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Mar 31, 2023
NRZ Q1 2023 Earnings Report
Rithm Capital reported consistent results amidst a volatile macro environment, generating $0.35 in earnings available for distribution per share and posting a book value of $11.67 per share.
Key Takeaways
Rithm Capital Corp. reported a GAAP net income of $68.9 million, or $0.14 per diluted common share, and earnings available for distribution of $171.1 million, or $0.35 per diluted common share for the first quarter ended March 31, 2023. The company's MSR portfolio totaled $603 billion in unpaid principal balance. Origination and Servicing combined segment pre-tax income was $164.0 million.
GAAP net income was $68.9 million, or $0.14 per diluted common share.
Earnings available for distribution reached $171.1 million, or $0.35 per diluted common share.
The company declared a common dividend of $120.8 million, or $0.25 per common share.
The MSR portfolio totaled $603 billion in unpaid principal balance.
Forward Guidance
Rithm Capital estimates Q2 2023 funded origination volume of approximately $7 to $9 billion.
Positive Outlook
- Rithm is well-positioned to continue deploying capital into attractive opportunities.
- Focus on credit and risk management has served the Company and its shareholders extremely well.
- Expansion into the private capital business will drive company growth.
- Emphasis on quality performance in the existing portfolio will drive our Company through its next phase of growth.
- Rithm delivered great performance in the first quarter of 2023.
Challenges Ahead
- Volatile macro environment
- Stress in the regional banking sector
- Uncertainty still to play out in the financial services space
- Realized and unrealized gains and losses on investments are subject to significant variability
Historical Earnings Impact
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Avg. Return Before/After Earnings
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