Companies: 11,222     total market cap: S$198.384 T
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Rithm Capital
RITM
#3028
Rank
S$7.27 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
S$13.02
Share price
2.52%
Change (1 day)
-17.40%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Rithm Capital
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Rithm Capital - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2026
or
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________to________________
 
Commission File Number: 001-35777

Rithm Capital Corp.
(Exact name of registrant as specified in its charter)
Delaware45-3449660
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
799 BroadwayNew YorkNY10003
(Address of principal executive offices)(Zip Code)
 
(212)850-7770
(Registrant’s telephone number, including area code)

None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Common Stock, $0.01 par value per shareRITMNew York Stock Exchange
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred StockRITM PR ANew York Stock Exchange
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred StockRITM PR BNew York Stock Exchange
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockRITM PR CNew York Stock Exchange
7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred StockRITM PR DNew York Stock Exchange
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred StockRITM PR ENew York Stock Exchange
8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred StockRITM PR FNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ☒ 
Accelerated filer
 ☐
Non-accelerated filer
 ☐
Smaller reporting company
 ☐
Emerging growth company
 ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock, $0.01 par value per share: 558,407,031 shares outstanding as of July 31, 2026.




CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY

This report contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Such forward-looking statements relate to and are based on, among other things, the operating performance of our investments, the stability of our earnings, our financing needs, certain assumptions, future expectations, future plans and strategies, projections of results of operations, cash flows or financial condition, the size and/or attractiveness of market opportunities, the residential and commercial real estate (“CRE”) markets and general economic conditions or other forward-looking information. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “plan,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Our ability to predict results or the actual outcome of future plans or strategies is inherently limited. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, activities and performance could differ materially from those set forth in the forward-looking statements. These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from forecasted results.

Our ability to implement our business strategy is subject to numerous risks, and the following summarizes the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of risk factors we face, which are set forth under Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”). These risks and factors include, among others:

•our ability to successfully execute our business strategy and manage complex operational risks across multiple businesses and asset classes;
•the valuation of certain of our assets and investments requires significant judgment and is based on various assumptions;
•the illiquidity of certain of our investments, which could impede our ability to adjust our portfolio in response to changes in economic and other conditions or to realize the value at which such investments are carried if we are required to dispose of them;
•risks related to the geographic distribution of the collateral underlying Newrez LLC (“Newrez”) and Genesis Capital LLC (“Genesis”) loans, as well as other investments, including, but not limited to, environmental risks;
•risks related to our use of, or choice to not use, leverage, match funding and/or hedging strategies;
•the impact of economic, market and political conditions, both nationally and internationally, including, but not limited to, the impact of geopolitical tensions or conflicts, including the conflict in Iran, wars, tariffs, ongoing inflation, government shutdowns, increased market volatility and governmental intervention in the mortgage and credit markets;
•counterparty concentration risk, including, but not limited to, reliance upon a single third-party software-as-a-service provider in our mortgage servicing operations and counterparty concentration in certain of our financing partners and subservicers;
•competition within the finance, real estate and asset management industries;
•risks related to our origination and servicing operations, including, but not limited to, operational risks; class action lawsuits; deficiencies and delays in servicing and foreclosure practices; delays in or failure to receive regulatory approval; ability to modify, resell or refinance early buyout (“EBO”) loans; ability to recover servicer advances; ability to maintain minimum servicer ratings; increases in loan delinquencies and foreclosures; and prepayment risk;
•risks associated with residential mortgage loans, including subprime mortgage loans, home equity lines of credit (“HELOCs”) and consumer loans, including prepayment, foreclosure and default risks, and the impact of risks associated with deficiencies in servicing and foreclosure practices, may have on the value of our mortgage servicing rights (“MSRs” and each, an “MSR”), excess mortgage servicing rights (“Excess MSRs” and each, an “Excess MSR”), servicer advance investments, residential mortgage-backed securities (“RMBS”), residential mortgage loans, HELOCs and consumer loan portfolios;
•risks related to our use of new underwriting programs involving digital assets;




•risks associated with our Genesis business, including, but not limited to, borrower risk, risks related to short-term loans and balloon payments, risks related to construction loans and “fix-and-flip” loans, concentration risk and the greater risk of loss as compared to conventional mortgage loans;
•risks related to our asset management business, including, but not limited to, redemption risk, market risk, historical return-related risk, risks related to investment professionals, leverage risk, diligence risk, liquidity risk, risks related to the liquidation of the funds and loss of management fees, valuation risk, risks related to minority investments, foreign investment risk, regulatory risk, risks related to hedging, risks related to conflicts of interest and risk management and investment strategy risks;
•risks related to our management of Rithm Property Trust Inc. (“Rithm Property Trust”) and Rithm Perpetual Life Residential Trust (“R-HOME”);
•risks related to our acquisitions of Crestline Management, L.P. (“Crestline”) and Paramount Group, Inc. (“Paramount” or “Elecor”), including, but not limited to, integration risk and the increased exposure to risks in the CRE industry;
•risks associated with our sponsorship of and investment in Rithm Acquisition Corp., a special purpose acquisition company;
•risks related to the fact that we do not have legal title to the MSRs underlying our Excess MSRs or certain of our servicer advance investments;
•risks related to securitization of any loans originated and/or serviced by our subsidiaries;
•the higher default risk associated with our consumer loan portfolio;
•risks associated with our single-family rental (“SFR”) business, including, but not limited to, risks related to adverse economic, regulatory or environmental conditions, the wind-down of our SFR portfolio or other events;
•interest rate fluctuations and changes in credit spreads;
•risk of a prolonged economic slowdown, a lengthy or severe recession, sustained inflationary pressures or declining real estate values, any of which could harm our business;
•our ability to maintain our exclusion from registration under the Investment Company Act of 1940 and limits on our operations from maintaining such exclusion;
•our ability to comply with extensive and often changing federal, state and local governmental regulation on our operations and our subsidiaries, including, but not limited to, our origination and servicing business and our entities registered with the Securities and Exchange Commission (“SEC”), including our registered investment advisors;
•our exposure to federal and state regulatory matters and other litigation, which may adversely impact us;
•our ability to obtain and maintain required licenses to purchase, hold, enforce or sell residential mortgage loans and/or MSRs;
•risks related to the legislative and regulatory environment, including, but not limited to, uncertainty regarding the federal conservatorship of Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”, and together with Fannie Mae, “GSEs” and each, a “GSE”), risk retention regulations, legislation permitting modifications to the terms of outstanding loans, potential legislation impacting the SFR industry and the impact of uncertainty surrounding regulatory oversight in the current federal administration;
•the risk that private litigation could result in significant legal and other liabilities and reputational harm;
•risks associated with our indebtedness, including, but not limited to, our senior unsecured notes, related restrictive covenants and non-recourse long-term financing structures;
•our ability to obtain and maintain financing in connection with our servicer advances and interests in MSRs;
•our ability to maintain our qualification as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes and limits on our operations from maintaining REIT status;
•our ability to pay distributions on our common stock;
•dilution experienced by our existing stockholders as a result of the conversion of the preferred stock into shares of common stock or the vesting of performance stock units and restricted stock units or other compensatory securities;
•our ability to appropriately manage or address conflicts of interest;
•increased focus on sustainability issues, including, but not limited to, climate change and related regulations, which may adversely affect our business and damage our reputation;




•our development and use of artificial intelligence (“AI”) technology, which could lead to legal or regulatory actions, harm our reputation, or have a significant negative impact on our business;
•the risk of cybersecurity incidents and technology disruptions or failures; and
•the impact from any future acquisitions, and our ability to successfully integrate the acquired company and realize the expected benefits.

We also direct readers to other risks and uncertainties referenced under Part I, Item 1A. “Risk Factors” in the 2025 Form 10-K. We caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we are under no obligation (and expressly disclaim any obligation) to update or alter any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future events or otherwise.




SPECIAL NOTE REGARDING EXHIBITS

In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about Rithm Capital Corp. (together with its consolidated subsidiaries, the “Company,” “Rithm Capital” or “we,” “our” and “us”) or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:
 
•should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements proved to be inaccurate;
•have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
•may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
•were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Quarterly Report on Form 10-Q and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

The Company acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this report not misleading.




RITHM CAPITAL CORP.
FORM 10-Q
INDEX
PAGE
Part 1. Financial Information
Item 1. Financial Statements (Unaudited)
1
Consolidated Balance Sheets
1
Consolidated Statements of Operations
2
Consolidated Statements of Comprehensive Income
3
Consolidated Statements of Changes in Stockholders' Equity
4
Consolidated Statements of Cash Flows
8
Notes to Consolidated Financial Statements
10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
95
Item 3. Quantitative and Qualitative Disclosures About Market Risk
132
Item 4. Controls and Procedures
135
Part II. Other Information
Item 1. Legal Proceedings
136
136
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
136
Item 3. Defaults Upon Senior Securities
136
Item 4. Mine Safety Disclosures
136
Item 5. Other Information
136
Item 6. Exhibits
137
Signatures
138




PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share and per share data)
June 30, 2026
(Unaudited)
December 31, 2025
Assets
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value$11,091,483 $10,359,141 
Government and government-backed securities (includes $4,887,937 and $5,230,139 at fair value, respectively)
4,912,869 5,254,905 
Residential mortgage loans (includes $4,241,244 and $5,752,169 at fair value, respectively)(A)
4,293,492 5,808,960 
Consumer loans, at fair value(A)
707,111 784,399 
Residential transition loans, at fair value
3,832,312 2,699,864 
Residential mortgage loans subject to repurchase4,308,886 3,952,792 
Real estate, net(A)
6,139,789 6,175,735 
Insurance company investments, at fair value1,119,524 906,454 
Cash, cash equivalents and restricted cash(A)
2,454,708 2,656,938 
Servicer advances receivable2,751,593 3,090,613 
Other assets (includes $3,037,780 and $2,707,456 at fair value, respectively)(A)
5,584,432 5,583,976 
Assets of Consolidated Entities(A):
Investments, at fair value and other assets6,912,669 5,789,349 
Total Assets$54,108,868 $53,063,126 
Liabilities and Equity
Liabilities
Secured financing agreements(A)
$13,677,512 $13,763,802 
Secured notes and bonds payable (includes $126,140 and $143,442 at fair value, respectively)(A)
14,363,446 15,203,770 
Residential mortgage loan repurchase liability4,308,886 3,952,792 
Unsecured notes, net of issuance costs1,902,627 1,421,088 
Interest sensitive insurance contract liabilities1,143,797 960,209 
Dividends payable185,032 178,900 
Accrued expenses and other liabilities (includes $631,854 and $638,090 at fair value, respectively)(A)
3,104,711 3,349,643 
Liabilities of Consolidated Entities(A):
Notes payable, at fair value and other liabilities5,974,137 4,978,212 
Total Liabilities44,660,148 43,808,416 
Commitments and Contingencies (Note 25)
Redeemable Non-controlling Interests of Consolidated Subsidiaries (Note 22)
397,306 314,303 
Stockholders’ Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 67,564,122 and 57,564,122 issued and outstanding, $1,689,104 and $1,439,104 aggregate liquidation preference, respectively
1,632,915 1,390,790 
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 558,407,031 and 555,880,947 issued and outstanding, respectively
5,584 5,559 
Additional paid-in capital7,033,296 6,982,991 
Accumulated deficit(226,449)(19,945)
Accumulated other comprehensive income71,516 71,092 
Stockholders’ Equity in Rithm Capital Corp.8,516,862 8,430,487 
Non-controlling interests in equity of consolidated subsidiaries534,552 509,920 
Total Stockholders’ Equity9,051,414 8,940,407 
Total Liabilities and Equity$54,108,868 $53,063,126 
(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. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.

See notes to consolidated financial statements.
1



RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except share and per share data)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$614,637 $574,817 $1,193,925 $1,145,618 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874), $(176,680), $(425,330) and $(323,571), respectively)
(392,875)(155,005)(597,104)(488,383)
Servicing revenue, net221,762 419,812 596,821 657,235 
Interest income474,595 478,455 936,472 919,715 
Gain on originated residential mortgage loans, held-for-sale, net207,006 169,698 415,256 329,487 
Asset management revenue142,228 95,008 248,815 182,680 
Commercial real estate revenue182,130 — 360,387 — 
Other residential-related revenue54,560 56,621 109,240 109,725 
1,282,281 1,219,594 2,666,991 2,198,842 
Expenses
Interest expense and warehouse line fees464,114 417,868 914,177 836,922 
General, administrative and operating307,349 215,781 623,950 428,759 
Compensation and benefits410,477 294,407 788,887 565,874 
Depreciation and amortization93,547 23,794 186,191 48,362 
1,275,487 951,850 2,513,205 1,879,917 
Other Income
Realized and unrealized gains, net56,305 22,741 41,151 21,598 
Other income, net23,787 15,923 46,189 22,665 
80,092 38,664 87,340 44,263 
Income before Income Taxes86,886 306,408 241,126 363,188 
Income tax expense (benefit)18,973 (11,598)63,735 (35,528)
Net Income67,913 318,006 177,391 398,716 
Non-controlling interests in income of consolidated subsidiaries8,032 3,169 7,886 4,255 
Redeemable non-controlling interests in income of consolidated subsidiaries3,590 3,120 10,536 3,933 
Net Income Attributable to Rithm Capital Corp.56,291 311,717 158,969 390,528 
Change in redemption value of redeemable non-controlling interests— — — 15,611 
Dividends on preferred stock36,098 27,818 70,945 54,495 
Net Income Attributable to Common Stockholders$20,193 $283,899 $88,024 $320,422 
Net Income per Share of Common Stock
Basic$0.04 $0.54 $0.16 $0.61 
Diluted$0.04 $0.53 $0.16 $0.60 
Weighted Average Number of Shares of Common Stock Outstanding
Basic558,346,329 530,171,540 557,537,800 527,154,950 
Diluted568,262,330 537,347,700 566,316,997 534,011,117 
Dividends Declared per Share of Common Stock$0.25 $0.25 $0.50 $0.50 

See notes to consolidated financial statements.

2



RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(dollars in thousands)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net Income$67,913 $318,006 $177,391 $398,716 
Other Comprehensive Income:
Unrealized gain (loss) on available-for-sale securities, net of tax(1,852)3,210 (1,109)7,951 
Cumulative translation adjustment, net of tax76 3,353 1,533 6,003 
Comprehensive Income66,137 324,569 177,815 412,670 
Comprehensive income attributable to non-controlling interests8,032 3,169 7,886 4,255 
Comprehensive income attributable to redeemable non-controlling interests3,590 3,120 10,536 3,933 
Comprehensive Income Attributable to Rithm Capital Corp.$54,515 $318,280 $159,393 $404,482 

See notes to consolidated financial statements.
3



RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2026
(dollars in thousands, except share data)
Preferred StockCommon StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive IncomeStockholders’ Equity in Rithm Capital Corp.Non-controlling
Interests in
Equity of
Consolidated
Subsidiaries		Total Stockholders’ Equity
SharesAmountSharesAmount
Balance at March 31, 202667,564,122 $1,632,915 557,902,002 $5,579 $6,998,267 $(99,976)$73,292 $8,610,077 $534,080 $9,144,157 
Dividends declared on common stock— — — — — (139,602)— (139,602)— (139,602)
Dividends declared on preferred stock— — — — — (36,098)— (36,098)— (36,098)
Capital contributions— — — — — — — — 3,468 3,468 
Capital distributions— — — — — — — — (11,028)(11,028)
Other capital activity— — — — 465 — — 465 — 465 
Director share grants and stock-based compensation— — 505,029 5 34,564 (7,064)— 27,505 — 27,505 
Comprehensive Income:
Net income — — — — — 56,291 — 56,291 8,032 64,323 
Unrealized loss on available-for-sale securities, net of tax— — — — — — (1,852)(1,852)— (1,852)
Cumulative translation adjustment, net of tax— — — — — — 76 76 — 76 
Total comprehensive income54,515 8,032 62,547 
Balance at June 30, 202667,564,122 $1,632,915 558,407,031 $5,584 $7,033,296 $(226,449)$71,516 $8,516,862 $534,552 $9,051,414 
4



RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED), CONTINUED
FOR THE THREE MONTHS ENDED JUNE 30, 2025
(dollars in thousands, except share data)

Preferred StockCommon StockAdditional
Paid-in
Capital		Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive IncomeStockholders’ Equity in Rithm Capital Corp.Non-controlling
Interests in
Equity of
Consolidated
Subsidiaries		Total Stockholders’ Equity
SharesAmountSharesAmount
Balance at March 31, 202549,964,122 $1,207,254 530,122,477 $5,301 $6,635,226 $(129,934)$58,277 $7,776,124 $108,716 $7,884,840 
Dividends declared on common stock— — — — — (132,573)— (132,573)— (132,573)
Dividends declared on preferred stock— — — — — (27,818)— (27,818)— (27,818)
Capital contributions— — — — — — — — 1,662 1,662 
Capital distributions— — — — — — — — (2,721)(2,721)
Director share grants and stock-based compensation— — 169,694 2 17,361 (2,993)— 14,370 — 14,370 
Comprehensive Income:
Net income, excluding amounts attributable to redeemable non-controlling interests— — — — — 311,717 — 311,717 3,169 314,886 
Unrealized gain on available-for-sale securities, net of tax— — — — — — 3,210 3,210 — 3,210 
Cumulative translation adjustment, net of tax— — — — — — 3,353 3,353 — 3,353 
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests318,280 3,169 321,449 
Balance at June 30, 202549,964,122 $1,207,254 530,292,171 $5,303 $6,652,587 $18,399 $64,840 $7,948,383 $110,826 $8,059,209 


5



RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED), CONTINUED
FOR THE SIX MONTHS ENDED JUNE 30, 2026
(dollars in thousands, except share data)
Preferred StockCommon StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive IncomeStockholders’ Equity in Rithm Capital Corp.Non-controlling
Interests in
Equity of
Consolidated
Subsidiaries		Total Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 202557,564,122 $1,390,790 555,880,947 $5,559 $6,982,991 $(19,945)$71,092 $8,430,487 $509,920 $8,940,407 
Dividends declared on common stock— — — — — (279,179)— (279,179)— (279,179)
Dividends declared on preferred stock— — — — — (70,945)— (70,945)— (70,945)
Capital contributions— — — — — — — — 30,420 30,420 
Capital distributions— — — — — — — — (13,674)(13,674)
Other capital activity— — — — 1,022 — — 1,022 — 1,022 
Issuance of preferred stock10,000,000 242,125 — — — — — 242,125 — 242,125 
Director share grants and stock-based compensation— — 2,526,084 25 49,283 (15,349)— 33,959 — 33,959 
Comprehensive Income:
Net income— — — — — 158,969 — 158,969 7,886 166,855 
Unrealized loss on available-for-sale securities, net of tax— — — — — — (1,109)(1,109)— (1,109)
Cumulative translation adjustment, net of tax— — — — — — 1,533 1,533 — 1,533 
Total comprehensive income159,393 7,886 167,279 
Balance at June 30, 202667,564,122 $1,632,915 558,407,031 $5,584 $7,033,296 $(226,449)$71,516 $8,516,862 $534,552 $9,051,414 
6



RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY, CONTINUED
FOR THE SIX MONTHS ENDED JUNE 30, 2025
(dollars in thousands, except share data)
Preferred StockCommon StockAdditional
Paid-in
Capital		Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive IncomeStockholders’ Equity in Rithm Capital Corp.Non-controlling
Interests in
Equity of
Consolidated
Subsidiaries		Total Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 202451,964,122 $1,257,254 520,656,256 $5,206 $6,528,613 $(46,985)$50,886 $7,794,974 $91,336 $7,886,310 
Dividends declared on common stock— — — — — (265,104)— (265,104)— (265,104)
Dividends declared on preferred stock— — — — — (54,495)— (54,495)— (54,495)
Capital contributions— — — — — — — — 21,863 21,863 
Capital distributions— — — — — — — — (6,628)(6,628)
Issuance of common stock— — 9,020,000 90 107,322 — — 107,412 — 107,412 
Preferred stock repurchase(2,000,000)(50,000)— — — — — (50,000)— (50,000)
Director share grants and stock-based compensation— — 615,915 7 29,959 (5,545)— 24,421 — 24,421 
Fair value of SPAC warrants at issuance— — — — 2,304 — — 2,304 — 2,304 
Change in redemption value of redeemable non-controlling interests— — — — (15,611)— — (15,611)— (15,611)
Comprehensive Income:
Net income, excluding amounts attributable to redeemable non-controlling interests— — — — — 390,528 — 390,528 4,255 394,783 
Unrealized gain on available-for-sale securities, net of tax— — — — — — 7,951 7,951 — 7,951 
Cumulative translation adjustment, net of tax— — — — — — 6,003 6,003 — 6,003 
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests404,482 4,255 408,737 
Balance at June 30, 202549,964,122 $1,207,254 530,292,171 $5,303 $6,652,587 $18,399 $64,840 $7,948,383 $110,826 $8,059,209 
See notes to consolidated financial statements.
7

RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Six Months Ended
June 30,
20262025
Cash Flows From Operating Activities
Net income$177,391 $398,716 
Adjustments to reconcile net income to net cash flows from operating activities:
Change in fair value of investments, net1,254 (7,920)
Change in fair value of secured notes and bonds payable13,306 24,028 
Gain on settlement of investments, net(154,452)(11,488)
Gain on sale of originated residential mortgage loans, held-for-sale, net(415,256)(329,487)
Gain on transfer of loans to real estate owned (“REO”)(1,319)(40)
Depreciation and amortization186,191 48,362 
Deferred financing cost amortization and other accretion(23,321)(34,331)
Reversal of credit losses on securities, loans and REO(108)(2,932)
Non-cash portions of servicing revenue, net651,867 508,682 
Deferred tax provision52,355 (55,148)
Mortgage loans originated and purchased for sale, net of fees(33,076,822)(29,403,351)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale32,267,859 29,143,670 
Interest received from servicer advance investments, RMBS, loans and other24,413 23,066 
Principal repayments and sales proceeds of investments of consolidated entities437,239 493,817 
Loan originations and investment purchases of consolidated entities(183,980)(390,045)
Changes in:
Servicer advances receivable284,316 463,308 
Other assets174,188 116,957 
Accrued expenses and other liabilities(140,347)(121,677)
Net cash provided by operating activities274,774 864,187 

