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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt">UNITED
STATES</FONT><BR>
<FONT STYLE="font-size: 16pt">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT STYLE="font-size: 12pt">Washington, DC 20549</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt">FORM
8-K</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): October 16, 2014 (October 16, 2014)</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt">Newcastle
Investment Corp.</FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Maryland</B><BR>
<B>(State or other jurisdiction</B><BR>
<B>of incorporation)</B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>001-31458</B><BR>
<B>Commission</B><BR>
<B>File Number</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>81-0559116</B><BR>
<B>(I.R.S. Employer</B><BR>
<B>Identification No.)</B></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1345 Avenue of the Americas,
46<SUP>th</SUP> Floor</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York</B>&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>10105</B><BR>
<B>(Zip Code)</B></TD></TR>
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    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 798-6100<BR>
(Registrant&#146;s telephone number, including area code)</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Not Applicable<BR>
(Former name or former address, if changed since last report)</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K is intended
        to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1.01. Entry into a Material Definitive Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Separation and Distribution Agreement</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 16, 2014, Newcastle Investment
Corp. (&#147;Newcastle&#148;) issued a press release announcing that its Board of Directors has set a record date of 5:00 p.m.,
Eastern Time, on October 27, 2014 (the &#147;Record Date&#148;) for the previously announced spin-off of New Senior Investment
Group Inc., a wholly owned subsidiary of Newcastle (&#147;New Senior&#148;). Newcastle will distribute one share of New Senior
common stock for each share of Newcastle common stock held by Newcastle stockholders of record as of the Record Date, after giving
effect to a one-for-two reverse stock split of Newcastle common stock prior to the distribution of New Senior common stock (the
&#147;Distribution&#148;). The Distribution is expected to occur on or about November 6, 2014. The Distribution remains subject
to the Securities and Exchange Commission declaring effective New Senior&#146;s registration statement on Form 10 (the &#147;Registration
Statement&#148;), which Newcastle expects to occur in the coming days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the formal declaration
of the distribution, on October 16, 2014, Newcastle entered into a Separation and Distribution Agreement (the &#147;Separation
Agreement&#148;) with New Senior which sets forth agreements between Newcastle and New Senior regarding the principal transactions
necessary to effect their separation into two independent, publicly-traded real estate investment trusts (&#147;REIT&#148;).
Set forth below is a summary of the material terms contained in the Separation Agreement. For the purposes of this summary, (i)
the &#147;New Senior Group&#148; means New Senior and its subsidiaries and (ii) the &#147;Newcastle Group&#148; means Newcastle
and its subsidiaries other than the New Senior Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Transfer of Assets and Assumption
of Liabilities.</I></B> The Separation Agreement identifies the assets and liabilities to be retained by, transferred to, assumed
by, or assigned to, as the case may be, each of Newcastle and New Senior as part of the separation of Newcastle into two companies
and provides a framework for such transfers, assumptions and assignments to occur (to the extent such transfers, assumptions and
assignments do not occur prior to the execution of the Separation Agreement). In particular, the Separation Agreement provides
that, subject to the terms and conditions contained in such agreement, immediately prior to the time of effectiveness of the Separation
Agreement, Newcastle and New Senior will take all actions necessary so that the New Senior Group will: (a) own, to the extent it
does not already own, all of Newcastle&#146;s senior housing properties and cash in the amount of approximately $243 million;
and (b) assume, to the extent it is not already liable for: (i) any liabilities relating to or arising out of the assets described
under clause (a) above (the &#147;Initial Portfolio&#148;) whether arising prior to, at the time of, or after, the effectiveness
of the Separation Agreement; (ii) any liabilities arising out of claims by our directors, officers and affiliates arising after
the time of effectiveness of the Separation Agreement against either Newcastle or New Senior to the extent they relate to the Initial
Portfolio as of the date of the Separation Agreement; and (iii) any other potential liabilities related to (A) recent Newcastle
equity offerings in certain specified percentages as disclosed in the Separation Agreement, (B) Newcastle&#146;s reports required
to be filed under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), relating to disclosures about
the Initial Portfolio and (C) indemnification obligations under the Management Agreement (as defined below) with respect to the
