In the earnings CC transcript, one analyst ( Mr. Jason Stewart) asked about getting to the .61 and .50 annualized dividend amounts mentioned in the last presentation for NRZ and NCT respectively. Mr. Sigman replied that there's "real" room for improvment with the dividends and that the dividend issue would be a "headline" item in the next board meeting prior to issuing the dividend declaration.
Go to NCT's website and look at the April presentation. You will see that the IRR (assume internal rate of return) is 51 cents for NCT and 60 cents for NRZ or something like that. The total is $1.11 but it does not include some deals in the works.
Just curious where/when this was annuonced and if you can share a link to this?
Looking at the long letter to NCT shareholders regarding the spin-off, I didn't see anything referring to a specific amount of dividend payouts, but it's a very long document. Towards the end,P F-6, they give a Pro Forma Income statement for NRZ and the per share fully diulted estimate for I guess 2013 is income of .33 per share fully diluted. If 90% requires distribution, this translates into .30 annual div or .075 per Q. I don't know whether CAD could exceed net income in NRZ's business which might increase the payout, but the pro forma income statement is very brief and doesn't appear to list expenses that are non-cash, but on the income side they do have changes in fair value which are added to income, so this sounds might also have an effect.