Rithm Capital and Newrez Pledge Support to Disaster Relief Efforts in Wake of Hurricanes Helene and Milton

Rhea-AI Summary

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.

Positive

• Demonstrates corporate social responsibility through $500,000 disaster relief commitment
• Strategic partnership with Habitat for Humanity enhances community relations

Negative

• None.

Commitment of $500,000 to support Habitat for Humanity and Newrez Employee Emergency Disaster Fund

Newrez Joins Relief Efforts Led by Dave Matthews Band, Warren Haynes Band and Other Artists as a Corporate Sponsor of Upcoming SOULSHINE Concert

NEW YORK--(BUSINESS WIRE)-- Rithm Capital Corp. (NYSE: RITM, “Rithm Capital” or “Rithm”), a leading alternative asset manager, pledged a commitment of $500,000 to support disaster response efforts in the devastating wake of Hurricanes Helene and Milton through its wholly owned subsidiary Newrez LLC (“Newrez”), a leading mortgage lender and servicer. Funding will directly support Habitat for Humanity and the Newrez Employee Emergency and Disaster (NEED) Fund.

“Our thoughts are with all those whose lives have been affected by Hurricanes Helene and Milton,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “We have seen the devastating aftermath of these hurricanes across the communities we serve and are committed to working hand-in-hand with our partners at Newrez to support recovery, resilience and hope in the region.”

“At Newrez we have always understood that homeownership is more than a financial transaction. It is about people, and the health and vibrancy of the communities that sustain them,” said Baron Silverstein, President of Newrez. “We stand in support of all those impacted and will continue to mobilize resources for disaster relief, drawing on our deep roots in the impacted regions and our commitment to living our core value of ‘caring fiercely’ in supporting the community rebuilding and restoration efforts ahead.”

Additionally, Newrez will participate as a corporate sponsor of SOULSHINE, a benefit concert to aid relief and recovery efforts in the wake of Hurricanes Helene and Milton, to be held at Madison Square Garden on November 24, 2024. The all-star lineup features Dave Matthews Band, Warren Haynes Band, Nathaniel Rateliff & the Night Sweats, Goose, and special guests Trey Anastasio, Mavis Staples, Robert Randolph, Trombone Shorty, Joe Russo, Susan Tedeschi and Derek Trucks.

ABOUT RITHM CAPITAL
Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm’s businesses include Sculptor Capital Management, Inc., an alternative asset manager, as well as Newrez LLC and Genesis Capital LLC, leading mortgage origination and servicing platforms. Rithm Capital seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.6 billion in dividends to shareholders. Rithm 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.

ABOUT NEWREZ
Newrez is a leading mortgage lender and servicer dedicated to providing a customer-first experience and helping homeowners throughout their homeownership journey. Newrez offers industry-leading servicing capabilities for owned MSRs and for third-party clients, as well as a robust origination model with presence in the retail, wholesale, correspondent, and consumer direct verticals. Newrez’s mission is to champion homeownership – the company helps clients achieve their homeownership goals through a wide array of products and services. Newrez was established in 2008 and is headquartered in Fort Washington, PA.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104344512/en/

Media

Newrez Public Relations

publicrelations@newrez.com

Source: Newrez LLC and Rithm Capital Corp.

FAQ

How much did Rithm Capital (RITM) pledge for hurricane relief efforts in 2024?

Rithm Capital (RITM) pledged $500,000 to support disaster relief efforts following Hurricanes Helene and Milton, benefiting Habitat for Humanity and the Newrez Employee Emergency and Disaster Fund.

What is the SOULSHINE benefit concert that Newrez is sponsoring?

SOULSHINE is a hurricane relief benefit concert scheduled for November 24, 2024, at Madison Square Garden, featuring Dave Matthews Band and other artists, with Newrez as a corporate sponsor.

How is Rithm Capital (RITM) supporting hurricane victims through Newrez?

Rithm Capital is supporting hurricane victims through its subsidiary Newrez by donating to Habitat for Humanity, establishing an employee emergency fund, and sponsoring the SOULSHINE benefit concert.