Latest news with #MSRs
Yahoo
16-05-2025
- Business
- Yahoo
Rocktop Technologies Acquires Incenter Capital Advisors to Expand MSR Market Reach and Deepen Data-Driven Capital Markets Capabilities
Transaction to Raise the Bar for Transparency, Execution and Performance in MSR and Whole Loan Trades IRVING, Texas, May 16, 2025--(BUSINESS WIRE)--Rocktop Technologies LLC, a technology and AI-enabled Solutions as a Service firm with deep legal and mortgage capital markets expertise, today announced the acquisition of Incenter Capital Advisors, a leading firm that provides advisory services in the trading and pricing of mortgage servicing rights (MSRs) and post-transactional support in the transference of these assets. This strategic transaction unites Rocktop's proprietary data and document infrastructure, AI-powered automation, and analytical platforms with Incenter Capital Advisors' deep MSR market expertise and advisory relationships built across decades. "This acquisition raises the bar for transparency, execution, and performance in the mortgage capital markets," said Brett Benson, Co-President and Chief Investment Officer, Rocktop Technologies. "Incenter Capital Advisors' seasoned capital markets expertise and trusted relationships are a perfect match for Rocktop's data-first infrastructure and automation capabilities. Together, we can offer our clients a vertically integrated, technology-powered solution from trade idea to execution to portfolio surveillance." "By aligning Rocktop's strengths in data and document management, intelligent workflow automation, and AI-driven analytics with Incenter Capital Advisors' client-facing market execution, deep valuation expertise and data sets, we will create a powerful feedback loop between valuation intelligence, real-time market signals, and process efficiency. This will allow institutional mortgage investors to act more strategically—and more confidently—across the entire lifecycle of MSR and whole loan investing for best execution," said Tom Piercy, Managing Director, Incenter Capital Advisors. Rocktop Technologies is redefining the mortgage capital markets and servicing landscape through its integrated data management platform that delivers valuation, transaction management, and portfolio management outsourcing for institutional investors. The company's core differentiators include mortgage and fixed-income domain expertise, scalable document intelligence, default servicing process automation, and embedded AI capabilities designed to reduce friction, increase execution velocity, and provide full transparency into asset performance. The firm's customized solutions also prevent yield leakages during critical points in the lifecycle of mortgage and fixed-income assets due to errors, inefficiencies and problems accessing thorough and validated data. Incenter Capital Advisors has established itself as a trusted partner by providing market participants with hands-on valuation consulting, hedging strategies, and transaction support services across billions of dollars in annual volume. Their experienced team operates as an extension of investor clients' internal capital markets efforts, leveraging market insight, modeling, and tactical execution to create value and liquidity in mortgage servicing portfolios. For more information, see and About Rocktop TechnologiesRocktop Technologies is pioneering Solutions-as-a-Service in the fixed-income market, committed to enhancing returns for all stakeholders. Their innovative solutions strive to propel the industry towards strong form efficiency, ensuring every asset is a known quantity, enhancing liquidity, portability, and value. By harnessing data science, Practical AI, and digital ledger technology, they drive this mission forward, eliminating inefficiencies and errors that lead to yield leakage. Their solutions, empowered by comprehensive data management and process automation, streamline risk identification, quantification, and management. Explore more at About Incenter Capital AdvisorsIncenter Capital Advisors exists for the sole purpose of helping clients drive stronger performance from capital markets-related strategies, decisions and activity. See View source version on Contacts Dawn Ringel, Incenter 617-285-0652
Yahoo
25-04-2025
- Business
- Yahoo
Rithm Capital Corp. Announces First Quarter 2025 Results
NEW YORK, April 25, 2025--(BUSINESS WIRE)--Rithm Capital Corp. (NYSE: RITM; "Rithm Capital," "Rithm" or the "Company") today reported the following information for the first quarter ended March 31, 2025: First Quarter 2025 Financial Highlights: GAAP net income of $36.5 million, or $0.07 per diluted common share(1) Earnings available for distribution of $275.3 million, or $0.52 per diluted common share(1)(2) Common dividend of $132.5 million, or $0.25 per common share Book value per common share of $12.39(1) Q1 2025 Q4 2024 Summary Operating Results: GAAP Net Income per Diluted Common Share(1) $ 0.07 $ 0.50 GAAP Net Income $ 36.5 million $ 263.2 million Non-GAAP Results: Earnings Available for Distribution per Diluted Common Share(1)(2) $ 0.52 $ 0.60 Earnings Available for Distribution(2) $ 275.3 million $ 315.8 million Common Dividend: Common Dividend per Share $ 0.25 $ 0.25 Common Dividend $ 132.5 million $ 130.2 million "Rithm delivered strong performance in the first quarter despite a challenging macroeconomic environment, demonstrating the power of our diversified platform," said Michael Nierenberg, Chief Executive Officer and President of Rithm. "The quarter was marked by several achievements that reinforced the strength of our innovative approach, including the largest-ever mortgage servicing rights debt issuance. Each of our core operating businesses, including our world-class asset management, origination, and servicing platforms, demonstrated steady growth, providing us confidence in our strategy and future prospects. This further validates