NYSE:RITM

Rithm Capital Corp. Completes Acquisition of Computershare Mortgage Services Inc., Expanding Newrez LLC’s Servicing Portfolio and Subservicing Platform

Retrieved on: 
Thursday, May 2, 2024
Professional Services, Residential Building & Real Estate, Finance, Construction & Property, Asset Management, REIT, Banking, Acquisition, RITM, SLS, History, UPB

Rithm Capital Corp. (NYSE: RITM; “Rithm Capital”) today completed its previously announced acquisition of Computershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing LLC (“SLS”).

Key Points: 
  • Rithm Capital Corp. (NYSE: RITM; “Rithm Capital”) today completed its previously announced acquisition of Computershare Mortgage Services Inc. and certain affiliated companies, including Specialized Loan Servicing LLC (“SLS”).
  • Immediately following the closing of the acquisition, SLS merged into Newrez LLC (“Newrez”).
  • “SLS will further expand our robust subservicing business and brings with it a great reputation in the market – the team and Newrez share a commitment to delivering a best-in-class experience to both clients and homeowners,” said Baron Silverstein, President of Newrez.
  • “The power of the combined platform will strengthen Newrez’s positioning in the market.”

Rithm Capital Corp. Schedules First Quarter 2024 Earnings Release and Conference Call

Retrieved on: 
Thursday, April 18, 2024
Commercial Building & Real Estate, Construction & Property, Finance, Asset Management, Professional Services, REIT, Fintech, Residential Building & Real Estate, RITM, Software, Internet

Rithm Capital Corp. (NYSE:RITM, “Rithm Capital,” “Rithm” or the “Company”) announced today that it will release its first quarter 2024 financial results for the period ended March 31, 2024 on Tuesday, April 30, 2024 prior to the opening of the New York Stock Exchange.

Key Points: 
  • Rithm Capital Corp. (NYSE:RITM, “Rithm Capital,” “Rithm” or the “Company”) announced today that it will release its first quarter 2024 financial results for the period ended March 31, 2024 on Tuesday, April 30, 2024 prior to the opening of the New York Stock Exchange.
  • In addition, management will host a conference call on Tuesday, April 30, 2024 at 8:00 A.M. Eastern Time.
  • A copy of the earnings release will be posted to the Investors – News section of the Company’s website, www.rithmcap.com .
  • The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Rithm Capital First Quarter 2024 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10188668/fc656ed390 .

Sculptor Launches Captive CLO Equity Platform with Anchor Commitment from Rithm Capital

Retrieved on: 
Thursday, April 18, 2024
Asset Management, Professional Services, Finance, CLO, Sculpture, Investment, Partnership, Growth, Andrew Kohut, Lisp (programming language), RITM, Multimedia, Security (finance)

Sculptor Capital Management, Inc. (“Sculptor”) today announced the launch of Sculptor Loan Financing Partners, the firm’s captive CLO equity investment platform, anchored by a commitment from Rithm Capital Corp. (NYSE: RITM; “Rithm”).

Key Points: 
  • Sculptor Capital Management, Inc. (“Sculptor”) today announced the launch of Sculptor Loan Financing Partners, the firm’s captive CLO equity investment platform, anchored by a commitment from Rithm Capital Corp. (NYSE: RITM; “Rithm”).
  • View the full release here: https://www.businesswire.com/news/home/20240418699670/en/
    Sculptor also today announced the close of a $406 million US CLO, Sculptor CLO XXXII (“CLO 32”).
  • A controlling equity stake in CLO 32 was pre-placed to Rithm through the Sculptor Loan Financing Partners platform, with a diverse group of leading global institutions invested in the minority equity and rated notes.
  • The significant demand we received from third-party investors for CLO 32 reinforces the benefits of our decision to launch a captive CLO equity platform.”
    “We are excited to support the expansion of Sculptor’s Institutional Credit Strategies through our commitment to the firm’s CLO equity platform,” said Michael Nierenberg, Chairman, Chief Executive Officer, and President of Rithm Capital.

Genesis Capital Closes Largest Ever Rated Residential Transition Loan Securitization

Retrieved on: 
Tuesday, April 9, 2024
REIT, Finance, Professional Services, Residential Building & Real Estate, Construction & Property, Multimedia, Morgan Stanley, Acquisition, Capital, Growth, RTL, Sale, Deutsche Bank, Goldman Sachs

Genesis Capital LLC (“Genesis”), a leading business purpose lender that provides innovative debt solutions to professional real estate developers for new acquisition, renovation, ground-up construction, and long-term rental hold projects across the residential spectrum, today announced it has completed a $500 million rated securitization backed by residential transition loans (“RTL”).

Key Points: 
  • Genesis Capital LLC (“Genesis”), a leading business purpose lender that provides innovative debt solutions to professional real estate developers for new acquisition, renovation, ground-up construction, and long-term rental hold projects across the residential spectrum, today announced it has completed a $500 million rated securitization backed by residential transition loans (“RTL”).
  • The transaction, which received support from 46 investors, represents the largest-ever rated residential transition loan securitization and the first rated transaction focused on ground-up construction.
  • View the full release here: https://www.businesswire.com/news/home/20240409467613/en/
    The deal’s structure featured three classes of offered bonds ranging from A (low) rated to BB (low) rated bonds.
  • “The offering will enhance Genesis’ ability to provide innovative, tailored capital solutions to high-quality developers.

