Rithm Capital Corp. Q3 Profit, Revenue Decline

(RTTNews) - Rithm Capital Corp. (RITM), an asset manager focused on the real estate and financial services sectors, Tuesday reported net income of $97.02 million or $0.20 per share for the third quarter, significantly lower than $193.95 million or $0.40 per share in the same quarter a year ago, mainly impacted by decline in revenue.

Earnings available for distribution were $270.3 million, or $0.54 per share compared with $280.84 million or $0.58 per share last year.

Interest income, however, increased to $550.73 million from $476.61 million last year.

Revenue for the quarter declined to $619.51 million from $1.089 billion in the previous year.

Net servicing revenue was a loss of $254.16 million compared with profit of $463.58 million a year ago.

The consensus estimate for revenue was $469.08 million.