Rithm Capital Corp. Successfully Priced Public Stock Offering
Rithm Capital Corp. Public Offering Details
Rithm Capital Corp. (NYSE: RITM), a globally recognized asset manager, has recently announced the pricing of its public offering of common stock. The offering comprises 30,000,000 shares, which are expected to yield approximately $342.9 million in gross proceeds prior to deducting underwriting discounts and commissions. Rithm has allocated a 30-day window for underwriters to purchase an additional 4,500,000 shares, allowing flexibility and further investment opportunities.
Strategic Uses of Proceeds
The funds generated from this offering are targeted for general corporate purposes. This is a strategic move by Rithm to bolster its financial standing and operational capabilities. Investors will have access to shares through negotiated transactions or prevailing market prices, providing various options for potential buyers. The completion of this offering is contingent upon customary closing conditions.
Role of Joint Book-Running Managers
Several major financial institutions are stepping in as joint book-running managers, ensuring a robust support system for the offering. Notable participants include Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, UBS Investment Bank, BTIG, and Wells Fargo Securities. Their involvement signals confidence in Rithm Capital Corp. and its strategic direction.
Understanding the Registration Process
This public offering is being conducted under the Company’s effective shelf registration statement, which has been filed with the Securities and Exchange Commission (SEC). Investors are encouraged to review the associated prospectus and supplements for comprehensive information on the offering and Rithm's financial health.
About Rithm Capital Corp.
Rithm Capital Corp. is at the forefront of the asset management industry, emphasizing real estate, credit, and financial services. Since its inception in 2013, the Company has made significant strides by directly investing in various platforms, including leading entities like Sculptor Capital Management, Inc., Newrez LLC, and Genesis Capital LLC. Rithm is dedicated to generating attractive risk-adjusted returns across diverse market cycles. Its commitment to shareholder value is evident, as the Company has disbursed approximately $5.4 billion in dividends over the years.
Corporate Structure and Goals
Rithm operates under a real estate investment trust (REIT) framework, which provides tax advantages and aligns with its investment strategy. With headquarters in New York City, Rithm continues to pursue its mission of delivering value and returns, navigating various economic environments while maintaining strong operational practices.
Frequently Asked Questions
What is the purpose of Rithm Capital Corp.'s stock offering?
The primary purpose is to enhance the Company's financial resources for general corporate activities.
Who are the underwriters involved in the offering?
Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, UBS Investment Bank, BTIG, and Wells Fargo Securities are the joint book-running managers.
What is Rithm Capital Corp.'s focus as an asset manager?
Rithm specializes in real estate, credit, and financial services, including direct investments in its wholly-owned businesses.
How much does Rithm expect to raise from this offering?
Rithm expects to raise approximately $342.9 million from the stock offering.
What financial returns has Rithm delivered to shareholders?
Since its commencement, Rithm has returned about $5.4 billion in dividends to its shareholders.
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