Rithm Capital Corp. (Rithm) is an American investment management company headquartered in New York that focuses on real estate and alternative investments.
Background
On May 16, 2013, Newcastle Investment Corp, a real estate investment trust (REIT) under Fortress Investment Group spun off its residential mortgage related assets into a new REIT named New Residential Investment Corp. New Residential was listed on the New York Stock Exchange under the ticker 'NRZ' and would focus on investments related to mortgage servicing rights (MSR). There was a management agreement between New Residential and Fortress which stated Fortress would act as New Residential's manager and was entitled to 25% of the funds from operations as well as any profits from the sale of assets.[2][3] In September 2013, Fortress hired Michael Nierenberg, Bank of America's head of global mortgages and securitized products to run New Residential.[4]