A “blank check” special purpose acquisition company (SPAC) affiliated with asset manager Rithm Capital has filed paperwork with the Securities and Exchange Commission (SEC) to raise $200 million for an acquisition in the financial services and real estate sectors.
“We intend to target companies in the financial services and real estate sectors where our management has extensive investment and operational experience,” the SEC filing reads. “In addition, we expect to evaluate opportunities relating to digital infrastructure, including opportunities at the convergence of infrastructure and technology.”
Rithm owns multichannel mortgage lender and servicer Newrez. It has made a slew of acquisitions in the credit and mortgage servicing sectors over the past two years.
In June 2024, it completed the $70 million acquisition of Great Ajax, transitioning the business from a legacy residential loan platform to a vehicle focused on commercial real estate. A year prior, it acquired Sculptor Capital Management, along with Computershare Mortgage Services and Specialized Loan Servicing (SLS).
Last year, Rithm restructured its distributed retail business due to a shrinking mortgage market, cutting managers and reducing compensation at Newrez, a top mortgage lender and servicer. It also cut jobs at Computershare and SLS.
“Given earlier commentary from RITM management about potentially listing its mortgage bank, NewRez, there could be some questions about whether this vehicle could be a potential way to take NewRez public,” Bose George, an analyst at Keefe Bruyette Woods, said a note to investors.
“Our expectation is that this vehicle is a way for RITM to grow out its asset management platform as opposed to taking NewRez public, which could be accomplished through a traditional IPO, in our view.”
