Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 157

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 157
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Asset management revenues decreased $171.2 million due to the timing of incentive income crystallizations. Incentive income during the first quarter was driven by off-cycle crystallizations. Management fees remained comparable quarter over quarter.

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

Asset management revenues increased $16.7 million due to the timing of incentive income crystallizations. Incentive income during the first quarters of 2025 and 2024 were driven by off-cycle crystallizations. Management fees remained comparable year over year.

Interest Expense and Warehouse Line Fees

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

Interest expense and warehouse line fees decreased $30.3 million primarily driven by decreased interest rates during the quarter on our variable rate financing.

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

Interest expense and warehouse line fees increased $9.2 million primarily driven by increased financing costs on our MSRs and servicer advances driven by portfolio growth as a result of the Computershare Acquisition in the second quarter 2024 and 

101

increased interest expense related to our private offering of the 2029 Senior Notes at the end of the first quarter 2024. This was partially offset by lower interest expense on the Marcus consumer loans due to portfolio runoff throughout 2024.

General and Administrative

General and administrative expenses consists of the following:

Three Months Ended(dollars in thousands)March 31,2025December 31, 2024March 31,2024QoQ ChangeYoY ChangeLegal and professional$24,638 $38,498 $21,489 $(13,860)$3,149 Loan origination14,677 15,771 15,435 (1,094)(758)Occupancy14,490 16,459 15,946 (1,969)(1,456)Subservicing16,756 16,557 19,428 199 (2,672)Loan servicing41,400 12,757 5,591 28,643 35,809 Property and maintenance27,583 28,578 32,264 (995)(4,681)Depreciation and amortization24,568 24,507 31,952 61 (7,384)