8

RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED), CONTINUED
(dollars in thousands)

Six Months Ended
June 30,
20262025
Cash Flows From Investing Activities
Purchase of servicer advance investments(332,353)(350,377)
Purchase of government-backed and other securities— (1,478,667)
Proceeds from sale of government-backed and other securities— 1,291 
Purchase of Treasury securities(24,721)(49,468)
Treasury sales and Treasury securities payable— 2,013,706 
Reverse repurchase agreements entered and repurchase agreements closed— (507,863)
Reverse repurchase agreements closed and repurchase agreements entered— 503,863 
Maturity of Treasury securities25,000 50,000 
Purchase of SFR properties, MSRs and other assets(226,675)(190,305)
Purchase of residential transition loans
(14,204)— 
Origination of residential transition loans
(2,586,872)(1,709,128)
Purchase of consumer loans(425,081)— 
Draws on revolving consumer loans(8,585)(11,669)
Purchase of commercial real estate(90,616)— 
Purchase of insurance company investments, at fair value(408,786)— 
Net settlement of derivatives and hedges(525,559)(52,075)
Return of investments in Excess MSRs15,626 22,082 
Return of investments in equity method investees51,615 3,343 
Principal repayments from servicer advance investments346,754 376,142 
Principal repayments from government, government-backed and other securities356,339 361,622 
Principal repayments from residential mortgage loans20,843 22,140 
Principal repayments from consumer loans222,144 198,992 
Principal repayments and sales proceeds of residential transition loans
957,870 766,439 
Principal repayments and sales proceeds of insurance company investments, at fair value188,748 — 
Principal repayments and sales proceeds of investments of consolidated entities482,333 607,445 
Loan originations and investment purchases of consolidated entities(14,151)— 
Settlement of sale of MSRs and MSR financing receivables(4,047)197 
Proceeds from sale of REO20,834 19,032 
Net cash provided by (used in) investing activities(1,973,544)596,742 
9

RITHM CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED), CONTINUED
(dollars in thousands)
Six Months Ended
June 30,
20262025
Cash Flows From Financing Activities
Repayments of secured financing agreements(18,764,122)(32,257,543)
Repayments of warehouse credit facilities(47,634,161)(35,288,354)
Repayment of unsecured notes(18,326)(291,476)
Net settlement of margin deposits under repurchase agreements and derivatives(76,622)181,335 
Repayments of secured notes and bonds payable(4,766,616)(3,812,544)
Deferred financing fees(16,475)(16,562)
Dividends paid on common and preferred stock(346,903)(316,178)
Borrowings under secured financing agreements18,621,633 31,272,394 
Borrowings under warehouse credit facilities47,696,700 35,362,956 
Borrowings under secured notes and bonds payable3,915,480 3,284,314 
Proceeds from issuance of unsecured senior notes495,000 495,000 
Proceeds from issuance of debt obligations of consolidated entities2,370,082 — 
Repayments of debt obligations of consolidated entities(519,304)(170,873)
Premiums collected on insurance contract liabilities190,943 — 
Benefits paid, surrenders, and withdrawals on insurance contract liabilities(31,726)— 
Issuance of common stock— 107,412 
Issuance of preferred stock242,125 — 
Repurchase of preferred stock— (50,000)
Net proceeds from issuance of Class A Units of SPAC— 230,000 
Contributions from non-controlling and redeemable non-controlling interests105,251 49,323 
Distributions to non-controlling and redeemable non-controlling interests(16,038)(7,058)
Other capital activity1,022 — 
Net cash provided by (used in) financing activities1,447,943 (1,227,854)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash(250,827)233,075 
Cash, Cash Equivalents and Restricted Cash, Beginning of Period (Note 12)
2,789,413 1,917,809 
Cash, Cash Equivalents and Restricted Cash, End of Period (Note 12)
$2,538,586 $2,150,884 
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest and warehouse line fees$925,409 $898,609 
Cash paid during the period for income taxes, net of refunds6,941 16,582 
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock185,032 160,967 
Transfer from residential mortgage loans to REO and other assets19,369 16,556 
Liabilities related to deconsolidated CFEs857,315 — 
Retained interests in CFEs129,585 59,054 

See notes to consolidated financial statements.

10

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


1. BUSINESS AND ORGANIZATION

Rithm Capital Corp. (together with its consolidated subsidiaries, “Rithm Capital” or the “Company”) is a global alternative asset manager focused on real estate, credit and financial services. Rithm Capital is a Delaware corporation and currently operates as an internally managed real estate investment trust (“REIT”).

Rithm Capital seeks to generate long-term value for its investors by leveraging its investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. The Company operates an integrated platform, spanning asset-based finance, residential and commercial real estate (“CRE”) lending, CRE ownership and investment, mortgage servicing rights (“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.

As of June 30, 2026, Rithm Capital conducted its business through the following segments: (i) Origination and Servicing, (ii) Residential Transitional Lending, (iii) Asset Management, (iv) Investment Portfolio and (v) Commercial Real Estate.

The Company’s Origination and Servicing segment operates through its wholly owned subsidiaries, Newrez LLC (“Newrez”) and New Residential Mortgage LLC (“NRM”). The Company’s residential mortgage origination business sources and originates loans through four channels: Direct to Consumer, Retail/Joint Venture, Wholesale and Correspondent.

The Company’s servicing platform complements its origination business and provides performing and special servicing capabilities to its subsidiaries and third-party clients. NRM and Newrez are licensed or otherwise eligible to service residential mortgage loans in all states within the United States of America (“U.S.”) and the District of Columbia. NRM and Newrez are also approved to service mortgage loans on behalf of investors, including Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”, and together with Fannie Mae, the “GSEs” and each, a “GSE”), and in the case of Newrez, Government National Mortgage Association (“Ginnie Mae”, collectively with the GSEs, the “Agencies” and each of Fannie Mae, Freddie Mac and Ginnie Mae, an “Agency”). Newrez is also eligible to perform servicing on behalf of other servicers as a subservicer.

Newrez sells substantially all of the mortgage loans it originates into the secondary market. Newrez securitizes loans into residential mortgage-backed securities (“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 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, a provider of field services and property management services, eStreet Appraisal Management LLC, a provider of appraisal services, and Avenue 365 Lender Services, LLC, a provider of title and settlement services.

The Company’s Residential Transitional Lending segment primarily operates through its wholly owned subsidiary, Genesis Capital LLC (“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.

The Company’s Asset Management segment conducts its activities primarily through Rithm Asset Management LLC and its wholly owned subsidiaries, including Sculptor Capital Management, Inc. (“Sculptor”), Crestline Management, L.P. and certain of its affiliates (collectively, “Crestline”) and Rithm Capital Advisors LLC (“RCA”). RCM GA Manager LLC (“RCM Manager” and, together with RCA, the “Rithm Advisers”) manages Rithm Property Trust Inc. (“Rithm Property Trust”) and Rithm Perpetual Life Residential Trust (“R-HOME”) pursuant to management and/or advisory agreements. Through Sculptor, Crestline and the Rithm Advisers, the Company provides asset management services and investment products through commingled funds, separate accounts and other alternative investment vehicles, generating primarily fee-based revenues.

11

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The Company’s Investment Portfolio segment includes investments in real estate-related assets and operating businesses across the residential mortgage and real estate lifecycle. These investments primarily consist of residential mortgage loans, single-family rental (“SFR”) properties, consumer loans, non-Agency securities, excess mortgage servicing rights (“Excess MSRs”) and servicer advance investments, which are held on the Company’s consolidated balance sheets and generate income primarily through interest income, rental revenue and other investment portfolio revenues.

The Company’s 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 the Company’s expansion into CRE equity ownership and operations, including through the acquisition of Paramount Group, Inc. and certain of its affiliates (collectively, “Paramount” or “Elecor”) in December 2025. The Company manages these assets as part of its 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.

Rithm Capital has elected and intends to qualify to be taxed as a REIT for U.S. federal income tax purposes. As such, Rithm Capital will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. See Note 2 and Note 24 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”).

2. BASIS OF PRESENTATION

Interim Financial Statements — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP” or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of Rithm Capital and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as VIEs in which Rithm Capital is determined to be the primary beneficiary. For entities over which Rithm Capital exercises significant influence, but which do not meet the requirements for consolidation, Rithm Capital applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option (“FVO”) is elected. Distributions from such equity method investments are classified in the consolidated statements of cash flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings.

Reclassifications — Certain prior period amounts in Rithm Capital’s consolidated financial statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities, stockholders’ equity or cash position.

Risks and Uncertainties — In the normal course of its business, Rithm Capital primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the residential mortgage loans underlying Rithm Capital’s Excess MSRs, MSRs, MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization (“PLS”) entities and loans. If a servicer or subservicer is terminated, Rithm Capital’s right to receive its portion of the cash flows related to interests in servicing related assets may also be terminated. The Company is also subject to significant tax risks. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.

12

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Use of Estimates — The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to fair value measurements of the Company’s assets and liabilities and the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”). Actual results could differ from those estimates and such differences could be material.

For the complete listing of the significant accounting policies, see Note 2 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses for current accounts receivable and current contract assets under FASB Accounting Standards Codification 606 - Revenues from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted this ASU on January 1, 2026 on a prospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which clarifies the guidance for identifying the accounting acquirer in business combinations effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. This ASU is effective for the Company on January 1, 2027, with early adoption permitted and is applied prospectively to acquisitions after the adoption date.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

3. BUSINESS COMBINATIONS AND ASSET ACQUISITIONS

Acquisition of Paramount Group, Inc.

The Company completed the acquisition of Elecor (f/k/a Paramount Group) on December 19, 2025 pursuant to the Agreement and Plan of Merger (including the schedules and exhibits thereto) (the “Elecor Acquisition”) for total consideration of approximately $1.8 billion, which includes transaction costs that were capitalized as part of the asset acquisition. The transaction was accounted for as an asset acquisition, whereby the total purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair values on a pro-rata basis. No goodwill was recognized in connection with the acquisition.

13

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Acquisition of Crestline Management, L.P.

The Company completed the acquisition of Crestline on December 1, 2025 pursuant to the Purchase and Sale Agreement (the “Crestline Acquisition”) as part of its strategy to expand its asset management capabilities by integrating Crestline’s private credit, fund liquidity and insurance and reinsurance strategies with the Company’s existing real estate and credit platforms. The Company accounted for this transaction using the acquisition method which requires, among other things, that the assets acquired and liabilities assumed be recognized at fair value as of the acquisition date.

Purchase Price Allocation

The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Crestline Acquisition:

Total Consideration$324,719 
Assets:
Cash and cash equivalents168,259 
Restricted cash124 
Insurance company investments, at fair value844,822 
Intangible assets84,276 
Other assets82,514 
Total Assets Acquired1,179,995 
Liabilities:
Interest sensitive insurance contract liabilities920,776 
Accrued expenses and other liabilities117,311 
Total Liabilities Assumed1,038,087 
Net Assets141,908 
Goodwill$182,811 

The Company acquired 100% of the outstanding equity interests of Crestline and certain affiliated companies for cash consideration of $324.7 million. The Company recognized goodwill of approximately $182.8 million primarily driven by the assembled workforce acquired in the Crestline Acquisition. Purchased goodwill is expected to be deductible for income tax purposes over 15 years. Rithm Capital will assess goodwill for impairment annually during the fourth quarter and in interim periods in case of events or circumstances that make it more likely than not that an impairment may have occurred.

The estimate of fair value of assets and liabilities required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ materially from these estimates. The Company’s assessment of fair value of assets acquired and liabilities assumed in connection with the Crestline Acquisition remains preliminary as of June 30, 2026 and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as management obtains additional information related to those estimates during the applicable measurement period. The measurement period will not exceed one year from the acquisition date of December 1, 2025. The most significant items for which the purchase price allocation remains open include intangible assets, other assets, deferred tax assets, other liabilities and goodwill. Measurement period adjustments, if any, will be recognized in the period in which they are determined, with a corresponding adjustment to goodwill.

14

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Intangible assets acquired consist of customer relationships, management contracts, trade names, insurance licenses and value of businesses acquired (“VOBA”). Rithm Capital amortizes finite-lived intangible assets on a straight-line basis over their respective useful lives. The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance licensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the three and six months ended June 30, 2025, prepared as if the Crestline Acquisition had been consummated on January 1, 2024:

Three Months EndedSix Months Ended
Pro Forma June 30, 2025June 30, 2025
Revenues$1,264,660 $2,282,614 
Income before income taxes318,346 373,293 

The unaudited supplemental pro forma financial information reflects, among other things, financing adjustments, amortization of intangibles and transaction costs. The unaudited supplemental pro forma financial information has not been adjusted to reflect all conforming accounting policies. The unaudited supplemental pro forma financial information does not include any anticipated synergies or other anticipated benefits of the Crestline Acquisition and, accordingly, the unaudited supplemental pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Crestline Acquisition occurred on January 1, 2024.
4. SEGMENT REPORTING

Rithm Capital conducts its business and generates substantially all of its revenues primarily in the U.S. through operating segments that have been aggregated into the following reportable segments: (i) Origination and Servicing, (ii) Residential Transitional Lending, (iii) Asset Management, (iv) Investment Portfolio and (v) Commercial Real Estate. Activities that are not directly attributable or not allocated to any of the reportable segments are reported under Corporate as a reconciling item to the Company’s consolidated financial statements. The activities within Corporate primarily consist of general, administrative and operating expenses, corporate cash and related interest income, the Senior Unsecured Notes (as defined in Note 17) and related interest expense and restricted cash and redeemable non-controlling interest related to Class A ordinary shares of Rithm Acquisition Corp., a special purpose acquisition company (the “SPAC”), which is consolidated by the Company.

During the first quarter of 2026, the Company reevaluated and revised the composition of its reportable segments based on changes in the financial information regularly provided to the Company’s chief operating decision maker (“CODM”) for purposes of assessing performance and allocating resources. Effective in the first quarter of 2026, CRE activities previously reflected within the Asset Management segment are now reflected within a new Commercial Real Estate segment. Prior-period segment information has been recast to conform to the current-period presentation.

The structure of the reportable segments is differentiated by the nature of the Company’s business activities, which is consistent with the reporting structure of the Company’s internal organization, as well as by the financial information used by the Company’s CODM to make decisions regarding the Company’s business, including resource allocation and performance assessment. The Company’s CODM is the Chief Executive Officer.

15

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The Origination and Servicing segment generates revenue through servicing fee revenue, interest income and gain on originated and sold residential mortgage loans. The Residential Transitional Lending segment generates revenue through interest income related to the origination and management of a portfolio of short-term mortgage loans to fund the construction and development of, or investment in, residential properties. The Asset Management segment generates revenue primarily through management fees based on assets under management (“AUM”) and accounts managed by the Company and incentive fees based on the performance of funds. The Investment Portfolio segment generates revenue from certain real estate securities, SFR properties, residential mortgage loans, consumer loans and certain ancillary and equity method investments primarily in the form of interest income and other residential-related revenue. The Commercial Real Estate segment generates revenue from rental revenue and real estate-related fee income from CRE properties owned and managed by the Company.

Income before income taxes is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the CODM to evaluate segment results. It is also one of the factors considered in determining capital allocation among the segments, assessing performance for each segment and determining compensation for certain employees.

The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data for Rithm Capital on a consolidated basis:
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Three Months Ended June 30, 2026
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$614,637 $— $— $— $— $— $614,637 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874))
(392,875)— — — — — (392,875)
Servicing revenue, net221,762 — — — — — 221,762 
Interest income252,496 103,587 28,208 85,428 2,185 2,691 474,595 
Gain on originated residential mortgage loans, held-for-sale, net204,731 — — 2,275 — — 207,006 
Management fees— — 88,789 — 1,696 — 90,485 
Incentive fees— — 51,743 — — — 51,743 
Asset management revenue— — 140,532 — 1,696 — 142,228 
Commercial real estate revenue— — — — 182,130 — 182,130 
Other residential-related revenue25,222 — — 29,338 — — 54,560 
Total Revenue704,211 103,587 168,740 117,041 186,011 2,691 1,282,281 
Interest expense and warehouse line fees225,634 43,742 23,231 70,007 61,836 39,664 464,114 
Other segment expenses(A)
146,211 5,469 33,082 31,711 78,640 12,236 307,349 
Compensation and benefits214,708 22,740 130,211 6,688 11,474 24,656 410,477 
Depreciation and amortization5,474 1,966 12,040 7,184 66,803 80 93,547 
Total Operating Expenses592,027 73,917 198,564 115,590 218,753 76,636 1,275,487 
Realized and unrealized gains, net57 7,031 26,448 22,751 18 — 56,305 
Other income (loss), net879 314 17,404 7,295 (2,114)9 23,787 
Total Other Income (Loss)936 7,345 43,852 30,046 (2,096)9 80,092 
Income (Loss) before Income Taxes$113,120 $37,015 $14,028 $31,497 $(34,838)$(73,936)$86,886 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and SFR property and maintenance. The Commercial Real Estate segment’s other segment expenses primarily include property operating expenses.

16

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Six Months Ended June 30, 2026
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,193,925 $— $— $— $— $— $1,193,925 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(425,330))
(597,104)— — — — — (597,104)
Servicing revenue, net596,821 — — — — — 596,821 
Interest income487,373 191,246 67,105 181,395 4,017 5,336 936,472 
Gain on originated residential mortgage loans, held-for-sale, net399,703 — — 15,553 — — 415,256 
Management fees— — 177,949 — 3,465 — 181,414 
Incentive fees— — 67,401 — — — 67,401 
Asset management revenue— — 245,350 — 3,465 — 248,815 
Commercial real estate revenue— — — — 360,387 — 360,387 
Other residential-related revenue48,555 — — 60,685 — — 109,240 
Total Revenue1,532,452 191,246 312,455 257,633 367,869 5,336 2,666,991 
Interest expense and warehouse line fees441,431 79,401 48,805 146,562 120,298 77,680 914,177 
Other segment expenses(A)
297,480 12,006 63,492 56,820 162,640 31,512 623,950 
Compensation and benefits421,782 43,562 243,227 11,803 22,756 45,757 788,887 
Depreciation and amortization11,562 3,909 23,566 15,666 131,408 80 186,191 
Total Operating Expenses1,172,255 138,878 379,090 230,851 437,102 155,029 2,513,205 
Realized and unrealized gains (losses), net57 6,425 25,054 9,717 (102)— 41,151 
Other income (loss), net3,493 1,369 26,880 14,514 (78)11 46,189 
Total Other Income (Loss)3,550 7,794 51,934 24,231 (180)11 87,340 
Income (Loss) before Income Taxes$363,747 $60,162 $(14,701)$51,013 $(69,413)$(149,682)$241,126 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and SFR property and maintenance. The Commercial Real Estate segment’s other segment expenses primarily include property operating expenses.

17

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
June 30, 2026
Investments(A)
$17,835,593 $3,833,824 $1,119,524 $4,201,808 $5,105,831 $— $32,096,580 
Cash and cash equivalents(A)
1,055,134 59,084 237,477 19,395 170,931 122,477 1,664,498 
Restricted cash(A)
174,481 69,755 10,194 34,186 263,412 238,182 790,210 
Other assets(A)
7,795,668 163,300 1,540,186 2,474,347 343,013 11,754 12,328,268 
Goodwill29,468 55,731 231,444 — — — 316,643 
Assets of consolidated entities(A)
— 878,836 1,232,433 4,801,400 — — 6,912,669 
Total Assets$26,890,344 $5,060,530 $4,371,258 $11,531,136 $5,883,187 $372,413 $54,108,868 
Debt(A)
$15,341,262 $3,219,710 $440,685 $5,191,877 $3,996,761 $1,753,290 $29,943,585 
Other liabilities(A)
6,046,761 57,676 1,401,149 470,385 276,731 489,724 8,742,426 
Liabilities of consolidated entities(A)
— 765,735 980,804 4,227,598 — — 5,974,137 
Total Liabilities21,388,023 4,043,121 2,822,638 9,889,860 4,273,492 2,243,014 44,660,148 
Redeemable Non-controlling Interests of Consolidated Subsidiaries— — 154,413 — — 242,893 397,306 
Total Stockholders’ Equity5,502,321 1,017,409 1,394,207 1,641,276 1,609,695 (2,113,494)9,051,414 
Non-controlling interests in equity of consolidated subsidiaries9,780 — 74,834 59,020 390,918 — 534,552 
Stockholders’ Equity in Rithm Capital Corp.$5,492,541 $1,017,409 $1,319,373 $1,582,256 $1,218,777 $(2,113,494)$8,516,862 
Investments in Equity Method Investees$27,609 $29,135 $246,759 $326,288 $183,082 $— $812,873 
December 31, 2025
Total Assets(A)
$27,459,943 $4,057,146 $4,514,978 $10,687,181 $5,885,235 $458,643 $53,063,126 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and 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.


