Rithm Capital Corp

Latest Results (02.04.2026):

Rithm Capital Corp. — Fourth quarter 2025: Rithm reported solid Q4 2025 and full‑year results driven by its origination & servicing platform, expanded asset‑management scale and strategic acquisitions. GAAP net income for Q4 was $53.1 million ($0.09 diluted) and full‑year GAAP net income was $567.2 million ($1.04 diluted). Management highlighted recordable earnings available for distribution (non‑GAAP) of $418.9 million in Q4 ($0.74 per diluted share) and approximately $1.3 billion for the full year ($2.35 per diluted share), alongside continued dividends and portfolio growth.

Q4 and Full‑Year Financials

Q4 2025 GAAP net income: $53.1M ($0.09 per diluted share). Q4 earnings available for distribution (EAD): $418.9M ($0.74 per diluted share). Common dividend declared in Q4: $139.0M ($0.25 per share). Full‑year 2025 GAAP net income: $567.2M ($1.04 diluted); FY EAD: ~$1.28B ($2.35 diluted); FY common dividends: $542.6M ($1.00 per share). Book value per common share at 12/31/2025: $12.66.

Origination & Servicing (Newrez)

Newrez pre‑tax operating income in Q4 (excluding hedge MSR MTM and other non‑operating items): $249.1M (Q4 annualized operating ROE 17% on $5.9B equity). Full‑year Newrez pre‑tax operating income (ex‑items): $1.1B (20% operating ROE on $5.8B equity). Total servicing UPB reached $852B at year‑end (+1% YoY), including $256B of third‑party servicing (+1% YoY). Q4 origination funded production: $18.8B (+15% QoQ, +9% YoY); FY funded production: $63.3B (+7% YoY).

Investment Portfolio & Structured Activity

Rithm completed three NQM securitizations in Q4 totaling $1.5B UPB and eight NQM securitizations for the full year totaling $4.0B (record levels). In Q4 the company acquired $294M of home‑improvement loans via a forward flow with Upgrade, Inc.

Residential Transitional Lending (Genesis Capital)

Genesis origination volume: $1.4B in Q4 and $4.8B for FY 2025 (up 17% Q4 YoY and 33% FY YoY). Sponsor expansion: 96 new sponsors added in Q4 (123% YoY); 269 new sponsors in the full year (66% YoY).

Asset Management Scale and Acquisitions

Sculptor Capital AUM was approximately $38B as of 12/31/2025, with $5.8B of gross fundraising inflows in 2025 (+16% YoY). Sculptor closed Real Estate Fund V at $5.5B of commitments in Q4. Rithm completed acquisitions of Crestline (closed Dec. 1, 2025; Crestline managed ~$18B AUM as of 9/30/25) and Paramount Group (closed Dec. 19, 2025), expanding the alternative asset management and real‑estate operating platform.

Balance Sheet Snapshot

Total consolidated assets at 12/31/2025: $53.07B; total liabilities: $43.81B; stockholders’ equity in Rithm Capital Corp.: $8.43B. Notable balance sheet items include MSRs and MSR financing receivables at fair value of $10.36B and residential mortgage loans held‑for‑sale of $5.48B.

Non‑GAAP Measure (Earnings Available for Distribution)

Rithm’s EAD excludes realized/unrealized gains and losses, certain other income/(loss) items, non‑capitalized transaction costs and deferred taxes to present a recurring operating view used to assess distributable economics. Management uses EAD as one metric (but not a GAAP substitute) for dividend decisioning and performance comparisons.

Other Items

Management emphasized strategic progress from acquisitions and platform diversification and noted a Q4 earnings call scheduled for Feb. 3, 2026. The press release contains forward‑looking cautionary language and reconciliations of non‑GAAP measures to GAAP.