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Rithm Capital Corp. Announces Third Quarter 2022 Results

Rithm Capital Corp. (NYSE: RITM; “Rithm Capital” or the “Company”) today reported the following information for the third quarter ended September 30, 2022:

Third Quarter 2022 Financial Highlights:

  • GAAP net income of $124.5 million, or $0.26 per diluted common share(1)
  • Earnings available for distribution of $153.0 million, or $0.32 per diluted common share(1)(2)
  • Common dividend of $118.4 million, or $0.25 per common share
  • Book value per common share of $12.10(1)

 

Q3 2022

 

Q2 2022

 

Summary Operating Results:

 

 

 

 

GAAP Net Income (Loss) per Diluted Common Share(1)

$

       0.26

 

$

      (0.01)

 

GAAP Net Income (Loss)

$

     124.5

million

$

        (3.3)

million

 

 

 

 

 

Non-GAAP Results:

 

 

 

 

Earnings Available for Distribution per Diluted Common Share(1)

$

       0.32

 

$

       0.31

 

Earnings Available for Distribution(2)

$

     153.0

million

$

     145.8

million

 

 

 

 

 

Common Dividend:

 

 

 

 

Common Dividend per Share

$

       0.25

 

$

       0.25

 

Common Dividend

$

     118.4 

million

$

     116.7 

million

“I am pleased to share that our Company had another great quarter,” said Michael Nierenberg, Chief Executive Officer of Rithm Capital. “Book value quarter-over-quarter was essentially unchanged, despite the large sell-off in rates and the widening of credit spreads. Earnings available for distribution were 32 cents per diluted share, in line with prior quarters. Our emphasis continues to be on strategically growing the Company across the financial services landscape, managing risk with a macro view towards the future, and allocating capital accordingly to focus on attractive risk-adjusted returns.”

“We believe Rithm provides investors with a differentiated platform. With our operating companies Genesis, Newrez/Caliber, Guardian and Adoor (SFR), as well as our investment portfolio, our Company is different. As part of our growth strategy, we are excited to announce an agreement to acquire a 50% interest in Senlac Ridge Partners, an investment management firm focused on commercial real estate.”

“Senlac, led by founder David Welsh, creates a new commercial real estate business at Rithm focused on debt and equity investments. Welsh, who co-founded Normandy Real Estate Partners, and his team of approximately 20 employees bring with them decades of expertise, a strong track record investing in and turning around distressed assets, and an extensive network across the country. We believe Senlac’s vertically-integrated infrastructure and operations, development, sourcing and fund management capabilities will further our ability to raise third-party capital around different strategies and create stable, recurring fee streams for our shareholders. We are excited about this new chapter for Rithm and look forward to closing the year out on a high note.”

Third Quarter 2022 Company Highlights:

  • Origination & Servicing (Mortgage Company)
    • Combined segment pre-tax income of $209.8 million(3), including:
      • $16 million of severance, $14 million of lease termination fees and $12 million of write-offs related to software and contract termination fees
      • $131 million of positive mark-to-market changes on the Full MSR portfolio
    • Quarterly origination funded production of $13.8 billion UPB
    • Total gain on sale margin of 1.71%
    • Estimated Q4’22 funded origination volume of approximately $6 to $8 billion
  • Total Rithm MSR Portfolio Summary
    • MSR portfolio totaled $615 billion in unpaid principal balance (“UPB”) at September 30, 2022 compared to $623 billion UPB at June 30, 2022(4)
      • Portfolio Average CPR of approximately 8%
    • Servicer advance balances of $2.9 billion as of September 30, 2022, down 3% from June 30, 2022
    • $143 million of positive mark-to-market changes on our Full MSR portfolio (inclusive of the $131 million positive mark-to-market changes at the Mortgage Company)
  • Residential Securities, Properties and Loans
    • Priced and closed two securitizations (one Non-QM and one SFR) representing approximately $633 million UPB of collateral
  • Mortgage Loans Receivable
    • Quarterly origination funded production of $622 million through Genesis Capital LLC

(1) Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 476,796,757 and 466,804,548 weighted average diluted shares for the quarter ended September 30, 2022 and June 30, 2022, respectively. The Company excluded 17,757,843 weighted average common shares from the calculation of diluted net income (loss) per share for the quarter ended June 30, 2022 because their inclusion would have been anti-dilutive. Per share calculations of Book Value are based on 473,715,100 and 466,786,526 common shares outstanding as of September 30, 2022 and June 30, 2022, respectively. The common shares outstanding as of September 30, 2022 reflects the cashless exercise of common stock purchase warrants of 6.9 million shares.

