Newcastle Announces a Third Quarter Common Stock Dividend of $0.72 Per Share and Declares its Preferred Stock Dividends

NEW YORK, Sept. 13 /PRNewswire-FirstCall/ -- Newcastle Investment Corp. (NYSE: NCT) announced today that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.72 per share for the quarter ending September 30, 2007. The dividend is payable on October 30, 2007 to holders of record of Newcastle's common stock on October 1, 2007.

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, 2007 and ending October 31, 2007. These dividends are payable on October 31, 2007 to holders of record on October 1, 2007.

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.

SOURCE Newcastle Investment Corp.

Released September 13, 2007