assets based upon associated estimated discounted cash flows. A static pool approach using historical attrition rates was used to estimate attrition rates of 5.0% to 7.5% for advertiser relationships, subscriber relationships and customer relationships. The growth rate was estimated to be 0.0% and the discount rates were estimated to range from 14.5% to 17.0% for advertiser relationships and 14.5% to 15.5% for subscriber and customer relationships.
			Mastheads fair values were determined based on a relief from royalty method, an income approach. Key assumptions utilized in this valuation include revenue projections, royalty rates of 1.3% to 2.0%, a long term growth rate of 0.0% and discount rates of 14.0% to 25.0%.
		•	Property, plant and equipment –The estimated fair values for property, plant and equipment were determined under three approaches: the cost approach (used for equipment where an active secondary market is not available and building improvements), the direct sales comparison (market) approach (used for land and equipment where an active market is available), and the income approach (used for intangibles). These approaches are based on the cost to reproduce assets, market exchanges for comparable assets and the capitalization of income. Useful lives range from 2 to 13 years for personal property and 10 to 30 years for real property.
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
			As of November 26, 2013
	Cash and cash equivalents		$	22,368
	Property, plant and equipment			272,153
	Intangibles			146,019
	Goodwill			126,686
	Restricted cash			6,295
	Receivables and other assets			100,483
	Total assets acquired			674,004
	Less:
	Credit facilities			182,000
	Other liabilities			102,910
	Net assets acquired		$	389,094
	See Note 20 related to the February 13, 2014 spin-off of New Media.
	C.	Restructuring of Golf Investment
	In December 2013, Newcastle restructured an investment in mezzanine debt issued by NGP Mezzanine, LLC (“NGP”), the indirect parent of NGP Realty Sub, L.P. (“National Golf”). NGP owns 27 golf courses across 8 states, and leases these courses to American Golf Corporation (“American Golf”), an affiliated operating company. American Golf also leases an additional 54 golf courses and manages 11 courses, all owned by third parties. As part of the transacation, Newcastle acquired the equity of NGP and American Golf’s indirect parent, AGC Mezzanine Pledge LLC (“AGC”), and therefore consolidated these entities as of December 31, 2013.
	In the original investment in 2006, Newcastle invested approximately $110 million in mezzanine debt issued by NGP. At the time of the transaction, the mezzanine debt had an outstanding face amount of approximately $68 million, which was valued at approximately $29.4 million.
	On December 30, 2013, pursuant to an agreement with the other senior creditors of National Golf, Newcastle and National Golf’s senior lender entered into a new senior debt facility with a principal amount of $109 million, of which Newcastle committed to fund $54.5 million (and have funded $46.9 million to date). Newcastle also acquired the equity of NGP and AGC for $2.0 million and acquired the ground lease for an 18-hole golf course, clubhouse and other related facilities and improvements (the “Vineyard Property”) for an additional $0.5 million (collectively, the “Golf business”). As a result of Newcastle’s consolidation of these entities, its debt investments in these entities are eliminated in consolidation.
	The acquisition was accounted for as a business combination. The purchase price was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. Due to the timing of the acquisition, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
		As of December 30, 2013
Cash		$	19,378
Investments in other real estate			259,573
Intangible assets			98,866
Restricted cash			3,512
Receivables and other assets			34,898
Total assets acquired		$	416,227
Less:
Credit facilities			228,832
Other liabilities			184,529
Noncontrolling interest			366
Net assets acquired		$	2,500

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2013
Discontinued Operations	'
DISCONTINUED OPERATIONS	'
	4	DISCONTINUED OPERATIONS
	On April 26, 2013, Newcastle announced that its board of directors had formally declared the distribution of shares of common stock of New Residential Investment Corp. (“New Residential,” NYSE: NRZ), a then wholly owned subsidiary of Newcastle. Following the May 15, 2013 spin-off, New Residential is an independent, publicly traded REIT primarily focused on investing in residential mortgage related assets. The spin-off transaction was effected as a taxable pro rata distribution by Newcastle of all the outstanding shares of common stock of New Residential to the stockholders of record of Newcastle at close of business day as of May 6, 2013. The stockholders of Newcastle as of the record date received one share of New Residential common stock for each share of Newcastle common stock held.
	On February 13, 2014, Newcastle completed the spin-off of New Media Investment Group Inc. (“New Media”), and established New Media as a separate, publicly traded company (NYSE:NEWM). The spin-off was effected as a taxable pro rata distribution by Newcastle of all of the outstanding shares of common stock it held of New Media to Newcastle’s common stockholders of record at the close of business on February 6, 2014. The distribution ratio was 0.0722 shares of New Media common stock for each share of Newcastle common stock.
	As a result of the spin-offs, for all periods presented, the assets, liabilities and results of operations of those components of Newcastle’s operations that (i) were part of the spin-offs, and (ii) represent operations in which Newcastle has no significant continuing involvement, are presented separately in discontinued operations in Newcastle’s consolidated financial statements. These components are primarily related to media operations, Excess MSRs and consumer loans for the periods presented herein.
	Assets and liabilities of discontinued operations were as follows:
			December 31,
			2013			2012
	Assets
	Property, plant and equipment, net of accumulated depreciation			270,188			—
	Investments in excess mortgage servicing rights at fair value			—			245,036
	Intangibles, net of accumulated amortization			145,400			—
	Goodwill			126,686			—
	Cash and cash equivalents			31,811			—
	Restricted cash			6,477			—
	Receivables and other assets			110,184			33
	Total assets of discontinued operations		$	690,746		$	245,069
	Liabilities
	Credit facilities, media			182,016			—
	Purchase price payable on investments in excess mortgage servicing rights			—			59
	Accounts payable, accrued expenses and other liabilities			113,251			421
	Total liabilities of discontinued operations		$	295,267		$	480
	Results of operations from discontinued operations were as follows:
			Year Ended December 31,
			2013			2012		2011
	Interest income		$	15,095		$	27,508	$	1,260
	Interest expense			1,591			—		—
	Net interest income			13,504			27,508		1,260
	Other Revenues
	Advertising income			38,757			—		—
	Circulation income			16,649			—		—
	Commercial printing and other income			6,231			—		—
	Rental income			—			—		136
	Total other revenues			61,637			—		136
	Other Income (Loss)
	Change in fair value of investments in excess mortgage servicing rights			3,894			—		—
	Change in fair value of investments in equity method investees			885			—		—
	Equity income in Local Media Group			1,870			—		—
	Equity from investments in equity method investees			18,286			—		—
	Other income (loss), net			(2,415	)		17,421		428
				22,520			17,421		428
	Expenses
	Property operating expenses			15			26		177
	Media operating expenses			49,092			—		—
	General and administrative expense			4,004			5,735		1,086
	Depreciation and amortization			3,845			—		—
	Income tax expense			1,062			—		—
				58,018			5,761		1,263
	Income from discontinued operations, net of tax		$	39,643		$	39,168	$	561

SEGMENT_REPORTING_AND_VARIABLE

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2013
Segment Reporting And Variable Interest Entities	'
SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES	'
	5	SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES
	Newcastle conducts its business through the following segments: (i) investments in senior housing properties (“senior housing”), (ii) debt investments financed with collateralized debt obligations (“CDOs”), (iii) other debt investments (“other debt”), (iv) investments in media (“media”), (v) investment in golf courses and facilities (“golf”) and (vi) corporate. With respect to the CDOs and other debt segments, Newcastle is generally entitled to receive net cash flows from these structures on a periodic basis.
	In the fourth quarter of 2013, Newcastle changed the composition of its reportable segments. Newcastle established media and golf segments in connection with the restructurings of certain debt investments (see Note 3). These restructurings, accompanied by reductions in Newcastle’s investments in debt resulting from realizations, caused a change in the way Newcastle’s chief operating decision maker (“CODM”) viewed Newcastle’s business and the way in which such business is reported to management. Newcastle’s CODM and management now review operating results based on business lines, as opposed to financing types, and Newcastle’s segment reporting has been updated accordingly. Segment information for previously reported periods has been restated to reflect this change to the composition of segments.
	The corporate segment consists primarily of interest income on short term investments, general and administrative expenses, interest expense on the junior subordinated notes payable (Note 14) and management fees pursuant to the Management Agreement (Note 17).
	Summary financial data on Newcastle’s segments is given below, together with reconciliation to the same data for Newcastle as a whole:
																					Excess
																					MSRs and
			Senior			Debt Investments (A)															Consumer			Inter-segment
			Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Media (C)			Loans			Elimination (D)			Total
	Year Ended December 31, 2013
	Interest income		$	3		$	119,292		$	98,968		$	—		$	198		$	—		$	—		$	(4,746	)	$	213,715
	Interest expense			10,781			24,996			54,534			—			3,817						—			(4,746	)		89,382
	Net interest income (expense)			(10,778	)		94,296			44,434			—			(3,619	)		—			—			—			124,333
	Impairment (reversal)			—			(9,338	)		(10,431	)		—			—			—			—			—			(19,769	)
	Other revenues			85,267			—			2,056			—			—			—			—			—			87,323
	Other income (loss)			11			23,946			11,344			—			—			—			—			—			35,301
	Property operating expenses			52,713			—			1,005			—			—			—			—			—			53,718
	Depreciation and amortization			26,905			—			219			—			4			—			—			—			27,128
	Other operating expenses			20,982			741			3,144			—			47,277			—			—			—			72,144
	Income tax expense			1,038			—			—			—			—			—			—			—			1,038
	Income (loss) from continuing operations			(27,138	)		126,839			63,897			—			(50,900	)		—			—			—			112,698
	Income (loss) from discontinued operations			—			—			(46	)		—			—			6,311			33,378			—			39,643
	Net income (loss)			(27,138	)		126,839			63,851			—			(50,900	)		6,311			33,378			—			152,341
	Preferred dividends			—			—			—			—			(5,580	)		—			—			—			(5,580	)
	Net income attributable to noncontrolling interests			—			—			—			—			—			(928	)		—			—			(928	)
	Income (loss) applicable to common stockholders		$	(27,138	)	$	126,839		$	63,851		$	—		$	(56,480	)		5,383		$	33,378		$	—		$	145,833
	31-Dec-13
	Investments		$	1,463,758		$	925,690		$	1,279,549		$	358,439		$	—		$	—		$	—		$	(87,528	)	$	3,939,908
	Cash and restricted cash			31,263			2,377			—			22,890			23,492			—			—			—			80,022
	Other assets			55,430			47,285			3,442			34,898			987			—			—			(155	)		141,887
	Assets of discontinued operations			—			—			—			—			—			690,746			—			—			690,746
	Total assets			1,550,451			975,352			1,282,991			416,227			24,479			690,746			—			(87,683	)		4,852,563
	Debt			(1,076,828	)		(645,938	)		(1,149,547	)		(181,910	)		(51,237	)		—			—			87,529			(3,017,931	)
	Other liabilities			(61,886	)		(19,194	)		(2,235	)		(185,552	)		(44,528	)		—			—			154			(313,241	)
	Liabilities of discontinued operations			—			—			—			—			—			295,267			—			—			295,267
	Total liabilities			(1,138,714	)		(665,132	)		(1,151,782	)		(367,462	)		(95,765	)		(295,267	)		—			87,683			(3,626,439	)
	Preferred stock			—			—			—			—			(61,583	)		—			—			—			(61,583	)
	Noncontrolling interest			—			—			—			(366	)		—			(60,913	)		—			—			(61,279	)
	GAAP book value		$	411,737		$	310,220		$	131,209		$	48,399		$	(132,869	)	$	334,566		$	—		$	—		$	1,103,262
	Year Ended December 31, 2012
	Interest income		$	—		$	197,007		$	91,818		$	—		$	170		$	—		$	—		$	(6,044	)	$	282,951
	Interest expense			1,688			56,767			53,700			—			3,813			—			—			(6,044	)		109,924
	Net interest income (expense)			(1,688	)		140,240			38,118			—			(3,643	)		—			—			—			173,027
	Impairment (reversal)			—			(7,381	)		1,717			—			—			—			—			—			(5,664	)
	Other revenues			18,026			—			2,049			—			—			—			—			—			20,075
	Other income (loss)			(82	)		260,025			2,351			—			—			—			—			—			262,294
	Property operating expenses			11,539			—			1,404			—			—			—			—			—			12,943
	Depreciation and amortization			5,784			—			1,191			—			—			—			—			—			6,975
	Other operating expenses			6,846			916			3,359			—			35,079			—			—			—			46,200
	Income (loss) from continuing operations			(7,913	)		406,730			34,847			—			(38,722	)		—			—			—			394,942
	Income (loss) from discontinued operations			—			—			(68	)		—			—			—			39,236			—			39,168
	Net income (loss)			(7,913	)		406,730			34,779			—			(38,722	)		—			39,236			—			434,110
	Preferred dividends			—			—			—			—			(5,580	)		—			—			—			(5,580	)
	Income (loss) applicable to common stockholders		$	(7,913	)	$	406,730		$	34,779		$	—		$	(44,302	)	$	—		$	39,236		$	—		$	428,530
	31-Dec-12
	Investments		$	181,887		$	1,417,729		$	1,911,639		$	—		$	—		$	—		$	—		$	(62,336	)	$	3,448,919
	Cash and restricted cash			9,720			2,064			—			—			222,178			—			—			—			233,962
	Other assets			5,111			7,429			4,777			—			202			—			—			(157	)		17,362
	Assets of discontinued operations			—			—			—			—			—			—			245,069			—			245,069
	Total assets			196,718			1,427,222			1,916,416			—			222,380			—			245,069			(62,493	)		3,945,312
	Debt			(120,525	)		(1,097,013	)		(1,575,316	)		—			(51,243	)		—			—			62,336			(2,781,761	)
	Other liabilities			(5,084	)		(37,259	)		(2,856	)		—			(44,969	)								157			(90,011	)
	Liabilities of discontinued operations			—			—			(74	)		—			—			—			(406	)		—			(480	)
Total liabilities			(125,609	)		(1,134,272	)		(1,578,246	)		—			(96,212	)		—			(406	)		62,493			(2,872,252	)
Preferred stock			—			—			—			—			(61,583	)		—			—			—			(61,583	)
GAAP book value		$	71,109		$	292,950		$	338,170		$	—		$	64,585		$	—		$	244,663		$	—		$	1,011,477
Year Ended December 31, 2011
Interest income		$	—		$	218,475		$	78,234		$	—		$	167		$	—		$	—		$	(5,840	)	$	291,036
Interest expense			—			86,110			53,950			—			3,815			—			—			(5,840	)		138,035
Net interest income (expense)			—			132,365			24,284			—			(3,648	)		—			—			—			153,001
Impairment (reversal)			—			(3,876	)		4,986			—			—			—			—			—			1,110
Other revenues			—			—			1,899			—			—			—			—			—			1,899
Other income (loss)			—			175,702			4,793			—			—			—			—			—			180,495
Property operating expenses			—			—			1,110			—			—			—			—			—			1,110
Depreciation and amortization			—			—			12			—			—			—			—			—			12
Other operating expenses			—			1,058			3,622			—			24,525			—			—			—			29,205
Income (loss) from continuing operations			—			310,885			21,246			—			(28,173	)		—			—			—			303,958
Income (loss) from discontinued operations			—			—			(11	)		—			—			—			572			—			561
Net income (loss)			—			310,885			21,235			—			(28,173	)		—			572			—			304,519
Preferred dividends			—			—			—			—			(5,580	)		—			—			—			(5,580	)
Income (loss) applicable to common stockholders		$	—		$	310,885		$	21,235		$	—		$	(33,753	)	$	—		$	572		$	—		$	298,939
	(A)	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
	(B)	The following table summarizes the investments and debt in the other debt segment:
		31-Dec-13												31-Dec-12
		Investments						Debt						Investments						Debt
Non-Recourse		Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount*			Value*			Face Amount			Value			Face Amount*			Value*
Manufactured housing loan portfolio I		$	102,681		$	91,924		$	74,248		$	66,446		$	118,746		$	100,124		$	90,551		$	81,963
Manufactured housing loan portfolio II			128,975			128,117			93,863			93,536			153,193			150,123			117,907			117,191
Subprime mortgage loans subject to call options			406,217			406,217			406,217			406,217			406,217			405,814			406,217			405,814
Real estate securities			56,466			50,961			39,665			36,095			63,505			53,979			44,585			40,572
Operating real estate			N/A			6,597			6,000			6,000			N/A			6,672			6,000			6,000
Subtotal			694,339			683,816			619,993			608,294			741,661			716,712			665,260			651,540
Other
Real estate loans			—			—			—			—			80,298			29,831			—			—
Unlevered real estate securities			129,563			4,296			—			—			229,299			68,863			—			—
Levered real estate securities			514,994			551,270			516,134			516,134			1,112,796			1,049,029			923,776			923,776
Other Investments			N/A			6,160			—			—			N/A			6,024			—			—
Residential mortgage loans			45,323			34,007			25,119			25,119			55,997			41,180			—			—
		$	1,384,219		$	1,279,549		$	1,161,246		$	1,149,547		$	2,220,051		$	1,911,639		$	1,589,036		$	1,575,316
*	As of December 31, 2013 and December 31, 2012, aggregate face amounts of $133.9 million and $71.1 million (carrying values of $87.5 million and $62.5 million), respectively, of debt represents intersegment financing, which is eliminated upon consolidation.
(C)	In February 2014, the media segment was spun off from Newcastle and will not be reported as a segment in future filings.
(D)	Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments.
Variable Interest Entities (“VIEs”)
The VIEs in which Newcastle has a significant interest include (i) Newcastle’s CDOs, in which Newcastle has been determined to be the primary beneficiary and therefore consolidates them (with the exception of CDO V and CDO VIII repack), since it has the power to direct the activities that most significantly impact the CDOs’ economic performance and would absorb a significant portion of their expected losses and receive a significant portion of their expected residual returns, and (ii) the manufactured housing loan financing structures, which are similar to the CDOs in analysis. Newcastle’s CDOs and manufactured housing loan financings are held in special purpose entities whose debt is treated as non-recourse secured borrowings of Newcastle.
Newcastle’s subprime securitizations and the CDO VIII Repack are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and no longer receive a significant portion of their returns, and therefore do not consolidate them.
In addition, Newcastle’s investments in RMBS, CMBS, CDO securities and real estate related and other loans may be deemed to be variable interests in VIEs, depending on their structure. Newcastle monitors these investments and analyzes the potential need to consolidate the related securitization entities pursuant to the VIE consolidation requirements. These analyses require considerable judgment in determining whether an entity is a VIE and determining the primary beneficiary of a VIE since they involve subjective determinations of significance, with respect to both power and economics. The result could be the consolidation of an entity that otherwise would not have been consolidated or the de-consolidation of an entity that otherwise would have been consolidated.
As of December 31, 2013, Newcastle has not consolidated these potential VIEs. This determination is based, in part, on the assessment that Newcastle does not have the power to direct the activities that most significantly impact the economic performance of these entities, such as if Newcastle owned a majority of the currently controlling class. In addition, Newcastle is not obligated to provide, and has not provided, any financial support to these entities.
On June 17, 2011, Newcastle deconsolidated a non-recourse financing structure, CDO V. Newcastle determined that it does not currently have the power to direct the relevant activities of CDO V as an event of default had occurred and Newcastle may be removed as the collateral manager by a single party. The deconsolidation has reduced Newcastle’s gross assets by $301.6 million, reduced liabilities by $357.0 million, resulted in a gain on deconsolidation of $45.1 million and decreased accumulated other comprehensive loss by $10.3 million. The deconsolidation also reduced revenues and expenses from June 17, 2011 onwards, but its impact was not material to net income applicable to common stockholders.
On September 12, 2012, Newcastle deconsolidated CDO X subsequent to the completion of the sale of 100% of its interests in CDO X to the sole owner of the senior notes and another third party. The sale and resulting deconsolidation has reduced Newcastle’s gross assets by $1.1 billion, reduced liabilities by $1.2 billion, decreased other comprehensive income by $25.5 million and resulted in a gain on sale of $224.3 million. As of December 31, 2013, Newcastle had no continuing involvement with CDO X as it had been liquidated.
Newcastle had variable interests in the following unconsolidated VIEs at December 31, 2013, in addition to the subprime securitizations which are described in Note 7:
Entity		Gross Assets (A)			Debt (B)			Carrying Value of Newcastle’s
								Investment (C)
Newcastle CDO V		$	200,616		$	226,615		$	2,002
CDO VIII Repack (D)		$	146,645		$	146,645		$	104,308
	(A)	Face amount.
	(B)	Newcastle CDO V includes $39.8 million face amount of debt owned by Newcastle with a carrying value of $2.0 million at December 31, 2013. CDO VIII Repack includes $116.8 million face amount of debt owned by Newcastle with a carrying value of $104.3 million at December 31, 2013.
	(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.
	(D)	See Notes 13 and 14 for information about the securitization that is collateralized by certain Newcastle CDO VIII Class I Notes.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2013
Real Estate Securities [Abstract]	'
REAL ESTATE SECURITIES	'
	6.    REAL ESTATE SECURITIES
	The following is a summary of Newcastle’s real estate securities at December 31, 2013 and 2012, all of which are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
						Amortized Cost Basis									Gross Unrealized									Weighted Average
	Asset Type		Outstanding			Before			Other-Than-			After			Gains		Losses			Carrying Value		Number of		Rating		Coupon			Yield			Maturity			Principal
			Face Amount			Impairment			Temporary-			Impairment								(A)		Securities		(B)								(Years)			Subordination
									Impairment																							(C)			(D)
	31-Dec-13
	CMBS-Conduit		$	238,400		$	215,341		$	(69,099	)	$	146,242		$	52,900	$	(208	)	$	198,934	34		BB-		5.47	%		17	%		2.6			10.2	%
	CMBS- Single Borrower			91,492			90,788			(12,364	)		78,424			3,964		(82	)		82,306	15		BB		5.71	%		7.16	%		2.4			7.8	%
	CMBS-Large Loan			3,229			3,212			—			3,212			17		—			3,229	1		BBB-		6.63	%		8.87	%		0.3			8.1	%
	REIT Debt			29,200			28,667			—			28,667			2,519		—			31,186	5		BB+		5.89	%		6.86	%		1.8			N/A
	Non-Agency RMBS			96,762			103,535			(62,860	)		40,675			16,907		(1	)		57,581	34		CCC+		1.07	%		12.2	%		4.4			25.9	%
	ABS-Franchise			8,464			7,647			(7,647	)		—			—		—			—	1		C		6.69	%		0	%		—			0	%
	FNMA/FHLMC (G)			514,994			548,456			(817	)		547,639			3,631		—			551,270	64		AAA		2.9	%		1.25	%		3.6			N/A
	CDO (E)			188,364			71,857			(14,861	)		56,996			2,761		—			59,757	11		CCC-		3.21	%		7.56	%		1.2			19.1	%
	Total/Average (F)		$	1,170,905		$	1,069,503		$	(167,648	)	$	901,855		$	82,699	$	(291	)	$	984,263	165		BBB		3.65	%		5.44	%		2.9
	31-Dec-12
	CMBS-Conduit		$	340,978		$	315,554		$	(98,481	)	$	217,073		$	47,776	$	(10,081	)	$	254,768	53		BB-		5.55	%		10.81	%		3.3			9.8	%
	CMBS- Single Borrower			125,123			123,638			(12,364	)		111,274			4,482		(3,002	)		112,754	22		BB		4.89	%		5.92	%		2.9			9.2	%
	CMBS-Large Loan			8,891			8,619			—			8,619			250		—			8,869	1		BBB-		6.08	%		12.41	%		0.6			4.8	%
	REIT Debt			62,700			62,069			—			62,069			4,105		—			66,174	10		BBB-		5.72	%		5.89	%		1.8			N/A
	Non-Agency RMBS			558,215			390,509			(68,708	)		321,801			34,565		(391	)		355,975	69		CC		0.76	%		7.5	%		6.4			13.3	%
	ABS-Franchise			10,098			9,386			(7,839	)		1,547			237		(309	)		1,475	3		CCC-		5.93	%		3.4	%		4.7			3	%
	FNMA/FHLMC (G)			768,619			818,866			—			818,866			3,860		(2,191	)		820,535	58		AAA		3.05	%		1.4	%		3.5			N/A
	CDO			203,477			82,399			(14,861	)		67,538			3,487		—			71,025	13		BB		2.83	%		7.07	%		1.6			20.9	%
	Total/Average (F)		$	2,078,101			1,811,040			(202,253	)		1,608,787			98,762		(15,974	)		1,691,575	229		BBB-		3.04	%		4.69	%		4
		(A)	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
		(B)	Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current.
		(C)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
		(D)	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments.
		(E)	Includes two CDO bonds issued by a third party with a carrying value of $57.8 million, three CDO bonds issued by CDO V (which has been deconsolidated) and held as an investment by Newcastle with a carrying value of $2.0 million and six CDO bonds issued by C-BASS with no carrying value.
		(F)	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
		(G)	Amortized cost basis and carrying value include principal receivable of $4.8 million and $7.4 million as of December 31, 2013 and 2012, respectively.
	On June 27, 2013 Newcastle sold FNMA/FHLMC securities with an aggregate face amount of approximately $22.8 million to New Residential for approximately $1.2 million, net of related financing. New Residential purchased the securities on the same terms as they were purchased by Newcastle.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the years ended December 31, 2013, 2012 and 2011, Newcastle recorded other-than-temporary impairment charges (“OTTI”) of $5.2 million, $19.3 million and $12.9 million, respectively, with respect to real estate securities of which $3.8 million was recorded on certain real estate securities included in the spin-off of New Residential as Newcastle determined it did not have the intent to hold the securities past May 15, 2013 (gross of $0.0 million, $0.4 million and ($2.9) million of other-than-temporary impartment recognized (reversed) in other comprehensive income in 2013, 2012 and 2011, respectively). Based on management’s analysis of these securities, the performance of the underlying loans and changes in market factors, Newcastle noted adverse changes in the expected cash flows on certain of these securities and concluded that they were other-than-temporarily impaired. Any remaining unrealized losses as of each balance sheet date on Newcastle’s securities were primarily the result of changes in market factors, rather than issuer-specific credit impairment. Newcastle performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support its belief that the carrying values of such securities were fully recoverable over their expected holding period. Such market factors include changes in market interest rates and credit spreads, or certain macroeconomic events, including market disruptions and supply changes, which did not directly impact the collectability of amounts contractually due. Management continually evaluates the credit status of each of Newcastle’s securities and the collateral supporting those securities. This evaluation includes a review of the credit of the issuer of the security (if applicable), the credit rating of the security, the key terms of the security (including credit support), debt service coverage and loan to value ratios, the performance of the pool of underlying loans and the estimated value of the collateral supporting such loans, including the effect of local, industry and broader economic trends and factors. These factors include loan default expectations and loss severities, which are analyzed in connection with a particular security’s credit support, as well as prepayment rates. The result of this evaluation is considered when determining management’s estimate of cash flows and in relation to the amount of the unrealized loss and the period elapsed since it was incurred. Significant judgment is required in this analysis. The following table summarizes Newcastle’s securities in an unrealized loss position as of December 31, 2013.
						Amortized Cost Basis									Gross Unrealized									Weighted Average
	Securities in		Outstanding			Before			Other-than-			After			Gains		Losses			Carrying		Number		Rating			Coupon			Yield			Maturity
	an Unrealized		Face			Impairment			Temporary			Impairment								Value		of											(Years)
	Loss Position		Amount						Impairment													Securities
	Less Than    Twelve        Months		$	14,456		$	17,024		$	(2,874	)	$	14,150		$	—	$	(115	)	$	14,035		6		BBB+			5.58	%		6.34	%		0.9
	Twelve or     More        Months			11,157			10,963			—			10,963			—		(176	)		10,787		2		B			5.38	%		5.74	%		3.2
	Total		$	25,613		$	27,987		$	(2,874	)	$	25,113		$	—	$	(291	)	$	24,822		8		BB+			5.49	%		6.08	%		1.9
	Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following:
			31-Dec-13
							Amortized Cost Basis		Unrealized Losses
			Fair Value			After Impairment			Credit (B)			Non-Credit (C)
	Securities Newcastle intends to sell		$	179,225		$	179,225		$	(817	)	$	N/A
	Securities Newcastle is more likely than not to be required to sell (A)			—			—			—			N/A
	Securities Newcastle has no intent to sell and is not more likely
	than not to be required to sell:
	Credit impaired securities			—			1			(2,873	)		(1	)
	Non-credit impaired securities			24,822			25,112			—			(290	)
	Total debt securities in an unrealized loss position		$	204,047		$	204,338		$	(3,690	)	$	(291	)
		(A)	Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales.
		(B)	This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle’s management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate.
		(C)	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
	The following table summarizes the activity related to credit losses on debt securities:
			2013			2012
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income		$	(4,770	)	$	(20,207	)
	Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income			(89	)		(4,581	)
	Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income			(2,874	)		—
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date			120			14,771
	Reduction for securities sold during the period			4,739			1,498
Reduction for securities deconsolidated during the period			—			3,736
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security			1			13
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income		$	(2,873	)	$	(4,770	)
The securities are encumbered by various debt obligations, as described in Note 14, at December 31, 2013.
The table below summarizes the geographic distribution of the collateral securing the CMBS and ABS at December 31, 2013:
		CMBS						ABS
Geographic Location		Outstanding Face Amount			Percentage			Outstanding Face Amount			Percentage
Western U.S.		$	74,067			22.2	%	$	32,080			30.5	%
Northeastern U.S.			60,858			18.3	%		21,972			20.9	%
Southeastern U.S.			66,534			20	%		20,722			19.7	%
Midwestern U.S.			49,413			14.8	%		13,704			13	%
Southwestern U.S.			64,632			19.4	%		10,567			10	%
Other			12,720			3.8	%		6,181			5.9	%
Foreign			4,897			1.5	%		—			0	%
		$	333,121			100	%	$	105,226			100	%
Geographic concentrations of investments expose Newcastle to the risk of economic downturns within the relevant regions, particularly given the current unfavorable market conditions. These market conditions may make regions more vulnerable to downturns in certain market factors. Any such downturn in a region where Newcastle holds significant investments could have a material, negative impact on Newcastle.

REAL_ESTATE_RELATED_AND_OTHER_

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2013
Real Estate Related And Other Loans Residential Mortgage Loans And Subprime Mortgage Loans	'
REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS, AND SUBPRIME MORTGAGE LOANS	'
	7	REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS
	The following is a summary of real estate related and other loans, residential mortgage loans and subprime mortgage loans. The loans contain various terms, including fixed and floating rates, self-amortizing and interest only. They are generally subject to prepayment.
				31-Dec-13																							31-Dec-12
	Loan Type			Outstanding			Carrying			Loan			Wtd.			Weighted			Weighted			Floating Rate			Delinquent		Carrying		Wtd. Avg.
				Face Amount			Value (A)			Count			Avg.			Average			Average			Loans as a %			Face Amount		Value		Yield
													Yield			Coupon			Maturity			of Face			(C)
																			(Years) (B)			Amount
	Mezzanine Loans			$	172,197		$	139,720			9			6.63	%		7	%		1.3			77.5	%	$	12,000	$	442,529		10.1	%
	Corporate Bank Loans				256,594			166,710			5			24.18	%		13.39	%		0.9			9.9	%		—		208,863		18.85	%
	B-Notes				109,323			101,385			4			10.12	%		5.3	%		1.5			79.3	%		—		161,610		10.4	%
	Whole Loans				29,715			29,715			2			3.65	%		3.72	%		0			98	%		—		30,130		5.21	%
	Total Real Estate Related and other Loans Held-for-Sale, Net (D)			$	567,829		$	437,530			20			13.92	%		9.39	%		1.1			48.4	%	$	12,000	$	843,132		12.15	%
	Non-Securitized Manufactured Housing Loan Portfolio I			$	501		$	130			14			81.79	%		7.9	%		0.9			0	%	$	—	$	163		38.84	%
	Non-Securitized Manufactured Housing Loan Portfolio II				2,628			2,055			97			15.39	%		10.05	%		5.1			9.5	%		216		2,308		15.46	%
	Total Residential Mortgage Loans Held-for-Sale, Net (F)			$	3,129		$	2,185			111			19.34	%		9.71	%		4.4			8	%	$	216	$	2,471		17	%
	Securitized Manufactured Housing Loan Portfolio I			$	102,681		$	91,924			2,820			9.44	%		8.6	%		6.1			0.6	%	$	976	$	100,124		9.48	%
	Securitized Manufactured Housing Loan Portfolio II				128,975			128,117			4,653			8.11	%		9.62	%		4.9			16.5	%		1,998		150,123		7.54	%
	Residential Loans				45,968			35,409			172			7.49	%		2.26	%		5.2			100	%		6,756		42,214		7.41	%
	Total Residential Mortgage Loans Held-for-Investment, Net (E) (F)			$	277,624		$	255,450			7,645			8.5	%		8.02	%		5.4			24.4	%	$	9,730	$	292,461		8.19	%
	Subprime Mortgage Loans Subject to Call Option			$	406,217		$	406,217																			$	405,814
	(A)	The aggregate United States federal income tax basis for such assets at December 31, 2013 was approximately $748.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $4.3 million for the manufactured housing loans.
	(B)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2013 and December 31, 2012, $76.5 million and $137.7 million face amount of real estate related and other loans, respectively, was on non-accrual status.
	(D)	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows:
					31-Dec-13
	Loan Type				Outstanding			Carrying Value			Prior Liens		Loan		Yield (2)		Coupon (2)		Weighted Average
					Face Amount						-1		Count						Maturity (Years)
	Individual Bank Loan		(3	)	$	185,579		$	155,579		573,000		1		24.9	%	15.55	%	0.6
	Individual B-Note Loan		(4	)		52,169			49,236		2,013,921		1		12	%	3.04	%	0.8
	Individual Mezzanine Loan		(4	)		36,016			34,395		742,473		1		7	%	7	%	1.3
	Individual Whole Loan		(5	)		29,117			29,117		—		1		3.65	%	3.65	%	0
	Individual Mezzanine Loan		(4	)		28,939			28,939		169,933		1		7	%	8	%	0.6
	Individual Mezzanine Loan		(4	)		24,581			24,581		311,649		1		9	%	9	%	3.3
	Individual Mezzanine Loan		(4	)		24,500			24,500		75,000		1		6	%	8.17	%	0.9
	Individual B-Note Loan		(4	)		21,500			21,500		36,000		1		7	%	8.48	%	0.3
	Individual B-Note Loan		(4	)		22,629			18,795		128,897		1		12	%	7.32	%	5
	Individual Mezzanine Loan		(6	)		14,205			14,205		—		1		3.42	%	3.31	%	0
	Others		(7	)		128,594			36,683				10		7.73	%	6.85	%	1.4
					$	567,829		$	437,530				20		13.92	%	9.39	%	1.1
		-1	Represents face amount of third party liens that are senior to Newcastle’s position.
		-2	For others, represents weighted average yield and weighted average coupon.
		-3	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
		-4	Interest only payments over life to maturity and balloon principal payment upon maturity.
		-5	Interest only payments over life to maturity with a discounted payoff option prior to April 2014. The borrower repaid the financing and received the discount in January 2014.
		-6	The borrower repaid the financing in January 2014.
		-7	Various terms of payment. This represents $71.0 million, $44.0 million, $13.0 million and $0.6 million face amounts of bank loans, mezzanine loans, B-notes and whole loans, respectively. Each of the ten loans had a carrying value of less than $13.1 million at December 31, 2013.
		(E)	The following is an aging analysis of past due residential loans held-for-investment as of December 31, 2013:
			30-59 Days			60-89 Days			Over 90 Days			REO			Total Past			Current			Total Outstanding
			Past Due			Past Due			Past Due						Due						Face Amount
	Securitized Manufactured Housing Loan Portfolio I		$	655		$	99		$	550		$	327		$	1,631		$	101,050		$	102,681
	Securitized Manufactured Housing Loan Portfolio II		$	963		$	390		$	1,208		$	400		$	2,961		$	126,014		$	128,975
	Residential Loans		$	392		$	798		$	4,832		$	1,126		$	7,148		$	38,820		$	45,968
		Newcastle’s management monitors the credit qualities of the Manufactured Housing Loan Portfolios I and II and residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate.
		(F)	Loans acquired at a discount for credit quality.
	Newcastle’s investments in real estate related and other loans and non-securitized manufactured housing loans were classified as held-for-sale as of December 31, 2013 and December 31, 2012. Loans held-for-sale are marked to the lower of carrying value or fair value.
	Newcastle’s investment in the securitized manufactured housing loan portfolios I and II were classified as held-for-investment as of December 31, 2013 and December 31, 2012. In connection with the securitizations of the manufactured housing loan portfolios, Newcastle gave representations and warranties with respect to the manufactured housing loans sold to the securitization trusts. To the extent a breach of any such representations and warranties materially and adversely affects the value or enforceability of the related loans, Newcastle will be required to repurchase such loans from the respective securitization trusts.
	Newcastle’s investment in the residential loans was classified as held-for-investment as of December 31, 2013 and December 31, 2012.
	The following is a summary of real estate related and other loans by maturity at December 31, 2013:
	Year of Maturity (1)		Outstanding			Carrying Value			Number of
			Face Amount						Loans
	Delinquent (2)		$	12,000		$	—			1
	2014			115,623			49,236			5
	2015			57,943			56,271			5
2016			64,955			63,334			2
2017			94,912			81,213			4
2018			22,628			18,796			1
Thereafter			199,768			168,680			2
Total		$	567,829		$	437,530			20
	-1	Based on the final extended maturity date of each loan investment as of December 31, 2013.
	-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows:
		Held for Sale						Held for Investment
					Residential			Residential			NPL Reverse
		Real Estate			Mortgage Loans			Mortgage Loans			Mortgage Loans
		Related Loans
31-Dec-10		$	782,605		$	253,213		$	124,974			—
Purchases / additional fundings			384,850			—			—			—
Interest accrued to principal balance			19,507			—			—			—
Principal paydowns			(270,767	)		(8,818	)		(30,514	)		—
Sales			(125,141	)		—			—			—
Transfer to held for investment			—			(238,721	)		238,721			—
Valuation (allowance) reversal on loans			21,629			(2,864	)		(3,602	)		—
Accretion of loan discount and other amortization			(7	)		—			2,371			—
Other			904			(123	)		(714	)		—
31-Dec-11		$	813,580		$	2,687		$	331,236		$	—
Purchases / additional fundings			109,491			—			—			—
Interest accrued to principal balance			22,835			—			—			—
Principal paydowns			(129,950	)		(686	)		(38,182	)		—
Valuation (allowance) reversal on loans			28,213			493			(4,119	)		—
Loss on repayment of loans held for sale			(1,614	)		—			—			—
Accretion of loan discount and other amortization			—			—			4,002			—
Other			577			(23	)		(476	)		—
31-Dec-12		$	843,132		$	2,471		$	292,461		$	—
Purchases / additional fundings			315,296			—			—			35,138
Interest accrued to principal balance			26,588			—			—			—
Principal paydowns			(257,335	)		(373	)		(45,665	)		—
Sales			(101,338	)		—			—			—
New Residential spin-off			—			—			—			(35,865	)
Conversion to equity-GateHouse			(393,531	)		—			—			—
Elimination after restructure-Golf			(29,412	)		—			—			—
Valuation (allowance) reversal on loans			19,479			105			5,451			—
Gain on repayment of loans held for sale			7,216			—			—			—
Accretion of loan discount and other amortization			6,689			—			3,684			727
Other			746			(18	)		(481	)		—
31-Dec-13		$	437,530		$	2,185		$	255,450		$	—
The following is a rollforward of the related loss allowance:
		Held for Sale						Held for Investment
		Real Estate Related and Other Loans			Residential Mortgage Loans			Residential Mortgage Loans (B)
Balance at December 31, 2011		$	(228,017	)	$	(2,461	)	$	(26,075	)
Charge-offs (A)			17,742			896			7,716
Valuation (allowance) reversal on loans			28,213			493			(4,119	)
Balance at December 31, 2012		$	(182,062	)	$	(1,072	)	$	(22,478	)
Charge-offs (A)			68,546			143			4,780
Valuation (allowance) reversal on loans			19,479			105			5,451
Balance at December 31, 2013		$	(94,037	)	$	(824	)	$	(12,247	)
	(A)	The charge-offs for real estate related loans represent three and six loans which were written off, sold, restructured, or paid off at a discounted price during 2013 and 2012, respectively.
	(B)	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.
The average carrying amount of Newcastle’s real estate related and other loans was approximately $761.7 million, $843.4 million and $795.3 million during 2013, 2012 and 2011, respectively, on which Newcastle earned approximately $81.5 million, $81.5 million and $65.7 million of gross interest revenues, respectively.
The average carrying amount of Newcastle’s residential mortgage loans was approximately $282.7 million, $312.5 million and $354.9 million during 2013, 2012 and 2011, respectively, on which Newcastle earned approximately $27.3 million, $31.6 million and $34.1 million of gross interest revenues, respectively.
The loans are encumbered by various debt obligations as described in Note 14.
The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2013:
		Real Estate Related and Other Loans						Residential Mortgage Loans
Geographic Location		Outstanding Face Amount			Percentage			Outstanding Face Amount			Percentage
Western U.S.		$	94,204			29.9	%	$	168,132			59.9	%
Northeastern U.S.			34,847			11	%		9,014			3.2	%
Southeastern U.S.			52,178			16.5	%		61,646			22	%
Midwestern U.S.			11,296			3.6	%		10,490			3.7	%
Southwestern U.S.			32,005			10.1	%		31,424			11.2	%
Foreign			91,129			28.9	%		47			0	%
		$	315,659			100	%	$	280,753			100	%
Other			252,170		(A)
		$	567,829
	(A)	Includes corporate bank loans which are not directly secured by real estate assets.
Securitization of Subprime Mortgage Loans
Newcastle acquired and securitized two portfolios of subprime residential mortgage loans (“Subprime Portfolio I” and “Subprime Portfolio II”), through subsidiaries, as summarized in the table below. Both portfolios are being serviced by an affiliate of the Manager for a servicing fee equal to 0.50% per annum on their respective unpaid principal balances.
Both portfolios were securitized through special purpose entities (“Securitization Trust 2006”) and (“Securitization Trust 2007”) which are not consolidated by Newcastle. Newcastle retained a portion of the notes issued by, and all of the equity of, both entities. Newcastle, as holder of the equity (or residual interest), has the option (a call option) to redeem the notes once the aggregate principal balance of Subprime Portfolio I or Subprime Portfolio II is equal to or less than 20% or 10%, respectively, of such balance at the date of the transfer. The transactions between Newcastle and each securitization trust qualified as sales for accounting purposes. However, the loans which are subject to a call option by Newcastle were not treated as being sold and are classified as “held for investment” subsequent to the completion of the securitizations. The loans subject to call option and the corresponding financing recognize interest income and expense based on the expected weighted average coupons of the loans subject to call option at the call date of 9.24% and 8.68% for Subprime Portfolios I and II, respectively. The call options are “out of the money,” meaning that the price Newcastle would have to pay to acquire such loans exceeds their fair value at this time, and there is no requirement to exercise such options.
In both transactions, the residual interests and the retained bonds are reported as real estate securities, available for sale. The retained loans subject to call option and corresponding financing are reported as separate line items on Newcastle’s balance sheet.
Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that its exposure to loss is limited to the carrying amount of its retained interests in the securitization entities, as described above. A subsidiary of Newcastle gave limited representations and warranties with respect to Subprime Portfolio II and is required to pay the difference, if any, between the repurchase price of any loan in such portfolio and the price required to be paid by a third party originator for such loan. Such subsidiary, however, has no assets and does not have recourse to the general credit of Newcastle.
		Subprime Portfolio
		I		II
Date of acquisition		Mar-06		Mar-07
Original number of loans (approximate)		11,300		7,300
Predominant origination date of loans		2005		2006
Original face amount of purchase		$1.5 billion		$1.3 billion
Pre-securitization loan write-down		($4.1 million)		($5.8 million)
Gain on pre-securitization hedge		$5.5 million		$5.8 million
Gain on sale		Less than $0.1 million		$0.1 million
Securitization date		Apr-06		Jul-07
Face amount of loans at securitization		$1.5 billion		$1.1 billion
Face amount of notes sold by trust		$1.4 billion		$1.0 billion
Stated maturity of notes		Mar-36		Apr-37
Face amount of notes retained by Newcastle		$37.6 million		$38.8 million
Fair value of equity retained by Newcastle		$62.4 million (A)		$46.7 million (A)
Key assumptions in measuring such fair value (A):
Weighted average life (years)		3.1		3.8
Expected credit losses		5.30%		8.00%
Weighted average constant prepayment rate		28.00%		30.10%
Discount rate		18.80%		22.50%
	(A)	As of the date of transfer.
The following table presents information on the retained interests in the securitizations of Subprime Portfolios I and II at December 31, 2013:
		Subprime Portfolio
		I			II			Total
Total securitized loans (unpaid principal balance) (A)		$	372,661		$	506,620		$	879,281
Loans subject to call option (carrying value)		$	299,176		$	107,041		$	406,217
Retained interests (fair value) (B)		$	2,485		$	—		$	2,485
	(A)	Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.
	(B)	The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained note was 24.53% as of December 31, 2013.
The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of December 31, 2013 (unaudited, except stated otherwise):
		Subprime Portfolio
		I			II
Loan unpaid principal balance (UPB) (A)		$	372,661		$	506,620
Weighted average coupon rate of loans			5.88	%		5.19	%
Delinquencies of 60 or more days (UPB) (B)		$	110,539		$	204,653
Net credit losses for year ended
31-Dec-13		$	26,388		$	44,855
31-Dec-12		$	27,548		$	34,866
Cumulative net credit losses		$	246,805		$	301,574
Cumulative net credit losses as a % of original UPB			16.4	%		27.7	%
Percentage of ARM loans (C)			51.5	%		57	%
Percentage of loans with loan-to-value ratio >90%			9.4	%		7.7	%
Percentage of interest-only loans			11.4	%		14.2	%
Face amount of debt (A) (D)		$	368,661		$	506,620
Weighted average funding cost of debt (E)			0.53	%		0.45	%
	(A)	Audited.
	(B)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned.
	(C)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
	(D)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2013.
	(E)	Includes the effect of applicable hedges.
Newcastle received negligible cash flows from the retained interests of Subprime Portfolios I and II during the years ended December 31, 2013, 2012 and 2011.

INVESTMENTS_IN_CDO_SERVICING_R

INVESTMENTS IN CDO SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2013
Investments In Cdo Servicing Rights	'
INVESTMENTS IN CDO SERVICING RIGHTS	'
	8. INVESTMENTS IN CDO SERVICING RIGHTS
	In February 2011, Newcastle, through one of its subsidiaries, purchased the management rights with respect to certain C-BASS Investment Management LLC (“C-BASS”) CDOs for $2.2 million pursuant to a bankruptcy proceeding. Newcastle initially recorded the cost of acquiring the collateral management rights as a servicing asset and subsequently amortizes this asset in proportion to, and over the period of, estimated net servicing income. Servicing assets are assessed for impairment on a quarterly basis, with impairment recognized as a valuation allowance. Key economic assumptions used in measuring any potential impairment of the servicing assets include the prepayment speeds of the underlying loans, default rates, loss severities and discount rates. During the years ended December 31, 2013 and 2012, Newcastle recorded $0.3 million and $0.3 million, respectively of servicing rights amortization and no servicing rights impairment. As of December 31, 2013, Newcastle’s servicing asset had a carrying value of $1.4 million recorded in receivables and other assets.

INVESTMENTS_IN_SENIOR_HOUSING_

INVESTMENTS IN SENIOR HOUSING REAL ESTATE	12 Months Ended
	Dec. 31, 2013
Investments In Senior Housing Real Estate	'
INVESTMENTS IN SENIOR HOUSING REAL ESTATE	'
	9. INVESTMENTS IN SENIOR HOUSING REAL ESTATE
	In the year ended December 31, 2013, Newcastle completed eight acquisitions of senior housing properties described in Note 3. The following table sets forth certain information regarding the investments in real estate at December 31, 2013:
					Initial Cost												Costs			Gross Carrying Amount (B) (F)
														Furniture,			Capitalized										Furniture,				Accumulated
	Property Type										Building			Fixtures and			Subsequent to								Building		Fixtures and				Depreciation
	(A)		City, State		Land			Building			Improvements			Equipment			Acquisition			Land			Building		Improvements		Equipment		Total		(B)(C)
	Investments during 2012
	AL/MC		Scottsdale, AZ		$	2,307		$	16,809		$	183		$	101		$	170		$	2,307		$	16,809	$	327	$	127	$	19,570	$	(708	)
	AL/MC		Citrus Heights, CA			831			3,089			94			59			29			831			3,090		114		67		4,102		(154	)
	AL/MC		Santa Cruz, CA			2,255			20,931			265			58			124			2,255			20,932		370		76		23,633		(870	)
	AL/MC		Clovis, CA			1,133			16,789			205			45			77			1,133			16,790		235		91		18,249		(671	)
	AL/MC		Boise, ID			1,465			13,157			477			58			116			1,465			13,157		580		71		15,273		(599	)
	AL/MC		Corvallis, OR			1,060			4,886			164			8			56			1,060			4,886		196		32		6,174		(209	)
	AL/MC		Eugene, OR			935			20,383			411			91			88			935			20,383		507		83		21,908		(862	)
	AL/MC		Cottonwood Heights, UT			1,496			16,160			238			58			154			1,496			16,160		275		175		18,106		(674	)
	AL/MC		Bountiful, UT			570			9,492			66			50			362			570			9,492		298		180		10,540		(355	)
	AL/MC		Taylorsville, UT			1,111			3,009			117			39			266			1,111			3,009		242		180		4,542		(154	)
	AL/MC		Salt Lake City, UT			700			3,253			44			15			212			700			3,253		131		140		4,224		(129	)
	AL/MC		Fort Worth, TX			2,130			16,260			338			672			139			2,130			16,260		423		726		19,539		(775	)
	Subtotal 2012				$	15,993		$	144,218		$	2,602		$	1,254		$	1,793		$	15,993		$	144,221	$	3,698	$	1,948	$	165,860		(6,160	)
	Investments during 2013
	IL-only		Poughkeepsie, NY			—			11,848			282			670			102			—			11,849		341		712		12,902		(215	)
	AL/MC		Brooksville, FL			1,807			8,578			211			568			74			1,807			8,578		230		623		11,238		(150	)
	AL/MC		Port Charlotte, FL			1,078			8,381			231			679			51			1,078			8,383		238		721		10,420		(158	)
	AL/MC		Bradenton, FL			1,177			9,129			211			748			75			1,177			9,129		229		805		11,340		(172	)
	AL/MC		Brooksville, FL			708			4,895			244			439			43			708			4,895		254		472		6,329		(101	)
	AL/MC		Bradenton, FL			1,367			14,124			235			1,247			124			1,367			14,124		259		1,347		17,097		(270	)
	AL/MC		Hollywood, FL			918			4,057			204			509			94			918			4,057		239		568		5,782		(99	)
	AL/MC		Pinellas Park, FL			1,447			9,564			185			848			56			1,447			9,564		203		886		12,100		(183	)
	AL/MC		Lake Placid, FL			1,217			4,442			277			838			40			1,217			4,442		282		873		6,814		(131	)
	AL/MC		Hollywood, FL			948			4,624			126			399			50			948			4,624		138		437		6,147		(91	)
	AL/MC		Venice, FL			1,078			13,034			277			838			59			1,078			13,034		290		884		15,286		(222	)
	AL/MC		New Bern, NC			1,676			12,808			234			1,148			132			1,676			12,808		258		1,256		15,998		(250	)
	AL/MC		Winter Haven, FL			3,532			21,840			222			1,477			148			3,532			21,840		287		1,560		27,219		(371	)
	AL/MC		Sanford, FL			1,407			8,742			269			629			63			1,407			8,742		291		670		11,110		(159	)
	AL/MC		Spring Hill, FL			798			5,449			248			529			44			798			5,449		261		560		7,068		(114	)
	AL/MC		Lakeland, FL			1,108			14,790			48			918			76			1,108			14,790		70		972		16,940		(239	)
	AL/MC		Media, PA			1,940			15,834			406			870			140			1,940			15,834		440		976		19,190		(233	)
	AL/MC		Port Charlotte, FL			2,000			13,316			252			1,370			163			2,000			13,316		275		1,510		17,101		(213	)
	AL/MC		Pittsburgh, PA			3,260			11,435			203			410			207			3,260			11,435		352		468		15,515		(129	)
	IL-only		Richmond, VA			1,630			9,241			329			705			115			1,630			9,241		419		730		12,020		(69	)
	AL/MC		Fort Myers, FL			1,950			9,018			242			1,040			48			1,950			9,018		242		1,088		12,298		(18	)
	IL-only		Surprise, AZ			1,150			11,083			248			646			—			1,150			11,083		248		646		13,127		(9	)
	IL-only		Santa Clara, CA			—			17,979			609			767			—			—			17,979		609		767		19,355		(15	)
	IL-only		Pueblo, CO			454			13,983			63			384			—			454			13,983		63		384		14,884		(10	)
	IL-only		Rocky Hill, CT			—			23,976			215			615			—			—			23,976		215		615		24,806		(18	)
	IL-only		Farmington, CT			3,649			23,586			155			272			—			3,649			23,586		155		272		27,662		(16	)
	IL-only		Urbandale, IA			706			12,017			270			484			—			706			12,017		270		484		13,477		(10	)
	IL-only		Bettendorf, IA			1,512			10,991			136			474			—			1,512			10,991		136		474		13,113		(9	)
	IL-only		Topeka, KS			333			14,500			221			746			—			333			14,500		221		746		15,800		(13	)
	Senior Housing Properties:
	IL-only		Salem, OR			1,411			16,772			240			907			—			1,411			16,772		240		907		19,330		(15	)
	IL-only		St Louis, MO			1,079			24,741			162			847			—			1,079			24,741		162		847		26,829		(19	)
	IL-only		Durham, NC			1,079			22,424			199			615			—			1,079			22,424		199		615		24,317		(17	)
	IL-only		Cary, NC			2,137			19,310			195			786			—			2,137			19,310		195		786		22,428		(16	)
	IL-only		Reno, NV			1,079			19,821			336			615			—			1,079			19,821		336		615		21,851		(16	)
	IL-only		Salem, OR			917			6,423			362			—			—			917			6,423		362		—		7,702		(5	)
	IL-only		Corvallis, OR			1,129			7,830			77			232			—			1,129			7,830		77		232		9,268		(6	)
	IL-only		Hillsboro, OR			1,643			11,890			125			494			—			1,643			11,890		125		494		14,152		(10	)
	IL-only		Eugene, OR			1,603			17,452			262			686			—			1,603			17,452		262		686		20,003		(14	)
	IL-only		Harrisburg, PA			1,008			22,683			116			776			—			1,008			22,683		116		776		24,583		(18	)
	IL-only		Boyertown, PA			313			18,292			91			504			—			313			18,292		91		504		19,200		(14	)
	IL-only		Clarksville, TN			635			10,624			149			302			—			635			10,624		149		302		11,710		(8	)
IL-only		Dallas, TX			2,389			12,364			167			534			—			2,389			12,364		167		534		15,454		(10	)
IL-only		Denton, TX			1,018			18,611			237			726			—			1,018			18,611		237		726		20,592		(15	)
IL-only		San Antonio, TX			1,553			15,056			178			272			—			1,553			15,056		178		272		17,059		(11	)
IL-only		Flower Mound, TX			2,107			17,616			243			716			—			2,107			17,616		243		716		20,682		(15	)
IL-only		Dallas, TX			2,883			12,230			232			454			—			2,883			12,230		232		454		15,799		(10	)
IL-only		Eau Claire, WI			524			18,951			250			655			—			524			18,951		250		655		20,380		(15	)
IL-only		Simi Valley, CA			3,161			21,489			191			719			—			3,161			21,489		191		719		25,560		(17	)
IL-only		Lakewood, CO			1,307			13,656			542			344			—			1,307			13,656		542		344		15,849		(11	)
IL-only		Greeley, CO			233			13,572			151			588			—			233			13,572		151		588		14,544		(11	)
IL-only		Fort Collins, CO			628			17,671			154			618			—			628			17,671		154		618		19,071		(14	)
IL-only		Tallahassee, FL			1,084			19,912			259			658			—			1,084			19,912		259		658		21,913		(16	)
IL-only		Sarasota, FL			658			21,508			213			658			—			658			21,508		213		658		23,037		(16	)
IL-only		Port Richey, FL			1,084			13,796			202			760			—			1,084			13,796		202		760		15,842		(12	)
IL-only		Normal, IL			324			14,112			209			618			—			324			14,112		209		618		15,263		(12	)
IL-only		Wichita, KS			496			17,438			213			790			—			496			17,438		213		790		18,937		(15	)
IL-only		Paducah, KY			263			23,413			199			851			—			263			23,413		199		851		24,726		(19	)
IL-only		Shreveport, LA			517			5,479			72			172			—			517			5,479		72		172		6,240		(4	)
IL-only		Fort Gratiot, MI			61			15,552			334			821			—			61			15,552		334		821		16,768		(14	)
IL-only		St Joseph, MO			851			15,913			277			618			—			851			15,913		277		618		17,659		(13	)
IL-only		Ridgeland, MS			952			7,020			199			527			—			952			7,020		199		527		8,698		(7	)
IL-only		Missoula, MT			304			16,090			141			648			—			304			16,090		141		648		17,183		(13	)
IL-only		Greece, NY			689			20,181			184			658			—			689			20,181		184		658		21,712		(16	)
IL-only		Fayetteville, NY			770			25,116			166			658			—			770			25,116		166		658		26,710		(18	)
IL-only		Ballwin, MO			1,236			16,134			159			517			—			1,236			16,134		159		517		18,046		(12	)
IL-only		Corvallis, OR			1,520			17,659			219			831			—			1,520			17,659		219		831		20,229		(15	)
IL-only		Lemoyne, PA			922			25,074			148			658			—			922			25,074		148		658		26,802		(18	)
IL-only		Arlington, TX			314			9,525			473			385			—			314			9,525		473		385		10,697		(9	)
IL-only		Richardson, TX			1,297			11,872			206			699			—			1,297			11,872		206		699		14,074		(11	)
IL-only		Lubbock, TX			1,003			20,501			425			932			—			1,003			20,501		425		932		22,861		(18	)
IL-only		North Logan, UT			1,033			17,356			337			729			—			1,033			17,356		337		729		19,455		(15	)
IL-only		Yorktown, VA			2,178			19,055			197			679			—			2,178			19,055		197		679		22,109		(15	)
Subtotal 2013				$	86,242		$	1,055,448		$	16,344		$	47,524		$	1,904		$	86,242		$	1,055,451	$	17,006	$	48,763	$	1,207,462	$	(4,262	)
Total				$	102,235		$	1,199,666		$	18,946		$	48,778		$	3,697		$	102,235		$	1,199,672	$	20,704	$	50,711	$	1,373,322	$	(10,422	)
					Year			Year
Property					Acquired			Constructed/			Net Carrying Value						Encumbrances (E)
Type (A)		City, State			(D)			Renovated (D)			12/31/13			12/31/12			12/31/13			12/31/12
AL/MC			Scottsdale, AZ			2012			1999/2005		$	18,862		$	19,212		$	16,380		$	12,600
AL/MC			Citrus Heights, CA			2012			1997/2011			3,948			4,027			3,440			2,940
AL/MC			Santa Cruz, CA			2012			1990/NA			22,763			23,272			19,850			17,220
AL/MC			Clovis, CA			2012			1998/2007			17,578			17,969			15,343			11,700
AL/MC			Boise, ID			2012			1997/2011			14,674			15,016			12,799			12,960
AL/MC			Corvallis, OR			2012			1999/NA			5,965			6,069			5,166			3,020
AL/MC			Eugene, OR			2012			1998/NA			21,046			21,607			18,425			15,480
AL/MC			Cottonwood Heights, UT			2012			2001/NA			17,432			17,772			15,159			12,480
AL/MC			Bountiful, UT			2012			1978/2000			10,185			10,171			8,819			10,024
AL/MC			Taylorsville, UT			2012			1976/1994			4,388			4,276			3,704			3,341
AL/MC			Salt Lake City, UT			2012			1984/2007			4,095			4,017			3,476			2,635
AL/MC			Fort Worth, TX			2012			1986/NA			18,764			19,393			16,125			16,125
											$	159,700		$	162,801		$	138,686		$	120,525
IL-only			Poughkeepsie, NY			2013			2001/NA			12,687			—			14,100			—
AL/MC			Brooksville, FL			2013			1960/2012			11,088			—			9,951			—
AL/MC			Port Charlotte, FL			2013			1998/NA			10,262			—			9,240			—
AL/MC			Bradenton, FL			2013			1973/1988			11,168			—			10,041			—
AL/MC			Brooksville, FL			2013			1988/NA			6,228			—			5,603			—
AL/MC			Bradenton, FL			2013			1988/NA			16,827			—			15,128			—
AL/MC			Hollywood, FL			2013			1998/NA			5,683			—			5,069			—
AL/MC			Pinellas Park, FL			2013			1986/2007			11,917			—			10,735			—
AL/MC			Lake Placid, FL			2013			2007/NA			6,683			—			6,039			—
AL/MC			Hollywood, FL			2013			1988/2012			6,056			—			5,434			—
AL/MC			Venice, FL			2013			1998/NA			15,064			—			13,572			—
AL/MC			New Bern, NC			2013			1985/2004			15,748			—			14,141			—
AL/MC			Winter Haven, FL			2013			1984/NA			26,848			—			19,199			—
AL/MC			Sanford, FL			2013			1984/NA			10,951			—			5,549			—
AL/MC			Spring Hill, FL			2013			1988/2006			6,954			—			7,405			—
AL/MC			Lakeland, FL			2013			1984/NA			16,701			—			9,082			—
AL/MC			Media, PA			2013			1995/NA			18,957			—			16,875			—
AL/MC			Port Charlotte, FL			2013			1985/2004			16,888			—			14,250			—
AL/MC			Pittsburgh, PA			2013			1996/NA			15,386			—			8,250			—
IL-only			Richmond, VA			2013			1987/2008			11,951			—			8,775			—
AL/MC			Fort Myers, FL			2013			1988/NA			12,280			—			10,688			—
IL-only			Surprise, AZ			2013			1998/NA			13,118			—			10,046			—
IL-only			Santa Clara, CA			2013			1991/NA			19,340			—			14,814			—
IL-only			Pueblo, CO			2013			1985/NA			14,874			—			11,392			—
IL-only			Rocky Hill, CT			2013			1998/NA			24,788			—			18,988			—
IL-only			Farmington, CT			2013			1989/NA			27,646			—			21,174			—
IL-only			Urbandale, IA			2013			1995/NA			13,467			—			10,316			—
IL-only			Bettendorf, IA			2013			1990/NA			13,104			—			10,037			—
IL-only			Topeka, KS			2013			1998/NA			15,787			—			12,094			—
IL-only			Salem, OR			2013			1990/NA			19,315			—			14,797			—
IL-only			St Louis, MO			2013			2006/NA			26,810			—			20,537			—
IL-only			Durham, NC			2013			1989/NA			24,300			—			18,615			—
IL-only			Cary, NC			2013			2003/NA			22,412			—			17,169			—
IL-only			Reno, NV			2013			2002/NA			21,835			—			16,726			—
IL-only			Salem, OR			2013			1990/NA			7,697			—			5,897			—
IL-only			Corvallis, OR			2013			1983/NA			9,262			—			7,094			—
IL-only			Hillsboro, OR			2013			1996/NA			14,142			—			10,834			—
IL-only			Eugene, OR			2013			1995/NA			19,989			—			15,311			—
IL-only			Harrisburg, PA			2013			2000/NA			24,565			—			18,819			—
IL-only			Boyertown, PA			2013			1997/NA			19,186			—			14,697			—
IL-only			Clarksville, TN			2013			1993/NA			11,702			—			8,965			—
IL-only			Dallas, TX			2013			1996/NA			15,444			—			11,830			—
IL-only			Denton, TX			2013			2005/NA			20,577			—			15,763			—
IL-only			San Antonio, TX			2013			1984/NA			17,048			—			13,058			—
IL-only			Flower Mound, TX			2013			2007/NA			20,667			—			15,832			—
IL-only			Dallas, TX			2013			2001/NA			15,789			—			12,094			—
IL-only			Eau Claire, WI			2013			2003/NA			20,365			—			15,601			—
IL-only			Simi Valley, CA			2013			2006/NA			25,543			—			19,658			—
IL-only			Lakewood, CO			2013			1992/NA			15,838			—			12,190			—
IL-only			Greeley, CO			2013			1986/NA			14,533			—			11,185			—
IL-only			Fort Collins, CO			2013			1987/NA			19,057			—			14,668			—
IL-only			Tallahassee, FL			2013			2001/NA			21,897			—			16,854			—
IL-only			Sarasota, FL			2013			2005/NA			23,021			—			17,719			—
IL-only			Port Richey, FL			2013			1987/NA			15,830			—			12,184			—
IL-only			Normal, IL			2013			1989/NA			15,251			—			11,739			—
IL-only			Wichita, KS			2013			2001/NA			18,922			—			14,565			—
IL-only			Paducah, KY			2013			2004/NA			24,707			—			19,017			—
IL-only			Shreveport, LA			2013			1988/NA			6,236			—			4,799			—
IL-only			Fort Gratiot, MI			2013			2001/NA			16,754			—			12,895			—
IL-only			St Joseph, MO			2013			1990/NA			17,646			—			13,581			—
IL-only			Ridgeland, MS			2013			1986/NA			8,691			—			6,689			—
IL-only			Missoula, MT			2013			1997/NA			17,170			—			13,216			—
IL-only			Greece, NY			2013			2004/NA			21,696			—			16,699			—
IL-only			Fayetteville, NY			2013			2003/NA			26,692			—			20,543			—
IL-only			Ballwin, MO			2013			1990/NA			18,034			—			13,879			—
IL-only			Corvallis, OR			2013			1999/NA			20,214			—			15,558			—
IL-only			Lemoyne, PA			2013			2002/NA			26,784			—			20,614			—
IL-only			Arlington, TX			2013			1987/NA			10,688			—			8,227			—
IL-only			Richardson, TX			2013			1996/NA			14,063			—			10,824			—
IL-only			Lubbock, TX			2013			1997/NA			22,843			—			17,582			—
IL-only			North Logan, UT			2013			2001/NA			19,440			—			14,963			—
IL-only			Yorktown, VA			2013			2005/NA			22,094			—			17,003			—
									Subtotal		$	1,203,200		$	—		$	938,477		$	—
									Total		$	1,362,900		$	162,801		$	1,077,163		$	120,525
(A) AL represents assisted living; IL represents independent living and MC represents memory care.
	(B)	The following is a rollforward of the gross carrying amount and accumulated depreciation of senior housing real estate for the years ended December 31, 2013 and 2012.
		Year ended December 31,
		2013			2012
Gross Carrying Amount
Balance at beginning of year		$	164,359		$	—
Additions:
Acquisitions of real estate			1,205,558			164,067
Improvements			3,450			296
Transferred from operating real estate held for sale			—			—
Disposals:
Disposal of long-lived assets			(45	)		(4	)
Balance at end of year		$	1,373,322		$	164,359
Accumulated Depreciation
Balance at beginning of year		$	(1,558	)	$	—
Additions:
Depreciation expense			(8,874	)		(1,559	)
Transferred from assets held for sale			—			—
Disposals:
Disposal of long-lived assets			10			1
Balance at end of year		$	(10,422	)	$	(1,558	)
	(C)	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
	(D)	Unaudited.
	(E)	See Note 14.
	(F)	The aggregate United States federal income tax basis for Newcastle’s senior housing real estate at December 31, 2013 was approximately $1.4 billion.
The investments in senior housing real estate are generally financed with non-recourse mortgage notes payable (see Note 14).
The following table sets forth the future contracted minimum rentals, excluding contingent rent escalations, for Newcastle’s triple net leases relating to the Holiday Portfolio as of December 31, 2013:
		Total Holiday
		Portfolio
2014		$	65,031
2015			67,957
2016			71,015
2017			74,211
2018			76,808
Thereafter			1,170,819
Total		$	1,525,841
The resident leases relating to Newcastle’s managed senior housing properties are generally cancelable within a 30-day notice.

INVESTMENTS_IN_OTHER_REAL_ESTA

INVESTMENTS IN OTHER REAL ESTATE	12 Months Ended
	Dec. 31, 2013
Investments In Other Real Estate	'
INVESTMENTS IN OTHER REAL ESTATE	'
	10. INVESTMENTS IN OTHER REAL ESTATE
	In the year ended December 31, 2013, Newcastle acquired other real estate assets as part of the acquisition of the Golf business, which consisted of primarily land, buildings, machinery and equipment. These assets were recognized at fair value on the acquisition date. The following table summarizes the balances of other real estate assets at December 31, 2013. Please refer to Note 3 for a description of the Golf acquisition.
									Initial Cost											Gross Carrying Amount (B) (F)
																		Costs
													Furniture,					Capitalized								Furniture,						Accumulated
	Property										Building		Fixtures and			Construction		Subsequent to						Building		Fixtures and		Construction				Depreciation
	Type (A)		City, State			Land			Building		Improvements		Equipment			In-Progress		Acquisition		Land		Building		Improvements		Equipment		In-Progress		Total		(B),(C)
	GC			California		$	62,000		$	21,185	$	59,116	$	12,461		$	4,766	$	—	$	62,000	$	21,185	$	59,116	$	12,461	$	4,766	$	159,528	$	—
	GC			Florida			—			406		759		822			35		—		—		406		759		822		35		2,022		—
	GC			Georgia			2,400			1,635		8,055		729			—		—		2,400		1,635		8,055		729		—		12,819		—
	GC			Hawaii			—			17		192		135			—		—		—		17		192		135		—		344		—
	GC			Idaho			2,700			321		1,995		271			13		—		2,700		321		1,995		271		13		5,300		—
	GC			New Jersey			7,733			—		—		—			—		—		7,733		—		—		—		—		7,733		—
	GC			New Mexico			1,700			1,171		6,703		447			359		—		1,700		1,171		6,703		447		359		10,380		—
	GC			New York			—			22,818		2,168		2,219			48		—		—		22,818		2,168		2,219		48		27,253		—
	GC			Oklahoma			—			761		294		344			68		—		—		761		294		344		68		1,467		—
	GC			Oregon			6,900			1,540		7,166		457			50		—		6,900		1,540		7,166		457		50		16,113		—
	GC			Tennessee			6,400			297		2,018		322			233		—		6,400		297		2,018		322		233		9,270		—
	GC			Texas			—			166		276		569			59		—		—		166		276		569		59		1,070		—
	GC			Virginia			—			33		1		66			—		—		—		33		1		66		—		100		—
	GC			Washington			3,701			265		1,993		186			29		—		3,701		265		1,993		186		29		6,174		—
						$	93,534		$	50,615	$	90,736	$	19,028		$	5,660	$	—	$	93,534	$	50,615	$	90,736	$	19,028	$	5,660	$	259,573	$	—
	Other Operating Real Estate (E):
	OB			Beavercreek, OH		$	386		$	2,287	$	—	$	—		$	—	$	413	$	364	$	2,170	$	390	$	—	$	—	$	2,924	$	(779	)
	OB			Beavercreek, OH			401			2,326		—		—			—		175		381		2,268		92		—		—		2,741		(547	)
	OB			Beavercreek, OH			382			2,242		—		—			—		587		361		2,150		488		—		—		2,999		(741	)
						$	1,169		$	6,855	$	—	$	—		$	—	$	1,175	$	1,106	$	6,588	$	970	$	—	$	—	$	8,664	$	(2,067	)
						$	94,703		$	57,470	$	90,736	$	19,028		$	5,660	$	1,175	$	94,640	$	57,203	$	91,706	$	19,028	$	5,660	$	268,237	$	(2,067	)
						Year			Year				Ending
	Property					Acquired			Constructed/		Net Rentable		Occupancy
	Type (A)		City, State			(D)			Renovated (D)		Sq. Ft. (D)		(D)
	Other Operating Real Estate (E):
	OB			Beavercreek, OH			2006			1984/2006		55,024 Sq. Ft.		84.4	%
	OB			Beavercreek, OH			2006			1985/2006		29,916 Sq. Ft.		100	%
	OB			Beavercreek, OH			2006			1987/2006		45,500 Sq. Ft.		100	%
	(A)    OB represents office building. GC represents golf course.
	(B) The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2013 and 2012.
			Year ended			Year ended
			31-Dec-13			31-Dec-12
	Gross Carrying Amount
	Balance at beginning of year		$	8,520		$	—
	Additions:
	Acquisitions of other real estate			259,573			—
	Improvements			144			—
	Transferred from operating real estate held for sale			—			8,520
	Disposals:
	Disposal of long-lived assets			—			—
	Balance at end of year		$	268,237		$	8,520
	Accumulated Depreciation
	Balance at beginning of year		$	(1,848	)	$	—
	Additions:
	Depreciation expense			(219	)		(1,191	)
	Transferred from assets held-for-sale			—			(657	)
	Disposals:
	Disposal of long-lived assets			—			—
	Balance at end of year		$	(2,067	)	$	(1,848	)
		(C)	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
		(D)	Unaudited.
		(E)	The other operating real estate assets were pledged as collateral in one of Newcastle’s non-recourse financing structures at December 31, 2013.
		(F)	The aggregate United States federal income tax basis for Newcastle’s other operating real estate at December 31, 2013 was approximately $266.6 million.
	The real estate assets in the Golf businesses are encumbered by various debt obligations, as described in Note 14, at December 31, 2013.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2013
Property, Plant and Equipment [Abstract]	'
PROPERTY, PLANT AND EQUIPMENT	'
	11.    PROPERTY, PLANT AND EQUIPMENT
	In the year ended December 31, 2013, Newcastle acquired property, plant and equipment as part of the acquisition of the Media business which consisted of land, buildings, machinery and equipment. These assets were recognized at fair value on the acquisition date and included in discontinued operations. The following table summarizes the balances of property, plant and equipment at December 31, 2013:
		31-Dec-13
	Land		23,087
	Buildings and improvements		110,522
	Machinery and equipment		125,836
	Furniture, fixtures, and computer software		13,970
			273,415
	Less: accumulated depreciation and amortization		(3,227	)
	Total	$	270,188
		Year ended December 31,
		2013
	Gross Carrying Amount
	Balance at beginning of acquisition	$	272,153
	Additions:
	Acquisitions of property, plant and equipment		1,262
	Improvements		—
	Disposals:
	Disposal of long-lived assets		—
	Balance at end of year	$	273,415
	Accumulated Depreciation
	Balance at beginning of acquisition	$	—
	Additions:
	Depreciation expense		(3,227	)
	Transferred from assets held for sale		—
	Disposals:
	Disposal of long-lived assets		—
	Balance at end of year	$	(3,227	)
	Depreciation is calculated on a straight line basis using the estimated useful lives as described in Note 2.

