New Residential investment Corp rebranded as Rithm Capital Corp.

 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 Agreement

Under 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 below, NRZ has ceased to be externally managed and now operates as an internally managed REIT.