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"