When I posted Chasing Value: Newcastle's 21.9% yield too good to be true?, I said that the metrics don't really matter as long as Newcastle Investment Corp (NYSE: NCT) stays open for business and keeps paying that dividend!

Today came the announcement that NCT will be distributing $0.72 per share for the fourth quarter, on January 30, 2008, to shareholders of record on December 31. This represents a 20% dividend yield -- not too shabby, but a little lower based on today's price, hovering around $14.00. When I first posted, the stock was 10% lower and yield was 10% higher.

I have included Newcastle in my post Holiday shopping? Buy stocks, not clothes: Searching for 8 for 2008, and have even gone further out on a limb by suggesting to my mother-in-law that she buy some shares...and she did. The last time I did that was in the fall of 2004, when I suggested she buy Merck & Co. (NYSE: MRK) at $28.00. Since that is up over 100%, she is a happy camper but as you all know, one false move and I could be hearing about this for a decade -- would you take that risk?

So I continue to be watchful of NCT, and candid -- there are no sure things, but so far so good. I'll keep watching, and hopefully a few folks will keep reading my rants.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.