Newcastle Investment Corp. (NCT) says its spin-off of New Residential Investment Corp. (NRZ) is now complete, with the stock now trading on Wall Street.

New Residential is listed on the New York Stock Exchange under the ticker symbol 'NRZ.'

The real estate investment trust will primarily target investments, including excess mortgage servicing rights and residential mortgage-backed securitizations.

Holders of Newcastle common stock have been electronically issued one share of New Residential common stock for each share of Newcastle common stock they held as of May 6.