Rithm Capital Corp. (NYSE:RITM) Q1 2024 Earnings Conference Call April 30, 2024 8:00 AM ET Company Participants Emma Bolla - Associate General Counsel Michael Nierenberg - Chairman, CEO and President Baron Silverstein - President, Newrez Conference Call Participants Bose George - KBW Eric Hagen - BTIG Doug Harter - UBS Stephen Laws - Raymond James Jason Weaver - Jones Trading Trevor Cranston - JMP Securities Crispin Love - Piper Sandler Operator Hello and welcome to the Rithm Capital First Quarter 2024 Earn ...

Financial Performance - Rithm Capital's Q1 2024 GAAP Net Income attributable to common stockholders was $261.64 million[115] - The company's book value per share increased to $12.19, a 2.4% QoQ increase[109] - Earnings Available for Distribution was $233 million, or $0.48 per diluted share[200, 146] - Total Economic Return for Q1 2024 was 4.20%[15] Strategic Acquisitions and Growth - Rithm Capital expects the acquisition of Specialized Loan Servicing LLC ("SLS") to close in Q2'24, adding $45 billion UPB of MSRs and $104 billion UPB in third-party servicing[7, 65] - Genesis Capital achieved record Q1'24 originations of $840 million in commitments[47] - Newrez's third-party servicing UPB grew by 9% QoQ[45] Portfolio and Servicing - The total servicing portfolio reached $857 billion UPB[54] - The Full MSR portfolio is valued at $572 billion post-SLS acquisition, with 88% serviced by Newrez[54] - Newrez's cost-to-service decreased 16% YoY[45] Sculptor Integration - Sculptor's total AUM is approximately $32 billion, with ~$24 billion in Total Credit AUM[40] - Sculptor launched Sculptor Loan Financing Partners platform with anchor investment from Rithm[8, 40]

Exhibit 99.1 Rithm Capital Corp. Announces First Quarter 2024 Results NEW YORK - (BUSINESS WIRE) — Rithm Capital Corp. (NYSE: RITM; "Rithm Capital," "Rithm" or the "Company") today reported the following information for the first quarter ended March 31, 2024: First Quarter 2024 Financial Highlights: | | Q1 2024 | | Q4 2023 | | | --- | --- | --- | --- | --- | | Summary Operating Results: | | | | | | (1) GAAP Net (Loss) Income per Diluted Common Share | $ | 0.54 | $ | (0.18) | | GAAP Net (Loss) Income | $ | 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35777 Rithm Capital Corp. (Exact name of registrant as specified in its charter) | | Delaware | | 45-3449660 | | --- | --- | --- | --- | | | (S ...

Rithm Capital Corp. (NYSE:RITM) Q4 2023 Earnings Conference Call February 7, 2024 8:00 AM ET Company Participants Emma Bolla - Associate General Counsel Michael Nierenberg - Chairman, Chief Executive Officer and President Baron Silverstein - President, Newrez Nick Santoro - Chief Financial Officer and Chief Accounting Officer Conference Call Participants Bose George - KBW Eric Hagen - BTIG Douglas Harter - UBS Kevin Barker - Piper Sandler Stephen Laws - Raymond James Jay McCanless - Wedbush Giuliano Bologna ...

