Rithm Capital Corp. Announces First Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--April 25, 2025--
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, December 31,
2025 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 December 31,
(Unaudited) 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, December 31,
2025 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)
Origination Residential
First Quarter Ended March and Investment Transitional Asset Corporate
31, 2025 Servicing Portfolio Lending Management 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
-------------------------- ---------- --------- --------- --------- -------- ----------
Origination Residential
Fourth Quarter Ended and Investment Transitional Asset Corporate
December 31, 2024 Servicing Portfolio Lending Management 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/
CONTACT: Investor Relations
212-850-7770
ir@rithmcap.com
(END) Dow Jones Newswires
April 25, 2025 06:45 ET (10:45 GMT)
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