You're spot on in my opinion. The only problem I have with your idea is that I love higher risk plays.
I've been in and out of NRZ since the spinoff as I was early in Newcastle. And if I plow a lot of cash into this I'll have lighten up elsewhere. I'm an adrenaline junkie so I'm standing pat for now.
But I view NRZ as a fine stock for a longer term play with excellent management and distributions.
News 
Market Data 
Discover 
