RITM — what changed in the latest 10-Q
A section-by-section comparison of RITM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-02 vs the prior 10-Q · 2026-08-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +51 | −48 | ~136 | 154 |
| Market risk (Item 3) | Text added/removed | +11 | −6 | ~3 | 13 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-02
Headline inflation increased further during the quarter, primarily reflecting higher energy prices, as West Texas Intermediate crude oil prices rose approximately 30% during the quarter, from $69.50 per barrel at the end of June 2026 to $90.42 per barrel at the end of September 2026. Core Consumer P…
Housing market activity softened during the third quarter of 2026. Existing home sales declined to an annualized rate of 3.99 million, compared to 4.13 million in the second quarter of 2026, amid sharply higher mortgage rates. New home sales declined to a seasonally adjusted annualized rate of appro…
The U.S. CRE market moved through the third quarter of 2026 with improving fundamentals in several sectors, even as the interest rate backdrop became less supportive. In September, the Federal Open Market Committee raised the federal funds target range by 25 basis points to 3.75%–4.00%, its first in…
As of September 30, 2026, approximately 95.9% of the UPB of residential mortgage loans underlying our owned MSRs was serviced by Newrez.
The following tables summarize the collateral characteristics of the residential mortgage loans underlying our MSRs as of September 30, 2026 (dollars in thousands):
Text removed vs the prior filing · source: 10-Q · 2026-08-04
Headline inflation increased further during the quarter, primarily reflecting higher energy prices, even as West Texas Intermediate crude oil prices, which had been up as much as 101% following the outbreak of the conflict with Iran, eased to a gain of approximately 70% by the end of the second quar…
Housing market activity was mixed during the second quarter of 2026. Existing home sales rose modestly to an annualized rate of 4.09 million, compared to 4.01 million in the first quarter of 2026, though sales remained rangebound amid still-elevated mortgage rates. New home sales declined to an annu…
A policy development affecting certain housing-related sectors was also resolved during the quarter. The 21st Century ROAD to Housing Act, which restricts large institutional investors from purchasing existing single-family homes, was enacted into law on July 11, 2026. The final legislation removed …
The U.S. CRE market moved through the second quarter of 2026 with improving fundamentals in several sectors, even as the interest rate backdrop grew more uncertain. Following the change in Federal Reserve leadership, the Federal Open Market Committee shifted from signaling further rate cuts to a not…
combined with inflation running above target, has introduced the possibility of a rate increase later this year—a reversal from the cutting-cycle expectations that prevailed as recently as the first quarter; however, in its July meeting, the Federal Reserve continued to maintain the current target r…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-02
In addition, changes in interest rates may impact our ability to exercise our call rights and to realize or maximize potential profits from them. For example, rising rates could cause prepayment rates on the residential mortgage loans underlying our call rights to decline, which would delay our abil…
Our consumer loan portfolio consists primarily of fixed-rate home improvement loans acquired from Upgrade, as well as more seasoned SpringCastle and Marcus loans. Because the Upgrade loans are recently originated and subject to voluntary prepayment, our consumer loan portfolio may be sensitive to ch…
Our RTLs are short-term, interest-only loans that generally bear interest at variable rates based on SOFR plus a spread, and we therefore believe they have limited fair value sensitivity to changes in interest rates. Because the related warehouse and securitization financing also generally floats wi…
Interest Rate Change (bps)September 30, 2026December 31, 2025
Mortgage basis measures the spread between the yield on current coupon MBS and benchmark rates including treasuries and swaps. The level of mortgage basis is driven by demand and supply of mortgage-backed instruments relative to other rate-sensitive assets. Changes in the mortgage basis have an impa…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
In addition, changes in interest rates may impact our ability to exercise our call rights and to realize or maximize potential profits from them. A significant portion of the residential mortgage loans underlying our call rights bear fixed-rates and may decline in value during a period of rising mar…
We believe our consumer loan investments generally have limited interest rate sensitivity given that our portfolio is mostly composed of seasoned loans with credit-impaired borrowers who are paying fixed-rates, who we believe are relatively unlikely to change their prepayment patterns based on chang…
Mortgage basis measures the spread between the yield on current coupon MBS and benchmark rates including treasuries and swaps. The level of mortgage basis is driven by demand and supply of mortgage-backed instruments relative to other rate-sensitive assets. Changes in the mortgage basis have an impa…
Prepayment rates significantly affect the value of MSRs and MSR financing receivables, Excess MSRs, the base fee component of MSRs (which we own as part of our servicer advance investments), non-Agency securities and loans, including consumer loans. Prepayment rate is the measurement of how quickly …
We seek to reduce our exposure to prepayment through the structuring of our investments. For example, in our MSR and Excess MSR investments, we seek to enter into “recapture agreements” whereby our MSR or Excess MSR is retained if the applicable servicer or subservicer originates a new loan the proc…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice