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	Q4 2022			Q3 2022			FY 2022			FY 2021
Summary Operating Results:
GAAP Net Income per Diluted Common Share(1)	$	0.17		$	0.26		$	1.80		$	1.51
GAAP Net Income	$	81.8	million	$	124.5	million	$	864.8	million	$	705.5	million

Non-GAAP Results:
Earnings Available for Distribution per Diluted Common Share(1)(2)	$	0.33		$	0.32		$	1.31		$	1.48
Earnings Available for Distribution(2)	$	156.9	million	$	153.0	million	$	633.1	million	$	694.2	million

Common Dividend:
Common Dividend per Share	$	0.25		$	0.25		$	1.00		$	0.90
Common Dividend	$	118.6	million	$	118.4	million	$	470.4	million	$	409.6	million

“2022 was a transformational year for our company, highlighted by our transition from New Residential to Rithm,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “We delivered on our message of preparing our business for a higher rate environment by not fighting the Fed and by being defensive with our capital deployment. This past year, in a very challenging and volatile market environment, we produced a 15% GAAP (or 11% EAD) return on equity, grew book value by roughly 5% and generated nearly 14% in total economic return for our shareholders.”

(1)Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 480,852,723 and 476,796,757 weighted average diluted shares for the quarters ended December 31, 2022 and September 30, 2022, respectively. Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 481,636,125 and 467,665,006 weighted average diluted shares for the years ended December 31, 2022 and 2021, respectively. Per share calculations of Book Value are based on 473,715,100 common shares outstanding as of December 31, 2022.

For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors section of the Company’s website, www.rithmcap.com. For consolidated investment portfolio information, please refer to the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Company’s website, www.rithmcap.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.

All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Rithm Capital Fourth Quarter and Full Year 2022 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10175154/f5b3ebf040.


	Three Months Ended				Year Ended December 31,
	December 31, 2022		September 30, 2022		2022		2021
Revenues
Servicing fee revenue, net and interest income from MSR financing receivables	$	452,923	$	453,163	$	1,831,964	$	1,559,554
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(108,914), $(141,616), $(631,120), and $(1,192,646), respectively)	(162,028)		(17,178)		732,750		(575,353)
Servicing revenue, net	290,895		435,985		2,564,714		984,201
Interest income	365,541		273,379		1,075,981		810,896
Gain on originated residential mortgage loans, held-for-sale, net	105,966		203,479		1,086,232		1,826,909
	762,402		912,843		4,726,927		3,622,006
Expenses
Interest expense and warehouse line fees	283,250		218,089		791,001		497,308
General and administrative	189,295		214,624		875,428		864,028
Compensation and benefits	208,185		290,984		1,231,446		1,159,810
Management fee to affiliate	—		—		46,174		95,926
Termination fee to affiliate	—		—		400,000		—
	680,730		723,697		3,344,049		2,617,072
Other income (loss)
Change in fair value of investments, net	521,109		968,340		1,108,290		11,723
Gain (loss) on settlement of investments, net	(511,345)		(1,004,454)		(1,359,679)		(234,561)
Other income (loss), net	(3,650)		23,242		131,312		181,712
	6,114		(12,872)		(120,077)		(41,126)
Income before income taxes	87,786		176,274		1,262,801		963,808
Income tax expense (benefit)	(18,047)		22,084		279,516		158,226
Net income	$	105,833	$	154,190	$	983,285	$	805,582
Noncontrolling interests in income (loss) of consolidated subsidiaries	1,668		7,307		28,766		33,356
Dividends on preferred stock	22,411		22,427		89,726		66,744
Net income (loss) attributable to common stockholders	$	81,754	$	124,456	$	864,793	$	705,482

Net income (loss) per share of common stock
Basic	$	0.17	$	0.27	$	1.84	$	1.56
Diluted	$	0.17	$	0.26	$	1.80	$	1.51
Weighted average number of shares of common stock outstanding
Basic	473,715,100		467,974,962		468,836,718		451,276,742
Diluted	480,852,723		476,796,757		481,636,125		467,665,006

