Company: RITM-PC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001556593-25-000024
Chunk: 393

Company: Rithm Capital Corp.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 8
Chunk 393
---
 Venture. 

For the six months ended June 30, 2025, funded loan origination volume was $28.1 billion, up from $25.4 billion in the six months ended June 30, 2024. Of all funded origination volume, 27.1% was refinance, up from 15.0% in the prior year, as interest rates moved lower year-over-year. Gain on sale margin for the six months ended June 30, 2025 was 1.12%, 3 bps higher than 1.09% for the prior year, primarily due to improved margins in the Correspondent channel.

Other Revenues

Three months ended June 30, 2025 compared to the three months ended March 31, 2025

Other revenues increased $3.3 million primarily due to higher property inspection and maintenance revenue at Guardian, as well as an increase in income from loan recovery.

Six months ended June 30, 2025 compared to the six months ended June 30, 2024

Other revenues decreased $10.0 million primarily due to lower property inspection and maintenance revenue at Guardian.

Asset Management Revenues

Three months ended June 30, 2025 compared to the three months ended March 31, 2025

Asset management revenues increased $7.3 million, primarily driven by an increase in management fees earned from AUM growth during the three months ended June 30, 2025.

Six months ended June 30, 2025 compared to the six months ended June 30, 2024

Asset management revenues increased $2.3 million, primarily due to an increase in management fees earned from AUM growth, partially offset by lower incentive income driven by off-cycle crystallization related to certain funds managed by Sculptor.

Interest Expense and Warehouse Line Fees

Three months ended June 30, 2025 compared to the three months ended March 31, 2025

Interest expense and warehouse line fees decreased $1.2 million, primarily driven by a decrease in leverage on servicing related assets and government and government-backed securities, resulting from securities sales, during the three months ended June 30, 2025. The decrease was partially offset by higher borrowing costs on our MSRs, driven by the redemption of lower fixed rate term notes refinanced into higher variable rate facilities.

Six months ended June 30, 2025 compared to the six months ended June 30, 2024

Interest expense and warehouse line