Rithm Capital Corp. · NYSE:RITM
Rithm Capital — Q3 2025 Earnings Presentation
48 slides from Rithm Capital's earnings presentation, Oct 30, 2025
Slide 1: Rithm Capital Quarterly Supplement Q3 2025
Rithm Capital Quarterly Supplement Q3 2025 Q3 2025 Quarterly Supplement
Slide 2: Disclaimers
Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” FORWARD-LOOKING STATEMENTS. Certain statements regardi
Slide 3: Executive Summary: Diversified Alternative Asset Management Platform
Executive Summary Diversified Alternative Asset Management Platform With approximately $109 billion in pro forma investable assets(1), Rithm Capital is a global asset manager with an integrated credit and real estate investment platform RITHM BY THE NUMBERS THE RITHM EDGE Growing asset management an
Slide 4: Financial Highlights
Executive Summary Financial Highlights • Strong quarterly results: Q3'25 EAD of $0.54 per share(1) • Stable earnings performance: 24 consecutive quarters for which EAD was greater than common dividends paid GAAP Net Income $193.7 $0.35 11% Million per Diluted Share(2) Return on Equity(3) Earnings Av
Slide 5: Quarter in Review
Executive Summary Quarter in Review Rithm demonstrated steady year-over-year growth in each of its segments in Q3’25 ✓ Entered into definitive agreement to acquire Crestline on September 3, 2025(1) ‒ Underscores long term strategy to build a global, diversified asset management platform ✓ Entered in
Slide 6: Rithm Strategic M&A Update
Executive Summary Rithm Strategic M&A Update Rithm recently announced the strategic acquisitions of Crestline and Paramount, both of which have the potential to drive further growth in the asset management business M&A Update Liquidity Walk ($M) • In September, Rithm announced the acquisition of: ‒
Slide 7: Compelling Value Proposition
Executive Summary Compelling Value Proposition We believe a strategy centered on earnings growth and an increased focus on fee-related earnings (“FRE”) will lay a foundation for significant upside Potential to unlock value Grow Rithm Asset Market values Rithm by optimizing corporate Management to in
Slide 8: Rithm Trades Well Below the Intrinsic Value of Its Parts
Executive Summary Rithm Trades Well Below the Intrinsic Value of Its Parts*(1) Current valuation of 85% of book value understates the intrinsic value of Rithm’s core segments Current Valuation Illustrative SOTP Valuation(1) ($M, except per share data) $5.8 Billion CURRENT MARKET CAP(2) 0.85x Newrez
Slide 9: Rithm Asset Management
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q3 2025 Quarterly Supplement
Slide 10: Power of the Platform
Executive Summary Power of the Platform Growing asset management platform delivering scalable investment solutions across asset classes and return profiles $109B Pro Forma Investable Assets(1)(2)(3) (2) (3) MULTI-STRATEGY ASSET-BASED CORPORATE CREDIT REAL ESTATE FUNDS FINANCE ✓ Direct Lending ✓ Mult
Slide 11: Crestline Company Overview
Asset Management Crestline Company Overview Rithm entered into an agreement to acquire Crestline, an alternative investment manager with approximately $18 billion in AUM, on September 3, 2025 Business Overview Key Metrics • Crestline is a pioneer in alternative asset management with long-term invest
Slide 12: Crestline Investment Strategies
Asset Management Crestline Investment Strategies Crestline’s comprehensive platform reflects the breadth and depth of its alternative credit capabilities that enable Crestline to create differentiated investment solutions for clients Direct Lending Capital Solutions Portfolio Finance “All weather” s
Slide 13: Sculptor Business Highlights
Asset Management Sculptor Business Highlights Continued momentum in Q3 driven by strong investment performance and fundraising with AUM of $37 billion, up $4.4 billion since acquisition close(1) Business Overview Key Metrics Robust fundraising with $1.4 billion of gross inflows in Q3'25, bringing gr
Slide 14: Commercial Real Estate
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q3 2025 Quarterly Supplement
Slide 15: Paramount Company Overview
Commercial RE Paramount Company Overview On September 17, Rithm entered into an agreement to acquire Paramount (NYSE: PGRE), an owner and operator of high-quality, Class A office properties in New York City and San Francisco Strategic Rationale Key Metrics Attractive entry point at near bottom of th
Slide 16: Pro Forma Rithm Balance Sheet
Commercial RE Pro Forma Rithm Balance Sheet Rithm expects to maintain its current equity-to-assets ratio after closing the transactions Pro Forma Balance Sheet Crestline Paramount Balance Sheet $M Balance Sheet as of 9/30/2025 Acquisition(1) Acquisition(2) Optimization as of 9/30/2025 Cah and cash e
Slide 17: Genesis (Residential Transitional Lending)
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q3 2025 Quarterly Supplement
Slide 18: Genesis Capital Business Highlights
Genesis Genesis Capital Business Highlights Record origination volumes driven by high-performing client franchise and expanding product suite Business Highlights Key Metrics • Q3'25 origination volume of $1.2 billion, a record third quarter for the business +51% +60% ‒ New originations yielding 10.2