Part I. Financial Information [Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Rithm Capital reported Q3 2023 net income of $221.2 million and total assets of $34.7 billion, with nine-month net income at $697.8 million Consolidated Balance Sheet Highlights (Unaudited) | Metric | September 30, 2023 ($ thousands) | December 31, 2022 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$34,745,528** | **$32,479,336** | | Mortgage servicing rights | $8,694,868 | $8,889,403 | | Real estate and other securities | $10,193,596 | $8,289,277 | | Cash and cash equivalents | $1,217,283 | $1,336,508 | | **Total Liabilities** | **$27,477,565** | **$25,469,268** | | Secured financing agreements | $13,605,380 | $11,257,736 | | Secured notes and bonds payable | $9,964,855 | $10,098,943 | | **Total Equity** | **$7,267,963** | **$7,010,068** | Consolidated Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended Sep 30, 2023 ($ thousands) | Three Months Ended Sep 30, 2022 ($ thousands) | Nine Months Ended Sep 30, 2023 ($ thousands) | Nine Months Ended Sep 30, 2022 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,089,415 | $910,847 | $2,911,034 | $3,960,028 | | Total Expenses | $759,178 | $723,697 | $2,124,553 | $2,663,319 | | **Net Income** | **$221,191** | **$154,190** | **$697,825** | **$877,452** | | Net Income Attributable to Common Stockholders | $193,949 | $124,456 | $620,204 | $783,039 | | **Diluted EPS** | **$0.40** | **$0.26** | **$1.28** | **$1.62** | Consolidated Cash Flow Highlights (Unaudited) | Metric | Nine Months Ended Sep 30, 2023 ($ thousands) | Nine Months Ended Sep 30, 2022 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,667,487 | $6,732,161 | | Net cash used in investing activities | $(1,453,938) | $(854,825) | | Net cash used in financing activities | $(245,453) | $(5,456,203) | | **Net (Decrease) Increase in Cash** | **$(31,904)** | **$421,133** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=73&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported strong Q3 2023 economic data, increased book value per share, and adequate liquidity for planned acquisitions Book Value Per Common Share Trend | Date | Book Value Per Common Share | | :--- | :--- | | September 30, 2023 | $12.32 | | June 30, 2023 | $12.16 | | March 31, 2023 | $11.67 | | December 31, 2022 | $12.00 | | September 30, 2022 | $12.10 | - The company's total assets reached approximately **$34.7 billion** as of September 30, 2023, with a workforce of around **6,098 employees**[297](index=297&type=chunk) - Management noted strong Q3 2023 economic data, including a **4.9% annualized real GDP increase**, but also highlighted persistent inflation and a tight labor market. The **10-year U.S. Treasury rate rose to 4.6%**, and the **30-year fixed mortgage rate was 7.3%**[299](index=299&type=chunk)[300](index=300&type=chunk)[306](index=306&type=chunk) - The company has sufficient liquidity to finance the acquisitions of Sculptor (~**$719.8 million**, expected Q4 2023) and Computershare (~**$720 million**, expected Q1 2024) using cash on hand, available liquidity, and additional MSR/servicer advance financing[432](index=432&type=chunk) - As of September 30, 2023, the company's regulated servicer subsidiaries (NRM, Newrez, Caliber) held **$737.9 million** in liquidity excess of the new regulatory requirements that became effective on that date[433](index=433&type=chunk)[440](index=440&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=106&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate, mortgage basis spread, prepayment, and credit risks, with book value sensitive to rate changes Interest Rate Sensitivity on Book Value (Pre-tax) | Interest Rate Change (bps) | Estimated Change in Book Value ($ millions) | | :--- | :--- | | +50 | +116.9 | | +25 | +60.0 | | -25 | -60.0 | | -50 | -125.0 | Mortgage Basis Spread Sensitivity on Book Value (Pre-tax) | Mortgage Basis Change (bps) | Estimated Change in Book Value ($ millions) | | :--- | :--- | | +20 | -53.8 | | +10 | -26.8 | | -10 | +26.8 | | -20 | +53.0 | - The company's primary market risks are identified as interest rate risk, mortgage basis spread risk, prepayment rate risk, and credit risk[487](index=487&type=chunk) - The company uses recapture agreements on a significant portion of its MSRs and Excess MSRs to mitigate the negative impact of increasing prepayment rates in a declining interest rate environment[491](index=491&type=chunk)[502](index=502&type=chunk) [Controls and Procedures](index=101&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[512](index=512&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[513](index=513&type=chunk) Part II. Other Information [Legal Proceedings](index=102&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory matters, including Sculptor acquisition proceedings, with no material adverse effect anticipated - The company is subject to various legal disputes and regulatory inquiries that arise in the ordinary course of business[515](index=515&type=chunk) - Specific legal proceedings concerning the acquisition of Sculptor Capital Management are detailed in Note 25 to the Consolidated Financial Statements[516](index=516&type=chunk) [Risk Factors](index=102&type=section&id=Item%201A.%20Risk%20Factors) New risks related to the Sculptor acquisition include completion failure, integration challenges, litigation, and business disruption - The acquisition of Sculptor is subject to customary closing conditions, including Sculptor stockholder approval, and there is no assurance it will be consummated[518](index=518&type=chunk)[519](index=519&type=chunk) - The company faces challenges in successfully integrating Sculptor's business, which could result in delays, increased costs, and failure to achieve anticipated synergies[524](index=524&type=chunk)[525](index=525&type=chunk) - Stockholder litigation has been filed seeking to enjoin the transaction, which could result in damages, divert management's attention, and materially affect the business[526](index=526&type=chunk) - Uncertainties related to the acquisition may cause a loss of key management personnel and employees from both Rithm and Sculptor[532](index=532&type=chunk) - The company's ability to utilize Sculptor's significant tax attributes, such as net operating losses, will be significantly limited due to an "ownership change" under Section 382 of the Code[535](index=535&type=chunk)

