Rithm Capital Corp
For the period ended Sep 30, 2024. Filed Nov 5, 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.
Sep 30, 2024 · Filed Nov 5, 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, except share and per share data)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Operating Activities | ||
| Net income | $649,585 | $697,825 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Change in fair value of investments, net | 25,741 | 560,017 |
| Change in fair value of equity investments | (21,595) | 27,509 |
| Change in fair value of secured notes and bonds payable | 6,714 | (5,890) |
| Gain on settlement of investments, net | (298,654) | (402,449) |
| Gain on sale of originated residential mortgage loans, held-for-sale, net | (480,894) | (437,082) |
| Gain on transfer of loans to real estate owned (“REO”) | (1,054) | (10,120) |
| Accretion and other amortization | (62,331) | (74,730) |
| Provision (reversal) for credit losses on securities, loans and REO | (3,509) | 6,455 |
| Non-cash portions of servicing revenue, net | 795,917 | 158,344 |
| Deferred tax provision | 57,232 | 86,324 |
| Mortgage loans originated and purchased for sale, net of fees | (42,579,305) | (30,003,362) |
| Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 41,042,180 | 30,088,541 |
| Interest received from servicer advance investments, RMBS, loans and other | 37,942 | 42,932 |
| Interest received from reverse repurchase agreements | 52,319 | — |
| Residential mortgage loan repayment proceeds of consolidated CFEs | 281,190 | 196,166 |
| Mortgage loans receivable repayment proceeds of consolidated CFEs | — | 255,798 |
| Purchase of investments of consolidated CFEs | (30,017) | — |
| Proceeds from sale and repayments of investments of consolidated CFEs | 27,626 | — |
| Changes in: | ||
| Servicer advances receivable, net | 262,689 | 339,610 |
| Other assets | (42,354) | 15,312 |
| Accrued expenses and other liabilities | (151,265) | 199,341 |
| Net cash provided by (used in) operating activities | (431,843) | 1,740,541 |
| Cash Flows From Investing Activities | ||
| Business acquisitions, net of cash acquired | (603,778) | — |
| Maturity of Treasury securities | 50,000 | — |
| Purchase of Treasury securities | (12,336,258) | (973,795) |
| Purchase of servicer advance investments | (590,261) | (644,594) |
| Purchase of Excess MSR | (122,887) | — |
| Purchase of government-backed and other securities | (1,263,422) | (4,094,458) |
| Treasury sales and Treasury securities payable | 7,238,851 | — |
| Reverse repurchase agreements entered | (1,747,581) | — |
| Reverse repurchase agreements closed | 3,527,806 | — |
| Purchase of residential mortgage loans | — | (1,269) |
| Purchase of SFR properties, MSRs and other assets | (402,325) | (72,503) |
| Purchase of mortgage loans receivable | — | (146,631) |
| Draws on revolving consumer loans | (15,996) | (20,675) |
| Origination of mortgage loans receivable | (1,986,291) | — |
| Net settlement of derivatives | 364,598 | 390,415 |
| Return of investments in Excess MSRs | 30,825 | 23,066 |
| Return of investments in equity method investees | 27,532 | — |
| Principal repayments from servicer advance investments | 614,504 | 675,261 |
| Principal repayments from government, government-backed and other securities | 580,385 | 477,480 |
| Principal repayments from residential mortgage loans | 34,728 | 35,064 |
| Principal repayments from consumer loans | 432,742 | 267,820 |
| Principal repayments from mortgage loans receivable | 1,146,123 | — |
| Mortgage loans receivable repayment proceeds of consolidated CFEs | 332,694 | — |
| Loan originations and draws of consolidated CFEs | (4,766) | — |
| Settlement of sale of MSRs and MSR financing receivables | (2,748) | 705,300 |
| Proceeds from sale of government-backed and other securities | 2,583,782 | 1,868,702 |
| Proceeds from sale of REO | 24,214 | 19,806 |
| Net cash provided by (used in) investing activities | (2,087,529) | (1,491,011) |
RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) CONTINUED
(dollars in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Financing Activities | ||
| Repayments of secured financing agreements | (59,703,853) | (31,733,802) |
| Repayments of warehouse credit facilities | (45,795,817) | (31,076,021) |
| Repayment of Senior Unsecured Notes | (275,000) | — |
| Net settlement of margin deposits under repurchase agreements and derivatives | (315,327) | (676,511) |
| Repayments of secured notes and bonds payable | (4,522,883) | (5,024,509) |
| Deferred financing fees | (10,924) | (7,084) |
| Dividends paid on common and preferred stock | (432,124) | (427,583) |
| Borrowings under secured financing agreements | 61,424,725 | 34,530,433 |
| Borrowings under warehouse credit facilities | 46,863,558 | 30,625,465 |
| Borrowings under notes receivable financing | 364,977 | — |
| Borrowings under secured notes and bonds payable | 3,362,481 | 3,561,756 |
| Proceeds from issuance of debt obligations of consolidated CFEs | 1,295,710 | 150,586 |
| Repayments of debt obligations of consolidated CFEs | (598,906) | (190,881) |
| Proceeds from issuance of Senior Unsecured Notes | 767,103 | — |
| Issuance of common and preferred stock | 409,450 | — |
| Noncontrolling interest in equity of consolidated subsidiaries - contributions | 38,211 | — |
| Noncontrolling interest in equity of consolidated subsidiaries - distributions | (19,650) | (17,597) |
| Purchase of noncontrolling interest in the SpringCastle loans | (26,042) | — |
| Net cash provided by (used in) financing activities | 2,825,689 | (285,748) |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 306,317 | (36,218) |
| Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 1,697,095 | 1,629,328 |
| Cash, Cash Equivalents and Restricted Cash, End of Period | $2,003,412 | $1,593,110 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid during the period for interest | $1,364,449 | $975,872 |
| Cash paid during the period for income taxes | 9,573 | 1,798 |
| Supplemental Schedule of Non-Cash Investing and Financing Activities | ||
| Dividends declared but not paid on common and preferred stock | 154,652 | 143,199 |
| Transfer from residential mortgage loans to REO and other assets | 6,327 | 21,135 |
| Real estate securities retained from loan securitizations | 37,470 | — |
| Residential mortgage loans subject to repurchase | 2,409,992 | 1,443,546 |
| Cashless exercise of 2020 warrants (par) | — | 93 |
| Liabilities related to deconsolidated CFEs | 352,900 | — |
| Seller financing in Marcus loan acquisition | — | 1,317,347 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.