filoRithm Capital Corporation (NYSE:RITM) continued to earn its $0.25 per share per quarter dividend easily with distributable earnings in the second quarter. Rithm Capital also grew its book value and disclosed solid financial results, driven by gains in the Mortgage Servicing Rights portfolio. I anticipate Rithm Capital to do more acquisitions moving forward, particularly in the asset management business, in order to diversify its mortgage-heavy investment portfolio and create new income streams. From ...

文章核心观点 - 公司专注于资产多元化,通过收购Sculptor Capital Management等交易,将业务从传统的抵押贷款REIT拓展到商业房地产REIT和资产管理业务,实现了业务的垂直整合和协同效应 [5] - 公司在利率下行周期中保持谨慎,对其抵押贷款服务权益组合进行了大量对冲,同时通过第三方债务和股权投资者扩大其CLO业务,使公司在未来几年的过渡期内能够经受住考验并发展其全球资产管理平台 [5] - 公司目前估值较低,股息收益率较高,对于寻求稳定季度收益的投资者而言具有吸引力,但由于公司专注于资产多元化,股息增长可能会受到限制 [8][11] 根据目录分别总结 公司业务发展 - 公司通过收购Sculptor Capital Management等交易,将业务从传统的抵押贷款REIT拓展到商业房地产REIT和资产管理业务,实现了业务的垂直整合和协同效应 [5] - 公司最近完成了两笔总规模约780亿美元的CLO交易,使其资产管理业务的总规模达到320亿美元,涵盖房地产、信贷和多策略投资领域 [5] - 公司还寻求将Great Ajax从之前的住宅抵押贷款REIT转型为商业抵押贷款REIT,并将Sculptor作为其外部管理人,帮助其把握商业房地产投资机会 [5] 公司财务表现 - 公司在利率上升周期中报告了出色的利息收入,在第二季度达到4.79亿美元,同比增长20% [5] - 受到利息费用和仓储贷款费用上升的影响,公司第二季度的可分配收益下降24.1%至0.47美元 [5] - 公司维持了稳健的资产负债表,现金和等价物为12.3亿美元,负债为345.9亿美元 [5] 公司估值及股息 - 公司目前估值较低,市盈率仅6.64倍,明显低于行业中值11.96倍 [8] - 公司股息收益率高达8.67%,远高于行业中值3.12%和美国国债收益率 [11] - 但由于公司专注于资产多元化,股息增长可能会受到限制,投资者需要适当调整预期 [8]

财务数据和关键指标变化 - 第二季度每股摊薄净收益为0.43美元,每股可分配收益为0.47美元,较上一季度均有所增长 [10] - 第二季度每股净资产为12.39美元,较上一季度有所增加 [10] - 第二季度经济收益率为3.7%,权益收益率为15% [10] - 第二季度现金及流动性达15亿美元 [10] 各条业务线数据和关键指标变化 - Newrez第二季度税前利润为2.48亿美元,权益收益率达23% [22] - Newrez第二季度贷款产量增长35%,主要来自对应和批发渠道,同时也受益于收购SLS公司带来的增量 [23][24] - Newrez第二季度服务贷款规模增长28%,第三方服务贷款规模增长92% [22] - Genesis Capital第二季度产能达到约3亿美元,较收购时增长50%以上 [15][16][26] - Sculptor第二季度完成两笔CLO交易,总规模7.8亿美元,并新增了100亿美元房地产信贷基金投资 [17][28] 各个市场数据和关键指标变化 - 公司预计美联储将于9月开始降息25个基点,有利于降低公司融资成本,提高收益 [18] - 预计收益率曲线将进一步走陡,有利于提高资产价格和收益率 [18] - 市场波动性预计将持续,地缘政治环境不确定性较高 [19] - 私募信贷市场将继续扩张,行业内大型基金不断募集新资金 [19] - 商业地产市场需求旺盛,公司有大量潜在投资机会 [20] 公司战略和发展方向及行业竞争 - 公司正在转型为"Rithm 2.0",在保持直接贷款业务优势的同时,大力发展替代资产管理业务 [7][14] - 公司通过收购SLS、Sculptor、Great Ajax等交易,不断扩大业务规模和范围,提升整体实力 [7] - 公司将加大在高收益债券市场的融资力度,降低银行融资依赖,为未来发展提供更灵活的资本结构 [39][49] - 公司正在评估是否将Newrez独立上市,以更好地反映其价值 [43][44][45][47] - 公司在商业地产领域有大量投资机会,将通过Rithm商业贷款和Sculptor房地产基金等渠道进行布局 [29][30][69][70][72] 管理层对经营环境和未来前景的评论 - 管理层认为当前宏观环境有利于公司发展,预计美联储将降息,有利于降低融资成本 [18] - 管理层对公司各业务线的发展前景持乐观态度,认为Newrez、Genesis Capital等直接贷款业务以及Sculptor替代资产管理业务将持续增长 [6][14][26][28] - 管理层认为商业地产市场前景良好,公司有大量潜在投资机会 [20][69][70] - 管理层对公司整体发展前景充满信心,认为公司正处于转型升级的关键时期,未来将为股东和LP创造更大价值 [9][12][13] 其他重要信息 - 公司第二季度共完成4.2亿美元的资产收购,并投入10亿美元的权益资本 [44] - 公司正在评估通过高收益债券市场等方式优化资本结构,提高融资灵活性 [49][56] - 公司在第二季度完成了对SLS、Sculptor、Great Ajax等公司的收购和投资,进一步扩大了业务规模和范围 [7] 问答环节重要的提问和回答 问题1 **Eric Hagen 提问** 询问公司MSR组合的摊销情况以及未来资本配置的考虑 [33][34][35][36][37][38][39] **Michael Nierenberg 回答** - 公司近期收购的40亿美元MSR组合摊销情况稳定,预计未来摊销不会大幅增加 [34] - 公司未来将更多依靠高收益债券市场融资,减少银行融资,提高资本结构灵活性 [39] - 公司不会盲目追求MSR规模扩张,而是会根据投资机会和收益情况来配置资本 [38] 问题2 **Bose George 提问** 询问是否考虑将Newrez独立上市 [43][44][45][46][47] **Michael Nierenberg 回答** - 公司正在评估各种方式来提高Newrez的估值,包括独立上市在内 [44][45][47] - 公司认为Newrez当前估值偏低,希望通过优化资本结构等方式来提升价值 [43][44][45] 问题3 **Trevor Cranston 提问** 询问公司MSR组合中高息贷款的规模以及再融资机会 [66][67][68] **Baron Silverstein 回答** - 公司约有1000亿美元MSR面值的贷款利率在6%以上 [67] - 公司将密切关注未来利率环境变化,把握再融资机会 [68]

