New Residential Investment Corp. announced on Friday that it has decided to internalize the company’s management, a step that the real estate investment trust estimates will reduce its costs and potentially attract more institutional investors to its stock.
The company is also changing its name to Rithm Capital, reflecting the diversification of its businesses as more than just a mortgage real estate investment trust. Last year, the company closed the acquisition of Caliber Home Loans and Genesis Capital LLC.
New Residential will start trading on the NYSE as “RITM” on or about August 1, 2022.
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