Dividends declared per share of common stock	$	0.25	$	0.25	$	1.00	$	0.90


	December 31, 2022 (Unaudited)		December 31, 2021
Assets
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value	$	8,889,403	$	6,858,803
Real estate and other securities	8,289,277		9,396,539
Residential loans and variable interest entity consumer loans held-for-investment, at fair value	816,275		1,077,224
Residential mortgage loans, held-for-sale ($3,297,271 and $11,214,924 at fair value, respectively)	3,398,298		11,347,845
Single-family rental properties, held-for-investment	971,313		579,607
Mortgage loans receivable, at fair value	2,064,028		1,515,762
Residential mortgage loans subject to repurchase	1,219,890		1,787,314
Cash and cash equivalents	1,336,508		1,332,575
Restricted cash	281,126		195,867
Servicer advances receivable	2,825,485		2,855,148
Receivable for investments sold	473,126		—
Other assets	1,914,607		2,795,506
	$	32,479,336	$	39,742,190
Liabilities and Equity

Liabilities
Secured financing agreements	$	11,257,736	$	20,592,884
Secured notes and bonds payable ($632,404 and $511,107 at fair value, respectively)	10,098,943		8,644,810
Residential mortgage loan repurchase liability	1,219,890		1,787,314
Unsecured senior notes, net of issuance costs	545,056		543,293
Payable for investments purchased	731,216		—
Due to affiliates	—		17,819
Dividends payable	129,760		127,922
Accrued expenses and other liabilities	1,486,667		1,358,768
	25,469,268		33,072,810
Commitments and Contingencies

Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 and 52,210,000 issued and outstanding, $1,299,104 and $1,305,250 aggregate liquidation preference, respectively	1,257,254		1,262,481
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 and 466,758,266 issued and outstanding, respectively	4,739		4,669
Additional paid-in capital	6,062,019		6,059,671
Retained earnings (accumulated deficit)	(418,662)		(813,042)
Accumulated other comprehensive income	37,651		90,253
Total Rithm Capital stockholders’ equity	6,943,001		6,604,032
Noncontrolling interests in equity of consolidated subsidiaries	67,067		65,348
Total equity	7,010,068		6,669,380
	$	32,479,336	$	39,742,190

The Company has five primary variables that impact its operating performance: (i) the current yield earned on the Company’s investments, (ii) the interest expense under the debt incurred to finance the Company’s investments, (iii) the Company’s operating expenses and taxes, (iv) the Company’s realized and unrealized gains or losses on investments, including any impairment or reserve for expected credit losses and (v) income from the Company’s origination and servicing businesses. “Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, excluding the fourth variable above and adjusts the earnings from the consumer loan investment to a level yield basis. Earnings available for distribution is used by management to evaluate the Company’s performance without taking into account: (i) realized and unrealized gains and losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance; (ii) termination fee to affiliate; (iii) non-cash deferred compensation expense; (iv) non-capitalized transaction-related expenses; and (v) deferred taxes, which are not representative of current operations.

The Company’s definition of earnings available for distribution includes accretion on held-for-sale loans as if they continued to be held-for-investment. Although the Company intends to sell such loans, there is no guarantee that such loans will be sold or that they will be sold within any expected timeframe. During the period prior to sale, the Company continues to receive cash flows from such loans and believes that it is appropriate to record a yield thereon. In addition, the Company’s definition of earnings available for distribution excludes all deferred taxes, rather than just deferred taxes related to unrealized gains or losses, because the Company believes deferred taxes are not representative of current operations. The Company’s definition of earnings available for distribution also limits accreted interest income on RMBS where the Company receives par upon the exercise of associated call rights based on the estimated value of the underlying collateral, net of related costs including advances. The Company created this limit in order to be able to accrete to the lower of par or the net value of the underlying collateral, in instances where the net value of the underlying collateral is lower than par. The Company believes this amount represents the amount of accretion the Company would have expected to earn on such bonds had the call rights not been exercised.

The Company’s investments in consumer loans are accounted for under the fair value option. Earnings available for distribution adjusts earnings on consumer loans to a level yield to present income recognition across the consumer loan portfolio in the manner in which it is economically earned, to avoid potential delays in loss recognition, and align it with the Company’s overall portfolio of mortgage-related assets which generally record income on a level yield basis.

