The deals come not long after the SEC launched on Jan. The transaction will decrease the bank’s operating locations by 60 percent and cut its employee headcount to 950 from 1,800, according to the SEC filing. “The sale of the mortgage business will align Banc of California’s business profile with that of a more traditional spread-based lender,” said Hugh Boyle, the bank’s interim chief executive. The sale will make the bank’s earnings more predictable, the company said in a statement. The deals are part of a previously announced strategy by Banc of California to reduce its mortgage services. The bank, in the SEC filing, reported it also sold its mortgage servicing rights to Caliber for $36 million. The transaction is expected to close March 30. Texas-based Caliber Home Loans is buying the bank’s “Banc Home Loans.” Banc of California will receive a $25 million cash premium payment. Rithm Capital 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.Banc of California in Irvine has sold its home loan division, according to a Tuesday filing with the Securities and Exchange Commission, which will carve its employee count down by nearly half. Since inception in 2013, Rithm Capital has delivered approximately $4.7 billion in dividends to shareholders. The Company seeks to provide attractive risk-adjusted returns across interest rate environments. and Genesis Capital LLC, as well as investments in affiliated businesses that provide residential and commercial real estate related services. Rithm Capital’s investments in operating entities include leading origination and servicing platforms held through its wholly-owned subsidiaries, Newrez LLC, Caliber Home Loans Inc. Rithm Capital is an asset manager focused on the real estate and financial services industries. In accordance with the terms of Rithm Capital’s 7.00% Series D Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series D”), the Board declared a Series D dividend for the third quarter 2023 of $0.4375000 per share.ĭividends for the Series A, Series B, Series C and Series D are payable on Novemto preferred shareholders of record on October 16, 2023. In accordance with the terms of Rithm Capital’s 6.375% Series C Cumulative Redeemable Preferred Stock (“Series C”), the Board declared a Series C dividend for the third quarter 2023 of $0.3984375 per share. In accordance with the terms of Rithm Capital’s 7.125% Series B Cumulative Redeemable Preferred Stock (“Series B”), the Board declared a Series B dividend for the third quarter 2023 of $0.4453125 per share. In accordance with the terms of Rithm Capital’s 7.50% Series A Cumulative Redeemable Preferred Stock (“Series A”), the Board declared a Series A dividend for the third quarter 2023 of $0.4687500 per share. The third quarter common stock dividend is payable on Octoto shareholders of record on September 29, 2023. The Board declared a dividend of $0.25 per share of common stock for the third quarter 2023. (NYSE:RITM, “Rithm Capital” or the “Company”) announced today that its Board of Directors (the “Board”) has declared third quarter 2023 common and preferred stock dividends.
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