Newcastle Investment Corp. announced the spin off of New Residential Investment Corp.
The spin-off is subject to certain conditions, such as the SEC declaring effective New Residential's registration statement, the filing and approval of an application to list New Residential's common stock on the NYSE and the formal declaration of the distribution by the Board of Directors. Stockholder approval will not be required or sought in connection with the spin-off. Newcastle intends to effect the spin-off in the first quarter of 2013. Houlihan Lokey acted as financial advisor to Newcastle Investment.