Rithm Capital Corp. Launches Major Common Stock Offering
Rithm Capital Corp. Launches Public Offering
Recently, Rithm Capital Corp. (NYSE: RITM) has embarked on a notable public offering of 30 million shares of its common stock, intended to progress based on prevailing market conditions. The company also plans to provide its underwriters with an option to acquire up to an additional 4.5 million shares, valid for 30 days. This move illustrates Rithm's strategy to harness capital for general corporate purposes, enhancing its operational capabilities.
Details of the Offering
Underwriting and Management
The offering is facilitated by a distinguished group of financial institutions including Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, UBS Investment Bank, BTIG, and Wells Fargo Securities, LLC, serving as joint book-running managers. Their involvement ensures a robust and expert approach to manage the stock's entry into the market.
Understanding the Offering Structure
Rithm's offering is conducted under an effective shelf registration statement in line with the requirements set by the Securities and Exchange Commission (SEC). Interested investors are encouraged to review the accompanying prospectus and its supplement for comprehensive insights into the company and the offering specifics.
Potential Uses for Proceeds
The proceeds from this stock offering are earmarked for a variety of corporate undertakings. By increasing its financial flexibility, Rithm aims to pursue new investment opportunities, thereby bolstering its portfolio and potential for spreading risk across diverse sectors of the economy.
About Rithm Capital Corp.
Rithm Capital Corp. operates as a global asset manager with a focus on real estate, credit, and financial services. The company's investment strategy includes direct investments along with managing a suite of fully-owned businesses such as Sculptor Capital Management, Inc. and significant mortgage platforms like Newrez LLC and Genesis Capital LLC. Through this diversified approach, Rithm is dedicated to generating attractive returns, leveraging its operational flexibility amidst varying market conditions and interest rates.
Since its inception in 2013, Rithm has effectively provided approximately $5.4 billion in dividends to its shareholders, showcasing its commitment to rewarding investors and sustaining growth. The company is organized to qualify as a real estate investment trust (REIT), optimizing its operations to align with federal tax benefits while fostering substantial market engagement from its headquarters.
Frequently Asked Questions
What is Rithm Capital Corp. planning with its public offering?
Rithm is planning to offer 30 million shares of its common stock, with the intent to utilize the proceeds for general corporate purposes, enhancing financial flexibility.
Who is managing the stock offering?
The offering is managed by Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, UBS Investment Bank, BTIG, and Wells Fargo Securities, LLC.
What kind of investments does Rithm Capital Corp. focus on?
Rithm primarily focuses on real estate, credit, and financial services, making direct investments and operating several business enterprises.
How has Rithm performed since it was founded?
Since its establishment in 2013, Rithm has distributed approximately $5.4 billion in dividends, demonstrating its success in generating shareholder value.
Where is Rithm Capital Corp. headquartered?
Rithm Capital Corp. is headquartered in New York City, allowing it to operate at the heart of the financial world.
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