With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses are generally legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses.

Through its wholly owned subsidiaries, the Company originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, the Company reports realized gains or losses on the sale of originated residential mortgage loans and retention of mortgage servicing rights, which the Company believes is an indicator of performance for the Origination and Servicing segments and therefore included in earnings available for distribution. Realized gains or losses on the sale of originated residential mortgage loans had no impact on earnings available for distribution in any prior period, but may impact earnings available for distribution in future periods.

Management believes that the adjustments to compute “earnings available for distribution” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and reserves as well as

derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such, earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP net income which is inclusive of all of the Company’s activities.

The Company views earnings available for distribution as a consistent financial measure of its investment portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.


	Three Months Ended				Year Ended December 31,
	December 31, 2022		September 30, 2022			2022		2021
Net income attributable to common stockholders	$	81,754	$	124,456		$	864,793	$	705,482
Adjustments:
Impairment	690		6,744			14,962		(47,744)
Change in fair value of investments, net	(465,677)		(1,092,789)			(2,469,853)		(614,782)
(Gain) loss on settlement of investments, net	515,767		1,015,701			1,402,771		336,463
Other (income) loss, net	44,317		68,336			105,941		48,329

Non-capitalized transaction-related expenses	2,219		4,450			24,404		53,372
Termination fee to affiliate	—		—			400,000		—
Preferred stock management fee to affiliate	—		—			8,661		14,111
Deferred taxes	(26,348)		22,081			271,167		151,200
Interest income on residential mortgage loans, held-for-sale	1,838		1,834			3,125		43,971

Earnings available for distribution of equity method investees:
Excess mortgage servicing rights	2,319		2,215			7,104		3,772
Earnings available for distribution	$	156,879	$	153,028		$	633,075	$	694,174

Net income per diluted share	$	0.17	$	0.26		$	1.80	$	1.51
Earnings available for distribution per diluted share	$	0.33	$	0.32		$	1.31	$	1.48

Weighted average number of shares of common stock outstanding, diluted	480,852,723		476,796,757			481,636,125		467,665,006


	Origination and Servicing				Residential Securities, Properties and Loans
Fourth Quarter 2022	Origination		Servicing			MSR Related Investments		Real Estate Securities		Properties & Residential Mortgage Loans		Mortgage Loans Receivable		Corporate & Other		Total
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	—	$	364,673		$	88,250	$	—	$	—	$	—	$	—	$	452,923
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(108,914))	—		(151,389)			(10,639)		—		—		—		—		(162,028)
Servicing revenue, net	—		213,284			77,611		—		—		—		—		290,895
Interest income	30,498		68,733			62,836		110,703		20,661		53,119		18,991		365,541
Gain on originated mortgage loans, held-for-sale, net	115,357		3,862			—		—		(13,253)		—		—		105,966
Total revenues	145,855		285,879			140,447		110,703		7,408		53,119		18,991		762,402
Interest expense	34,992		70,254			29,663		85,870		25,264		25,651		11,556		283,250
G&A and other	177,283		126,099			40,616		1,317		13,137		18,028		21,000		397,480
Total operating expenses	212,275		196,353			70,279		87,187		38,401		43,679		32,556		680,730
Change in fair value of investments, net	—		—			(1,173)		534,610		(9,346)		6,983		(9,965)		521,109
Gain (loss) on settlement of investments, net	—		50			(965)		(530,850)		13,319		7,034		67		(511,345)
Other income (loss), net	961		(247)			(3,511)		(1,648)		21,660		(897)		(19,968)		(3,650)
Total other income (loss)	961		(197)			(5,649)		2,112		25,633		13,120		(29,866)		6,114
Income (loss) before income taxes	(65,459)		89,329			64,519		25,628		(5,360)		22,560		(43,431)		87,786
Income tax expense (benefit)	(16,311)		(5,472)			6,912		—		(946)		(2,229)		(1)		(18,047)
Net income (loss)	(49,148)		94,801			57,607		25,628		(4,414)		24,789		(43,430)		105,833
Noncontrolling interests in income (loss) of consolidated subsidiaries	551		—			2,720		—		—		—		(1,603)		1,668
Dividends on preferred stock	—		—			—		—		—		—		22,411		22,411
Net income (loss) attributable to common stockholders	$	(49,699)	$	94,801		$	54,887	$	25,628	$	(4,414)	$	24,789	$	(64,238)	$	81,754