18

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Three Months Ended June 30, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$574,817 $— $— $— $— $— $574,817 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(176,680))
(155,005)— — — — — (155,005)
Servicing revenue, net419,812 — — — — — 419,812 
Interest income309,940 75,405 7,841 82,143 — 3,126 478,455 
Gain on originated residential mortgage loans, held-for-sale, net168,438 — — 1,260 — — 169,698 
Management fees— — 66,177 — — — 66,177 
Incentive fees— — 28,831 — — — 28,831 
Asset management revenue— — 95,008 — — — 95,008 
Commercial real estate revenue— — — — — — — 
Other residential-related revenue27,439 — — 29,182 — — 56,621 
Total Revenue925,629 75,405 102,849 112,585 — 3,126 1,219,594 
Interest expense and warehouse line fees283,616 33,620 8,710 69,904 — 22,018 417,868 
Other segment expenses(A)
146,989 5,234 26,487 22,162 — 14,909 215,781 
Compensation and benefits190,169 15,308 67,401 1,004 — 20,525 294,407 
Depreciation and amortization6,281 2,289 7,348 7,849 — 27 23,794 
Total Operating Expenses627,055 56,451 109,946 100,919 — 57,479 951,850 
Realized and unrealized gains (losses), net— 6,809 416 16,177 — (661)22,741 
Other income (loss), net6,435 (713)5,124 6,286 — (1,209)15,923 
Total Other Income (Loss)6,435 6,096 5,540 22,463 — (1,870)38,664 
Income (Loss) before Income Taxes$305,009 $25,050 $(1,557)$34,129 $— $(56,223)$306,408 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.


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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Six Months Ended June 30, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,145,618 $— $— $— $— $— $1,145,618 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(323,571))
(488,383)— — — — — (488,383)
Servicing revenue, net657,235 — — — — — 657,235 
Interest income602,501 141,913 17,254 153,933 — 4,114 919,715 
Gain on originated residential mortgage loans, held-for-sale, net319,932 — — 9,555 — — 329,487 
Management fees— — 125,163 — — — 125,163 
Incentive fees— — 57,517 — — — 57,517 
Asset management revenue— — 182,680 — — — 182,680 
Commercial real estate revenue— — — — — — — 
Other residential-related revenue53,177 — — 56,548 — — 109,725 
Total Revenue1,632,845 141,913 199,934 220,036 — 4,114 2,198,842 
Interest expense and warehouse line fees576,564 65,321 22,799 129,540 — 42,698 836,922 
Other segment expenses(A)
290,756 10,065 58,078 45,154 — 24,706 428,759 
Compensation and benefits362,871 29,699 132,731 2,166 — 38,407 565,874 
Depreciation and amortization13,940 3,856 14,732 15,803 — 31 48,362 
Total Operating Expenses1,244,131 108,941 228,340 192,663 — 105,842 1,879,917 
Realized and unrealized gains (losses), net— 8,852 (5,864)19,271 — (661)21,598 
Other income (loss), net6,317 (854)12,962 5,444 — (1,204)22,665 
Total Other Income (Loss)6,317 7,998 7,098 24,715 — (1,865)44,263 
Income (Loss) before Income Taxes$395,031 $40,970 $(21,308)$52,088 $— $(103,593)$363,188 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.




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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


5. MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES

The following table summarizes activity related to MSRs and MSR financing receivables:
Balance at December 31, 2025$10,359,141 
Acquisitions12,410 
Originations(A)
723,882 
Sales4,047 
Change in Fair Value due to:
Realization of cash flows(B)
(427,831)
Change in valuation inputs and assumptions419,834 
Balance at June 30, 2026$11,091,483 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $114.8 million of MSRs capitalized through co-issue with third parties for the six months ended June 30, 2026.
(B)Based on the paydown of the underlying residential mortgage loans.

The following table summarizes components of servicing revenue, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$563,771 $518,371 $1,094,370 $1,045,181 
Ancillary and other fees50,866 56,446 99,555 100,437 
Servicing fee revenue, net and fees614,637 574,817 1,193,925 1,145,618 
Change in Fair Value due to:
Realization of cash flows(A)
(213,874)(176,680)(425,330)(323,571)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
48,228 (8,807)409,814 (403,832)
Gains (losses) on MSR economic hedges(227,229)30,482 (581,588)239,020 
Servicing Revenue, Net$221,762 $419,812 $596,821 $657,235 
(A)Net of realization of cash flows related to MSR financing liability of $1.4 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.5 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.
(B)Net of change in valuation inputs and assumptions related to MSR financing liability of $(6.0) million and $8.0 million for the three months ended June 30, 2026 and 2025, respectively, and $(10.0) million and $3.2 million for the six months ended June 30, 2026 and 2025, respectively.

The following table summarizes MSRs and MSR financing receivables by type as of June 30, 2026 and December 31, 2025:
Unpaid Principal Balance (“UPB”) of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
June 30, 2026
GSE$375,046,071 6.1$6,483,683 
Non-Agency67,707,849 5.6981,266 
Ginnie Mae154,064,973 6.13,626,534 
Total / Weighted Average$596,818,893 6.1$11,091,483 
December 31, 2025
GSE$376,982,090 6.2$6,051,855 
Non-Agency66,874,608 5.6894,988 
Ginnie Mae151,675,782 6.13,412,298 
Total / Weighted Average$595,532,480 6.1$10,359,141 
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Represents the fair value for this investment. As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.0% (range of 7.6% – 9.6%) and 8.4% (range of 8.0% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Residential Mortgage Loans Subject to Repurchase

Rithm Capital, through Newrez, is an approved issuer of Ginnie Mae mortgage-backed securities (“MBS”) and originates and securitizes government-insured residential mortgage loans. As the issuer of the Ginnie Mae guaranteed securitizations, Rithm Capital has the unilateral right to repurchase loans from the securitizations when they are delinquent for more than 90 days. Loans in forbearance that are three or more consecutive payments delinquent are included as delinquent loans permitted to be repurchased. As a result, once the delinquency criteria have been met and regardless of whether the repurchase option has been exercised, the Company recognizes delinquent loans as if they had been repurchased with a corresponding liability. As of June 30, 2026 and December 31, 2025, Rithm Capital reflected approximately $4.3 billion and $4.0 billion, respectively, in residential mortgage loans subject to repurchase and residential mortgage loan repurchase liability on its consolidated balance sheets. Rithm Capital may re-pool repurchased loans into new Ginnie Mae securitizations upon re-performance of the loan or otherwise sell to third-party investors. The Company does not change the accounting for MSRs related to previously sold loans upon re-recognizing loans eligible for repurchase. Rather, upon repurchase of a loan, the MSR is written off. As of June 30, 2026 and December 31, 2025, Rithm Capital held approximately $0.6 billion and $0.5 billion, respectively, of such repurchased loans, which are classified as held-for-sale (“HFS”) and are presented within residential mortgage loans on the consolidated balance sheets.

Onity MSR Financing Receivable Transactions

Onity Group Inc. (formerly known as Ocwen Financial Corporation), together with certain affiliates, and subsequently PHH Mortgage Corporation (“PHH”), entered into agreements with the Company to sell MSR-related assets, including certain rights to MSRs and other related assets. As of June 30, 2026, approximately $8.0 billion of underlying loan UPB associated with these sales has not received required consents and/or certain other conditions to transfer have not been met. The economics of the MSR-related assets are transferred through an interim arrangement until all required consents are obtained and other transfer conditions are satisfied. Accordingly, these amounts are presented as MSR financing receivables within mortgage servicing rights and MSR financing receivables, at fair value on the consolidated balance sheets.

Geographic Distributions

The table below summarizes the geographic distribution of the residential mortgage loans underlying the MSRs and MSR financing receivables:
Percentage of Total Outstanding
Unpaid Principal Amount
State ConcentrationJune 30, 2026December 31, 2025
California15.5 %15.8 %
Florida8.0 %8.1 %
Texas6.7 %6.7 %
New York5.7 %5.7 %
Washington4.9 %5.0 %
New Jersey3.9 %3.9 %
Virginia3.8 %3.8 %
Maryland3.5 %3.4 %
Georgia3.2 %3.2 %
Illinois3.1 %3.2 %
Other U.S.41.7 %41.2 %
100.0 %100.0 %

Geographic concentrations of investments expose Rithm Capital to the risk of economic downturns within the relevant states. Any such downturn in a state where Rithm Capital holds significant investments could affect the underlying borrower’s ability to make mortgage payments and therefore could have a meaningful, negative impact on the MSRs.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Residential Mortgage Loan Servicing and Subservicing

Newrez performs servicing of residential mortgage loans for unaffiliated parties under servicing agreements. The servicing agreements do not meet the criteria to be recognized as a servicing right asset and, therefore, are not recognized in the consolidated balance sheets. The UPB of residential mortgage loans serviced for others as of June 30, 2026 and December 31, 2025 was $253.7 billion and $242.8 billion, respectively. Rithm Capital earned servicing revenue of $89.3 million and $78.5 million for the three months ended June 30, 2026 and 2025, respectively, and $176.3 million and $154.5 million for the six months ended June 30, 2026 and 2025, respectively, related to unaffiliated serviced loans presented within servicing revenue, net in the consolidated statements of operations.

In relation to certain owned MSRs, Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers to perform the operational servicing duties, including recapture activities, in exchange for a subservicing fee, which is recognized as subservicing expense and presented in general, administrative and operating in the consolidated statements of operations. As of June 30, 2026, PHH and Valon Mortgage, Inc. subserviced 1.4% and 3.4% of owned MSRs, respectively, with the remaining 95.2% of owned MSRs serviced by Newrez (Note 1).

Servicer Advances Receivable

In connection with Rithm Capital’s ownership of MSRs, the Company assumes the obligation to serve as a liquidity provider to initially fund servicer advances on the underlying pool of mortgages it services (Note 25). These servicer advances are recorded when advanced and are included in servicer advances receivable on the consolidated balance sheets.

The table below summarizes the type of advances included in the servicer advances receivable:
June 30, 2026December 31, 2025
Principal and interest advances$509,576 $539,371 
Escrow advances (taxes and insurance advances)1,293,143 1,735,259 
Foreclosure advances1,070,091 941,658 
Gross advance balance(A)(B)(C)
2,872,810 3,216,288 
Reserves, impairment, unamortized discount, net of recovery accruals(121,217)(125,675)
Total Servicer Advances Receivable$2,751,593 $3,090,613 
(A)Includes $513.6 million and $738.7 million as of June 30, 2026 and December 31, 2025 of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $538.7 million and $576.7 million as of June 30, 2026 and December 31, 2025 of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae.
(C)Expected losses for advances associated with loans in the MSR portfolio are considered in the MSR fair value through a non-reimbursable advance loss assumption.

Rithm Capital’s servicer advances receivable related to non-Agency MSRs generally have the highest reimbursement priority pursuant to the underlying servicing agreements (i.e., rank “top of the waterfall”), and Rithm Capital is generally entitled to repayment from the respective loan or REO liquidation proceeds before any interest or principal is paid on the notes issued by the trust. In most cases, advances in excess of the respective loan or REO liquidation proceeds may be recovered from pool-level proceeds. Furthermore, to the extent that advances are not recoverable by Rithm Capital as a result of the subservicer’s failure to comply with applicable requirements in the relevant servicing agreements, Rithm Capital has a contractual right to be reimbursed by the subservicer. For advances on loans that have been liquidated, sold, paid in full, modified or delinquent, the Company provisioned $127.5 million, or 4.4%, and $121.5 million, or 3.8%, for expected non-recovery of advances as of June 30, 2026 and December 31, 2025, respectively.

The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2025$121,537 
Provision54,559 
Write-offs(48,618)
Balance at June 30, 2026$127,478 

See Note 17 regarding the financing of MSRs and servicer advances receivable.

23

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


6. GOVERNMENT AND GOVERNMENT-BACKED SECURITIES

Government and government-backed securities include Agency securities issued by the GSEs or Ginnie Mae and Treasury securities.

The following table summarizes Agency and Treasury securities classified as available-for-sale (“AFS”) or designated at fair value under the FVO election:
June 30, 2026December 31,
2025
Outstanding Face AmountGross UnrealizedNumber of SecuritiesWeighted Average
GainsLosses
Carrying Value(A)
CouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$62,940 $— $— $56,035 1 3.5 %3.5 %10.8$58,523 
Securities Designated at FVO:
Agency(C)
4,887,780 61,650 (12,982)4,831,902 22 5.0 %5.0 %7.35,171,616
Total / Weighted Average$4,950,720 $61,650 $(12,982)$4,887,937 23 5.0 %5.0 %7.3$5,230,139 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of June 30, 2026 and December 31, 2025.
(D)Expected loss is realized through allowance for credit losses.

The following table summarizes Treasury securities classified as held-to-maturity (“HTM”):
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
June 30, 2026$25,000 $24,932 $24,932 $— 1 3.7 %0.08
December 31, 202525,000 24,766 24,762 (4)1 3.5 %0.30
(A)See Note 18 regarding the fair value measurements.

The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TreasuryAgencyTreasuryAgencyTreasuryAgencyTreasuryAgency
Purchases:
Face$25,000 $— $25,000 $— $25,000 $— $50,000 $1,355,800 
Purchase price24,721 — 24,736 — 24,721 — 49,468 1,326,895 
Sales:
Face$— $— $2,000,000 $— $— $— $2,000,000 $1,274 
Amortized cost— — 2,002,734 — — — 2,002,734 1,349 
Sale price— — 2,013,809 — — — 2,013,809 1,291 
Gain (loss) on sale— — 11,075 — — — 11,075 (58)

As of June 30, 2026, Rithm Capital had no unsettled government and government-backed securities trades.

See Note 17 regarding the financing of government and government-backed securities.

24

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


7. RESIDENTIAL MORTGAGE LOANS

Rithm Capital aggregates its residential mortgage loan portfolio through originations, bulk acquisitions and the execution of call rights. Substantially all of the residential mortgage loan portfolio is serviced by Newrez.

Loans are accounted for based on Rithm Capital’s strategy and management’s intent and whether the loan was credit-impaired at the date of acquisition. As of June 30, 2026, Rithm Capital accounts for loans based on the following categories:

•Loans held-for-investment (“HFI”), at fair value
•Loans HFS, at lower of cost or fair value
•Loans HFS, at fair value
•Investments of consolidated CFEs represent mortgage loans held by certain mortgage securitization trusts where Rithm Capital is determined to be a primary beneficiary and, as a result, consolidates such trusts. The assets are measured based on the fair value of the more observable liabilities of such trusts under the CFE election. The obligations and liabilities of CFEs may only be satisfied with the assets of the respective consolidated CFEs, and creditors of the CFE do not have recourse to Rithm Capital Corp. These assets and liabilities are presented within assets of consolidated entities and liabilities of consolidated entities, respectively, on the consolidated balance sheets.

The following table summarizes residential mortgage loans outstanding by loan type:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$4,540,407 $4,460,920 10,4566.2 %27.2$3,265,142 
Residential mortgage loans, HFI, at fair value$325,577 $294,416 6,2698.0 %3.4$324,688 
Residential Mortgage Loans, HFS:
Acquired performing loans45,622 40,970 1,4366.7 %3.245,861 
Acquired non-performing loans(C)
13,483 11,278 1509.2 %2.910,930 
Residential mortgage loans, HFS59,105 52,248 1,5867.3 %3.156,791 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(D)
1,132,283 1,140,263 2,8546.3 %9.71,612,154 
Acquired non-performing loans(C)(E)
390,046 358,440 1,6165.5 %28.5299,413 
Originated loans2,392,735 2,448,125 7,9736.6 %29.13,515,914 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 12,4436.4 %23.45,427,481 
Total Residential Mortgage Loans$4,299,746 $4,293,492 20,298$5,808,960 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)Includes $210.7 million UPB of Ginnie Mae early buyout options.
(E)Includes $375.6 million UPB of Ginnie Mae early buyout options on accrual status as recovery of contractual cash flows are guaranteed by the FHA as of June 30, 2026.

See Note 17 regarding the financing of residential mortgage loans.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans on the consolidated balance sheets:
25

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,840,835 $3,874,481 $33,646 $5,358,662 $5,437,702 $79,040 
90+458,911 419,011 (39,900)405,526 371,258 (34,268)
Total$4,299,746 $4,293,492 $(6,254)$5,764,188 $5,808,960 $44,772 

The following table summarizes the activity related to residential mortgage loans by loan classification:
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2025$324,688 $56,791 $5,427,481 $5,808,960 
Originations — — 29,096,872 29,096,872 
Sales— — (32,500,458)(32,500,458)
Purchases/additional fundings— — 3,979,949 3,979,949 
Proceeds from repayments(20,844)(3,701)(104,593)(129,138)
Net transfer of loans to/from other assets(A)
— (339)(1,972,430)(1,972,769)
Transfer of loans to REO(1,329)(160)(256)(1,745)
Valuation (provision) reversal on loans— (343)— (343)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(2,224)— (270)(2,494)
Other factors(5,875)— 20,533 14,658 
Balance at June 30, 2026$294,416 $52,248 $3,946,828 $4,293,492 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans as well as transfers to and from consolidated entities.

Gain on Originated Residential Mortgage Loans, HFS, Net

Newrez originates conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. In connection with the sale or securitization of loans to the GSEs or mortgage investors, Rithm Capital recognizes gain on sale within gain on originated residential mortgage loans, HFS, net in the consolidated statements of operations. See Note 19 for further details on Rithm Capital’s continuing involvement in residential mortgage loan securitizations.

The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Loss on residential mortgage loans originated and sold, net(A)
$(161,434)$(257,202)$(275,123)$(416,852)
Gain on settlement of residential mortgage loan origination derivative instruments(B)
70,159 24,980 28,819 37,769 
MSRs retained on transfer of residential mortgage loans(C)
313,934 377,074 609,072 696,222 
Other(D)
15,588 14,394 31,768 36,376 
Realized gain on sale of originated residential mortgage loans, net238,247 159,246 394,536 353,515 
Change in fair value of residential mortgage loans25,692 25,072 (516)37,671 
Change in fair value of interest rate lock commitments (Note 16)
20,355 16,135 12,308 39,228 
Change in fair value of derivative instruments (Note 16)
(77,288)(30,755)8,928 (100,927)
Gain on Originated Residential Mortgage Loans, HFS, Net$207,006 $169,698 $415,256 $329,487 
(A)Includes residential mortgage loan origination fees of $174.8 million and $248.3 million for the three months ended June 30, 2026 and 2025, respectively, and $383.7 million and $445.9 million for the six months ended June 30, 2026 and 2025, respectively. Includes gain/(loss) on residential mortgage loan securitizations accounted for as sales of $(2.6) million and $9.6 million for the three months ended June 30, 2026 and 2025, respectively, and $39.3 million and $25.0 million for the six months ended June 30, 2026 and 2025, respectively.
(B)Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments.
(C)Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained.
(D)Includes fees for services associated with the residential mortgage loan origination process.
26

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)




8. CONSUMER LOANS

Rithm Capital’s consumer loan portfolio consists of (i) consumer loans acquired from Upgrade, Inc. (“Upgrade” and such loans, the “Upgrade loans”), (ii) consumer loans acquired from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) and (iii) consumer loans acquired from SpringCastle (the “SpringCastle loans” or “SpringCastle”).

The Upgrade portfolio includes fixed-rate consumer home improvement loans serviced by Upgrade. The Marcus portfolio includes unsecured fixed-rate closed-end installment loans serviced by Systems and Services Technologies, Inc. and the Company’s internal loan servicing business at Newrez. The SpringCastle portfolio includes open-end personal unsecured loans and personal homeowner loans serviced by OneMain Holdings Inc.

Pursuant to the forward flow agreement with Upgrade, entered into by the Company on July 31, 2025 (the “Effective Date”), Rithm Capital will purchase consumer home improvement loans over the period from the Effective Date through the expiry on October 31, 2026. As of June 30, 2026, the Company has purchased $970.4 million UPB of loans under this agreement. Each individual purchase is at Rithm Capital’s discretion, prices are negotiated on a best efforts basis, and the Company’s obligation to acquire the loans is subject to certain conditions. The securitized loans are presented within investments, at fair value and other assets within assets of consolidated entities on the consolidated balance sheets. See Note 19 for additional details on the securitization of these loans.

The Company has invested in SpringCastle loans with an aggregate of $125.6 million of unfunded and available revolving credit privileges as of June 30, 2026. However, under the terms of these loans, requests for draws may be denied and unfunded availability may be terminated at the Company’s discretion.

The following table summarizes characteristics of consumer loans, at fair value under the FVO election and consumer loans held by consolidated entities:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
June 30, 2026
Investments of consolidated CFEs(A)
$302,422 $304,569 13.1 %10.8
Upgrade$479,625 $462,640 15.4 %10.4
SpringCastle146,489 147,302 18.0 %3.5
Marcus204,137 97,169 11.2 %0.5
Total Consumer Loans, at Fair Value$830,251 $707,111 14.8 %6.8
December 31, 2025
Upgrade$471,651 $450,119 13.5 %10.9
SpringCastle164,119 167,807 18.0 %3.7
Marcus295,074 166,473 11.2 %0.6
Total Consumer Loans, at Fair Value$930,844 $784,399 13.6 %6.4
(A)Consumer loans of consolidated CFEs are classified as Level 3 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.

See Note 17 regarding the financing of consumer loans.

27

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of consumer loans, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$143,582 $144,399 $817 $160,524 $164,175 $3,651 
90+2,907 2,903 (4)3,595 3,632 37 
Total SpringCastle146,489 147,302 813 164,119 167,807 3,688 
Marcus:
Current$85,116 $85,371 $255 $151,530 $151,985 $455 
90+119,021 11,798 (107,223)143,544 14,488 (129,056)
Total Marcus204,137 97,169 (106,968)295,074 166,473 (128,601)
Upgrade:
Current$478,741 $461,787 $(16,954)$471,108 $449,601 $(21,507)
90+884 853 (31)543 518 (25)
Total Upgrade479,625 462,640 (16,985)471,651 450,119 (21,532)
$830,251 $707,111 $(123,140)$930,844 $784,399 $(146,445)
(A)Consumer loans are carried at fair value. See Note 18 regarding fair value measurements.

The following table summarizes the activity for consumer loans, at fair value for the period:
Balance at December 31, 2025$784,399 
Transfer to investments of consolidated CFEs(301,966)
Additional fundings(A)
8,585 
Purchases425,081 
Proceeds from repayments(222,144)
Accretion of loan discount and premium amortization, net15,471 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(4,271)
Other factors1,956 
Balance at June 30, 2026$707,111 
(A)Represents draws on consumer loans with revolving privileges.

