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Newcastle Investment Corp | 9.75% Series B Cumulative Preferred Stock (NCT.PRB)

Prospectus exerpt:  We are offering 2,500,000 shares of our 9.75% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"). We will pay cumulative dividends on the Series B Preferred Stock from the date of original issuance in the amount of $2.4375 per share each year, which is equivalent to 9.75% of the $25.00 liquidation preference per share. Dividends on the Series B Preferred Stock will be payable quarterly in arrears, beginning on April 30, 2003. The shares of Series B Preferred Stock have no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any other securities. Holders of shares of Series B Preferred Stock will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and in certain other events. Except in limited circumstances to preserve our status as a real estate investment trust, we may not redeem the Series B Preferred Stock until March 18, 2008. On or after March 18, 2008, we may, at our option, redeem the Series B Preferred Stock, in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid distributions, if any, to the redemption date. Any partial redemption will generally be on a pro rata basis.

Full Prospectus PDF », NCT Page »

Series:B
Redeemable?:Yes
Call Date:3/18/2008 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:2,500,000
Overallotment:375,000
Liquidation Preference:$25
Recent Market Price:$25.86
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.86 (3.44%)
Annualized Dividend:2.4375
Recent Ex-Date:6/20/2014
Current Yield:9.43%
Original Coupon:9.750%
Pay Period:Quarterly
Pay Dates:31-Jan, 30-Apr, 31-Jul, 31-Oct
Newcastle Investment is a real estate investment and finance company. Co. underwrites, acquires and manages a portfolio of real estate securities, including commercial mortgage backed securities, senior unsecured debt issued by real estate investment trusts, and real estate related asset backed securities including subprime securities. Co. also acquires and originates loans to real estate owners, including B-notes and mezzanine loans, and acquires residential mortgage loans, including manufactured housing loans and subprime mortgage loans. In addition, Co. acquires and manages direct and indirect interests in operating real estate, as well as invests in excess mortgage servicing rights.

Preferreds: NCT.PRB, NCT.PRC, NCT.PRD


Open the NCT Information Page »
Name:  Newcastle Investment Corp
Website:  www.newcastleinv.com
Sector:  REITs
Number of ETFs Holding NCT:  11 (see which ones)
Total Market Value Held by ETFs:  $59,575,636
Total Market Capitalization:  $1,659,000,000
% of Market Cap. Held by ETFs:  3.59%

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