Rithm Capital Corp. Declares First Quarter 2024 Common and Preferred Dividends

Retrieved on: 
Wednesday, March 20, 2024
Construction & Property, Finance, Asset Management, Professional Services, Technology, REIT, Fintech, Other Technology, RITM, Security (finance)

Rithm Capital Corp. (NYSE:RITM, “Rithm Capital” or the “Company”) announced today that its Board of Directors (the “Board”) has declared first quarter 2024 common and preferred stock dividends.

Key Points: 
  • Rithm Capital Corp. (NYSE:RITM, “Rithm Capital” or the “Company”) announced today that its Board of Directors (the “Board”) has declared first quarter 2024 common and preferred stock dividends.
  • The Board declared a dividend of $0.25 per share of common stock for the first quarter 2024.
  • The first quarter common stock dividend is payable on April 26, 2024 to shareholders of record on April 1, 2024.
  • In accordance with the terms of Rithm Capital’s 7.50% Series A Cumulative Redeemable Preferred Stock (“Series A”), the Board declared a Series A dividend for the first quarter 2024 of $0.4687500 per share.

Rithm Capital Corp. Announces Early Tender Results for Its 6.250% Senior Unsecured Notes Due 2025

Retrieved on: 
Monday, March 18, 2024
Commercial Building & Real Estate, Technology, Construction & Property, Finance, REIT, Professional Services, Software, Asset Management, Residential Building & Real Estate, Date, Note, Tender offer, Tender, Cryptocurrency

The settlement date for 2025 Notes validly tendered as of the Early Tender Deadline and accepted for purchase is expected to occur on March 19, 2024 (the “Early Payment Date”).

Key Points: 
  • The settlement date for 2025 Notes validly tendered as of the Early Tender Deadline and accepted for purchase is expected to occur on March 19, 2024 (the “Early Payment Date”).
  • Rithm will accept for purchase the 2025 Notes validly tendered and not validly withdrawn as of the Early Tender Deadline on a prorated basis, in accordance with the Offer to Purchase.
  • However, because the aggregate principal amount of the 2025 Notes validly tendered and not validly withdrawn as of the Early Tender Deadline exceeds the Tender Cap, Rithm does not expect to accept for purchase any 2025 Notes tendered after the Early Tender Deadline.
  • No recommendation is being made by Rithm and holders of the 2025 Notes must make their own decision as to whether to tender any of their 2025 Notes, and, if so, the principal amount of 2025 Notes to tender.

Rithm Capital Corp. Announces Pricing of Offering of Senior Unsecured Notes

Retrieved on: 
Tuesday, March 5, 2024
Professional Services, Other Professional Services, Finance, Construction & Property, Asset Management, REIT, Banking, Regulation, Sale, RITM, Person, Security (finance)

Rithm Capital Corp. (NYSE: RITM; “Rithm” or the “Company”) announced today that it has priced its previously announced offering of $775 million aggregate principal amount of 8.000% senior unsecured notes due 2029 (the “notes”).

Key Points: 
  • Rithm Capital Corp. (NYSE: RITM; “Rithm” or the “Company”) announced today that it has priced its previously announced offering of $775 million aggregate principal amount of 8.000% senior unsecured notes due 2029 (the “notes”).
  • The Company intends to use a portion of the net proceeds from this offering for the reduction of indebtedness, including in connection with the Company’s tender offer for up to $275 million aggregate principal amount of its 6.250% senior unsecured notes due 2025, with the remainder of the net proceeds to be used for general corporate purposes.
  • The notes will not have any registration rights.
  • The offering is expected to close on March 19, 2024, subject to customary closing conditions.

Rithm Capital Corp. Announces Proposed Offering of Senior Unsecured Notes

Retrieved on: 
Monday, March 4, 2024
REIT, Finance, Professional Services, Asset Management, Construction & Property, Regulation, Sale, RITM, Person

Rithm Capital Corp. (NYSE: RITM; “Rithm” or the “Company”) announced today that it plans to offer $775 million aggregate principal amount of senior unsecured notes due 2029 (the “notes”).

Key Points: 
  • Rithm Capital Corp. (NYSE: RITM; “Rithm” or the “Company”) announced today that it plans to offer $775 million aggregate principal amount of senior unsecured notes due 2029 (the “notes”).
  • The Company intends to use a portion of the net proceeds from this offering for the reduction of indebtedness, including in connection with the Company’s tender offer for up to $275 million aggregate principal amount of its 6.250% senior unsecured notes due 2025, with the remainder of the net proceeds to be used for general corporate purposes.
  • Accordingly, the notes are being offered and sold only to, in the United States, persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and, outside the United States, in reliance on Regulation S under the Securities Act.
  • This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Rithm Capital Corp. Announces Commencement of Tender Offer for 6.250% Senior Unsecured Notes Due 2025

Retrieved on: 
Monday, March 4, 2024
Construction & Property, Professional Services, REIT, Finance, Note, Sale, Exercise, Tender offer, Expiration, Settlement, Tender

Holders validly tendering, and not validly withdrawing, 2025 Notes after the Early Tender Deadline and on or before the Expiration Time will be eligible to receive only the tender offer consideration, which represents the total consideration less the early tender payment.

Key Points: 
  • Holders validly tendering, and not validly withdrawing, 2025 Notes after the Early Tender Deadline and on or before the Expiration Time will be eligible to receive only the tender offer consideration, which represents the total consideration less the early tender payment.
  • In addition, holders whose 2025 Notes are accepted for payment in the Tender Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the applicable settlement date for their 2025 Notes purchased pursuant to the Tender Offer.
  • The complete terms and conditions of the Tender Offer are set forth in the Tender Offer documents that are being sent to holders of 2025 Notes.
  • No recommendation is made as to whether holders of the 2025 Notes should tender their 2025 Notes.