9. REAL ESTATE, NET

The following table presents the composition of real estate, net:
June 30,
2026		December 31,
2025
Commercial real estate$5,129,659 $5,156,248 
Single-family rental properties993,341 1,004,917 
Real estate owned16,789 14,570 
Real Estate, Net$6,139,789 $6,175,735 

Commercial Real Estate

The Company owns and operates a portfolio of high-quality, Class A office properties in New York City and San Francisco, which are managed as part of the Company’s broader real estate platform. CRE properties are classified as HFI carried at cost less accumulated depreciation and any impairment and presented within real estate, net on the consolidated balance sheets.

28

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes the net carrying value of CRE:
Depreciable Life (Years)(A)
June 30,
2026		December 31,
2025
Commercial Real Estate Tangible Assets:
LandN/A$1,735,913 $1,721,869 
Buildings and improvements
5 to 40
2,401,830 2,300,895 
Total commercial real estate tangible assets, at cost4,137,743 4,022,764 
Accumulated depreciation(67,000)(4,007)
Total commercial real estate tangible assets, net4,070,743 4,018,757 
Commercial Real Estate Intangible Assets:
In-place leases
8.4
1,043,275 1,044,592 
Above-market leases
6.0
100,168 99,831 
Total commercial real estate intangible assets, gross1,143,443 1,144,423 
In-place leases accumulated amortization(75,064)(6,347)
Above-market leases accumulated amortization(9,463)(585)
Total accumulated amortization(84,527)(6,932)
Total commercial real estate intangible assets, net1,058,916 1,137,491 
Commercial Real Estate, Net$5,129,659 $5,156,248 
(A)The estimated useful lives of CRE intangible assets represents the weighted-average useful life.

Depreciation expense of CRE was $31.3 million and $62.4 million for the three and six months ended June 30, 2026, respectively, and is presented in depreciation and amortization in the consolidated statements of operations. Amortization expense of lease intangible assets was $39.5 million and $78.6 million for the three and six months ended June 30, 2026, respectively, and is presented in depreciation and amortization in the consolidated statements of operations, except as it relates to the amortization of above-market leases, which is included in commercial real estate revenue in the consolidated statements of operations.

The following table summarizes the activity for the period related to the net carrying value of CRE:
Commercial Real Estate Tangible AssetsCommercial Real Estate Intangible AssetsTotal Commercial Real Estate, Net
Balance at December 31, 2025$4,018,757 $1,137,491 $5,156,248 
Other23,734 (980)22,754 
Acquisitions and capital improvements90,616 — 90,616 
Depreciation and amortization expense(A)
(62,364)(77,595)(139,959)
Balance at June 30, 2026$4,070,743 $1,058,916 $5,129,659 
(A)Includes $8.9 million of amortization expense for the six months ended June 30, 2026 related to the Company’s above-market lease intangible assets, which is presented within commercial real estate revenue on the consolidated statements of operations.

The Company leases office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years. Most of the Company’s leases provide tenants with extension options at either fixed or market rates. Certain leases provide tenants with options to terminate early, but such options generally impose an economic penalty on the tenant upon exercising.

29

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes rental revenue and other variable revenue based on the specific lease terms presented in commercial real estate revenue on the consolidated statements of operations for the period:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental revenue$157,180 $— $309,260 $— 
Other variable revenue24,950 — 51,127 — 
Total$182,130 $— $360,387 $— 

The following table summarizes the future minimum rental revenue under existing leases on CRE properties as of June 30, 2026:
July 1 through December 31, 2026$254,963 
2027539,332 
2028578,268 
2029572,184 
2030529,513 
2031 and thereafter2,582,215 
Total$5,056,475 

The following table summarizes the expected future amortization expense for lease intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$80,078 
2027162,941 
2028159,688 
2029147,911 
2030122,954 
2031 and thereafter385,344 
$1,058,916 

In connection with the Elecor Acquisition, the Company recognized intangible liabilities related to below-market leases, which are presented in accrued expenses and other liabilities in the consolidated balance sheets. See Note 14 for further details.

Single-Family Rental Properties

The Company manages a geographically diversified portfolio of high-quality SFR properties. The Company owns SFR properties classified as both HFI and HFS. SFR properties HFI are carried at cost less accumulated depreciation and impairment. SFR properties HFS are managed for near term sale and disposition and are measured at the lower of carrying value or fair value less estimated cost to sell and are not subject to depreciation. SFR properties HFI and HFS are presented within real estate, net on the consolidated balance sheets.

The following table summarizes the net carrying value of investments in SFR properties:
June 30, 2026December 31, 2025
Land$196,515 $192,335 
Building750,192 759,716 
Capital improvements166,152 163,496 
Total gross investment in SFR properties1,112,859 1,115,547 
Accumulated depreciation(119,518)(110,630)
Investment in SFR Properties, Net$993,341 $1,004,917 

Depreciation expense related to SFR properties HFI was $6.4 million and $7.3 million for the three months ended June 30, 2026 and 2025, respectively, and $13.6 million and $14.7 million for the six months ended June 30, 2026 and 2025, respectively, and is presented in depreciation and amortization in the consolidated statements of operations.
30

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)




The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2025$999,102 $5,815 $1,004,917 
Acquisitions and capital improvements45,126 238 45,364 
Transfers to (from) HFS/HFI(219,285)219,285 — 
Dispositions— (43,343)(43,343)
Depreciation expense(13,597)— (13,597)
Balance at June 30, 2026$811,346 $181,995 $993,341 

Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one to two years.

The following table summarizes rental revenue and other variable revenue presented in other residential-related revenue on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental revenue$18,104 $19,492 $38,591 $38,895 
Other variable revenue2,564 2,555 4,761 4,885 
Total $20,668 $22,047 $43,352 $43,780 

The following table summarizes the future minimum rental revenue under existing leases on SFR properties as of June 30, 2026:
July 1 through December 31, 2026$24,881 
2027 and thereafter
17,208 
Total$42,089 

The following table summarizes SFR portfolio activity for the period by number of properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20253,985 21 4,006 
Acquisition of SFR properties110 — 110 
Transfer to (from) HFS/HFI(813)813 — 
Disposition of SFR properties— (158)(158)
Balance at June 30, 20263,282 676 3,958 

See Note 17 regarding the financing of SFR properties.

10. RESIDENTIAL TRANSITION LOANS

The Company, through its wholly owned subsidiary, Genesis, specializes in originating and managing a portfolio of primarily short-term mortgage loans to fund the construction and development of, or investment in, residential properties.

31

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes residential transition loans (“RTLs” and each, an “RTL”), at fair value, and RTLs held by consolidated entities by loan type:
RTLs - Carrying
Value(A)
RTLs of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
June 30, 2026
Construction$1,348,321 $512,016 $1,860,337 36.7 %610 32.3 %10.6 %22.6
73.2% / 62.1%
Bridge1,974,747 518,046 2,492,793 49.1 %605 32.1 %9.1 %25.068.0%
Renovation509,244 208,753 717,997 14.2 %673 35.6 %9.5 %15.9
82.0% / 67.2%
$3,832,312 $1,238,815 $5,071,127 100.0 %1,888 100.0 %9.7 %21.7N/A
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
(A)RTLs are carried at fair value under the FVO election. Certain RTLs of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.

The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2025$2,699,864 
Purchases14,204 
Initial loan advances1,870,604 
Construction holdbacks and draws716,268 
Repayments and sales(957,870)
Transfer of loans to REO(2,357)
Transfers to assets of consolidated entities(500,365)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(25,496)
Other factors17,460 
Balance at June 30, 2026$3,832,312 

The Company is subject to credit risk in connection with its investments in mortgage loans, including RTLs. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower’s default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,738,073 $3,745,172 $7,099 $2,593,228 $2,610,258 $17,030 
90+96,748 87,140 (9,608)100,921 89,606 (11,315)
Total$3,834,821 $3,832,312 $(2,509)$2,694,149 $2,699,864 $5,715 

See Note 17 regarding the financing of RTLs.

32

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


11. INSURANCE

Insurance company investments, at fair value

The following table presents the composition of insurance company investments, at fair value:
June 30,
2026		December 31,
2025
Securities$193,146 $135,472 
Commercial mortgage loans449,966 397,982 
Private credit476,412 373,000 
Insurance Company Investments, at Fair Value$1,119,524 $906,454 

The following table summarizes the securities held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face Amount(C)
Gross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Carrying Value(A)
Asset-backed and mortgage-backed securities$590,291 $1,869 $(3,883)$156,363 255 1.6 %6.6 %5.2$93,729 
Corporate debt24,183 132 (256)24,487 165 4.6 %4.9 %10.020,141
Government and Agency securities10,736 43 (83)9,742 15 2.8 %4.1 %6.418,036
Other2,561 2 (10)2,554 12 4.8 %4.9 %3.83,566
Total / Weighted Average$627,771 $2,046 $(4,232)$193,146 447 1.8 %6.2 %5.8$135,472 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)Includes interest only securities for which no principal payment is expected.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Commercial mortgage loans, HFI, at fair value$481,587 $449,966 46 9.8 %1.3$397,982 
Private credit, at fair value(B)
482,279 476,412 74 10.3 %3.5373,000 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows.
(B)All current status loans as of June 30, 2026.

The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)

33

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2025
$397,982 $373,000 
Purchases151,181 152,242 
Paydowns(101,322)(50,266)
Other(A)
2,216 (848)
Fair value adjustment(B)
(91)2,284 
Balance at June 30, 2026
$449,966 $476,412 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.
(B)Includes fair value adjustments due to changes in instrument-specific credit risk and other factors.

Interest sensitive insurance contract liabilities

Interest sensitive insurance contract liabilities primarily include fixed indexed annuities (“FIAs”) and deferred annuities, including multi-year guaranteed annuities. The Company, through its wholly owned subsidiary, Crestline Life and Insurance Annuity Company (“CL Life”), also issues single premium immediate annuities, which provide fixed benefit payments commencing shortly after contract issuance.

The following is a reconciliation of interest sensitive insurance contract liabilities to the consolidated balance sheets:

June 30,
2026		December 31,
2025
Fixed indexed annuities$101,611 $74,033 
Deferred annuities1,032,214 880,464 
Other(A)
9,972 5,712 
Interest Sensitive Insurance Contract Liabilities$1,143,797 $960,209 
(A)Primarily includes single premium immediate annuities.

The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2025$74,033 $880,464 
Deposits32,054 154,629 
Policy charges(3)(128)
Surrenders and withdrawals(1,261)(18,592)
Benefit payments(298)(11,445)
Interest credited(2,914)27,286 
Balance as of June 30, 2026
$101,611 $1,032,214 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value93,598 955,528 

34

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following presents policyholder account balances related to deferred annuity contracts by the applicable guaranteed minimum crediting rate and by range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2026
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,157 $62,555 $844,486 $56,138 $67,878 $1,032,214 

December 31, 2025
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,183 $14,517 $743,815 $68,976 $51,973 $880,464 

Reinsurance Recoverable

The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Under the arrangement, the Company established a segregated account from the general investment portfolio in which the investments supporting the ceded obligations are maintained. The Company retains legal ownership of the investments supporting the ceded reserves and withholds investments equal to the ceded reserves. The reinsurer has a contractual claim on the funds withheld and is credited with investment returns in accordance with the terms of the agreement. Gross reinsurance recoverable and funds withheld obligations are recorded as a single net deposit position and are presented within other assets or accrued expenses and other liabilities, as applicable (Note 13).

12. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Rithm Capital considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed federally insured deposit limits.

Restricted cash consists of cash collateral pledges related to secured financing and securitizations, amounts restricted or escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements, security deposits held on behalf of tenants, lease obligations and cash proceeds held in a trust account from the initial public offering (“IPO”) of the SPAC that can only be used for purposes of completing an initial business combination or redemption of the SPAC’s Class A ordinary shares as set forth in the SPAC trust agreement.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
June 30,
2026		December 31,
2025
Cash and cash equivalents
$1,664,498 $1,847,626 
Restricted Cash:
Restricted cash790,210 809,312 
Restricted cash of consolidated entities(A)
83,878 132,475 
Total restricted cash874,088 941,787 
Total Cash, Cash Equivalents and Restricted Cash$2,538,586 $2,789,413 
(A)    Presented within investments, at fair value and other assets on the consolidated balance sheets.

35

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes restricted cash balances by reporting segment including corporate category:
June 30,
2026		December 31,
2025
Origination and Servicing$174,481 $174,667 
Residential Transitional Lending(A)
85,134 56,031 
Asset Management(A)
42,781 119,228 
Investment Portfolio(A)
70,098 62,554 
Commercial Real Estate263,412 290,872 
Corporate Category(B)
238,182 238,435 
Total Restricted Cash$874,088 $941,787 
(A)Includes restricted cash related to consolidated entities presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category primarily relates to cash held in a trust account related to the Company’s consolidated SPAC.

36

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


13. OTHER ASSETS AND LIABILITIES
 
Other assets and accrued expenses and other liabilities — other assets and accrued expenses and other liabilities on the consolidated balance sheets consist of the following:
Other AssetsAccrued Expenses
and Other Liabilities
June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Collateralized loan obligations (“CLOs”), at fair value$429,076 $362,280 Accounts payable$238,924 $253,931 
Derivative and hedging assets (Note 16)
68,043 46,747 Accrued compensation and benefits279,594 457,783 
Deferred tax asset6,249 6,437 Net deferred tax liability899,426 849,415 
Due from related parties51,611 75,729 
Derivative and hedging liabilities (Note 16)
88,486 101,346 
Equity investments(A)
1,171,148 1,029,524 Due to affiliates3,302 4,557 
Excess MSRs, at fair value
308,393 323,564 Escheat payable178,090 184,942 
Goodwill (Note 14)
316,643 316,643 MSR financing liability, at fair value83,785 76,266 
Income and fees receivable89,574 337,712 Interest payable146,840 158,072 
Intangible assets, net (Note 14)
355,541 369,999 
Intangible liabilities, net (Note 14)
116,575 125,156 
Loans receivable, at fair value(B)
11,742 11,396 
Lease liability (Note 15)
165,443 173,814 
Margin receivable, net(C)
193,999 126,396 
Notes receivable financing liability(E)
383,747 377,989 
Non-Agency securities, at fair value811,694 759,633 Open trades payable1,752 5,700 
Notes receivable, at fair value(D)
481,123 460,631 RTL financing liability, at fair value75,836 82,489 
Operating lease ROU assets (Note 15)
118,622 123,143 Unearned income and fees12,467 9,346 
Other receivables241,327 174,386 
Deposit liability(F)
40,426 34,806 
Prepaid expenses85,383 72,660 Other liabilities390,018 454,031 
Principal and interest receivable130,071 136,488 $3,104,711 $3,349,643 
Property and equipment64,594 82,908 
Servicer advance investments, at fair value
284,400 294,322 
Servicing fee receivables31,600 180,655 
Warrants, at fair value57,662 13,253 
Other assets275,937 279,470 
$5,584,432 $5,583,976 
(A)Includes equity investments in (i) certain real estate joint ventures and redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by the Company, (iv) the Credit Risk Transfer LLC (as defined in Note 18) that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 19), (vii) Adoor Property Management LLC (“APM”) and (viii) other equity investments.
(B)The Company’s loans receivable are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in the fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments.
(D)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election.
(E)Includes a secured borrowing with an UPB of $371.4 million resulting from a transaction that did not qualify for sale accounting under Accounting Standards Codification 860, for which the Company has elected the FVO.
(F)The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Amounts due to and from the reinsurer, including deposit-accounted reinsurance balances and funds-withheld obligations, are recorded on a net basis and a single net deposit position is presented within other assets or other liabilities, as applicable. As of June 30, 2026 and December 31, 2025, the gross reinsurance recoverable assets were $976.7 million and $826.0 million, respectively, and the related funds-withheld obligations were $1.0 billion and $860.8 million, respectively, which are presented on a net basis as a deposit liability in the table above.




37

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Notes and Loans Receivable — The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2025$460,631 $11,396 $472,027 
Fundings11,173 — 11,173 
Payment in kind3,850 346 4,196 
Fair Value Adjustments due to:
Other factors(A)
5,469 — 5,469 
Balance at June 30, 2026$481,123 $11,742 $492,865 
(A)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$575,769 $492,865 $(82,904)$560,400 $472,027 $(88,373)
90+8,038 — (8,038)8,038 — (8,038)
Total$583,807 $492,865 $(90,942)$568,438 $472,027 $(96,411)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.


14. GOODWILL AND INTANGIBLE ASSETS

As a result of acquisitions, the Company recognized intangible assets in the form of management contracts, customer relationships, purchased technology, trademarks and trade names, licenses and VOBA. The Company also recognized goodwill on certain acquisitions. Goodwill and intangible assets are presented within other assets on the consolidated balance sheets, except for in-place lease and above-market lease intangible assets, which are presented within real estate, net on the consolidated balance sheets.

The following table summarizes the carrying value of goodwill by reportable segment:
Origination and ServicingResidential Transitional LendingAsset ManagementTotal
Balance at December 31, 2025$29,468 $55,731 $231,444 $316,643 
Impairment loss— — — — 
Balance at June 30, 2026$29,468 $55,731 $231,444 $316,643 
38

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Intangible Assets

The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)June 30, 2026December 31, 2025
Gross Intangible Assets:
Management contracts
2 to 11
$358,415 $347,415 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
118,345 113,606 
Trademarks / Trade names(A)
1 to 11
13,999 13,999 
VOBA(B)
(B)2,401 2,401 
LicensesIndefinite27,084 27,084 
599,997 584,258 
Accumulated Amortization:
Management contracts80,044 58,420 
Customer relationships47,974 42,437 
Purchased technology107,746 106,171 
Trademarks / Trade names7,991 7,231 
VOBA701 — 
244,456 214,259 
Intangible Assets, Net:
Management contracts278,371 288,995 
Customer relationships31,779 37,316 
Purchased technology10,599 7,435 
Trademarks / Trade names(A)
6,008 6,768 
VOBA(B)
1,700 2,401 
Licenses27,084 27,084 
Intangible Assets, Net$355,541 $369,999 
(A)Includes indefinite-lived intangible assets of $1.9 million as of June 30, 2026 and December 31, 2025.
(B)VOBA, an actuarial intangible asset recognized as a result of the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.

The Company did not record any impairment loss on its intangible assets for the three and six months ended June 30, 2026 and 2025.

The following table summarizes the amortization expense for the period recognized by the Company related to the intangible assets included in the table above. Amortization expense related to intangible assets is included in general, administrative and operating in the consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amortization expense$15,226 $12,707 $30,197 $26,155 

The following table summarizes the expected future amortization expense for intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$26,242 
202754,238 
202853,956 
202950,958 
203040,836 
2031 and thereafter100,351 
$326,581 

39

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Intangible Liabilities

The following table summarizes the acquired identifiable intangible liabilities recognized as a result of the Elecor Acquisition, which are presented within accrued expenses and other liabilities in the consolidated balance sheets:
Weighted-Average Useful Lives (Years)June 30,
2026		December 31,
2025
Below-market leases
9.3
$126,185 $125,760 
Accumulated amortization9,610 604 
Intangible Liabilities, Net$116,575 $125,156 

The following table summarizes the amortization expense recorded by the Company related to its intangible liabilities. Amortization related to below-market leases is recognized in commercial real estate revenue in the consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amortization expense$4,447 $— $9,006 $— 

The following table summarizes the expected future amortization for intangible liabilities as of June 30, 2026:
Year EndingAmortization
July 1 through December 31, 2026$8,893 
202717,633 
202815,718 
202913,626 
203011,862 
2031 and thereafter48,843 
$116,575 

In connection with the Elecor Acquisition, the Company recognized intangible assets related to in-place leases and above-market leases, which are presented in real estate, net in the consolidated balance sheets. See Note 9 for further details.

15. LEASES

Rithm Capital, through its wholly owned subsidiaries, has non-cancelable operating leases on office space and data centers expiring through 2035 and a non-cancelable operating ground lease expiring in 2075. Rent expense, net of sublease income, totaled $8.9 million and $7.5 million for the three months ended June 30, 2026 and 2025, respectively, and $17.5 million and $14.7 million for the six months ended June 30, 2026 and 2025, respectively. The Company has leases that include renewal options and escalation clauses. The terms of the leases do not impose any financial restrictions or covenants.

Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the leases. In addition, the Company has finance leases for computer hardware. As of June 30, 2026, the Company has pledged collateral related to its lease obligations of $7.6 million, which is restricted cash and is presented as part of cash, cash equivalents and restricted cash on the consolidated balance sheets. Operating lease ROU assets and lease liabilities are presented as part of other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets (Note 13).

40

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
July 1 through December 31, 2026$26,317 $— $26,317 
202746,672 428 47,100 
202838,602 200 38,802 
202935,811 200 36,011 
203010,271 200 10,471 
2031 and thereafter43,824 — 43,824 
Total remaining undiscounted lease payments201,497 1,028 202,525 
Less: imputed interest36,951 131 37,082 
Total Remaining Discounted Lease Payments$164,546 $897 $165,443 

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $21.7 million due in the future periods.

Other information related to leases is summarized below:
June 30,
2026		December 31,
2025
Weighted Average Remaining Lease Term (Years):
Operating leases6.06.3
Finance leases3.81.5
Weighted Average Discount Rate:
Operating leases6.6 %6.7 %
Finance leases7.7 %7.9 %

Six Months Ended June 30,
Supplemental Information20262025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$24,171 $22,452 
Operating cash flows - finance leases6 3 
Finance cash flows - finance leases422 225 
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$3,936 $14,655 
ROU assets obtained in exchange for new finance lease liabilities864 — 

See Note 9 for further information on leases of CRE and SFR properties.

16. DERIVATIVES AND HEDGING

The Company enters into economic hedges including interest rate swaps, to-be-announced forward contract positions (“TBAs”) and futures to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. Rithm Capital’s credit risk with respect to economic hedges is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.

