Company: RITM-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001556593-25-000033
Chunk: 41

Company: Rithm Capital Corp.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 41
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 by a decrease in average outstanding borrowing on servicing related assets, as the Company utilized proceeds from the ATM program and preferred stock issuance to pay down MSR-related financing facilities, and government and government-backed securities, resulting from net securities sales, during the three months ended September 30, 2025. The decrease was partially offset by (i) an increased borrowing on a growing portfolio of residential mortgage and transition loans and (ii) a full quarter of higher interest rate 2030 Senior Notes compared to the 2025 Senior Notes redeemed in the second quarter.

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

Interest expense and warehouse line fees decreased $146.3 million, primarily driven by a decrease in average SOFR of approximately 5.4% to 4.4% year-over-year, and a lower average balances of debt associated with government and government-backed securities investments. The decrease was partially offset by higher average outstanding borrowing on servicing related assets year-over-year.

110 

General and Administrative

General and administrative expenses consist of the following:

Three Months EndedNine Months Ended September 30,(dollars in thousands)September 30,2025June 30,202520252024QoQ ChangeYoY ChangeLegal and professional$28,642 $24,394 $77,674 $65,951 $4,248 $11,723 Loan origination15,744 17,161 47,582 52,659 (1,417)(5,077)Occupancy15,632 16,348 46,434 47,165 (716)(731)Subservicing11,893 12,342 40,991 54,023 (449)(13,032)Loan servicing38,154 40,737 120,409 12,041 (2,583)108,368 Property and maintenance29,768 28,921 86,325 93,936 847 (7,611)Depreciation and amortization23,130 23,794 71,492 99,624 (664)(28,132)Information technology29,527 31,239 92,074 100,127 (1,712)(8,053)Other44,602 44,639 131,232 109,329 (37)21,903 Total General and Administrative Expenses$237,092