GOODWILL_AND_INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2013
Goodwill And Intangibles	'
GOODWILL AND INTANGIBLES	'
	12. GOODWILL AND INTANGIBLES
	The following table summarizes Newcastle’s intangibles from continuing operations related to its senior housing real estate and golf business:
		31-Dec-13							31-Dec-12
		Gross							Gross
		Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
		Amount		Amortization			Value		Amount		Amortization			Value
	Amortizable intangible assets:
	In-place resident lease intangibles	$	112,267	$	(21,902	)	$	90,365	$	22,711	$	(4,205	)	$	18,506
	Non-compete intangibles		1,600		(223	)		1,377		600		(20	)		580
	Land lease intangibles		3,498		(1	)		3,497		—		—			—
	PILOT intangible		3,700		(124	)		3,576		—		—			—
	Other intangibles		2,046		(2	)		2,044		—		—			—
	Total Senior Housing		123,111		(22,252	)		100,859		23,311		(4,225	)		19,086
	Trade name		700		—			700		—		—			—
	Leasehold intangibles		52,066		—			52,066		—		—			—
	Management contracts		39,000		—			39,000		—		—			—
	Internally-developed software		800		—			800		—		—			—
	Membership base		5,400		—			5,400		—		—			—
	Total Golf		97,966		—			97,966		—		—			—
	Total	$	221,077	$	(22,252	)	$	198,825	$	23,311	$	(4,225	)	$	19,086
	Nonamortizable intangible assets:
	Liquor license-Golf		900		—			900
	Total	$	221,977	$	(22,252	)	$	199,725
	The unamortized balance of intangible assets from continuing operations at December 31, 2013 are expected to be charged to amortization expense as follows:
	2014	$	55,143
	2015		42,830
	2016		26,970
	2017		10,012
	2018		9,251
	Thereafter		54,619
		$	198,825
	The following table summarizes Newcastle’s goodwill and intangibles from discontinued operations related to its media business:
		31-Dec-13							31-Dec-12
		Gross							Gross
		Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
		Amount		Amortization			Value		Amount		Amortization			Value
	Amortizable intangible assets:
	Advertiser relationships		58,269		(359	)		57,910		—		—			—
	Customer relationships		5,666		(35	)		5,631		—		—			—
	Subscriber relationships		35,966		(221	)		35,745		—		—			—
	Trade name		268		(3	)		265		—		—			—
	Total	$	100,169	$	(618	)	$	99,551	$		$			$
	Nonamortizable intangible assets:
	Mastheads-Media		45,849		—			45,849
	Goodwill		126,686		—			126,686
	Total Media	$	272,704	$	(618	)	$	272,086
	The changes in the carrying amount of goodwill, included in discontinued operations, for the year ended December 31, 2013 are as follows:
	Gross balance at January 1, 2013	$	—
	Business combination		126,686
	Net balance at December 31, 2013	$	126,686

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2013
Fair Value Of Financial Instruments	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	13.     FAIR VALUE OF FINANCIAL INSTRUMENTS
	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 a good faith estimate thereof and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. A significant portion of Newcastle’s loans, securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, Newcastle has estimated the fair value of these illiquid instruments based on internal pricing models rather than quotations. The determination of estimated cash flows used in pricing models is inherently subjective and imprecise. Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant change to estimated fair values. It should be noted that minor changes in assumptions or estimation methodologies can have a material effect on these derived or estimated fair values, and that the fair values reflected below are indicative of the interest rate and credit spread environments as of December 31, 2013 and do not take into consideration the effects of subsequent changes in market or other factors.
	Newcastle has various processes and controls in place to ensure that fair value is reasonably estimated. With respect to the broker and pricing service quotations, to ensure these quotes represent a reasonable estimate of fair value, Newcastle’s quarterly procedures include a comparison to the outputs generated from its internal pricing models and transactions Newcastle has completed with respect to these or similar securities, 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 for reasonableness. Newcastle believes its valuation methods and the assumptions used are appropriate and consistent with other market participants.
	Fair Value Summary Table
	The carrying values and estimated fair values of Newcastle’s assets and liabilities at December 31, 2013 and 2012 were as follows:
			31-Dec-13																		31-Dec-12
			Principal			Carrying			Estimated			Fair Value Method (A)			Weighted			Weighted			Carrying			Estimated
			Balance or			Value			Fair Value						Average			Average			Value			Fair Value
			Notional												Yield/Funding			Maturity
			Amount												Cost			(Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale*		$	1,170,905		$	984,263		$	984,263			Broker quotations, counterparty quotations, pricing services, pricing models			5.44	%		2.9		$	1,691,575		$	1,691,575
	Real estate related and other loans, held-for-sale, net			567,829			437,530			456,535			Broker quotations, counterparty quotations, pricing services, pricing models			13.92	%		1.1			843,132			853,102
	Residential mortgage loans, held-for-investment, net			277,624			255,450			252,039			Pricing models			8.5	%		5.4			292,461			297,030
	Residential mortgage loans, held-for-sale, net			3,129			2,185			2,185			Pricing models			19.34	%		4.4			2,471			2,471
	Subprime mortgage loans subject to call option (B)			406,217			406,217			406,217			(B)			9.09	%		(B	)		405,814			405,814
	Restricted cash*						5,889			5,889												2,064			2,064
	Cash and cash equivalents*						74,133			74,133												231,898			231,898
	Non-hedge derivative assets(D)(E)*			116,806			43,662			43,662			Counterparty quotations			N/A			(D	)		165			165
	Investments in senior housing real estate, net						1,362,900															162,801
	Investments in other real estate, net						266,170															6,672
	Intangibles						199,725															19,086
	Other investments						25,468															24,907
	Receivables and other assets						98,225															17,197
	Assets of discontinued operations						690,746															245,069
						$	4,852,563														$	3,945,312
	Liabilities
	Financial instruments:
	CDO bonds payable (F)		$	543,516		$	544,525		$	395,689			Pricing models			2.26	%		1.9		$	1,091,354		$	781,856
	Other bonds and notes payable (F)			243,745			230,279			235,464			Broker quotations, pricing models			3.5	%		3.1			183,390			190,302
	Repurchase agreements			556,347			556,347			556,347			Market comparables			0.52	%		0.1			929,435			929,435
	Mortgage notes payable			1,077,163			1,076,828			1,075,390			Pricing models			4.75	%		6.8			120,525			120,525
	Credit facilities, golf			152,498			152,498			152,498			(G)			5.19	%		4
	Financing of subprime mortgage loans subject to call option (B)			406,217			406,217			406,217			(B)			9.09	%		(B	)		405,814			405,814
	Junior subordinated notes payable			51,004			51,237			35,479			Pricing models			7.39	%		21.3			51,243			31,545
	Interest rate swaps, treated as hedges (C)(E)*			105,031			6,203			6,203			Counterparty quotations			N/A			(C	)		12,175			12,175
	Non-hedge derivatives(D)(E)*			185,871			7,592			7,592			Counterparty quotations			N/A			(D	)		19,401			19,401
	Dividends payable, accounts payable, accrued expenses and other liabilities						299,446															58,435
	Liabilities of discontinued operations						295,267															480
						$	3,626,439														$	2,872,252
	*Measured at fair value on a recurring basis.
		(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)	These two items results from an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 7), are noneconomic until such option is exercised, and are equal and offsetting.
		(C)	Represents derivative agreements as follows:
	Year of Maturity		Weighted Average			Aggregate Notional			Weighted Average Fixed			Aggregate Fair Value
			Month of Maturity			Amount			Pay Rate / Cap Rate			Asset / (Liability)
	Interest rate swap agreements which receive 1-Month LIBOR:
	2016			Apr		$	105,031			5.04%		$	(6,203	)
		(D)	This represents a linked transaction entered into in June 2013 with $116.8 million face amount of underlying financial securities. This derivative agreement was not designated as a hedge for accounting purposes as of December 31, 2013.
		(E)	Newcastle’s derivatives fall into two categories. As of December 31, 2013, all derivatives liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $290.9 million, is only subject to the credit risks of the respective CDO structures. As they are senior to all the debt obligations of the respective CDOs and the fair value of each of the CDOs’ total investments exceeded the fair value of each of the CDOs’ derivative liabilities, no credit valuation adjustments were recorded. A derivative asset with an aggregate notional balance of $116.8 million, represents linked transactions with $116.8 million face amount of underlying financed securities. Newcastle’s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle’s derivatives are included in other assets or other liabilities in the consolidated balance sheets, as applicable.
		(F)	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
		(G)	These credit facilities were entered into late in the fourth quarter of 2013 and Newcastle believes their terms are market terms as of December 31, 2013.
	Refer to Note 15 for a discussion of the fair value of the New Media pension plan assets.
	Valuation Hierarchy
	The methodologies used for valuing such instruments have been categorized into three broad levels, which form a hierarchy.
	Level 1 - Quoted prices in active markets for identical instruments.
	Level 2 - Valuations based principally on other observable market parameters, including
		•	Quoted prices in active markets for similar instruments,
		•	Quoted prices in less active or inactive markets for identical or similar instruments,
		•	Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and
		•	Market corroborated inputs (derived principally from or corroborated by observable market data).
	Level 3 - Valuations based significantly on unobservable inputs.
Newcastle follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement.
Newcastle has various processes and controls in place to ensure that fair value is reasonably estimated. With respect to the broker and pricing service quotations, to ensure these quotes represent a reasonable estimate of fair value, Newcastle’s quarterly procedures include a comparison to quotations from different sources, outputs generated from its internal pricing models and transactions Newcastle has completed with respect to these or similar securities, 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, where available, and models for reasonableness. Newcastle believes its valuation methods and the assumptions used are appropriate and consistent with other market participants. The board of directors has reviewed Newcastle’s process for determining the valuations of its investments based on information provided by the Manager and has concluded such process is reasonable and appropriate.
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 generally accompanied by directionally similar changes in the assumptions used for the loss severity and the prepayment speed.
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2013:
								Fair Value
		Principal Balance or			Carrying Value			Level 2			Level 3			Total
		Notional Amount
Assets:
Real estate securities, available for sale:
CMBS		$	333,121		$	284,469		$	—		$	284,469		$	284,469
REIT debt			29,200			31,186			31,186			—			31,186
Non-Agency RMBS			96,762			57,581			—			57,581			57,581
ABS - other real estate			8,464			—			—			—			—
FNMA / FHLMC			514,994			551,270			551,270			—			551,270
CDO			188,364			59,757			—			59,757			59,757
Real estate securities total		$	1,170,905			984,263			582,456			401,807			984,263
Derivative assets:
Linked transactions at fair value		$	116,806		$	43,662		$	—		$	43,662		$	43,662
Derivative assets total		$	116,806		$	43,662		$	—		$	43,662		$	43,662
Liabilities:
Derivative Liabilities:
Interest rate swaps, treated as hedges		$	105,031		$	6,203		$	6,203		$	—		$	6,203
Interest rate swaps, not treated as hedges			185,871			7,592			7,592			—			7,592
Derivative liabilities total		$	290,902		$	13,795		$	13,795		$	—		$	13,795
Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows:
		Level 3 Assets
		CMBS						ABS						Equity/Other			Linked
		Conduit			Other			Subprime			Other			Securities			Transactions			Total
Balance at December 31, 2011		$	956,905		$	171,913		$	128,622		$	38,107		$	55,986		$	—		$	1,351,533
CDO X Deconsolidation (A)			(767,660	)		(40,172	)		(86,704	)		(26,174	)		—			—			(920,710	)
Total gains (losses) (B)
Included in net income (loss) (C)			(4,947	)		(396	)		828			(4,092	)		—			—			(8,607	)
Included in other comprehensive income (loss)			22,537			12,515			28,573			1,739			15,125			—			80,489
Amortization included in interest income			33,538			1,777			17,691			288			5,657			—			58,951
Purchases, sales and settlements
Purchases			116,087			—			315,475			—			—			—			431,562
Proceeds from sales			(43,259	)		—			(3,295	)		(3,743	)		—			—			(50,297	)
Proceeds from repayments			(58,432	)		(24,015	)		(45,215	)		(4,650	)		(5,743	)		—			(138,055	)
Balance at December 31, 2012		$	254,769		$	121,622		$	355,975		$	1,475		$	71,025		$	—		$	804,866
Spin-off of New Residential (A)			—			—			(560,783	)		—			—			—			(560,783	)
Total gains (losses) (B)
Included in net income (loss) (C)			348			(331	)		2,372			(82	)		1,638			1,168			5,113
Included in other comprehensive income (loss)			14,999			2,168			24,755			73			(726	)		—			41,269
Amortization included in interest income			11,880			969			17,981			331			5,265			—			36,426
Purchases, sales and settlements
Purchases			—			—			267,160			—			—			43,172			310,332
Proceeds from sales			(73,576	)		(31,989	)		(11,181	)		(1,359	)		(8,156	)		—			(126,261	)
Proceeds from repayments			(9,485	)		(6,905	)		(38,698	)		(438	)		(9,289	)		(678	)		(65,493	)
Balance at December 31, 2013		$	198,935		$	85,534		$	57,581		$	—		$	59,757		$	43,662		$	445,469
(A)	CDO X was deconsolidated on September 12, 2012 and the spin-off of New Residential occurred on May 15, 2013.
(B)	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
(C)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
			Year Ended December 31,
			2013			2012
	Gain (loss) on settlement of investments, net		$	5,367		$	10,196
	Other income (loss), net			1,168			—
	OTTI			(1,422	)		(18,803	)
	Total		$	5,113		$	(8,607	)
	Gain (loss) on sale of investments, net, from investments transferred into Level 3 during the period		$	—		$	—
Securities Valuation
As of December 31, 2013, Newcastle’s securities valuation methodology and results are further detailed as follows:
								Fair Value
		Outstanding			Amortized									Internal
		Face			Cost			Multiple			Single			Pricing
Asset Type		Amount (A)			Basis (B)			Quotes (C)			Quote (D)			Models (E)			Total
CMBS		$	333,121		$	227,878		$	240,358		$	42,341		$	1,770		$	284,469
REIT debt			29,200			28,667			31,186			—			—			31,186
Non-Agency RMBS			96,762			40,675			57,581			—			—			57,581
ABS - other real estate			8,464			—			—			—			—			—
FNMA / FHLMC			514,994			547,639			551,270			—			—			551,270
CDO			188,364			56,996			—			57,755			2,002			59,757
Total		$	1,170,905		$	901,855		$	880,395		$	100,096		$	3,772		$	984,263
(A)	Net of incurred losses.
(B)	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
(C)	Management generally obtained pricing service quotations or broker quotations from at least two sources, one of which was generally the seller (the party that sold the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which is believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
(D)	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold the security) or a pricing service.
(E)	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
											Unrealized
											Gains (Losses)
Asset Type		Amortized			Fair			Impairment			in Accumulated			Weighted Average Significant Input
		Cost			Value			Recorded in			OCI
		Basis (B)						Current Year						Discount			Prepayment			Cumulative			Loss
														Rate			Speed (F)			Default Rate			Severity
CMBS - conduit		$	738		$	1,770		$	76		$	1,032			8	%		N/A			99.5	%			27.6	%
CDO			—			2,002			—			2,002			35	%		3.5	%		17.5	%			73.5	%
Total		$	738		$	3,772		$	76		$	3,034
	All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
	The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model, which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
	Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
	Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
	The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
(F)	Projected annualized average prepayment rate.
Loan Valuation
Loans which Newcastle does not have the ability or intent to hold into the foreseeable future are classified as held-for-sale. As a result, these held-for-sale loans are carried at the lower of amortized cost or fair value and are therefore recorded at fair value on a non-recurring basis. These loans were written down to fair value at the time of the impairment, based on broker quotations, pricing service quotations or internal pricing models. All the loans were within Level 3 of the fair value hierarchy. For real estate related and other loans, the most significant inputs used in the valuations are the amount and timing of expected future cash flows, market yields and the estimated collateral value of such loan investments. For residential mortgage loans, significant inputs include management’s expectations of prepayment speeds, default rates, loss severities and discount rates that market participants would use in determining the fair values of similar pools of residential mortgage loans.
The following tables summarize certain information for real estate related and other loans and residential mortgage loans held-for-sale as of December 31, 2013:
											Valuation			Significant Input
		Outstanding									Allowance/			Range						Weighted Average
		Face			Carrying			Fair			(Reversal) In			Discount			Loss			Discount			Loss
Loan Type		Amount			Value			Value			Current Year			Rate			Severity			Rate			Severity
Mezzanine		$	172,197		$	139,720		$	143,217		$	(14,246	)		3.4% - 9.0	%		0.0% - 100.0	%		6.6	%		17.3	%
Bank Loan			256,594			166,710			180,945			(3,610	)		13.1% - 33.8	%		0.0% - 100.0	%		24.2	%		23.1	%
B-Note			109,323			101,385			102,645			(1,623	)		5.0% - 12.0	%		0	%		10.1	%		0	%
Whole Loan			29,715			29,715			29,728			—			3.7% - 4.0	%		0.0% - 15.5	%		3.7	%		15.1	%
Total Real Estate Related and Other Loans Held for Sale, Net		$	567,829		$	437,530		$	456,535		$	(19,479	)
											Valuation
		Outstanding									Allowance/			Significant Input (Weighted Average)
		Face			Carrying			Fair			(Reversal) In			Discount			Prepayment			Constant			Loss
Loan Type		Amount			Value			Value			Current Year			Rate			Speed			Default Rate			Severity
Non-securitized Manufactured Housing Loans Portfolio I		$	501		$	130		$	130		$	(58	)		81.8	%		5	%		11.6	%		65	%
Non-securitized Manufactured Housing Loans Portfolio II			2,628			2,055			2,055			(47	)		15.4	%		5	%		3.5	%		60	%
Total Residential Mortgage Loans Held for Sale, Net		$	3,129		$	2,185		$	2,185		$	(105	)
Loans which Newcastle has the intent and ability to hold into the foreseeable future are classified as held-for-investment. Loans held-for-investment are carried at the aggregate unpaid principal balance adjusted for any unamortized premium or discount, deferred fees or expenses, an allowance for loan losses, charge-offs and write-downs for impaired loans.
The following table summarizes certain information for residential mortgage loans held-for-investment as of December 31, 2013:
														Significant Input (Weighted Average)
											Valuation
											Allowance/
		Outstanding			Carrying						(Reversal) In			Discount			Prepayment			Constant
Loan Type		Face Amount			Value			Fair Value			Current Year			Rate			Speed			Default Rate			Loss Severity
Securitized Manufactured Housing Loans Portfolio I		$	102,681		$	91,924		$	89,674		$	(5,465	)		9.4	%		6	%		3	%		65	%
Securitized Manufactured Housing Loans Portfolio II			128,975			128,117			123,471			840			8.1	%		7	%		3.5	%		60	%
Residential Loans			45,968			35,409			38,894			(826	)		7.5	%		4.6	%		2.8	%		45.9	%
Total Residential Mortgage Loans, Held-for-Investment, Net		$	277,624		$	255,450		$	252,039		$	(5,451	)
Derivatives
Newcastle’s derivative instruments are comprised of interest rate swaps and linked transactions. Newcastle’s interest rate swaps are valued using counterparty quotations. These quotations are generally based on valuation models with model inputs that can generally be verified and which do not involve significant judgment. The significant observable inputs used in determining the fair value of Newcastle’s Level 2 interest rate swap derivative contracts are contractual cash flows and market based interest rate curves. The linked transactions, which are categorized into Level 3, are evaluated on a net basis considering their underlying components, the security acquired and the related repurchase financing agreement. The securities are valued using a similar methodology to the one described in “Securities Valuation” above and this value is netted against the carrying value of the repurchase agreement (which approximates fair value as described in “Liabilities for Which Fair Value is Only Disclosed” below), adjusted for net accrued interest receivable/payable on the securities and repurchase agreement of the linked transactions (see Note 14 for a discussion of Newcastle’s outstanding linked transactions).
Newcastle’s derivatives are recorded on its balance sheet as follows:
				Fair Value
				December 31,
		Balance sheet location		2013			2012
Derivative Assets
Linked transaction at fair value		Receivables and other assets		$	43,662		$	—
Interest rate caps, not designated as hedges		Receivables and other assets			—			165
				$	43,662		$	165
Derivative Liabilities
Interest rate swaps, designated as hedges		Accounts payable, accrued expenses and other liabilities		$	6,203		$	12,175
Interest rate swaps, not designated as hedges		Accounts payable, accrued expenses and other liabilities			7,592			19,401
				$	13,795		$	31,576
The following table summarizes information related to derivatives:
		December 31,
		2013			2012
Cash flow hedges
Notional amount of interest rate swap agreements		$	105,031		$	154,450
Amount of (loss) recognized in other comprehensive income on effective portion			(6,117	)		(12,050	)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization			170			237
Deferred hedge gain (loss) related to designation, net of amortization			(45	)		(210	)
Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months			53			4
Expected reclassification of current hedges from AOCI into earnings over the next 12 months			(3,915	)		(6,259	)
Non-hedge Derivatives
Notional amount of interest rate swap agreements			185,871			294,203
Notional amount of interest rate cap agreements			—			23,400
Notional amount of linked transactions (A)			116,806			—
(A)	This represents the current face amount of the underlying financial securities comprising linked transactions.
The following table summarizes gains (losses) recorded in relation to derivatives:
		Income Statement Location		Year Ended December 31,
Cash flow hedges				2013			2012			2011
Gain (loss) on the ineffective portion		Other income (loss)		$	—		$	483		$	(917	)
		Gain (loss) on sale of
Loss immediately recognized at dedesignation		investments, Other income (loss)			(110	)		(7,036	)		(13,939	)
Amount of loss reclassified from AOCI into income, related to effective portion		Interest expense			(6,128	)		(30,631	)		(63,350	)
Deferred hedge gain reclassified from AOCI into income, related to anticipated financings		Interest expense			67			61			58
Deferred hedge (loss) gain reclassified from AOCI into income, related to effective portion of dedesignated hedges		Interest expense			(56	)		1,189			2,259
Non-hedge derivatives gain (loss)
Interest rate swaps		Other income (loss)			10,577			9,101			3,284
Linked transactions		Other income (loss)			(236	)		—			—
The following table presents both gross and net information about linked transactions:
		As of December 31,
		2013			2012
Real estate securities-available for sale (A)		$	104,308		$	—
Repurchase agreements (B)			(60,646	)		—
Net assets recognized as linked transactions		$	43,662		$	—
	(A)	Represents the fair value of the securities accounted for as part of linked transactions.
	(B)	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions.
Liabilities for Which Fair Value is Only Disclosed
The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed:
Type of Liabilities
Not Measured At Fair
Value for Which
Fair Value Is Disclosed		Fair Value Hierarchy		Valuation Techniques and Significant Inputs
CDO bonds payable		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Underlying security and loan prepayment, default and cumulative loss expectations
				•	Amount and timing of expected future cash flows
				•	Market yields and credit spreads implied by comparisons to transactions of similar tranches of CDO debt by the varying levels of subordination
Other bonds and notes payable		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Broker quotations
				•	Market yields and credit spreads implied by comparisons to transactions of similar tranches of securitized debt by the varying levels of subordination
Repurchase agreements		Level 2		Valuation technique is based on market comparables. Significant variables include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Collateral funding spreads
Mortgage notes payable		Level 3		Valuation technique is based on discounted cash flows. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Collateral funding spreads
Media Credit Facilities		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Credit spread of New Media
Golf Credit Facilities		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Credit spread of Golf
Junior subordinated notes payable		Level 3		Valuation technique is based on discounted cash flow. Significant inputs include:
				•	Amount and timing of expected future cash flows
				•	Interest rates
				•	Market yields and the credit spread of Newcastle

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2013
Debt Obligations [Abstract]	'
DEBT OBLIGATIONS	'
	14. DEBT OBLIGATIONS
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges from continuing operations:
			31-Dec-13																																	31-Dec-12
																				Collateral
											Unhedged																						Aggregate
											Weighted		Weighted		Weighted		Face											Weighted		Floating			Notional
					Outstanding				Final		Average		Average		Average		Amount			Outstanding			Amortized					Average		Rate			Amount of			Outstanding
			Month		Face		Carrying		Stated		Funding		Funding		Maturity		of Floating			Face			Cost			Carrying		Maturity		Face			Current			Face			Carrying
	Debt Obligation/Collateral		Issued		Amount		Value		Maturity		Cost (A)		Cost (B)		(Years)		Rate Debt			Amount (C)			Basis (C)			Value (C)		(Years)		Amount (C)			Hedges(D)			Amount			Value
	CDO Bonds Payable
	CDO VI (E)		Apr-05	$	92,018	$	92,018		Apr-40		0.85%		5.35%		5.5	$	88,727		$	166,452		$	88,965		$	123,478		2.3	$	40,482		$	88,727		$	91,578		$	91,578
	CDO VIII		Nov-06		264,733		264,277		Nov-52		0.88%		2.45%		1.5		257,133			421,487			317,202			346,101		1.7		184,585			105,031			518,501			517,541
	CDO IX		May-07		186,765		188,230		May-52		0.56%		0.50%		0.6		186,765			433,012			357,224			366,581		1.9		162,115			—			400,938			402,424
	Repaid Debt																																			79,898			79,811
					543,516		544,525						2.26%		1.9		532,625			1,020,951			763,391			836,160		1.9		387,182			193,758			1,090,915			1,091,354
	Other Bonds & Notes Payable
	MH loans Portfolio I (F)		Apr-10		53,753		50,424		Jul-35		6.56%		6.56%		4.1		—			102,681			91,924			91,924		6.1		612			—			70,056			66,199
	MH loans Portfolio II		May-11		93,863		93,536		Dec-33		4.70%		4.70%		3.8		—			128,975			128,117			128,117		4.9		21,321			—			117,907			117,191
	NCT 2013-VI IMM-1 (I)		Nov-13		96,129		86,319		Apr-40		LIBOR+0.25%		0.42%		2		96,129			—			—			—		0		—				—		—			—
					243,745		230,279						3.50%		3.1		96,129			231,656			220,041			220,041		5.4		21,933			—			187,963			183,390
	Repurchase Agreements (G)
	FNMA/FHLMC securities (H)		Dec-13		516,134		516,134		Jan-14		0.40%		0.40%		0.1		516,134			514,994			547,639			551,270		3.6		514,994			—			772,855			772,855
	CDO Securities (I)		Dec-13		15,094		15,094		Jan-14		LIBOR+1.65%		1.82%		0.1		15,094			—			—			—		0		—			—			5,658			5,658
	Residential Mortgage Loans		Nov-13		25,119		25,119		Nov-14		LIBOR+2.00%		2.17%		0.9		25,119			36,029			27,173			27,173		5.5		36,029			—			—			—
	Repaid Debt																																			150,922			150,922
					556,347		556,347						0.50%		0.1		556,347			551,023			574,812			578,443		3.7		551,023			—			929,435			929,435
	Mortgage Notes Payable
									Aug 2018 to
	Fixed Rate				878,579		878,244		Jan-24		1.43% to 4.30%	(J)(K)	4.72%		7.4		—			N/A			1,193,583			1,193,583		N/A		N/A			—			88,400			88,400
									Aug 2016 to		LIBOR+3.50% to
	Floating Rate				198,584		198,584		Dec-18		LIBOR+3.75%		4.88%		4.1		198,584			N/A			270,175			270,175		N/A		N/A			—			32,125			32,125
					1,077,163		1,076,828						4.75%		6.8		198,584			N/A			1,463,758			1,463,758		N/A		N/A			—			120,525			120,525
			31-Dec-13																																	31-Dec-12
																						Collateral
												Unhedged																					Aggregate
												Weighted			Weighted		Weighted		Face										Weighted				Notional
					Outstanding						Final	Average			Average		Average		Amount			Outstanding		Amortized					Average		Floating		Amount of			Outstanding
			Month		Face			Carrying			Stated	Funding			Funding		Maturity		of Floating			Face		Cost			Carrying		Maturity		Rate Face		Current			Face				Carrying
			Issued		Amount			Value			Maturity	Cost (A)			Cost (B)		(Years)		Rate Debt			Amount (C)		Basis (C)			Value (C)		(Years)		Amount (C)		Hedges(D)			Amount				Value
	Golf Credit Facilities (Q)
	First Lien Loan		Dec-13			46,922			46,922		Dec-18	LIBOR+4.00%	(N)		4.50%		4		46,922			N/A		—			—		N/A		N/A		—				—				—
	Second Lien Loan		Dec-13			105,576			105,576		Dec-18	5.50%			5.50%		4		—			N/A		—			—		N/A		N/A		—				—				—
						152,498			152,498						5.19%		4		46,922			N/A		—			—		N/A		N/A		—				—				—
	Corporate
	Junior subordinated notes payable		Mar-06			51,004			51,237		Apr-35	7.57%	(O)		7.39%		21.3		—			—		—			—		—		—		—				51,004				51,243
						51,004			51,237						7.39%		21.3		—			—		—			—		—		—		—				51,004				51,243
	Subtotal debt obligation					2,624,273			2,611,714						3.28%		4.2	$	1,430,607		$	1,803,630	$	3,022,002		$	3,098,402		2.9	$	960,138	$	193,758				2,379,842				2,375,947
	Financing on subprime mortgage loans subject to call option		(P)			406,217			406,217																												406,217				405,814
	Total debt obligation				$	3,030,490		$	3,017,931																											$	2,786,059			$	2,781,761
	The following table presents certain information regarding Newcastle’s debt obligations from discontinued operations:
			31-Dec-13																																	31-Dec-12
																						Collateral
												Unhedged																					Aggregate
												Weighted			Weighted		Weighted		Face										Weighted				Notional
					Outstanding						Final	Average			Average		Average		Amount			Outstanding		Amortized					Average		Floating		Amount of			Outstanding
			Month		Face			Carrying			Stated	Funding			Funding		Maturity		of Floating			Face		Cost			Carrying		Maturity		Rate Face		Current			Face				Carrying
	Media Credit Facilities		Issued		Amount			Value			Maturity	Cost (A)			Cost (B)		(Years)		Rate Debt			Amount (C)		Basis (C)			Value (C)		(Years)		Amount (C)		Hedges(D)			Amount				Value
	GateHouse Credit Facilities: (Q)
	Revolving Credit Facilities		Nov-13		$	25,000		$	25,000		Nov-18	LIBOR+3.25%			3.42%		4.9	$	25,000			N/A		$             —			$             —		N/A		N/A		$             —			$	—			$	—
	Term Loan A		Nov-13			25,000			25,000		Nov-18	LIBOR+4.25%	(L)		5.00%		4		25,000			N/A		—			—		N/A		N/A		—				—				—
	Term Loan B		Nov-13			50,000			50,000		Nov-18	LIBOR+8.00%	(L)		8.75%		4		50,000			N/A		—			—		N/A		N/A		—				—				—
	Second Lien Credit Facility		Nov-13			50,000			49,016		Nov-19	LIBOR+11.00%			11.17%		5.9		50,000			N/A		—			—		N/A		N/A		—				—				—
	Local Media Group Credit Facility		Sep-13			33,000			33,000		Sep-18	LIBOR+6.50%		(M)	7.50%		4.3		33,000			N/A		—			—		N/A		N/A		—				—				—
Total debt obligation from discontinued operations				$	183,000		$	182,016						7.93%		4.7	$	183,000			N/A		$             —			$             —		N/A		N/A		$             —			$	—			$	—
See notes on next page.
	(A)	Weighted average, including floating and fixed rate classes.
	(B)	Including the effect of applicable hedges.
	(C)	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
	(D)	Including $88.7 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.
	(E)	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects thisCDO to remain out of compliance for the forseeable future.
	(F)	Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
	(G)	These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).
	(H)	Interest rates on these repurchase agreements are fixed, but will be reset on a short-term basis.
	(I)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation period.
	(J)	For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
	(K)	For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
	(L)	This financing has a LIBOR floor of 0.75%.
	(M)	This financing has a LIBOR floor of 1.0%
	(N)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
	(O)	Issued in April 2006 and July 2007. Secured by the general credit of Newcastle. See Note 7 regarding the securitizations of Subprime Portfolio I and II.
	(P)	LIBOR +2.25% after April 2016.
	(Q)	These facilities are collateralized by all the assets of the respective businesses.
Certain of the debt obligations included above are obligations of consolidated subsidiaries of Newcastle which own the related collateral. In some cases, including the CDO and Other Bonds Payable, such collateral is not available to other creditors of Newcastle.
CDO Bonds Payable
Each CDO financing is subject to tests that measure the amount of over collateralization and excess interest in the transaction. Failure to satisfy these tests would cause the principal and/or interest cashflow that would otherwise be distributed to more junior classes of securities (including those held by Newcastle) to be redirected to pay down the most senior class of securities outstanding until the tests are satisfied. As a result, cash flow and liquidity are negatively impacted upon such a failure. As of December 31, 2013, CDO VI was not in compliance with its over collateralization tests.
During 2011, Newcastle repurchased $167.5 million face amount of CDO bonds for $102.0 million and recorded a gain of $65.0 million. During 2012, Newcastle repurchased $34.1 million face amount of CDO bonds for $10.9 million and recorded a gain of $23.2 million. During 2013, Newcastle repurchased $35.9 million face amount of CDO bonds for $31.3 million and recorded a gain of $4.6 million.
In December 2010, Newcastle, together with one or more of its wholly owned subsidiaries, completed a series of transactions whereby it repurchased approximately $257 million current principal balance of Newcastle CDO VI Class I-MM notes at a price of 67.5% of par. The purchased notes represent all of the outstanding Class I-MM notes of Newcastle CDO VI (the “notes”). In January 2013, Newcastle paid off the outstanding repurchase agreement.
In April 2011, Newcastle entered into an agreement to sell its retained interests in Newcastle CDO VII. Pursuant to the agreement, the buyer of the retained interests liquidated CDO VII in June 2011 and paid Newcastle total consideration of approximately $3.9 million. As a result, Newcastle recorded a gain of approximately $3.4 million in the second quarter of 2011, representing the excess of the sales proceeds over the carrying value of Newcastle’s retained interests.
In June 2011, Newcastle deconsolidated a non-recourse financing structure, CDO V. Newcastle determined that it does not currently have the power to direct the relevant activities of CDO V as an event of default had occurred and Newcastle may be removed as the collateral manager by a single party. So long as the event of default continues, Newcastle will not be permitted to purchase or sell any collateral in CDO V. If Newcastle is removed as the collateral manager of CDO V, it would no longer receive the senior management fees from such CDO. As of February 27, 2014, Newcastle has not been removed as collateral manager. Newcastle does not expect the failure of these additional tests to have a material negative impact on its cash flows, business, results of operations or financial condition.
On September 12, 2012, Newcastle deconsolidated a non-recourse financing structure, CDO X. Newcastle completed the sale of 100% of its interests in CDO X to the sole owner of the senior notes and another third party, in connection with the liquidation and termination of CDO X. Newcastle received $130 million for $89.75 million face amount of subordinated notes and all of its equity in CDO X. As a result, Newcastle recorded a gain on sale and deconsolidated CDO X. The sale
and resulting deconsolidation has reduced Newcastle’s gross assets by $1.1 billion, reduced liabilities by $1.2 billion, decreased other comprehensive income by $25.5 million and resulted in a gain of $224.3 million in the quarter ended September 30, 2012. A condition to the sale of its interests was the right to purchase certain collateral held by CDO X. Newcastle purchased eight securities with a face amount of $101 million for 49.4% of par, or approximately $50 million. As of December 31, 2012, Newcastle had no continuing involvement with CDO X as it had been liquidated.
In June 2013, Newcastle completed the sale of 100% of the assets in CDO IV. Newcastle sold $153.4 million face amount of collateral at an average price of 95% of par, or $145.2 million. Subsequently, Newcastle paid off $71.9 million of outstanding third party debt and terminated the CDO. This transaction resulted in approximately $73.1 million of proceeds to Newcastle of which approximately $5.3 million was received in Newcastle CDO VIII. Newcastle recovered par on $59.5 million of CDO debt which had been repurchased in the past at an average price of 52% of par and $8.0 million of proceeds on its subordinated interests. This transaction has also decreased Newcastle’s comprehensive income by $0.6 million and resulted in a net gain on sale of assets of $4.2 million and a $0.8 million gain on hedge termination.
In June 2013, Newcastle completed the purchase of $116.8 million aggregate face amount of securities that are collateralized by certain Newcastle CDO VIII Class I notes for an aggregate purchase of approximately $103.1 million, or an average price of 88.3% of par. Simultaneously, Newcastle financed the purchase with $60.0 million received pursuant to a master repurchase agreement with the seller of the securities (“CDO VIII Repack”). The terms of the repurchase agreement included a rate of one-month LIBOR plus 150 bps and a 30-day maturity. The repurchase agreement includes various customary default events, including a default if Newcastle’s market capitalization declines by 50% from the market capitalization observed at the last trading day of the previous quarter. An event of default under the master repurchase agreement, if one occurs, would require Newcastle to immediately pay off the outstanding debt or the lender would have the right to liquidate the collateral. The purchase of the securities and the repurchase agreement are treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the consolidated statements of income. During the year ended December 31, 2013, there was a $0.5 million increase in carrying value in CDO VIII Repack.
As of December 31, 2013, CDO VI was not in compliance with its applicable over collateralization tests and, consequently, Newcastle was not receiving cash flows from this CDO currently (other than senior management fees and interest distributions from senior classes of bonds Newcastle owns). Based upon Newcastle’s current calculations, Newcastle expects this CDO to remain out of compliance for the foreseeable future. Moreover, given current market conditions, it is possible that all of Newcastle’s CDOs could be out of compliance with their over collateralization tests as of one or more measurement dates within the next twelve months.
Other Bonds Payable
On April 15, 2010, Newcastle completed a securitization transaction to refinance its Manufactured Housing Loans Portfolio I (the “Portfolio”). Newcastle sold approximately $164.1 million outstanding principal balance of manufactured housing loans to Newcastle MH I LLC (the “2010 Issuer”). The 2010 Issuer issued approximately $134.5 million aggregate principal amount of asset-backed notes, of which $97.6 million was sold to third parties and $36.9 million was sold to certain CDOs managed and consolidated by Newcastle. Under the applicable accounting guidance, the securitization transaction is accounted for as a secured borrowing. Newcastle continues to recognize the portfolio of manufactured housing loans as pledged assets, which have been classified as loans held for investment at securitization, and records the notes issued to third parties as a secured borrowing. The associated assets, liabilities, revenues and expenses are presented in the non-recourse financing structure sections of the consolidated financial statements.
On May 4, 2011, Newcastle completed a securitization transaction to refinance its Manufactured Housing Loans Portfolio II. Newcastle sold approximately $197.0 million outstanding principal balance of manufactured housing loans to Newcastle Investment Trust 2011-MH 1 (the “2011 Issuer”), an indirect wholly-owned subsidiary of Newcastle. The 2011 Issuer issued approximately $159.8 million aggregate principal amount of investment grade notes, of which $142.8 million was sold to third parties and $17.0 million was sold to one of the CDOs managed and consolidated by Newcastle. In addition, Newcastle retained the below investment grade notes and residual interest. As a result, Newcastle invested approximately $20.0 million of its unrestricted cash in the new securitization structure. The notes issued to third parties have an average expected maturity of 3.8 years and bear interest at an average rate of 3.23% per annum. At the closing of the securitization transaction, Newcastle used the gross proceeds received from the issuance of the notes to repay the previously existing debt in full, terminate the related interest rate swap contracts and pay the related transaction costs. Under the applicable accounting guidance, the securitization transaction is accounted for as a secured borrowing. As a result, no gain or loss is recorded for the transaction. Newcastle continues to recognize the portfolio of manufactured housing loans as pledged assets, which have been classified as residential mortgage loans held-for-investment at securitization, and records the notes
Mortgage Notes Payable with respect to Senior Housing Portfolio
issued to third parties as a secured borrowing. The associated assets, liabilities, revenues and expenses are presented in the non-recourse financing structure sections of the consolidated financial statements. Repayments of principal balances on $147.8 million of fixed rate mortgage notes commenced in September 2013 and are based on a 30-year amortization schedule, with the entire outstanding amounts due on maturity dates ranging from December 2018 to March 2020. Repayments of principal balances for the remaining fixed rate mortgage notes commence in February 2014 based on a 30-year amortization schedule, with the entire outstanding amounts due on maturity dates ranging from August 2018 to January 2024. For floating rate mortgage notes, repayments of principal balances commence in January 2015 based on a 30-year amortization schedule, with the entire outstanding amounts due on maturity dates ranging from August 2016 to December 2018.
Credit Facilities
Local Media Group Credit Facility
In connection with the acquisition of Local Media Group (see Note 3) on September 3, 2013, certain of Local Media Group’s subsidiaries (together, the “Borrowers”) and Local Media Group entered into a Credit Agreement, dated as of September 3, 2013, with a syndicate of financial institutions with Credit Suisse AG, Cayman Islands Branch, as administrative agent (the “Local Media Group Credit Facility”).
The Local Media Group Credit Facility provided for: (a) a $33.0 million term loan facility that matures on September 4, 2018; and (b) a $10.0 million revolving credit facility, with a $3.0 million sub-facility for letters of credit and a $4.0 million sub-facility for swing loans, that matures on September 4, 2018 and was undrawn and available as of December 31, 2013. The Local Media Group Credit Facility is secured by a first priority security interest in all assets of the Borrowers and Local Media Group.
Borrowings under the Local Media Group Credit Facility bear interest, at the Borrower’s option, equal to the LIBOR Rate (as defined in the Local Media Group Credit Facility) plus 6.5% per annum for a LIBOR Rate Loan (as defined in the Local Media Group Credit Facility), or the Base Rate (as defined in the Local Media Group Credit Facility) plus 5.5% per annum for a Base Rate Loan (as defined in the Local Media Group Credit Facility). Under the revolving credit facility, the Borrowers will also pay a monthly commitment fee of 0.75% per annum on the unused portion of the revolving credit facility and a fee of 6.0% on the aggregate amount of outstanding letters of credit.
No principal payments are due on the revolving credit facility until the maturity date. Principal payments are due on the term loan facility as follows: (a) $0.2 million at the end of each fiscal quarter beginning with the fiscal quarter ending December 31, 2013 until the fiscal quarter ending September 30, 2015; and (b) $0.4 million beginning with the fiscal quarter ending December 31, 2015 and at the end of each fiscal quarter thereafter. The Borrowers are required to prepay borrowings under the Local Media Group Credit Facility in an amount equal to: (i) 100% of Excess Cash Flow (as defined in the Local Media Group Credit Facility) earned during any fiscal quarter if the Leverage Ratio (as defined in the Local Media Group Credit Facility) of Local Media Group and the Borrowers as of the end of such fiscal quarter was greater than or equal to 2.0 to 1.0; (ii) 50% of Excess Cash Flow earned during any fiscal quarter if the Leverage Ratio of Local Media Group and the Borrowers as of the end of such fiscal quarter was less than 2.0 to 1.0 and greater than or equal to 1.75 to 1.0; and (iii) 0% of Excess Cash Flow earned during any fiscal quarter if the Leverage Ratio of Local Media Group and the Borrowers as of the end of such fiscal quarter was less than 1.75 to 1.0, in each case subject to an annual audit adjustment. In addition, the Borrowers are required to prepay borrowings under the Local Media Group Credit Facility with (A) net cash proceeds of asset dispositions, (B) 100% of Extraordinary Receipts (as defined in the Local Media Group Credit Facility), (C) net cash proceeds of funded indebtedness (other than indebtedness permitted by the Local Media Group Credit Facility); and (D) 100% of all Specified Equity Contributions (as defined in the Local Media Group Credit Facility) to Local Media Group.
The Local Media Group Credit Facility contains financial covenants that require Local Media Group and the Borrowers to maintain a Leverage Ratio of not more than 2.5 to 1.0 and a Fixed Charge Coverage Ratio (as defined in the Local Media Group Credit Facility) of at least 2.0 to 1.0, each measured at the end of each fiscal quarter for the four-quarter period then ended. The Local Media Group Credit Facility contains affirmative and negative covenants applicable to Local Media Group and the Borrowers customarily found in loan agreements for similar transactions, including, but not limited to, restrictions on their ability to incur indebtedness, create liens on assets, engage in certain lines of business, engage in mergers or consolidations, dispose of assets, make investments or acquisitions, engage in transactions with affiliates, pay dividends or make other restricted payments. The Local Media Group Credit Facility contains customary events of default, including, but not limited to, defaults based on a failure to pay principal, reimbursement obligations, interest, fees or other obligations, subject to specified grace periods; any material inaccuracy of a representation or warranty; breach of covenant; failure to pay other indebtedness; a Change of Control (as defined in the Local Media Group Credit Facility); events of bankruptcy and insolvency; material judgments; failure to meet certain requirements with respect to ERISA; and impairment of collateral. As of December 31, 2013 Local Media Group was in compliance with the applicable covenants.
GateHouse Credit Facilities
The reorganized GateHouse’s (see Note 3) debt structure consists of multiple credit facilities. The Revolving Credit, Term Loan and Security Agreement (collectively, the “First Lien Credit Facility”) dated November 26, 2013 by and among GateHouse, GateHouse Media Intermediate Holdco, LLC formerly known as GateHouse Media Intermediate Holdco, Inc. (“GMIH”), certain wholly-owned subsidiaries of GMIH (collectively with GMIH and GateHouse, the “Loan Parties”), PNC Bank, National Association, as the administrative agent, Crystal Financial LLC, as term loan B agent, and each of the lenders party thereto provides for (i) a term loan A in the aggregate principal amount of $25.0 million, a term loan B in the aggregate principal amount of $50.0 million, and a revolving credit facility in an aggregate principal amount of up to $40.0 million (of which $25.0 million was funded on the Effective Date). Borrowings under the First Lien Credit Facility bear interest at a rate per annum equal to (i) with respect to the revolving credit facility, the applicable Revolving Interest Rate (as defined the First Lien Credit Agreement), (ii) with respect to the term loan A, the Term Loan A Rate (as defined in the First Lien Credit Agreement), and (iii) with respect to the term loan B, the Term Loan B Rate (as defined in the First Lien Credit Agreement). Amounts outstanding under the term loans and revolving credit facility will be fully due and payable on November 26, 2018.
The Term Loan and Security Agreement (collectively, the “Second Lien Credit Facility” and together with the First Lien Credit Facility, the “GateHouse Credit Facilities”) dated November 26, 2013 by and among the Loan Parties, Mutual Quest Fund and each of the lenders party thereto provides for a term loan in an aggregate principal amount of $50.0 million. Borrowings under the Second Lien Credit Facility bear interest, at the Loan Parties’ option, equal to (1) the LIBOR Rate (as defined in the Second Lien Credit Facility) plus 11.00% or (2) the Alternate Base Rate (as defined in the Second Lien Credit Facility) plus 10.00%. The outstanding principal will be fully due and payable on the maturity date of November 26, 2019.
No principal payments are due on the revolving credit facility until the maturity date. Principal amounts outstanding under Term Loan A and Term Loan B of the First Lien Credit Facility will be payable in quarterly installments as follows: (I) four consecutive quarterly installments each in the amount of $0.9 million, commencing on January 1, 2014, (II) four consecutive quarterly installments each in the amount of $1.3 million, commencing on January 1, 2015, and (III) twelve consecutive quarterly installments each in the amount $2.0 million, commencing on January 1, 2016, followed by a final payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and expenses which will be fully due and payable on November 26, 2018. The principal payments will be applied against Term Loan A until fully paid, and then to Term Loan B. The outstanding principal of the Second Lien Credit Facility will be fully due and payable on the maturity date of November 26, 2019. Only interest payments are due under the Second Lien Credit Facility until maturity. The Loan Parties are required to prepay borrowings under the GateHouse Credit Facility in an amount equal to: (i) 100% of Excess Cash Flow (as defined in GateHouse Credit Facility) earned during any fiscal year quarter if the Leverage Ratio (as defined in the GateHouse Credit Facility) as of the end of such fiscal quarter was greater than or equal to 2.75 to 1.0; (ii) 50% of Excess Cash Flow earned during any fiscal quarter if the Leverage Ratio of the Loan Parties as of the end of such fiscal quarter was less than 2.75 to 1.0 and greater than or equal to 2.5 to 1.0; and (iii) 0% of Excess Cash Flow earned during any fiscal quarter if the Leverage Ratio of the Loan Parties as of the end of such fiscal quarter was than 2.5 to 1.0.
The GateHouse Credit Facilities impose upon GateHouse certain financial and operating covenants, including, among others, requirements that GateHouse satisfy certain financial tests, including a minimum fixed charge coverage ratio of not less than 1.0 to 1.0, a maximum leverage ratio of not greater than 3.25 to 1.0, a minimum EBITDA and a limitation on capital expenditures, and restrictions on GateHouse’s ability to incur additional debt, incur liens and encumbrances, consolidate, amalgamate or merge with any other person, dispose of assets, make certain restricted payments, engage in transactions with its affiliates, materially alter the business it conducts and taking certain other corporate actions. As of December 31, 2013, GateHouse was in compliance with all applicable covenants and the revolving credit facility under the First Lien Credit Facility was undrawn and available.
Golf Credit Facilities
In December 2013, the Golf business entered into two loan agreements (“First Lien Loan” and “Second Lien Loan”) with General Electric Capital Corporation (“GECC”). The loans mature on December 30, 2017. The terms of the loans may be extended for an additional 12-month period.
The First Lien Loan has an available principal balance of $54.5 million (of which $46.9 million was funded to date). The interest rate on the First Lien Loan is 3-month LIBOR, with a floor of 0.50%, plus a margin of 4.00% (less the impact of the interest rate cap agreement that limits Newcastle’s exposure on LIBOR to 4.79% on a notional amount of $94.0 million). As of December 31, 2013, LIBOR was below the floor. Repayments of principal shall commence on January 1, 2017 based on a 30-year amortization schedule, with the entire outstanding amount due on the maturity date.
The Second Lien Loan has a principal balance of $105.6 million and bears interest as at 5.5% per annum. Interest is paid on a monthly basis, and the monthly repayments of principal commence on January 1, 2017 based on a 30-year amortization schedule, with the entire outstanding amount due on the maturity date.
Approximately $7.5 million of the facilities is subject to a working capital hold-back provision and can be used only to ensure that there are adequate funds for the settlement of third party lease terminations, and to cover modifications events, and operating expenses, including up to $2.5 million of interest on these loans.
Maturity Table
Newcastle’s debt obligations from continuing operations (gross of $12.5 million of discounts at December 31, 2013) have contractual maturities as follows:
		Nonrecourse			Recourse			Total
2014		$	13,593		$	556,347		$	569,940
2015			16,537			—			16,537
2016			41,083			—			41,083
2017			73,297			152,498			225,795
2018			142,789			—			142,789
Thereafter			2,034,346			—			2,034,346
Total		$	2,321,645		$	708,845		$	3,030,490
Debt Covenants
Newcastle’s non-CDO financings, mortgage notes payable, media credit facilities and golf credit facilities contain various customary loan covenants. Newcastle was in compliance with all of these covenants as of February 28, 2014.

PENSION_AND_POSTRETIREMENT_BEN

PENSION AND POSTRETIREMENT BENEFITS	12 Months Ended
	Dec. 31, 2013
Pension And Postretirement Benefits Tables	'
PENSION AND POSTRETIREMENT BENEFITS	'
	15.    PENSION AND POSTRETIREMENT BENEFITS
	New Media maintains a legacy pension plan and legacy postretirement medical and life insurance plans which cover qualifying employees of its New Media subsidiaries. The pension plan and postretirement medical and life insurance plans are closed to new participants and the pension plan was amended to freeze all future benefit accruals as of December 31, 2008, except for a select group of union employees whose benefits were frozen during 2009. Also, during 2008 the medical and life insurance benefits for a select group of active employees were frozen and the plan was amended to limit future benefits.
	New Media uses the accrued benefit actuarial method and best estimate assumptions to determine pension costs, liabilities and other pension information for defined benefit plans. The pension and postretirement benefit obligations are included in discontinued operations on the consolidated balance sheets.
	The following provides information on the pension plan and postretirement medical and life insurance plan as of December 31, 2013 and for the period from November 26, 2013 to December 31, 2013:
			Pension			Postretirement
			Period Ended December 31, 2013			Period Ended December 31, 2013
	Change in projected benefit obligation:
	Benefit obligation at beginning of period		$	24,651		$	6,015
	Service cost			48			6
	Interest cost			187			41
	Actuarial loss			(408	)		176
	Benefits and expenses paid			(163	)		(29	)
	Participant contributions			—			2
	Employer implicit subsidy fulfilled			—			(5	)
	Projected benefit obligation at end of period		$	24,315		$	6,206
	Change in plan assets
	Fair value of plan assets at beginning of period		$	19,981		$	—
	Actual return on plan assets			472			—
	Employer contributions			—			27
	Employer implicit subsidy contribution			—			5
	Participant contributions			—			2
	Employer implicit subsidy fulfilled			—			(5	)
	Benefits paid			(123	)		(29	)
	Expenses paid			(40	)		—
	Fair value of plan assets at end of period		$	20,290		$	—
	Reconciliation of funded status
	Benefit obligation at end of period		$	(24,315	)	$	(6,206	)
	Fair value of assets at end of period			20,290			—
	Funded status			(4,025	)		(6,206	)
	Unrecognized actuarial (gain) loss			(634	)		176
	Net accrued benefit cost		$	(4,659	)	$	(6,030	)
			Pension			Postretirement
			Period Ended December 31, 2013			Period Ended December 31, 2013
	Balance sheet presentation
	Accounts payable, accrued expenses and other liabilities(A)			4,025			6,206
	Accumulated other comprehensive income			634			(176	)
	Net accrued benefit cost		$	4,659		$	6,030
	Components of net periodic benefit cost
	Service cost		$	48		$	6
	Interest cost			187			41
	Expected return on plan assets			(246	)		—
	Net periodic benefit cost		$	(11	)	$	47
	Other changes in plan assets and benefit obligations recognized in other comprehensive income
	Net actuarial cost		$	(634	)	$	176
	Total recognized in other comprehensive income		$	(634	)	$	176
	Comparison of obligations to plan assets
	Projected and accumulated benefit obligation		$	24,315		$	6,206
	Fair value of plan assets		$	20,290		$	—
	(A)	Reconciliation of total funded status to pension and other postretirement benefit obligations balance (Note 2):
	Pension		$	4,025
	Postretirement			6,206
	Other			240
			$	10,471
	The following assumptions were used to calculate the net periodic benefit cost for New Media’s defined benefit pension and post retirement plans:
			Pension			Postretirement
			Period Ended December 31,			Period Ended December 31,
			2013			2013
	Weighted average discount rate		5	%		4.5	%
	Rate of increase in future compensation levels		0	%		0	%
	Expected return on assets		8	%		0	%
	Current year trend		0	%		7.8	%
	Ultimate year trend		0	%		4.8	%
	Year of ultimate trend		—			2025
To determine the expected long-term rate of return on pension plan assets, New Media considers the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets, input from the actuaries and investment consultants, and long-term inflation assumptions. The expected allocation of pension plan assets is based on a diversified portfolio consisting of domestic and international equity securities and fixed income securities. This expected return is then applied to the fair value of plan assets. New Media amortizes experience gains and losses, including the effects of changes in actuarial assumptions and plan provisions over a period equal to the average future service of plan participants.
Amortization of prior service costs was calculated using the straight-line method over the average remaining service periods of the employees expected to receive benefits under the plan. The effect of a 1% increase and decrease in health care rates are presented as follows:
		Postretirement
		Period Ended December 31, 2013
Effect of 1% increase in health care cost trend rates
Accumulated pension benefit obligation (“APBO”)		$	6,611
Dollar change		$	405
Percent change			6.5	%
Effect of 1% decrease in health care cost trend rates
APBO		$	5,863
Dollar change		$	(343	)
Percent change			(5.5	%)
The fair value of plan assets is measured on a recurring basis using quoted market prices in active markets for identical assets, a Level 1 input. The pension plan’s assets by asset category are as follows:
		Period Ended December 31, 2013
		Amount			Percent
Equity mutual funds		$	14,738			72.6	%
Fixed income mutual funds			4,021			19.8	%
Cash and cash equivalents			803			4	%
Other			728			3.6	%
Total		$	20,290			100	%
Plan fiduciaries of the George W. Prescott Publishing Company LLC Pension Plan set investment policies and strategies for the pension trust. Objectives include preserving the funded status of the plan and balancing risk against return. The general target allocation is 70% in equity funds and 30% in fixed income funds for the plan’s investments. To accomplish this goal, each plan’s assets are actively managed by outside investment managers with the objective of optimizing long-term return while maintaining a high standard of portfolio quality and proper diversification. New Media monitors the maturities of fixed income securities so that there is sufficient liquidity to meet current benefit payment obligations.
The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid as follows:
		Pension			Postretirement
2014		$	1,461		$	412
2015			1,508			410
2016			1,536			410
2017			1,545			379
2018			1,565			390
2019-2023			8,126			1,584
Employer contribution expected to be paid during the year ending December 31, 2014		$	1,501		$	412
The postretirement plans are not funded.
The aggregate amount of net actuarial gain and prior service cost related to New Media’s pension and post retirement plans recognized in other comprehensive income as of December 31, 2013 was $0.5 million.

EQUITY_AND_EARNINGS_PER_SHARE

EQUITY AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2013
Equity And Earnings Per Share	'
EQUITY AND EARNINGS PER SHARE	'
	16. EQUITY AND EARNINGS PER SHARE
	Earnings per Share
	Newcastle is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. Newcastle’s common stock equivalents are its stock options. During 2013, 2012 and 2011, based on the treasury stock method, Newcastle had 6,428,351, 1,620,043, and 6,324, dilutive common stock equivalents, respectively, resulting from its outstanding options. As of December 31, 2013, 2012 and 2011, Newcastle had 2,322,268, 3,495,984, and 4,439,734 antidilutive options, respectively. Net income (loss) applicable to common stockholders is equal to net income (loss) less preferred dividends.
	In June 2012, Newcastle filed a shelf registration statement with the SEC covering common stock, preferred stock, depositary shares, debt securities and warrants.
	On June 6, 2013, Newcastle’s stockholders approved an amendment to Newcastle’s charter, to increase the total number of authorized shares of common stock, par value $0.01 per share, from 500 million shares to 1.0 billion shares and correspondingly, to increase the total number of authorized shares of Newcastle capital stock from 600 million shares to 1.1 billion shares, which includes 100 million shares of preferred stock, par value $0.01 per share.
	Common Stock Offerings
	The following table presents shares of common stock issued by Newcastle in connection with public offerings since 2011:
						Price per Share									Aggregate Shares Purchased by					Options Granted to Manager (A)
															Principals of Fortress
	Date		Number			To			To Underwriters			Net			Number			Price		Number		Strike		Grant Date
			of Shares			Public						Proceeds			of Shares					of Shares		Price		Value (millions)
			Issued									(millions)
	Mar-11			17,250,000		$	6			N/A		$	98.4			—			—		1,725,000	$	6	$	7
	Sep-11			25,875,000		$	4.55			N/A		$	112.3			1,314,780	(B)	$	4.55		2,587,500	$	4.55	$	5.6
	Apr-12			18,975,000		$	6.22			N/A		$	115.2			—			—		1,897,500	$	6.22	$	5.6
	May-12			23,000,000		$	6.71			N/A		$	152			—			—		2,300,000	$	6.71	$	7.6
	Jul-12			25,300,000			N/A		$	6.63		$	167.4			450,000		$	6.7		2,530,000	$	6.7	$	8.3
	Jan-13			57,500,000		$	9.35			N/A		$	526.2			213,900		$	9.35		5,750,000	$	9.35	$	18
	Feb-13			23,000,000			N/A		$	10.34		$	237.4			191,000		$	10.48		2,300,000	$	10.48	$	8.4
	Jun-13			40,250,000			N/A		$	4.92		$	197.6			750,000		$	4.97		4,025,000	$	4.97	$	3.8
	Nov-13			57,950,952			N/A		$	5.21		$	301.4			450,952		$	5.25		5,795,095	$	5.25	$	6
	(A)	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.
	(B)	This figure also includes shares purchased by officers of Newcastle.
	Option Plan
	In June 2002, Newcastle (with the approval of Newcastle’s board of directors) adopted the Newcastle Nonqualified Stock Option and Incentive Award Plan, or the Newcastle Option Plan, for officers, directors, consultants and advisors, including the Manager and its employees.
	In May 2012, with the approval of the shareholders, Newcastle’s board of directors adopted the 2012 Newcastle Nonqualified Stock Option and Incentive Plan, or the 2012 Plan. The 2012 Plan is the successor to the Newcastle Option Plan for officers, directors, consultants and advisors, including the Manager and its employees, and is intended to facilitate the continued use of long-term equity-based awards and incentives for the benefit of the service providers to Newcastle and its Manager. All outstanding options granted under the Newcastle Option Plan will continue to be subject to the terms and conditions set forth in the agreements evidencing such options and the terms of the Newcastle Option Plan. The maximum number of shares available for issuance in the aggregate over the ten-year term of the 2012 Plan is 20,000,000 shares. Newcastle’s board of directors may also determine to issue options to the Manager that are not subject to the 2012 Plan, provided that the number of shares underlying any options granted to the Manager in connection with capital raising efforts would not exceed 10% of the shares sold in such offering and would be subject to New York Stock Exchange rules. Upon exercise, all options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless advance approval is made to settle the option in shares of common stock.
	Upon joining the board, the non-employee directors were, in accordance with the Newcastle Option Plan, automatically granted options relating to an aggregate of 20,000 shares of common stock. The fair value of such options was not material at the date of grant.
	For the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle, the Manager has been granted options relating to shares of Newcastle’s common stock, with strike prices subject to adjustment as necessary to preserve the value of such options in connection with the occurrence of certain events (including capital dividends and capital distributions made by Newcastle). These options represented an amount equal to 10% of the shares of common stock of Newcastle sold in its public offerings and the value of such options was recorded as an increase in equity with an offsetting reduction of capital proceeds received. The options granted to the Manager, which may be assigned by Fortress to its employees, were fully vested on the date of grant and one thirtieth of the options become exercisable on the first day of each of the following thirty calendar months, or earlier upon the occurrence of certain events, such as a change in control of Newcastle or the termination of the Management Agreement. These options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the strike price per share, unless a majority of the independent members of Newcastle’s board of directors determine to settle the option in shares of common stock. The options expire ten years from the date of issuance.
	In connection with the spin-off of New Residential (Note 4), 21.5 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Newcastle option and a new New Residential option. The strike price of each adjusted Newcastle option and New Residential option was set to collectively maintain the intrinsic value of the Newcastle option immediately prior to the spin-off and to maintain the ratio of the strike price of the adjusted Newcastle option and the New Residential option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date.
	Newcastle’s outstanding options were summarized as follows:
			Year Ended December 31, 2013									Year Ended December 31, 2012
			Issued Prior			Issued in 2011			Total			Issued Prior			Issued in 2011			Total
			to 2011			and thereafter						to 2011			and thereafter
	Held by the Manager			1,496,555			25,996,428			27,492,983			1,751,172			7,934,166			9,685,338
	Issued to the Manager and subsequently transferred to certain Manager’s employees			535,570			2,510,000			3,045,570			701,937			3,010,000			3,711,937
	Issued to the independent directors			2,000			2,000			4,000			10,000			2,000			12,000
	Total			2,034,125			28,508,428			30,542,553			2,463,109			10,946,166			13,409,275
	The following table summarizes Newcastle’s outstanding options at December 31, 2013. Note that the last sales price on the New York Stock Exchange for Newcastle’s common stock in the year ended December 31, 2013 was $5.74 per share.
																		Intrinsic Value at
			Date of					Options Exercisable at			Weighted Average			Fair Value At Grant				31-Dec-13
	Recipient		Grant/Exercise		Number of Options			31-Dec-13			Strike Price (A)			Date (millions) (B)				(millions)
	Directors		Various			20,000			4,000		$	8.06		Not Material					—
	Manager (C)		2002 - 2007			3,523,727			2,032,125		$	12.66		$	6.4				—
	Manager (C)		11-Mar			1,725,000			1,580,166		$	2.72		$	7	(G)		$	4.8
	Manager (C)		11-Sep			2,587,500			2,165,361		$	2.07		$	5.6	(H)		$	8.9
	Manager (C)		12-Apr			1,897,500			1,244,778		$	2.82		$	5.6	(I)		$	5.5
	Manager (C)		12-May			2,300,000			1,421,667		$	3.05		$	7.6	(J)		$	6.1
	Manager (C)		12-Jul			2,530,000			1,416,195		$	3.04		$	8.3	(K)		$	6.7
	Manager (C)		13-Jan			5,750,000			2,108,333		$	4.24		$	18	(L)		$	8.6
	Manager (C)		13-Feb			2,300,000			766,667		$	4.75		$	8.4	(M)		$	2.3
	Manager (C)		13-Jun			4,025,000			805,000		$	4.97		$	3.8	(N)		$	3.1
	Manager (C)		13-Nov			5,795,095			193,170		$	5.25		$	6	(O)		$	2.8
	Exercised (D)		Prior to 2008			(1,043,118	)		N/A		$	15.7			N/A				N/A
	Exercised (E)		12-Oct			(95,834	)		N/A		$	5.28			N/A				N/A
	Exercised (F)		13-Sep			(307,833	)		N/A		$	2.56			N/A				N/A
	Expired unexercised		2002-2003			(464,484	)		N/A			N/A			N/A				N/A
	Outstanding					30,542,553			13,737,462
		(A)	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. The strike prices were adjusted for the New Residential spin-off as described above. As of December 31, 2013, the weighted average strike price of the outstanding options issued prior to 2011 was $12.66.
		(B)	The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan and 2012 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options.
		(C)	The Manager assigned certain of its options to Fortress’s employees as follows:
	Date of Grant		Range of Strike Prices		Total Unexercised Inception to Date
	2004		$11.49-$14.05		226,125
	2005		$13.24		89,925
2006		$13.16		48,450
2007		$12.40-$14.01		171,070
2011		$2.07-$2.72		1,210,000
2012		$2.82-$3.05		1,300,000
		Total		3,045,570
	(D)	670,620 of the total options exercised were by the Manager. 368,498 of the total options exercised were by employees of Fortress subsequent to their assignment. 4,000 of the total options exercised were by directors.
	(E)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
	(F)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
	(G)	The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term.
	(H)	The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term.
	(I)	The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term.
	(J)	The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term.
	(K)	The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.
	(L)	The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term.
	(M)	The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term.
	(N)	The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term.
	(O)	The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term.
Preferred Stock
In March 2003, Newcastle issued 2.5 million shares ($62.5 million face amount) of its 9.75% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred”). In October 2005, Newcastle issued 1.6 million shares ($40.0 million face amount) of its 8.05% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred”). In March 2007, Newcastle issued 2.0 million shares ($50.0 million face amount) of its 8.375% Series D Cumulative Redeemable Preferred Stock (the “Series D Preferred”). The Series B Preferred, Series C Preferred and Series D Preferred are non-voting, have a $25 per share liquidation preference, no maturity date and no mandatory redemption. Newcastle has the option to redeem the Series B Preferred, the Series C Preferred and the Series D Preferred, at their liquidation preference. If the Series C Preferred or Series D Preferred cease to be listed on the NYSE or the AMEX, or quoted on the NASDAQ, and Newcastle is not subject to the reporting requirements of the Exchange Act, Newcastle has the option to redeem the Series C Preferred or Series D Preferred, as applicable, at their liquidation preference and, during such time any shares of Series C Preferred or Series D Preferred are outstanding, the dividend will increase to 9.05% or 9.375% per annum, respectively.
In connection with the issuance of the Series B Preferred, Series C Preferred and Series D Preferred, Newcastle incurred approximately $2.4 million, $1.5 million, and $1.8 million of costs, respectively, which were netted against the proceeds of such offerings. If any series of preferred stock were redeemed, the related costs would be recorded as an adjustment to income available for common stockholders at that time.
In March 2010, Newcastle settled its offer to exchange (the “Exchange Offer”) shares of its common stock and cash for shares of its preferred stock. After settlement of the Exchange Offer, 1,347,321 shares of Series B Preferred Stock, 496,000 shares of Series C Preferred Stock and 620,000 shares of Series D Preferred Stock remain outstanding for trading on the New York Stock Exchange.
As of January 31, 2014, Newcastle had paid all current and accrued dividends on its preferred stock.
Noncontrolling Interest
Noncontrolling interest is comprised of the 15.4% interest in New Media and its subsidiaries, Local Media Group and GateHouse, that Newcastle does not own.

TRANSACTIONS_WITH_AFFILIATES_A

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	12 Months Ended
	Dec. 31, 2013
Transactions With Affiliates And Affiliated Entities	'
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES	'
	17. TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES
	Management Agreements
	Newcastle is party to a Management Agreement with its Manager which provides for automatically renewing one-year terms subject to certain termination rights. The Manager’s performance is reviewed annually and the Management Agreement may be terminated by Newcastle by payment of a termination fee, as defined in the Management Agreement, equal to the amount of management fees earned by the Manager during the twelve consecutive calendar months immediately preceding the termination, upon the affirmative vote of at least two-thirds of the independent directors, or by a majority vote of the holders of common stock. Pursuant to the Management Agreement, the Manager, under the supervision of Newcastle’s board of directors, formulates investment strategies, arranges for the acquisition of assets, arranges for financing, monitors the performance of Newcastle’s assets and provides certain advisory, administrative and managerial services in connection with the operations of Newcastle. For performing these services, Newcastle pays the Manager an annual management fee equal to 1.5% of the gross equity of Newcastle, as defined, including adjustments for return of capital dividends.
	The Management Agreement provides that Newcastle will reimburse the Manager for various expenses incurred by the Manager or its officers, employees and agents on Newcastle’s behalf, including costs of legal, accounting, tax, auditing, administrative and other similar services rendered for Newcastle by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis.
	To provide an incentive for the Manager to enhance the value of the common stock, the Manager is entitled to receive an incentive return (the “Incentive Compensation’’) on a cumulative, but not compounding, basis in an amount equal to the product of (A) 25% of the dollar amount by which (1) (a) the Funds from Operations (defined as the net income available for common stockholders before Incentive Compensation, excluding extraordinary items, plus depreciation of operating real estate and after adjustments for unconsolidated subsidiaries, if any) of Newcastle per share of common stock (based on the weighted average number of shares of common stock outstanding) plus (b) gains (or losses) from debt restructuring and from sales of property and other assets per share of common stock (based on the weighted average number of shares of common stock outstanding), exceed (2) an amount equal to (a) the weighted average of the price per share of common stock in the IPO and the value attributed to the net assets transferred to Newcastle by its predecessor, and in any subsequent offerings by Newcastle (adjusted for prior return of capital dividends or capital distributions) multiplied by (b) a simple interest rate of 10% per annum (divided by four to adjust for quarterly calculations) multiplied by (B) the weighted average number of shares of common stock outstanding.
	Newcastle is party to the Senior Housing Management Agreement with Holiday and Blue Harbor. Pursuant to the property management agreements with Holiday, Newcastle pays management fees equal to either (i) 5% of the property’s effective gross income (as defined in the agreements) or (ii) 6% of the property’s effective gross income (as defined in the agreements) for the first two years and 7% thereafter. Pursuant to the property management agreements with Blue Harbor, Newcastle pays management fees equal to 6% of the property’s effective gross income (as defined in the agreement) for the first two years and 7% thereafter. As the owner of managed properties, Newcastle is responsible for the properties’ operating costs, including repairs, maintenance, capital expenditures, utilities, taxes, insurance and the payroll expense of property-level employees. The payroll expense is structured as a reimbursement to the property manager, who is the employer of record in order for Newcastle to comply with REIT requirements (Newcastle reimbursed the Senior Housing Managers for $23.9 million and $7.9 million of property-level payroll expenses during the years ended December 31, 2013 and 2012, respectively, which is included in property operating expenses in the consolidated statements of income).
			Amounts incurred under the management
			agreements (in millions)
			2013		2012		2011
	Management Fees (A)		$	32.6	$	24.2	$	17.8
	Expense Reimbursement to the Manager			0.5		0.5		0.5
	Incentive Compensation			—		—		—
	Total management fees to affiliate		$	33.1	$	24.7	$	18.3
		(A)	During 2013, Newcastle paid management fees of $27.6 million, $3.5 million and $1.5 million to its Manager, Blue Harbor and Holiday, respectively. In 2012, Newcastle paid management fees of $23.1 million and $1.1 million to its Manager and Blue Harbor, respectively.
	At December 31, 2013, Fortress, through its affiliates, and principals of Fortress, owned 6.4 million shares of Newcastle’s common stock and Fortress, through its affiliates, had options relating to an additional 27.5 million shares of Newcastle’s common stock (Note 16).
	At December 31, 2013 and 2012, due to affiliates (Note 2) was comprised of $5.9 million and $3.6 million, respectively, of management fees and expense reimbursements payable to the Manager and to the Senior Housing Managers.
	Other Affiliated Entities
	In April 2006, Newcastle securitized Subprime Portfolio I and, through Securitization Trust 2006, entered into a servicing agreement with a subprime home equity mortgage lender (the “Subprime Servicer”) to service this portfolio. In July 2006, private equity funds managed by an affiliate of Newcastle’s Manager completed the acquisition of the Subprime Servicer. As compensation under the servicing agreement, the Subprime Servicer will receive, on a monthly basis, a net servicing fee equal to 0.5% per annum on the unpaid principal balance of the portfolio. In March 2007, through Securitization Trust 2007, Newcastle entered into a servicing agreement with the Subprime Servicer to service Subprime Portfolio II under substantially the same terms. The outstanding unpaid principal balances of Subprime Portfolios I and II were approximately $372.7 million and $506.6 million at December 31, 2013, respectively.
	In April 2010, Newcastle, through two of its CDOs, made a cash investment of $75.0 million in a new real estate related loan to a portfolio company of a private equity fund managed by an affiliate of Newcastle’s Manager. Newcastle’s chairman is an officer of the borrower. This investment improves the applicable CDOs’ results under some of their respective tests, and is expected to yield approximately 22%. The loan is secured by subordinated interests in the properties of the borrower and its maturity has been extended to June 2019. Interest on the loan will be accrued and deferred until maturity.
	In January 2011, Newcastle, through two of its CDOs, made a cash investment of approximately $47 million in a portion of a new secured loan to a portfolio company of a private equity fund managed by Newcastle’s Manager. Newcastle’s chairman and secretary are officers or directors of the borrower. The terms of the loan were negotiated by a third party bank who acted as agent for the creditors on the loan. At closing, Newcastle received an origination fee on the loan equal to 2% of the amount of cash it loaned to the portfolio company, which was the same fee received by other creditors on the loan. In February 2011, the portfolio company repaid the loan in full.
	As of December 31, 2013, Newcastle held on its balance sheet total investments of $185.6 million face amount of real estate securities and related loans issued by affiliates of the Manager. Newcastle earned approximately $36.5 million, $25.8 million and $22.5 million of interest on investments issued by affiliates of the Manager for the years ended December 31, 2013, 2012 and 2011, 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.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies	'
COMMITMENTS AND CONTINGENCIES	'
	18. COMMITMENTS AND CONTINGENCIES
	Litigation — Newcastle is, from time to time, a defendant in legal actions from transactions conducted in the ordinary course of business including governmental and administrative proceedings concerning employment, labor, environmental and other claims. Management, after consultation with legal counsel, believes the ultimate liability arising from such actions, individually and in the aggregate, which existed at December 31, 2013, if any, will not materially affect Newcastle’s consolidated results of operations, financial position or cash flow.
	Environmental Costs — As a commercial real estate owner, Newcastle is subject to potential environmental costs. At December 31, 2013, management of Newcastle is not aware of any environmental concerns that would have a material adverse effect on Newcastle’s consolidated financial position or results of operations.
	Debt Covenants —Newcastle’s debt obligations contain various customary loan covenants. See Note 14.
	Subprime Securitizations — Newcastle has no obligation to repurchase any loans from either of its subprime securitizations. Therefore, it is expected that Newcastle’s exposure to loss is limited to the carrying amount of its retained interests in the securitization entities (Note 7). A subsidiary of Newcastle’s gave limited representations and warranties with respect to the second securitization; however, it has no assets and does not have recourse to the general credit of Newcastle.
	Operating lease obligations – Mediaoperating lease commitments are primarily for office space and equipment. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. The lease terms range up to 99 years and typically contain renewal options. Rental expense amounted to $0.6 million for the period from November 26, 2013 through December 31, 2013 and is included in discontinued operations on the consolidated statements of income.
	The Golf business leases substantially all of its golf courses and related facilities under long-term operating leases, including triple net leases. In addition to minimum payments, certain leases require the payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments. The triple net leases require the payment of taxes assessed against the leased property and the cost of insurance and maintenance. The majority of the lease terms range from 10 to 20 years and, typically, the leases contain renewal options. Certain leases include minimum scheduled increases in rental payments at various times during the term of the lease. These scheduled rent increases are recognized on a straight-line basis over the term of the lease, resulting in an accrual, which is included in other long-term liabilities, for the amount by which the cumulative straight-line rent exceeds the contractual cash rent.
	The Golf business is required to maintain bonds under certain third-party agreements, as requested by certain utility providers, and under the rules and regulations of licensing authorities and other governmental agencies. Golf had bonds outstanding of approximately $0.9 million as of December 31, 2013.
	The future minimum rental commitments under non-cancellable leases from continuing operations, net of subleases, as of December 31, 2013 were as follows:
	For the years ending December 31:
	2014	$	41,648
	2015		39,489
	2016		34,600
	2017		32,059
	2018		26,810
	Thereafter		242,077
	Total Minimum lease payments	$	416,683
	Membership Deposit Liability – In the Golf business, members are required to pay an initiation deposit upon their acceptance as a member to a private club. In most cases, membership deposits are fully refundable after a fixed number of years, typically 30 years. As of December 31, 2013, the total face amount of membership deposits was approximately $235.0 million.
	Restricted Cash – Restricted cash at December 31, 2013 in the aggregate amount of $3.5 million is used as cash collateral for certain business operations, as well as credit enhancement for Golf’s obligations related to the performance of lease agreements and certain insurance claims.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
INCOME TAXES	'
	19. INCOME TAXES
	The provision for income taxes consists of the following:
			Year Ended December 31,
			2013			2012
			(in thousands)
	Current:
	Federal		$	2,170		$	—
	State and Local			381			—
	Total Current Provision		$	2,551		$	—
	Deferred
	Federal		$	(404	)	$	—
	State and Local			(47	)		—
	Total Deferred Provision		$	(451	)	$	—
	Total Provision for Income Taxes		$	2,100		$	—
	Newcastle Investment Corp. is organized and conducts its operations to qualify as a REIT under the Code. A REIT will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. A portion of this distribution requirement may be met through stock dividends rather than cash, subject to limitations based on the value of Newcastle’s stock. Newcastle distributed 100% of its 2013, 2012 and 2011 REIT taxable income.
	Common stock distributions relating to 2013, 2012, and 2011 were taxable as follows:
						Ordinary			Long-term
			Dividends Per Share			Income			Capital Gain			Return of Capital
	2013		$	7.38	(A)	33.91	%		0	%		66.09	%
	2012		$	0.84		100	%		0	%		0	%
	2011		$	0.4		100	%		0	%		0	%
		(A)	Includes the distribution of New Residential (Note 4) common stock valued at $6.89 per share.
	During 2010 and 2009, Newcastle repurchased an aggregate of $787.8 million face amount of its outstanding CDO debt and junior subordinated notes at a discount and recorded $521.1 million of aggregate gain. The gain recorded upon such cancellation of indebtedness is characterized as ordinary income for tax purposes. In compliance with current tax laws, Newcastle has the ability to defer such ordinary income to future years and has deferred all or a portion of such gain for 2010 and 2009. However, cancellation of indebtedness income recognized on or after January 1, 2011 cannot be deferred and must generally be recognized as ordinary income in the year of such cancellation. During 2011, Newcastle repurchased $188.9 million face amount of its outstanding CDO debt and notes payable at a discount and recorded $81.1 million of gain for tax purposes, of which only $66.1 million gain relating to $171.8 million face amount of debt repurchased was recognized for GAAP purposes. During 2012, Newcastle repurchased $39.3 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $24.1 million gain on extinguishment of debt for GAAP, of which only $23.2 million of gain relating to $34.1 million face amount of debt repurchased was recognized for tax purposes. During 2013, Newcastle repurchased $35.9 million face amount of Newcastle CDO debt and notes payable at a discount and recorded a $4.6 million gain on extinguishment of debt for GAAP and tax purposes.
	In addition, Newcastle may recognize material ordinary income from the cancellation of debt within its non-recourse financing structures, including its subprime securitizations, while losses on the related collateral may be recognized as capital losses. Through December 31, 2013, $101.9 million of debt in Newcastle’s subprime securitizations has been cancelled as a result of losses incurred on the underlying assets in the securitization trusts.
	As of December 31, 2012, Newcastle had a loss carryforward, inclusive of net operating loss and capital loss, of approximately $750.2 million. The net operating loss carryforward and capital loss carryforward can generally be used to offset future ordinary taxable income and taxable capital gains, for up to 20 years and 5 years, respectively. The amounts of net operating loss carryforward and net long-term capital loss carryforward as of December 31, 2013 are subject to the finalization of the 2013 tax returns. The net operating loss carryforward and capital loss carryforward will begin to expire in 2029 and 2015, respectively.
	In January 2013, an “ownership change” for purposes of Section 382 of the Code occurred. The provisions of Section 382 of the Code will impose an annual limit on the amount of net operating loss and net capital loss carryforwards that Newcastle can use to offset future taxable income. Such limitation may increase Newcastle’s dividend distribution requirement in the future. Newcastle does not believe that the limitation as a result of the January 2013 ownership change will prevent it from satisfying the REIT distribution requirement for the current year and future years.
	The Media and Golf businesses are held through TRSs and, as such, are subject to regular corporate income taxes. At December 31, 2013, Newcastle’s TRSs had approximately $540.2 million of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if any. These federal and state net operating loss carryforwards will begin to expire in 2018. A significant portion of these net operating losses are subject to the limitations of the Code Section 382. This section provides substantial limitations on the availability of net operating losses to offset current taxable income if significant ownership changes have occurred for federal tax purposes.
	Newcastle and its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. Newcastle is no longer subject to tax examinations by tax authorities for years prior to 2010. Generally, Newcastle has assessed its tax positions for all open years, which includes 2010 to 2013, and concluded that there are no material uncertainties to be recognized.
	During the years ended December 31, 2013, 2012 and 2011, Newcastle’s TRSs recorded approximately $2.1 million (gross of $1.1 million of income tax expense related to discontinued operations), $0 and $0, respectively, of income tax expense. Generally, the Newcastle’s effective tax rate differs from the federal statutory rate as a result of state and local taxes and non-taxable REIT income.
	The difference between Newcastle’s reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:
			December 31,
			2013			2012			2011
	Provision at the statutory rate			35	%		35	%		35	%
	Non-taxable REIT income			(33.88	%)		(35.00	%)		(35.00	%)
	State and local taxes			0.21	%		—			—
	Other			0.4	%		—			—
	Total provision			1.73	%		0	%		0	%
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2013 are presented below:
			31-Dec-13
	Deferred tax assets:
	Allowance for loan losses		$	2,076
	Depreciation and amortization			94,880
	Leaseholds			6,489
	Accrued expenses			23,816
	Deposits			7,787
	Net operating losses			211,560
	Other			17,036
	Total deferred tax assets			363,644
	Less valuation allowance			(363,192	)
	Net deferred tax assets		$	452
	In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible.
	Newcastle had recorded a valuation allowance against a significant portion of its deferred tax assets as of December 31, 2013 as management does not believe that it is more likely than not that the deferred tax assets will be realized.
	During the period from November 26, 2013 to December 31, 2013, the valuation allowance decreased by $4.4 million primarily related to activity in the net operating loss carryforwards of the TRSs.
	The following table summarizes the change in the deferred tax asset valuation allowance:
	Valuation allowance at December 31, 2012		$	—
	Increase due to business acquisitions			367,541
	Other decrease			(4,349	)
	Valuation allowance at December 31, 2013		$	363,192

RECENT_ACTIVITIES

RECENT ACTIVITIES	12 Months Ended
	Dec. 31, 2013
Recent Activities	'
RECENT ACTIVITIES	'
	20.    RECENT ACTIVITIES
	These financial statements include a discussion of material events which have occurred subsequent to December 31, 2013 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
	On February 13, 2014, Newcastle completed the spin-off of its media business, as detailed in Note 4, and establishment of New Media as a separate, publicly traded company (NYSE:NEWM). The spin-off was effected as a taxable pro rata distribution by Newcastle of all of the outstanding shares of common stock it held of New Media to Newcastle’s common stockholders of record at the close of business on February 6, 2014. The distribution ratio was 0.0722 shares of New Media common stock for each share of Newcastle common stock.
	In January 2014, Newcastle completed the acquisitions of two senior housing properties for an aggregate purchase price of approximately $23.0 million plus acquisition costs. Each of these acquisitions was accounted for as a business combination, under which all assets acquired and liabilities assumed are recognized at their acquisition-date fair value with acquisition-related costs being expensed as incurred.
	In January 2014, Newcastle sold $503.0 million face amount of the remaining FNMA/FHLMC securities at an average price of 105.82% for total proceeds of $532.2 million and repaid $516.1 million of associated repurchase agreements. Newcastle recognized a net gain of approximately $1.9 million on the sale of these securities.
	In January 2014, Intrawest, a portfolio company of a private equity fund managed by an affiliate of Newcastle’s Manager completed a $37.5 million primary offering and a $150.0 million secondary offering. At December 31, 2013, Newcastle had an outstanding investment balance of $185.6 million in Intrawest’s debt. Following Intrawest’s public offerings, Newcastle received total cash of $83.3 million, which reduced the face of the debt balance down to $99.4 million.
	In January 2014, Newcastle financed an additional $50.0 million face amount of previously repurchased CDO bonds payable with repurchase agreements for $30.8 million. These repurchase agreements bear interest at one month LIBOR + 1.65%, mature in March 2014 and are subject to customary margin provisions.

