Slide 1: Rithm Capital Quarterly Supplement Q2 2026
Rithm Capital Quarterly Supplement Q2 2026 Q2 2026 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: Rithm Capital Overview
Executive Summary Rithm Capital Overview Leading global asset manager with a proven track record of creating and scaling complementary businesses $100B+ ~$9B Investable Assets(1) Permanent Capital(2) Expanding Asset-Generating Businesses Growing Alternative Asset Manager (“AAM”) Rithm Balance Sheet(
Slide 4: Quarter in Review – Financial Highlights
Executive Summary Quarter in Review – Financial Highlights • Strong quarterly results: Q2’26 Earnings Available for Distribution (“EAD”) of $0.60 per share (1)(2) • 27 consecutive quarters for which EAD was greater than common dividends paid • Cumulative $6.7 billion of dividends paid to shareholder
Slide 5: Rithm Asset Management
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q2 2026 Quarterly Supplement
Slide 6: Rithm's Asset Management Platform
Asset Management Rithm’s Asset Management Platform Rithm Asset Management today consists of scalable investment solutions across asset classes and return profiles $61B AUM (1) ASSET-BASED CORPORATE REAL ESTATE MULTI-STRATEGY FINANCE CREDIT ✓ Residential Credit ✓ Direct Lending ✓ Core-Plus / Opportun
Slide 7: Asset Management Business Highlights
Asset Management Asset Management Business Highlights Powerful combination of investment solutions across strategies and geographies Performance-driven organization that puts investors first and delivers on investment mandates PERFORMANCE • Sculptor Multi-Strategy Fund net returns: 7.9% YTD, 12.3% 3
Slide 8: AUM: Strong Organic and Inorganic Growth
Asset Management AUM: Strong Organic and Inorganic Growth Rapidly expanding Asset Management platform with a focus on best in class managers and strategies Assets Under Management(1) Commentary ($B) 28% CAGR • AUM has nearly doubled and is up by $28 billion ITD since Rithm Rithm Acquires $61 acceler
Slide 9: Commercial Real Estate
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q2 2026 Quarterly Supplement
Slide 10: Rithm Commercial Real Estate
Commercial RE Rithm Commercial Real Estate Rithm has a scaled and differentiated real estate platform with debt and equity expertise and robust asset management capabilities In-House Operating Opportunistic Across Premier Office Strong Investment Expertise the Capital Stack Portfolio Results Flexibl
Slide 11: Elecor Investment Thesis
Commercial RE Elecor Investment Thesis Elecor's Class A portfolio is positioned to capture New York City’s and San Francisco’s office recovery, driven by tightening supply and accelerated tenant demand • Substantial discount to replacement cost of new Class-A office construction Attractive Entry Poi
Slide 12: Elecor Properties Highlights
Commercial RE Elecor Properties Highlights Elecor Properties continues to excel at its business plan, identifying operational improvements and strengthening its leading property portfolio Excellence in Operational Opportunistic Capital Improvement Financing Execution Leasing Excellence Recapitalizat
Slide 13: Elecor Properties Leasing Highlights (Core Assets)
Commercial RE Elecor Properties Leasing Highlights (Core Assets)(1) 91.6% Leased Occupancy(2) Leases Signed & • 2.5M sq ft FY’25 YTD(3) 1.8M sq ft 0.8M sq ft Pending New York City • 90% Owned 100% Owned 100% Owned Lease Count 43 20 1633 Broadway 1301 Ave of the Americas 1325 Ave of the Americas Squa
Slide 14: Genesis (Residential Transitional Lending)
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q2 2026 Quarterly Supplement
Slide 15: Genesis Capital Business Overview
Genesis Genesis Capital Business Overview Market-leading originator of single and multifamily transition loans to institutional sponsors Financial Results Q2’26 Key Metrics ($M) Q2’25 Q1’26 Q2’26 Net Interest and Other Income $50.8 $59.0 $67.6 $41.6M | +26% QoQ Pre-Tax Income ex-MTM G&A Expenses ($2
Slide 16: Genesis Capital Portfolio Overview
Genesis Genesis Capital Portfolio Overview(1) National lender providing capital solutions for the entire development lifecycle across asset classes Summary by Loan Type Summary by Structure Summary by Asset Type 12% 22% 40% 45% 54% 55% 34% 38% Construction Bridge Renovation ARM Fixed Single Family M
Slide 17: Genesis's Growth Has Outpaced the Broader RTL Market
Genesis Genesis’s Growth Has Outpaced the Broader RTL Market Sustained growth driven by a differentiated lending platform designed to meet the needs of institutional sponsors nationwide Growing Total Addressable Market(1) ($B) Non-Bank Bank 7% CAGR $693 • Genesis represented $641 0.9% of the RTL $58
Slide 18: Newrez (Origination & Servicing)
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q2 2026 Quarterly Supplement
Slide 19: Newrez Platform Delivered 22% Annualized Operating ROE in Q2
Newrez Newrez Platform Delivered 22% Annualized Operating ROE in Q2(1) Strong performance across all business lines Newrez Financial Results(2) Q2’26 Key Metrics ($M) Q1’26 Q2’26 Servicing $203.6 $254.6 $308M | +12% QoQ Originations $116.9 $105.0 Pre-Tax Income ex-MTM Corporate ($46.8) ($52.0) Pre-T
Slide 20: Re-Envisioning Mortgage With an End-to-End Intelligence Engine
Newrez Re-Envisioning Mortgage With an End-to-End Intelligence Engine Significant technology investments bringing efficiency, growth, and leverage AI-ENHANCED, DATA-RI CH ENGINE INT ELLIG ENCE O RIG IN AT IO NS SERVICING ENT ERPRISE Data 360 AI Underwriting Agentic Servicing ReziAI 10B+ data attribu
Slide 21: Technology and AI Investments Powering Performance
Newrez Technology and AI Investments Powering Performance Results-first approach to platform investments Revenue Expansion Operating Advantage Growth through product strategy and deepening Unlocking operating leverage to transform mortgage customer and client relationships originations and servicing
