Real estate investment trust Newcastle Investment Corp. (NCT) finalized the sale of 57.5 million shares of common stock, pulling in gross proceeds of $537.6 million this past week.
Shares were sold at a public offering price of $9.35 a share. Newcastle, which invests in real-estate related assets, will use proceeds from the sale to cover various investments.
Among those investments is the company's recent decision to acquire excess mortgage servicing rights from Bank of America (BAC).
Newcastle's parent company, Nationstar Mortgage Holdings, agreed to buy $215 billion in unpaid principal balance from BofA's MSR pool of $1.3 billion this past month. Nationstar, at the time, said it would fund part of the purchase price using funds from its co-investor, Newcastle.