SUMMARY_OF_QUARTERLY_CONSOLIDA

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2013
Summary Of Quarterly Consolidated Financial Information	'
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)	'
	21.    SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
	The following is unaudited summary information on Newcastle’s quarterly operations.
	2013		Quarter Ended												Year Ended
			March 31 (A)			June 30 (A)			September 30 (A)			31-Dec			31-Dec
	Interest income		$	61,332		$	62,824		$	47,486		$	42,073		$	213,715
	Interest expense			22,710			21,998			20,555			24,119			89,382
	Net interest income (expense)			38,622			40,826			26,931			17,954			124,333
	Impairment (reversal)			2,773			3,201			(12,998	)		(12,745	)		(19,769	)
	Other revenues			13,500			14,013			24,912			34,898			87,323
	Other income (loss) (B)			5,770			8,090			6,710			14,731			35,301
	Property operating expenses			8,363			8,409			15,804			21,142			53,718
	Depreciation and amortization			4,079			4,070			7,732			11,247			27,128
	Other operating expenses			14,812			19,107			16,217			22,008			72,144
	Income tax expense			—			—			1,213			(175	)		1,038
	Income (loss) from continuing operations			27,865			28,142			30,585			26,106			112,698
	Income (loss) from discontinued operations, net of tax			10,148			25,581			(1,341	)		5,255			39,643
	Preferred dividends			(1,395	)		(1,395	)		(1,395	)		(1,395	)		(5,580	)
	Net income attributable to noncontrolling interests			—			—			—			(928	)		(928	)
	Income (loss) applicable to common stockholders		$	36,618		$	52,328		$	27,849		$	29,038		$	145,833
	Net income (loss) per share of common stock
	Basic		$	0.16		$	0.2		$	0.09		$	0.09		$	0.53
	Diluted		$	0.15		$	0.2		$	0.09		$	0.09		$	0.51
	Income (loss) from discontinued operations per share of common stock
	Basic		$	0.04		$	0.1		$	—		$	0.01		$	0.14
	Diluted		$	0.04		$	0.1		$	—		$	0.01		$	0.14
	Weighted average number of shares of common stock outstanding
	Basic			235,137			259,228			293,374			318,687			276,881
	Diluted			240,079			265,396			301,028			325,601			283,310
	2012		Quarter Ended												Year Ended
			March 31 (A)			June 30 (A)			September 30 (A)			31-Dec			31-Dec
	Interest income		$	72,862		$	77,956		$	72,947		$	59,186		$	282,951
	Interest expense			30,165			29,462			28,411			21,886			109,924
	Net interest income (expense)			42,697			48,494			44,536			37,300			173,027
	Impairment			(7,080	)		8,499			5,014			(12,097	)		(5,664	)
	Other revenues			509			515			8,071			10,980			20,075
	Other income (loss) (B)			28,536			(4,882	)		234,008			4,632			262,294
	Property operating expenses			225			232			5,043			7,443			12,943
	Depreciation and amortization			2			2			2,385			4,586			6,975
	Other operating expenses			8,237			11,575			11,926			14,462			46,200
	Income (loss) from continuing operations			70,358			23,819			262,247			38,518			394,942
	Income (loss) from discontinued operations			3,113			6,620			10,974			18,461			39,168
	Preferred dividends			(1,395	)		(1,395	)		(1,395	)		(1,395	)		(5,580	)
	Income (loss) applicable to common stockholders		$	72,076		$	29,044		$	271,826		$	55,584		$	428,530
	Net income (loss) per share of common stock
	Basic		$	0.68		$	0.21		$	1.65		$	0.32		$	2.97
	Diluted		$	0.68		$	0.21		$	1.63		$	0.32		$	2.94
	Income (loss) from discontinued operations per share of common stock
	Basic		$	0.03		$	0.05		$	0.07		$	0.11		$	0.27
	Diluted		$	0.03		$	0.05		$	0.07		$	0.11		$	0.27
	Weighted average number of shares of common stock outstanding
	Basic			105,181			134,115			164,238			172,519			144,146
	Diluted			105,670			135,173			166,429			175,413			145,766
	(A)	The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 8).
	(B)	Including equity in earnings of unconsolidated subsidiaries.

UNAUDITED_PRO_FORMA_CONDENSED_

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2013
Unaudited Pro Forma Condensed Consolidated Financial Information	'
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION	'
	22.    UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION
	The following unaudited pro forma condensed consolidated financial information was derived from the application of pro forma adjustments to the consolidated financial statements of Newcastle. The unaudited pro forma condensed consolidated statement of income should be read in conjunction with the other information contained in these financial statements and related notes and with Newcastle’s historical consolidated financial statements.
	The unaudited pro forma information set forth below reflects the historical information of Newcastle, as adjusted to give effect to the following transactions:
		•	The spin-off of New Residential from Newcastle in May 2013,
		•	The acquisition of the Holiday Portfolio in December 2013,
		•	The 17-year triple net master leases related to the Holiday Portfolio, and
	The unaudited pro forma condensed consolidated statement of income gives effect to the above transactions as if they had occurred on January 1, 2013.
	In the opinion of management, all adjustments necessary to reflect the effects of the transactions described above have been included and are based upon available information and assumptions that Newcastle believes are reasonable.
	Further, the historical financial information presented herein has been adjusted to give pro forma effect to events that Newcastle believes are factually supportable and which are expected to have a continuing impact on Newcastle’s results. However, such adjustments are estimates and may not prove to be accurate. Information regarding these adjustments is subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
	These unaudited pro forma condensed consolidated financial statements are provided for information purposes only. The unaudited pro forma condensed consolidated statement of income does not purport to represent what Newcastle’s results of operations would have been had such transactions been consummated on the date indicated, nor does it represent the results of operations of either Newcastle or New Residential for any future date or period.
	UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
	Year ended December 31, 2013
						Pro Forma Adjustments
			Newcastle			New Residential			Holiday			Newcastle
			Consolidated			Spin-off (B)			Portfolio			Consolidated Pro
			Historical (A)						Acquisition(H)			Forma
	Interest income		$	213,715		$	(12,019	)	$	—			201,696
	Interest expense			89,382			(2,152	)		33,844	(C)		121,074
	Net interest income			124,333			(9,867	)		(33,844	)		80,622
	Impairment (Reversal)
	Valuation allowance (reversal) on loans			(25,035	)		—			—			(25,035	)
	Other-than-temporary impairment on securities			5,222			(3,756	)		—			1,466
	Impairment of long-lived assets			—			—			—			—
	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)			44			—			—			44
				(19,769	)		(3,756	)		—			(23,525	)
	Net interest income (loss) after impairment/reversal			144,102			(6,111	)		(33,844	)		104,147
	Other Revenues
	Rental income			74,936			—			87,625	(D)		162,561
	Care and ancillary income - senior housing			12,387			—			—			12,387
	Total other revenues			87,323			—			87,625			174,948
	Other Income (Loss)
	Gain (loss) on settlement of investments, net			17,369			(58	)		—			17,311
	Gain on extinguishment of debt			4,565			—			—			4,565
	Other income (loss), net			13,367			—			—			13,367
				35,301			(58	)		—			35,243
	Expenses
	Loan and security servicing expense			3,857			(108	)		—			3,749
	Property operating expenses			53,718			—			—			53,718
	General and administrative expense			35,196			(38	)		—			35,158
	Management fee to affiliate			33,091			(4,134	)		4,038	(E)		32,995
	Depreciation and amortization			27,128			—			48,264	(F)		75,392
				152,990			(4,280	)		52,302			201,012
	Income (loss) from continuing operations before income tax			113,736			(1,889	)		1,479			113,326
	Income tax expense			1,038			—			—			1,038
	Income from continuing operations			112,698			(1,889	)		1,479			112,288
	Income from discontinued operations			39,643			—			—			39,643
	Net income			152,341			(1,889	)		1,479			151,931
	Preferred dividends			(5,580	)		—			—			(5,580	)
	Net income attributable to noncontrolling interests			(928	)		—			—			(928	)
	Income (loss) applicable to common stockholders		$	145,833		$	(1,889	)	$	1,479		$	145,423
	Income (loss) from continuing operations per share of common stock, after preferred dividends and noncontrolling interest
	Basic			0.39									0.32	(G)
	Diluted			0.37									0.32	(G)
	Weighted Average Number of Shares of Common Stock Outstanding
	Basic			276,881,294									328,481,457	(G)
	Diluted			283,309,645									334,909,808	(G)
	(A)	Represents Newcastle’s historical consolidated statement of income for the year ended December 31, 2013, excluding discontinued operations.
	(B)	Represents the portion of New Residential’s historical consolidated statement of income for the period from January 1, 2013 to May 15, 2013 that is not included in Newcastle’s income (loss) from discontinued income. After the May 15, 2013 spin-off of New Residential from Newcastle, no results of New Residential have been reported in Newcastle’s consolidated statement of income.
	(C)	Represents the estimated interest expense on the loan related to the acquisition of the Holiday Portfolio including the estimated amortization of deferred financing costs.
	(D)	Represents the estimated rental income from the independent senior housing properties acquired under a triple net lease agreement for the year ended December 31, 2013.
	(E)	Represents the estimated management fees for the year ended December 31, 2013 that Newcastle would have paid Fortress Investment Group LLC as a result of the public offering of common stock in November 2013.
	(F)	Represents the estimated depreciation expense for the year ended December 31, 2013 based on the carrying value of the assets acquired and their estimated useful life.
	(G)	Weighted average number of shares of common stock outstanding and income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest, were adjusted retrospectively to reflect the issuance of 57,950,952 shares on November 22, 2013, the proceeds of which were used to fund a portion of the purchase price for the Holiday Portfolio. Weighted average number of shares of common stock outstanding and income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest were not adjusted to include potential additional diluted shares as a result of the changes to outstanding Newcastle options from the spin-offs. The number of additional diluted shares will depend on various factors, including the share prices of Newcastle or New Residential and subsequent to the spin-offs.
(H)	The effect of the Holiday Portfolio acquisition on 2012 revenue if Newcastle had consummated the acquisition as of January 1, 2012 would have been $89.3 million. The effect of this acquisition on income from continuing operations would have been $0.1 million.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Policies	'
Basis of Accounting	'
	Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’). The consolidated financial statements include the accounts of Newcastle and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Newcastle consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which Newcastle is determined to be the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Newcastle’s CDO subsidiaries and its manufactured housing loan financing structures (Note 14) are special purpose entities which are considered VIEs of which Newcastle is the primary beneficiary. Therefore, the debt issued by such entities is considered a non-recourse secured borrowing of Newcastle. The subprime securitizations and CDO VIII Repack (Note 5) are also considered VIEs, but Newcastle does not control the decisions that most significantly impact their economic performance and, for the subprime securitizations, no longer receive a significant portion of their returns, and therefore do not consolidate them.
	For entities over which Newcastle exercises significant influence, but which do not meet the requirements for consolidation, Newcastle uses the equity method of accounting whereby it records its share of the underlying income of such entities. Newcastle’s investments in equity method investees were not significant at December 31, 2013, 2012 or 2011. With respect to investments in entities over which Newcastle does not meet the requirements for consolidation and does not exercise significant influence, Newcastle records these investments at cost, subject to impairment.
	Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Newcastle. This is primarily related to noncontrolling interests in New Media Investment Group, Inc. (Note 3).
	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Risks and Uncertainties	'
	Risks and Uncertainties — In the normal course of business, Newcastle encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on Newcastle’s investments in securities, loans, derivatives and leases that results from a borrower’s, derivative counterparty’s or lessee’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in securities, loans and derivatives or in real estate due to changes in interest rates, spreads or other market factors, including the value of the collateral underlying loans and securities and the valuation of real estate held by Newcastle. Management believes that the carrying values of its investments are reasonable taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories, and other borrower information.
	Additionally, Newcastle is subject to significant tax risks. If Newcastle were to fail to qualify as a REIT in any taxable year, Newcastle would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Newcastle would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Use of Estimates	'
	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Comprehensive Income	'
	Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Newcastle’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income, adjusted for unrealized gains or losses on securities available for sale and derivatives designated as cash flow hedges and, upon the consolidation of GateHouse (see Note 3), net unrecognized gain and prior period service costs and credits relating to pension and other postretirement benefits.
	The following table summarizes Newcastle’s accumulated other comprehensive income:
			December 31,
			2013			2012
	Net unrealized gains on securities		$	82,408		$	82,788
	Net unrealized losses on derivatives designated as cash flow hedges			(5,992	)		(12,024	)
	Net unrecognized gain and prior service cost			458			—
	Accumulated other comprehensive income		$	76,874		$	70,764
Revenue Recognition - Real Estate Securities and Loans Receivable	'
	Real Estate Securities and Loans Receivable — Newcastle invests in securities, including commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities and FNMA/FHLMC securities. Newcastle also invests in loans, including real estate related loans, commercial mortgage loans, residential mortgage loans, manufactured housing loans and subprime mortgage loans. Newcastle determines at acquisition whether loans will be aggregated into pools based on common risk characteristics (credit quality, loan type, and date of origination or acquisition); loans aggregated into pools are accounted for as if each pool were a single loan. Loans receivable are presented in the consolidated balance sheet net of any unamortized discount (or gross of any unamortized premium) and an allowance for loan losses. Discounts or premiums are accreted into interest income on an effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the security or loan. Depending on the nature of the investment, changes to expected cash flows may result in a prospective change to yield or a retrospective change which would include a catch up adjustment. For loans acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted (non-accretable difference). Newcastle discontinues the accretion of discounts and amortization of premium on loans if they are reclassified from held for investment to held for sale. Interest income with respect to non-discounted securities or loans is recognized on an accrual basis. Deferred fees and costs, if any, are recognized as a reduction to the interest income over the terms of the securities or loans using the interest method. Upon settlement of securities and loans, the excess (or deficiency) of net proceeds over the net carrying value of such security or loan is recognized as a gain (or loss) in the period of settlement. Interest income includes prepayment penalties received of $0.2 million and $2.7 million in 2013 and 2012, respectively. No prepayments penalties were received in 2011.
Impairment Of Securities and Loans	'
	Impairment of Securities and Loans — Newcastle continually evaluates securities and loans for impairment. Securities and loans are considered to be other-than-temporarily impaired, for financial reporting purposes, generally when it is probable that Newcastle will be unable to collect all principal or interest when due according to the contractual terms of the original agreements, or, for securities or loans purchased at a discount for credit quality or that represent retained beneficial interests in securitizations, when Newcastle determines that it is probable that it will be unable to collect as anticipated. The evaluation of a security’s estimated cash flows includes the following, as applicable: (i) review of the credit of the issuer or the borrower, (ii) review of the credit rating of the security, (iii) review of the key terms of the security or loan, (iv) review of the performance of the loan or underlying loans, including debt service coverage and loan to value ratios, (v) analysis of the value of the collateral for the loan or underlying loans, (vi) analysis of the effect of local, industry and broader economic factors, and (vii) analysis of historical and anticipated trends in defaults and loss severities for similar securities or loans. Furthermore, Newcastle must have the intent and ability to hold loans whose fair value is below carrying value until such fair value recovers, or until maturity, or else a write down to fair value must be recorded. Similarly for securities, Newcastle must record a write down if it has the intent to sell a given security in an unrealized loss position, or if it is more likely than not that it will be required to sell such a security. Upon determination of impairment, Newcastle establishes specific valuation allowances for loans or records a direct write down for securities based on the estimated fair value of the security or underlying collateral using a discounted cash flow analysis or based on an observable market value. Newcastle also establishes allowances for estimated unidentified incurred losses on pools of loans. The allowance for each loan is maintained at a level believed adequate by management to absorb probable losses, based on periodic reviews of actual and expected losses. It is Newcastle’s policy to establish an allowance for uncollectible interest on performing securities or loans that are past due more than 90 days or sooner when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. Upon such a determination, those loans are deemed to be non-performing and put on nonaccrual status. Actual losses may differ from Newcastle’s estimates. Newcastle may resume accrual of income on a security or loan if, in management’s opinion, full collection is probable. Subsequent to a determination of impairment, and a related write down, income is accrued on an effective yield method from the new carrying value to the related expected cash flows, with cash received treated as a reduction of basis. Newcastle charges off the corresponding loan allowance when it determines the loans to be uncollectable.
Media Income	'
	Media Income - Advertising income from the publication of newspapers is recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user either clicks on or views certain ads, net of commissions and provisions for estimated sales incentives including rebates, rate adjustments, and discounts.
	Circulation income includes single-copy and subscription revenues. Circulation income is based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy income is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription income are deferred at the time of payment and are recognized in earnings on a pro rata basis over the terms of the subscriptions.
	Other income is recognized when the related service or product has been delivered.
	Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet until the services are performed or the product is delivered. Media income is included in income from discontinued operations on the consolidated statements of income.
Rental Income, Care and Ancillary Income and Triple-Net Leased Properties	'
	Rental Income, Care and Ancillary Income — Newcastle records rental revenue, care and ancillary income as they become due as provided for in the leases.
	Triple Net Lease Properties – Triple net leases with Holiday provide for periodic and determinable increases in base rent. Base rental revenues are recognized under these leases on a straight-line basis over the applicable lease term when collectability is reasonably assured.
Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net	'
	Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net — These items are comprised of the following:
			Year Ended December 31,
			2013			2012			2011
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities		$	9,853		$	14,629		$	81,434
	Loss on settlement of real estate securities			(3,592	)		(4,433	)		(5,091	)
	Gain on sale of CDO X interests			—			224,317			—
	Gain on repayment/disposition of loans held for sale			10,716			—			1,838
	Loss on repayment/disposition of loans held for sale			(354	)		(1,614	)		—
	Gain on termination of derivative			813			—			—
	Loss on disposal of long-lived assets			(67	)		(2	)		—
			$	17,369		$	232,897		$	78,181
	Other income (loss), net
	Gain on non-hedge derivative instruments		$	10,577		$	9,101		$	3,284
	Unrealized loss recognized upon de-designation of hedges			(110	)		(7,036	)		(13,939	)
	Hedge ineffectiveness			—			483			(917	)
	Gains on deconsolidation			—			—			45,072
	Equity in earnings of equity method investees			(97	)		—			272
	Collateral management fee income, net			1,279			1,786			2,432
	Other income			1,718			978			—
			$	13,367		$	5,312		$	36,204
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		Year Ended			Year Ended
	Income (“AOCI”) Components		Location		31-Dec-13			31-Dec-12
	Net realized gain (loss) on securities
	Impairment		Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income		$	(5,266	)	$	(18,923	)
	Gain on settlement of real estate securities		Gain (loss) on settlement of investments, net			9,853			14,629
	Loss on settlement of real estate securities		Gain (loss) on settlement of investments, net			(3,592	)		(4,433	)
					$	995		$	(8,727	)
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Gain (loss) recognized upon de-designation		Other income (loss)		$	(110	)	$	(7,036	)
	Hedge ineffectiveness		Other income (loss)			—			483
	Amortization of deferred gain (loss)		Interest expense			11			1,250
	Gain (loss) reclassified from AOCI into income, related to effective portion		Interest expense			(6,128	)		—
					$	(6,227	)	$	(5,303	)
	Total reclassifications				$	(5,232	)	$	(14,030	)
Interest Expense	' Interest Expense — Newcastle finances its investments using both fixed and floating rate debt, including securitizations, loans, repurchase agreements, and other financing vehicles. Certain of this debt have been issued at discounts. Discounts are accreted into interest expense on the effective yield or “interest” method, based upon a comparison of actual and expected cash flows, through the expected maturity date of the financing.
Deferred Costs and Interest Rate Cap Premiums	' Deferred Costs and Interest Rate Cap Premiums — Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight line basis or the interest method. Interest rate cap premiums, if any, are included in receivables and other assets, and are amortized as described below.
Derivatives and Hedging Activities	'
	Derivatives and Hedging Activities — All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value. Newcastle reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements and fair value is reflected on a net counterparty basis when Newcastle believes a legal right of offset exists under an enforceable netting agreement. Fair value adjustments affect either equity or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. For those derivative instruments that are designated and qualify as hedging instruments, Newcastle designates the hedging instrument, based upon the exposure being hedged, as either a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation.
	Derivative transactions are entered into by Newcastle solely for risk management purposes, except for total rate of return swaps. Such total rate of return swaps are essentially financings of certain reference assets which are treated as derivatives for accounting purposes. The decision of whether or not a given transaction/position (or portion thereof) is hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code among others. In determining whether to hedge a risk, Newcastle may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by Newcastle. Generally, all derivatives entered into are intended to qualify as hedges under GAAP, unless specifically stated otherwise. To this end, terms of hedges are matched closely to the terms of hedged items.
	Description of the risks being hedged
		1)	Interest rate risk, existing debt obligations – Newcastle has hedged (and may continue to hedge, when feasible and appropriate) the risk of interest rate fluctuations with respect to its borrowings, regardless of the form of such borrowings, which require payments based on a variable interest rate index. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). In order to reduce such risks, Newcastle may enter into swap agreements whereby Newcastle would receive floating rate payments in exchange for fixed rate payments, effectively converting the borrowing to fixed rate. Newcastle may also enter into cap agreements whereby, in exchange for a premium, Newcastle would be reimbursed for interest paid in excess of a certain cap rate.
		2)	Interest rate risk, anticipated transactions – Newcastle may hedge the aggregate risk of interest rate fluctuations with respect to anticipated transactions, primarily anticipated borrowings. The primary risk involved in an anticipated borrowing is that interest rates may increase between the date the transaction becomes probable and the date of consummation. Newcastle generally intends to hedge only the risk related to changes in the benchmark interest rate (LIBOR or a Treasury rate). This is generally accomplished through the use of interest rate swaps.
	Cash Flow Hedges
	To qualify for cash flow hedge accounting, interest rate swaps and caps must meet certain criteria, including (1) the items to be hedged expose Newcastle to interest rate risk, (2) the interest rate swaps or caps are highly effective in reducing Newcastle’s exposure to interest rate risk, and (3) with respect to an anticipated transaction, such transaction is probable. Correlation and effectiveness are periodically assessed based upon a comparison of the relative changes in the fair values or cash flows of the interest rate swaps and caps and the items being hedged or using regression analysis on an ongoing basis to assess retrospective and prospective hedge effectiveness.
	For derivative instruments that are designated and qualify as a cash flow hedge (i.e. hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss, and net payments received or made, on the derivative instrument are reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. The premiums paid for interest rate caps, treated as cash flow hedges, are amortized into interest expense based on the estimated value of such cap for each period covered by such cap.
	With respect to interest rate swaps which have been designated as hedges of anticipated financings, periodic net payments are recognized currently as adjustments to interest expense; any gain or loss from fluctuations in the fair value of the interest rate swaps is recorded as a deferred hedge gain or loss in accumulated other comprehensive income and treated as a component of the anticipated transaction. In the event the anticipated refinancing failed to occur as expected, the deferred hedge credit or charge would be recognized immediately in earnings. Newcastle’s hedges of such financings were terminated upon the consummation of such financings.
	Newcastle has designated certain of its hedge derivatives, and in some cases re-designated all or a portion thereof as hedges. As a result of these designations, in the cases where the originally hedged items were still owned by Newcastle, the unrealized gain or loss was recorded in accumulated other comprehensive income as a deferred hedge gain or loss and is being amortized over the life of the hedged item.
	Non-Hedge Derivatives
	With respect to interest rate swaps and caps that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such swaps and caps have been recognized currently in Other Income (Loss). These derivatives may, to some extent, be economically effective as hedges.
	Newcastle has entered into certain transactions which financed the purchase of certain assets with the seller of these assets.  The contemporaneous purchase of the asset and the associated financing are treated as a linked transaction and accordingly recorded on a net basis as a non-hedge derivative instrument, with changes in market value recorded on the statement of income.
	Newcastle’s derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. Newcastle reduces such risk by limiting its counterparties to major financial institutions. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties. Newcastle does not require collateral for the derivative financial instruments within its CDO financing structures. Newcastle’s major derivative counterparties are Bank of America and Bank of New York Mellon.
Media Operating Expenses	' Media Operating Expenses — Media operating expenses consist primarily of expenses to produce and circulate the related media publications and are expensed as incurred. Media operating expenses are included in income from discontinued operations on the consolidated statements of income.
Management Fees to Affiliate	'
	Management Fees to Affiliate — These represent amounts due to the Manager and Senior Housing Managers pursuant to the Management Agreement and Senior Housing Management Agreements. For further information on the Management Agreement, see Note 17.
Investment in Real Estate Securities and Loans	'
	Investment in Real Estate Securities — Newcastle has classified its investments in securities as available for sale. Securities available for sale are carried at market value with the net unrealized gains or losses reported as a separate component of accumulated other comprehensive income, to the extent impairment losses are considered temporary. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investments and is included in earnings. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described above.
	Investment in Loans —Loans receivable are presented net of any unamortized discount (or gross of any unamortized premium), including any fees received, and an allowance for loan losses. Loans which Newcastle does not have the intent or the ability to hold into the foreseeable future are considered held-for-sale and are carried at the lower of average amortized cost or market value.
Purchase Accounting and Investments in Senior Housing Real Estate, Other Real Estate and Property, Plant and Equipment, Net	'
	Purchase Accounting — In determining the allocation of a purchase price between net tangible and identified intangible assets acquired and liabilities assumed, management makes estimates of the fair value of the tangible and intangible assets and liabilities using information obtained as a result of pre-acquisition due diligence, marketing, leasing activities, and independent appraisals. In the case of real property, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Management allocated the purchase price to net tangible and identified intangible assets acquired and liabilities assumed based on their fair values.
	Investments in Senior Housing Real Estate, Other Real Estate and Property, Plant and Equipment, Net — Real estate and related improvements are recorded at cost less accumulated depreciation. Costs that both materially add value and appreciably extend the useful life of an asset are capitalized. Fees and costs incurred in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. With respect to golf course improvements (included in land improvements), only costs associated with original construction, complete replacements, or the addition of new trees, sand traps, fairways or greens are capitalized. Expenditures for repairs and maintenance are expensed as incurred.
	Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to Real Estate Held for Sale and measured at the lower of their carrying amount or fair value less costs of sale. The results of operations for such an asset, assuming such asset qualifies as a “component of an entity” as defined, are retroactively reclassified to Income (Loss) from Discontinued Operations for all periods presented.
	Depreciation is calculated using the straight-line method based on the following estimated useful lives:
	Buildings		25-40 years
	Building improvements		3-10 years
	Machinery and equipment		3-20 years
	Furniture, fixtures, and computer software		3-7 years
	Leasehold improvements		shorter of the lease term or estimated
			useful life of the asset
Goodwill and Intangibles	'
	Goodwill and Intangibles — Resident lease intangibles reflect the fair value of in-place resident leases at acquisition of senior housing properties. Newcastle estimates the fair value of in-place leases as (i) the present value of the estimated rents that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant, and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period.
	Non-compete intangibles reflect the fair value of non-compete agreements at acquisition relating to the senior housing business. Newcastle estimates the fair value of non-compete intangibles as the sum of (i) the present value of the consulting services during the non-compete period and (ii) the difference between (a) the present value of the net operating income with the non-compete agreements in place and (b) the present value of the net operating income, as if the non-compete agreements were not in place.
	Land lease intangibles related to the senior housing business reflect the fair value of the land lease agreements in place at acquisition. Newcastle estimates the fair value of land lease intangibles as the difference between (a) the leased fee value and (b) the fee simple value. The acquisition fair values of the land lease intangibles are amortized over the contractual lives of the respective leases.
	The payment in lieu of taxes (“PILOT”) intangible asset related to the senior housing business reflects the fair value of the PILOT agreement in place at acquisition. Newcastle estimates the fair value of the PILOT intangible as the present value of the difference between the (a) market taxes and (b) the anticipated PILOT amounts. The acquisition fair value of the PILOT intangible is amortized over the contractual life of the agreement.
	Intangible assets relating to the media business consist of advertiser, subscriber and customer relationships, mastheads and trade names. These intangible assets are recorded at the fair value at the date of acquisition. Newcastle estimates the fair value of the advertiser, subscriber and customer relationships and the trade names using the multi-period excess earnings method under the income approach. This valuation method is based on first forecasting revenue for the existing customer base and then applying expected attrition rates. Mastheads are not amortized because it has been determined that the useful lives of such mastheads are indefinite. Intangible assets relating to the media business are included in discontinued operations on the consolidated balance sheets.
	Intangible assets relating to the golf business consist primarily of leasehold advantages (disadvantages), management contracts and membership base. A leasehold advantage (disadvantage) exists to Newcastle when it pays a contracted rent that is below (above) market rents at the date of the transaction. The value of a leasehold advantage (disadvantage) is calculated based on the differential between market and contracted rent, which is tax effected and discounted to present value based on an after-tax discount rate corresponding to each golf course.  The management contract intangible represents Newcastle’s golf course management contracts for both leased and managed properties, is valued utilizing a discounted cash flow methodology under the income approach, and is amortized over the average contractual term of the agreements.  The membership base intangible represents Newcastle’s relationship with its private golf club members, is valued using the multi-period excess earnings method under the income approach, and is amortized over the weighted average remaining useful life of the private memberships.
	Amortization of intangible assets is included within depreciation and amortization on the consolidated statements of income and is calculated using the straight-line method based on the following estimated useful lives:
	Senior housing
	In-place resident lease intangibles		2 - 3 years (1)
	Non-compete intangibles		5 years
	Land lease intangibles		74 - 82 years
	PILOT intangibles		13 years
	Other intangibles		2 - 5 years
	Media business
	Advertiser relationships		14-16 years
	Customer relationships		15 - 16 years
	Subscriber relationships		15 -16 years
	Trade name		10 years
	Golf business
	Trade name		30 - 40 years
	Leasehold intangibles		9 - 10 years
	Management contracts		11 - 12 years
	Internally-developed software		5 years
	Membership base		7 - 9 years
	(1)    Amortized over 24 months for AL/MC properties and 33 months for IL-only properties.
	The excess of acquisition costs over the estimated fair value of tangible and identifiable intangible net assets acquired is recorded as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment annually or when events indicate that an impairment could exist which may include an economic downturn in a market, a change in the assessment of future operations or a decline in Newcastle’s stock price. Newcastle performs its impairment analysis at the reporting unit level. The reporting units have discrete financial information which are regularly reviewed by management. The fair value of the applicable reporting unit is compared to its carrying value. Newcastle estimates fair value by applying third-party market value indicators to projected cash flows and/or projected earnings before interest, taxes, depreciation, and amortization. In applying this methodology, Newcastle relies on a number of factors, including current operating results and cash flows, expected future operating results and cash flows, future business plans, and market data. If the carrying value of the reporting unit exceeds the estimate of fair value, Newcastle calculates the impairment as the excess of the carrying value of goodwill over its implied fair value. Goodwill is included in discontinued operations on the consolidated balance sheets.
Impairment of Real Estate, Property, Plant and Equipment and Finite-lived Intangible Assets	'
	Impairment of Real Estate, Property, Plant and Equipment and Finite-lived Intangible Assets - Newcastle periodically reviews the carrying amounts of its long-lived assets, including real estate, property, plant and equipment 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. Property, plant and equipment is included in discontinued operations on the consolidated balance sheets.
Cash and Cash Equivalents and Restricted Cash	'
	Cash and Cash Equivalents and Restricted Cash — Newcastle considers all highly liquid short term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash, from continuing operations, consisted of:
				December 31,
				2013			2012
		CDO bond sinking funds			1,902			1,254
		CDO trustee accounts			475			810
		Collateral for Golf lease obligations			3,512			—
				$	5,889		$	2,064
	Supplemental non-cash investing and financing activities relating to CDOs are disclosed below:
			Year Ended December 31,
			2013			2012			2011
	Restricted cash generated from sale of securities		$	136,148		$	56,629		$	336,911
	Restricted cash generated from sale of real estate related and other loans		$	104,837		$	—		$	125,141
	Restricted cash generated from paydowns on securities and loans		$	331,349		$	274,832		$	546,752
	Restricted cash used for purchases of real estate securities		$	—		$	143,184		$	427,826
	Restricted cash used for purchases of real estate related and other loans		$	—		$	91,481		$	384,850
	Restricted cash used for repayments of CDO bonds payable		$	513,879		$	166,845		$	101,687
	Restricted cash used for repurchases of CDO bonds payable and other bonds payable		$	—		$	—		$	3,213
	Restricted cash used for purchases of derivative instruments		$	—		$	408		$	—
	Restricted cash used for settlement of derivative instruments		$	1,563		$	—		$	—
	Restricted cash generated from margin collateral received		$	—		$	—		$	6,550
	Restricted cash used to return margin collateral		$	—		$	6,550		$	—
	CDO deconsolidation:
	Real estate securities		$	—		$	1,033,016		$	262,617
	Restricted cash		$	—		$	51,522		$	37,988
	Derivative liabilities		$	—		$	57,343		$	20,257
	CDO bonds payable		$	—		$	1,110,694		$	336,046
Receivables and Other Assets	'
	Receivables and Other Assets
	Receivables and other assets, from continuing operations, are comprised of the following, net of allowances for uncollectable amounts of $0.9 million and $0.1 million as of December 31, 2013 and 2012, respectively:
			December 31,
			2013			2012
	Accounts receivable, net		$	13,477		$	1,102
	Deferred financing costs			42,473			2,249
	Derivative assets			43,662			165
	Prepaid expenses			8,631			2,183
	Interest receivable			4,667			8,959
	Deposits			9,915			—
	Inventory			5,140			—
	Miscellaneous assets, net			13,922			2,704
			$	141,887		$	17,362
		Accounts Receivable, Net - Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. Collateral is generally not required.
		Deferred Financing Costs - Deferred costs consist primarily of costs incurred in obtaining financing which are amortized into interest expense over the term of such financing using either the straight line basis or the effective interest method.
		Derivative Assets - All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
		Prepaid Expenses – Prepaid expenses consists primarily of prepaid insurance and prepaid rent and are expensed over the useful lives of the goods or services.
		Interest Receivable – Interest receivable consists of interest earned on real estate securities, real estate related and other loans and residential mortgage loans that has not yet been received.
		Deposits – Deposits consist primarily of workers compensation premiums and health care insurance funds related to the media business.
		Inventory - Inventory is valued at the lower of cost or market. Cost is determined on the first-in, first out (“FIFO”) method. Golf inventories consist primarily of food, beverages and merchandise held for sale.
Accounts payable, accrued expenses and other liabilities	'
	Accounts payable, accrued expenses and other liabilities
	Accounts payable, accrued expenses and other liabilities, from continuing operations, are comprised of the following:
			December 31,
			2013			2012
	Accounts payable and accrued expenses		$	50,118		$	6,833
	Membership deposit liabilities			71,644			—
	Deferred revenue			37,114			6,584
	Security deposits payable			48,823			33
	Unfavorable leasehold interests			23,916			—
	Derivative liabilities			13,794			31,576
	Accrued rent			6,314			—
	Due to affiliates			5,878			3,579
	Miscellaneous liabilities			19,565			2,522
			$	277,166		$	51,127
	Accounts Payable and Accrued Liabilities - Accounts payable reflect expenses related to goods and services received that have not yet been paid and accrued liabilities reflect invoices that have not yet been received.
	Membership Deposit Liabilities - Private country club members pay an advance initiation fee upon their acceptance as a member to the country club. Initiation fees are generally deposits which are refundable 30 years after the date of acceptance as a member. The difference between the amount paid by the member (net of incremental direct costs, primarily commissions) and the net present value of the future refund obligation is deferred and recognized on a straight-line basis over the estimated average expected life of an active membership (currently seven years), and included in deferred revenue above.
	The present value of the refund obligation is recorded as a membership deposit liability in the consolidated balance sheets and accretes over the nonrefundable term (30 years) using the effective interest method. This accretion is recorded as interest expense in the consolidated statements of income.
	Deferred Revenue – Billings to clients and payments received in advance of the performance of services or delivery of products are recorded as deferred revenue until services performed or the product is delivered.
	Security Deposits Payable - Security deposits payable relate to deposits made by tenants of Newcastle’s properties primarily related to the senior housing business.
	Unfavorable Leasehold Interests - Unfavorable leasehold interests relates to leases acquired as part of the Golf business where the terms of the leasehold contracts are less favorable than the estimated market terms of the leases at the acquisition date.
	Derivative Liabilities - All derivatives are recognized as either assets or liabilities on the balance sheet and measured at fair value.
	Pension and Other Postretirement Benefit Obligations – Newcastle recognizes an asset or liability in the consolidated balance sheets, included in discontinued operations, reflecting the funded status of pension and other postretirement benefit plans such as retiree health and life insurance, with current-year changes in the funded status recognized in accumulated other comprehensive loss. The determination of pension plan obligations and expense is based on a number of actuarial assumptions. Two critical assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. For other postretirement benefit plans, which provide for certain health care and life insurance benefits for qualifying retired employees and which are not funded, critical assumptions in determining other postretirement benefit obligations and expense are the discount rate and the assumed health care cost-trend rates.
	Self-Insurance Liabilities - Newcastle maintains self-insured medical and workers’ compensation programs for the media business. Newcastle purchases stop loss coverage from third-parties which limits exposure to large claims. Newcastle records a liability for medical and workers’ compensation costs during the period in which they occur as well as an estimate of incurred but not reported claims. Newcastle also is self insured for property and casualty losses for the media business and accrues for losses. Self-insurance liabilities are included in discontinued operations on the consolidated balance sheets.
	Accrued Rent – Golf properties pay rent on certain properties in arrears.
	Due to Affiliates – Represents amounts due to the Manager and the Senior Housing Managers pursuant to the Management Agreement and Senior Housing Management Agreements.
Stock Options	'
	Stock Options —The fair value of the options issued as compensation to the Manager for its successful efforts in raising capital for Newcastle was recorded as an increase in equity with an offsetting reduction of capital proceeds received. Options granted to Newcastle’s directors were accounted for using the fair value method.
Preferred Stock	'
	Preferred Stock —Newcastle’s accounting policy for its preferred stock is described in Note 16.
Income Taxes	'
	Income Taxes – Newcastle operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of Newcastle’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income.
	Certain activities are conducted through taxable REIT subsidiaries (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
	Newcastle recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of income.
Accretion of Discount and Other Amortization	'
	Accretion of Discount and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:
			Year Ended December 31,
			2013			2012			2011
	Accretion of net discount on securities, loans and other investments		$	(34,525	)	$	(48,608	)	$	(45,387	)
	Amortization of net discount on debt obligations			2,859			1,525			(823	)
	Amortization of deferred financing costs and interest rate cap premiums			1,056			2,751			3,740
	Amortization of net deferred hedge (gains) and losses - debt			(11	)		(1,250	)		(2,316	)
			$	(30,621	)	$	(45,582	)	$	(44,786	)
Securitization of Subprime Mortgage Loans	'
	Securitization of Subprime Mortgage Loans — Newcastle’s accounting policy for its securitization of subprime mortgage loans is disclosed in Note 7.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements — In February 2013, the FASB issued new guidance regarding the reporting of reclassifications out of accumulated other comprehensive income. The new guidance does not change current requirements for reporting net income or other comprehensive income in financial statements. However, it requires companies to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income if the item reclassified is required to be reclassified to net income in its entirety during the same reporting period. Presentation should occur either on the face of the income statement where net income is presented, or in the notes to the financial statements. Newcastle has adopted this accounting standard and presents this information, above under “Reclassification from Accumulated Other Comprehensive Income into Net Income.”
	The FASB has recently issued or discussed a number of proposed standards on such topics as consolidation, financial statement presentation, revenue recognition, leases, financial instruments, hedging, and contingencies. Some of the proposed changes are significant and could have a material impact on Newcastle’s reporting. Newcastle has not yet fully evaluated the potential impact of these proposals, but will make such an evaluation as the standards are finalized.

ORGANIZATION_Tables

ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2013
Organization Tables	'
Schedule of common stock issued	'
	The following table presents information on shares of Newcastle’s common stock issued subsequent to its formation:
	Year		Shares Issued		Range of Issue		Net Proceeds
					Prices (1)(2)		(millions)
	Formation - 2010			62,027,184
	2011			43,153,825		$4.55 - $6.00	$	210.9
	2012			67,344,636		$6.22 - $6.71	$	434.9
	2013			178,927,850		$4.97 - $10.48	$	1,262.60
	31-Dec-13			351,453,495
		-1	Excludes prices of shares issued pursuant to the exercise of options and of shares issued to Newcastle’s independent directors.
		-2	On May 15, 2013, Newcastle completed the spin-off of New Residential. The May 15, 2013 closing price of Newcastle’s common stock on the NYSE was $12.33. On May 16, 2013, the opening price of Newcastle’s common stock was $5.79.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Tables	'
Schedule of accumulated other comprehensive income	'
	The following table summarizes Newcastle’s accumulated other comprehensive income:
			December 31,
			2013			2012
	Net unrealized gains on securities		$	82,408		$	82,788
	Net unrealized losses on derivatives designated as cash flow hedges			(5,992	)		(12,024	)
	Net unrecognized gain and prior service cost			458			—
	Accumulated other comprehensive income		$	76,874		$	70,764
Schedule of gain (loss) on settlement of investments, net and other income (loss), net	'
	These items are comprised of the following:
			Year Ended December 31,
			2013			2012			2011
	Gain (loss) on settlement of investments, net
	Gain on settlement of real estate securities		$	9,853		$	14,629		$	81,434
	Loss on settlement of real estate securities			(3,592	)		(4,433	)		(5,091	)
	Gain on sale of CDO X interests			—			224,317			—
	Gain on repayment/disposition of loans held for sale			10,716			—			1,838
	Loss on repayment/disposition of loans held for sale			(354	)		(1,614	)		—
	Gain on termination of derivative			813			—			—
	Loss on disposal of long-lived assets			(67	)		(2	)		—
			$	17,369		$	232,897		$	78,181
	Other income (loss), net
	Gain on non-hedge derivative instruments		$	10,577		$	9,101		$	3,284
	Unrealized loss recognized upon de-designation of hedges			(110	)		(7,036	)		(13,939	)
	Hedge ineffectiveness			—			483			(917	)
	Gains on deconsolidation			—			—			45,072
	Equity in earnings of equity method investees			(97	)		—			272
	Collateral management fee income, net			1,279			1,786			2,432
	Other income			1,718			978			—
			$	13,367		$	5,312		$	36,204
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		Year Ended			Year Ended
	Income (“AOCI”) Components		Location		31-Dec-13			31-Dec-12
	Net realized gain (loss) on securities
	Impairment		Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income		$	(5,266	)	$	(18,923	)
	Gain on settlement of real estate securities		Gain (loss) on settlement of investments, net			9,853			14,629
	Loss on settlement of real estate securities		Gain (loss) on settlement of investments, net			(3,592	)		(4,433	)
					$	995		$	(8,727	)
	Net realized gain (loss) on derivatives designated as cash flow hedges
	Gain (loss) recognized upon de-designation		Other income (loss)		$	(110	)	$	(7,036	)
	Hedge ineffectiveness		Other income (loss)			—			483
	Amortization of deferred gain (loss)		Interest expense			11			1,250
	Gain (loss) reclassified from AOCI into income, related to effective portion		Interest expense			(6,128	)		—
					$	(6,227	)	$	(5,303	)
	Total reclassifications				$	(5,232	)	$	(14,030	)
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		25-40 years
	Building improvements		3-10 years
	Machinery and equipment		3-20 years
	Furniture, fixtures, and computer software		3-7 years
	Leasehold improvements		shorter of the lease term or estimated
			useful life of the asset
Schedule of amortization period	'
	Amortization of intangible assets is included within depreciation and amortization on the consolidated statements of income and is calculated using the straight-line method based on the following estimated useful lives:
	Senior housing
	In-place resident lease intangibles		2 - 3 years (1)
	Non-compete intangibles		5 years
	Land lease intangibles		74 - 82 years
	PILOT intangibles		13 years
	Other intangibles		2 - 5 years
	Media business
	Advertiser relationships		14-16 years
	Customer relationships		15 - 16 years
	Subscriber relationships		15 -16 years
	Trade name		10 years
	Golf business
	Trade name		30 - 40 years
	Leasehold intangibles		9 - 10 years
	Management contracts		11 - 12 years
	Internally-developed software		5 years
	Membership base		7 - 9 years
	(1)    Amortized over 24 months for AL/MC properties and 33 months for IL-only properties.
Schedule of restricted cash from continuing operations	'
	Restricted cash, from continuing operations, consisted of:
				December 31,
				2013			2012
		CDO bond sinking funds			1,902			1,254
		CDO trustee accounts			475			810
		Collateral for Golf lease obligations			3,512			—
				$	5,889		$	2,064
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:
			Year Ended December 31,
			2013			2012			2011
	Restricted cash generated from sale of securities		$	136,148		$	56,629		$	336,911
	Restricted cash generated from sale of real estate related and other loans		$	104,837		$	—		$	125,141
	Restricted cash generated from paydowns on securities and loans		$	331,349		$	274,832		$	546,752
	Restricted cash used for purchases of real estate securities		$	—		$	143,184		$	427,826
	Restricted cash used for purchases of real estate related and other loans		$	—		$	91,481		$	384,850
	Restricted cash used for repayments of CDO bonds payable		$	513,879		$	166,845		$	101,687
	Restricted cash used for repurchases of CDO bonds payable and other bonds payable		$	—		$	—		$	3,213
	Restricted cash used for purchases of derivative instruments		$	—		$	408		$	—
	Restricted cash used for settlement of derivative instruments		$	1,563		$	—		$	—
	Restricted cash generated from margin collateral received		$	—		$	—		$	6,550
	Restricted cash used to return margin collateral		$	—		$	6,550		$	—
	CDO deconsolidation:
	Real estate securities		$	—		$	1,033,016		$	262,617
	Restricted cash		$	—		$	51,522		$	37,988
	Derivative liabilities		$	—		$	57,343		$	20,257
	CDO bonds payable		$	—		$	1,110,694		$	336,046
Schedule of receivables and other assets from continuing operations	'
			December 31,
			2013			2012
	Accounts receivable, net		$	13,477		$	1,102
	Deferred financing costs			42,473			2,249
	Derivative assets			43,662			165
	Prepaid expenses			8,631			2,183
	Interest receivable			4,667			8,959
	Deposits			9,915			—
	Inventory			5,140			—
	Miscellaneous assets, net			13,922			2,704
			$	141,887		$	17,362
Schedule of accounts payable, accrued expenses and other liabilities from continuing operations	'
	Accounts payable, accrued expenses and other liabilities, from continuing operations, are comprised of the following:
			December 31,
			2013			2012
	Accounts payable and accrued expenses		$	50,118		$	6,833
	Membership deposit liabilities			71,644			—
	Deferred revenue			37,114			6,584
	Security deposits payable			48,823			33
	Unfavorable leasehold interests			23,916			—
	Derivative liabilities			13,794			31,576
	Accrued rent			6,314			—
	Due to affiliates			5,878			3,579
	Miscellaneous liabilities			19,565			2,522
			$	277,166		$	51,127
Schedule of accretion of discount and other amortization	'
	As reflected on the consolidated statements of cash flows, this item is comprised of the following:
			Year Ended December 31,
			2013			2012			2011
	Accretion of net discount on securities, loans and other investments		$	(34,525	)	$	(48,608	)	$	(45,387	)
	Amortization of net discount on debt obligations			2,859			1,525			(823	)
	Amortization of deferred financing costs and interest rate cap premiums			1,056			2,751			3,740
	Amortization of net deferred hedge (gains) and losses - debt			(11	)		(1,250	)		(2,316	)
			$	(30,621	)	$	(45,582	)	$	(44,786	)

ACQUISITIONS_IN_2013_Tables

ACQUISITIONS IN 2013 (Tables)	12 Months Ended
	Dec. 31, 2013
Acquisitions In 2013 Tables	'
Schedule of acquisitions	'
	Acquisitions of Senior Housing Properties
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
			At Acquisition
			Managed			Holiday
			Properties			Portfolio			Total
	Allocation of Purchase Price (A)(B)
	Investments in Real Estate		$	268,010		$	937,548		$	1,205,558
	Resident Lease Intangibles			31,673			57,883			89,556
	Non-compete Intangibles			1,000			—			1,000
	Land Lease Intangibles			—			3,498			3,498
	PILOT Intangible			3,700			—			3,700
	Other Intangibles			500			1,546			2,046
	Assumed mortgage notes payable			(43,128	)		—			(43,128	)
	Other Assets, net of other liabilities			(2,157	)		—			(2,157	)
	Subtotal		$	259,598		$	1,000,475		$	1,260,073
	Mortgage Notes Payable (C)			(175,871	)		(719,350	)	$	(895,221	)
	Net assets acquired		$	83,727		$	281,125		$	364,852
	Total acquisition related costs (D)		$	6,118		$	3,604		$	9,722
		(A)	Due to the timing of the acquisitions, for the November and December acquisitions,, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
		(B)	Includes $1.5 million for the fair value of an earn-out payment to the seller if the aggregate EBITDA in one of the portfolios acquired for any calendar years in which the third, fourth, fifth and/or sixth anniversary of the acquisition date occurs is equal to or in excess of an earn-out threshold, as defined within the agreement. The undiscounted earn-out payment is limited to $4.6 million, as per the agreement.
		(C)	See Note 14.
		(D)	Acquisition related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.
	Restructuring and Spin-off of Media Investments
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
			As of November 26, 2013
	Cash and cash equivalents		$	22,368
	Property, plant and equipment			272,153
	Intangibles			146,019
	Goodwill			126,686
	Restricted cash			6,295
	Receivables and other assets			100,483
	Total assets acquired			674,004
	Less:
	Credit facilities			182,000
	Other liabilities			102,910
	Net assets acquired		$	389,094
	Restructuring of Golf Investment
	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:
			As of December 30, 2013
	Cash		$	19,378
	Investments in other real estate			259,573
	Intangible assets			98,866
	Restricted cash			3,512
	Receivables and other assets			34,898
	Total assets acquired		$	416,227
	Less:
	Credit facilities			228,832
	Other liabilities			184,529
	Noncontrolling interest			366
	Net assets acquired		$	2,500

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2013
Discontinued Operations Tables	'
Schedule of assets and liabilities of discontinued operations and results of operations from discontinued operations	'
	Assets and liabilities of discontinued operations were as follows:
		December 31,
		2013			2012
	Assets
	Property, plant and equipment, net of accumulated depreciation		270,188			—
	Investments in excess mortgage servicing rights at fair value		—			245,036
	Intangibles, net of accumulated amortization		145,400			—
	Goodwill		126,686			—
	Cash and cash equivalents		31,811			—
	Restricted cash		6,477			—
	Receivables and other assets		110,184			33
	Total assets of discontinued operations	$	690,746		$	245,069
	Liabilities
	Credit facilities, media		182,016			—
	Purchase price payable on investments in excess mortgage servicing rights		—			59
	Accounts payable, accrued expenses and other liabilities		113,251			421
	Total liabilities of discontinued operations	$	295,267		$	480
	Results of operations from discontinued operations were as follows:
		Year Ended December 31,
		2013			2012		2011
	Interest income	$	15,095		$	27,508	$	1,260
	Interest expense		1,591			—		—
	Net interest income		13,504			27,508		1,260
	Other Revenues
	Advertising income		38,757			—		—
	Circulation income		16,649			—		—
	Commercial printing and other income		6,231			—		—
	Rental income		—			—		136
	Total other revenues		61,637			—		136
	Other Income (Loss)
	Change in fair value of investments in excess mortgage servicing rights		3,894			—		—
	Change in fair value of investments in equity method investees		885			—		—
	Equity income in Local Media Group		1,870			—		—
	Equity from investments in equity method investees		18,286			—		—
	Other income (loss), net		(2,415	)		17,421		428
			22,520			17,421		428
	Expenses
	Property operating expenses		15			26		177
	Media operating expenses		49,092			—		—
	General and administrative expense		4,004			5,735		1,086
	Depreciation and amortization		3,845			—		—
	Income tax expense		1,062			—		—
			58,018			5,761		1,263
	Income from discontinued operations, net of tax	$	39,643		$	39,168	$	561

SEGMENT_REPORTING_AND_VARIABLE1

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Reporting And Variable Interest Entities Tables	'
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:
																					Excess
																					MSRs and
			Senior			Debt Investments (A)															Consumer			Inter-segment
			Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Media (C)			Loans			Elimination (D)			Total
	Year Ended December 31, 2013
	Interest income		$	3		$	119,292		$	98,968		$	—		$	198		$	—		$	—		$	(4,746	)	$	213,715
	Interest expense			10,781			24,996			54,534			—			3,817						—			(4,746	)		89,382
	Net interest income (expense)			(10,778	)		94,296			44,434			—			(3,619	)		—			—			—			124,333
	Impairment (reversal)			—			(9,338	)		(10,431	)		—			—			—			—			—			(19,769	)
	Other revenues			85,267			—			2,056			—			—			—			—			—			87,323
	Other income (loss)			11			23,946			11,344			—			—			—			—			—			35,301
	Property operating expenses			52,713			—			1,005			—			—			—			—			—			53,718
	Depreciation and amortization			26,905			—			219			—			4			—			—			—			27,128
	Other operating expenses			20,982			741			3,144			—			47,277			—			—			—			72,144
	Income tax expense			1,038			—			—			—			—			—			—			—			1,038
	Income (loss) from continuing operations			(27,138	)		126,839			63,897			—			(50,900	)		—			—			—			112,698
	Income (loss) from discontinued operations			—			—			(46	)		—			—			6,311			33,378			—			39,643
	Net income (loss)			(27,138	)		126,839			63,851			—			(50,900	)		6,311			33,378			—			152,341
	Preferred dividends			—			—			—			—			(5,580	)		—			—			—			(5,580	)
	Net income attributable to noncontrolling interests			—			—			—			—			—			(928	)		—			—			(928	)
	Income (loss) applicable to common stockholders		$	(27,138	)	$	126,839		$	63,851		$	—		$	(56,480	)		5,383		$	33,378		$	—		$	145,833
	31-Dec-13
	Investments		$	1,463,758		$	925,690		$	1,279,549		$	358,439		$	—		$	—		$	—		$	(87,528	)	$	3,939,908
	Cash and restricted cash			31,263			2,377			—			22,890			23,492			—			—			—			80,022
	Other assets			55,430			47,285			3,442			34,898			987			—			—			(155	)		141,887
	Assets of discontinued operations			—			—			—			—			—			690,746			—			—			690,746
	Total assets			1,550,451			975,352			1,282,991			416,227			24,479			690,746			—			(87,683	)		4,852,563
	Debt			(1,076,828	)		(645,938	)		(1,149,547	)		(181,910	)		(51,237	)		—			—			87,529			(3,017,931	)
	Other liabilities			(61,886	)		(19,194	)		(2,235	)		(185,552	)		(44,528	)		—			—			154			(313,241	)
	Liabilities of discontinued operations			—			—			—			—			—			295,267			—			—			295,267
	Total liabilities			(1,138,714	)		(665,132	)		(1,151,782	)		(367,462	)		(95,765	)		(295,267	)		—			87,683			(3,626,439	)
	Preferred stock			—			—			—			—			(61,583	)		—			—			—			(61,583	)
	Noncontrolling interest			—			—			—			(366	)		—			(60,913	)		—			—			(61,279	)
	GAAP book value		$	411,737		$	310,220		$	131,209		$	48,399		$	(132,869	)	$	334,566		$	—		$	—		$	1,103,262
																					Excess
																					MSRs and
			Senior			Debt Investments (A)															Consumer			Inter-segment
			Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Media (C)			Loans			Elimination (D)			Total
	Year Ended December 31, 2012
	Interest income		$	—		$	197,007		$	91,818		$	—		$	170		$	—		$	—		$	(6,044	)	$	282,951
	Interest expense			1,688			56,767			53,700			—			3,813			—			—			(6,044	)		109,924
	Net interest income (expense)			(1,688	)		140,240			38,118			—			(3,643	)		—			—			—			173,027
	Impairment (reversal)			—			(7,381	)		1,717			—			—			—			—			—			(5,664	)
	Other revenues			18,026			—			2,049			—			—			—			—			—			20,075
	Other income (loss)			(82	)		260,025			2,351			—			—			—			—			—			262,294
	Property operating expenses			11,539			—			1,404			—			—			—			—			—			12,943
	Depreciation and amortization			5,784			—			1,191			—			—			—			—			—			6,975
	Other operating expenses			6,846			916			3,359			—			35,079			—			—			—			46,200
	Income (loss) from continuing operations			(7,913	)		406,730			34,847			—			(38,722	)		—			—			—			394,942
	Income (loss) from discontinued operations			—			—			(68	)		—			—			—			39,236			—			39,168
	Net income (loss)			(7,913	)		406,730			34,779			—			(38,722	)		—			39,236			—			434,110
	Preferred dividends			—			—			—			—			(5,580	)		—			—			—			(5,580	)
	Income (loss) applicable to common stockholders		$	(7,913	)	$	406,730		$	34,779		$	—		$	(44,302	)	$	—		$	39,236		$	—		$	428,530
	31-Dec-12
	Investments		$	181,887		$	1,417,729		$	1,911,639		$	—		$	—		$	—		$	—		$	(62,336	)	$	3,448,919
	Cash and restricted cash			9,720			2,064			—			—			222,178			—			—			—			233,962
	Other assets			5,111			7,429			4,777			—			202			—			—			(157	)		17,362
	Assets of discontinued operations			—			—			—			—			—			—			245,069			—			245,069
	Total assets			196,718			1,427,222			1,916,416			—			222,380			—			245,069			(62,493	)		3,945,312
	Debt			(120,525	)		(1,097,013	)		(1,575,316	)		—			(51,243	)		—			—			62,336			(2,781,761	)
	Other liabilities			(5,084	)		(37,259	)		(2,856	)		—			(44,969	)								157			(90,011	)
	Liabilities of discontinued operations			—			—			(74	)		—			—			—			(406	)		—			(480	)
Total liabilities			(125,609	)		(1,134,272	)		(1,578,246	)		—			(96,212	)		—			(406	)		62,493			(2,872,252	)
Preferred stock			—			—			—			—			(61,583	)		—			—			—			(61,583	)
GAAP book value		$	71,109		$	292,950		$	338,170		$	—		$	64,585		$	—		$	244,663		$	—		$	1,011,477
																				Excess
																				MSRs and
		Senior			Debt Investments (A)															Consumer			Inter-segment
		Housing (A)			CDOs			Other Debt (B)			Golf			Corporate			Media (C)			Loans			Elimination (D)			Total
Year Ended December 31, 2011
Interest income		$	—		$	218,475		$	78,234		$	—		$	167		$	—		$	—		$	(5,840	)	$	291,036
Interest expense			—			86,110			53,950			—			3,815			—			—			(5,840	)		138,035
Net interest income (expense)			—			132,365			24,284			—			(3,648	)		—			—			—			153,001
Impairment (reversal)			—			(3,876	)		4,986			—			—			—			—			—			1,110
Other revenues			—			—			1,899			—			—			—			—			—			1,899
Other income (loss)			—			175,702			4,793			—			—			—			—			—			180,495
Property operating expenses			—			—			1,110			—			—			—			—			—			1,110
Depreciation and amortization			—			—			12			—			—			—			—			—			12
Other operating expenses			—			1,058			3,622			—			24,525			—			—			—			29,205
Income (loss) from continuing operations			—			310,885			21,246			—			(28,173	)		—			—			—			303,958
Income (loss) from discontinued operations			—			—			(11	)		—			—			—			572			—			561
Net income (loss)			—			310,885			21,235			—			(28,173	)		—			572			—			304,519
Preferred dividends			—			—			—			—			(5,580	)		—			—			—			(5,580	)
Income (loss) applicable to common stockholders		$	—		$	310,885		$	21,235		$	—		$	(33,753	)	$	—		$	572		$	—		$	298,939
	(A)	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle’s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
	(B)	The following table summarizes the investments and debt in the other debt segment:
		31-Dec-13												31-Dec-12
		Investments						Debt						Investments						Debt
Non-Recourse		Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying
		Face Amount			Value			Face Amount*			Value*			Face Amount			Value			Face Amount*			Value*
Manufactured housing loan portfolio I		$	102,681		$	91,924		$	74,248		$	66,446		$	118,746		$	100,124		$	90,551		$	81,963
Manufactured housing loan portfolio II			128,975			128,117			93,863			93,536			153,193			150,123			117,907			117,191
Subprime mortgage loans subject to call options			406,217			406,217			406,217			406,217			406,217			405,814			406,217			405,814
Real estate securities			56,466			50,961			39,665			36,095			63,505			53,979			44,585			40,572
Operating real estate			N/A			6,597			6,000			6,000			N/A			6,672			6,000			6,000
Subtotal			694,339			683,816			619,993			608,294			741,661			716,712			665,260			651,540
Other
Real estate loans			—			—			—			—			80,298			29,831			—			—
Unlevered real estate securities			129,563			4,296			—			—			229,299			68,863			—			—
Levered real estate securities			514,994			551,270			516,134			516,134			1,112,796			1,049,029			923,776			923,776
Other Investments			N/A			6,160			—			—			N/A			6,024			—			—
Residential mortgage loans			45,323			34,007			25,119			25,119			55,997			41,180			—			—
		$	1,384,219		$	1,279,549		$	1,161,246		$	1,149,547		$	2,220,051		$	1,911,639		$	1,589,036		$	1,575,316
*	As of December 31, 2013 and December 31, 2012, aggregate face amounts of $133.9 million and $71.1 million (carrying values of $87.5 million and $62.5 million), respectively, of debt represents intersegment financing, which is eliminated upon consolidation.
(C)	In February 2014, the media segment was spun off from Newcastle and will not be reported as a segment in future filings.
(D)	Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments.
Schedule of other debt segment investments and debt	'
		The following table summarizes the investments and debt in the other debt segment:
			31-Dec-13												31-Dec-12
			Investments						Debt						Investments						Debt
	Non-Recourse		Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying			Outstanding			Carrying
			Face Amount			Value			Face Amount*			Value*			Face Amount			Value			Face Amount*			Value*
	Manufactured housing loan portfolio I		$	102,681		$	91,924		$	74,248		$	66,446		$	118,746		$	100,124		$	90,551		$	81,963
	Manufactured housing loan portfolio II			128,975			128,117			93,863			93,536			153,193			150,123			117,907			117,191
	Subprime mortgage loans subject to call options			406,217			406,217			406,217			406,217			406,217			405,814			406,217			405,814
	Real estate securities			56,466			50,961			39,665			36,095			63,505			53,979			44,585			40,572
	Operating real estate			N/A			6,597			6,000			6,000			N/A			6,672			6,000			6,000
	Subtotal			694,339			683,816			619,993			608,294			741,661			716,712			665,260			651,540
	Other
	Real estate loans			—			—			—			—			80,298			29,831			—			—
	Unlevered real estate securities			129,563			4,296			—			—			229,299			68,863			—			—
	Levered real estate securities			514,994			551,270			516,134			516,134			1,112,796			1,049,029			923,776			923,776
	Other Investments			N/A			6,160			—			—			N/A			6,024			—			—
	Residential mortgage loans			45,323			34,007			25,119			25,119			55,997			41,180			—			—
			$	1,384,219		$	1,279,549		$	1,161,246		$	1,149,547		$	2,220,051		$	1,911,639		$	1,589,036		$	1,575,316
	*	As of December 31, 2013 and December 31, 2012, aggregate face amounts of $133.9 million and $71.1 million (carrying values of $87.5 million and $62.5 million), respectively, of debt represents intersegment financing, which is eliminated upon consolidation.
Schedule of holdings in variable interest entities	'
	Newcastle had variable interests in the following unconsolidated VIEs at December 31, 2013, in addition to the subprime securitizations which are described in Note 7:
	Entity		Gross Assets (A)			Debt (B)			Carrying Value of Newcastle’s
									Investment (C)
	Newcastle CDO V		$	200,616		$	226,615		$	2,002
	CDO VIII Repack (D)		$	146,645		$	146,645		$	104,308
		(A)	Face amount.
		(B)	Newcastle CDO V includes $39.8 million face amount of debt owned by Newcastle with a carrying value of $2.0 million at December 31, 2013. CDO VIII Repack includes $116.8 million face amount of debt owned by Newcastle with a carrying value of $104.3 million at December 31, 2013.
		(C)	This amount represents Newcastle’s maximum exposure to loss from this entity.
		(D)	See Notes 13 and 14 for information about the securitization that is collateralized by certain Newcastle CDO VIII Class I Notes.

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2013
Real Estate Securities Tables	'
Schedule of real estate securities holdings	'
	The following is a summary of Newcastle’s real estate securities at December 31, 2013 and 2012, all of which are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired.
						Amortized Cost Basis									Gross Unrealized									Weighted Average
	Asset Type		Outstanding			Before			Other-Than-			After			Gains		Losses			Carrying Value		Number of		Rating		Coupon			Yield			Maturity			Principal
			Face Amount			Impairment			Temporary-			Impairment								(A)		Securities		(B)								(Years)			Subordination
									Impairment																							(C)			(D)
	31-Dec-13
	CMBS-Conduit		$	238,400		$	215,341		$	(69,099	)	$	146,242		$	52,900	$	(208	)	$	198,934	34		BB-		5.47	%		17	%		2.6			10.2	%
	CMBS- Single Borrower			91,492			90,788			(12,364	)		78,424			3,964		(82	)		82,306	15		BB		5.71	%		7.16	%		2.4			7.8	%
	CMBS-Large Loan			3,229			3,212			—			3,212			17		—			3,229	1		BBB-		6.63	%		8.87	%		0.3			8.1	%
	REIT Debt			29,200			28,667			—			28,667			2,519		—			31,186	5		BB+		5.89	%		6.86	%		1.8			N/A
	Non-Agency RMBS			96,762			103,535			(62,860	)		40,675			16,907		(1	)		57,581	34		CCC+		1.07	%		12.2	%		4.4			25.9	%
	ABS-Franchise			8,464			7,647			(7,647	)		—			—		—			—	1		C		6.69	%		0	%		—			0	%
	FNMA/FHLMC (G)			514,994			548,456			(817	)		547,639			3,631		—			551,270	64		AAA		2.9	%		1.25	%		3.6			N/A
	CDO (E)			188,364			71,857			(14,861	)		56,996			2,761		—			59,757	11		CCC-		3.21	%		7.56	%		1.2			19.1	%
	Total/Average (F)		$	1,170,905		$	1,069,503		$	(167,648	)	$	901,855		$	82,699	$	(291	)	$	984,263	165		BBB		3.65	%		5.44	%		2.9
	31-Dec-12
	CMBS-Conduit		$	340,978		$	315,554		$	(98,481	)	$	217,073		$	47,776	$	(10,081	)	$	254,768	53		BB-		5.55	%		10.81	%		3.3			9.8	%
	CMBS- Single Borrower			125,123			123,638			(12,364	)		111,274			4,482		(3,002	)		112,754	22		BB		4.89	%		5.92	%		2.9			9.2	%
	CMBS-Large Loan			8,891			8,619			—			8,619			250		—			8,869	1		BBB-		6.08	%		12.41	%		0.6			4.8	%
	REIT Debt			62,700			62,069			—			62,069			4,105		—			66,174	10		BBB-		5.72	%		5.89	%		1.8			N/A
	Non-Agency RMBS			558,215			390,509			(68,708	)		321,801			34,565		(391	)		355,975	69		CC		0.76	%		7.5	%		6.4			13.3	%
	ABS-Franchise			10,098			9,386			(7,839	)		1,547			237		(309	)		1,475	3		CCC-		5.93	%		3.4	%		4.7			3	%
	FNMA/FHLMC (G)			768,619			818,866			—			818,866			3,860		(2,191	)		820,535	58		AAA		3.05	%		1.4	%		3.5			N/A
	CDO			203,477			82,399			(14,861	)		67,538			3,487		—			71,025	13		BB		2.83	%		7.07	%		1.6			20.9	%
	Total/Average (F)		$	2,078,101			1,811,040			(202,253	)		1,608,787			98,762		(15,974	)		1,691,575	229		BBB-		3.04	%		4.69	%		4
		(A)	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
		(B)	Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current.
		(C)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
		(D)	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle’s investments.
		(E)	Includes two CDO bonds issued by a third party with a carrying value of $57.8 million, three CDO bonds issued by CDO V (which has been deconsolidated) and held as an investment by Newcastle with a carrying value of $2.0 million and six CDO bonds issued by C-BASS with no carrying value.
		(F)	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
		(G)	Amortized cost basis and carrying value include principal receivable of $4.8 million and $7.4 million as of December 31, 2013 and 2012, respectively.
Schedule of real estate securities holdings in an unrealized loss position	'
	The following table summarizes Newcastle’s securities in an unrealized loss position as of December 31, 2013.
						Amortized Cost Basis									Gross Unrealized									Weighted Average
	Securities in		Outstanding			Before			Other-than-			After			Gains		Losses			Carrying		Number		Rating			Coupon			Yield			Maturity
	an Unrealized		Face			Impairment			Temporary			Impairment								Value		of											(Years)
	Loss Position		Amount						Impairment													Securities
	Less Than    Twelve        Months		$	14,456		$	17,024		$	(2,874	)	$	14,150		$	—	$	(115	)	$	14,035		6		BBB+			5.58	%		6.34	%		0.9
	Twelve or     More        Months			11,157			10,963			—			10,963			—		(176	)		10,787		2		B			5.38	%		5.74	%		3.2
	Total		$	25,613		$	27,987		$	(2,874	)	$	25,113		$	—	$	(291	)	$	24,822		8		BB+			5.49	%		6.08	%		1.9
	Newcastle performed an assessment of all of its debt securities that are in an unrealized loss position (unrealized loss position exists when a security’s amortized cost basis, excluding the effect of OTTI, exceeds its fair value) and determined the following:
			31-Dec-13
							Amortized Cost Basis		Unrealized Losses
			Fair Value			After Impairment			Credit (B)			Non-Credit (C)
	Securities Newcastle intends to sell		$	179,225		$	179,225		$	(817	)	$	N/A
	Securities Newcastle is more likely than not to be required to sell (A)			—			—			—			N/A
	Securities Newcastle has no intent to sell and is not more likely
	than not to be required to sell:
	Credit impaired securities			—			1			(2,873	)		(1	)
	Non-credit impaired securities			24,822			25,112			—			(290	)
	Total debt securities in an unrealized loss position		$	204,047		$	204,338		$	(3,690	)	$	(291	)
		(A)	Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales.
		(B)	This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle’s management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management’s expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment’s effective interest rate.
		(C)	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
Schedule of credit losses on debt securities	'
	The following table summarizes the activity related to credit losses on debt securities:
			2013			2012
	Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income		$	(4,770	)	$	(20,207	)
	Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income			(89	)		(4,581	)
	Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income			(2,874	)		—
	Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date			120			14,771
	Reduction for securities sold during the period			4,739			1,498
	Reduction for securities deconsolidated during the period			—			3,736
	Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security			1			13
	Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income		$	(2,873	)	$	(4,770	)
Schedule of geographic distribution of collateral securing Newcastle's CMBS and ABS	'
	The table below summarizes the geographic distribution of the collateral securing the CMBS and ABS at December 31, 2013:
			CMBS						ABS
	Geographic Location		Outstanding Face Amount			Percentage			Outstanding Face Amount			Percentage
	Western U.S.		$	74,067			22.2	%	$	32,080			30.5	%
	Northeastern U.S.			60,858			18.3	%		21,972			20.9	%
	Southeastern U.S.			66,534			20	%		20,722			19.7	%
	Midwestern U.S.			49,413			14.8	%		13,704			13	%
	Southwestern U.S.			64,632			19.4	%		10,567			10	%
	Other			12,720			3.8	%		6,181			5.9	%
	Foreign			4,897			1.5	%		—			0	%
			$	333,121			100	%	$	105,226			100	%

REAL_ESTATE_RELATED_AND_OTHER_1

REAL ESTATE RELATED AND OTHER LOANS, RESIDENTIAL MORTGAGE LOANS, AND SUBPRIME MORTGAGE LOANS (Tables)	12 Months Ended
	Dec. 31, 2013
Real Estate Related And Other Loans Residential Mortgage Loans And Subprime Mortgage Loans Tables	'
Schedule of real estate 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.
				31-Dec-13																							31-Dec-12
	Loan Type			Outstanding			Carrying			Loan			Wtd.			Weighted			Weighted			Floating Rate			Delinquent		Carrying		Wtd. Avg.
				Face Amount			Value (A)			Count			Avg.			Average			Average			Loans as a %			Face Amount		Value		Yield
													Yield			Coupon			Maturity			of Face			(C)
																			(Years) (B)			Amount
	Mezzanine Loans			$	172,197		$	139,720			9			6.63	%		7	%		1.3			77.5	%	$	12,000	$	442,529		10.1	%
	Corporate Bank Loans				256,594			166,710			5			24.18	%		13.39	%		0.9			9.9	%		—		208,863		18.85	%
	B-Notes				109,323			101,385			4			10.12	%		5.3	%		1.5			79.3	%		—		161,610		10.4	%
	Whole Loans				29,715			29,715			2			3.65	%		3.72	%		0			98	%		—		30,130		5.21	%
	Total Real Estate Related and other Loans Held-for-Sale, Net (D)			$	567,829		$	437,530			20			13.92	%		9.39	%		1.1			48.4	%	$	12,000	$	843,132		12.15	%
	Non-Securitized Manufactured Housing Loan Portfolio I			$	501		$	130			14			81.79	%		7.9	%		0.9			0	%	$	—	$	163		38.84	%
	Non-Securitized Manufactured Housing Loan Portfolio II				2,628			2,055			97			15.39	%		10.05	%		5.1			9.5	%		216		2,308		15.46	%
	Total Residential Mortgage Loans Held-for-Sale, Net (F)			$	3,129		$	2,185			111			19.34	%		9.71	%		4.4			8	%	$	216	$	2,471		17	%
	Securitized Manufactured Housing Loan Portfolio I			$	102,681		$	91,924			2,820			9.44	%		8.6	%		6.1			0.6	%	$	976	$	100,124		9.48	%
	Securitized Manufactured Housing Loan Portfolio II				128,975			128,117			4,653			8.11	%		9.62	%		4.9			16.5	%		1,998		150,123		7.54	%
	Residential Loans				45,968			35,409			172			7.49	%		2.26	%		5.2			100	%		6,756		42,214		7.41	%
	Total Residential Mortgage Loans Held-for-Investment, Net (E) (F)			$	277,624		$	255,450			7,645			8.5	%		8.02	%		5.4			24.4	%	$	9,730	$	292,461		8.19	%
	Subprime Mortgage Loans Subject to Call Option			$	406,217		$	406,217																			$	405,814
	(A)	The aggregate United States federal income tax basis for such assets at December 31, 2013 was approximately $748.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $4.3 million for the manufactured housing loans.
	(B)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
	(C)	Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned (“REO”). As of December 31, 2013 and December 31, 2012, $76.5 million and $137.7 million face amount of real estate related and other loans, respectively, was on non-accrual status.
	(D)	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows:
					31-Dec-13
	Loan Type				Outstanding			Carrying Value			Prior Liens		Loan		Yield (2)		Coupon (2)		Weighted Average
					Face Amount						-1		Count						Maturity (Years)
	Individual Bank Loan		(3	)	$	185,579		$	155,579		573,000		1		24.9	%	15.55	%	0.6
	Individual B-Note Loan		(4	)		52,169			49,236		2,013,921		1		12	%	3.04	%	0.8
	Individual Mezzanine Loan		(4	)		36,016			34,395		742,473		1		7	%	7	%	1.3
	Individual Whole Loan		(5	)		29,117			29,117		—		1		3.65	%	3.65	%	0
	Individual Mezzanine Loan		(4	)		28,939			28,939		169,933		1		7	%	8	%	0.6
	Individual Mezzanine Loan		(4	)		24,581			24,581		311,649		1		9	%	9	%	3.3
	Individual Mezzanine Loan		(4	)		24,500			24,500		75,000		1		6	%	8.17	%	0.9
	Individual B-Note Loan		(4	)		21,500			21,500		36,000		1		7	%	8.48	%	0.3
	Individual B-Note Loan		(4	)		22,629			18,795		128,897		1		12	%	7.32	%	5
	Individual Mezzanine Loan		(6	)		14,205			14,205		—		1		3.42	%	3.31	%	0
	Others		(7	)		128,594			36,683				10		7.73	%	6.85	%	1.4
					$	567,829		$	437,530				20		13.92	%	9.39	%	1.1
		-1	Represents face amount of third party liens that are senior to Newcastle’s position.
		-2	For others, represents weighted average yield and weighted average coupon.
		-3	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
		-4	Interest only payments over life to maturity and balloon principal payment upon maturity.
		-5	Interest only payments over life to maturity with a discounted payoff option prior to April 2014. The borrower repaid the financing and received the discount in January 2014.
		-6	The borrower repaid the financing in January 2014.
		-7	Various terms of payment. This represents $71.0 million, $44.0 million, $13.0 million and $0.6 million face amounts of bank loans, mezzanine loans, B-notes and whole loans, respectively. Each of the ten loans had a carrying value of less than $13.1 million at December 31, 2013.
		(E)	The following is an aging analysis of past due residential loans held-for-investment as of December 31, 2013:
			30-59 Days			60-89 Days			Over 90 Days			REO			Total Past			Current			Total Outstanding
			Past Due			Past Due			Past Due						Due						Face Amount
	Securitized Manufactured Housing Loan Portfolio I		$	655		$	99		$	550		$	327		$	1,631		$	101,050		$	102,681
	Securitized Manufactured Housing Loan Portfolio II		$	963		$	390		$	1,208		$	400		$	2,961		$	126,014		$	128,975
	Residential Loans		$	392		$	798		$	4,832		$	1,126		$	7,148		$	38,820		$	45,968
		Newcastle’s management monitors the credit qualities of the Manufactured Housing Loan Portfolios I and II and residential loans primarily by using the aging analysis, current trends in delinquencies and the actual loss incurrence rate.
		(F)	Loans acquired at a discount for credit quality.
Schedule of large loans	'
	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows:
					31-Dec-13
	Loan Type				Outstanding			Carrying Value			Prior Liens		Loan		Yield (2)		Coupon (2)		Weighted Average
					Face Amount						-1		Count						Maturity (Years)
	Individual Bank Loan		(3	)	$	185,579		$	155,579		573,000		1		24.9	%	15.55	%	0.6
	Individual B-Note Loan		(4	)		52,169			49,236		2,013,921		1		12	%	3.04	%	0.8
	Individual Mezzanine Loan		(4	)		36,016			34,395		742,473		1		7	%	7	%	1.3
	Individual Whole Loan		(5	)		29,117			29,117		—		1		3.65	%	3.65	%	0
	Individual Mezzanine Loan		(4	)		28,939			28,939		169,933		1		7	%	8	%	0.6
	Individual Mezzanine Loan		(4	)		24,581			24,581		311,649		1		9	%	9	%	3.3
	Individual Mezzanine Loan		(4	)		24,500			24,500		75,000		1		6	%	8.17	%	0.9
	Individual B-Note Loan		(4	)		21,500			21,500		36,000		1		7	%	8.48	%	0.3
	Individual B-Note Loan		(4	)		22,629			18,795		128,897		1		12	%	7.32	%	5
	Individual Mezzanine Loan		(6	)		14,205			14,205		—		1		3.42	%	3.31	%	0
	Others		(7	)		128,594			36,683				10		7.73	%	6.85	%	1.4
					$	567,829		$	437,530				20		13.92	%	9.39	%	1.1
		-1	Represents face amount of third party liens that are senior to Newcastle’s position.
		-2	For others, represents weighted average yield and weighted average coupon.
		-3	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
		-4	Interest only payments over life to maturity and balloon principal payment upon maturity.
		-5	Interest only payments over life to maturity with a discounted payoff option prior to April 2014. The borrower repaid the financing and received the discount in January 2014.
		-6	The borrower repaid the financing in January 2014.
		-7	Various terms of payment. This represents $71.0 million, $44.0 million, $13.0 million and $0.6 million face amounts of bank loans, mezzanine loans, B-notes and whole loans, respectively. Each of the ten loans had a carrying value of less than $13.1 million at December 31, 2013.
Schedule of aging of past due residential loans held for investment	'
	The following is an aging analysis of past due residential loans held-for-investment as of December 31, 2013:
			30-59 Days			60-89 Days			Over 90 Days			REO			Total Past			Current			Total Outstanding
			Past Due			Past Due			Past Due						Due						Face Amount
	Securitized Manufactured Housing Loan Portfolio I		$	655		$	99		$	550		$	327		$	1,631		$	101,050		$	102,681
	Securitized Manufactured Housing Loan Portfolio II		$	963		$	390		$	1,208		$	400		$	2,961		$	126,014		$	128,975
	Residential Loans		$	392		$	798		$	4,832		$	1,126		$	7,148		$	38,820		$	45,968
Schedule of real estate related loans by maturity	'
	The following is a summary of real estate related and other loans by maturity at December 31, 2013:
	Year of Maturity (1)		Outstanding			Carrying Value			Number of
			Face Amount						Loans
	Delinquent (2)		$	12,000		$	—			1
	2014			115,623			49,236			5
	2015			57,943			56,271			5
	2016			64,955			63,334			2
	2017			94,912			81,213			4
	2018			22,628			18,796			1
	Thereafter			199,768			168,680			2
	Total		$	567,829		$	437,530			20
		-1	Based on the final extended maturity date of each loan investment as of December 31, 2013.
		-2	Includes loans that are non-performing, in foreclosure, or under bankruptcy.
Schedule of activity in carrying value of real estate loans and residential mortgage loans	'
	Activities relating to the carrying value of real estate related and other loans and residential mortgage loans are as follows:
			Held for Sale						Held for Investment
						Residential			Residential			NPL Reverse
			Real Estate			Mortgage Loans			Mortgage Loans			Mortgage Loans
			Related Loans
	31-Dec-10		$	782,605		$	253,213		$	124,974			—
	Purchases / additional fundings			384,850			—			—			—
	Interest accrued to principal balance			19,507			—			—			—
	Principal paydowns			(270,767	)		(8,818	)		(30,514	)		—
	Sales			(125,141	)		—			—			—
	Transfer to held for investment			—			(238,721	)		238,721			—
	Valuation (allowance) reversal on loans			21,629			(2,864	)		(3,602	)		—
	Accretion of loan discount and other amortization			(7	)		—			2,371			—
	Other			904			(123	)		(714	)		—
	31-Dec-11		$	813,580		$	2,687		$	331,236		$	—
	Purchases / additional fundings			109,491			—			—			—
	Interest accrued to principal balance			22,835			—			—			—
	Principal paydowns			(129,950	)		(686	)		(38,182	)		—
	Valuation (allowance) reversal on loans			28,213			493			(4,119	)		—
	Loss on repayment of loans held for sale			(1,614	)		—			—			—
	Accretion of loan discount and other amortization			—			—			4,002			—
	Other			577			(23	)		(476	)		—
	31-Dec-12		$	843,132		$	2,471		$	292,461		$	—
	Purchases / additional fundings			315,296			—			—			35,138
	Interest accrued to principal balance			26,588			—			—			—
	Principal paydowns			(257,335	)		(373	)		(45,665	)		—
	Sales			(101,338	)		—			—			—
	New Residential spin-off			—			—			—			(35,865	)
	Conversion to equity-GateHouse			(393,531	)		—			—			—
	Elimination after restructure-Golf			(29,412	)		—			—			—
	Valuation (allowance) reversal on loans			19,479			105			5,451			—
	Gain on repayment of loans held for sale			7,216			—			—			—
	Accretion of loan discount and other amortization			6,689			—			3,684			727
	Other			746			(18	)		(481	)		—
	31-Dec-13		$	437,530		$	2,185		$	255,450		$	—
Rollforward for loss allowance related to real estate loans	'
	The following is a rollforward of the related loss allowance:
			Held for Sale						Held for Investment
			Real Estate Related and Other Loans			Residential Mortgage Loans			Residential Mortgage Loans (B)
	Balance at December 31, 2011		$	(228,017	)	$	(2,461	)	$	(26,075	)
	Charge-offs (A)			17,742			896			7,716
	Valuation (allowance) reversal on loans			28,213			493			(4,119	)
	Balance at December 31, 2012		$	(182,062	)	$	(1,072	)	$	(22,478	)
	Charge-offs (A)			68,546			143			4,780
	Valuation (allowance) reversal on loans			19,479			105			5,451
	Balance at December 31, 2013		$	(94,037	)	$	(824	)	$	(12,247	)
		(A)	The charge-offs for real estate related loans represent three and six loans which were written off, sold, restructured, or paid off at a discounted price during 2013 and 2012, respectively.
		(B)	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.
Schedule of geographic distribution of real estate related and other loans and residential mortgage loans	'
	The table below summarizes the geographic distribution of real estate related and other loans and residential loans at December 31, 2013:
			Real Estate Related and Other Loans						Residential Mortgage Loans
	Geographic Location		Outstanding Face Amount			Percentage			Outstanding Face Amount			Percentage
	Western U.S.		$	94,204			29.9	%	$	168,132			59.9	%
	Northeastern U.S.			34,847			11	%		9,014			3.2	%
	Southeastern U.S.			52,178			16.5	%		61,646			22	%
	Midwestern U.S.			11,296			3.6	%		10,490			3.7	%
	Southwestern U.S.			32,005			10.1	%		31,424			11.2	%
	Foreign			91,129			28.9	%		47			0	%
			$	315,659			100	%	$	280,753			100	%
	Other			252,170		(A)
			$	567,829
		(A)	Includes corporate bank loans which are not directly secured by real estate assets.
Schedule of holdings in subprime mortgage loans	'
			Subprime Portfolio
			I		II
	Date of acquisition		Mar-06		Mar-07
	Original number of loans (approximate)		11,300		7,300
	Predominant origination date of loans		2005		2006
	Original face amount of purchase		$1.5 billion		$1.3 billion
	Pre-securitization loan write-down		($4.1 million)		($5.8 million)
	Gain on pre-securitization hedge		$5.5 million		$5.8 million
	Gain on sale		Less than $0.1 million		$0.1 million
	Securitization date		Apr-06		Jul-07
	Face amount of loans at securitization		$1.5 billion		$1.1 billion
	Face amount of notes sold by trust		$1.4 billion		$1.0 billion
	Stated maturity of notes		Mar-36		Apr-37
	Face amount of notes retained by Newcastle		$37.6 million		$38.8 million
	Fair value of equity retained by Newcastle		$62.4 million (A)		$46.7 million (A)
	Key assumptions in measuring such fair value (A):
	Weighted average life (years)		3.1		3.8
	Expected credit losses		5.30%		8.00%
	Weighted average constant prepayment rate		28.00%		30.10%
	Discount rate		18.80%		22.50%
		(A)	As of the date of transfer.
	The following table presents information on the retained interests in the securitizations of Subprime Portfolios I and II at December 31, 2013:
			Subprime Portfolio
			I			II			Total
	Total securitized loans (unpaid principal balance) (A)		$	372,661		$	506,620		$	879,281
	Loans subject to call option (carrying value)		$	299,176		$	107,041		$	406,217
	Retained interests (fair value) (B)		$	2,485		$	—		$	2,485
		(A)	Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.
		(B)	The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle’s residual interests were written off in 2010. The weighted average yield of the retained note was 24.53% as of December 31, 2013.
Schedule of details regarding subprime mortgage loans	'
	The following table summarizes certain characteristics of the underlying subprime mortgage loans, and related financing, in the securitizations as of December 31, 2013 (unaudited, except stated otherwise):
			Subprime Portfolio
			I			II
	Loan unpaid principal balance (UPB) (A)		$	372,661		$	506,620
	Weighted average coupon rate of loans			5.88	%		5.19	%
	Delinquencies of 60 or more days (UPB) (B)		$	110,539		$	204,653
	Net credit losses for year ended
	31-Dec-13		$	26,388		$	44,855
	31-Dec-12		$	27,548		$	34,866
	Cumulative net credit losses		$	246,805		$	301,574
	Cumulative net credit losses as a % of original UPB			16.4	%		27.7	%
	Percentage of ARM loans (C)			51.5	%		57	%
	Percentage of loans with loan-to-value ratio >90%			9.4	%		7.7	%
	Percentage of interest-only loans			11.4	%		14.2	%
	Face amount of debt (A) (D)		$	368,661		$	506,620
	Weighted average funding cost of debt (E)			0.53	%		0.45	%
		(A)	Audited.
		(B)	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned.
		(C)	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
		(D)	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2013.
		(E)	Includes the effect of applicable hedges.

