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Rithm Capital Corp. Announces Fourth Quarter and Full Year 2022 Results

Rithm Capital Corp. (NYSE: RITM; “Rithm Capital” or the “Company”) today reported the following information for the fourth quarter ended and full year ended December 31, 2022:

Fourth Quarter 2022 Financial Highlights:

  • GAAP net income of $81.8 million, or $0.17 per diluted common share(1)
  • Earnings available for distribution of $156.9 million, or $0.33 per diluted common share(1)(2)
  • Common dividend of $118.6 million, or $0.25 per common share
  • Book value per common share of $12.00(1)

Full Year 2022 Financial Highlights:

  • GAAP net income of $864.8 million, or $1.80 per diluted common share(1)
  • Earnings available for distribution of $633.1 million, or $1.31 per diluted common share(1)(2)
  • Common dividend of $470.4 million, or $1.00 per common share

 

Q4 2022

 

Q3 2022

 

FY 2022

 

FY 2021

 

Summary Operating Results:

 

 

 

 

 

 

 

 

GAAP Net Income per Diluted Common Share(1)

$

0.17

 

$

0.26

 

$

1.80

 

$

1.51

 

GAAP Net Income

$

81.8

million

$

124.5

million

$

864.8

million

$

705.5

million

 

 

 

 

 

 

 

 

 

Non-GAAP Results:

 

 

 

 

 

 

 

 

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

$

0.33

 

$

0.32

 

$

1.31

 

$

1.48

 

Earnings Available for Distribution(2)

$

156.9

million

$

153.0

million

$

633.1

million

$

694.2

million

 

 

 

 

 

 

 

 

 

Common Dividend:

 

 

 

 

 

 

 

 

Common Dividend per Share

$

0.25

 

$

0.25

 

$

1.00

 

$

0.90

 

Common Dividend

$

118.6

million

$

118.4

million

$

470.4

million

$

409.6

million

“2022 was a transformational year for our company, highlighted by our transition from New Residential to Rithm,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “We delivered on our message of preparing our business for a higher rate environment by not fighting the Fed and by being defensive with our capital deployment. This past year, in a very challenging and volatile market environment, we produced a 15% GAAP (or 11% EAD) return on equity, grew book value by roughly 5% and generated nearly 14% in total economic return for our shareholders.”

“The Rithm platform is growing. We’ve added great people to the team and have extended our reach as we pivot towards being an alternative asset manager. With the launch of our private capital business, the addition of the GreenBarn commercial real estate team, and the growth of the Genesis business, our evolution is well underway.”

“We expect 2023 to present material opportunities for Rithm and our operating companies. We will continue to invest in our core strategies while expanding in the new areas highlighted above. We are excited about our private capital business which should generate new and recurring fee streams for our shareholders while driving the next phase of our growth. I am proud of what we’ve accomplished thus far and look forward to the future of Rithm.”

Fourth Quarter 2022 Company Highlights:

  • Origination & Servicing (Mortgage Company)
    • Combined segment pre-tax income of $23.9 million(3)
    • Quarterly origination funded production unpaid principal balance (“UPB”) of $7.9 billion
    • Estimated Q1’23 funded origination volume of approximately $5 to $7 billion
  • Total Rithm MSR Portfolio Summary
    • MSR portfolio totaled $609 billion in UPB at December 31, 2022 compared to $615 billion UPB at September 30, 2022(4)
      • Portfolio average CPR of approximately 5%
    • Servicer advance balances of $3.2 billion as of December 31, 2022, relatively flat compared to balances as of December 31, 2021
  • Residential Securities, Properties and Loans
    • Closed one Non-QM securitization representing approximately $262 million UPB of collateral
  • Mortgage Loans Receivable
    • Quarterly origination funded production of $481 million through Genesis Capital LLC

(1)

Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 480,852,723 and 476,796,757 weighted average diluted shares for the quarters ended December 31, 2022 and September 30, 2022, respectively. Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 481,636,125 and 467,665,006 weighted average diluted shares for the years ended December 31, 2022 and 2021, respectively. Per share calculations of Book Value are based on 473,715,100 common shares outstanding as of December 31, 2022.

 

(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, February 8, 2023 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 Fourth Quarter and Full Year 2022 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10175154/f5b3ebf040.

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, February 15, 2023 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 “5404525.”

