Rithm Capital to restate 2021-2023 and Q1 2024 financials; material weakness in controls

Rithm Capital Corp.

Restatement to consolidate mortgage securitization trusts; no impact on net income, book value, or cash.
Audited financials for 2021-2023 and unaudited Q1 2024 no longer reliable; restated filings planned.
Material weakness in internal control over financial reporting identified; prior ICFR opinions withdrawn.
Restatement will gross up assets and liabilities; liabilities of trusts are non-recourse to Rithm.
Company expects to remediate the material weakness by end of 2024; no misconduct involved.

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