INVESTMENTS_IN_SENIOR_HOUSING_1

INVESTMENTS IN SENIOR HOUSING REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2013
Investments In Senior Housing Real Estate Tables	'
Schedule of investments in senior housing real estate	'
	The following table sets forth certain information regarding the investments in real estate at December 31, 2013:
					Initial Cost												Costs			Gross Carrying Amount (B) (F)
														Furniture,			Capitalized										Furniture,				Accumulated
	Property Type										Building			Fixtures and			Subsequent to								Building		Fixtures and				Depreciation
	(A)		City, State		Land			Building			Improvements			Equipment			Acquisition			Land			Building		Improvements		Equipment		Total		(B)(C)
	Investments during 2012
	AL/MC		Scottsdale, AZ		$	2,307		$	16,809		$	183		$	101		$	170		$	2,307		$	16,809	$	327	$	127	$	19,570	$	(708	)
	AL/MC		Citrus Heights, CA			831			3,089			94			59			29			831			3,090		114		67		4,102		(154	)
	AL/MC		Santa Cruz, CA			2,255			20,931			265			58			124			2,255			20,932		370		76		23,633		(870	)
	AL/MC		Clovis, CA			1,133			16,789			205			45			77			1,133			16,790		235		91		18,249		(671	)
	AL/MC		Boise, ID			1,465			13,157			477			58			116			1,465			13,157		580		71		15,273		(599	)
	AL/MC		Corvallis, OR			1,060			4,886			164			8			56			1,060			4,886		196		32		6,174		(209	)
	AL/MC		Eugene, OR			935			20,383			411			91			88			935			20,383		507		83		21,908		(862	)
	AL/MC		Cottonwood Heights, UT			1,496			16,160			238			58			154			1,496			16,160		275		175		18,106		(674	)
	AL/MC		Bountiful, UT			570			9,492			66			50			362			570			9,492		298		180		10,540		(355	)
	AL/MC		Taylorsville, UT			1,111			3,009			117			39			266			1,111			3,009		242		180		4,542		(154	)
	AL/MC		Salt Lake City, UT			700			3,253			44			15			212			700			3,253		131		140		4,224		(129	)
	AL/MC		Fort Worth, TX			2,130			16,260			338			672			139			2,130			16,260		423		726		19,539		(775	)
	Subtotal 2012				$	15,993		$	144,218		$	2,602		$	1,254		$	1,793		$	15,993		$	144,221	$	3,698	$	1,948	$	165,860		(6,160	)
	Investments during 2013
	IL-only		Poughkeepsie, NY			—			11,848			282			670			102			—			11,849		341		712		12,902		(215	)
	AL/MC		Brooksville, FL			1,807			8,578			211			568			74			1,807			8,578		230		623		11,238		(150	)
	AL/MC		Port Charlotte, FL			1,078			8,381			231			679			51			1,078			8,383		238		721		10,420		(158	)
	AL/MC		Bradenton, FL			1,177			9,129			211			748			75			1,177			9,129		229		805		11,340		(172	)
	AL/MC		Brooksville, FL			708			4,895			244			439			43			708			4,895		254		472		6,329		(101	)
	AL/MC		Bradenton, FL			1,367			14,124			235			1,247			124			1,367			14,124		259		1,347		17,097		(270	)
	AL/MC		Hollywood, FL			918			4,057			204			509			94			918			4,057		239		568		5,782		(99	)
	AL/MC		Pinellas Park, FL			1,447			9,564			185			848			56			1,447			9,564		203		886		12,100		(183	)
	AL/MC		Lake Placid, FL			1,217			4,442			277			838			40			1,217			4,442		282		873		6,814		(131	)
	AL/MC		Hollywood, FL			948			4,624			126			399			50			948			4,624		138		437		6,147		(91	)
	AL/MC		Venice, FL			1,078			13,034			277			838			59			1,078			13,034		290		884		15,286		(222	)
	AL/MC		New Bern, NC			1,676			12,808			234			1,148			132			1,676			12,808		258		1,256		15,998		(250	)
	AL/MC		Winter Haven, FL			3,532			21,840			222			1,477			148			3,532			21,840		287		1,560		27,219		(371	)
	AL/MC		Sanford, FL			1,407			8,742			269			629			63			1,407			8,742		291		670		11,110		(159	)
	AL/MC		Spring Hill, FL			798			5,449			248			529			44			798			5,449		261		560		7,068		(114	)
	AL/MC		Lakeland, FL			1,108			14,790			48			918			76			1,108			14,790		70		972		16,940		(239	)
	AL/MC		Media, PA			1,940			15,834			406			870			140			1,940			15,834		440		976		19,190		(233	)
	AL/MC		Port Charlotte, FL			2,000			13,316			252			1,370			163			2,000			13,316		275		1,510		17,101		(213	)
	AL/MC		Pittsburgh, PA			3,260			11,435			203			410			207			3,260			11,435		352		468		15,515		(129	)
	IL-only		Richmond, VA			1,630			9,241			329			705			115			1,630			9,241		419		730		12,020		(69	)
	AL/MC		Fort Myers, FL			1,950			9,018			242			1,040			48			1,950			9,018		242		1,088		12,298		(18	)
	IL-only		Surprise, AZ			1,150			11,083			248			646			—			1,150			11,083		248		646		13,127		(9	)
	IL-only		Santa Clara, CA			—			17,979			609			767			—			—			17,979		609		767		19,355		(15	)
	IL-only		Pueblo, CO			454			13,983			63			384			—			454			13,983		63		384		14,884		(10	)
	IL-only		Rocky Hill, CT			—			23,976			215			615			—			—			23,976		215		615		24,806		(18	)
	IL-only		Farmington, CT			3,649			23,586			155			272			—			3,649			23,586		155		272		27,662		(16	)
	IL-only		Urbandale, IA			706			12,017			270			484			—			706			12,017		270		484		13,477		(10	)
	IL-only		Bettendorf, IA			1,512			10,991			136			474			—			1,512			10,991		136		474		13,113		(9	)
	IL-only		Topeka, KS			333			14,500			221			746			—			333			14,500		221		746		15,800		(13	)
	Senior Housing Properties:
	IL-only		Salem, OR			1,411			16,772			240			907			—			1,411			16,772		240		907		19,330		(15	)
	IL-only		St Louis, MO			1,079			24,741			162			847			—			1,079			24,741		162		847		26,829		(19	)
	IL-only		Durham, NC			1,079			22,424			199			615			—			1,079			22,424		199		615		24,317		(17	)
	IL-only		Cary, NC			2,137			19,310			195			786			—			2,137			19,310		195		786		22,428		(16	)
	IL-only		Reno, NV			1,079			19,821			336			615			—			1,079			19,821		336		615		21,851		(16	)
	IL-only		Salem, OR			917			6,423			362			—			—			917			6,423		362		—		7,702		(5	)
	IL-only		Corvallis, OR			1,129			7,830			77			232			—			1,129			7,830		77		232		9,268		(6	)
	IL-only		Hillsboro, OR			1,643			11,890			125			494			—			1,643			11,890		125		494		14,152		(10	)
	IL-only		Eugene, OR			1,603			17,452			262			686			—			1,603			17,452		262		686		20,003		(14	)
	IL-only		Harrisburg, PA			1,008			22,683			116			776			—			1,008			22,683		116		776		24,583		(18	)
	IL-only		Boyertown, PA			313			18,292			91			504			—			313			18,292		91		504		19,200		(14	)
	IL-only		Clarksville, TN			635			10,624			149			302			—			635			10,624		149		302		11,710		(8	)
	IL-only		Dallas, TX			2,389			12,364			167			534			—			2,389			12,364		167		534		15,454		(10	)
IL-only		Denton, TX			1,018			18,611			237			726			—			1,018			18,611		237		726		20,592		(15	)
IL-only		San Antonio, TX			1,553			15,056			178			272			—			1,553			15,056		178		272		17,059		(11	)
IL-only		Flower Mound, TX			2,107			17,616			243			716			—			2,107			17,616		243		716		20,682		(15	)
IL-only		Dallas, TX			2,883			12,230			232			454			—			2,883			12,230		232		454		15,799		(10	)
IL-only		Eau Claire, WI			524			18,951			250			655			—			524			18,951		250		655		20,380		(15	)
IL-only		Simi Valley, CA			3,161			21,489			191			719			—			3,161			21,489		191		719		25,560		(17	)
IL-only		Lakewood, CO			1,307			13,656			542			344			—			1,307			13,656		542		344		15,849		(11	)
IL-only		Greeley, CO			233			13,572			151			588			—			233			13,572		151		588		14,544		(11	)
IL-only		Fort Collins, CO			628			17,671			154			618			—			628			17,671		154		618		19,071		(14	)
IL-only		Tallahassee, FL			1,084			19,912			259			658			—			1,084			19,912		259		658		21,913		(16	)
IL-only		Sarasota, FL			658			21,508			213			658			—			658			21,508		213		658		23,037		(16	)
IL-only		Port Richey, FL			1,084			13,796			202			760			—			1,084			13,796		202		760		15,842		(12	)
IL-only		Normal, IL			324			14,112			209			618			—			324			14,112		209		618		15,263		(12	)
IL-only		Wichita, KS			496			17,438			213			790			—			496			17,438		213		790		18,937		(15	)
IL-only		Paducah, KY			263			23,413			199			851			—			263			23,413		199		851		24,726		(19	)
IL-only		Shreveport, LA			517			5,479			72			172			—			517			5,479		72		172		6,240		(4	)
IL-only		Fort Gratiot, MI			61			15,552			334			821			—			61			15,552		334		821		16,768		(14	)
IL-only		St Joseph, MO			851			15,913			277			618			—			851			15,913		277		618		17,659		(13	)
IL-only		Ridgeland, MS			952			7,020			199			527			—			952			7,020		199		527		8,698		(7	)
IL-only		Missoula, MT			304			16,090			141			648			—			304			16,090		141		648		17,183		(13	)
IL-only		Greece, NY			689			20,181			184			658			—			689			20,181		184		658		21,712		(16	)
IL-only		Fayetteville, NY			770			25,116			166			658			—			770			25,116		166		658		26,710		(18	)
IL-only		Ballwin, MO			1,236			16,134			159			517			—			1,236			16,134		159		517		18,046		(12	)
IL-only		Corvallis, OR			1,520			17,659			219			831			—			1,520			17,659		219		831		20,229		(15	)
IL-only		Lemoyne, PA			922			25,074			148			658			—			922			25,074		148		658		26,802		(18	)
IL-only		Arlington, TX			314			9,525			473			385			—			314			9,525		473		385		10,697		(9	)
IL-only		Richardson, TX			1,297			11,872			206			699			—			1,297			11,872		206		699		14,074		(11	)
IL-only		Lubbock, TX			1,003			20,501			425			932			—			1,003			20,501		425		932		22,861		(18	)
IL-only		North Logan, UT			1,033			17,356			337			729			—			1,033			17,356		337		729		19,455		(15	)
IL-only		Yorktown, VA			2,178			19,055			197			679			—			2,178			19,055		197		679		22,109		(15	)
Subtotal 2013				$	86,242		$	1,055,448		$	16,344		$	47,524		$	1,904		$	86,242		$	1,055,451	$	17,006	$	48,763	$	1,207,462	$	(4,262	)
Total				$	102,235		$	1,199,666		$	18,946		$	48,778		$	3,697		$	102,235		$	1,199,672	$	20,704	$	50,711	$	1,373,322	$	(10,422	)
					Year			Year
Property					Acquired			Constructed/			Net Carrying Value						Encumbrances (E)
Type (A)		City, State			(D)			Renovated (D)			12/31/13			12/31/12			12/31/13			12/31/12
AL/MC			Scottsdale, AZ			2012			1999/2005		$	18,862		$	19,212		$	16,380		$	12,600
AL/MC			Citrus Heights, CA			2012			1997/2011			3,948			4,027			3,440			2,940
AL/MC			Santa Cruz, CA			2012			1990/NA			22,763			23,272			19,850			17,220
AL/MC			Clovis, CA			2012			1998/2007			17,578			17,969			15,343			11,700
AL/MC			Boise, ID			2012			1997/2011			14,674			15,016			12,799			12,960
AL/MC			Corvallis, OR			2012			1999/NA			5,965			6,069			5,166			3,020
AL/MC			Eugene, OR			2012			1998/NA			21,046			21,607			18,425			15,480
AL/MC			Cottonwood Heights, UT			2012			2001/NA			17,432			17,772			15,159			12,480
AL/MC			Bountiful, UT			2012			1978/2000			10,185			10,171			8,819			10,024
AL/MC			Taylorsville, UT			2012			1976/1994			4,388			4,276			3,704			3,341
AL/MC			Salt Lake City, UT			2012			1984/2007			4,095			4,017			3,476			2,635
AL/MC			Fort Worth, TX			2012			1986/NA			18,764			19,393			16,125			16,125
											$	159,700		$	162,801		$	138,686		$	120,525
IL-only			Poughkeepsie, NY			2013			2001/NA			12,687			—			14,100			—
AL/MC			Brooksville, FL			2013			1960/2012			11,088			—			9,951			—
AL/MC			Port Charlotte, FL			2013			1998/NA			10,262			—			9,240			—
AL/MC			Bradenton, FL			2013			1973/1988			11,168			—			10,041			—
AL/MC			Brooksville, FL			2013			1988/NA			6,228			—			5,603			—
AL/MC			Bradenton, FL			2013			1988/NA			16,827			—			15,128			—
AL/MC			Hollywood, FL			2013			1998/NA			5,683			—			5,069			—
AL/MC			Pinellas Park, FL			2013			1986/2007			11,917			—			10,735			—
AL/MC			Lake Placid, FL			2013			2007/NA			6,683			—			6,039			—
AL/MC			Hollywood, FL			2013			1988/2012			6,056			—			5,434			—
AL/MC			Venice, FL			2013			1998/NA			15,064			—			13,572			—
AL/MC			New Bern, NC			2013			1985/2004			15,748			—			14,141			—
AL/MC			Winter Haven, FL			2013			1984/NA			26,848			—			19,199			—
AL/MC			Sanford, FL			2013			1984/NA			10,951			—			5,549			—
AL/MC			Spring Hill, FL			2013			1988/2006			6,954			—			7,405			—
AL/MC			Lakeland, FL			2013			1984/NA			16,701			—			9,082			—
AL/MC			Media, PA			2013			1995/NA			18,957			—			16,875			—
AL/MC			Port Charlotte, FL			2013			1985/2004			16,888			—			14,250			—
AL/MC			Pittsburgh, PA			2013			1996/NA			15,386			—			8,250			—
IL-only			Richmond, VA			2013			1987/2008			11,951			—			8,775			—
AL/MC			Fort Myers, FL			2013			1988/NA			12,280			—			10,688			—
IL-only			Surprise, AZ			2013			1998/NA			13,118			—			10,046			—
IL-only			Santa Clara, CA			2013			1991/NA			19,340			—			14,814			—
IL-only			Pueblo, CO			2013			1985/NA			14,874			—			11,392			—
IL-only			Rocky Hill, CT			2013			1998/NA			24,788			—			18,988			—
IL-only			Farmington, CT			2013			1989/NA			27,646			—			21,174			—
IL-only			Urbandale, IA			2013			1995/NA			13,467			—			10,316			—
IL-only			Bettendorf, IA			2013			1990/NA			13,104			—			10,037			—
IL-only			Topeka, KS			2013			1998/NA			15,787			—			12,094			—
IL-only			Salem, OR			2013			1990/NA			19,315			—			14,797			—
IL-only			St Louis, MO			2013			2006/NA			26,810			—			20,537			—
IL-only			Durham, NC			2013			1989/NA			24,300			—			18,615			—
IL-only			Cary, NC			2013			2003/NA			22,412			—			17,169			—
IL-only			Reno, NV			2013			2002/NA			21,835			—			16,726			—
IL-only			Salem, OR			2013			1990/NA			7,697			—			5,897			—
IL-only			Corvallis, OR			2013			1983/NA			9,262			—			7,094			—
IL-only			Hillsboro, OR			2013			1996/NA			14,142			—			10,834			—
IL-only			Eugene, OR			2013			1995/NA			19,989			—			15,311			—
IL-only			Harrisburg, PA			2013			2000/NA			24,565			—			18,819			—
IL-only			Boyertown, PA			2013			1997/NA			19,186			—			14,697			—
IL-only			Clarksville, TN			2013			1993/NA			11,702			—			8,965			—
IL-only			Dallas, TX			2013			1996/NA			15,444			—			11,830			—
IL-only			Denton, TX			2013			2005/NA			20,577			—			15,763			—
IL-only			San Antonio, TX			2013			1984/NA			17,048			—			13,058			—
IL-only			Flower Mound, TX			2013			2007/NA			20,667			—			15,832			—
IL-only			Dallas, TX			2013			2001/NA			15,789			—			12,094			—
IL-only			Eau Claire, WI			2013			2003/NA			20,365			—			15,601			—
IL-only			Simi Valley, CA			2013			2006/NA			25,543			—			19,658			—
IL-only			Lakewood, CO			2013			1992/NA			15,838			—			12,190			—
IL-only			Greeley, CO			2013			1986/NA			14,533			—			11,185			—
IL-only			Fort Collins, CO			2013			1987/NA			19,057			—			14,668			—
IL-only			Tallahassee, FL			2013			2001/NA			21,897			—			16,854			—
IL-only			Sarasota, FL			2013			2005/NA			23,021			—			17,719			—
IL-only			Port Richey, FL			2013			1987/NA			15,830			—			12,184			—
IL-only			Normal, IL			2013			1989/NA			15,251			—			11,739			—
IL-only			Wichita, KS			2013			2001/NA			18,922			—			14,565			—
IL-only			Paducah, KY			2013			2004/NA			24,707			—			19,017			—
IL-only			Shreveport, LA			2013			1988/NA			6,236			—			4,799			—
IL-only			Fort Gratiot, MI			2013			2001/NA			16,754			—			12,895			—
IL-only			St Joseph, MO			2013			1990/NA			17,646			—			13,581			—
IL-only			Ridgeland, MS			2013			1986/NA			8,691			—			6,689			—
IL-only			Missoula, MT			2013			1997/NA			17,170			—			13,216			—
IL-only			Greece, NY			2013			2004/NA			21,696			—			16,699			—
IL-only			Fayetteville, NY			2013			2003/NA			26,692			—			20,543			—
IL-only			Ballwin, MO			2013			1990/NA			18,034			—			13,879			—
IL-only			Corvallis, OR			2013			1999/NA			20,214			—			15,558			—
IL-only			Lemoyne, PA			2013			2002/NA			26,784			—			20,614			—
IL-only			Arlington, TX			2013			1987/NA			10,688			—			8,227			—
IL-only			Richardson, TX			2013			1996/NA			14,063			—			10,824			—
IL-only			Lubbock, TX			2013			1997/NA			22,843			—			17,582			—
IL-only			North Logan, UT			2013			2001/NA			19,440			—			14,963			—
IL-only			Yorktown, VA			2013			2005/NA			22,094			—			17,003			—
									Subtotal		$	1,203,200		$	—		$	938,477		$	—
									Total		$	1,362,900		$	162,801		$	1,077,163		$	120,525
(A) AL represents assisted living; IL represents independent living and MC represents memory care.
	(B)	The following is a rollforward of the gross carrying amount and accumulated depreciation of senior housing real estate for the years ended December 31, 2013 and 2012.
		Year ended December 31,
		2013			2012
Gross Carrying Amount
Balance at beginning of year		$	164,359		$	—
Additions:
Acquisitions of real estate			1,205,558			164,067
Improvements			3,450			296
Transferred from operating real estate held for sale			—			—
Disposals:
Disposal of long-lived assets			(45	)		(4	)
Balance at end of year		$	1,373,322		$	164,359
Accumulated Depreciation
Balance at beginning of year		$	(1,558	)	$	—
Additions:
Depreciation expense			(8,874	)		(1,559	)
Transferred from assets held for sale			—			—
Disposals:
Disposal of long-lived assets			10			1
Balance at end of year		$	(10,422	)	$	(1,558	)
	(C)	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
	(D)	Unaudited.
	(E)	See Note 14.
	(F)	The aggregate United States federal income tax basis for Newcastle’s senior housing real estate at December 31, 2013 was approximately $1.4 billion.
Schedule of future minimum rental payments	'
	The following table sets forth the future contracted minimum rentals, excluding contingent rent escalations, for Newcastle’s triple net leases relating to the Holiday Portfolio as of December 31, 2013:
			Total Holiday
			Portfolio
	2014		$	65,031
	2015			67,957
	2016			71,015
	2017			74,211
	2018			76,808
	Thereafter			1,170,819
	Total		$	1,525,841

INVESTMENTS_IN_OTHER_REAL_ESTA1

INVESTMENTS IN OTHER REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2013
Investments In Other Real Estate Tables	'
Schedule of investments in other real estate	'
	The following table summarizes the balances of other real estate assets at December 31, 2013.
									Initial Cost											Gross Carrying Amount (B) (F)
																		Costs
													Furniture,					Capitalized								Furniture,						Accumulated
	Property										Building		Fixtures and			Construction		Subsequent to						Building		Fixtures and		Construction				Depreciation
	Type (A)		City, State			Land			Building		Improvements		Equipment			In-Progress		Acquisition		Land		Building		Improvements		Equipment		In-Progress		Total		(B),(C)
	GC			California		$	62,000		$	21,185	$	59,116	$	12,461		$	4,766	$	—	$	62,000	$	21,185	$	59,116	$	12,461	$	4,766	$	159,528	$	—
	GC			Florida			—			406		759		822			35		—		—		406		759		822		35		2,022		—
	GC			Georgia			2,400			1,635		8,055		729			—		—		2,400		1,635		8,055		729		—		12,819		—
	GC			Hawaii			—			17		192		135			—		—		—		17		192		135		—		344		—
	GC			Idaho			2,700			321		1,995		271			13		—		2,700		321		1,995		271		13		5,300		—
	GC			New Jersey			7,733			—		—		—			—		—		7,733		—		—		—		—		7,733		—
	GC			New Mexico			1,700			1,171		6,703		447			359		—		1,700		1,171		6,703		447		359		10,380		—
	GC			New York			—			22,818		2,168		2,219			48		—		—		22,818		2,168		2,219		48		27,253		—
	GC			Oklahoma			—			761		294		344			68		—		—		761		294		344		68		1,467		—
	GC			Oregon			6,900			1,540		7,166		457			50		—		6,900		1,540		7,166		457		50		16,113		—
	GC			Tennessee			6,400			297		2,018		322			233		—		6,400		297		2,018		322		233		9,270		—
	GC			Texas			—			166		276		569			59		—		—		166		276		569		59		1,070		—
	GC			Virginia			—			33		1		66			—		—		—		33		1		66		—		100		—
	GC			Washington			3,701			265		1,993		186			29		—		3,701		265		1,993		186		29		6,174		—
						$	93,534		$	50,615	$	90,736	$	19,028		$	5,660	$	—	$	93,534	$	50,615	$	90,736	$	19,028	$	5,660	$	259,573	$	—
	Other Operating Real Estate (E):
	OB			Beavercreek, OH		$	386		$	2,287	$	—	$	—		$	—	$	413	$	364	$	2,170	$	390	$	—	$	—	$	2,924	$	(779	)
	OB			Beavercreek, OH			401			2,326		—		—			—		175		381		2,268		92		—		—		2,741		(547	)
	OB			Beavercreek, OH			382			2,242		—		—			—		587		361		2,150		488		—		—		2,999		(741	)
						$	1,169		$	6,855	$	—	$	—		$	—	$	1,175	$	1,106	$	6,588	$	970	$	—	$	—	$	8,664	$	(2,067	)
						$	94,703		$	57,470	$	90,736	$	19,028		$	5,660	$	1,175	$	94,640	$	57,203	$	91,706	$	19,028	$	5,660	$	268,237	$	(2,067	)
						Year			Year				Ending
	Property					Acquired			Constructed/		Net Rentable		Occupancy
	Type (A)		City, State			(D)			Renovated (D)		Sq. Ft. (D)		(D)
	Other Operating Real Estate (E):
	OB			Beavercreek, OH			2006			1984/2006		55,024 Sq. Ft.		84.4	%
	OB			Beavercreek, OH			2006			1985/2006		29,916 Sq. Ft.		100	%
	OB			Beavercreek, OH			2006			1987/2006		45,500 Sq. Ft.		100	%
	(A)    OB represents office building. GC represents golf course.
	(B) The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2013 and 2012.
			Year ended			Year ended
			31-Dec-13			31-Dec-12
	Gross Carrying Amount
	Balance at beginning of year		$	8,520		$	—
	Additions:
	Acquisitions of other real estate			259,573			—
	Improvements			144			—
	Transferred from operating real estate held for sale			—			8,520
	Disposals:
	Disposal of long-lived assets			—			—
	Balance at end of year		$	268,237		$	8,520
	Accumulated Depreciation
	Balance at beginning of year		$	(1,848	)	$	—
	Additions:
	Depreciation expense			(219	)		(1,191	)
	Transferred from assets held-for-sale			—			(657	)
	Disposals:
	Disposal of long-lived assets			—			—
	Balance at end of year		$	(2,067	)	$	(1,848	)
		(C)	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
		(D)	Unaudited.
		(E)	The other operating real estate assets were pledged as collateral in one of Newcastle’s non-recourse financing structures at December 31, 2013.
		(F)	The aggregate United States federal income tax basis for Newcastle’s other operating real estate at December 31, 2013 was approximately $266.6 million.

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2013
Property Plant And Equipment Tables	'
Schedule of property, plant, and equipment and accumulated depreciation	'
	The following table summarizes the balances of property, plant and equipment at December 31, 2013:
		31-Dec-13
	Land		23,087
	Buildings and improvements		110,522
	Machinery and equipment		125,836
	Furniture, fixtures, and computer software		13,970
			273,415
	Less: accumulated depreciation and amortization		(3,227	)
	Total	$	270,188
		Year ended December 31,
		2013
	Gross Carrying Amount
	Balance at beginning of acquisition	$	272,153
	Additions:
	Acquisitions of property, plant and equipment		1,262
	Improvements		—
	Disposals:
	Disposal of long-lived assets		—
	Balance at end of year	$	273,415
	Accumulated Depreciation
	Balance at beginning of acquisition	$	—
	Additions:
	Depreciation expense		(3,227	)
	Transferred from assets held for sale		—
	Disposals:
	Disposal of long-lived assets		—
	Balance at end of year	$	(3,227	)

GOODWILL_AND_INTANGIBLES_Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule Of Intangible Assets [Line Items]	'
Schedule of Intangibles from Continuing Operations	'
	The following table summarizes Newcastle’s intangibles from continuing operations related to its senior housing real estate and golf business:
		31-Dec-13							31-Dec-12
		Gross							Gross
		Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
		Amount		Amortization			Value		Amount		Amortization			Value
	Amortizable intangible assets:
	In-place resident lease intangibles	$	112,267	$	(21,902	)	$	90,365	$	22,711	$	(4,205	)	$	18,506
	Non-compete intangibles		1,600		(223	)		1,377		600		(20	)		580
	Land lease intangibles		3,498		(1	)		3,497		—		—			—
	PILOT intangible		3,700		(124	)		3,576		—		—			—
	Other intangibles		2,046		(2	)		2,044		—		—			—
	Total Senior Housing		123,111		(22,252	)		100,859		23,311		(4,225	)		19,086
	Trade name		700		—			700		—		—			—
	Leasehold intangibles		52,066		—			52,066		—		—			—
	Management contracts		39,000		—			39,000		—		—			—
	Internally-developed software		800		—			800		—		—			—
	Membership base		5,400		—			5,400		—		—			—
	Total Golf		97,966		—			97,966		—		—			—
	Total	$	221,077	$	(22,252	)	$	198,825	$	23,311	$	(4,225	)	$	19,086
	Nonamortizable intangible assets:
	Liquor license-Golf		900		—			900
	Total	$	221,977	$	(22,252	)	$	199,725
Schedule of Intangible Assets from Continuing Operations	'
	The unamortized balance of intangible assets from continuing operations at December 31, 2013 are expected to be charged to amortization expense as follows:
	2014	$	55,143
	2015		42,830
	2016		26,970
	2017		10,012
	2018		9,251
	Thereafter		54,619
		$	198,825
Discontinued Operations	'
Schedule Of Intangible Assets [Line Items]	'
Schedule of Goodwill and Intangibles from Discontinued Operations	'
	The following table summarizes Newcastle’s goodwill and intangibles from discontinued operations related to its media business:
		31-Dec-13							31-Dec-12
		Gross							Gross
		Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
		Amount		Amortization			Value		Amount		Amortization			Value
	Amortizable intangible assets:
	Advertiser relationships		58,269		(359	)		57,910		—		—			—
	Customer relationships		5,666		(35	)		5,631		—		—			—
	Subscriber relationships		35,966		(221	)		35,745		—		—			—
	Trade name		268		(3	)		265		—		—			—
	Total	$	100,169	$	(618	)	$	99,551	$		$			$
	Nonamortizable intangible assets:
	Mastheads-Media		45,849		—			45,849
	Goodwill		126,686		—			126,686
	Total Media	$	272,704	$	(618	)	$	272,086
Schedule of change in carrying amount of goodwill	'
	The changes in the carrying amount of goodwill, included in discontinued operations, for the year ended December 31, 2013 are as follows:
	Gross balance at January 1, 2013	$	—
	Business combination		126,686
	Net balance at December 31, 2013	$	126,686

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Of Financial Instruments Tables	'
Schedule of carrying value and estimated fair value of assets and liabilities	'
	The carrying values and estimated fair values of Newcastle’s assets and liabilities at December 31, 2013 and 2012 were as follows:
			31-Dec-13																		31-Dec-12
			Principal			Carrying			Estimated			Fair Value Method (A)			Weighted			Weighted			Carrying			Estimated
			Balance or			Value			Fair Value						Average			Average			Value			Fair Value
			Notional												Yield/Funding			Maturity
			Amount												Cost			(Years)
	Assets
	Financial instruments:
	Real estate securities, available-for-sale*		$	1,170,905		$	984,263		$	984,263			Broker quotations, counterparty quotations, pricing services, pricing models			5.44	%		2.9		$	1,691,575		$	1,691,575
	Real estate related and other loans, held-for-sale, net			567,829			437,530			456,535			Broker quotations, counterparty quotations, pricing services, pricing models			13.92	%		1.1			843,132			853,102
	Residential mortgage loans, held-for-investment, net			277,624			255,450			252,039			Pricing models			8.5	%		5.4			292,461			297,030
	Residential mortgage loans, held-for-sale, net			3,129			2,185			2,185			Pricing models			19.34	%		4.4			2,471			2,471
	Subprime mortgage loans subject to call option (B)			406,217			406,217			406,217			(B)			9.09	%		(B	)		405,814			405,814
	Restricted cash*						5,889			5,889												2,064			2,064
	Cash and cash equivalents*						74,133			74,133												231,898			231,898
	Non-hedge derivative assets(D)(E)*			116,806			43,662			43,662			Counterparty quotations			N/A			(D	)		165			165
	Investments in senior housing real estate, net						1,362,900															162,801
	Investments in other real estate, net						266,170															6,672
	Intangibles						199,725															19,086
	Other investments						25,468															24,907
	Receivables and other assets						98,225															17,197
	Assets of discontinued operations						690,746															245,069
						$	4,852,563														$	3,945,312
	Liabilities
	Financial instruments:
	CDO bonds payable (F)		$	543,516		$	544,525		$	395,689			Pricing models			2.26	%		1.9		$	1,091,354		$	781,856
	Other bonds and notes payable (F)			243,745			230,279			235,464			Broker quotations, pricing models			3.5	%		3.1			183,390			190,302
	Repurchase agreements			556,347			556,347			556,347			Market comparables			0.52	%		0.1			929,435			929,435
	Mortgage notes payable			1,077,163			1,076,828			1,075,390			Pricing models			4.75	%		6.8			120,525			120,525
	Credit facilities, golf			152,498			152,498			152,498			(G)			5.19	%		4
	Financing of subprime mortgage loans subject to call option (B)			406,217			406,217			406,217			(B)			9.09	%		(B	)		405,814			405,814
	Junior subordinated notes payable			51,004			51,237			35,479			Pricing models			7.39	%		21.3			51,243			31,545
	Interest rate swaps, treated as hedges (C)(E)*			105,031			6,203			6,203			Counterparty quotations			N/A			(C	)		12,175			12,175
	Non-hedge derivatives(D)(E)*			185,871			7,592			7,592			Counterparty quotations			N/A			(D	)		19,401			19,401
	Dividends payable, accounts payable, accrued expenses and other liabilities						299,446															58,435
	Liabilities of discontinued operations						295,267															480
						$	3,626,439														$	2,872,252
	*Measured at fair value on a recurring basis.
		(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)	These two items results from an option, not an obligation, to repurchase loans from Newcastle’s subprime mortgage loan securitizations (Note 7), are noneconomic until such option is exercised, and are equal and offsetting.
		(C)	Represents derivative agreements as follows:
	Year of Maturity		Weighted Average			Aggregate Notional			Weighted Average Fixed			Aggregate Fair Value
			Month of Maturity			Amount			Pay Rate / Cap Rate			Asset / (Liability)
	Interest rate swap agreements which receive 1-Month LIBOR:
	2016			Apr		$	105,031			5.04%		$	(6,203	)
		(D)	This represents a linked transaction entered into in June 2013 with $116.8 million face amount of underlying financial securities. This derivative agreement was not designated as a hedge for accounting purposes as of December 31, 2013.
		(E)	Newcastle’s derivatives fall into two categories. As of December 31, 2013, all derivatives liabilities, which represent three interest rate swaps, were held within Newcastle’s nonrecourse structures. An aggregate notional balance of $290.9 million, is only subject to the credit risks of the respective CDO structures. As they are senior to all the debt obligations of the respective CDOs and the fair value of each of the CDOs’ total investments exceeded the fair value of each of the CDOs’ derivative liabilities, no credit valuation adjustments were recorded. A derivative asset with an aggregate notional balance of $116.8 million, represents linked transactions with $116.8 million face amount of underlying financed securities. Newcastle’s interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle’s derivatives are included in other assets or other liabilities in the consolidated balance sheets, as applicable.
		(F)	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle’s exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle’s net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
		(G)	These credit facilities were entered into late in the fourth quarter of 2013 and Newcastle believes their terms are market terms as of December 31, 2013.
Schedule of fair value of derivative assets	'
	Represents derivative agreements as follows:
	Year of Maturity		Weighted Average			Aggregate Notional			Weighted Average Fixed			Aggregate Fair Value
			Month of Maturity			Amount			Pay Rate / Cap Rate			Asset / (Liability)
	Interest rate swap agreements which receive 1-Month LIBOR:
	2016			Apr		$	105,031			5.04%		$	(6,203	)
Schedule of fair value of assets and liabilities measured on a recurring basis	'
	The following table summarizes financial assets and liabilities measured at fair value on a recurring basis at December 31, 2013:
									Fair Value
			Principal Balance or			Carrying Value			Level 2			Level 3			Total
			Notional Amount
	Assets:
	Real estate securities, available for sale:
	CMBS		$	333,121		$	284,469		$	—		$	284,469		$	284,469
	REIT debt			29,200			31,186			31,186			—			31,186
	Non-Agency RMBS			96,762			57,581			—			57,581			57,581
	ABS - other real estate			8,464			—			—			—			—
	FNMA / FHLMC			514,994			551,270			551,270			—			551,270
	CDO			188,364			59,757			—			59,757			59,757
	Real estate securities total		$	1,170,905			984,263			582,456			401,807			984,263
	Derivative assets:
	Linked transactions at fair value		$	116,806		$	43,662		$	—		$	43,662		$	43,662
	Derivative assets total		$	116,806		$	43,662		$	—		$	43,662		$	43,662
	Liabilities:
	Derivative Liabilities:
	Interest rate swaps, treated as hedges		$	105,031		$	6,203		$	6,203		$	—		$	6,203
	Interest rate swaps, not treated as hedges			185,871			7,592			7,592			—			7,592
	Derivative liabilities total		$	290,902		$	13,795		$	13,795		$	—		$	13,795
Schedule of change in fair value of Level 3 investments	'
	Newcastle’s investments in instruments measured at fair value on a recurring basis using Level 3 inputs changed as follows:
			Level 3 Assets
			CMBS						ABS						Equity/Other			Linked
			Conduit			Other			Subprime			Other			Securities			Transactions			Total
	Balance at December 31, 2011		$	956,905		$	171,913		$	128,622		$	38,107		$	55,986		$	—		$	1,351,533
	CDO X Deconsolidation (A)			(767,660	)		(40,172	)		(86,704	)		(26,174	)		—			—			(920,710	)
	Total gains (losses) (B)
	Included in net income (loss) (C)			(4,947	)		(396	)		828			(4,092	)		—			—			(8,607	)
	Included in other comprehensive income (loss)			22,537			12,515			28,573			1,739			15,125			—			80,489
	Amortization included in interest income			33,538			1,777			17,691			288			5,657			—			58,951
	Purchases, sales and settlements
	Purchases			116,087			—			315,475			—			—			—			431,562
	Proceeds from sales			(43,259	)		—			(3,295	)		(3,743	)		—			—			(50,297	)
	Proceeds from repayments			(58,432	)		(24,015	)		(45,215	)		(4,650	)		(5,743	)		—			(138,055	)
	Balance at December 31, 2012		$	254,769		$	121,622		$	355,975		$	1,475		$	71,025		$	—		$	804,866
	Spin-off of New Residential (A)			—			—			(560,783	)		—			—			—			(560,783	)
	Total gains (losses) (B)
	Included in net income (loss) (C)			348			(331	)		2,372			(82	)		1,638			1,168			5,113
	Included in other comprehensive income (loss)			14,999			2,168			24,755			73			(726	)		—			41,269
	Amortization included in interest income			11,880			969			17,981			331			5,265			—			36,426
	Purchases, sales and settlements
	Purchases			—			—			267,160			—			—			43,172			310,332
	Proceeds from sales			(73,576	)		(31,989	)		(11,181	)		(1,359	)		(8,156	)		—			(126,261	)
	Proceeds from repayments			(9,485	)		(6,905	)		(38,698	)		(438	)		(9,289	)		(678	)		(65,493	)
	Balance at December 31, 2013		$	198,935		$	85,534		$	57,581		$	—		$	59,757		$	43,662		$	445,469
	(A)	CDO X was deconsolidated on September 12, 2012 and the spin-off of New Residential occurred on May 15, 2013.
	(B)	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
	(C)	These gains (losses) are recorded in the following line items in the consolidated statements of income:
				Year Ended December 31,
				2013			2012
		Gain (loss) on settlement of investments, net		$	5,367		$	10,196
		Other income (loss), net			1,168			—
		OTTI			(1,422	)		(18,803	)
		Total		$	5,113		$	(8,607	)
		Gain (loss) on sale of investments, net, from investments transferred into Level 3 during the period		$	—		$	—
Schedule of gains losses on fair value of RE securities	'
	These gains (losses) are recorded in the following line items in the consolidated statements of income:
				Year Ended December 31,
				2013			2012
		Gain (loss) on settlement of investments, net		$	5,367		$	10,196
		Other income (loss), net			1,168			—
		OTTI			(1,422	)		(18,803	)
		Total		$	5,113		$	(8,607	)
		Gain (loss) on sale of investments, net, from investments transferred into Level 3 during the period		$	—		$	—
Schedule of securities valuation methodology and results	'
	As of December 31, 2013, Newcastle’s securities valuation methodology and results are further detailed as follows:
									Fair Value
			Outstanding			Amortized									Internal
			Face			Cost			Multiple			Single			Pricing
	Asset Type		Amount (A)			Basis (B)			Quotes (C)			Quote (D)			Models (E)			Total
	CMBS		$	333,121		$	227,878		$	240,358		$	42,341		$	1,770		$	284,469
	REIT debt			29,200			28,667			31,186			—			—			31,186
	Non-Agency RMBS			96,762			40,675			57,581			—			—			57,581
	ABS - other real estate			8,464			—			—			—			—			—
	FNMA / FHLMC			514,994			547,639			551,270			—			—			551,270
	CDO			188,364			56,996			—			57,755			2,002			59,757
	Total		$	1,170,905		$	901,855		$	880,395		$	100,096		$	3,772		$	984,263
	(A)	Net of incurred losses.
	(B)	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
	(C)	Management generally obtained pricing service quotations or broker quotations from at least two sources, one of which was generally the seller (the party that sold the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle’s own fair value analysis using internal models, management selects one of the quotes which is believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” – meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
	(D)	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold the security) or a pricing service.
	(E)	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
												Unrealized
												Gains (Losses)
	Asset Type		Amortized			Fair			Impairment			in Accumulated			Weighted Average Significant Input
			Cost			Value			Recorded in			OCI
			Basis (B)						Current Year						Discount			Prepayment			Cumulative			Loss
															Rate			Speed (F)			Default Rate			Severity
	CMBS - conduit		$	738		$	1,770		$	76		$	1,032			8	%		N/A			99.5	%			27.6	%
	CDO			—			2,002			—			2,002			35	%		3.5	%		17.5	%			73.5	%
	Total		$	738		$	3,772		$	76		$	3,034
		All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
		The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model, which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
		Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
		Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
		The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
	(F)	Projected annualized average prepayment rate.
Schedule of securities valued based on internal pricing models	'
	Securities whose fair value was estimated based on internal pricing models are further detailed as follows:
												Unrealized
												Gains (Losses)
	Asset Type		Amortized			Fair			Impairment			in Accumulated			Weighted Average Significant Input
			Cost			Value			Recorded in			OCI
			Basis (B)						Current Year						Discount			Prepayment			Cumulative			Loss
															Rate			Speed (F)			Default Rate			Severity
	CMBS - conduit		$	738		$	1,770		$	76		$	1,032			8	%		N/A			99.5	%			27.6	%
	CDO			—			2,002			—			2,002			35	%		3.5	%		17.5	%			73.5	%
	Total		$	738		$	3,772		$	76		$	3,034
		All of the assumptions listed have some degree of market observability, based on Newcastle’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class (e.g., CMBS projections are developed differently than home equity ABS projections) but conform to industry conventions. Newcastle uses assumptions that generate its best estimate of future cash flows of each respective security.
		The prepayment vector specifies the percentage of the collateral balance that is expected to voluntarily pay off at each point in the future. The prepayment vector is based on projections from a widely published investment bank model, which considers factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis. This vector is scaled up or down to match recent collateral-specific prepayment experience, as obtained from remittance reports and market data services.
		Loss severities are based on recent collateral-specific experience with additional consideration given to collateral characteristics. Collateral age is taken into consideration because severities tend to initially increase with collateral age before eventually stabilizing. Newcastle typically uses projected severities that are higher than the historic experience for collateral that is relatively new to account for this effect. Collateral characteristics such as loan size, lien position, and location (state) also effect loss severity. Newcastle considers whether a collateral pool has experienced a significant change in its composition with respect to these factors when assigning severity projections.
		Default rates are determined from the current “pipeline” of loans that are more than 90 days delinquent, in foreclosure, or are REO. These significantly delinquent loans determine the first 24 months of the default vector. Beyond month 24, the default vector transitions to a steady-state value that is generally equal to or greater than that given by the widely published investment bank model.
		The discount rates Newcastle uses are derived from a range of observable pricing on securities backed by similar collateral and offered in a live market. As the markets in which Newcastle transacts have become less liquid, Newcastle has had to rely on fewer data points in this analysis.
Schedule of fair value for real estate related loans and residential mortgage loans held for sale	'
	The following tables summarize certain information for real estate related and other loans and residential mortgage loans held-for-sale as of December 31, 2013:
												Valuation			Significant Input
			Outstanding									Allowance/			Range						Weighted Average
			Face			Carrying			Fair			(Reversal) In			Discount			Loss			Discount			Loss
	Loan Type		Amount			Value			Value			Current Year			Rate			Severity			Rate			Severity
	Mezzanine		$	172,197		$	139,720		$	143,217		$	(14,246	)		3.4% - 9.0	%		0.0% - 100.0	%		6.6	%		17.3	%
	Bank Loan			256,594			166,710			180,945			(3,610	)		13.1% - 33.8	%		0.0% - 100.0	%		24.2	%		23.1	%
	B-Note			109,323			101,385			102,645			(1,623	)		5.0% - 12.0	%		0	%		10.1	%		0	%
	Whole Loan			29,715			29,715			29,728			—			3.7% - 4.0	%		0.0% - 15.5	%		3.7	%		15.1	%
	Total Real Estate Related and Other Loans Held for Sale, Net		$	567,829		$	437,530		$	456,535		$	(19,479	)
												Valuation
			Outstanding									Allowance/			Significant Input (Weighted Average)
			Face			Carrying			Fair			(Reversal) In			Discount			Prepayment			Constant			Loss
	Loan Type		Amount			Value			Value			Current Year			Rate			Speed			Default Rate			Severity
	Non-securitized Manufactured Housing Loans Portfolio I		$	501		$	130		$	130		$	(58	)		81.8	%		5	%		11.6	%		65	%
	Non-securitized Manufactured Housing Loans Portfolio II			2,628			2,055			2,055			(47	)		15.4	%		5	%		3.5	%		60	%
	Total Residential Mortgage Loans Held for Sale, Net		$	3,129		$	2,185		$	2,185		$	(105	)
Schedule of fair value for residential mortgage loans held for investment	'
	The following table summarizes certain information for residential mortgage loans held-for-investment as of December 31, 2013:
															Significant Input (Weighted Average)
												Valuation
												Allowance/
			Outstanding			Carrying						(Reversal) In			Discount			Prepayment			Constant
	Loan Type		Face Amount			Value			Fair Value			Current Year			Rate			Speed			Default Rate			Loss Severity
	Securitized Manufactured Housing Loans Portfolio I		$	102,681		$	91,924		$	89,674		$	(5,465	)		9.4	%		6	%		3	%		65	%
	Securitized Manufactured Housing Loans Portfolio II			128,975			128,117			123,471			840			8.1	%		7	%		3.5	%		60	%
	Residential Loans			45,968			35,409			38,894			(826	)		7.5	%		4.6	%		2.8	%		45.9	%
	Total Residential Mortgage Loans, Held-for-Investment, Net		$	277,624		$	255,450		$	252,039		$	(5,451	)
Schedule of fair value of derivatives	'
	Newcastle’s derivatives are recorded on its balance sheet as follows:
					Fair Value
					December 31,
			Balance sheet location		2013			2012
	Derivative Assets
	Linked transaction at fair value		Receivables and other assets		$	43,662		$	—
	Interest rate caps, not designated as hedges		Receivables and other assets			—			165
					$	43,662		$	165
	Derivative Liabilities
	Interest rate swaps, designated as hedges		Accounts payable, accrued expenses and other liabilities		$	6,203		$	12,175
	Interest rate swaps, not designated as hedges		Accounts payable, accrued expenses and other liabilities			7,592			19,401
					$	13,795		$	31,576
Schedule of outstanding derivatives	'
	The following table summarizes information related to derivatives:
			December 31,
			2013			2012
	Cash flow hedges
	Notional amount of interest rate swap agreements		$	105,031		$	154,450
	Amount of (loss) recognized in other comprehensive income on effective portion			(6,117	)		(12,050	)
	Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization			170			237
	Deferred hedge gain (loss) related to designation, net of amortization			(45	)		(210	)
	Expected reclassification of deferred hedges from accumulated other comprehensive income (“AOCI”) into earnings over the next 12 months			53			4
	Expected reclassification of current hedges from AOCI into earnings over the next 12 months			(3,915	)		(6,259	)
	Non-hedge Derivatives
	Notional amount of interest rate swap agreements			185,871			294,203
	Notional amount of interest rate cap agreements			—			23,400
	Notional amount of linked transactions (A)			116,806			—
	(A)	This represents the current face amount of the underlying financial securities comprising linked transactions.
Schedule of gain loss on derivatives	'
	The following table summarizes gains (losses) recorded in relation to derivatives:
			Income Statement Location		Year Ended December 31,
	Cash flow hedges				2013			2012			2011
	Gain (loss) on the ineffective portion		Other income (loss)		$	—		$	483		$	(917	)
			Gain (loss) on sale of
	Loss immediately recognized at dedesignation		investments, Other income (loss)			(110	)		(7,036	)		(13,939	)
	Amount of loss reclassified from AOCI into income, related to effective portion		Interest expense			(6,128	)		(30,631	)		(63,350	)
	Deferred hedge gain reclassified from AOCI into income, related to anticipated financings		Interest expense			67			61			58
	Deferred hedge (loss) gain reclassified from AOCI into income, related to effective portion of dedesignated hedges		Interest expense			(56	)		1,189			2,259
	Non-hedge derivatives gain (loss)
	Interest rate swaps		Other income (loss)			10,577			9,101			3,284
	Linked transactions		Other income (loss)			(236	)		—			—
Schedule of net assets recognized as linked transactions	'
	The following table presents both gross and net information about linked transactions:
			As of December 31,
			2013			2012
	Real estate securities-available for sale (A)		$	104,308		$	—
	Repurchase agreements (B)			(60,646	)		—
	Net assets recognized as linked transactions		$	43,662		$	—
		(A)	Represents the fair value of the securities accounted for as part of linked transactions.
		(B)	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions.

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Obligations Tables	'
Schedule of debt obligations from continuing operations	'
	The following table presents certain information regarding Newcastle’s debt obligations and related hedges from continuing operations:
			31-Dec-13																																	31-Dec-12
																				Collateral
											Unhedged																						Aggregate
											Weighted		Weighted		Weighted		Face											Weighted		Floating			Notional
					Outstanding				Final		Average		Average		Average		Amount			Outstanding			Amortized					Average		Rate			Amount of			Outstanding
			Month		Face		Carrying		Stated		Funding		Funding		Maturity		of Floating			Face			Cost			Carrying		Maturity		Face			Current			Face			Carrying
	Debt Obligation/Collateral		Issued		Amount		Value		Maturity		Cost (A)		Cost (B)		(Years)		Rate Debt			Amount (C)			Basis (C)			Value (C)		(Years)		Amount (C)			Hedges(D)			Amount			Value
	CDO Bonds Payable
	CDO VI (E)		Apr-05	$	92,018	$	92,018		Apr-40		0.85%		5.35%		5.5	$	88,727		$	166,452		$	88,965		$	123,478		2.3	$	40,482		$	88,727		$	91,578		$	91,578
	CDO VIII		Nov-06		264,733		264,277		Nov-52		0.88%		2.45%		1.5		257,133			421,487			317,202			346,101		1.7		184,585			105,031			518,501			517,541
	CDO IX		May-07		186,765		188,230		May-52		0.56%		0.50%		0.6		186,765			433,012			357,224			366,581		1.9		162,115			—			400,938			402,424
	Repaid Debt																																			79,898			79,811
					543,516		544,525						2.26%		1.9		532,625			1,020,951			763,391			836,160		1.9		387,182			193,758			1,090,915			1,091,354
	Other Bonds & Notes Payable
	MH loans Portfolio I (F)		Apr-10		53,753		50,424		Jul-35		6.56%		6.56%		4.1		—			102,681			91,924			91,924		6.1		612			—			70,056			66,199
	MH loans Portfolio II		May-11		93,863		93,536		Dec-33		4.70%		4.70%		3.8		—			128,975			128,117			128,117		4.9		21,321			—			117,907			117,191
	NCT 2013-VI IMM-1 (I)		Nov-13		96,129		86,319		Apr-40		LIBOR+0.25%		0.42%		2		96,129			—			—			—		0		—				—		—			—
					243,745		230,279						3.50%		3.1		96,129			231,656			220,041			220,041		5.4		21,933			—			187,963			183,390
	Repurchase Agreements (G)
	FNMA/FHLMC securities (H)		Dec-13		516,134		516,134		Jan-14		0.40%		0.40%		0.1		516,134			514,994			547,639			551,270		3.6		514,994			—			772,855			772,855
	CDO Securities (I)		Dec-13		15,094		15,094		Jan-14		LIBOR+1.65%		1.82%		0.1		15,094			—			—			—		0		—			—			5,658			5,658
	Residential Mortgage Loans		Nov-13		25,119		25,119		Nov-14		LIBOR+2.00%		2.17%		0.9		25,119			36,029			27,173			27,173		5.5		36,029			—			—			—
	Repaid Debt																																			150,922			150,922
					556,347		556,347						0.50%		0.1		556,347			551,023			574,812			578,443		3.7		551,023			—			929,435			929,435
	Mortgage Notes Payable
									Aug 2018 to
	Fixed Rate				878,579		878,244		Jan-24		1.43% to 4.30%	(J)(K)	4.72%		7.4		—			N/A			1,193,583			1,193,583		N/A		N/A			—			88,400			88,400
									Aug 2016 to		LIBOR+3.50% to
	Floating Rate				198,584		198,584		Dec-18		LIBOR+3.75%		4.88%		4.1		198,584			N/A			270,175			270,175		N/A		N/A			—			32,125			32,125
					1,077,163		1,076,828						4.75%		6.8		198,584			N/A			1,463,758			1,463,758		N/A		N/A			—			120,525			120,525
			31-Dec-13																																	31-Dec-12
																						Collateral
												Unhedged																					Aggregate
												Weighted			Weighted		Weighted		Face										Weighted				Notional
					Outstanding						Final	Average			Average		Average		Amount			Outstanding		Amortized					Average		Floating		Amount of			Outstanding
			Month		Face			Carrying			Stated	Funding			Funding		Maturity		of Floating			Face		Cost			Carrying		Maturity		Rate Face		Current			Face				Carrying
			Issued		Amount			Value			Maturity	Cost (A)			Cost (B)		(Years)		Rate Debt			Amount (C)		Basis (C)			Value (C)		(Years)		Amount (C)		Hedges(D)			Amount				Value
	Golf Credit Facilities (Q)
	First Lien Loan		Dec-13			46,922			46,922		Dec-18	LIBOR+4.00%	(N)		4.50%		4		46,922			N/A		—			—		N/A		N/A		—				—				—
	Second Lien Loan		Dec-13			105,576			105,576		Dec-18	5.50%			5.50%		4		—			N/A		—			—		N/A		N/A		—				—				—
						152,498			152,498						5.19%		4		46,922			N/A		—			—		N/A		N/A		—				—				—
	Corporate
	Junior subordinated notes payable		Mar-06			51,004			51,237		Apr-35	7.57%	(O)		7.39%		21.3		—			—		—			—		—		—		—				51,004				51,243
						51,004			51,237						7.39%		21.3		—			—		—			—		—		—		—				51,004				51,243
	Subtotal debt obligation					2,624,273			2,611,714						3.28%		4.2	$	1,430,607		$	1,803,630	$	3,022,002		$	3,098,402		2.9	$	960,138	$	193,758				2,379,842				2,375,947
	Financing on subprime mortgage loans subject to call option		(P)			406,217			406,217																												406,217				405,814
	Total debt obligation				$	3,030,490		$	3,017,931																											$	2,786,059			$	2,781,761
		(A)	Weighted average, including floating and fixed rate classes.
		(B)	Including the effect of applicable hedges.
		(C)	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
		(D)	Including $88.7 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.
		(E)	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects thisCDO to remain out of compliance for the forseeable future.
		(F)	Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
		(G)	These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).
		(H)	Interest rates on these repurchase agreements are fixed, but will be reset on a short-term basis.
		(I)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation period.
		(J)	For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
		(K)	For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
		(L)	This financing has a LIBOR floor of 0.75%.
		(M)	This financing has a LIBOR floor of 1.0%
		(N)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
		(O)	Issued in April 2006 and July 2007. Secured by the general credit of Newcastle. See Note 7 regarding the securitizations of Subprime Portfolio I and II.
	(P)	LIBOR +2.25% after April 2016.
	(Q)	These facilities are collateralized by all the assets of the respective businesses.
Schedule of debt obligations from discontinued operations	'
	The following table presents certain information regarding Newcastle’s debt obligations from discontinued operations:
			31-Dec-13																																	31-Dec-12
																						Collateral
												Unhedged																					Aggregate
												Weighted			Weighted		Weighted		Face										Weighted				Notional
					Outstanding						Final	Average			Average		Average		Amount			Outstanding		Amortized					Average		Floating		Amount of			Outstanding
			Month		Face			Carrying			Stated	Funding			Funding		Maturity		of Floating			Face		Cost			Carrying		Maturity		Rate Face		Current			Face				Carrying
	Media Credit Facilities		Issued		Amount			Value			Maturity	Cost (A)			Cost (B)		(Years)		Rate Debt			Amount (C)		Basis (C)			Value (C)		(Years)		Amount (C)		Hedges(D)			Amount				Value
	GateHouse Credit Facilities: (Q)
	Revolving Credit Facilities		Nov-13		$	25,000		$	25,000		Nov-18	LIBOR+3.25%			3.42%		4.9	$	25,000			N/A		$             —			$             —		N/A		N/A		$             —			$	—			$	—
	Term Loan A		Nov-13			25,000			25,000		Nov-18	LIBOR+4.25%	(L)		5.00%		4		25,000			N/A		—			—		N/A		N/A		—				—				—
	Term Loan B		Nov-13			50,000			50,000		Nov-18	LIBOR+8.00%	(L)		8.75%		4		50,000			N/A		—			—		N/A		N/A		—				—				—
	Second Lien Credit Facility		Nov-13			50,000			49,016		Nov-19	LIBOR+11.00%			11.17%		5.9		50,000			N/A		—			—		N/A		N/A		—				—				—
	Local Media Group Credit Facility		Sep-13			33,000			33,000		Sep-18	LIBOR+6.50%		(M)	7.50%		4.3		33,000			N/A		—			—		N/A		N/A		—				—				—
	Total debt obligation from discontinued operations				$	183,000		$	182,016						7.93%		4.7	$	183,000			N/A		$             —			$             —		N/A		N/A		$             —			$	—			$	—
	See notes on next page.
		(A)	Weighted average, including floating and fixed rate classes.
		(B)	Including the effect of applicable hedges.
		(C)	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
		(D)	Including $88.7 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.
		(E)	This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects thisCDO to remain out of compliance for the forseeable future.
		(F)	Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.
		(G)	These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).
		(H)	Interest rates on these repurchase agreements are fixed, but will be reset on a short-term basis.
		(I)	Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation period.
		(J)	For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.
		(K)	For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.
		(L)	This financing has a LIBOR floor of 0.75%.
		(M)	This financing has a LIBOR floor of 1.0%
		(N)	Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.
		(O)	Issued in April 2006 and July 2007. Secured by the general credit of Newcastle. See Note 7 regarding the securitizations of Subprime Portfolio I and II.
		(P)	LIBOR +2.25% after April 2016.
		(Q)	These facilities are collateralized by all the assets of the respective businesses.
Schedule of contractual maturities of debt obligations	'
	Newcastle’s debt obligations from continuing operations (gross of $12.5 million of discounts at December 31, 2013) have contractual maturities as follows:
			Nonrecourse			Recourse			Total
	2014		$	13,593		$	556,347		$	569,940
	2015			16,537			—			16,537
	2016			41,083			—			41,083
	2017			73,297			152,498			225,795
	2018			142,789			—			142,789
	Thereafter			2,034,346			—			2,034,346
	Total		$	2,321,645		$	708,845		$	3,030,490

PENSION_AND_POSTRETIREMENT_BEN1

PENSION AND POSTRETIREMENT BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2013
Pension And Postretirement Benefits Tables	'
Schedule of change in projected benefit obligation, plan assets, and reconciliation of funded status	'
	The following provides information on the pension plan and postretirement medical and life insurance plan as of December 31, 2013 and for the period from November 26, 2013 to December 31, 2013:
			Pension			Postretirement
			Period Ended December 31, 2013			Period Ended December 31, 2013
	Change in projected benefit obligation:
	Benefit obligation at beginning of period		$	24,651		$	6,015
	Service cost			48			6
	Interest cost			187			41
	Actuarial loss			(408	)		176
	Benefits and expenses paid			(163	)		(29	)
	Participant contributions			—			2
	Employer implicit subsidy fulfilled			—			(5	)
	Projected benefit obligation at end of period		$	24,315		$	6,206
	Change in plan assets
	Fair value of plan assets at beginning of period		$	19,981		$	—
	Actual return on plan assets			472			—
	Employer contributions			—			27
	Employer implicit subsidy contribution			—			5
	Participant contributions			—			2
	Employer implicit subsidy fulfilled			—			(5	)
	Benefits paid			(123	)		(29	)
	Expenses paid			(40	)		—
	Fair value of plan assets at end of period		$	20,290		$	—
	Reconciliation of funded status
	Benefit obligation at end of period		$	(24,315	)	$	(6,206	)
	Fair value of assets at end of period			20,290			—
	Funded status			(4,025	)		(6,206	)
	Unrecognized actuarial (gain) loss			(634	)		176
	Net accrued benefit cost		$	(4,659	)	$	(6,030	)
Schedule of balance sheet presentation	'
			Pension			Postretirement
			Period Ended December 31, 2013			Period Ended December 31, 2013
	Balance sheet presentation
	Accounts payable, accrued expenses and other liabilities(A)			4,025			6,206
	Accumulated other comprehensive income			634			(176	)
	Net accrued benefit cost		$	4,659		$	6,030
	(A)	Reconciliation of total funded status to pension and other postretirement benefit obligations balance (Note 2):
	Pension		$	4,025
	Postretirement			6,206
	Other			240
			$	10,471
Schedule of components of net periodic benefit cost	'
	Components of net periodic benefit cost
	Service cost		$	48		$	6
	Interest cost			187			41
	Expected return on plan assets			(246	)		—
	Net periodic benefit cost		$	(11	)	$	47
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income	'
	Other changes in plan assets and benefit obligations recognized in other comprehensive income
	Net actuarial cost		$	(634	)	$	176
	Total recognized in other comprehensive income		$	(634	)	$	176
Schedule of comparison of obligations to plan assets	'
	Comparison of obligations to plan assets
	Projected and accumulated benefit obligation		$	24,315		$	6,206
	Fair value of plan assets		$	20,290		$	—
Schedule of assumptions used to calculate net periodic benefit cost	'
	The following assumptions were used to calculate the net periodic benefit cost for New Media’s defined benefit pension and post retirement plans:
			Pension			Postretirement
			Period Ended December 31,			Period Ended December 31,
			2013			2013
	Weighted average discount rate		5	%		4.5	%
	Rate of increase in future compensation levels		0	%		0	%
	Expected return on assets		8	%		0	%
	Current year trend		0	%		7.8	%
	Ultimate year trend		0	%		4.8	%
	Year of ultimate trend		—			2025
Schedule of health care cost trend rates	'
	The effect of a 1% increase and decrease in health care rates are presented as follows:
			Postretirement
			Period Ended December 31, 2013
	Effect of 1% increase in health care cost trend rates
	Accumulated pension benefit obligation (“APBO”)		$	6,611
	Dollar change		$	405
	Percent change			6.5	%
	Effect of 1% decrease in health care cost trend rates
	APBO		$	5,863
	Dollar change		$	(343	)
	Percent change			(5.5	%)
Schedule of fair value of plan assets measured on a recurring basis	'
	The fair value of plan assets is measured on a recurring basis using quoted market prices in active markets for identical assets, a Level 1 input. The pension plan’s assets by asset category are as follows:
			Period Ended December 31, 2013
			Amount			Percent
	Equity mutual funds		$	14,738			72.6	%
	Fixed income mutual funds			4,021			19.8	%
	Cash and cash equivalents			803			4	%
	Other			728			3.6	%
	Total		$	20,290			100	%
Schedule of expected benefit payments	'
	The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid as follows:
			Pension			Postretirement
	2014		$	1,461		$	412
	2015			1,508			410
	2016			1,536			410
	2017			1,545			379
	2018			1,565			390
	2019-2023			8,126			1,584
	Employer contribution expected to be paid during the year ending December 31, 2014		$	1,501		$	412

EQUITY_AND_EARNINGS_PER_SHARE_

EQUITY AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2013
Equity And Earnings Per Share Tables	'
Schedule of Stock Issued In Public Offerings	'
	Common Stock Offerings
	The following table presents shares of common stock issued by Newcastle in connection with public offerings since 2011:
						Price per Share									Aggregate Shares Purchased by					Options Granted to Manager (A)
															Principals of Fortress
	Date		Number			To			To Underwriters			Net			Number			Price		Number		Strike		Grant Date
			of Shares			Public						Proceeds			of Shares					of Shares		Price		Value (millions)
			Issued									(millions)
	Mar-11			17,250,000		$	6			N/A		$	98.4			—			—		1,725,000	$	6	$	7
	Sep-11			25,875,000		$	4.55			N/A		$	112.3			1,314,780	(B)	$	4.55		2,587,500	$	4.55	$	5.6
	Apr-12			18,975,000		$	6.22			N/A		$	115.2			—			—		1,897,500	$	6.22	$	5.6
	May-12			23,000,000		$	6.71			N/A		$	152			—			—		2,300,000	$	6.71	$	7.6
	Jul-12			25,300,000			N/A		$	6.63		$	167.4			450,000		$	6.7		2,530,000	$	6.7	$	8.3
	Jan-13			57,500,000		$	9.35			N/A		$	526.2			213,900		$	9.35		5,750,000	$	9.35	$	18
	Feb-13			23,000,000			N/A		$	10.34		$	237.4			191,000		$	10.48		2,300,000	$	10.48	$	8.4
	Jun-13			40,250,000			N/A		$	4.92		$	197.6			750,000		$	4.97		4,025,000	$	4.97	$	3.8
	Nov-13			57,950,952			N/A		$	5.21		$	301.4			450,952		$	5.25		5,795,095	$	5.25	$	6
	(A)	In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.
	(B)	This figure also includes shares purchased by officers of Newcastle.
Schedule of Outstanding Options	'
	Newcastle’s outstanding options were summarized as follows:
			Year Ended December 31, 2013									Year Ended December 31, 2012
			Issued Prior			Issued in 2011			Total			Issued Prior			Issued in 2011			Total
			to 2011			and thereafter						to 2011			and thereafter
	Held by the Manager			1,496,555			25,996,428			27,492,983			1,751,172			7,934,166			9,685,338
	Issued to the Manager and subsequently transferred to certain Manager’s employees			535,570			2,510,000			3,045,570			701,937			3,010,000			3,711,937
	Issued to the independent directors			2,000			2,000			4,000			10,000			2,000			12,000
	Total			2,034,125			28,508,428			30,542,553			2,463,109			10,946,166			13,409,275
Summary of Newcastle's outstanding options	'
	The following table summarizes Newcastle’s outstanding options at December 31, 2013. Note that the last sales price on the New York Stock Exchange for Newcastle’s common stock in the year ended December 31, 2013 was $5.74 per share.
																		Intrinsic Value at
			Date of					Options Exercisable at			Weighted Average			Fair Value At Grant				31-Dec-13
	Recipient		Grant/Exercise		Number of Options			31-Dec-13			Strike Price (A)			Date (millions) (B)				(millions)
	Directors		Various			20,000			4,000		$	8.06		Not Material					—
	Manager (C)		2002 - 2007			3,523,727			2,032,125		$	12.66		$	6.4				—
	Manager (C)		11-Mar			1,725,000			1,580,166		$	2.72		$	7	(G)		$	4.8
	Manager (C)		11-Sep			2,587,500			2,165,361		$	2.07		$	5.6	(H)		$	8.9
	Manager (C)		12-Apr			1,897,500			1,244,778		$	2.82		$	5.6	(I)		$	5.5
	Manager (C)		12-May			2,300,000			1,421,667		$	3.05		$	7.6	(J)		$	6.1
	Manager (C)		12-Jul			2,530,000			1,416,195		$	3.04		$	8.3	(K)		$	6.7
	Manager (C)		13-Jan			5,750,000			2,108,333		$	4.24		$	18	(L)		$	8.6
	Manager (C)		13-Feb			2,300,000			766,667		$	4.75		$	8.4	(M)		$	2.3
	Manager (C)		13-Jun			4,025,000			805,000		$	4.97		$	3.8	(N)		$	3.1
	Manager (C)		13-Nov			5,795,095			193,170		$	5.25		$	6	(O)		$	2.8
	Exercised (D)		Prior to 2008			(1,043,118	)		N/A		$	15.7			N/A				N/A
	Exercised (E)		12-Oct			(95,834	)		N/A		$	5.28			N/A				N/A
	Exercised (F)		13-Sep			(307,833	)		N/A		$	2.56			N/A				N/A
	Expired unexercised		2002-2003			(464,484	)		N/A			N/A			N/A				N/A
	Outstanding					30,542,553			13,737,462
		(A)	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle’s 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. The strike prices were adjusted for the New Residential spin-off as described above. As of December 31, 2013, the weighted average strike price of the outstanding options issued prior to 2011 was $12.66.
		(B)	The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan and 2012 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management’s estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle’s common stock and management’s expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options.
		(C)	The Manager assigned certain of its options to Fortress’s employees as follows:
	Date of Grant		Range of Strike Prices		Total Unexercised Inception to Date
	2004		$11.49-$14.05		226,125
	2005		$13.24		89,925
	2006		$13.16		48,450
	2007		$12.40-$14.01		171,070
	2011		$2.07-$2.72		1,210,000
	2012		$2.82-$3.05		1,300,000
			Total		3,045,570
		(D)	670,620 of the total options exercised were by the Manager. 368,498 of the total options exercised were by employees of Fortress subsequent to their assignment. 4,000 of the total options exercised were by directors.
		(E)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
		(F)	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
		(G)	The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term.
		(H)	The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term.
		(I)	The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term.
		(J)	The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term.
		(K)	The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.
		(L)	The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term.
		(M)	The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term.
		(N)	The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term.
		(O)	The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term.

