- Rithm Capital Corp. (RITM, Financial) reported a GAAP net income of $36.5 million for Q1 2025, translating to $0.07 per diluted common share.
- Earnings available for distribution stood at $275.3 million, or $0.52 per diluted common share.
- The company declared a common dividend of $132.5 million, maintaining $0.25 per common share.
Rithm Capital Corp. (RITM) has announced its financial results for the first quarter of 2025, showcasing robust performance amid challenging macroeconomic conditions. The company's GAAP net income was $36.5 million, or $0.07 per diluted common share, reflecting a significant decrease from the previous quarter's $263.2 million, or $0.50 per share.
Despite the dip in GAAP net income, Rithm Capital achieved earnings available for distribution of $275.3 million, equating to $0.52 per diluted common share. This is a slight decline from $315.8 million, or $0.60 per share, in Q4 2024.
The company's diversified platform has reinforced its strategic approach, successfully completing a $878 million secured financing backed by mortgage servicing rights, marking the largest-ever MSR debt issuance. Additionally, two non-qualified mortgage securitizations totaling $634 million were completed during the quarter.
Rithm's Newrez LLC showed resilience with a pre-tax income of $270.1 million, despite a mark-to-market loss on mortgage servicing rights. Furthermore, Genesis Capital, Rithm’s residential transitional lending platform, recorded a pre-tax income of $22.4 million with a record Q1 origination volume of $895 million.
Rithm's alternative asset management arm, Sculptor Capital Management Inc., expanded its assets under management to approximately $35 billion, highlighting a strong inflow of $1.4 billion across its platform.
Despite a slight decline in book value per common share to $12.39 from the previous quarter, Rithm Capital remains optimistic about future prospects, backed by a strong equity position and a strategic focus on innovative asset management.
