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Rithm Capital Corp. Announces Fourth Quarter and Full Year 2024 Results

1. RITM reported Q4 net income of $263.2 million, $0.50/share. 2. Full year 2024 income was $835 million, marking a significant increase. 3. Dividend of $0.25 declared, maintaining strong return for shareholders. 4. Book value per share increased to $12.56, showing solid asset growth. 5. Launched $200 million stock repurchase program to enhance shareholder value.

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Why Very Bullish?

RITM's robust earnings and consistent dividend policy historically lead to positive investor sentiment.

How important is it?

Strong financial results and plans for share repurchase could significantly influence RITM's stock price.

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Immediate market reaction expected due to earnings announcement and repurchase program.

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RITMNEWRSCUL
NEW YORK--(BUSINESS WIRE)--Rithm Capital Corp. (NYSE: RITM; “Rithm Capital,” “Rithm” or the “Company”) today reported the following information for the fourth quarter ended and full year ended December 31, 2024: Fourth Quarter 2024 Financial Highlights: GAAP net income of $263.2 million, or $0.50 per diluted common share(1) Earnings available for distribution of $315.8 million, or $0.60 per diluted common share(1)(2) Common dividend of $130.2 million, or $0.25 per common share Book value per common share of $12.56(1) Full Year 2024 Financial Highlights: GAAP net income of $835.0 million, or $1.67 per diluted common share(1) Earnings available for distribution of $1.1 billion, or $2.10 per diluted common share(1)(2) Common dividend of $503.4 million, or $1.00 per common share Q4 2024 Q3 2024 FY 2024 FY 2023 Summary Operating Results: GAAP Net Income per Diluted Common Share(1) $ 0.50 $ 0.20 $ 1.67 $ 1.10 GAAP Net Income $ 263.2 million $ 97.0 million $ 835.0 million $ 532.7 million Non-GAAP Results: Earnings Available for Distribution per Diluted Common Share(1)(2) $ 0.60 $ 0.54 $ 2.10 $ 2.06 Earnings Available for Distribution(2) $ 315.8 million $ 270.3 million $ 1,050.5 million $ 997.2 million Common Dividend: Common Dividend per Share $ 0.25 $ 0.25 $ 1.00 $ 1.00 Common Dividend $ 130.2 million $ 129.9 million $ 503.4 million $ 483.2 million “We had another great year at Rithm, finishing strong with robust earnings, positive inflows and growth in each of our business segments,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of Rithm Capital. “Rithm delivered strong and consistent performance in each of its core businesses, creating value for investors and shareholders. We also completed our first full year with Sculptor and will continue to grow our world-class asset management business in 2025 through strategic partnerships.” Fourth Quarter 2024 Company Highlights: Rithm Capital Completed a $461 million secured financing backed by mortgage servicing rights (“MSRs”), a first-of-its-kind non-recourse term financing of MSRs Newrez Origination & Servicing segment pre-tax income of $280.2 million in Q4’24, excluding the MSR mark-to-market and related hedge impact of $204.5 million, up from $250.7 million in Q3’24, excluding the MSR mark-to-market gain and related hedge impact of $(235.5) million Generated a 20% pre-tax return on equity (“ROE”) on $5.6 billion of equity(3)(4) Total servicing unpaid principal balance (“UPB”) of $844 billion, an increase of 32% YoY, including $254 billion UPB of third-party servicing, an increase of 129% YoY Origination funded production volume of $17.3 billion, an increase of 9% QoQ and 94% YoY Genesis Residential Transitional Lending segment pre-tax income of $3.5 million Origination volume of $1.2 billion, an increase of 101% YoY Grew number of sponsors to 140, reflecting 14% growth YoY Sculptor Approximately $34 billion of assets under management (“AUM”) at December 31, 2024(5) Closed an additional $1.0 billion in Q4’24 for Real Estate Fund V, bringing total commitments to $2.3 billion through 2024, focused on opportunistic real estate investments Accelerated momentum in Non-Traded REIT (SDREIT) strategy bringing pro forma AUM to $500 million(6) (1) Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 526,279,952 and 496,800,687 weighted average diluted shares for the quarters ended December 31, 2024 and September 30, 2024, respectively. Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 499,597,670 and 483,716,715 weighted average diluted shares for the years ended December 31, 2024 and 2023, respectively. Per share calculations of Book Value are based on 520,656,256 common shares outstanding as of December 31, 2024. (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 adjustment of $204.5 million. (4) ROE is calculated based on annualized pre-tax income, excluding MSR mark-to-market, divided by the average Origination and Servicing segment ending equity for the respective period. (5) AUM 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. (6) Pro forma AUM represents AUM once all committed amounts are funded. Renewal of Stock Repurchase Program: The Company announced today that its Board of Directors authorized stock repurchase programs of up to $200 million of shares of the Company's common stock (the "common stock repurchase program”), and up to $100 million of shares of the Company’s preferred stock (the “preferred stock repurchase program” and, together with the common stock repurchase program, the “repurchase programs”), through December 31, 2025. The new repurchase programs replace the Company’s previous $200 million common stock repurchase program and $100 million preferred stock repurchase program, which expired on December 31, 2024. ADDITIONAL INFORMATION For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors - News section of the Company’s website, www.rithmcap.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. EARNINGS CONFERENCE CALL Rithm Capital’s management will host a conference call on Thursday, February 6, 2025 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors - News section of Rithm Capital’s website, www.rithmcap.com. The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Rithm Capital Fourth Quarter and Full Year 2024 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10196455/fe67242f28. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.rithmcap.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Thursday, February 13, 2025 by dialing 1-877-344-7529 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code “9354317.”   Rithm Capital Corp. and Subsidiaries Consolidated Statements of Operations (Unaudited) ($ in thousands, except share and per share data)   Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 2024 2023 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 531,279 $ 493,171 $ 1,993,319 $ 1,859,357 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(180,480), $(139,784), $(602,241) and $(518,978), respectively) 563,484 (747,335 ) (167,574 ) (565,684 ) Servicing revenue, net 1,094,763 (254,164 ) 1,825,745 1,293,673 Interest income 490,263 550,732 1,954,443 1,616,189 Gain on originated residential mortgage loans, held-for-sale, net 201,641 184,695 682,535 533,477 Other revenues 55,412 57,212 227,472 236,167 Asset management revenues 258,871 81,039 520,294 82,681 2,100,950 619,514 5,210,489 3,762,187 Expenses Interest expense and warehouse line fees 449,386 510,168 1,835,325 1,401,327 General and administrative 232,381 215,329 867,236 761,102 Compensation and benefits 362,869 265,673 1,134,768 787,092 1,044,636 991,170 3,837,329 2,949,521 Other Income (Loss) Realized and unrealized gains (losses), net (574,944 ) 412,953 (221,606 ) (19,456 ) Other income (loss), net 11,227 3,851 57,255 (40,377 ) (563,717 ) 416,804 (164,351 ) (59,833 ) Income before Income Taxes 492,597 45,148 1,208,809 752,833 Income tax expense (benefit) 200,690 (78,433 ) 267,317 122,159 Net Income 291,907 123,581 941,492 630,674 Noncontrolling interests in income of consolidated subsidiaries 1,737 1,839 9,989 8,417 Dividends on preferred stock 26,948 24,718 96,456 89,579 Net Income Attributable to Common Stockholders $ 263,222 $ 97,024 $ 835,047 $ 532,678 Net Income per Share of Common Stock Basic $ 0.51 $ 0.20 $ 1.69 $ 1.11 Diluted $ 0.50 $ 0.20 $ 1.67 $ 1.10 Weighted Average Number of Shares of Common Stock Outstanding Basic 520,271,165 491,362,857 495,479,956 481,934,951 Diluted 526,279,952 496,800,687 499,597,670 483,716,715 Dividends Declared per Share of Common Stock $ 0.25 $ 0.25 $ 1.00 $ 1.00   Rithm Capital Corp. and Subsidiaries Consolidated Balance Sheets ($ in thousands, except share data)   December 31, 2024 (Unaudited) 2023 Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,321,671 $ 8,405,938 Government and government-backed securities ($9,711,346 and $8,533,130 at fair value, respectively) 9,736,116 8,557,683 Residential mortgage loans, held-for-investment, at fair value 361,890 379,044 Residential mortgage loans, held-for-sale ($4,307,571 and $2,461,865 at fair value, respectively) 4,374,241 2,540,742 Consumer loans, held-for-investment, at fair value 665,565 1,274,005 Single-family rental properties 1,028,295 1,001,928 Residential transition loans, at fair value 2,178,075 1,879,319 Residential mortgage loans subject to repurchase 2,745,756 1,782,998 Cash and cash equivalents 1,458,743 1,287,199 Restricted cash 308,443 378,048 Servicer advances receivable 3,198,921 2,760,250 Reverse repurchase agreement — 1,769,601 Other assets ($2,380,475 and $2,005,782 at fair value, respectively) 4,631,911 3,948,852 Assets of consolidated CFEs(A): Investments, at fair value and other assets 4,167,814 3,751,477 Total Assets $ 45,177,441 $ 39,717,084 Liabilities and Equity Liabilities Secured financing agreements $ 16,782,467 $ 12,561,283 Secured notes and bonds payable ($185,460 and $235,770 at fair value, respectively) 10,298,075 10,360,188 Residential mortgage loan repurchase liability 2,745,756 1,782,998 Unsecured notes, net of issuance costs 1,204,220 719,004 Treasury securities payable — 1,827,281 Dividends payable 153,114 135,897 Accrued expenses and other liabilities ($525,486 and $51,765 at fair value, respectively) 2,630,771 2,065,761 Liabilities of consolidated