The real estate investment trust plans to use the net proceeds from the offering for general corporate purposes. These could include investments in real estate securities, real estate-related loans, residential loans, other loans, senior living assets, excess mortgage servicing rights and/or operating real estate.
Credit Suisse Securities (USA) LLC and BofA Merrill Lynch served as the joint book-running managers for the offering.
REITs have been relatively active in bringing offerings to market. Armour Residential, for example, also recently priced an offering.
Newcastle Investment Corp. has completed the sale of 23 million shares of its common stock under its existing shelf registration.