The Company may at times hold TBAs in order to mitigate Rithm Capital’s interest rate risk on certain specified MBS and MSRs. Amounts or obligations owed by or to Rithm Capital are subject to the right of set-off with the counterparty. As part of executing these trades, Rithm Capital may enter into agreements with its counterparties that govern the transactions for the purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements and various other provisions. Changes in the value of economic hedges designed to protect against MBS and MSR fair value fluctuations, or hedging gains and losses, are reflected in the tables below.

41

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


As of June 30, 2026, the Company also held interest rate lock commitments (“IRLCs”), which represent a commitment to a particular interest rate provided the borrower is able to close the loan within a specified period, and forward loan sale and securities delivery commitments, which represent a commitment to sell specific residential mortgage loans at prices which are fixed as of the forward commitment date. Rithm Capital enters into forward loan sale and securities delivery commitments in order to hedge the exposure related to IRLCs and residential mortgage loans that are not covered by residential mortgage loan sale commitments.

Derivatives and other economic hedging instruments are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
June 30, 2026December 31, 2025
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$417 $406 
IRLCs38,432 29,839 
TBAs13,063 6,070 
Embedded derivatives(B)
10,784 8,109 
Foreign exchange forwards2,917 812 
Other commitments(C)
2,430 1,511 
$68,043 $46,747 
Derivative and Hedging Liabilities:
IRLCs$4,675 $8,390 
TBAs31,898 47,001 
Other commitments(D)
34,871 31,542 
Stock options129 3 
Foreign exchange forwards676 1,758 
Embedded derivatives(B)
16,237 12,652 
$88,486 $101,346 
(A)Net of $197.3 million and $34.7 million of related variation margin accounts as of June 30, 2026 and December 31, 2025, respectively.
(B)Embedded derivatives include (i) a derivative liability arising from modified coinsurance and funds withheld arrangements that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) a derivative liability related to index-linked crediting features embedded in FIAs and the reinsurance deposit asset classified as a derivative asset.
(C)Refers to a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products.
(D)Relates to (i) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (ii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative.

42

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes notional amounts related to derivatives and other hedging instruments:
June 30, 2026December 31, 2025
Interest rate swaps(A)
$314,000 $2,476,346 
Interest rate futures(B)
12,775,000 14,535,000 
IRLCs4,537,533 4,377,044 
TBAs(C)
18,061,114 21,568,758 
Other commitments(E)
255,901 59,262 
Embedded derivatives(D)
2,091,999 1,752,960 
Foreign exchange forwards57,284 109,830 
(A)Includes $0.3 billion notional of pay fixed of 4.0%/pay Secured Overnight Financing Rate (“SOFR”) with a weighted average maturity of 36 months, as of June 30, 2026. Includes $2.2 billion notional of receive fixed of 3.4%/pay SOFR with a weighted average maturity of 15 months as of December 31, 2025.
(B)Represents $12.8 billion notional of Eris SOFR swap futures with weighted average maturities of 37 months, as of June 30, 2026. Represents a $14.5 billion notional Eris SOFR swap future with weighted average maturity of 44 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps as of December 31, 2025.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
(D)Represents $1.0 billion associated with ceded reserves, $43.2 million associated with FIA contracts and $1.0 billion associated with funds withheld arrangements as of June 30, 2026. Represents $865.8 million associated with ceded reserves, $26.4 million associated with FIA contracts and $860.8 million associated with funds withheld arrangements as of December 31, 2025.
(E)Relates to (i) a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products, (ii) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (iii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative.

The following table summarizes gain (loss) on derivatives and other hedging instruments and the related presentation on the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Servicing Revenue, Net:
TBAs$13,428 $19,749 $(90,387)$120,100 
Interest rate swaps— (2,087)(6,729)(5,954)
Interest rate futures(237,198)3,210 (435,650)9,191 
(223,770)20,872 (532,766)123,337 
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs20,355 16,135 12,308 39,228 
TBAs (77,288)(30,755)8,928 (100,927)
(56,933)(14,620)21,236 (61,699)
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps4,972 (4,200)7,202 (12,667)
Other commitments788 — 490 — 
Stock options133 (56)92 (17)
Embedded derivatives(C)
1,596 — 1,295 — 
Foreign exchange forwards930 (3,970)2,216 (5,357)
8,419 (8,226)11,295 (18,041)
Total Gains (Losses)$(272,284)$(1,974)$(500,235)$43,597 
(A)Represents unrealized gain (loss).
(B)Excludes $70.2 million gain and $25.0 million gain for the three months ended June 30, 2026 and 2025, respectively, and $28.8 million gain and $37.8 million gain for the six months ended June 30, 2026 and 2025, respectively, reflected as gain (loss) on settlement of residential mortgage loan origination derivative instruments presented within gain on originated residential mortgage loans, HFS, net (Note 7) in the consolidated statements of operations.
(C)Embedded derivatives include (i) a derivative liability arising from modified coinsurance and funds withheld arrangements that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) a derivative liability related to index-linked crediting features embedded in FIAs and the reinsurance deposit asset classified as a derivative asset.
43

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


17. DEBT OBLIGATIONS

The following table summarizes secured financing agreements, secured notes, bonds payable and notes payable and other liabilities of consolidated entities:
June 30, 2026December 31, 2025
Collateral
Debt Obligations/Collateral(C)
Outstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements:
Warehouse credit facilities - residential mortgage loans(D)
$3,778,319 $3,778,319 Jul-26 to Mar-285.1 %0.6$4,224,030 $4,243,484 $4,221,048 21.7$5,091,525 
Warehouse credit facilities - RTLs(E)
3,019,710 3,019,710 Jul-26 to Mar-285.8 %1.43,582,487 3,577,315 3,577,315 1.22,019,808 
Government and government-backed securities(G)
4,893,090 4,893,090 Jul-26 to Jan-273.9 %0.24,950,719 4,839,362 5,079,413 7.35,130,519 
Non-Agency securities(D)
1,031,364 1,031,364 Sep-26 to Oct-275.1 %0.717,524,446 1,360,458 1,442,727 4.7936,424 
Credit Risk Transfer LLC(F)
110,688 110,688 Dec-266.4 %0.5192,500 192,500 194,084 1.0110,688 
Excess MSRs(E)
202,000 201,886 Sep-265.9 %0.245,486,823 251,088 289,965 5.8201,660 
CLOs(E)
288,828 287,199 Apr-34 to Oct-394.6 %10.3287,365 N/A287,020 10.3257,796 
Real estate(E)
355,256 355,256 Nov-26 to Apr-285.9 %0.5N/A403,020 402,303 N/A15,382 
Total secured financing agreements13,679,255 13,677,512 4.9 %0.813,763,802 
Secured Notes and Bonds Payable:
MSRs(H)
6,592,440 6,579,324 Oct-26 to Nov-316.7 %2.3586,759,239 9,012,024 10,950,953 6.16,785,138 
Servicer advance investments(I)
205,866 205,866 Oct-275.5 %1.3249,475 270,494 284,400 7.4229,069 
Servicer advances(I)
2,258,857 2,257,979 Dec-26 to Jun-296.0 %1.62,654,622 2,654,622 2,654,622 0.72,528,896 
Consumer loans(J)
611,653 593,055 Oct-26 to Sep-374.6 %1.3711,230 692,190 695,313 7.8660,565 
Real estate(K)
4,607,679 4,463,792 Jul-26 to May-314.5 %2.4N/A4,462,133 4,462,133 N/A4,755,270 
RTLs(L)
200,000 200,000 Jul-265.8 %0.0173,502 173,502 173,480 0.4200,000 
Other investments(E)
59,281 59,281 Feb-305.8 %3.6N/AN/AN/AN/A40,000 
CLOs(E)
4,149 4,149 Jul-30— %0.05,908 N/A5,148 0.04,832 
Total secured notes and bonds payable14,539,925 14,363,446 5.8 %2.115,203,770 
Notes Payable and Secured Financing of Consolidated Entities
Consolidated funds(M)
924,353 930,179 Aug-27 to Jan-385.6 %8.7965,671 N/A994,688 3.21,209,739 
Residential mortgage loans(N)
4,029,213 3,902,216 Aug-48 to Jun-565.0 %27.24,540,407 N/A4,460,920 27.22,820,922 
RTLs(O)
764,950 764,895 Mar-39 to Sep-396.2 %12.9838,765 N/A853,225 0.8867,141 
Consumer loans(P)
302,322 289,136 Mar-376.7 %10.8302,422 N/A304,569 10.8— 
Total notes payable and secured financing of consolidated entities6,020,838 5,886,426 5.3 %21.74,897,802 
Total / Weighted Average$34,240,018 $33,927,384 5.3 %5.1$33,865,374 
(A)Net of deferred financing costs.
(B)Debt obligations with a stated maturity through the date of issuance of the consolidated financial statements were refinanced, extended or repaid.
(C)Associated with accrued interest payable of approximately $105.1 million and $119.4 million as of June 30, 2026 and December 31, 2025, respectively.
(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on non-Agency securities retained through consolidated securitizations.
(E)All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rates.
(F)Refers to a repurchase agreement with an interest equal to the sum of (i) a floating rate equal to SOFR and (ii) a margin of 2.8%.
(G)Repurchase agreements are based on a fixed rate. Collateral carrying value includes margin deposits.
(H)Includes $5.5 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.8%; and $1.1 billion of MSR notes with fixed interest rates ranging 3.5% to 7.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(I)Includes $2.0 billion of debt with an interest rate equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 1.5% to 2.8%; and $0.5 billion of debt with fixed interest rates ranging from 3.9% to 5.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $89.4 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7%, (ii) $74.6 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4% and (iii) $394.6 million of debt collateralized by the Upgrade loans with an interest rate of SOFR plus a margin of 1.6%.
(K)Includes $4.6 billion of fixed rate notes which bear interest ranging from 3.0% to 6.7%.
(L)Includes a fixed rate note which bears interest of 5.8%.
(M)Includes notes payable of consolidated CLOs and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $9.8 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
44

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


(N)Asset-backed notes held by third parties which bear interest ranging from 0.9% to 7.9%. The senior note rates are equal to the lesser of the fixed rate for each subsequent note and the net weighted average coupon (“WAC”) rate.
(O)Asset-backed notes held by third parties which bear interest ranging from 5.4% to 8.0%. The senior note rates are equal to the lesser of the fixed rate for each subsequent note and the net WAC rate.
(P)Composed of the following asset-backed notes held by third parties: $271.7 million UPB of Class A notes with a fixed coupon of 5.0%, $12.6 million UPB of Class B notes with a fixed coupon of 6.4% and $9.0 million UPB of Class C notes with a fixed coupon of 8.4%.

General

Certain of the debt obligations included above are obligations of Rithm Capital’s consolidated subsidiaries, which own the related collateral. In some cases, such collateral is not available to other creditors of Rithm Capital Corp. The obligations and liabilities of VIEs may only be satisfied with the assets of the respective consolidated VIEs, and creditors of the VIE do not have recourse to Rithm Capital Corp.

As of June 30, 2026, Rithm Capital has margin exposure on $13.7 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines below the collateral margin trigger, Rithm Capital may be required to post margin, which could significantly impact its liquidity.

The following table summarizes activities related to the carrying value of secured debt obligations for the period:
Servicer Advances and Excess MSRs(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage LoansConsumer LoansReal Estate, NetRTLsAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2025$2,959,625 $6,785,138 $6,106,943 $8,023,135 $660,565 $4,770,652 $3,086,949 $1,472,367 $33,865,374 
Secured Financing Agreements:
Borrowings— — 18,621,633 43,588,442 — 352,902 3,703,963 51,393 66,318,333 
Repayments— — (18,764,122)(44,901,649)— (13,028)(2,704,061)(15,423)(66,398,283)
FX remeasurement— — — — — — — (6,536)(6,536)
Capitalized deferred financing costs, net of amortization226 — — — — — — (31)195 
Secured Notes and Bonds Payable:
Borrowings1,884,072 1,342,000 35,000 — 363,293 287,006 — 4,109 3,915,480 
Repayments(2,177,288)(1,549,822)(15,719)— (431,495)(587,500)— (4,792)(4,766,616)
Unrealized loss on notes, fair value— — — — 100 19,742 — — 19,842 
Capitalized deferred financing costs, net of amortization(904)2,008 — — 592 (10,726)— — (9,030)
Notes Payable and Secured Financing of Consolidated Entities:
Deconsolidation of VIEs— — — (451,800)— — — (375,305)(827,105)
Borrowings— — — 1,796,762 300,666 — — 272,653 2,370,081 
Repayments— — — (245,447)(13,696)— (96,999)(163,162)(519,304)
Unrealized (gain) loss on notes, fair value— — — (18,220)2,166 — (5,989)(13,746)(35,789)
Capitalized deferred financing costs, net of amortization — — — — — — 742 — 742 
Balance at June 30, 2026$2,665,731 $6,579,324 $5,983,735 $7,791,223 $882,191 $4,819,048 $3,984,605 $1,221,527 $33,927,384 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.


45

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Maturities

Contractual maturities of debt obligations, including the Senior Unsecured Notes (as defined below), as of June 30, 2026 are as follows:
Year Ending
Non-recourse(A)
Recourse(B)
Total
July 1 through December 31, 2026$2,720,141 $10,414,435 $13,134,576 
20272,778,615 2,247,356 5,025,971 
20281,311,985 1,544,992 2,856,977 
20291,444,506 2,387,784 3,832,290 
20301,990,422 559,281 2,549,703 
2031 and thereafter6,843,874 1,771,627 8,615,501 
$17,089,543 $18,925,475 $36,015,018 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes, net of issuance costs, and notes payable of consolidated entities of $2.6 billion, $8.5 billion, $0.0 billion, and $6.0 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes, net of issuance costs, and notes payable of consolidated entities of $11.3 billion, $5.8 billion, $1.8 billion, and $0.0 billion, respectively.

Borrowing Capacity

The following table represents borrowing capacity as of June 30, 2026:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, RTLs, Credit Risk Transfer LLC and real estate
$7,250,688 $4,533,303 $2,717,385 
Loan originations7,327,000 2,730,669 4,596,331 
CLOs742,630 286,373 456,257 
Excess MSRs350,000 202,000 148,000 
Secured Notes and Bonds Payable:
MSRs7,544,440 6,592,440 952,000 
Servicer advances5,320,000 2,464,723 2,855,277 
Real estate200,000 148,563 51,437 
Liabilities of Consolidated Entities:
Consolidated funds118,500 57,769 60,731 
$28,853,258 $17,015,840 $11,837,418 
(A)Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.

Certain of the debt obligations are subject to customary loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. Rithm Capital was in compliance with all of its debt covenants as of June 30, 2026.

2031 Senior Unsecured Notes

On May 14, 2026, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due on June 1, 2031 (the “2031 Senior Notes”) in a private offering for proceeds of approximately $493.7 million, net of commissions and initial offering expenses. Interest on the 2031 Senior Notes accrues at the rate of 8.500% per annum with interest payable semi-annually in arrears on each of June 1st and December 1st, commencing on December 1, 2026.

The 2031 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after June 1, 2028, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2031 Senior Notes to be redeemed):
46

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


YearPrice
2028104.250 %
2029102.125 %
2030 and thereafter100.000 %

Prior to June 1, 2028, the Company is entitled at its option, at any time and from time to time, to redeem the 2031 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to June 1, 2028, the Company is entitled at its option on one or more occasions to redeem the 2031 Senior Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2031 Senior Notes originally issued at a redemption price of 108.500%, plus accrued but unpaid interest, if any, to, but not including, the applicable redemption date with the net cash proceeds from one or more Qualified Equity Offerings (as defined in the Indenture, dated May 14, 2026, by and between the Company and U.S. Bank Trust Company, National Association, pursuant to which the 2031 Senior Notes were issued (the “2031 Notes Indenture”)).

The Company incurred fees of approximately $6.3 million in relation to the issuance of the 2031 Senior Notes. These fees were capitalized as debt issuance costs and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2031 Senior Notes, the Company recognized interest expense of $5.5 million for the three and six months ended June 30, 2026. As of June 30, 2026, the unamortized debt issuance cost was approximately $6.2 million.

The 2031 Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2031 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2031 Senior Notes in the future, except under limited specified circumstances.

The 2031 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2031 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2031 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of June 30, 2026, the Company was in compliance with all covenants.

In the event of a Change of Control or Mortgage Business Triggering Event (each as defined in the 2031 Notes Indenture), each holder of the 2031 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2031 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

The Company used a portion of the net proceeds from issuance to repay certain outstanding borrowings.

2030 Senior Unsecured Notes

On June 20, 2025, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due on July 15, 2030 (the “2030 Senior Notes”) in a private offering for proceeds of approximately $495.0 million, net of commissions and estimated offering expenses payable by the Company. Interest on the 2030 Senior Notes accrues at the rate of 8.000% per annum with interest payable semi-annually in arrears on each of January 15th and July 15th, commencing on January 15, 2026.

47

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The 2030 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after July 15, 2027, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2030 Senior Notes to be redeemed):
YearPrice
2027104.000 %
2028102.000 %
2029 and thereafter100.000 %

Prior to July 15, 2027, the Company is entitled at its option, at any time and from time to time, to redeem the 2030 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to July 15, 2027, the Company is entitled at its option on one or more occasions to redeem the 2030 Senior Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2030 Senior Notes originally issued at a redemption price of 108.000%, plus accrued but unpaid interest, if any, to, but not including, the applicable redemption date with the net cash proceeds from one or more Qualified Equity Offerings (as defined in the Indenture, dated June 20, 2025, by and between the Company and U.S. Bank Trust Company, National Association, pursuant to which the 2030 Senior Notes were issued (the “2030 Notes Indenture”)).

The Company incurred fees of approximately $5.4 million in relation to the issuance of the 2030 Senior Notes. These fees were capitalized as debt issuance costs and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2030 Senior Notes, the Company recognized interest expense of $10.0 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively, and $19.8 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the unamortized debt issuance cost was approximately $4.5 million and $5.0 million, respectively.

The 2030 Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2030 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2030 Senior Notes in the future, except under limited specified circumstances.

The 2030 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2030 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2030 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of June 30, 2026, the Company was in compliance with all covenants.

In the event of a Change of Control or Mortgage Business Triggering Event (each as defined in the 2030 Notes Indenture), each holder of the 2030 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2030 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

2029 Senior Unsecured Notes

On March 19, 2024, the Company issued $775.0 million aggregate principal amount of senior unsecured notes due on April 1, 2029 (the “2029 Senior Notes” and together with the 2031 Senior Notes and the 2030 Senior Notes, the “Senior Unsecured Notes”) in a private offering at an issue price of 98.981% for net proceeds of approximately $759.0 million, net of discount, commissions and initial offering expenses. Interest on the 2029 Senior Notes accrues at the rate of 8.000% per annum with interest payable semi-annually in arrears on each of April 1st and October 1st, commencing on October 1, 2024.

48

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The 2029 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):
YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %

Prior to April 1, 2026, the Company was entitled at its option, at any time and from time to time, to redeem the 2029 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to April 1, 2026, the Company was entitled at its option on one or more occasions to redeem the 2029 Senior Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2029 Senior Notes originally issued at a redemption price of 108.000%, plus accrued but unpaid interest, if any, to, but not including, the applicable redemption date with the net cash proceeds from one or more Qualified Equity Offerings (as defined in the Indenture, dated March 19, 2024, pursuant to which the 2029 Senior Notes were issued (the “2029 Notes Indenture”)).

The Company incurred fees of approximately $9.1 million in relation to the issuance of the 2029 Senior Notes. These fees were capitalized as debt issuance cost and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2029 Senior Notes, the Company recognized interest expense of $15.5 million and $15.5 million for the three months ended June 30, 2026 and 2025, respectively, and $30.7 million and $30.7 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the unamortized discount and debt issuance cost was approximately $10.2 million and $11.8 million, respectively.

The 2029 Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2029 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2029 Senior Notes in the future, except under limited specified circumstances.

The 2029 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2029 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and imposes certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2029 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of June 30, 2026, the Company was in compliance with all covenants.

In the event of a Change of Control or Mortgage Business Triggering Event (each as defined in the 2029 Notes Indenture), each holder of the 2029 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

2025 Senior Unsecured Notes

The Company’s senior unsecured notes due October 15, 2025 (the “2025 Senior Notes”) were fully redeemed during the second quarter of 2025 when the Company redeemed the remaining $275.0 million aggregate principal amount outstanding for cash of $278.7 million, inclusive of accrued and unpaid interest. As a result, the Company recognized a loss on extinguishment of debt of $0.7 million during 2025.

Interest expense related to the 2025 Senior Notes was $4.4 million and $8.6 million for the three and six months ended June 30, 2025, respectively. There was no interest expense recognized related to the 2025 Senior Notes for the three and six months ended June 30, 2026.

49

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Tax Receivable Agreement

In 2007, Sculptor entered into a tax receivable agreement (“TRA”) with the former holders of units in Sculptor’s operating partnerships (the “TRA Holders”). The TRA provides for the payment by Sculptor to the TRA Holders of a portion of the cash savings in U.S. federal, state and local income tax that Sculptor realizes as a result of certain tax benefits attributable to taxable acquisitions by Sculptor (and certain affiliates and successors) of Sculptor operating partnership units.

The TRA includes certain “change of control” assumptions that became applicable as a result of the Sculptor Acquisition, including the assumption that Sculptor (or its successor) has sufficient taxable income to use the relevant tax benefits. As a result, payments under the TRA will be calculated without regard to Sculptor’s ability to actually use tax assets (including net operating losses), the use of which may be significantly limited and may therefore exceed the actual tax savings to Sculptor of the associated tax assets.

The estimated undiscounted future payment under the TRA was $231.4 million as of June 30, 2026. The carrying value of the TRA liability measured at amortized cost was $149.3 million and $162.8 million as of June 30, 2026 and December 31, 2025, respectively, with interest expense recognized under the effective interest method. The TRA liability is presented within unsecured notes, net of issuance costs on the consolidated balance sheets.

