General World News

Rithm Capital posts $3M loss as it “right-sizes” mortgage business

Rithm Capital, formerly known as New Residential Investment, lost $3.3 million in the second quarter of 2022, largely due to fees caused by its break from Fortress Investment Group and a decline in residential mortgage originations.

In an earnings presentation Tuesday, executives at Rithm said the company paid approximately $325 million to break from an affiliate of the asset management firm and be internally managed. Resulting cost savings should be about $60 million, executives said.

The rebrand comes as Rithm looks to reduce expenses across its businesses and complete the integration of details ⇒

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