NEW YORK--(BUSINESS WIRE)--February 03, 2026--
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, 2025.
Michael Nierenberg, Chief Executive Officer of Rithm Capital, said, "2025 was a year of strategic progress for Rithm, marked by disciplined execution and consistent performance across every segment of our business. We delivered a 19% EAD return on equity for the full year and, through the targeted acquisitions of Crestline and Paramount Group, we continued to expand our diversified, alternative asset management platform, ending the year with over $100 billion in investable assets. At the same time, we deepened our value creation capabilities across real estate and credit, further strengthening our platform.
"Our Q4 results underscore the durable momentum we have built as we closed key transactions, expanded our client franchise and maintained solid earnings that reflect the power of our unified ecosystem. As we enter 2026, Rithm is well-positioned for growth. The strategic investments we have made across asset management, Newrez, Genesis, and our investment portfolio provide a strong foundation to outcompete and capture strategic opportunities for our clients and shareholders. Our scale, diversity, and proprietary insight as an owner-operator give us distinctive advantages in today's market, and I am confident in our platform and the growth trajectory ahead."
Fourth Quarter 2025 Financial Highlights:
-- GAAP net income of $53.1 million, or $0.09 per diluted common share(1)
-- Earnings available for distribution of $418.9 million, or $0.74 per
diluted common share(1)(2)
-- Common dividend of $139.0 million, or $0.25 per common share
-- Book value per common share of $12.66(1)
Full Year 2025 Financial Highlights:
-- GAAP net income of $567.2 million, or $1.04 per diluted common
share(1)
-- Earnings available for distribution of approximately $1.3 billion, or
$2.35 per diluted common share(1)(2)
-- Common dividend of $542.6 million, or $1.00 per common share
Q4 2025 Q3 2025 FY 2025 FY 2024
--------- --------- -------- --------
Summary Operating
Results:
GAAP Net Income per
Diluted Common
Share(1) $ 0.09 $ 0.35 $ 1.04 $ 1.67
GAAP Net Income (in
millions) $ 53.1 $ 193.7 $ 567.2 $ 835.0
Non-GAAP Results:
Earnings Available for
Distribution per
Diluted Common
Share(1)(2) $ 0.74 $ 0.54 $ 2.35 $ 2.10
Earnings Available for
Distribution(2) (in
millions) $ 418.9 $ 296.9 $1,282.2 $1,050.5
Common Dividend:
Common Dividend per
Share $ 0.25 $ 0.25 $ 1.00 $ 1.00
Common Dividend (in
millions) $ 139.0 $ 138.5 $ 542.6 $ 503.4
Business Highlights:
-- Origination & Servicing:
-- Newrez LLC ("Newrez"), Rithm Capital's multichannel mortgage
origination and servicing platform, posted pre-tax operating
income of $249.1 million in Q4'25, excluding the net of hedge
mortgage servicing rights ("MSRs") mark-to-market ("MTM") loss and
other non-operating items of $(216.5) million, down from $314.9
million in Q3'25, excluding the net of hedge MSRs MTM loss and
other non-operating items of $(80.8) million.
-- For the full year 2025, Newrez posted pre-tax operating income
of $1.1 billion, excluding the net of hedge MSRs MTM loss and
other non-operating items of $(467.5) million, up from $966.4
million in 2024, excluding the net of hedge MSRs MTM gain and
other non-operating items of $146.4 million.
-- Newrez generated a 17% annualized operating return on equity
("ROE") on $5.9 billion of equity(3) in Q4'25. For the full year
2025, Newrez generated a 20% operating ROE on $5.8 billion of
equity(3).
-- Total servicing unpaid principal balance ("UPB") reached $852
billion at year end 2025, an increase of 1% year over year ("YoY"),
which includes $256 billion UPB of third-party servicing, an
increase of 1% YoY.
-- Origination funded production volume was $18.8 billion in Q4'25,
an increase of 15% quarter over quarter ("QoQ") and 9% YoY, and
$63.3 billion for the full year 2025, an increase of 7% YoY.