The table below presents the Company’s estimate as of June 30, 2026, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.
Year EndingPotential Payments Under TRA
July 1 through December 31, 2026$— 
202718,788 
202817,461 
202917,500 
203016,555 
2031 and thereafter161,061 
$231,365 

50

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


18. FAIR VALUE MEASUREMENTS

Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date (i.e., an exit price). The Company holds a variety of assets and liabilities, certain of which are not publicly traded or that are otherwise illiquid. Significant judgment and estimation go into the assumptions that drive the fair value of these assets and liabilities. Due to the inherent uncertainty of valuations of investments that are determined to be illiquid or do not have readily ascertainable fair values, the estimates of fair value may differ from the values ultimately realized, and those differences can be material.

U.S. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is impacted by a number of factors, including the type and the specific characteristics of the assets and liabilities, including existence and transparency of transactions between market participants. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively-quoted prices generally will have a higher degree of market price observability and lesser degree of judgment used in measuring fair value.

Assets and liabilities measured at fair value are classified and disclosed into one of the following categories based on the observability of inputs used in the determination of fair values:

Level 1 – Quoted prices in active markets for identical instruments.
Level 2 – Valuations based principally on other observable market parameters, including:

•Quoted prices in active markets for similar instruments,
•Quoted prices in less active or inactive markets for identical or similar instruments,
•Other observable inputs, such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates; and
•Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3 – Valuations based significantly on unobservable inputs.

Investments in funds that are measured at fair value using net asset value (“NAV”) per share as a practical expedient are not categorized within the fair value hierarchy.

Rithm Capital follows this hierarchy for its fair value measurements. The classifications are based on the lowest level of input that is significant to the fair value measurement.

51

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments measured at amortized cost for which fair value is disclosed, as of June 30, 2026 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$45,486,823 $308,393 $— $— $308,393 $— $308,393 
MSRs and MSR financing receivables(A)
596,818,893 11,091,483 — — 11,091,483 — 11,091,483 
Servicer advance investments249,475 284,400 — — 284,400 — 284,400 
Government and government-backed securities(B)
4,975,720 4,912,869 24,932 4,887,937 — — 4,912,869 
Non-Agency securities8,272,017 811,694 — — 811,694 — 811,694 
Residential mortgage loans, HFS59,105 52,248 — — 52,248 — 52,248 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 — 3,922,533 24,295 — 3,946,828 
Residential mortgage loans, HFI, at fair value325,577 294,416 — — 294,416 — 294,416 
Residential mortgage loans subject to repurchase4,308,886 4,308,886 — 4,308,886 — — 4,308,886 
Consumer loans, at fair value830,251 707,111 — — 707,111 — 707,111 
Derivative and hedging assets17,221,429 68,043 — 16,397 51,646 — 68,043 
Residential transition loans
3,834,821 3,832,312 — — 3,832,312 — 3,832,312 
Insurance company investments, at fair value1,591,637 1,119,524 6,393 43,049 1,070,082 — 1,119,524 
Notes receivable564,027 481,123 — — 481,123 — 481,123 
Loans receivable19,780 11,742 — — 11,742 — 11,742 
Equity investment, at fair value192,500 194,084 — — 194,084 — 194,084 
CLOs410,780 429,076 — 293,431 135,645 — 429,076 
Investments of consolidated entities - funds(C)
1,117,871 1,173,037 — 431,861 408,376 332,800 1,173,037 
Investments of consolidated entities - loan securitizations(C)
5,681,594 5,618,714 — 4,460,920 1,157,794 — 5,618,714 
Other assetsN/A449,225 74,558 — 168,860 205,807 449,225 
$40,095,208 $105,883 $18,365,014 $21,085,704 $538,607 $40,095,208 
Liabilities:
Secured financing agreements$13,679,255 $13,677,512 $— $13,390,313 $287,234 $— $13,677,547 
Secured notes and bonds payable(D)
14,539,925 14,363,446 — — 14,371,633 — 14,371,633 
Unsecured notes, net of issuance costs2,006,365 1,902,627 — — 1,915,405 — 1,915,405 
Residential mortgage loan repurchase liability4,308,886 4,308,886 — 4,308,886 — — 4,308,886 
Derivative and hedging liabilities20,871,401 88,486 129 32,574 55,783 — 88,486 
MSR financing liability(A)
7,646,799 83,785 — — 83,785 — 83,785 
Notes receivable financing liability371,446 383,747 — — 387,817 — 387,817 
RTL financing liability75,836 75,836 — — 75,836 — 75,836 
Notes payable and secured financing of consolidated entities - funds(C)
924,353 930,179 — 737,987 192,192 — 930,179 
Notes payable of consolidated entities - loan securitizations(C)
5,096,485 4,956,247 — 3,902,216 1,054,031 — 4,956,247 
$40,770,751 $129 $22,371,976 $18,423,716 $— $40,795,821 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury securities classified as Level 1 and held at amortized cost basis of $24.9 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $126.1 million of SCFT 2020-A (as defined in Note 19) asset-backed securities as of June 30, 2026, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
52

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$47,862,469 $323,564 $— $— $323,564 $— $323,564 
MSRs and MSR financing receivables(A)
595,532,480 10,359,141 — — 10,359,141 — 10,359,141 
Servicer advance investments258,157 294,322 — — 294,322 — 294,322 
Government and government-backed securities(B)
5,255,355 5,254,905 24,762 5,230,139 — — 5,254,901 
Non-Agency securities8,507,851 759,633 — — 759,633 — 759,633 
Residential mortgage loans, HFS63,426 56,791 — — 56,791 — 56,791 
Residential mortgage loans, HFS, at fair value5,351,566 5,427,481 — 5,402,325 25,156 — 5,427,481 
Residential mortgage loans, HFI, at fair value349,196 324,688 — — 324,688 — 324,688 
Residential mortgage loans subject to repurchase3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Consumer loans, at fair value930,844 784,399 — — 784,399 — 784,399 
Derivative and hedging assets8,280,512 46,747 — 7,288 39,459 — 46,747 
Residential transition loans
2,694,149 2,699,864 — — 2,699,864 — 2,699,864 
Insurance company investments, at fair value924,825 906,454 5,809 33,396 867,249 — 906,454 
Notes receivable549,004 460,631 — — 460,631 — 460,631 
Loans receivable19,434 11,396 — — 11,396 — 11,396 
Equity investment, at fair value192,500 194,286 — — 194,286 — 194,286 
CLOs364,189 362,280 — 249,452 112,828 — 362,280 
Investments of consolidated entities - funds(C)
1,389,870 1,397,209 — 782,014 290,335 324,860 1,397,209 
Investments of consolidated entities - loan securitizations(C)
4,253,388 4,192,231 — 3,265,142 927,089 — 4,192,231 
Other assetsN/A254,597 42,812 — 107,608 104,177 254,597 
$38,063,411 $73,383 $18,922,548 $18,638,439 $429,037 $38,063,407 
Liabilities:
Secured financing agreements$13,765,718 $13,763,802 $— $13,506,006 $261,551 $— $13,767,557 
Secured notes and bonds payable(D)
15,403,044 15,203,770 — — 15,068,083 — 15,068,083 
Unsecured notes, net of issuance costs1,526,203 1,421,088 — — 1,461,956 — 1,461,956 
Residential mortgage loan repurchase liability3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Derivative and hedging liabilities36,598,688 101,346 3 48,759 52,584 — 101,346 
MSR financing liability(A)
8,126,218 76,266 — — 76,266 — 76,266 
Notes receivable financing liability371,446 377,989 — — 382,512 — 382,512 
RTL financing liability82,48982,489— — 82,489 — 82,489 
Notes payable of consolidated entities - funds(C)
1,218,4251,209,739— 1,006,085 203,654 — 1,209,739 
Notes payable of consolidated entities - loan securitizations(C)
3,781,2053,688,063— 2,820,922 867,141 — 3,688,063 
$39,877,344 $3 $21,334,564 $18,456,236 $— $39,790,803 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury Bills classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $143.4 million of SCFT 2020-A (as defined in Note 19) ABS as of December 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
53

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)



The following tables summarize the changes in the Company’s Level 3 financial assets measured at fair value on a recurring basis for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage Loans
Consumer Loans(J)
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at March 31, 2026$314,933 $10,859,933 $284,260 $979,862 $982,320 $387,771 $805,294 $814,238 $4,438,160 $19,866,771 
Transfers:
Transfers to Level 3(I)
— — — — 91 — — — — 91 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(E)
— — — — 363 — — — — 363 
Servicing Revenue, Net(F):
Included in servicing revenue— (161,104)— — — — — — — (161,104)
Fair Value Adjustments due to:
Other factors(E)
1,319 — 3,106 (4,151)(941)(7,948)1,957 7,638 8,852 9,832 
Instrument-specific credit risk(E)
— — — — — 57 (2,676)— (13,190)(15,809)
Other income (loss), net(E)
— — — — (3,391)(251)— 30,849 — 27,207 
Gains included in other comprehensive income (“OCI”)(G)
— — — — (1,309)— — — — (1,309)
Interest income7,791 — 4,829 — 11,329 — 9,396 2,252 — 35,597 
Purchases, Sales, Repayments and Originations:
Purchases, net(H)
— 9,050 163,993 190,307 58,183 393 295,297 6,823 — 724,046 
Sales and settlement fundings— 1,632 — — (34,896)(131)— — — (33,395)
Proceeds from repayments(15,650)— (171,788)(99,812)(41,624)(13,128)(111,740)(9,343)(614,309)(1,077,394)
Originations and other— 381,972 — 3,876 — 4,196 14,152 (785)1,251,614 1,655,025 
Balance at June 30, 2026$308,393 $11,091,483 $284,400 $1,070,082 $970,125 $370,959 $1,011,680 $851,672 $5,071,127 $21,029,921 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$1,319 $54,191 $3,106 $(4,151)$(571)$(2,595)$(3,462)$7,638 $(4,477)$50,998 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(F)See Note 5 for further details on the components of servicing revenue, net.
(G)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(H)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(J)Includes consumer loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
54

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage Loans
Consumer Loans(J)
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2025$323,564 $10,359,141 $294,322 $867,249 $875,074 $406,635 $784,399 $760,797 $3,914,674 $18,585,855 
Transfers:
Transfers to Level 3(I)
— — — — 21,839 — — — — 21,839 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(E)
— — — — 158 — — — — 158 
Servicing Revenue, Net(F):
Included in servicing revenue— (7,997)— — — — — — — (7,997)
Fair Value Adjustments due to:
Other factors(E)
411 — 3,309 (2,893)(1,242)(5,840)4,823 15,595 9,738 23,901 
Instrument-specific credit risk(E)
— — — — — (1,709)(4,991)— (25,496)(32,196)
Other income (loss), net(E)
— — — — (12,284)(343)— 30,167 — 17,540 
Gains included in OCI(G)
— — — — (566)— — — — (566)
Interest income15,991 — 9,636 — 22,426 — 15,471 3,919 — 67,443 
Purchases, Sales, Repayments and Originations:
Purchases, net(H)
— 12,410 332,353 377,549 188,697 461 433,666 11,591 14,204 1,370,931 
Sales and settlement fundings— 4,047 — — (47,396)84 — — — (43,265)
Proceeds from repayments(31,573)— (355,220)(176,473)(76,581)(26,442)(235,840)(18,882)(1,484,598)(2,405,609)
Originations and other— 723,882 — 4,650 — (1,887)14,152 48,485 2,642,605 3,431,887 
Balance at June 30, 2026$308,393 $11,091,483 $284,400 $1,070,082 $970,125 $370,959 $1,011,680 $851,672 $5,071,127 $21,029,921 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$411 $419,834 $3,309 $(2,893)$3,643 $(6,961)$(2,912)$15,595 $(15,024)$415,002 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(F)See Note 5 for further details on the components of servicing revenue, net.
(G)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(H)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(J)Includes consumer loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
55

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at March 31, 2025$354,923 $10,133,041 $321,531 $— $1,096,734 $444,684 $554,168 $748,583 $3,273,750 $16,927,414 
Transfers:
Transfers out of Level 3(E)
— — — — (372,985)— — — — (372,985)
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — (705)— — — — (705)
Servicing Revenue, Net(G):
Included in servicing revenue— (194,819)— — — — — — — (194,819)
Fair Value Adjustments due to:
Other factors(F)
(690)— 166 — 2,072 2,828 (2,514)19,202 8,056 29,120 
Instrument-specific credit risk(F)
— — — — — (653)(4,384)— (7,257)(12,294)
Other income (loss), net(F)
— — — — (27,843)322 — 9,246 — (18,275)
Gains included in OCI(H)
— — — — 3,210 — — — — 3,210 
Interest income9,109 — 5,245 — 9,549 — 777 — — 24,680 
Purchases, Sales, Repayments and Originations:
Purchases, net(I)
— — 164,021 — 175,349 299 — 6,668 — 346,337 
Sales and settlement fundings(45)1,860 — — (30,054)— 5,074 — — (23,165)
Proceeds from repayments(17,620)— (177,977)— (28,331)(16,117)(87,890)(20,149)(738,568)(1,086,652)
Originations and other— 419,981 — — — (1,169)— (2,959)929,244 1,345,097 
Balance at June 30, 2025$345,677 $10,360,063 $312,986 $— $826,996 $430,194 $465,231 $760,591 $3,465,225 $16,966,963 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J)
$(645)$(16,818)$166 $— $(23,266)$2,210 $(6,898)$9,246 $659 $(35,346)
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

56

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2024$369,162 $10,321,671 $339,646 $— $1,363,228 $455,726 $665,565 $700,942 $3,140,267 $17,356,207 
Transfers:
Transfers out of Level 3(E)
— — — — (785,253)(858)— — — (786,111)
Transfers to Level 3(J)
— — — — 21,809 2,081 — — — 23,890 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — (603)— — — — (603)
Servicing Revenue, Net(G):
Included in servicing revenue— (733,101)— — — — — — — (733,101)
Fair Value Adjustments due to:
Other factors(F)
(1,605)— (1,527)— 3,976 12,840 (13,323)42,736 11,066 54,163 
Instrument-specific credit risk(F)
— — — — — (6,450)(6,388)— (15,818)(28,656)
Other income (loss), net(F)
— — — — 404 1,760 — 17,816 — 19,980 
Gains included in OCI(H)
— — — — 7,950 — — — — 7,950 
Interest income13,299 — 10,600 — 16,572 — 6,700 119 — 47,290 
Purchases, Sales, Repayments and Originations:
Purchases, net(I)
— — 350,377 — 298,983 538 — 46,699 — 696,597 
Sales and settlement fundings(45)2,524 — — (47,695)(7,216)11,669 — — (40,763)
Proceeds from repayments(35,134)— (386,110)— (52,375)(32,473)(198,992)(44,762)(1,373,884)(2,123,730)
Originations and other— 768,969 — — — 4,246 — (2,959)1,703,594 2,473,850 
Balance at June 30, 2025$345,677 $10,360,063 $312,986 $— $826,996 $430,194 $465,231 $760,591 $3,465,225 $16,966,963 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$(1,560)$(407,058)$(1,527)$— $11,727 $6,364 $(18,548)$42,736 $(5,015)$(372,881)
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

57

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following tables summarize the changes in the Company’s Level 3 financial liabilities measured at fair value on a recurring basis for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at March 31, 2026$134,319 $200,787 $863,334 $— $79,244 $385,101 $68,674 $1,731,459 
Gains (Losses) Included in Net Income:
Servicing revenue, net(A)
— — — — 4,542 — — 4,542 
Other income (loss)(B)
232 — (1,616)2,166 — 2,716 — 3,498 
Purchases, Issuance and Repayments:
Issuance
— — — 300,666 — — 13,178 313,844 
Repayments(8,411)(8,595)(96,999)(13,696)— — (6,016)(133,717)
Other— — 176 — (1)— — 175 
Balance at June 30, 2026$126,140 $192,192 $764,895 $289,136 $83,785 $387,817 $75,836 $1,919,801 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C)
$(232)$— $1,616 $(2,166)$(5,963)$(2,716)$— $(9,461)
(A)See Note 5 for further details on the components of servicing revenue, net.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(C)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2025$143,442 $203,654 $867,141 $— $76,266 $382,512 $82,489 $1,755,504 
Gains (Losses) Included in Net Income:
Servicing revenue, net(A)
— — — — 7,519 — — 7,519 
Other income (loss)(B)
100 — (5,989)2,166 — 5,305 — 1,582 
Purchases, Issuance and Repayments:
Issuance
— — — 300,666 — — 17,101 317,767 
Repayments(17,402)(11,462)(96,999)(13,696)— — (23,754)(163,313)
Other— — 742 — — — — 742 
Balance at June 30, 2026$126,140 $192,192 $764,895 $289,136 $83,785 $387,817 $75,836 $1,919,801 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C)
$(100)$— $5,989 $(2,166)$(10,020)$(5,305)$— $(11,602)
(A)See Note 5 for further details on the components of servicing revenue, net.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(C)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

58

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at March 31, 2025$169,035 $592,078 $859,760 $— $104,721 $378,721 $— $2,104,315 
Transfers:
Transfers out of Level 3(A)
— (368,843)— — — — — (368,843)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — — (9,332)— — (9,332)
Other income (loss)(C)
2,841 1,431 2,712 — — 2,407 — 9,391 
Purchases, Issuance and Repayments:
Repayments(11,443)— — — (34,450)— — (45,893)
Other— — 566 — 1 — — 567 
Balance at June 30, 2025$160,433 $224,666 $863,038 $— $60,940 $381,128 $— $1,690,205 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(D)
$(2,841)$(637)$(2,712)$— $8,011 $(2,407)$— $(586)
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(D)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2024$185,460 $959,958 $859,023 $— $101,088 $377,227 $— $2,482,756 
Transfers:
Transfers out of Level 3(A)
— (735,874)— — — — — (735,874)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — — (5,698)— — (5,698)
Other income(C)
(1,992)582 2,883 — — 3,901 — 5,374 
Purchases, Issuance and Repayments:
Repayments(23,035)— — — (34,450)— — (57,485)
Other— — 1,132 — — — — 1,132 
Balance at June 30, 2025$160,433 $224,666 $863,038 $— $60,940 $381,128 $— $1,690,205 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(D)
$1,992 $(582)$(2,883)$— $3,226 $(3,901)$— $(2,148)
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(D)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

59

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Excess MSRs, MSRs and MSR Financing Receivables and MSR Financing Liability Valuation

Fair value estimates of Rithm Capital’s MSRs, related MSR financing liability and Excess MSRs were based on internal pricing models. The valuation technique is based on discounted cash flows. Significant inputs used in the valuations included expectations of prepayment rates, delinquency rates, recapture rates, mortgage servicing amount or excess mortgage servicing amount of the underlying residential mortgage loans, as applicable, and discount rates that market participants would use in determining the fair values of MSRs on similar pools of residential mortgage loans. In addition, for MSRs, significant inputs included the market-level estimated cost of servicing.

Significant increases (decreases) in the discount rates, prepayment or delinquency rates, or costs of servicing, in isolation would result in a significantly lower (higher) fair value measurement, whereas significant increases (decreases) in the recapture rates or mortgage servicing amount or excess mortgage servicing amount, as applicable, in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the prepayment rate.

The following tables summarize certain information regarding the ranges and weighted averages of inputs used:
June 30, 2026
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 14.9%
(6.7%)
0.0% – 12.9%
(4.1%)
0.0% – 63.8%
(39.4%)
7 – 31
(21)
11 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.7% – 97.6%
(7.0%)
0.0% – 100.0%
(1.8%)
7.0% – 14.5% (10.4%)
1 – 157
(29)
0 – 40
(23)
Non-Agency
1.7% – 99.9%
(8.1%)
3.0% – 100.0%
(19.3%)
0.0% – 3.9% (1.9%)
1 – 180
(41)
0 – 52
(21)
Ginnie Mae
1.4% – 88.4%
(9.0%)
38.0% – 100.0%
(9.8%)
10.5% – 29.6% (26.6%)
19 – 144
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.4% – 99.9%
(7.8%)
0.0% – 100.0%
(6.0%)
0.0% – 29.6% (15.0%)
1 – 180
(36)
0 – 52
(24)
60

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


December 31, 2025
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 13.3%
(6.8%)
0.2% – 14.1%
(4.7%)
0.0% – 63.5%
(39.3%)
7 – 31
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.5% – 100.0%
(7.2%)
0.0% – 100.0%
(1.8%)
7.0% – 15.0% (10.5%)
2 – 176
(29)
0 – 40
(23)
Non-Agency
1.7% – 98.3%
(8.4%)
15.0% – 100.0%
(20.5%)
0.0% – 4.4% (1.3%)
1 – 169
(42)
0 – 59
(22)
Ginnie Mae
1.9% – 97.1%
(9.6%)
44.0% – 99.0%
(10.1%)
10.5% – 32.6% (26.7%)
19 – 132
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.7% – 100.0%
(8.1%)
0.0% – 100.0%
(6.1%)
0.0% – 32.6% (20.0%)
1 – 176
(37)
0 – 59
(24)
(A)Weighted by fair value of the portfolio.
(B)Projected annualized weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(C)Projected percentage of residential mortgage loans in the pool for which the borrower is expected to miss a mortgage payment.
(D)Percentage of voluntarily prepaid loans that are expected to be refinanced by the related servicer or subservicer, as applicable.
(E)Weighted average total mortgage servicing amount, in excess of the base fee as applicable, measured in basis points (“bps”). As of June 30, 2026 and December 31, 2025, weighted average costs of subservicing of $7.22 (range of $7.08 – $7.66) and $7.22 (range of $7.11 – $7.83), respectively, per loan per month was used to value the GSE MSRs. Weighted average costs of subservicing of $10.77 (range of $9.33 – $10.96) and $11.23 (range of $9.08 – $13.36), respectively, per loan per month was used to value the non-Agency MSRs, including MSR financing receivables. Weighted average cost of subservicing of $9.86 and $9.88, respectively, per loan per month was used to value the Ginnie Mae MSRs.
(F)Weighted average maturity of the underlying residential mortgage loans in the pool.

