Newcastle to Announce Third Quarter Earnings on November 7, 2007

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NEW YORK, Oct. 31 /PRNewswire-FirstCall/ -- Newcastle Investment Corp. (NYSE: NCT) today announced that it will release its third quarter results for the period ended September 30, 2007 on November 7, 2007 before the market opens.

In addition, management will host an earnings conference call on Wednesday, November 7, 2007 at 2:30 P.M. eastern time. A copy of the earnings release will be posted to the Investor Relations section of Newcastle's website provided below. All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing (888) 243-2046 (from within the U.S.) or (706) 679-1533 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference "Newcastle Third Quarter Earnings Call."

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newcastleinv.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available until 11:59 P.M. eastern time on Wednesday, November 21, 2007 by dialing (800) 642- 1687 (from within the U.S.) or (706) 645-9291 (from outside of the U.S.); please reference access code "21020190."

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 investment and asset management firm with approximately $43.3 billion in assets under management as of June 30, 2007. For more information regarding Newcastle Investment Corp. or to be added to our e-mail distribution list, please visit www.newcastleinv.com.

    Contact:
    Lilly H. Donohue
    Director of Investor Relations
    (212) 798-6118

    Nadean Finke
    Investor Relations
    (212) 479-5295

SOURCE Newcastle Investment Corp.

Released October 31, 2007