RITM Rithm Capital Corp

Rithm Capital Corp. (NYSE: RITM; “Rithm Capital,” “Rithm” or the “Company”) today reported the following information for the first quarter ended March 31, 2025:

First Quarter 2025 Financial Highlights:

• GAAP net income of $36.5 million, or $0.07 per diluted common share(1)
• Earnings available for distribution of $275.3 million, or $0.52 per diluted common share(1)(2)
• Common dividend of $132.5 million, or $0.25 per common share
• Book value per common share of $12.39(1)

 

Q1 2025

 

Q4 2024

 

Summary Operating Results:

 

 

 

 

GAAP Net Income per Diluted Common Share(1)

$

0.07

 

$

0.50

 

GAAP Net Income

$

36.5

million

$

263.2

million

 

 

 

 

 

Non-GAAP Results:

 

 

 

 

Earnings Available for Distribution per Diluted Common Share(1)(2)

$

0.52

 

$

0.60

 

Earnings Available for Distribution(2)

$

275.3

million

$

315.8

million

 

 

 

 

 

Common Dividend:

 

 

 

 

Common Dividend per Share

$

0.25

 

$

0.25

 

Common Dividend

$

132.5

million

$

130.2

million

“Rithm delivered strong performance in the first quarter despite a challenging macroeconomic environment, demonstrating the power of our diversified platform,” said Michael Nierenberg, Chief Executive Officer and President of Rithm. “The quarter was marked by several achievements that reinforced the strength of our innovative approach, including the largest-ever mortgage servicing rights debt issuance. Each of our core operating businesses, including our world-class asset management, origination, and servicing platforms, demonstrated steady growth, providing us confidence in our strategy and future prospects. This further validates our continued transformation into a multi-dimensional asset manager that is well-positioned to capitalize on the outstanding opportunities for our business and build long-term shareholder value.”

First Quarter 2025 Business Highlights:

• Rithm Capital
  • In Q1’25, Rithm Capital completed a $878 million secured financing backed by mortgage servicing rights (“MSRs”), the largest-ever MSR debt issuance and just the second-of-its-kind non-recourse term financing of MSRs, marking a significant milestone in Rithm Capital’s innovation in MSR-backed financing.
  • Rithm Capital completed two non-qualified mortgage securitizations in the quarter totaling $634 million in unpaid principal balance (“UPB”).
  • Rithm Capital also sponsored the successful $230 million initial public offering of Rithm Acquisition Corp. (NYSE: RAC; RAC.U; RAC.WS), a special purpose acquisition company, formed for the purpose of entering into a business combination with one or more businesses, with a focus on businesses in the financial services, real estate and infrastructure sectors.

• Newrez
  • Newrez LLC (“Newrez”), Rithm Capital’s multichannel mortgage origination and servicing platform, posted pre-tax income of $270.1 million in Q1’25, excluding the MSR mark-to-market loss and related hedge impact of $(180.1) million, down from $280.2 million in Q4’24, excluding the MSR mark-to-market gain and related hedge impact of $204.5 million.
  • Newrez generated a 19% pre-tax return on equity (“ROE”) on $5.5 billion of equity(3)(4). Total servicing UPB reached $845 billion, an increase of 30% YoY, which includes $254 billion UPB of third-party servicing, an increase of 110% YoY.
  • Origination funded production volume was $11.8 billion in Q1’25, an increase of 9% YoY.

• Genesis Capital
  • Rithm Capital’s residential transitional lending platform, Genesis Capital LLC (“Genesis Capital”), recorded pre-tax income of $22.4 million in Q1’25, excluding portfolio mark-to-market loss of $6.5 million, and Q1’25 origination volume of $895 million, an increase of 7% YoY, and a record level for any first quarter.
  • Genesis Capital continued to expand its sponsor base, growing sponsors to 190, a 37% increase YoY.