CFEs(A): Notes payable, at fair value and other liabilities 3,476,728 3,163,634 Total Liabilities 37,291,131 32,616,046 Commitments and Contingencies Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference 1,257,254 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 520,656,256 and 483,226,239 issued and outstanding, respectively 5,206 4,833 Additional paid-in capital 6,528,613 6,074,322 Accumulated deficit (46,985 ) (373,141 ) Accumulated other comprehensive income 50,886 43,674 Total Rithm Capital stockholders’ equity 7,794,974 7,006,942 Noncontrolling interests in equity of consolidated subsidiaries 91,336 94,096 Total Equity 7,886,310 7,101,038 Total Liabilities and Equity $ 45,177,441 $ 39,717,084 (A) Includes assets and liabilities of certain consolidated 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. Management also excludes amortization of acquisition premium on residential transition loans. Management also excludes bargain purchase gain resulting from business acquisitions as it is not a recurring activity and it is not part of the Company’s core operations. 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 Year Ended December 31, December 31, 2024 September 30, 2024 2024 2023 Net income (loss) attributable to common stockholders - GAAP $ 263,222 $ 97,024 $ 835,047 $ 532,678 Adjustments: Realized and unrealized (gains) losses, net, including MSR change in valuation inputs and assumptions (177,294 ) 199,342 (181,070 ) 294,499 Other (income) loss, net 34,707 50,756 142,285 5,974 Computershare Mortgage Acquisition: Bargain purchase gain — — (27,415 ) — Non-recurring acquisition and restructuring expenses — — 14,936 — Non-capitalized transaction-related expenses (2,203 ) 3,242 12,286 47,755 Deferred taxes 197,360 (80,037 ) 254,402 116,336 Earnings available for distribution - Non-GAAP $ 315,792 $ 270,327 $ 1,050,471 $ 997,242 Net income (loss) per diluted share $ 0.50 $ 0.20 $ 1.67 $ 1.10 Earnings available for distribution per diluted share $ 0.60 $ 0.54 $ 2.10 $ 2.06 Weighted average number of shares of common stock outstanding, diluted 526,279,952 496,800,687 499,597,670 483,716,715   SEGMENT INFORMATION ($ in thousands)   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 72,051 67,278 9,625 3 490,263 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 1,663,498 101,675 67,278 268,496 3 2,100,950 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 28,595 6,961 207,874 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 56,770 203,682 39,937 1,044,636 Realized and unrealized gains (losses), net (529,025 ) (27,089 ) (7,257 ) (11,573 ) — (574,944 ) Other income (loss), net 4,942 5,948 203 122 12 11,227 Total Other Income (Loss) (524,083 ) (21,141 ) (7,054 ) (11,451 ) 12 (563,717 ) 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 $ 7,489,952 $ 3,439,075 $ 1,610,400 $ 219,758 $ 45,177,441 Total Rithm Capital Stockholders' Equity $ 5,715,057 $ 1,523,436 $ 801,646 $ 804,727 $ (1,049,892 ) $ 7,794,974 Third Quarter Ended September 30, 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 $ 493,171 $ — $ — $ — $ — $ 493,171 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(139,784)) (747,335 ) — — — — (747,335 ) Servicing revenue, net (254,164 ) — — — — (254,164 ) Interest income 391,220 87,969 66,262 5,281 — 550,732 Gain on originated residential mortgage loans, held-for-sale, net 171,700 12,995 — — — 184,695 Other revenues 30,280 26,932 — — — 57,212 Asset management revenues — — — 81,039 — 81,039 Total Revenues 339,036 127,896 66,262 86,320 — 619,514 Interest expense and warehouse line fees 370,641 79,885 34,304 8,243 17,095 510,168 Other segment expenses 126,058 19,297 3,731 19,794 11,634 180,514 Compensation and benefits 181,343 288 9,520 58,267 16,255 265,673 Depreciation and amortization 15,093 10,632 1,567 7,523 — 34,815 Total Operating Expenses 693,135 110,102 49,122 93,827 44,984 991,170 Realized and unrealized gains (losses), net 379,946 9,907 17,972 5,128 — 412,953 Other income (loss), net (10,626 ) 6,107 36 8,334 — 3,851 Total Other Income (Loss) 369,320 16,014 18,008 13,462 — 416,804 Income (Loss) before Income Taxes 15,221 33,808 35,148 5,955 (44,984 ) 45,148 Income tax expense (benefit) (84,764 ) (4,916 ) 2,754 8,493 — (78,433 ) Net Income (Loss) 99,985 38,724 32,394 (2,538 ) (44,984 ) 123,581 Noncontrolling interests in income (loss) of consolidated subsidiaries 847 (1,123 ) — 2,115 — 1,839 Dividends on preferred stock — — — — 24,718 24,718 Net Income (Loss) Attributable to Common Stockholders $ 99,138 $ 39,847 $ 32,394 $ (4,653 ) $ (69,702 ) $ 97,024 Total Assets $ 29,733,684 $ 7,787,438 $ 3,083,322 $ 1,378,846 $ 292,672 $ 42,275,962 Total Rithm Capital Stockholders' Equity $ 5,459,975 $ 1,725,745 $ 743,427 $ 717,212 $ (989,817 ) $ 7,656,542 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 (www.rithmcap.com). 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 Management, Inc., an alternative asset manager, as well as Newrez LLC and Genesis Capital LLC, 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 $5.6 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.

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