Rithm Capital, the asset management firm and parent company of mortgage lenders Newrez LLC and Caliber Home Loans, announced fourth-quarter and full-year 2024 earnings today, to include a quarterly net income of $263.2 million, or $0.50 per diluted common share, and earnings available for distribution of $315.8 million.
Over the course of the 2024, Rithm Capital collected a GAAP net income of $835 million, or $1.67 per diluted common share, and earnings available for distribution of $1.1 billion, or $2.10 per diluted common share.
“We had another great year at Rithm, finishing strong with robust earnings, positive inflows and growth in each of our business segments,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “We also completed our first full year with Sculptor and will continue to grow our world-class asset management business in 2025 through strategic partnerships.”
Rithm Capital acquired Sculptor Capital Inc., a hedge fund, in November of 2023.
On the mortgage side, Rithm’s subsidiary mortgage company, Newrez, reported fourth quarter pre-tax income of approximately $280 million, a 12% increase from the third quarter. Year-end earnings totaled roughly $1 billion in pre-tax income, up 26% year over year.
“The last few years really present the effectiveness of our well-balanced platform by taking advantage of origination opportunities and servicing opportunities regardless of market conditions,” said Newrez President, Baron Silverstein. “This quarter is our best performance
— financial performance since 2021."
Newrez’s total servicing unpaid principal balance (UPB) stands at $844 billion, up 32% year over year. This number includes $254 billion UPB of third-party servicing, an increase of 129% year over year. Origination funded production volume for Newrez totaled $17.3 billion, up 9% from the third quarter and 94% year over year.
"We don't chase market share nor that we have a hope that rates will come down," Silverstein continued. "We remain focused on growing our brand presence and delivering best-in-class customer experience in order to maximize customer retention and recapture.”
Rithm Capital’s total assets for 2024 stood at $45,177,441, up 12% from 2023’s $39,717,084.