Initial Portfolio. Except as otherwise provided in the Separation Agreement, Newcastle will retain all other assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as may expressly be set forth in
the Separation Agreement or any ancillary agreement, all assets will be transferred on an &#147;as is, where is&#148; basis without
representation or warranty. Certain of the liabilities and obligations to be assumed by one party or for which one party will have
an indemnification obligation under the Separation Agreement are, and following the separation may continue to be, the legal or
contractual liabilities or obligations of another party. Each such party that continues to be subject to such legal or contractual
liability or obligation will rely on the applicable party that assumed the liability or obligation or the applicable party that
undertook an indemnification obligation with respect to the liability or obligation, as applicable, under the Separation Agreement,
to satisfy the performance and payment obligations or indemnification obligations with respect to such legal or contractual liability
or obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Further Assurances.</I></B> Each of
Newcastle and New Senior will cooperate with the other and use commercially reasonable efforts, prior to, on and after the date
of the Distribution, to take promptly, or cause to be taken promptly, all actions and to do promptly, or cause to be done promptly,
all things reasonably necessary, proper or advisable on its part to consummate and make effective the transactions contemplated
by, and the intent and purposes of, the Separation Agreement. In addition, neither party will, nor will either party allow its
respective subsidiaries to, without the prior consent of the other party, take any action which would reasonably be expected to
prevent or materially impede, interfere with or delay the transactions contemplated by the Separation Agreement and the ancillary
agreements thereto, if any. Both parties will also use commercially reasonable efforts to cause third parties, such as insurers
or trustees, to fulfill any obligations they are required to fulfill under the Separation Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The Distribution.</I></B> Pursuant
to the Separation Agreement, New Senior will issue to Newcastle, as a stock dividend, the number of shares of New Senior common
stock needed to effectuate the Distribution. Newcastle will cause its agents to distribute to Newcastle stockholders that hold
shares of Newcastle common stock as of the Record Date all the shares of New Senior common stock on a pro rata basis. Additionally,
the Separation Agreement provides that the Distribution is subject to several conditions that must be satisfied or waived by Newcastle
in its sole and absolute discretion, on or before the date of the Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Termination of Other Agreement Arrangements;
Bank Accounts.</I></B> The Separation Agreement provides that, subject to certain exceptions set forth in such agreement, all prior
agreements and arrangements entered into prior to the date of the Distribution, whether written or not, between any member of the
Newcastle Group on the one hand, and any member of the New Senior Group on the other hand (except to the extent any person that
is not a member of the New Senior Group or Newcastle Group is also a party to such agreements or arrangements), will be terminated
and will cease to be of further force and effect as of the time of effectiveness of the Separation Agreement. At the time of such
termination, all parties will be released from liability under such agreements and arrangements, other than with respect to the
settlement of intercompany accounts, which will be satisfied and/or settled in full in cash or otherwise cancelled and terminated
or extinguished by the relevant members of the New Senior Group or Newcastle Group prior to the time of effectiveness of the Separation
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Releases and Indemnification.</I></B>
Subject to certain exceptions, including with respect to liabilities assumed by, or allocated to, Newcastle or New Senior, the
Separation Agreement provides that Newcastle and New Senior will generally agree to release each other from all liabilities existing
or arising from acts or events prior to the date of the Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Separation Agreement provides
that, except as otherwise provided for in other documents related to the separation, New Senior will indemnify Newcastle and its
affiliates and representatives against losses arising from: (i) any liabilities relating to the Initial Portfolio, whether arising
prior to, at the time of, or after, the effectiveness of the Distribution; (ii) any liabilities arising out of claims by our directors,
officers and affiliates arising after the time of effectiveness of the Distribution against either Newcastle or New Senior to the
extent they relate to the assets described Initial Portfolio as of the date of the Separation Agreement; (iii) any other potential
liabilities related to (A) recent Newcastle equity offerings in certain specified percentages as disclosed in the Separation Agreement;
(B) Newcastle&#146;s reports required to be filed under the Exchange Act relating to disclosures about the Initial Portfolio;
and (C) indemnification obligations under the Management Agreement with respect to the Initial Portfolio; (iv) any failure by any
member of the New Senior Group or any other person to pay, perform or otherwise promptly discharge any liability listed under clauses
