Rithm Capital Corp. Declares Fourth Quarter 2024 Common and Preferred Dividends

Rhea-AI Summary

Rithm Capital (NYSE:RITM) has announced its dividend distributions for Q4 2024. The company declared a common stock dividend of $0.25 per share, payable on January 31, 2025, to shareholders of record on December 31, 2024.

The company also declared preferred stock dividends for its various series: Series A at $0.6763961 per share (10.587% rate), Series B at $0.6660461 per share (10.425% rate), Series C at $0.3984375 per share (6.375% rate), and Series D at $0.4375000 per share (7.000% rate). All preferred dividends will be paid on February 18, 2025, to shareholders of record on January 31, 2025.

Positive

• Maintained quarterly common dividend of $0.25 per share
• High preferred dividend yields ranging from 6.375% to 10.587%

Negative

• None.

Insights

Financial Analyst

The dividend announcement maintains RITM's consistent quarterly common dividend of $0.25 per share, representing an annualized yield of approximately 10.5% at current price levels. The company's multi-tiered preferred stock structure showcases strong dividend coverage, with Series A and B offering floating rates above 10%, while Series C and D provide fixed/reset rates of 6.375% and 7% respectively.

The floating-rate preferred shares benefit from the current high interest rate environment, offering attractive yields tied to SOFR plus significant spreads. This dividend structure reflects RITM's robust capital allocation strategy and commitment to shareholder returns, particularly notable given its position as one of the largest commercial real estate managers with significant mortgage servicing rights exposure.

NEW YORK--(BUSINESS WIRE)-- Rithm Capital Corp. (NYSE:RITM, “Rithm Capital” or the “Company”) announced today that its Board of Directors (the “Board”) has declared fourth quarter 2024 common and preferred stock dividends.

Common Stock Dividend

The Board declared a dividend of $0.25 per share of common stock for the fourth quarter 2024. The fourth quarter common stock dividend is payable on January 31, 2025, to shareholders of record on December 31, 2024.

Preferred Stock Dividends

In accordance with the terms of Rithm Capital’s Series A Cumulative Redeemable Preferred Stock (“Series A”), the Board declared a Series A dividend for the fourth quarter 2024 of $0.6763961 per share, which reflects a rate of 10.587%. The Series A Preferred Stock accrue dividends at a floating rate equal to three-month CME SOFR (plus a spread adjustment of 0.261%) plus a spread of 5.802%.

In accordance with the terms of Rithm Capital’s Series B Cumulative Redeemable Preferred Stock (“Series B”), the Board declared a Series B dividend for the fourth quarter 2024 of $0.6660461 per share, which reflects a rate of 10.425%. The Series B Preferred Stock accrue dividends at a floating rate equal to three-month CME SOFR (plus a spread adjustment of 0.261%) plus a spread of 5.640%.

In accordance with the terms of Rithm Capital’s 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C”), the Board declared a Series C dividend for the fourth quarter 2024 of $0.3984375 per share.

In accordance with the terms of Rithm Capital’s 7.000% Series D Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series D”), the Board declared a Series D dividend for the fourth quarter 2024 of $0.4375000 per share.

Dividends for the Series A, Series B, Series C and Series D are payable on February 18, 2025, to preferred shareholders of record on February 1, 2025 (with an effective record date of January 31, 2025).

ABOUT RITHM CAPITAL

Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm’s businesses include Sculptor Capital Management, Inc., an alternative asset manager, as well as Newrez LLC and Genesis Capital LLC, leading mortgage origination and servicing platforms. Rithm Capital seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.6 billion in dividends to shareholders. Rithm 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.

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Rithm Capital

Investor Relations

(212) 850-7770

ir@rithmcap.com

Source: Rithm Capital Corp.

FAQ

What is Rithm Capital's Q4 2024 common stock dividend amount?

Rithm Capital's Q4 2024 common stock dividend is $0.25 per share, payable on January 31, 2025.

When is the record date for RITM's Q4 2024 common dividend?

The record date for RITM's Q4 2024 common dividend is December 31, 2024.

What are the dividend rates for RITM's preferred stock series in Q4 2024?

RITM's preferred stock dividend rates for Q4 2024 are: Series A at 10.587%, Series B at 10.425%, Series C at 6.375%, and Series D at 7.000%.

When will RITM pay its Q4 2024 preferred stock dividends?

RITM will pay its Q4 2024 preferred stock dividends on February 18, 2025, to shareholders of record on January 31, 2025.