Newcastle Investment Corp. (Newcastle) is a real estate investment trust (REIT). The Company focuses on investing in, and managing, a variety of real estate related and other investments. The Company operates through four segments: debt investments financed with collateralized debt obligations (CDOs), other debt investments (Other Debt), investment in golf properties and facilities (Golf) and corporate. Newcastle's golf business includes around 87 properties in the United States that it leases, owns or manages. The Company's debt business consists of assets of $473.2 million financed in CDOs whereby Newcastle is the manager, as well as $833.3 million of other real estate related securities and assets. Its investment portfolio includes debt investments, such as commercial assets, residential assets, corporate assets, and other investments, such as golf investment. Newcastle is externally managed and advised by an affiliate of Fortress Investment Group LLC (Fortress) (the Manager).