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Sep 30, 2023
NRZ Q3 2023 Earnings Report
Rithm Capital Corp. reported a net income of $193.9 million and earnings available for distribution of $280.8 million for the third quarter of 2023.
Key Takeaways
Rithm Capital Corp. announced its Q3 2023 results, reporting a GAAP net income of $193.9 million, or $0.40 per diluted common share, and earnings available for distribution of $280.8 million, or $0.58 per diluted common share. The company also declared a common dividend of $0.25 per common share. They are focusing on expanding their asset management and third-party servicing business.
GAAP net income was $193.9 million, or $0.40 per diluted common share.
Earnings available for distribution reached $280.8 million, or $0.58 per diluted common share.
A common dividend of $0.25 per common share was declared.
The company's MSR portfolio totaled $595 billion in unpaid principal balance.
Forward Guidance
Rithm Capital anticipates closing the Sculptor transaction in the fourth quarter and expects Q4'23 funded origination volume of approximately $7 to $9 billion.
Positive Outlook
- Expected closing of the Sculptor transaction in Q4 2023.
- Estimated Q4’23 funded origination volume of approximately $7 to $9 billion.
- Acquisition of Specialized Loan Servicing (SLS) expected to close in Q1'24.
- SLS acquisition includes approximately $136 billion in UPB of MSRs.
- SLS acquisition includes $85 billion in third-party servicing.
Challenges Ahead
- Q4'23 funded origination volume is based on management's current views and estimates.
- Actual results may vary materially.
- SLS acquisition closing is subject to customary closing conditions and approvals.
- The company's investments are subject to interest rate risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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