Rithm Capital Corp. - RITM STOCK NEWS

KBRA has assigned preliminary ratings to 8 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2024-NQM3, a $272.5 million non-prime RMBS transaction sponsored by Rithm Capital Corp (NYSE: RITM). The transaction is backed by 538 residential mortgages, with NewRez originating 71.4% and Champions Funding, originating 12.2% of the loans.

The loan pool features borrowers with a weighted average original credit score of 751 and a weighted average original loan-to-value ratio of 72.0%. The portfolio consists predominantly of fixed-rate mortgages (99.7%), with a small portion of adjustable-rate mortgages (0.3%). Approximately 7.7% of the pool has an initial interest-only period, and the loans are seasoned approximately one month.

Great Ajax Corp (NYSE: AJX) announced its rebranding to Rithm Property Trust Inc, effective December 2, 2024. The company's common stock will begin trading under the new ticker symbol 'RPT' on the New York Stock Exchange starting December 3, 2024, replacing the current 'AJX' symbol. The CUSIP remains unchanged, and shareholders need not take any action. The rebranding marks a new phase in the company's development as an opportunistic real estate investment platform and strengthens its relationship with Rithm Capital Corp (NYSE: RITM), a global asset manager.

Rithm Capital has successfully closed NZES 2024-FNT1, a $461 million securitized financing note backed by mortgage servicing rights (MSRs). The single-tranche non-recourse transaction provides fixed financing over a 3-year expected life term. The deal was oversubscribed, expanding from an initial $378 million offering size due to strong investor demand. This first-of-its-kind transaction leverages Rithm's scale, strong servicing performance, and high-quality collateral.

Rithm Capital (NYSE: RITM) and its subsidiary Newrez have pledged $500,000 to support disaster relief efforts following Hurricanes Helene and Milton. The funding will support Habitat for Humanity and the Newrez Employee Emergency and Disaster (NEED) Fund. Additionally, Newrez will serve as a corporate sponsor for the SOULSHINE benefit concert at Madison Square Garden on November 24, 2024, featuring Dave Matthews Band and other artists, aimed at supporting hurricane relief efforts.

Rithm Capital (NYSE:RITM) has appointed Ranjit Kripalani and William Addas as independent board members, effective November 1, 2024. Kripalani will serve on the Nominating and Corporate Governance Committee and chair the Mortgage and Regulatory Compliance Committee, while Addas joins the Audit and Compensation Committees. Additionally, Andrew Sloves is stepping down from his director position to join as Managing Director and investment committee member. Both new directors bring extensive capital markets experience, with Kripalani's background in mortgage trading and Addas's expertise in financial institutions and specialty finance.

Rithm Capital (RITM) reported Q3 2024 financial results with GAAP net income of $97.0 million ($0.20 per diluted share) and earnings available for distribution of $270.3 million ($0.54 per diluted share). The company maintained its common dividend at $0.25 per share, totaling $129.9 million. Key highlights include a total servicing portfolio of $878 billion UPB, origination funded production volume of $15.9 billion (up 9% QoQ), and approximately $34 billion in assets under management through Sculptor. The company sold 30 million shares of common stock for gross proceeds of approximately $340 million.

Rithm Capital Corp. (NYSE:RITM) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its financial results for the period ended September 30, 2024, on Tuesday, October 29, 2024, before the New York Stock Exchange opens. Management will host a conference call on the same day at 8:00 A.M. Eastern Time.

Investors can access the earnings release on the company's website and join the conference call by dialing 1-833-974-2382 (U.S.) or 1-412-317-5787 (outside U.S.). Pre-registration for the call is available. A simultaneous webcast will be accessible on the company's website. A telephonic replay will be available until November 5, 2024.

Genesis Capital , a Rithm Capital (NYSE: RITM) company, has successfully closed NRMLT 2024-RTL2, a $450 million rated securitization backed by residential transitional loans (RTLs). This marks the second largest rated RTL securitization and the first three-year transaction for the industry. The deal received strong support from investors, including repeat participants from Genesis' first rated securitization.

This transaction brings Genesis' total issuance to over $1 billion, solidifying its position as a leader in the RTL sector. The deal's structure featured four classes of offered bonds ranging from single A to single B rated. Goldman Sachs led the offering, with Deutsche Bank Securities, Morgan Stanley, Nomura, and Performance Trust serving as initial purchasers.

Clint Arrowsmith, President and CEO of Genesis, stated that this transaction further solidifies their commitment to being a leading partner in financing development across the industry. Michael Nierenberg, Chairman, CEO, and President of Rithm Capital Corp., emphasized that this offering will enhance Genesis' ability to provide innovative, tailored capital solutions to high-quality developers.

Rithm Capital Corp. (NYSE: RITM) has announced the pricing of its public offering of 30,000,000 shares of common stock, expecting to raise gross proceeds of approximately $342.9 million. The underwriters have a 30-day option to purchase up to an additional 4,500,000 shares. The offering is set to close on September 26, 2024, subject to customary conditions.

The company plans to use the net proceeds for general corporate purposes. Citigroup, Goldman Sachs & Co. , J.P. Morgan, UBS Investment Bank, BTIG, and Wells Fargo Securities are acting as joint book-running managers for the offering. The shares are being offered through the company's effective shelf registration statement filed with the SEC.