Rithm Capital launches preferred stock offering

Rithm Capital Corp. (NYSE: RITM) announced it has launched an underwritten public offering of Series E Fixed-Rate Cumulative Redeemable Preferred Stock, subject to market conditions.

The company plans to list the preferred stock on the New York Stock Exchange under the symbol "RITM PR E." Terms of the preferred stock will be determined through negotiations between Rithm and the underwriters. The company expects to grant underwriters a 30-day option to purchase up to an additional 15% of the shares offered to cover over-allotments.

Rithm intends to use net proceeds from the offering for investments and general corporate purposes. The offering is being made pursuant to the company's effective shelf registration statement filed with the Securities and Exchange Commission.

Nine financial institutions are serving as joint bookrunners for the offering: Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC, UBS Investment Bank, Wells Fargo Securities LLC, BTIG LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and Piper Sandler & Co.

The offering will be made only through a prospectus and related prospectus supplement. Prospective investors can obtain these documents through the SEC's EDGAR database or from the participating underwriters.

Rithm Capital is a global alternative asset manager that focuses on credit and real estate assets. The company operates through subsidiaries including Newrez, Genesis Capital, and Sculptor Capital Management, managing investments across asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit.

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