Rithm Capital Corp. · NYSE:RITM
Rithm Capital — Q4 2025 Earnings Presentation
47 slides from Rithm Capital's earnings presentation, Feb 3, 2026
Slide 1: Rithm Capital Q4 2025 Quarterly Supplement
Rithm Capital Quarterly Supplement Q4 2025 Q4 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
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 Busines
Slide 4: Financial Highlights
Executive Summary Financial Highlights FY25 EAD of $2.35(1)(2) per diluted share represents ~12% year-over-year growth • Strong quarterly results: Q4'25 EAD of $0.74 per share(1) • Stable earnings performance: 25 consecutive quarters for which EAD was greater than common dividends paid • Consistent
Slide 5: Year in Review
Executive Summary Year in Review Rithm exhibited disciplined execution and consistent performance across every business segment while enhancing value creation capabilities across real estate and credit ✓ Fundraising momentum continued to build across the platform ‒ Sculptor had strong gross inflows
Slide 6: Macro Outlook and Housing Proposals Provide Tailwinds to Rithm
Executive Summary Macro Outlook and Housing Proposals Provide Tailwinds to Rithm Macroeconomic Outlook Housing Policy is in Focus 1 Growth Outlook is Robust What We Know • Affordability is key to the midterm elections Monetary and fiscal policies are pro-growth and • GSEs expected to purchase $200 b
Slide 7: Rithm Asset Management
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q4 2025 Quarterly Supplement
Slide 8: 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 9: Sculptor Business Overview
Asset Management Sculptor Business Overview Strong 2025 results driven by excellent investment performance and substantial fundraising with AUM of $38 billion(1), up over $4 billion since year end 2024 Business Highlights Key Metrics $5.8 billion of gross inflows in 2025 versus $5.0 billion in 2024
Slide 10: Crestline Business Overview
Asset Management Crestline Business Overview Rithm acquired Crestline, an alternative investment manager with approximately $18 billion in AUM, on December 1, 2025 Business Highlights Key Metrics Crestline is a pioneer in alternative asset management, with long-term investment track records in direc
Slide 11: Commercial Real Estate
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q4 2025 Quarterly Supplement
Slide 12: Paramount Group: Right Time, Right Asset
Commercial RE Paramount Group: Right Time, Right Asset Rithm entered the commercial office market with a high-quality platform in key gateway markets, which we believe will deliver compelling, risk adjusted returns • New York City and San Francisco Class A assets are leading the U.S. office market r
Slide 13: Paramount Business Overview
Commercial RE Paramount Business Overview On December 19, 2025, Rithm acquired Paramount (NYSE: PGRE), an owner and operator of high- quality, Class A office properties in New York City and San Francisco Business Highlights Key Metrics (Core Assets)* • FY25 leasing activity of 1.7 million square fee
Slide 14: Paramount Market Highlights
Commercial RE Paramount Market Highlights Paramount Leasing Results (Core Assets)* Market Tailwinds • Strongest return to office momentum in the country with visits to 92.8% Manhattan office buildings nearing pre-pandemic levels(2) Leased Occupancy(1) • Dynamics favoring Class A office space as tena
Slide 15: Genesis (Residential Transitional Lending)
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q4 2025 Quarterly Supplement
Slide 16: 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 $1.4 billion in Q4’25 and $4.8 billion in FY25, a record quarter and record year for the business +32% +
Slide 17: Differentiated Model in Residential Transitional Lending
Genesis Differentiated Model in Residential Transitional Lending Bank retrenchment opens the door to further growth in premier RTL franchise Genesis’s Core Capabilities Portfolio Detail(1) Differentiated Business Model Construction Bridge Renovation ✓ Focused on long-term relationships with high-qua
Slide 18: Newrez (Origination & Servicing)
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q4 2025 Quarterly Supplement
Slide 19: Consistent Newrez Performance With 17% ROE in Q4'25
Newrez Consistent Newrez Performance With 17% ROE in Q4’25(1) Disciplined growth, technology investments, and focus on homeowners driving results Newrez Financial Results(2) 2025 Key Metrics ($M) Q3’25 Q4’25 FY24 FY25 Servicing Income $276.4 $167.3 $891.9 $932.3 $1.1B 20% Originations $80.9 $126.8 $
Slide 20: AI Investments Aim to Create Outsized Long-Term Value
Newrez AI Investments Aim to Create Outsized Long-Term Value(1) The Rithm Edge: Backing Trailblazing Technology With Early Capital and Platform Commitment to Drive Returns PARTNERSHIPS INTENDED TO CREATE GAME-CHANGING TECHNOLOGY Powered by an $852B servicing portfolio and $63B origination engine • C
Slide 21: Disciplined Strategy Driving Originations Performance
Newrez Disciplined Strategy Driving Originations Performance Product innovation and non-agency growth Originations Business Highlights Originations Heavyweight • Maximizing gain on sale margins despite margin pressures through pricing discipline within each channel #5 6K+ • Significant YoY momentum
Slide 22: 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(3) • Delivering operational excellence in 2025 with 620K+ homeowners boarded and 165K+ homeowners assisted with loss
Slide 23: Investment Portfolio
Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio Q4 2025 Quarterly Supplement
Slide 24: 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 8 securitizations in FY25, totaling $4.0 billion UPB – nearly doublin