Slide 22: Disciplined Strategy Driving Originations Performance
Newrez Disciplined Strategy Driving Originations Performance Continued focus on non-agency growth and product innovation Originations Business Highlights Originations Heavyweight • Growth in direct origination (Wholesale and Consumer Direct) • channels comprising 40% of total volume, up 11% QoQ Marg
Slide 23: Servicing Platform Powered by Advanced Technology
Newrez Servicing Platform Powered by Advanced Technology High-quality owned MSR portfolio performance and continued growth of third-party franchise Servicing Business Highlights Servicing Powerhouse(2) • Portfolio growth with 162K+ homeowners and $27B UPB third-party servicing boarded in Q2’26, 8 ne
Slide 24: Market-Leading Special Servicing Franchise
Newrez Market-Leading Special Servicing Franchise(1) Delivering superior outcomes for homeowners and clients across market cycles Platform Advantage Proprietary Technology Operational Excellence Performance Recognition Foundational expertise in special Powering loss mitigation, self- Outcomes and se
Slide 25: Investment Portfolio
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q2 2026 Quarterly Supplement
Slide 26: Investment Portfolio Business Highlights
Investment Portfolio Investment Portfolio Business Highlights Key source of strategic differentiation, diversification, and earnings power Business Highlights Key Metrics • Securitized and issued three Non-QM deals totaling $1.4 billion and purchased $1.7 billion of Non-QM whole loans in Q2’26 $6.6B
Slide 27: Appendix
Appendix Q2 2026 Quarterly Supplement
Slide 28: Condensed Consolidated Balance Sheets
Appendix Condensed Consolidated Balance Sheets June 30, 2026 March 31, 2026 (dollars in thousands, except per share data) (Unaudited) (Unaudited) ASSETS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 11,091,483 $ 10,859,933 Government and government-ba
Slide 29: Book Value per Share Summary
Appendix Book Value per Share Summary Per Share Ending Q1’26 Book Value Per Share $12.51 Net (Loss) Income (Net of Tax and Change in Fair Value) 0.33 MSR Realization of Cash Flows (0.38) Change in Valuation Inputs and Assumptions 0.09 GAAP Net Income 0.04 Common Dividend (0.25) Other Comprehensive I
Slide 30: Consolidated Statements of Operations
Appendix Consolidated Statements of Operations Three Months Ended June 30, March 31, Unaudited (dollars in thousands) 2026 2026 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 614,637 $ 579,288 Change in fair value of MSRs and MSR financing receivabl
Slide 31: Segment Information (Q2'26)
Appendix Segment Information (Q2’26) ($ in thousands) Origination Residential and Transitional Asset Investment Commercial Corporate Quarter Ended June 30, 2026 Servicing Lending Management Portfolio Real Estate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financin
Slide 32: Segment Information (Q1'26)
Appendix Segment Information (Q1’26) ($ in thousands) Origination Residential and Transitional Asset Investment Commercial Corporate Quarter Ended March 31, 2026 Servicing Lending Management Portfolio Real Estate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financi
Slide 33: Mortgage Servicing Rights
Appendix Mortgage Servicing Rights ($ in thousands) Q1’26 Ending MSR Balance $ 10,859,933 Originations & other 392,654 Change in fair value due to: Realization of cash flows (215,295) Change in valuation inputs and assumptions 54,191 Q2’26 Ending MSR Balance $ 11,091,483 Q2 2026 - Servicing Servicin
Slide 34: Origination and Servicing
Appendix Origination and Servicing Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Servicing Servicing Portfolio (UPB $B) In-House Servicing $536.3 $540.6 $541.4 $542.5 $568.0 On Behalf of Third-Parties $260.7 $269.2 $242.8 $242.6 $253.7 Serviced by Others $56.5 $55.5 $54.1 $51.1 $28.8 Whole Loan & Other $10.7 $12.3
Slide 35: Owned MSR Portfolio
Appendix Owned MSR Portfolio Full MSR Price & Multiples Full MSR Portfolio Speeds & Amortization ($M) 5.1x 5.0x 5.2x 5.3x 5.0x 10.2% 10.0% 9.6% 7.7% 7.8% 176 176 175 184 187 $234 $213 $215 $178 $190 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Full MSR Price (bps) Full MSR Multiple To
Slide 36: Unaudited GAAP Reconciliation of Earnings Available for Distribution
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 adjustmen
Slide 37: 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 operating
Slide 38: Endnotes
Endnotes Q2 2026 Quarterly Supplement
Slide 39: Endnotes
Endnotes Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of June 30, 2026, unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, including (i) $54 bil
Slide 40: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 7: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of June 30, 2026, unless otherwise noted. 1) The return information represents, where applicable, the composite performance of all feeder funds that comprise t
Slide 41: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 12: Source: Company financial information. Financial and market data as of June 30, 2026, unless otherwise noted. 1) Represents leases signed and leases pending year-to-date through July 27, 2026. 2) Represents weighted average annualized rent per square foot of le
Slide 42: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 21: Source: Company SEC filings and current financial information. Financial and market data as of June 30, 2026, unless otherwise noted. 1) Represents (i) new loan amounts for all customers originated through DTC or Retail/JV channels divided by (ii) all paid-in-f
Slide 43: 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 • AAM – Alternative Asset Manager • ABF – Asset-backed Finance • AI -Artificial Intelligence • API - Application Programming Interface •
Slide 44: Q2 2026 Quarterly Supplement
Q2 2026 Quarterly Supplement