About Rithm Capital Corp.
Rithm Capital Corp. (NYSE: RITM) is a U.S.-based publicly traded asset management company focused primarily on real estate, credit, and financial services. It is structured to qualify as a real estate investment trust (REIT) for U.S. tax purposes, meaning it generally avoids federal corporate income tax by distributing most of its taxable income to shareholders.
Rithm invests in and actively manages a diversified portfolio of financial and real estate-related assets. Its operations include mortgage origination and servicing, mortgage servicing rights (MSRs), residential and consumer loans, single-family rental and related services, and asset management platforms including subsidiaries like Newrez LLC, Genesis Capital LLC, and Sculptor Capital Management.
Founded in 2013 as New Residential Investment Corp., it evolved from a mortgage servicing rights focus to a broader asset manager. In 2022, the company internalized its management and rebranded to Rithm Capital. The firm manages tens of billions in assets and has paid substantial dividends to shareholders since inception, reflecting its REIT-oriented cash return model.
Rithm aims to generate attractive risk-adjusted returns across market environments, leveraging its integrated investment and operating platform. It has also pursued strategic acquisitions (e.g., alternative asset manager Sculptor) to expand its asset management footprint.
Fourth Quarter 2025 Financial Highlights
GAAP net income was $53.1 million, or $0.09 per diluted common share. Earnings available for distribution was $418.9 million, or $0.74 per diluted common share. Common dividend was $139.0 million, or $0.25 per common share. Book value per common share was $12.66.
Full Year 2025 Financial Highlights
GAAP net income was $567.2 million, or $1.04 per diluted common share. Earnings available for distribution was approximately $1.3 billion, or $2.35 per diluted common share. Common dividend of $542.6 million, or $1.00 per common share.
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 in Q4’25. For the full year 2025, Newrez generated a 20% operating ROE on $5.8 billion of equity .
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”) 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 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.