With respect to valuing the PHH-serviced MSRs and MSR financing receivables, which include a significant servicer advances receivable component, the cost of financing servicer advances receivable is assumed to be SOFR plus 185 bps as of June 30, 2026 and December 31, 2025.

As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.3% (range of 8.1% – 8.7%) and 8.5% (range of 8.1% – 9.0%), respectively, were used to value Rithm Capital’s Excess MSRs. As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.0% (range of 7.6% – 9.6%) and 8.4% (range of 8.0% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.

All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each investment in MSRs and related MSR financing liability and Excess MSRs.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


When valuing these assets, Rithm Capital uses the following criteria to determine the significant inputs:
 
•Prepayment Rate: Prepayment rate projections are in the form of a “vector” that varies over the expected life of the pool. The prepayment vector specifies the percentage of the collateral balance that is expected to prepay voluntarily (i.e., pay off) and involuntarily (i.e., default) at each point in the future. The prepayment vector is based on assumptions that reflect macroeconomic conditions like home price appreciation, current level of interest rates as well as loan level factors such as the borrower’s interest rate, Fair Isaac Corporation (“FICO”) score, LTV ratio, debt-to-income ratio and vintage on a loan level basis. Rithm Capital considers historical prepayment experience associated with the collateral when determining this vector and also reviews industry research on the prepayment experience of similar loan pools. This data is obtained from remittance reports, market data services and other market sources.

•Delinquency Rates: For existing mortgage pools, delinquency rates are based on the recent pool-specific experience of loans that missed their latest mortgage payments. Delinquency rate projections are in the form of a “vector” that varies over the expected life of the pool. The delinquency vector specifies the percentage of the UPB that is expected to be delinquent each month. The delinquency vector is based on assumptions that reflect macroeconomic conditions, the historical delinquency rates for the pools and the underlying borrower characteristics such as the FICO score and LTV ratio. For the recapture agreements and recaptured loans, delinquency rates are based on the experience of similar loan pools originated by Rithm Capital’s servicers and subservicers and delinquency experience over the past year. Rithm Capital believes this time period provides a reasonable sample for projecting future delinquency rates while taking into account current market conditions. Additional consideration is given to loans that are expected to become 30 or more days delinquent.

•Recapture Rates: Recapture rates are based on actual average recapture rates experienced by Rithm Capital’s servicers and subservicers on similar residential mortgage loan pools. Generally, Rithm Capital looks to three to six months’ worth of actual recapture rates, which it believes provides a reasonable sample for projecting future recapture rates while taking into account current market conditions. Recapture rate projections are in the form of a “vector” that varies over the expected life of the pool. The recapture vector specifies the percentage of the refinanced loans that have been recaptured within the pool by the servicer or subservicer. The recapture vector takes into account the nature and timeline of the relationship between the borrowers in the pool and the servicer or subservicer, the customer retention programs offered by the servicer or subservicer and the historical recapture rates.

•Mortgage Servicing Amount or Excess Mortgage Servicing Amount: For existing mortgage pools, mortgage servicing amount and excess mortgage servicing amount projections are based on the actual total mortgage servicing amount, in excess of a base fee as applicable. For loans expected to be refinanced by the related servicer or subservicer and subject to a recapture agreement, Rithm Capital considers the mortgage servicing amount or excess mortgage servicing amount on loans recently originated by the related servicer over the past three months and other general market considerations. Rithm Capital believes this time period provides a reasonable sample for projecting future mortgage servicing amounts and excess mortgage servicing amounts while taking into account current market conditions.

•Discount Rate: The discount rates used by Rithm Capital are derived from market data on pricing of MSRs backed by similar collateral.

•Cost of subservicing: The costs of subservicing used by Rithm Capital are based on available market data for various loan types and delinquency statuses.

Rithm Capital uses different prepayment and delinquency assumptions in valuing the MSRs and Excess MSRs, relating to the original loan pools, the recapture agreements and the MSRs and Excess MSRs, relating to recaptured loans. The prepayment rate and delinquency rate assumptions differ because of differences in the collateral characteristics, refinance potential and expected borrower behavior for original loans and loans which have been refinanced. The assumptions for recapture and discount rates when valuing MSRs and Excess MSRs and recapture agreements are based on historical recapture experience and market pricing.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes the estimated change in fair value of Rithm Capital’s interests in GSE MSRs, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$6,483,683 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$7,001,132 $6,732,858 $6,251,817 $6,035,666 
Change in Estimated Fair Value:
Amount$517,449 $249,175 $(231,866)$(448,017)
Percentage8.0 %3.8 %(3.6)%(6.9)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,869,476 $6,668,560 $6,313,013 $6,154,952 
Change in Estimated Fair Value:
Amount$385,793 $184,877 $(170,670)$(328,731)
Percentage6.0 %2.9 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,506,440 $6,495,231 $6,471,814 $6,459,640 
Change in Estimated Fair Value:
Amount$22,757 $11,548 $(11,869)$(24,043)
Percentage0.4 %0.2 %(0.2)%(0.4)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,439,663 $6,461,673 $6,505,693 $6,527,704 
Change in Estimated Fair Value:
Amount$(44,020)$(22,010)$22,010 $44,021 
Percentage(0.7)%(0.3)%0.3 %0.7 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in non-Agency MSRs, including MSR financing receivables, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$981,266 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$1,079,309 $1,028,146 $938,199 $898,537 
Change in Estimated Fair Value:
Amount$98,043 $46,880 $(43,067)$(82,729)
Percentage10.0 %4.8 %(4.4)%(8.4)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$1,038,141 $1,008,793 $955,386 $930,999 
Change in Estimated Fair Value:
Amount$56,875 $27,527 $(25,880)$(50,267)
Percentage5.8 %2.8 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$985,224 $983,386 $978,933 $976,439 
Change in Estimated Fair Value:
Amount$3,958 $2,120 $(2,333)$(4,827)
Percentage0.4 %0.2 %(0.2)%(0.5)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$980,212 $980,739 $981,793 $982,320 
Change in Estimated Fair Value:
Amount$(1,054)$(527)$527 $1,054 
Percentage(0.1)%(0.1)%0.1 %0.1 %

63

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes the estimated change in fair value of Rithm Capital’s interests in Ginnie Mae MSRs, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$3,626,534 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,912,867 $3,764,383 $3,498,304 $3,378,793 
Change in Estimated Fair Value:
Amount$286,333 $137,849 $(128,230)$(247,741)
Percentage7.9 %3.8 %(3.5)%(6.8)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,802,089 $3,709,558 $3,551,359 $3,482,754 
Change in Estimated Fair Value:
Amount$175,555 $83,024 $(75,175)$(143,780)
Percentage4.8 %2.3 %(2.1)%(4.0)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,678,346 $3,652,356 $3,600,957 $3,575,606 
Change in Estimated Fair Value:
Amount$51,812 $25,822 $(25,577)$(50,928)
Percentage1.4 %0.7 %(0.7)%(1.4)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,553,940 $3,590,237 $3,662,831 $3,699,128 
Change in Estimated Fair Value:
Amount$(72,594)$(36,297)$36,297 $72,594 
Percentage(2.0)%(1.0)%1.0 %2.0 %

Each of the preceding sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on a 10% variation in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear.

Servicer Advance Investments Valuation

Rithm Capital uses internal pricing models to estimate the future cash flows related to the servicer advance investments that incorporate significant unobservable inputs and include assumptions that are inherently subjective and imprecise. Rithm Capital’s estimations of future cash flows include the combined cash flows of all of the components that comprise the servicer advance investments: existing advances, the requirement to purchase future advances, the recovery of advances and the right to the base fee component of the related MSR. The factors that most significantly impact the fair value include (i) the rate at which the servicer advance balance changes over the term of the investment, (ii) the UPB of the underlying loans with respect to which Rithm Capital has the obligation to make advances and owns the base fee component of the related MSR which, in turn, is driven by prepayment rates and (iii) the percentage of delinquent loans with respect to which Rithm Capital owns the base fee component of the related MSR. The valuation technique is based on discounted cash flows. Significant inputs used in the valuations included the assumptions used to establish the aforementioned cash flows and discount rates that market participants would use in determining the fair values of servicer advance investments.

Significant increases (decreases) in the advance balance-to-UPB ratio, prepayment rate, delinquency rate or discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the advance balance-to-UPB ratio.

64

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes certain information regarding the ranges and weighted averages of significant inputs used in valuing the servicer advance investments, including the base fee component of the related MSRs:
Significant Inputs
Outstanding
Servicer Advances
to UPB of Underlying
Residential Mortgage
Loans
Prepayment Rate(A)
Delinquency
Mortgage Servicing Amount(B)
Discount
Rate
Collateral Weighted Average Maturity (Years)(C)
June 30, 2026
2.1%
4.9%
17.4%
19.9 bps
6.5%
20.2
December 31, 2025
2.0%
4.5%
17.9%
19.9 bps
6.5%
20.5
(A)Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(B)Mortgage servicing amount is net of 3.7 bps and 4.6 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of June 30, 2026 and December 31, 2025, respectively.
(C)Weighted average maturity of the underlying residential mortgage loans in the pool.
The valuation of the servicer advance investments also takes into account the performance fee paid to the servicer, which is based on the Company’s equity returns and therefore is impacted by relevant financing assumptions such as LTV ratio and interest rate as well as advance-to-UPB ratio. All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. The prepayment rate, the delinquency rate and the advance-to-UPB ratio projections are in the form of “curves” or “vectors” that vary over the expected life of the underlying mortgages and related servicer advances. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each servicer advance investment, including the base fee component of the related MSR.

When valuing servicer advance investments, Rithm Capital uses the following criteria to determine the significant inputs:
 
•Servicer advance balance: Servicer advance balance projections are in the form of a “vector” that varies over the expected life of the residential mortgage loan pool. The servicer advance balance projection is based on assumptions that reflect factors such as the borrower’s expected delinquency status, the rate at which delinquent borrowers re-perform or become current again, servicer modification offer and acceptance rates, liquidation timelines and the servicers’ stop advance and clawback policies.

•Prepayment Rate: Prepayment rate projections are in the form of a “vector” that varies over the expected life of the pool. The prepayment vector specifies the percentage of the collateral balance that is expected to prepay voluntarily (i.e., pay off) and involuntarily (i.e., default) at each point in the future. The prepayment vector is based on assumptions that reflect macroeconomic conditions and factors such as the borrower’s FICO score, LTV ratio, debt-to-income ratio and vintage on a loan level basis. Rithm Capital considers collateral-specific prepayment experience when determining this vector.

•Delinquency Rates: For existing mortgage pools, delinquency rates are based on the recent pool-specific experience of loans that missed recent mortgage payment(s) as well as loan- and borrower-specific characteristics such as the borrower’s FICO score, the LTV ratio, debt-to-income ratio, occupancy status, loan documentation, payment history and previous loan modifications. Rithm Capital believes the time period utilized provides a reasonable sample for projecting future delinquency rates while taking into account current market conditions.

•Mortgage Servicing Amount: Mortgage servicing amounts are contractually determined on a pool-by-pool basis. Rithm Capital projects the weighted average mortgage servicing amount based on its projections for prepayment rates.

•SOFR: The performance-based incentive fees on servicer advance investments portfolios serviced by Rocket Companies, Inc., as successor by merger to Mr. Cooper Group Inc., are driven by SOFR-based factors. The SOFR curves used are widely used by market participants as reference rates for many financial instruments.

•Discount Rate: The discount rates used by Rithm Capital are derived from market data on pricing of MSRs backed by similar collateral and the advances made thereon.

65

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Real Estate and Other Securities Valuation

Real estate and other securities valuation methodology and results are detailed below. Increased (decreased) prepayment speeds, default rates or loss severity assumptions would decrease (increase) valuations. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions. Treasury securities are valued using market-based prices published by the U.S. Department of the Treasury and are classified as Level 1.
Fair Value
Asset TypeOutstanding Face AmountAmortized Cost Basis
Multiple Quotes(A)
Single Quote(B)
TotalLevel
June 30, 2026
Government-backed securities(C)
$4,950,720 $4,839,269 $4,887,937 $— $4,887,937 2 
CLOs(D)
410,780 405,558 293,431 135,645 429,076 2 & 3
Non-Agency and other securities(D)
8,272,017 759,996 788,520 23,174 811,694 3 
Insurance company investments - securities(E)
591,355 189,567 186,753 — 186,753 2 & 3
Total$14,224,872 $6,194,390 $6,156,641 $158,819 $6,315,460 
December 31, 2025
Government-backed securities(C)
$5,230,355 $5,119,755 $5,230,139 $— $5,230,139 2 
CLOs(D)
364,189 355,912 249,452 112,828 362,280 2 & 3
Non-Agency and other securities(D)
8,507,851 701,105 732,597 27,036 759,633 3 
Insurance company investments - securities(E)
143,399 129,616 129,662 — 129,662 2 & 3
Total$14,245,794 $6,306,388 $6,341,850 $139,864 $6,481,714 
(A)Rithm Capital generally obtains pricing service quotations or broker quotations from two sources. Rithm Capital evaluates quotes received, determines one as being most representative of fair value and does not use an average of the quotes. Even if Rithm Capital receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because it believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases, for non-Agency securities, there is a wide disparity between the quotes Rithm Capital receives. Rithm Capital believes using an average of the quotes in these cases would not represent the fair value of the asset. Based on Rithm Capital’s own fair value analysis, it selects one of the quotes which is believed to most accurately reflect fair value. Rithm Capital has not adjusted any of the quotes received in the periods presented. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” — meaning that the party giving the quotation is not bound to purchase the security at the quoted price. Rithm Capital’s investments in government-backed securities are classified within Level 2 of the fair value hierarchy because the market for these securities is active and market prices are readily observable.

The third-party pricing services and brokers engaged by Rithm Capital (collectively, “valuation providers”) use either the income approach or the market approach, or a combination of the two, in arriving at their estimated valuations of securities. Valuation providers using the market approach generally look at prices and other relevant information generated by market transactions involving identical or comparable assets. Valuation providers using the income approach create pricing models that generally incorporate such assumptions as discount rates, expected prepayment rates, expected default rates and expected loss severities. Rithm Capital has reviewed the methodologies utilized by its valuation providers and has found them to be consistent with GAAP requirements. In addition to obtaining multiple quotations, when available, and reviewing the valuation methodologies of its valuation providers, Rithm Capital creates its own internal pricing models for Level 3 securities and uses the outputs of these models as part of its process of evaluating the fair value estimates it receives from its valuation providers. These models incorporate the same types of assumptions as the models used by the valuation providers, but the assumptions are developed independently. These assumptions are regularly refined and updated at least quarterly by Rithm Capital and reviewed by its independent valuation group, which is separate from its investment acquisition and management group, to reflect market developments and actual performance.

For 92.2% and 78.0% of non-Agency securities as of June 30, 2026 and December 31, 2025, respectively, the ranges and weighted averages of assumptions used by Rithm Capital’s valuation providers are summarized in the table below. The assumptions used by Rithm Capital’s valuation providers with respect to the remainder of non-Agency securities were not readily available.
Fair ValueDiscount Rate
Prepayment Rate(a)
CDR(b)
Loss Severity(c)
June 30, 2026$748,194 
4.6% – 18.0%
(6.5%)
0.0% – 25.0%
(11.5%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
December 31, 2025$592,302 
4.2% – 18.0%
(6.6%)
0.0% – 25.0%
(9.2%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
(a)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(b)The conditional default rate (“CDR”) represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance of the pool.
(c)Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default.

(B)Rithm Capital was unable to obtain quotations from more than one source on these securities.
(C)Presented within government and government-backed securities on the consolidated balance sheets.
(D)Presented within other assets on the consolidated balance sheets.
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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


(E)Presented within insurance company investments, at fair value on the consolidated balance sheets.

Residential Mortgage Loans Valuation

Rithm Capital, through Newrez, originates residential mortgage loans that it intends to sell into the Agencies mortgage-backed securitizations. Residential mortgage loans HFS, at fair value are typically pooled together and sold into certain exit markets, depending upon underlying attributes of the loan, such as agency eligibility, product type, interest rate and credit quality. Newrez also originates non-qualified residential mortgage (“Non-QM”) loans that do not meet the qualified mortgage rules per the Consumer Financial Protection Bureau that it intends to sell to private investors. Residential mortgage loans HFS, at fair value are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, Rithm Capital classifies these valuations as Level 2 in the fair value hierarchy. Originated residential mortgage loans HFS for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon (i) internal pricing models to forecast loan level cash flows using inputs, such as default rates, prepayments speeds and discount rates, or (ii) consensus pricing (broker quotes) or historical sale transactions for similar loans.

Residential mortgage loans HFS, at fair value, also include non-conforming seasoned mortgage loans acquired and identified for securitization, which are valued using internal pricing models to forecast loan level cash flows based on a potential securitization exit using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). Residential mortgage loans HFI, at fair value, include non-conforming seasoned mortgage loans acquired and not identified for sale or securitization, which are valued using internal pricing models to forecast loan level cash flows using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). As the internal pricing models are based on certain unobservable inputs, Rithm Capital classifies these valuations as Level 3 in the fair value hierarchy.

For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, the estimated value of the collateral, expected costs and estimated home price levels. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Rithm Capital classifies these valuations as Level 3 in the fair value hierarchy.

Significant increases (decreases) in prepayment rates, delinquency rates or discount rates, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions.

The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of June 30, 2026:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,153 
6.7% – 9.1%
(7.9%)
4.1% – 6.7%
(5.6%)
0.8% – 4.5%
(2.3%)
36.5% – 63.1%
(44.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,142 
9.1% – 9.3%
(9.2%)
(0.3)% – 4.3%
(1.2%)
4.5% – 5.0%
(4.7%)
270.8% – 296.2%
(278.7%)
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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$18,002 
6.1% – 8.3%
(6.8%)
4.3% – 7.0%
(6.4%)
0.9% – 2.3%
(1.9%)
19.0% – 46.1%
(33.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,154 
10.5% – 12.9%
(12.0%)
3.3% – 4.3%
(4.0%)
4.8% – 6.6%
(6.0%)
300.7% – 306.3%
(302.8%)

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFI, at fair value classified as Level 3:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
June 30, 2026$294,416 
6.7% – 9.3%
(8.0%)
4.8% – 6.7%
(5.6%)
0.8% – 5.0%
(1.8%)
36.5% – 46.5%
(41.6%)
December 31, 2025$324,688 
6.1% – 10.5%
(7.5%)
5.0% – 7.0%
(6.9%)
0.9% – 4.8%
(1.8%)
28.6% – 46.1%
(39.2%)

Consumer Loans Valuation

Consumer loans are valued using internal discounted cash flow pricing models with inputs such as default rates, prepayments speeds and discount rates. Elevated (deflated) default rates or reduced (increased) recovery rates (particularly for unsecured portfolios) would depress (increase) fair value. Default rate changes are often inversely correlated with recovery rate adjustments. The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans, at fair value classified as Level 3 as of June 30, 2026:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$147,302 
9.2% – 10.2%
(9.4%)
12.6% – 40.2%
(14.0%)
1.0% – 9.1%
(5.8%)
72.4% - 100.0%
(91.6%)
Marcus97,169 
7.4% - 17.6%
(8.7%)
0.0% - 22.0%
(9.1%)
3.0% - 62.0%
(37.5%)
87.5%
Upgrade462,640 
1.5% - 15.0%
(7.3%)
2.7% - 33.4%
(19.7%)
0.9% - 7.2%
(3.7%)
90.0%
Consumer Loans, at Fair Value$707,111 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans, at fair value classified as Level 3 as of December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$167,807 
9.2% – 10.2%
(9.4%)
12.1% – 39.5%
(13.5%)
3.2% – 25.9%
(5.5%)
80.8% – 100.0%
(92.7%)
Marcus166,473 
7.5% – 17.6%
(8.5%)
0.0% – 22.0%
(11.2%)
3.0% – 62.0%
(31.7%)
87.5%
Upgrade450,119 
6.8% – 16.9%
(7.8%)
2.7% – 34.0%
(17.9%)
0.9% – 7.5%
(3.4%)
90.0%
Consumer Loans, at Fair Value$784,399 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Residential Transition Loans and RTL Financing Liability Valuation

Rithm Capital classifies certain RTLs and related financing liability as Level 3 in the fair value hierarchy. Performing RTLs are valued using an income approach through internal pricing models to forecast cash flows with inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). Non-performing RTLs, with UPB of $96.7 million and fair value of $87.1 million as of June 30, 2026 and UPB of $100.9 million and fair value of $89.6 million as of December 31, 2025, were valued using estimated liquidation cash flows, derived based on the estimated value of the collateral and adjusted for estimated recoveries, costs and time to liquidate the assets.

Significant increases (decreases) in default rates, loss severity assumptions or discount rates, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs and related financing liability, at fair value classified as Level 3 as of June 30, 2026:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$3,745,172 
7.6% – 7.7%
(7.7%)
0.0% – 50.0%
(47.9%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds385,590 7.8%45.0%0.5%25.0%
RTL financing liability(A)
19,240 7.6%50.0%0.5%25.0%
(A)Excludes $56.6 million of financing liability related to a strategic partnership for which the Company elected FVO. As of June 30, 2026, the amortized cost approximated fair value.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs, at fair value classified as Level 3 as of December 31, 2025:

Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$2,610,258 
7.9% – 8.0%
(7.9%)
0.0% – 50.0%
(46.8%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds287,721 7.9%50.0%0.5%25.0%
RTL financing liability(A)
36,150 7.9%50.0%0.5%25.0%
(A)Excludes $46.3 million of financing liability related to a strategic partnership for which the Company elected fair value option. As of December 31, 2025, the amortized cost approximated fair value.

