Rithm Acquisition Corp.RAC
Cash in trust
$243M
$242,892,937
Trust per share
$10.78
Redemption value
IPO
Feb 2025
—
Combination deadline
Feb 28, 2027
131 days remaining
Filings on record
54
Latest Aug 14, 2026
Overview
Rithm Acquisition Corp. is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002047497. It completed its initial public offering in Feb 2025 and listing on NYSE. Class A shares trade under the ticker RAC, units under RAC-UN, warrants under RAC-WT on NYSE. The vehicle is sponsored by Rithm through Rithm Acquisition Corp. The mandate targets financial services, real estate. IPO closed, trust funded, no definitive agreement announced.
“we intend to focus on industries that complement our management team’s background, and to capitalize on the ability of our management team to identify and acquire a business.”
Reading the filings
Arithmetic on what Rithm Acquisition Corp. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a discount to trust
At $10.54 the shares change hands 2.19% below the $10.78 they can be redeemed for. A holder buying here is paid that spread to carry deadline and redemption risk until the vote, and the trust keeps accreting underneath it.
Trust versus the $10 unit
The trust holds $10.78 per public share, 7.8% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
131 days to the Feb 28, 2027 deadline. Still workable for a deal already in diligence, tight for one that has not been found. Watch for an extension proxy, which typically appears a month or two before the date.
Sponsor promote
The sponsor's founder block is 5,750,000 shares against 22,540,000 public shares, or 20.3% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Warrant coverage
Each unit carried one-third warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Underwriting
Citigroup led the offering. It has been named on 170 SPAC IPOs, book-running 114 of them, and 53.6% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Rithm Acquisition Corp. must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
54 filings in all. 3 in the last three months, against a busiest month of 20.
Scores
Recomputed 7h agoThree readings of Rithm Acquisition Corp., each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
69/100
- Discount to trust93
2.19%
- Trust accretion83
$10.78 per share
- Runway31
132 days
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
2/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust7
-2.19%
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ElevatedHow likely is this vehicle to complete a combination, and at what scale?
60/100
- Lead bank record27
53.6%
- Bank franchise97
170 SPAC mandates
- Trust scale75
$243M
- Stage40
searching
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Rithm Acquisition Corp.
Last 90 days- Rithm Capital's Updated Sector Comparative Analysis: Part 1 (Includes Recommendation For 16 Peers As Of 9/11/2026)Neutral
SeekingAlpha · 1mo ago
- Rithm Capital's Updated Sector Comparative Analysis - Part 1 (Includes Recommendation For 17 Peers As Of 6/12/2026)Neutral
SeekingAlpha · 4mo ago
News sentiment
NeutralAcross 2 recent stories, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001688382-26-000032
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000142
- 10-Q
Quarterly report
Accession 0001104659-26-094140
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001214659-26-006439
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001604488-26-000066
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000103
- 10-Q
Quarterly report
Accession 0001104659-26-059443
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001393825-26-000030
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001214659-26-002001
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000048
- 10-Q
Quarterly report
Accession 0001104659-26-011558
- 8-K
Notice of delisting or failure to satisfy a listing rule
Items 3.01, 9.01 · Accession 0001104659-26-008671
- 10-K
Annual report
Accession 0001104659-25-123203
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001905106-25-000078
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001604488-25-000228
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001172661-25-004984
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000886982-25-001474
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001104659-25-107113
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001604488-25-000190
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000769993-25-000514
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001085146-25-005072
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000950170-25-108004
- 10-Q
Quarterly report
Accession 0001410578-25-001674
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001393825-25-000054
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001172661-25-002365
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000950170-25-071416
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001085146-25-003075
- 10-Q
Quarterly report
Accession 0001410578-25-001173
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001104659-25-046506
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001104659-25-036560
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Rithm Acquisition Corp.: questions answered
What is Rithm Acquisition Corp. (RAC)?
Rithm Acquisition Corp. is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002047497. It completed its initial public offering in Feb 2025 and listing on NYSE. Class A shares trade under the ticker RAC, units under RAC-UN, warrants under RAC-WT on NYSE. The vehicle is sponsored by Rithm through Rithm Acquisition Corp. The mandate targets financial services, real estate. IPO closed, trust funded, no definitive agreement announced.
How much does Rithm Acquisition Corp. hold in trust?
Approximately $242,892,937, or about $10.78 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Rithm Acquisition Corp. complete a merger?
By Feb 28, 2027. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Rithm Acquisition Corp. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Rithm Acquisition Corp., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.78 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Rithm Acquisition Corp. trade under?
Class A shares trade as RAC on NYSE, the units as RAC-UN, and the warrants as RAC-WT. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Rithm Acquisition Corp.?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.78, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.54, a discount of 2.19% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do Rithm Acquisition Corp.'s founder shares and warrants create?
The founder block is 5,750,000 shares against 22,540,000 public shares, so roughly 20.3% of the combined count sits with the sponsor at nominal cost. Each unit also carried one-third warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Rithm Acquisition Corp., and what is their track record?
Rithm Acquisition Corp is the sponsor entity, part of the Rithm franchise. This is the only vehicle we have attributed to that sponsor.
Which banks underwrote the Rithm Acquisition Corp. IPO?
Citigroup, BTIG, UBS. Citigroup and BTIG and UBS were credited as book-running managers on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Rithm Acquisition Corp. tradeable, and where?
Yes. RAC returned a live quote of $10.54 on NYSE. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Rithm Acquisition Corp. a good investment?
That is not a question this site answers. Rithm Acquisition Corp. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Rithm Acquisition Corp. data come from?
Filings Rithm Acquisition Corp. submitted to the SEC under CIK 0002047497: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 20, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
SPACListing is a reference-data service, not an investment adviser. Nothing here is a recommendation to buy or sell any security.
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The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Rithm: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Citigroup in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Financial Services SPACs
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All spacs searching for a target
IPO closed, trust funded, no definitive agreement announced.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
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