Rithm Capital Corp. · NYSE:RITM
Rithm Capital — Q3 2026 Earnings Presentation
48 slides from Rithm Capital's earnings presentation, Oct 23, 2026
Slide 1: Rithm Capital Quarterly Supplement Q3 2026
Rithm Capital Quarterly Supplement Q3 2026
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
// E XE C U T I V E S U M M A R Y Rithm Capital Overview Leading global asset manager with a proven track record of creating and scaling complementary businesses $110B+ $9B+ Investable Assets Permanent Capital(1) PREMIER OPERATING BUSINESSES GROWING ALTERNATIVE ASSET MANAGER $57B $61B Rithm Rithm AU
Slide 4: Quarter in Review – Financial Highlights
// E XE C U T I V E S U M M A R Y Quarter in Review – Financial Highlights • Strong quarterly results: Q3’26 Earnings Available for Distribution (“EAD”) of $0.55 per share(1)(2) • 28 consecutive quarters for which EAD was greater than common dividends paid • Cumulative $6.8 billion of dividends paid
Slide 5: The Rithm Capital Story
// E XE C U T I V E S U M M A R Y The Rithm Capital Story From an externally managed REIT to a diversified, fully integrated origination and asset management platform RITHM CAPITAL, Our Journey THE PATH FORWARD, Unlocking the Full Value • Established in 2013 as New Residential(1), a Fortress sponsor
Slide 6: Quarter in Review – Business Highlights
// E XE C U T I V E S U M M A R Y Quarter in Review – Business Highlights Rithm continues to deliver stable, consistent performance in a volatile rate environment – driven by disciplined execution across our platform SCALING ASSET MANAGEMENT • Raised $569 million of gross new capital and fund commit
Slide 7: Sum-of-the-Parts (SOTP) Valuation
// E XE C U T I V E S U M M A R Y Sum-of-the-Parts (“SOTP”) Valuation(1) Current valuation of 69% of book value understates the intrinsic value of Rithm’s core segments ILLUSTRATIVE SOTP VALUATION* (1) CURRENT VALUATION ($M, except per share) Value Metric(4) Value Range(5) Low High Newrez $3,072 1.0
Slide 8: Asset Management
Asset Management
Slide 9: Rithm Asset Management Overview
// A SS E T M A N A G E M E N T Rithm Asset Management Overview Diversified strategies provide investment solutions for clients around the globe $61B AUM RITHM ASSET MANAGEMENT CREDIT REAL ESTATE MULTI-STRATEGY Direct Lending Asset-Based Finance Opportunistic Equity Multi-Strategy Capital Solutions
Slide 10: Asset Management Business Overview
// A SS E T M A N A G E M E N T Asset Management Business Overview Powerful combination of investment solutions across strategies and geographies FUNDRAISING Q3’26 KEY METRICS • Strong fundraising momentum continues across the platform • $569 million of gross new capital and fund commitment inflows
Slide 11: Assets Under Management
// A SS E T M A N A G E M E N T Assets Under Management Scaling Asset Management platform with organic and inorganic strategic growth opportunities HISTORICAL & PROJECTED AUM ($B) • AUM has increased by $28 billion Rithm acquired since the initial acquisition of Crestline in Q4’25: $75 – 80 Sculptor
Slide 12: Commercial Real Estate
Commercial Real Estate
Slide 13: Commercial Real Estate Business Overview
// C O M M E R C I A L R E A L E S T A T E Commercial Real Estate Business Overview Rithm has a scaled and differentiated real estate platform with debt and equity expertise and robust asset management capabilities Q3’26 KEY METRICS* (1) 9.9M Sq Ft of Class-A Strategic Third- • In Q3’26, expanded ou
Slide 14: Elecor Properties Leasing Highlights
// C O M M E R C I A L R E A L E S T A T E Elecor Properties Leasing Highlights*(1) Elecor continues to execute on its business plan, driven by excellence in leasing ROBUST LEASING LOW UPCOMING LEASE EXPIRATIONS Leases Signed (000s of sq ft) Lease Expirations, at Share(2) (000s of sq ft) 801 365 Str
Slide 15: Elecor Properties Core Assets
// C O M M E R C I A L R E A L E S T A T E Elecor Properties Core Assets(1) 88.6% Leased Occupancy(2) 7 Properties 7.0M sq ft • • 2.5M 2.5Msq sq ft ft 1.8M sq ft 0.8M sq ft 51% Owned 100% Owned New York City • • 90%90%Owned Owned 1633 Broadway 1301 Ave of the Americas 1325 Ave of the Americas • Midt
Slide 16: Genesis Capital
Genesis Capital
Slide 17: Genesis Capital Business Overview
