Rithm Capital Corp. (RITM) recently announced its board's approval for third-quarter 2024 dividends for both common and preferred stockholders. The common stock dividend remains steady at 25 cents per share, the same as the previous quarter. It will be paid on Nov. 1, 2024, to stockholders of record as of Oct. 1.The company continues to maintain a higher-than-industry dividend yield. Based on the closing price of $11.78 per share on Sept. 23, the stock has a dividend yield of 8.5%, which is higher than the ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Rithm (RITM) .Rithm currently has an average brokerage recommenda ...

Rithm (RITM) closed the latest trading day at $11.42, indicating a -1.38% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 1.07%. Meanwhile, the Dow gained 0.31%, and the Nasdaq, a tech-heavy index, added 2.17%.Heading into today, shares of the real estate investment trust had gained 4.04% over the past month, lagging the Finance sector's gain of 4.06% and outpacing the S&P 500's gain of 2.92% in that time.The investment community will be paying close a ...

Recent remarks from Federal Reserve Chairman Powell have me thinking interest rate cuts may finally be on the horizon.A core theme of the economy over the last couple of years is abnormally high inflation. While politicians are often criticized or cheered for the current state of the economy, the Federal Reserve is actually the institution responsible for setting monetary policy.In an effort to combat inflation, the Federal Reserve raised interest rates 11 times throughout 2022 and 2023. In finance jargon, ...

Rithm (RITM) closed the latest trading day at $11.61, indicating no change from the previous session's end. This change was narrower than the S&P 500's daily loss of 0.3%. On the other hand, the Dow registered a loss of 0.54%, and the technology-centric Nasdaq increased by 0.25%.Coming into today, shares of the real estate investment trust had gained 6.22% in the past month. In that same time, the Finance sector gained 6.22%, while the S&P 500 gained 3.42%.The investment community will be paying close atten ...

Zerbor Rithm: Solid Recovery Over The Past Few Weeks Rithm Capital Corp. (NYSE:RITM) investors have witnessed a solid recovery as RITM broke to a new recent high last week. As a result, investors experienced four consecutive weeks of recovery before selling pressure emerged this week. The leading mREIT has continued to diversify its business beyond its core MSR business. As a result, the company attempts to transition into other business segments that could improve its valuation multiples over time. Based o ...

文章核心观点 - RITM是一家拥有多元化投资组合的公司,包括抵押贷款服务权(MSR)、机构和非机构抵押贷款支持证券(MBS)、住宅贷款等 [7][8] - RITM的投资组合结构使其能够在利率上升环境下表现出色,因为MSR和相关资产的价值会随利率上升而增加,从而抵消了机构MBS价值下降的影响 [7][8] - 与同行相比,RITM的财务杠杆较低,对冲比例也较低,这使其能够更好地应对利率波动 [21][22][23] - 尽管RITM的估值略低于同行,但考虑到其多元化投资组合和较低的风险特征,公司目前估值被认为是合理的 [24][25] 根据目录分类总结 RITM的投资组合 - RITM的投资组合包括MSR、机构和非机构MBS、住宅贷款等多种资产 [7][8] - 公司通过多元化投资组合获得"自然对冲",在利率上升时MSR等资产价值上升可抵消MBS价值下降 [7][8] - RITM最近还通过收购Sculptor Capital Management和Specialized Loan Servicing等公司进一步拓展了业务 [9][10] RITM的财务状况 - RITM的财务杠杆和对冲比例相对同行较低,有利于应对利率波动 [21][22][23] - 公司过去两年的经济收益率表现出色,大幅优于同行 [21] RITM的估值分析 - 目前RITM的股价略低于公司的估计账面价值,被认为是合理估值 [24][25] - 考虑到公司的多元化投资组合和较低风险特征,RITM的估值水平被认为是适当的 [24][25]

JamesBreyRithm Capital (NYSE:RITM) represents a promising high-yielding investment opportunity in the mortgage REIT business as the company supports its earnings available for distribution and is growing its business in new areas. Considering that the REIT delivered 1.88X distribution coverage in the second-quarter and that Rithm Capital's shares are undeservedly trading at an 11% discount to book value, I believe the risk profile for Rithm Capital is skewed to the upside. I am also upgrading my rating ...

Shares of Rithm Capital Corp. (RITM) have declined 3.2% since it reported better-than-expected second-quarter 2024 results on Jul 31, 2024, before the opening bell. The quarterly results were supported by an improving performance in its Mortgage Loans Receivable business and solid Asset Management unit.Growth in interest income was a major tailwind in the second quarter. However, rising expenses partially offset the positives. Investors seem to be concerned about its declining servicing revenues, which is l ...

