Rithm Capital Announces the Closing of Securitized Notes Backed by Mortgage Servicing Rights
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 ha concluso con successo NZES 2024-FNT1, una nota di finanziamento cartolarizzata di 461 milioni di dollari garantita da diritti di servizio ipotecario (MSR). La transazione, non recourse e a tranche unica, offre finanziamenti fissi su un periodo di vita previsto di 3 anni. L'affare è stato sovrasottoscritto, ampliandosi da una dimensione iniziale di 378 milioni di dollari grazie alla forte domanda degli investitori. Questa transazione innovativa sfrutta la dimensione di Rithm, la solidità delle prestazioni di servizio e un collaterale di alta qualità.
Rithm Capital ha cerrado con éxito NZES 2024-FNT1, un nota de financiamiento securitizado respaldada por derechos de administración hipotecaria (MSR) por un monto de 461 millones de dólares. La transacción, que es de una sola tanda y sin recurso, ofrece financiamiento fijo durante un período de vida esperado de 3 años. Este acuerdo fue sobre suscrito, ampliándose desde un tamaño de oferta inicial de 378 millones de dólares debido a una fuerte demanda de los inversores. Esta transacción sin precedentes aprovecha la escala de Rithm, su sólido desempeño en servicios y colaterales de alta calidad.
Rithm Capital는 모기지 서비스 권리(MSR)에 의해 담보된 4억 6100만 달러 규모의 증권화 금융 노트 NZES 2024-FNT1을 성공적으로 마감했습니다. 단일 트랜치 비지급 거래에서 3년의 예상 생애 기간 동안 고정 자금을 제공합니다. 이 거래는 투자자의 강력한 수요로 인해 초기 3억 7800만 달러의 공모 규모에서 확대되었습니다. 이 처음 시도되는 거래는 Rithm의 규모, 강력한 서비스 성과 및 고품질 담보를 활용합니다.
Rithm Capital a réalisé avec succès la clôture de NZES 2024-FNT1, une note de financement securitise de 461 millions de dollars adossée à des droits de gestion hypothécaire (MSR). La transaction à tranche unique sans recours offre un financement fixe sur une durée de vie prévue de 3 ans. L'opération a été sursouscrite, passant d'une taille d'offre initiale de 378 millions de dollars en raison d'une forte demande des investisseurs. Cette transaction novatrice tire parti de l'échelle de Rithm, de ses performances de service solides et de sa garantie de haute qualité.
Rithm Capital hat erfolgreich NZES 2024-FNT1 abschlossen, eine 461 Millionen Dollar schwere, durch Hypothekendienstleistungsrechte (MSRs) abgesicherte Finanzierungsanleihe. Die nicht rückforderbare Transaktion in einer Einzeltranche bietet über einen erwarteten Zeitraum von 3 Jahren eine feste Finanzierung. Der Deal war überzeichnet und hat sich von einer anfänglichen Angebotsgröße von 378 Millionen Dollar aufgrund der starken Nachfrage der Investoren ausgeweitet. Diese erstmalige Transaktion nutzt die Größe von Rithm, die hervorragende Dienstleistungsleistung und hochwertige Sicherheiten.
- Successfully closed $461 million MSR-backed securitization
- Deal was oversubscribed, increasing from initial $378 million size
- Strong investor demand demonstrates market confidence
- Non-recourse financing structure reduces company's risk exposure
- None.
Insights
This innovative
The transaction enhances Rithm's financial flexibility and validates their MSR portfolio's quality. With rising interest rates making MSRs more valuable, this innovative financing structure could become a template for future deals in the industry. The successful execution also strengthens Rithm's competitive position in the MSR market and could lead to improved financing costs for future transactions.
Leveraging Rithm’s scale, strong servicing performance and high-quality collateral, this first-of-its-kind, single-tranche non-recourse transaction provides fixed financing over the term of the expected life of the assets of 3 years. The
“As a pioneer in investing in mortgage servicing rights, Rithm leverages its deep market insights and operating expertise to bring the benefits of this attractive asset class to more investors,” said Michael Nierenberg, Chief Executive Officer of Rithm Capital. “This novel transaction is a testament to the strength and breadth of the Rithm platform and to our attractive portfolio of MSR assets. We are thrilled to see such strong demand for this securitization from a broad range of investors, and we look forward to extending our leadership across the mortgage industry.”
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent management’s current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statement Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings filed with the
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
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RITHM CAPITAL
Investor Relations
212-850-7770
ir@rithmcap.com
MEDIA
Sarah Salky / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
ritm-jf@joelefrank.com
Source: Rithm Capital Corp.
FAQ
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