While I'm not a fan of Motley Fool, there is an interesting article today about NCT. It addresses the issue of management. Even tho it doesn't address or call out by name Fortress, it does call out the Board of Directors all of whom are employees and officers of Fortress.
I like the Seeking Alpha article by "Kapital" published on April 27th noting NCT's potential as follows:
"Newcastle Investment Corp. (NCT): Operates as a real estate investment and finance company that invests in and manages a portfolio consisting primarily of real estate securities. Market cap at $431.04M, most recent closing price at $7.0.Performance over the last quarter at 37.35%. Diluted TTM earnings per share at 3.09, and a MRQ book value per share value at 1.24, implies a Graham Number fair value = sqrt(22.5*3.09*1.24) = $9.28. Based on the stock's price at $6.71, this implies a potential upside of 38.38% from current levels"
I found the article interesting and it did point out the conflict of interest you mentioned. However, it also indicated the risk was mitigated by the fact that the insiders own so much of the stock and their interests are therefore aligned with the shareholders.
I thought it was a very, very positive article on NCT. The negatives he pointed out, were mostly boilerplate and stated in most other company's risk statements. All entities are under the gun when it comes to revised regulations and political hanky panky but his qualms are just possibilities, and only that. In any event, another article positive on NCT can't hurt.