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
RITM$9.27-1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Operating Activities | ||
| Net income (loss) | $287,487 | $89,949 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Change in fair value of investments, net | 341,744 | 243,258 |
| Change in fair value of equity investments | (6,012) | 2,098 |
| Change in fair value of secured notes and bonds payable | 4,605 | 2,500 |
| (Gain) loss on settlement of investments, net | (274,709) | (167,609) |
| (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (149,545) | (109,268) |
| (Gain) loss on transfer of loans to real estate owned (“REO”) | (2,166) | (3,276) |
| Accretion and other amortization | (21,091) | (18,270) |
| Provision (reversal) for credit losses on securities, loans and REO | 462 | (2,803) |
| Non-cash portions of servicing revenue, net | (76,376) | 149,730 |
| Deferred tax provision | 90,628 | (16,822) |
| Mortgage loans originated and purchased for sale, net of fees | (11,439,065) | (7,531,856) |
| Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 10,114,343 | 8,227,517 |
| Interest received from servicer advance investments, RMBS, loans and other | 13,488 | 13,705 |
| Changes in: | ||
| Servicer advances receivable, net | 165,425 | 230,596 |
| Other assets | 29,916 | 50,472 |
| Accrued expenses and other liabilities | (223,335) | 21,346 |
| Net cash provided by (used in) operating activities | (1,144,201) | 1,181,267 |
| Cash Flows From Investing Activities | ||
| Purchase of US Treasuries | (4,733,368) | — |
| Purchase of servicer advance investments | (212,656) | (232,446) |
| Purchase of RMBS | (16,928) | (2,883,278) |
| US Treasury short sales | 1,425,370 | — |
| Reverse repurchase agreements entered | (1,256,872) | — |
| Purchase of residential mortgage loans | — | (1,269) |
| Purchase of Single-family rental (“SFR”) properties, MSRs and other assets | (63,877) | (4,607) |
| Draws on revolving consumer loans | (4,113) | (6,831) |
| Origination of mortgage loans receivable | (649,698) | — |
| Net settlement of derivatives | 371,827 | 225,560 |
| Return of investments in Excess MSRs | 10,423 | 7,821 |
| Principal repayments from servicer advance investments | 224,039 | 240,331 |
| Principal repayments from RMBS | 177,333 | 155,002 |
| Principal repayments from residential mortgage loans | 12,187 | 8,272 |
| Principal repayments from consumer loans | 153,479 | 24,784 |
| Principal repayments from mortgage loans receivable | 505,091 | — |
| Proceeds from sale of MSRs and MSR financing receivables | (671) | 1,357 |
| Proceeds from sale of RMBS | — | 1,869,053 |
| Proceeds from sale of REO | 5,216 | 5,678 |
| Net cash provided by (used in) investing activities | (4,053,218) | (590,573) |
RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED), CONTINUED
(dollars in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Financing Activities | ||
| Repayments of secured financing agreements | (18,055,590) | (11,327,261) |
| Repayments of warehouse credit facilities | (10,778,294) | (8,473,149) |
| Repayment of unsecured senior notes | (275,000) | — |
| Net settlement of margin deposits under repurchase agreements and derivatives | (346,569) | (387,780) |
| Repayments of secured notes and bonds payable | (1,405,197) | (1,677,534) |
| Deferred financing fees | (8,298) | (2,103) |
| Dividends paid on common and preferred stock | (143,298) | (140,968) |
| Borrowings under secured financing agreements | 22,495,882 | 12,240,027 |
| Borrowings under warehouse credit facilities | 12,047,306 | 8,062,420 |
| Borrowings under secured notes and bonds payable | 761,266 | 1,303,796 |
| Proceeds from issuance of unsecured senior notes | 767,103 | — |
| Noncontrolling interest in equity of consolidated subsidiaries - distributions | (3,728) | (5,430) |
| Net cash provided by (used in) financing activities | 5,055,583 | (407,982) |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (141,836) | 182,712 |
| Cash, Cash Equivalents and Restricted Cash, Beginning of Period | $1,672,819 | $1,617,634 |
| Cash, Cash Equivalents and Restricted Cash, End of Period | $1,530,983 | $1,800,346 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid during the period for interest | 419,701 | 286,434 |
| Cash paid during the period for income taxes | 1,259 | 402 |
| Supplemental Schedule of Non-Cash Investing and Financing Activities | ||
| Dividends declared but not paid on common and preferred stock | 143,199 | 143,149 |
| Transfer from residential mortgage loans to REO and other assets | 5,917 | 6,025 |
| Real estate securities retained from loan securitizations | 34,203 | — |
| Residential mortgage loans subject to repurchase | 1,845,889 | 1,189,907 |
| Purchase of Agency RMBS, settled after quarter-end | 1,271,542 | — |
| Cashless exercise of 2020 warrants (par) | — | 93 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.