Rithm Capital Corporation (RITM)

Rithm Capital Corp. Declares Second Quarter 2026 Common and Preferred DividendsJune 22, 2026 4:15 PM
Business Wire Rithm Capital Corp. (NYSE:RITM, “Rithm Capital” or the “Company”) announced today that its Board of Directors (the “Board”) has declared its second quarter 2026 common and preferred stock dividends. Common Stock Dividend The Board declared a dividend of $0.25 per share of common stock for the second quarter 2026. The second quarter common stock dividend is payable on July 31, 2026, to shareholders of record on July 2, 2026. Preferred Stock Dividends In accordance with the terms of Rithm Capital’s Series A Cumulative Redeemable Preferred Stock (“Series A”), the Board declared a Series A dividend for the second quarter 2026 of $0.6206601 per share, which reflects a rate of 9.715%. The Series A Preferred Stock accrues dividends at a floating rate equal to three-month CME SOFR (plus a spread adjustment of 0.262%) plus a spread of 5.802%. In accordance with the terms of Rithm Capital’s Series B Cumulative Redeemable Preferred Stock (“Series B”), the Board declared a Series B dividend for the second quarter 2026 of $0.6103101 per share, which reflects a rate of 9.553%. The Series B Preferred Stock accrues dividends at a floating rate equal to three-month CME SOFR (plus a spread adjustment of 0.262%) plus a spread of 5.640%. In accordance with the terms of Rithm Capital’s Series C Cumulative Redeemable Preferred Stock (“Series C”), the Board declared a Series C dividend for the second quarter 2026 of $0.5674407 per share, which reflects a rate of 8.882%. The Series C Preferred Stock accrues dividends at a floating rate equal to three-month CME SOFR (plus a spread adjustment of 0.262%) plus a spread of 4.969%. In accordance with the terms of Rithm Capital’s 7.000% Series D Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series D”), the Board declared a Series D dividend for the second quarter 2026 of $0.4375000 per share. In accordance with the terms of Rithm Capital’s 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock (“Series E”), the Board declared a Series E dividend for the second quarter 2026 of $0.5468750 per share. In accordance with the terms of Rithm Capital’s 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series F”), the Board declared a Series F dividend for the second quarter 2026 of $0.5468750 per share. Dividends for the Series A, Series B, Series C, Series D, Series E, and Series F are payable on August 17, 2026, to preferred shareholders of record on August 1, 2026 (with an effective record date of July 31, 2026). ABOUT RITHM CAPITAL Rithm Capital Corp. is a global alternative asset manager with significant experience managing credit and real estate assets. Rithm’s integrated platform spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. Through platforms including Elecor Properties, Newrez, Genesis Capital, Sculptor Capital Management, and Crestline Investors, Rithm employs a unique owner-operator model to drive value for shareholders and investors. View source version on businesswire.com: https://www.businesswire.com/news/home/20260622884100/en/ Rithm Capital
Investor Relations
(212) 850-7770
ir@rithmcap.com Original: Rithm Capital Corp. Declares Second Quarter 2026 Common and Preferred Dividends

Rithm Capital Corp. Announces Pricing of Offering of Senior Unsecured NotesMay 12, 2026 4:30 PM
Business Wire Rithm Capital Corp. (NYSE: RITM; “Rithm” or the “Company”) announced today that it has priced its previously announced offering of $500 million aggregate principal amount of 8.500% senior unsecured notes due 2031 (the “notes”). The Company intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of certain indebtedness. The notes will not have any registration rights. The offering is expected to close on May 14, 2026, subject to customary closing conditions. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Accordingly, the notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and, outside the United States, in reliance on Regulation S under the Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. ABOUT RITHM CAPITAL Rithm Capital Corp. is a global alternative asset manager with significant experience managing credit and real estate assets. Rithm’s integrated platform spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. Through platforms including Elecor Properties, Newrez, Genesis Capital, Sculptor Capital Management, and Crestline Investors, Rithm employs a unique owner-operator model to drive value for shareholders and investors. FORWARD-LOOKING STATEMENTS This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the Company’s ability to complete the offering, the intended use of proceeds of the offering and the expected closing date of the offering. Forward-looking statements are not historical in nature and can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may,” “seek,” or similar expressions or their negative forms. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Rithm does not assume any duty or obligation to update or supplement any forward-looking statements. Because forward-looking statements are, by their nature, uncertain and subject to numerous assumptions, risks and uncertainties, actual results or future events, circumstances or developments could differ materially from those anticipated. Factors that could cause such differences include those set forth in the section entitled “Risk Factors” in Rithm’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC, available at www.sec.gov. The list of factors is not exhaustive and additional risks may affect future results. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512951209/en/ Investor Relations
(212)-850-7770
ir@rithmcap.com Original: Rithm Capital Corp. Announces Pricing of Offering of Senior Unsecured Notes