(i)-(iii) above in accordance with their respective terms, whether prior to, at or after the time of effectiveness of the Separation
Agreement; (v) any breach by any member of the New Senior Group of any provision of the Separation Agreement and any agreements
ancillary thereto (if any), subject to any limitations of liability provisions and other provisions applicable to any such breach
set forth therein; and (vi) any untrue statement or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect
to all information contained in New Senior&#146;s information statement or the Registration Statement of which the information
statement is a part other than information that relates solely to any assets owned, directly or indirectly by Newcastle, excluding
the assets described in the Initial Portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Newcastle shall indemnify New Senior and
its affiliates and representatives against losses arising from (i) any liability related to Newcastle&#146;s junior subordinated
notes due 2035 issued pursuant to the Junior Subordinated Indenture, dated April 30, 2009, between Newcastle and The Bank of New
York Mellon Trust Company, National Association, (ii) any other liability of Newcastle or its subsidiaries (excluding any liabilities
related to New Senior), (iii) any failure of any member of the Newcastle Group or any other person to pay, perform or otherwise
promptly discharge any liability listed under clauses (i) and (ii) above in accordance with their respective terms, whether prior
to, at or after the time of effectiveness of the Separation Agreement, (iv) any breach by any member of the Newcastle Group of
any provision of the Separation Agreement and any agreements ancillary thereto (if any), subject to any limitations of liability
provisions and other provisions applicable to any such breach set forth therein and (v) any untrue statement or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, with respect to all information contained in New Senior&#146;s information statement
or the Registration Statement of which the information statement is a part that relates solely to any assets owned, directly or
indirectly by Newcastle, other than the assets described in the Initial Portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indemnification obligations will generally
be net of any insurance proceeds actually received by the indemnified person. The Separation Agreement provides that Newcastle
and New Senior will waive any right to special, indirect, punitive, consequential, exemplary, remote, speculative or similar damages
in excess of compensatory damages provided that any such liabilities with respect to third party claims shall be considered direct
damages. The Separation Agreement also contains customary procedures relating to the receipt of any indemnification payments that
may constitute non-qualifying REIT income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Competition.</I></B> The Separation
Agreement does not include any non-competition or other similar restrictive arrangements with respect to the range of business
activities that may be conducted, or investments that may be made, by either the Newcastle Group or the New Senior Group. Pursuant
to the Separation Agreement, each party has agreed that nothing set forth in such agreement shall be construed to create any restriction
or other limitation on the ability of any of the Newcastle Group or New Senior Group to engage in any business or other activity
that overlaps or competes with the business of any other party, including investing in senior housing properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Certain Tax-Related Covenants.</I></B>
If New Senior is treated as a successor to Newcastle under applicable U.S. federal income tax rules, and if Newcastle fails to
qualify as a REIT, New Senior could be prohibited from electing to be a REIT. Accordingly, in the Separation Agreement, Newcastle
has (i) represented that it has no knowledge of any fact or circumstance that would cause New Senior to fail to qualify as a REIT,
including a failure to qualify as a REIT due to Newcastle&#146;s failure to maintain REIT status, (ii) covenanted to use commercially
reasonable efforts to cooperate with New Senior as necessary to enable New Senior to qualify for taxation as a REIT and receive
customary legal opinions concerning REIT status, including providing information and representations to New Senior and its tax
counsel with respect to the composition of Newcastle&#146;s income and assets, the composition of its stockholders and its operation
as a REIT and (iii) covenanted to use its reasonable best efforts to maintain its REIT status for each of Newcastle&#146;s taxable
years ending on or before December 31, 2015 (unless Newcastle obtains an opinion from a nationally recognized tax counsel or a
private letter ruling from the Internal Revenue Service to the effect that Newcastle&#146;s failure to maintain its REIT status
will not cause New Senior to fail to qualify as a REIT under the successor REIT rule referred to above). Additionally, in the Separation
Agreement, New Senior covenanted to use its reasonable best efforts to qualify for taxation as a REIT for its taxable year ending
December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Insurance.</I></B> Following the date
of the Distribution, Newcastle shall maintain its currently existing insurance policies related to director and officer liability
