Inspire Medical Systems's (NYSE:INSP) Q1: Strong Sales, Stock Soars
Is now the time to buy Inspire Medical Systems? Find out in our full research report.
Revenue: $201.3 million vs analyst estimates of $195.2 million (22.7% year-on-year growth, 3.1% beat)
EPS (GAAP): $0.10 vs analyst estimates of -$0.24 (beat)
Adjusted EBITDA: $33.19 million vs analyst estimates of $16.51 million (16.5% margin, significant beat)
The company reconfirmed its revenue guidance for the full year of $947.5 million at the midpoint
EPS (GAAP) guidance for the full year is $2.25 at the midpoint, beating analyst estimates by 4.1%
Operating Margin: -0.7%, up from -9.3% in the same quarter last year
Market Capitalization: $4.76 billion
'We are very proud of our performance in the first quarter which included strong revenue growth and continued progress on profitability. We achieved a tremendous milestone with over 100,000 patients receiving Inspire therapy and we are still just getting started in growing awareness and adoption,' said Tim Herbert, Chairman and CEO of Inspire Medical Systems.
Offering an alternative for the millions who struggle with traditional CPAP machines, Inspire Medical Systems (NYSE:INSP) develops and sells an implantable neurostimulation device that treats obstructive sleep apnea by stimulating nerves to keep airways open during sleep.
Reviewing a company's long-term sales performance reveals insights into its quality. Any business can have short-term success, but a top-tier one grows for years. Over the last five years, Inspire Medical Systems grew its sales at an incredible 57.3% compounded annual growth rate. Its growth surpassed the average healthcare company and shows its offerings resonate with customers, a great starting point for our analysis.
Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Inspire Medical Systems's annualized revenue growth of 34.2% over the last two years is below its five-year trend, but we still think the results suggest healthy demand.
This quarter, Inspire Medical Systems reported robust year-on-year revenue growth of 22.7%, and its $201.3 million of revenue topped Wall Street estimates by 3.1%.
Looking ahead, sell-side analysts expect revenue to grow 18.2% over the next 12 months, a deceleration versus the last two years. Still, this projection is admirable and implies the market is forecasting success for its products and services.
Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
Although Inspire Medical Systems broke even this quarter from an operational perspective, it's generally struggled over a longer time period. Its expensive cost structure has contributed to an average operating margin of negative 5.6% over the last five years. Unprofitable healthcare companies require extra attention because they could get caught swimming naked when the tide goes out.
On the plus side, Inspire Medical Systems's operating margin rose by 47.2 percentage points over the last five years, as its sales growth gave it operating leverage. Zooming in on its more recent performance, we can see the company's trajectory is intact as its margin has also increased by 16.9 percentage points on a two-year basis. These data points are very encouraging and shows momentum is on its side.
In Q1, Inspire Medical Systems generated a negative 0.7% operating margin.
Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Inspire Medical Systems's full-year EPS flipped from negative to positive over the last five years. This is a good sign and shows it's at an inflection point.
In Q1, Inspire Medical Systems reported EPS at $0.10, up from negative $0.34 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Inspire Medical Systems's full-year EPS of $2.17 to grow 26.7%.
We liked that Inspire Medical Systems beat across the board, exceeding analysts' revenue, adjusted EBITDA, and EPS expectations this quarter. Its full-year EPS guidance outperformed Wall Street's estimates, as the company maintained its outlook from the previously-provided one. Zooming out, we think this quarter featured some important positives. The stock traded up 6.8% to $170 immediately after reporting.
Indeed, Inspire Medical Systems had a rock-solid quarterly earnings result, but is this stock a good investment here? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free.

