Rithm Capital Corporation
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.49%.
Did RITM Beat Earnings? Q4 2025 Results
Rithm Capital delivered a standout fourth quarter, posting non-GAAP earnings available for distribution of $0.74 per diluted share, beating the $0.57 consensus estimate by 28.87%, while revenue of $1.29 billion cleared expectations by 217.13% and climbed 18.4% year over year. The headline driver was a sharp surge in EAD to $418.90 million from $296.89 million in Q3, even as GAAP net income fell to $53.12 million due to a $421.81 million negative swing in MSR fair value changes net of hedges and $33.37 million in acquisition-related charges. Those December closings, Crestline Management adding roughly $18 billion in AUM and the Paramount Group real estate acquisition, pushed total investable assets past $100 billion and total assets to $53.07 billion, validating the company's pivot toward diversified alternative asset management. Shares rallied in premarket trading on the results. CEO Michael Nierenberg pointed to Rithm's scale across asset management, Newrez, and Genesis Capital, the latter posting a record $4.80 billion in full-year originations, as the foundation for continued expansion into 2026.
- Origination funded production volume of $18.8 billion in Q4, up 15% QoQ and 9% YoY
- Total servicing UPB reached $852 billion at year-end 2025, up 1% YoY
- Sculptor Capital grew to approximately $38 billion AUM with $5.8 billion gross fundraising inflows in 2025
- Genesis Capital record origination volume of $1.4 billion in Q4 and $4.8 billion for full year, up 33% YoY
- Record NQM securitizations: three securitizations totaling $1.5 billion in Q4 and eight totaling $4.0 billion for full year 2025
- Newrez generated 17% annualized operating ROE in Q4 and 20% operating ROE for full year 2025
- 19% EAD return on equity for the full year 2025
“2025 was a year of strategic progress for Rithm, marked by disciplined execution and consistent performance across every segment of our business. We delivered a 19% EAD return on equity for the full year and, through the targeted acquisitions of Crestline and Paramount Group, we continued to expand our diversified, alternative asset management platform, ending the year with over $100 billion in investable assets. At the same time, we deepened our value creation capabilities across real estate and credit, further strengthening our platform.”
Rithm Capital CEO, on the earnings call
Forward Guidance & Outlook
CEO Michael Nierenberg expressed confidence in Rithm's growth trajectory entering 2026, citing strategic investments across asset management, Newrez, Genesis, and the investment portfolio as providing a strong foundation. The company highlighted its scale, diversity, and proprietary insight as an owner-operator as distinctive advantages in the current market. The completion of acquisitions of Crestline and Paramount Group in December 2025, bringing total investable assets over $100 billion, positions the company for continued expansion of its diversified alternative asset management platform.
RITM YoY Financials
RITM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.