Consolidated Statements of Income (Unaudited)

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

 

 

Three Months Ended

 

Year Ended December 31,

 

December 31,

2022

 

September 30,

2022

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

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

$

452,923

 

 

$

453,163

 

 

$

1,831,964

 

 

$

1,559,554

 

Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(108,914), $(141,616), $(631,120), and $(1,192,646), respectively)

 

(162,028

)

 

 

(17,178

)

 

 

732,750

 

 

 

(575,353

)

Servicing revenue, net

 

290,895

 

 

 

435,985

 

 

 

2,564,714

 

 

 

984,201

 

Interest income

 

365,541

 

 

 

273,379

 

 

 

1,075,981

 

 

 

810,896

 

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

 

105,966

 

 

 

203,479

 

 

 

1,086,232

 

 

 

1,826,909

 

 

 

762,402

 

 

 

912,843

 

 

 

4,726,927

 

 

 

3,622,006

 

Expenses

 

 

 

 

 

 

 

Interest expense and warehouse line fees

 

283,250

 

 

 

218,089

 

 

 

791,001

 

 

 

497,308

 

General and administrative

 

189,295

 

 

 

214,624

 

 

 

875,428

 

 

 

864,028

 

Compensation and benefits

 

208,185

 

 

 

290,984

 

 

 

1,231,446

 

 

 

1,159,810

 

Management fee to affiliate

 

 

 

 

 

 

 

46,174

 

 

 

95,926

 

Termination fee to affiliate

 

 

 

 

 

 

 

400,000

 

 

 

 

 

 

680,730

 

 

 

723,697

 

 

 

3,344,049

 

 

 

2,617,072

 

Other income (loss)

 

 

 

 

 

 

 

Change in fair value of investments, net

 

521,109

 

 

 

968,340

 

 

 

1,108,290

 

 

 

11,723

 

Gain (loss) on settlement of investments, net

 

(511,345

)

 

 

(1,004,454

)

 

 

(1,359,679

)

 

 

(234,561

)

Other income (loss), net

 

(3,650

)

 

 

23,242

 

 

 

131,312

 

 

 

181,712

 

 

 

6,114

 

 

 

(12,872

)

 

 

(120,077

)

 

 

(41,126

)

Income before income taxes

 

87,786

 

 

 

176,274

 

 

 

1,262,801

 

 

 

963,808

 

Income tax expense (benefit)

 

(18,047

)

 

 

22,084

 

 

 

279,516

 

 

 

158,226

 

Net income

$

105,833

 

 

$

154,190

 

 

$

983,285

 

 

$

805,582

 

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

1,668

 

 

 

7,307

 

 

 

28,766

 

 

 

33,356

 

Dividends on preferred stock

 

22,411

 

 

 

22,427

 

 

 

89,726

 

 

 

66,744

 

Net income (loss) attributable to common stockholders

$

81,754

 

 

$

124,456

 

 

$

864,793

 

 

$

705,482

 

 

 

 

 

 

 

 

 

Net income (loss) per share of common stock

 

 

 

 

 

 

 

Basic

$

0.17

 

 

$

0.27

 

 

$

1.84

 

 

$

1.56

 

Diluted

$

0.17

 

 

$

0.26

 

 

$

1.80

 

 

$

1.51

 

Weighted average number of shares of common stock outstanding

 

 

 

 

 

 

 

Basic

 

473,715,100

 

 

 

467,974,962

 

 

 

468,836,718

 

 

 

451,276,742

 

Diluted

 

480,852,723

 

 

 

476,796,757

 

 

 

481,636,125

 

 

 

467,665,006

 

 

 

 

 

 

 

 

 

Dividends declared per share of common stock

$

0.25

 

 

$

0.25

 

 

$

1.00

 

 

$

0.90

 

 

Consolidated Balance Sheets

($ in thousands, except share data)

 

 

December 31,

2022

(Unaudited)

 

December 31,

2021

Assets

 

 

 

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

$

8,889,403

 

 

$

6,858,803

 

Real estate and other securities

 

8,289,277

 

 

 

9,396,539

 

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

 

816,275

 

 

 

1,077,224

 

Residential mortgage loans, held-for-sale ($3,297,271 and $11,214,924 at fair value, respectively)

 

3,398,298

 

 

 

11,347,845

 

Single-family rental properties, held-for-investment

 

971,313

 

 

 

579,607

 

Mortgage loans receivable, at fair value

 

2,064,028

 

 

 

1,515,762

 

Residential mortgage loans subject to repurchase

 

