Rithm Capital Corp
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
Contents
Consolidated Balance Sheets
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 preference, respectively | 1,257,254 | 1,257,254 |
| Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,477,713 and 483,226,239 issued and outstanding, respectively | 4,836 | 4,833 |
| Additional paid-in capital | 6,075,080 | 6,074,322 |
| Retained earnings (accumulated deficit) | (232,119) | (373,141) |
| Accumulated other comprehensive income | 44,501 | 43,674 |
| Total Rithm Capital stockholders’ equity | 7,149,552 | 7,006,942 |
| Noncontrolling interests in equity of consolidated subsidiaries(C) | 93,820 | 94,096 |
| Total equity | 7,243,372 | 7,101,038 |
| $42,120,928 | $35,311,785 | |
(A)The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital Corp.). As of March 31, 2024 and December 31, 2023, total assets of consolidated VIEs were $2.6 billion and $2.5 billion, respectively, and total liabilities of consolidated VIEs were $2.1 billion and $2.1 billion, respectively. See Note 20 for further details.
(B)See Note 5 for details.
(C)See Note 20 for details.
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