• Sculptor Capital
  • Rithm Capital’s alternative asset manager, Sculptor Capital Management Inc. (“Sculptor Capital”), grew to approximately $35 billion of assets under management (“AUM”)(5), including gross fundraising inflows of $1.4 billion across the Sculptor platform, as of March 31, 2025.
  • Sculptor Capital closed an additional $870 million in Q1’25 for Real Estate Fund V, which is focused on opportunistic real estate investments, bringing total commitments to $3.2 billion through March 31, 2025.
  • The Sculptor Capital platform also closed a new European CLO of $420 million in AUM.
  • Subsequent to the end of Q1’25, Sculptor Capital held the final closing for Sculptor’s Tactical Credit Fund on April 1, 2025, bringing total fund AUM to $900 million(5).

(1)

Per diluted common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 530,599,555 and 526,279,952 weighted average diluted shares for the quarters ended March 31, 2025 and December 31, 2024, respectively. Per share calculations of Book Value are based on 530,122,477 common shares outstanding as of March 31, 2025.

 

 

(2)

Earnings Available for Distribution is a non-GAAP financial measure. For a reconciliation of Earnings Available for Distribution to GAAP Net Income, as well as an explanation of this measure, please refer to the section entitled Non-GAAP Financial Measures and Reconciliation to GAAP Net Income below.

 

 

(3)

Excludes full MSR mark-to-market and related hedge impact of $(180.1) million.

 

(4)

ROE is calculated based on annualized pre-tax income, excluding MSR mark-to-market and related hedge adjustment, divided by the average Origination and Servicing segment ending equity for the respective period.

 

(5)

AUM is estimated and refers to the assets for which Sculptor provides investment management, advisory or certain other investment-related services. This is generally equal to the sum of (i) net asset value of the open-ended funds or gross asset value of Real Estate funds, (ii) uncalled capital commitments, (iii) par value of collateralized loan obligations. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other Sculptor funds/vehicles. Our calculation of AUM may differ from the calculations of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. Our calculations of AUM are not based on any definition set forth in the governing documents of the investment funds and are not calculated pursuant to any regulatory definitions. Sculptor AUM calculation methodology changed effective September 1, 2024.

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors - News section of the Company’s website, www.rithmcap.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.

EARNINGS CONFERENCE CALL

Rithm Capital’s management will host a conference call on Friday, April 25, 2025 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors - News section of Rithm Capital’s website, www.rithmcap.com.

The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Rithm Capital First Quarter 2025 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10198912/fef5474c00.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.rithmcap.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Friday, May 2, 2025 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code “2019301”.

Rithm Capital Corp. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

($ in thousands, except share and per share data)

 

 

Three Months Ended

 

March 31,

2025

 

December 31,

2024

Revenues

 

 

 

Servicing fee revenue, net and interest income from MSRs and MSR financing receivables

$

570,801

 

 

$

531,279

 

Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891) and $(180,480), respectively)

 

(541,916

)

 

 

563,484

 

Servicing revenue, net

 

28,885

 

 

 

1,094,763

 

Interest income

 

441,260

 

 

 

485,610

 

Gain on originated residential mortgage loans, held-for-sale, net

 

159,789

 

 

 

201,641

 

Other revenues

 

50,773

 

 

 

55,412

 

Asset management revenues

 

87,672

 

 

 

258,871

 

 

 

768,379

 

 

 

2,096,297

 

Expenses

 

 

 

Interest expense and warehouse line fees

 

419,054

 

 

 

449,386

 

General and administrative

 

237,546

 

 

 

233,629

 

Compensation and benefits

 

271,467

 

 

 

362,869

 

 

 

928,067

 

 

 

1,045,884

 

Other Income (Loss)

 

 

 

Realized and unrealized gains (losses), net

 

207,395

 

 

 

(569,043

)

Other income (loss), net

 

9,073

 

 

 

11,227

 

 

 

216,468

 

 

 

