Rithm Capital Corp.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
RITM$9.23-2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001556593-26-000023
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001556593-26-000029
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 373 previous paragraphs and 356 current paragraphs.
235 unchanged; 99 reworded; 20 added; 39 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 51 previous and 52 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
A policy development affecting certain housing-related sectors was also resolved during the quarter. The 21st Century ROAD to Housing Act, which restricts large institutional investors from purchasing existing single-family homes, was enacted into law on July 11, 2026. The final legislation removed the seven-year forced-disposition requirement for build-to-rent properties that had been included in earlier drafts and instead provides an unconditional exception for build-to-rent and other newly constructed rental programs.
Current report
The U.S. CRE market moved through the second quarter of 2026 with improving fundamentals in several sectors, even as the interest rate backdrop grew more uncertain. Following the change in Federal Reserve leadership, the Federal Open Market Committee shifted from signaling further rate cuts to a notably more hawkish posture, and recent commentary from officials, combined with inflation running above target, has introduced the possibility of a rate increase later this year—a reversal from the cutting-cycle expectations that prevailed as recently as the first quarter; however, in its July meeting, the Federal Reserve continued to maintain the current target range. Longer-term rates moved higher as geopolitical developments affecting energy prices added further inflation risk. Despite this, capital has continued to flow into the sector, with underwriting simply reflecting a more disciplined, higher-for-longer rate environment rather than a retreat from CRE broadly.
Current report
Servicing revenue, net was $221.8 million for the three months ended June 30, 2026, a decrease of $153.3 million, compared to $375.1 million for the three months ended March 31, 2026. The decrease was primarily attributable to approximately $186.2 million of lower hedged MSR mark-to-market, due to steadying of interest rates and prepayment speeds. Servicing fee revenue, net and fees increased approximately $35.3 million driven by higher servicing fees collected during the three months ended June 30, 2026.
Current report
Gain on originated residential mortgage loans, HFS, net was$207.0 million for the three months ended June 30, 2026, a decrease of $1.2 million, compared to $208.3 million for the three months ended March 31, 2026. The decrease was primarily attributable to a reduction in pull through adjusted lock volume, partially offset by improved gain on sale margins in the Direct to Consumer and Correspondent channels.
Current report
The following table presents the composition of asset management revenue:
Current report
Asset management revenue was $142.2 million for the three months ended June 30, 2026, an increase of $35.6 million, compared to $106.6 million for the three months ended March 31, 2026. The increase was primarily attributable to a $36.1 million increase in incentive fees, driven by crystallization events and investment realizations from Sculptor managed funds. Management fees were generally consistent quarter-over-quarter, reflecting stable fee earning AUM.
Current report
Commercial Real Estate Revenue
Current report
Commercial real estate revenue was $182.1 million for the three months ended June 30, 2026, comparable to $178.3 million for the three months ended March 31, 2026, reflecting no significant changes to the underlying leasing portfolio.
Current report
Commercial real estate revenue was $360.4 million for the six months ended June 30, 2026, compared to none for the six months ended June 30, 2025, reflecting the acquisition of Elecor in December 2025.
Current report
Other Residential-Related Revenue
Current report
Other residential-related revenue was $54.6 million for the three months ended June 30, 2026, comparable to $54.7 million for the three months ended March 31, 2026, reflecting no significant changes to our Guardian and SFR portfolios.
Current report
Other residential-related revenue was $109.2 million for the six months ended June 30, 2026, comparable to $109.7 million for the six months ended June 30, 2025, reflecting no significant changes to our Guardian and SFR portfolios.
Current report
General, administrative and operating expenses were $307.3 million for the three months ended June 30, 2026, a decrease of $9.3 million, compared to $316.6 million for the three months ended March 31, 2026. The decrease was primarily attributable to (i) lower legal and professional fees and (ii) lower subservicing costs, driven by the transfer of certain MSRs to in-house servicing during the second quarter of 2026, partially offset by (iii) higher securitization fees.
Current report
General, administrative and operating expenses were $624.0 million for the six months ended June 30, 2026, an increase of $195.2 million, compared to $428.8 million for the six months ended June 30, 2025. The increase was primarily attributable to (i) a $151.8 million increase in property and maintenance expense, driven by the acquisition of Elecor in December 2025, (ii) a $10.7 million increase driven by acquisition of Crestline in December 2025, and (iii) increases in other expense categories including legal and professional fees and information technology. The increase was partially offset by lower subservicing costs driven by the transfer of certain MSRs to in-house servicing during the six months ended June 30, 2026 and lower loan servicing costs attributable to servicing platform enhancement and automation.
Current report
Compensation and benefits expenses were $410.5 million for the three months ended June 30, 2026, an increase of $32.1 million, compared to $378.4 million for the three months ended March 31, 2026. The increase was primarily due to (i) increased amortization related to restricted stock unit grants issued in March 2026 and (ii) higher commissions in Origination and Servicing and Residential Transitional Lending during the three months ended June 30, 2026.
Current report
Depreciation and amortization expense was $93.5 million for the three months ended June 30, 2026, comparable to $92.6 million for the three months ended March 31, 2026, reflecting no significant additions or dispositions to the underlying asset base quarter-over-quarter.
Current report
Depreciation and amortization expense was $186.2 million for the six months ended June 30, 2026, an increase of $137.8 million, compared to $48.4 million for the six months ended June 30, 2025. The increase was driven by six months of expense incurred by Elecor and Crestline, both acquired in December 2025, which added real estate and lease-related depreciable assets and other intangible assets to the consolidated balance sheet.
Current report
Other income, net was $80.1 million for the three months ended June 30, 2026, an increase of $72.8 million, compared to $7.2 million for the three months ended March 31, 2026. The increase was primarily attributable to a change from net losses to net gains on real estate and other securities during the three months ended June 30, 2026 driven by changes in interest rates, as well as losses on early extinguishment of debt that occurred during the three months ended March 31, 2026 and did not recur in the current period.
Current report
The increase in other gains reflects higher gains on preferred stock from certain equity method investments and gains from the securitization of certain consumer loans during the three months ended June 30, 2026, partially offset by fair value adjustments on RTLs and consumer loans.
