Rithm Capital Corp. · NYSE:RITM
Rithm Capital — Q1 2026 Earnings Presentation
48 slides from Rithm Capital's earnings presentation, Apr 28, 2026
Slide 1: Rithm Capital Q1 2026 Quarterly Supplement
Rithm Capital Quarterly Supplement Q1 2026 Q1 2026 Quarterly Supplement
Slide 2: Disclaimers
Disclaimers IN 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 rega
Slide 3: Executive Summary: Diversified Alternative Asset Management Platform
Executive Summary Diversified Alternative Asset Management Platform With over $100 billion in investable assets(1), Rithm Capital is a global asset manager with an integrated credit and real estate investment platform Growing Alternative Asset Manager (“AAM”) Expanding Core Asset-Generating Business
Slide 4: Financial Highlights
Executive Summary Financial Highlights • Strong quarterly results: Q1’26 EAD of $0.51 per share(1) • Stable earnings performance: 26 consecutive quarters for which EAD was greater than common dividends paid • Consistent dividends: cumulative $6.6 billion of dividends paid to shareholders since incep
Slide 5: Quarter in Review
Executive Summary Quarter in Review Despite considerable market volatility, Rithm demonstrated disciplined execution and consistent performance across the platform, driving long-term value creation Rithm Asset Management ✓ Fund raising and capital deployment momentum continued to build across platfo
Slide 6: Executive Summary: Rithm Asset Management
Executive Summary Rithm Asset Management Elecor (Commercial Real Estate) Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q1 2026 Quarterly Supplement
Slide 7: Power of the Platform
Asset Management Power of the Platform Growing asset management platform delivering scalable investment solutions across asset classes and return profiles $100B+ Investable Assets(1) MULTI-STRATEGY ASSET-BASED CORPORATE CREDIT REAL ESTATE FUNDS FINANCE ✓ Direct Lending ✓ Multi-Strategy Hedge Fund ✓
Slide 8: Sculptor Business Overview
Asset Management Sculptor Business Overview Delivered resilient investment performance amidst turbulent markets in Q1, protecting capital while continuing to transact on attractive investment opportunities Business Highlights Key Metrics Continued fundraising momentum in Q1’26 with ~$600 million of
Slide 9: Crestline Business Overview
Asset Management Crestline Business Overview Crestline’s Q1’26 continues to reinforce a track record of successful deployment, performance and capital raising Business Highlights Key Metrics Crestline is a pioneer in alternative asset management, with long-term investment track records in direct $19
Slide 10: Executive Summary: Elecor (Commercial Real Estate)
Executive Summary Rithm Asset Management Elecor (Commercial Real Estate) Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q1 2026 Quarterly Supplement
Slide 11: Paramount Group Rebrands to Elecor Properties
Elecor Paramount Group Rebrands to Elecor Properties A new name and identity, reflecting a strategic transformation from a high quality, Class A office portfolio into an operating platform built for the next evolution of the workplace This new chapter is a renewed commitment to providing exceptional
Slide 12: Elecor Properties Highlights
Elecor Elecor Properties Highlights Since closing the acquisition, Elecor Properties has continued to effectuate its business plan, identifying operational improvements and strengthening the property portfolio Management Company & Operating Platform Key Metrics (Core Assets)(1) Premier Management Co
Slide 13: Elecor Properties Leasing Highlights (Core Assets)
Elecor Elecor Properties Leasing Highlights (Core Assets)(1) 92.1% 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 11 1633 Broadway 1301 Ave of the Americas 1325 Ave of the Americas Square Feet
Slide 14: Executive Summary: Genesis
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q1 2026 Quarterly Supplement
Slide 15: Genesis Capital Business Overview
Genesis Genesis Capital Business Overview Record origination volumes driven by high-performing client franchise and expanding product suite Business Highlights Key Metrics • Origination volume of $1.6 billion in Q1’26, a record quarter for the business +51% +80% ‒ New originations yielding 9.52% at
Slide 16: Differentiated Model in Residential Transitional Lending
Genesis Differentiated Model in Residential Transitional Lending Bank retrenchment opens the door to further growth in premier RTL franchise Genesis’s Core Capabilities Portfolio Detail(1) Differentiated Business Model Construction Bridge Renovation ✓ Focused on long-term relationships with high-qua
