Newcastle Investment Corp. has completed the sale of 23 million shares of its common stock under its existing shelf registration, generating about $241 million in proceeds with which it is likely to engage in more real estate-related investment.
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