Current report
Other income, net was $87.3 million for the six months ended June 30, 2026, an increase of $43.1 million, compared to $44.3 million for the six months ended June 30, 2025. The increase was primarily attributable to (i) gains on derivative and hedging instruments during the six months ended June 30, 2026, and (ii) higher gains on public equities and lower losses related to the consumer loan portfolio, partially offset by (iii) losses on real estate and other securities, driven by an increase in the 10-year U.S. Treasury rate year-over-year, (iv) losses on residential mortgage loans and REO and (v) losses on notes and bonds payable, primarily due to the early extinguishment of debt. The increase also reflects higher gains on equity method investments of Elecor, which was acquired in December 2025.
Removed paragraphs (39)
Previous report
Policy developments also contributed to uncertainty in certain housing-related sectors. The Senate’s 21st Century ROAD to Housing Act includes provisions that, if enacted, would require certain large institutional investors to sell newly constructed build-to-rent properties to individual homebuyers within seven years, which could impact construction activity and investment in the build-to-rent sector.
Previous report
The U.S. CRE market entered 2026 in a more functional (if still bifurcated) state than in prior periods. Price discovery has continued to advance as the refinancing cycle drives transactions, recapitalizations and extensions—tightening bid-ask spreads in certain property types even as stress remains concentrated in assets with structural demand impairment or near-term capital needs. While the Federal Reserve maintained its policy rate (3.50–3.75%) during the first quarter of 2026, many CRE participants continue to operate with higher-for-longer financing discipline: lower leverage, wider debt yields and a sharper penalty for cash-flow volatility.
Previous report
Equity markets have also remained selectively actionable in early 2026 as valuations have continued to stabilize and underwriting confidence has improved relative to prior periods. While capitalization rates remain elevated relative to the prior cycle, the combination of maturing debt, reduced rate volatility and selective improvements in fundamentals continues to support pathways for equity deployment—particularly in situations where basis resets, discounted entry points or recapitalization structures create a margin of safety. That said, equity outcomes remain highly dispersed and increasingly driven by asset quality, sponsorship strength and the ability to execute business plans in a higher-cost operating and capital environment.
Previous report
Market Conditions & Sector Performance
Previous report
Industrial & Retail: Industrial fundamentals remain generally stable but more normalized. Leasing and rent growth continue to be supported where demand is tied to logistics, manufacturing re-shoring and supply-chain resilience, while new development remains constrained by capital costs—supporting medium-term balance. Retail continues to demonstrate relatively durable fundamentals: necessity-based and well-located centers benefit from limited new supply and improved tenant health, while discretionary formats remain more sensitive to consumer trade-down and occupancy cost pressures. Broadly, investor attention continues to skew toward “bond-like” retail cash flows and infill industrial assets with long-duration demand support, with equity investors increasingly focused on assets that can sustain distributions and deliver predictable cash flows in a higher-rate environment.
Previous report
Multifamily: Multifamily remains supported by affordability constraints and household formation, though performance continues to vary by market and vintage. Supply deliveries in select Sun Belt and high-growth markets continue to pressure rent growth and concessions, while insurance, taxes and operating expenses remain key drivers of net operating income variability. The market continues to emphasize operating performance—durable occupancy and expense control remain primary underwriting considerations—and equity investors are placing continued emphasis on in-place cash flow and operational execution, particularly in markets where supply-driven pressure may persist through 2026.
Previous report
Office: Office continues to reflect significant divergence across assets. Trophy and well-amenitized properties in strong locations with high-quality tenancy remain comparatively more financeable, while commodity assets continue to face elevated vacancy, lease rollover risk and constrained refinancing options. Distress continues to work through the system, with outcomes increasingly dependent on asset quality, capital structure and tenant composition. Performance remains highly market-specific, with certain gateway markets—including New York City and San Francisco—demonstrating relatively stronger leasing and liquidity dynamics. Equity capital, where it participates, remains concentrated in recapitalizations, repositionings and select discounted acquisitions where new basis and capital structure resets can improve long-term viability.
Previous report
Capital Markets & Investment Trends
Previous report
Credit remains available but selective and structurally different than the pre-2022 market. Banks continue to demonstrate caution in new origination, particularly for office and transitional business plans, contributing to an ongoing funding gap for refinancing and recapitalization capital. At the same time, securitized and institutional capital sources remain active where collateral and sponsorship meet current underwriting standards. Private-label commercial mortgage-backed securities (“CMBS”) issuance has remained active in early 2026, reflecting continued demand for stabilized, high-quality collateral, even as stress persists in certain property types and legacy loan vintages.
Previous report
Equity capital markets remain selectively open but return-driven and more disciplined than in the prior cycle. Public and private market valuation gaps have continued to narrow modestly as capitalization rates have stabilized and forward rate expectations have improved, though transaction activity remains influenced by constrained seller willingness and elevated required returns. Limited partner liquidity needs, fund lifecycle dynamics and debt maturities continue to catalyze recapitalizations and secondary activity, supporting a pipeline of equity opportunities across preferred equity, structured joint ventures and control acquisitions.
Previous report
The current phase of the cycle continues to be defined by maturities and refinancing dynamics. A substantial volume of commercial mortgages remains scheduled to mature in 2026 and beyond, reinforcing the market’s focus on extensions, paydowns and creative capital solutions, including preferred equity, mezzanine financing, rescue capital and structured senior loans. In this environment, transaction activity continues to be driven largely by liability management—recapitalizations and refinancings—rather than discretionary investment sales, and equity investment opportunities remain increasingly linked to capital structure complexity rather than traditional stabilized acquisitions.
Previous report
Outlook
Previous report
We expect 2026 to continue to reflect a period of normalization in the CRE market, with outcomes increasingly differentiated by asset quality, sector fundamentals and capital structure. The gap between short-term and long-term Treasury rates narrowed from about 0.71% at year-end to about 0.50% by mid-April due to investors expecting fewer future rate cuts, especially as higher energy prices brought inflation concerns back into focus. The most likely path remains (i) gradually improving liquidity for “financeable” assets, (ii) continued pressure and resolution activity in structurally challenged segments and (iii) sustained dispersion in performance across property types and markets. While capital markets activity, including CMBS issuance, has remained active, delinquency trends and refinancing activity continue to indicate elevated levels of stress in certain segments, and overall market recovery is expected to remain uneven.