TRANSACTIONS_WITH_AFFILIATES_A1

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2013
Transactions With Affiliates And Affiliated Entities Tables	'
Schedule of amounts payed to manager	'
			Amounts incurred under the management
			agreements (in millions)
			2013		2012		2011
	Management Fees (A)		$	32.6	$	24.2	$	17.8
	Expense Reimbursement to the Manager			0.5		0.5		0.5
	Incentive Compensation			—		—		—
	Total management fees to affiliate		$	33.1	$	24.7	$	18.3
		(A)	During 2013, Newcastle paid management fees of $27.6 million, $3.5 million and $1.5 million to its Manager, Blue Harbor and Holiday, respectively. In 2012, Newcastle paid management fees of $23.1 million and $1.1 million to its Manager and Blue Harbor, respectively.

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments And Contingencies Tables	'
Schedule of future minimum rental commitments	'
	The future minimum rental commitments under non-cancellable leases from continuing operations, net of subleases, as of December 31, 2013 were as follows:
	For the years ending December 31:
	2014	$	41,648
	2015		39,489
	2016		34,600
	2017		32,059
	2018		26,810
	Thereafter		242,077
	Total Minimum lease payments	$	416,683

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes Tables	'
Schedule of components of income tax expense	'
	The provision for income taxes consists of the following:
			Year Ended December 31,
			2013			2012
			(in thousands)
	Current:
	Federal		$	2,170		$	—
	State and Local			381			—
	Total Current Provision		$	2,551		$	—
	Deferred
	Federal		$	(404	)	$	—
	State and Local			(47	)		—
	Total Deferred Provision		$	(451	)	$	—
	Total Provision for Income Taxes		$	2,100		$	—
Schedule of tax treatment of common stock dividend distribution	'
	Common stock distributions relating to 2013, 2012, and 2011 were taxable as follows:
						Ordinary			Long-term
			Dividends Per Share			Income			Capital Gain			Return of Capital
	2013		$	7.38	(A)	33.91	%		0	%		66.09	%
	2012		$	0.84		100	%		0	%		0	%
	2011		$	0.4		100	%		0	%		0	%
		(A)	Includes the distribution of New Residential (Note 4) common stock valued at $6.89 per share.
Schedule of effective income tax reconciliation	'
	The difference between Newcastle’s reported provision for income taxes and the U.S. federal statutory rate of 35% is as follows:
			December 31,
			2013			2012			2011
	Provision at the statutory rate			35	%		35	%		35	%
	Non-taxable REIT income			(33.88	%)		(35.00	%)		(35.00	%)
	State and local taxes			0.21	%		—			—
	Other			0.4	%		—			—
	Total provision			1.73	%		0	%		0	%
Schedule of deferred tax assets	'
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2013 are presented below:
			31-Dec-13
	Deferred tax assets:
	Allowance for loan losses		$	2,076
	Depreciation and amortization			94,880
	Leaseholds			6,489
	Accrued expenses			23,816
	Deposits			7,787
	Net operating losses			211,560
	Other			17,036
	Total deferred tax assets			363,644
	Less valuation allowance			(363,192	)
	Net deferred tax assets		$	452
Schedule of change in valuation allowance	'
	The following table summarizes the change in the deferred tax asset valuation allowance:
	Valuation allowance at December 31, 2012		$	—
	Increase due to business acquisitions			367,541
	Other decrease			(4,349	)
	Valuation allowance at December 31, 2013		$	363,192

SUMMARY_OF_QUARTERLY_CONSOLIDA1

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
Summary Of Quarterly Consolidated Financial Information Tables	'
Schedule of quarterly unaudited summary information	'
	The following is unaudited summary information on Newcastle’s quarterly operations.
	2013		Quarter Ended												Year Ended
			March 31 (A)			June 30 (A)			September 30 (A)			31-Dec			31-Dec
	Interest income		$	61,332		$	62,824		$	47,486		$	42,073		$	213,715
	Interest expense			22,710			21,998			20,555			24,119			89,382
	Net interest income (expense)			38,622			40,826			26,931			17,954			124,333
	Impairment (reversal)			2,773			3,201			(12,998	)		(12,745	)		(19,769	)
	Other revenues			13,500			14,013			24,912			34,898			87,323
	Other income (loss) (B)			5,770			8,090			6,710			14,731			35,301
	Property operating expenses			8,363			8,409			15,804			21,142			53,718
	Depreciation and amortization			4,079			4,070			7,732			11,247			27,128
	Other operating expenses			14,812			19,107			16,217			22,008			72,144
	Income tax expense			—			—			1,213			(175	)		1,038
	Income (loss) from continuing operations			27,865			28,142			30,585			26,106			112,698
	Income (loss) from discontinued operations, net of tax			10,148			25,581			(1,341	)		5,255			39,643
	Preferred dividends			(1,395	)		(1,395	)		(1,395	)		(1,395	)		(5,580	)
	Net income attributable to noncontrolling interests			—			—			—			(928	)		(928	)
	Income (loss) applicable to common stockholders		$	36,618		$	52,328		$	27,849		$	29,038		$	145,833
	Net income (loss) per share of common stock
	Basic		$	0.16		$	0.2		$	0.09		$	0.09		$	0.53
	Diluted		$	0.15		$	0.2		$	0.09		$	0.09		$	0.51
	Income (loss) from discontinued operations per share of common stock
	Basic		$	0.04		$	0.1		$	—		$	0.01		$	0.14
	Diluted		$	0.04		$	0.1		$	—		$	0.01		$	0.14
	Weighted average number of shares of common stock outstanding
	Basic			235,137			259,228			293,374			318,687			276,881
	Diluted			240,079			265,396			301,028			325,601			283,310
	2012		Quarter Ended												Year Ended
			March 31 (A)			June 30 (A)			September 30 (A)			31-Dec			31-Dec
	Interest income		$	72,862		$	77,956		$	72,947		$	59,186		$	282,951
	Interest expense			30,165			29,462			28,411			21,886			109,924
	Net interest income (expense)			42,697			48,494			44,536			37,300			173,027
	Impairment			(7,080	)		8,499			5,014			(12,097	)		(5,664	)
	Other revenues			509			515			8,071			10,980			20,075
	Other income (loss) (B)			28,536			(4,882	)		234,008			4,632			262,294
	Property operating expenses			225			232			5,043			7,443			12,943
	Depreciation and amortization			2			2			2,385			4,586			6,975
	Other operating expenses			8,237			11,575			11,926			14,462			46,200
	Income (loss) from continuing operations			70,358			23,819			262,247			38,518			394,942
	Income (loss) from discontinued operations			3,113			6,620			10,974			18,461			39,168
	Preferred dividends			(1,395	)		(1,395	)		(1,395	)		(1,395	)		(5,580	)
	Income (loss) applicable to common stockholders		$	72,076		$	29,044		$	271,826		$	55,584		$	428,530
	Net income (loss) per share of common stock
	Basic		$	0.68		$	0.21		$	1.65		$	0.32		$	2.97
	Diluted		$	0.68		$	0.21		$	1.63		$	0.32		$	2.94
	Income (loss) from discontinued operations per share of common stock
	Basic		$	0.03		$	0.05		$	0.07		$	0.11		$	0.27
	Diluted		$	0.03		$	0.05		$	0.07		$	0.11		$	0.27
	Weighted average number of shares of common stock outstanding
	Basic			105,181			134,115			164,238			172,519			144,146
	Diluted			105,670			135,173			166,429			175,413			145,766
	(A)	The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 8).
	(B)	Including equity in earnings of unconsolidated subsidiaries.

UNAUDITED_PRO_FORMA_CONDENSED_1

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2013
Unaudited Pro Forma Condensed Consolidated Financial Information Tables	'
Schedule of pro forma condensed consolidated statements of income	'
	UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
	Year ended December 31, 2013
						Pro Forma Adjustments
			Newcastle			New Residential			Holiday			Newcastle
			Consolidated			Spin-off (B)			Portfolio			Consolidated Pro
			Historical (A)						Acquisition(H)			Forma
	Interest income		$	213,715		$	(12,019	)	$	—			201,696
	Interest expense			89,382			(2,152	)		33,844	(C)		121,074
	Net interest income			124,333			(9,867	)		(33,844	)		80,622
	Impairment (Reversal)
	Valuation allowance (reversal) on loans			(25,035	)		—			—			(25,035	)
	Other-than-temporary impairment on securities			5,222			(3,756	)		—			1,466
	Impairment of long-lived assets			—			—			—			—
	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)			44			—			—			44
				(19,769	)		(3,756	)		—			(23,525	)
	Net interest income (loss) after impairment/reversal			144,102			(6,111	)		(33,844	)		104,147
	Other Revenues
	Rental income			74,936			—			87,625	(D)		162,561
	Care and ancillary income - senior housing			12,387			—			—			12,387
	Total other revenues			87,323			—			87,625			174,948
	Other Income (Loss)
	Gain (loss) on settlement of investments, net			17,369			(58	)		—			17,311
	Gain on extinguishment of debt			4,565			—			—			4,565
	Other income (loss), net			13,367			—			—			13,367
				35,301			(58	)		—			35,243
	Expenses
	Loan and security servicing expense			3,857			(108	)		—			3,749
	Property operating expenses			53,718			—			—			53,718
	General and administrative expense			35,196			(38	)		—			35,158
	Management fee to affiliate			33,091			(4,134	)		4,038	(E)		32,995
	Depreciation and amortization			27,128			—			48,264	(F)		75,392
				152,990			(4,280	)		52,302			201,012
	Income (loss) from continuing operations before income tax			113,736			(1,889	)		1,479			113,326
	Income tax expense			1,038			—			—			1,038
	Income from continuing operations			112,698			(1,889	)		1,479			112,288
	Income from discontinued operations			39,643			—			—			39,643
	Net income			152,341			(1,889	)		1,479			151,931
	Preferred dividends			(5,580	)		—			—			(5,580	)
	Net income attributable to noncontrolling interests			(928	)		—			—			(928	)
	Income (loss) applicable to common stockholders		$	145,833		$	(1,889	)	$	1,479		$	145,423
	Income (loss) from continuing operations per share of common stock, after preferred dividends and noncontrolling interest
	Basic			0.39									0.32	(G)
	Diluted			0.37									0.32	(G)
	Weighted Average Number of Shares of Common Stock Outstanding
	Basic			276,881,294									328,481,457	(G)
	Diluted			283,309,645									334,909,808	(G)
	See notes on next page.
	(A)	Represents Newcastle’s historical consolidated statement of income for the year ended December 31, 2013, excluding discontinued operations.
	(B)	Represents the portion of New Residential’s historical consolidated statement of income for the period from January 1, 2013 to May 15, 2013 that is not included in Newcastle’s income (loss) from discontinued income. After the May 15, 2013 spin-off of New Residential from Newcastle, no results of New Residential have been reported in Newcastle’s consolidated statement of income.
	(C)	Represents the estimated interest expense on the loan related to the acquisition of the Holiday Portfolio including the estimated amortization of deferred financing costs.
	(D)	Represents the estimated rental income from the independent senior housing properties acquired under a triple net lease agreement for the year ended December 31, 2013.
	(E)	Represents the estimated management fees for the year ended December 31, 2013 that Newcastle would have paid Fortress Investment Group LLC as a result of the public offering of common stock in November 2013.
	(F)	Represents the estimated depreciation expense for the year ended December 31, 2013 based on the carrying value of the assets acquired and their estimated useful life.
	(G)	Weighted average number of shares of common stock outstanding and income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest, were adjusted retrospectively to reflect the issuance of 57,950,952 shares on November 22, 2013, the proceeds of which were used to fund a portion of the purchase price for the Holiday Portfolio. Weighted average number of shares of common stock outstanding and income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest were not adjusted to include potential additional diluted shares as a result of the changes to outstanding Newcastle options from the spin-offs. The number of additional diluted shares will depend on various factors, including the share prices of Newcastle or New Residential and subsequent to the spin-offs.
	(H)	The effect of the Holiday Portfolio acquisition on 2012 revenue if Newcastle had consummated the acquisition as of January 1, 2012 would have been $89.3 million. The effect of this acquisition on income from continuing operations would have been $0.1 million.

ORGANIZATION_Common_Stock_Issu

ORGANIZATION - Common Stock Issued (Details) (USD $)

1 Months Ended

12 Months Ended

103 Months Ended

139 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Nov. 30, 2013

Jun. 30, 2013

Feb. 28, 2013

Jan. 31, 2013

Jul. 31, 2012

31-May-12

Apr. 30, 2012

Sep. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Restated

Lower Range

Lower Range

Lower Range

Upper Range

Upper Range

Upper Range

Shares issued

57,950,952

40,250,000

23,000,000

57,500,000

25,300,000

23,000,000

18,975,000

25,875,000

17,250,000

178,927,850

67,344,636

62,027,184

351,453,495

43,153,825

'

'

'

'

'

'

Equity Issuance, Per Share Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4.97

[1],[2]

$6.22

[1],[2]

$4.55

[1],[2]

$10.48

[1],[2]

$6.71

[1],[2]

$6

[1],[2]

Common stock issuance, total proceeds

'

'

'

'

'

'

'

'

'

$1,262,600

$434,900

'

'

$210,900

'

'

'

'

'

'

[1]

Excludes prices of shares issued pursuant to the exercise of options and of shares issued to our independent directors.

[2]

On May 15, 2013, we completed the spin-off of New Residential. The May 15, 2013 closing price of our common stock on the NYSE was $12.33. On May 16, 2013, the opening price of our common stock was $5.79.

ORGANIZATION_Details_Narrative

ORGANIZATION (Details Narrative) (USD $)	Dec. 31, 2013	15-May-13	Dec. 31, 2012	16-May-13	15-May-13	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified				New Residential Spin-Off	New Residential Spin-Off	Manager	Manager
REIT Distribution Threshold for Nontaxation	90.00%	'	'	'	'	'	'
Cash & Cash Equivalents	'	'	'	'	$181,582	'	'
Shares held by Fortress and affiliates in Newcastle	6,400,000	'	'	'	'	'	'
Stock Options outstanding	30,542,553	'	13,409,275	'	'	27,492,983	9,685,338
Share price	$5.74	$12.33	'	$5.79	'	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accumulated Other Comprehensive Income (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies - Accumulated Other Comprehensive Income Details	'	'
Net unrealized gains (losses) on securities	$82,408	$82,788
Net unrealized gains (losses) on derivatives designated as cash flow hedges	-5,992	-12,024
Net unrecognized actuarial loss and prior service cost	458	'
Accumulated other comprehensive income (loss)	$76,874	$70,764

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Gain (Loss) on Settlement of Investments, Net and Other Income (Loss), Net (Details 1) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
				Restated
Gain (loss) on settlement of investments, net	'	'	'	'
Gain on settlement of real estate securities	$224,300	$9,853	$14,629	$81,434
Loss on settlement of real estate securities	'	-3,592	-4,433	-5,091
Gain on sale of CDO X interests	'	'	224,317	'
Gain on repayment/disposition of loans held-for sale	'	10,716	'	1,838
Loss on repayment/disposition of loans held for sale	'	-354	-1,614	'
Realized gain (loss) on termination of derivative instruments	'	813	'	'
Loss on disposal of long-lived assets	'	-67	-2	'
Gain Loss on Investments	'	17,369	232,897	78,181
Other income (loss), net	'	'	'	'
Gain (loss) on non-hedge derivative instruments	'	10,577	9,101	3,284
Unrealized gain (loss) recognized at de-designation of hedges	'	-110	-7,036	-13,939
Hedge ineffectiveness	'	'	483	-917
Gains on deconsolidation	'	'	'	45,072
Equity in earnings of equity method investees	'	-97	'	272
Collateral management fee income, net	'	1,279	1,786	2,432
Other income (loss)	'	1,718	978	'
Total Other income (loss), net	'	$13,367	$5,312	$36,204

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification From Accumulated Other Comprehensive Income (Details 2) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012
Net realized gain (loss) on securities	'	'	'
Gain on settlement of real estate securities	$224,300	$9,853	$14,629
Loss on settlement of real estate securities	'	-3,592	-4,433
Net realized gain (loss) on derivatives designated as cash flow hedges	'	'	'
Unrealized gain (loss) recognized at de-designation of hedges	'	-110	-7,036
Hedge ineffectiveness	'	'	483
Net unrealized gains (losses) on derivatives designated as cash flow hedges	'	99	5,303
Other Comprehensive Income (Loss) Recognized in Net Income	'	'	'
Net realized gain (loss) on securities	'	'	'
Impairment	'	-5,266	-18,923
Gain on settlement of real estate securities	'	9,853	14,629
Loss on settlement of real estate securities	'	-3,592	-4,433
Gain (Loss) on Sale of Investments	'	995	-8,727
Impairment	'	'Other-than-temporary impairment on securities, net of portion of other-than-temporary impairment on securities recognized in other comprehensive income	'
Gain on settlement of real estate securities	'	'Gain (loss) on settlement of investments, net	'
Loss on settlement of real estate securities	'	'Gain (loss) on settlement of investments, net	'
Net realized gain (loss) on derivatives designated as cash flow hedges	'	'	'
Unrealized gain (loss) recognized at de-designation of hedges	'	-110	-7,036
Hedge ineffectiveness	'	'	483
Amortization of deferred gain (loss)	'	11	1,250
Gain (loss) reclassified from AOCI into income, related to effective portion	'	-6,128	'
Net unrealized gains (losses) on derivatives designated as cash flow hedges	'	-6,227	-5,303
Gain (loss) recognized upon de-designation	'	'Other income (loss)	'
Hedge ineffectiveness	'	'Other income (loss)	'
Amortization of deferred gain (loss)	'	'Interest expense	'
Gain (loss) reclassified from AOCI into income, related to effective portion	'	'Interest expense	'
Total reclassifications	'	($5,232)	($14,030)

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives of Property, Plant and Equipment (Details 3)	12 Months Ended
	Dec. 31, 2013
Buildings | Lower Range	'
Estimated useful lives	'25 years
Buildings | Upper Range	'
Estimated useful lives	'40 years
Building Improvements | Lower Range	'
Estimated useful lives	'3 years
Building Improvements | Upper Range	'
Estimated useful lives	'10 years
Machinery and Equipment | Lower Range	'
Estimated useful lives	'3 years
Machinery and Equipment | Upper Range	'
Estimated useful lives	'20 years
Furniture, fixtures and equipment | Lower Range	'
Estimated useful lives	'3 years
Furniture, fixtures and equipment | Upper Range	'
Estimated useful lives	'7 years
Leasehold Improvements	'
Estimated useful life	'shorter of the lease term or estimated useful life of the asset

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Lives for Amortization (Details 4)	12 Months Ended
	Dec. 31, 2013
Senior Housing | In-Place Resident Lease Intangibles | Lower Range	'
Amortization period	'2 years	[1]
Senior Housing | In-Place Resident Lease Intangibles | Upper Range	'
Amortization period	'3 years	[1]
Senior Housing | Non-Compete Intangibles | Lower Range	'
Amortization period	'5 years
Senior Housing | Land Lease Intangibles | Lower Range	'
Amortization period	'74 years
Senior Housing | Land Lease Intangibles | Upper Range	'
Amortization period	'82 years
Senior Housing | PILOT Intangibles | Lower Range	'
Amortization period	'13 years
Senior Housing | Other Intangibles | Lower Range	'
Amortization period	'2 years
Senior Housing | Other Intangibles | Upper Range	'
Amortization period	'5 years
Media | Advertiser Relationships | Lower Range	'
Amortization period	'14 years
Media | Advertiser Relationships | Upper Range	'
Amortization period	'16 years
Media | Customer Relationships | Lower Range	'
Amortization period	'15 years
Media | Customer Relationships | Upper Range	'
Amortization period	'16 years
Media | Subscriber Relationships | Lower Range	'
Amortization period	'15 years
Media | Subscriber Relationships | Upper Range	'
Amortization period	'16 years
Media | Trade Name | Lower Range	'
Amortization period	'10 years
Golf | Trade Name | Lower Range	'
Amortization period	'30 years
Golf | Trade Name | Upper Range	'
Amortization period	'40 years
Golf | Leasehold Intangibles | Lower Range	'
Amortization period	'9 years
Golf | Leasehold Intangibles | Upper Range	'
Amortization period	'10 years
Golf | Management Contracts | Lower Range	'
Amortization period	'11 years
Golf | Management Contracts | Upper Range	'
Amortization period	'12 years
Golf | Internally-developed software | Lower Range	'
Amortization period	'5 years
Golf | Membership Base | Lower Range	'
Amortization period	'7 years
Golf | Membership Base | Upper Range	'
Amortization period	'9 years
[1]	Amortized over 24 months for AL/MC properties and 33 months for IL-only properties.

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details 5) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies - Restricted Cash Details 5	'	'
CDO bond sinking funds	$1,902	$1,254
CDO trustee accounts	475	810
Collateral for Golf Lease obligations	3,512	'
Restricted cash	$5,889	$2,064

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Non-cash Investing and Financing Activities CDOS (Details 6) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
			Restated
Restricted Cash activity:	'	'	'
Restricted cash generated from sale of securities	$136,148	$56,629	$336,911
Restricted cash generated from sale of real estate related and other loans	104,837	'	125,141
Restricted cash generated from paydowns on securities and loans	331,349	274,832	546,752
Restricted cash used for purchases of real estate securities	'	143,184	427,826
Restricted cash used for purchases of real estate related and other loans	'	91,481	384,850
Restricted cash used for repayments of CDO bonds payable	513,879	166,845	101,687
Restricted cash used for repurchases of CDO bonds payable and other bonds payable	'	'	3,213
Restricted cash used for purchases of derivative instruments	'	408	'
Restricted cash used for settlement of derivative instruments	1,563	'	'
Restricted cash generated from margin collateral received	'	'	6,550
Restricted cash used to return margin collateral	'	6,550	'
CDO Deconsolidation:	'	'	'
Real Estate Securities	'	1,033,016	262,617
Restricted Cash	'	51,522	37,988
Derivative liabilities	'	57,343	20,257
CDO bonds payable	'	$1,110,694	$336,046

Recovered_Sheet1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of other assets (Details 7) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies - Schedule Of Other Assets Details 7	'	'
Accounts receivable, net	$13,477	$1,102
Deferred financing costs	42,473	2,249
Derivative assets	43,662	165
Prepaid expenses	8,631	2,183
Interest receivable	4,667	8,959
Deposits	9,915	'
Inventory	5,140	'
Miscellaneous assets, net	13,922	2,704
Receivables and other assets	$141,887	$17,362

Recovered_Sheet2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of other liabilities (Details 8) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Accounts payable and accrued expenses	$50,118	$6,833
Membership deposit liabilities	71,644	'
Deferred revenue	37,114	6,584
Security deposit payable	48,823	33
Unfavorable leasehold interests	23,916	'
Accrued rent	6,314	'
Due to affiliates	5,878	3,579
Miscellaneous liabilities	19,565	2,522
Accounts payable, accrued expenses and other liabilities	277,166	51,127
Non Recourse VIE Financing Structures	'	'
Derivative liabilities	13,795	31,576
Accounts payable, accrued expenses and other liabilities	$6,766	$8,365

Recovered_Sheet3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accretion of Discount and Other Amortization (Details 9) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
			Restated
Accretion of discount and other amortization	'	'	'
Accretion of net discount on securities, loans and other investments	($34,525)	($48,608)	($45,387)
Amortization of net discount on debt obligations	2,859	1,525	-823
Amortization of deferred financing costs and interest rate cap premiums	1,056	2,751	3,740
Amortization of net deferred hedge (gains) and losses - debt	-11	-1,250	-2,316
Accretion of discount and other amortization	($30,621)	($45,582)	($44,786)

Recovered_Sheet4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Consolidation percentage	50.00%	'
Prepayment penalties, included in interest income	$200	$2,700
REIT Distribution Threshold for Nontaxation	90.00%	'
Percentage of distribution that must be maid within the taxable year to avoid excise tax	85.00%	'
Securities or loans due more than	'90 days	'
Initiation fees refundable in years	'30 years	'
Estimated average expected life of an active membership	'7 years	'
Receivables and other assets, net of allowances for uncollectable amounts	$900	$100
In-Place Resident Lease Intangibles | AL/MC Properties	'	'
Amortization period	'24 months	'
In-Place Resident Lease Intangibles | IL-Only Properties	'	'
Amortization period	'33 months	'

ACQUISITIONS_IN_2013_Senior_Ho

ACQUISITIONS IN 2013 - Senior Housing Assets (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Managed Properties	'
Allocation Of Purchase Price	'
Investments in Real Estate	$268,010	[1],[2]
Resident Lease Intangibles	31,673	[1],[2]
Non-compete Intangibles	1,000	[1],[2]
Land Lease Intangibles	'	[1],[2]
PILOT Intangibles	3,700	[1],[2]
Other intangibles	500	[1],[2]
Assumed Mortgage Notes Payable	-43,128	[1],[2]
Other Assets, net of Other Liabilities	-2,157	[1],[2]
Subtotal	259,598	[1],[2]
Mortgage notes payable	-175,871	[3]
Net assets acquired	83,727
Total acquisition related costs	6,118	[4]
Holiday Portfolio	'
Allocation Of Purchase Price	'
Investments in Real Estate	937,548	[1],[2]
Resident Lease Intangibles	57,883	[1],[2]
Non-compete Intangibles	'	[1],[2]
Land Lease Intangibles	3,498	[1],[2]
PILOT Intangibles	'	[1],[2]
Other intangibles	1,546	[1],[2]
Assumed Mortgage Notes Payable	'	[1],[2]
Other Assets, net of Other Liabilities	'	[1],[2]
Subtotal	1,000,475	[1],[2]
Mortgage notes payable	-719,350	[3]
Net assets acquired	281,125
Total acquisition related costs	3,604	[4]
Senior Living Assets	'
Allocation Of Purchase Price	'
Investments in Real Estate	1,205,558	[1],[2]
Resident Lease Intangibles	89,556	[1],[2]
Non-compete Intangibles	1,000	[1],[2]
Land Lease Intangibles	3,498	[1],[2]
PILOT Intangibles	3,700	[1],[2]
Other intangibles	2,046	[1],[2]
Assumed Mortgage Notes Payable	-43,128	[1],[2]
Other Assets, net of Other Liabilities	-2,157	[1],[2]
Subtotal	1,260,073	[1],[2]
Mortgage notes payable	-895,221	[3]
Net assets acquired	364,852
Total acquisition related costs	$9,722	[4]
[1]	Due to the timing of the acquisitions, for the November and December acquisitions,, Newcastle is still obtaining additional information relating to the purchase price allocation. Therefore, the review process of the purchase price allocation is not complete. Newcastle expects to complete this process within twelve months of the acquisition.
[2]	Includes $1.5 million for the fair value of an earn-out payment to the seller if the aggregate EBITDA in one of the portfolios acquired for any calendar years in which the third, fourth, fifth and/or sixth anniversary of the acquisition date occurs is equal to or in excess of an earn-out threshold, as defined within the agreement. The undiscounted earn-out payment is limited to $4.6 million, as per the agreement.
[3]	See Note 14.
[4]	Acquisition related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.

ACQUISITIONS_IN_2013_New_Media

ACQUISITIONS IN 2013 - New Media (Details 1) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Nov. 26, 2013
In Thousands, unless otherwise specified			New Media
Allocation Of Purchase Price	'	'	'
Cash and cash equivalents	'	'	$22,368
Restricted Cash	5,889	2,064	6,295
Property, plant and equipment	'	'	272,153
Intangibles	'	'	146,019
Goodwill	126,686	'	126,686
Receivables and other assets	'	'	100,483
Total assets acquired	'	'	674,004
Less:	'	'	'
Credit facilities	'	'	182,000
Other liabilities	'	'	102,910
Net assets acquired	'	'	$389,094

ACQUISITIONS_IN_2013_Golf_Asse

ACQUISITIONS IN 2013 - Golf Assets (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 30, 2013
In Thousands, unless otherwise specified			Golf Acquisition
Allocation Of Purchase Price	'	'	'
Cash	'	'	$19,378
Investments in Other Real Estate	'	'	259,573
Intangible assets	'	'	98,866
Restricted Cash	5,889	2,064	3,512
Receivable and other assets	'	'	34,898
Total assets acquired	'	'	416,227
Less:	'	'	'
Credit facilities	'	'	228,832
Other liabilities	'	'	184,529
Noncontrolling interest	'	'	366
Net assets acquired	'	'	$2,500

ACQUISITIONS_IN_2013_Details_N

ACQUISITIONS IN 2013 (Details Narrative) (USD $)

Dec. 31, 2013

15-May-13

Dec. 31, 2012

Dec. 31, 2013

Nov. 06, 2013

Sep. 27, 2013

Nov. 26, 2013

Feb. 13, 2014

Dec. 31, 2009

Sep. 03, 2013

Nov. 26, 2013

Nov. 26, 2013

Dec. 31, 2013

Dec. 23, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 23, 2013

Sep. 03, 2013

Dec. 30, 2013

Dec. 30, 2013

Dec. 30, 2013

Dec. 30, 2013

Dec. 30, 2013

Golf

Gatehouse

Gatehouse

New Media

New Media

National Golf Properties

Credit Suisse Line of Credit

Lower Range

Upper Range

Senior Living Assets

Senior Living Assets

Senior Living Assets - Tranche 1

Senior Living Assets - Tranche 2

Holiday Portfolio

Dow Jones Local Media Group

Golf Acquisition - NPG and AGC

Golf Acquisition - Vineyard Property

Golf Acquisition - NGP

Golf Acquisition - AGC

Golf Acquisition

New Media

New Media

Housing

Housing

State

State

Courses

Courses

State

Units

Number of housing assets/facilities acquired

'

'

'

'

'

'

'

'

'

'

'

'

21

'

'

'

51

'

'

'

'

'

'

Acquisition Purchase Price

'

'

'

'

'

'

'

'

'

'

'

'

$302,800,000

'

'

'

$1,000,000,000

$86,900,000

$2,000,000

$500,000

'

'

'

Number of facilities managed by affiliated company

'

'

'

'

'

'

'

'

'

'

'

'

18

'

'

'

'

'

'

'

'

'

'

Management fees paid, as a percentage of effective gross income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5% of effective gross income

'6% of the property’s gross income for the first two years and 7% thereafter

'

'

'

'

'

'

'

Number of states entity operates in

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24

7

8

'

'

'

'

Number of units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,842

'

'

'

'

'

'

Lease term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'17 years

'

'

'

'

'

'

First year rent percentage of purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.50%

'

'

'

'

'

'

Years two through four rent increase from preceding year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.50%

'

'

'

'

'

'

Years five onwards rent increase from preceding year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.75%

'

'

'

'

'

'

Master Tenant security deposit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43,400,000

'

'

'

'

'

'

Security deposit guarantor minimum net worth

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

'

'

'

'

'

'

Security deposit guarantor minimum fixed charge coverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

110.00%

'

'

'

'

'

'

Security deposit guarantor maximum leverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1000.00%

'

'

'

'

'

'

Debt Face Amount

3,030,490,000

'

2,786,059,000

'

'

'

'

'

110,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

68,000,000

Equity investment made in acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53,900,000

'

'

'

'

'

Earn-Out Liability

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

'

Undiscounted Earn-Out Liability

'

'

'

'

'

'

'

'

'

'

'

'

'

4,600,000

'

'

'

'

'

'

'

'

'

Transaction costs incurred and capitalized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,300,000

'

'

'

'

'

Debt financing utilized in acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33,000,000

'

'

'

'

'

Drawings from line of credit

'

'

'

'

'

'

'

'

'

33,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage in affiliate's debt

'

'

'

'

'

52.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gatehouse Debt

'

'

'

'

'

1,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of par offered to GateHouse creditors for conversion of debt

'

'

'

'

40.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of creditor debt positions converted

'

'

'

'

441,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subsidiary ownership percentage

'

'

'

'

'

'

84.60%

'

'

'

'

'

'

'

'

'

'

'

100.00%

100.00%

'

'

'

Credit facility

'

'

'

'

165,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of stock issued

'

'

'

'

'

'

15.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants issued in exchange for common stock of affiliate

'

'

'

'

'

'

1,362,479

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrant strike price

'

'

'

'

'

'

46.35

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share price

$5.74

$12.33

'

'

'

'

'

$12.67

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Historical attrition rate

'

'

'

'

'

'

'

'

'

'

5.00%

7.50%

'

'

'

'

'

'

'

'

'

'

'

Growth rate

'

'

'

'

'

'

0.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discount rate - advertiser relationships

'

'

'

'

'

'

'

'

'

'

14.50%

17.00%

'

'

'

'

'

'

'

'

'

'

'

Discountrate - subscriber and customer relationships

'

'

'

'

'

'

'

'

'

'

14.50%

15.50%

'

'

'

'

'

'

'

'

'

'

'

Royalty rates

'

'

'

'

'

'

'

'

'

'

1.30%

2.00%

'

'

'

'

'

'

'

'

'

'

'

Discount rates

'

'

'

'

'

'

'

'

'

'

14.00%

25.00%

'

'

'

'

'

'

'

'

'

'

'

Number of golf courses owned and operated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

27

54

'

Number of golf courses managed for third parties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11

'

Debt fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,400,000

Cash contributed in restructuring

'

'

'

46,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt facility

'

'

'

'

'

'

'

'

'

43,000,000

'

'

'

'

'

'

'

'

'

'

'

'

109,000,000

Amount committed to invest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$54,500,000

DISCONTINUED_OPERATIONS_Assets

DISCONTINUED OPERATIONS - Assets and Liabilities of Discontinued Operations (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Total Assets	$690,746	$245,069
Liabilities:	'	'
Total Liabilities	295,267	480
Discontinued Operations	'	'
Assets:	'	'
Property, plant and equipment, net of accumulated depreciation	270,188	'
Investments in excess mortgage servicing rights at fair value	'	245,036
Intangibles, net of accumulated amortization	145,400	'
Goodwill	126,686	'
Cash and cash equivalents	31,811	'
Restricted cash	6,477	'
Receivables and other assets	110,184	33
Total Assets	690,746	245,069
Liabilities:	'	'
Credit facilities, media	182,016	'
Purchase price payable on investments in excess mortgage servicing rights	'	59
Accounts payable, accrued expenses and other liabilities	113,251	421
Total Liabilities	$295,267	$480

DISCONTINUED_OPERATIONS_Result

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Operations (Details) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Discontinued Operations

Discontinued Operations

Discontinued Operations

Interest income

$42,073

$47,486

$62,824

$61,332

$59,186

$72,947

$77,956

$72,862

$213,715

$282,951

$15,095

$27,508

$1,260

Interest expense

24,119

20,555

21,998

22,710

21,886

28,411

29,462

30,165

89,382

109,924

1,591

'

'

Net interest income

17,954

26,931

40,826

38,622

37,300

44,536

48,494

42,697

124,333

173,027

13,504

27,508

1,260

Other Revenues

'

'

'

'

'

'

'

'

'

'

'

'

'

Advertising income

'

'

'

'

'

'

'

'

'

'

38,757

'

'

Circulation income

'

'

'

'

'

'

'

'

'

'

16,649

'

'

Commercial printing and other income

'

'

'

'

'

'

'

'

'

'

6,231

'

'

Rental income

'

'

'

'

'

'

'

'

74,936

17,081

'

'

136

Total other revenues

'

'

'

'

'

'

'

'

'

'

61,637

'

136

Other Income (Loss)

'

'

'

'

'

'

'

'

'

'

'

'

'

Change in fair value of investments in excess mortgage servicing rights

'

'

'

'

'

'

'

'

3,894

9,023

3,894

'

'

Change in fair value of investments in equity method investees

'

'

'

'

'

'

'

'

19,170

'

885

'

'

Equity income in Local Media Group

'

'

'

'

'

'

'

'

'

'

1,870

'

'

Equity from investments in equity method investees

'

'

'

'

'

'

'

'

-97

'

18,286

'

'

Other income, net - Note 2

'

'

'

'

'

'

'

'

13,367

5,312

-2,415

17,421

428

Total other income (loss)

14,731

[1]

6,710

[1]

8,090

[1]

5,770

[1]

4,632

[1]

234,008

[1]

-4,882

[1]

28,536

[1]

35,301

[1]

262,294

[1]

22,520

17,421

428

Expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

Property operating expenses

21,142

15,804

8,409

8,363

7,443

5,043

232

225

53,718

12,943

15

26

177

Media operating expenses

'

'

'

'

'

'

'

'

'

'

49,092

'

'

General and administrative expenses

'

'

'

'

'

'

'

'

36,775

17,247

4,004

5,735

1,086

Depreciation and amortization

'

'

'

'

'

'

'

'

'

'

3,845

'

'

Income tax expense

-175

1,213

'

'

'

'

'

'

1,038

'

1,062

'

'

Operating Expenses

'

'

'

'

'

'

'

'

152,990

66,118

58,018

5,761

1,263

Income from discontinued operations

$5,255

($1,341)

$25,581

$10,148

$18,461

$10,974

$6,620

$3,113

$39,643

$39,168

$39,643

$39,168

$561

[1]

Including equity in earnings of unconsolidated subsidiaries.

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details Narrative) (New Media, Subsequent To Balance Sheet Date)	Feb. 13, 2014
New Media | Subsequent To Balance Sheet Date	'
Common stock distribution ratio	0.0722

SEGMENT_REPORTING_AND_VARIABLE2

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Interest income

$42,073

$47,486

$62,824

$61,332

$59,186

$72,947

$77,956

$72,862

$213,715

$282,951

'

Interest expense

24,119

20,555

21,998

22,710

21,886

28,411

29,462

30,165

89,382

109,924

'

Net interest income (expense)

17,954

26,931

40,826

38,622

37,300

44,536

48,494

42,697

124,333

173,027

'

Total Impairment (Reversal)

-12,745

-12,998

3,201

2,773

-12,097

5,014

8,499

-7,080

-19,769

-5,664

'

Other revenues

34,898

24,912

14,013

13,500

10,980

8,071

515

509

87,323

20,075

'

Other income (loss)

14,731

[1]

6,710

[1]

8,090

[1]

5,770

[1]

4,632

[1]

234,008

[1]

-4,882

[1]

28,536

[1]

35,301

[1]

262,294

[1]

'

Property operating expenses

21,142

15,804

8,409

8,363

7,443

5,043

232

225

53,718

12,943

'

Depreciation and amortization

11,247

7,732

4,070

4,079

4,586

2,385

2

2

27,128

6,975

'

Other operating expenses

22,008

16,217

19,107

14,812

14,462

11,926

11,575

8,237

72,144

46,200

'

Income tax expense

-175

1,213

'

'

'

'

'

'

1,038

'

'

Income from continuing operations

26,106

30,585

28,142

27,865

38,518

262,247

23,819

70,358

112,698

394,942

'

Income (loss) from discontinued operations

5,255

-1,341

25,581

10,148

18,461

10,974

6,620

3,113

39,643

39,168

'

Net income (loss)

'

'

'

'

'

'

'

'

152,341

434,110

304,519

Preferred dividends

-1,395

-1,395

-1,395

-1,395

-1,395

-1,395

-1,395

-1,395

-5,580

-5,580

'

Net income (loss) attributable to noncontrolling interests

-928

'

'

'

'

'

'

'

-928

'

'

Income (Loss) Available to Common Stockholders

29,038

27,849

[2]

52,328

[2]

36,618

[2]

55,584

271,826

[2]

29,044

[2]

72,076

[2]

145,833

428,530

'

Investments

3,939,908

'

'

'

3,448,919

'

'

'

3,939,908

3,448,919

'

Cash and restricted cash

80,022

'

'

'

233,962

'

'

'

80,022

233,962

'

Other assets

141,887

'

'

'

17,362

'

'

'

141,887

17,362

'

Assets of discontinued operations

690,746

'

'

'

245,069

'

'

'

690,746

245,069

'

Total assets

4,852,563

'

'

'

3,945,312

'

'

'

4,852,563

3,945,312

'

Debt

-3,017,931

'

'

'

-2,781,761

'

'

'

-3,017,931

-2,781,761

'

Other liabilities

-313,241

'

'

'

-90,011

'

'

'

-313,241

-90,011

'

Liabilities of discontinued operations

-295,267

'

'

'

-480

'

'

'

-295,267

-480

'

Total liabilities

-3,626,439

'

'

'

-2,872,252

'

'

'

-3,626,439

-2,872,252

'

Preferred Stock

-61,583

'

'

'

-61,583

'

'

'

-61,583

-61,583

'

Noncontrolling interests

-61,279

'

'

'

'

'

'

'

-61,279

'

'

GAAP book value

1,103,262

'

'

'

1,011,477

'

'

'

1,103,262

1,011,477

'

Restated

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

291,036

Interest expense

'

'

'

'

'

'

'

'

'

'

138,035

Net interest income (expense)

'

'

'

'

'

'

'

'

'

'

153,001

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

1,110

Other revenues

'

'

'

'

'

'

'

'

'

'

1,899

Other income (loss)

'

'

'

'

'

'

'

'

'

'

180,495

Property operating expenses

'

'

'

'

'

'

'

'

'

'

1,110

Depreciation and amortization

'

'

'

'

'

'

'

'

'

'

12

Other operating expenses

'

'

'

'

'

'

'

'

'

'

29,205

Income from continuing operations

'

'

'

'

'

'

'

'

'

'

303,958

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

'

'

561

Net income (loss)

'

'

'

'

'

'

'

'

'

'

304,519

Preferred dividends

'

'

'

'

'

'

'

'

'

'

-5,580

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

'

'

298,939

Senior Housing

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

3

[3]

'

[3]

'

[3]

Interest expense

'

'

'

'

'

'

'

'

10,781

[3]

1,688

[3]

'

[3]

Net interest income (expense)

'

'

'

'

'

'

'

'

-10,778

[3]

-1,688

[3]

'

[3]

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Other revenues

'

'

'

'

'

'

'

'

85,267

[3]

18,026

[3]

'

[3]

Other income (loss)

'

'

'

'

'

'

'

'

11

[3]

-82

[3]

'

[3]

Property operating expenses

'

'

'

'

'

'

'

'

52,713

[3]

11,539

[3]

'

[3]

Depreciation and amortization

'

'

'

'

'

'

'

'

26,905

[3]

5,784

[3]

'

[3]

Other operating expenses

'

'

'

'

'

'

'

'

20,982

[3]

6,846

[3]

'

[3]

Income tax expense

'

'

'

'

'

'

'

'

1,038

[3]

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

-27,138

[3]

-7,913

[3]

'

[3]

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Net income (loss)

'

'

'

'

'

'

'

'

-27,138

[3]

-7,913

[3]

'

[3]

Preferred dividends

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

[3]

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

-27,138

[3]

-7,913

[3]

'

[3]

Investments

1,463,758

[3]

'

'

'

181,887

[3]

'

'

'

1,463,758

[3]

181,887

[3]

'

Cash and restricted cash

31,263

[3]

'

'

'

9,720

[3]

'

'

'

31,263

[3]

9,720

[3]

'

Other assets

55,430

[3]

'

'

'

5,111

[3]

'

'

'

55,430

[3]

5,111

[3]

'

Assets of discontinued operations

'

[3]

'

'

'

'

[3]

'

'

'

'

[3]

'

[3]

'

Total assets

1,550,451

[3]

'

'

'

196,718

[3]

'

'

'

1,550,451

[3]

196,718

[3]

'

Debt

-1,076,828

[3]

'

'

'

-120,525

[3]

'

'

'

-1,076,828

[3]

-120,525

[3]

'

Other liabilities

-61,886

[3]

'

'

'

-5,084

[3]

'

'

'

-61,886

[3]

-5,084

[3]

'

Liabilities of discontinued operations

'

[3]

'

'

'

'

[3]

'

'

'

'

[3]

'

[3]

'

Total liabilities

-1,138,714

[3]

'

'

'

-125,609

[3]

'

'

'

-1,138,714

[3]

-125,609

[3]

'

Preferred Stock

'

[3]

'

'

'

'

[3]

'

'

'

'

[3]

'

[3]

'

Noncontrolling interests

'

[3]

'

'

'

'

'

'

'

'

[3]

'

'

GAAP book value

411,737

[3]

'

'

'

71,109

[3]

'

'

'

411,737

[3]

71,109

[3]

'

CDOs

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

119,292

[3]

197,007

[3]

218,475

[3]

Interest expense

'

'

'

'

'

'

'

'

24,996

[3]

56,767

[3]

86,110

[3]

Net interest income (expense)

'

'

'

'

'

'

'

'

94,296

[3]

140,240

[3]

132,365

[3]

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

-9,338

[3]

-7,381

[3]

-3,876

[3]

Other revenues

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Other income (loss)

'

'

'

'

'

'

'

'

23,946

[3]

260,025

[3]

175,702

[3]

Property operating expenses

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Depreciation and amortization

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Other operating expenses

'

'

'

'

'

'

'

'

741

[3]

916

[3]

1,058

[3]

Income tax expense

'

'

'

'

'

'

'

'

'

[3]

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

126,839

[3]

406,730

[3]

310,885

[3]

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Net income (loss)

'

'

'

'

'

'

'

'

126,839

[3]

406,730

[3]

310,885

[3]

Preferred dividends

'

'

'

'

'

'

'

'

'

[3]

'

[3]

'

[3]

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

[3]

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

126,839

[3]

406,730

[3]

310,885

[3]

Investments

925,690

[3]

'

'

'

1,417,729

[3]

'

'

'

925,690

[3]

1,417,729

[3]

'

Cash and restricted cash

2,377

[3]

'

'

'

2,064

[3]

'

'

'

2,377

[3]

2,064

[3]

'

Other assets

47,285

[3]

'

'

'

7,429

[3]

'

'

'

47,285

[3]

7,429

[3]

'

Assets of discontinued operations

'

[3]

'

'

'

'

[3]

'

'

'

'

[3]

'

[3]

'

Total assets

975,352

[3]

'

'

'

1,427,222

[3]

'

'

'

975,352

[3]

1,427,222

[3]

'

Debt

-645,938

[3]

'

'

'

-1,097,013

[3]

'

'

'

-645,938

[3]

-1,097,013

[3]

'

Other liabilities

-19,194

[3]

'

'

'

-37,259

[3]

'

'

'

-19,194

[3]

-37,259

[3]

'

Liabilities of discontinued operations

'

[3]

'

'

'

'

[3]

'

'

'

'

[3]

'

[3]

'

Total liabilities

-665,132

[3]

'

'

'

-1,134,272

[3]

'

'

'

-665,132

[3]

-1,134,272

[3]

'

Preferred Stock

'

[3]

'

'

'

'

[3]

'

'

'

'

[3]

'

[3]

'

Noncontrolling interests

'

[3]

'

'

'

'

'

'

'

'

[3]

'

'

GAAP book value

310,220

[3]

'

'

'

292,950

[3]

'

'

'

310,220

[3]

292,950

[3]

'

Other Debt

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

98,968

[3],[4]

91,818

[3],[4]

78,234

[3],[4]

Interest expense

'

'

'

'

'

'

'

'

54,534

[3],[4]

53,700

[3],[4]

53,950

[3],[4]

Net interest income (expense)

'

'

'

'

'

'

'

'

44,434

[3],[4]

38,118

[3],[4]

24,284

[3],[4]

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

-10,431

[3],[4]

1,717

[3],[4]

4,986

[3],[4]

Other revenues

'

'

'

'

'

'

'

'

2,056

[3],[4]

2,049

[3],[4]

1,899

[3],[4]

Other income (loss)

'

'

'

'

'

'

'

'

11,344

[3],[4]

2,351

[3],[4]

4,793

[3],[4]

Property operating expenses

'

'

'

'

'

'

'

'

1,005

[3],[4]

1,404

[3],[4]

1,110

[3],[4]

Depreciation and amortization

'

'

'

'

'

'

'

'

219

[3],[4]

1,191

[3],[4]

12

[3],[4]

Other operating expenses

'

'

'

'

'

'

'

'

3,144

[3],[4]

3,359

[3],[4]

3,622

[3],[4]

Income tax expense

'

'

'

'

'

'

'

'

'

[3],[4]

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

63,897

[3],[4]

34,847

[3],[4]

21,246

[3],[4]

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

-46

[3],[4]

-68

[3],[4]

-11

[3],[4]

Net income (loss)

'

'

'

'

'

'

'

'

63,851

[3],[4]

34,779

[3],[4]

21,235

[3],[4]

Preferred dividends

'

'

'

'

'

'

'

'

'

[3],[4]

'

[3],[4]

'

[3],[4]

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

[3],[4]

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

63,851

[3],[4]

34,779

[3],[4]

21,235

[3],[4]

Investments

1,279,549

[3],[4]

'

'

'

1,911,639

[3],[4]

'

'

'

1,279,549

[3],[4]

1,911,639

[3],[4]

'

Cash and restricted cash

'

[3],[4]

'

'

'

'

[3],[4]

'

'

'

'

[3],[4]

'

[3],[4]

'

Other assets

3,442

[3],[4]

'

'

'

4,777

[3],[4]

'

'

'

3,442

[3],[4]

4,777

[3],[4]

'

Assets of discontinued operations

'

[3],[4]

'

'

'

'

[3],[4]

'

'

'

'

[3],[4]

'

[3],[4]

'

Total assets

1,282,991

[3],[4]

'

'

'

1,916,416

[3],[4]

'

'

'

1,282,991

[3],[4]

1,916,416

[3],[4]

'

Debt

-1,149,547

[3],[4]

'

'

'

-1,575,316

[3],[4]

'

'

'

-1,149,547

[3],[4]

-1,575,316

[3],[4]

'

Other liabilities

-2,235

[3],[4]

'

'

'

-2,856

[3],[4]

'

'

'

-2,235

[3],[4]

-2,856

[3],[4]

'

Liabilities of discontinued operations

'

[3],[4]

'

'

'

-74

[3],[4]

'

'

'

'

[3],[4]

-74

[3],[4]

'

Total liabilities

-1,151,782

[3],[4]

'

'

'

-1,578,246

[3],[4]

'

'

'

-1,151,782

[3],[4]

-1,578,246

[3],[4]

'

Preferred Stock

'

[3],[4]

'

'

'

'

[3],[4]

'

'

'

'

[3],[4]

'

[3],[4]

'

Noncontrolling interests

'

[3],[4]

'

'

'

'

'

'

'

'

[3],[4]

'

'

GAAP book value

131,209

[3],[4]

'

'

'

338,170

[3],[4]

'

'

'

131,209

[3],[4]

338,170

[3],[4]

'

Golf

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

'

Interest expense

'

'

'

'

'

'

'

'

'

'

'

Net interest income (expense)

'

'

'

'

'

'

'

'

'

'

'

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Other revenues

'

'

'

'

'

'

'

'

'

'

'

Other income (loss)

'

'

'

'

'

'

'

'

'

'

'

Property operating expenses

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

'

'

'

Other operating expenses

'

'

'

'

'

'

'

'

'

'

'

Income tax expense

'

'

'

'

'

'

'

'

'

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

'

'

'

Net income (loss)

'

'

'

'

'

'

'

'

'

'

'

Preferred dividends

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

'

'

'

Investments

358,439

'

'

'

'

'

'

'

358,439

'

'

Cash and restricted cash

22,890

'

'

'

'

'

'

'

22,890

'

'

Other assets

34,898

'

'

'

'

'

'

'

34,898

'

'

Assets of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

Total assets

416,227

'

'

'

'

'

'

'

416,227

'

'

Debt

-181,910

'

'

'

'

'

'

'

-181,910

'

'

Other liabilities

-185,552

'

'

'

'

'

'

'

-185,552

'

'

Liabilities of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

-367,462

'

'

'

'

'

'

'

-367,462

'

'

Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling interests

-366

'

'

'

'

'

'

'

-366

'

'

GAAP book value

48,399

'

'

'

'

'

'

'

48,399

'

'

Corporate

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

198

170

167

Interest expense

'

'

'

'

'

'

'

'

3,817

3,813

3,815

Net interest income (expense)

'

'

'

'

'

'

'

'

-3,619

-3,643

-3,648

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Other revenues

'

'

'

'

'

'

'

'

'

'

'

Other income (loss)

'

'

'

'

'

'

'

'

'

'

'

Property operating expenses

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

4

'

'

Other operating expenses

'

'

'

'

'

'

'

'

47,277

35,079

24,525

Income tax expense

'

'

'

'

'

'

'

'

'

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

-50,900

-38,722

-28,173

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

'

'

'

Net income (loss)

'

'

'

'

'

'

'

'

-50,900

-38,722

-28,173

Preferred dividends

'

'

'

'

'

'

'

'

-5,580

-5,580

-5,580

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

-56,480

-44,302

-33,753

Investments

'

'

'

'

'

'

'

'

'

'

'

Cash and restricted cash

23,492

'

'

'

222,178

'

'

'

23,492

222,178

'

Other assets

987

'

'

'

202

'

'

'

987

202

'

Assets of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

Total assets

24,479

'

'

'

222,380

'

'

'

24,479

222,380

'

Debt

-51,237

'

'

'

-51,243

'

'

'

-51,237

-51,243

'

Other liabilities

-44,528

'

'

'

-44,969

'

'

'

-44,528

-44,969

'

Liabilities of discontinued operations

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

-95,765

'

'

'

-96,212

'

'

'

-95,765

-96,212

'

Preferred Stock

-61,583

'

'

'

-61,583

'

'

'

-61,583

-61,583

'

Noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

GAAP book value

-132,869

'

'

'

64,585

'

'

'

-132,869

64,585

'

Media

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Interest expense

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Net interest income (expense)

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Other revenues

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Other income (loss)

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Property operating expenses

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Depreciation and amortization

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Other operating expenses

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Income tax expense

'

'

'

'

'

'

'

'

'

[5]

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

6,311

[5]

'

[5]

'

[5]

Net income (loss)

'

'

'

'

'

'

'

'

6,311

[5]

'

[5]

'

[5]

Preferred dividends

'

'

'

'

'

'

'

'

'

[5]

'

[5]

'

[5]

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

-928

[5]

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

5,383

[5]

'

[5]

'

[5]

Investments

'

[5]

'

'

'

'

[5]

'

'

'

'

[5]

'

[5]

'

Cash and restricted cash

'

[5]

'

'

'

'

[5]

'

'

'

'

[5]

'

[5]

'

Other assets

'

[5]

'

'

'

'

[5]

'

'

'

'

[5]

'

[5]

'

Assets of discontinued operations

690,746

[5]

'

'

'

'

[5]

'

'

'

690,746

[5]

'

[5]

'

Total assets

690,746

[5]

'

'

'

'

[5]

'

'

'

690,746

[5]

'

[5]

'

Debt

'

[5]

'

'

'

'

[5]

'

'

'

'

[5]

'

[5]

'

Other liabilities

'

[5]

'

'

'

'

[5]

'

'

'

'

[5]

'

[5]

'

Liabilities of discontinued operations

-295,267

[5]

'

'

'

'

[5]

'

'

'

-295,267

[5]

'

[5]

'

Total liabilities

-295,267

[5]

'

'

'

'

[5]

'

'

'

-295,267

[5]

'

[5]

'

Preferred Stock

'

[5]

'

'

'

'

[5]

'

'

'

'

[5]

'

[5]

'

Noncontrolling interests

-60,913

[5]

'

'

'

'

'

'

'

-60,913

[5]

'

'

GAAP book value

334,566

[5]

'

'

'

'

[5]

'

'

'

334,566

[5]

'

[5]

'

Excess MSRs and Consumer Loans

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

'

Interest expense

'

'

'

'

'

'

'

'

'

'

'

Net interest income (expense)

'

'

'

'

'

'

'

'

'

'

'

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Other revenues

'

'

'

'

'

'

'

'

'

'

'

Other income (loss)

'

'

'

'

'

'

'

'

'

'

'

Property operating expenses

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

'

'

'

Other operating expenses

'

'

'

'

'

'

'

'

'

'

'

Income tax expense

'

'

'

'

'

'

'

'

'

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

33,378

39,236

572

Net income (loss)

'

'

'

'

'

'

'

'

33,378

39,236

572

Preferred dividends

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

33,378

39,236

572

Investments

'

'

'

'

'

'

'

'

'

'

'

Cash and restricted cash

'

'

'

'

'

'

'

'

'

'

'

Other assets

'

'

'

'

'

'

'

'

'

'

'

Assets of discontinued operations

'

'

'

'

245,069

'

'

'

'

245,069

'

Total assets

'

'

'

'

245,069

'

'

'

'

245,069

'

Debt

'

'

'

'

'

'

'

'

'

'

'

Other liabilities

'

'

'

'

'

'

'

'

'

'

'

Liabilities of discontinued operations

'

'

'

'

-406

'

'

'

'

-406

'

Total liabilities

'

'

'

'

-406

'

'

'

'

-406

'

Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

GAAP book value

'

'

'

'

244,663

'

'

'

'

244,663

'

Intersegment Elimination

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

-4,746

[6]

-6,044

[6]

-5,840

[6]

Interest expense

'

'

'

'

'

'

'

'

-4,746

[6]

-6,044

[6]

-5,840

[6]

Net interest income (expense)

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Other revenues

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Other income (loss)

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Property operating expenses

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Depreciation and amortization

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Other operating expenses

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Income tax expense

'

'

'

'

'

'

'

'

'

[6]

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Net income (loss)

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Preferred dividends

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Net income (loss) attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

[6]

'

'

Income (Loss) Available to Common Stockholders

'

'

'

'

'

'

'

'

'

[6]

'

[6]

'

[6]

Investments

-87,528

[6]

'

'

'

-62,336

[6]

'

'

'

-87,528

[6]

-62,336

[6]

'

Cash and restricted cash

'

[6]

'

'

'

'

[6]

'

'

'

'

[6]

'

[6]

'

Other assets

-155

[6]

'

'

'

-157

[6]

'

'

'

-155

[6]

-157

[6]

'

Assets of discontinued operations

'

[6]

'

'

'

'

[6]

'

'

'

'

[6]

'

[6]

'

Total assets

-87,683

[6]

'

'

'

-62,493

[6]

'

'

'

-87,683

[6]

-62,493

[6]

'

Debt

87,529

[6]

'

'

'

62,336

[6]

'

'

'

87,529

[6]

62,336

[6]

'

Other liabilities

154

[6]

'

'

'

157

[6]

'

'

'

154

[6]

157

[6]

'

Liabilities of discontinued operations

'

[6]

'

'

'

'

[6]

'

'

'

'

[6]

'

[6]

'

Total liabilities

87,683

[6]

'

'

'

62,493

[6]

'

'

'

87,683

[6]

62,493

[6]

'

Preferred Stock

'

[6]

'

'

'

'

[6]

'

'

'

'

[6]

'

[6]

'

Noncontrolling interests

'

[6]

'

'

'

'

'

'

'

'

[6]

'

'

GAAP book value

'

[6]

'

'

'

'

[6]

'

'

'

'

[6]

'

[6]

'

[1]

Including equity in earnings of unconsolidated subsidiaries.

[2]

The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 8).

[3]

Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle's investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.

[4]

The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).

[5]

In February 2014, the media segment was spun off from Newcastle and will not be reported as a segment in future filings.

[6]

Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments.

SEGMENT_REPORTING_AND_VARIABLE3

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Other Debt Segment Investments and Debt (Details 1) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Investments Face Amount	$1,170,905	[1]	$2,078,101	[1]
Investments Carrying Value	3,939,908		3,448,919
Debt Face Amount	3,030,490		2,786,059
Debt Carrying Value	3,017,931		2,781,761
Non-recourse	'		'
Investments Face Amount	694,339		741,661
Investments Carrying Value	683,816		716,712
Debt Face Amount	619,993	[2]	665,260	[2]
Debt Carrying Value	608,294	[2]	651,540	[2]
Non-recourse | Manufactured Housing Loan Portfolio I	'		'
Investments Face Amount	102,681		118,746
Investments Carrying Value	91,924		100,124
Debt Face Amount	74,248	[2]	90,551	[2]
Debt Carrying Value	66,446	[2]	81,963	[2]
Non-recourse | Manufactured Housing Loan Portfolio II	'		'
Investments Face Amount	128,975		153,193
Investments Carrying Value	128,117		150,123
Debt Face Amount	93,863	[2]	117,907	[2]
Debt Carrying Value	93,536	[2]	117,191	[2]
Non-recourse | Subprime Mortgage Loans subject to Call Options	'		'
Investments Face Amount	406,217		406,217
Investments Carrying Value	406,217		405,814
Debt Face Amount	406,217	[2]	406,217	[2]
Debt Carrying Value	406,217	[2]	405,814	[2]
Non-recourse | Real Estate Securities	'		'
Investments Face Amount	56,466		63,505
Investments Carrying Value	50,961		53,979
Debt Face Amount	39,665	[2]	44,585	[2]
Debt Carrying Value	36,095	[2]	40,572	[2]
Non-recourse | Operating Real Estate	'		'
Investments Face Amount	'		'
Investments Carrying Value	6,597		6,672
Debt Face Amount	6,000	[2]	6,000	[2]
Debt Carrying Value	6,000	[2]	6,000	[2]
Other | Real Estate Securities	'		'
Investments Face Amount	514,994		1,112,796
Investments Carrying Value	551,270		1,049,029
Debt Face Amount	516,134	[2]	923,776	[2]
Debt Carrying Value	516,134	[2]	923,776	[2]
Other | Operating Real Estate	'		'
Investments Face Amount	129,563		229,299
Investments Carrying Value	4,296		68,863
Debt Face Amount	'	[2]	'	[2]
Debt Carrying Value	'	[2]	'	[2]
Other | Real Estate Related Loans	'		'
Investments Face Amount	'		80,298
Investments Carrying Value	'		29,831
Debt Face Amount	'	[2]	'	[2]
Debt Carrying Value	'	[2]	'	[2]
Other | Other Investments	'		'
Investments Face Amount	'N/A		'N/A
Investments Carrying Value	6,160		6,024
Debt Face Amount	'	[2]	'	[2]
Debt Carrying Value	'	[2]	'	[2]
Other | Residential Mortgage Loans	'		'
Investments Face Amount	45,323		55,997
Investments Carrying Value	34,007		41,180
Debt Face Amount	25,119	[2]	'	[2]
Debt Carrying Value	25,119	[2]	'	[2]
Other Debt	'		'
Investments Face Amount	1,384,219		2,220,051
Investments Carrying Value	1,279,549	[3],[4]	1,911,639	[3],[4]
Debt Face Amount	1,161,246	[2]	1,589,036	[2]
Debt Carrying Value	$1,149,547	[3],[4]	$1,575,316	[3],[4]
[1]	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2]	As of December 31, 2013 and December 31, 2012, aggregate face amounts of $133.9 million and $71.1 million (carrying values of $87.5 million and $62.5 million), respectively, of debt represents intersegment financing, which is eliminated upon consolidation.
[3]	Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle's investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
[4]	The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).

SEGMENT_REPORTING_AND_VARIABLE4

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Holdings in Variable Interest Entities (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying Value of Newcastle's Investment	$2,002
VIE | CDO V	'
Gross Assets	200,616	[1]
Debt	226,615	[2]
Carrying Value of Newcastle's Investment	2,002	[3]
VIE | CDO VIII Repack	'
Gross Assets	146,645	[1],[4]
Debt	146,645	[2],[4]
Carrying Value of Newcastle's Investment	$104,308	[3],[4]
[1]	Face amount.
[2]	Newcastle CDO V includes $39.8 million face amount of debt owned by Newcastle with a carrying value of $2.0 million at December 31, 2013. CDO VIII Repack includes $116.8 million face amount of debt owned by Newcastle with a carrying value of $104.3 million at December 31, 2013.
[3]	This amount represents Newcastle's maximum exposure to loss from this entity.
[4]	See Notes 13 and 14 for information about the securitization that is collateralized by certain Newcastle CDO VIII Class I Notes.

SEGMENT_REPORTING_AND_VARIABLE5

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)	12 Months Ended						12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013		Dec. 31, 2013		Dec. 31, 2011
			CDO V		CDO VIII Repack		Restated
			VIE		VIE
Aggregate Face Amount of debt eliminated upon consolidation	$133,900	$71,100	'		'		'
Carrying Value of debt eliminated upon consolidation	87,500	62,500	'		'		'
Decrease in gross assets in deconsolidation of CDO	1,100,000	'	'		'		301,600
Decrease in gross liabilities in deconsolidation of CDO	1,200,000	'	'		'		357,000
Gain on deconsolidation	'	'	'		'		45,072
Decrease in AOCI loss in deconsolidation of CDO	25,500	'	'		'		10,300
Gain on sale of CDO assets	224,300	'	'		'		'
Debt Face Amount	3,030,490	2,786,059	39,800		116,800		'
Carrying Value of Newcastle's Investment	$2,002	'	$2,002	[1]	$104,308	[1],[2]	'
[1]	This amount represents Newcastle's maximum exposure to loss from this entity.
[2]	See Notes 13 and 14 for information about the securitization that is collateralized by certain Newcastle CDO VIII Class I Notes.

REAL_ESTATE_SECURITIES_Real_Es

REAL ESTATE SECURITIES - Real Estate Securities Holdings (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Jun. 27, 2013
	Integer		Integer
Outstanding Face Amount	$1,170,905	[1]	$2,078,101	[1]	'
Before Impairment - Amortized Cost Basis	1,069,503		1,811,040		'
Other Than Temporary Impairment - Amortized Cost Basis	-167,648		-202,253		'
Amortized Cost Basis	901,855	[2]	1,608,787		'
Gains - Gross Unrealized	82,699		98,762		'
Losses - Gross Unrealized	-291		-15,974		'
Carrying Value	984,263	[3]	1,691,575	[3]	'
Number of Investments	165		229		'
Weighted Average Rating	'BBB	[1],[4]	'BBB-	[4]	'
Weighted Average Coupon	3.65%		3.04%		'
Weighted Average Yield	5.44%		4.69%		'
Weighted Average Maturity (Years)	'2 years 10 months 24 days	[5]	'4 years	[5]	'
CMBS Conduit	'		'		'
Outstanding Face Amount	238,400		340,978		'
Before Impairment - Amortized Cost Basis	215,341		315,554		'
Other Than Temporary Impairment - Amortized Cost Basis	-69,099		-98,481		'
Amortized Cost Basis	146,242		217,073		'
Gains - Gross Unrealized	52,900		47,776		'
Losses - Gross Unrealized	-208		-10,081		'
Carrying Value	198,934	[3]	254,768	[3]	'
Number of Investments	34		53		'
Weighted Average Rating	'BB-	[4]	'BB-	[4]	'
Weighted Average Coupon	5.47%		5.55%		'
Weighted Average Yield	17.00%		10.81%		'
Weighted Average Maturity (Years)	'2 years 7 months 6 days	[5]	'3 years 3 months 18 days	[5]	'
Principal Subordination - Weighted Average	10.20%	[6]	9.80%	[6]	'
CMBS Single Borrower	'		'		'
Outstanding Face Amount	91,492		125,123		'
Before Impairment - Amortized Cost Basis	90,788		123,638		'
Other Than Temporary Impairment - Amortized Cost Basis	-12,364		-12,364		'
Amortized Cost Basis	78,424		111,274		'
Gains - Gross Unrealized	3,964		4,482		'
Losses - Gross Unrealized	-82		-3,002		'
Carrying Value	82,306	[3]	112,754	[3]	'
Number of Investments	15		22		'
Weighted Average Rating	'BB	[4]	'BB	[4]	'
Weighted Average Coupon	5.71%		4.89%		'
Weighted Average Yield	7.16%		5.92%		'
Weighted Average Maturity (Years)	'2 years 4 months 24 days	[5]	'2 years 10 months 24 days	[5]	'
Principal Subordination - Weighted Average	7.80%	[6]	9.20%	[6]	'
CMBS Large Loan	'		'		'
Outstanding Face Amount	3,229		8,891		'
Before Impairment - Amortized Cost Basis	3,212		8,619		'
Other Than Temporary Impairment - Amortized Cost Basis	'		'		'
Amortized Cost Basis	3,212		8,619		'
Gains - Gross Unrealized	17		250		'
Losses - Gross Unrealized	'		'		'
Carrying Value	3,229	[3]	8,869	[3]	'
Number of Investments	1		1		'
Weighted Average Rating	'BBB-	[4]	'BBB-	[4]	'
Weighted Average Coupon	6.63%		6.08%		'
Weighted Average Yield	8.87%		12.41%		'
Weighted Average Maturity (Years)	'0 years 3 months 18 days	[5]	'0 years 7 months 6 days	[5]	'
Principal Subordination - Weighted Average	8.10%	[6]	4.80%	[6]	'
REIT Debt	'		'		'
Outstanding Face Amount	29,200	[7]	62,700		'
Before Impairment - Amortized Cost Basis	28,667		62,069		'
Other Than Temporary Impairment - Amortized Cost Basis	'		'		'
Amortized Cost Basis	28,667	[2]	62,069		'
Gains - Gross Unrealized	2,519		4,105		'
Losses - Gross Unrealized	'		'		'
Carrying Value	31,186	[3]	66,174	[3]	'
Number of Investments	5		10		'
Weighted Average Rating	'BB+	[4]	'BBB-	[4]	'
Weighted Average Coupon	5.89%		5.72%		'
Weighted Average Yield	6.86%		5.89%		'
Weighted Average Maturity (Years)	'1 year 9 months 18 days	[5]	'1 year 9 months 18 days	[5]	'
Principal Subordination - Weighted Average	'N/A	[6]	'	[6]	'
Non-Agency RMBS	'		'		'
Outstanding Face Amount	96,762	[7]	558,215		'
Before Impairment - Amortized Cost Basis	103,535		390,509		'
Other Than Temporary Impairment - Amortized Cost Basis	-62,860		-68,708		'
Amortized Cost Basis	40,675	[2]	321,801		'
Gains - Gross Unrealized	16,907		34,565		'
Losses - Gross Unrealized	-1		-391		'
Carrying Value	57,581	[3]	355,975	[3]	'
Number of Investments	34		69		'
Weighted Average Rating	'CCC+	[4]	'CC	[4]	'
Weighted Average Coupon	1.07%		0.76%		'
Weighted Average Yield	12.20%		7.50%		'
Weighted Average Maturity (Years)	'4 years 4 months 24 days	[5]	'6 years 4 months 24 days	[5]	'
Principal Subordination - Weighted Average	25.90%	[6]	13.30%	[6]	'
ABS Franchise	'		'		'
Outstanding Face Amount	8,464	[7]	10,098		'
Before Impairment - Amortized Cost Basis	7,647		9,386		'
Other Than Temporary Impairment - Amortized Cost Basis	-7,647		-7,839		'
Amortized Cost Basis	'	[2]	1,547		'
Gains - Gross Unrealized	'		237		'
Losses - Gross Unrealized	'		-309		'
Carrying Value	'	[3]	1,475	[3]	'
Number of Investments	1		3		'
Weighted Average Rating	'C	[4]	'CCC-	[4]	'
Weighted Average Coupon	6.69%		5.93%		'
Weighted Average Yield	0.00%		3.40%		'
Weighted Average Maturity (Years)	'		'4 years 8 months 12 days	[5]	'
Principal Subordination - Weighted Average	0.00%	[6]	3.00%	[6]	'
FNMA/FHLMC Securities	'		'		'
Outstanding Face Amount	514,994	[8]	768,619		22,800
Before Impairment - Amortized Cost Basis	548,456	[8]	818,866	[8]	'
Other Than Temporary Impairment - Amortized Cost Basis	-817	[8]	'	[8]	'
Amortized Cost Basis	547,639	[8]	818,866	[8]	'
Gains - Gross Unrealized	3,631		3,860		'
Losses - Gross Unrealized	'		-2,191		'
Carrying Value	551,270	[3],[8]	820,535	[3],[8]	'
Number of Investments	64		58		'
Weighted Average Rating	'AAA	[4]	'AAA	[4]	'
Weighted Average Coupon	2.90%		3.05%		'
Weighted Average Yield	1.25%		1.40%		'
Weighted Average Maturity (Years)	'3 years 7 months 6 days	[5]	'3 years 6 months	[5]	'
Principal Subordination - Weighted Average	'N/A	[6]	'	[6]	'
CDOs	'		'		'
Outstanding Face Amount	188,364	[9]	203,477	[9]	'
Before Impairment - Amortized Cost Basis	71,857	[9]	82,399	[9]	'
Other Than Temporary Impairment - Amortized Cost Basis	-14,861	[9]	-14,861	[9]	'
Amortized Cost Basis	56,996	[9]	67,538	[9]	'
Gains - Gross Unrealized	2,761	[9]	3,487	[9]	'
Losses - Gross Unrealized	'	[9]	'	[9]	'
Carrying Value	$59,757	[3],[9]	$71,025	[3],[9]	'
Number of Investments	11	[9]	13	[9]	'
Weighted Average Rating	'CCC-	[4],[9]	'BB	[4],[9]	'
Weighted Average Coupon	3.21%	[9]	2.83%	[9]	'
Weighted Average Yield	7.56%	[9]	7.07%	[9]	'
Weighted Average Maturity (Years)	'1 year 2 months 12 days	[5],[9]	'1 year 7 months 6 days	[5],[9]	'
Principal Subordination - Weighted Average	19.10%	[6],[9]	20.90%	[6],[9]	'
[1]	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2]	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
[3]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[4]	Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current.
[5]	The weighted average maturity is based on the timing of expected principal reduction on the assets.
[6]	Percentage of the outstanding face amount of securities and residual interests that is subordinate to Newcastle's investments.
[7]	Net of incurred losses.
[8]	Amortized cost basis and carrying value include principal receivable of $4.8 million and $7.4 million as of December 31, 2013 and 2012, respectively.
[9]	Includes two CDO bonds issued by a third party with a carrying value of $57.8 million, three CDO bonds issued by CDO V (which has been deconsolidated) and held as an investment by Newcastle with a carrying value of $2.0 million and six CDO bonds issued by C-BASS with no carrying value.

REAL_ESTATE_SECURITIES_Holding

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
	Integer		Integer
Outstanding Face Amount	$1,170,905	[1]	$2,078,101	[1]
Before Impairment - Amortized Cost Basis	1,069,503		1,811,040
Other Than Temporary Impairment - Amortized Cost Basis	-167,648		-202,253
Amortized Cost Basis	901,855	[2]	1,608,787
Gains - Gross Unrealized	82,699		98,762
Losses - Gross Unrealized	-291		-15,974
Carrying Value	984,263	[3]	1,691,575	[3]
Number of Investments	165		229
Weighted Average Rating	'BBB	[1],[4]	'BBB-	[4]
Weighted Average Coupon	3.65%		3.04%
Weighted Average Yield	5.44%		4.69%
Weighted Average Maturity (Years)	'2 years 10 months 24 days	[5]	'4 years	[5]
Securities in an Unrealized Loss Position Less than Twelve Months	'		'
Outstanding Face Amount	14,456		'
Before Impairment - Amortized Cost Basis	17,024		'
Other Than Temporary Impairment - Amortized Cost Basis	-2,874		'
Amortized Cost Basis	14,150		'
Gains - Gross Unrealized	'		'
Losses - Gross Unrealized	-115		'
Carrying Value	14,035		'
Number of Investments	6		'
Weighted Average Rating	'BBB+		'
Weighted Average Coupon	5.58%		'
Weighted Average Yield	6.34%		'
Weighted Average Maturity (Years)	'0 years 10 months 24 days		'
Securities in an Unrealized Loss Position Greater than Twelve Months	'		'
Outstanding Face Amount	11,157		'
Before Impairment - Amortized Cost Basis	10,963		'
Other Than Temporary Impairment - Amortized Cost Basis	'		'
Amortized Cost Basis	10,963		'
Gains - Gross Unrealized	'		'
Losses - Gross Unrealized	-176		'
Carrying Value	10,787		'
Number of Investments	2		'
Weighted Average Rating	'B		'
Weighted Average Coupon	5.38%		'
Weighted Average Yield	5.74%		'
Weighted Average Maturity (Years)	'3 years 2 months 12 days		'
Securities in an Unrealized Loss Position	'		'
Outstanding Face Amount	25,613		'
Before Impairment - Amortized Cost Basis	27,987		'
Other Than Temporary Impairment - Amortized Cost Basis	-2,874		'
Amortized Cost Basis	25,113		'
Gains - Gross Unrealized	'		'
Losses - Gross Unrealized	-291		'
Carrying Value	$24,822		'
Number of Investments	8		'
Weighted Average Rating	'BB+		'
Weighted Average Coupon	5.49%		'
Weighted Average Yield	6.08%		'
Weighted Average Maturity (Years)	'1 year 10 months 24 days		'
[1]	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2]	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
[3]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[4]	Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Newcastle used an implied AAA rating for the FNMA/FHLMC securities. Ratings provided were determined by third party rating agencies, represent the most resent credit ratings available as of the reporting date and may not be current.
[5]	The weighted average maturity is based on the timing of expected principal reduction on the assets.

REAL_ESTATE_SECURITIES_Holding1

REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position and the Associated Intent to Sell (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
RE Securities Intended to Sell	'
Fair Value	$179,225
Amortized Cost Basis	179,225
Unrealized Credit Losses	-817	[1]
Unrealized Non-Credit Losses	'	[2]
RE Securities More Likely to Sell	'
Fair Value	'	[3]
Amortized Cost Basis	'
Unrealized Credit Losses	'	[1],[3]
Unrealized Non-Credit Losses	'	[2],[3]
RE Securities No Intent to Sell Credit Impaired	'
Fair Value	'
Amortized Cost Basis	1
Unrealized Credit Losses	-2,873	[1]
Unrealized Non-Credit Losses	-1	[2]
RE Securities No Intent to Sell Non Credit Impaired	'
Fair Value	24,822
Amortized Cost Basis	25,112
Unrealized Credit Losses	'	[1]
Unrealized Non-Credit Losses	-290	[2]
Securities in an Unrealized Loss Position	'
Fair Value	204,047
Amortized Cost Basis	204,338
Unrealized Credit Losses	-3,690	[1]
Unrealized Non-Credit Losses	($291)	[2]
[1]	This amount is required to be recorded as other-than-temporary impairment through earnings. In measuring the portion of credit losses, Newcastle's management estimates the expected cash flow for each of the securities. This evaluation includes a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows include management's expectations of prepayment speeds, default rates and loss severities. Credit losses are measured as the decline in the present value of the expected future cash flows discounted at the investment's effective interest rate.
[2]	This amount represents unrealized losses on securities that are due to non-credit factors and is required to be recorded through other comprehensive income.
[3]	Newcastle may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Newcastle must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales.

