Rithm Capital Corp
For the period ended Jun 30, 2024. Filed Aug 12, 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.
Jun 30, 2024 · Filed Aug 12, 2024
Contents
Item 1. Financial Statements (Unaudited)
| June 30, 2024(Unaudited) | December 31, 2023(As Restated) | |
|---|---|---|
| Assets | ||
| Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | $9,693,331 | $8,405,938 |
| Government and government-backed securities (includes $9,300,237 and $8,533,130 at fair value, respectively) | 9,325,097 | 8,557,683 |
| Residential mortgage loans, held-for-investment, at fair value | 368,866 | 379,044 |
| Residential mortgage loans, held-for-sale (includes $3,837,929 and $2,461,865 at fair value, respectively)(A) | 3,910,823 | 2,540,742 |
| Consumer loans, held-for-investment, at fair value(A) | 946,367 | 1,274,005 |
| Single-family rental (“SFR”) properties | 1,025,324 | 1,001,928 |
| Mortgage loans receivable, at fair value | 2,049,266 | 1,879,319 |
| Residential mortgage loans subject to repurchase | 1,905,625 | 1,782,998 |
| Cash and cash equivalents(A) | 1,238,736 | 1,287,199 |
| Restricted cash(A) | 296,955 | 378,048 |
| Servicer advances receivable | 2,774,510 | 2,760,250 |
| Reverse repurchase agreement | — | 1,769,601 |
| Other assets (includes $2,066,399 and $1,971,592 at fair value, respectively)(A) | 4,251,186 | 3,948,852 |
| Assets of consolidated CFEs(A): | ||
| Investments, at fair value and other assets | 4,232,803 | 3,751,477 |
| Total Assets | $42,018,889 | $39,717,084 |
| Liabilities and Equity | ||
| Liabilities | ||
| Secured financing agreements(A) | $15,179,900 | $12,561,283 |
| Secured notes and bonds payable (includes $205,286 and $235,770 at fair value, respectively)(A) | 9,955,891 | 10,360,188 |
| Residential mortgage loan repurchase liability | 1,905,625 | 1,782,998 |
| Unsecured notes, net of issuance costs | 1,197,294 | 719,004 |
| Treasury securities payable | — | 1,827,281 |
| Dividends payable | 139,004 | 135,897 |
| Accrued expenses and other liabilities (includes $503,925 and $51,765 at fair value, respectively)(A) | 2,644,728 | 2,065,761 |
| Liabilities of consolidated CFEs(A): | ||
| Notes payable, at fair value and other liabilities | 3,575,833 | 3,163,634 |
| Total Liabilities | $34,598,275 | $32,616,046 |
| Commitments and Contingencies (Note 25) | ||
| 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, 489,732,422 and 483,226,239 issued and outstanding, respectively | 4,897 | 4,833 |
| Additional paid-in capital | 6,162,872 | 6,074,322 |
| Retained earnings (accumulated deficit) | (143,185) | (373,141) |
| Accumulated other comprehensive income | 44,755 | 43,674 |
| Total Rithm Capital stockholders’ equity | 7,326,593 | 7,006,942 |
| Noncontrolling interests in equity of consolidated subsidiaries | 94,021 | 94,096 |
| Total Equity | 7,420,614 | 7,101,038 |
| Total Liabilities and Equity | $42,018,889 | $39,717,084 |
(A)The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2024 and December 31, 2023, total assets of such consolidated VIEs were $5.1 billion and $5.6 billion, respectively, and total liabilities of such consolidated VIEs were $4.2 billion and $4.7 billion, respectively. See Note 20 for further details.
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