Rithm Capital Corp. Announces First Quarter 2023 Results

First Quarter 2023 Financial Highlights:

• GAAP net income of $68.9 million, or $0.14 per diluted common share (1)
• Earnings available for distribution of $171.1 million, or $0.35 per diluted common share (1)(2)
• Common dividend of $120.8 million, or $0.25 per common share
• Book value per common share of $11.67 (1)

“Rithm delivered great performance in the first quarter of 2023,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “In contrast to the volatile macro environment and the stress in the regional banking sector, we produced consistent results, generating $0.35 in earnings available for distribution per share and posting book value of $11.67 per share.”

“Over a year into the Fed’s aggressive tightening cycle, we have effectively navigated the market and positioned our Company for success. Our focus on credit and risk management, and our opportunistic approach to capital management has served the Company and its shareholders extremely well. Our expansion into the private capital business and our emphasis on quality performance in our existing portfolio will drive our Company through its next phase of growth. With plenty of uncertainty still to play out in the financial services space, Rithm is well-positioned to continue deploying capital into attractive opportunities. We look forward to seeing Rithm’s success as we move through 2023 and beyond.”

First Quarter 2023 Company Highlights:

• Origination & Servicing (Mortgage Company)
  • Combined segment pre-tax income of $164.0 million (3)
  • Quarterly origination funded production volume of $7.0 billion
  • Estimated Q2’23 funded origination volume of approximately $7 to $9 billion

• Total Rithm MSR Portfolio Summary
  • MSR portfolio totaled $603 billion in unpaid principal balance (“UPB”) at March 31, 2023 compared to $609 billion UPB at December 31, 2022 (4)
    • Portfolio average CPR of approximately 5%
  • Servicer advance balances of $3.0 billion as of March 31, 2023, relatively flat compared to balances as of December 31, 2022

• Mortgage Loans Receivable
  • Quarterly origination funded production volume of $376 million through Genesis Capital LLC

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors section of the Company’s website, www.rithmcap.com. For consolidated investment portfolio information, please refer to the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Company’s website, www.rithmcap.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.

EARNINGS CONFERENCE CALL

Rithm Capital’s management will host a conference call on Thursday, May 4, 2023 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors section of Rithm Capital’s website, www.rithmcap.com.

All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Rithm Capital First Quarter 2023 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10178198/f937038cf2.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.rithmcap.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Thursday, May 11, 2023 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code “6803150.”