Company: RITM-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001556593-25-000033
Chunk: 359

Company: Rithm Capital Corp.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 359
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 and other income.(B)Includes Excess MSRs, servicer advance investments, consumer loans, RTLs and other.

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RITHM CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(dollars in tables in thousands, except share and per share data)

22. ASSET MANAGEMENT REVENUES

The following table presents the composition of asset management revenues:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Management fees$65,146 $57,487 $190,309 $174,477 Incentive income19,725 23,552 77,242 86,946 Total Asset Management Revenues$84,871 $81,039 $267,551 $261,423 The following table presents the composition of the Company’s income and fees receivable:September 30, 2025December 31, 2024Management fees receivable$57,573 $25,337 Incentive income receivable9,799 183,335 Total Income and Fees Receivable$67,372 $208,672 The Company recognizes management fees over the period in which the performance obligation is satisfied, and such management fees are generally recognized at the end of each reporting period. The Company records incentive income when it is probable that a significant reversal of income will not occur. The majority of management fees and incentive income receivable at each balance sheet date is generally collected during the following quarter.The following table presents the Company’s unearned income and fees:September 30, 2025December 31, 2024Unearned management fees$— $12 Unearned incentive income9,630 17,268 Total Unearned Income and Fees$9,630 $17,280 

A liability for unearned incentive income is generally recognized when the Company receives incentive income distributions from its funds, primarily its real estate funds, whereby the distributions received have not yet met the recognition threshold of it being probable that a significant reversal of cumulative revenue will not occur. A liability for unearned management fees is generally recognized when management fees are paid to the Company on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter. 

23. NONCONTROLLING INTERESTS

Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other