Rithm Capital Corp. (NYSE:RITM) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET

Company Participants

Emma Bolla - Associate General Counsel

Michael Nierenberg - Chairman, Chief Executive Officer & President

Nick Santoro - Chief Financial Officer

Conference Call Participants

Bose George - KBW

Eric Hagen - BTIG

Doug Harter - Credit Suisse

Giuliano Bologna - Compass Point

Henry Coffey - Wedbush Securities

Trevor Cranston - JMP Securities

Operator

Good morning, and welcome to the Rithm Capital First Quarter 2023 Earnings Conference Call. All participants will be in the listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Emma Bola. Associate General Counsel. Please go ahead.

Emma Bolla

Thank you, and good morning, everyone. I would like to thank you for joining us today for Rithm Capital's first quarter 2023 earnings call. Joining me today are Michael Nierenberg, Chairman, CEO and President of Rithm Capital; and Nick Santoro, Chief Financial Officer of Rithm Capital. Throughout the call, we are going to reference the earnings supplement that was posted this morning to the Rithm Capital website www.rithmcap.com. If you've not already done so, I'd encourage you to download the presentation now.

I would like to point out that certain statements made today will be forward-looking statements. These statements by their nature are uncertain and may differ materially from actual results. I encourage you to review the disclaimers in our press release and earnings supplement regarding forward-looking statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC.

In addition, we will be discussing some non-GAAP financial measures during today's call. Reconciliations of these measures to the most directly comparable GAAP measures can be found in our earnings supplement.

And with that, I will turn the call over to Michael.

Michael Nierenberg

Thanks, Emma. Good morning, everyone. Thanks for joining us. The first quarter for Rithm continued to show the earnings power of our company. With the high levels of volatility seen in the markets as a result of the regional banking crisis, our investment portfolios performed extremely well. We have been clear from the beginning that we would not fight the Fed and that has proven to be a good strategy as book value is essentially unchanged away from a warrant exercise of 9.3 million shares during the quarter, which impacted book value by $0.23.