Newcastle Announces Second Quarter Common Stock Dividend and Declares its Preferred Stock Dividends

NEW YORK, June 16 /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 July 30, 2008, to stockholders of record on July 7, 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 May 1, 2008 and ending July 30, 2008. These dividends are payable on July 31, 2008 to holders of record on July 7, 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 $34.2 billion in assets under management as of March 31, 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 June 16, 2008