Drive Shack Inc (DSHK)

[Enterprising Investor]

Newcastle Announces Second Quarter 2015 Results (8/05/15)

2Q Core Earnings Per Share of $0.17

NEW YORK--(BUSINESS WIRE)--Newcastle Investment Corp. (NYSE: NCT; “Newcastle”, the “Company”) today reported the following information for the quarter ended June 30, 2015.

SECOND QUARTER FINANCIAL HIGHLIGHTS

• Core Earnings of $12 million, or $0.17 per WA basic share

• Adjusted Funds from Operations (“AFFO”) of $27 million, or $0.40 per WA basic share

• GAAP Income of $17 million, or $0.26 per WA basic share

- Depreciation and amortization of $10 million, or $0.14 per WA basic share*

SECOND QUARTER & SUBSEQUENT HIGHLIGHTS

• Real Estate Debt Portfolio – As of June 30, 2015, the Real Estate Debt Portfolio consisted of $373 million of non-agency assets and $202 million of agency securities. During the quarter, the Company: ? Sold $203 million of non-agency assets at an average price of 96% of par and $7 million of real estate properties, and received $32 million of pay downs, which generated $73 million of proceeds to NCT and $30 million of gain on sale

- Collapsed CDOs VIII and IX: Fully repaid $159 million of third party debt and retained $245 million of assets

- Generated $12 million of net investment income, or a 15% annualized return

• Golf Business – Owned, leased, and managed 88 golf properties across 14 states, of which 76% were located in the top 20 Metropolitan Statistical Areas (MSAs). ? On August 4, 2015, the Company agreed to repurchase its $157 million of third party golf debt at a price of 90.0% of par, or $141 million. The purchase is expected to close in the third quarter and be funded with cash and new debt financing

- The golf business added 314 private club members to the same store portfolio year-over-year and increased public golf rounds played by approximately 55,000 during the first six months of 2015 compared to prior year

• Cash Dividends – In June, Newcastle declared a second quarter common cash dividend of $0.12 per share, or $8 million

[tables deleted]

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of Newcastle’s website, www.newcastleinv.com. For consolidated investment portfolio information, please refer to the Company’s Quarterly Report on Form 10-Q and Annual Report on Form 10-K, which are available on the Company’s website, www.newcastleinv.com.

EARNINGS CONFERENCE CALL

Newcastle’s management will host a conference call on Wednesday, August 5, 2015 at 9:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of Newcastle’s website, www.newcastleinv.com.

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 Second Quarter 2015 Earnings 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 Wednesday, August 19, 2015 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 “4388519.”

http://www.businesswire.com/news/home/20150805005720/en/Newcastle-Announces-Quarter-2015-Results#.VcIPlyHbKUk