New Residential Investment, as part of its internalization, will rebrand the company and change its name to Rithm Capital. In addition, New Residential terminated its management and advisory agreement with FIG and must now pay $400 million. As a result of the termination of the agreement, NRZ ceased to be managed by an outside company and began operating as an internally managed REIT. New Residential estimates the internalization will result in about $60 million to $65 million in cost savings.