-- Investment Portfolio:
-- Rithm Capital completed three non-qualified mortgage ("NQM")
securitizations in Q4'25 totaling $1.5 billion in UPB. For the
full year 2025, Rithm Capital completed eight securitizations
totaling $4.0 billion in UPB, achieving a record at Rithm Capital
for NQM securitizations for both Q4'25 and for the full year
2025.
-- Acquired $294 million in home improvement loans in Q4'25 under
the previously announced forward flow agreement with Upgrade,
Inc.
-- Residential Transitional Lending:
-- Rithm Capital's residential transitional lending platform,
Genesis Capital LLC ("Genesis Capital"), recorded Q4'25 and full
year 2025 origination volume of $1.4 billion and $4.8 billion,
respectively, a YoY increase of 17% and 33%, respectively,
continuing a series of record volume quarters achieved in 2025.
-- Genesis Capital continued to expand its sponsor base, growing
new sponsors by 96 in Q4'25, a 123% increase YoY. New sponsor
activity for full year 2025 also expanded to 269, achieving 66%
YoY growth.
-- Asset Management:
-- Rithm Capital's alternative asset manager, Sculptor Capital
Management Inc. ("Sculptor Capital"), grew to approximately $38
billion of assets under management ("AUM")(4) as of December 31,
2025, including gross fundraising inflows of $5.8 billion across
the Sculptor platform in 2025, a 16% YoY increase.
-- In Q4'25, Sculptor Capital closed on its latest Real Estate Fund
V with $5.5 billion in commitments, making it the largest fund in
Sculptor's real estate fund series and building upon the company's
20+ year track record.
-- Sculptor Capital also continued its active presence in the
collateralized loan obligation markets with 14 transactions for
the full year 2025, contributing approximately $1.8 billion in
AUM.
-- Rithm Capital completed its previously announced acquisition of
Crestline Management, L.P. ("Crestline"), a Fort Worth, TX based
alternative asset manager on December 1, 2025. As of September 30,
2025, Crestline managed $18 billion in AUM(4) across several
complementary investment strategies, including direct lending,
opportunistic credit, NAV-based lending and insurance.
-- Rithm Capital also completed its previously announced
acquisition of Paramount Group, Inc., an owner and operator of
Class A office properties in New York and San Francisco, on
December 19, 2025.
(1) Per diluted common share calculations for both GAAP Net Income and
Earnings Available for Distribution are based on 564,691,202 and
551,295,686 weighted average diluted shares for the quarters ended
December 31, 2025 and September 30, 2025, respectively. Per diluted
common share calculations for both GAAP Net Income and Earnings
Available for Distribution are based on 546,091,491 and 499,597,670
weighted average diluted shares for the years ended December 31, 2025
and 2024, respectively. The per share calculation of Book Value is
based on 555,880,947 common shares outstanding as of December 31,
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) Q4'25 annualized operating ROE and full year 2025 operating ROE are
non-GAAP measures. Q4'25 annualized operating ROE is calculated based
on annualized pre-tax operating income of $249.1 million, excluding the
net of hedge MSRs MTM and other non-operating items of $(216.5)
million, divided by the average Origination and Servicing segment
ending equity of $5.9 billion. Operating ROE for the full year 2025 is
calculated based on pre-tax operating income of $1.1 billion, excluding
the net of hedge MSRs MTM and other non-operating items of $(467.5)
million, divided by the average Origination and Servicing segment
ending equity of $5.8 billion.
(4) AUM is estimated and refers to the value of assets for which Rithm
Capital and its affiliates provide discretionary investment management
or advisory services. AUM is generally calculated as the sum of: (i)
the net asset value of managed accounts and open-ended funds or gross
asset value of real estate and real estate funds, (ii) uncalled capital
commitments and (iii) par value of structured credit vehicles. AUM
includes amounts that are not subject to management fees, incentive
income or other amounts earned on AUM. Rithm Capital's calculation of
AUM is intended to provide a consistent and comparable measure of
managed assets across its businesses; however it is not based on any
specific regulatory definition and may differ from similarly titled
measures presented by other asset managers and, as a result, may not be
comparable.