Rithm Capital Corp. Announces Proposed Offering of Senior Unsecured NotesMay 11, 2026 7:36 AM
Business Wire Rithm Capital Corp. (NYSE: RITM; “Rithm” or the “Company”) announced today that it plans to offer $500 million aggregate principal amount of senior unsecured notes due 2031 (the “notes”). The Company intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of certain indebtedness. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Accordingly, the notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and, outside the United States, in reliance on Regulation S under the Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. ABOUT RITHM CAPITAL Rithm Capital Corp. is a global alternative asset manager with significant experience managing credit and real estate assets. Rithm’s integrated platform spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. Through platforms including Elecor Properties, Newrez, Genesis Capital, Sculptor Capital Management, and Crestline Investors, Rithm employs a unique owner-operator model to drive value for shareholders and investors. FORWARD-LOOKING STATEMENTS This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the Company’s intention to issue the notes and the intended use of proceeds of the offering. Forward-looking statements are not historical in nature and can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may,” “seek,” or similar expressions or their negative forms. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Rithm does not assume any duty or obligation to update or supplement any forward-looking statements. Because forward-looking statements are, by their nature, uncertain and subject to numerous assumptions, risks and uncertainties, actual results or future events, circumstances or developments could differ materially from those anticipated. Factors that could cause such differences include those set forth in the section entitled “Risk Factors” in Rithm’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC, available at www.sec.gov. The list of factors is not exhaustive and additional risks may affect future results. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511747277/en/ Investor Relations
(212)-850-7770
ir@rithmcap.com Original: Rithm Capital Corp. Announces Proposed Offering of Senior Unsecured Notes

Rithm Capital Corp. Announces First Quarter 2026 ResultsApril 28, 2026 6:30 AM
Business Wire
Rithm Capital Corp. (NYSE: RITM; “Rithm Capital,” “Rithm” or the “Company”) today reported the following information for the first quarter ended March 31, 2026.


“Despite a challenging and volatile market environment, Rithm delivered strong Q1 results, with Newrez generating a 19% annualized operating ROE(3), Genesis posting 80% year-over-year origination growth, and our asset management platform growing to approximately $60 billion in AUM,” said Michael Nierenberg, CEO of Rithm Capital. “Our diversified owner-operator model is built to perform through disruption, and we are confident the current conditions create compelling opportunities to drive long-term value for our shareholders.”


Financial Highlights:



GAAP net income of $67.8 million, or $0.12 per diluted common share(1)



Earnings available for distribution of $289.6 million, or $0.51 per diluted common share(1)(2)



Common dividend of $139.6 million, or $0.25 per common share



Book value per common share of $12.51(1)





 






Q1 2026






 






Q4 2025








Summary Operating Results:






 






 






 








GAAP Net Income per Diluted Common Share(1)






$






0.12






 






$






0.09








GAAP Net Income (in millions)






$






67.8






 






$






53.1








 






 






 






 








Non-GAAP Results:






 






 






 








Earnings Available for Distribution per Diluted Common Share(1)(2)






$






0.51






 






$






0.74








Earnings Available for Distribution(2) (in millions)






$






289.6






 






$






418.9








 






 






 






 








