Rithm Acquisition Corp 1 is a SPAC — a blank check company with no operations, products, or revenues — formed to identify and acquire a private company and take it public. The company raised approximately $230M in its February 2025 IPO, with proceeds held in trust pending an acquisition. The SPAC is sponsored by Rithm, a New York-based asset manager focused on real estate, credit, and financial services, best known for owning Newrez, the second-largest non-bank mortgage servicer in the U.S., and for acquiring alternative asset manager Sculptor Capital in 2023. While Rithm Acquisition Corp 1 can pursue any target, it intends to focus on financial services (fintech, insurance, specialty finance, mortgage lending, asset management), real estate, and digital infrastructure (data centers, towers). No acquisition target has been identified as of the filing date. The SPAC structure gives public investors downside protection — their $10.00/share is held in trust and can be redeemed if they dislike a proposed deal — while the sponsor earns its return through founder shares issued at a nominal cost that become valuable only if a deal closes successfully. If no deal closes within the allotted timeframe, the trust is liquidated and returned to public shareholders, and the sponsor forfeits its founder shares entirely.