Real estate investment company Newcastle Investment Corp. (NCT) is offering 20 million shares of common stock in hopes of raising $147.4 million in gross proceeds.

The firm also gave the offering's underwriters the option of acquiring an additional 3.3 million shares of common stock.

Newcastle will use the proceeds to cover general corporate expenses while also investing in excess mortgage servicing rights, nonagency residential mortgage-backed securities, senior living facilities and other investments in real estate securities.

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