Rithm Capital Corp.

Listed Company

RITM-PACIK 0001556593NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$4.59B

Net Income

$697.06M

Total Assets

$53.06B

Equity

$8.43B

Shares Out

555.89M

Op. Cash Flow

$-1.29B

+ 13F Filer

Business

Rithm Capital Corp. is a global asset manager that acquires, originates, services and invests in real estate-related and financial assets across mortgage and credit markets. It offers mortgage origination and servicing, mortgage servicing rights (MSRs), single-family rental (SFR) property acquisition and management, consumer and transitional real estate lending, Non‑Agency RMBS and alternative asset management services through its Sculptor and RCM Manager businesses. The company operates through four principal segments: Origination and Servicing, Investment Portfolio, Residential Transitional Lending and Asset Management. Rithm distributes products via multi-channel origination (Direct to Consumer, Retail/JV, Wholesale, Correspondent), subservicing for third parties and global asset management platforms with offices in the U.S., UK and Asia.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenues	4,590	4,917	3,733	4,921	3,785
Interest expense and warehouse line fees	1,662	1,835	1,401	778	497
General and administrative	1,012	868	761	896	864
Compensation and benefits	1,319	1,135	787	1,231	1,160
Total Operating Expenses	3,993	3,839	2,950	3,351	2,617
Realized and unrealized gains, net	126	73	10	−180	−207
Other income (loss), net	83	57	−40	−126	3
Total Other Income (Loss)	209	130	−30	−307	−204
Income (Loss) before Income Taxes	806	1,209	753	1,263	964
Income tax expense	88	267	122	280	158
Net Income (Loss)	718	941	631	983	806
Non-controlling interests in income of consolidated subsidiaries	9	10	8	—	—
Redeemable non-controlling interests in income of consolidated subsidiaries	12	0	0	—	—
Net Income (Loss) Attributable to Rithm Capital Corp.	697	932	622	—	—
Change in redemption value of redeemable non-controlling interests	16	0	0	—	—
Dividends on preferred stock	114	96	90	90	67
Net Income (Loss) Attributable to Common Stockholders	567	835	533	865	705
Basic (in dollars per share)	1.05	1.69	1.11	1.84	1.56
Diluted (in dollars per share)	1.04	1.67	1.1	1.8	1.51
Basic (in shares)	538	495	482	469	451
Diluted (in shares)	546	500	484	482	468
Dividends Declared per Share of Common Stock (in dollars per share)	1	1	1	1	0.9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value	10,359	10,322	8,406	8,889	6,859
Government and government-backed securities (includes $5,230,139 and $9,711,346 at fair value, respectively)	5,255	9,736	8,558	—	—
Residential mortgage loans, held-for-sale (includes [$] and [$4,307,571] at fair value, respectively)	5,484	4,374	2,541	3,398	11,348
Residential mortgage loans, held-for-investment, at fair value	325	362	379	—	—
Consumer loans held-for-investment, at fair value	784	666	1,274	364	—
Residential transition loans, at fair value	2,700	2,178	1,879	2,064	1,516
Residential mortgage loans subject to repurchase	4,000	2,700	1,783	1,220	1,787
Real estate, net	6,176	1,056	—	—	—
Insurance company investments, at fair value	906	0	—	—	—
Cash and cash equivalents	1,848	1,459	1,287	1,337	1,333
Restricted cash	942	459	410	281	196
Servicer advances receivable	3,091	3,199	2,760	2,825	2,855
Other assets	5,584	4,536	3,949	1,915	2,796
Investments, at fair value and other assets	5,789	5,108	3,751	2,803	—
Total Assets	53,063	46,049	39,717	34,587	39,742
Secured financing agreements	13,764	16,782	12,561	11,258	20,593
Secured notes and bonds payable (includes [$185,460] and [$185,460] at fair value, respectively)	15,204	10,298	10,360	10,099	8,645
Residential mortgage loan repurchase liability	4,000	2,746	1,800	1,200	1,800
Unsecured notes, net of issuance costs	1,421	1,204	719	545	543
Interest Sensitive Insurance Contract Liabilities	960	0	—	—	—
Dividends payable	179	153	136	130	128
Accrued expenses and other liabilities (includes [[]] and [$525,486] at fair value, respectively)	3,350	2,631	2,066	1,487	1,359
Notes payable, at fair value and other liabilities	4,978	4,348	3,164	2,420	—
Total Liabilities	43,808	38,163	32,616	27,576	33,073
Commitments and Contingencies (Note 26)	—	—	—	—	—
Redeemable Non-controlling Interests of Consolidated Subsidiaries (Note 22)	314	0	—	—	—
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 57,564,122 and 51,964,122 issued and outstanding, $1,439,104 and $1,299,104 aggregate liquidation preference, respectively	1,391	1,257	1,257	1,257	1,262
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 555,880,947 and 520,656,256 issued and outstanding, respectively	6	5	5	5	5
Additional paid-in capital	6,983	6,529	6,074	6,062	6,060
Accumulated deficit	−20	−47	−373	−419	−813
Accumulated other comprehensive income	71	51	44	38	90
Stockholders Equity in Rithm Capital Corp.	8,430	7,795	7,007	6,943	6,604
Non-controlling interests in equity of consolidated subsidiaries	510	91	94	67	65
Total Stockholders Equity	8,940	7,886	7,101	7,010	6,669
Total Liabilities and Equity	53,063	46,049	39,717	32,479	39,742

