Rithm Capital began in 2013 under Fortress to invest in mortgage servicing rights, then internalized its management and changed its name from New Residential to Rithm in 2022, building an owner-operator model where it sources, acquires, securitizes, and manages assets directly through platforms like Newrez and Genesis rather than just allocating capital. Beyond its original REIT structure, Rithm has expanded through acquisitions such as Sculptor Capital and Crestline into a broader alternative asset manager, while also modernizing its mortgage servicing through a partnership with Valon for AI-based servicing and staying disciplined about earnings instead of simply chasing the largest mortgage servicing rights portfolio.