Previous report
For Rithm Capital, we believe this environment remains constructive because the market continues to produce both structured-credit and equity opportunities with attractive risk-adjusted return potential. Dislocation and refinancing-driven activity should continue to create entry points across the capital stack—particularly where traditional lenders remain constrained and where sponsors require speed, certainty and flexibility. The flatter curve does compress net interest margins for leveraged strategies that borrow short and lend long, placing a premium on credit selection and structural protections over duration positioning—a dynamic that favors the Company’s flexible, multi-strategy approach over spread-dependent book-value strategies. 2026 should continue to present attractive opportunities to provide liquidity against real estate with durable cash flows, while selectively pursuing equity and hybrid situations where basis resets, improved documentation terms and capital structure simplification can enhance downside protection and long-term total returns. However, the Company’s ability to execute on these opportunities remains subject to market conditions, borrower performance, interest rate volatility and broader economic factors.
Previous report
(A) Represents activity from December 19, 2025, the Elecor acquisition date, through December 31, 2025.
Previous report
Servicing revenue, net was $375.1 million for the three months ended March 31, 2026, an increase of $226.8 million, compared to $148.3 million for the three months ended December 31, 2025. The increase was primarily attributable to slower prepayment speeds, resulting in $21.1 million less realization of cash flows, and a $196.5 million increase in hedged MSR mark-to-market driven by lower discount rates and delinquency rates. Servicing fee revenue, net and fees increased $9.2 million, primarily driven by lower interest shortfall and higher subservicing revenue quarter-over-quarter.
Previous report
Weighted average mortgage servicing revenue remained comparable quarter-over-quarter at approximately 35 bps.
Previous report
Weighted average mortgage servicing revenue remained comparable year-over-year at approximately 35 bps.
Previous report
Gain on originated residential mortgage loans, HFS, net was$208.3 million for the three months ended March 31, 2026, an increase of $4.5 million, compared to $203.7 million for the three months ended December 31, 2025. The increase was primarily attributable to gains from mortgage loan origination derivatives partially offset by narrower gain on sale margins and reduction in pull through adjusted lock volume.
Previous report
Asset management revenue was $106.6 million for the three months ended March 31, 2026, a decrease of $252.9 million, compared to $359.5 million for the three months ended December 31, 2025. The decrease was primarily attributable to incentive income crystallizations and recognition in the fourth quarter. Management fees increased quarter-over-quarter attributable to a full quarter of earnings from Crestline acquired in December 2025.
Previous report
Rental Revenue
Previous report
Rental revenue was $191.7 million for the three months ended March 31, 2026, an increase of $145.5 million, compared to $46.2 million for the three months ended December 31, 2025. The increase was driven by a full quarter of earnings from Elecor, which was acquired in December 2025. Elecor generated $171.2 million of the total rental revenue earned in the first quarter of 2026, with the remainder earned from our SFR business.
Previous report
Rental revenue was $191.7 million for the three months ended March 31, 2026, an increase of $172.3 million, compared to $19.4 million for the three months ended March 31, 2025. The increase was driven by a full quarter of earnings from Elecor, which was acquired in December 2025. Elecor generated $171.2 million of the total rental revenue earned in the first quarter of 2026, with the remainder earned from our SFR business.
Previous report
Other Revenue
Previous report
Other revenue was $36.8 million for the three months ended March 31, 2026, an increase of $4.5 million, compared to $32.3 million for the three months ended December 31, 2025. The increase was driven by a full quarter of earnings from Elecor, which was acquired in December 2025.
Previous report
Other revenue was $36.8 million for the three months ended March 31, 2026, an increase of $5.4 million, compared to $31.4 million for the three months ended March 31, 2025. The increase was driven by a full quarter of earnings from Elecor, which was acquired in December 2025.
Previous report
General, administrative and operating expenses were $336.0 million for the three months ended March 31, 2026, an increase of $74.6 million, compared to $261.4 million for the three months ended December 31, 2025. The increase was primarily attributable a full quarter of expenses incurred by Elecor and Crestline, driving majority of the $67.8 million increase in Elecor property and maintenance expense. The increase was partially offset by lower legal expenses following the close of these acquisitions. Additionally, there were higher loan servicing expenses from an increase in Non-QM securitizations during the three months ended March 31, 2026.
Previous report
General, administrative and operating expenses were $336.0 million for the three months ended March 31, 2026, an increase of $123.0 million, compared to $213.0 million for the three months ended March 31, 2025. The increase was primarily attributable to expenses incurred by Elecor and Crestline, which were both acquired in December 2025, driving majority of the $78.8 million increase in property and maintenance expense.
Previous report
Compensation and benefits expenses were $378.4 million for the three months ended March 31, 2026, a decrease of $75.5 million, compared to $453.9 million for the three months ended December 31, 2025. The decrease was primarily due to the timing of bonus accruals in the fourth quarter of 2025 linked to fund performance.
Previous report
Depreciation and amortization expense was $92.6 million for the three months ended March 31, 2026, an increase of $56.7 million, compared to $36.0 million for the three months ended December 31, 2025. The increase was driven by a full quarter of expense incurred by Elecor and Crestline, which were both acquired in December 2025, adding CRE and lease and other intangibles to the consolidated portfolio.
Previous report
Depreciation and amortization expense was $92.6 million for the three months ended March 31, 2026, an increase of $68.1 million, compared to $24.6 million for the three months ended March 31, 2025. The increase was driven by a full quarter of expense incurred by Elecor and Crestline, which were both acquired in December 2025, adding CRE and lease and other intangibles to the consolidated portfolio.
Previous report
Other income, net was $11.7 million for the three months ended March 31, 2026, a decrease of $78.0 million, compared to $89.7 million for the three months ended December 31, 2025.
Previous report
The decrease was primarily attributable to realized and unrealized losses on real estate and other securities, as well as losses related to REO and notes and bonds payable. Losses on real estate and other securities were driven by increases in the 10-year Treasury rate, while changes in notes and bonds payable were primarily due to the early extinguishment of debt.