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Change in fair value of investments, net	−65	422	901	−1,057	−12
Change in fair value of secured notes and bonds payable	25	6	17	−46	−13
(Gain) loss on settlement of investments, net	−109	74	−769	1,354	232
Gain on sale of originated residential mortgage loans, held-for-sale, net	−730	−683	−533	−1,093	−1,827
Gain on transfer of loans to real estate owned (REO)	−1	−789,000	−10	—	—
Accretion and other amortization	−7	−88	−106	−81	−49
Reversal of credit losses on securities, loans and REO	−5	−319,000	−478,000	15	−48
Non-cash portions of servicing revenue, net	1,234	−37	588	—	—
Deferred tax provision	60	254	90	271	151
Mortgage loans originated and purchased for sale, net of fees	−66,258	−60,360	−39,818	−76,345	−130,738
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	63,445	57,316	39,341	81,547	132,835
Sales proceeds and loan repayment proceeds of consolidated entities	997	387	279	431	—
Residential transition loans repayment proceeds of consolidated entities	0	0	354	171	—
Interest received from servicer advance investments, RMBS, loans and other	49	56	54	62	154
Interest received from reverse repurchase agreements	0	57	0	0	—
Premiums collected on insurance contract liabilities	39	0	0	—	—
Increase (Decrease) In Benefits Paid On Insurance Contract Liabilities	−5	0	0	—	—
Principal repayments and sales proceeds of investments of consolidated entities	0	319	0	0	—
Loan originations and investment purchases of consolidated entities	−529	−474	0	0	—
Servicer advances receivable	44	−223	15	−37	226
Other assets	−128	−63	−429	405	940
Accrued expenses and other liabilities	−66	−89	90	−89	−350
Net cash provided by (used in) operating activities	−1,292	−2,185	694	5,753	2,884
Purchase of servicer advance investments	−693	−782	−852	—	—
Purchase of Excess MSRs	0	−123	0	0	—
Purchase of government-backed and other securities	−2,513	−1,250	−4,095	−15,629	—
Proceeds from sale of government-backed and other securities	3,121	2,584	2,087	14,565	—
Purchase of Treasury securities	−99	−12,361	−998	0	0
Treasury sales and Treasury securities payable	3,269	7,239	1,765	0	0
Reverse repurchase agreements entered and repurchase agreements closed	−508	−2,287	−1,770	0	0
Reverse repurchase agreements closed and repurchase agreements entered	504	4,061	0	0	—
Maturity of Treasury securities	100	75	1,030	0	0
Purchase of SFR properties, MSRs and other assets	−403	−450	−106	−417	−1,390
Purchase of residential transition loans	−9	0	−147	0	0
Origination of residential transition loans	−4,130	−2,873	0	0	—
Purchase of consumer loans	−500	0	0	—	—
Draws on revolving consumer loans	−22	−24	−28	—	—
Purchase of insurance company investments, at fair value	−153	0	0	—	—
Net settlement of derivatives and hedges	187	129	868	311	−183
Return of investments in Excess MSRs	40	38	32	18	54
Return of investments in equity method investees	6	32	0	0	0
Principal repayments from servicer advance investments	738	809	881	1,033	1,382
Principal repayments from government, government-backed and other securities	842	751	640	1,026	2,331