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 Tuesday, February 3, 2026 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 2025 Earnings Call." In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10206337/103377fcf1a.
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 Tuesday, February 10, 2026, by dialing 1-855-669-9658 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code "1202515".
Rithm Capital Corp. and Subsidiaries Consolidated Statements of Operations ($ in thousands, except share and per share data) Three Months Ended Year Ended December 31, ---------------------------- ------------------------------ December 31, September 30, 2025 2025 2025 (Unaudited) (Unaudited) (Unaudited) 2024 ------------- ------------- ------------- --------------- Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,070 $ 579,281 $ 2,294,969 $ 1,993,319 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(232,554), $(189,881), $(746,006) and $(602,241), respectively) (421,815) (264,351) (1,174,549) (455,918) ----------- ----------- ----------- ----------- Servicing revenue, net 148,255 314,930 1,120,420 1,537,401 Interest income 500,814 453,786 1,874,315 1,949,790 Gain on originated residential mortgage loans, held-for-sale, net 203,731 196,308 729,526 682,535 Other revenues 78,460 55,628 238,927 227,472 Asset management revenues 359,489 84,871 627,040 520,294 ----------- ----------- ----------- ----------- 1,290,749 1,105,523 4,590,228 4,917,492 Expenses Interest expense and warehouse line fees 422,821 402,690 1,662,433 1,835,325 General and administrative 297,351 237,092 1,011,564 868,484 Compensation and benefits 453,932 299,073 1,318,879 1,134,768 ----------- ----------- ----------- ----------- 1,174,104 938,855 3,992,876 3,838,577 Other Income (Loss) Realized and unrealized gains (losses), net 50,876 53,393 125,867 72,639 Other income (loss), net 38,804 16,809 83,164 57,255 ----------- ----------- ----------- ----------- 89,680 70,202 209,031 129,894 ----------- ----------- ----------- ----------- Income before Income Taxes 206,325 236,870 806,383 1,208,809 Income tax expense (benefit) 115,747 8,072 88,291 267,317 ----------- ----------- ----------- ----------- Net Income 90,578 228,798 718,092 941,492 Noncontrolling interests in income of consolidated subsidiaries 1,234 3,331 8,820 9,989 Redeemable noncontrolling interests in income of consolidated subsidiaries 4,353 3,929 12,215 -- ----------- ----------- ----------- ----------- Net Income Attributable to Rithm Capital Corp. 84,991 221,538 697,057 931,503 Change in redemption value of redeemable noncontrolling interests -- -- 15,611 -- Dividends on preferred stock 31,875 27,876 114,246 96,456 ----------- ----------- ----------- ----------- Net Income Attributable to Common Stockholders $ 53,116 $ 193,662 $ 567,200 $ 835,047 =========== =========== =========== =========== Net Income per Share of Common Stock Basic $ 0.10 $ 0.36 $ 1.05 $ 1.69 Diluted $ 0.09 $ 0.35 $ 1.04 $ 1.67 Weighted Average Number of Shares of Common Stock Outstanding Basic 555,021,130 541,835,419 537,879,037 495,479,956 Diluted 564,691,202 551,295,686 546,091,491 499,597,670 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 and per share data) December 31, ---------------------------- 2025 (Unaudited) 