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Newrez generated a 19% pre-tax return on equity ('ROE') on $5.8 billion of equity (3)(4) . Total servicing unpaid principal balance ('UPB') reached $864 billion, an increase of 7% YoY, which includes $271 billion UPB of third-party servicing, an increase of 22% YoY. Origination funded production volume was $16.3 billion in Q2'25, an increase of 12% YoY. Investment Portfolio: Rithm Capital completed a non-qualified mortgage securitization in the quarter totaling $504 million in UPB. Invested $2.2 billion in residential mortgage assets in the quarter, including non-qualified residential mortgage loans, residential transition loans and residential mortgage-backed securities. Residential Transitional Lending: Rithm Capital's residential transitional lending platform, Genesis Capital LLC ('Genesis Capital'), recorded pre-tax income of $26.9 million in Q2'25, excluding portfolio mark-to-market loss of $(1.8) million, and Q2'25 origination volume of $1.2 billion, an increase of 49% YoY, and a record level for any quarter. Genesis Capital continued to expand its sponsor base, growing sponsors to 195, a 30% increase YoY. Asset Management: Rithm Capital's alternative asset manager, Sculptor Capital Management Inc. ('Sculptor Capital'), grew to approximately $36 billion of assets under management ('AUM') (5) as of June 30, 2025, including gross fundraising inflows of $1.7 billion across the Sculptor platform during the quarter. Sculptor Capital also continued its active presence in the collateralized loan obligation markets with $525 million of activity in Q2'25. As previously announced, Sculptor Capital held the final closing for Sculptor's Tactical Credit Fund on April 1, 2025, bringing total fund AUM to $900 million (5) . Subsequent to the end of Q2'25, Rithm Capital announced that it had entered into a strategic partnership with a large institutional investor to fund the acquisition of $500 million of residential transition loans, with the potential to upsize the partnership to $1.5 billion in fundings. (1) Per diluted common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 537,347,700 and 530,599,555 weighted average diluted shares for the quarters ended June 30, 2025 and March 31, 2025, respectively. Per share calculations of Book Value are based on 530,292,171 common shares outstanding as of June 30, 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 $29.9 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. 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 Monday, July 28, 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 Second 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 Monday, August 4, 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 '5582814'. Rithm Capital Corp. and Subsidiaries Consolidated Statements of Operations (Unaudited) ($ in thousands, except share and per share data) Three Months Ended June 30, 2025 March 31, 2025 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 574,817 $ 570,801 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(176,680) and $(146,891), respectively) (155,005 ) (333,378 ) Servicing revenue, net 419,812 237,423 Interest income 478,455 441,260 Gain on originated residential mortgage loans, held-for-sale, net 169,698 159,789 Other revenues 54,066 50,773 Asset management revenues 95,008 87,672 1,217,039 976,917 Expenses Interest expense and warehouse line fees 417,868 419,054 General and administrative 239,575 237,546 Compensation and benefits 294,407 271,467 951,850 928,067 Other Income (Loss) Realized and unrealized gains (losses), net 22,741 (1,143 ) Other income (loss), net 18,478 9,073 41,219 7,930 Income before Income Taxes 306,408 56,780 Income tax expense (benefit) (11,598 ) (23,930 ) Net Income 318,006 80,710 Noncontrolling interests in income of consolidated subsidiaries 3,169 1,086 Redeemable noncontrolling interests in income of consolidated subsidiaries 3,120 813 Net Income Attributable to Rithm Capital Corp. 311,717 78,811 Change in redemption value of redeemable noncontrolling interests — 15,611 Dividends on preferred stock 27,818 26,677 Net Income Attributable to Common Stockholders $ 283,899 $ 36,523 Net Income per Share of Common Stock Basic $ 0.54 $ 0.07 Diluted $ 0.53 $ 0.07 Weighted Average Number of Shares of Common Stock Outstanding Basic 530,171,540 524,104,842 Diluted 537,347,700 530,599,555 Dividends Declared per Share of Common Stock $ 0.25 $ 0.25 Expand Rithm Capital Corp. and Subsidiaries Consolidated Balance Sheets ($ in thousands, except share data) June 30, 2025 (Unaudited) March 31, 2025 (Unaudited) Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,360,063 $ 10,133,041 Government and government-backed securities ($8,844,111 and $11,023,935 at fair value, respectively) 8,868,879 11,048,701 Residential mortgage loans, held-for-sale ($4,126,335 and $3,092,102 at fair value, respectively) 4,187,301 3,156,350 Residential mortgage loans, held-for-investment, at fair value 343,333 354,003 Consumer loans, held-for-investment, at fair value 465,231 554,168 Residential transition loans, at fair value 2,497,764 2,335,218 Residential mortgage loans subject to repurchase 2,264,600 2,432,605 Single-family rental properties 1,002,261 1,011,986 Cash and cash equivalents 1,600,948 1,493,834 Restricted cash 485,402 511,698 Servicer advances receivable 2,713,742 2,874,515 Other assets ($2,606,841 and $2,422,538 at fair value, respectively) 4,660,827 4,450,923 Assets of consolidated CFEs(A): Investments, at fair value and other assets 4,865,602 4,972,801 Total Assets $ 44,315,953 $ 45,329,843 Liabilities and Equity Liabilities Secured financing agreements $ 15,897,778 $ 16,791,234 Secured notes and bonds payable ($160,433 and $169,035 at fair value, respectively) 