our continued transformation into a multi-dimensional asset manager that is well-positioned to capitalize on the outstanding opportunities for our business and build long-term shareholder value." First Quarter 2025 Business Highlights: Rithm Capital In Q1'25, Rithm Capital completed a $878 million secured financing backed by mortgage servicing rights ("MSRs"), the largest-ever MSR debt issuance and just the second-of-its-kind non-recourse term financing of MSRs, marking a significant milestone in Rithm Capital's innovation in MSR-backed financing. Rithm Capital completed two non-qualified mortgage securitizations in the quarter totaling $634 million in unpaid principal balance ("UPB"). Rithm Capital also sponsored the successful $230 million initial public offering of Rithm Acquisition Corp. (NYSE: RAC; RAC.U; a special purpose acquisition company, formed for the purpose of entering into a business combination with one or more businesses, with a focus on businesses in the financial services, real estate and infrastructure sectors. Newrez Newrez LLC ("Newrez"), Rithm Capital's multichannel mortgage origination and servicing platform, posted pre-tax income of $270.1 million in Q1'25, excluding the MSR mark-to-market loss and related hedge impact of $(180.1) million, down from $280.2 million in Q4'24, excluding the MSR mark-to-market gain and related hedge impact of $204.5 million. Newrez generated a 19% pre-tax return on equity ("ROE") on $5.5 billion of equity(3)(4). Total servicing UPB reached $845 billion, an increase of 30% YoY, which includes $254 billion UPB of third-party servicing, an increase of 110% YoY. Origination funded production volume was $11.8 billion in Q1'25, an increase of 9% YoY. Genesis Capital Rithm Capital's residential transitional lending platform, Genesis Capital LLC ("Genesis Capital"), recorded pre-tax income of $22.4 million in Q1'25, excluding portfolio mark-to-market loss of $6.5 million, and Q1'25 origination volume of $895 million, an increase of 7% YoY, and a record level for any first quarter. Genesis Capital continued to expand its sponsor base, growing sponsors to 190, a 37% increase YoY. Sculptor Capital Rithm Capital's alternative asset manager, Sculptor Capital Management Inc. ("Sculptor Capital"), grew to approximately $35 billion of assets under management ("AUM")(5), including gross fundraising inflows of $1.4 billion across the Sculptor platform, as of March 31, 2025. Sculptor Capital closed an additional $870 million in Q1'25 for Real Estate Fund V, which is focused on opportunistic real estate investments, bringing total commitments to $3.2 billion through March 31, 2025. The Sculptor Capital platform also closed a new European CLO of $420 million in AUM. Subsequent to the end of Q1'25, Sculptor Capital held the final closing for Sculptor's Tactical Credit Fund on April 1, 2025, bringing total fund AUM to $900 million(5). (1) Per diluted common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 530,599,555 and 526,279,952 weighted average diluted shares for the quarters ended March 31, 2025 and December 31, 2024, respectively. Per share calculations of Book Value are based on 530,122,477 common shares outstanding as of March 31, 2025. (2) Earnings Available for Distribution is a non-GAAP financial measure. For a reconciliation of Earnings Available for Distribution to GAAP Net Income, as well as an explanation of this measure, please refer to the section entitled Non-GAAP Financial Measures and Reconciliation to GAAP Net Income below. (3) Excludes full MSR mark-to-market and related hedge impact of $(180.1) million. (4) ROE is calculated based on annualized pre-tax income, excluding MSR mark-to-market and related hedge adjustment, divided by the average Origination and Servicing segment ending equity for the respective period. (5) AUM is estimated and refers to the assets for which Sculptor provides investment management, advisory or certain other investment-related services. This is generally equal to the sum of (i) net asset value of the open-ended funds or gross asset value of Real Estate funds, (ii) uncalled capital commitments, (iii) par value of collateralized loan obligations. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other Sculptor funds/vehicles. Our calculation of AUM may differ from the calculations of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. Our calculations of AUM are not based on any definition set forth in the governing documents of the investment funds and are not calculated pursuant to any regulatory definitions. Sculptor AUM calculation methodology changed effective September 1, 2024. ADDITIONAL INFORMATION For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors - News section of the Company's website, Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. EARNINGS CONFERENCE CALL Rithm Capital's management will host a conference call on Friday, April 25, 2025 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors - News section of Rithm Capital's website, The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference "Rithm Capital First Quarter 2025 Earnings Call." In addition, participants are encouraged to pre-register for the conference call at A simultaneous webcast of the conference call will be available to the public on a listen-only basis at Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available two hours following the call's completion through 11:59 P.M. Eastern Time on Friday, May 2, 2025 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code "2019301". Rithm Capital Corp. and Subsidiaries Consolidated Statements of Operations (Unaudited) ($ in thousands, except share and per share data) Three Months Ended March 31, 2025 December 31, 2024 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,801 $ 531,279 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891) and $(180,480), respectively) (541,916 ) 563,484 Servicing