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The company generated a $68.9 million profit in the first quarter, down from $81.8 million in the prior quarter. Its origination and servicing segments posted a combined pre-tax income of $164 million and originated roughly $7 billion in loans. Rithm’s MSR portfolio totaled $603 billion in UPB, slightly down from $609 billion.
“Over a year into the Fed’s aggressive tightening cycle, we have effectively navigated the market and positioned our company for success,” Nierenberg said. “Our focus on credit and risk management and our opportunistic approach to capital management has served the company and its shareholders extremely well.
“Our expansion into the private capital business and our emphasis on quality performance in our existing portfolio will drive our company through its next phase of growth. With plenty of uncertainty still to play out in the financial services space, Rithm is well-positioned to continue deploying capital into attractive opportunities. We look forward to seeing Rithm’s success as we move through 2023 and beyond.”
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