Newcastle Investment (NCT) Appoints New CEO, COO, and CFO; Receives $110M Repayment on Real Estate Loan

September 26, 2016 4:48 PM EDT

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Newcastle Investment Corp. (NYSE: NCT) announced a new executive leadership team designed to help execute Newcastle’s strategic priorities in its traditional golf business and Drive Shack, an innovative global golf entertainment company. The Company also announced that, on September 23, 2016, Newcastle received $110 million in repayment of a legacy real estate loan as a result of the closing of the sale of Abercrombie & Kent, the world’s foremost luxury travel company, which supported the obligations under the loan. The Company intends to apply these proceeds to fund a portion of its growth strategy.

“I am excited to announce Newcastle’s new executive leadership team. They are a dynamic, highly skilled group of executives,” said Chairman of Newcastle’s board of directors, Wesley R. Edens. “This is a natural and organic evolution for the Company as we continue to successfully execute our previously announced strategy to monetize our legacy real estate debt portfolio and reinvest these proceeds to develop our traditional golf business and Drive Shack.”

Effective today, Newcastle’s executive leadership team comprises:

  • Sarah L. Watterson – Chief Executive Officer and President.
  • Lawrence A. Goodfield, Jr. – Chief Financial Officer, Chief Accounting Officer and Treasurer.
  • Sara A. Yakin – Chief Operating Officer.

“I want to thank Ken Riis and the prior management team for their exemplary dedication to Newcastle,” said Mr. Edens. “Ken’s leadership has been instrumental in preparing the Company for this next exciting chapter, and we look forward to his continued service as a member of our board of directors.”

CONFERENCE CALL

Newcastle’s management will host a conference call on Tuesday, September 27, 2016 at 9:00 A.M. Eastern Time.

All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-866-393-1506 (from within the U.S.) or 1-706-634-0623 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Newcastle Investor Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newcastleinv.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Tuesday, October 11, 2016 by dialing 1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference access code “87993563.”



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