Rithm Capital Corp. (NYSE: RITM, “Rithm Capital” or the “Company”), an asset manager focused on the real estate and financial services industries, announced today its celebration of 10 years as a publicly traded company.
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(Graphic: Business Wire)
“This week we commemorate a decade of success at Rithm and celebrate all those who have helped transform the Company into what it is today,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “Looking back on the last ten years, I am proud of our evolution as a leader in the financial services sector, expanding our investment platform to include residential real estate, commercial real estate, consumer assets, and more. We are extremely grateful for the ongoing support from all our investors, partners and employees—all of which have uniquely contributed to the Company’s success. I look forward to seeing what the future holds for Rithm and believe the best is yet to come.”
Rithm Capital (formerly known as New Residential Investment Corp.) was launched in May 2013 primarily to capitalize on an opportunity in excess mortgage servicing rights present in the financial services sector at the time. Over the years, Rithm has evolved materially, investing across multiple assets classes and acquiring various operating companies to support asset creation and servicing. Rithm has grown its business significantly over the last 10 years—with total equity growing from ~$1 billion in 2013 to ~$7 billion today and total assets growing from ~$3 billion to ~$32 billion over the same period. The Company has paid ~$4.6 billion in dividends to date.
In June of 2022, Rithm internalized management from its former external manager, an affiliate of Fortress Investment Group, launching its next phase of growth. In conjunction with the internalization, the Company rebranded to Rithm Capital and has since launched its private capital business, which is expected to drive its next era of success.
ABOUT RITHM CAPITAL
Rithm Capital is an asset manager focused on the real estate and financial services industries. Rithm Capital’s investments in operating entities include leading origination and servicing platforms held through its wholly-owned subsidiaries, Newrez LLC, Caliber Home Loans Inc., and Genesis Capital LLC, as well as investments in affiliated businesses that provide residential and commercial real estate related services. The Company seeks to provide attractive risk-adjusted returns across interest rate environments. Since inception in 2013, Rithm Capital has delivered approximately $4.6 billion in dividends to shareholders. Rithm Capital is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.