Newcastle Announces Third Quarter Common Stock Dividend and Declares Its Preferred Stock Dividends

NEW YORK, Sept. 15 /PRNewswire-FirstCall/ -- Newcastle Investment Corp. (NYSE: NCT) announced today that its Board of Directors has declared a quarterly dividend of $0.25 per common share. The dividend is payable on October 30, 2008, to stockholders of record on October 6, 2008.

The Board of Directors of Newcastle has also declared dividends on the Company's 9.75% Series B, 8.05% Series C and 8.38% Series D Cumulative Redeemable Preferred Stock. The Company will pay dividends of $0.609375, $0.503125 and $0.523438 per share on the Series B, Series C and Series D preferred stock, respectively. The dividends for the preferred stock cover the period beginning August 1, 2008 and ending October 31, 2008. These dividends are payable on October 31, 2008 to holders of record on October 6, 2008.

About Newcastle

Newcastle Investment Corp. invests in real estate debt and other real estate related assets. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. Newcastle is managed by an affiliate of Fortress Investment Group LLC, a global alternative asset manager with approximately $35.1 billion in assets under management as of June 30, 2008. For more information regarding Newcastle Investment Corp. or to be added to our e-mail distribution list, please visit www.newcastleinv.com.

SOURCE Newcastle Investment Corp.

Released September 15, 2008