// G E N E S I S Genesis Capital Business Overview Market-leading originator of single- and multifamily RTLs to institutional sponsors(1) FINANCIAL RESULTS Q3’26 KEY METRICS ($M) Q3’26 Q2’26 Q3’25 % Change YoY Net Interest and Other Income 59.9 67.6 49.5 21% $33M Pre-Tax Income ex-MTM G&A Expenses (
Slide 18: Genesis Portfolio Overview
// G E N E S I S Genesis Portfolio Overview(1) National lender providing capital solutions for the entire development lifecycle across asset classes LOAN TYPE STRUCTURE ASSET TYPE 13% 23% 41% 40% 53% 59% 34% 37% (2) Construction Bridge Renovation Adjustable Rate Fixed Rate Single Family Multifamily
Slide 19: Genesis Has Outpaced the Broader RTL Market
// G E N E S I S Genesis Has Outpaced the Broader RTL Market Sustained growth driven by a differentiated lending platform designed to meet the needs of institutional sponsors nationwide RTL TOTAL ADDRESSABLE MARKET (1) ($B) Non-Bank Bank • Genesis represented 7% CAGR 0.9% of the RTL market $693 $641
Slide 20: Newrez
Newrez
Slide 21: Newrez Business Overview
// N E W R E Z Newrez Business Overview Platform continues to deliver strong and disciplined performance FINANCIAL RESULTS (2) Q3’26 KEY METRICS ($M) Q3’26 Q2’26 Q3’25 % Change YoY Servicing $306.3 $254.6 $276.5 11% Originations $71.0 $105.0 $80.9 (12%) 24% Annualized Operating ROE(1) Corporate ($47
Slide 22: Positioned to Perform Across Market Cycles
// N E W R E Z Positioned to Perform Across Market Cycles Diversified strategy has delivered 14+ consecutive quarters of high-teen to low-20s annualized operating ROEs(1) PLATFORM DIFFERENTIATION MARKET EDGE • Pricing discipline and nimble platform strategy to optimize returns • Servicing and specia
Slide 23: Platform Investments to Supercharge Core Business
// N E W R E Z Platform Investments to Supercharge Core Business ORIGINATIONS SERVICING Cost-per-loan Continues to Outperform Industry (1)(2) $125 M+ $1,472 $176 $856 $112 Savings expected $757 $81 from AI & Platform investments(4) (1) Direct Originations Fulfillment CPL Total Direct Servicing CPL (
Slide 24: Disciplined Strategy Driving Origination Performance
// N E W R E Z Disciplined Strategy Driving Origination Performance Continued focus on efficiency, non-agency growth, and product innovation ORIGINATIONS BUSINESS HIGHLIGHTS RECORD NON-AGENCY PRODUCTION • 9M26 direct lending growth of 27% YoY; higher-margin direct Non-Agency Production ($B) channels
Slide 25: Servicing Platform Powered by Advanced Technology
// N E W R E Z Servicing Platform Powered by Advanced Technology High-quality owned MSR portfolio performance and continued growth of third-party franchise SERVICING BUSINESS HIGHLIGHTS SERVICING POWERHOUSE (4) • Third-party servicing added $28 billion UPB in Q3, +5% QoQ, with Third-Party Servicing
Slide 26: Investment Portfolio
Investment Portfolio
Slide 27: Investment Portfolio Business Highlights
// I N V E S T M E N T P O R T F O LI O Investment Portfolio Business Highlights Key source of strategic differentiation, diversification, and earnings power BUSINESS HIGHLIGHTS Q3’26 KEY METRICS • Delivering strong, consistent performance with 14% ROE despite a volatile macroeconomic environment •
Slide 28: Appendix
Appendix
Slide 29: Condensed Consolidated Balance Sheets
// A P P E N D I X Condensed Consolidated Balance Sheets September 30, 2026 June 30, 2026 (dollars in thousands, except per share data) (Unaudited) (Unaudited) ASSETS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 12,187,706 $ 11,091,483 Government and
Slide 30: Book Value per Share Summary
// A P P E N D I X Book Value per Share Summary Per Share Ending Q2’26 Book Value Per Share $12.33 Net (Loss) Income (Net of Tax and Change in Fair Value) (1.06) MSR Realization of Cash Flows (0.33) Change in Valuation Inputs and Assumptions 1.77 GAAP Net Income 0.38 Common Dividend (0.25) Other Com
Slide 31: Consolidated Statements of Operations
// A P P E N D I X Consolidated Statements of Operations Three Months Ended September 30, June 30, Unaudited (dollars in thousands) 2026 2026 REVENUES Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 595,372 $ 614,637 Change in fair value of MSRs and MSR finan
Slide 32: Segment Information (Q3'26)
// A P P E N D I X Segment Information (Q3’26) ($ in thousands) Residential Origination and Transitional Asset Investment Commercial Corporate Quarter Ended September 30, 2026 Servicing Lending Management Portfolio Real Estate Category Total Servicing fee revenue, net and interest income from MSRs a