REAL_ESTATE_SECURITIES_Credit_

REAL ESTATE SECURITIES - Credit Losses on Debt Securities (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real Estate Securities - Credit Losses On Debt Securities Details 3	'	'
Beginning balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	($4,770)	($20,207)
Increases to credit losses on securities for which an OTTI was previously recognized and a portion of an OTTI was recognized in other comprehensive income	-89	-4,581
Additions for credit losses on securities for which an OTTI was previously recognized without any portion of OTTI recognized in other comprehensive income	-2,874	'
Reduction for credit losses on securities for which no OTTI was recognized in other comprehensive income at the current measurement date	120	14,771
Reduction for securities sold during the period	4,739	1,498
Reduction for securities deconsolidated during the period	'	3,736
Reduction for increases in cash flows expected to be collected that are recognized over the remaining life of the security	1	13
Ending balance of credit losses on debt securities for which a portion of an OTTI was recognized in other comprehensive income	($2,873)	($4,770)

REAL_ESTATE_SECURITIES_Geograp

REAL ESTATE SECURITIES - Geographic Distribution of Collateral Securing Newcastle's CMBS and ABS (Details 4) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
CMBS Outstanding Face Amount	$333,121
CMBS Percentage	100.00%
ABS Outstanding Face Amount	105,226
ABS Percentage	100.00%
Western US	'
CMBS Outstanding Face Amount	74,067
CMBS Percentage	22.20%
ABS Outstanding Face Amount	32,080
ABS Percentage	30.50%
Northeastern US	'
CMBS Outstanding Face Amount	60,858
CMBS Percentage	18.30%
ABS Outstanding Face Amount	21,972
ABS Percentage	20.90%
Southeastern US	'
CMBS Outstanding Face Amount	66,534
CMBS Percentage	20.00%
ABS Outstanding Face Amount	20,722
ABS Percentage	19.70%
Midwestern US	'
CMBS Outstanding Face Amount	49,413
CMBS Percentage	14.80%
ABS Outstanding Face Amount	13,704
ABS Percentage	13.00%
Southwestern US	'
CMBS Outstanding Face Amount	64,632
CMBS Percentage	19.40%
ABS Outstanding Face Amount	10,567
ABS Percentage	10.00%
Other Locations	'
CMBS Outstanding Face Amount	12,720
CMBS Percentage	3.80%
ABS Outstanding Face Amount	6,181
ABS Percentage	5.90%
Foreign Locations	'
CMBS Outstanding Face Amount	4,897
CMBS Percentage	1.50%
ABS Outstanding Face Amount	'
ABS Percentage	0.00%

REAL_ESTATE_SECURITIES_Details

REAL ESTATE SECURITIES (Details Narrative) (USD $)	12 Months Ended				0 Months Ended				12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Jun. 27, 2013	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
					FNMA/FHLMC Securities	FNMA/FHLMC Securities		FNMA/FHLMC Securities	Restated
CDO Bonds issued by Third party carrying value	$57,800		'		'	'		'	'
Carrying Value of Newcastle's Investment	2,002		'		'	'		'	'
Total Outstanding face amount of fixed rate securities	400,000		500,000		'	'		'	'
Total Outstanding face amount of floating rate securities	800,000		1,500,000		'	'		'	'
Principal receivable	4,800		7,400		'	'		'	'
Outstanding Face Amount of securities sold to New Residential	1,170,905	[1]	2,078,101	[1]	22,800	514,994	[2]	768,619	'
Proceeds for sale of securities to New Residential, net of financing	'		'		1,200	'		'	'
Other Than Temporary Impairment Charges in period	5,200		19,300		'	'		'	12,900
Reduction for securities transferred to New Residential	3,800		'		'	'		'	'
OTTI charges for Newcastle owned securities at end of period	$0		$400		'	'		'	($2,900)
[1]	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2]	Amortized cost basis and carrying value include principal receivable of $4.8 million and $7.4 million as of December 31, 2013 and 2012, respectively.

REAL_ESTATE_RELATED_LOANS_RESI

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans and Other Receivables (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Integer		Integer
Number of Investments	165		229
Weighted Average Yield	5.44%		4.69%
Weighted Average Coupon	3.65%		3.04%
Weighted Average Maturity (Years)	'2 years 10 months 24 days	[1]	'4 years	[1]
Mezzanine Loans	'		'
Outstanding Face Amount	172,197		'
Carrying Value	139,720	[2]	442,529	[2]
Number of Investments	9		'
Weighted Average Yield	6.63%		10.10%
Weighted Average Coupon	7.00%		'
Weighted Average Maturity (Years)	'1 year 3 months 18 days	[1]	'
Floating Rate Loans as a % of Face Amount	77.50%		'
Delinquent Face Amount	12,000	[3]	'
Corporate Bank Loans	'		'
Outstanding Face Amount	256,594		'
Carrying Value	166,710	[2]	208,863	[2]
Number of Investments	5		'
Weighted Average Yield	24.18%		18.85%
Weighted Average Coupon	13.39%		'
Weighted Average Maturity (Years)	'0 years 10 months 24 days	[1]	'
Floating Rate Loans as a % of Face Amount	9.90%		'
Delinquent Face Amount	'	[3]	'
B-Notes	'		'
Outstanding Face Amount	109,323		'
Carrying Value	101,385	[2]	161,610	[2]
Number of Investments	4		'
Weighted Average Yield	10.12%		10.40%
Weighted Average Coupon	5.30%		'
Weighted Average Maturity (Years)	'1 year 6 months	[1]	'
Floating Rate Loans as a % of Face Amount	79.30%		'
Delinquent Face Amount	'	[3]	'
Whole Loans	'		'
Outstanding Face Amount	29,715		'
Carrying Value	29,715	[2]	30,130	[2]
Number of Investments	2		'
Weighted Average Yield	3.65%		5.21%
Weighted Average Coupon	3.72%		'
Weighted Average Maturity (Years)	'0 years	[1]	'
Floating Rate Loans as a % of Face Amount	98.00%		'
Delinquent Face Amount	'	[3]	'
Total Real Estate Related and Other Loans Held for Sale	'		'
Outstanding Face Amount	567,829	[4]	'
Carrying Value	437,530	[2],[4]	843,132	[2]
Number of Investments	20	[4]	'
Weighted Average Yield	13.92%	[4]	12.15%
Weighted Average Coupon	9.39%	[4]	'
Weighted Average Maturity (Years)	'1 year 1 month 6 days	[1],[4]	'
Floating Rate Loans as a % of Face Amount	48.40%	[4]	'
Delinquent Face Amount	12,000	[3],[4]	'
Non-Securitized Manufacturing Housing Loan Portfolio I	'		'
Outstanding Face Amount	501		'
Carrying Value	130	[2]	163	[2]
Number of Investments	14		'
Weighted Average Yield	81.79%		38.84%
Weighted Average Coupon	7.90%		'
Weighted Average Maturity (Years)	'0 years 10 months 24 days	[1]	'
Floating Rate Loans as a % of Face Amount	0.00%		'
Delinquent Face Amount	'	[3]	'
Non-Securitized Manufacturing Housing Loan Portfolio II	'		'
Outstanding Face Amount	2,628		'
Carrying Value	2,055	[2]	2,308	[2]
Number of Investments	97		'
Weighted Average Yield	15.39%		15.46%
Weighted Average Coupon	10.05%		'
Weighted Average Maturity (Years)	'5 years 1 month 6 days	[1]	'
Floating Rate Loans as a % of Face Amount	9.50%		'
Delinquent Face Amount	216	[3]	'
Total Residential Mortgage Loans Held For Sale	'		'
Outstanding Face Amount	3,129	[5]	'
Carrying Value	2,185	[2],[5]	2,471	[2],[5]
Number of Investments	111	[5]	'
Weighted Average Yield	19.34%	[5]	17.00%	[5]
Weighted Average Coupon	9.71%	[5]	'
Weighted Average Maturity (Years)	'4 years 4 months 24 days	[1],[5]	'
Floating Rate Loans as a % of Face Amount	8.00%	[5]	'
Delinquent Face Amount	216	[3],[5]	'
Securitized Manufacturing Housing Loan Portfolio I	'		'
Outstanding Face Amount	102,681		'
Carrying Value	91,924	[2]	100,124	[2]
Number of Investments	2,820		'
Weighted Average Yield	9.44%		9.48%
Weighted Average Coupon	8.60%		'
Weighted Average Maturity (Years)	'6 years 1 month 6 days	[1]	'
Floating Rate Loans as a % of Face Amount	0.60%		'
Delinquent Face Amount	976	[3]	'
Securitized Manufacturing Housing Loan Portfolio II	'		'
Outstanding Face Amount	128,975		'
Carrying Value	128,117	[2]	150,123	[2]
Number of Investments	4,653		'
Weighted Average Yield	8.11%		7.54%
Weighted Average Coupon	9.62%		'
Weighted Average Maturity (Years)	'4 years 10 months 24 days	[1]	'
Floating Rate Loans as a % of Face Amount	16.50%		'
Delinquent Face Amount	1,998	[3]	'
Residential Mortgage Loans	'		'
Outstanding Face Amount	45,968		'
Carrying Value	35,409	[2]	42,214	[2]
Number of Investments	172		'
Weighted Average Yield	7.49%		7.41%
Weighted Average Coupon	2.26%		'
Weighted Average Maturity (Years)	'5 years 2 months 12 days	[1]	'
Floating Rate Loans as a % of Face Amount	100.00%		'
Delinquent Face Amount	6,756	[3]	'
Total Residential Mortgage Loans Held For Investment	'		'
Outstanding Face Amount	277,624	[5],[6]	'
Carrying Value	255,450	[2],[5],[6]	292,461	[2],[5]
Number of Investments	7,645	[5],[6]	'
Weighted Average Yield	8.50%	[5],[6]	8.19%	[5]
Weighted Average Coupon	8.02%	[5],[6]	'
Weighted Average Maturity (Years)	'5 years 4 months 24 days	[1],[5],[6]	'
Floating Rate Loans as a % of Face Amount	24.40%	[5],[6]	'
Delinquent Face Amount	9,730	[3],[5],[6]	'
Subprime Mortgage Loans Subject to Call	'		'
Outstanding Face Amount	406,217		'
Carrying Value	406,217	[2]	405,814	[2]
[1]	The weighted average maturity is based on the timing of expected principal reduction on the assets.
[2]	The aggregate United States federal income tax basis for such assets at December 31, 2013 was approximately $748.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $4.3 million for the manufactured housing loans.
[3]	Includes loans that are 60 days or more past due (including loans that are in foreclosure and borrowers in bankruptcy) or considered real estate owned ("REO"). As of December 31, 2013 and December 31, 2012, $76.5 million and $137.7 million face amount of real estate related and other loans, respectively, was on non-accrual status.
[4]	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)
[5]	Loans acquired at a discount for credit quality.
[6]	The following is an aging analysis of past due residential loans held-for-investment as of December 31, 2013: (See Schedule of aging of past due residential loans held for investment).

REAL_ESTATE_RELATED_LOANS_RESI1

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Large Loans (Details 1) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Integer		Integer
Number of Investments	165		229
Weighted Average Yield	5.44%		4.69%
Weighted Average Coupon	3.65%		3.04%
Weighted Average Maturity (Years)	'2 years 10 months 24 days	[1]	'4 years	[1]
Individual Bank Loan	'		'
Outstanding Face Amount	185,579	[2]	'
Carrying Value	155,579	[2]	'
Prior Liens	573,000	[2],[3]	'
Number of Investments	1	[2]	'
Weighted Average Yield	24.90%	[2]	'
Weighted Average Coupon	15.55%	[2]	'
Weighted Average Maturity (Years)	'0 years 7 months 6 days	[2]	'
Individual B-Note Loan	'		'
Outstanding Face Amount	52,169	[4]	'
Carrying Value	49,236	[4]	'
Prior Liens	2,013,921	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	12.00%	[4]	'
Weighted Average Coupon	3.04%	[4]	'
Weighted Average Maturity (Years)	'0 years 9 months 18 days	[4]	'
Individual Mezzanine Loan	'		'
Outstanding Face Amount	36,016	[4]	'
Carrying Value	34,395	[4]	'
Prior Liens	742,473	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	7.00%	[4]	'
Weighted Average Coupon	7.00%	[4]	'
Weighted Average Maturity (Years)	'1 year 3 months 18 days	[4]	'
Individual Whole Loan	'		'
Outstanding Face Amount	29,117	[5]	'
Carrying Value	29,117	[5]	'
Prior Liens	'	[3],[5]	'
Number of Investments	1	[5]	'
Weighted Average Yield	3.65%	[5]	'
Weighted Average Coupon	3.65%	[5]	'
Weighted Average Maturity (Years)	'0 years	[5]	'
Individual Mezzanine Loan	'		'
Outstanding Face Amount	28,939	[4]	'
Carrying Value	28,939	[4]	'
Prior Liens	169,933	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	7.00%	[4]	'
Weighted Average Coupon	8.00%	[4]	'
Weighted Average Maturity (Years)	'0 years 7 months 6 days	[4]	'
Individual Mezzanine Loan	'		'
Outstanding Face Amount	24,581	[4]	'
Carrying Value	24,581	[4]	'
Prior Liens	311,649	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	9.00%	[4]	'
Weighted Average Coupon	9.00%	[4]	'
Weighted Average Maturity (Years)	'3 years 3 months 18 days	[4]	'
Individual Mezzanine Loan	'		'
Outstanding Face Amount	24,500	[4]	'
Carrying Value	24,500	[4]	'
Prior Liens	75,000	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	6.00%	[4]	'
Weighted Average Coupon	8.17%	[4]	'
Weighted Average Maturity (Years)	'0 years 10 months 24 days	[4]	'
Individual B-Note Loan	'		'
Outstanding Face Amount	21,500	[4]	'
Carrying Value	21,500	[4]	'
Prior Liens	36,000	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	7.00%	[4]	'
Weighted Average Coupon	8.48%	[4]	'
Weighted Average Maturity (Years)	'0 years 3 months 18 days	[4]	'
Individual B-Note Loan	'		'
Outstanding Face Amount	22,629	[4]	'
Carrying Value	18,795	[4]	'
Prior Liens	128,897	[3],[4]	'
Number of Investments	1	[4]	'
Weighted Average Yield	12.00%	[4]	'
Weighted Average Coupon	7.32%	[4]	'
Weighted Average Maturity (Years)	'5 years	[4]	'
Individual Mezzanine Loan	'		'
Outstanding Face Amount	14,205	[6]	'
Carrying Value	14,205	[6]	'
Prior Liens	'	[3],[6]	'
Number of Investments	1	[6]	'
Weighted Average Yield	3.42%	[6]	'
Weighted Average Coupon	3.31%	[6]	'
Weighted Average Maturity (Years)	'0 years	[6]	'
Others	'		'
Outstanding Face Amount	128,594	[7]	'
Carrying Value	36,683	[7]	'
Number of Investments	10	[7]	'
Weighted Average Yield	7.73%	[7],[8]	'
Weighted Average Coupon	6.85%	[7],[8]	'
Weighted Average Maturity (Years)	'1 year 4 months 24 days	[7]	'
Total Large Loans	'		'
Outstanding Face Amount	567,829		'
Carrying Value	437,530		'
Number of Investments	20		'
Weighted Average Yield	13.92%		'
Weighted Average Coupon	9.39%		'
Weighted Average Maturity (Years)	'1 year 1 month 6 days		'
[1]	The weighted average maturity is based on the timing of expected principal reduction on the assets.
[2]	Interest accrued to principal balance over life to maturity with a discounted payoff option prior to April 2015. Following a public offering by the debt issuer in January 2014, Newcastle received cash of $83.3 million, which reduced the face of the loan to $99.4 million.
[3]	Represents face amount of third party liens that are senior to Newcastle's position.
[4]	Interest only payments over life to maturity and balloon principal payment upon maturity.
[5]	Interest only payments over life to maturity with a discounted payoff option prior to April 2014. The borrower repaid the financing and received the discount in January 2014.
[6]	The borrower repaid the financing in January 2014.
[7]	Various terms of payment. This represents $71.0 million, $44.0 million, $13.0 million and $0.6 million face amounts of bank loans, mezzanine loans, B-notes and whole loans, respectively. Each of the ten loans had a carrying value of less than $13.1 million at December 31, 2013.
[8]	For others, represents weighted average yield and weighted average coupon.

REAL_ESTATE_RELATED_LOANS_RESI2

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Past Due Residential Loans HFI (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Securitized Manufacturing Housing Loan Portfolio I	'
Aging Analysis of Past Due Residential Loans Held-For-Investment	'
30-59 Days Past Due	$655
60-89 Days Past Due	99
Over 90 Days Past Due	550
Repossessed	327
Total Past Due	1,631
Total Current Due	101,050
Total Outstanding Face Amount	102,681
Securitized Manufacturing Housing Loan Portfolio II	'
Aging Analysis of Past Due Residential Loans Held-For-Investment	'
30-59 Days Past Due	963
60-89 Days Past Due	390
Over 90 Days Past Due	1,208
Repossessed	400
Total Past Due	2,961
Total Current Due	126,014
Total Outstanding Face Amount	128,975
Residential Mortgage Loans	'
Aging Analysis of Past Due Residential Loans Held-For-Investment	'
30-59 Days Past Due	392
60-89 Days Past Due	798
Over 90 Days Past Due	4,832
Repossessed	1,126
Total Past Due	7,148
Total Current Due	38,820
Total Outstanding Face Amount	$45,968

REAL_ESTATE_RELATED_LOANS_RESI3

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loans By Maturity (Details 3) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Integer		Integer
Number of Investments	165		229
Total Real Estate Related and Other Loans Held for Sale	'		'
Outstanding Face Amount	567,829	[1]	'
Carrying Value	437,530	[1],[2]	843,132	[2]
Number of Investments	20	[1]	'
Total Real Estate Related and Other Loans Held for Sale | Delinquent Loans	'		'
Outstanding Face Amount	12,000	[3]	'
Carrying Value	'	[3]	'
Number of Investments	1	[3]	'
Total Real Estate Related and Other Loans Held for Sale | Maturity Period from January 1, 2014 to December 31, 2014	'		'
Outstanding Face Amount	115,623		'
Carrying Value	49,236		'
Number of Investments	5		'
Total Real Estate Related and Other Loans Held for Sale | Maturity Period from January 1, 2015 to December 31, 2015	'		'
Outstanding Face Amount	57,943		'
Carrying Value	56,271		'
Number of Investments	5		'
Total Real Estate Related and Other Loans Held for Sale | Maturity Period from January 1, 2016 to December 31, 2016	'		'
Outstanding Face Amount	64,955		'
Carrying Value	63,334		'
Number of Investments	2		'
Total Real Estate Related and Other Loans Held for Sale | Maturity Period from January 1, 2017 to December 31, 2017	'		'
Outstanding Face Amount	94,912		'
Carrying Value	81,213		'
Number of Investments	4		'
Total Real Estate Related and Other Loans Held for Sale | Maturity Period from January 1, 2018 to December 31, 2018	'		'
Outstanding Face Amount	22,628		'
Carrying Value	18,796		'
Number of Investments	1		'
Total Real Estate Related and Other Loans Held for Sale | Maturity Period Thereafter	'		'
Outstanding Face Amount	199,768		'
Carrying Value	168,680		'
Number of Investments	2		'
[1]	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)
[2]	The aggregate United States federal income tax basis for such assets at December 31, 2013 was approximately $748.5 million (unaudited), excluding the securitized subprime mortgage loans, which are fully consolidated for tax purposes. Carrying value includes interest receivable of $0.1 million for the residential housing loans and principal and interest receivable of $4.3 million for the manufactured housing loans.
[3]	Includes loans that are non-performing, in foreclosure, or under bankruptcy.

REAL_ESTATE_RELATED_LOANS_RESI4

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Activity in Carrying Value (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Valuation (allowance) reversal on loans	$25,035		$24,587		'
Real Estate Related and Other Loans Held For Sale	'		'		'
Carrying Value	843,132		813,580		782,605
Purchases / additional fundings	315,296		109,491		384,850
Interest accrued to principal balance	26,588		22,835		19,507
Principal paydowns	-257,335		-129,950		-270,767
Sales	-101,338		'		-125,141
Transfer to held for investment	'		'		'
Spin-off of New Residential	'		'		'
Conversion to equity-GateHouse	-393,531		'		'
Elimination after restructure-Golf	-29,412		'		'
Valuation (allowance) reversal on loans	19,479		28,213		21,629
Gain (Loss) on repayment of loans held-for-sale	7,216		-1,614		'
Accretion of loan discount and other amortization	6,689		'		-7
Other	746		577		904
Carrying Value	437,530		843,132		813,580
Residential Mortgage Loans Held For Sale	'		'		'
Carrying Value	2,471		2,687		253,213
Purchases / additional fundings	'		'		'
Interest accrued to principal balance	'		'		'
Principal paydowns	-373		-686		-8,818
Sales	'		'		'
Transfer to held for investment	'		'		-238,721
Spin-off of New Residential	'		'		'
Conversion to equity-GateHouse	'		'		'
Elimination after restructure-Golf	'		'		'
Valuation (allowance) reversal on loans	105		493		-2,864
Gain (Loss) on repayment of loans held-for-sale	'		'		'
Accretion of loan discount and other amortization	'		'		'
Other	-18		-23		-123
Carrying Value	2,185		2,471		2,687
Residential Mortgage Loans Held For Investment	'		'		'
Carrying Value	292,461		331,236		124,974
Purchases / additional fundings	'		'		'
Interest accrued to principal balance	'		'		'
Principal paydowns	-45,665		-38,182		-30,514
Sales	'		'		'
Transfer to held for investment	'		'		238,721
Spin-off of New Residential	'		'		'
Conversion to equity-GateHouse	'		'		'
Elimination after restructure-Golf	'		'		'
Valuation (allowance) reversal on loans	5,451	[1]	-4,119	[1]	3,602
Gain (Loss) on repayment of loans held-for-sale	'		'		'
Accretion of loan discount and other amortization	3,684		4,002		2,371
Other	-481		-476		-714
Carrying Value	255,450		292,461		331,236
NPL Reverse Mortgage Loans	'		'		'
Carrying Value	'		'		'
Purchases / additional fundings	35,138		'		'
Interest accrued to principal balance	'		'		'
Principal paydowns	'		'		'
Sales	'		'		'
Transfer to held for investment	'		'		'
Spin-off of New Residential	-35,865		'		'
Conversion to equity-GateHouse	'		'		'
Elimination after restructure-Golf	'		'		'
Valuation (allowance) reversal on loans	'		'		'
Gain (Loss) on repayment of loans held-for-sale	'		'		'
Accretion of loan discount and other amortization	727		'		'
Other	'		'		'
Carrying Value	'		'		'
[1]	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.

REAL_ESTATE_RELATED_LOANS_RESI5

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Loss Allowance Rollforward (Details 5) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Valuation (allowance) reversal on loans	$25,035		$24,587		'
Real Estate Related and Other Loans Held For Sale	'		'		'
Beginning Balance	-182,062		-228,017		'
Charge-offs	68,546	[1]	17,742	[1]	'
Valuation (allowance) reversal on loans	19,479		28,213		21,629
Ending balance	-94,037		-182,062		-228,017
Residential Mortgage Loans Held For Sale	'		'		'
Beginning Balance	-1,072		-2,461		'
Charge-offs	143	[1]	896	[1]	'
Valuation (allowance) reversal on loans	105		493		-2,864
Ending balance	-824		-1,072		-2,461
Residential Mortgage Loans Held For Investment	'		'		'
Beginning Balance	-22,478	[2]	-26,075	[2]	'
Charge-offs	4,780	[1],[2]	7,716	[1],[2]	'
Valuation (allowance) reversal on loans	5,451	[2]	-4,119	[2]	3,602
Ending balance	($12,247)	[2]	($22,478)	[2]	($26,075)	[2]
[1]	The charge-offs for real estate related loans represent three and six loans which were written off, sold, restructured, or paid off at a discounted price during 2013 and 2012, respectively.
[2]	The allowance for credit losses was determined based on the guidance for loans acquired with deteriorated credit quality.

REAL_ESTATE_RELATED_LOANS_RESI6

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Geographic Distribution (Details 6) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Total Real Estate Related and Other Loans Held for Sale	'
Outstanding Face Amount	$567,829	[1]
Subtotal prior to bank loans not secured by assets	315,659
Percentage of loans	100.00%
Total Real Estate Related and Other Loans Held for Sale | Western US	'
Outstanding Face Amount	94,204
Percentage of loans	29.90%
Total Real Estate Related and Other Loans Held for Sale | Northeastern US	'
Outstanding Face Amount	34,847
Percentage of loans	11.00%
Total Real Estate Related and Other Loans Held for Sale | Southeastern US	'
Outstanding Face Amount	52,178
Percentage of loans	16.50%
Total Real Estate Related and Other Loans Held for Sale | Midwestern US	'
Outstanding Face Amount	11,296
Percentage of loans	3.60%
Total Real Estate Related and Other Loans Held for Sale | Southwestern US	'
Outstanding Face Amount	32,005
Percentage of loans	10.10%
Total Real Estate Related and Other Loans Held for Sale | Foreign Locations	'
Outstanding Face Amount	91,129
Percentage of loans	28.90%
Total Real Estate Related and Other Loans Held for Sale | Other Locations	'
Outstanding Face Amount	252,170	[2]
Total Residential Mortgage Loans	'
Outstanding Face Amount	280,753
Percentage of loans	100.00%
Total Residential Mortgage Loans | Western US	'
Outstanding Face Amount	168,132
Percentage of loans	59.90%
Total Residential Mortgage Loans | Northeastern US	'
Outstanding Face Amount	9,014
Percentage of loans	3.20%
Total Residential Mortgage Loans | Southeastern US	'
Outstanding Face Amount	61,646
Percentage of loans	22.00%
Total Residential Mortgage Loans | Midwestern US	'
Outstanding Face Amount	10,490
Percentage of loans	3.70%
Total Residential Mortgage Loans | Southwestern US	'
Outstanding Face Amount	31,424
Percentage of loans	11.20%
Total Residential Mortgage Loans | Foreign Locations	'
Outstanding Face Amount	$47
Percentage of loans	0.00%
[1]	Loans which are more than 3% of the total current carrying value (or $13.1 million) at December 31, 2013 are as follows: (See Schedule of large loans)
[2]	Includes corporate bank loans which are not directly secured by real estate assets.

REAL_ESTATE_RELATED_LOANS_RESI7

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS, SUBPRIME MORTGAGE LOANS - Subprime Details (Details 7) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
	Integer
Subprime Portfolio I	'
Date of acquisition	'March 2006
Original number of loans (approximate)	11,300
Predominant origination date of loans	'2005
Original face amount of purchase	$1,500,000
Pre-securitization loan write-down	-4,100
Gain on pre-securitization hedge	5,500
Gain on sale	'Less than $0.1 million
Securitization Date	'April 2006
Face amount of loans at securitization	1,500,000
Face amount of notes sold by trust	1,400,000
Stated maturity of notes	'March 2036
Face amount of notes retained by Newcastle	37,600
Fair value of equity retained by Newcastle	62,400	[1]
Key assumptions in measuring such fair value (A)	'
Weighted average life (years)	'3 years 1 month 6 days	[1]
Expected credit losses	5.30%	[1]
Weighted average constant prepayment rate	28.00%	[1]
Discount rate	18.80%	[1]
Subprime Portfolio II	'
Date of acquisition	'March 2007
Original number of loans (approximate)	7,300
Predominant origination date of loans	'2006
Original face amount of purchase	1,300,000
Pre-securitization loan write-down	-5,800
Gain on pre-securitization hedge	5,800
Gain on sale	'$0.1 million
Securitization Date	'July 2007
Face amount of loans at securitization	1,100,000
Face amount of notes sold by trust	1,000,000
Stated maturity of notes	'April 2037
Face amount of notes retained by Newcastle	38,800
Fair value of equity retained by Newcastle	$46,700	[1]
Key assumptions in measuring such fair value (A)	'
Weighted average life (years)	'3 years 9 months 18 days	[1]
Expected credit losses	8.00%	[1]
Weighted average constant prepayment rate	30.10%	[1]
Discount rate	22.50%	[1]
[1]	As of the date of transfer.

REAL_ESTATE_RELATED_LOANS_RESI8

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Mortgage Loans (Details 8) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Total securitized loans (unpaid principal balance)	$879,281	[1]	'
Subprime mortgage loans subject to call option	406,217		405,814
Retained interests (fair value)	2,485	[2]	'
Subprime Portfolio I	'		'
Total securitized loans (unpaid principal balance)	372,661	[1]	'
Subprime mortgage loans subject to call option	299,176		'
Retained interests (fair value)	2,485	[2]	'
Subprime Portfolio II	'		'
Total securitized loans (unpaid principal balance)	506,620	[1]	'
Subprime mortgage loans subject to call option	107,041		'
Retained interests (fair value)	'	[2]	'
[1]	Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.
[2]	The retained interests include retained bonds of the securitizations. Their fair value is estimated based on pricing models. Newcastle's residual interests were written off in 2010. The weighted average yield of the retained note was 24.53% as of December 31, 2013.

REAL_ESTATE_RELATED_LOANS_RESI9

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 9) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Loan unpaid principal balance (UPB)	$879,281	[1]	'
Weighted Average Coupon	3.65%		3.04%
Debt Face Amount	3,030,490		2,786,059
Subprime Portfolio I	'		'
Loan unpaid principal balance (UPB)	372,661	[1]	'
Weighted Average Coupon	5.88%		'
Delinquencies of 60 or more days (UPB)	110,539	[2]	'
Net credit losses	26,388		27,548
Cumulative net credit losses	246,805		'
Cumulative net credit losses as a % of original UPB	16.40%		'
Percentage of ARM loans	51.50%	[3]	'
Percentage of loans with original loan-to-value ratio >90%	9.40%		'
Percentage of interest-only loans	11.40%		'
Debt Face Amount	368,661	[4],[5]	'
Weighted average funding cost of debt	0.53%	[6]	'
Subprime Portfolio II	'		'
Loan unpaid principal balance (UPB)	506,620	[1]	'
Weighted Average Coupon	5.19%		'
Delinquencies of 60 or more days (UPB)	204,653	[2]	'
Net credit losses	44,855		34,866
Cumulative net credit losses	301,574		'
Cumulative net credit losses as a % of original UPB	27.70%		'
Percentage of ARM loans	57.00%	[3]	'
Percentage of loans with original loan-to-value ratio >90%	7.70%		'
Percentage of interest-only loans	14.20%		'
Debt Face Amount	$506,620	[4],[5]	'
Weighted average funding cost of debt	0.45%	[6]	'
[1]	Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.
[2]	Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned.
[3]	ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
[4]	Audited.
[5]	Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2013.
[6]	Includes the effect of applicable hedges.

Recovered_Sheet5

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS, SUBPRIME MORTGAGE LOANS (Details Narrative) (USD $)

3 Months Ended

12 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Total Residential Mortgage Loans Held For Sale

Total Residential Mortgage Loans Held For Investment

Individual Bank Loan

Others

Total Real Estate Related and Other Loans Held for Sale

Total Real Estate Related and Other Loans Held for Sale

Total Real Estate Related and Other Loans Held for Sale

Total Residential Mortgage Loans

Total Residential Mortgage Loans

Total Residential Mortgage Loans

Subprime Portfolio I

Subprime Portfolio I

Subprime Portfolio II

Subprime Portfolio II

M

Upper Range

M

Upper Range

Federal Income Tax basis

$748,500

'

'

'

'

'

'

'

$748,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Receivable

4,667

'

'

'

8,959

'

'

'

4,667

8,959

100

4,300

'

'

'

'

'

'

'

'

'

'

'

'

Face Amount of Real Estate Related Loans on Non-Accrual Status

76,500

'

'

'

137,700

'

'

'

76,500

137,700

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Large loan reporting, percentage threshold

3.00%

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Large loan reporting, dollar threshold

13,100

'

'

'

'

'

'

'

13,100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash received subsequent to period end

'

'

'

'

'

'

'

'

'

'

'

'

83,300

'

'

'

'

'

'

'

'

'

'

'

Face value subsequent to period end

'

'

'

'

'

'

'

'

'

'

'

'

99,400

'

'

'

'

'

'

'

'

'

'

'

Large Loans reporting in the other category - Bank Loans Face Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

71,000

'

'

'

'

'

'

'

'

'

'

Large Loans reporting in the other category - Mezzanine Loans Face Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

44,000

'

'

'

'

'

'

'

'

'

'

Large Loans reporting in the other category - B-Notes Face Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

13,000

'

'

'

'

'

'

'

'

'

'

Large Loans reporting in the other category - Whole Loans Face Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

600

'

'

'

'

'

'

'

'

'

'

Average Carrying Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

761,700

843,400

795,300

282,700

312,500

354,900

'

'

'

'

Interest income

42,073

47,486

62,824

61,332

59,186

72,947

77,956

72,862

213,715

282,951

'

'

'

'

81,500

81,500

65,700

27,300

31,600

34,100

'

'

'

'

Annual servicing fee, as a percentage of unpaid principal balances

0.50%

'

'

'

'

'

'

'

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of aggregate principal balance for redemption of option

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

10.00%

Weighted average coupon rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.24%

'

8.68%

'

Average loan seasoning

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101

'

83

'

Weighted Average Yield of Retained Bonds

24.53%

'

'

'

'

'

'

'

24.53%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Retained Notes excluded from face amount of debt in Subprime Portfolio I

$4,000

'

'

'

'

'

'

'

$4,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INVESTMENTS_IN_CDO_SERVICING_R1

INVESTMENTS IN CDO SERVICING RIGHTS (Details Narrative) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
			Restated
Acquisition of servicing rights	'	'	$2,268
Amortization of Servicing Rights	300	300	'
Servicing Asset	$1,400	'	'

INVESTMENTS_IN_SENIOR_HOUSING_2

INVESTMENTS IN SENIOR HOUSING REAL ESTATE - Investments in Senior Housing Real Estate (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Senior Housing Facilities AL/MC Scottsdale AZ	'		'
Property Type	'AL/MC	[1]	'
Location	'Scottsdale, AZ		'
Initial cost - land	$2,307		'
Initial cost - building	16,809		'
Initial cost - building improvements	183		'
Initial cost - furniture, fixtures and equipment	101		'
Costs capitalized subsequent to acquisition	170		'
Gross Carrying Amount - land	2,307		'
Gross Carrying Amount - building	16,809		'
Gross Carrying Amount - building improvements	327		'
Gross Carrying Amount - furniture, fixtures and equipment	127		'
Gross Carrying Amount	19,570	[2],[3]	'
Accumulated Depreciation	-708	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1999	[5]	'
Year Renovated	'2005	[5]	'
Net carrying value	18,862		19,212
Encumbrances	16,380	[6]	12,600	[6]
Senior Housing Facilities AL/MC Citrus Heights CA	'		'
Property Type	'AL/MC	[1]	'
Location	'Citrus Heights, CA		'
Initial cost - land	831		'
Initial cost - building	3,089		'
Initial cost - building improvements	94		'
Initial cost - furniture, fixtures and equipment	59		'
Costs capitalized subsequent to acquisition	29		'
Gross Carrying Amount - land	831		'
Gross Carrying Amount - building	3,090		'
Gross Carrying Amount - building improvements	114		'
Gross Carrying Amount - furniture, fixtures and equipment	67		'
Gross Carrying Amount	4,102	[2],[3]	'
Accumulated Depreciation	-154	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1997	[5]	'
Year Renovated	'2011	[5]	'
Net carrying value	3,948		4,027
Encumbrances	3,440	[6]	2,940	[6]
Senior Housing Facilities AL/MC Santa Cruz CA	'		'
Property Type	'AL/MC	[1]	'
Location	'Santa Cruz, CA		'
Initial cost - land	2,255		'
Initial cost - building	20,931		'
Initial cost - building improvements	265		'
Initial cost - furniture, fixtures and equipment	58		'
Costs capitalized subsequent to acquisition	124		'
Gross Carrying Amount - land	2,255		'
Gross Carrying Amount - building	20,932		'
Gross Carrying Amount - building improvements	370		'
Gross Carrying Amount - furniture, fixtures and equipment	76		'
Gross Carrying Amount	23,633	[2],[3]	'
Accumulated Depreciation	-870	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1990	[5]	'
Net carrying value	22,763		23,272
Encumbrances	19,850	[6]	17,220	[6]
Senior Housing Facilities AL/MC Clovis CA	'		'
Property Type	'AL/MC	[1]	'
Location	'Clovis, CA		'
Initial cost - land	1,133		'
Initial cost - building	16,789		'
Initial cost - building improvements	205		'
Initial cost - furniture, fixtures and equipment	45		'
Costs capitalized subsequent to acquisition	77		'
Gross Carrying Amount - land	1,133		'
Gross Carrying Amount - building	16,790		'
Gross Carrying Amount - building improvements	235		'
Gross Carrying Amount - furniture, fixtures and equipment	91		'
Gross Carrying Amount	18,249	[2],[3]	'
Accumulated Depreciation	-671	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1998	[5]	'
Year Renovated	'2007	[5]	'
Net carrying value	17,578		17,969
Encumbrances	15,343	[6]	11,700	[6]
Senior Housing Facilities AL/MC Boise ID	'		'
Property Type	'AL/MC	[1]	'
Location	'Boise, ID		'
Initial cost - land	1,465		'
Initial cost - building	13,157		'
Initial cost - building improvements	477		'
Initial cost - furniture, fixtures and equipment	58		'
Costs capitalized subsequent to acquisition	116		'
Gross Carrying Amount - land	1,465		'
Gross Carrying Amount - building	13,157		'
Gross Carrying Amount - building improvements	580		'
Gross Carrying Amount - furniture, fixtures and equipment	71		'
Gross Carrying Amount	15,273	[2],[3]	'
Accumulated Depreciation	-599	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1997	[5]	'
Year Renovated	'2011	[5]	'
Net carrying value	14,674		15,016
Encumbrances	12,799	[6]	12,960	[6]
Senior Housing Facilities AL/MC Corvallis OR	'		'
Property Type	'AL/MC	[1]	'
Location	'Corvallis, OR		'
Initial cost - land	1,060		'
Initial cost - building	4,886		'
Initial cost - building improvements	164		'
Initial cost - furniture, fixtures and equipment	8		'
Costs capitalized subsequent to acquisition	56		'
Gross Carrying Amount - land	1,060		'
Gross Carrying Amount - building	4,886		'
Gross Carrying Amount - building improvements	196		'
Gross Carrying Amount - furniture, fixtures and equipment	32		'
Gross Carrying Amount	6,174	[2],[3]	'
Accumulated Depreciation	-209	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1999	[5]	'
Net carrying value	5,965		6,069
Encumbrances	5,166	[6]	3,020	[6]
Senior Housing Facilities AL/MC Eugene OR	'		'
Property Type	'AL/MC	[1]	'
Location	'Eugene, OR		'
Initial cost - land	935		'
Initial cost - building	20,383		'
Initial cost - building improvements	411		'
Initial cost - furniture, fixtures and equipment	91		'
Costs capitalized subsequent to acquisition	88		'
Gross Carrying Amount - land	935		'
Gross Carrying Amount - building	20,383		'
Gross Carrying Amount - building improvements	507		'
Gross Carrying Amount - furniture, fixtures and equipment	83		'
Gross Carrying Amount	21,908	[2],[3]	'
Accumulated Depreciation	-862	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1998	[5]	'
Net carrying value	21,046		21,607
Encumbrances	18,425	[6]	15,480	[6]
Senior Housing Facilities AL/MC Cottonwood Heights UT	'		'
Property Type	'AL/MC	[1]	'
Location	'Cottonwood Heights, UT		'
Initial cost - land	1,496		'
Initial cost - building	16,160		'
Initial cost - building improvements	238		'
Initial cost - furniture, fixtures and equipment	58		'
Costs capitalized subsequent to acquisition	154		'
Gross Carrying Amount - land	1,496		'
Gross Carrying Amount - building	16,160		'
Gross Carrying Amount - building improvements	275		'
Gross Carrying Amount - furniture, fixtures and equipment	175		'
Gross Carrying Amount	18,106	[2],[3]	'
Accumulated Depreciation	-674	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'2001	[5]	'
Net carrying value	17,432		17,772
Encumbrances	15,159	[6]	12,480	[6]
Senior Housing Facilities AL/MC Bountiful UT	'		'
Property Type	'AL/MC	[1]	'
Location	'Bountiful, UT		'
Initial cost - land	570		'
Initial cost - building	9,492		'
Initial cost - building improvements	66		'
Initial cost - furniture, fixtures and equipment	50		'
Costs capitalized subsequent to acquisition	362		'
Gross Carrying Amount - land	570		'
Gross Carrying Amount - building	9,492		'
Gross Carrying Amount - building improvements	298		'
Gross Carrying Amount - furniture, fixtures and equipment	180		'
Gross Carrying Amount	10,540	[2],[3]	'
Accumulated Depreciation	-355	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1978	[5]	'
Year Renovated	'2000	[5]	'
Net carrying value	10,185		10,171
Encumbrances	8,819	[6]	10,024	[6]
Senior Housing Facilities AL/MC Taylorsville UT	'		'
Property Type	'AL/MC	[1]	'
Location	'Taylorsville, UT		'
Initial cost - land	1,111		'
Initial cost - building	3,009		'
Initial cost - building improvements	117		'
Initial cost - furniture, fixtures and equipment	39		'
Costs capitalized subsequent to acquisition	266		'
Gross Carrying Amount - land	1,111		'
Gross Carrying Amount - building	3,009		'
Gross Carrying Amount - building improvements	242		'
Gross Carrying Amount - furniture, fixtures and equipment	180		'
Gross Carrying Amount	4,542	[2],[3]	'
Accumulated Depreciation	-154	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1976	[5]	'
Year Renovated	'1994	[5]	'
Net carrying value	4,388		4,276
Encumbrances	3,704	[6]	3,341	[6]
Senior Housing Facilities AL/MC Salt Lake City UT	'		'
Property Type	'AL/MC	[1]	'
Location	'Salt Lake City, UT		'
Initial cost - land	700		'
Initial cost - building	3,253		'
Initial cost - building improvements	44		'
Initial cost - furniture, fixtures and equipment	15		'
Costs capitalized subsequent to acquisition	212		'
Gross Carrying Amount - land	700		'
Gross Carrying Amount - building	3,253		'
Gross Carrying Amount - building improvements	131		'
Gross Carrying Amount - furniture, fixtures and equipment	140		'
Gross Carrying Amount	4,224	[2],[3]	'
Accumulated Depreciation	-129	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1984	[5]	'
Year Renovated	'2007	[5]	'
Net carrying value	4,095		4,017
Encumbrances	3,476	[6]	2,635	[6]
Senior Housing Facilities AL/MC Fort Worth TX	'		'
Property Type	'AL/MC	[1]	'
Location	'Fort Worth, TX		'
Initial cost - land	2,130		'
Initial cost - building	16,260		'
Initial cost - building improvements	338		'
Initial cost - furniture, fixtures and equipment	672		'
Costs capitalized subsequent to acquisition	139		'
Gross Carrying Amount - land	2,130		'
Gross Carrying Amount - building	16,260		'
Gross Carrying Amount - building improvements	423		'
Gross Carrying Amount - furniture, fixtures and equipment	726		'
Gross Carrying Amount	19,539	[2],[3]	'
Accumulated Depreciation	-775	[2],[4]	'
Year Acquired	'2012	[5]	'
Year Constructed	'1986	[5]	'
Net carrying value	18,764		19,393
Encumbrances	16,125	[6]	16,125	[6]
Senior Housing Assets Acquired in 2012	'		'
Initial cost - land	15,993		'
Initial cost - building	144,218		'
Initial cost - building improvements	2,602		'
Initial cost - furniture, fixtures and equipment	1,254		'
Costs capitalized subsequent to acquisition	1,793		'
Gross Carrying Amount - land	15,993		'
Gross Carrying Amount - building	144,221		'
Gross Carrying Amount - building improvements	3,698		'
Gross Carrying Amount - furniture, fixtures and equipment	1,948		'
Gross Carrying Amount	165,860	[2],[3]	'
Accumulated Depreciation	-6,160	[2],[4]	'
Net carrying value	159,700		162,801
Encumbrances	$138,686	[6]	$120,525	[6]
[1]	AL represents assisted living; IL represents independent living and MC represents memory care.
[2]	The following is a rollforward of the gross carrying amount and accumulated depreciation of senior housing real estate for the years ended December 31, 2013 and 2012.
[3]	The aggregate United States federal income tax basis for Newcastle's senior housing real estate at December 31, 2013 was approximately $1.4 billion.
[4]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
[5]	Unaudited.
[6]	See Note 14.

INVESTMENTS_IN_SENIOR_HOUSING_3

INVESTMENTS IN SENIOR HOUSING REAL ESTATE - Investments in Senior Housing Real Estate (Details 1) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
In Thousands, unless otherwise specified
Senior Housing Facilities IL Poughkeepsie, NY	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Poughkeepsie, NY		'		'
Initial cost - building	$11,848		'		'
Initial cost - building improvements	282		'		'
Initial cost - furniture, fixtures and equipment	670		'		'
Costs capitalized subsequent to acquisition	102		'		'
Gross Carrying Amount - land	'		'		'
Gross Carrying Amount - building	11,849		'		'
Gross Carrying Amount - building improvements	341		'		'
Gross Carrying Amount - furniture, fixtures and equipment	712		'		'
Gross Carrying Amount	12,902	[2],[3]	'		'
Accumulated Depreciation	-215	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2001	[5]	'		'
Net carrying value	12,687		'		'
Encumbrances	14,100	[6]	'	[6]	'
Senior Housing Facilities AL/MC Brooksville, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Brooksville, FL		'		'
Initial cost - land	1,807		'		'
Initial cost - building	8,578		'		'
Initial cost - building improvements	211		'		'
Initial cost - furniture, fixtures and equipment	568		'		'
Costs capitalized subsequent to acquisition	74		'		'
Gross Carrying Amount - land	1,807		'		'
Gross Carrying Amount - building	8,578		'		'
Gross Carrying Amount - building improvements	230		'		'
Gross Carrying Amount - furniture, fixtures and equipment	623		'		'
Gross Carrying Amount	11,238	[2],[3]	'		'
Accumulated Depreciation	-150	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1960	[5]	'		'
Year Renovated	'2012	[5]	'		'
Net carrying value	11,088		'		'
Encumbrances	9,951	[6]	'	[6]	'
Senior Housing Facilities AL/MC Port Charlotte, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Port Charlotte, FL		'		'
Initial cost - land	1,078		'		'
Initial cost - building	8,381		'		'
Initial cost - building improvements	231		'		'
Initial cost - furniture, fixtures and equipment	679		'		'
Costs capitalized subsequent to acquisition	51		'		'
Gross Carrying Amount - land	1,078		'		'
Gross Carrying Amount - building	8,383		'		'
Gross Carrying Amount - building improvements	238		'		'
Gross Carrying Amount - furniture, fixtures and equipment	721		'		'
Gross Carrying Amount	10,420	[2],[3]	'		'
Accumulated Depreciation	-158	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1998	[5]	'		'
Net carrying value	10,262		'		'
Encumbrances	9,240	[6]	'	[6]	'
Senior Housing Facilities AL/MC Bradenton, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Bradenton, FL		'		'
Initial cost - land	1,177		'		'
Initial cost - building	9,129		'		'
Initial cost - building improvements	211		'		'
Initial cost - furniture, fixtures and equipment	748		'		'
Costs capitalized subsequent to acquisition	75		'		'
Gross Carrying Amount - land	1,177		'		'
Gross Carrying Amount - building	9,129		'		'
Gross Carrying Amount - building improvements	229		'		'
Gross Carrying Amount - furniture, fixtures and equipment	805		'		'
Gross Carrying Amount	11,340	[2],[3]	'		'
Accumulated Depreciation	-172	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1973	[5]	'		'
Year Renovated	'1988	[5]	'		'
Net carrying value	11,168		'		'
Encumbrances	10,041	[6]	'	[6]	'
Senior Housing Facilities AL/MC Brooksville, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Brooksville, FL		'		'
Initial cost - land	708		'		'
Initial cost - building	4,895		'		'
Initial cost - building improvements	244		'		'
Initial cost - furniture, fixtures and equipment	439		'		'
Costs capitalized subsequent to acquisition	43		'		'
Gross Carrying Amount - land	708		'		'
Gross Carrying Amount - building	4,895		'		'
Gross Carrying Amount - building improvements	254		'		'
Gross Carrying Amount - furniture, fixtures and equipment	472		'		'
Gross Carrying Amount	6,329	[2],[3]	'		'
Accumulated Depreciation	-101	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1988	[5]	'		'
Net carrying value	6,228		'		'
Encumbrances	5,603	[6]	'	[6]	'
Senior Housing Facilities AL/MC Bradenton, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Bradenton, FL		'		'
Initial cost - land	1,367		'		'
Initial cost - building	14,124		'		'
Initial cost - building improvements	235		'		'
Initial cost - furniture, fixtures and equipment	1,247		'		'
Costs capitalized subsequent to acquisition	124		'		'
Gross Carrying Amount - land	1,367		'		'
Gross Carrying Amount - building	14,124		'		'
Gross Carrying Amount - building improvements	259		'		'
Gross Carrying Amount - furniture, fixtures and equipment	1,347		'		'
Gross Carrying Amount	17,097	[2],[3]	'		'
Accumulated Depreciation	-270	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1988	[5]	'		'
Net carrying value	16,827		'		'
Encumbrances	15,128	[6]	'	[6]	'
Senior Housing Facilities AL/MC Hollywood, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Hollywood, FL		'		'
Initial cost - land	918		'		'
Initial cost - building	4,057		'		'
Initial cost - building improvements	204		'		'
Initial cost - furniture, fixtures and equipment	509		'		'
Costs capitalized subsequent to acquisition	94		'		'
Gross Carrying Amount - land	918		'		'
Gross Carrying Amount - building	4,057		'		'
Gross Carrying Amount - building improvements	239		'		'
Gross Carrying Amount - furniture, fixtures and equipment	568		'		'
Gross Carrying Amount	5,782	[2],[3]	'		'
Accumulated Depreciation	-99	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1998	[5]	'		'
Net carrying value	5,683		'		'
Encumbrances	5,069	[6]	'	[6]	'
Senior Housing Facilities AL/MC Pinellas Park, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Pinellas Park, FL		'		'
Initial cost - land	1,447		'		'
Initial cost - building	9,564		'		'
Initial cost - building improvements	185		'		'
Initial cost - furniture, fixtures and equipment	848		'		'
Costs capitalized subsequent to acquisition	56		'		'
Gross Carrying Amount - land	1,447		'		'
Gross Carrying Amount - building	9,564		'		'
Gross Carrying Amount - building improvements	203		'		'
Gross Carrying Amount - furniture, fixtures and equipment	886		'		'
Gross Carrying Amount	12,100	[2],[3]	'		'
Accumulated Depreciation	-183	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1986	[5]	'		'
Year Renovated	'2007	[5]	'		'
Net carrying value	11,917		'		'
Encumbrances	10,735	[6]	'	[6]	'
Senior Housing Facilities AL/MC Lake Placid, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Lake Placid, FL		'		'
Initial cost - land	1,217		'		'
Initial cost - building	4,442		'		'
Initial cost - building improvements	277		'		'
Initial cost - furniture, fixtures and equipment	838		'		'
Costs capitalized subsequent to acquisition	40		'		'
Gross Carrying Amount - land	1,217		'		'
Gross Carrying Amount - building	4,442		'		'
Gross Carrying Amount - building improvements	282		'		'
Gross Carrying Amount - furniture, fixtures and equipment	873		'		'
Gross Carrying Amount	6,814	[2],[3]	'		'
Accumulated Depreciation	-131	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2007	[5]	'		'
Net carrying value	6,683		'		'
Encumbrances	6,039	[6]	'	[6]	'
Senior Housing Facilities AL/MC Hollywood, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Hollywood, FL		'		'
Initial cost - land	948		'		'
Initial cost - building	4,624		'		'
Initial cost - building improvements	126		'		'
Initial cost - furniture, fixtures and equipment	399		'		'
Costs capitalized subsequent to acquisition	50		'		'
Gross Carrying Amount - land	948		'		'
Gross Carrying Amount - building	4,624		'		'
Gross Carrying Amount - building improvements	138		'		'
Gross Carrying Amount - furniture, fixtures and equipment	437		'		'
Gross Carrying Amount	6,147	[2],[3]	'		'
Accumulated Depreciation	-91	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1988	[5]	'		'
Year Renovated	'2012	[5]	'		'
Net carrying value	6,056		'		'
Encumbrances	5,434	[6]	'	[6]	'
Senior Housing Facilities AL/MC Venice, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Venice, FL		'		'
Initial cost - land	1,078		'		'
Initial cost - building	13,034		'		'
Initial cost - building improvements	277		'		'
Initial cost - furniture, fixtures and equipment	838		'		'
Costs capitalized subsequent to acquisition	59		'		'
Gross Carrying Amount - land	1,078		'		'
Gross Carrying Amount - building	13,034		'		'
Gross Carrying Amount - building improvements	290		'		'
Gross Carrying Amount - furniture, fixtures and equipment	884		'		'
Gross Carrying Amount	15,286	[2],[3]	'		'
Accumulated Depreciation	-222	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1998	[5]	'		'
Net carrying value	15,064		'		'
Encumbrances	13,572	[6]	'	[6]	'
Senior Housing Facilities AL/MC New Bern, NC	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'New Bern, NC		'		'
Initial cost - land	1,676		'		'
Initial cost - building	12,808		'		'
Initial cost - building improvements	234		'		'
Initial cost - furniture, fixtures and equipment	1,148		'		'
Costs capitalized subsequent to acquisition	132		'		'
Gross Carrying Amount - land	1,676		'		'
Gross Carrying Amount - building	12,808		'		'
Gross Carrying Amount - building improvements	258		'		'
Gross Carrying Amount - furniture, fixtures and equipment	1,256		'		'
Gross Carrying Amount	15,998	[2],[3]	'		'
Accumulated Depreciation	-250	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1985	[5]	'		'
Year Renovated	'2004	[5]	'		'
Net carrying value	15,748		'		'
Encumbrances	14,141	[6]	'	[6]	'
Senior Housing Facilities AL/MC Winter Haven, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Winter Haven, FL		'		'
Initial cost - land	3,532		'		'
Initial cost - building	21,840		'		'
Initial cost - building improvements	222		'		'
Initial cost - furniture, fixtures and equipment	1,477		'		'
Costs capitalized subsequent to acquisition	148		'		'
Gross Carrying Amount - land	3,532		'		'
Gross Carrying Amount - building	21,840		'		'
Gross Carrying Amount - building improvements	287		'		'
Gross Carrying Amount - furniture, fixtures and equipment	1,560		'		'
Gross Carrying Amount	27,219	[2],[3]	'		'
Accumulated Depreciation	-371	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1984	[5]	'		'
Net carrying value	26,848		'		'
Encumbrances	19,199	[6]	'	[6]	'
Senior Housing Facilities AL/MC Sanford, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Sanford, FL		'		'
Initial cost - land	1,407		'		'
Initial cost - building	8,742		'		'
Initial cost - building improvements	269		'		'
Initial cost - furniture, fixtures and equipment	629		'		'
Costs capitalized subsequent to acquisition	63		'		'
Gross Carrying Amount - land	1,407		'		'
Gross Carrying Amount - building	8,742		'		'
Gross Carrying Amount - building improvements	291		'		'
Gross Carrying Amount - furniture, fixtures and equipment	670		'		'
Gross Carrying Amount	11,110	[2],[3]	'		'
Accumulated Depreciation	-159	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1984	[5]	'		'
Net carrying value	10,951		'		'
Encumbrances	5,549	[6]	'	[6]	'
Senior Housing Facilities AL/MC Spring Hill, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Spring Hill, FL		'		'
Initial cost - land	798		'		'
Initial cost - building	5,449		'		'
Initial cost - building improvements	248		'		'
Initial cost - furniture, fixtures and equipment	529		'		'
Costs capitalized subsequent to acquisition	44		'		'
Gross Carrying Amount - land	798		'		'
Gross Carrying Amount - building	5,449		'		'
Gross Carrying Amount - building improvements	261		'		'
Gross Carrying Amount - furniture, fixtures and equipment	560		'		'
Gross Carrying Amount	7,068	[2],[3]	'		'
Accumulated Depreciation	-114	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1988	[5]	'		'
Year Renovated	'2006	[5]	'		'
Net carrying value	6,954		'		'
Encumbrances	7,405	[6]	'	[6]	'
Senior Housing Facilities AL/MC Lakeland, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Lakeland, FL		'		'
Initial cost - land	1,108		'		'
Initial cost - building	14,790		'		'
Initial cost - building improvements	48		'		'
Initial cost - furniture, fixtures and equipment	918		'		'
Costs capitalized subsequent to acquisition	76		'		'
Gross Carrying Amount - land	1,108		'		'
Gross Carrying Amount - building	14,790		'		'
Gross Carrying Amount - building improvements	70		'		'
Gross Carrying Amount - furniture, fixtures and equipment	972		'		'
Gross Carrying Amount	16,940	[2],[3]	'		'
Accumulated Depreciation	-239	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1984	[5]	'		'
Net carrying value	16,701		'		'
Encumbrances	9,082	[6]	'	[6]	'
Senior Housing Facilities AL/MC Media, PA	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Media, PA		'		'
Initial cost - land	1,940		'		'
Initial cost - building	15,834		'		'
Initial cost - building improvements	406		'		'
Initial cost - furniture, fixtures and equipment	870		'		'
Costs capitalized subsequent to acquisition	140		'		'
Gross Carrying Amount - land	1,940		'		'
Gross Carrying Amount - building	15,834		'		'
Gross Carrying Amount - building improvements	440		'		'
Gross Carrying Amount - furniture, fixtures and equipment	976		'		'
Gross Carrying Amount	19,190	[2],[3]	'		'
Accumulated Depreciation	-233	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1995	[5]	'		'
Net carrying value	18,957		'		'
Encumbrances	16,875	[6]	'	[6]	'
Senior Housing Facilities AL/MC Port Charlotte, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Port Charlotte, FL		'		'
Initial cost - land	2,000		'		'
Initial cost - building	13,316		'		'
Initial cost - building improvements	252		'		'
Initial cost - furniture, fixtures and equipment	1,370		'		'
Costs capitalized subsequent to acquisition	163		'		'
Gross Carrying Amount - land	2,000		'		'
Gross Carrying Amount - building	13,316		'		'
Gross Carrying Amount - building improvements	275		'		'
Gross Carrying Amount - furniture, fixtures and equipment	1,510		'		'
Gross Carrying Amount	17,101	[2],[3]	'		'
Accumulated Depreciation	-213	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1985	[5]	'		'
Year Renovated	'2004	[5]	'		'
Net carrying value	16,888		'		'
Encumbrances	14,250	[6]	'	[6]	'
Senior Housing Facilities AL/MC Pittsburgh, PA	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Pittsburgh, PA		'		'
Initial cost - land	3,260		'		'
Initial cost - building	11,435		'		'
Initial cost - building improvements	203		'		'
Initial cost - furniture, fixtures and equipment	410		'		'
Costs capitalized subsequent to acquisition	207		'		'
Gross Carrying Amount - land	3,260		'		'
Gross Carrying Amount - building	11,435		'		'
Gross Carrying Amount - building improvements	352		'		'
Gross Carrying Amount - furniture, fixtures and equipment	468		'		'
Gross Carrying Amount	15,515	[2],[3]	'		'
Accumulated Depreciation	-129	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1996	[5]	'		'
Net carrying value	15,386		'		'
Encumbrances	8,250	[6]	'	[6]	'
Senior Housing Facilities IL Richmond, VA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Richmond, VA		'		'
Initial cost - land	1,630		'		'
Initial cost - building	9,241		'		'
Initial cost - building improvements	329		'		'
Initial cost - furniture, fixtures and equipment	705		'		'
Costs capitalized subsequent to acquisition	115		'		'
Gross Carrying Amount - land	1,630		'		'
Gross Carrying Amount - building	9,241		'		'
Gross Carrying Amount - building improvements	419		'		'
Gross Carrying Amount - furniture, fixtures and equipment	730		'		'
Gross Carrying Amount	12,020	[2],[3]	'		'
Accumulated Depreciation	-69	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1987	[5]	'		'
Year Renovated	'2008	[5]	'		'
Net carrying value	11,951		'		'
Encumbrances	8,775	[6]	'	[6]	'
Senior Housing Facilities AL/MC Fort Myers, FL	'		'		'
Property Type	'AL/MC	[1]	'		'
Location	'Fort Myers, FL		'		'
Initial cost - land	1,950		'		'
Initial cost - building	9,018		'		'
Initial cost - building improvements	242		'		'
Initial cost - furniture, fixtures and equipment	1,040		'		'
Costs capitalized subsequent to acquisition	48		'		'
Gross Carrying Amount - land	1,950		'		'
Gross Carrying Amount - building	9,018		'		'
Gross Carrying Amount - building improvements	242		'		'
Gross Carrying Amount - furniture, fixtures and equipment	1,088		'		'
Gross Carrying Amount	12,298	[2],[3]	'		'
Accumulated Depreciation	-18	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1988	[5]	'		'
Net carrying value	12,280		'		'
Encumbrances	10,688	[6]	'	[6]	'
Senior Housing Facilities IL Surprise, AZ	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Surprise, AZ		'		'
Initial cost - land	1,150		'		'
Initial cost - building	11,083		'		'
Initial cost - building improvements	248		'		'
Initial cost - furniture, fixtures and equipment	646		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,150		'		'
Gross Carrying Amount - building	11,083		'		'
Gross Carrying Amount - building improvements	248		'		'
Gross Carrying Amount - furniture, fixtures and equipment	646		'		'
Gross Carrying Amount	13,127	[2],[3]	'		'
Accumulated Depreciation	-9	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1998	[5]	'		'
Net carrying value	13,118		'		'
Encumbrances	10,046	[6]	'	[6]	'
Senior Housing Facilities IL Santa Clara, CA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Santa Clara, CA		'		'
Initial cost - land	'		'		'
Initial cost - building	17,979		'		'
Initial cost - building improvements	609		'		'
Initial cost - furniture, fixtures and equipment	767		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	'		'		'
Gross Carrying Amount - building	17,979		'		'
Gross Carrying Amount - building improvements	609		'		'
Gross Carrying Amount - furniture, fixtures and equipment	767		'		'
Gross Carrying Amount	19,355	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1991	[5]	'		'
Net carrying value	19,340		'		'
Encumbrances	14,814	[6]	'	[6]	'
Senior Housing Facilities IL Pueblo, CO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Pueblo, CO		'		'
Initial cost - land	454		'		'
Initial cost - building	13,983		'		'
Initial cost - building improvements	63		'		'
Initial cost - furniture, fixtures and equipment	384		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	454		'		'
Gross Carrying Amount - building	13,983		'		'
Gross Carrying Amount - building improvements	63		'		'
Gross Carrying Amount - furniture, fixtures and equipment	384		'		'
Gross Carrying Amount	14,884	[2],[3]	'		'
Accumulated Depreciation	-10	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1985	[5]	'		'
Net carrying value	14,874		'		'
Encumbrances	11,392	[6]	'	[6]	'
Senior Housing Facilities IL Rocky Hill, CT	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Rocky Hill, CT		'		'
Initial cost - land	'		'		'
Initial cost - building	23,976		'		'
Initial cost - building improvements	215		'		'
Initial cost - furniture, fixtures and equipment	615		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	'		'		'
Gross Carrying Amount - building	23,976		'		'
Gross Carrying Amount - building improvements	215		'		'
Gross Carrying Amount - furniture, fixtures and equipment	615		'		'
Gross Carrying Amount	24,806	[2],[3]	'		'
Accumulated Depreciation	-18	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1998	[5]	'		'
Net carrying value	24,788		'		'
Encumbrances	18,988	[6]	'	[6]	'
Senior Housing Facilities IL Farmington, CT	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Farmington, CT		'		'
Initial cost - land	3,649		'		'
Initial cost - building	23,586		'		'
Initial cost - building improvements	155		'		'
Initial cost - furniture, fixtures and equipment	272		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	3,649		'		'
Gross Carrying Amount - building	23,586		'		'
Gross Carrying Amount - building improvements	155		'		'
Gross Carrying Amount - furniture, fixtures and equipment	272		'		'
Gross Carrying Amount	27,662	[2],[3]	'		'
Accumulated Depreciation	-16	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1989	[5]	'		'
Net carrying value	27,646		'		'
Encumbrances	21,174	[6]	'	[6]	'
Senior Housing Facilities IL Urbandale, IA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Urbandale, IA		'		'
Initial cost - land	706		'		'
Initial cost - building	12,017		'		'
Initial cost - building improvements	270		'		'
Initial cost - furniture, fixtures and equipment	484		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	706		'		'
Gross Carrying Amount - building	12,017		'		'
Gross Carrying Amount - building improvements	270		'		'
Gross Carrying Amount - furniture, fixtures and equipment	484		'		'
Gross Carrying Amount	13,477	[2],[3]	'		'
Accumulated Depreciation	-10	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1995	[5]	'		'
Net carrying value	13,467		'		'
Encumbrances	10,316	[6]	'	[6]	'
Senior Housing Facilities IL Bettendorf, IA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Bettendorf, IA		'		'
Initial cost - land	1,512		'		'
Initial cost - building	10,991		'		'
Initial cost - building improvements	136		'		'
Initial cost - furniture, fixtures and equipment	474		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,512		'		'
Gross Carrying Amount - building	10,991		'		'
Gross Carrying Amount - building improvements	136		'		'
Gross Carrying Amount - furniture, fixtures and equipment	474		'		'
Gross Carrying Amount	13,113	[2],[3]	'		'
Accumulated Depreciation	-9	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1990	[5]	'		'
Net carrying value	13,104		'		'
Encumbrances	10,037	[6]	'	[6]	'
Senior Housing Facilities IL Topeka, KS	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Topeka, KS		'		'
Initial cost - land	333		'		'
Initial cost - building	14,500		'		'
Initial cost - building improvements	221		'		'
Initial cost - furniture, fixtures and equipment	746		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	333		'		'
Gross Carrying Amount - building	14,500		'		'
Gross Carrying Amount - building improvements	221		'		'
Gross Carrying Amount - furniture, fixtures and equipment	746		'		'
Gross Carrying Amount	15,800	[2],[3]	'		'
Accumulated Depreciation	-13	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1998	[5]	'		'
Net carrying value	15,787		'		'
Encumbrances	12,094	[6]	'	[6]	'
Senior Housing Facilities IL Salem, OR	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Salem, OR		'		'
Initial cost - land	1,411		'		'
Initial cost - building	16,772		'		'
Initial cost - building improvements	240		'		'
Initial cost - furniture, fixtures and equipment	907		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,411		'		'
Gross Carrying Amount - building	16,772		'		'
Gross Carrying Amount - building improvements	240		'		'
Gross Carrying Amount - furniture, fixtures and equipment	907		'		'
Gross Carrying Amount	19,330	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1990	[5]	'		'
Net carrying value	19,315		'		'
Encumbrances	14,797	[6]	'	[6]	'
Senior Housing Facilities IL St Louis, MO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'St Louis, MO		'		'
Initial cost - land	1,079		'		'
Initial cost - building	24,741		'		'
Initial cost - building improvements	162		'		'
Initial cost - furniture, fixtures and equipment	847		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,079		'		'
Gross Carrying Amount - building	24,741		'		'
Gross Carrying Amount - building improvements	162		'		'
Gross Carrying Amount - furniture, fixtures and equipment	847		'		'
Gross Carrying Amount	26,829	[2],[3]	'		'
Accumulated Depreciation	-19	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2006	[5]	'		'
Net carrying value	26,810		'		'
Encumbrances	20,537	[6]	'	[6]	'
Senior Housing Facilities IL Durham, NC	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Durham, NC		'		'
Initial cost - land	1,079		'		'
Initial cost - building	22,424		'		'
Initial cost - building improvements	199		'		'
Initial cost - furniture, fixtures and equipment	615		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,079		'		'
Gross Carrying Amount - building	22,424		'		'
Gross Carrying Amount - building improvements	199		'		'
Gross Carrying Amount - furniture, fixtures and equipment	615		'		'
Gross Carrying Amount	24,317	[2],[3]	'		'
Accumulated Depreciation	-17	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1989	[5]	'		'
Net carrying value	24,300		'		'
Encumbrances	18,615	[6]	'	[6]	'
Senior Housing Facilities IL Cary, NC	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Cary, NC		'		'
Initial cost - land	2,137		'		'
Initial cost - building	19,310		'		'
Initial cost - building improvements	195		'		'
Initial cost - furniture, fixtures and equipment	786		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	2,137		'		'
Gross Carrying Amount - building	19,310		'		'
Gross Carrying Amount - building improvements	195		'		'
Gross Carrying Amount - furniture, fixtures and equipment	786		'		'
Gross Carrying Amount	22,428	[2],[3]	'		'
Accumulated Depreciation	-16	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2003	[5]	'		'
Net carrying value	22,412		'		'
Encumbrances	17,169	[6]	'	[6]	'
Senior Housing Facilities IL Reno, NV	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Reno, NV		'		'
Initial cost - land	1,079		'		'
Initial cost - building	19,821		'		'
Initial cost - building improvements	336		'		'
Initial cost - furniture, fixtures and equipment	615		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,079		'		'
Gross Carrying Amount - building	19,821		'		'
Gross Carrying Amount - building improvements	336		'		'
Gross Carrying Amount - furniture, fixtures and equipment	615		'		'
Gross Carrying Amount	21,851	[2],[3]	'		'
Accumulated Depreciation	-16	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2002	[5]	'		'
Net carrying value	21,835		'		'
Encumbrances	16,726	[6]	'	[6]	'
Senior Housing Facilities IL Salem, OR	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Salem, OR		'		'
Initial cost - land	917		'		'
Initial cost - building	6,423		'		'
Initial cost - building improvements	362		'		'
Initial cost - furniture, fixtures and equipment	'		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	917		'		'
Gross Carrying Amount - building	6,423		'		'
Gross Carrying Amount - building improvements	362		'		'
Gross Carrying Amount	7,702	[2],[3]	'		'
Accumulated Depreciation	-5	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1990	[5]	'		'
Net carrying value	7,697		'		'
Encumbrances	5,897	[6]	'	[6]	'
Senior Housing Facilities IL Corvallis, OR	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Corvallis, OR		'		'
Initial cost - land	1,129		'		'
Initial cost - building	7,830		'		'
Initial cost - building improvements	77		'		'
Initial cost - furniture, fixtures and equipment	232		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,129		'		'
Gross Carrying Amount - building	7,830		'		'
Gross Carrying Amount - building improvements	77		'		'
Gross Carrying Amount - furniture, fixtures and equipment	232		'		'
Gross Carrying Amount	9,268	[2],[3]	'		'
Accumulated Depreciation	-6	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1983	[5]	'		'
Net carrying value	9,262		'		'
Encumbrances	7,094	[6]	'	[6]	'
Senior Housing Facilities IL Hillsboro, OR	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Hillsboro, OR		'		'
Initial cost - land	1,643		'		'
Initial cost - building	11,890		'		'
Initial cost - building improvements	125		'		'
Initial cost - furniture, fixtures and equipment	494		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,643		'		'
Gross Carrying Amount - building	11,890		'		'
Gross Carrying Amount - building improvements	125		'		'
Gross Carrying Amount - furniture, fixtures and equipment	494		'		'
Gross Carrying Amount	14,152	[2],[3]	'		'
Accumulated Depreciation	-10	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1996	[5]	'		'
Net carrying value	14,142		'		'
Encumbrances	10,834	[6]	'	[6]	'
Senior Housing Facilities IL Eugene, OR	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Eugene, OR		'		'
Initial cost - land	1,603		'		'
Initial cost - building	17,452		'		'
Initial cost - building improvements	262		'		'
Initial cost - furniture, fixtures and equipment	686		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,603		'		'
Gross Carrying Amount - building	17,452		'		'
Gross Carrying Amount - building improvements	262		'		'
Gross Carrying Amount - furniture, fixtures and equipment	686		'		'
Gross Carrying Amount	20,003	[2],[3]	'		'
Accumulated Depreciation	-14	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1995	[5]	'		'
Net carrying value	19,989		'		'
Encumbrances	15,311	[6]	'	[6]	'
Senior Housing Facilities IL Harrisburg, PA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Harrisburg, PA		'		'
Initial cost - land	1,008		'		'
Initial cost - building	22,683		'		'
Initial cost - building improvements	116		'		'
Initial cost - furniture, fixtures and equipment	776		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,008		'		'
Gross Carrying Amount - building	22,683		'		'
Gross Carrying Amount - building improvements	116		'		'
Gross Carrying Amount - furniture, fixtures and equipment	776		'		'
Gross Carrying Amount	24,583	[2],[3]	'		'
Accumulated Depreciation	-18	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2000	[5]	'		'
Net carrying value	24,565		'		'
Encumbrances	18,819	[6]	'	[6]	'
Senior Housing Facilities IL Boyertown, PA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Boyertown, PA		'		'
Initial cost - land	313		'		'
Initial cost - building	18,292		'		'
Initial cost - building improvements	91		'		'
Initial cost - furniture, fixtures and equipment	504		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	313		'		'
Gross Carrying Amount - building	18,292		'		'
Gross Carrying Amount - building improvements	91		'		'
Gross Carrying Amount - furniture, fixtures and equipment	504		'		'
Gross Carrying Amount	19,200	[2],[3]	'		'
Accumulated Depreciation	-14	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1997	[5]	'		'
Net carrying value	19,186		'		'
Encumbrances	14,697	[6]	'	[6]	'
Senior Housing Facilities IL Clarksville, TN	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Clarksville, TN		'		'
Initial cost - land	635		'		'
Initial cost - building	10,624		'		'
Initial cost - building improvements	149		'		'
Initial cost - furniture, fixtures and equipment	302		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	635		'		'
Gross Carrying Amount - building	10,624		'		'
Gross Carrying Amount - building improvements	149		'		'
Gross Carrying Amount - furniture, fixtures and equipment	302		'		'
Gross Carrying Amount	11,710	[2],[3]	'		'
Accumulated Depreciation	-8	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1993	[5]	'		'
Net carrying value	11,702		'		'
Encumbrances	8,965	[6]	'	[6]	'
Senior Housing Facilities IL Dallas, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Dallas, TX		'		'
Initial cost - land	2,389		'		'
Initial cost - building	12,364		'		'
Initial cost - building improvements	167		'		'
Initial cost - furniture, fixtures and equipment	534		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	2,389		'		'
Gross Carrying Amount - building	12,364		'		'
Gross Carrying Amount - building improvements	167		'		'
Gross Carrying Amount - furniture, fixtures and equipment	534		'		'
Gross Carrying Amount	15,454	[2],[3]	'		'
Accumulated Depreciation	-10	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1996	[5]	'		'
Net carrying value	15,444		'		'
Encumbrances	11,830	[6]	'	[6]	'
Senior Housing Facilities IL Denton, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Denton, TX		'		'
Initial cost - land	1,018		'		'
Initial cost - building	18,611		'		'
Initial cost - building improvements	237		'		'
Initial cost - furniture, fixtures and equipment	726		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,018		'		'
Gross Carrying Amount - building	18,611		'		'
Gross Carrying Amount - building improvements	237		'		'
Gross Carrying Amount - furniture, fixtures and equipment	726		'		'
Gross Carrying Amount	20,592	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2005	[5]	'		'
Net carrying value	20,577		'		'
Encumbrances	15,763	[6]	'	[6]	'
Senior Housing Facilities IL San Antonio, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'San Antonio, TX		'		'
Initial cost - land	1,553		'		'
Initial cost - building	15,056		'		'
Initial cost - building improvements	178		'		'
Initial cost - furniture, fixtures and equipment	272		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,553		'		'
Gross Carrying Amount - building	15,056		'		'
Gross Carrying Amount - building improvements	178		'		'
Gross Carrying Amount - furniture, fixtures and equipment	272		'		'
Gross Carrying Amount	17,059	[2],[3]	'		'
Accumulated Depreciation	-11	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1984	[5]	'		'
Net carrying value	17,048		'		'
Encumbrances	13,058	[6]	'	[6]	'
Senior Housing Facilities IL Flower Mound, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Flower Mound, TX		'		'
Initial cost - land	2,107		'		'
Initial cost - building	17,616		'		'
Initial cost - building improvements	243		'		'
Initial cost - furniture, fixtures and equipment	716		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	2,107		'		'
Gross Carrying Amount - building	17,616		'		'
Gross Carrying Amount - building improvements	243		'		'
Gross Carrying Amount - furniture, fixtures and equipment	716		'		'
Gross Carrying Amount	20,682	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2007	[5]	'		'
Net carrying value	20,667		'		'
Encumbrances	15,832	[6]	'	[6]	'
Senior Housing Facilities IL Dallas, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Dallas, TX		'		'
Initial cost - land	2,883		'		'
Initial cost - building	12,230		'		'
Initial cost - building improvements	232		'		'
Initial cost - furniture, fixtures and equipment	454		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	2,883		'		'
Gross Carrying Amount - building	12,230		'		'
Gross Carrying Amount - building improvements	232		'		'
Gross Carrying Amount - furniture, fixtures and equipment	454		'		'
Gross Carrying Amount	15,799	[2],[3]	'		'
Accumulated Depreciation	-10	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2001	[5]	'		'
Net carrying value	15,789		'		'
Encumbrances	12,094	[6]	'	[6]	'
Senior Housing Facilities IL Eau Claire, WI	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Eau Claire, WI		'		'
Initial cost - land	524		'		'
Initial cost - building	18,951		'		'
Initial cost - building improvements	250		'		'
Initial cost - furniture, fixtures and equipment	655		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	524		'		'
Gross Carrying Amount - building	18,951		'		'
Gross Carrying Amount - building improvements	250		'		'
Gross Carrying Amount - furniture, fixtures and equipment	655		'		'
Gross Carrying Amount	20,380	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2003	[5]	'		'
Net carrying value	20,365		'		'
Encumbrances	15,601	[6]	'	[6]	'
Senior Housing Facilities IL Simi Valley, CA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Simi Valley, CA		'		'
Initial cost - land	3,161		'		'
Initial cost - building	21,489		'		'
Initial cost - building improvements	191		'		'
Initial cost - furniture, fixtures and equipment	719		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	3,161		'		'
Gross Carrying Amount - building	21,489		'		'
Gross Carrying Amount - building improvements	191		'		'
Gross Carrying Amount - furniture, fixtures and equipment	719		'		'
Gross Carrying Amount	25,560	[2],[3]	'		'
Accumulated Depreciation	-17	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2006	[5]	'		'
Net carrying value	25,543		'		'
Encumbrances	19,658	[6]	'	[6]	'
Senior Housing Facilities IL Lakewood, CO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Lakewood, CO		'		'
Initial cost - land	1,307		'		'
Initial cost - building	13,656		'		'
Initial cost - building improvements	542		'		'
Initial cost - furniture, fixtures and equipment	344		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,307		'		'
Gross Carrying Amount - building	13,656		'		'
Gross Carrying Amount - building improvements	542		'		'
Gross Carrying Amount - furniture, fixtures and equipment	344		'		'
Gross Carrying Amount	15,849	[2],[3]	'		'
Accumulated Depreciation	-11	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1992	[5]	'		'
Net carrying value	15,838		'		'
Encumbrances	12,190	[6]	'	[6]	'
Senior Housing Facilities IL Greeley, CO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Greeley, CO		'		'
Initial cost - land	233		'		'
Initial cost - building	13,572		'		'
Initial cost - building improvements	151		'		'
Initial cost - furniture, fixtures and equipment	588		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	233		'		'
Gross Carrying Amount - building	13,572		'		'
Gross Carrying Amount - building improvements	151		'		'
Gross Carrying Amount - furniture, fixtures and equipment	588		'		'
Gross Carrying Amount	14,544	[2],[3]	'		'
Accumulated Depreciation	-11	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1986	[5]	'		'
Net carrying value	14,533		'		'
Encumbrances	11,185	[6]	'	[6]	'
Senior Housing Facilities IL Fort Collins, CO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Fort Collins, CO		'		'
Initial cost - land	628		'		'
Initial cost - building	17,671		'		'
Initial cost - building improvements	154		'		'
Initial cost - furniture, fixtures and equipment	618		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	628		'		'
Gross Carrying Amount - building	17,671		'		'
Gross Carrying Amount - building improvements	154		'		'
Gross Carrying Amount - furniture, fixtures and equipment	618		'		'
Gross Carrying Amount	19,071	[2],[3]	'		'
Accumulated Depreciation	-14	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1987	[5]	'		'
Net carrying value	19,057		'		'
Encumbrances	14,668	[6]	'	[6]	'
Senior Housing Facilities IL Tallahassee, FL	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Tallahassee, FL		'		'
Initial cost - land	1,084		'		'
Initial cost - building	19,912		'		'
Initial cost - building improvements	259		'		'
Initial cost - furniture, fixtures and equipment	658		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,084		'		'
Gross Carrying Amount - building	19,912		'		'
Gross Carrying Amount - building improvements	259		'		'
Gross Carrying Amount - furniture, fixtures and equipment	658		'		'
Gross Carrying Amount	21,913	[2],[3]	'		'
Accumulated Depreciation	-16	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2001	[5]	'		'
Net carrying value	21,897		'		'
Encumbrances	16,854	[6]	'	[6]	'
Senior Housing Facilities IL Sarasota, FL	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Sarasota, FL		'		'
Initial cost - land	658		'		'
Initial cost - building	21,508		'		'
Initial cost - building improvements	213		'		'
Initial cost - furniture, fixtures and equipment	658		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	658		'		'
Gross Carrying Amount - building	21,508		'		'
Gross Carrying Amount - building improvements	213		'		'
Gross Carrying Amount - furniture, fixtures and equipment	658		'		'
Gross Carrying Amount	23,037	[2],[3]	'		'
Accumulated Depreciation	-16	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2005	[5]	'		'
Net carrying value	23,021		'		'
Encumbrances	17,719	[6]	'	[6]	'
Senior Housing Facilities IL Port Richey, FL	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Port Richey, FL		'		'
Initial cost - land	1,084		'		'
Initial cost - building	13,796		'		'
Initial cost - building improvements	202		'		'
Initial cost - furniture, fixtures and equipment	760		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,084		'		'
Gross Carrying Amount - building	13,796		'		'
Gross Carrying Amount - building improvements	202		'		'
Gross Carrying Amount - furniture, fixtures and equipment	760		'		'
Gross Carrying Amount	15,842	[2],[3]	'		'
Accumulated Depreciation	-12	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1987	[5]	'		'
Net carrying value	15,830		'		'
Encumbrances	12,184	[6]	'	[6]	'
Senior Housing Facilities IL Normal, IL	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Normal, IL		'		'
Initial cost - land	324		'		'
Initial cost - building	14,112		'		'
Initial cost - building improvements	209		'		'
Initial cost - furniture, fixtures and equipment	618		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	324		'		'
Gross Carrying Amount - building	14,112		'		'
Gross Carrying Amount - building improvements	209		'		'
Gross Carrying Amount - furniture, fixtures and equipment	618		'		'
Gross Carrying Amount	15,263	[2],[3]	'		'
Accumulated Depreciation	-12	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1989	[5]	'		'
Net carrying value	15,251		'		'
Encumbrances	11,739	[6]	'	[6]	'
Senior Housing Facilities IL Wichita, KS	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Wichita, KS		'		'
Initial cost - land	496		'		'
Initial cost - building	17,438		'		'
Initial cost - building improvements	213		'		'
Initial cost - furniture, fixtures and equipment	790		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	496		'		'
Gross Carrying Amount - building	17,438		'		'
Gross Carrying Amount - building improvements	213		'		'
Gross Carrying Amount - furniture, fixtures and equipment	790		'		'
Gross Carrying Amount	18,937	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2001	[5]	'		'
Net carrying value	18,922		'		'
Encumbrances	14,565	[6]	'	[6]	'
Senior Housing Facilities IL Paducah, KY	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Paducah, KY		'		'
Initial cost - land	263		'		'
Initial cost - building	23,413		'		'
Initial cost - building improvements	199		'		'
Initial cost - furniture, fixtures and equipment	851		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	263		'		'
Gross Carrying Amount - building	23,413		'		'
Gross Carrying Amount - building improvements	199		'		'
Gross Carrying Amount - furniture, fixtures and equipment	851		'		'
Gross Carrying Amount	24,726	[2],[3]	'		'
Accumulated Depreciation	-19	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2004	[5]	'		'
Net carrying value	24,707		'		'
Encumbrances	19,017	[6]	'	[6]	'
Senior Housing Facilities IL Shreveport, LA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Shreveport, LA		'		'
Initial cost - land	517		'		'
Initial cost - building	5,479		'		'
Initial cost - building improvements	72		'		'
Initial cost - furniture, fixtures and equipment	172		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	517		'		'
Gross Carrying Amount - building	5,479		'		'
Gross Carrying Amount - building improvements	72		'		'
Gross Carrying Amount - furniture, fixtures and equipment	172		'		'
Gross Carrying Amount	6,240	[2],[3]	'		'
Accumulated Depreciation	-4	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1988	[5]	'		'
Net carrying value	6,236		'		'
Encumbrances	4,799	[6]	'	[6]	'
Senior Housing Facilities IL Fort Gratiot, MI	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Fort Gratiot, MI		'		'
Initial cost - land	61		'		'
Initial cost - building	15,552		'		'
Initial cost - building improvements	334		'		'
Initial cost - furniture, fixtures and equipment	821		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	61		'		'
Gross Carrying Amount - building	15,552		'		'
Gross Carrying Amount - building improvements	334		'		'
Gross Carrying Amount - furniture, fixtures and equipment	821		'		'
Gross Carrying Amount	16,768	[2],[3]	'		'
Accumulated Depreciation	-14	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2001	[5]	'		'
Net carrying value	16,754		'		'
Encumbrances	12,895	[6]	'	[6]	'
Senior Housing Facilities IL St Joseph, MO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'St Joseph, MO		'		'
Initial cost - land	851		'		'
Initial cost - building	15,913		'		'
Initial cost - building improvements	277		'		'
Initial cost - furniture, fixtures and equipment	618		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	851		'		'
Gross Carrying Amount - building	15,913		'		'
Gross Carrying Amount - building improvements	277		'		'
Gross Carrying Amount - furniture, fixtures and equipment	618		'		'
Gross Carrying Amount	17,659	[2],[3]	'		'
Accumulated Depreciation	-13	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1990	[5]	'		'
Net carrying value	17,646		'		'
Encumbrances	13,581	[6]	'	[6]	'
Senior Housing Facilities IL Ridgeland, MS	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Ridgeland, MS		'		'
Initial cost - land	952		'		'
Initial cost - building	7,020		'		'
Initial cost - building improvements	199		'		'
Initial cost - furniture, fixtures and equipment	527		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	952		'		'
Gross Carrying Amount - building	7,020		'		'
Gross Carrying Amount - building improvements	199		'		'
Gross Carrying Amount - furniture, fixtures and equipment	527		'		'
Gross Carrying Amount	8,698	[2],[3]	'		'
Accumulated Depreciation	-7	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1986	[5]	'		'
Net carrying value	8,691		'		'
Encumbrances	6,689	[6]	'	[6]	'
Senior Housing Facilities IL Missoula, MT	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Missoula, MT		'		'
Initial cost - land	304		'		'
Initial cost - building	16,090		'		'
Initial cost - building improvements	141		'		'
Initial cost - furniture, fixtures and equipment	648		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	304		'		'
Gross Carrying Amount - building	16,090		'		'
Gross Carrying Amount - building improvements	141		'		'
Gross Carrying Amount - furniture, fixtures and equipment	648		'		'
Gross Carrying Amount	17,183	[2],[3]	'		'
Accumulated Depreciation	-13	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1997	[5]	'		'
Net carrying value	17,170		'		'
Encumbrances	13,216	[6]	'	[6]	'
Senior Housing Facilities IL Greece, NY	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Greece, NY		'		'
Initial cost - land	689		'		'
Initial cost - building	20,181		'		'
Initial cost - building improvements	184		'		'
Initial cost - furniture, fixtures and equipment	658		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	689		'		'
Gross Carrying Amount - building	20,181		'		'
Gross Carrying Amount - building improvements	184		'		'
Gross Carrying Amount - furniture, fixtures and equipment	658		'		'
Gross Carrying Amount	21,712	[2],[3]	'		'
Accumulated Depreciation	-16	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2004	[5]	'		'
Net carrying value	21,696		'		'
Encumbrances	16,699	[6]	'	[6]	'
Senior Housing Facilities IL Fayetteville, NY	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Fayetteville, NY		'		'
Initial cost - land	770		'		'
Initial cost - building	25,116		'		'
Initial cost - building improvements	166		'		'
Initial cost - furniture, fixtures and equipment	658		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	770		'		'
Gross Carrying Amount - building	25,116		'		'
Gross Carrying Amount - building improvements	166		'		'
Gross Carrying Amount - furniture, fixtures and equipment	658		'		'
Gross Carrying Amount	26,710	[2],[3]	'		'
Accumulated Depreciation	-18	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2003	[5]	'		'
Net carrying value	26,692		'		'
Encumbrances	20,543	[6]	'	[6]	'
Senior Housing Facilities IL Ballwin, MO	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Ballwin, MO		'		'
Initial cost - land	1,236		'		'
Initial cost - building	16,134		'		'
Initial cost - building improvements	159		'		'
Initial cost - furniture, fixtures and equipment	517		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,236		'		'
Gross Carrying Amount - building	16,134		'		'
Gross Carrying Amount - building improvements	159		'		'
Gross Carrying Amount - furniture, fixtures and equipment	517		'		'
Gross Carrying Amount	18,046	[2],[3]	'		'
Accumulated Depreciation	-12	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1990	[5]	'		'
Net carrying value	18,034		'		'
Encumbrances	13,879	[6]	'	[6]	'
Senior Housing Facilities IL Corvallis, OR	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Corvallis, OR		'		'
Initial cost - land	1,520		'		'
Initial cost - building	17,659		'		'
Initial cost - building improvements	219		'		'
Initial cost - furniture, fixtures and equipment	831		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,520		'		'
Gross Carrying Amount - building	17,659		'		'
Gross Carrying Amount - building improvements	219		'		'
Gross Carrying Amount - furniture, fixtures and equipment	831		'		'
Gross Carrying Amount	20,229	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1999	[5]	'		'
Net carrying value	20,214		'		'
Encumbrances	15,558	[6]	'	[6]	'
Senior Housing Facilities IL Lemoyne, PA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Lemoyne, PA		'		'
Initial cost - land	922		'		'
Initial cost - building	25,074		'		'
Initial cost - building improvements	148		'		'
Initial cost - furniture, fixtures and equipment	658		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	922		'		'
Gross Carrying Amount - building	25,074		'		'
Gross Carrying Amount - building improvements	148		'		'
Gross Carrying Amount - furniture, fixtures and equipment	658		'		'
Gross Carrying Amount	26,802	[2],[3]	'		'
Accumulated Depreciation	-18	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2002	[5]	'		'
Net carrying value	26,784		'		'
Encumbrances	20,614	[6]	'	[6]	'
Senior Housing Facilities IL Arlington, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Arlington, TX		'		'
Initial cost - land	314		'		'
Initial cost - building	9,525		'		'
Initial cost - building improvements	473		'		'
Initial cost - furniture, fixtures and equipment	385		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	314		'		'
Gross Carrying Amount - building	9,525		'		'
Gross Carrying Amount - building improvements	473		'		'
Gross Carrying Amount - furniture, fixtures and equipment	385		'		'
Gross Carrying Amount	10,697	[2],[3]	'		'
Accumulated Depreciation	-9	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1987	[5]	'		'
Net carrying value	10,688		'		'
Encumbrances	8,227	[6]	'	[6]	'
Senior Housing Facilities IL Richardson, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Richardson, TX		'		'
Initial cost - land	1,297		'		'
Initial cost - building	11,872		'		'
Initial cost - building improvements	206		'		'
Initial cost - furniture, fixtures and equipment	699		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,297		'		'
Gross Carrying Amount - building	11,872		'		'
Gross Carrying Amount - building improvements	206		'		'
Gross Carrying Amount - furniture, fixtures and equipment	699		'		'
Gross Carrying Amount	14,074	[2],[3]	'		'
Accumulated Depreciation	-11	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1996	[5]	'		'
Net carrying value	14,063		'		'
Encumbrances	10,824	[6]	'	[6]	'
Senior Housing Facilities IL Lubbock, TX	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Lubbock, TX		'		'
Initial cost - land	1,003		'		'
Initial cost - building	20,501		'		'
Initial cost - building improvements	425		'		'
Initial cost - furniture, fixtures and equipment	932		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,003		'		'
Gross Carrying Amount - building	20,501		'		'
Gross Carrying Amount - building improvements	425		'		'
Gross Carrying Amount - furniture, fixtures and equipment	932		'		'
Gross Carrying Amount	22,861	[2],[3]	'		'
Accumulated Depreciation	-18	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'1997	[5]	'		'
Net carrying value	22,843		'		'
Encumbrances	17,582	[6]	'	[6]	'
Senior Housing Facilities IL North Logan, UT	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'North Logan, UT		'		'
Initial cost - land	1,033		'		'
Initial cost - building	17,356		'		'
Initial cost - building improvements	337		'		'
Initial cost - furniture, fixtures and equipment	729		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	1,033		'		'
Gross Carrying Amount - building	17,356		'		'
Gross Carrying Amount - building improvements	337		'		'
Gross Carrying Amount - furniture, fixtures and equipment	729		'		'
Gross Carrying Amount	19,455	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2001	[5]	'		'
Net carrying value	19,440		'		'
Encumbrances	14,963	[6]	'	[6]	'
Senior Housing Facilities IL Yorktown, VA	'		'		'
Property Type	'IL-only	[1]	'		'
Location	'Yorktown, VA		'		'
Initial cost - land	2,178		'		'
Initial cost - building	19,055		'		'
Initial cost - building improvements	197		'		'
Initial cost - furniture, fixtures and equipment	679		'		'
Costs capitalized subsequent to acquisition	'		'		'
Gross Carrying Amount - land	2,178		'		'
Gross Carrying Amount - building	19,055		'		'
Gross Carrying Amount - building improvements	197		'		'
Gross Carrying Amount - furniture, fixtures and equipment	679		'		'
Gross Carrying Amount	22,109	[2],[3]	'		'
Accumulated Depreciation	-15	[2],[4]	'		'
Year Acquired	'2013	[5]	'		'
Year Constructed	'2005	[5]	'		'
Net carrying value	22,094		'		'
Encumbrances	17,003	[6]	'	[6]	'
Senior Housing Assets Acquired in 2013	'		'		'
Initial cost - land	86,242		'		'
Initial cost - building	1,055,448		'		'
Initial cost - building improvements	16,344		'		'
Initial cost - furniture, fixtures and equipment	47,524		'		'
Costs capitalized subsequent to acquisition	1,904		'		'
Gross Carrying Amount - land	86,242		'		'
Gross Carrying Amount - building	1,055,451		'		'
Gross Carrying Amount - building improvements	17,006		'		'
Gross Carrying Amount - furniture, fixtures and equipment	48,763		'		'
Gross Carrying Amount	1,207,462	[2],[3]	'		'
Accumulated Depreciation	-4,262	[2],[4]	'		'
Net carrying value	1,203,200		'		'
Encumbrances	938,477	[6]	'	[6]	'
Senior Housing	'		'		'
Initial cost - land	102,235		'		'
Initial cost - building	1,199,666		'		'
Initial cost - building improvements	18,946		'		'
Initial cost - furniture, fixtures and equipment	48,778		'		'
Costs capitalized subsequent to acquisition	3,697		'		'
Gross Carrying Amount - land	102,235		'		'
Gross Carrying Amount - building	1,199,672		'		'
Gross Carrying Amount - building improvements	20,704		'		'
Gross Carrying Amount - furniture, fixtures and equipment	50,711		'		'
Gross Carrying Amount	1,373,322	[2],[3]	164,359		'
Accumulated Depreciation	-10,422	[2],[4]	-1,558		'
Net carrying value	1,362,900		162,801		'
Encumbrances	$1,077,163	[6]	$120,525	[6]	'
[1]	AL represents assisted living; IL represents independent living and MC represents memory care.
[2]	The following is a rollforward of the gross carrying amount and accumulated depreciation of senior housing real estate for the years ended December 31, 2013 and 2012.
[3]	The aggregate United States federal income tax basis for Newcastle's senior housing real estate at December 31, 2013 was approximately $1.4 billion.
[4]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
[5]	Unaudited.
[6]	See Note 14.

