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New Residential Restructures, Rebrands As Rithm Capital

New Residential Investment Corp., provider of capital and services to the mortgage and financial services industry, has announced that it is internalizing its management and rebranding as Rithm Capital.

New ResidentialNew Residential agreed to pay its external manager, a Fortress Investment Group affiliate, $400 million as part of the deal.

“We view this transaction as a way to drive value for shareholders with expected cost savings, incremental synergies and ability to leverage employees across the NRZ ecosystem,” Michael Nierenberg, chairman and CEO of New Residential, said in a press release.

Read the announcement from New Residential.

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