Slide 17: Executive Summary: Newrez
Executive Summary Rithm Asset Management Elecor (Commercial Real Estate) Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q1 2026 Quarterly Supplement
Slide 18: Consistent Q1'26 Performance With 19% Annualized Operating ROE
Newrez Consistent Q1’26 Performance With 19% Annualized Operating ROE(1) Technology investments, new products, and focus on homeowners driving results Newrez Financial Results(2) Q1’26 Key Metrics ($M) Q4’25 Q1’26 Servicing $167.3 $203.6 $274M Originations $126.8 $116.9 Pre-Tax Income ex-MTM Corpora
Slide 19: Platform Positioned to Continue Market Share Growth
Newrez Platform Positioned to Continue Market Share Growth Large, fragmented markets with runway for scaled, technology-first operators 0.4% ORIGINATIONS 3.3% 1.0% SERVICING 5.8% 2018 2025 2018 2025 8X Newrez share 6X Newrez share since 2018 since 2018 $5T+ (1) $15T (2) Annual Homeownership Market A
Slide 20: Differentiated Full-Scale Homeownership Platform
Newrez Differentiated Full-Scale Homeownership Platform Platform investments continuing to expand revenue and deliver operational synergies Revenue Growth Initiatives Expense Reduction Initiatives PARTNERSHIP EXPANSION VALON PLATFORM TRANSITION PRODUCT INNOVATION HOMEVISION AUTOMATED UNDERWRITING HO
Slide 21: Disciplined Strategy Driving Originations Performance
Newrez Disciplined Strategy Driving Originations Performance Direct Origination channel expansion and product innovation Originations Business Highlights Originations Heavyweight • Q1’26 origination volume up 31% YoY; QoQ volumes lower due to interest rates and seasonal factors #5 ~6K • Growth in hi
Slide 22: Newrez Platform Powered End-to-End by AI
Newrez Newrez Platform Powered End-to-End by AI ReziAI is a coherent, end-to-end intelligence system enabling operational efficiency ReziSidekick ReziChat ReziMortgage Assistant ReziVoice ReziAction Agentic AI expert Industry-leading AI Launching the Scalable, always-on, Quicker actions, support for
Slide 23: Servicing Platform Powered by Advanced Technology
Newrez Servicing Platform Powered by Advanced Technology ReziAI and ValonOS target operational excellence and portfolio performance Servicing Business Highlights Servicing Powerhouse(5) • Boarded $22B UPB of third-party servicing, added 5 new clients • Wells Fargo and Onity legacy PLS MSRs to board
Slide 24: Transforming Servicing with AI-Native OS
Newrez Transforming Servicing with AI-Native OS Scale and complexity of servicing operations demands a disruptive technology approach Redefining Processes, Workflows, & Data Leverage Impacts Mortgage Servicing ValonOS Transformation Operational efficiency Mortgages require years of high- Building th
Slide 25: Executive Summary: Investment Portfolio
Executive Summary Rithm Asset Management Elecor (Commercial Real Estate) Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q1 2026 Quarterly Supplement
Slide 26: 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 • Executed 4 Non-QM securitizations in Q1’26, totaling $2.0 billion UPB $3.0B $4
Slide 27: Appendix
Appendix Q1 2026 Quarterly Supplement
Slide 28: Condensed Consolidated Balance Sheets
Appendix Condensed Consolidated Balance Sheets ($ in thousands, except per share data) As of 3/31/2026 As of 12/31/2025 (Unaudited) (Audited) ASSETS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,859,933 $ 10,359,141 Government and government-backed
Slide 29: Book Value per Share Summary
Appendix Book Value per Share Summary Per Share Ending Q4’25 Book Value Per Share $12.66 Net (Loss) Income (Net of Tax and Change in Fair Value) (0.15) MSR Realization of Cash Flows (0.38) Change in Valuation Inputs and Assumptions 0.65 GAAP Net Income 0.12 Common Dividend (0.25) Other Comprehensive
Slide 30: Consolidated Statements of Operations
Appendix Consolidated Statements of Operations Three Months Ended March 31, December 31, Unaudited ($ in thousands) 2026 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
Slide 31: 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 32: Segment Information (Q4'25)
Appendix Segment Information (Q4’25) ($ in thousands) Residential Origination Transitional Asset Investment Commercial Corporate Quarter Ended December 31, 2025 and Servicing Lending Management Portfolio Real Estate Category Total Servicing fee revenue, net and interest income from MSRs and MSR fina
