New Residential Investment Corp. Announces Internalization and Rebrand to Rithm Capital, and Declares Second Quarter 2022 Dividends
New Residential Investment Corp. (NRZ)
Last new residential investment corp. earnings: 2/6 06:30 am
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US:NYSE Investor Relations:
newresi.com/ir-link
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--New Residential Investment Corp. (NYSE: NRZ) (“NRZ” or the “Company”) announced today it has entered into agreements providing for the internalization of the Company’s management function.In conjunction with the internalization, the Company announced plans to change its name and rebrand as Rithm Capital Corp. (NYSE: RITM) (“Rithm Capital”).Internalization AgreementUnder the Internalization Agreement, the parties have terminated the Management and Advisory Agreement, dated May 7, 2015 (the “Management Agreement”), effective as of June 17, 2022 (the “Effective Date”). In connection with the termination of the Management Agreement, the Company has agreed to pay FIG LLC (the “Manager”) $400 million, with $200 million paid on the Effective Date, $100 million payable on September 15, 2022 and $100 million payable on December 15, 2022.As a result of the termination of the Management Agreement, and subject to an agreed upon transition described in more detail be
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