"In December, the company completed its acquisition of Crestline Management, adding $17 billion in assets under management and expanding its capabilities in direct lending, fund liquidity solutions, insurance and reinsurance. In September, Rithm paid $1.6 billion for Paramount Group, acquiring ownership of 13 million square feet of office real estate in New York City and San Francisco. It also made investments via a $1 billion purchase of home improvement loans through fintech Upgrade, along with $1.5 billion in residential transition loans from an undisclosed institutional investor."
Rithm Capital Corp., parent of Newrez, priced a $500 million offering of senior unsecured notes due in 2031. The notes carry an 8.5% coupon and are offered exclusively to qualified institutional buyers, with an expected May 14 closing subject to customary conditions. Net proceeds will be used for general corporate purposes, potentially including repayment of existing debt. The notes rank ahead of subordinated debt but behind secured funding backed by specific assets such as mortgages or servicing rights. Unsecured issuance can provide more flexibility than warehouse lines or securitization, but typically costs more. The offering follows recent equity issuance of $250 million in preferred stock and multiple acquisitions and investments, including Crestline Management and Paramount Group, plus loan purchases through Upgrade and other investors.
#senior-unsecured-notes #mortgage-and-real-estate-finance #balance-sheet-funding #preferred-stock-issuance #acquisitions-and-investments
Read at www.housingwire.com
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