Rithm Capital Q1 Earnings Fall

(RTTNews) - Rithm Capital Corp. (RITM), an investment management company, on Friday announced a decrease in first quarter net income compared with the previous year. The results were impacted by reduced revenues and impact of change in fair value, compared to a gain last year.

For the first quarter, net income were $80.71 million, significantly down from $291.91 million in the previous year.

Earnings per share were $0.07 versus $0.50 in the prior year.

On an adjusted basis, net income was $275.27 million, while in the prior year adjusted earnings were $315.79 million.

Adjusted earnings per share were $0.52 versus $0.60 last year.

Net servicing revenues, that include an impact of $541.92 million due to change in fair value of MSRs and MSR financing receivables were $28.89 million, compared to $1.094 billion last year. In the prior year, the company had recorded a gain in fair value changes of $563.48 million.

Interest income declined to $441.26 million from $1.09 billion last year.

Total revenues fell to $768.38 million from $2.10 billion last year.

In the pre-market trading, Rithm Capital is 1.77% higher at $10.48 on the New York Stock Exchange.