Previous report
The decrease in other gains reflects lower gains on preferred stock from certain equity method investments and residential transition loans, along with increased losses on consumer loans.
Previous report
The decrease in other income, net was primarily attributable to a non-recurring loan recovery in the three months ended December 31, 2025, which was partially offset by increases in pickup from equity method investments.
Previous report
Other income, net was $11.7 million for the three months ended March 31, 2026, an increase of $3.8 million, compared to $7.9 million for the three months ended March 31, 2025.
Previous report
The increase was primarily attributable to realized and unrealized gains related to derivative and hedging instruments and other gains, partially offset by losses on real estate and other securities and notes and bonds payable. Other gains was primarily attributable to lower losses related to the consumer loan portfolio.
Previous report
Losses on real estate and other securities were driven by increases in the 10-year Treasury rate, while changes in notes and bonds payable were primarily due to the early extinguishment of debt.
Previous report
The increase in other income, net was primarily attributable to higher gains on equity method investments and rental revenue associated with Elecor, which was acquired in December 2025.
Reworded paragraphs (99)
Previous wording
We seek to generate long-term value for our investors by leveraging our investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. We operate an integrated platform, spanning asset-based finance, residential and commercial real estate lending, commercial real estate ownership and investment, MSRs, and structured credit, that combines operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets. Headquartered in New York City, Rithm Capital has a global presence with offices in London, Hong Kong, Tokyo, Toronto and Abu Dhabi.
Current wording
We seek to generate long-term value for our investors by leveraging our investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. We operate an integrated platform, spanning asset-based finance, residential and CRE lending, CRE ownership and investment, MSRs and structured credit, that combines operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets. Headquartered in New York City, Rithm Capital has a global presence with offices in London, Hong Kong, Tokyo, Toronto and Abu Dhabi.
Previous wording
We conduct our business through the following segments: (i) Origination and Servicing, (ii) Residential Transitional Lending, (iii) Asset Management, (iv) Investment Portfolio and (v) Commercial Real Estate. During the first quarter of 2026, the Company revised the composition of its reportable segments to include a new Commercial Real Estate segment, and prior-period segment information has been recast to conform to the current-period presentation.
Current wording
As of June 30, 2026, we conducted our business through the following segments: (i) Origination and Servicing, (ii) Residential Transitional Lending, (iii) Asset Management, (iv) Investment Portfolio and (v) Commercial Real Estate. During the first quarter of 2026, the Company revised the composition of its reportable segments to include a new Commercial Real Estate segment, and prior-period segment information has been recast to conform to the current-period presentation.
Previous wording
Newrez sells substantially all of the mortgage loans it originates into the secondary market. Newrez securitizes loans into RMBS through the Agencies. Loans that do not conform to the guidelines of the Agencies, the Federal Housing Administration (“FHA”), the U.S. Department of Agriculture or the Department of Veterans Affairs (for loans securitized with Ginnie Mae) are sold to private investors and mortgage conduits. Newrez generally retains the right to service the underlying residential mortgage loans sold and/or securitized by Newrez. NRM and Newrez are required to conduct aspects of their operations in accordance with applicable policies and guidelines of such Agencies. In addition, to origination and servicing activities, this segment includes operations conducted through wholly owned subsidiaries that provide mortgage- and real estate-related services, including Guardian Asset Management (“Guardian”), a provider of field services and property management services, eStreet Appraisal Management LLC (“eStreet”), a provider of appraisal services, and Avenue 365 Lender Services, LLC (“Avenue 365”), a provider of title and settlement services.
Current wording
Newrez sells substantially all of the mortgage loans it originates into the secondary market. Newrez securitizes loans into RMBS through the Agencies. Loans that do not conform to the guidelines of the Agencies, the Federal Housing Administration (“FHA”), the U.S. Department of Agriculture (the “USDA”) or the Department of Veterans Affairs (the “VA”) (for Ginnie Mae mortgage-backed securitizations) are sold to private investors and mortgage conduits. Newrez generally retains the right to service the underlying residential mortgage loans sold and/or securitized by Newrez. NRM and Newrez are required to conduct aspects of their operations in accordance with applicable policies and guidelines of such Agencies. In addition, to origination and servicing activities, this segment includes operations conducted through wholly owned subsidiaries that provide mortgage- and real estate-related services, including Guardian Asset Management (“Guardian”), a provider of field services and property management services, eStreet Appraisal Management LLC (“eStreet”), a provider of appraisal services, and Avenue 365 Lender Services, LLC (“Avenue 365”), a provider of title and settlement services.
Previous wording
Our Residential Transitional Lending segment primarily operates through our wholly owned subsidiary, Genesis, a residential transitional lender. Genesis originates and manages a portfolio of short-term, business-purpose mortgage loans used by experienced developers of and investors in residential real estate, including multifamily residential properties, to finance transitional projects, including construction, renovation and bridge financings.
Current wording
Our Residential Transitional Lending segment primarily operates through our wholly owned subsidiary, Genesis, a residential transitional lender and servicer. Genesis originates and manages a portfolio of short-term, business-purpose mortgage loans used by experienced developers of and investors in residential real estate, including multifamily residential properties, to finance transitional projects, including construction, renovation and bridge financings.
Previous wording
Our Asset Management segment conducts its activities primarily through RAM and its wholly owned subsidiaries, including Sculptor, Crestline and Rithm Capital Advisors LLC (“RCA”). RCM GA Manager LLC (“RCM Manager” and, together with
Current wording
Our Asset Management segment conducts its activities primarily through Rithm Asset Management LLC (“RAM”) and its wholly owned subsidiaries, including Sculptor Capital Management, Inc. (“Sculptor”), Crestline and Rithm Capital Advisors
Previous wording
RCA, the “Rithm Advisers”) manages Rithm Property Trust and R-HOME pursuant to management and/or advisory agreements. Through Sculptor, Crestline and the Rithm Advisers, we provide asset management services and investment products through commingled funds, separate accounts and other alternative investment vehicles, generating primarily fee-based revenues. As of March 31, 2026, we had approximately $59 billion in AUM.
