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EQUITY AND EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Preferred Shares
The table below summarizes preferred shares:
Dividends Declared per Share
Number of SharesThree Months Ended
March 31,
SeriesMarch 31, 2024December 31, 2023
Liquidation Preference(A)
Issuance Discount
Carrying Value(B)
20242023
Series A, 7.50% issued July 2019(C)
6,200 6,200 $155,002 3.15 %$149,822 $0.47 $0.47 
Series B, 7.125% issued August 2019(C)
11,261 11,261 281,518 3.15 %272,654 0.45 0.45 
Series C, 6.375% issued February 2020(C)
15,903 15,903 397,584 3.15 %385,289 0.40 0.40 
Series D, 7.00% issued September 2021(D)
18,600 18,600 465,000 3.15 %449,489 0.44 0.44 
Total51,964 51,964 $1,299,104 $1,257,254 $1.76 $1.76 
(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 Dividends Declared
Common dividends have been declared as follows:
Declaration DatePayment DatePer ShareTotal Amounts Distributed (millions)
Quarterly Dividend
December 15, 2022January 20230.25 118.6 
March 17, 2023April 20230.25 120.8 
June 23, 2023July 20230.25 120.8 
September 14, 2023October 20230.25 120.8 
December 12, 2023January 20240.25 120.8 
March 20, 2024April 20240.25 120.9 
Schedule of Outstanding Options
The following table summarizes outstanding options as of March 31, 2024. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock in the quarter ended March 31, 2024 was $11.16 per share.
Recipient
Date of
Grant/
Exercise(A)
Number of Unexercised
Options
Options
Exercisable
as of
March 31, 2024
Weighted
Average
Exercise
Price(B)
Intrinsic Value of Exercisable Options as of
March 31, 2024
(millions)
Independent DirectorsVarious2,000 2,000 $10.70 $— 
Former Manager20171,130,916 1,130,916 12.84 — 
Former Manager20185,320,000 5,320,000 15.57 — 
Former Manager20196,351,000 6,351,000 14.95 — 
Former Manager20201,619,739 1,619,739 16.30 — 
Former Manager20217,050,335 7,049,146 9.38 12.57
Outstanding21,473,990 21,472,801 
(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.
 
The following table summarizes activity in outstanding options:
Number of Options
December 31, 2023
21,473,990 
Granted— 
Exercised— 
Expired— 
March 31, 2024
21,473,990 
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted EPS calculations:
Three Months Ended
March 31,
20242023
Net income (loss)$287,487 $89,949 
Noncontrolling interests in income of consolidated subsidiaries
3,452 (1,300)
Dividends on preferred stock22,395 22,395 
Net income (loss) attributable to common stockholders$261,640 $68,854 
Basic weighted average shares of common stock outstanding483,336,777 478,167,178 
Effect of dilutive securities:(A)(B)
Stock options897,800—
Common stock purchase warrants—4,470,133
Restricted stock274,754209,600
Time-based restricted stock unit awards
816,310—
Performance-based restricted stock unit awards
605,860—
Diluted weighted average shares of common stock outstanding485,931,501 482,846,911 
Basic earnings (loss) per share attributable to common stockholders$0.54 $0.14 
Diluted earnings (loss) per share attributable to common stockholders$0.54 $0.14 
(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.