Common Dividend:






 






 






 








Common Dividend per Share






$






0.25






 






$






0.25








Common Dividend (in millions)






$






139.6






 






$






139.0







Business Highlights:



Origination & Servicing:


Newrez LLC (“Newrez”), Rithm Capital’s multichannel mortgage origination and servicing platform, posted pre-tax operating income of $273.7 million in Q1’26, excluding mortgage servicing rights (“MSRs”) mark-to-market (“MTM”) loss, net of hedges, and other non-operating items of $(23.1) million, up from $249.1 million in Q4’25, excluding MSRs MTM loss, net of hedges, and other non-operating items of $(216.5) million.



Newrez generated a 19% annualized operating return on equity (“ROE”)(3) on $5.7 billion of segment equity in Q1’26.



Total servicing unpaid principal balance (“UPB”) reached $850 billion at the end of Q1’26, which includes $257 billion UPB of third-party servicing.



Origination funded production volume was $15.5 billion in Q1’26, a decrease of 18% quarter over quarter (“QoQ”) and an increase of 31% year over year (“YoY”).







Investment Portfolio:


Rithm Capital completed four non-qualified mortgage securitizations in Q1’26 totaling $2.0 billion in UPB.



Acquired $140 million in home improvement loans in Q1’26 under the previously announced forward flow agreement with Upgrade, Inc., bringing the total purchased to date through quarter-end to $667 million.







Residential Transitional Lending:


Rithm Capital’s residential transitional lending platform, Genesis Capital LLC (“Genesis Capital”), recorded Q1’26 origination volume of $1.6 billion, a YoY increase of 80%, continuing a series of record volume quarters.



Genesis Capital continued to expand its sponsor base, growing new sponsors funded by 118 in Q1’26, a 258% increase YoY. Total sponsors funded for the first quarter of 2026 also expanded to 266, achieving 40% YoY growth.







Asset Management:


Rithm Asset Management, Rithm Capital’s alternative asset management platform, which primarily includes Sculptor Capital Management Inc. (“Sculptor Capital”) and Crestline Management, L.P. (“Crestline”), had approximately $59 billion of assets under management (“AUM”)(4) as of March 31, 2026, up from $35 billion at quarter end Q1’25, driven by the acquisition of Crestline and additional fund raising activity throughout the year.



In Q1’26, Sculptor Capital committed over $1 billion to investments in its latest Real Estate Fund V, representing approximately 20% of capital raised since its inception, and it deployed over $2 billion in capital into corporate credit and asset-based finance investments.



Sculptor Capital also continued its active presence in the collateralized loan obligation (“CLO”) markets with a new U.S. CLO for approximately $400 million of AUM in the first quarter of 2026.



Crestline raised $100 million in net inflows in Q1’26 for its private perpetual business development company, Crestline Lending Solutions Fund, from institutional investors, bringing total commitments to over $500 million.







Commercial Real Estate:


Rebranded the Company’s commercial real estate platform Paramount Group to Elecor Properties (“Elecor”) to align the corporate brand with the vision to elevate the portfolio, properties and tenant experience.



Elecor, Rithm Capital’s recently acquired owner and operator of Class A office properties in New York and San Francisco, witnessed continued leasing momentum with New York City lease occupancy increasing by 4.7% YoY, and with over 350k square feet of new lease activity, 74% of which is in the San Francisco portfolio.



Refinanced 1325 Avenue of the Americas through a single-asset, single borrower commercial mortgage-backed securities financing.








(1)






Per diluted common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 565,927,074 and 564,691,202 weighted average diluted shares for the quarters ended March 31, 2026 and December 31, 2025, respectively. The per share calculation of Book Value is based on 557,902,002 common shares outstanding as of March 31, 2026.








 









(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)






Q1’26 annualized operating ROE is a non-GAAP measure. Q1’26 annualized operating ROE is calculated based on annualized pre-tax operating income of $273.7 million, excluding MSRs MTM loss, net of hedges, and other non-operating items of $(23.1) million, divided by the average Origination and Servicing segment ending equity of $5.7 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 (e.g., collateralized loan obligations). AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other affiliated funds/vehicles. 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, April 28, 2026 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors - Events & Presentations 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 First Quarter 2026 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10208453/103db8ca815.