INVESTMENTS_IN_SENIOR_HOUSING_4

INVESTMENTS IN SENIOR HOUSING REAL ESTATE - Rollforward of Investments in Senior Housing Real Estate (Details 2) (Senior Housing, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Senior Housing	'		'
Gross Carrying Amount	'		'
Balance, beginning of year	$164,359		'
Additions:	'		'
Acquisitions of real estate	1,205,558		164,067
Improvements	3,450		296
Transferred from assets held for sale	'		'
Disposals:	'		'
Disposal of long-lived assets	-45		-4
Balance, end of year	1,373,322	[1],[2]	164,359
Accumulated Depreciation	'		'
Balance, beginning of year	-1,558		'
Additions:	'		'
Depreciation expenses	-8,874		-1,559
Transferred from assets held for sale	'		'
Disposals:	'		'
Disposal of long-lived assets	10		1
Balance, end of year	($10,422)	[1],[3]	($1,558)
[1]	The following is a rollforward of the gross carrying amount and accumulated depreciation of senior housing real estate for the years ended December 31, 2013 and 2012.
[2]	The aggregate United States federal income tax basis for Newcastle's senior housing real estate at December 31, 2013 was approximately $1.4 billion.
[3]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.

INVESTMENTS_IN_SENIOR_HOUSING_5

INVESTMENTS IN SENIOR HOUSING REAL ESTATE - Future Minimum Rental Payments (Details 3) (Holiday Portfolio, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Holiday Portfolio	'
Future contracted minimum rentals due:	'
2014	$65,031
2015	67,957
2016	71,015
2017	74,211
2018	76,808
Thereafter	1,170,819
Total	$1,525,841

INVESTMENTS_IN_SENIOR_HOUSING_6

INVESTMENTS IN SENIOR HOUSING REAL ESTATE (Details Narrative) (Senior Housing, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Senior Housing	'
Federal Income Tax Basis	$1,400,000

INVESTMENTS_IN_OTHER_REAL_ESTA2

INVESTMENTS IN OTHER REAL ESTATE - Investments in Other Real Estate (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Golf Course - California	'		'	'
Property Type	'GC	[1]	'	'
Location	'California		'	'
Initial cost - land	$62,000		'	'
Initial cost - building	21,185		'	'
Initial cost - building improvements	59,116		'	'
Initial cost - furniture, fixtures and equipment	12,461		'	'
Initial cost - construction In-Progress	4,766		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	62,000		'	'
Gross Carrying Amount - building	21,185		'	'
Gross Carrying Amount - building improvements	59,116		'	'
Gross Carrying Amount - furniture, fixtures and equipment	12,461		'	'
Gross Carrying Amount - Construction In-Progress	4,766		'	'
Gross Carrying Amount	159,528	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Florida	'		'	'
Property Type	'GC	[1]	'	'
Location	'Florida		'	'
Initial cost - land	'		'	'
Initial cost - building	406		'	'
Initial cost - building improvements	759		'	'
Initial cost - furniture, fixtures and equipment	822		'	'
Initial cost - construction In-Progress	35		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	'		'	'
Gross Carrying Amount - building	406		'	'
Gross Carrying Amount - building improvements	759		'	'
Gross Carrying Amount - furniture, fixtures and equipment	822		'	'
Gross Carrying Amount - Construction In-Progress	35		'	'
Gross Carrying Amount	2,022	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Georgia	'		'	'
Property Type	'GC	[1]	'	'
Location	'Georgia		'	'
Initial cost - land	2,400		'	'
Initial cost - building	1,635		'	'
Initial cost - building improvements	8,055		'	'
Initial cost - furniture, fixtures and equipment	729		'	'
Initial cost - construction In-Progress	'		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	2,400		'	'
Gross Carrying Amount - building	1,635		'	'
Gross Carrying Amount - building improvements	8,055		'	'
Gross Carrying Amount - furniture, fixtures and equipment	729		'	'
Gross Carrying Amount - Construction In-Progress	'		'	'
Gross Carrying Amount	12,819	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Hawaii	'		'	'
Property Type	'GC	[1]	'	'
Location	'Hawaii		'	'
Initial cost - land	'		'	'
Initial cost - building	17		'	'
Initial cost - building improvements	192		'	'
Initial cost - furniture, fixtures and equipment	135		'	'
Initial cost - construction In-Progress	'		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	'		'	'
Gross Carrying Amount - building	17		'	'
Gross Carrying Amount - building improvements	192		'	'
Gross Carrying Amount - furniture, fixtures and equipment	135		'	'
Gross Carrying Amount - Construction In-Progress	'		'	'
Gross Carrying Amount	344	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Idaho	'		'	'
Property Type	'GC	[1]	'	'
Location	'Idaho		'	'
Initial cost - land	2,700		'	'
Initial cost - building	321		'	'
Initial cost - building improvements	1,995		'	'
Initial cost - furniture, fixtures and equipment	271		'	'
Initial cost - construction In-Progress	13		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	2,700		'	'
Gross Carrying Amount - building	321		'	'
Gross Carrying Amount - building improvements	1,995		'	'
Gross Carrying Amount - furniture, fixtures and equipment	271		'	'
Gross Carrying Amount - Construction In-Progress	13		'	'
Gross Carrying Amount	5,300	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - New Jersey	'		'	'
Property Type	'GC	[1]	'	'
Location	'New Jersey		'	'
Initial cost - land	7,733		'	'
Initial cost - building	'		'	'
Initial cost - building improvements	'		'	'
Initial cost - furniture, fixtures and equipment	'		'	'
Initial cost - construction In-Progress	'		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	7,733		'	'
Gross Carrying Amount - building	'		'	'
Gross Carrying Amount - building improvements	'		'	'
Gross Carrying Amount - furniture, fixtures and equipment	'		'	'
Gross Carrying Amount - Construction In-Progress	'		'	'
Gross Carrying Amount	7,733	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - New Mexico	'		'	'
Property Type	'GC	[1]	'	'
Location	'New Mexico		'	'
Initial cost - land	1,700		'	'
Initial cost - building	1,171		'	'
Initial cost - building improvements	6,703		'	'
Initial cost - furniture, fixtures and equipment	447		'	'
Initial cost - construction In-Progress	359		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	1,700		'	'
Gross Carrying Amount - building	1,171		'	'
Gross Carrying Amount - building improvements	6,703		'	'
Gross Carrying Amount - furniture, fixtures and equipment	447		'	'
Gross Carrying Amount - Construction In-Progress	359		'	'
Gross Carrying Amount	10,380	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - New York	'		'	'
Property Type	'GC	[1]	'	'
Location	'New York		'	'
Initial cost - land	'		'	'
Initial cost - building	22,818		'	'
Initial cost - building improvements	2,168		'	'
Initial cost - furniture, fixtures and equipment	2,219		'	'
Initial cost - construction In-Progress	48		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	'		'	'
Gross Carrying Amount - building	22,818		'	'
Gross Carrying Amount - building improvements	2,168		'	'
Gross Carrying Amount - furniture, fixtures and equipment	2,219		'	'
Gross Carrying Amount - Construction In-Progress	48		'	'
Gross Carrying Amount	27,253	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Oklahoma	'		'	'
Property Type	'GC	[1]	'	'
Location	'Oklahoma		'	'
Initial cost - land	'		'	'
Initial cost - building	761		'	'
Initial cost - building improvements	294		'	'
Initial cost - furniture, fixtures and equipment	344		'	'
Initial cost - construction In-Progress	68		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	'		'	'
Gross Carrying Amount - building	761		'	'
Gross Carrying Amount - building improvements	294		'	'
Gross Carrying Amount - furniture, fixtures and equipment	344		'	'
Gross Carrying Amount - Construction In-Progress	68		'	'
Gross Carrying Amount	1,467	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Oregon	'		'	'
Property Type	'GC	[1]	'	'
Location	'Oregon		'	'
Initial cost - land	6,900		'	'
Initial cost - building	1,540		'	'
Initial cost - building improvements	7,166		'	'
Initial cost - furniture, fixtures and equipment	457		'	'
Initial cost - construction In-Progress	50		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	6,900		'	'
Gross Carrying Amount - building	1,540		'	'
Gross Carrying Amount - building improvements	7,166		'	'
Gross Carrying Amount - furniture, fixtures and equipment	457		'	'
Gross Carrying Amount - Construction In-Progress	50		'	'
Gross Carrying Amount	16,113	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Tennessee	'		'	'
Property Type	'GC	[1]	'	'
Location	'Tennessee		'	'
Initial cost - land	6,400		'	'
Initial cost - building	297		'	'
Initial cost - building improvements	2,018		'	'
Initial cost - furniture, fixtures and equipment	322		'	'
Initial cost - construction In-Progress	233		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	6,400		'	'
Gross Carrying Amount - building	297		'	'
Gross Carrying Amount - building improvements	2,018		'	'
Gross Carrying Amount - furniture, fixtures and equipment	322		'	'
Gross Carrying Amount - Construction In-Progress	233		'	'
Gross Carrying Amount	9,270	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Texas	'		'	'
Property Type	'GC	[1]	'	'
Location	'Texas		'	'
Initial cost - land	'		'	'
Initial cost - building	166		'	'
Initial cost - building improvements	276		'	'
Initial cost - furniture, fixtures and equipment	569		'	'
Initial cost - construction In-Progress	59		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	'		'	'
Gross Carrying Amount - building	166		'	'
Gross Carrying Amount - building improvements	276		'	'
Gross Carrying Amount - furniture, fixtures and equipment	569		'	'
Gross Carrying Amount - Construction In-Progress	59		'	'
Gross Carrying Amount	1,070	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Virginia	'		'	'
Property Type	'GC	[1]	'	'
Location	'Virginia		'	'
Initial cost - land	'		'	'
Initial cost - building	33		'	'
Initial cost - building improvements	1		'	'
Initial cost - furniture, fixtures and equipment	66		'	'
Initial cost - construction In-Progress	'		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	'		'	'
Gross Carrying Amount - building	33		'	'
Gross Carrying Amount - building improvements	1		'	'
Gross Carrying Amount - furniture, fixtures and equipment	66		'	'
Gross Carrying Amount - Construction In-Progress	'		'	'
Gross Carrying Amount	100	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Course - Washington	'		'	'
Property Type	'GC	[1]	'	'
Location	'Washington		'	'
Initial cost - land	3,701		'	'
Initial cost - building	265		'	'
Initial cost - building improvements	1,993		'	'
Initial cost - furniture, fixtures and equipment	186		'	'
Initial cost - construction In-Progress	29		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	3,701		'	'
Gross Carrying Amount - building	265		'	'
Gross Carrying Amount - building improvements	1,993		'	'
Gross Carrying Amount - furniture, fixtures and equipment	186		'	'
Gross Carrying Amount - Construction In-Progress	29		'	'
Gross Carrying Amount	6,174	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Golf Courses	'		'	'
Initial cost - land	93,534		'	'
Initial cost - building	50,615		'	'
Initial cost - building improvements	90,736		'	'
Initial cost - furniture, fixtures and equipment	19,028		'	'
Initial cost - construction In-Progress	5,660		'	'
Costs capitalized subsequent to acquisition	'		'	'
Gross Carrying Amount - land	93,534		'	'
Gross Carrying Amount - building	50,615		'	'
Gross Carrying Amount - building improvements	90,736		'	'
Gross Carrying Amount - furniture, fixtures and equipment	19,028		'	'
Gross Carrying Amount - Construction In-Progress	5,660		'	'
Gross Carrying Amount	259,573	[2],[3]	'	'
Accumulated Depreciation	'	[3],[4]	'	'
Office Building - Beavercreek, OH	'		'	'
Property Type	'OB	[1],[5]	'	'
Location	'Beavercreek, OH	[5]	'	'
Initial cost - land	386	[5],[6]	'	'
Initial cost - building	2,287	[5],[6]	'	'
Initial cost - building improvements	'	[5],[6]	'	'
Initial cost - furniture, fixtures and equipment	'	[5],[6]	'	'
Initial cost - construction In-Progress	'	[5],[6]	'	'
Costs capitalized subsequent to acquisition	413	[5],[6]	'	'
Gross Carrying Amount - land	364	[5],[6]	'	'
Gross Carrying Amount - building	2,170	[5],[6]	'	'
Gross Carrying Amount - building improvements	390	[5],[6]	'	'
Gross Carrying Amount - furniture, fixtures and equipment	'	[5],[6]	'	'
Gross Carrying Amount - Construction In-Progress	'	[5],[6]	'	'
Gross Carrying Amount	2,924	[5],[6]	'	'
Accumulated Depreciation	-779	[5],[6]	'	'
Year Acquired	'2006	[5],[6]	'	'
Year Constructed	'1984	[5],[6]	'	'
Year Renovated	'2006	[5],[6]	'	'
Net Rentable Square Feet	55,024	[5],[6]	'	'
Ending Occupancy Rate	84.40%	[5],[6]	'	'
Office Building - Beavercreek, OH	'		'	'
Property Type	'OB	[1],[5]	'	'
Location	'Beavercreek, OH	[5]	'	'
Initial cost - land	401	[5],[6]	'	'
Initial cost - building	2,326	[5],[6]	'	'
Initial cost - building improvements	'	[5],[6]	'	'
Initial cost - furniture, fixtures and equipment	'	[5],[6]	'	'
Initial cost - construction In-Progress	'	[5],[6]	'	'
Costs capitalized subsequent to acquisition	175	[5],[6]	'	'
Gross Carrying Amount - land	381	[5],[6]	'	'
Gross Carrying Amount - building	2,268	[5],[6]	'	'
Gross Carrying Amount - building improvements	92	[5],[6]	'	'
Gross Carrying Amount - furniture, fixtures and equipment	'	[5],[6]	'	'
Gross Carrying Amount - Construction In-Progress	'	[5],[6]	'	'
Gross Carrying Amount	2,741	[5],[6]	'	'
Accumulated Depreciation	-547	[5],[6]	'	'
Year Acquired	'2006	[5],[6]	'	'
Year Constructed	'1985	[5],[6]	'	'
Year Renovated	'2006	[5],[6]	'	'
Net Rentable Square Feet	29,916	[5],[6]	'	'
Ending Occupancy Rate	100.00%	[5],[6]	'	'
Office Building - Beavercreek, OH	'		'	'
Property Type	'OB	[1],[5]	'	'
Location	'Beavercreek, OH	[5]	'	'
Initial cost - land	382	[5],[6]	'	'
Initial cost - building	2,242	[5],[6]	'	'
Initial cost - building improvements	'	[5],[6]	'	'
Initial cost - furniture, fixtures and equipment	'	[5],[6]	'	'
Initial cost - construction In-Progress	'	[5],[6]	'	'
Costs capitalized subsequent to acquisition	587	[5],[6]	'	'
Gross Carrying Amount - land	361	[5],[6]	'	'
Gross Carrying Amount - building	2,150	[5],[6]	'	'
Gross Carrying Amount - building improvements	488	[5],[6]	'	'
Gross Carrying Amount - furniture, fixtures and equipment	'	[5],[6]	'	'
Gross Carrying Amount - Construction In-Progress	'	[5],[6]	'	'
Gross Carrying Amount	2,999	[5],[6]	'	'
Accumulated Depreciation	-741	[5],[6]	'	'
Year Acquired	'2006	[5],[6]	'	'
Year Constructed	'1987	[5],[6]	'	'
Year Renovated	'2006	[5],[6]	'	'
Net Rentable Square Feet	45,500	[5],[6]	'	'
Ending Occupancy Rate	100.00%	[5],[6]	'	'
Office Buildings	'		'	'
Initial cost - land	1,169		'	'
Initial cost - building	6,855		'	'
Initial cost - building improvements	'		'	'
Initial cost - furniture, fixtures and equipment	'		'	'
Initial cost - construction In-Progress	'		'	'
Costs capitalized subsequent to acquisition	1,175		'	'
Gross Carrying Amount - land	1,106		'	'
Gross Carrying Amount - building	6,588		'	'
Gross Carrying Amount - building improvements	970		'	'
Gross Carrying Amount - furniture, fixtures and equipment	'		'	'
Gross Carrying Amount - Construction In-Progress	'		'	'
Gross Carrying Amount	8,664	[2],[3]	'	'
Accumulated Depreciation	-2,067	[3],[4]	'	'
Operating Real Estate	'		'	'
Initial cost - land	94,703		'	'
Initial cost - building	57,470		'	'
Initial cost - building improvements	90,736		'	'
Initial cost - furniture, fixtures and equipment	19,028		'	'
Initial cost - construction In-Progress	5,660		'	'
Costs capitalized subsequent to acquisition	1,175		'	'
Gross Carrying Amount - land	94,640		'	'
Gross Carrying Amount - building	57,203		'	'
Gross Carrying Amount - building improvements	91,706		'	'
Gross Carrying Amount - furniture, fixtures and equipment	19,028		'	'
Gross Carrying Amount - Construction In-Progress	5,660		'	'
Gross Carrying Amount	268,237	[2],[3]	8,520	'
Accumulated Depreciation	($2,067)	[3],[4]	($1,848)	'
[1]	OB represents office building. GC represents golf course.
[2]	The aggregate United States federal income tax basis for Newcastle's other operating real estate at December 31, 2013 was approximately $266.6 million.
[3]	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2013 and 2012. (See Rollforward of Investments in Other Real Estate)
[4]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
[5]	The other operating real estate assets were pledged as collateral in one of Newcastle's non-recourse financing structures at December 31, 2013.
[6]	Unaudited.

INVESTMENTS_IN_OTHER_REAL_ESTA3

INVESTMENTS IN OTHER REAL ESTATE - Rollforward of Investments in Other Real Estate (Operating Real Estate, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Operating Real Estate	'		'
Gross Carrying Amount	'		'
Balance, beginning of year	$8,520		'
Additions:	'		'
Acquisitions of other real estate	259,573		'
Improvements	144		'
Transferred from assets held for sale	'		8,520
Disposals:	'		'
Disposal of long-lived assets	'		'
Balance, end of year	268,237	[1],[2]	8,520
Accumulated Depreciation	'		'
Balance, beginning of year	-1,848		'
Additions:	'		'
Depreciation expenses	-219		-1,191
Transferred from assets held-for-sale	'		-657
Disposals:	'		'
Disposal of long-lived assets	'		'
Balance, end of year	($2,067)	[2],[3]	($1,848)
[1]	The aggregate United States federal income tax basis for Newcastle's other operating real estate at December 31, 2013 was approximately $266.6 million.
[2]	The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2013 and 2012. (See Rollforward of Investments in Other Real Estate)
[3]	Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.

INVESTMENTS_IN_OTHER_REAL_ESTA4

INVESTMENTS IN OTHER REAL ESTATE - Details Narrative (Operating Real Estate, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Operating Real Estate	'
Federal Income Tax Basis	$266,600

PROPERTY_PLANT_AND_EQUIPMENT_P

PROPERTY, PLANT AND EQUIPMENT - Property, Plant and Equipment (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment, gross	$273,415
Less accumulated depreciation and amortization	-3,227
Property, Plant and Equipment, net	270,188
Land	'
Property, Plant and Equipment, gross	23,087
Buildings and Improvements	'
Property, Plant and Equipment, gross	110,522
Machinery and Equipment	'
Property, Plant and Equipment, gross	125,836
Furniture, fixtures and equipment	'
Property, Plant and Equipment, gross	$13,970

PROPERTY_PLANT_AND_EQUIPMENT_A

PROPERTY, PLANT AND EQUIPMENT - Accumulated Depreciation (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Gross Carrying Amount	'
Balance, end of year	$273,415
Accumulated Depreciation	'
Balance, ending	3,227
Property, Plant and Equipment	'
Gross Carrying Amount	'
Balance, beginning of year	272,153
Acquisitions of property, plant and equipment	1,262
Balance, end of year	273,415
Accumulated Depreciation	'
Balance, beginning	'
Depreciation expenses	-3,227
Balance, ending	($3,227)

GOODWILL_AND_INTANGIBLES_Intan

GOODWILL AND INTANGIBLES - Intangibles from Continuing Operations (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Amortized intangible assets:	'	'
Gross Carrying Amount	$221,077	$23,311
Accumulated Amortization	-22,252	-4,225
Net Carrying Value	198,825	19,086
Nonamortized intangible assets	'	'
Liquor license	900	'
Total	221,977	'
Net carrying value, including nonamortizable assets	199,725	'
Senior Housing	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	123,111	23,311
Accumulated Amortization	-22,252	-4,225
Net Carrying Value	100,859	19,086
Senior Housing | In-Place Resident Lease Intangibles	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	112,267	22,711
Accumulated Amortization	-21,902	-4,205
Net Carrying Value	90,365	18,506
Senior Housing | Non-Compete Intangibles	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	1,600	600
Accumulated Amortization	-223	-20
Net Carrying Value	1,377	580
Senior Housing | Land Lease Intangibles [Member]	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	3,498	'
Accumulated Amortization	-1	'
Net Carrying Value	3,497	'
Senior Housing | PILOT Intangibles	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	3,700	'
Accumulated Amortization	-124	'
Net Carrying Value	3,576	'
Senior Housing | Other Intangibles	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	2,046	'
Accumulated Amortization	-2	'
Net Carrying Value	2,044	'
Golf	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	97,966	'
Accumulated Amortization	'	'
Net Carrying Value	97,966	'
Golf | Trade Name	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	700	'
Accumulated Amortization	'	'
Net Carrying Value	700	'
Golf | Leasehold Intangibles	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	52,066	'
Accumulated Amortization	'	'
Net Carrying Value	52,066	'
Golf | Management Contracts	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	39,000	'
Accumulated Amortization	'	'
Net Carrying Value	39,000	'
Golf | Internally-developed software	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	800	'
Accumulated Amortization	'	'
Net Carrying Value	800	'
Golf | Membership Base	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	5,400	'
Accumulated Amortization	'	'
Net Carrying Value	$5,400	'

GOODWILL_AND_INTANGIBLES_Expec

GOODWILL AND INTANGIBLES - Expected Amortization of Intangible Assets (Details 1) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Expected amortization for:	'	'
2014	$55,143	'
2015	42,830	'
2016	26,970	'
2017	10,012	'
2018	9,251	'
Thereafter	54,619	'
Net Carrying Value	$198,825	$19,086

GOODWILL_AND_INTANGIBLES_Goodw

GOODWILL AND INTANGIBLES - Goodwill and Intangibles from Discontinued Operations (Details2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Amortized intangible assets:	'	'
Gross Carrying Amount	$221,077	$23,311
Accumulated Amortization	-22,252	-4,225
Net Carrying Value	198,825	19,086
Nonamortized intangible assets	'	'
Goodwill	126,686	'
Total	221,977	'
Net carrying value, including nonamortizable assets	199,725	'
Media | Discontinued Operations	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	100,169	'
Accumulated Amortization	-618	'
Net Carrying Value	99,551	'
Nonamortized intangible assets	'	'
Mastheads	45,849	'
Goodwill	126,686	'
Total	272,704	'
Net carrying value, including nonamortizable assets	272,086	'
Media | Advertiser Relationships | Discontinued Operations	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	58,269	'
Accumulated Amortization	-359	'
Net Carrying Value	57,910	'
Media | Customer Relationships | Discontinued Operations	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	5,666	'
Accumulated Amortization	-35	'
Net Carrying Value	5,631	'
Media | Subscriber Relationships | Discontinued Operations	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	35,966	'
Accumulated Amortization	-221	'
Net Carrying Value	35,745	'
Media | Trade Name | Discontinued Operations	'	'
Amortized intangible assets:	'	'
Gross Carrying Amount	268	'
Accumulated Amortization	-3	'
Net Carrying Value	$265	'

GOODWILL_AND_INTANGIBLES_Chang

GOODWILL AND INTANGIBLES - Change in Carrying Amount of Goodwill (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Change in carrying amount of goodwill:	'
Gross balance, beginning	'
Business combination	126,686
Gross balance, ending	$126,686

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Assets and Liabilities (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Financial Instruments	'		'
Real estate securities, available-for-sale	$984,263	[1]	$1,691,575	[1]
Real estate related loans, held-for-sale, net	437,530		843,132
Residential mortgage loans, held-for-investment, net	255,450		292,461
Residential mortgage loans, held-for-sale, net	2,185		2,471
Subprime mortgage loans subject to call option	406,217		405,814
Restricted Cash	5,889		2,064
Cash and Cash Equivalents	74,133		231,898
Non-hedge derivative assets	43,662		165
Investments in senior housing real estate, net	1,362,900		162,801
Investments in other real estate	266,170		6,672
Intangibles	199,725		19,086
Other investments	25,468		24,907
Receivables and other assets	141,887		17,362
Assets of discontinued operations	690,746		245,069
Total Assets	4,852,563		3,945,312
Financial Instruments	'		'
CDO bonds payable	544,525		1,091,354
Other bonds and notes payable	230,279		183,390
Repurchase agreements	556,347		929,435
Mortgage notes payable	1,076,828		120,525
Credit facilities, golf	152,498		'
Financing of subprime mortgage loans subject to call option (B)	406,217		405,814
Junior subordinated notes payable	51,237		51,243
Liabilities of discontinued operations	295,267		480
Total Liabilities	3,626,439		2,872,252
Total Mortgage Notes Payable	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	4.75%		'
Weighted Average Maturity (Years)	'6 years 9 months 18 days		'
Media and Golf Credit Facilities	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	5.19%		'
Weighted Average Maturity (Years)	'4 years		'
Junior Subordinated Debt	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	7.39%		'
Weighted Average Maturity (Years)	'21 years 3 months 18 days		'
CDO Bonds Payable	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	2.26%	[2]	'
Weighted Average Maturity (Years)	'1 year 10 months 24 days	[2]	'
Other Bonds and Notes Payable	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	3.50%	[2]	'
Weighted Average Maturity (Years)	'3 years 1 month 6 days	[2]	'
Repurchase Agreements	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	0.52%		'
Weighted Average Maturity (Years)	'0 years 1 month 6 days		'
Financing on Subprime Mortgage Loans subject to Call Options	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	9.09%	[3]	'
Weighted Average Maturity (Years)	'(B)	[3]	'
Interest Rate Swap Agreements	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	'N/A	[4],[5]	'
Weighted Average Maturity (Years)	'(C)	[4],[5]	'
Non-Hedge Derivative Liabilities	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	'N/A	[4],[6]	'
Weighted Average Maturity (Years)	'(D)	[4],[6]	'
Real Estate Related and Other Loans Held For Sale	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	13.92%		'
Weighted Average Maturity (Years)	'1 year 1 month 6 days		'
Residential Mortgage Loans Held For Investment	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	8.50%		'
Weighted Average Maturity (Years)	'5 years 4 months 24 days		'
Residential Mortgage Loans Held For Sale	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	19.34%		'
Weighted Average Maturity (Years)	'4 years 4 months 24 days		'
Subprime Mortgage Loans Subject to Call	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	9.09%	[3]	'
Weighted Average Maturity (Years)	'(B)	[3]	'
Real Estate Securities Available For Sale	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	5.44%		'
Weighted Average Maturity (Years)	'2 years 10 months 24 days		'
Non-Hedge Derivative Assets	'		'
Weighted Average	'		'
Weighted Average Yield/Funding Cost	'N/A	[4],[6],[7]	'
Weighted Average Maturity (Years)	'(D)	[4],[6],[7]	'
Principal Balance	'		'
Financial Instruments	'		'
Real estate securities, available-for-sale	1,170,905	[7]	'
Real estate related loans, held-for-sale, net	567,829		'
Residential mortgage loans, held-for-investment, net	277,624		'
Residential mortgage loans, held-for-sale, net	3,129		'
Subprime mortgage loans subject to call option	406,217	[3]	'
Non-hedge derivative assets	116,806	[4],[6],[7]	'
Financial Instruments	'		'
CDO bonds payable	543,516	[2]	'
Other bonds and notes payable	243,745	[2]	'
Repurchase agreements	556,347		'
Mortgage notes payable	1,077,163		'
Credit facilities, golf	152,498	[8]	'
Financing of subprime mortgage loans subject to call option (B)	406,217	[3]	'
Junior subordinated notes payable	51,004		'
Interest rate swaps, treated as hedges	105,031	[4],[5],[7]	'
Non-hedge derivatives	185,871	[4],[6],[7]	'
Carrying Amount	'		'
Financial Instruments	'		'
Real estate securities, available-for-sale	984,263	[7]	1,691,575	[7]
Real estate related loans, held-for-sale, net	437,530		843,132
Residential mortgage loans, held-for-investment, net	255,450		292,461
Residential mortgage loans, held-for-sale, net	2,185		2,471
Subprime mortgage loans subject to call option	406,217	[3]	405,814	[3]
Restricted Cash	5,889	[7]	2,064	[7]
Cash and Cash Equivalents	74,133	[7]	231,898	[7]
Non-hedge derivative assets	43,662	[4],[6],[7]	165	[4],[6],[7]
Investments in senior housing real estate, net	1,362,900		162,801
Investments in other real estate	266,170		6,672
Intangibles	199,725		19,086
Other investments	25,468		24,907
Receivables and other assets	98,225		17,197
Assets of discontinued operations	690,746		245,069
Total Assets	4,852,563		3,945,312
Financial Instruments	'		'
CDO bonds payable	544,525	[2]	1,091,354	[2]
Other bonds and notes payable	230,279	[2]	183,390	[2]
Repurchase agreements	556,347		929,435
Mortgage notes payable	1,076,828		120,525
Credit facilities, golf	152,498	[8]	'	[8]
Financing of subprime mortgage loans subject to call option (B)	406,217	[3]	405,814	[3]
Junior subordinated notes payable	51,237		51,243
Interest rate swaps, treated as hedges	6,203	[4],[5],[7]	12,175	[4],[5],[7]
Non-hedge derivatives	7,592	[4],[6],[7]	19,401	[4],[6],[7]
Dividends payable, accounts payable, accrued expenses and other liabilities	299,446		58,435
Liabilities of discontinued operations	295,267		480
Total Liabilities	3,626,439		2,872,252
Estimated Fair Value	'		'
Financial Instruments	'		'
Real estate securities, available-for-sale	984,263	[7]	1,691,575	[7]
Real estate related loans, held-for-sale, net	456,535		853,102
Residential mortgage loans, held-for-investment, net	252,039		297,030
Residential mortgage loans, held-for-sale, net	2,185		2,471
Subprime mortgage loans subject to call option	406,217	[3]	405,814	[3]
Restricted Cash	5,889	[7]	2,064	[7]
Cash and Cash Equivalents	74,133	[7]	231,898	[7]
Non-hedge derivative assets	43,662	[4],[6],[7]	165	[4],[6],[7]
Financial Instruments	'		'
CDO bonds payable	395,689	[2]	781,856	[2]
Other bonds and notes payable	235,464	[2]	190,302	[2]
Repurchase agreements	556,347		929,435
Mortgage notes payable	1,075,390		120,525
Credit facilities, golf	152,498	[8]	'	[8]
Financing of subprime mortgage loans subject to call option (B)	406,217	[3]	405,814	[3]
Junior subordinated notes payable	35,479		31,545
Interest rate swaps, treated as hedges	6,203	[4],[5],[7]	12,175	[4],[5],[7]
Non-hedge derivatives	$7,592	[4],[6],[7]	$19,401	[4],[6],[7]
[1]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	Newcastle notes that the unrealized gain on the liabilities within such structures cannot be fully realized. Assets held within CDOs and other non- recourse structures are generally not available to satisfy obligations outside of such financings, except to the extent Newcastle receives net cash flow distributions from such structures. Furthermore, creditors or beneficial interest holders of these structures have no recourse to the general credit of Newcastle. Therefore, Newcastle's exposure to the economic losses from such structures is limited to its invested equity in them and economically their book value cannot be less than zero. As a result, the fair value of Newcastle's net investments in these non-recourse financing structures is equal to the present value of their expected future net cash flows.
[3]	These two items results from an option, not an obligation, to repurchase loans from Newcastle's subprime mortgage loan securitizations (Note 7), are noneconomic until such option is exercised, and are equal and offsetting.
[4]	Newcastle's derivatives fall into two categories. As of December 31, 2013, all derivatives liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $290.9 million, is only subject to the credit risks of the respective CDO structures. As they are senior to all the debt obligations of the respective CDOs and the fair value of each of the CDOs' total investments exceeded the fair value of each of the CDOs' derivative liabilities, no credit valuation adjustments were recorded. A derivative asset with an aggregate notional balance of $116.8 million, represents linked transactions with $116.8 million face amount of underlying financed securities. Newcastle's interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle's derivatives are included in other assets or other liabilities in the consolidated balance sheets, as applicable.
[5]	Represents derivative agreements as follows: (See Schedule of fair value of derivative assets)
[6]	This represents a linked transaction entered into in June 2013 with $116.8 million face amount of underlying financial securities. This derivative agreement was not designated as a hedge for accounting purposes as of December 31, 2013.
[7]	Measured at fair value on a recurring basis.
[8]	These credit facilities were entered into late in the fourth quarter of 2013 and Newcastle believes their terms are market terms as of December 31, 2013.

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Derivative Assets (Details 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS - Derivative Assets Details 1	'
Derivative Maturity Date	1-Apr-16
Aggregate Notional Amount	$105,031
Weighted Average Fixed Pay Rate/Cap Rate	5.04%
Aggregate Fair Value Asset/Liability	($6,203)

FAIR_VALUE_OF_FINANCIAL_INSTRU4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Basis (Details 2) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'		'
Real estate securities, available-for-sale	$984,263	[1]	$1,691,575	[1]
Derivative assets:	'		'
Derivative assets	43,662		165
Principal Balance	'		'
Assets:	'		'
Real estate securities, available-for-sale	1,170,905	[2]	'
Derivative assets:	'		'
Derivative assets	116,806	[2],[3],[4]	'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	105,031	[2],[4],[5]	'
Interest rate swaps, not treated as hedges	185,871	[2],[3],[4]	'
Carrying Amount	'		'
Assets:	'		'
Real estate securities, available-for-sale	984,263	[2]	1,691,575	[2]
Derivative assets:	'		'
Derivative assets	43,662	[2],[3],[4]	165	[2],[3],[4]
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	6,203	[2],[4],[5]	12,175	[2],[4],[5]
Interest rate swaps, not treated as hedges	7,592	[2],[3],[4]	19,401	[2],[3],[4]
Estimated Fair Value	'		'
Assets:	'		'
Real estate securities, available-for-sale	984,263	[2]	1,691,575	[2]
Derivative assets:	'		'
Derivative assets	43,662	[2],[3],[4]	165	[2],[3],[4]
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	6,203	[2],[4],[5]	12,175	[2],[4],[5]
Interest rate swaps, not treated as hedges	7,592	[2],[3],[4]	19,401	[2],[3],[4]
Measured on a Recurring Basis | Level 2 Inputs	'		'
Assets:	'		'
Real estate securities, available-for-sale	582,456		'
Derivative assets:	'		'
Linked transactions at fair value	'		'
Derivative assets	'		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	6,203		'
Interest rate swaps, not treated as hedges	7,592		'
Derivative liabilities	13,795		'
Measured on a Recurring Basis | Level 2 Inputs | CMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 2 Inputs | REIT Debt	'		'
Assets:	'		'
Real estate securities, available-for-sale	31,186		'
Measured on a Recurring Basis | Level 2 Inputs | Non-Agency RMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 2 Inputs | ABS Franchise	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 2 Inputs | FNMA/FHLMC Securities	'		'
Assets:	'		'
Real estate securities, available-for-sale	551,270		'
Measured on a Recurring Basis | Level 2 Inputs | CDOs	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 3 Inputs	'		'
Assets:	'		'
Real estate securities, available-for-sale	401,807		'
Derivative assets:	'		'
Linked transactions at fair value	43,662		'
Derivative assets	43,662		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	'		'
Interest rate swaps, not treated as hedges	'		'
Derivative liabilities	'		'
Measured on a Recurring Basis | Level 3 Inputs | CMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	284,469		'
Measured on a Recurring Basis | Level 3 Inputs | REIT Debt	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 3 Inputs | Non-Agency RMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	57,581		'
Measured on a Recurring Basis | Level 3 Inputs | ABS Franchise	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 3 Inputs | FNMA/FHLMC Securities	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Level 3 Inputs | CDOs	'		'
Assets:	'		'
Real estate securities, available-for-sale	59,757		'
Measured on a Recurring Basis | Principal Balance	'		'
Assets:	'		'
Real estate securities, available-for-sale	1,170,905		'
Derivative assets:	'		'
Linked transactions at fair value	116,806		'
Derivative assets	116,806		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	105,031		'
Interest rate swaps, not treated as hedges	185,871		'
Derivative liabilities	290,902		'
Measured on a Recurring Basis | Principal Balance | CMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	333,121		'
Measured on a Recurring Basis | Principal Balance | REIT Debt	'		'
Assets:	'		'
Real estate securities, available-for-sale	29,200		'
Measured on a Recurring Basis | Principal Balance | Non-Agency RMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	96,762		'
Measured on a Recurring Basis | Principal Balance | ABS Franchise	'		'
Assets:	'		'
Real estate securities, available-for-sale	8,464		'
Measured on a Recurring Basis | Principal Balance | FNMA/FHLMC Securities	'		'
Assets:	'		'
Real estate securities, available-for-sale	514,994		'
Measured on a Recurring Basis | Principal Balance | CDOs	'		'
Assets:	'		'
Real estate securities, available-for-sale	188,364		'
Measured on a Recurring Basis | Carrying Amount	'		'
Assets:	'		'
Real estate securities, available-for-sale	984,263		'
Derivative assets:	'		'
Linked transactions at fair value	43,662		'
Derivative assets	43,662		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	6,203		'
Interest rate swaps, not treated as hedges	7,592		'
Derivative liabilities	13,795		'
Measured on a Recurring Basis | Carrying Amount | CMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	284,469		'
Measured on a Recurring Basis | Carrying Amount | REIT Debt	'		'
Assets:	'		'
Real estate securities, available-for-sale	31,186		'
Measured on a Recurring Basis | Carrying Amount | Non-Agency RMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	57,581		'
Measured on a Recurring Basis | Carrying Amount | ABS Franchise	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Carrying Amount | FNMA/FHLMC Securities	'		'
Assets:	'		'
Real estate securities, available-for-sale	551,270		'
Measured on a Recurring Basis | Carrying Amount | CDOs	'		'
Assets:	'		'
Real estate securities, available-for-sale	59,757		'
Measured on a Recurring Basis | Estimated Fair Value	'		'
Assets:	'		'
Real estate securities, available-for-sale	984,263		'
Derivative assets:	'		'
Linked transactions at fair value	43,662		'
Derivative assets	43,662		'
Derivative Liabilities:	'		'
Interest rate swaps, treated as hedges	6,203		'
Interest rate swaps, not treated as hedges	7,592		'
Derivative liabilities	13,795		'
Measured on a Recurring Basis | Estimated Fair Value | CMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	284,469		'
Measured on a Recurring Basis | Estimated Fair Value | REIT Debt	'		'
Assets:	'		'
Real estate securities, available-for-sale	31,186		'
Measured on a Recurring Basis | Estimated Fair Value | Non-Agency RMBS	'		'
Assets:	'		'
Real estate securities, available-for-sale	57,581		'
Measured on a Recurring Basis | Estimated Fair Value | ABS Franchise	'		'
Assets:	'		'
Real estate securities, available-for-sale	'		'
Measured on a Recurring Basis | Estimated Fair Value | FNMA/FHLMC Securities	'		'
Assets:	'		'
Real estate securities, available-for-sale	551,270		'
Measured on a Recurring Basis | Estimated Fair Value | CDOs	'		'
Assets:	'		'
Real estate securities, available-for-sale	$59,757		'
[1]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	Measured at fair value on a recurring basis.
[3]	This represents a linked transaction entered into in June 2013 with $116.8 million face amount of underlying financial securities. This derivative agreement was not designated as a hedge for accounting purposes as of December 31, 2013.
[4]	Newcastle's derivatives fall into two categories. As of December 31, 2013, all derivatives liabilities, which represent three interest rate swaps, were held within Newcastle's nonrecourse structures. An aggregate notional balance of $290.9 million, is only subject to the credit risks of the respective CDO structures. As they are senior to all the debt obligations of the respective CDOs and the fair value of each of the CDOs' total investments exceeded the fair value of each of the CDOs' derivative liabilities, no credit valuation adjustments were recorded. A derivative asset with an aggregate notional balance of $116.8 million, represents linked transactions with $116.8 million face amount of underlying financed securities. Newcastle's interest rate swap counterparties include Bank of America and Bank of New York Mellon. Newcastle's derivatives are included in other assets or other liabilities in the consolidated balance sheets, as applicable.
[5]	Represents derivative agreements as follows: (See Schedule of fair value of derivative assets)

FAIR_VALUE_OF_FINANCIAL_INSTRU5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Changes in Level 3 Investments (Details 3) (Measured on a Recurring Basis, Level 3 Inputs, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Balance, Beginning	$804,866		$1,351,533
CDO X Deconsolidation	'		-920,710	[1]
Spin-off of New Residential	-560,783	[1]	'
Total gains (losses)	'		'
Included in net income	5,113	[2],[3]	-8,607	[2],[3]
Included in other comprehensive income (loss)	41,269	[2]	80,489	[2]
Amortization included in interest income	36,426		58,951
Purchases, sales and settlements	'		'
Purchases	310,332		431,562
Proceeds from sales	-126,261		-50,297
Proceeds from repayments	-65,493		-138,055
Balance, Ending	445,469		804,866
CMBS Conduit	'		'
Balance, Beginning	254,769		956,905
CDO X Deconsolidation	'		-767,660	[1]
Spin-off of New Residential	'	[1]	'
Total gains (losses)	'		'
Included in net income	348	[2],[3]	-4,947	[2],[3]
Included in other comprehensive income (loss)	14,999	[2]	22,537	[2]
Amortization included in interest income	11,880		33,538
Purchases, sales and settlements	'		'
Purchases	'		116,087
Proceeds from sales	-73,576		-43,259
Proceeds from repayments	-9,485		-58,432
Balance, Ending	198,935		254,769
CMBS Other	'		'
Balance, Beginning	121,622		171,913
CDO X Deconsolidation	'		-40,172	[1]
Spin-off of New Residential	'	[1]	'
Total gains (losses)	'		'
Included in net income	-331	[2],[3]	-396	[2],[3]
Included in other comprehensive income (loss)	2,168	[2]	12,515	[2]
Amortization included in interest income	969		1,777
Purchases, sales and settlements	'		'
Purchases	'		'
Proceeds from sales	-31,989		'
Proceeds from repayments	-6,905		-24,015
Balance, Ending	85,534		121,622
Non-Agency RMBS	'		'
Balance, Beginning	355,975		128,622
CDO X Deconsolidation	'		-86,704	[1]
Spin-off of New Residential	-560,783	[1]	'
Total gains (losses)	'		'
Included in net income	2,372	[2],[3]	828	[2],[3]
Included in other comprehensive income (loss)	24,755	[2]	28,573	[2]
Amortization included in interest income	17,981		17,691
Purchases, sales and settlements	'		'
Purchases	267,160		315,475
Proceeds from sales	-11,181		-3,295
Proceeds from repayments	-38,698		-45,215
Balance, Ending	57,581		355,975
ABS Franchise	'		'
Balance, Beginning	1,475		38,107
CDO X Deconsolidation	'		-26,174	[1]
Spin-off of New Residential	'	[1]	'
Total gains (losses)	'		'
Included in net income	-82	[2],[3]	-4,092	[2],[3]
Included in other comprehensive income (loss)	73	[2]	1,739	[2]
Amortization included in interest income	331		288
Purchases, sales and settlements	'		'
Purchases	'		'
Proceeds from sales	-1,359		-3,743
Proceeds from repayments	-438		-4,650
Balance, Ending	'		1,475
Equity/Other Securities	'		'
Balance, Beginning	71,025		55,986
CDO X Deconsolidation	'		'	[1]
Spin-off of New Residential	'	[1]	'
Total gains (losses)	'		'
Included in net income	1,638	[2],[3]	'	[2],[3]
Included in other comprehensive income (loss)	-726	[2]	15,125	[2]
Amortization included in interest income	5,265		5,657
Purchases, sales and settlements	'		'
Purchases	'		'
Proceeds from sales	-8,156		'
Proceeds from repayments	-9,289		-5,743
Balance, Ending	59,757		71,025
Linked Transactions	'		'
Balance, Beginning	'		'
CDO X Deconsolidation	'		'	[1]
Spin-off of New Residential	'	[1]	'
Total gains (losses)	'		'
Included in net income	1,168	[2],[3]	'	[2],[3]
Included in other comprehensive income (loss)	'	[2]	'	[2]
Amortization included in interest income	'		'
Purchases, sales and settlements	'		'
Purchases	43,172		'
Proceeds from sales	'		'
Proceeds from repayments	-678		'
Balance, Ending	$43,662		'
[1]	CDO X was deconsolidated on September 12, 2012 and the spin-off of New Residential occurred on May 15, 2013.
[2]	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
[3]	These gains (losses) are recorded in the following line items in the consolidated statements of income: (See Schedule of gains losses on fair value of RE securities).

FAIR_VALUE_OF_FINANCIAL_INSTRU6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Gains Losses on RE Securities (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Gain (loss) on settlement of investments, net	$17,369		$232,897
OTTI	-5,222		-19,359
Measured on a Recurring Basis | Level 3 Inputs	'		'
Gain (loss) on settlement of investments, net	5,367		10,196
Other income (loss), net	1,168		'
OTTI	-1,422		-18,803
Total	5,113	[1],[2]	-8,607	[1],[2]
Gain (loss) on sale of investments, net, from investments transferred into Level 3 during the period	'		'
[1]	None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
[2]	These gains (losses) are recorded in the following line items in the consolidated statements of income: (See Schedule of gains losses on fair value of RE securities).

FAIR_VALUE_OF_FINANCIAL_INSTRU7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Valuation Methodology (Details 5) (USD $)	Dec. 31, 2013		Jun. 27, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Outstanding Face Amount	$1,170,905	[1]	'	$2,078,101	[1]
Amortized Cost Basis	901,855	[2]	'	1,608,787
Multiple Quotes Fair Value (C)	880,395	[3]	'	'
Single Quote Fair Value (D)	100,096	[4]	'	'
Internal Pricing Models Fair Value (E)	3,772	[5]	'	'
Total Fair Value	984,263	[6]	'	1,691,575	[6]
CMBS	'		'	'
Outstanding Face Amount	333,121	[7]	'	'
Amortized Cost Basis	227,878	[2]	'	'
Multiple Quotes Fair Value (C)	240,358	[3]	'	'
Single Quote Fair Value (D)	42,341	[4]	'	'
Internal Pricing Models Fair Value (E)	1,770	[5]	'	'
Total Fair Value	284,469		'	'
REIT Debt	'		'	'
Outstanding Face Amount	29,200	[7]	'	62,700
Amortized Cost Basis	28,667	[2]	'	62,069
Multiple Quotes Fair Value (C)	31,186	[3]	'	'
Single Quote Fair Value (D)	'	[4]	'	'
Internal Pricing Models Fair Value (E)	'	[5]	'	'
Total Fair Value	31,186	[6]	'	66,174	[6]
Non-Agency RMBS	'		'	'
Outstanding Face Amount	96,762	[7]	'	558,215
Amortized Cost Basis	40,675	[2]	'	321,801
Multiple Quotes Fair Value (C)	57,581	[3]	'	'
Single Quote Fair Value (D)	'	[4]	'	'
Internal Pricing Models Fair Value (E)	'	[5]	'	'
Total Fair Value	57,581	[6]	'	355,975	[6]
ABS Franchise	'		'	'
Outstanding Face Amount	8,464	[7]	'	10,098
Amortized Cost Basis	'	[2]	'	1,547
Multiple Quotes Fair Value (C)	'	[3]	'	'
Single Quote Fair Value (D)	'	[4]	'	'
Internal Pricing Models Fair Value (E)	'	[5]	'	'
Total Fair Value	'	[6]	'	1,475	[6]
FNMA/FHLMC Securities	'		'	'
Outstanding Face Amount	514,994	[8]	22,800	768,619
Amortized Cost Basis	547,639	[8]	'	818,866	[8]
Multiple Quotes Fair Value (C)	551,270	[3]	'	'
Single Quote Fair Value (D)	'	[4]	'	'
Internal Pricing Models Fair Value (E)	'	[5]	'	'
Total Fair Value	551,270	[6],[8]	'	820,535	[6],[8]
CDOs	'		'	'
Outstanding Face Amount	188,364	[9]	'	203,477	[9]
Amortized Cost Basis	56,996	[9]	'	67,538	[9]
Multiple Quotes Fair Value (C)	'	[3]	'	'
Single Quote Fair Value (D)	57,755	[4]	'	'
Internal Pricing Models Fair Value (E)	2,002	[5]	'	'
Total Fair Value	$59,757	[6],[9]	'	$71,025	[6],[9]
[1]	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2]	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
[3]	Management generally obtained pricing service quotations or broker quotations from at least two sources, one of which was generally the seller (the party that sold the security). Management selected one of the quotes received as being most representative of fair value and did not use an average of the quotes. Even if Newcastle receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a wide disparity between the quotes Newcastle receives. Management believes using an average of the quotes in these cases would generally not represent the fair value of the asset. Based on Newcastle's own fair value analysis using internal models, management selects one of the quotes which is believed to more accurately reflect fair value. Newcastle never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are "indicative" and not "actionable" - meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
[4]	Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold the security) or a pricing service.
[5]	Securities whose fair value was estimated based on internal pricing models are further detailed as follows: (See Schedule of securities valued based on internal pricing models)
[6]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[7]	Net of incurred losses.
[8]	Amortized cost basis and carrying value include principal receivable of $4.8 million and $7.4 million as of December 31, 2013 and 2012, respectively.
[9]	Includes two CDO bonds issued by a third party with a carrying value of $57.8 million, three CDO bonds issued by CDO V (which has been deconsolidated) and held as an investment by Newcastle with a carrying value of $2.0 million and six CDO bonds issued by C-BASS with no carrying value.

FAIR_VALUE_OF_FINANCIAL_INSTRU8

FAIR VALUE OF FINANCIAL INSTRUMENTS - Internal Pricing Models (Details 6) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Amortized Cost Basis	$901,855	[1]	$1,608,787
Gains - Gross Unrealized	82,699		98,762
Measured on a Recurring Basis | Internal Pricing Models	'		'
Amortized Cost Basis	738		'
Fair Value	3,772		'
Impairment recorded in current year	76		'
Gains - Gross Unrealized	3,034		'
Measured on a Recurring Basis | Internal Pricing Models | CMBS Conduit	'		'
Amortized Cost Basis	738		'
Fair Value	1,770		'
Impairment recorded in current year	76		'
Gains - Gross Unrealized	1,032		'
Weighted Average - Discount Rate	8.00%		'
Weighted Average - Prepayment Speed	'N/A	[2]	'
Cumulative Default Rate	99.50%		'
Loss Severity	27.60%		'
Measured on a Recurring Basis | Internal Pricing Models | CDOs	'		'
Amortized Cost Basis	'		'
Fair Value	2,002		'
Impairment recorded in current year	'		'
Gains - Gross Unrealized	$2,002		'
Weighted Average - Discount Rate	35.00%		'
Weighted Average - Prepayment Speed	3.50%	[2]	'
Cumulative Default Rate	17.50%		'
Loss Severity	73.50%		'
[1]	Net of discounts (or gross premiums) and after OTTI, including impairment taken during the period ended December 31, 2013.
[2]	Projected annualized average prepayment rate.

FAIR_VALUE_OF_FINANCIAL_INSTRU9

FAIR VALUE OF FINANCIAL INSTRUMENTS - Loan Valuation (Details 7) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Outstanding Face Amount	$1,170,905	[1]	$2,078,101	[1]
Real estate related loans and other loans, held-for-sale, net	437,530		843,132
Residential mortgage loans, held-for-sale, net	2,185		2,471
Residential mortgage loans, held-for-investment, net	255,450		292,461
Valuation allowance (reversal) on loans	-25,035		-24,587
Mezzanine Loans	'		'
Outstanding Face Amount	172,197		'
Real estate related loans and other loans, held-for-sale, net	139,720		'
Fair Value	143,217		'
Valuation allowance (reversal) on loans	-14,246		'
Discount Rate Input Range	'3.4% - 9.0 %		'
Loss Severity Input Range	'0.0% - 100.0		'
Discount Rate Weighted Average	6.60%		'
Loss Severity Weighted Average	17.30%		'
Corporate Bank Loans	'		'
Outstanding Face Amount	256,594		'
Real estate related loans and other loans, held-for-sale, net	166,710		'
Fair Value	180,945		'
Valuation allowance (reversal) on loans	-3,610		'
Discount Rate Input Range	'13.1% - 33.8 %		'
Loss Severity Input Range	'0.0% - 100.0		'
Discount Rate Weighted Average	24.20%		'
Loss Severity Weighted Average	23.10%		'
B-Notes	'		'
Outstanding Face Amount	109,323		'
Real estate related loans and other loans, held-for-sale, net	101,385		'
Fair Value	102,645		'
Valuation allowance (reversal) on loans	-1,623		'
Discount Rate Input Range	'5.0% - 12.0 %		'
Loss Severity Input Range	'0.0		'
Discount Rate Weighted Average	10.10%		'
Loss Severity Weighted Average	0.00%		'
Whole Loans	'		'
Outstanding Face Amount	29,715		'
Real estate related loans and other loans, held-for-sale, net	29,715		'
Fair Value	29,728		'
Valuation allowance (reversal) on loans	'		'
Discount Rate Input Range	'3.7% - 4.0 %		'
Loss Severity Input Range	'0.0% - 15.5		'
Discount Rate Weighted Average	3.70%		'
Loss Severity Weighted Average	15.10%		'
Total Real Estate Related and Other Loans Held for Sale	'		'
Outstanding Face Amount	567,829		'
Real estate related loans and other loans, held-for-sale, net	437,530		'
Fair Value	456,535		'
Valuation allowance (reversal) on loans	-19,479		'
Non-Securitized Manufacturing Housing Loan Portfolio I	'		'
Outstanding Face Amount	501		'
Residential mortgage loans, held-for-sale, net	130		'
Fair Value	130		'
Valuation allowance (reversal) on loans	-58		'
Discount Rate Weighted Average	81.80%		'
Prepayment Speed Weighted Average	5.00%		'
Cumulative Default Rate Weighted Average	11.60%		'
Loss Severity Weighted Average	65.00%		'
Non-Securitized Manufacturing Housing Loan Portfolio II	'		'
Outstanding Face Amount	2,628		'
Residential mortgage loans, held-for-sale, net	2,055		'
Fair Value	2,055		'
Valuation allowance (reversal) on loans	-47		'
Discount Rate Weighted Average	15.40%		'
Prepayment Speed Weighted Average	5.00%		'
Cumulative Default Rate Weighted Average	3.50%		'
Loss Severity Weighted Average	60.00%		'
Total Residential Mortgage Loans Held For Sale	'		'
Outstanding Face Amount	3,129		'
Residential mortgage loans, held-for-sale, net	2,185		'
Fair Value	2,185		'
Valuation allowance (reversal) on loans	-105		'
Securitized Manufacturing Housing Loan Portfolio I	'		'
Outstanding Face Amount	102,681		'
Residential mortgage loans, held-for-investment, net	91,924		'
Fair Value	89,674		'
Valuation allowance (reversal) on loans	-5,465		'
Discount Rate Weighted Average	9.40%		'
Prepayment Speed Weighted Average	6.00%		'
Cumulative Default Rate Weighted Average	3.00%		'
Loss Severity Weighted Average	65.00%		'
Securitized Manufacturing Housing Loan Portfolio II	'		'
Outstanding Face Amount	128,975		'
Residential mortgage loans, held-for-investment, net	128,117		'
Fair Value	123,471		'
Valuation allowance (reversal) on loans	840		'
Discount Rate Weighted Average	8.10%		'
Prepayment Speed Weighted Average	7.00%		'
Cumulative Default Rate Weighted Average	3.50%		'
Loss Severity Weighted Average	60.00%		'
Residential Mortgage Loans	'		'
Outstanding Face Amount	45,968		'
Residential mortgage loans, held-for-investment, net	35,409		'
Fair Value	38,894		'
Valuation allowance (reversal) on loans	-826		'
Discount Rate Weighted Average	7.50%		'
Prepayment Speed Weighted Average	4.60%		'
Cumulative Default Rate Weighted Average	2.80%		'
Loss Severity Weighted Average	45.90%		'
Total Residential Mortgage Loans Held For Investment	'		'
Outstanding Face Amount	277,624		'
Residential mortgage loans, held-for-investment, net	255,450		'
Fair Value	252,039		'
Valuation allowance (reversal) on loans	($5,451)		'
[1]	As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.

Recovered_Sheet6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details 8) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value of Derivatives	($6,203)	'
Linked Transactions	'	'
Fair Value of Derivatives	43,662	'
Fair Value of Derivatives, Balance Sheet Location	'Receivables and other assets	'Receivables and other assets
Interest rate caps, not designated as hedges	'	'
Fair Value of Derivatives	'	165
Fair Value of Derivatives, Balance Sheet Location	'Receivables and other assets	'Receivables and other assets
Total Asset Derivatives	'	'
Fair Value of Derivatives	43,662	165
Interest rate swaps, designated as hedges	'	'
Fair Value of Derivatives	6,203	12,175
Fair Value of Derivatives, Balance Sheet Location	'Accounts payable, accrued expenses and other liabilities	'Accounts payable, accrued expenses and other liabilities
Interest rate swaps, not designated as hedges	'	'
Fair Value of Derivatives	7,592	19,401
Fair Value of Derivatives, Balance Sheet Location	'Accounts payable, accrued expenses and other liabilities	'Accounts payable, accrued expenses and other liabilities
Total Liability Derivatives	'	'
Fair Value of Derivatives	$13,795	$31,576

Recovered_Sheet7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Outstanding Derivatives (Details 9) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Amount of (loss) recognized in OCI on effective portion	($6,117)		($12,050)
Deferred hedge gain (loss) related to anticipated financings, which have subsequently occurred, net of amortization	170		237
Deferred hedge gain (loss) related to dedesignation, net of amortization	-45		-210
Interest rate swaps, designated as hedges	'		'
Notional Amount of Derivatives	105,031		154,450
Deferred Hedge	'		'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	53		4
Current Hedge	'		'
Expected reclassification of hedges from AOCI into earnings over the next twelve months	-3,915		-6,259
Interest rate swaps, not designated as hedges	'		'
Notional Amount of Derivatives	185,871		294,203
Interest rate caps, not designated as hedges	'		'
Notional Amount of Derivatives	'		23,400
Linked Transactions	'		'
Notional Amount of Derivatives	$116,806	[1]	'
[1]	This represents the current face amount of the underlying financial securities comprising linked transactions.

Recovered_Sheet8

FAIR VALUE OF FINANCIAL INSTRUMENTS - Derivative Gain Loss (Details 10) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flow hedges	'	'	'
Gain (loss) on the ineffective portion	'	$483	'
Gain (loss) immediately recognized at dedesignation	-110	-7,036	'
Non-hedge derivatives gain (loss)	10,577	9,101	'
Cash Flow Hedges | Other Income (Loss)	'	'	'
Cash flow hedges	'	'	'
Gain (loss) on the ineffective portion	'	483	-917
Cash Flow Hedges | Gain (Loss) on Sale of Investments and Other Income (Loss)	'	'	'
Cash flow hedges	'	'	'
Gain (loss) immediately recognized at dedesignation	-110	-7,036	-13,939
Cash Flow Hedges | Interest Expense	'	'	'
Cash flow hedges	'	'	'
Amount of gain (loss) reclassified from AOCI into income, related to effective portion	-6,128	-30,631	-63,350
Deferred hedge gain reclassified from AOCI into income, related to anticipated financings	67	61	58
Deferred hedge gain (loss) reclassified from AOCI into income, related to effective portion of dedesignated hedges	-56	1,189	2,259
Non-Hedge Derivatives | Other Income (Loss)	'	'	'
Cash flow hedges	'	'	'
Non-hedge derivatives gain (loss)	10,577	9,101	3,284
Non-Hedge Derivatives | Interest Expense	'	'	'
Cash flow hedges	'	'	'
Non-hedge derivatives gain (loss)	($236)	'	'

Recovered_Sheet9

FAIR VALUE OF FINANCIAL INSTRUMENTS - Net Assets of Linked Transactions (Details 11) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate securities, available-for-sale	$984,263	[1]	$1,691,575	[1]
Repurchase agreements	-556,347		-929,435
Linked Transactions	'		'
Real estate securities, available-for-sale	104,308	[2]	'	[2]
Repurchase agreements	-60,646	[3]	'	[3]
Net Assets recognized as linked transactions	$43,662		'
[1]	See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.
[2]	Represents the fair value of the securities accounted for as part of linked transactions.
[3]	Represents the carrying value, which approximates fair value, of the repurchase agreements accounted for as part of linked transactions.