Financial Data and Key Metrics Changes - GAAP net income for the quarter was $193.9 million or $0.40 per diluted share, with earnings available for distribution at $280.8 million or $0.58 per diluted share, including a realized gain of $0.15 related to the sale of excess MSRs [42] - Book value increased to $12.32 from $12.16, reflecting growth despite rising interest rates [42][37] - Total equity stood at $7.2 billion, with cash and liquidity at $1.9 billion at the end of the quarter [42] Business Line Data and Key Metrics Changes - The acquisition of SLS, a mortgage company with $135 billion in servicing, is expected to enhance the servicing business and increase earnings [18] - The total servicing portfolio is projected to grow to $840 billion upon the settlement of the SLS deal, which includes various types of MSRs [18] - The company aims for a return on equity (ROE) of approximately 30% on an annual basis, with a quarterly ROE around 15% [8] Market Data and Key Metrics Changes - The company is focusing on the commercial real estate debt space, which is seen as attractive due to no legacy assets and favorable valuations [27] - The current macroeconomic environment is viewed as highly favorable for capital deployment, with expected unlevered returns between 8% and 12% on senior cash flow [44] Company Strategy and Development Direction - The company is transitioning towards becoming a leading global alternative asset manager, with ambitions to reach $50 billion in assets under management (AUM) by year-end [6][17] - The Sculptor transaction is considered a significant step in expanding the asset management business, adding investment talent and capabilities [17][43] - The focus will be on private capital markets due to the current trading environment of REIT stocks, which are perceived as undervalued [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong macro backdrop for investing and the potential for continued earnings growth [25] - The origination business is expected to face challenges due to high mortgage rates, but the servicing business is anticipated to benefit from lower prepayment rates [41] - The company is committed to reducing expenses, particularly in the origination segment, while focusing on generating more capital [8][41] Other Important Information - The company has a robust pipeline for acquisitions and is actively seeking opportunities in the private capital space [19][20] - The management team emphasized the importance of partnerships and strategic capital deployment to enhance revenue and earnings [40] Q&A Session Summary Question: Plans for Sculptor and capital allocation - Management indicated that the Sculptor transaction is crucial for growing the asset management business and that they are evaluating how much capital will remain in the mortgage company [4][5] Question: MSR valuations and market opportunities - Management noted modest movement in MSR valuations and indicated they remain buyers in the market, with a focus on achieving returns of 15% to 20% on capital [50][33] Question: Financial headroom for borrowing - The company reported approximately $2 billion in cash and liquidity, with sufficient headroom for additional borrowing as they explore private capital opportunities [52][51] Question: Current book value status - The book value was reported at $12.32, reflecting an increase from the previous quarter [54][37]

| --- | --- | |---------------------------|-------------------------| | | | | | Residential Securities, | | Origination and Servicing | Properties and Loans | Q3 2023 Quarterly Supplement • With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses are generally legal and valuation service ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________to________________ Commission File Number: 001-35777 Rithm Capital Corp. (Exact name of registrant as specified in its charter) | Delaware | | 45-3449660 ...

Rithm Capital Corp. (NYSE:RITM) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET Company Participants Emma Bolla - Associate General Counsel Michael Nierenberg - Chairman, CEO & President Nick Santoro - CFO and Chief Accounting Officer Conference Call Participants Eric Hagen - BTIG Bose George - Keefe, Bruyette, & Woods Douglas Harter - Crédit Suisse Giuliano Bologna - Compass Point Research Trevor Cranston - JMP Securities Kevin Barker - Piper Sandler Operator Good day and welcome to the Rithm Ca ...