Rithm Acquisition Corp (RAC) is a blank-check special purpose acquisition company incorporated to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company raised capital through an initial public offering, with proceeds held in trust pending a qualifying acquisition. RAC was incorporated on November 21, 2024, and its sponsor, Rithm Acquisition Corp Sponsor LLC, is controlled by Rithm Capital Corp., an affiliate with investments spanning non-bank mortgage origination and servicing, real estate lending, single-family rental, and alternative asset management through Sculptor Capital Management. RAC's management team, led by Michael Nierenberg, brings experience across structured finance, mortgage-backed securities, asset-backed securities, and real estate investment. The auditor's report filed with the 10-K (filed 2025-12-19, accession 000110465925123203) notes substantial doubt about the company's ability to continue as a going concern given costs incurred in pursuit of its acquisition plans.

Revenue model

RAC generates no operating revenue. Trust proceeds from the IPO are held until a business combination is completed or shares are redeemed. The company incurs ongoing costs related to its acquisition search and public-company obligations.

Products and services

Public units consisting of Class A ordinary shares and redeemable public warrants; private placement units issued to the sponsor including private placement shares and non-redeemable private placement warrants.

Customers and end markets

Public shareholders who purchased units in the IPO or on the open market; the sponsor and affiliated management team as holders of Class B ordinary shares and private placement units.

Value-chain role

Blank-check acquisition vehicle. Identifies, negotiates, and completes a business combination with a target company, with the sponsor affiliated with Rithm Capital Corp.'s platform spanning mortgage origination, real estate lending, and alternative asset management.

Geographic exposure

Incorporated in the Cayman Islands. Target business combination may involve a U.S. or non-U.S. company; cross-border combination risks are disclosed as a possibility in the 10-K filed 2025-12-19.

Source: SEC 10-K, filed 2025-12-19

Industry: Blank Checks