Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN REAL ESTATE SECURITIES (Details Narrative)

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INVESTMENTS IN REAL ESTATE SECURITIES (Details Narrative) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 1 Months Ended 9 Months Ended 0 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Nov. 07, 2013
Non-Agency RMBS
Sep. 30, 2013
Non-Agency RMBS
Jun. 27, 2013
Agency RMBS
Sep. 30, 2013
Agency RMBS
Sep. 30, 2013
Non-Agency RMBS Under Clean-Up Option
Sep. 30, 2013
Fixed Rate Securities
Sep. 30, 2013
Floating Rate Securities
Face amount of securities purchased         $ 194,300 $ 661,200 $ 22,700 $ 413,200      
Purchase of Non-Agency RMBS     (202,484)      450,000          
Purchase of Agency ARM RMBS     (292,980)    126,600   1,200 437,300      
Agency RMBS contributed from Newcastle, face amount     1,000,000                
Face amount of securities sold         52,500 153,500          
Proceeds from sale of real estate securities     123,130    38,100 123,100          
Gain on sale of real estate securities         6,600 11,300          
Face amount of securities paid down                 2,600    
Carrying value of securities paid down                 2,100    
Interest Income recognized on securities paid down                 600    
RMBS principal receivable 10,700   10,700                
Outstanding face amount 2,054,797 [1]   2,054,797 [1]     851,504   1,203,293 [2],[3]   16,400 2,000,000
Other-than-temporary impairment ("OTTI") on securities       3,756                 
Real estate securities acquired during the period with credit quality deterioration, face amount 549,400   549,400                
Real estate securities acquired during the period with credit quality deterioration, fair value 354,400   354,400                
Real estate securities acquired during the period with credit quality deterioration, expected cash flows $ 442,200   $ 442,200                
[1] (G) The total outstanding face amount was $16.4 million for fixed rate securities and $2.0 billion for floating rate securities.
[2] (E) Includes securities issued or guaranteed by U.S. Government agencies such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac").
[3] (F) Amortized cost basis and carrying value include principal receivable of $10.7 million.