(557,816

)

Income before Income Taxes

 

56,780

 

 

 

492,597

 

Income tax expense (benefit)

 

(23,930

)

 

 

200,690

 

Net Income

 

80,710

 

 

 

291,907

 

Noncontrolling interests in income of consolidated subsidiaries

 

1,086

 

 

 

1,737

 

Redeemable noncontrolling interests in income of consolidated subsidiaries

 

813

 

 

 

—

 

Change in redemption value of redeemable noncontrolling interests

 

15,611

 

 

 

—

 

Dividends on preferred stock

 

26,677

 

 

 

26,948

 

Net Income Attributable to Common Stockholders

$

36,523

 

 

$

263,222

 

 

 

 

 

Net Income per Share of Common Stock

 

 

 

Basic

$

0.07

 

 

$

0.51

 

Diluted

$

0.07

 

 

$

0.50

 

Weighted Average Number of Shares of Common Stock Outstanding

 

 

 

Basic

 

524,104,842

 

 

 

520,271,165

 

Diluted

 

530,599,555

 

 

 

526,279,952

 

 

 

 

 

Dividends Declared per Share of Common Stock

$

0.25

 

 

$

0.25

 

Rithm Capital Corp. and Subsidiaries

Consolidated Balance Sheets

($ in thousands, except share data)

 

 

March 31, 2025

(Unaudited)

 

December 31,

2024

Assets

 

 

 

Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value

$

10,133,041

 

 

$

10,321,671

 

Government and government-backed securities ($11,023,935 and $9,711,346 at fair value, respectively)

 

11,048,701

 

 

 

9,736,116

 

Residential mortgage loans, held-for-sale ($3,092,102 and $4,307,571 at fair value, respectively)

 

3,156,350

 

 

 

4,374,241

 

Residential mortgage loans, held-for-investment, at fair value

 

354,003

 

 

 

361,890

 

Consumer loans, held-for-investment, at fair value

 

554,168

 

 

 

665,565

 

Residential transition loans, at fair value

 

2,335,218

 

 

 

2,178,075

 

Residential mortgage loans subject to repurchase

 

2,432,605

 

 

 

2,745,756

 

Single-family rental properties

 

1,011,986

 

 

 

1,028,295

 

Cash and cash equivalents

 

1,493,834

 

 

 

1,458,743

 

Restricted cash

 

511,698

 

 

 

308,443

 

Servicer advances receivable

 

2,874,515

 

 

 

3,198,921

 

Other assets ($2,494,787 and $2,311,979 at fair value, respectively)

 

4,450,923

 

 

 

4,563,415

 

Assets of consolidated CFEs(A):

 

 

 

Investments, at fair value and other assets

 

4,972,801

 

 

 

5,107,826

 

Total Assets

$

45,329,843

 

 

$

46,048,957

 

Liabilities and Equity

 

 

 

Liabilities

 

 

 

Secured financing agreements

$

16,791,234

 

 

$

16,782,467

 

Secured notes and bonds payable ($169,035 and $185,460 at fair value, respectively)

 

10,025,948

 

 

 

10,298,075

 

Residential mortgage loan repurchase liability

 

2,432,605

 

 

 

2,745,756

 

Unsecured notes, net of issuance costs

 

1,207,594

 

 

 

1,204,220

 

Dividends payable

 

157,405

 

 

 

153,114

 

Accrued expenses and other liabilities ($538,985 and $525,486 at fair value, respectively)

 

2,343,010

 

 

 

2,630,771

 

Liabilities of consolidated CFEs(A):

 

 

 

Notes payable, at fair value and other liabilities

 

4,230,793

 

 

 

4,348,244

 

Total Liabilities

 

37,188,589

 

 

 

38,162,647

 

Commitments and Contingencies

 

 

 

Redeemable Noncontrolling Interests of Consolidated Subsidiaries

 

256,414

 

 

 

—

 

