“2022 was a transformational year for our company, highlighted by our transition from New Residential to Rithm,” said Michael Nierenberg, chairman and CEO 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.”
Nierenberg highlighted that the Rithm platform is growing, and they’ve added great people as it pivots towards being an alternative asset manager.
“We expect 2023 to present material opportunities for Rithm and our operating companies,” he added. “We will continue to invest in our core strategies while expanding in the new areas highlighted above. We are excited about our private capital business, which should generate new and recurring fee streams for our shareholders while driving the next phase of our growth. I am proud of what we’ve accomplished thus far and look forward to the future of Rithm.”
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.