(the &#147;Newcastle D&amp;O Policies&#148;). Prior to the date of the Distribution, the Separation Agreement provides that Newcastle
and New Senior will use commercially reasonable efforts to obtain separate insurance policies for New Senior on substantially similar
terms as the Newcastle D&amp;O Policies prior to the Distribution. New Senior will be responsible for all premiums, costs and fees
associated with any new insurance policies placed for the benefit of New Senior.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Dispute Resolution.</I></B> In the
event of any dispute arising out of the Separation Agreement, the parties, each having designated a representative for such purpose,
will negotiate in good faith for 30 days to resolve any disputes between the parties. If the parties are unable to resolve disputes
in this manner within 30 days, the disputes will be resolved, at the request of either party, through binding arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Equitable Adjustment of Options.</I></B>
Pursuant to the Separation Agreement, each right relating to shares of Newcastle common stock (the &#147;Newcastle option&#148;)
that was held as of the date of the Distribution by FIG LLC (the &#147;Manager&#148;) or by the directors, officers, employees,
service providers, consultants or advisors of the Manager will be converted into an adjusted Newcastle option and a right relating
to a number of shares of New Senior common stock (the &#147;New Senior option&#148;). The exercise price of each adjusted Newcastle
option and New Senior option will be set to collectively maintain the intrinsic value of the Newcastle option immediately prior
to the Distribution and to maintain the ratio of the exercise price of the adjusted Newcastle option and the New Senior option,
respectively, to the fair market value of the underlying shares as of the Distribution. The terms and conditions applicable to
each New Senior option will be substantially similar to the terms and condition otherwise applicable to the Newcastle option as
of the date of Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8.01. Other Events.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth in Item 1.01 above
under the caption &#147;Separation and Distribution Agreement&#148; is incorporated by reference herein. A copy of the press
release is attached as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01. Financial Statements and Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exhibit <BR>
<U>Number</U></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><U>Description</U></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">99.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">Press Release, dated October 16, 2014.</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Date:&nbsp;&nbsp;October 16, 2014</TD>
    <TD COLSPAN="2">Newcastle Investment Corp. </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Justine A. Cheng</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Justine A. Cheng</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 16%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif">Exhibit <BR>
<U>Number</U></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; width: 84%"><U>Description</U></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">99.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">Press Release, dated October 16, 2014.</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

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{"company-data": {"conformed-name": "NEWCASTLE INVESTMENT CORP", "cik": "0001175483", "assigned-sic": "6798", "irs-number": "810559116", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31458", "film-number": "141160364"}, "business-address": {"street1": "C/O FORTRESS", "street2": "1345 AVENUE OF THE AMERICAS 46TH FL", "city": "NEW YORK", "state": "NY", "zip": "10105", "phone": "2127986100"}, "mail-address": {"street1": "C/O FORTRESS", "street2": "1345 AVENUE OF THE AMERICAS 46TH FL", "city": "NEW YORK", "state": "NY", "zip": "10105"}}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): October 16, 2014 (October 16, 2014)
Newcastle
Investment Corp.
(Exact Name of Registrant as Specified in Charter)
Maryland
(State or other jurisdiction
of incorporation)
001-31458
Commission
File Number
81-0559116
(I.R.S. Employer
Identification No.)
1345 Avenue of the Americas,
46
th
Floor
New York, New York
10105
(Zip Code)
(212) 798-6100
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended
        to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 1.01. Entry into a Material Definitive Agreement.
Separation and Distribution Agreement
On October 16, 2014, Newcastle Investment
Corp. ("Newcastle") issued a press release announcing that its Board of Directors has set a record date of 5:00 p.m.,
Eastern Time, on October 27, 2014 (the "Record Date") for the previously announced spin-off of New Senior Investment
Group Inc., a wholly owned subsidiary of Newcastle ("New Senior"). Newcastle will distribute one share of New Senior
common stock for each share of Newcastle common stock held by Newcastle stockholders of record as of the Record Date, after giving
effect to a one-for-two reverse stock split of Newcastle common stock prior to the distribution of New Senior common stock (the
"Distribution"). The Distribution is expected to occur on or about November 6, 2014. The Distribution remains subject
to the Securities and Exchange Commission declaring effective New Senior's registration statement on Form 10 (the "Registration
Statement"), which Newcastle expects to occur in the coming days.