revenue, net 28,885 1,094,763 Interest income 441,260 485,610 Gain on originated residential mortgage loans, held-for-sale, net 159,789 201,641 Other revenues 50,773 55,412 Asset management revenues 87,672 258,871 768,379 2,096,297 Expenses Interest expense and warehouse line fees 419,054 449,386 General and administrative 237,546 233,629 Compensation and benefits 271,467 362,869 928,067 1,045,884 Other Income (Loss) Realized and unrealized gains (losses), net 207,395 (569,043 ) Other income (loss), net 9,073 11,227 216,468 (557,816 ) Income before Income Taxes 56,780 492,597 Income tax expense (benefit) (23,930 ) 200,690 Net Income 80,710 291,907 Noncontrolling interests in income of consolidated subsidiaries 1,086 1,737 Redeemable noncontrolling interests in income of consolidated subsidiaries 813 — Change in redemption value of redeemable noncontrolling interests 15,611 — Dividends on preferred stock 26,677 26,948 Net Income Attributable to Common Stockholders $ 36,523 $ 263,222 Net Income per Share of Common Stock Basic $ 0.07 $ 0.51 Diluted $ 0.07 $ 0.50 Weighted Average Number of Shares of Common Stock Outstanding Basic 524,104,842 520,271,165 Diluted 530,599,555 526,279,952 Dividends Declared per Share of Common Stock $ 0.25 $ 0.25 Rithm Capital Corp. and Subsidiaries Consolidated Balance Sheets ($ in thousands, except share data) March 31, 2025 (Unaudited) December 31, 2024 Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,133,041 $ 10,321,671 Government and government-backed securities ($11,023,935 and $9,711,346 at fair value, respectively) 11,048,701 9,736,116 Residential mortgage loans, held-for-sale ($3,092,102 and $4,307,571 at fair value, respectively) 3,156,350 4,374,241 Residential mortgage loans, held-for-investment, at fair value 354,003 361,890 Consumer loans, held-for-investment, at fair value 554,168 665,565 Residential transition loans, at fair value 2,335,218 2,178,075 Residential mortgage loans subject to repurchase 2,432,605 2,745,756 Single-family rental properties 1,011,986 1,028,295 Cash and cash equivalents 1,493,834 1,458,743 Restricted cash 511,698 308,443 Servicer advances receivable 2,874,515 3,198,921 Other assets ($2,494,787 and $2,311,979 at fair value, respectively) 4,450,923 4,563,415 Assets of consolidated CFEs(A): Investments, at fair value and other assets 4,972,801 5,107,826 Total Assets $ 45,329,843 $ 46,048,957 Liabilities and Equity Liabilities Secured financing agreements $ 16,791,234 $ 16,782,467 Secured notes and bonds payable ($169,035 and $185,460 at fair value, respectively) 10,025,948 10,298,075 Residential mortgage loan repurchase liability 2,432,605 2,745,756 Unsecured notes, net of issuance costs 1,207,594 1,204,220 Dividends payable 157,405 153,114 Accrued expenses and other liabilities ($538,985 and $525,486 at fair value, respectively) 2,343,010 2,630,771 Liabilities of consolidated CFEs(A): Notes payable, at fair value and other liabilities 4,230,793 4,348,244 Total Liabilities 37,188,589 38,162,647 Commitments and Contingencies Redeemable Noncontrolling Interests of Consolidated Subsidiaries 256,414 — Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 49,964,122 and 51,964,122 issued and outstanding, $1,249,104 and $1,299,104 aggregate liquidation preference, respectively 1,207,254 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 530,122,477 and 520,656,256 issued and outstanding, respectively 5,301 5,206 Additional paid-in capital 6,635,226 6,528,613 Accumulated deficit (129,934 ) (46,985 ) Accumulated other comprehensive income 58,277 50,886 Total Rithm Capital stockholders' equity 7,776,124 7,794,974 Noncontrolling interests in equity of consolidated subsidiaries 108,716 91,336 Total Equity 7,884,840 7,886,310 Total Liabilities and Equity $ 45,329,843 $ 46,048,957 (A) Includes assets and liabilities of certain consolidated variable interest entities ("VIEs") that meet the definition of collateralized financing entities ("CFEs"). These assets can only be used to settle obligations and liabilities of such VIEs for which creditors do not have recourse to Rithm Capital Corp. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP NET INCOME The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operating companies, including any impairment or reserve for expected credit losses; (iii) income from the Company's operating company investments; and (iv) the Company's operating expenses and taxes. "Earnings available for distribution" is a non-GAAP financial measure of the Company's operating performance, which is used by management to evaluate the Company's performance, excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) net other income and losses; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes. The Company's definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company's recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within net other income and losses, management primarily excludes (i) equity-based compensation expenses, (ii) non-cash deferred interest expense and (iii) amortization expense related to intangible assets, as management does not consider this non-cash activity to be a component of earnings available for distribution. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses. Management also excludes deferred taxes because the Company believes deferred taxes are not representative of current operations. Management believes that the adjustments to compute "earnings available for distribution" specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company's activity, assist in comparing the core operating results between periods and enable investors to evaluate the Company's current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company's investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company's core operations for the reasons described herein. As such, earnings available for distribution is not intended to reflect all of the Company's activity and should be considered as only one of the factors used by management in assessing the Company's performance, along with GAAP net income which is inclusive of all of the Company's activities. The Company views earnings available for distribution as a consistent financial measure of its portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company's calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. Reconciliation of Non-GAAP Measure to the Respective GAAP Measure The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data): Three Months Ended March 31, 2025 December 31, 2024 Net income (loss) attributable to common stockholders - GAAP $ 36,523 $ 263,222 Adjustments: Realized and unrealized (gains) losses, net, including MSR change in valuation inputs and assumptions 203,764 (177,294 ) Other (income) loss, net 70,142 34,707 Non-capitalized transaction-related expenses (reimbursements) 6,131 (2,203 ) Deferred taxes (41,295 ) 197,360 Earnings available for distribution - Non-GAAP $ 275,265 $ 315,792 Net income (loss) per diluted share $ 0.07 $ 0.50 Earnings available for distribution per diluted share $ 0.52 $ 0.60 Weighted average number of shares of common stock outstanding, diluted 530,599,555 526,279,952 SEGMENT INFORMATION ($ in thousands) First Quarter Ended March 31, 2025 Origination and Servicing Investment Portfolio Residential Transitional Lending Asset Management Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,801 $ — $ — $ — $ — $ 570,801 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891)) (541,916 ) — — — — (541,916 ) Servicing revenue, net 28,885 — — — — 28,885 Interest income 292,561 71,790 66,508 9,413 988 441,260 Gain on originated residential mortgage loans, held-for-sale, net 151,494 8,295 — — — 159,789 Other revenues 25,738 25,035 — — — 50,773 Asset management revenues — — — 87,672 — 87,672 Total Revenues 498,678 105,120 66,508 97,085 988 768,379 Interest expense and warehouse line fees 292,948 59,636 31,701 14,089 20,680 419,054 Other segment expenses 143,767 22,992 4,831 31,591 9,797 212,978 Compensation and benefits 172,702 1,162 14,391 65,330 17,882 271,467 Depreciation and amortization 7,659 7,954 1,567 7,384 4 24,568 Total Operating Expenses 617,076 91,744 52,490 118,394 48,363 928,067 Realized and unrealized gains (losses), net 208,538 3,094 2,043 (6,280 ) — 207,395 Other income (loss), net (118 ) 1,489 (141 ) 7,838 5 9,073 Total Other Income (Loss) 208,420 4,583 1,902 1,558 5 216,468 Income (Loss) before Income Taxes 90,022 17,959 15,920 (19,751 ) (47,370 ) 56,780 Income tax expense (benefit) (56,694 ) (8,512 ) (1,090 ) 42,366 — (23,930 ) Net Income (Loss) 146,716 26,471 17,010 (62,117 ) (47,370 ) 80,710 Noncontrolling interests in income (loss) of consolidated subsidiaries 354 728 — 4 — 1,086 Redeemable noncontrolling interests in income of consolidated subsidiaries — — — 3 810 813 Change in redemption value of redeemable noncontrolling interests — — — — 15,611 15,611 Dividends on preferred stock — — — — 26,677 26,677 Net Income (Loss) Attributable to Common Stockholders $ 146,362 $ 25,743 $ 17,010 $ (62,124 ) $ (90,468 ) $ 36,523 Total Assets $ 30,126,396 $ 8,567,949 $ 3,667,080 $ 2,440,527 $ 527,891 $ 45,329,843 Total Rithm Capital Stockholders' Equity $ 5,516,331 $ 1,527,528 $ 845,627 $ 876,217 $ (989,579 ) $ 7,776,124 Fourth Quarter Ended December 31, 2024 Origination and Servicing Investment Portfolio Residential Transitional Lending Asset Management Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 531,279 $ — $ — $ — $ — $ 531,279 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(180,480)) 563,484 — — — — 563,484 Servicing revenue, net 1,094,763 — — — — 1,094,763 Interest income 341,306 70,896 67,278 6,127 3 485,610 Gain on originated residential mortgage loans, held-for-sale, net 198,753 2,888 — — — 201,641 Other revenues 28,676 26,736 — — — 55,412 Asset management revenues — — — 258,871 — 258,871 Total Revenues 1,663,498 100,520 67,278 264,998 3 2,096,297 Interest expense and warehouse line fees 322,889 59,552 29,898 12,077 24,970 449,386 Other segment expenses 142,080 22,317 7,921 29,843 6,961 209,122 Compensation and benefits 179,494 2,609 17,384 155,397 7,985 362,869 Depreciation and amortization 10,237 5,069 1,567 7,613 21 24,507 Total Operating Expenses 654,700 89,547 56,770 204,930 39,937 1,045,884 Realized and unrealized gains (losses), net (529,025 ) (25,934 ) (7,257 ) (6,827 ) — (569,043 ) Other income (loss), net 4,942 5,948 203 122 12 11,227 Total Other Income (Loss) (524,083 ) (19,986 ) (7,054 ) (6,705 ) 12 (557,816 ) Income (Loss) before Income Taxes 484,715 (9,013 ) 3,454 53,363 (39,922 ) 492,597 Income tax expense (benefit) 168,689 7,708 851 23,442 — 200,690 Net Income (Loss) 316,026 (16,721 ) 2,603 29,921 (39,922 ) 291,907 Noncontrolling interests in income (loss) of consolidated subsidiaries 636 1,109 — (8 ) — 1,737 Dividends on preferred stock — — — — 26,948 26,948 Net Income (Loss) Attributable to Common Stockholders $ 315,390 $ (17,830 ) $ 2,603 $ 29,929 $ (66,870 ) $ 263,222 Total Assets $ 32,418,256 $ 7,463,738 $ 3,439,075 $ 2,508,130 $ 219,758 $ 46,048,957 Total Rithm Capital Stockholders' Equity $ 5,715,057 $ 1,523,436 $ 801,646 $ 804,727 $ (1,049,892 ) $ 7,794,974 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information in this press release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent management's current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Cautionary Statement Regarding Forward Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Company's website ( New risks and uncertainties emerge from time to time, and it is not possible for Rithm Capital to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and Rithm Capital expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Rithm Capital's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. ABOUT RITHM CAPITAL Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm's businesses include Sculptor Capital, an alternative asset manager, as well as Newrez and Genesis Capital, leading mortgage origination and servicing platforms. Rithm Capital seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.8 billion in dividends to shareholders. Rithm is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City. View source version on Contacts Investor Relations 212-850-7770ir@ Sign in to access your portfolio
