Rithm Capital Corp

Latest Results (14.05.2026):

Rithm Capital Corp reported results for the first quarter of 2026 (quarter ended March 31, 2026). The company posted GAAP net income attributable to common stockholders of $67.8 million ($0.12 diluted) and earnings available for distribution (non‑GAAP) of $289.6 million ($0.51 diluted). Rithm declared a common dividend of $0.25 per share ($139.6 million) and reported book value per common share of $12.51. Management highlighted operating strength at Newrez, strong origination growth at Genesis, and asset management AUM expansion during Q1 2026.

Key financials

GAAP net income attributable to common stockholders: $67.8M ($0.12 diluted). Earnings available for distribution (EAD, non‑GAAP): $289.6M ($0.51 diluted). Common dividend: $0.25 per share ($139.6M). Book value per common share: $12.51 (based on 557,902,002 common shares outstanding).

Quarter-over-quarter and year-over-year context

EAD fell versus Q4 2025 ($289.6M vs $418.9M) and EAD per diluted share declined ($0.51 vs $0.74). GAAP net income rose QoQ (net income attributable to common $67.8M vs $53.1M). Total consolidated net income was $109.5M for the quarter; total assets were $53.37B and total stockholders’ equity was $9.14B as of March 31, 2026.

Origination & servicing (Newrez)

Newrez reported pre‑tax operating income of $273.7M in Q1’26 (excluding MSR MTM loss and other non‑operating items) and generated a 19% annualized operating ROE on $5.7B of segment equity. Funded origination volume was $15.5B in Q1’26 (down 18% QoQ, up 31% YoY). Servicing UPB reached $850B (including $257B of third‑party servicing).

MSR and servicing revenue dynamics

Servicing fee revenue and interest income from MSRs totaled $579.3M. Change in fair value of MSRs and MSR financing receivables (net of hedges) was a negative $204.2M, but servicing revenue, net (after that change) was $375.1M for the quarter.

Residential transitional lending (Genesis Capital)

Genesis posted origination volume of $1.6B in Q1’26, an 80% YoY increase. Genesis expanded its sponsor base substantially: 118 new sponsors funded in Q1 (up 258% YoY) and 266 total sponsors funded in the quarter (40% YoY growth).

Investment portfolio and notable transactions

Rithm completed four non‑QM securitizations totaling $2.0B UPB in Q1’26 and acquired $140M of home improvement loans from Upgrade under a forward flow, bringing cumulative purchases to $667M.

Asset management growth

Rithm Asset Management AUM was approximately $59B as of March 31, 2026 (up from $35B at Q1’25), reflecting the Crestline acquisition and fundraising. Sculptor committed over $1B to its Real Estate Fund V and deployed >$2B into corporate credit and asset‑based finance; Sculptor issued a new U.S. CLO (~$400M). Crestline reported $100M net inflows to its private perpetual BDC in Q1’26.

Commercial real estate (Elecor/Paramount Group)

The commercial real estate platform was rebranded to Elecor Properties. Leasing momentum included NYC occupancy up 4.7% YoY and over 350k sq ft of new lease activity in the quarter (74% in the San Francisco portfolio). The company refinanced 1325 Avenue of the Americas with a single‑asset, single‑borrower CMBS financing.

Non‑GAAP adjustments and drivers

EAD reconciles to GAAP net income after adding back items such as realized/unrealized losses (including MSR valuation changes; $71.8M in Q1), other losses ($15.6M), depreciation & amortization ($87.3M), non‑capitalized transaction costs ($8.3M) and deferred taxes ($38.7M) for total EAD of $289.6M in Q1’26.