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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Rithm Capital Announces Close of Largest Ever Mortgage Servicing Rights Debt Issuance, NZES 2025-FHT1

Non-recourse $878 Million Note Sets New Benchmark for Innovation in MSR Financing

Rithm Capital Corp. (NYSE: RITM, “Rithm Capital,” “Rithm” or the “Company”) today announced it has successfully closed NZES 2025-FHT1, an $878 million mortgage servicing rights (MSR) backed securitized note. The single-tranche transaction is the largest MSR debt issuance ever, marking a significant milestone in the evolution of MSR-backed financing structures.

The market’s second-ever non-recourse MSR securitization, NZES 2025-FHT1 provides fixed financing over the term of the expected life of the assets of 3 years. It builds on the Company’s track record of pioneering structured MSR financings and follows the successful close of NZES 2024-FNT1, the first non-recourse, non-rated MSR transaction, in November 2024. Since 2015, Rithm has successfully closed 17 MSR deals representing a total balance of over $7.7 billion.

“Rithm boasts over a decade of experience in the MSR sector, and our expertise, reliable servicing performance, and innovative approach are reshaping what’s possible in this exciting space,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “The success of this transaction demonstrates strong confidence in our growing platform, as well as our capability to provide new high-quality mortgage servicing solutions. We are committed to further solidifying Rithm’s leadership in the sector and expanding access to this emerging asset class.”

ABOUT RITHM CAPITAL

Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm’s businesses include Sculptor Capital Management, Inc., an alternative asset manager, as well as Newrez LLC and Genesis Capital LLC, leading mortgage origination and servicing platforms. Rithm Capital seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.6 billion in dividends to shareholders. Rithm is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.

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