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, May 5, 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 “2668521”.




Rithm Capital Corp. and Subsidiaries




Consolidated Statements of Operations (Unaudited)




($ in thousands, except share and per share data)









 



 






Three Months Ended








 






March 31,




2026






 






December 31,




2025








Revenues






 






 






 








Servicing fee revenue, net and interest income from MSRs and MSR financing receivables






$






579,288






 






 






$






570,070






 








Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(211,456) and $(232,554), respectively)






 






(204,229






)






 






 






(421,815






)








Servicing revenue, net






 






375,059






 






 






 






148,255






 








Interest income






 






461,877






 






 






 






500,814






 








Gain on originated residential mortgage loans, held-for-sale, net






 






208,250






 






 






 






203,731






 








Asset management revenue






 






106,587






 






 






 






359,489






 








Rental revenue






 






191,691






 






 






 






46,202






 








Other revenue






 






36,772






 






 






 






32,258






 








 






 






1,380,236






 






 






 






1,290,749






 








Expenses






 






 






 








Interest expense and warehouse line fees






 






430,662






 






 






 






422,821






 








General, administrative and operating






 






336,002






 






 






 






261,366






 








Compensation and benefits






 






378,410






 






 






 






453,932






 








Depreciation and amortization






 






92,644






 






 






 






35,985






 








 






 






1,237,718






 






 






 






1,174,104






 








Other Income (Loss)






 






 






 








Realized and unrealized gains (losses), net






 






(15,154






)






 






 






50,876






 








Other income (loss), net






 






26,876






 






 






 






38,804






 








 






 






11,722






 






 






 






89,680






 








Income before Income Taxes






 






154,240






 






 






 






206,325






 








Income tax expense (benefit)






 






44,762






 






 






 






115,747






 








Net Income






 






109,478






 






 






 






90,578






 








Non-controlling interests in income of consolidated subsidiaries






 






(146






)






 






 






1,234






 








Redeemable non-controlling interests in income of consolidated subsidiaries






 






6,946






 






 






 






4,353






 








Net Income Attributable to Rithm Capital Corp.






 






102,678






 






 






 






84,991






 








Change in redemption value of redeemable non-controlling interests






 






—






 






 






 






—






 








Dividends on preferred stock






 






34,847






 






 






 






31,875






 








Net Income Attributable to Common Stockholders






$






67,831






 






 






$






53,116






 








 






 






 






 








Net Income per Share of Common Stock






 






 






 








Basic






$






0.12






 






 






$






0.10






 








Diluted






$






0.12






 






 






$






0.09






 








Weighted Average Number of Shares of Common Stock Outstanding






 






 






 








Basic






 






556,720,287






 






 






 






555,021,130






 








Diluted






 






565,927,074






 






 






 






564,691,202






 








 






 






 






 








Dividends Declared per Share of Common Stock






$






0.25






 






 






$






0.25






 









Rithm Capital Corp. and Subsidiaries




Consolidated Balance Sheets




($ in thousands, except share and per share data)













 



 






March 31, 2026




(Unaudited)






 






December 31, 2025








Assets






 






 






 








Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value






$






10,859,933






 






 






$






10,359,141






 








Government and government-backed securities ($5,041,769 and $5,230,139 at fair value, respectively)






 






5,066,754






 






 






 






5,254,905






 








Residential mortgage loans ($5,083,003 and $5,752,169 at fair value, respectively)(A)






 






5,137,741






 






 






 






5,808,960






 








Consumer loans, held-for-investment, at fair value(A)






 






805,294






 






 






 






784,399






 








Residential transition loans, at fair value






 






3,197,813






 






 






 






2,699,864






 








Residential mortgage loans subject to repurchase






 






4,427,618






 






 






 






3,952,792






 








Real estate, net(A)






 






6,174,559






 