Slide 19: Differentiated Model in Residential Transitional Lending
Genesis Differentiated Model in Residential Transitional Lending Bank retrenchment opens the door to further growth in premier RTL franchise Genesis’s Core Capabilities Portfolio Detail(1) Differentiated Business Model Construction Bridge Renovation ✓ Focused on long-term relationships with high-qua
Slide 20: Newrez (Origination & Servicing)
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q3 2025 Quarterly Supplement
Slide 21: Balanced Newrez Platform Delivered 20% ROE in Q3'25
Newrez Balanced Newrez Platform Delivered 20% ROE in Q3’25(1)(2) Robust performance of both homeowner-centric business and client franchise Newrez Financial Results(3) Key Metrics ($M) Q2’25 Q3’25 Servicing income excluding MTM $233.6 $260.3 $295M 4M+ Q3’25 Pre-Tax Income Homeowners Originations $86
Slide 22: Originations Growth Propels Newrez Platform
Newrez Originations Growth Propels Newrez Platform Maximizing market opportunities through differentiated multi-channel strategy Direct Lending Production Correspondent & Co-issue Non-agency Production Co-issue MSR acquisition channel Robust non-agency asset Direct originations outperforms up 181%,
Slide 23: Growth Across Direct and Third-Party Originations
Newrez Growth Across Direct and Third-Party Originations Recapture gains and continued non-agency production focus Originations Business Highlights Originations Heavyweight • Originations Pre-Tax Income of $80 million in Q3’25 Customer Client • Newrez Direct strategy drove 65% increase in DTC purcha
Slide 24: Platform Investments Power Portfolio Recapture
Newrez Platform Investments Power Portfolio Recapture AI, digital, brand, and partnerships driving recapture gains Cross-Platform Recapture Wins Refi Recapture Opportunity ($B UPB) Amplified Newrez brand and content messaging delivering increased traffic $190 125% increase in digital app leads, end-
Slide 25: Operational Excellence Drives Client Growth & Portfolio Performance
Newrez Operational Excellence Drives Client Growth & Portfolio Performance ReziAI and portfolio scale accelerate servicing business efficiencies Servicing Business Highlights Servicing Powerhouse*(3) • Servicing Pre-Tax Income of $260 million in Q3’25 • Continued client growth with third-party servi
Slide 26: Investment Portfolio
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q3 2025 Quarterly Supplement
Slide 27: Investment Portfolio Business Highlights
Investment Portfolio Investment Portfolio Business Highlights Our investment and capital markets teams continue to execute on accretive asset acquisitions and innovative capital solutions Business Highlights Key Metrics • Entered into a forward flow agreement with Upgrade, Inc. to purchase up to $1
Slide 28: Appendix
Appendix Q3 2025 Quarterly Supplement
Slide 29: Condensed Consolidated Balance Sheets
Appendix Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) As of 9/30/2025 As of 6/30/2025 (Unaudited) (Unaudited) ASSETS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,389,766 $ 10,360,063 Government and government
Slide 30: Book Value per Share Summary
Appendix Book Value per Share Summary Per Share Ending Q2’25 Book Value Per Share $12.71 Net Income (Net of Tax and Change in Fair Value) 1.09 MSR Realization of Cash Flows (0.34) Change in Valuation Inputs and Assumptions (0.40) GAAP Net Income 0.35 Common Dividend (0.25) Other Comprehensive Income
Slide 31: Consolidated Statements of Operations
Appendix Consolidated Statements of Operations Three Months Ended September 30, June 30, Unaudited (dollars in thousands) 2025 2025 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 579,281 $ 574,817 Change in fair value of MSRs and MSR financing recei
Slide 32: Segment Information (Q3'25)
Appendix Segment Information (Q3’25) ($ in thousands) Residential Origination Investment Transitional Asset Corporate Quarter Ended September 30, 2025 and Servicing Portfolio Lending Management Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 57
Slide 33: Segment Information (Q2'25)
Appendix Segment Information (Q2’25) ($ in thousands) Residential Origination Investment Transitional Asset Corporate Quarter Ended June 30, 2025 and Servicing Portfolio Lending Management Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 574,817
Slide 34: Mortgage Servicing Rights
Appendix Mortgage Servicing Rights (in thousands) Q2’25 Ending MSR Balance $ 10,360,063 Originations & other 431,045 Change in fair value due to: Realization of cash flows (190,363) Change in valuation inputs and assumptions (210,979) Q3’25 Ending MSR Balance $ 10,389,766 Q3 2025 - Servicing Servici
Slide 35: Origination and Servicing
Appendix Origination and Servicing Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Servicing Servicing Portfolio (UPB $B) In-House Servicing $521.9 $524.8 $532.8 $536.3 $540.6 On Behalf of Third-Parties $223.4 $242.9 $244.2 $260.7 $269.2 Serviced by Others 67.0 65.4 $58.3 $56.5 $55.5 Whole Loan & Other $9.4 $10.7 $9.
