FBRT - Rithm Capital's Sector Comparative Analysis - Part 2 (Includes Q2 2024 + Q3 2024 Dividend Projection)
2024-04-04 06:26:11 ET
Summary
- This article compares RITM’s recent dividend per share rates, yield percentages, and several dividend sustainability metrics to 19 mREIT peers.
- This includes an analysis of RITM’s quarterly core earnings/earnings available for distribution (“EAD”) which directly impacts the company's dividend sustainability.
- This article also projects RITM’s dividend sustainability for Q2 – Q3 2024.
- Even with the market’s recent rally, RITM remains within my/our undervalued range. RITM’s recommendation and per share ranges are provided in the article.
- My current RITM buy, sell, or hold recommendation (based on a valuation methodology) and current BV projection are stated in the “Conclusions Drawn” section.
Focus of Article:
The focus of this two-part article is to provide a very detailed analysis comparing Rithm Capital Corp. ( RITM ) to 19 other mortgage real estate investment trust (mREIT) peers I currently fully cover. I am writing this two-part article due to the continued requests that such an analysis be specifically performed on RITM and some of the company's mREIT peers at periodic intervals. For readers who just want the summarized conclusions/results, I would suggest to scroll down to the "Conclusions Drawn" section at the bottom of each part of the article.
PART 1 of this article analyzed RITM's recent results and compared several of the company's metrics to 19 mREIT peers. PART 1 also showed how RITM's book value ("BV") as of 12/31/2023 compared to the 19 other mREIT peers. PART 1 helps lead to a better understanding of the topics and analysis that will be discussed in PART 2. The link to PART 1's analysis is provided below:
Rithm Capital's Sector Comparative Analysis - Part 2 (Includes Q2 2024 + Q3 2024 Dividend Projection)