FAIR VALUE OF FINANCIAL INSTRUMENTS - Non-Agency RMBS Fair Value (Details 9) (USD $)
In Thousands, unless otherwise specified
 1 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2013
Dec. 31, 2012
Gain on settlement of securities   $ 52,657 [1]  
Amortization included in interest income    13,908 5,339
Recurring Basis | Non-Agency RMBS | Level 3 Inputs
      
Balance, beginning   289,756  
Gains (losses) included in net income as impairment   (978)  
Gain on settlement of securities   52,657  
Gains (losses) included in comprehensive income   (11,604) [2] 15,526 [3]
Amortization included in interest income   20,556 5,339
Purchases, sales and repayments      
Purchases/contributions from Newcastle   825,871 121,262
Sales   (521,865)  
Proceeds from repayments   (83,968) (16,513)
Balance, ending   $ 570,425 $ 289,756
[1] Represents our historical consolidated statement of income for the year ended December 31, 2013.
[2] These gains (losses) were included in net unrealized gain (loss) on securities in the Consolidated Statements of Comprehensive Income.
[3] These gains (losses) were included in net unrealized gain (loss) on securities in the consolidated statements of comprehensive income.