Rithm Capital Corporation

Rithm Capital closed out Q3 2025 with a clean beat on both the top and bottom lines, reporting non-GAAP earnings of $0.54 per diluted share against a consensus estimate of $0.52, a 3.85% beat, while revenue of $1.11 billion cleared analyst expectations of $1.07 billion by 3.46%. The headline numbers masked meaningful cross-currents beneath the surface; a $264.35 million negative MSR mark-to-market adjustment compressed net servicing revenue to $314.93 million, contributing to a 32.1% year-over-year revenue decline and a sequential dip from $1.22 billion last quarter. Offsetting that pressure, Newrez's origination engine gained momentum with $16.40 billion in funded volume and gain-on-sale revenue climbing to $196.31 million, while Genesis Capital posted $1.20 billion in transitional loan originations, up 60% year-over-year. The quarter was equally defined by strategic ambition, as Rithm announced agreements to acquire alternative asset manager Crestline Management and office REIT Paramount Group for roughly $1.60 billion in cash, both expected to close in Q4 2025, accelerating its evolution into a diversified asset management platform.