Rithm (RITM) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.90%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.41 per share when it actually produced earnings of $0.48, delivering a surprise of 17.07%.Over the last four quarters, t ...

Q2 2024 Quarterly Supplement Rithm Capital Quarterly Supplement Q2 2024 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." FORWARD-LOOKING STATEMENTS. Certain statements regarding Rithm Capital Corp. (together with its subsidiaries, "Rithm," "Rithm Capital," the "Company" or "we") in this Presentation may constitute ...

财务业绩 - 公司第二季度GAAP净收益为2.132亿美元，每股摊薄收益为0.43美元[3] - 可分配收益为2.311亿美元，每股摊薄收益为0.47美元[4] - 普通股股息为1.224亿美元，每股0.25美元[6] - 每股账面价值为12.39美元[2] - 公司总收入为12.61亿美元[45] - 贷款组合利息收入为4.30亿美元[45] - 资产管理收入为7586万美元[45] - 总运营费用为8.43亿美元[45] - 净利润为2.62亿美元[45] 资产管理 - 子公司Sculptor的资产管理规模达320亿美元，完成两笔总计7.8亿美元的CLO交易[11] 贷款服务和承销 - 子公司Newrez的贷款服务和承销业务实现2.477亿美元税前利润，权益回报率达23%[9] - 子公司Genesis的贷款应收款业务实现3.17亿美元税前利润，权益回报率达18%[10] 资产负债表 - 公司资产总额为420.19亿美元[44] - 普通股股本为48.97亿股[31] - 优先股股本为51,964,122股[31] - 总权益为74.21亿美元[31] - 总资产为479.36亿美元[46] - 股东权益为71.50亿美元[46] 其他 - 抵押贷款服务权益(MSR)组合总额为6,450亿美元，较上季度增加10%[8] - 完成对Great Ajax Corp.的外部管理人交易[12] - 公司将"可分配收益"作为非GAAP财务指标,用于剔除某些已实现和未实现损益、其他收益损失、非资本化交易费用和递延税款的影响[36][37][38][39][40] - 公司将在2024年度10-K年报和2024年第一季度10-Q季报中提供重述的详细调整信息[34] - 公司提醒投资者注意前瞻性陈述中的风险因素[49] - 公司是一家专注于房地产、信贷和金融服务的全球资产管理公司[50]

Wall Street analysts expect Rithm (RITM) to post quarterly earnings of $0.42 per share in its upcoming report, which indicates a year-over-year decline of 32.3%. Revenues are expected to be $1.13 billion, up 8.9% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announces its earnings, it is essential t ...

Rithm (RITM) closed the most recent trading day at $11.45, moving +0.7% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 1.11%. Elsewhere, the Dow saw an upswing of 1.64%, while the tech-heavy Nasdaq appreciated by 1.03%.The the stock of real estate investment trust has risen by 5.28% in the past month, leading the Finance sector's loss of 2.85% and the S&P 500's loss of 1.16%.Analysts and investors alike will be keeping a close eye on the performance of Rithm ...

Rithm (RITM) closed the most recent trading day at $11.60, moving +0.87% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 1.39% for the day. Elsewhere, the Dow saw an upswing of 0.6%, while the tech-heavy Nasdaq depreciated by 2.77%.Coming into today, shares of the real estate investment trust had gained 3.32% in the past month. In that same time, the Finance sector lost 0.08%, while the S&P 500 gained 4.43%.Market participants will be closely following the finan ...

Rithm Capital Corp. (RITM) shares have gained 15% in the past year. The stock has outperformed the industry’s 10.4% increase. Based in New York, Rithm Capital is an asset manager specializing in the real estate and financial services sectors. It has a market cap of $5.2 billion.Its asset management business expansion and continuous acquisition of customer loans are aiding the company. Its diversified platform and focus on growing profitability of its Newrez business is buoying its performance. Muted prepaym ...