Current wording
LLC (“RCA”). RCM GA Manager LLC (“RCM Manager” and, together with RCA, the “Rithm Advisers”) manages Rithm Property Trust and R-HOME pursuant to management and/or advisory agreements. Through Sculptor, Crestline and the Rithm Advisers, we provide asset management services and investment products through commingled funds, separate accounts and other alternative investment vehicles, generating primarily fee-based revenues. As of June 30, 2026, we had approximately $61 billion in assets under management (“AUM”).
Previous wording
Our Commercial Real Estate segment includes the ownership, operation and management of a portfolio of CRE assets, primarily Class A office properties located in New York City and San Francisco. The segment reflects our expansion into CRE equity ownership and operations, including the acquisition of Elecor in December 2025. We manage these assets as part of our broader CRE platform, generating revenues primarily from rental revenue and other property-related revenues. In April 2026, the Company announced the rebranding of the Paramount Group platform to Elecor Properties.
Current wording
Our Commercial Real Estate segment includes the ownership, operation and management of a portfolio of CRE assets, primarily Class A office properties located in New York City and San Francisco. This segment reflects our expansion into CRE equity ownership and operations, including the acquisition of Elecor in December 2025. We manage these assets as part of our broader CRE platform, generating revenues primarily from rental revenue and other property-related revenues. In April 2026, the Company announced the rebranding of the Paramount Group platform to Elecor Properties.
Previous wording
During the first quarter of 2026, macroeconomic conditions reflected a combination of stable underlying inflation, modest improvement in labor market conditions and increased volatility in energy prices and interest rates, including uncertainty resulting from the conflict with Iran that began at the end of February 2026. The Federal Reserve maintained the federal funds target range at 3.50%–3.75% during its January and March 2026 meetings following rate cuts in late 2025.
Current wording
During the second quarter of 2026, macroeconomic conditions reflected persistent inflation, an easing in labor force participation and continued volatility in energy prices and interest rates amid the ongoing conflict with Iran. The Federal Reserve maintained the federal funds target range at 3.50%–3.75% during its April and June 2026 meetings, with the June meeting marking the first under new Federal Reserve Chair Kevin Warsh, whose accompanying Summary of Economic Projections signaled a more hawkish policy stance and the potential for a rate increase later in 2026, a reversal from the cutting-cycle expectations that had prevailed as recently as the first quarter; however, in its July meeting, the Federal Reserve continued to maintain the current target range.
Previous wording
Headline inflation increased during the quarter, primarily reflecting higher energy prices, as West Texas Intermediate crude oil prices increased 76.6% during the quarter following the outbreak of the conflict with Iran, while measures of core inflation remained stable. The unemployment rate declined modestly from 4.4% in December 2025 to 4.3% in March 2026, indicating continued stabilization in labor market conditions.
Current wording
Headline inflation increased further during the quarter, primarily reflecting higher energy prices, even as West Texas Intermediate crude oil prices, which had been up as much as 101% following the outbreak of the conflict with Iran, eased to a gain of approximately 70% by the end of the second quarter as ceasefire efforts progressed, though that truce showed signs of strain by quarter-end. Core inflation measures were roughly stable. The unemployment rate declined modestly from 4.3% in March 2026 to 4.2% in June 2026, though the improvement was driven in part by a decline in labor force participation.
Previous wording
Market interest rates increased during the quarter, with the 10-year Treasury yield rising 15 basis points to 4.32%, while market expectations for rate cuts in 2026 declined significantly. Equity markets experienced volatility during the quarter, with the S&P 500 declining 4.6% before partially recovering in April 2026.
Current wording
Market interest rates increased further during the quarter, with the 10-year Treasury yield rising 14 basis points to 4.44%, while market expectations shifted to reflect the possibility of a rate increase later in 2026. Equity markets rallied during the quarter, with the S&P 500 gaining 14.9% and recovering from the prior quarter's decline, driven substantially by technology and AI-related strength.
Previous wording
Inflation increased during the first quarter of 2026, primarily reflecting higher energy prices following the outbreak of the conflict with Iran. Consumer Price Index (“CPI”) inflation rose from 2.7% in December 2025 to 3.3% in March 2026, driven in part by an increase in energy prices from 2.1% in December 2025 to 12.6% in March 2026 on a year-over-year basis.
Current wording
Inflation increased further during the second quarter of 2026, primarily reflecting higher energy prices amid the ongoing conflict with Iran. Consumer Price Index (“CPI”) inflation rose from 3.3% in March 2026 to 3.5% in June 2026, driven in part by an increase in energy prices from 12.5% in March 2026 to 15.7% in June 2026 on a year-over-year basis.
Previous wording
Core CPI, which excludes food and energy, remained stable at 2.6%; however, the Federal Reserve’s preferred measure of underlying inflation, core Personal Consumption Expenditures, increased from 3.0% in December 2025 to 3.2% in March 2026. Other inflation indicators showed modest increases, with producer price inflation rising to 4.0% in March 2026 from 3.2% in December 2025, and import prices increasing 2.1% over the 12 months ended March 31, 2026 after being flat in December 2025.
Current wording
Core CPI, which excludes food and energy, remained essentially flat at 2.6% in June 2026. Core Personal Consumption Expenditures, the Federal Reserve’s preferred measure of underlying inflation, increased 3.3% in June 2026 compared to the prior-year period. Other inflation indicators showed further increases, with producer price inflation rising to 5.5% in June 2026 from 4.3% in March 2026, and import prices increasing 7.1% over the 12 months ending June 30, 2026, compared to 2.3% over the 12 months ending March 31, 2026.
Previous wording
Treasury yields increased during the first quarter of 2026. The ten-year Treasury yield rose 15 basis points to 4.32% from 4.17% at the end of December 2025. Shorter-term yields increased more significantly, with the two-year Treasury yield rising 32 basis points to 3.79%. As a result, the yield curve flattened, with the spread between two-year and ten-year Treasury yields narrowing from 69 basis points to 52 basis points over the quarter. This shift reflects reduced market expectations for interest rate cuts in 2026.
