IPOs

Rithm Acquisition Corp. is selling 20 million units of combined stock and warrants for $10 each, with trading expected to begin on Feb. 27 on the NYSE.

The newly created entity, Rithm Acquisition, is a possible, albeit unlikely, way to finally take its NewRez mortgage lending business public.

Rithm Capital has been teasing an initial public offering of the mortgage banker for some time, and 2025 is likely to be the year, Keefe, Bruyette & Woods said.

FTS, an umbrella company for Figure's lending arm, has submitted a confidential draft registration statement with the SEC, a precursor for going public.

The Irvine, California-based senior housing and assisted living property firm opened Wednesday at $12.85, after it sold 56 million shares for $12 and closed at $13.22.

The Toronto-based company is looking at local and international expansion, CEO Shubha Dasgupta said.

The lender's share price fell 93% Thursday as the industry reckoned with average mortgage rates hitting a 22-year high.

The lender, which endured two difficult years of limbo before its listing, is touting a capital infusion of at least $550 million as a key to future growth.

The insurer’s stock has consistently been above its initial $19-per-share price, unlike those of the mortgage originators who recently went public.

The new terms, which still value the New York-based mortgage lender at $6.9 billion, include a $750 billion convertible bridge note.