Slide 36: Owned MSR Portfolio
Appendix Owned MSR Portfolio* Full MSR Price & Multiples Full MSR Portfolio Speeds & Amortization ($M) 5.2x 5.0x 5.1x 5.0x 4.8x 7.6% 7.7% 7.8% 7.2% 6.0% 177 173 176 176 160 $182 $178 $190 $163 $148 (1) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Full MSR Price (bps) Full MSR Multiple
Slide 37: Unaudited GAAP Reconciliation of Earnings Available for Distribution
Appendix Unaudited GAAP Reconciliation of Earnings Available for Distribution Management uses Earnings Available for Distribution, which is a non-GAAP measure, as one measure of operating performance. Please see next slide for the definition of Earnings Available for Distribution and explanation of
Slide 38: Reconciliation of Non-GAAP Financial Measures
Appendix Reconciliation of Non-GAAP Financial Measures • 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 operati
Slide 39: Illustrative Sum of the Parts Valuation Detail
Appendix Illustrative Sum of the Parts Valuation Detail*(1) Residential Origination & Investment Asset Preferred Total Rithm $M, except per share data Transitional Corporate Servicing Portfolio Management Stock Book Value Lending GAAP Segment Equity $6,180 $1,739 $941 $924 ($1,286) ($1,391) $7,108 %
Slide 40: Illustrative Sum of the Parts Valuation Detail: Peer Analysis
Appendix Illustrative Sum of the Parts Valuation Detail: Peer Analysis*(1)(2) Mortgage Companies: Newrez Residential Transitional Lending: Genesis Market Cap Market Cap Company Ticker ROE P/BV ’25E P/E Company Ticker ROE P/BV ’25E P/E ($M) ($M) PennyMac Financial PFSI $6,765 13% 1.6x 11.1x Velocity
Slide 41: Endnotes
Endnotes Q3 2025 Quarterly Supplement
Slide 42: Endnotes
Endnotes Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of September 30, 2025, unless otherwise noted. 1) Represents the pro forma sum of the investable assets, including investments in operating companies, across the Rithm platform, includ
Slide 43: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 6: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2025 unless otherwise noted. 1) See additional detail on page 16. 2) Crestline Acquisition use of cash includes estimated cash used for the purchase pric
Slide 44: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 11: Source: Company financial information. Financial and market data as of September 30, 2025 unless otherwise noted. 1) Source: PitchBook's 2024 Annual Global Manager Performance Score. 2) AUM is estimated and refers to the value of assets for which Rithm Capital
Slide 45: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 21: Source: Company SEC filings and current financial information. Financial and market data as September 30, 2025, unless otherwise noted. 1) Return on Equity is calculated based on annualized Pre-Tax Income, excluding MSR MTM and related hedge adjustment, divided
Slide 46: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 39: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2025 unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results
Slide 47: Abbreviations
Abbreviations This Presentation may include abbreviations, which have the following meanings: • 60+ DQ – Percentage of loans that are delinquent by 60 days or more • ABS – Asset-Backed Securities • AUM – Assets Under Management • BV – Book Value • BVPS – Book Value Per Share • CAGR – Compound Annual
Slide 48: Q3 2025 Quarterly Supplement
Q3 2025 Quarterly Supplement