# Rithm Capital Corp. (RITM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RITM/thesis · /stocks/RITM/memo

## Financial Snapshot

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source: coverage-next-full | ticker: RITM | step: "04" | created: 2026-05-29
---

### Step 04 — Financial Snapshot (FY2021–FY2024)

#### Annual Financial Summary

Note: RITM reports under GAAP but also provides **distributable earnings** as the primary management metric. GAAP EPS is heavily distorted by MSR fair value marks. Book value per share is the most reliable fundamental anchor.

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#### Income Statement Highlights

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Revenues (GAAP) | ~$3.8B | ~$(0.8B) | ~$2.0B | ~$2.0–2.5B |
| Distributable Earnings | ~$750M | ~$820M | ~$700–750M | ~$550–650M |
| Distributable EPS | ~$1.60 | ~$1.70 | ~$1.40–1.50 | ~$1.10–1.30 |
| GAAP EPS | ~$3.00+ | ~$(2.00) | ~$0.50 | ~$0.50–1.00 |

Notes:
- FY2022 GAAP revenue was sharply negative due to large MSR fair value markdowns as rates surged (paradoxically, economic value was stable to improving)
- FY2021 benefited from very high origination volumes ($100B+) and favorable MSR marks
- FY2023 includes partial year of Sculptor consolidation (deal closed November 2023)
- FY2024E reflects Sculptor full-year contribution offset by softer origination

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#### Book Value Per Share (Key Valuation Anchor)

Book value per share is the central metric for RITM as a balance sheet-intensive financial company:

| Period | BVPS | P/BV (at ~$11-12/share) |
|--------|------|------------------------|
| Q4 2020 | ~$9.50 | 1.15–1.25x |
| Q4 2021 | ~$11.50 | ~1.0x |
| Q4 2022 | ~$11.00 | ~1.0x |
| Q4 2023 | ~$12.25 | ~0.90x |
| Q4 2024E | ~$12.50–13.00 | ~0.85–0.90x |

**RITM historically trades at 0.85–1.05x book value.** Trading at or below book value is generally considered fair to cheap for a well-run mortgage servicer with improving earnings quality.

Post-Sculptor acquisition, book value should reflect ~$700–750M of intangible assets/goodwill from the acquisition. Adjusted tangible book value would be lower (~$11.00–11.50/share).

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#### Dividend History

RITM (as NRZ) was historically known as one of the highest-yielding mREITs. Dividend was cut during COVID (Q2 2020) from $0.50/quarter to $0.15/quarter, then gradually restored:

| Period | Quarterly Dividend | Annual Yield (at ~$11/share) |
|--------|-------------------|------------------------------|
| 2019 | $0.50/quarter | ~18% |
| COVID cut (2020) | $0.15–0.25/quarter | — |
| FY2021 | $0.25/quarter | ~9% |
| FY2022 | $0.25/quarter | ~9% |
| FY2023 | $0.25/quarter | ~9% |
| FY2024 | $0.25/quarter | ~9% |

**Annual dividend:** $1.00/share
**Coverage:** Distributable earnings ($1.10–1.40) generally cover the dividend, providing modest cushion
**Dividend characterization:** Mix of ordinary income and return of capital (tax advantages for investors)

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#### Revenue Components Detail (FY2023 Actual)

Given Sculptor consolidation closed mid-Q4 2023, FY2023 is mostly a legacy pre-Sculptor baseline:

| Component | FY2023 Estimate |
|-----------|----------------|
| Servicing & related income | ~$1.2–1.5B |
| Origination income (gain-on-sale) | ~$300–450M |
| Net interest income | ~$300–400M |
| Sculptor revenues (partial) | ~$50–100M |
| Other income | ~$100–200M |
| **Total Economic Revenues** | **~$2.0–2.5B** |

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#### Balance Sheet Snapshot

| Item | FY2022 | FY2023 | FY2024E |
|------|--------|--------|---------|
| Total Assets | ~$35B | ~$40–43B | ~$42–45B |
| MSR / Excess MSR | ~$9–10B | ~$9–11B | ~$9–12B |
| Newrez mortgage loans | ~$5–8B | ~$5–8B | ~$5–8B |
| Sculptor assets (mgmt) | — | ~$1–2B | ~$1–2B |
| Debt / Secured financing | ~$22–26B | ~$25–28B | ~$25–28B |
| Total Equity | ~$5.5–6.0B | ~$6.0–6.5B | ~$6.0–6.5B |

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#### Key Per-Share Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Book Value/Share | ~$11.50 | ~$11.00 | ~$12.25 | ~$12.50–13.00 |
| Distributable EPS | ~$1.60 | ~$1.70 | ~$1.40 | ~$1.10–1.30 |
| Dividend/Share | $1.00 | $1.00 | $1.00 | $1.00 |
| Payout ratio (dist.) | ~63% | ~59% | ~67–71% | ~77–91% |

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#### Historical Price Context

| Period | Share Price Range | P/BV | Yield |
|--------|-------------------|------|-------|
| Pre-COVID 2019 | $16–18 | 1.4–1.5x | ~11% |
| COVID low (2020) | $5–7 | 0.5x | — |
| 2021 recovery | $9–11 | 0.85–0.95x | ~9% |
| 2022 (rate surge) | $9–12 | 0.85–1.0x | ~9% |
| 2023 | $9–11 | 0.80–0.95x | ~9% |
| 2024 | $10–12 | 0.80–0.95x | ~8–9% |

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#### Financial Summary Assessment

**Strengths:**
- Stable $0.25/quarter dividend maintained through full rate cycle
- Book value growing modestly over time (from ~$9 post-COVID to ~$12–13)
- Distributable earnings have generally covered dividend
- Sculptor adds recurring fee income layer

**Risks:**
- GAAP earnings highly volatile (MSR fair value marks)
- High leverage (typical for mortgage finance companies)
- Payout ratio has risen in lower-origination environment
- Tangible book materially below stated book post-Sculptor intangibles

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RITM/fundamental

## Navigation

- Overview: /stocks/RITM
- Financials (this page): /stocks/RITM/financials
- Thesis: /stocks/RITM/thesis
- Investment Memo: /stocks/RITM/memo
- Coverage universe: /stocks