Rithm Capital (NYSE: RITM) started writing a new chapter last year. The real estate investment trust (REIT) acquired Sculptor Capital Management for around $720 million to launch the next stage of its evolution: It wants to become a leading alternative asset manager.

That positions it to capitalize on a massive and growing market opportunity. According to Preqin, the alternative asset management sector's assets under management (AUM) will rise $8 trillion to a staggering $24.5 trillion by 2028. That's a massive market opportunity for the company's small and growing asset management business.

Rithm Capital started charting a new course in mid-2022. The company, then New Residential Investment, rebranded as Rithm Capital to "highlight a new chapter in the Company's evolution and reinforce its position as a leading diversified company in the financial services and real estate sectors." It has gone from a mortgage REIT focused on acquiring mortgage servicing rights (MSR) to a more diversified financial services company.

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Source Fool.com