I'm sure NCT and NSM will be doing a substantial amount of business together in the future. That's why NCT is spinning off NRZ into a seperate entity. NSM looks like the go to guy for the banks and I will ASSume NCT will be piggybacking on many of their deals.
I recently sold CXS which is getting taken out by NLY.
You seem like you have a very good handle on reits and are probably well aware of the close ties CXS and NLY have.
There seems to be a similar ties between NSM and NCT. Which makes me wonder if the spinoff was designed to facilitate a merger of NSM with NCT or NRZ down the road.