Rithm Capital and DRA Advisors Form JV to Own 1301 Avenue of the Americas
RITM is trading near its 52-week low of $8.43 (4.4% above the low) on elevated volume (1.9× avg).
Summary
Rithm Capital and DRA Advisors announced a joint venture to own 1301 Avenue of the Americas, a major Manhattan office property, with Rithm retaining a majority stake. The deal expands Rithm's real estate footprint and adds a high-profile asset to its portfolio. No financial terms were disclosed, but the partnership signals a strategic push into commercial real estate. This follows Rithm's Q2 earnings, which showed a sharp drop in net income but distributable earnings above the dividend. The JV could provide a new income stream and diversify revenue beyond its mortgage and asset management businesses.
At the time of this announcement, RITM was trading at $8.80 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.9B. The 52-week trading range was $8.43 to $12.15. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.