2024 ------------ -------------- Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $10,359,141 $10,321,671 Government and government-backed securities ($5,230,139 and $9,711,346 at fair value, respectively) 5,254,905 9,736,116 Residential mortgage loans, held-for-sale ($5,427,481 and $4,307,571 at fair value, respectively)$(A)$ 5,484,272 4,374,241 Residential mortgage loans, held-for-investment, at fair value 324,688 361,890 Consumer loans, held-for-investment, at fair value(A) 784,399 665,565 Residential transition loans, at fair value 2,699,864 2,178,075 Residential mortgage loans subject to repurchase 3,952,792 2,745,756 Real estate, net(A) 4,673,886 1,056,193 Insurance company investments, at fair value 906,454 -- Cash and cash equivalents(A) 1,847,626 1,458,743 Restricted cash(A) 809,312 308,443 Servicer advances receivable 3,090,613 3,198,921 Intangible assets, net 1,878,196 331,949 Other assets ($2,707,456 and $2,311,979 at fair value, respectively)(A) 5,216,432 4,203,568 Assets of Consolidated Entities(A) : Investments, at fair value and other assets 5,789,349 5,107,826 ---------- ---------- Total Assets $53,071,929 $46,048,957 ========== ========== Liabilities and Equity Liabilities Secured financing agreements(A) $13,763,802 $16,782,467 Secured notes and bonds payable ($143,442 and $185,460 at fair value, respectively)(A) 15,203,770 10,298,075 Residential mortgage loan repurchase liability 3,952,792 2,745,756 Unsecured notes, net of issuance costs 1,421,088 1,204,220 Interest sensitive insurance contract liabilities 960,209 -- Dividends payable 178,900 153,114 Accrued expenses and other liabilities ($638,090 and $525,486 at fair value, respectively)(A) 3,349,847 2,630,771 Liabilities of Consolidated Entities(A) : Notes payable, at fair value and other liabilities 4,978,212 4,348,244 ---------- ---------- Total Liabilities 43,808,620 38,162,647
Commitments and Contingencies
Redeemable Noncontrolling Interests
of Consolidated Subsidiaries 314,303 --
Stockholders' Equity
Preferred stock, $0.01 par value,
100,000,000 shares authorized,
57,564,122 and 51,964,122 issued
and outstanding, $1,439,104 and
$1,299,104 aggregate liquidation
preference, respectively 1,390,790 1,257,254
Common stock, $0.01 par value,
2,000,000,000 shares authorized,
555,880,947 and 520,656,256 issued
and outstanding, respectively 5,559 5,206
Additional paid-in capital 6,982,991 6,528,613
Retained earnings (19,945) (46,985)
Accumulated other comprehensive
income 71,092 50,886
---------- ----------
Stockholders' Equity in Rithm Capital
Corp. 8,430,487 7,794,974
Noncontrolling interests in equity
of consolidated subsidiaries 518,519 91,336
---------- ----------
Total Stockholders' Equity 8,949,006 7,886,310
---------- ----------
Total Liabilities and Equity $53,071,929 $46,048,957
========== ==========
(A) The Company's consolidated balance sheets include assets and
liabilities of consolidated variable interest entities ("VIEs") and
certain other consolidated VIEs, including funds and collateralized
financing entities ("CFEs") that are presented separately within assets
and liabilities of consolidated entities. VIE assets can only be used
to settle obligations and liabilities of the VIEs. VIE creditors do not
have recourse to $Rithm Capital Corp(RITM-E)$.