1,219,890

 

 

 

1,787,314

 

Cash and cash equivalents

 

1,336,508

 

 

 

1,332,575

 

Restricted cash

 

281,126

 

 

 

195,867

 

Servicer advances receivable

 

2,825,485

 

 

 

2,855,148

 

Receivable for investments sold

 

473,126

 

 

 

 

Other assets

 

1,914,607

 

 

 

2,795,506

 

 

$

32,479,336

 

 

$

39,742,190

 

Liabilities and Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

Secured financing agreements

$

11,257,736

 

 

$

20,592,884

 

Secured notes and bonds payable ($632,404 and $511,107 at fair value, respectively)

 

10,098,943

 

 

 

8,644,810

 

Residential mortgage loan repurchase liability

 

1,219,890

 

 

 

1,787,314

 

Unsecured senior notes, net of issuance costs

 

545,056

 

 

 

543,293

 

Payable for investments purchased

 

731,216

 

 

 

 

Due to affiliates

 

 

 

 

17,819

 

Dividends payable

 

129,760

 

 

 

127,922

 

Accrued expenses and other liabilities

 

1,486,667

 

 

 

1,358,768

 

 

 

25,469,268

 

 

 

33,072,810

 

Commitments and Contingencies

 

 

 

 

 

 

 

Equity

 

 

 

Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 and 52,210,000 issued and outstanding, $1,299,104 and $1,305,250 aggregate liquidation preference, respectively

 

1,257,254

 

 

 

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

 

6,062,019

 

 

 

6,059,671

 

Retained earnings (accumulated deficit)

 

(418,662

)

 

 

(813,042

)

Accumulated other comprehensive income

 

37,651

 

 

 

90,253

 

Total Rithm Capital stockholders’ equity

 

6,943,001

 

 

 

6,604,032

 

Noncontrolling interests in equity of consolidated subsidiaries

 

67,067

 

 

 

65,348

 

Total equity

 

7,010,068

 

 

 

6,669,380

 

 

$

32,479,336

 

 

$

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-cash deferred compensation expense; (iv) non-capitalized transaction-related expenses; and (v) 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

 

Year Ended December 31,

 

December 31,

2022

 

September 30,

2022

 

2022

 

2021

Net income attributable to common stockholders

$

81,754

 

 

$

124,456

 

 

$

864,793

 

 

$

705,482

 

Adjustments:

 

 

 

 

 

 

 

Impairment

 

690

 

 

 

6,744

 

 

 

14,962

 

 

 

(47,744

)

Change in fair value of investments, net

 

(465,677

)

 

 

(1,092,789

)

 

 

(2,469,853

)

 

 

(614,782

)

(Gain) loss on settlement of investments, net

 

515,767

 

 

 

1,015,701

 

 

 

1,402,771

 

 

 

336,463

 

Other (income) loss, net

 

44,317

 

 

 

68,336

 

 

 

105,941

 

 

 

48,329

 

Non-capitalized transaction-related expenses

 

2,219

 

 

 

4,450

 

 

 

24,404

 

 

 

53,372

 

Termination fee to affiliate

 

 

 

 

 

 

 

400,000

 

 

 

 

Preferred stock management fee to affiliate

 

 

 

 

 

 

 

8,661

 

 

 

14,111

 

Deferred taxes

 

(26,348

)

 

 

22,081

 

 

 

271,167

 

 

 

151,200

 

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

 

1,838

 

 

 

1,834

 

 

 

3,125

 

 

 

43,971

 

Earnings available for distribution of equity method investees:

 

 

 

 

 

 

 

Excess mortgage servicing rights

 

2,319

 

 

 

2,215

 

 

 

7,104

 

 

 

3,772

 

Earnings available for distribution

$

156,879

 

 

$

153,028

 

 

$

633,075

 

 

$

694,174

 

 

 

 

 

 

 

 

 

Net income per diluted share

$

0.17

 

 

$

0.26

 

 

$

1.80

 

 

$

1.51

 

Earnings available for distribution per diluted share

$

0.33

 

 

$

0.32

 

 

$

1.31

 

 

$

1.48

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding, diluted

 

480,852,723

 

 

 

476,796,757

 

 

 

481,636,125

 

 

 

467,665,006

 

 

SEGMENT INFORMATION

($ in thousands)

 

 

 

Origination and Servicing

 

Residential Securities,

Properties and Loans

 

 

 

 

 

 

Fourth 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

 