 






 






6,175,735






 








Insurance company investments, at fair value






 






1,021,920






 






 






 






906,454






 








Cash, cash equivalents and restricted cash(A)






 






2,368,374






 






 






 






2,656,938






 








Servicer advances receivable






 






2,865,556






 






 






 






3,090,613






 








Other assets ($3,018,569 and $2,707,456 at fair value, respectively)(A)






 






5,714,249






 






 






 






5,583,976






 








Assets of Consolidated Entities(A):






 






 






 








Investments, at fair value and other assets






 






5,734,733






 






 






 






5,789,349






 








Total Assets






$






53,374,544






 






 






$






53,063,126






 








Liabilities and Equity






 






 






 








Liabilities






 






 






 








Secured financing agreements(A)






$






13,923,496






 






 






$






13,763,802






 








Secured notes and bonds payable ($134,319 and $143,442 at fair value, respectively)(A)






 






14,827,171






 






 






 






15,203,770






 








Residential mortgage loan repurchase liability






 






4,427,618






 






 






 






3,952,792






 








Unsecured notes, net of issuance costs






 






1,424,635






 






 






 






1,421,088






 








Interest sensitive insurance contract liabilities






 






1,069,355






 






 






 






960,209






 








Dividends payable






 






179,104






 






 






 






178,900






 








Accrued expenses and other liabilities ($610,185 and $638,090 at fair value, respectively)(A)






 






3,085,378






 






 






 






3,349,643






 








Liabilities of Consolidated Entities(A):






 






 






 








Notes payable, at fair value and other liabilities






 






4,932,492






 






 






 






4,978,212






 








Total Liabilities






 






43,869,249






 






 






 






43,808,416






 








Commitments and Contingencies






 






 






 








Redeemable Noncontrolling Interests of Consolidated Subsidiaries






 






361,138






 






 






 






314,303






 








Stockholders’ Equity






 






 






 








Preferred stock, $0.01 par value, 100,000,000 shares authorized, 67,564,122 and 57,564,122 issued and outstanding, $1,689,104 and $1,439,104 aggregate liquidation preference, respectively






 






1,632,915






 






 






 






1,390,790






 








Common stock, $0.01 par value, 2,000,000,000 shares authorized, 557,902,002 and 555,880,947 issued and outstanding, respectively






 






5,579






 






 






 






5,559






 








Additional paid-in capital






 






6,998,267






 






 






 






6,982,991






 








Accumulated deficit






 






(99,976






)






 






 






(19,945






)








Accumulated other comprehensive income






 






73,292






 






 






 






71,092






 








Stockholders’ Equity in Rithm Capital Corp.






 






8,610,077






 






 






 






8,430,487






 








Non-controlling interests in equity of consolidated subsidiaries






 






534,080






 






 






 






509,920






 








Total Stockholders’ Equity






 






9,144,157






 






 






 






8,940,407






 








Total Liabilities and Equity






$






53,374,544






 






 






$






53,063,126






 









(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 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.







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; (iv) depreciation and amortization on real estate investment properties; (v) straight-line rental income on commercial real estate properties; and (vi) 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) non-cash deferred interest expense, (iii) amortization expense related to intangible assets and debt acquired below or above market prices and (iv) straight-line rental income on commercial real estate properties, 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








 






March 31,




2026






 






December 31,




2025








Net income attributable to common stockholders - GAAP






$






67,831






 






$






53,116








Adjustments:






 






 






 








Realized and unrealized losses, net, including MSR change in valuation inputs and assumptions






 






71,844






 






 






166,648








Other loss, net






 






15,633






 






 






26,330








Depreciation and amortization






 






87,280






 






 






27,824








Non-capitalized transaction-related expenses






 






8,330






 






 






33,373








Deferred taxes






 






38,718






 






 






111,614








Earnings available for distribution - Non-GAAP






$






289,636






 






$






418,905








 






 






 






 








Net income per diluted share






$






0.12






 






$






0.09








Earnings available for distribution per diluted share






$






0.51






 






