Company: RITM-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001556593-25-000007
Chunk: 195

Company: Rithm Capital Corp.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 195
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 $36.9 billion in the prior year. During 2024, 20% of all funded origination volume was refinance, up from 13% in 2023, due to higher refinance activity as interest rates moved lower in 2024, particularly during the third quarter. While funded loan origination volume increased year over year, gain on sale margin for the year ended December 31, 2024 was 1.16%, 15 bps lower than 1.31% for the prior year, primarily due to an increased mix of Correspondent production partially offset by increased margins across most channels.

Other Revenues

Other revenues decreased $8.7 million year over year due to lower property inspection and maintenance revenue at Guardian.

Asset Management Revenues

Asset management revenues increased $437.6 million year over year, primarily attributable to recognizing a full year of asset management revenues related to Sculptor in 2024, as the Sculptor Acquisition was completed in the fourth quarter of 2023, as well as strong multi-strategy investment performance in 2024 resulting in higher incentive income.

95

Interest Expense and Warehouse Line Fees

Interest expense and warehouse line fees increased $434.0 million year over year primarily driven by elevated interest rates and higher average balances of debt associated with government and government-backed securities investments throughout 2024 and the Computershare Acquisition in May 2024.

General and Administrative

General and administrative expenses consists of the following:

Year Ended December 31,Increase (Decrease)(dollars in thousands)20242023Amount%Legal and professional$104,459 $103,795 $664 0.6 %Loan origination51,313 45,123 6,190 13.7 %Occupancy61,305 50,367 10,938 21.7 %Subservicing70,580 130,346 (59,766)(45.9)%Loan servicing41,958 17,901 24,057 134.4 %Property and maintenance122,581 97,582 24,999 25.6 %Depreciation and amortization124,131 80,681 43,450 53.9 %Information technology129,710 107,347 22,363 20.8 %Other162,447 127,960 34,487 27.0 %Total General and Administrative Expenses$868,