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) severance costs, (iii) non-cash deferred interest expense, (iv) depreciation expense related to real estate properties and (v) 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 Year Ended December 31,
-------------------------- -----------------------------
December 31, September
2025 30, 2025 2025 2024
------------ ------------ ------------ ---------------
Net income (loss)
attributable to common
stockholders - GAAP $ 53,116 $ 193,662 $ 567,200 $ 835,047
Adjustments:
Realized and
unrealized (gains)
losses, net,
including MSR change
in valuation inputs
and assumptions 166,648 44,364 397,845 (181,070)
Other (income) loss,
net 54,154 43,248 203,037 142,285
Computershare
Mortgage
Acquisition:
Bargain purchase
gain -- -- -- (27,415)
Non-recurring
acquisition and
restructuring
expenses -- -- -- 14,936
Non-capitalized
transaction-related
expenses 33,373 11,735 53,775 12,286
Deferred taxes 111,614 3,883 60,348 254,402
----------- ----------- ----------- -----------
Earnings available for
distribution -
Non-GAAP $ 418,905 $ 296,892 $ 1,282,205 $ 1,050,471
=========== =========== =========== ===========
Net income (loss) per
diluted share $ 0.09 $ 0.35 $ 1.04 $ 1.67
Earnings available for
distribution per
diluted share $ 0.74 $ 0.54 $ 2.35 $ 2.10
Weighted average number
of shares of common
stock outstanding,
diluted 564,691,202 551,295,686 546,091,491 499,597,670
SEGMENT INFORMATION
($ in thousands)
Residential
Fourth Quarter Ended Origination and Transitional Asset Investment Corporate
December 31, 2025 Servicing Lending Management Portfolio Category Total
------------------------- --------------- -------------- ------------ ------------ ------------ --------------
Servicing fee revenue,
net and interest
income from MSRs and
MSR financing
receivables $ 570,070 $ -- $ -- $ -- $ -- $ 570,070
Change in fair value of
MSRs and MSR financing
receivables, net of
economic hedges
(includes realization
of cash flows of
$(232,554)) (421,815) -- -- -- -- (421,815)
---------- --------- ---------- ---------- ---------- ----------
Servicing revenue, net 148,255 -- -- -- -- 148,255
Interest income 305,075 82,075 16,807 93,696 3,161 500,814
Gain on originated
residential mortgage
loans, held-for-sale,
net 188,023 -- -- 15,708 -- 203,731
Other revenues 24,556 -- 26,933 26,971 -- 78,460
Asset management revenues -- -- 359,489 -- -- 359,489
---------- --------- ---------- ---------- ---------- ----------
Total Revenues 665,909 82,075 403,229 136,375 3,161 1,290,749
Interest expense and
warehouse line fees 254,331 34,960 18,878 87,927 26,725 422,821
Other segment expenses 159,952 9,073 61,339 26,661 4,341 261,366
Compensation and benefits 213,425 17,583 201,558 795 20,571 453,932
Depreciation and
amortization 6,171 1,939 18,948 8,927 -- 35,985
---------- --------- ---------- ---------- ---------- ----------
Total Operating
Expenses 633,879 63,555 300,723 124,310 51,637 1,174,104
Realized and unrealized
gains (losses), net -- 6,829 3,583 40,464 -- 50,876
Other income (loss), net 527 158 9,257 28,860 2 38,804
---------- --------- ---------- ---------- ---------- ----------
Total Other Income
(Loss) 527 6,987 12,840 69,324 2 89,680
---------- --------- ---------- ---------- ---------- ----------
Income (Loss) before
Income Taxes 32,557 25,507 115,346 81,389 (48,474) 206,325
Income tax expense
(benefit) 94,114 (59) 24,873 (4,268) 1,087 115,747
---------- --------- ---------- ---------- ---------- ----------
Net Income (Loss) (61,557) 25,566 90,473 85,657 (49,561) 90,578
Noncontrolling interests
in income (loss) of
consolidated
subsidiaries 976 -- (911) 1,169 -- 1,234
Redeemable noncontrolling
interests in income of
consolidated
subsidiaries -- -- 1,907 -- 2,446 4,353
---------- --------- ---------- ---------- ---------- ----------
Net Income (Loss)
Attributable to Rithm
Capital Corp. (62,533) 25,566 89,477 84,488 (52,007) 84,991
Dividends on preferred
stock -- -- -- -- 31,875 31,875
---------- --------- ---------- ---------- ---------- ----------
Net Income (Loss)
Attributable to Common