Current wording
Treasury yields increased further during the second quarter of 2026. The 10-year Treasury yield rose 14 basis points to 4.44% from 4.30% at the end of March 2026. Shorter-term yields increased more significantly, with the 2-year Treasury yield rising 35 basis points to 4.14%. As a result, the yield curve flattened further, with the spread between 2-year and 10-year Treasury yields narrowing from 51 basis points to 30 basis points over the quarter. This shift reflects the more hawkish policy outlook communicated by the Federal Reserve following the change in its leadership.
Previous wording
Labor market conditions improved modestly during the first quarter of 2026. The unemployment rate declined by 0.1 percentage points from 4.4% in December 2025 to 4.3% in March 2026. Job growth strengthened during the quarter, with nonfarm payrolls increasing by an average of 68,000 per month, compared to an average monthly decline of 39,000 during the fourth quarter of 2025. Initial unemployment insurance claims also declined, averaging 212,000 per week during the first quarter of 2026, compared to 222,000 per week in the prior quarter.
Current wording
Labor market conditions continued to stabilize during the second quarter of 2026, though signals were mixed. The unemployment rate declined by 0.1 percentage points from 4.3% in March 2026 to 4.2% in June 2026, aided in part by a decline in labor force participation. Job growth accelerated during the quarter, with non-farm payrolls increasing by an average of 111,000 per month, compared to an average of 73,000 per month during the first quarter of 2026. However, initial unemployment insurance claims increased, averaging 222,000 per week during the second quarter of 2026, compared to 209,000 per week in the prior quarter.
Previous wording
Housing market activity softened during the first quarter of 2026, reflecting higher mortgage rates. Existing home sales declined to an annualized rate of 4.04 million, compared to 4.16 million in the fourth quarter of 2025. New home sales data remains limited due to publication delays, with January 2026 representing the most recent available data. Sales were approximately 587,000 at an annual rate, compared to an average of approximately 709,000 during the fourth quarter of 2025. Home price growth increased modestly, with the median resale price rising 1.4% year-over-year in March 2026, compared to 0.3% in December 2025. Mortgage rates increased during the quarter, with the 30-year fixed rate rising to 6.38% from 6.15% at year-end.
Current wording
Housing market activity was mixed during the second quarter of 2026. Existing home sales rose modestly to an annualized rate of 4.09 million, compared to 4.01 million in the first quarter of 2026, though sales remained rangebound amid still-elevated mortgage rates. New home sales declined to an annualized rate of approximately 628,000 in the second quarter of 2026, compared to approximately 659,000 in the first quarter of 2026. Home price growth increased modestly, with the median resale price rising 1.8% year-over-year in June 2026, compared to 1.5% in March 2026. Mortgage rates increased further during the quarter, with the 30-year fixed rate rising to 6.29% from 6.07% at the end of March 2026.
Previous wording
The following table summarizes the change in U.S. GDP estimates (annualized rate) according to the U.S. Bureau of Economic Analysis:
Current wording
The following table summarizes the change in U.S. gross domestic product (“GDP”) estimates (annualized rate) according to the U.S. Bureau of Economic Analysis:
Previous wording
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
Current wording
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
Previous wording
The Origination and Servicing segment is Rithm Capital’s largest business by assets, equity and earnings contribution. The segment operates through our wholly owned subsidiaries Newrez and NRM, through which, we originate and service residential mortgage loans across multiple distribution channels and product types. As of March 31, 2026, Newrez ranked among the top five lenders in the U.S. based on total funded volume of originations, according to Inside Mortgage Finance. As of December 31, 2025, the latest period for which servicing rankings are available, Newrez also ranked among the top five servicers in the U.S. based on total unpaid principal balance (“UPB”) serviced, according to Inside Mortgage Finance.
Current wording
The Origination and Servicing segment is Rithm Capital’s largest business by assets, equity and earnings contribution. The segment operates through our wholly owned subsidiaries Newrez and NRM, through which, we originate and service residential mortgage loans across multiple distribution channels and product types. As of March 31, 2026, the latest period for which servicing rankings are available, Newrez ranked among the top five lenders in the U.S. based on total funded volume of originations and the top five servicers in the U.S. based on total unpaid principal balance (“UPB”) serviced, according to Inside Mortgage Finance.
Previous wording
We sell conforming loans to the Agencies and securitize Non-QM residential mortgage loans. Loans are typically funded at origination using warehouse financing facilities, which are repaid upon loan sale or securitization.
Current wording
We sell conforming loans to the Agencies and securitize non-qualified residential mortgage (“Non-QM”) loans. Loans are typically funded at origination using warehouse financing facilities, which are repaid upon loan sale or securitization.
Previous wording
Our loan offerings include residential mortgage loans that conform to the underwriting standards of the GSEs and Ginnie Mae, government-insured residential mortgage loans insured by the FHA, the VA and the USDA, non-qualified residential mortgage (“Non-QM”) loans originated through our SMART Loan Series and certain non-Agency loan products. Our Non-QM loan offerings are designed for borrowers who do not meet the underwriting criteria applicable to Agency loans but satisfy our credit and risk standards. We also originate closed-end second lien home equity loans for existing customers, which allow borrowers to access home equity without refinancing their existing first-lien mortgage.
Current wording
Our loan offerings include residential mortgage loans that conform to the underwriting standards of the GSEs and Ginnie Mae, government-insured residential mortgage loans insured by the FHA, the VA and the USDA, Non-QM loans originated through our SMART Loan Series and certain non-Agency loan products. Our Non-QM loan offerings are designed for borrowers who do not meet the underwriting criteria applicable to Agency loans but satisfy our credit and risk standards. We also originate closed-end second lien home equity loans for existing customers, which allow borrowers to access home equity without refinancing their existing first-lien mortgage.