Equity

 

 

 

Preferred stock, $0.01 par value, 100,000,000 shares authorized, 49,964,122 and 51,964,122 issued and outstanding, $1,249,104 and $1,299,104 aggregate liquidation preference, respectively

 

1,207,254

 

 

 

1,257,254

 

Common stock, $0.01 par value, 2,000,000,000 shares authorized, 530,122,477 and 520,656,256 issued and outstanding, respectively

 

5,301

 

 

 

5,206

 

Additional paid-in capital

 

6,635,226

 

 

 

6,528,613

 

Accumulated deficit

 

(129,934

)

 

 

(46,985

)

Accumulated other comprehensive income

 

58,277

 

 

 

50,886

 

Total Rithm Capital stockholders’ equity

 

7,776,124

 

 

 

7,794,974

 

Noncontrolling interests in equity of consolidated subsidiaries

 

108,716

 

 

 

91,336

 

Total Equity

 

7,884,840

 

 

 

7,886,310

 

Total Liabilities and Equity

$

45,329,843

 

 

$

46,048,957

 

(A) Includes assets and liabilities of certain consolidated variable interest entities (“VIEs”) that meet the definition of collateralized financing entities (“CFEs”). These assets can only be used to settle obligations and liabilities of such VIEs for which creditors do not have recourse to Rithm Capital Corp.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP NET INCOME

The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operating companies, including any impairment or reserve for expected credit losses; (iii) income from the Company’s operating company investments; and (iv) the Company’s operating expenses and taxes.

“Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance, excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) net other income and losses; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes.

The Company’s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within net other income and losses, management primarily excludes (i) equity-based compensation expenses, (ii) non-cash deferred interest expense and (iii) amortization expense related to intangible assets, as management does not consider this non-cash activity to be a component of earnings available for distribution. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses. Management also excludes deferred taxes because the Company believes deferred taxes are not representative of current operations.

Management believes that the adjustments to compute “earnings available for distribution” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such, earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP net income which is inclusive of all of the Company’s activities.

The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.

Reconciliation of Non-GAAP Measure to the Respective GAAP Measure

The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data):

 

Three Months Ended

 

March 31,

2025

 

December 31,

2024

Net income (loss) attributable to common stockholders - GAAP

$

36,523

 

 

$

263,222

 

Adjustments:

 

 

 

Realized and unrealized (gains) losses, net, including MSR change in valuation inputs and assumptions

 

203,764

 

 

 

(177,294

)

Other (income) loss, net

 

70,142

 

 

 

34,707

 

Non-capitalized transaction-related expenses (reimbursements)

 

6,131

 

 

 

(2,203

)

Deferred taxes

 

(41,295

)

 

 

197,360

 

Earnings available for distribution - Non-GAAP

$

275,265

 

 

$

315,792

 

 

 

 

 

Net income (loss) per diluted share

$

0.07

 

 

$

0.50

 

Earnings available for distribution per diluted share

$

0.52

 

 

$

0.60

 

 

 

 

 

Weighted average number of shares of common stock outstanding, diluted

 

530,599,555

 

 

 

526,279,952

 

SEGMENT INFORMATION

($ in thousands)

 

First Quarter Ended March 31, 2025

 

Origination

and

Servicing

 

Investment

Portfolio

 

Residential Transitional

Lending

 

Asset

Management

 

Corporate

Category

 

Total

Servicing fee revenue, net and interest income from MSRs and MSR financing receivables

 

$

570,801

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

570,801

 

Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891))

 

 

(541,916

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(541,916

)

Servicing revenue, net

 

 

28,885

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28,885

 

Interest income

 

 

292,561

 

 

 

71,790

 

 

 

66,508

 

 

 

9,413

 

 

 

988

 

 

 

441,260

 

Gain on originated residential mortgage loans, held-for-sale, net

 

 

151,494

 

 

 

8,295

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

159,789

 