In connection with the formal declaration
of the distribution, on October 16, 2014, Newcastle entered into a Separation and Distribution Agreement (the "Separation
Agreement") with New Senior which sets forth agreements between Newcastle and New Senior regarding the principal transactions
necessary to effect their separation into two independent, publicly-traded real estate investment trusts ("REIT").
Set forth below is a summary of the material terms contained in the Separation Agreement. For the purposes of this summary, (i)
the "New Senior Group" means New Senior and its subsidiaries and (ii) the "Newcastle Group" means Newcastle
and its subsidiaries other than the New Senior Group.
Transfer of Assets and Assumption
of Liabilities.
The Separation Agreement identifies the assets and liabilities to be retained by, transferred to, assumed
by, or assigned to, as the case may be, each of Newcastle and New Senior as part of the separation of Newcastle into two companies
and provides a framework for such transfers, assumptions and assignments to occur (to the extent such transfers, assumptions and
assignments do not occur prior to the execution of the Separation Agreement). In particular, the Separation Agreement provides
that, subject to the terms and conditions contained in such agreement, immediately prior to the time of effectiveness of the Separation
Agreement, Newcastle and New Senior will take all actions necessary so that the New Senior Group will: (a) own, to the extent it
does not already own, all of Newcastle's senior housing properties and cash in the amount of approximately $243 million;
and (b) assume, to the extent it is not already liable for: (i) any liabilities relating to or arising out of the assets described
under clause (a) above (the "Initial Portfolio") whether arising prior to, at the time of, or after, the effectiveness
of the Separation Agreement; (ii) any liabilities arising out of claims by our directors, officers and affiliates arising after
the time of effectiveness of the Separation Agreement against either Newcastle or New Senior to the extent they relate to the Initial
Portfolio as of the date of the Separation Agreement; and (iii) any other potential liabilities related to (A) recent Newcastle
equity offerings in certain specified percentages as disclosed in the Separation Agreement, (B) Newcastle's reports required
to be filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), relating to disclosures about
the Initial Portfolio and (C) indemnification obligations under the Management Agreement (as defined below) with respect to the
Initial Portfolio. Except as otherwise provided in the Separation Agreement, Newcastle will retain all other assets and liabilities.
Except as may expressly be set forth in
the Separation Agreement or any ancillary agreement, all assets will be transferred on an "as is, where is" basis without
representation or warranty. Certain of the liabilities and obligations to be assumed by one party or for which one party will have
an indemnification obligation under the Separation Agreement are, and following the separation may continue to be, the legal or
contractual liabilities or obligations of another party. Each such party that continues to be subject to such legal or contractual
liability or obligation will rely on the applicable party that assumed the liability or obligation or the applicable party that
undertook an indemnification obligation with respect to the liability or obligation, as applicable, under the Separation Agreement,
to satisfy the performance and payment obligations or indemnification obligations with respect to such legal or contractual liability
or obligation.
Further Assurances.
Each of
Newcastle and New Senior will cooperate with the other and use commercially reasonable efforts, prior to, on and after the date
of the Distribution, to take promptly, or cause to be taken promptly, all actions and to do promptly, or cause to be done promptly,
all things reasonably necessary, proper or advisable on its part to consummate and make effective the transactions contemplated
by, and the intent and purposes of, the Separation Agreement. In addition, neither party will, nor will either party allow its
respective subsidiaries to, without the prior consent of the other party, take any action which would reasonably be expected to
prevent or materially impede, interfere with or delay the transactions contemplated by the Separation Agreement and the ancillary
agreements thereto, if any. Both parties will also use commercially reasonable efforts to cause third parties, such as insurers
or trustees, to fulfill any obligations they are required to fulfill under the Separation Agreement.
2
The Distribution.
Pursuant
to the Separation Agreement, New Senior will issue to Newcastle, as a stock dividend, the number of shares of New Senior common
stock needed to effectuate the Distribution. Newcastle will cause its agents to distribute to Newcastle stockholders that hold
shares of Newcastle common stock as of the Record Date all the shares of New Senior common stock on a pro rata basis. Additionally,
the Separation Agreement provides that the Distribution is subject to several conditions that must be satisfied or waived by Newcastle
in its sole and absolute discretion, on or before the date of the Distribution.
