Company: RITM-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001556593-25-000033
Chunk: 40

Company: Rithm Capital Corp.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 40
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ps lower than 1.04% for the three months ended June 30, 2025, primarily due to narrower margins in the Direct to Consumer and Wholesale channels.

109 

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

Gain on originated residential mortgage loans, HFS, net increased $44.9 million, primarily driven by an increase in pull through adjusted lock volume in the Direct to Consumer and Wholesale channels, partially offset by lower gain on sale margins.

For the nine months ended September 30, 2025, funded loan origination volume was $44.5 billion, up from $41.3 billion in the nine months ended September 30, 2024. Of all funded origination volume, 26.4% was refinance, up from 16.4% in the prior year, as interest rates moved lower year-over-year. Gain on sale margin for the nine months ended September 30, 2025 was 1.07%, 3 bps lower than 1.10% for the prior year, primarily due to narrower margins in the Direct to Consumer and Wholesale channels.

Other Revenues

Three months ended September 30, 2025 compared to the three months ended June 30, 2025

Other revenues increased $1.6 million, as property inspection and maintenance volume at Guardian remained comparable quarter-over-quarter.

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

Other revenues decreased $11.6 million primarily due to lower property inspection and maintenance revenue at Guardian.

Asset Management Revenues

Three months ended September 30, 2025 compared to the three months ended June 30, 2025

Asset management revenues decreased $10.1 million, primarily driven by lower incentive income driven by off-cycle crystallization related to certain funds managed by Sculptor.

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

Asset management revenues increased $6.1 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 September 30, 2025 compared to the three months ended June 30, 2025

Interest expense and warehouse line fees decreased $15.2 million, primarily driven