Business Wire
25-04-2025
- Business
- Business Wire
Rithm Capital Corp. Announces First Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Rithm Capital Corp. (NYSE: RITM; 'Rithm Capital,' 'Rithm' or the 'Company') today reported the following information for the first quarter ended March 31, 2025: First Quarter 2025 Financial Highlights: GAAP net income of $36.5 million, or $0.07 per diluted common share (1) Earnings available for distribution of $275.3 million, or $0.52 per diluted common share (1)(2) Common dividend of $132.5 million, or $0.25 per common share Book value per common share of $12.39 (1) 'Rithm delivered strong performance in the first quarter despite a challenging macroeconomic environment, demonstrating the power of our diversified platform,' said Michael Nierenberg, Chief Executive Officer and President of Rithm. 'The quarter was marked by several achievements that reinforced the strength of our innovative approach, including the largest-ever mortgage servicing rights debt issuance. Each of our core operating businesses, including our world-class asset management, origination, and servicing platforms, demonstrated steady growth, providing us confidence in our strategy and future prospects. This further validates our continued transformation into a multi-dimensional asset manager that is well-positioned to capitalize on the outstanding opportunities for our business and build long-term shareholder value.' First Quarter 2025 Business Highlights: Rithm Capital In Q1'25, Rithm Capital completed a $878 million secured financing backed by mortgage servicing rights ('MSRs'), the largest-ever MSR debt issuance and just the second-of-its-kind non-recourse term financing of MSRs, marking a significant milestone in Rithm Capital's innovation in MSR-backed financing. Rithm Capital completed two non-qualified mortgage securitizations in the quarter totaling $634 million in unpaid principal balance ('UPB'). Rithm Capital also sponsored the successful $230 million initial public offering of Rithm Acquisition Corp. (NYSE: RAC; RAC.U; a special purpose acquisition company, formed for the purpose of entering into a business combination with one or more businesses, with a focus on businesses in the financial services, real estate and infrastructure sectors. Newrez Newrez LLC ('Newrez'), Rithm Capital's multichannel mortgage origination and servicing platform, posted pre-tax income of $270.1 million in Q1'25, excluding the MSR mark-to-market loss and related hedge impact of $(180.1) million, down from $280.2 million in Q4'24, excluding the MSR mark-to-market gain and related hedge impact of $204.5 million. Newrez generated a 19% pre-tax return on equity ('ROE') on $5.5 billion of equity (3)(4). Total servicing UPB reached $845 billion, an increase of 30% YoY, which includes $254 billion UPB of third-party servicing, an increase of 110% YoY. Origination funded production volume was $11.8 billion in Q1'25, an increase of 9% YoY. Genesis Capital Rithm Capital's residential transitional lending platform, Genesis Capital LLC ('Genesis Capital'), recorded pre-tax income of $22.4 million in Q1'25, excluding portfolio mark-to-market loss of $6.5 million, and Q1'25 origination volume of $895 million, an increase of 7% YoY, and a record level for any first quarter. Genesis Capital continued to expand its sponsor base, growing sponsors to 190, a 37% increase YoY. Sculptor Capital Rithm Capital's alternative asset manager, Sculptor Capital Management Inc. ('Sculptor Capital'), grew to approximately $35 billion of assets under management ('AUM') (5), including gross fundraising inflows of $1.4 billion across the Sculptor platform, as of March 31, 2025. Sculptor Capital closed an additional $870 million in Q1'25 for Real Estate Fund V, which is focused on opportunistic real estate investments, bringing total commitments to $3.2 billion through March 31, 2025. The Sculptor Capital platform also closed a new European CLO of $420 million in AUM. Subsequent to the end of Q1'25, Sculptor Capital held the final closing for Sculptor's Tactical Credit Fund on April 1, 2025, bringing total fund AUM to $900 million (5). (1) Per diluted common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 530,599,555 and 526,279,952 weighted average diluted shares for the quarters ended March 31, 2025 and December 31, 2024, respectively. Per share calculations of Book Value are based on 530,122,477 common shares outstanding as of March 31, 2025. (2) Earnings Available for Distribution is a non-GAAP financial measure. For a reconciliation of Earnings Available for Distribution to GAAP Net Income, as well as an explanation of this measure, please refer to the section entitled Non-GAAP Financial Measures and Reconciliation to GAAP Net Income below. (3) Excludes full MSR mark-to-market and related hedge impact of $(180.1) million. (4) ROE is calculated based on annualized pre-tax income, excluding MSR mark-to-market and related hedge adjustment, divided by the average Origination and Servicing segment ending equity for the respective period. (5) AUM is estimated and refers to the assets for which Sculptor provides investment management, advisory or certain other investment-related services. This is generally equal to the sum of (i) net asset value of the open-ended funds or gross asset value of Real Estate funds, (ii) uncalled capital commitments, (iii) par value of collateralized loan obligations. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other Sculptor funds/vehicles. Our calculation of AUM may differ from the calculations of other asset managers, and as a result, may not be comparable to similar measures presented by other asset managers. Our calculations of AUM are not based on any definition set forth in the governing documents of the investment funds and are not calculated pursuant to any regulatory definitions. Sculptor AUM calculation methodology changed effective September 1, 2024. Expand ADDITIONAL INFORMATION For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors - News section of the Company's website, Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. EARNINGS CONFERENCE CALL Rithm Capital's management will host a conference call on Friday, April 25, 2025 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors - News section of Rithm Capital's website, The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference 'Rithm Capital First Quarter 2025 Earnings Call.' In addition, participants are encouraged to pre-register for the conference call at A simultaneous webcast of the conference call will be available to the public on a listen-only basis at Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available two hours following the call's completion through 11:59 P.M. Eastern Time on Friday, May 2, 2025 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code '2019301'. Rithm Capital Corp. and Subsidiaries Consolidated Balance Sheets ($ in thousands, except share data) March 31, 2025 (Unaudited) December 31, 2024 Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,133,041 $ 10,321,671 Government and government-backed securities ($11,023,935 and $9,711,346 at fair value, respectively) 11,048,701 9,736,116 3,156,350 4,374,241 Residential mortgage loans, held-for-investment, at fair value 354,003 361,890 Consumer loans, held-for-investment, at fair value 554,168 665,565 Residential transition loans, at fair value 2,335,218 2,178,075 Residential mortgage loans subject to repurchase 2,432,605 2,745,756 Single-family rental properties 1,011,986 1,028,295 Cash and cash equivalents 1,493,834 1,458,743 Restricted cash 511,698 308,443 Servicer advances receivable 2,874,515 3,198,921 Other assets ($2,494,787 and $2,311,979 at fair value, respectively) 4,450,923 4,563,415 Assets of consolidated CFEs (A): Investments, at fair value and other assets 4,972,801 5,107,826 Total Assets $ 45,329,843 $ 46,048,957 Liabilities and Equity Liabilities Secured financing agreements $ 16,791,234 $ 16,782,467 Secured notes and bonds payable ($169,035 and $185,460 at fair value, respectively) 10,025,948 10,298,075 Residential mortgage loan repurchase liability 2,432,605 2,745,756 Unsecured notes, net of issuance costs 1,207,594 1,204,220 Dividends payable 157,405 153,114 Accrued expenses and other liabilities ($538,985 and $525,486 at fair value, respectively) 2,343,010 2,630,771 Liabilities of consolidated CFEs (A): Notes payable, at fair value and other liabilities 4,230,793 4,348,244 Total Liabilities 37,188,589 38,162,647 Commitments and Contingencies Redeemable Noncontrolling Interests of Consolidated Subsidiaries 256,414 — Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 49,964,122 and 51,964,122 issued and outstanding, $1,249,104 and $1,299,104 aggregate liquidation preference, respectively 1,207,254 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 530,122,477 and 520,656,256 issued and outstanding, respectively 5,301 5,206 Additional paid-in capital 6,635,226 6,528,613 Accumulated deficit (129,934 ) (46,985 ) Accumulated other comprehensive income 58,277 50,886 Total Rithm Capital stockholders' equity 7,776,124 7,794,974 Noncontrolling interests in equity of consolidated subsidiaries 108,716 91,336 Total Equity 7,884,840 7,886,310 Total Liabilities and Equity $ 45,329,843 $ 46,048,957 (A) Includes assets and liabilities of certain consolidated variable interest entities ('VIEs') that meet the definition of collateralized financing entities ('CFEs'). These assets can only be used to settle obligations and liabilities of such VIEs for which creditors do not have recourse to Rithm Capital Corp. Expand NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP NET INCOME The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operating companies, including any impairment or reserve for expected credit losses; (iii) income from the Company's operating company investments; and (iv) the Company's operating expenses and taxes. 'Earnings available for distribution' is a non-GAAP financial measure of the Company's operating performance, which is used by management to evaluate the Company's performance, excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) net other income and losses; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes. The Company's definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company's recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within net other income and losses, management primarily excludes (i) equity-based compensation expenses, (ii) non-cash deferred interest expense and (iii) amortization expense related to intangible assets, as management does not consider this non-cash activity to be a component of earnings available for distribution. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses. Management also excludes deferred taxes because the Company believes deferred taxes are not representative of current operations. Management believes that the adjustments to compute 'earnings available for distribution' specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company's activity, assist in comparing the core operating results between periods and enable investors to evaluate the Company's current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company's investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company's core operations for the reasons described herein. As such, earnings available for distribution is not intended to reflect all of the Company's activity and should be considered as only one of the factors used by management in assessing the Company's performance, along with GAAP net income which is inclusive of all of the Company's activities. The Company views earnings available for distribution as a consistent financial measure of its portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company's calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data): SEGMENT INFORMATION ($ in thousands) First Quarter Ended March 31, 2025 Origination and Servicing Investment Portfolio Residential Transitional Lending Asset Management Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,801 $ — $ — $ — $ — $ 570,801 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891)) (541,916 ) — — — — (541,916 ) Servicing revenue, net 28,885 — — — — 28,885 Interest income 292,561 71,790 66,508 9,413 988 441,260 Gain on originated residential mortgage loans, held-for-sale, net 151,494 8,295 — — — 159,789 Other revenues 25,738 25,035 — — — 50,773 Asset management revenues — — — 87,672 — 87,672 Total Revenues 498,678 105,120 66,508 97,085 988 768,379 Interest expense and warehouse line fees 292,948 59,636 31,701 14,089 20,680 419,054 Other segment expenses 143,767 22,992 4,831 31,591 9,797 212,978 Compensation and benefits 172,702 1,162 14,391 65,330 17,882 271,467 Depreciation and amortization 7,659 7,954 1,567 7,384 4 24,568 Total Operating Expenses 617,076 91,744 52,490 118,394 48,363 928,067 Realized and unrealized gains (losses), net 208,538 3,094 2,043 (6,280 ) — 207,395 Other income (loss), net (118 ) 1,489 (141 ) 7,838 5 9,073 Total Other Income (Loss) 208,420 4,583 1,902 1,558 5 216,468 Income (Loss) before Income Taxes 90,022 17,959 15,920 (19,751 ) (47,370 ) 56,780 Income tax expense (benefit) (56,694 ) (8,512 ) (1,090 ) 42,366 — (23,930 ) Net Income (Loss) 146,716 26,471 17,010 (62,117 ) (47,370 ) 80,710 Noncontrolling interests in income (loss) of consolidated subsidiaries 354 728 — 4 — 1,086 Redeemable noncontrolling interests in income of consolidated subsidiaries — — — 3 810 813 Change in redemption value of redeemable noncontrolling interests — — — — 15,611 15,611 Dividends on preferred stock — — — — 26,677 26,677 Net Income (Loss) Attributable to Common Stockholders $ 146,362 $ 25,743 $ 17,010 $ (62,124 ) $ (90,468 ) $ 36,523 Total Assets $ 30,126,396 $ 8,567,949 $ 3,667,080 $ 2,440,527 $ 527,891 $ 45,329,843 Total Rithm Capital Stockholders' Equity $ 5,516,331 $ 1,527,528 $ 845,627 $ 876,217 $ (989,579 ) $ 7,776,124 Expand Fourth Quarter Ended December 31, 2024 Origination and Servicing Investment Portfolio Residential Transitional Lending Asset Management Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 531,279 $ — $ — $ — $ — $ 531,279 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(180,480)) 563,484 — — — — 563,484 Servicing revenue, net 1,094,763 — — — — 1,094,763 Interest income 341,306 70,896 67,278 6,127 3 485,610 Gain on originated residential mortgage loans, held-for-sale, net 198,753 2,888 — — — 201,641 Other revenues 28,676 26,736 — — — 55,412 Asset management revenues — — — 258,871 — 258,871 Total Revenues 1,663,498 100,520 67,278 264,998 3 2,096,297 Interest expense and warehouse line fees 322,889 59,552 29,898 12,077 24,970 449,386 Other segment expenses 142,080 22,317 7,921 29,843 6,961 209,122 Compensation and benefits 179,494 2,609 17,384 155,397 7,985 362,869 Depreciation and amortization 10,237 5,069 1,567 7,613 21 24,507 Total Operating Expenses 654,700 89,547 56,770 204,930 39,937 1,045,884 Realized and unrealized gains (losses), net (529,025 ) (25,934 ) (7,257 ) (6,827 ) — (569,043 ) Other income (loss), net 4,942 5,948 203 122 12 11,227 Total Other Income (Loss) (524,083 ) (19,986 ) (7,054 ) (6,705 ) 12 (557,816 ) Income (Loss) before Income Taxes 484,715 (9,013 ) 3,454 53,363 (39,922 ) 492,597 Income tax expense (benefit) 168,689 7,708 851 23,442 — 200,690 Net Income (Loss) 316,026 (16,721 ) 2,603 29,921 (39,922 ) 291,907 Noncontrolling interests in income (loss) of consolidated subsidiaries 636 1,109 — (8 ) — 1,737 Dividends on preferred stock — — — — 26,948 26,948 Net Income (Loss) Attributable to Common Stockholders $ 315,390 $ (17,830 ) $ 2,603 $ 29,929 $ (66,870 ) $ 263,222 Total Assets $ 32,418,256 $ 7,463,738 $ 3,439,075 $ 2,508,130 $ 219,758 $ 46,048,957 Total Rithm Capital Stockholders' Equity $ 5,715,057 $ 1,523,436 $ 801,646 $ 804,727 $ (1,049,892 ) $ 7,794,974 Expand CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information in this press release constitutes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent management's current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled 'Cautionary Statement Regarding Forward Looking Statements,' 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the Company's most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Company's website ( New risks and uncertainties emerge from time to time, and it is not possible for Rithm Capital to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and Rithm Capital expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Rithm Capital's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. ABOUT RITHM CAPITAL Rithm Capital is a global asset manager focused on real estate, credit and financial services. Rithm makes direct investments and operates several wholly-owned operating businesses. Rithm's businesses include Sculptor Capital, an alternative asset manager, as well as Newrez and Genesis Capital, leading mortgage origination and servicing platforms. Rithm Capital seeks to generate attractive risk-adjusted returns across market cycles and interest rate environments. Since inception in 2013, Rithm has delivered approximately $5.8 billion in dividends to shareholders. Rithm is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.