Termination of Other Agreement Arrangements;
Bank Accounts.
The Separation Agreement provides that, subject to certain exceptions set forth in such agreement, all prior
agreements and arrangements entered into prior to the date of the Distribution, whether written or not, between any member of the
Newcastle Group on the one hand, and any member of the New Senior Group on the other hand (except to the extent any person that
is not a member of the New Senior Group or Newcastle Group is also a party to such agreements or arrangements), will be terminated
and will cease to be of further force and effect as of the time of effectiveness of the Separation Agreement. At the time of such
termination, all parties will be released from liability under such agreements and arrangements, other than with respect to the
settlement of intercompany accounts, which will be satisfied and/or settled in full in cash or otherwise cancelled and terminated
or extinguished by the relevant members of the New Senior Group or Newcastle Group prior to the time of effectiveness of the Separation
Agreement.
Releases and Indemnification.
Subject to certain exceptions, including with respect to liabilities assumed by, or allocated to, Newcastle or New Senior, the
Separation Agreement provides that Newcastle and New Senior will generally agree to release each other from all liabilities existing
or arising from acts or events prior to the date of the Distribution.
In addition, the Separation Agreement provides
that, except as otherwise provided for in other documents related to the separation, New Senior will indemnify Newcastle and its
affiliates and representatives against losses arising from: (i) any liabilities relating to the Initial Portfolio, whether arising
prior to, at the time of, or after, the effectiveness of the Distribution; (ii) any liabilities arising out of claims by our directors,
officers and affiliates arising after the time of effectiveness of the Distribution against either Newcastle or New Senior to the
extent they relate to the assets described Initial Portfolio as of the date of the Separation Agreement; (iii) any other potential
liabilities related to (A) recent Newcastle equity offerings in certain specified percentages as disclosed in the Separation Agreement;
(B) Newcastle's reports required to be filed under the Exchange Act relating to disclosures about the Initial Portfolio;
and (C) indemnification obligations under the Management Agreement with respect to the Initial Portfolio; (iv) any failure by any
member of the New Senior Group or any other person to pay, perform or otherwise promptly discharge any liability listed under clauses
(i)-(iii) above in accordance with their respective terms, whether prior to, at or after the time of effectiveness of the Separation
Agreement; (v) any breach by any member of the New Senior Group of any provision of the Separation Agreement and any agreements
ancillary thereto (if any), subject to any limitations of liability provisions and other provisions applicable to any such breach
set forth therein; and (vi) any untrue statement or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect
to all information contained in New Senior's information statement or the Registration Statement of which the information
statement is a part other than information that relates solely to any assets owned, directly or indirectly by Newcastle, excluding
the assets described in the Initial Portfolio.
Newcastle shall indemnify New Senior and
its affiliates and representatives against losses arising from (i) any liability related to Newcastle's junior subordinated
notes due 2035 issued pursuant to the Junior Subordinated Indenture, dated April 30, 2009, between Newcastle and The Bank of New
York Mellon Trust Company, National Association, (ii) any other liability of Newcastle or its subsidiaries (excluding any liabilities
related to New Senior), (iii) any failure of any member of the Newcastle Group or any other person to pay, perform or otherwise
promptly discharge any liability listed under clauses (i) and (ii) above in accordance with their respective terms, whether prior
to, at or after the time of effectiveness of the Separation Agreement, (iv) any breach by any member of the Newcastle Group of
any provision of the Separation Agreement and any agreements ancillary thereto (if any), subject to any limitations of liability
provisions and other provisions applicable to any such breach set forth therein and (v) any untrue statement or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, with respect to all information contained in New Senior's information statement
or the Registration Statement of which the information statement is a part that relates solely to any assets owned, directly or
indirectly by Newcastle, other than the assets described in the Initial Portfolio.
Indemnification obligations will generally
be net of any insurance proceeds actually received by the indemnified person. The Separation Agreement provides that Newcastle
and New Senior will waive any right to special, indirect, punitive, consequential, exemplary, remote, speculative or similar damages
in excess of compensatory damages provided that any such liabilities with respect to third party claims shall be considered direct
damages. The Separation Agreement also contains customary procedures relating to the receipt of any indemnification payments that
may constitute non-qualifying REIT income.