$






0.74








 






 






 






 








Weighted average number of shares of common stock outstanding, diluted






 






565,927,074






 






 






564,691,202









SEGMENT INFORMATION




($ in thousands)





















 



First Quarter Ended March 31, 2026






 






Origination




and




Servicing






 






Residential




Transitional




Lending






 






Asset




Management






 






Investment




Portfolio






 






Commercial




Real Estate






 






Corporate




Category






 






Total








Servicing fee revenue, net and interest income from MSRs and MSR financing receivables






 






$






579,288






 






 






$






—






 






 






$






—






 






 






$






—






 






 






$






—






 






 






$






—






 






 






$






579,288






 








Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(211,456))






 






 






(204,229






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(204,229






)








Servicing revenue, net






 






 






375,059






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






375,059






 








Interest income






 






 






234,877






 






 






 






87,659






 






 






 






38,897






 






 






 






95,967






 






 






 






1,832






 






 






 






2,645






 






 






 






461,877






 








Gain on originated residential mortgage loans, held-for-sale, net






 






 






194,972






 






 






 






—






 






 






 






—






 






 






 






13,278






 






 






 






—






 






 






 






—






 






 






 






208,250






 








Asset management revenue






 






 






—






 






 






 






—






 






 






 






104,818






 






 






 






—






 






 






 






1,769






 






 






 






—






 






 






 






106,587






 








Rental revenue






 






 






—






 






 






 






—






 






 






 






—






 






 






 






20,487






 






 






 






171,204






 






 






 






—






 






 






 






191,691






 








Other revenue






 






 






23,333






 






 






 






—






 






 






 






—






 






 






 






6,385






 






 






 






7,054






 






 






 






—






 






 






 






36,772






 








Total Revenue






 






 






828,241






 






 






 






87,659






 






 






 






143,715






 






 






 






136,117






 






 






 






181,859






 






 






 






2,645






 






 






 






1,380,236






 








Interest expense and warehouse line fees






 






 






215,797






 






 






 






35,659






 






 






 






6,173






 






 






 






76,555






 






 






 






58,462






 






 






 






38,016






 






 






 






430,662






 








Other segment expenses






 






 






151,269






 






 






 






6,537






 






 






 






49,811






 






 






 






25,109






 






 






 






84,000






 






 






 






19,276






 






 






 






336,002






 








Compensation and benefits






 






 






207,074






 






 






 






20,822






 






 






 






113,016






 






 






 






5,115






 






 






 






11,282






 






 






 






21,101






 






 






 






378,410






 








Depreciation and amortization






 






 






6,088






 






 






 






1,943






 






 






 






11,526






 






 






 






8,482






 






 






 






64,605






 






 






 






—






 






 






 






92,644






 








Total Operating Expenses






 






 






580,228






 






 






 






64,961






 






 






 






180,526






 






 






 






115,261






 






 






 






218,349






 






 






 






78,393






 






 






 






1,237,718






 








Realized and unrealized gains (losses), net






 






 






—






 






 






 






(606






)






 






 






(1,394






)






 






 






(13,034






)






 






 






(120






)






 






 






—






 






 






 






(15,154






)








Other income (loss), net






 






 






2,614






 






 






 






1,055






 






 






 






9,476






 






 






 






11,694






 






 






 






2,035






 






 






 






2






 






 






 






26,876






 








Total Other Income (Loss)






 






 






2,614






 






 






 






449






 






 






 






8,082






 






 






 






(1,340






)






 






 






1,915






 






 






 






2






 






 






 






11,722






 








Income (Loss) before Income Taxes






 






$






250,627






 






 






$






23,147






 






 






$






(28,729






)






 






$






19,516






 






 






$






(34,575






)






 






$






(75,746






)






 






$






154,240






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Assets






 






$






28,311,493






 






 






$






4,505,746






 






 






$






4,504,047






 






 






$






9,905,297






 






 






$






5,902,572






 






 






$






245,389






 






 






$






53,374,544






 








Stockholders' Equity in Rithm Capital Corp.