Other revenues

 

 

25,738

 

 

 

25,035

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

50,773

 

Asset management revenues

 

 

—

 

 

 

—

 

 

 

—

 

 

 

87,672

 

 

 

—

 

 

 

87,672

 

Total Revenues

 

 

498,678

 

 

 

105,120

 

 

 

66,508

 

 

 

97,085

 

 

 

988

 

 

 

768,379

 

Interest expense and warehouse line fees

 

 

292,948

 

 

 

59,636

 

 

 

31,701

 

 

 

14,089

 

 

 

20,680

 

 

 

419,054

 

Other segment expenses

 

 

143,767

 

 

 

22,992

 

 

 

4,831

 

 

 

31,591

 

 

 

9,797

 

 

 

212,978

 

Compensation and benefits

 

 

172,702

 

 

 

1,162

 

 

 

14,391

 

 

 

65,330

 

 

 

17,882

 

 

 

271,467

 

Depreciation and amortization

 

 

7,659

 

 

 

7,954

 

 

 

1,567

 

 

 

7,384

 

 

 

4

 

 

 

24,568

 

Total Operating Expenses

 

 

617,076

 

 

 

91,744

 

 

 

52,490

 

 

 

118,394

 

 

 

48,363

 

 

 

928,067

 

Realized and unrealized gains (losses), net

 

 

208,538

 

 

 

3,094

 

 

 

2,043

 

 

 

(6,280

)

 

 

—

 

 

 

207,395

 

Other income (loss), net

 

 

(118

)

 

 

1,489

 

 

 

(141

)

 

 

7,838

 

 

 

5

 

 

 

9,073

 

Total Other Income (Loss)

 

 

208,420

 

 

 

4,583

 

 

 

1,902

 

 

 

1,558

 

 

 

5

 

 

 

216,468

 

Income (Loss) before Income Taxes

 

 

90,022

 

 

 

17,959

 

 

 

15,920

 

 

 

(19,751

)

 

 

(47,370

)

 

 

56,780

 

Income tax expense (benefit)

 

 

(56,694

)

 

 

(8,512

)

 

 

(1,090

)

 

 

42,366

 

 

 

—

 

 

 

(23,930

)

Net Income (Loss)

 

 

146,716

 

 

 

26,471

 

 

 

17,010

 

 

 

(62,117

)

 

 

(47,370

)

 

 

80,710

 

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

 

354

 

 

 

728

 

 

 

—

 

 

 

4

 

 

 

—

 

 

 

1,086

 

Redeemable noncontrolling interests in income of consolidated subsidiaries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

810

 

 

 

813

 

Change in redemption value of redeemable noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,611

 

 

 

15,611

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26,677

 

 

 

26,677

 

Net Income (Loss) Attributable to Common Stockholders

 

$

146,362

 

 

$

25,743

 

 

$

17,010

 

 

$

(62,124

)

 

$

(90,468

)

 

$

36,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

30,126,396

 

 

$

8,567,949

 

 

$

3,667,080

 

 

$

2,440,527

 

 

$

527,891

 

 

$

45,329,843

 

Total Rithm Capital Stockholders' Equity

 

$

5,516,331

 

 

$

1,527,528

 

 

$

845,627

 

 

$

876,217

 

 

$

(989,579

)

 

$

7,776,124

 

Fourth Quarter Ended December 31, 2024

 

Origination

and

Servicing

 

Investment

Portfolio

 

Residential

Transitional

Lending

 

Asset

Management

 

Corporate

Category

 

Total

Servicing fee revenue, net and interest income from MSRs and MSR financing receivables

 

$

531,279

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

531,279

 

Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(180,480))

 

 

563,484

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

563,484

 

Servicing revenue, net

 

 

1,094,763

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,094,763

 

Interest income

 

 

341,306

 

 

 

70,896

 

 

 

67,278

 

 

 

6,127

 

 

 

3

 

