Rithm Capital Partners with Darwin Homes to Form Innovative Single-Family Rental Management Technology Platform

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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(Graphic: Business Wire)

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.