Time of India
23-04-2025
- Health
- Time of India
Rajiv Gandhi university may allow new nursing colleges if standards are met
Bengaluru: In a significant policy shift, Rajiv Gandhi University of Health Sciences (RGUHS) has lifted the moratorium on the establishment of new nursing colleges for the upcoming academic year. Tired of too many ads? go ad free now During its recent syndicate meeting, the university resolved to allow new institutions, provided they meet the revised minimum standard requirements (MSR) related to infrastructure, faculty, and other key criteria. Earlier in Jan, the syndicate had proposed a moratorium on new nursing colleges. However, in the April 1 meeting, the current vice-chancellor informed members that updated MSRs for nursing faculty would soon be implemented. Colleges that comply with these new standards will undergo inspection for potential affiliation. The syndicate deliberated on the proposal and gave its approval. "We already follow the standards set by Indian Nursing Council . In addition, we have framed some guidelines. A committee will prepare a proper minimum standard requirement format to ensure all colleges follow it. Those who qualify can apply," vice-chancellor Dr Bhagavan B C said. The university currently has around 700 nursing colleges. Major shortcomings in many institutions include lack of affiliated hospitals, an inadequate teacher-student ratio, and failure to obtain pollution control clearance. The vice-chancellor also stated renewal of affiliation will be strictly based on inspections. "The demand for nursing seats is very high. Many top students secure jobs abroad, resulting in India facing nurse shortage. According to Indian Nursing Council, there is a shortage of nearly 10 lakh nurses in the country," said S Shivkumar, president, Karnataka state association of managements of nursing and allied health sciences.
Yahoo
20-04-2025
- Science
- Yahoo
China Fires Up World's First Thorium-Powered Nuclear Reactor
Months after satellites picked up a massive nuclear fusion facility in China's Sichuan province, the country's nuclear industry has blown the lid off fission tech. During a private meeting earlier this month, researchers at the Chinese Academy of Sciences revealed the successful operation of a thorium-powered nuclear reactor located in the Gobi Desert. The team had achieved "full-power operation" last June, according to South China Morning Post, and recently succeeded in reloading the reactor while it was powered up — a world first. It's a major milestone for nuclear power. Thorium offers a more accessible but less weaponizable alternative to uranium, according to the World Nuclear Association, which notes that "thorium-based power reactor fuels would be a poor source for fissile material usable in the illicit manufacture of an explosive device." The Gobi Desert reactor is a two megawatt research unit engineered to use molten salt as fuel carrier and coolant. A molten salt reactor (MSR) theoretically carries far less risk in the event of a meltdown compared to water-based systems, as salts can carry greater loads of thermal energy at much lower pressure. In fact, a "meltdown" is basically a non-factor for these systems — the fuel is already molten. A report sponsored by the US government on MSRs notes that a "possible advantage of the MSR is that the fuel is subject to freezing," so "upon breach of a vessel or pipe... the fuel will disperse, and thus increase its cooling geometry, until it reaches a freezing configuration and thus will be confined to that location and configuration." Basically, imagine lava rolling slowly down a mountain as the air cools it back into rock, compared to a spectacular steam explosion like the incident at Chernobyl. Curiously, MSRs are nothing new. They had their day in the US back in the late 1940s and early 50s, when American cold warriors dumped nearly $1 billion into developing a nuclear-powered stealth bomber. Congress halted research on thorium-fueled airplanes back in 1961, and uranium more or less became the gold standard, due in no small part to its military potential. Assumed obsolete, the US' MSR research has since been made public, forming the foundation of the Gobi Desert team's work. "The US left its research publicly available, waiting for the right successor," said the project's chief scientist Xu Hongjie. "Rabbits sometimes make mistakes or grow lazy. That's when the tortoise seizes its chance." More on nuclear energy: California Nuclear Power Plant Deploys Generative AI Safety System