Stockholders $ (62,533) $ 25,566 $ 89,477 $ 84,488 $ (83,882) $ 53,116
========== ========= ========== ========== ========== ==========
Total Assets $27,459,943 $4,057,146 $10,409,016 $10,687,181 $ 458,643 $53,071,929
Stockholders' Equity in
$Rithm Capital Corp(RITM-F)$. $ 5,566,600 $ 881,484 $ 1,650,474 $ 1,664,739 $(1,332,810) $ 8,430,487
-------------------------- ---------- --------- ---------- ---------- ---------- ----------
Residential
Third Quarter Ended Origination and Transitional Asset Investment Corporate
September 30, 2025 Servicing Lending Management Portfolio Category Total
------------------------- --------------- -------------- ----------- ----------- ------------ --------------
Servicing fee revenue,
net and interest
income from MSRs and
MSR financing
receivables $ 579,281 $ -- $ -- $ -- $ -- $ 579,281
Change in fair value of
MSRs and MSR financing
receivables, net of
economic hedges
(includes realization
of cash flows of
$(189,881)) (264,351) -- -- -- -- (264,351)
---------- --------- ---------- ---------- ---------- ----------
Servicing revenue, net 314,930 -- -- -- -- 314,930
Interest income 309,878 77,606 10,601 52,480 3,221 453,786
Gain on originated
residential mortgage
loans, held-for-sale,
net 182,446 -- -- 13,862 -- 196,308
Other revenues 28,946 -- -- 26,682 -- 55,628
Asset management revenues -- -- 84,871 -- -- 84,871
---------- --------- ---------- ---------- ---------- ----------
Total Revenues 836,200 77,606 95,472 93,024 3,221 1,105,523
Interest expense and
warehouse line fees 254,253 36,785 6,181 78,767 26,704 402,690
Other segment expenses 141,525 5,112 26,926 19,248 21,151 213,962
Compensation and benefits 198,213 15,805 65,590 1,032 18,433 299,073
Depreciation and
amortization 6,342 1,936 7,423 7,429 -- 23,130
---------- --------- ---------- ---------- ---------- ----------
Total Operating
Expenses 600,333 59,638 106,120 106,476 66,288 938,855
Realized and unrealized
gains (losses), net -- 3,145 6,628 43,620 -- 53,393
Other income (loss), net (1,756) 138 10,987 7,433 7 16,809
---------- --------- ---------- ---------- ---------- ----------
Total Other Income
(Loss) (1,756) 3,283 17,615 51,053 7 70,202
---------- --------- ---------- ---------- ---------- ----------
Income (Loss) before
Income Taxes 234,111 21,251 6,967 37,601 (63,060) 236,870
Income tax expense
(benefit) 7,754 (627) 942 3 -- 8,072
---------- --------- ---------- ---------- ---------- ----------
Net Income (Loss) 226,357 21,878 6,025 37,598 (63,060) 228,798
Noncontrolling interests
in income (loss) of
consolidated
subsidiaries 916 -- 961 1,454 -- 3,331
Redeemable noncontrolling
interest in income of
consolidated subsidiary -- -- 1,309 -- 2,620 3,929
---------- --------- ---------- ---------- ---------- ----------
Net Income (Loss)
Attributable to Rithm
Capital Corp. 225,441 21,878 3,755 36,144 (65,680) 221,538
Dividends on preferred
stock -- -- -- -- 27,876 27,876
---------- --------- ---------- ---------- ---------- ----------
Net Income (Loss)
Attributable to Common
Stockholders $ 225,441 $ 21,878 $ 3,755 $ 36,144 $ (93,556) $ 193,662
========== ========= ========== ========== ========== ==========
Total Assets $29,143,691 $3,944,081 $ 2,835,646 $10,741,474 $ 500,502 $47,165,394
Stockholders' Equity in
Rithm Capital Corp. $ 6,180,238 $ 941,029 $ 924,367 $ 1,739,359 $(1,286,476) $ 8,498,517
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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 Corp. is a global alternative 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 across asset-based finance, lending across residential and commercial real estate, mortgage servicing rights (MSRs) and structured credit. Through subsidiaries such as Newrez, Genesis Capital, Sculptor Capital Management, Crestline Management, and Paramount Group, 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 investors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203639571/en/
CONTACT: Investor Relations
212-850-7770
ir@rithmcap.com
(END) Dow Jones Newswires
February 03, 2026 06:45 ET (11:45 GMT)
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