Previous wording
Our origination platform funded approximately $15.5 billion and $18.8 billion of residential mortgage loans during the three months ended March 31, 2026 and December 31, 2025, respectively, and $15.5 billion and $11.8 billion during the three months ended March 31, 2026 and 2025, respectively. The table below provides selected operating statistics by channel and product for our Origination and Servicing segment:
Current wording
Our origination platform funded approximately $15.9 billion and $15.5 billion of residential mortgage loans during the three months ended June 30, 2026 and March 31, 2026, respectively, and $31.4 billion and $28.1 billion during the six months ended June 30, 2026 and 2025, respectively. The table below provides selected operating statistics by channel and product for our Origination and Servicing segment:
Previous wording
As of March 31, 2026, our performing servicing division serviced approximately $529.7 billion UPB of loans, our special servicing division serviced approximately $269.6 billion UPB of loans and third-party servicers serviced approximately $51.1 billion UPB of loans, for a total servicing portfolio of approximately $850.4 billion UPB. This represented a decrease of approximately $1.4 billion as compared to December 31, 2025, primarily reflecting scheduled and voluntary loan prepayments, partially offset by new client acquisitions and loan production activity, and an increase of $5.5 billion as compared to March 31, 2025, primarily driven by new client acquisitions and loan production activity, partially offset by loan paydowns.
Current wording
As of June 30, 2026, our performing servicing division serviced approximately $551.2 billion UPB of loans, our special servicing division serviced approximately $285.2 billion UPB of loans and third-party servicers serviced approximately $28.8 billion UPB of loans, for a total servicing portfolio of approximately $865.2 billion UPB. This represented an increase of approximately $14.8 billion as compared to March 31, 2026, primarily reflecting new client acquisitions and loan production activity, partially offset by scheduled and voluntary loan prepayments, and an increase of $1.0 billion as compared to June 30, 2025, primarily driven by new client acquisitions and loan production activity, partially offset by loan paydowns.
Previous wording
As of March 31, 2026, Newrez serviced approximately 3.7 million customers. The aggregate UPB of loans serviced by Newrez was approximately $799.3 billion, $797.6 billion and $786.6 billion as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
Current wording
As of June 30, 2026, Newrez serviced approximately 4.0 million customers. The aggregate UPB of loans serviced by Newrez was approximately $836.4 billion, $799.3 billion and $807.3 billion as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.
Previous wording
As of March 31, 2026, approximately 91.4% of the UPB of residential mortgage loans underlying our owned MSRs was serviced by Newrez. In addition to MSRs serviced by Newrez, we engage third-party subservicers, including PHH and Valon, to perform servicing activities with respect to a portion of the residential mortgage loans underlying our MSRs and MSR financing receivables. As of March 31, 2026, loans serviced by these third-party subservicers had an aggregate UPB of approximately $51.1 billion, representing approximately 8.6% of our total servicing portfolio.
Current wording
As of June 30, 2026, approximately 95.2% of the UPB of residential mortgage loans underlying our owned MSRs was serviced by Newrez. In addition to MSRs serviced by Newrez, we engage third-party subservicers, including PHH and Valon, to perform servicing activities with respect to a portion of the residential mortgage loans underlying our MSRs and MSR financing receivables. As of June 30, 2026, loans serviced by these third-party subservicers had an aggregate UPB of approximately $28.8 billion, representing approximately 4.8% of our total servicing portfolio.
Previous wording
(A)Includes GSE and non-Agency MSRs of $21.0 billion and $30.1 billion underlying UPB, respectively, serviced by third-party subservicers.
Current wording
(A)Includes GSE and non-Agency MSRs of $20.5 billion and $8.3 billion underlying UPB, respectively, serviced by third-party subservicers.
Previous wording
(A)Includes GSE and non-Agency MSRs of $21.0 billion and $30.1 billion underlying UPB, respectively, serviced by third-party subservicers.
Current wording
(A)Includes GSE and non-Agency MSRs of $20.5 billion and $8.3 billion underlying UPB, respectively, serviced by third-party subservicers.
Previous wording
The following table summarizes our Agency RMBS and U.S. Treasury securities portfolio as of and for the three months ended March 31, 2026 (dollars in thousands):
Current wording
The following table summarizes our Agency RMBS and U.S. Treasury securities portfolio as of and for the six months ended June 30, 2026 (dollars in thousands):
Previous wording
(A)Agency RMBS are held at fair value under the fair value option election. Treasury securities include $25.0 million of short-term Treasury bills held-to-maturity at amortized cost.
Current wording
(A)Agency RMBS are held at fair value under the fair value option election. Treasury securities include $24.9 million of short-term Treasury bills held-to-maturity at amortized cost.
Previous wording
The Residential Transitional Lending segment operates through Genesis, a wholly owned Rithm subsidiary that originates and manages short-term, business-purpose mortgage loans secured by residential real estate. Genesis is the second-largest U.S. residential transitional lender based on management's estimates of total origination volume.
Current wording
The Residential Transitional Lending segment operates through Genesis, a wholly owned Rithm subsidiary that originates and manages short-term, business-purpose mortgage loans secured by residential and multifamily real estate. Genesis is the second-largest U.S. residential transitional lender based on market data and management's estimates of total origination volume.
Previous wording
Collateral and underwriting. The loans are generally secured by a mortgage or first deed of trust on the underlying real estate. Commitment sizing is determined under our lending policies and is typically based on (i) loan-to-cost (“LTC”) or loan-to-after- repair value (“LTARV”) for construction and renovation loans and (ii) loan-to-value (“LTV”) for bridge loans. LTC and LTARV are generally calculated as the total commitment at origination divided by the total estimated project cost or the value of the property after completion of renovations, as applicable. LTV is generally calculated as the total commitment at origination divided by the “as-complete” appraisal. At origination, we typically fund a portion of the commitment at closing and hold back the remaining amount for future draws, subject to inspections, progress reporting and other conditions in the loan documents. These ratios do not reflect interim activity such as construction draws, interest capitalization or partial repayments.
Current wording
LTARV are generally calculated as the total commitment at origination divided by the total estimated project cost or the value of the property after completion of renovations, as applicable. LTV is generally calculated as the total commitment at origination divided by the “as-complete” appraisal. At origination, we typically fund a portion of the commitment at closing and hold back the remaining amount for future draws, subject to inspections, progress reporting and other conditions in the loan documents. These ratios do not reflect interim activity such as construction draws, interest capitalization or partial repayments.
Previous wording
Loan economics and terms. Commitments are generally interest-only and bear a variable rate based on SOFR plus a spread (generally ranging from 4% to 17%), with initial terms typically ranging from 6 to 120 months, depending on project size and expected completion timeline. We may extend loans based on our assessment of project status and other underwriting considerations. As of March 31, 2026, the average commitment size was $5.2 million, and the weighted average remaining term to contractual maturity was 13.8 months.
