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

Rhea-AI Summary

Rithm Capital Corp. (NYSE:RITM) has announced its third quarter 2024 common and preferred stock dividends. The Board of Directors declared a common stock dividend of $0.25 per share, payable on November 1, 2024, to shareholders of record on October 1, 2024.

For preferred stocks, the company declared the following dividends:

• Series A: $0.6988563 per share (11.182% rate)
• Series B: $0.6887313 per share (11.020% rate)
• Series C: $0.3984375 per share (6.375% rate)
• Series D: $0.4375000 per share (7.00% rate)

Preferred stock dividends are payable on November 15, 2024, to shareholders of record on October 15, 2024. Series A and B accrue dividends at floating rates based on three-month LIBOR plus spreads of 5.802% and 5.640%, respectively.

Positive

• Rithm Capital maintains its dividend payout, indicating financial stability
• The company continues to provide returns to preferred shareholders across multiple series

Negative

• None.

Insights

Financial Analyst

The declaration of dividends by Rithm Capital Corp. for Q3 2024 is a positive signal for investors. The company maintains its $0.25 per share common stock dividend, indicating stability in its financial position. The preferred stock dividends, particularly the high yields on Series A (11.182%) and Series B (11.020%), are attractive in the current market environment. These floating-rate preferred stocks offer protection against rising interest rates, which is valuable in the current economic climate. The consistent dividend payments across all series (A, B, C and D) demonstrate the company's commitment to shareholder returns and could potentially attract income-focused investors. However, investors should note that high preferred dividend rates may impact the company's overall profitability and ability to reinvest in growth opportunities.

Market Research Analyst

Rithm Capital's dividend announcement reflects broader trends in the REIT sector. The maintained common dividend suggests resilience in the face of economic uncertainties. The high-yield preferred stocks, particularly Series A and B with their floating rates, are well-positioned to benefit from the current high-interest-rate environment. This could make Rithm an attractive option for investors seeking income in a volatile market. However, it's important to consider the sustainability of these high payouts in the long term. The company's ability to maintain these dividend levels will depend on its operational performance and the broader real estate market conditions. Investors should monitor Rithm's upcoming earnings reports to assess the coverage ratio of these dividends and the company's overall financial health.

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 third 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 third quarter 2024. The third quarter common stock dividend is payable on November 1, 2024, to shareholders of record on October 1, 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 third quarter 2024 of $0.6988563 per share, which reflects a rate of 11.182%. The Series A Preferred Stock accrue dividends at a floating rate equal to three-month LIBOR 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 third quarter 2024 of $0.6887313 per share, which reflects a rate of 11.020%. The Series A Preferred Stock accrue dividends at a floating rate equal to three-month LIBOR plus a spread of 5.640%.

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

In accordance with the terms of Rithm Capital’s 7.00% Series D Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series D”), the Board declared a Series D dividend for the third quarter 2024 of $0.4375000 per share.

Dividends for the Series A, Series B, Series C and Series D are payable on November 15, 2024, to preferred shareholders of record on October 15, 2024.

ABOUT RITHM CAPITAL

Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm Capital makes direct investments and operates several wholly-owned operating businesses. Rithm Capital’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 Capital has delivered approximately $5.4 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240920858613/en/

Rithm Capital

Investor Relations

(212) 850-7770

ir@rithmcap.com

Media

Sarah Salky / Erik Carlson

Joele Frank, Wilkinson Brimmer Katcher

(212) 355-4449

ritm-jf@joelefrank.com

Source: Rithm Capital Corp.

FAQ

What is Rithm Capital's common stock dividend for Q3 2024?

Rithm Capital (RITM) declared a common stock dividend of $0.25 per share for the third quarter of 2024.

When will Rithm Capital pay its Q3 2024 common stock dividend?

Rithm Capital (RITM) will pay its third quarter 2024 common stock dividend on November 1, 2024, to shareholders of record on October 1, 2024.

What are the preferred stock dividend rates for Rithm Capital in Q3 2024?

Rithm Capital (RITM) declared preferred stock dividends for Q3 2024 as follows: Series A at 11.182%, Series B at 11.020%, Series C at 6.375%, and Series D at 7.00%.

When are Rithm Capital's Q3 2024 preferred stock dividends payable?

Rithm Capital's (RITM) preferred stock dividends for Q3 2024 are payable on November 15, 2024, to shareholders of record on October 15, 2024.