Principal repayments from residential mortgage loans	42	45	48	86	120
Principal repayments from consumer loans	423	561	440	141	215
Loan originations and investment purchases of consolidated entities	0	−5	0	0	—
Settlement of sale of MSRs and MSR financing receivables	6	−8	705	11	—
Proceeds from sale of REO	42	30	23	14	54
Net cash provided by (used in) investing activities	2,671	−2,425	217	133	2,306
Repayments of secured financing agreements	−55,573	−68,588	−48,922	−55,998	−69,207
Repayments of warehouse credit facilities including those related to the initial consolidation of CLOs	−82,291	−65,260	−41,096	−83,793	−130,745
Repayment of unsecured notes	−291	−275	0	0	—
Net settlement of margin deposits under repurchase agreements and derivatives	224	−611	−863	1,460	249
Repayments of secured notes and bonds payable	−6,535	−5,803	−7,637	−4,696	−8,078
Deferred financing fees	−20	−18	−7	−11	−8
Dividends paid on common and preferred stock	−643	−588	−571	−558	−439
Borrowings under secured financing agreements	51,113	70,353	50,079	54,386	64,749
Borrowings under warehouse credit facilities	83,707	67,275	41,065	76,069	129,899
Borrowings under residential transition loans financing	88	0	0	—	—
Borrowings under notes receivable financing	0	365	0	0	—
Borrowings under secured notes and bonds payable	7,730	5,530	6,669	5,869	7,964
Proceeds from issuance of unsecured senior notes	495	767	0	0	0
Proceeds from issuance of debt obligations of consolidated entities	1,236	2,014	726	1,919	—
Repayments of debt obligations of consolidated entities	−603	−726	−270	−430	—
Issuance of common stock	398	410	0	—	514
Issuance of preferred stock	184	0	0	—	449
Repurchase of preferred stock	−50	0	0	−5	0
Net proceeds from issuance of Class A Units of SPAC	230	0	0	—	—
Contributions from non-controlling and redeemable non-controlling interests	108	43	0	0	0
Distributions to non-controlling and redeemable non-controlling interests	−14	−29	−17	−27	−78
Purchase of non-controlling interest	0	−26	0	0	−23
Net cash provided by (used in) financing activities	−508	4,831	−843	−5,818	−4,742
Net Increase in Cash, Cash Equivalents and Restricted Cash	872	221	68	68	448
Cash paid during the period for interest	1,765	1,741	1,484	825	506
Cash paid during the period for income taxes, net of refunds	16	12	7	4	24
Dividends declared but not paid on common and preferred stock	179	153	143	141	139
Transfer from residential mortgage loans to REO and other assets	27	8	22	15	30
Real estate securities retained from loan securitizations	111	52	0	0	174
Non-controlling interests acquired in and contributed to Paramount transaction	388	0	0	—	—
Cashless exercise of warrants and options	0	9,000	93,000	69,000	—
Liabilities related to the initial consolidation of CLOs	0	513	0	0	—
Liabilities related to deconsolidated CFEs	0	353	0	0	—

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 32 positions

Reported AUM

$42.94M

Holdings

Top sector

$42.94M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$42.94M	100.0%

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