NRZ - New Residential internalizes management to change name to Rithm

New Residential Investment (NYSE:NRZ) plans to change its name to Rithm Capital once it completes the internalization of its management, the company said Friday. Under an internalization agreement, the parties ended their Management and Advisory Agreement effective June 17, 2022. In connection with the termination, New Residential (NRZ) agreed to pay its manager FIG LLC $400M, with $200M paid on Friday, $100M to be paid on Sept. 15, 2022 and $100M to be paid on Dec. 15, 2022. The company estimates the move will result in ~$60M-$65M of cost savings, or $0.12-$0.13 per diluted share per year. Michael Nierenberg remains New Residential's (NRZ) chairman, CEO, and president and Nick Santoro continues as chief financial officer and chief accounting officer. The company, now an internally managed REIT, plans to retain employees of the manager who currently serve in key roles at the company. In addition to its name change, which will

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New Residential internalizes management, to change name to Rithm