3
Competition.
The Separation
Agreement does not include any non-competition or other similar restrictive arrangements with respect to the range of business
activities that may be conducted, or investments that may be made, by either the Newcastle Group or the New Senior Group. Pursuant
to the Separation Agreement, each party has agreed that nothing set forth in such agreement shall be construed to create any restriction
or other limitation on the ability of any of the Newcastle Group or New Senior Group to engage in any business or other activity
that overlaps or competes with the business of any other party, including investing in senior housing properties.
Certain Tax-Related Covenants.
If New Senior is treated as a successor to Newcastle under applicable U.S. federal income tax rules, and if Newcastle fails to
qualify as a REIT, New Senior could be prohibited from electing to be a REIT. Accordingly, in the Separation Agreement, Newcastle
has (i) represented that it has no knowledge of any fact or circumstance that would cause New Senior to fail to qualify as a REIT,
including a failure to qualify as a REIT due to Newcastle's failure to maintain REIT status, (ii) covenanted to use commercially
reasonable efforts to cooperate with New Senior as necessary to enable New Senior to qualify for taxation as a REIT and receive
customary legal opinions concerning REIT status, including providing information and representations to New Senior and its tax
counsel with respect to the composition of Newcastle's income and assets, the composition of its stockholders and its operation
as a REIT and (iii) covenanted to use its reasonable best efforts to maintain its REIT status for each of Newcastle's taxable
years ending on or before December 31, 2015 (unless Newcastle obtains an opinion from a nationally recognized tax counsel or a
private letter ruling from the Internal Revenue Service to the effect that Newcastle's failure to maintain its REIT status
will not cause New Senior to fail to qualify as a REIT under the successor REIT rule referred to above). Additionally, in the Separation
Agreement, New Senior covenanted to use its reasonable best efforts to qualify for taxation as a REIT for its taxable year ending
December 31, 2014.
Insurance.
Following the date
of the Distribution, Newcastle shall maintain its currently existing insurance policies related to director and officer liability
(the "Newcastle D&O Policies"). Prior to the date of the Distribution, the Separation Agreement provides that Newcastle
and New Senior will use commercially reasonable efforts to obtain separate insurance policies for New Senior on substantially similar
terms as the Newcastle D&O Policies prior to the Distribution. New Senior will be responsible for all premiums, costs and fees
associated with any new insurance policies placed for the benefit of New Senior.
Dispute Resolution.
In the
event of any dispute arising out of the Separation Agreement, the parties, each having designated a representative for such purpose,
will negotiate in good faith for 30 days to resolve any disputes between the parties. If the parties are unable to resolve disputes
in this manner within 30 days, the disputes will be resolved, at the request of either party, through binding arbitration.
Equitable Adjustment of Options.
Pursuant to the Separation Agreement, each right relating to shares of Newcastle common stock (the "Newcastle option")
that was held as of the date of the Distribution by FIG LLC (the "Manager") or by the directors, officers, employees,
service providers, consultants or advisors of the Manager will be converted into an adjusted Newcastle option and a right relating
to a number of shares of New Senior common stock (the "New Senior option"). The exercise price of each adjusted Newcastle
option and New Senior option will be set to collectively maintain the intrinsic value of the Newcastle option immediately prior
to the Distribution and to maintain the ratio of the exercise price of the adjusted Newcastle option and the New Senior option,
respectively, to the fair market value of the underlying shares as of the Distribution. The terms and conditions applicable to
each New Senior option will be substantially similar to the terms and condition otherwise applicable to the Newcastle option as
of the date of Distribution.
Item 8.01. Other Events.
The information set forth in Item 1.01 above
under the caption "Separation and Distribution Agreement" is incorporated by reference herein. A copy of the press
release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
Press Release, dated October 16, 2014.
4
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:  October 16, 2014
Newcastle Investment Corp.
By:
/s/ Justine A. Cheng
Name:
Justine A. Cheng
Title:
Chief Financial Officer
5
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Press Release, dated October 16, 2014.
6