Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Details)

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DEBT OBLIGATIONS (Details) (USD $)
In Thousands, unless otherwise specified
0 Months Ended 3 Months Ended
Jun. 06, 2013
Apr. 09, 2013
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2013
Collateral
Mar. 31, 2013
FNMA/FHLMC Securities
Mar. 31, 2013
FNMA/FHLMC Securities
Collateral
Mar. 31, 2013
Non-agency RMBS Repurchase Agreements
Mar. 31, 2013
Non-agency RMBS Repurchase Agreements
Collateral
Mar. 31, 2013
Total Repurchase Agreements
Month Issued           Various [1]   Various [2],[3]    
Debt face amount           $ 757,029 [1]   $ 158,029 [2],[3]   $ 915,058
Carrying value           757,029 [1]   158,029 [2],[3]   915,058
Final stated maturity   Jul. 09, 2013       Apr. 30, 2013 [1]   Apr. 30, 2013 [2],[3]    
Contractual weighted average funding cost one-month LIBOR plus 160 bps one-month LIBOR plus 200 bps       0.45% [1]   Libor + 2.00% [2],[3]    
Weighted average funding cost           0.45% [1]   2.20% [2],[3]   0.75%
Basis spread on variable rate 1.60% 2.00%           2.00% [2],[3]    
Weighted average maturity (years)         4 years 11 months 1 month [1] 4 years 1 month [1] 1 month [2],[3] 6 years 10 months [2],[3] 1 month
Outstanding face amount     1,538,755 [4]   1,085,367   754,496 [1]   330,871 [2],[3]  
Amortized cost basis     1,286,314 [4]   1,005,792   797,547 [1]   208,245 [2],[3]  
Carrying value     $ 1,318,023 [4],[5] $ 289,756 $ 1,033,268   $ 799,455 [1]   $ 233,813 [2],[3]  
[1] The counterparty of these repurchase agreements are Goldman Sachs ($343.8 million), Citi ($118.8 million), Nomura ($238.2 million) and Morgan Stanley ($56.2 million).
[2] The counterparty of these repurchase agreements is Credit Suisse.
[3] Newcastle was the guarantor of these repurchase agreements, which were subject to customary margin call provisions, see Note 12.
[4] The total outstanding face amount of fixed rate securities was $1.1 million, and of floating rate securities was $1.5 billion.
[5] Fair value, which is equal to carrying value for all securities. See Note 8 regarding the estimation of fair value.