Current wording
Loan economics and terms. Commitments are generally interest-only and bear a variable rate based on SOFR plus a spread (currently ranging from 4% to 15%), with initial terms typically ranging from 6 to 120 months, depending on project size and expected completion timeline. We may extend loans based on our assessment of project status and other underwriting considerations. As of June 30, 2026, the average commitment size was $5.0 million, and the weighted average remaining term to contractual maturity was 13.8 months.
Previous wording
We earn loan origination fees (“points”), which are generally based on the loan term, borrower profile and collateral characteristics. As of March 31, 2026, we earned an average of 1.2% of total commitment at origination. We also may earn past-due fees, cost reimbursements (including for closing, collection and inspection-related expenses), extension fees for renewals or extensions, and amendment fees for loan modifications. Renewals and extensions are generally evaluated under our then-current underwriting criteria, including applicable LTV limitations based on the origination appraisal or an updated appraisal when required. Origination and renewal fees are recognized as income at origination as residential transition loans (“RTLs”) are measured at fair value.
Current wording
We earn loan origination fees (“points”), which are generally based on the loan term, borrower profile and collateral characteristics. As of June 30, 2026, we earned an average of 1.2% of total commitment at origination. We also may earn past-due fees, cost reimbursements (including for closing, collection and inspection-related expenses), extension fees for renewals or extensions, and amendment fees for loan modifications. Renewals and extensions are generally evaluated under our then-current underwriting criteria, including applicable LTV limitations based on the origination appraisal or an updated appraisal when required. Origination and renewal fees are recognized as income at origination as residential transition loans (“RTLs” and each, an “RTL”) are measured at fair value.
Previous wording
(B)Includes residential transition loans of consolidated entities of approximately $1.2 billion as of March 31, 2026 and December 31, 2025.
Current wording
(B)Includes carrying value and UPB of residential transition loans of consolidated entities of approximately $1.2 billion as of June 30, 2026 and December 31, 2025.
Previous wording
As of March 31, 2026, the Asset Management segment managed approximately $59 billion in assets under management (“AUM”), of which $37 billion and $19 billion was managed by Sculptor and Crestline, respectively.
Current wording
As of June 30, 2026, the Asset Management segment managed approximately $61 billion in AUM, of which approximately $39 billion and $20 billion was managed by Sculptor and Crestline, respectively.
Previous wording
Revenues in the Asset Management segment consist primarily of management fees and incentive income.
Current wording
Revenues in the Asset Management segment consist primarily of management fees and incentive fees.
Previous wording
Incentive income is performance-based and is generally calculated as a percentage of investment profits attributable to fund investors, net of management fees. Incentive income arrangements may be subject to contractual provisions such as hurdle rates, high-water marks and catch-up mechanisms, and incentive income is typically recognized later in the life cycle of an investment vehicle or upon crystallization events. As a result, incentive income may be uneven across reporting periods.
Current wording
Incentive fees are performance-based and are generally calculated as a percentage of investment profits attributable to fund investors, net of management fees. Incentive fee arrangements may be subject to contractual provisions such as hurdle rates, high-water marks and catch-up mechanisms, and incentive fees are typically recognized later in the life cycle of an investment vehicle or upon crystallization events. As a result, incentive fees may be uneven across reporting periods.
Previous wording
Period-to-period changes in Asset Management revenues are driven primarily by changes in AUM resulting from capital inflows and redemptions, investment performance, market conditions and the timing and realization of incentive income.
Current wording
Period-to-period changes in Asset Management revenues are driven primarily by changes in AUM resulting from capital inflows and redemptions, investment performance, market conditions and the timing and realization of incentive fees.
Previous wording
Operating results for the Asset Management segment are driven by the relationship between revenue growth and expense levels, as well as the mix of management fees and incentive income recognized during the period. Market conditions, investor sentiment and asset valuations may affect both revenues and profitability. In addition, the timing of incentive income recognition and acquisition-related amortization and integration costs may result in variability in operating results between periods.
Current wording
Operating results for the Asset Management segment are driven by the relationship between revenue growth and expense levels, as well as the mix of management fees and incentive fees recognized during the period. Market conditions, investor sentiment and asset valuations may affect both revenues and profitability. In addition, the timing of incentive fee recognition and acquisition-related amortization and integration costs may result in variability in operating results between periods.
Previous wording
AUM represents the assets for which we provide investment management, advisory or certain other investment-related services. AUM generally includes (i) the net asset value of managed accounts, open-ended and closed-end funds or the gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles (e.g., collateralized loan obligations). AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other affiliated funds/vehicles. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however, it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable.
Current wording
AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of direct lending, real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles (e.g., collateralized loan obligations). AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other affiliated funds/vehicles. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable.
Previous wording
Management monitors the performance of the Asset Management segment using AUM, net capital inflows and redemptions, management fee rates, incentive income realization and operating margins.
Current wording
Management monitors the performance of the Asset Management segment using AUM, net capital inflows and redemptions, management fee rates, incentive fee realization and operating margins.
Showing the first 40 of 99 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Collateral and underwriting. The loans are generally secured by a mortgage or first deed of trust on the underlying real estate. Commitment sizing is determined under our lending policies and is typically based on (i) loan-to-cost (“LTC”) or loan-to-after-repair value (“LTARV”) for construction and renovation loans and (ii) loan-to-value (“LTV”) for bridge loans. LTC and
Current report — wording carried from elsewhere
On March 19, 2024, the Company issued $775.0 million aggregate principal amount of its 8.000% senior unsecured notes due 2029 (the “2029 Senior Notes” and together with the 2031 Senior Notes and the 2030 Senior Notes, the “Senior Unsecured Notes”) due April 1, 2029, with interest payable semi-annually in arrears on each of April 1st and October 1st, commencing on October 1, 2024. Net proceeds from the issuance of the 2029 Senior Notes were approximately $759.0 million, net of discount and commissions and estimated offering expenses payable by the Company. The 2029 Senior Notes mature on April 1, 2029 and are redeemable at any time and from time to time on or after April 1, 2026, at prices ranging from 104% to 100% of the principal amount.