Rithm Capital delivered a profit in the first quarter of 2024, mainly fueled by the positive performance of its mortgage division, which recorded a total pretax income of $408.1 million, with the servicing portfolio contributing $219.9 million in pretax income.
The company is evaluating the option of making its mortgage business public, following its successful first quarter results, with concerns focused on generating more earnings rather than expanding solely for size.
Michael Nierenberg emphasized the importance of stability by hedging most of the mortgage servicing rights (MSRs) risk in the first quarter to maintain consistent book value and earnings growth for Rithm Capital.
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