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Rithm Capital restructures CEO’s pay into incentive-friendly deal

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Rithm Capital restructures CEO’s pay into incentive-friendly deal

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New York-based Rithm Capital has modified the compensation bundle of its prime govt, Michael Nierenberg, by decreasing his annual base wage, bonus and time-based fairness award. However the firm additionally elevated the performance-based share of the full fairness award.

Consequently, Nierenberg’s goal annual compensation rose from $15 million to $17 million, in keeping with a March 15 submitting with the Securities and Alternate Fee (SEC). 

A spokesperson for Rithm Capital declined to supply extra particulars on the choice.

Nierenberg, the chairman, CEO and president of Rithm Capital, could have his base wage diminished from $1.25 million to $1 million, efficient April 1, per the modification to the compensation settlement signed in June 2022.

The events agreed that Nierenberg’s annual goal money bonus will likely be diminished from $5 million to $4 million. And the time-based yearly fairness award goal will likely be minimize from $4.375 million to $3 million. 

In the meantime, Nierenberg’s annual performance-based fairness award will improve from $4.375 million to $9 million, “such that 75% of the goal worth of Government’s annual fairness award grants will now be within the type of performance-based items,” the submitting states. 

Nierenberg joined the corporate in 2013 and has not too long ago repositioned it from an actual property funding belief (REIT) into a number one international asset supervisor. 

He led the corporate through the tumultuous acquisition of Sculptor Capital Administration in 2023, bringing in $34 billion in belongings below administration. 

In the identical yr, Rithm additionally struck a deal to amass Computershare Mortgage Providers, together with Specialised Mortgage Servicing (SLS), including $136 billion in unpaid principal stability (UPB) of mortgage servicing rights (MSRs)

Within the mortgage house, Rithm subsidiary Newrez restructured its distributed retail mortgage enterprise, leading to cuts to regional and divisional managers. It additionally included diminished compensation for mortgage officers, sources instructed HousingWire in February.

Nierenberg has been the president and CEO of Rithm since November 2013 and chairman since Might 2016. Previous to becoming a member of Rithm, he held govt positions at Financial institution of America Merrill Lynch, J.P. Morgan, Bear Stearns, and Lehman Brothers

In 2023, Rithm introduced a $532.7 million GAAP internet revenue, decrease than its determine of $864.8 million within the prior yr.

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