(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 Non-GAAP Financial Measures and Reconciliation to GAAP Net Income below.

(3) Includes noncontrolling interests.

(4) Includes excess and full MSRs.

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors section of the Company’s website, www.rithmcap.com. For consolidated investment portfolio information, please refer to the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on 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 Wednesday, November 2, 2022 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors section of Rithm Capital’s website, www.rithmcap.com.

All interested parties are welcome to participate on the live call. 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 Third Quarter 2022 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10172582/f4e46bc5d8.

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 Wednesday, November 9, 2022 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 “5936830.”

Consolidated Statements of Income (Unaudited)

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

 

Three Months Ended

 

September 30,

2022

 

June 30,

2022

Revenues

 

 

 

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

$

453,163

 

$

469,478

Change in fair value of MSRs and MSR financing receivables (includes realization

of cash flows of $(141,616) and $(180,265), respectively)

 

(17,178)

 

 

336,563

Servicing revenue, net

 

435,985

 

 

806,041

Interest income

 

273,379

 

 

211,648

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

 

203,479

 

 

304,791

 

 

912,843

 

 

1,322,480

Expenses

 

 

 

Interest expense and warehouse line fees

 

218,089

 

 

150,829

General and administrative

 

214,624

 

 

225,271

Compensation and benefits

 

290,984

 

 

339,658

Management fee to affiliate

 

 

 

20,985

Termination fee to affiliate

 

 

 

400,000

 

 

723,697

 

 

1,136,743

Other income (loss)

 

 

 

Change in fair value of investments, net

 

968,340

 

 

(234,040)

Gain (loss) on settlement of investments, net

 

(1,004,454)

 

 

94,936

Other income (loss), net

 

23,242

 

 

59,388

 

 

(12,872)

 

 

(79,716)

Income before income taxes

 

176,274

 

 

106,021

Income tax expense

 

22,084

 

 

72,690

Net income

$

154,190

 

$

33,331

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

7,307

 

 

14,182

Dividends on preferred stock

 

22,427

 

 

22,427

Net income (loss) attributable to common stockholders

$

124,456

 

$

(3,278)

 

 

 

 

Net income (loss) per share of common stock

 

 

 

Basic

$

0.27

 

$

(0.01)

Diluted

$

0.26

 

$

(0.01)

Weighted average number of shares of common stock outstanding

 

 

 

Basic

 

467,974,962

 

 

466,804,548

Diluted

 

476,796,757

 

 

466,804,548

 

 

 

 

Dividends declared per share of common stock

$

0.25

 

$

0.25

Consolidated Balance Sheets

($ in thousands, except share data)

 

September 30, 2022

(Unaudited)

 

December 31, 2021

Assets

 

 

 

Excess mortgage servicing rights, at fair value

$

322,168

 

$

344,947

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

 

8,895,074

 

 

6,858,803

Servicer advance investments, at fair value

 

371,418

 

 

421,807

Real estate and other securities

 

9,437,008

 

 

9,396,539

Residential loans and variable interest entity consumer loans held-for-investment, at fair value

 

864,534

 

 

1,077,224

Residential mortgage loans, held-for-sale ($3,933,392 and $11,214,924 at fair value, respectively)

 

4,037,411

 

 

11,347,845

Single-family rental properties, held-for-investment

 

959,448

 

 

579,607

Mortgage loans receivable, at fair value

 

1,919,913

 

 

1,515,762

Residential mortgage loans subject to repurchase

 

1,897,142

 

 

1,787,314

Cash and cash equivalents

 

1,420,010

 

 

1,332,575

Restricted cash

 

529,565

 

 

195,867

Servicer advances receivable

 

2,522,246

 

 

2,855,148

Other assets

 

2,158,598

 

 

2,028,752

 

$

35,334,535

 

$

39,742,190

Liabilities and Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

Secured financing agreements

$

13,655,247

 

$

20,592,884

Secured notes and bonds payable ($653,204 and $511,107 at fair value, respectively)

 

9,653,664

 

 

8,644,810

Residential mortgage loan repurchase liability

 

1,897,142

 

 

1,787,314

Unsecured senior notes, net of issuance costs

 

544,612

 

 

543,293

Payable for investments purchased

 

498,933

 

 

Due to affiliates

 

 

 

17,819

Dividends payable

 

129,632

 

 

127,922

Accrued expenses and other liabilities

 

1,893,679

 

 

1,358,768

 

 

28,272,909

 

 

33,072,810

Commitments and Contingencies

 

 

 

 

 

 

 

Equity

 

 

 