 

 

485,610

 

Gain on originated residential mortgage loans, held-for-sale, net

 

 

198,753

 

 

 

2,888

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

201,641

 

Other revenues

 

 

28,676

 

 

 

26,736

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55,412

 

Asset management revenues

 

 

—

 

 

 

—

 

 

 

—

 

 

 

258,871

 

 

 

—

 

 

 

258,871

 

Total Revenues

 

 

1,663,498

 

 

 

100,520

 

 

 

67,278

 

 

 

264,998

 

 

 

3

 

 

 

2,096,297

 

Interest expense and warehouse line fees

 

 

322,889

 

 

 

59,552

 

 

 

29,898

 

 

 

12,077

 

 

 

24,970

 

 

 

449,386

 

Other segment expenses

 

 

142,080

 

 

 

22,317

 

 

 

7,921

 

 

 

29,843

 

 

 

6,961

 

 

 

209,122

 

Compensation and benefits

 

 

179,494

 

 

 

2,609

 

 

 

17,384

 

 

 

155,397

 

 

 

7,985

 

 

 

362,869

 

Depreciation and amortization

 

 

10,237

 

 

 

5,069

 

 

 

1,567

 

 

 

7,613

 

 

 

21

 

 

 

24,507

 

Total Operating Expenses

 

 

654,700

 

 

 

89,547

 

 

 

56,770

 

 

 

204,930

 

 

 

39,937

 

 

 

1,045,884

 

Realized and unrealized gains (losses), net

 

 

(529,025

)

 

 

(25,934

)

 

 

(7,257

)

 

 

(6,827

)

 

 

—

 

 

 

(569,043

)

Other income (loss), net

 

 

4,942

 

 

 

5,948

 

 

 

203

 

 

 

122

 

 

 

12

 

 

 

11,227

 

Total Other Income (Loss)

 

 

(524,083

)

 

 

(19,986

)

 

 

(7,054

)

 

 

(6,705

)

 

 

12

 

 

 

(557,816

)

Income (Loss) before Income Taxes

 

 

484,715

 

 

 

(9,013

)

 

 

3,454

 

 

 

53,363

 

 

 

(39,922

)

 

 

492,597

 

Income tax expense (benefit)

 

 

168,689

 

 

 

7,708

 

 

 

851

 

 

 

23,442

 

 

 

—

 

 

 

200,690

 

Net Income (Loss)

 

 

316,026

 

 

 

(16,721

)

 

 

2,603

 

 

 

29,921

 

 

 

(39,922

)

 

 

291,907

 

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

 

636

 

 

 

1,109

 

 

 

—

 

 

 

(8

)

 

 

—

 

 

 

1,737

 

Dividends on preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26,948

 

 

 

26,948

 

Net Income (Loss) Attributable to Common Stockholders

 

$

315,390

 

 

$

(17,830

)

 

$

2,603

 

 

$

29,929

 

 

$

(66,870

)

 

$

263,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

32,418,256

 

 

$

7,463,738

 

 

$

3,439,075

 

 

$

2,508,130

 

 

$

219,758

 

 

$

46,048,957

 

Total Rithm Capital Stockholders' Equity

 

$

5,715,057

 

 

$

1,523,436

 

 

$

801,646

 

 

$

804,727

 

 

$

(1,049,892

)

 

$

7,794,974

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information in this press release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent management’s current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statement Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Company’s website (www.rithmcap.com). New risks and uncertainties emerge from time to time, and it is not possible for Rithm Capital to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and Rithm Capital expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Rithm Capital's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

ABOUT RITHM CAPITAL

Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm’s businesses include Sculptor Capital, an alternative asset manager, as well as Newrez and Genesis Capital, leading mortgage origination and servicing platforms. Rithm Capital seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.8 billion in dividends to shareholders. Rithm is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250425699669/en/

Investor Relations 212-850-7770 ir@rithmcap.com