Slide 25: Appendix
Appendix Q4 2025 Quarterly Supplement
Slide 26: Condensed Consolidated Balance Sheets
Appendix Condensed Consolidated Balance Sheets As of (dollars in thousands, except per share data) 12/31/2025 As of 9/30/2025 (Unaudited) (Unaudited) ASSETS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,359,141 $ 10,389,766 Government and governmen
Slide 27: Book Value per Share Summary
Appendix Book Value per Share Summary Per Share Ending Q3’25 Book Value Per Share $12.83 Net Income (Net of Tax and Change in Fair Value) 0.96 MSR Realization of Cash Flows (0.42) Change in Valuation Inputs and Assumptions (0.45) GAAP Net Income 0.09 Common Dividend (0.25) Other Comprehensive Income
Slide 28: Consolidated Statements of Operations
Appendix Consolidated Statements of Operations Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, Unaudited (dollars in thousands) 2025 2025 2025 2024 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,070 $
Slide 29: Segment Information (Q4'25)
Appendix Segment Information (Q4’25) ($ in thousands) Residential Origination Transitional Asset Investment Corporate Quarter Ended December 31, 2025 and Servicing Lending Management Portfolio Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570
Slide 30: Segment Information (Q3'25)
Appendix Segment Information (Q3’25) ($ in thousands) Residential Origination Transitional Asset Investment Corporate Quarter Ended September 30, 2025 and Servicing Lending Management Portfolio Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 57
Slide 31: Mortgage Servicing Rights
Appendix Mortgage Servicing Rights (in thousands) Q3’25 Ending MSR Balance $ 10,389,766 Originations & other 450,542 Sales (5,854) Change in fair value due to: Realization of cash flows (233,606) Change in valuation inputs and assumptions (241,707) Q4’25 Ending MSR Balance $ 10,359,141 Q4 2025 - Ser
Slide 32: Origination and Servicing
Appendix Origination and Servicing Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Servicing Servicing Portfolio (UPB $B) In-House Servicing $524.8 $532.8 $536.3 $540.6 $541.8 On Behalf of Third-Parties $242.9 $244.2 $260.7 $269.2 $242.8 Serviced by Others 65.4 $58.3 $56.5 $55.5 $53.7 Whole Loan & Other $10.7 $9.6 $1
Slide 33: Owned MSR Portfolio
Appendix Owned MSR Portfolio Full MSR Price & Multiples Full MSR Portfolio Speeds & Amortization 5.2x ($M) 5.0x 5.1x 5.0x 5.0x 10.2% 7.6% 7.7% 7.8% 6.0% 177 173 176 176 175 $234 $182 $178 $190 $148 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Full MSR Price (bps) Full MSR Multiple Tot
Slide 34: Unaudited GAAP Reconciliation of Earnings Available for Distribution
Appendix Unaudited GAAP Reconciliation of Earnings Available for Distribution Management uses Earnings Available for Distribution, which is a non-GAAP measure, as one measure of operating performance. Please see next slide for the definition of Earnings Available for Distribution and explanation of
Slide 35: Reconciliation of Non-GAAP Financial Measures
Appendix Reconciliation of Non-GAAP Financial Measures • The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operati
Slide 36: Compelling Value Proposition
Appendix Compelling Value Proposition We believe a strategy centered on earnings growth and an increased focus on fee-related earnings (“FRE”) will lay a foundation for significant upside Potential to unlock value Grow Rithm Asset Market values Rithm by optimizing corporate Management to increase Si
Slide 37: Rithm Trades Well Below the Intrinsic Value of Its Parts
Appendix Rithm Trades Well Below the Intrinsic Value of Its Parts*(1) Current valuation of 86% of book value understates the intrinsic value of Rithm’s core segments Current Valuation Illustrative SOTP Valuation(1) ($M, except per share data) $6.1 Billion CURRENT MARKET CAP(2) 0.86x Newrez Value Met
Slide 38: 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 $5,567 $1,665 $881 $1,650 ($1,333) ($1,391) $7,040
Slide 39: Illustrative Sum of the Parts Valuation Detail: Peer Analysis
Appendix Illustrative Sum of the Parts Valuation Detail: Peer Analysis*(1)(2) Mortgage Companies: Newrez Residential Transitional Lending: Genesis Market Cap Market Cap Company Ticker ROE P/BV ’25E P/E Company Ticker ROE P/BV ’25E P/E ($M) ($M) PennyMac Financial PFSI $5,202 12% 1.2x 8.3x Velocity F
Slide 40: Endnotes
Endnotes Q4 2025 Quarterly Supplement
Slide 41: Endnotes
Endnotes Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, including (i) $53
Slide 42: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 6: 1) National Employment Law Project (NELP). 2) J.P Morgan Consumer Cash Pile, December 2025. 3) Bloomberg Finance L.P. CBRE Research on Office Fundamentals. 4) As indicated by FHFA Director Bill Pulte on January 8, 2026. Statements attributed to President Trump a
Slide 43: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 10: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents Crestline AUM as of September 30, 2025. AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates
Slide 44: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 19: Source: Company SEC filings and current financial information. Financial and market data as December 31, 2025, unless otherwise noted. 1) Q4’25 annualized operating ROE and full year 2025 operating ROE are non-GAAP measures. Q4’25 annualized operating ROE is ca
Slide 45: Endnotes (Cont.)
Endnotes (Cont.) Endnotes to Slide 37: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Act
Slide 46: 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 • AUM – Assets Under Management • BDC – Bus
Slide 47: Q4 2025 Quarterly Supplement
Q4 2025 Quarterly Supplement