Preferred stock, $0.01 par value, 100,000,000 shares authorized, 52,038,000 and 52,210,000

issued and outstanding, $1,300,959 and $1,305,250 aggregate liquidation preference, respectively

 

1,258,667

 

 

1,262,481

Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 and

466,758,266 issued and outstanding, respectively

 

4,739

 

 

4,669

Additional paid-in capital

 

6,060,671

 

 

6,059,671

Retained earnings (accumulated deficit)

 

(381,843)

 

 

(813,042)

Accumulated other comprehensive income

 

48,337

 

 

90,253

Total Rithm Capital stockholders’ equity

 

6,990,571

 

 

6,604,032

Noncontrolling interests in equity of consolidated subsidiaries

 

71,055

 

 

65,348

Total equity

 

7,061,626

 

 

6,669,380

 

$

35,334,535

 

$

39,742,190

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP NET INCOME

The Company has five primary variables that impact its operating performance: (i) the current yield earned on the Company’s investments, (ii) the interest expense under the debt incurred to finance the Company’s investments, (iii) the Company’s operating expenses and taxes, (iv) the Company’s realized and unrealized gains or losses on investments, including any impairment or reserve for expected credit losses and (v) income from the Company’s origination and servicing businesses. “Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, excluding the fourth variable above and adjusts the earnings from the consumer loan investment to a level yield basis. Earnings available for distribution is used by management to evaluate the Company’s performance without taking into account: (i) realized and unrealized gains and 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; (ii) termination fee to affiliate; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes, which are not representative of current operations.

The Company’s definition of earnings available for distribution includes accretion on held-for-sale loans as if they continued to be held-for-investment. Although the Company intends to sell such loans, there is no guarantee that such loans will be sold or that they will be sold within any expected timeframe. During the period prior to sale, the Company continues to receive cash flows from such loans and believes that it is appropriate to record a yield thereon. In addition, the Company’s definition of earnings available for distribution excludes all deferred taxes, rather than just deferred taxes related to unrealized gains or losses, because the Company believes deferred taxes are not representative of current operations. The Company’s definition of earnings available for distribution also limits accreted interest income on RMBS where the Company receives par upon the exercise of associated call rights based on the estimated value of the underlying collateral, net of related costs including advances. The Company created this limit in order to be able to accrete to the lower of par or the net value of the underlying collateral, in instances where the net value of the underlying collateral is lower than par. The Company believes this amount represents the amount of accretion the Company would have expected to earn on such bonds had the call rights not been exercised.

The Company’s investments in consumer loans are accounted for under the fair value option. Earnings available for distribution adjusts earnings on consumer loans to a level yield to present income recognition across the consumer loan portfolio in the manner in which it is economically earned, to avoid potential delays in loss recognition, and align it with the Company’s overall portfolio of mortgage-related assets which generally record income on a level yield basis.

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 are generally 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.

Through its wholly owned subsidiaries, the Company originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, the Company reports realized gains or losses on the sale of originated residential mortgage loans and retention of mortgage servicing rights, which the Company believes is an indicator of performance for the Origination and Servicing segments and therefore included in earnings available for distribution. Realized gains or losses on the sale of originated residential mortgage loans had no impact on earnings available for distribution in any prior period, but may impact earnings available for distribution in future periods.

Earnings available for distribution includes results from operating companies with the exception of the unrealized gains or losses due to changes in valuation inputs and assumptions on MSRs, net of unrealized gains and losses on hedged MSRs, and non-capitalized transaction-related expenses.

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 investment 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.

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

 

September 30,

2022

 

June 30,

2022

Net income (loss) attributable to common stockholders

$

124,456

 

$

(3,278)

Adjustments:

 

 

 

Impairment

 

6,744

 

 

3,788

Change in fair value of investments, net

 

(1,092,789)

 

 

(282,788)

(Gain) loss on settlement of investments, net

 

1,015,701

 

 

(100,355)

Other (income) loss, net

 

68,336

 

 

49,254

Non-capitalized transaction-related expenses

 

4,450

 

 

4,250

Termination fee to affiliate

 

 

 

400,000

Preferred stock management fee to affiliate

 

 

 

3,932

Deferred taxes

 

22,081

 

 

74,111

Interest income on residential mortgage loans, held-for-sale

 

1,834

 

 

(2,881)

Earnings available for distribution of equity method investees:

 

 

 

Excess mortgage servicing rights

 

2,215

 

 

(260)

Earnings available for distribution

$

153,028

 

$

145,773

 

 

 

 

Net income (loss) per diluted share

$

0.26

 

$

(0.01)

