Rithm Capital Corp. (NYSE:RITM) Q2 2024 Earnings Conference Call July 31, 2024 8:00 AM ET

Company Participants

Emma Bolla - Associate General Counsel
Michael Nierenberg - Chairman, CEO and President
Baron Silverstein - President, Newrez

Conference Call Participants

Eric Hagen - BTIG
Bose George - KBW
Stephen Laws - Raymond James
Crispin Love - Piper Sandler
Trevor Cranston - JMP Securities

Operator

Good morning and welcome to the Rithm Capital Second Quarter 2024 Earnings 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 this event is being recorded. I would now like to turn the conference over to Emma Bolla, 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 second quarter 2024 earnings call. Joining me today are Michael Nierenberg, Chairman, CEO and President of Rithm Capital; Nick Santoro, Chief Financial Officer of Rithm Capital; and Baron Silverstein, President of Newrez. 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, and thanks for joining the call. Rithm had an excellent quarter with strong contributions from all of our business lines. While we continue to focus on the direct lending business lines which have gotten us to this point, the growth of our alternative asset business is very important to the revaluation of our company. During the quarter; Newrez, our mortgage company; Genesis, our RTL lender, and our portfolio of assets generated very strong returns. The scope to business, which we have owned since November of last year is seeing excellent performance in credit, real estate, and in the multi-strat fund. AUM is stable, and the teams are having great conversations with LPs.