 






$






5,797,840






 






 






$






934,217






 






 






$






1,282,840






 






 






$






1,564,567






 






 






$






1,249,074






 






 






$






(2,218,461






)






 






$






8,610,077






 









Fourth Quarter Ended December 31, 2025






 






Origination




and




Servicing






 






Residential Transitional




Lending







 






Asset




Management







 






Investment




Portfolio







 






Commercial




Real Estate






 






Corporate




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







 






 






16,470







 






 






93,696







 






 






337






 






 






 






3,161






 






 






 






500,814






 








Gain on originated residential mortgage loans, held-for-sale, net






 






 






188,023






 






 






 






—







 






 






—







 






 






15,708







 






 






—






 






 






 






—






 






 






 






203,731






 








Asset management revenue






 






 






—






 






 






 






—







 






 






359,229







 






 






—







 






 






260






 






 






 






—






 






 






 






359,489






 








Rental revenue






 






 






—






 






 






 






—







 






 






—







 






 






20,369







 






 






25,833






 






 






 






—






 






 






 






46,202






 








Other revenue






 






 






24,556






 






 






 






—







 






 






—







 






 






6,602







 






 






1,100






 






 






 






—






 






 






 






32,258






 








Total Revenue






 






 






665,909






 






 






 






82,075







 






 






375,699







 






 






136,375







 






 






27,530






 






 






 






3,161






 






 






 






1,290,749






 








Interest expense and warehouse line fees






 






 






254,331






 






 






 






34,960







 






 






6,720







 






 






87,927







 






 






8,188






 






 






 






30,695






 






 






 






422,821






 








Other segment expenses






 






 






159,952






 






 






 






9,073







 






 






48,215







 






 






26,661







 






 






13,124






 






 






 






4,341






 






 






 






261,366






 








Compensation and benefits






 






 






213,425






 






 






 






17,583







 






 






187,273







 






 






795







 






 






14,285






 






 






 






20,571






 






 






 






453,932






 








Depreciation and amortization






 






 






6,171






 






 






 






1,939







 






 






8,594







 






 






8,927







 






 






10,354






 






 






 






—






 






 






 






35,985






 








Total Operating Expenses






 






 






633,879






 






 






 






63,555







 






 






250,802







 






 






124,310







 






 






45,951






 






 






 






55,607






 






 






 






1,174,104






 








Realized and unrealized gains (losses), net






 






 






—






 






 






 






6,829







 






 






3,565







 






 






40,464







 






 






18






 






 






 






—






 






 






 






50,876






 








Other income (loss), net






 






 






527






 






 






 






158







 






 






9,777







 






 






28,860







 






 






(520






)






 






 






2






 






 






 






38,804






 








Total Other Income (Loss)






 






 






527






 






 






 






6,987







 






 






13,342







 






 






69,324







 






 






(502






)






 






 






2






 






 






 






89,680






 








Income (Loss) before Income Taxes






 






$






32,557






 






 






$






25,507







 






$






138,239







 






$






81,389







 






$






(18,923






)






 






$






(52,444






)






 






$






206,325






 








 






 






 






 






 







 






 







 






 







 






 






 






 






 






 








Total Assets






 






$






27,459,943






 






 






$






4,057,146







 






$






4,514,978







 






$






10,687,181







 






$






5,885,235






 






 






$






458,643






 






 






$






53,063,126






 








Stockholders' Equity in Rithm Capital Corp.






 






$






5,566,600






 






 






$






881,484







 






$






1,365,165







 






$






1,664,739







 






$






1,068,309






 






 






$






(2,115,810






)






 






$






8,430,487






 







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. Rithm’s integrated platform spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. Through platforms including Elecor Properties, Newrez, Genesis Capital, Sculptor Capital Management, and Crestline Management, Rithm employs a unique owner-operator model to drive value for shareholders and investors. For more information, visit www.rithmcap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428165155/en/
Investor Relations

212-850-7770

ir@rithmcap.com


Original: Rithm Capital Corp. Announces First Quarter 2026 Results