Earnings available for distribution per diluted share

$

0.32

 

$

0.31

 

 

 

 

Weighted average number of shares of common stock outstanding, diluted

 

476,796,757

 

 

466,804,548

SEGMENT INFORMATION

($ in thousands)

 

 

Origination and Servicing

 

Residential Securities, Properties and Loans

 

 

 

 

 

 

Third Quarter 2022

 

Origination

 

Servicing

 

MSR Related Investments

 

Real Estate Securities

 

Properties & Residential Mortgage Loans

 

Mortgage Loans Receivable

 

Corporate & Other

 

Total

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

 

$

 

$

354,171

 

$

98,992

 

$

 

$

 

$

 

$

 

$

453,163

Change in fair value of MSRs and MSR financing receivables

 

 

 

 

40,401

 

 

(57,579)

 

 

 

 

 

 

 

 

 

 

(17,178)

Servicing revenue, net

 

 

 

 

394,572

 

 

41,413

 

 

 

 

 

 

 

 

 

 

435,985

Interest income

 

 

41,862

 

 

55,844

 

 

15,401

 

 

76,908

 

 

19,186

 

 

42,335

 

 

21,843

 

 

273,379

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

 

 

214,703

 

 

5,980

 

 

 

 

 

 

(17,204)

 

 

 

 

 

 

203,479

Total revenues

 

 

256,565

 

 

456,396

 

 

56,814

 

 

76,908

 

 

1,982

 

 

42,335

 

 

21,843

 

 

912,843

Interest expense

 

 

31,345

 

 

56,650

 

 

26,033

 

 

51,822

 

 

21,242

 

 

18,888

 

 

12,109

 

 

218,089

G&A and other

 

 

283,798

 

 

132,160

 

 

43,388

 

 

921

 

 

12,220

 

 

15,241

 

 

17,880

 

 

505,608

Total operating expenses

 

 

315,143

 

 

188,810

 

 

69,421

 

 

52,743

 

 

33,462

 

 

34,129

 

 

29,989

 

 

723,697

Change in fair value of investments, net

 

 

 

 

 

 

(8,711)

 

 

887,898

 

 

67,797

 

 

27,201

 

 

(5,845)

 

 

968,340

Gain (loss) on settlement of investments, net

 

 

 

 

(549)

 

 

(1,454)

 

 

(1,018,354)

 

 

14,032

 

 

1,871

 

 

 

 

(1,004,454)

Other income (loss), net

 

 

1,368

 

 

(74)

 

 

923

 

 

(2,799)

 

 

11,448

 

 

5,710

 

 

6,666

 

 

23,242

Total other income (loss)

 

 

1,368

 

 

(623)

 

 

(9,242)

 

 

(133,255)

 

 

93,277

 

 

34,782

 

 

821

 

 

(12,872)

Income (loss) before income taxes

 

 

(57,210)

 

 

266,963

 

 

(21,849)

 

 

(109,090)

 

 

61,797

 

 

42,988

 

 

(7,325)

 

 

176,274

Income tax expense (benefit)

 

 

(14,243)

 

 

51,032

 

 

(7,197)

 

 

 

 

(5,564)

 

 

(1,940)

 

 

(4)

 

 

22,084

Net income (loss)

 

 

(42,967)

 

 

215,931

 

 

(14,652)

 

 

(109,090)

 

 

67,361

 

 

44,928

 

 

(7,321)

 

 

154,190

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

 

471

 

 

 

 

(139)

 

 

 

 

 

 

 

 

6,975

 

 

7,307

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,427

 

 

22,427

Net income (loss) attributable to common stockholders

 

$

(43,438)

 

$

215,931

 

$

(14,513)

 

$

(109,090)

 

$

67,361

 

$

44,928

 

$

(36,723)

 

$

124,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

3,875,126

 

$

10,314,954

 

$

5,618,234

 

$

10,081,229

 

$

2,571,458

 

$

2,170,411

 

$

703,123

 

$

35,334,535

Total Rithm Capital stockholder’s equity

 

$

492,543

 

$

3,107,614

 

$

2,321,904

 

$

723,082

 

$

323,259

 

$

557,513

 

$

(535,344)

 

$

6,990,571

 

 

Origination and Servicing

 

Residential Securities, Properties and Loans

 

 

 

 

 

 

Second Quarter 2022

 

Origination

 

Servicing

 

MSR Related Investments

 

Real Estate Securities

 

Properties & Residential Mortgage Loans

 

Mortgage Loans Receivable

 

Corporate & Other

 

Total

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

 

$

 

$

364,698

 

