Establishes Adoor Property Management, LLC,
Utilizing Darwin’s End-to-End Technology to Enhance the Resident
Experience and Drive Management Efficiencies for Adoor’s Rapidly
Growing Portfolio
Pagaya Onboards Leading Asset Manager, Rithm
Capital, to its Network Through its B2B2C Rental Product, Operated
by Darwin
Rithm Capital Corp. (NYSE: RITM) (“Rithm”), an asset manager
focused on the real estate and financial services industries, and
Darwin Homes, Inc. (“Darwin”), a subsidiary of Pagaya Technologies
Ltd. (NASDAQ: PGY) (“Pagaya”), which offers a technology-driven
real estate platform, today announced a new strategic
partnership.
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The agreement will establish Adoor Property Management LLC
(“APM”), a new property management platform for Rithm’s wholly
owned subsidiary Adoor LLC’s (“Adoor”) build-to-rent and
single-family rental (“SFR”) homes. The partnership will also
onboard Adoor’s current SFR portfolio onto Darwin’s turnkey,
technology management platform.
APM will leverage Darwin’s proprietary software and end-to-end
real estate platform, establishing the new venture as a leading
player in the SFR industry and enabling Rithm to focus on capital
allocation and strategic decision-making. Rithm’s investment and
asset management capabilities, combined with Darwin’s cutting-edge
technology, will position the new venture to drive improved
operational efficiencies and enhance the resident experience across
the portfolio, while supporting Rithm’s long-term growth
objectives.
“We are pleased to work with Darwin Homes, whose unique and
efficient technology platform will help set the bar for
tech-enabled property management and deliver a great resident
experience,” said Michael Nierenberg, Chairman, Chief Executive
Officer and President of Rithm Capital.
“This partnership significantly enhances our real estate
investment platform by incorporating technology- driven property
management capabilities. By continuing to develop Adoor into a
vertically integrated platform, we are well positioned to grow our
portfolio of high-quality homes and meet the increased demand for
accessible and affordable rental housing,” said Charles Sorrentino,
Managing Director, Head of Investments at Rithm Capital.
“This strategic partnership with Rithm is the direct result of a
shared vision for innovation and excellence. Darwin Homes’
proprietary technology enables Pagaya’s partners to seamlessly
launch residential real estate businesses on top of our existing
technology stack and provide an enhanced tenant experience for
their portfolio,” said Ryan Broderick, CEO of Darwin Homes.
Pagaya, a global technology company delivering artificial
intelligence infrastructure for the financial ecosystem, acquired
Darwin Homes earlier this year, in order to extend Pagaya’s
two-sided network product solutions to the real estate market.
About Rithm Capital
Rithm Capital is an asset manager focused on the real estate and
financial services industries. 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. and Genesis Capital LLC, as well as
investments in affiliated businesses that provide residential and
commercial real estate related services. The Company seeks to
provide attractive risk-adjusted returns across interest rate
environments. Since inception in 2013, Rithm Capital has delivered
approximately $4.9 billion in dividends to shareholders. 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.
About Darwin Homes
Darwin Homes is a leading proptech single-family rental manager
at the forefront of innovation in the real estate industry. With
its proprietary end-to-end software platform, data-driven ethos,
and integrated operations, Darwin Homes sets new standards for
property management. By leveraging cutting-edge technology and a
commitment to exceptional service, Darwin Homes optimizes the
tenant experience, maximizes operational efficiency, and drives
investor value.
About Pagaya
Pagaya (NASDAQ: PGY) is a global technology company making
life-changing financial products and services available to more
people nationwide, as it reshapes the financial services ecosystem.
By using machine learning, a vast data network and a sophisticated
AI-driven approach, Pagaya provides comprehensive consumer credit
and residential real estate solutions for its partners, their
customers, and investors. Its proprietary API and capital solutions
integrate into its network of partners to deliver seamless user
experiences and greater access to the mainstream economy. Pagaya
has offices in New York and Tel Aviv. For more information, visit
pagaya.com.
CAUTIONARY NOTE ON FORWARD-LOOKING
STATEMENTS
This Press Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,”
“estimate,” “intend” and similar expressions (as well as other
words or expressions referencing future events, conditions or
circumstances) are intended to identify forward-looking statements.
These forward-looking statements may include, but are not limited
to, statements regarding the impact of the new joint venture on
Pagaya, Darwin and Rithm’s business, the ability to onboard Adoor’s
SFR portfolio onto Darwin’s technology management platform, and the
ability of combining Rithm’s investment and asset management
capabilities with Darwin’s cutting-edge technology to drive
improved operational efficiencies and enhance the resident
experience across the SFR portfolio. These forward-looking
statements are based on the companies’ expectations and assumptions
as of the date of this Press Release. Each of these forward-looking
statements involves risks and uncertainties. Actual results may
differ materially from those expressed or implied by these
forward-looking statements. Except as required by law, the
companies undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. You should,
therefore, not rely on these forward-looking statements as
representing the companies’ views as of any date subsequent to the
date of this Press Release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231030348116/en/
Rithm Capital
Jon Keehner / Sarah Salky / Erik Carlson Joele Frank, Wilkinson
Brimmer Katcher (212) 355-4449 ritm-jf@joelefrank.com
Darwin / Pagaya
Jency John Head of Investor Relations IR@pagaya.com
Emily Passer Head of PR & External Communications
Press@pagaya.com
Pagaya Technologies (NASDAQ:PGY)
過去 株価チャート
から 4 2024 まで 5 2024
Pagaya Technologies (NASDAQ:PGY)
過去 株価チャート
から 5 2023 まで 5 2024