$

 

 

$

364,673

 

 

$

88,250

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

452,923

 

Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(108,914))

 

 

 

 

 

(151,389

)

 

 

(10,639

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(162,028

)

Servicing revenue, net

 

 

 

 

 

213,284

 

 

 

77,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

290,895

 

Interest income

 

 

30,498

 

 

 

68,733

 

 

 

62,836

 

 

 

110,703

 

 

 

20,661

 

 

 

53,119

 

 

 

18,991

 

 

 

365,541

 

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

 

 

115,357

 

 

 

3,862

 

 

 

 

 

 

 

 

 

(13,253

)

 

 

 

 

 

 

 

 

105,966

 

Total revenues

 

 

145,855

 

 

 

285,879

 

 

 

140,447

 

 

 

110,703

 

 

 

7,408

 

 

 

53,119

 

 

 

18,991

 

 

 

762,402

 

Interest expense

 

 

34,992

 

 

 

70,254

 

 

 

29,663

 

 

 

85,870

 

 

 

25,264

 

 

 

25,651

 

 

 

11,556

 

 

 

283,250

 

G&A and other

 

 

177,283

 

 

 

126,099

 

 

 

40,616

 

 

 

1,317

 

 

 

13,137

 

 

 

18,028

 

 

 

21,000

 

 

 

397,480

 

Total operating expenses

 

 

212,275

 

 

 

196,353

 

 

 

70,279

 

 

 

87,187

 

 

 

38,401

 

 

 

43,679

 

 

 

32,556

 

 

 

680,730

 

Change in fair value of investments, net

 

 

 

 

 

 

 

 

(1,173

)

 

 

534,610

 

 

 

(9,346

)

 

 

6,983

 

 

 

(9,965

)

 

 

521,109

 

Gain (loss) on settlement of investments, net

 

 

 

 

 

50

 

 

 

(965

)

 

 

(530,850

)

 

 

13,319

 

 

 

7,034

 

 

 

67

 

 

 

(511,345

)

Other income (loss), net

 

 

961

 

 

 

(247

)

 

 

(3,511

)

 

 

(1,648

)

 

 

21,660

 

 

 

(897

)

 

 

(19,968

)

 

 

(3,650

)

Total other income (loss)

 

 

961

 

 

 

(197

)

 

 

(5,649

)

 

 

2,112

 

 

 

25,633

 

 

 

13,120

 

 

 

(29,866

)

 

 

6,114

 

Income (loss) before income taxes

 

 

(65,459

)

 

 

89,329

 

 

 

64,519

 

 

 

25,628

 

 

 

(5,360

)

 

 

22,560

 

 

 

(43,431

)

 

 

87,786

 

Income tax expense (benefit)

 

 

(16,311

)

 

 

(5,472

)

 

 

6,912

 

 

 

 

 

 

(946

)

 

 

(2,229

)

 

 

(1

)

 

 

(18,047

)

Net income (loss)

 

 

(49,148

)

 

 

94,801

 

 

 

57,607

 

 

 

25,628

 

 

 

(4,414

)

 

 

24,789

 

 

 

(43,430

)

 

 

105,833

 

Noncontrolling interests in income (loss) of consolidated subsidiaries

 

 

551

 

 

 

 

 

 

2,720

 

 

 

 

 

 

 

 

 

 

 

 

(1,603

)

 

 

1,668

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,411

 

 

 

22,411

 

Net income (loss) attributable to common stockholders

 

$

(49,699

)

 

$

94,801

 

 

$

54,887

 

 

$

25,628

 

 

$

(4,414

)

 

$

24,789

 

 

$

(64,238

)

 

$

81,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

2,491,107

 

 

$

10,098,976

 

 

$

5,443,547

 

 

$

8,923,620

 

 

$

2,577,698

 

 

$

2,367,698

 

 

$

576,690

 

 

$

32,479,336

 

Total Rithm Capital stockholder’s equity

 

$

355,492

 

 

$

3,265,986

 

 

$

2,123,357

 

 

$

716,372

 

 

$

367,819

 

 

$

608,301

 

 

$

(494,326

)

 

$

6,943,001

 

 

 

 

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 (includes realization of cash flows of $(141,616))

 

 

 

 

 

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

 

 

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 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 manager of assets and investments focused on the real estate and financial services industries. The Company seeks to provide 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 $4.4 billion in dividends to shareholders. 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 residential and commercial real estate 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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