Slide 33: Mortgage Servicing Rights
Appendix Mortgage Servicing Rights ($ in thousands) Q4’25 Ending MSR Balance $ 10,359,141 Originations & other 347,685 Change in fair value due to: Realization of cash flows (212,536) Change in valuation inputs and assumptions 365,643 Q1’26 Ending MSR Balance $ 10,859,933 Q1 2026 - Servicing Servici
Slide 34: Origination and Servicing
Appendix Origination and Servicing Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Servicing Servicing Portfolio (UPB $B) In-House Servicing $532.8 $536.3 $540.6 $541.4 $542.5 On Behalf of Third-Parties $244.2 $260.7 $269.2 $242.8 $242.6 Serviced by Others $58.3 $56.5 $55.5 $54.1 $51.1 Whole Loan & Other $9.6 $10.7 $
Slide 35: Owned MSR Portfolio
Appendix Owned MSR Portfolio Full MSR Price & Multiples Full MSR Portfolio Speeds & Amortization 5.2x ($M) 5.0x 5.1x 5.0x 5.0x 10.2% 10.0% 7.7% 7.8% 6.0% 173 176 176 175 184 $234 $213 $178 $190 $148 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Full MSR Price (bps) Full MSR Multiple To
Slide 36: Unaudited GAAP Reconciliation of Earnings Available for Distribution
Appendix Unaudited GAAP Reconciliation of Earnings Available for Distribution Management uses Earnings Available for Distribution, which is a non-GAAP measure, as one measure of operating performance. Please see next slide for the definition of Earnings Available for Distribution and explanation of
Slide 37: Reconciliation of Non-GAAP Financial Measures
Appendix Reconciliation of Non-GAAP Financial Measures The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operating
Slide 38: Compelling Value Proposition
Appendix Compelling Value Proposition We believe a strategy centered on earnings growth and an increased focus on fee-related earnings (“FRE”) will lay a foundation for significant upside Potential to unlock value Grow Rithm Asset Market values Rithm by optimizing corporate Management to increase Si
Slide 39: Rithm Trades Well Below the Intrinsic Value of Its Parts
Appendix Rithm Trades Well Below the Intrinsic Value of Its Parts*(1) Current valuation of 81% of book value understates the intrinsic value of Rithm’s core segments Current Valuation Illustrative SOTP Valuation(1) ($M, except per share data) $5.7 Billion 0.81x Value Value Low High Metric(6) Range C
Slide 40: Illustrative Sum of the Parts Valuation Detail
Appendix Illustrative Sum of the Parts Valuation Detail*(1) Asset Origination Investment Preferred Total Rithm $M, except per share data RTL CRE Managemen Corporate & Servicing Portfolio Stock Book Value t GAAP Segment Equity $5,798 $1,565 $934 $1,249 $1,283 ($2,218) ($1,633) $6,977 % of Total Equit
Slide 41: Illustrative Sum of the Parts Valuation Detail: Peer Analysis
Appendix Illustrative Sum of the Parts Valuation Detail: Peer Analysis*(1)(2) Mortgage Companies: Newrez Residential Transitional Lending: Genesis Market Cap Market Cap Company Ticker ROE P/BV ’25E P/E Company Ticker ROE P/BV ’25E P/E ($M) ($M) PennyMac Financial PFSI $4,745 12% 1.1x 8.0x Velocity F
Slide 42: Endnotes
Endnotes Q1 2026 Quarterly Supplement
Slide 43: Endnotes
Endnotes Endnotes to Slide 3: Source: Company SEC filings and current financial information. Financial and market data as of March 31, 2026, unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, including (i)
Slide 44: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 8: Source: Company financial information. Financial and market data as of March 31, 2026, unless otherwise noted. 1) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisor
Slide 45: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 15: Source: Company SEC filings and current financial information. Financial and market data as of March 31, 2026, unless otherwise noted. 1) Outstanding Commitments represents the total face amount outstanding that Genesis has agreed to lend under the terms of its
Slide 46: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 24: Source: Company SEC filings and current financial information. Financial and market data as of March 31, 2026, unless otherwise noted. 1) Forecast figures reflect estimated savings following full transition to Valon OS platform. See disclaimers at the start of
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 • AAM – Alternative Asset Manager • ABF – Asset-backed Finance • AI -Artificial Intelligence • API - Application Programming Interface •
Slide 48: Q1 2026 Quarterly Supplement
Q1 2026 Quarterly Supplement