公司概况 - 公司总资产约为420亿美元，资产管理规模约为321亿美元[462] - 公司普通股每股账面价值为12.39美元[463,464] - 公司通过全资子公司Newrez和Genesis从事房地产抵押贷款的发起和服务业务,并投资于单户出租房、房地产服务等相关领域[461] - 公司于2023年11月收购了全球知名另类资产管理公司Sculptor[461] 宏观经济环境 - 2024年第二季度美国GDP增长年化率为2.8%[471] - 2024年6月美国失业率为4.1%[473] - 2024年6月30日10年期美国国债收益率为4.4%，30年期固定抵押贷款利率为6.9%[474] - 公司认为2024年6月30日的估计和假设是合理和可支持的,但由于市场波动性和通胀压力等因素,实际结果可能与估计存在重大差异[475] 基准利率转换 - 公司已于2023年6月完成从LIBOR过渡到SOFR的基准利率转换[476,477] 贷款发放和服务业务 - 公司的贷款发放和服务业务包括多渠道贷款平台,提供购房和再融资贷款产品,并通过自有的执行和特殊服务部门提供贷款服务[480,481,482] - 公司的贷款发放业务主要通过直销、零售/合资、批发和代销四大渠道进行,其中代销渠道占比最高达75%[486] - 公司的贷款产品包括政府支持的抵押贷款、非政府支持的抵押贷款以及非标准抵押贷款,其中政府支持的抵押贷款占比最高达54%[487] - 公司的贷款发放业务中,购房贷款占比较高,达到85%,再融资贷款占比较低,为15%[488] - 公司的贷款发放业务在2024年第二季度和2023年全年实现了较大增长,分别增长35%和51%[490] - 第二季度贷款发放量为146亿美元,较上一季度增加[494] - 第二季度贷款发放利润率为1.00%,较上一季度下降20个基点[494] 贷款服务业务 - 第二季度前三个月公司服务资产组合中执行服务(Performing Servicing)的未偿本金余额为4863.79亿美元,较上一季度增加39.11亿美元[496] - 第二季度前三个月公司服务资产组合中特殊服务(Special Servicing)的未偿本金余额为2551.73亿美元,较上一季度增加124.95亿美元[497] - 第二季度前三个月公司服务费收入为3.86亿美元,较上一季度增加3.77亿美元[502] - 第二季度前三个月公司其他服务费收入为5.56亿美元,较上一季度增加6.84亿美元[503] - 截至2024年6月30日,公司自有的抵押贷款服务权(MSR)的总未偿本金余额为5870亿美元,加权平均MSR费率为34个基点[511] - 公司在第三方公司PHH和Valon处外包了部分贷款服务,占公司总贷款本金的11.7%[517] 投资组合 - 公司持有约43亿美元的住房贷款投资组合,其中包括37.7亿美元的并表私人抵押贷款证券化信托贷款和8.33亿美元的持有待售和持有至到期贷款[548,549,550] - 公司持有的住房贷款中,约38亿美元通过有抵押融资协议进行融资[548] - 公司持有的住房贷款中,约24.8亿美元为公允价值持有待售贷款,加权平均收益率为6.7%[553] - 公司持有的住房贷款中,约7.92亿美元为持有至到期和公允价值持有的贷款,加权平均收益率为8.5%[549,550] - 公司持有的住房贷款中,约1.92亿美元为不良贷款,其中1.93亿美元为公允价值持有待售贷款[550,553] - 公司以抵押贷款为主要投资方式,截至2024年6月30日和2023年12月31日分别抵押了约42亿美元和22亿美元的住宅抵押贷款作为回购协议的担保[556] - 公司持有的消费贷款组合包括从高盛银行购买的Marcus贷款和SpringCastle贷款,总体加权平均贷款余额为10.12亿美元,平均贷款利率为12.6%[558,559,560] - 公司单户出租房地产(SFR)投资组合包括4,008处房产,总账面价值为10.25亿美元,平均每处房产价值25.6万美元,整体出租率为92.4%[563,567,568] - 公司通过子公司Genesis专注于提供建筑、装修和桥接贷款等短期商业贷款,平均贷款金额为270万美元,加权平均剩余期限为12.2个月[572,575,578] 资产管理业务 - 公司资产管理业务主要通过全资子公司Sculptor运营,Sculptor是一家领先的全球另类资产管理公司和机会投资专家,截至2024年6月30日管理资产约为321亿美元[588] - 资产管理业务的收入主要来自管理费和激励收入,2024年上半年资产管理收入为1.853亿美元[596] 税务和会计处理 - 公司持有的某些资产如贷款提前付款投资和抵押贷款服务权益(MSRs)在应税REIT子公司(TRSs)持有,这些资产不符合REIT要求或其地位存在不确定性[598] - 截至2024年6月30日,公司的净递延税负债为9.51亿美元,主要来自原始贷款业务的收益递延和MSRs、贷款及掉期工具公允价值变动[599] - 2024年上半年公司确认递延税费1.371亿美元,主要反映了应税实体内MSRs、贷款及掉期工具公允价值变动以及原始和服务业务分部的收益[600] 财务