Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 155

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 155
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 three months ended March 31, 2025 decreased $44.4 million, primarily driven by decreased interest rates during the quarter resulting in lower custodial float earnings and securities interest income. Average custodial balance also decreased quarter over quarter due to paydowns, further contributing to the decrease in custodial float earnings.

Three months ended March 31, 2025 compared to the three months ended March 31, 2024

Interest income for the three months ended March 31, 2025 increased $6.5 million, primarily driven by increased custodial float earnings as a result of higher average custodial balances driven by the Computershare Acquisition in the second quarter 2024. This was partially offset by decreased interest income on our Marcus consumer loans due to portfolio runoff throughout 2024.

Gain on Originated Residential Mortgage Loans, HFS, Net

The following table provides information regarding gain on originated residential mortgage loans, HFS, net as a percentage of pull through adjusted lock volume, by channel:

Three Months Ended(dollars in thousands)March 31, 2025December 31, 2024March 31, 2024Pull through adjusted lock volume$12,451,587$16,512,821$11,706,289Gain on Originated Residential Mortgage Loans, as a Percentage of Pull Through Adjusted Lock Volume, by Channel:Direct to Consumer3.20 %3.77 %3.94 %Retail / Joint Venture3.48 %3.76 %3.62 %Wholesale1.33 %1.59 %1.33 %Correspondent0.55 %0.54 %0.53 %Total Gain on Originated Residential Mortgage Loans, as a Percentage of Pull Through Adjusted Lock Volume1.23 %1.14 %1.20 %

The following table summarizes funded loan production by channel:

UPBThree Months Ended(dollars in millions)March 31, 2025December 31, 2024March 31, 2024QoQ ChangeYoY ChangeProduction by Channel:Direct to Consumer $1,170$1,661$670$(491)$500 Retail / Joint Venture5807421,185(162)(605)Wholesale1,5372,3301,098(793)439 Correspondent8,54212,5267,867(3,984)675 Total Production by Channel$