Rithm Capital Corp. (NYSE:RITM) Q3 2022 Earnings Conference Call November 2, 2022 8:00 AM ET

Company Participants

Phil Sivin – Chief Legal Officer

Michael Nierenberg – Chief Executive Officer and President

Conference Call Participants

Mike Smyth – KBW

Eric Hagen – BTIG

Doug Harter – Credit Suisse

Kevin Barker – Piper Sandler

Jay McCanless – Wedbush

Trevor Cranston – JMP Securities

Operator

Good day, and welcome to the Rithm Capital Third Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today’s event is being recorded.

I would now like to turn the conference over to Phil Sivin, Chief Legal Officer. Please go ahead.

Phil Sivin

Thank you, operator, and good morning, everyone. I’d like to thank you all for joining us today for Rithm Capital’s third quarter 2022 earnings call. Joining me today are Michael Nierenberg, Chairman, CEO and President of Rithm; and Nick Santoro, Chief Financial Officer of Rithm.

Throughout the call, we are going to reference the earnings supplement that was posted to the Rithm Capital website, www.rithmcap.com this morning. If you’ve not already done so, I’d encourage you to download the presentation now.

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

In addition, we’ll 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, Phil. Good morning, everyone. Thanks for joining us today. As we are all aware, the investing environment remains challenging. Our messaging and approach in prior quarters has been to not fight the Fed. We remain biased to a higher rate environment with wider credit spreads. We will continue with this view until we feel like the Fed signals. They will stop raising rates and/or we see the economic data softening. Our goal is to protect our balance sheet, maintain book value, maintain higher levels of liquidity and reduce expenses in our operating business lines while we drive consistent earnings and dividends for our shareholders.