As of December 31, 2022
Total Assets	$	2,491,107	$	10,098,976		$	5,443,547	$	8,923,620	$	2,577,698	$	2,367,698	$	576,690	$	32,479,336
Total Rithm Capital stockholder’s equity	$	355,492	$	3,265,986		$	2,123,357	$	716,372	$	367,819	$	608,301	$	(494,326)	$	6,943,001


	Origination and Servicing				Residential Securities, Properties and Loans
Third Quarter 2022	Origination		Servicing			MSR Related Investments		Real Estate Securities		Properties & Residential Mortgage Loans		Mortgage Loans Receivable		Corporate & Other		Total
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	—	$	354,171		$	98,992	$	—	$	—	$	—	$	—	$	453,163
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(141,616))	—		40,401			(57,579)		—		—		—		—		(17,178)
Servicing revenue, net	—		394,572			41,413		—		—		—		—		435,985
Interest income	41,862		55,844			15,401		76,908		19,186		42,335		21,843		273,379
Gain on originated mortgage loans, held-for-sale, net	214,703		5,980			—		—		(17,204)		—		—		203,479
Total revenues	256,565		456,396			56,814		76,908		1,982		42,335		21,843		912,843
Interest expense	31,345		56,650			26,033		51,822		21,242		18,888		12,109		218,089
G&A and other	283,798		132,160			43,388		921		12,220		15,241		17,880		505,608
Total operating expenses	315,143		188,810			69,421		52,743		33,462		34,129		29,989		723,697
Change in fair value of investments, net	—		—			(8,711)		887,898		67,797		27,201		(5,845)		968,340
Gain (loss) on settlement of investments, net	—		(549)			(1,454)		(1,018,354)		14,032		1,871		—		(1,004,454)
Other income (loss), net	1,368		(74)			923		(2,799)		11,448		5,710		6,666		23,242
Total other income (loss)	1,368		(623)			(9,242)		(133,255)		93,277		34,782		821		(12,872)
Income (loss) before income taxes	(57,210)		266,963			(21,849)		(109,090)		61,797		42,988		(7,325)		176,274
Income tax expense (benefit)	(14,243)		51,032			(7,197)		—		(5,564)		(1,940)		(4)		22,084
Net income (loss)	(42,967)		215,931			(14,652)		(109,090)		67,361		44,928		(7,321)		154,190
Noncontrolling interests in income (loss) of consolidated subsidiaries	471		—			(139)		—		—		—		6,975		7,307
Dividends on preferred stock	—		—			—		—		—		—		22,427		22,427
Net income (loss) attributable to common stockholders	$	(43,438)	$	215,931		$	(14,513)	$	(109,090)	$	67,361	$	44,928	$	(36,723)	$	124,456

As of September 30, 2022
Total Assets	$	3,875,126	$	10,314,954		$	5,618,234	$	10,081,229	$	2,571,458	$	2,170,411	$	703,123	$	35,334,535
Total Rithm Capital stockholder’s equity	$	492,543	$	3,107,614		$	2,321,904	$	723,082	$	323,259	$	557,513	$	(535,344)	$	6,990,571

Certain information in this press release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent management’s current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statements Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Company’s website (www.rithmcap.com). New risks and uncertainties emerge from time to time, and it is not possible for Rithm Capital to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and Rithm Capital expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Rithm Capital's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Rithm Capital is a manager of assets and investments focused on the real estate and financial services industries. The Company seeks to provide attractive risk-adjusted returns across interest rate environments through a complementary portfolio of investments and operating businesses. Since inception in 2013, Rithm Capital has delivered approximately $4.4 billion in dividends to shareholders. Rithm Capital’s investments in operating entities include leading origination and servicing platforms held through its wholly-owned subsidiaries, Newrez LLC, Caliber Home Loans Inc., and Genesis Capital LLC, as well as investments in affiliated businesses that provide residential and commercial real estate related services. Rithm Capital is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.