$

104,780

 

$

 

$

 

$

 

$

 

$

469,478

Change in fair value of MSRs and MSR financing receivables

 

 

 

 

344,893

 

 

(8,330)

 

 

 

 

 

 

 

 

 

 

336,563

Servicing revenue, net

 

 

 

 

709,591

 

 

96,450

 

 

 

 

 

 

 

 

 

 

806,041

Interest income

 

 

46,216

 

 

16,757

 

 

11,340

 

 

54,584

 

 

22,640

 

 

36,748

 

 

23,363

 

 

211,648

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

 

 

302,610

 

 

15,739

 

 

106

 

 

 

 

(13,664)

 

 

 

 

 

 

304,791

Total revenues

 

 

348,826

 

 

742,087

 

 

107,896

 

 

54,584

 

 

8,976

 

 

36,748

 

 

23,363

 

 

1,322,480

Interest expense

 

 

27,578

 

 

41,096

 

 

25,788

 

 

20,216

 

 

11,332

 

 

12,680

 

 

12,139

 

 

150,829

G&A and other

 

 

349,432

 

 

120,395

 

 

55,401

 

 

710

 

 

11,891

 

 

14,600

 

 

433,485

 

 

985,914

Total operating expenses

 

 

377,010

 

 

161,491

 

 

81,189

 

 

20,926

 

 

23,223

 

 

27,280

 

 

445,624

 

 

1,136,743

Change in fair value of investments, net

 

 

 

 

(1,780)

 

 

(93)

 

 

(241,213)

 

 

11,399

 

 

4,843

 

 

(7,196)

 

 

(234,040)

Gain (loss) on settlement of investments, net

 

 

 

 

(564)

 

 

(1,265)

 

 

117,179

 

 

(4,798)

 

 

(15,616)

 

 

 

 

94,936

Other income (loss), net

 

 

1,832

 

 

207

 

 

16,280

 

 

(2,127)

 

 

29,471

 

 

7,430

 

 

6,295

 

 

59,388

Total other income (loss)

 

 

1,832

 

 

(2,137)

 

 

14,922

 

 

(126,161)

 

 

36,072

 

 

(3,343)

 

 

(901)

 

 

(79,716)

Income (loss) before income taxes

 

 

(26,352)

 

 

578,459

 

 

41,629

 

 

(92,503)

 

 

21,825

 

 

6,125

 

 

(423,162)

 

 

106,021

Income tax expense (benefit)

 

 

(6,522)

 

 

151,236

 

 

9,466

 

 

 

 

(2,480)

 

 

(3,623)

 

 

(75,387)

 

 

72,690

Net income (loss)

 

 

(19,830)

 

 

427,223

 

 

32,163

 

 

(92,503)

 

 

24,305

 

 

9,748

 

 

(347,775)

 

 

33,331

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

 

1,287

 

 

 

 

41

 

 

 

 

 

 

 

 

12,854

 

 

14,182

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,427

 

 

22,427

Net income (loss) attributable to common stockholders

 

$

(21,117)

 

$

427,223

 

$

32,122

 

$

(92,503)

 

$

24,305

 

$

9,748

 

$

(383,056)

 

$

(3,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

4,453,769

 

$

10,242,476

 

$

5,498,876

 

$

8,494,053

 

$

3,039,670

 

$

2,025,664

 

$

799,339

 

$

34,553,847

Total Rithm Capital stockholder’s equity

 

$

655,923

 

$

3,168,072

 

$

1,997,486

 

$

822,509

 

$

380,664

 

$

525,440

 

$

(556,267)

 

$

6,993,827

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, including, but not limited to, expected benefits and synergies from acquiring a 50% interest in Senlac Ridge Partners, our ability to continue growing book value in the fourth quarter, expected market volatility and ability to generate great returns for our shareholders in 2022 and beyond. 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 Statements 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 leading provider of capital and services to the real estate and financial services industries. The Company’s mission is to generate attractive risk-adjusted returns across interest rate environments through a complementary portfolio of investments and operating businesses. Since inception in 2013, Rithm Capital has delivered approximately $4.2 billion in dividends to shareholders. Rithm Capital’s investment portfolio is composed of mortgage servicing related assets (full and excess MSRs and servicer advances), residential securities (and associated call rights) and loans (including single family rental), and consumer loans. Rithm Capital’s investments in operating entities include leading origination and servicing platforms held through its wholly-owned subsidiaries, Newrez LLC, Caliber Home Loans Inc., and Genesis Capital LLC, as well as investments in affiliated businesses that provide mortgage related services. Rithm Capital 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.

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