Newcastle Investment Declares Q3 Dividends

In line with several of its high-profile REIT peers, Newcastle Investment is reducing its common stock payout. The company has declared dividends for its Q3, chiefly a common stock distribution of $0.10 per share to be dispensed on October 31 to shareholders of record as of September 30. That amount is $0.07 less than Newcastle's previous distribution, although the firm pointed out that that amount was attributable to its former subsidiary New Residential Investment, now a separate company. New Residential was spun off from Newcastle in the middle of Q2.

Newcastle also declared dividends on its series B, C, and D preferred shares. These are to be $0.609375, $0.503125, and $0.523438 per share, respectively. The payment and record dates are the same as those for the common shares.

The just-declared common stock dividend annualizes to $0.40 per share. That yields 7.1% at Newcastle's most recent closing stock price of $5.66.

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