Recovered_Sheet10

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Narrative) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Interest Rate Swap Liabilities	'
Notional Balance of Derivative Assets	$290,900
Linked Transactions	'
Notional Balance of Derivative Assets	$116,800

DEBT_OBLIGATIONS_Debt_Obligati

DEBT OBLIGATIONS - Debt Obligations from Continuing Operations (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Apr. 15, 2010

Dec. 31, 2013

Dec. 31, 2012

4-May-11

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

In Thousands, unless otherwise specified

CDO VI Bonds Payable

CDO VI Bonds Payable

CDO VIII Bonds Payable

CDO VIII Bonds Payable

CDO IX Bonds Payable

CDO IX Bonds Payable

Total CDO Bonds Payable

Total CDO Bonds Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

NCT 2013-VI IMM-1

NCT 2013-VI IMM-1

Total Other Bonds And Notes Payable

Total Other Bonds And Notes Payable

FNMA/FHLMC Securities Repurchase Agreements

FNMA/FHLMC Securities Repurchase Agreements

CDO Securities

CDO Securities

Residential Mortgage Loans

Residential Mortgage Loans

Total Repurchase Agreements

Total Repurchase Agreements

Fixed Rate Mortgage Notes Payable

Fixed Rate Mortgage Notes Payable

Fixed Rate Mortgage Notes Payable

Fixed Rate Mortgage Notes Payable

Floating Rate Mortgage Notes Payable

Floating Rate Mortgage Notes Payable

Floating Rate Mortgage Notes Payable

Floating Rate Mortgage Notes Payable

Total Mortgage Notes Payable

Total Mortgage Notes Payable

Golf First Lien Loan

Golf First Lien Loan

Golf Second Lien Loan

Golf Second Lien Loan

Golf Credit Facilities

Golf Credit Facilities

Junior Subordinated Debt

Junior Subordinated Debt

Total Corporate

Total Corporate

Debt Obligations

Debt Obligations

Subprime mortgage loans subject to call option

Subprime mortgage loans subject to call option

Repaid CDO Bonds

Total Repaid Repurchase Agreements

Lower Range

Upper Range

Lower Range

Upper Range

Month Issued

'

'

'Apr 2005

[1]

'

'Nov 2006

'

'May 2007

'

'

'

'Apr 2010

[2]

'

'

'May 2011

'

'

'Nov 2013

[3]

'

'

'

'Dec 2013

[4],[5]

'

'Dec 2013

[3],[4]

'

'Nov 2013

[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'Dec 2013

[6]

'

'Dec 2013

[6]

'

'

'

'Mar 2006

[6]

'

'

'

'

'

'

'

'

'

Debt Face Amount

$3,030,490

$2,786,059

$92,018

[1]

$91,578

[1]

$264,733

$518,501

$186,765

$400,938

$543,516

$1,090,915

$53,753

[2]

$70,056

[2]

$164,100

$93,863

$117,907

$197,000

$96,129

[3]

'

[3]

$243,745

$187,963

$516,134

[4],[5]

$772,855

[4],[5]

$15,094

[3],[4]

$5,658

[3],[4]

$25,119

[4]

'

[4]

$556,347

[4]

$929,435

[4]

$878,579

$88,400

'

'

$198,584

$32,125

'

'

$1,077,163

$120,525

$46,922

[6]

'

$105,576

[6]

'

$152,498

[6]

'

$51,004

$51,004

$51,004

$51,004

$2,624,273

$2,379,842

$406,217

[7]

$406,217

$79,898

$150,922

[4]

Carrying Value

3,017,931

2,781,761

92,018

[1]

91,578

[1]

264,277

517,541

188,230

402,424

544,525

1,091,354

50,424

[2]

66,199

[2]

'

93,536

117,191

'

86,319

[3]

'

[3]

230,279

183,390

516,134

[4],[5]

772,855

[4],[5]

15,094

[3],[4]

5,658

[3],[4]

25,119

[4]

'

[4]

556,347

[4]

929,435

[4]

878,244

88,400

'

'

198,584

32,125

'

'

1,076,828

120,525

46,922

[6]

'

105,576

[6]

'

152,498

[6]

'

51,237

51,243

51,237

51,243

2,611,714

2,375,947

406,217

[7]

405,814

79,811

150,922

[4]

Final Stated Maturity

'

'

'Apr 2040

[1]

'

'Nov 2052

'

'May 2052

'

'

'

'Jul 2035

[2]

'

'

'Dec 2033

'

'

'Apr 2040

[3]

'

'

'

'Jan 2014

[4],[5]

'

'Jan 2014

[3],[4]

'

'Nov 2014

[4]

'

'

'

'Aug 2018 to Jan 2024

'

'

'

'Aug 2016 to Dec 2018

'

'

'

'

'

'Dec 2018

[6]

'

'Dec 2018

[6]

'

'

'

'Apr 2035

'

'

'

'

'

'

'

'

'

Unhedged Weighted Average Funding Cost - Rate

'

'

0.85%

[1],[8]

'

0.88%

[8]

'

0.56%

[8]

'

'

'

6.56%

[2],[8]

'

'

4.70%

[8]

'

'

'

'

'

'

0.40%

[4],[5],[8]

'

'

'

'

'

'

'

'

'

1.43%

[10],[8],[9]

4.30%

[10],[8],[9]

'

'

'

'

'

'

'

'

5.50%

[8]

'

'

'

7.57%

[11]

'

'

'

'

'

'

'

'

'

Unhedged Weighted Average Funding Cost - Basis for Variable Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

[3],[8]

'

'

'

'

'

'LIBOR

[3],[4],[8]

'

'LIBOR

[4],[8]

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

[12]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

[3],[8]

'

'

'

'

'

1.65%

[3],[4],[8]

'

2.00%

[4],[8]

'

'

'

'

'

'

'

'

'

3.50%

[8]

3.75%

[8]

'

'

4.00%

[12]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Funding Cost

'

'

5.35%

[1],[13]

'

2.45%

[13]

'

0.50%

[13]

'

2.26%

[13]

'

6.56%

[13],[2]

'

'

4.70%

[13]

'

'

0.42%

[13]

'

3.50%

[13]

'

0.40%

[13],[4],[5]

'

1.82%

[13],[3],[4]

'

2.17%

[13],[4]

'

0.50%

[13],[4]

'

4.72%

[13]

'

'

'

4.88%

[13]

'

'

'

4.75%

[13]

'

4.50%

[13]

'

5.50%

[13]

'

5.19%

[13]

'

7.39%

[13]

'

7.39%

[13]

'

3.28%

[13]

'

'

'

'

'

Weighted Average Maturity (Years)

'

'

'5 years 6 months

[1]

'

'1 year 6 months

'

'0 years 7 months 6 days

'

'1 year 10 months 24 days

'

'4 years 1 month 6 days

[2]

'

'

'3 years 9 months 18 days

'

'

'2 years

[3]

'

'3 years 1 month 6 days

'

'0 years 1 month 6 days

[4],[5]

'

'0 years 1 month 6 days

[3],[4]

'

'0 years 10 months 24 days

[4]

'

'0 years 1 month 6 days

[4]

'

'7 years 4 months 24 days

'

'

'

'4 years 1 month 6 days

'

'

'

'6 years 9 months 18 days

'

'4 years

'

'4 years

'

'4 years

'

'21 years 3 months 18 days

'

'21 years 3 months 18 days

'

'4 years 2 months 12 days

'

'

'

'

'

Face Amount of Floating Rate Debt

'

'

88,727

[1]

'

257,133

'

186,765

'

532,625

'

'

[2]

'

'

'

'

'

96,129

[3]

'

96,129

'

516,134

[4],[5]

'

15,094

[3],[4]

'

25,119

[4]

'

556,347

[4]

'

'

'

'

'

198,584

'

'

'

198,584

'

46,922

'

'

'

46,922

'

'

'

'

'

1,430,607

'

'

'

'

'

Outstanding Face Amount of Collateral

'

'

166,452

[1],[14]

'

421,487

[14]

'

433,012

[14]

'

1,020,951

[14]

'

102,681

[14],[2]

'

'

128,975

[14]

'

'

'

[14]

'

231,656

[14]

'

514,994

[14],[4],[5]

'

'

[14],[3],[4]

'

36,029

[14],[4]

'

551,023

[14],[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[14]

'

'

[14]

'

1,803,630

[14]

'

'

'

'

'

Outstanding Face Amount of Collateral

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'N/A

[14]

'

'

'

'N/A

[14]

'

'

'

'N/A

[14]

'

'N/A

[14]

'

'N/A

[14]

'

'N/A

[14]

'

'

'

'

'

'

'

'

'

'

'

Amortized Cost Basis of Collateral

'

'

88,965

[1],[14]

'

317,202

[14]

'

357,224

[14]

'

763,391

[14]

'

91,924

[14],[2]

'

'

128,117

[14]

'

'

'

[14]

'

220,041

[14]

'

547,639

[14],[4],[5]

'

'

[14],[3],[4]

'

27,173

[14],[4]

'

574,812

[14],[4]

'

1,193,583

[14]

'

'

'

270,175

[14]

'

'

'

1,463,758

[14]

'

'

[14]

'

'

[14]

'

'

[14]

'

'

[14]

'

'

[14]

'

3,022,002

[14]

'

'

'

'

'

Carrying Value of Collateral

'

'

123,478

[1],[14]

'

346,101

[14]

'

366,581

[14]

'

836,160

[14]

'

91,924

[14],[2]

'

'

128,117

[14]

'

'

'

[14]

'

220,041

[14]

'

551,270

[14],[4],[5]

'

'

[14],[3],[4]

'

27,173

[14],[4]

'

578,443

[14],[4]

'

1,193,583

[14]

'

'

'

270,175

[14]

'

'

'

1,463,758

[14]

'

'

[14]

'

'

[14]

'

'

[14]

'

'

[14]

'

'

[14]

'

3,098,402

[14]

'

'

'

'

'

Weighted Average Maturity (Years) Of Collateral

'

'

'2 years 3 months 18 days

[1]

'

'1 year 8 months 12 days

'

'1 year 10 months 24 days

'

'1 year 10 months 24 days

'

'6 years 1 month 6 days

[2]

'

'

'4 years 10 months 24 days

'

'

'0 years

[3]

'

'5 years 4 months 24 days

'

'3 years 7 months 6 days

[4],[5]

'

'0 years

[3],[4]

'

'5 years 6 months

[4]

'

'3 years 8 months 12 days

[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years 10 months 24 days

'

'

'

'

'

Weighted Average Maturity (Years) Of Collateral

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'N/A

'

'

'

'N/A

'

'

'

'N/A

'

'N/A

'

'N/A

'

'N/A

'

'

'

'

'

'

'

'

'

'

'

Floating Rate Face Amount of Collateral

'

'

40,482

[1],[14]

'

184,585

[14]

'

162,115

[14]

'

387,182

[14]

'

612

[14],[2]

'

'

21,321

[14]

'

'

'

[14],[3]

'

21,933

[14]

'

514,994

[14],[4],[5]

'

'

[14],[3],[4]

'

36,029

[14],[4]

'

551,023

[14],[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

960,138

'

'

'

'

'

Floating Rate Face Amount of Collateral

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'N/A

'

'

'

'N/A

'

'

'

'N/A

[14]

'

'N/A

'

'N/A

'

'N/A

'

'

'

'

'

'

'

'

'

'

'

Aggregate Notional Amount of Current Hedges

'

'

$88,727

[1],[15]

'

$105,031

[15]

'

'

[15]

'

$193,758

[15]

'

'

[15]

'

'

'

[15]

'

'

'

[15]

'

'

[15]

'

'

[15],[4],[5]

'

'

[15],[3],[4]

'

'

[15],[4]

'

'

[15],[4]

'

'

[15]

'

'

'

'

[15]

'

'

'

'

[15]

'

'

[15]

'

'

[15]

'

'

[15]

'

'

[15]

'

'

[15]

'

$193,758

[15]

'

'

'

'

'

[1]

This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects thisCDO to remain out of compliance for the forseeable future.

[2]

Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.

[3]

Represents refinancing of repurchased Newcastle CDO bonds where collateral is, therefore, eliminated in consolidation period.

[4]

These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).

[5]

Interest rates on these repurchase agreements are fixed, but will be reset on a short-term basis.

[6]

These facilities are collateralized by all the assets of the respective businesses.

[7]

LIBOR +2.25% after April 2016.

[8]

Weighted average, including floating and fixed rate classes.

[9]

For loans totaling $41.2 million issued in August 2013, Newcastle bought down the interest rate to 4% for the first two years. Thereafter, the interest rate will range from 5.99% to 6.76%.

[10]

For a loan with a total balance of $11.4 million, the interest rate for the first two years is based on the applicable US Treasury Security rates. The interest rate for years 3 through 5 is 4.5%, 4.75% and 5.0%, respectively.

[11]

Issued in April 2006 and July 2007. Secured by the general credit of Newcastle. See Note 7 regarding the securitizations of Subprime Portfolio I and II.

[12]

Interest rate on this is based on 3 month LIBOR with a LIBOR floor of 0.5%.

[13]

Including the effect of applicable hedges.

[14]

Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.

[15]

Including $88.7 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.

DEBT_OBLIGATIONS_Debt_Obligati1

DEBT OBLIGATIONS - Debt Obligations from Discontinued Operations (Details1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Debt Face Amount	$3,030,490		$2,786,059
Carrying Value	3,017,931		2,781,761
Discontinued Operations	'		'
Debt Face Amount	183,000		'
Carrying Value	182,016		'
Weighted Average Funding Cost	7.93%	[1]	'
Weighted Average Maturity (Years)	'4 years 8 months 12 days		'
Face Amount of Floating Rate Debt	183,000		'
Outstanding Face Amount of Collateral	'N/A	[2]	'
Amortized Cost Basis of Collateral	'	[2]	'
Carrying Value of Collateral	'	[2]	'
Weighted Average Maturity (Years) Of Collateral	'N/A		'
Floating Rate Face Amount of Collateral	'N/A	[2]	'
Aggregate Notional Amount of Current Hedges	'	[3]	'
Gatehouse Revolving Credit Facilities | Discontinued Operations	'		'
Month Issued	'Nov 2013	[4]	'
Debt Face Amount	25,000	[4]	'	[4]
Carrying Value	25,000	[4]	'	[4]
Final Stated Maturity	'Nov 2018	[4]	'
Unhedged Weighted Average Funding Cost - Basis for Variable Rate	'LIBOR	[4],[5]	'
Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate	3.25%	[4],[5]	'
Weighted Average Funding Cost	3.42%	[1],[4]	'
Weighted Average Maturity (Years)	'4 years 10 months 24 days	[4]	'
Face Amount of Floating Rate Debt	25,000	[4]	'
Outstanding Face Amount of Collateral	'N/A	[2],[4]	'
Amortized Cost Basis of Collateral	'	[2],[4]	'
Carrying Value of Collateral	'	[2],[4]	'
Weighted Average Maturity (Years) Of Collateral	'N/A	[4]	'
Floating Rate Face Amount of Collateral	'N/A	[2],[4]	'
Aggregate Notional Amount of Current Hedges	'	[3],[4]	'
Gatehouse Term Loan A | Discontinued Operations	'		'
Month Issued	'Nov 2013	[4]	'
Debt Face Amount	25,000	[4]	'	[4]
Carrying Value	25,000	[4]	'	[4]
Final Stated Maturity	'Nov 2018	[4]	'
Unhedged Weighted Average Funding Cost - Basis for Variable Rate	'LIBOR	[4],[6]	'
Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate	4.25%	[4],[6]	'
Weighted Average Funding Cost	5.00%	[1],[4]	'
Weighted Average Maturity (Years)	'4 years	[4]	'
Face Amount of Floating Rate Debt	25,000	[4]	'
Outstanding Face Amount of Collateral	'N/A	[2],[4]	'
Amortized Cost Basis of Collateral	'	[2],[4]	'
Carrying Value of Collateral	'	[2],[4]	'
Weighted Average Maturity (Years) Of Collateral	'N/A	[4]	'
Floating Rate Face Amount of Collateral	'N/A	[2],[4]	'
Aggregate Notional Amount of Current Hedges	'	[3],[4]	'
Gatehouse Term Loan B | Discontinued Operations	'		'
Month Issued	'Nov 2013	[4]	'
Debt Face Amount	50,000	[4]	'	[4]
Carrying Value	50,000	[4]	'	[4]
Final Stated Maturity	'Nov 2018	[4]	'
Unhedged Weighted Average Funding Cost - Basis for Variable Rate	'LIBOR	[4],[6]	'
Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate	8.00%	[4],[6]	'
Weighted Average Funding Cost	8.75%	[1],[4]	'
Weighted Average Maturity (Years)	'4 years	[4]	'
Face Amount of Floating Rate Debt	50,000	[4]	'
Outstanding Face Amount of Collateral	'N/A	[2],[4]	'
Amortized Cost Basis of Collateral	'	[2],[4]	'
Carrying Value of Collateral	'	[2],[4]	'
Weighted Average Maturity (Years) Of Collateral	'N/A	[4]	'
Floating Rate Face Amount of Collateral	'N/A	[2],[4]	'
Aggregate Notional Amount of Current Hedges	'	[3],[4]	'
Gatehouse Second Lien Credit Facility | Discontinued Operations	'		'
Month Issued	'Nov 2013	[4]	'
Debt Face Amount	50,000	[4]	'	[4]
Carrying Value	49,016	[4]	'	[4]
Final Stated Maturity	'Nov 2019	[4]	'
Unhedged Weighted Average Funding Cost - Basis for Variable Rate	'LIBOR	[4],[5]	'
Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate	11.00%	[4],[5]	'
Weighted Average Funding Cost	11.17%	[1],[4]	'
Weighted Average Maturity (Years)	'5 years 10 months 24 days	[4]	'
Face Amount of Floating Rate Debt	50,000	[4]	'
Outstanding Face Amount of Collateral	'N/A	[2],[4]	'
Amortized Cost Basis of Collateral	'	[2],[4]	'
Carrying Value of Collateral	'	[2],[4]	'
Weighted Average Maturity (Years) Of Collateral	'N/A	[4]	'
Floating Rate Face Amount of Collateral	'N/A	[2],[4]	'
Aggregate Notional Amount of Current Hedges	'	[3],[4]	'
Local Media Group Credit Facility | Discontinued Operations	'		'
Month Issued	'Sep 2013		'
Debt Face Amount	33,000		'
Carrying Value	33,000		'
Final Stated Maturity	'Sep 2018		'
Unhedged Weighted Average Funding Cost - Basis for Variable Rate	'LIBOR	[7]	'
Unhedged Weighted Average Funding Cost - Spread on Basis for Variable Rate	6.50%	[7]	'
Weighted Average Funding Cost	7.50%	[1]	'
Weighted Average Maturity (Years)	'4 years 3 months 18 days		'
Face Amount of Floating Rate Debt	33,000		'
Outstanding Face Amount of Collateral	'N/A	[2]	'
Amortized Cost Basis of Collateral	'	[2]	'
Carrying Value of Collateral	'	[2]	'
Weighted Average Maturity (Years) Of Collateral	'N/A		'
Floating Rate Face Amount of Collateral	'N/A	[2]	'
Aggregate Notional Amount of Current Hedges	'	[3]	'
[1]	Including the effect of applicable hedges.
[2]	Excluding (i) restricted cash held in CDOs to be used for principal and interest payments of CDO debt, and (ii) operating cash from the senior housing business.
[3]	Including $88.7 million notional amount of interest rate swap in CDO VI, which was an economic hedge not designed as a hedge for accounting purposes.
[4]	These facilities are collateralized by all the assets of the respective businesses.
[5]	Weighted average, including floating and fixed rate classes.
[6]	This financing has a LIBOR floor of 0.75%.
[7]	This financing has a LIBOR floor of 1.0%

DEBT_OBLIGATIONS_Maturities_of

DEBT OBLIGATIONS - Maturities of Debt Obligations (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt maturing in year	'
2014	$569,940
2015	16,537
2016	41,083
2017	225,795
2018	142,789
Thereafter	2,034,346
Total	3,030,490
Recourse Debt	'
Debt maturing in year	'
2014	556,347
2015	'
2016	'
2017	152,498
2018	'
Thereafter	'
Total	708,845
Nonrecourse Debt	'
Debt maturing in year	'
2014	13,593
2015	16,537
2016	41,083
2017	73,297
2018	142,789
Thereafter	2,034,346
Total	$2,321,645

DEBT_OBLIGATIONS_Details_Narra

DEBT OBLIGATIONS (Details Narrative) (USD $)

3 Months Ended

12 Months Ended

24 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2010

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 30, 2011

Sep. 12, 2012

Jun. 30, 2013

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Apr. 15, 2010

Apr. 15, 2010

Apr. 15, 2010

4-May-11

Dec. 31, 2013

Dec. 31, 2012

4-May-11

4-May-11

Dec. 31, 2013

Dec. 31, 2012

Restated

Bank of America

Barclays

Citi

Goldman Sachs

Nomura

Credit Suisse

Subsequent To Balance Sheet Date

Interest rate swaps, not designated as hedges

Interest rate swaps, not designated as hedges

CDO VI Bonds Payable

CDO VI Bonds Payable

CDO VI Bonds Payable

Total Repurchase Agreements

Total Repurchase Agreements

Fixed Rate Mortgage Notes Payable - Tranche 1

Fixed Rate Mortgage Notes Payable - Tranche 2

Junior Subordinated Debt

Junior Subordinated Debt

Gatehouse Term Loan A

Gatehouse Term Loan B

Local Media Group Credit Facility

Golf First Lien Loan

Golf First Lien Loan

Total CDO Bonds Payable

Total CDO Bonds Payable

Total CDO Bonds Payable

CDO VII Divestiture

CDO X Divestiture

CDO IV Divestiture

CDO VIII Bonds Payable

CDO VIII Bonds Payable

CDO VIII Bonds Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio I Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

MH Loans Portfolio II Bonds and Notes Payable

Fixed Rate Mortgage Notes Payable

Fixed Rate Mortgage Notes Payable

Interest rate swaps, not designated as hedges

Affiliates

Third Parties

Affiliates

Third Parties

Notional Amount of Derivatives

'

'

'

'

'

'

'

'

'

'

'

'

$185,871

$294,203

'

'

$88,700

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Eliminated in consolidation amount of notes payable relating to MH Loan Portfolio I sold to certain Newcastle CDOs

'

20,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreements

'

'

'

'

'

299,100

138,000

35,600

7,400

51,100

25,100

556,300

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LIBOR Floor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.75%

0.75%

1.00%

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate description

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4% the first two years; 5.99% to 6.76% the remaining term

'First two years based on US Treasury Security rates; Years 3 to 5: 4.5%, 4.75% and 5.0%

'LIBOR+2.25% after April 2016

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings under mortgage notes payable

'

904,509

120,525

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

41,200

11,400

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CDO Bonds Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of CDO Bonds Payable - Face

'

35,900

34,100

257,000

167,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of CDO Bonds Payable - Fair value paid

'

31,300

10,900

'

102,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on extinguishment of debt

'

4,565

24,085

'

66,110

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,600

23,200

65,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of par repurchased at

'

'

'

67.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of investments

'

46,536

127,000

'

3,885

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,900

130,000

145,200

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on sale of investments

224,300

9,853

14,629

'

81,434

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,400

'

4,200

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage divestiture of CDO X

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subordinated debt sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

89,750

153,400

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in gross assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Comprehensive income

'

202,036

603,474

'

267,284

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-25,500

-600

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase of securities - face amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101,000

'

116,800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase of securities - pay amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000

'

103,100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of par of securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

49.40%

'

88.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage divestiture of CDO IV

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of par of CDO IV sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

95.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt paid off

'

35,900

39,300

787,800

188,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

71,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

73,100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount from sale of CDO IV received in CDO VIII

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,300

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Par recovery

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

59,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of Par previously repurchased at

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

52.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds on subordinated interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on hedge termination

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreements

'

556,347

929,435

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in carrying value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other Bonds Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Face Amount

'

3,030,490

2,786,059

'

'

'

'

'

'

'

'

'

'

'

92,018

[1]

91,578

[1]

'

556,347

[2]

929,435

[2]

'

'

51,004

51,004

'

'

'

46,922

[3]

'

543,516

1,090,915

'

'

'

'

'

264,733

518,501

53,753

[4]

70,056

[4]

164,100

'

'

197,000

93,863

117,907

'

'

878,579

88,400

Principal balance of MH Portfolio Loans Securitized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

134,500

36,900

97,600

159,800

'

'

17,000

142,800

'

'

Increase in unrestricted cash

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000

'

'

'

'

'

'

Average debt maturity term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years 9 months 18 days

'

'

'

'

'

'

Interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.23%

'

'

Mortgage Notes Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal balance on loans which are being repaid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$147,800

'

[1]

This CDO was not in compliance with its applicable over collateralization tests as of December 31, 2013. Newcastle is not receiving cash flows from this CDO (other than senior management fees and cash flows on senior classes of bonds that were repurchased), since net interest is being used to repay debt, and expects thisCDO to remain out of compliance for the forseeable future.

[2]

These repurchase agreements had $0.1 million accrued interest payable at December 31, 2013. $556.3 million face amount of these repurchase agreements were renewed subsequent to December 31, 2013. The counterparties on these repurchase agreements are Bank of America ($299.1 million), Barclays ($138.0 million), Citi ($35.6 million), Goldman Sachs ($7.4 million), Nomura ($51.1 million) and Credit Suisse ($25.1 million).

[3]

These facilities are collateralized by all the assets of the respective businesses.

[4]

Excluding $20.5 million of other bonds payable relating to MH loans Portfolio I sold to certain Newcastle CDOs, which were eliminated in consolidation.

DEBT_OBLIGATIONS_Detaits_Narra

DEBT OBLIGATIONS (Detaits Narrative 1) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 03, 2013
Loan principal balance	$3,030,490	'
Golf	'	'
Amount of debt subject to working capital hold-back	7,500	'
Maximum interest that may be paid on working capital hold-back	2,500	'
First Lien Loan | Golf	'	'
Variable interest rate basis description	'LIBOR	'
Variable Interest Rate Spread	4.00%	'
Loan principal balance	54,500	'
Principal funded	46,900	'
LIBOR Floor	0.50%	'
Derivative, maximum spread	4.79%	'
Notional Balance of Derivative Assets	94,000	'
Second Lien Loan | Golf	'	'
Loan principal balance	105,600	'
Unhedged Weighted Average Funding Cost - Rate	5.50%	'
Gatehouse | Term Loan A	'	'
Loan principal balance	25,000	'
Gatehouse | Term Loan B	'	'
Loan principal balance	50,000	'
Gatehouse | Revolving Credit Facility	'	'
Line of credit agreement maximum borrowing capacity	40,000	'
Gatehouse | Secured Lien Credit Facility	'	'
Line of credit agreement maximum borrowing capacity	50,000	'
Variable interest rate basis description	'LIBOR	'
Variable Interest Rate Spread	11.00%	'
Variable interest rate basis description, alternative	'Base Rate	'
Variable Interest Rate Spread, alternative	10.00%	'
Principal payments due, Tranche 1	900	'
Principal payments due, Tranche 2	1,300	'
Principal payments due, Tranche 3	2,000	'
Frequency of payments	'Quarterly	'
Percentage of excess cash flow to be paid - alternative 1	100.00%	'
Minimum leverage Ratio - alternative 1	275.00%	'
Percentage of excess cash flow to be paid - alternative 1	50.00%	'
Maximum leverage Ratio - alternative 2	275.00%	'
Minimum leverage Ratio 2 - alternative 2	250.00%	'
Percentage of excess cash flow to be paid - alternative 3	0.00%	'
Maximum leverage Ratio - alternative 3	250.00%	'
Debt covenant - Maximum leverage ratio	325.00%	'
Debt covenant - Minimum Fixed Charge Coverage Ratio	100.00%	'
Dow Jones Local Media Group | Senior Secured Term Loan	'	'
Senior Secured Term Loan	'	33,000
Dow Jones Local Media Group | Revolving Credit Facility	'	'
Line of credit agreement maximum borrowing capacity	'	10,000
Sub-facility letters of credit maximum borrowing capacity	'	3,000
Sub-facility swing loans maximum borrowing capacity	'	4,000
Variable interest rate basis description	'LIBOR	'
Variable Interest Rate Spread	6.50%	'
Variable interest rate basis description, alternative	'Base Rate	'
Variable Interest Rate Spread, alternative	5.50%	'
Monthly commitment fee on unused portion	0.75%	'
Annual fee on outstanding letters of credit	6.00%	'
Principal payments due, Tranche 1	200	'
Principal payments due, Tranche 2	$400	'
Frequency of payments	'Quarterly	'
Percentage of excess cash flow to be paid - alternative 1	100.00%	'
Minimum leverage Ratio - alternative 1	200.00%	'
Percentage of excess cash flow to be paid - alternative 1	50.00%	'
Maximum leverage Ratio - alternative 2	200.00%	'
Minimum leverage Ratio 2 - alternative 2	175.00%	'
Percentage of excess cash flow to be paid - alternative 3	0.00%	'
Maximum leverage Ratio - alternative 3	175.00%	'
Percentage of Extraordinary Receipts that must be prepaid	100.00%	'
Percentage of Specified Equity Contributions that must be prepaid	100.00%	'
Debt covenant - Maximum leverage ratio	250.00%	'
Debt covenant - Minimum Fixed Charge Coverage Ratio	200.00%	'

PENSION_AND_POSTRETIREMENT_BEN2

PENSION AND POSTRETIREMENT BENEFITS - Change in Projected Benefit Obligation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Pension Plan	'
Change in projected benefit obligation:	'
Benefit obligation at beginning of period	$24,651
Service cost	48
Interest cost	187
Actuarial loss	-408
Benefits and expenses paid	-163
Participant contributions	'
Employer implicit subsidy fulfilled	'
Projected benefit obligation at end of period	24,315
Change in plan assets	'
Fair value of plan assets at beginning of period	19,981
Actual return on plan assets	472
Employer contributions	'
Employer implicit subsidy contribution	'
Participant contributions	'
Employer implicit subsidy fulfilled	'
Benefits paid	-123
Expenses paid	-40
Fair value of plan assets at end of period	20,290
Reconciliation of funded status	'
Benefit obligation	-24,315
Fair value of assets	20,290
Funded status at end of period	-4,025
Unrecognized actuarial (gain) loss	-634
Net accrued benefit cost	-4,659
Postretirement Plan	'
Change in projected benefit obligation:	'
Benefit obligation at beginning of period	6,015
Service cost	6
Interest cost	41
Actuarial loss	176
Benefits and expenses paid	-29
Participant contributions	2
Employer implicit subsidy fulfilled	-5
Projected benefit obligation at end of period	6,206
Change in plan assets	'
Fair value of plan assets at beginning of period	'
Actual return on plan assets	'
Employer contributions	27
Employer implicit subsidy contribution	5
Participant contributions	2
Employer implicit subsidy fulfilled	-5
Benefits paid	-29
Expenses paid	'
Fair value of plan assets at end of period	'
Reconciliation of funded status	'
Benefit obligation	-6,206
Fair value of assets	'
Funded status at end of period	-6,206
Unrecognized actuarial (gain) loss	176
Net accrued benefit cost	($6,030)

PENSION_AND_POSTRETIREMENT_BEN3

PENSION AND POSTRETIREMENT BENEFITS - Balance Sheet Presentation (Details 1) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Balance sheet presentation	'
Accounts payable, accrued expenses and other liabilities	$10,471
Accumulated other comprehensive income	500
Pension Plan	'
Balance sheet presentation	'
Accounts payable, accrued expenses and other liabilities	4,025	[1]
Accumulated other comprehensive income	634
Net accrued benefit cost	4,659
Postretirement Plan	'
Balance sheet presentation	'
Accounts payable, accrued expenses and other liabilities	6,206	[1]
Accumulated other comprehensive income	-176
Net accrued benefit cost	6,030
Other Plans	'
Balance sheet presentation	'
Accounts payable, accrued expenses and other liabilities	$240
[1]	Reconciliation of total funded status to pension and other postretirement benefit obligations balance (Note 2):

PENSION_AND_POSTRETIREMENT_BEN4

PENSION AND POSTRETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Pension Plan	'
Components of net periodic benefit cost	'
Service cost	$48
Interest cost	187
Expected return on plan assets	-246
Net periodic benefit cost	-11
Postretirement Plan	'
Components of net periodic benefit cost	'
Service cost	6
Interest cost	41
Expected return on plan assets	'
Net periodic benefit cost	$47

PENSION_AND_POSTRETIREMENT_BEN5

PENSION AND POSTRETIREMENT BENEFITS - Other Comprehensive Income (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Pension Plan	'
Other changes in plan assets and benefit obligations recognized in other comprehensive income	'
Net actuarial cost	($634)
Total recognized in other comprehensive income	-634
Postretirement Plan	'
Other changes in plan assets and benefit obligations recognized in other comprehensive income	'
Net actuarial cost	176
Total recognized in other comprehensive income	$176

PENSION_AND_POSTRETIREMENT_BEN6

PENSION AND POSTRETIREMENT BENEFITS - Comparison of Obligations to Plan Assets (Details 4) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Pension Plan	'	'
Comparison of obligations to plan assets	'	'
Projected and accumulated benefit obligation	$24,315	'
Fair value of plan assets	20,290	19,981
Postretirement Plan	'	'
Comparison of obligations to plan assets	'	'
Projected and accumulated benefit obligation	6,206	'
Fair value of plan assets	'	'

PENSION_AND_POSTRETIREMENT_BEN7

PENSION AND POSTRETIREMENT BENEFITS - Assumptions Used (Details 5)	12 Months Ended
	Dec. 31, 2013
Pension Plan	'
Assumptions used in calculations:	'
Weighted average discount rate	5.00%
Rate of increase in future compensation levels	0.00%
Expected return on assets	8.00%
Current year trend	0.00%
Ultimate year trend	0.00%
Postretirement Plan	'
Assumptions used in calculations:	'
Weighted average discount rate	4.50%
Rate of increase in future compensation levels	0.00%
Expected return on assets	0.00%
Current year trend	7.80%
Ultimate year trend	4.80%
Year of ultimate trend	'2025

PENSION_AND_POSTRETIREMENT_BEN8

PENSION AND POSTRETIREMENT BENEFITS - Health Care Costs Trend Rates (Details 6) (Postretirement Plan, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Postretirement Plan	'
Effect of increase in health care cost trend rates	'
1% increase in health care cost trend rates - APBO dollar change	$6,611
1% increase in health care cost trend rates - Service cost dollar change	405
1% increase in health care cost trend rates - percentage change	6.50%
1% decrease in health care cost trend rates - APBO dollar change	5,863
1% decrease in health care cost trend rates - Service cost dollar change	($343)
1% decrease in health care cost trend rates - percentage change	-5.50%

PENSION_AND_POSTRETIREMENT_BEN9

PENSION AND POSTRETIREMENT BENEFITS - Fair Value of Plan Assets (Details 7) (Pension Plan, USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair value of plan assets measured on a recurring basis	$20,290	$19,981
Percentage	100.00%	'
Equity Mutual Funds	'	'
Fair value of plan assets measured on a recurring basis	14,738	'
Percentage	72.60%	'
Fixed Income Funds	'	'
Fair value of plan assets measured on a recurring basis	4,021	'
Percentage	19.80%	'
Cash and Cash Equivalents	'	'
Fair value of plan assets measured on a recurring basis	803	'
Percentage	4.00%	'
Other Investments	'	'
Fair value of plan assets measured on a recurring basis	$728	'
Percentage	3.60%	'

Recovered_Sheet11

PENSION AND POSTRETIREMENT BENEFITS - Expected Benefit Payments (Details 8) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Pension Plan	'
Expected Future Benefit Payments	'
2014	$1,461
2015	1,508
2016	1,536
2017	1,545
2018	1,565
2019-2022	8,126
Employer contribution expected to be paid during the year ending December 31, 2014	1,501
Postretirement Plan	'
Expected Future Benefit Payments	'
2014	412
2015	410
2016	410
2017	379
2018	390
2019-2022	1,584
Employer contribution expected to be paid during the year ending December 31, 2014	$412

Recovered_Sheet12

PENSION AND POSTRETIREMENT BENEFITS (Details Narrative) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Net actuarial loss and prior service cost recognized in other comprehensive income	500
Pension Plan	'
Net actuarial loss and prior service cost recognized in other comprehensive income	634
Pension Plan | Equity Mutual Funds	'
Target Allocation of plan assets	70.00%
Pension Plan | Fixed Income Funds	'
Target Allocation of plan assets	30.00%

EQUITY_AND_EARNINGS_PER_SHARE_1

EQUITY AND EARNINGS PER SHARE - Stock Issued In Public Offerings (Details) (USD $)

1 Months Ended

12 Months Ended

103 Months Ended

139 Months Ended

1 Months Ended

29 Months Ended

Nov. 30, 2013

Jun. 30, 2013

Feb. 28, 2013

Jan. 31, 2013

Jul. 31, 2012

31-May-12

Apr. 30, 2012

Sep. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Nov. 30, 2013

Jun. 30, 2013

Feb. 28, 2013

Jan. 31, 2013

Jul. 31, 2012

31-May-12

Apr. 30, 2012

Sep. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Issuance of Common Stock, shares

57,950,952

40,250,000

23,000,000

57,500,000

25,300,000

23,000,000

18,975,000

25,875,000

17,250,000

178,927,850

67,344,636

'

62,027,184

351,453,495

450,952

750,000

191,000

213,900

450,000

'

'

1,314,780

[1]

'

'

Issuance of Common Stock

$301,400,000

$197,600,000

$237,400,000

$526,200,000

$167,400,000

$152,000,000

$115,200,000

$112,300,000

$98,400,000

$1,262,493,000

$434,964,000

$210,847,000

'

'

'

'

'

'

'

'

'

'

'

'

Share price

$5.21

$4.92

$10.34

$9.35

$6.63

$6.71

$6.22

$4.55

$6

'

'

'

'

'

$5.25

$4.97

$10.48

$9.35

$6.70

'

'

$4.55

'

'

Options to purchase shares of common stock granted during the period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,795,095

[2]

4,025,000

[2]

2,300,000

[2]

5,750,000

[2]

2,530,000

[2]

2,300,000

[2]

1,897,500

[2]

2,587,500

[2]

1,725,000

[2]

32,433,822

Exercise price of options granted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$5.25

[2]

$4.97

[2]

$10.48

[2]

$9.35

[2]

$6.70

[2]

$6.71

[2]

$6.22

[2]

$4.55

[2]

$6

[2]

'

Fair Value at Date of Grant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6,000

[2]

$3,800

[2]

$8,400

[2]

$18,000

[2]

$8,300

[2]

$7,600

[2]

$5,600

[2]

$5,600

[2]

$7,000

[2]

'

[1]

This figure also includes shares purchased by officers of Newcastle.

[2]

In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.

EQUITY_AND_EARNINGS_PER_SHARE_2

EQUITY AND EARNINGS PER SHARE - Outstanding Options Summary (Details 1)	Dec. 31, 2013	Dec. 31, 2012
Issued Prior to 2011	2,034,125	2,463,109
Issued in 2011 and Thereafter	28,508,428	10,946,166
Stock Options outstanding	30,542,553	13,409,275
Manager	'	'
Issued Prior to 2011	1,496,555	1,751,172
Issued in 2011 and Thereafter	25,996,428	7,934,166
Stock Options outstanding	27,492,983	9,685,338
Manager's Employees	'	'
Issued Prior to 2011	535,570	701,937
Issued in 2011 and Thereafter	2,510,000	3,010,000
Stock Options outstanding	3,045,570	3,711,937
Directors	'	'
Issued Prior to 2011	2,000	10,000
Issued in 2011 and Thereafter	2,000	2,000
Stock Options outstanding	4,000	12,000

EQUITY_AND_EARNINGS_PER_SHARE_3

EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Stock Options outstanding	30,542,553		13,409,275
Options Exercisable	13,737,462		'
Stock Options	'		'
Recipient	'Outstanding		'
Options Exercised	'		'
Date of Exercise	'Prior to 2008	[1]	'
Options Exercised	-1,043,118	[1]	'
Exercises - Weighted Average Strike Price	15.7	[1],[2]	'
Options Exercised	'		'
Date of Exercise	'Oct 12	[3]	'
Options Exercised	-95,834	[3]	'
Exercises - Weighted Average Strike Price	5.28	[2],[3]	'
Options Exercised	'		'
Date of Exercise	'Sep 13	[4]	'
Options Exercised	-307,833	[4]	'
Exercises - Weighted Average Strike Price	2.56	[2],[4]	'
Options Expired Unexercised	'		'
Date of Grant	'2002-2003		'
Options expired unexercised	-464,484		'
Directors	'		'
Stock Options outstanding	4,000		12,000
Options Exercised	4,000		'
Directors | Stock Options	'		'
Recipient	'Directors		'
Date of Grant	'Various		'
Stock Options outstanding	20,000		'
Options Exercisable	4,000		'
Weighted Average Strike Price	8.06	[2]	'
Intrinsic Value	4,800	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'2002 - 2007	[5]	'
Stock Options outstanding	3,523,727	[5]	'
Options Exercisable	2,032,125	[5]	'
Weighted Average Strike Price	12.66	[2],[5]	'
Fair Value at Date of Grant	6,400	[5],[6]	'
Intrinsic Value	8,900	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Mar 11	[5]	'
Stock Options outstanding	1,725,000	[5]	'
Options Exercisable	1,580,166	[5]	'
Weighted Average Strike Price	2.72	[2],[5]	'
Fair Value at Date of Grant	7,000	[5],[6],[7]	'
Intrinsic Value	5,500	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Sep 11	[5]	'
Stock Options outstanding	2,587,500	[5]	'
Options Exercisable	2,165,361	[5]	'
Weighted Average Strike Price	2.07	[2],[5]	'
Fair Value at Date of Grant	5,600	[5],[6],[8]	'
Intrinsic Value	6,100	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Apr 12	[5]	'
Stock Options outstanding	1,897,500	[5]	'
Options Exercisable	1,244,778	[5]	'
Weighted Average Strike Price	2.82	[2],[5]	'
Fair Value at Date of Grant	5,600	[5],[6],[9]	'
Intrinsic Value	6,700	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'May 12	[5]	'
Stock Options outstanding	2,300,000	[5]	'
Options Exercisable	1,421,667	[5]	'
Weighted Average Strike Price	3.05	[2],[5]	'
Fair Value at Date of Grant	7,600	[10],[5],[6]	'
Intrinsic Value	8,600	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Jul 12	[5]	'
Stock Options outstanding	2,530,000	[5]	'
Options Exercisable	1,416,195	[5]	'
Weighted Average Strike Price	3.04	[2],[5]	'
Fair Value at Date of Grant	8,300	[11],[5],[6]	'
Intrinsic Value	2,300	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Jan 13	[5]	'
Stock Options outstanding	5,750,000	[5]	'
Options Exercisable	2,108,333	[5]	'
Weighted Average Strike Price	4.24	[2],[5]	'
Fair Value at Date of Grant	18,000	[12],[5],[6]	'
Intrinsic Value	3,100	[5]	'
Manager	'		'
Date of Grant	'Feb 13	[5]	'
Stock Options outstanding	2,300,000	[5]	'
Options Exercisable	766,667	[5]	'
Weighted Average Strike Price	4.75	[2],[5]	'
Intrinsic Value	2,800	[5]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Fair Value at Date of Grant	8,400	[13],[5],[6]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Jun 13	[5]	'
Stock Options outstanding	4,025,000	[5]	'
Options Exercisable	805,000	[5]	'
Weighted Average Strike Price	4.97	[2],[5]	'
Fair Value at Date of Grant	3,800	[14],[5],[6]	'
Manager | Stock Options	'		'
Recipient	'Manager	[5]	'
Date of Grant	'Nov 13	[5]	'
Stock Options outstanding	5,795,095	[5]	'
Options Exercisable	193,170	[5]	'
Weighted Average Strike Price	5.25	[2],[5]	'
Fair Value at Date of Grant	6,000	[15],[5],[6]	'
Exercised | Stock Options	'		'
Recipient	'Exercised	[1]	'
Exercised | Stock Options	'		'
Recipient	'Exercised	[3]	'
Exercised | Stock Options	'		'
Recipient	'Exercised	[4]	'
Expired unexercised | Stock Options	'		'
Recipient	'Expired unexercised		'
[1]	670,620 of the total options exercised were by the Manager. 368,498 of the total options exercised were by employees of Fortress subsequent to their assignment. 4,000 of the total options exercised were by directors.
[2]	The strike prices are subject to adjustment in connection with return of capital dividends and spin-offs. A portion of Newcastle's 2008 dividends was deemed return of capital dividends. The effect on the strike prices was not significant. The strike prices were adjusted for the New Residential spin-off as described above. As of December 31, 2013, the weighted average strike price of the outstanding options issued prior to 2011 was $12.66.
[3]	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.2 million.
[4]	Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $0.9 million.
[5]	The Manager assigned certain of its options to Fortress's employees as follows: (See Schedule of Outstanding Options)
[6]	The fair value of the options was estimated using an option valuation model. Since the Newcastle Option Plan and 2012 Plan have characteristics significantly different from those of traded options, and since the assumptions used in such model, particularly the volatility assumption, are subject to significant judgment and variability, the actual value of the options could vary materially from management's estimate. The volatility assumption for these options was estimated based primarily on the historical volatility of Newcastle's common stock and management's expectations regarding future volatility. The expected life assumption for options issued prior to 2011 was estimated based on the simplified term method. This simplified method was used because Newcastle did not have sufficient historical data to conclude on the appropriate expected life of its options and because historical data to date was consistent with the simplified term method. The expected life assumption for options issued in 2011 and thereafter was estimated based primarily on the historical expected life of applicable previously issued options.
[7]	The assumptions used in valuing the options were: a 1.7% risk-free rate, 107.8% volatility and a 3.3 year expected term.
[8]	The assumptions used in valuing the options were: a 1.13% risk-free rate, 13.2% dividend yield, 151.1% volatility and a 4.6 year expected term.
[9]	The assumptions used in valuing the options were: a 1.3% risk-free rate, 12.9% dividend yield, 149.4% volatility and a 4.7 year expected term.
[10]	The assumptions used in valuing the options were: a 1.05% risk-free rate, 11.9% dividend yield, 148.4% volatility and a 4.8 year expected term.
[11]	The assumptions used in valuing the options were: a 0.75% risk-free rate, 11.9% dividend yield, 147.5% volatility and a 4.8 year expected term.
[12]	The assumptions used in valuing the options were: a 2.0% risk-free rate, 8.8% dividend yield, 56.2% volatility and a 10 year term.
[13]	The assumptions used in valuing the options were: a 2.1% risk-free rate, 7.8% dividend yield, 55.5% volatility and a 10 year term.
[14]	The assumptions used in valuing the options were: a 2.5% risk-free rate, 8.8% dividend yield, 36.9% volatility and a 10 year term.
[15]	The assumptions used in valuing the options were: a 2.8% risk-free rate, 6.7% dividend yield, 32.0% volatility and a 10 year term.

EQUITY_AND_EARNINGS_PER_SHARE_4

EQUITY AND EARNINGS PER SHARE - Options Assigned (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Stock Options outstanding	30,542,553	13,409,275
Manager	'	'
Stock Options outstanding	27,492,983	9,685,338
Options - Strike Price $11.49 - $14.05	'	'
Date of Grant	'2004	'
Stock Options outstanding	226,125	'
Options - Strike Price $11.49 - $14.05 | Lower Range	'	'
Strike Price	11.49	'
Options - Strike Price $11.49 - $14.05 | Upper Range	'	'
Strike Price	14.05	'
Options - Strike Price $13.24	'	'
Date of Grant	'2005	'
Stock Options outstanding	89,925	'
Strike Price	13.24	'
Options - Strike Price $13.16	'	'
Date of Grant	'2006	'
Stock Options outstanding	48,450	'
Strike Price	13.16	'
Options - Strike Price $12.40 - $14.01	'	'
Date of Grant	'2007	'
Stock Options outstanding	171,070	'
Options - Strike Price $12.40 - $14.01 | Lower Range	'	'
Strike Price	12.4	'
Options - Strike Price $12.40 - $14.01 | Upper Range	'	'
Strike Price	14.01	'
Options - Strike Price $2.07 - $2.72	'	'
Date of Grant	'2011	'
Stock Options outstanding	1,210,000	'
Options - Strike Price $2.07 - $2.72 | Lower Range	'	'
Strike Price	2.07	'
Options - Strike Price $2.07 - $2.72 | Upper Range	'	'
Strike Price	2.72	'
Options - Strike Price $2.82 - $3.05	'	'
Date of Grant	'2012	'
Stock Options outstanding	1,300,000	'
Options - Strike Price $2.82 - $3.05 | Lower Range	'	'
Strike Price	2.82	'
Options - Strike Price $2.82 - $3.05 | Upper Range	'	'
Strike Price	3.05	'
Options Assigned | Manager	'	'
Stock Options outstanding	3,045,570	'

EQUITY_AND_EARNINGS_PER_SHARE_5

EQUITY AND EARNINGS PER SHARE (Details Narrative) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

29 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Jun. 05, 2013

15-May-13

Dec. 31, 2013

15-May-13

Nov. 30, 2013

Jun. 30, 2013

Feb. 28, 2013

Jan. 31, 2013

Jul. 31, 2012

31-May-12

Apr. 30, 2012

Sep. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2011

Stock Options Issued Prior to 2011

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager's Employees

Directors

Management Employees - Tranche 1

Management Employees - Tranche 2

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Manager

Restated

Stock Options

Stock Options

Stock Options

Stock Options

Stock Options

Stock Options

Stock Options

Stock Options

Stock Options

Antidilutive common stock equivalents

2,322,268

3,495,984

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,439,734

Dilutive common stock equivalents

6,428,351

1,620,043

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,324

Common stock, par value

$0.01

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares authorized

1,000,000,000

500,000,000

500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, par value

$0.01

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, shares authorized

100,000,000

100,000,000

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock options authorized

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum shares authorized to be issued to the manager, percentage of outstanding equity interest

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Director awards granted on joining the board, per director

20,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options to purchase shares of common stock granted during the period

'

'

'

'

'

'

5,795,095

[1]

4,025,000

[1]

2,300,000

[1]

5,750,000

[1]

2,530,000

[1]

2,300,000

[1]

1,897,500

[1]

2,587,500

[1]

1,725,000

[1]

'

32,433,822

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock options converted in spin-off

'

'

'

'

'

21,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Last sales price

$5.74

'

'

$12.33

$12.66

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options exercised

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,030

'

368,498

4,000

'

'

'

'

'

'

'

'

'

'

'

'

Intrinsic value of options exercised

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$200

$900

'

'

'

'

'

'

'

'

'

'

Risk free rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.70%

1.13%

1.30%

1.05%

0.75%

2.00%

2.10%

2.50%

2.80%

'

Dividend yield

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13.20%

13.20%

12.90%

11.90%

11.90%

8.80%

7.80%

8.80%

6.70%

'

Volatility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

107.80%

151.10%

149.40%

148.40%

147.50%

56.20%

55.50%

36.90%

32.00%

'

Expected term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years 3 months 18 days

'4 years 7 months 6 days

'4 years 8 months 12 days

'4 years 9 months 18 days

'4 years 9 months 18 days

'10 years

'10 years

'10 years

'10 years

'

[1]

In connection with these offerings, Newcastle granted options to the Manager for the purpose of compensating the Manager for its successful efforts in raising capital for Newcastle.

EQUITY_AND_EARNINGS_PER_SHARE_6

EQUITY AND EARNINGS PER SHARE (Details Narrative 1) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2003

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2010

Oct. 31, 2005

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2010

Mar. 31, 2007

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2010

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series B Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series C Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Issuance of preferred stock

'

'

$62,500

'

'

'

$40,000

'

'

'

$50,000

'

'

'

Issuance of preferred stock, shares

'

'

2,500,000

'

'

'

1,600,000

'

'

'

2,000,000

'

'

'

Preferred stock, dividend percentage

'

'

9.75%

9.75%

9.75%

'

8.05%

8.05%

8.05%

'

8.38%

8.38%

8.38%

'

Preferred stock liquidation preference, per share

$25

$25

$25

'

'

'

$25

'

'

'

$25

'

'

'

Increased dividend rate of preferred stock, if delisting occurs

'

'

'

'

'

'

9.05%

'

'

'

9.38%

'

'

'

Stock issuance costs

$2,471

$1,083

$2,400

'

'

'

$1,500

'

'

'

$1,800

'

'

'

Preferred stock, shares outstanding

2,463,321

2,463,321

'

1,347,321

1,347,321

1,347,321

'

496,000

496,000

496,000

'

620,000

620,000

620,000

Noncontrolling interest ownership in New Media

15.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

TRANSACTIONS_WITH_AFFILIATES_A2

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES - Amounts Paid to Manager (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
					Restated
Management Fees	$32,600	[1]	$24,200	[1]	$17,800	[1]
Expense Reimbursement	500		500		500
Incentive Compensation	'		'		'
Total management fees to affiliate	$33,100		$24,700		$18,300
[1]	During 2013, Newcastle paid management fees of $27.6 million, $3.5 million and $1.5 million to its Manager, Blue Harbor and Holiday, respectively. In 2012, Newcastle paid management fees of $23.1 million and $1.1 million to its Manager and Blue Harbor, respectively.

TRANSACTIONS_WITH_AFFILIATES_A3

TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Details Narrative) (USD $)

1 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Jan. 31, 2011

Apr. 30, 2010

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Subprime Portfolio I

Subprime Portfolio II

Manager

Manager

Blue Harbor

Blue Harbor

Holiday

Affiliates

Affiliates

Affiliates

Senior Living Assets - Tranche 1

Senior Living Assets - Tranche 2

Manager Advisory Fee

'

'

1.50%

'

'

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive compensation percentage

'

'

$0.03

'

'

'

'

'

'

'

$0.03

'

'

'

'

'

'

'

'

'

'

'

'

'

Simple interest rate in incentive calculation

'

'

10.00%

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees paid, as a percentage of effective gross income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5% of effective gross income

'6% of the property’s gross income for the first two years and 7% thereafter

Management Fees

'

'

'

'

'

'

'

'

'

'

$32,600

[1]

$24,200

[1]

'

'

$27,600

$23,100

$3,500

$1,100

$1,500

'

'

'

'

'

Reimbursements paid to Senior Housing Managers

'

'

'

'

'

'

'

'

'

'

23,900

7,900

'

'

'

'

'

'

'

'

'

'

'

'

Shares held by Fortress and affiliates in Newcastle

'

'

6,400,000

'

'

'

'

'

'

'

6,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Options outstanding

'

'

30,542,553

'

'

'

13,409,275

'

'

'

30,542,553

13,409,275

'

'

27,492,983

9,685,338

'

'

'

'

'

'

'

'

Due to affiliates

'

'

5,878

'

'

'

3,579

'

'

'

5,878

3,579

'

'

'

'

'

'

'

'

'

'

'

'

Servicing fee percentage

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

0.50%

'

'

'

'

'

'

'

'

'

'

Total securitized loans (unpaid principal balance)

'

'

879,281

[2]

'

'

'

'

'

'

'

879,281

[2]

'

372,661

[2]

506,620

[2]

'

'

'

'

'

'

'

'

'

'

Cash investments made in affiliates or related companies

47,000

7,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected yield

'

22.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Origination fee

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate securities

'

'

984,263

[3]

'

'

'

1,691,575

[3]

'

'

'

984,263

[3]

1,691,575

[3]

'

'

185,600

'

'

'

'

'

'

'

'

'

Interest income

'

'

$42,073

$47,486

$62,824

$61,332

$59,186

$72,947

$77,956

$72,862

$213,715

$282,951

'

'

'

'

'

'

'

$36,500

$25,800

$22,500

'

'

[1]

During 2013, Newcastle paid management fees of $27.6 million, $3.5 million and $1.5 million to its Manager, Blue Harbor and Holiday, respectively. In 2012, Newcastle paid management fees of $23.1 million and $1.1 million to its Manager and Blue Harbor, respectively.

[2]

Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.

[3]

See Note 13 regarding the estimation of fair value, which is equal to carrying value for all securities.

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Commitments (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Future Minimum Lease Payments, Operating Leases:	'
2014	$41,648
2015	39,489
2016	34,600
2017	32,059
2018	26,810
Thereafter	242,077
Total Minimum Lease Payments	$416,683

COMITMENTS_AND_CONTINGENCIES_D

COMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	1 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Commitments And Contingencies Details Narrative	'
Rental expense	$600
Regulatory bonds outstanding	900
Membership deposits, face amount	235,000
Restricted cash held as collateral	$10,000

INCOME_TAXES_Components_of_Inc

INCOME TAXES - Components of Income Tax Expense (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current:	'	'
Federal	$2,170	'
State and Local	381	'
Total Current Provision	2,551	'
Deferred	'	'
Federal	-404	'
State and Local	-47	'
Total Deferred Provision	-451	'
Total Provision for Income Taxes	$2,100	'

INCOME_TAXES_Tax_Treatment_of_

INCOME TAXES - Tax Treatment of Common Stock Distributions (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
				Restated
Dividends per share	$7.38	[1]	$0.84	$0.40
Ordinary Income	33.91%		100.00%	100.00%
Long-Term Capital Gain	0.00%		0.00%	0.00%
Return of Capital	66.09%		0.00%	0.00%
[1]	Includes the distribution of New Residential (Note 4) common stock valued at $6.89 per share.

INCOME_TAXES_Components_of_Inc1

INCOME TAXES - Components of Income Tax Expense (Details 2)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
			Restated
Income tax rate reconciliation	'	'	'
Provision at the statutory rate	35.00%	35.00%	35.00%
Non-taxable REIT income	-33.88%	-35.00%	-35.00%
State and local taxes	0.21%	'	'
Other	0.40%	'	'
Total Provision	1.73%	0.00%	0.00%

INCOME_TAXES_Deferred_Tax_Asse

INCOME TAXES - Deferred Tax Assets (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deferred tax assets	'	'
Allowance for loan losses	$2,076	'
Depreciation and amortization	94,880	'
Leaseholds	6,489	'
Accrued expenses	23,816	'
Deposits	7,787	'
Net operating losses	211,560	'
Other	17,036	'
Total deferred tax assets	363,644	'
Less valuation allowance	-363,192	'
Net deferred tax assets	$452	'

INCOME_TAXES_Change_in_Valuati

INCOME TAXES - Change in Valuation Allowance (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Income Taxes - Change In Valuation Allowance Details 4	'
Valuation allowance, beginning	'
Increase due to business acquisitions	367,541
Increase in valuation allowance	-4,349
Valuation allowance, ending	$363,192

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)

3 Months Ended

12 Months Ended

24 Months Ended

12 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2011

Discontinued Operations

TRSs

TRSs

TRSs

TRSs

Restated

Discontinued Operations

REIT Distribution Threshold for Nontaxation

90.00%

'

'

'

90.00%

'

'

'

'

'

'

'

'

Net Income Distributed

'

'

'

'

100.00%

100.00%

'

'

'

'

'

'

100.00%

New Residential common stock value per share

'

'

'

'

$6.89

'

'

'

'

'

'

'

'

Repurchase of debt

'

'

'

'

$35,900

$39,300

$787,800

'

'

'

'

'

$188,900

Gain on extinguishment of debt

'

'

'

'

4,600

24,100

521,100

'

'

'

'

'

88,100

GAAP gain

'

'

'

'

'

23,200

'

'

'

'

'

'

66,100

Face value of debt repurchased related to GAAP portion

'

'

'

'

'

34,100

'

'

'

'

'

'

171,800

Debt cancelled in securitization

'

'

'

'

101,900

'

'

'

'

'

'

'

'

Loss carryforward

'

'

'

'

'

750,200

'

'

'

'

'

'

'

Operating loss carryforwards expiration year

'

'

'

'

'2029

'

'

'

'

'

'

'

'

Capital loss carryforwards expiration year

'

'

'

'

'2015

'

'

'

'

'

'

'

'

Net operating loss carryforwards

'

'

'

'

'

'

'

'

540,200

'

'

'

'

Income tax expense

-175

1,213

'

'

1,038

'

'

1,062

2,100

0

0

1,100

'

Increase in valuation allowance

'

'

'

'

($4,349)

'

'

'

$4,400

'

'

'

'

RECENT_ACTIVITIES_Details_Narr

RECENT ACTIVITIES (Details Narrative) (USD $)	12 Months Ended			1 Months Ended				1 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010	Jan. 31, 2014	Jan. 31, 2014	Jan. 31, 2014	Feb. 13, 2014	Jan. 31, 2014	Dec. 31, 2013	Jan. 31, 2014	Jan. 31, 2014
				FNMA/FHLMC Securities	Senior Housing Purchased Subsequent to Period End	Repurchase Agreements	New Media	Intrawest	Intrawest	Intrawest	Intrawest
					Housing					Primary Offering	Secondary Offering
Spin-off distribution ratio	'	'	'	'	'	'	0.0722	'	'	'	'
Number of housing assets/facilities	'	'	'	'	2	'	'	'	'	'	'
Acquisition Purchase Price	'	'	'	'	$23,000	'	'	'	'	'	'
Face amount of securities sold	'	'	'	503,000	'	'	'	'	'	'	'
Average price percentage	'	'	'	105.82%	'	'	'	'	'	'	'
Proceeds from sale of securities	46,536	127,000	'	532,200	'	'	'	'	'	'	'
Repayments of repurchase agreements	'	'	'	516,100	'	'	'	'	'	'	'
Gain on sale of securities	'	'	'	1,900	'	'	'	'	'	'	'
Value of stock sold	'	'	'	'	'	'	'	'	'	37,500	150,000
Cash repaid from debt investment	'	'	'	'	'	'	'	83,300	'	'	'
Investment in debt	'	'	'	'	'	'	'	99,400	185,600	'	'
Repurchase of CDO Bonds Payable - Face	35,900	34,100	257,000	'	'	50,000	'	'	'	'	'
Repurchase agreement	'	'	'	'	'	$30,800	'	'	'	'	'
Variable rate description	'	'	'	'	'	'LIBOR	'	'	'	'	'
Variable Interest Rate Spread	'	'	'	'	'	1.65%	'	'	'	'	'

SUMMARY_OF_QUARTERLY_CONSOLIDA2

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2013		Dec. 31, 2012
Summary Of Quarterly Consolidated Financial Information Details	'		'		'		'		'		'		'		'		'		'
Interest income	$42,073		$47,486		$62,824		$61,332		$59,186		$72,947		$77,956		$72,862		$213,715		$282,951
Interest expense	24,119		20,555		21,998		22,710		21,886		28,411		29,462		30,165		89,382		109,924
Net interest income	17,954		26,931		40,826		38,622		37,300		44,536		48,494		42,697		124,333		173,027
Total Impairment (Reversal)	-12,745		-12,998		3,201		2,773		-12,097		5,014		8,499		-7,080		-19,769		-5,664
Total other revenues	34,898		24,912		14,013		13,500		10,980		8,071		515		509		87,323		20,075
Total other income (loss)	14,731	[1]	6,710	[1]	8,090	[1]	5,770	[1]	4,632	[1]	234,008	[1]	-4,882	[1]	28,536	[1]	35,301	[1]	262,294	[1]
Property operating expenses	21,142		15,804		8,409		8,363		7,443		5,043		232		225		53,718		12,943
Depreciation and amortization	11,247		7,732		4,070		4,079		4,586		2,385		2		2		27,128		6,975
Other operating expenses	22,008		16,217		19,107		14,812		14,462		11,926		11,575		8,237		72,144		46,200
Income tax expense	-175		1,213		'		'		'		'		'		'		1,038		'
Income from continuing operations	26,106		30,585		28,142		27,865		38,518		262,247		23,819		70,358		112,698		394,942
Income (loss) from discontinued operations, net of tax	5,255		-1,341		25,581		10,148		18,461		10,974		6,620		3,113		39,643		39,168
Preferred dividends	-1,395		-1,395		-1,395		-1,395		-1,395		-1,395		-1,395		-1,395		-5,580		-5,580
Net income attributable to noncontrolling interests	-928		'		'		'		'		'		'		'		-928		'
Income Applicable to Common Stockholders	$29,038		$27,849	[2]	$52,328	[2]	$36,618	[2]	$55,584		$271,826	[2]	$29,044	[2]	$72,076	[2]	$145,833		$428,530
Income (Loss) Per Share of Common Stock	'		'		'		'		'		'		'		'		'		'
Basic	$0.09		$0.09		$0.20		$0.16		$0.32		$1.65		$0.21		$0.68		$0.53		$2.97
Diluted	$0.09		$0.09		$0.20		$0.15		$0.32		$1.63		$0.21		$0.68		$0.51		$2.94
Income (loss) from discontinued operations per share of common stock	'		'		'		'		'		'		'		'		'		'
Basic	$0.01		'		$0.10		$0.04		$0.11		$0.07		$0.05		$0.03		$0.14		$0.27
Diluted	$0.01		'		$0.10		$0.04		$0.11		$0.07		$0.05		$0.03		$0.14		$0.27
Weighted Average Number of Shares of Common Stock Outstanding	'		'		'		'		'		'		'		'		'		'
Basic	318,687,000		293,374,000		259,228,000		235,137,000		172,519,000		164,238,000		134,115,000		105,181,000		276,881,294		144,146,370
Diluted	325,601,000		301,028,000		265,396,000		240,079,000		175,413,000		166,429,000		135,173,000		105,670,000		283,309,645		145,766,413
[1]	Including equity in earnings of unconsolidated subsidiaries.
[2]	The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 8).

UNAUDITED_PRO_FORMA_CONDENSED_2

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION - Statement of Operations (Details 1) (USD $)

3 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Interest income

$42,073

$47,486

$62,824

$61,332

$59,186

$72,947

$77,956

$72,862

$213,715

$282,951

'

Interest expense

24,119

20,555

21,998

22,710

21,886

28,411

29,462

30,165

89,382

109,924

'

Net interest income

17,954

26,931

40,826

38,622

37,300

44,536

48,494

42,697

124,333

173,027

'

Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Valuation allowance (reversal) on loans - Note 7

'

'

'

'

'

'

'

'

-25,035

-24,587

'

Other-than-temporary impairment on securities- Note 6

'

'

'

'

'

'

'

'

5,222

19,359

'

Impairment of long-lived assets

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

'

'

44

-436

'

Total Impairment (Reversal)

-12,745

-12,998

3,201

2,773

-12,097

5,014

8,499

-7,080

-19,769

-5,664

'

Net interest income (loss) after impairment/reversal

'

'

'

'

'

'

'

'

144,102

178,691

'

Other Revenues

'

'

'

'

'

'

'

'

'

'

'

Rental income

'

'

'

'

'

'

'

'

74,936

17,081

'

Care and ancillary income - senior housing

'

'

'

'

'

'

'

'

12,387

2,994

'

Total other revenues

34,898

24,912

14,013

13,500

10,980

8,071

515

509

87,323

20,075

'

Other Income (Loss)

'

'

'

'

'

'

'

'

'

'

'

Gain on settlement of investments, net - Note 2

'

'

'

'

'

'

'

'

17,369

232,897

'

Gain on extinguishment of debt - Note 14

'

'

'

'

'

'

'

'

4,565

24,085

'

Other income, net - Note 2

'

'

'

'

'

'

'

'

13,367

5,312

'

Total other income (loss)

14,731

[1]

6,710

[1]

8,090

[1]

5,770

[1]

4,632

[1]

234,008

[1]

-4,882

[1]

28,536

[1]

35,301

[1]

262,294

[1]

'

Expenses

'

'

'

'

'

'

'

'

'

'

'

Loan and security servicing expense

'

'

'

'

'

'

'

'

3,857

4,260

'

Property operating expenses

21,142

15,804

8,409

8,363

7,443

5,043

232

225

53,718

12,943

'

General and administrative expense

'

'

'

'

'

'

'

'

36,775

17,247

'

Management fee to affiliate - Note 17

'

'

'

'

'

'

'

'

33,091

24,693

'

Depreciation and amortization

11,247

7,732

4,070

4,079

4,586

2,385

2

2

27,128

6,975

'

Operating Expenses

'

'

'

'

'

'

'

'

152,990

66,118

'

Income (loss) from continuing operations before income tax

'

'

'

'

'

'

'

'

113,736

394,942

'

Income tax expense

-175

1,213

'

'

'

'

'

'

1,038

'

'

Income from continuing operations

26,106

30,585

28,142

27,865

38,518

262,247

23,819

70,358

112,698

394,942

'

Income from discontinued operations, net of tax - Note 4

5,255

-1,341

25,581

10,148

18,461

10,974

6,620

3,113

39,643

39,168

'

Net income

'

'

'

'

'

'

'

'

152,341

434,110

304,519

Preferred dividends

-1,395

-1,395

-1,395

-1,395

-1,395

-1,395

-1,395

-1,395

-5,580

-5,580

'

Net income attributable to noncontrolling interests

-928

'

'

'

'

'

'

'

-928

'

'

Income (loss) applicable to common stockholders

29,038

27,849

[2]

52,328

[2]

36,618

[2]

55,584

271,826

[2]

29,044

[2]

72,076

[2]

145,833

428,530

'

Income (loss) from continuing operations per share of common stock, after preferred dividends and noncontrolling interest

'

'

'

'

'

'

'

'

'

'

'

Basic

'

'

'

'

'

'

'

'

$0.39

$2.70

'

Diluted

'

'

'

'

'

'

'

'

$0.37

$2.67

'

Weighted Average Number of Shares of Common Stock Outstanding

'

'

'

'

'

'

'

'

'

'

'

Basic

318,687,000

293,374,000

259,228,000

235,137,000

172,519,000

164,238,000

134,115,000

105,181,000

276,881,294

144,146,370

'

Diluted

325,601,000

301,028,000

265,396,000

240,079,000

175,413,000

166,429,000

135,173,000

105,670,000

283,309,645

145,766,413

'

Pro Forma Adjustments New Residential Spin-Off

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

-12,019

[3]

'

'

Interest expense

'

'

'

'

'

'

'

'

-2,152

[3]

'

'

Net interest income

'

'

'

'

'

'

'

'

-9,867

[3]

'

'

Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Valuation allowance (reversal) on loans - Note 7

'

'

'

'

'

'

'

'

'

[3]

'

'

Other-than-temporary impairment on securities- Note 6

'

'

'

'

'

'

'

'

-3,756

[3]

'

'

Impairment of long-lived assets

'

'

'

'

'

'

'

'

'

[3]

'

'

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)

'

'

'

'

'

'

'

'

'

[3]

'

'

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

-3,756

[3]

'

'

Net interest income (loss) after impairment/reversal

'

'

'

'

'

'

'

'

-6,111

[3]

'

'

Other Revenues

'

'

'

'

'

'

'

'

'

'

'

Rental income

'

'

'

'

'

'

'

'

'

[3]

'

'

Care and ancillary income - senior housing

'

'

'

'

'

'

'

'

'

[3]

'

'

Total other revenues

'

'

'

'

'

'

'

'

'

[3]

'

'

Other Income (Loss)

'

'

'

'

'

'

'

'

'

'

'

Gain on settlement of investments, net - Note 2

'

'

'

'

'

'

'

'

-58

[3]

'

'

Gain on extinguishment of debt - Note 14

'

'

'

'

'

'

'

'

'

[3]

'

'

Other income, net - Note 2

'

'

'

'

'

'

'

'

'

[3]

'

'

Total other income (loss)

'

'

'

'

'

'

'

'

-58

[3]

'

'

Expenses

'

'

'

'

'

'

'

'

'

'

'

Loan and security servicing expense

'

'

'

'

'

'

'

'

-108

[3]

'

'

Property operating expenses

'

'

'

'

'

'

'

'

'

[3]

'

'

General and administrative expense

'

'

'

'

'

'

'

'

-38

[3]

'

'

Management fee to affiliate - Note 17

'

'

'

'

'

'

'

'

-4,134

[3]

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

'

[3]

'

'

Operating Expenses

'

'

'

'

'

'

'

'

-4,280

[3]

'

'

Income (loss) from continuing operations before income tax

'

'

'

'

'

'

'

'

-1,889

[3]

'

'

Income tax expense

'

'

'

'

'

'

'

'

'

[3]

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

-1,889

[3]

'

'

Income from discontinued operations, net of tax - Note 4

'

'

'

'

'

'

'

'

'

[3]

'

'

Net income

'

'

'

'

'

'

'

'

-1,889

[3]

'

'

Preferred dividends

'

'

'

'

'

'

'

'

'

[3]

'

'

Net income attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

[3]

'

'

Income (loss) applicable to common stockholders

'

'

'

'

'

'

'

'

-1,889

[3]

'

'

Pro Forma Adjustments Holiday Portfolio Acquisition

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

'

Interest expense

'

'

'

'

'

'

'

'

33,844

[4]

'

'

Net interest income

'

'

'

'

'

'

'

'

-33,844

'

'

Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Valuation allowance (reversal) on loans - Note 7

'

'

'

'

'

'

'

'

'

'

'

Other-than-temporary impairment on securities- Note 6

'

'

'

'

'

'

'

'

'

'

'

Impairment of long-lived assets

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

'

'

'

'

'

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Net interest income (loss) after impairment/reversal

'

'

'

'

'

'

'

'

-33,844

'

'

Other Revenues

'

'

'

'

'

'

'

'

'

'

'

Rental income

'

'

'

'

'

'

'

'

87,625

[5]

'

'

Care and ancillary income - senior housing

'

'

'

'

'

'

'

'

'

'

'

Total other revenues

'

'

'

'

'

'

'

'

87,625

'

'

Other Income (Loss)

'

'

'

'

'

'

'

'

'

'

'

Gain on settlement of investments, net - Note 2

'

'

'

'

'

'

'

'

'

'

'

Gain on extinguishment of debt - Note 14

'

'

'

'

'

'

'

'

'

'

'

Other income, net - Note 2

'

'

'

'

'

'

'

'

'

'

'

Total other income (loss)

'

'

'

'

'

'

'

'

'

'

'

Expenses

'

'

'

'

'

'

'

'

'

'

'

Loan and security servicing expense

'

'

'

'

'

'

'

'

'

'

'

Property operating expenses

'

'

'

'

'

'

'

'

'

'

'

General and administrative expense

'

'

'

'

'

'

'

'

'

'

'

Management fee to affiliate - Note 17

'

'

'

'

'

'

'

'

4,038

[6],[7]

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

48,264

[8]

'

'

Operating Expenses

'

'

'

'

'

'

'

'

52,302

'

'

Income (loss) from continuing operations before income tax

'

'

'

'

'

'

'

'

1,479

'

'

Income tax expense

'

'

'

'

'

'

'

'

'

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

1,479

'

'

Income from discontinued operations, net of tax - Note 4

'

'

'

'

'

'

'

'

'

'

'

Net income

'

'

'

'

'

'

'

'

1,479

'

'

Preferred dividends

'

'

'

'

'

'

'

'

'

'

'

Net income attributable to noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

Income (loss) applicable to common stockholders

'

'

'

'

'

'

'

'

1,479

'

'

Pro Forma

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

201,696

'

'

Interest expense

'

'

'

'

'

'

'

'

121,074

'

'

Net interest income

'

'

'

'

'

'

'

'

80,622

'

'

Impairment (Reversal)

'

'

'

'

'

'

'

'

'

'

'

Valuation allowance (reversal) on loans - Note 7

'

'

'

'

'

'

'

'

-25,035

'

'

Other-than-temporary impairment on securities- Note 6

'

'

'

'

'

'

'

'

1,466

'

'

Impairment of long-lived assets

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

'

'

44

'

'

Total Impairment (Reversal)

'

'

'

'

'

'

'

'

-23,525

'

'

Net interest income (loss) after impairment/reversal

'

'

'

'

'

'

'

'

-104,147

'

'

Other Revenues

'

'

'

'

'

'

'

'

'

'

'

Rental income

'

'

'

'

'

'

'

'

162,561

'

'

Care and ancillary income - senior housing

'

'

'

'

'

'

'

'

12,387

'

'

Total other revenues

'

'

'

'

'

'

'

'

174,948

'

'

Other Income (Loss)

'

'

'

'

'

'

'

'

'

'

'

Gain on settlement of investments, net - Note 2

'

'

'

'

'

'

'

'

17,311

'

'

Gain on extinguishment of debt - Note 14

'

'

'

'

'

'

'

'

4,565

'

'

Other income, net - Note 2

'

'

'

'

'

'

'

'

13,367

'

'

Total other income (loss)

'

'

'

'

'

'

'

'

35,243

'

'

Expenses

'

'

'

'

'

'

'

'

'

'

'

Loan and security servicing expense

'

'

'

'

'

'

'

'

3,749

'

'

Property operating expenses

'

'

'

'

'

'

'

'

53,718

'

'

General and administrative expense

'

'

'

'

'

'

'

'

35,158

'

'

Management fee to affiliate - Note 17

'

'

'

'

'

'

'

'

32,995

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

75,392

'

'

Operating Expenses

'

'

'

'

'

'

'

'

201,012

'

'

Income (loss) from continuing operations before income tax

'

'

'

'

'

'

'

'

113,326

'

'

Income tax expense

'

'

'

'

'

'

'

'

1,038

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

112,288

'

'

Income from discontinued operations, net of tax - Note 4

'

'

'

'

'

'

'

'

39,643

'

'

Net income

'

'

'

'

'

'

'

'

151,931

'

'

Preferred dividends

'

'

'

'

'

'

'

'

-5,580

'

'

Net income attributable to noncontrolling interests

'

'

'

'

'

'

'

'

-928

'

'

Income (loss) applicable to common stockholders

'

'

'

'

'

'

'

'

$145,423

'

'

Income (loss) from continuing operations per share of common stock, after preferred dividends and noncontrolling interest

'

'

'

'

'

'

'

'

'

'

'

Basic

'

'

'

'

'

'

'

'

$0.32

[9]

'

'

Diluted

'

'

'

'

'

'

'

'

$0.32

[9]

'

'

Weighted Average Number of Shares of Common Stock Outstanding

'

'

'

'

'

'

'

'

'

'

'

Basic

'

'

'

'

'

'

'

'

328,481,457

[9]

'

'

Diluted

'

'

'

'

'

'

'

'

334,909,808

[9]

'

'

[1]

Including equity in earnings of unconsolidated subsidiaries.

[2]

The Income Available for Common Stockholders shown agrees with Newcastle's quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 8).

[3]

Represents the portion of New Residential's historical consolidated statement of income for the period from January 1, 2013 to May 15, 2013 that is not included in Newcastle's income (loss) from discontinued income. After the May 15, 2013 spin-off of New Residential from Newcastle, no results of New Residential have been reported in Newcastle's consolidated statement of income.

[4]

Represents the estimated interest expense on the loan related to the acquisition of the Holiday Portfolio including the estimated amortization of deferred financing costs.

[5]

Represents the estimated rental income from the independent senior housing properties acquired under a triple net lease agreement for the year ended December 31, 2013.

[6]

During 2013, Newcastle paid management fees of $27.6 million, $3.5 million and $1.5 million to its Manager, Blue Harbor and Holiday, respectively. In 2012, Newcastle paid management fees of $23.1 million and $1.1 million to its Manager and Blue Harbor, respectively.

[7]

Represents the estimated management fees for the year ended December 31, 2013 that Newcastle would have paid Fortress Investment Group LLC as a result of the public offering of common stock in November 2013.

[8]

Represents the estimated depreciation expense for the year ended December 31, 2013 based on the carrying value of the assets acquired and their estimated useful life.

[9]

Weighted average number of shares of common stock outstanding and income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest, were adjusted retrospectively to reflect the issuance of 57,950,952 shares on November 22, 2013, the proceeds of which were used to fund a portion of the purchase price for the Holiday Portfolio. Weighted average number of shares of common stock outstanding and income from continuing operations per share of common stock, after preferred dividends and noncontrolling interest were not adjusted to include potential additional diluted shares as a result of the changes to outstanding Newcastle options from the spin-offs. The number of additional diluted shares will depend on various factors, including the share prices of Newcastle, New Residential and New Media subsequent to the spin-offs.

UNAUDITED_PRO_FORMA_CONDENSED_3

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION (Details Narrative) (USD $)	0 Months Ended	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 22, 2013	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Stock issued to fund a portion of the purchase of Holiday Portfolio	57,950,952	'	'	'	'	'	'	'	'	'	'
Total other revenues	'	$34,898	$24,912	$14,013	$13,500	$10,980	$8,071	$515	$509	$87,323	$20,075
Income (loss) from continuing operations before income tax	'	'	'	'	'	'	'	'	'	113,736	394,942
Pro Forma	'	'	'	'	'	'	'	'	'	'	'
Total other revenues	'	'	'	'	'	'	'	'	'	174,948	'
Income (loss) from continuing operations before income tax	'	'	'	'	'	'	'	'	'	113,326	'
Holiday Portfolio	'	'	'	'	'	'	'	'	'	'	'
Period of triple net master leases	'	'	'	'	'	'	'	'	'	'17 years	'
Holiday Portfolio | Pro Forma	'	'	'	'	'	'	'	'	'	'	'
Total other revenues	'	'	'	'	'	'	'	'	'	'	89,300
Income (loss) from continuing operations before income tax	'	'	'	'	'	'	'	'	'	'	$100