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EQUITY AND EARNINGS PER SHARE (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Preferred Shares | The table below summarizes preferred shares:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Dividends Declared per Share
|  | Number of Shares |  |  |  |  |  |  |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Series |  | June 30, 2024 |  | December 31, 2023 |  | Liquidation Preference(A) |  |  |  | Issuance Discount |  | Carrying Value(B) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Series A, 7.50% issued July 2019(C) |  | 6,200 |  |  | 6,200 |  |  | $ | 155,002 |  |  |  |  | 3.15 | % |  | $ | 149,822 |  |  | $ | 0.47 |  |  | $ | 0.47 |  |  | $ | 0.94 |  |  | $ | 0.94 |
Series B, 7.125% issued August 2019(C) |  | 11,261 |  |  | 11,261 |  |  | 281,518 |  |  |  |  | 3.15 | % |  | 272,654 |  |  | 0.45 |  |  | 0.45 |  |  | 0.89 |  |  | 0.89 |
Series C, 6.375% issued February 2020(C) |  | 15,903 |  |  | 15,903 |  |  | 397,584 |  |  |  |  | 3.15 | % |  | 385,289 |  |  | 0.40 |  |  | 0.40 |  |  | 0.80 |  |  | 0.80 |
Series D, 7.00% issued September 2021(D) |  | 18,600 |  |  | 18,600 |  |  | 465,000 |  |  |  |  | 3.15 | % |  | 449,489 |  |  | 0.44 |  |  | 0.44 |  |  | 0.88 |  |  | 0.88 |
Total |  | 51,964 |  |  | 51,964 |  |  | $ | 1,299,104 |  |  |  |  |  |  | $ | 1,257,254 |  |  | $ | 1.76 |  |  | $ | 1.76 |  |  | $ | 3.51 |  |  | $ | 3.51 |
(A)Each series has a liquidation preference or par value of $25.00 per share. (B)Carrying value reflects par value less discount and issuance costs. (C)Fixed-to-floating rate cumulative redeemable preferred. (D)Fixed-rate reset cumulative redeemable preferred.
Schedule of Common Dividends Declared | Common dividends have been declared as follows:
Declaration Date |  | Payment Date |  | Per Share |  | Total Amounts Distributed (millions)
|  | Quarterly Dividend |
March 17, 2023 |  | April 2023 |  | 0.25 |  |  | 120.8 |
June 23, 2023 |  | July 2023 |  | 0.25 |  |  | 120.8 |
September 14, 2023 |  | October 2023 |  | 0.25 |  |  | 120.8 |
December 12, 2023 |  | January 2024 |  | 0.25 |  |  | 120.8 |
March 20, 2024 |  | April 2024 |  | 0.25 |  |  | 120.9 |
June 18, 2024 |  | July 2024 |  | 0.25 |  |  | 122.4 |
Schedule of Outstanding Options | The following table summarizes outstanding options as of June 30, 2024. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock in the quarter ended June 30, 2024 was $10.91 per share:
Recipient | Date of Grant/ Exercise(A) |  | Number of Unexercised Options |  | Options Exercisable as of June 30, 2024 |  | Weighted Average Exercise Price(B) |  | Intrinsic Value of Exercisable Options as of June 30, 2024 (millions)
Independent Directors | Various |  | 2,000 |  |  | 2,000 |  |  | $ | 10.70 |  |  | $ | — |
Former Manager | 2017 |  | 1,130,916 |  |  | 1,130,916 |  |  | 12.84 |  |  | — |
Former Manager | 2018 |  | 5,320,000 |  |  | 5,320,000 |  |  | 15.57 |  |  | — |
Former Manager | 2019 |  | 6,351,000 |  |  | 6,351,000 |  |  | 14.95 |  |  | — |
Former Manager | 2020 |  | 1,619,739 |  |  | 1,619,739 |  |  | 16.30 |  |  | — |
Former Manager | 2021 |  | 7,050,335 |  |  | 7,050,335 |  |  | 9.38 |  |  | 10.81
Outstanding |  |  | 21,473,990 |  |  | 21,473,990 |  |  |  |  |
(A)Options expire on the tenth anniversary from date of grant. (B)The exercise prices are subject to adjustment in connection with return of capital dividends.
Schedule of Basic and Diluted Earnings Per Share Calculations | The following table summarizes the basic and diluted EPS calculations:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income (loss) | $ | 238,517 |  |  | $ | 386,685 |  |  | $ | 526,004 |  |  | $ | 476,634 |
Noncontrolling interests in income of consolidated subsidiaries | 2,961 |  |  | 6,889 |  |  | 6,413 |  |  | 5,589 |
Dividends on preferred stock | 22,395 |  |  | 22,395 |  |  | 44,790 |  |  | 44,790 |
Net income (loss) attributable to common stockholders | $ | 213,161 |  |  | $ | 357,401 |  |  | $ | 474,801 |  |  | $ | 426,255 |
Basic weighted average shares of common stock outstanding | 486,721,836 |  |  | 483,091,792 |  |  | 485,029,307 |  |  | 480,642,680 |
Effect of dilutive securities:(A)(B) |  |  |  |  |  |  |
Stock options | 1,078,804 |  | — |  | 988,302 |  |  | — |
Common stock purchase warrants | — |  | — |  | — |  |  | 2,223,336 |
Restricted stock | 120,151 |  | 285,169 |  | 197,452 |  |  | 247,384 |
Time-based restricted stock unit awards | 1,488,716 |  | — |  | 1,152,513 |  |  | — |
Performance-based restricted stock unit awards | 1,295,297 |  | — |  | 950,579 |  |  | — |
Time vesting Class B Profits Units(A)(B) | 134,776 |  |  | — |  |  | 67,388 |  |  | — |
Performance vesting Class B Profits Units(A)(B) | 141,702 |  |  | — |  |  | 70,851 |  |  | — |
Diluted weighted average shares of common stock outstanding | 490,981,282 |  |  | 483,376,961 |  |  | 488,456,392 |  |  | 483,113,400 |
Basic earnings (loss) per share attributable to common stockholders | $ | 0.44 |  |  | $ | 0.74 |  |  | $ | 0.98 |  |  | $ | 0.89 |
Diluted earnings (loss) per share attributable to common stockholders | $ | 0.43 |  |  | $ | 0.74 |  |  | $ | 0.97 |  |  | $ | 0.88 |
(A)Certain stock options and common stock purchase warrants that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS for the periods where they were out-of-the-money or a loss has been recorded, because they would have been anti-dilutive for the period presented. There were no anti-dilutive common stock purchase warrants for all periods presented. (B)Awards related to stock-based compensation were included to the extent dilutive and issuable under the relevant time and/or performance measures.

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