Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 352

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 352
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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)Information technology29,691 31,617 29,388 (1,926)303 Other43,743 48,885 33,559 (5,142)10,184 Total General and Administrative Expenses$237,546 $233,629 $205,052 $3,917 $32,494 

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

General and administrative expenses increased $3.9 million quarter over quarter, primarily attributable to increased loan servicing expenses driven by portfolio growth, boarding fees driven by the servicing transfer of certain MSRs to in-house servicing during the first quarter of 2025, and prospective classification of certain servicing costs from servicing revenue, net to loan servicing expense within general and administrative. The increase was partially offset by decreased legal and professional expenses related to prior quarter deal activity. 

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

General and administrative expenses increased $32.5 million year over year, primarily attributable to increased loan servicing expenses driven by portfolio growth, boarding fees driven by the servicing transfer of certain MSRs to in-house servicing during the first quarter of 2025, and prospective classification of certain servicing costs from servicing revenue, net to loan servicing expense within general and administrative. The increase was partially offset by decreased amortization on our intangible assets and decreased property and maintenance expense at Guardian during the first quarter of 2025.

Compensation and Benefits

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

Compensation and benefits decreased $91.4 million, primarily due to the timing of Asset Management’s discretionary bonus accruals in the fourth quarter linked to fund performance.

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

Compensation and benefits increased $35