Slide 33: Segment Information (Q2'26)
// A P P E N D I X Segment Information (Q2’26) ($ in thousands) Residential Origination 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 MS
Slide 34: Mortgage Servicing Rights
// A P P E N D I X Mortgage Servicing Rights ($ in thousands) Q2’26 Ending MSR Balance $ 11,091,483 Originations & other 286,683 Change in fair value due to: Realization of cash flows (188,153) Change in valuation inputs and assumptions 997,693 Q3’26 Ending MSR Balance $ 12,187,706 Q3 2026 - Servici
Slide 35: Origination and Servicing
// A P P E N D I X Origination and Servicing Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Servicing Servicing Portfolio (UPB $B) In-House Servicing $540.6 $541.4 $542.5 $568.0 $572.0 On Behalf of Third-Parties $269.2 $242.8 $242.6 $253.7 $266.5 Serviced by Others $55.5 $54.1 $51.1 $28.8 $24.1 Whole Loan & Other $1
Slide 36: Owned MSR Portfolio
// A P P E N D I X Owned MSR Portfolio FULL MSR PRICE & MULTIPLES FULL MSR PORTFOLIO SPEEDS & AMORT. ($M) 5.8x 5.0x 5.2x 5.3x 10.2% 10.0% 5.0x 9.6% 7.8% 7.8% 187 206 176 175 184 $234 $215 $213 $190 $188 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Full MSR Price (bps) Full MSR Multipl
Slide 37: Unaudited GAAP Reconciliation of EAD
// A P P E N D I X Unaudited GAAP Reconciliation of EAD Management uses Earnings Available for Distribution, which is a non-GAAP financial measure to evaluate operating performance. Please see next slide for the definition of Earnings Available for Distribution and explanation of adjustments. ($000s
Slide 38: Reconciliation of Non-GAAP Financial Measures
// A P P E N D I X 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
Slide 39: Illustrative SOTP Valuation Detail
// A P P E N D I X Illustrative SOTP Valuation Detail*(1) Origination & Investment Asset Preferred Total Rithm $M, except per share data RTL CRE Corporate Servicing Portfolio Management Stock Book Value GAAP Segment Equity $5,405 $1,632 $1,020 $1,129 $1,279 ($1,845) ($1,633) $6,987 % of Total Equity
Slide 40: Illustrative SOTP Detail: Peer Analysis
// A P P E N D I X Illustrative SOTP Detail: Peer Analysis*(1)(2) MORTGAGE COMPANIES: NEWREZ RTL: GENESIS Market Market Company Ticker ROE P/BV P/E Company Ticker ROE P/BV P/E Cap Cap Rocket Cos RKT $33,243 3% 1.4x 19.2x Velocity Financial Inc VEL $601 16% 0.8x 5.6x PennyMac Financial PFSI $3,292 9%
Slide 41: Definitions & Endnotes
Definitions & Endnotes
Slide 42: Definitions & Abbreviations
// DE F I N I T I O N S & E N D N O T E S Definitions & Abbreviations DEFINITIONS ABBREVIATIONS AUM – Assets Under Management • 60+ DQ – Percentage of loans that are delinquent by 60 days or more AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide •
Slide 43: Endnotes
// DE F I N I T I O N S & E N D N O T E S Endnotes Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Represents “Stockholders’ Equity in Rithm Capital Corp.” on balance sheet. 2) Represents “To
Slide 44: Endnotes (Cont.)
// DE F I N I T I O N S & E N D N O T E S Endnotes (Cont.) Endnotes to Slide 7: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of September 30, 2026 unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views,
Slide 45: Endnotes (Cont.)
// DE F I N I T I O N S & E N D N O T E S Endnotes (Cont.) Endnotes to Slide 10: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Equal to FPAUM / AUM. See page 42 in the Appendix for definitions of FPAUM an
Slide 46: Endnotes (Cont.)
// DE F I N I T I O N S & E N D N O T E S Endnotes (Cont.) Endnotes to Slide 14: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried al
Slide 47: Endnotes (Cont.)
// DE F I N I T I O N S & E N D N O T E S Endnotes (Cont.) Endnotes to Slide 21: Source: Company SEC filings and current financial information. Financial and market data as September 30, 2026, unless otherwise noted. 1) Q3’26 annualized operating ROE and full year operating ROE are non-GAAP measures
Slide 48: Endnotes (Cont.)
// DE F I N I T I O N S & E N D N O T E S Endnotes (Cont.) Endnotes to Slide 24: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Refinance recapture rate represents (i) new loan amounts for all customers or