Rithm Capital Corp. Files 10-Q for Q1 2024

TL;DR

<b>Rithm Capital Corp. has filed its Q1 2024 10-Q report, detailing financial performance and key operational metrics.</b>

AI Summary

Rithm Capital Corp. (RITM-PD) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Rithm Capital Corp. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data from previous periods (2023-12-31) is referenced. The company's primary SIC code is 6798 (REAL ESTATE INVESTMENT TRUSTS). The filing includes details on various preferred stock series.

Why It Matters

For investors and stakeholders tracking Rithm Capital Corp., this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Rithm Capital Corp. for the first quarter of 2024, crucial for assessing recent performance and strategic direction. The filing contains specific financial data and disclosures required by the SEC, offering transparency into the company's operations, assets, and liabilities.

Risk Assessment

Risk Level: medium — Rithm Capital Corp. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which inherently carries risks associated with financial reporting and market conditions, but does not indicate immediate severe distress.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Rithm Capital's current financial health and operational performance.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (Date of filing)
• 6798 — SIC Code (Standard Industrial Classification)
• 12/31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Rithm Capital Corp. (company) — Filer name
• New Residential Investment Corp. (company) — Former company name
• New Residential Investment LLC (company) — Former company name
• Spinco Inc. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• 799 BROADWAY (address) — Business address
• New York (location) — Business address city

FAQ

Risk Factors

• Gain Loss On Investments [medium — financial]: The filing references 'GainLossOnInvestments' under US GAAP, indicating potential volatility in investment values.
• Revenue From Contract With Customer [medium — financial]: The filing references 'RevenueFromContractWithCustomerExcludingAssessedTax' under US GAAP, relevant for revenue recognition policies.
• Prepaid Expense And Other Assets [low — financial]: The filing references 'PrepaidExpenseAndOtherAssets', which are current assets that could be affected by operational changes.
• Accounts Payable And Accrued Liabilities [medium — financial]: The filing references 'AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', indicating the company's short-term and long-term obligations.

Key Financial Figures

• $0.01 — nge on which registered: Common Stock, $0.01 par value per share RITM New York Stock

Filing Documents

• ritm-20240331.htm (10-Q) — 5467KB
• ritm-2024331xexhibit102.htm (EX-10.2) — 10KB
• ritm-2024331xexhibit311.htm (EX-31.1) — 15KB
• ritm-2024331xexhibit312.htm (EX-31.2) — 15KB
• ritm-2024331xexhibit321.htm (EX-32.1) — 6KB
• ritm-2024331xexhibit322.htm (EX-32.2) — 5KB
• 0001556593-24-000013.txt (&nbsp;) — 30431KB
• ritm-20240331.xsd (EX-101.SCH) — 224KB
• ritm-20240331_cal.xml (EX-101.CAL) — 195KB
• ritm-20240331_def.xml (EX-101.DEF) — 1251KB
• ritm-20240331_lab.xml (EX-101.LAB) — 1652KB
• ritm-20240331_pre.xml (EX-101.PRE) — 1538KB
• ritm-20240331_htm.xml (XML) — 6535KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Changes in Stockholders' Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 68

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 101

Controls and Procedures

Item 4. Controls and Procedures 104

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 105

Risk Factors

Item 1A. Risk Factors 105

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 105

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 106

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 106

Other Information

Item 5. Other Information 106

Exhibits

Item 6. Exhibits 107

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RITHM CAPITAL CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) March 31, 2024 (Unaudited) December 31, 2023 Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 8,706,723 $ 8,405,938 Real estate and other securities (includes $ 15,289,314 and $ 9,757,664 at fair value, respectively) 15,314,199 9,782,217 Residential mortgage loans, held-for-investment, at fair value 365,398 379,044 Residential mortgage loans, held-for-sale (includes $ 3,691,700 and $ 2,461,865 at fair value, respectively) (A) 3,766,115 2,540,742 Consumer loans, held-for-investment, at fair value (A) 1,103,799 1,274,005 Single-family rental properties 1,007,172 1,001,928 Mortgage loans receivable, at fair value (A) 2,384,744 2,232,913 Residential mortgage loans subject to repurchase (B) 1,845,889 1,782,998 Cash and cash equivalents (A) 1,136,437 1,287,199 Restricted cash (A) 394,546 385,620 Servicer advances receivable 2,586,409 2,760,250 Other assets (includes $ 1,525,970 and $ 1,489,419 at fair value, respectively) (A) 3,509,497 3,478,931 $ 42,120,928 $ 35,311,785 Liabilities and Equity Liabilities Secured financing agreements (A) $ 18,271,046 $ 12,561,283 Secured notes and bonds payable (includes $ 545,984 and $ 554,800 at fair value, respectively) (A) 10,045,375 10,679,186 Residential mortgage loan repurchase liability (B) 1,845,889 1,782,998 Unsecured notes, net of issuance costs 1,205,411 719,004 Payable for investments purchased 1,271,542 — Dividends payable 135,695 135,897 Accrued expenses and other liabilities (includes $ 251,709 and $ 333,688 at fair value, respectively) (A) 2,102,598 2,332,379 34,877,556 28,210,747 Commitments and Contingencies (Note 22) Equity Preferred stock, $ 0.01 par value, 100,000,000 shares authorized, 51,964,122 and 51,964,122 issued and outstanding, $ 1,299,104 and $ 1,299,104 aggregate liquidation

View Full Filing

View this 10-Q filing on SEC EDGAR