9,764,857 10,025,948 Residential mortgage loan repurchase liability 2,264,600 2,432,605 Unsecured notes, net of issuance costs 1,414,497 1,207,594 Dividends payable 160,967 157,405 Accrued expenses and other liabilities ($464,143 and $538,985 at fair value, respectively) 2,361,386 2,343,010 Liabilities of consolidated CFEs(A): Notes payable, at fair value and other liabilities 4,131,696 4,230,793 Total Liabilities 35,995,781 37,188,589 Commitments and Contingencies Redeemable Noncontrolling Interests of Consolidated Subsidiaries 260,963 256,414 Stockholders' Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 49,964,122 and 49,964,122 issued and outstanding, $1,249,104 and $1,249,104 aggregate liquidation preference, respectively 1,207,254 1,207,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 530,292,171 and 530,122,477 issued and outstanding, respectively 5,303 5,301 Additional paid-in capital 6,652,587 6,635,226 Accumulated deficit 18,399 (129,934 ) Accumulated other comprehensive income 64,840 58,277 Stockholders' Equity in Rithm Capital Corp. 7,948,383 7,776,124 Noncontrolling interests in equity of consolidated subsidiaries 110,826 108,716 Total Stockholders' Equity 8,059,209 7,884,840 Total Liabilities and Equity $ 44,315,953 $ 45,329,843 (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. 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 June 30, 2025 March 31, 2025 Net income (loss) attributable to common stockholders - GAAP $ 283,899 $ 36,523 Adjustments: Realized and unrealized (gains) losses, net, including MSR change in valuation inputs and assumptions (16,931 ) 203,764 Other (income) loss, net 35,493 70,142 Non-capitalized transaction-related expenses (reimbursements) 2,536 6,131 Deferred taxes (13,854 ) (41,295 ) Earnings available for distribution - Non-GAAP $ 291,143 $ 275,265 Net income (loss) per diluted share $ 0.53 $ 0.07 Earnings available for distribution per diluted share $ 0.54 $ 0.52 Weighted average number of shares of common stock outstanding, diluted 537,347,700 530,599,555 Expand SEGMENT INFORMATION ($ in thousands) Second Quarter Ended June 30, 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 $ 574,817 $ — $ — $ — $ — $ 574,817 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(176,680)) (155,005 ) — — — — (155,005 ) Servicing revenue, net 419,812 — — — — 419,812 Interest income 309,940 82,143 75,405 7,841 3,126 478,455 Gain on originated residential mortgage loans, held-for-sale, net 168,438 1,260 — — — 169,698 Other revenues 27,439 26,627 — — — 54,066 Asset management revenues — — — 95,008 — 95,008 Total Revenues 925,629 110,030 75,405 102,849 3,126 1,217,039 Interest expense and warehouse line fees 283,616 69,904 33,620 8,710 22,018 417,868 Other segment expenses 146,989 22,162 5,234 26,487 14,909 215,781 Compensation and benefits 190,169 1,004 15,308 67,401 20,525 294,407 Depreciation and amortization 6,281 7,849 2,289 7,348 27 23,794 Total Operating Expenses 627,055 100,919 56,451 109,946 57,479 951,850 Realized and unrealized gains (losses), net — 16,177 6,809 416 (661 ) 22,741 Other income (loss), net 6,435 8,841 (713 ) 5,124 (1,209 ) 18,478 Total Other Income (Loss) 6,435 25,018 6,096 5,540 (1,870 ) 41,219 Income (Loss) before Income Taxes 305,009 34,129 25,050 (1,557 ) (56,223 ) 306,408 Income tax expense (benefit) (11,647 ) (1,507 ) 330 1,226 — (11,598 ) Net Income (Loss) 316,656 35,636 24,720 (2,783 ) (56,223 ) 318,006 Noncontrolling interests in income (loss) of consolidated subsidiaries 981 1,533 — 655 — 3,169 Redeemable noncontrolling interests in income of consolidated subsidiaries — — — 561 2,559 3,120 Net Income (Loss) Attributable to Rithm Capital Corp. 315,675 34,103 24,720 (3,999 ) (58,782 ) 311,717 Dividends on preferred stock — — — — 27,818 27,818 Net Income (Loss) Attributable to Common Stockholders $ 315,675 $ 34,103 $ 24,720 $ (3,999 ) $ (86,600 ) $ 283,899 Total Assets $ 28,608,834 $ 8,858,316 $ 3,787,813 $ 2,470,718 $ 590,272 $ 44,315,953 Stockholders' Equity in Rithm Capital Corp. $ 5,822,508 $ 1,551,666 $ 820,746 $ 895,407 $ (1,141,944 ) $ 7,948,383 Expand 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, net of economic hedges (includes realization of cash flows of $(146,891)) (333,378 ) — — — — (333,378 ) Servicing revenue, net 237,423 — — — — 237,423 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 707,216 105,120 66,508 97,085 988 976,917 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 — 3,094 2,043 (6,280 ) — (1,143 ) Other income (loss), net (118 ) 1,489 (141 ) 7,838 5 9,073 Total Other Income (Loss) (118 ) 4,583 1,902 1,558 5 7,930 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 interest in income of consolidated subsidiary — — — 3 810 813 Net Income (Loss) Attributable to Rithm Capital Corp. 146,362 25,743 17,010 (62,124 ) (48,180 ) 78,811 Change in redemption value of redeemable noncontrolling interest — — — — 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 Stockholders' Equity in Rithm Capital Corp. $ 5,516,331 $ 1,527,528 $ 845,627 $ 876,217 $ (989,579 ) $ 7,776,124 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 Corp. is a global, multi-dimensional asset manager with significant experience managing credit and real estate assets. The firm combines deep institutional expertise with an entrepreneurial culture that drives innovation and disciplined growth across multiple market segments. Rithm's integrated investment platform spans residential and commercial lending, MSRs and structured credit. Through subsidiaries such as Newrez, Genesis Capital and Sculptor Capital Management, Rithm has established a unique owner-operator model, capable of sourcing, financing and actively managing debt and equity investments, to drive value for shareholders and fund investors.