Insurance Company Investments - Private Credit and Commercial Mortgage Loans Valuation

Private investments and commercial mortgage loans held for less than six months are generally measured at fair value using the transaction price, net of transaction costs, plus any accrued interest and upfront fees (including original issue discount) and warrant carve-out accretion, which the Company believes represents fair value at initial recognition. Such investments and loans are not subject to third-party valuation review unless a significant event or change in circumstances occurs that would indicate the transaction price is no longer representative of fair value. As of June 30, 2026 and December 31, 2025, the Company held fair value of $132.7 million and $218.6 million of such instruments, respectively.

For other private investments and commercial mortgage loans classified as Level 3 within the fair value hierarchy, fair value is determined using valuation techniques consistent with U.S. GAAP requirements, including income approaches (such as discounted cash flow analyses) and/or market approaches (such as the guideline public company method and guideline transaction method). These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs to the extent practicable.

Fair values are determined by independent third-party valuation specialists using income and market approaches. The valuation specialists may incorporate significant unobservable inputs, such as discount rates, recovery assumptions, valuation multiples, and liquidity adjustments, depending on the nature of the investment and the availability of market data. Since the valuation models used by these specialists are proprietary, the Company does not have visibility into all unobservable inputs. The primary unobservable input evaluated by the Company is the discount rate used to estimate the present value of expected cash flows. Higher discount rates generally decrease fair value, while lower discount rates increase fair value.
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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)



Since these inputs are not directly observable and often reflect borrower or issuer‑specific factors, the resulting fair value measurements are inherently subjective. Unobservable inputs used in the valuation models can be interrelated. For example, weaker operating performance may be associated with higher discount rates, lower recovery expectations or reduced valuation multiples, which can magnify the effect of changes in inputs on the fair value measurement. The Company reviews the methodologies and assumptions provided by its valuation specialists and assesses whether the resulting fair values are reasonable in the context of current market conditions.

The following table summarizes certain information regarding the range and weighted average of the discount rates (weighted by fair value) used in valuing private credit, at fair value and commercial mortgage loans, HFI, at fair value classified as Level 3:
Fair ValueDiscount Rate
June 30, 2026$793,687 
8.3% – 21.1%
(10.9%)
December 31, 2025$551,342 
8.2% – 45.1%
(11.3%)

Funds Withheld and Modified Coinsurance Agreement Embedded Derivatives

Funds withheld and modified coinsurance agreement embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld and modified coinsurance agreement and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modified coinsurance agreement is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

FIA - Embedded Derivative

Significant unobservable inputs used in the FIA embedded derivative valuation include:
•Non-performance risk - For contracts Crestline issues, it uses the credit spread, relative to the U.S. Treasury curve based on Crestline's public credit rating as of the valuation date. This represents Crestline's credit risk for use in the estimate of the fair value of embedded derivatives.
•Option budget - Crestline assumes future hedge costs in the derivative's fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.
•Policyholder behavior - Crestline regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

Derivatives and Hedging Valuation

Rithm Capital enters into economic hedges including interest rate swaps, caps and TBAs, which are categorized as Level 2 in the valuation hierarchy. Rithm Capital generally values such derivatives using quotations, similarly to the method of valuation used for Rithm Capital’s other assets that are classified as Level 2 in the fair value hierarchy.

Other commitments relate to (i) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (ii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative. These are classified as Level 3 in the fair value hierarchy, valued (i) at the excess of cost basis over the intrinsic value of the underlying investment or adverse change in net asset value subject to defined caps and (ii) using a simulated Monte Carlo model by independent pricing services, respectively. In addition, Rithm Capital enters into IRLCs, which are valued using internal pricing models (i) incorporating market pricing for instruments with similar characteristics, (ii) estimating the fair value of the servicing rights expected to be recorded at sale of the loan and (iii) adjusting for anticipated loan funding probability. Both the fair value of servicing rights expected to be recorded at the date of sale of the loan and anticipated loan funding probability are significant unobservable inputs and therefore, IRLCs are classified as Level 3 in the fair value hierarchy.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing IRLCs:
Fair ValueLoan Funding ProbabilityFair Value of Initial Servicing Rights (bps)
June 30, 2026$33,757 
3.4% – 100.0%
(82.7%)
1.0 – 372.9
(209.5)
December 31, 2025$21,449 
4.2% – 100.0%
(84.6%)
4.1 – 403.9
(247.4)

Asset-Backed Securities Issued

As of June 30, 2026 and December 31, 2025, Rithm Capital was the primary beneficiary of the SCFT 2020-A (as defined in Note 19) securitization, and therefore, Rithm Capital’s consolidated balance sheets include the asset-backed securities issued by the trust in the SCFT 2020-A securitization. Rithm Capital elected the FVO for the securities and valued them consistently with non-Agency securities described above.

The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing asset-backed securities issued:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
June 30, 2026$126,140 6.3%14.0%5.8%91.6%
December 31, 2025$143,442 5.5%13.5%5.5%92.7%

Notes Receivable, Notes Receivable Financing Liability and Loans Receivable

From time to time, Rithm Capital purchases notes and loans receivable that are generally collateralized by CRE assets. Rithm Capital generally uses internal discounted cash flow pricing models to estimate the fair value of notes receivable, notes receivable financing liability and loans receivable. Due to the fact that the fair value of Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable are based significantly on unobservable inputs, these are classified as Level 3 in the fair value hierarchy.

Future cash flows are generally estimated using contractual economic terms as well as significant unobservable inputs, such as the underlying collateral performance. Other significant unobservable inputs include discount rates which estimate the market participants’ required rates of return.

The following table summarizes certain information regarding the fair value and significant inputs used in valuing Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable:
Fair Value Discount Rate
June 30, 2026
Notes receivable$481,123 
8.4% - 14.1%
(9.4%)
Notes receivable financing liability387,817 5.6%
Loans receivable11,742 12.0%
December 31, 2025
Notes receivable$460,631 
7.8% - 13.6%
(8.8%)
Notes receivable financing liability382,512 5.1%
Loans receivable11,396 12.0%

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Equity Investments at Fair Value

The Company holds a 70% interest in a limited liability company (the “Credit Risk Transfer LLC”), structured as a credit risk transfer transaction, which directly or indirectly holds and finances exposures to residential mortgage loans through warehouse facilities and repurchase agreements. This equity investment is measured at fair value under the FVO election. The investment is valued using an internal discounted cash flow pricing model to estimate the fair value of the investment. As of June 30, 2026 and December 31, 2025, the fair value of the investment was $194.1 million and $194.3 million, respectively. As the discount rates of 10.7% and 10.4% used to estimate the fair value of the investment as of June 30, 2026 and December 31, 2025, respectively, were significant unobservable inputs, this investment was classified as Level 3 in the fair value hierarchy.

Other Consolidated Funds

The Company has an interest in a consolidated joint venture that holds an investment in an affiliated real estate fund. The Company measures the investment using the NAV per share pursuant to the practical expedient. While the NAV is intended to reflect the fair value of the underlying fund’s net assets, such value is subject to estimation uncertainty and may differ from values that would be realized upon a liquidation of the underlying investments.

The following table summarizes the fair value of the investments by fund type and ability to redeem such investments:
June 30, 2026December 31, 2025
Fund TypeFair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$205,807 Monthly
2 business days
$104,177 Monthly
2 business days

Consolidated CFE - Funds

Sculptor’s consolidated structured alternative investment solution, a CFE, holds investments in funds measured at fair value using the NAV per share of the underlying funds, as a practical expedient.

The following table summarizes the fair value of the investments by fund type and ability to redeem such investments:
June 30, 2026December 31, 2025
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$155,786 
Monthly – Annually
30 days – 90 days
$162,055 
Monthly - Annually
30 days - 90 days
Closed-ended177,014 
None(B)
N/A162,805 
None(B)
N/A
Total$332,800 $324,860 
(A)The structured alternative investment solution invests in both open-ended and closed-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)100% of these investments cannot be redeemed, as distributions will be received as the underlying assets are liquidated, which is expected to be approximately 7 to 9 years from inception.

As of June 30, 2026 and December 31, 2025, the structured alternative investment solution had unfunded commitments of $21.8 million and $28.1 million, respectively, related to the closed-ended funds presented in the table above, which will be funded by capital within the consolidated funds from its underlying open-ended funds and liquid assets.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


As of June 30, 2026 and December 31, 2025, notes payable of the structured alternative investment solution with a fair value of $192.2 million and $203.7 million, respectively, were valued using independent pricing services and are classified as Level 3. The Company measures the financial liabilities of its consolidated structured alternative investment solution based on the fair value of the financial assets of the consolidated entity under the CFE election, as the Company believes the fair value of the financial assets is more observable. The notes payable of consolidated CLOs had a fair value of $408.6 million and $751.6 million as of June 30, 2026 and December 31, 2025, respectively, and were valued using independent pricing services. As of June 30, 2026 and December 31, 2025, the Company measured the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs under the CFE election, as the Company believes the fair value of the financial assets were more observable and were classified as Level 2. The Company performs analytical procedures and compares independent pricing service valuations to other vendors’ pricing as applicable. The Company also performs due diligence reviews on independent pricing services on an annual basis and performs other due diligence procedures as may be deemed necessary. Notes payable of such consolidated CFEs are included in notes payable, at fair value and other liabilities on the Company’s consolidated balance sheets. Unrealized gain (loss) from changes in fair value and related interest is included in realized and unrealized gains (losses), net in the Company’s consolidated statements of operations. Refer to Note 19 for further details.

Consolidated CFE - Loan Securitizations

Rithm Capital has securitized certain residential mortgage loans, RTLs and consumer loans which are held as part of consolidated CFEs. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. GAAP allows entities to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. Rithm Capital has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that the consolidated securitization trusts meet the definition of a CFE. See Note 19 for further details regarding VIEs and securitization trusts. Rithm Capital determined the inputs to the fair value measurement of the financial liabilities of its consolidated CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of the consolidated CFE to measure the fair value of the financial assets of the consolidated CFE. The fair value of the debt issued by the consolidated CFE is typically valued using external pricing data, which includes third-party valuations.

The securitized residential mortgage loans, RTLs and consumer loans, which are assets of the consolidated CFEs, are included in investments, at fair value and other assets, on the Company’s consolidated balance sheets. The notes issued by the consolidated CFEs are included in notes payable, at fair value and other liabilities on the Company’s consolidated balance sheets. Unrealized gains (losses) from changes in fair value of the notes issued and assets of the consolidated CFEs and related interest are included in realized and unrealized gains (losses), net in the Company’s consolidated statements of operations.

The securitized residential mortgage loans and the notes issued by the Company’s CFEs are classified as Level 2:
Residential Mortgage Loan SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
June 30, 2026$4,460,920 $3,902,216 
December 31, 2025$3,265,142 $2,820,922 
73

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)



Rithm Capital classifies securitized RTLs and consumer loans as Level 3 in the fair value hierarchy because the notes payable are valued based significantly on unobservable inputs. The valuation methodology is in line with non-Agency securities described above. The following table summarizes the inputs (weighted by fair value) used in valuing the notes payable:
Investments at Fair ValueNotes Payable at Fair Value
Spread(A)
Prepayment Rate(B)
CDR
Loss Severity(C)
June 30, 2026
RTL securitizations$853,225 $764,895 
1.5% – 10.2%
(2.2%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
Consumer loan securitization304,569 289,136 
5.1% – 8.6%
(5.3%)
25.0%
0.0%
100.0%
December 31, 2025
RTL securitizations$927,089 $867,141 
1.5% – 11.5%
(2.3%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
(A)Represents the yield in excess of the risk-free rate.
(B)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(C)Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain assets are measured at fair value on a non-recurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances, such as when there is evidence of impairment. For residential mortgage loans HFS, foreclosed real estate accounted for as REO, SFR properties and certain CRE, Rithm Capital measures the assets at the lower of cost or fair value which may require, from time to time, a non-recurring fair value adjustment.

As of June 30, 2026 and December 31, 2025, assets measured at fair value on a non-recurring basis were $58.8 million and $67.8 million, respectively, which primarily related to residential mortgage loans, HFS. The fair value of Rithm Capital’s residential mortgage loans, HFS is estimated based on a discounted cash flow model analysis using internal pricing models and is categorized within Level 3 of the fair value hierarchy.

The following table summarizes the inputs (weighted by fair value) used in valuing these residential mortgage loans:
Fair Value Discount Rate
Weighted Average Life (Years)(A)
Prepayment RateCDR
Loss Severity(B)
June 30, 2026
Performing loans$40,970 
6.7% – 9.1%
(6.7%)
3.2 – 3.7
(3.2)
4.1% – 6.7%
(6.7%)
0.8% – 4.5%
(2.4%)
36.5% – 63.1%
(36.8%)
Non-performing loans11,278 
9.1% – 9.3%
(9.2%)
2.6 – 3.4
(2.9)
4.1% – 5.0%
(4.6%)
4.5% – 5.0%
(4.8%)
37.0% – 63.1%
(47.8%)
Total$52,248 
December 31, 2025
Performing loans$45,861 
6.1% – 8.3%
(6.1%)
4.2 – 7.5
(4.3)
4.3% – 7.0%
(6.9%)
0.9% – 2.3%
(2.3%)
19.0% – 46.1%
(33.0%)
Non-performing loans10,930 
10.5% – 12.9%
(11.4%)
3.0 – 3.9
(3.6)
3.6% – 5.0%
(4.5%)
4.8% – 6.6%
(5.5%)
28.6% – 72.1%
(45.4%)
Total$56,791 
(A)The weighted average life is based on the expected timing of the receipt of cash flows.
(B)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

The total change in the recorded value of residential mortgage loans for which a fair value adjustment has been included in the consolidated statements of operations consists of a valuation allowance of $0.3 million and a reversal of valuation allowance of $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and a valuation allowance of $0.3 million and a reversal of valuation allowance of $0.8 million for the six months ended June 30, 2026 and 2025, respectively.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


19. VARIABLE INTEREST ENTITIES

In the normal course of business, Rithm Capital enters into transactions with special purpose entities (“SPEs” and each, an “SPE”), which primarily consist of trusts established for a limited purpose. The SPEs have been formed for the purpose of transactions in which the Company transfers assets into an SPE in return for various forms of debt obligations supported by those assets. In these transactions, the Company typically receives cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retains the right to service the transferred receivables. The Company first evaluates whether it holds a variable interest in the entity. Where the Company has a variable interest, it is required to determine whether the entity is a VIE or a VOE, the classification of which will determine the consolidation model that the Company is required to follow when determining whether it should consolidate the entity.

VIEs are defined as entities in which (i) equity at risk investors do not have the characteristics of a controlling financial interest, (ii) there is not sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) substantially all of the activities of the entity are performed on behalf of the party with disproportionately few voting rights. Where an entity does not have the characteristics of a VIE, it is a VOE. A VIE is required to be consolidated by the primary beneficiary, which is defined as the party that has the power to direct the activities of a VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE.

To assess whether Rithm Capital has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, Rithm Capital considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying (i) the activities that most significantly impact the VIE’s economic performance and (ii) which party, if any, has power over those activities. To assess whether Rithm Capital has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, Rithm Capital considers all of its economic interests and applies judgment in determining whether these interests, individually or in the aggregate, are considered potentially significant to the VIE. When an SPE meets the definition of a VIE and the Company determines that it is the primary beneficiary, the Company consolidates the SPE in its consolidated financial statements.

For certain consolidated VIEs that meet the definition of a CFE, which is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, Rithm Capital has elected to account for the assets and liabilities of these entities under the CFE measurement alternative. The CFE measurement alternative allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. The net equity in an entity accounted for under the CFE election effectively represents the fair value of the beneficial interests Rithm Capital owns in the entity. The assets of the consolidated CFEs can only be used to settle obligations and liabilities of these consolidated CFEs and are not available for general use by the Company. The liabilities of these consolidated CFEs are liabilities only of these entities and creditors have no recourse to Rithm Capital Corp. for the consolidated CFEs’ liabilities.

Consolidated VIEs

The assets of consolidated VIEs may only be used to settle obligations of these entities. There is no recourse to Rithm Capital Corp. for the consolidated VIEs’ liabilities.

Advance Purchaser

Rithm Capital, through a taxable wholly owned subsidiary, is the managing member of Advance Purchaser and owns approximately 89.3% of Advance Purchaser as of June 30, 2026. Rithm Capital is deemed to be the primary beneficiary of Advance Purchaser as a result of its ability to direct activities that most significantly impact the economic performance of the entities and its ownership of a significant equity investment.

75

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Newrez Joint Ventures

A wholly owned subsidiary of Newrez, Newrez Ventures LLC (“Newrez Ventures”), is a mortgage originator specializing in retail originations. Newrez Ventures operates its business through a series of joint ventures (“Newrez Joint Ventures”) and is deemed to be the primary beneficiary of such Newrez Joint Ventures as a result of its ability to direct activities that most significantly impact the economic performance of the Newrez Joint Venture entities and its ownership of a significant equity investment.

Residential Mortgage Loan Securitizations

The Company securitizes, sells and services residential mortgage loans. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or as secured financings. Certain of these activities may involve SPEs which, by their nature, are deemed to be VIEs.

Rithm Capital sells pools of conforming mortgage loans through Agency sponsored programs with the servicing retained by Newrez. The Company has several financing vehicles in the form of mortgage loan participation and sale agreements with financial institutions, or purchasers, to sell pools of agency residential mortgage loans.

Certain entities were formed to acquire, receive, participate, hold, release and dispose of participation interests in certain of Newrez’s residential mortgage loans HFS (“MLHFS PC”). These facilities transfer the MLHFS PC in exchange for cash. Newrez is the primary beneficiary of the VIEs and therefore consolidates the SPEs. The transferred MLHFS PC is classified on the consolidated balance sheets as residential mortgage loans, HFS and the related warehouse credit facility liabilities as part of secured financing agreements. Newrez retains the risks and benefits associated with the assets transferred to the SPEs.

Rithm Capital consolidated a securitization of mortgage loans secured by certain SFR properties (the “2022-SFR2 Securitization”), classified as a VIE. During the first quarter of 2026, the Company repaid the outstanding securitized debt, resulting in the termination of the 2022-SFR2 Securitization.

Consumer Loan Companies

Rithm Capital owns a 100% interest in a portfolio of consumer loans held through certain limited liability entities (the “Consumer Loan Companies”), which consolidate certain securitization vehicles (the “Consumer Loan SPVs”) that hold consumer loans and issue asset-backed notes collateralized by those loans. On September 25, 2020, the Company sponsored a securitization of a portfolio of consumer loans through these structures, which issued $663.0 million of asset-backed notes (“SCFT 2020-A”) and retained a residual interest in the securitized loans for risk retention purposes. The Consumer Loan SPVs are classified as VIEs, and the Company, through the Consumer Loan Companies, is the primary beneficiary and therefore consolidates the VIEs, as it has the power to redeem the notes and liquidate the structure and has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIEs.

CRE, Asset Management and Other

In the second quarter of 2024, Sculptor launched a CLO equity investment platform to manage investments in the equity tranches of Sculptor managed CLOs in the U.S. and Europe (“Sculptor Loan Financing Partners”). The Company is the primary beneficiary of the Sculptor Loan Financing Partners, as it has both (i) the power to direct the activities of a VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE.

In the first quarter of 2025 and subsequently in the second quarter of 2026, the Company entered into a joint venture with third parties to invest in an affiliated fund. The Company is the primary beneficiary of the joint venture, classified as a VIE, as it has power over the VIE’s most significant activities and has an obligation to absorb losses and receive benefits from the VIE that could potentially be significant. Under certain circumstances, the Company’s interest in the joint venture could be subordinated up to a certain amount if the specified minimum return is not achieved upon the third party’s interest redemption.

76

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Rithm Capital has investments in various CRE entities, including joint ventures that own CRE properties and real estate-related funds, which are classified as VIEs. The Company holds substantially all of the economic interests in these VIEs and, as the primary beneficiary, has a controlling financial interest and therefore consolidates these VIEs. Additionally, in connection with the Elecor Acquisition, the Company formed Rithm PGRE Aggregator LP and Rithm PGRE Aggregator II LP (collectively, the “Aggregators”), to indirectly hold interests in a portfolio of CRE assets. The Aggregators are VIEs for which the Company is the primary beneficiary, as it holds substantially all of the economic interests and has the power to direct the activities that most significantly impact their economic performance. As a result, the Company consolidates the Aggregators. The Aggregators’ total assets and total liabilities were $5.8 billion and $4.3 billion, respectively, as of June 30, 2026, and $5.8 billion and $4.2 billion, respectively, as of December 31, 2025. The table below presents, within the CRE column, the carrying value and classification of the assets and liabilities of consolidated joint ventures, classified as VIEs, that own CRE properties and are included in the Aggregators’ total assets and liabilities on the consolidated balance sheets.

In the first quarter of 2025, the Company entered into a joint venture with Rithm Property Trust, a related party, to acquire a certain note receivable. While power is shared between the Company and Rithm Property Trust, the Company is the primary beneficiary and consolidates the VIE, as it is most closely associated with the VIE under the related-party tiebreaker guidance.

SPAC

In the first quarter of 2025, the SPAC sponsored by the Company completed its IPO raising gross proceeds of $230.0 million (including the full exercise of the underwriter’s overallotment option) related to 23,000,000 units, each consisting of one Class A ordinary share and one-third of one redeemable warrant, totaling 23,000,000 Class A ordinary shares and 7,666,667 of one redeemable warrant classified as equity. The Company consolidates the SPAC, which is classified as a VIE. Additionally, the Company, through its consolidated subsidiary Rithm Acquisition Corp Sponsor LLC (the “Sponsor”), owns the majority of the SPAC’s outstanding Class B ordinary shares and has power to direct the activities of the VIE that most significantly impact its economic performance making it the primary beneficiary of the VIE. Pursuant to the terms of the SPAC’s governing documents, the SPAC is required to complete an initial business combination within 24 months of the IPO (or 27 months from the IPO if the SPAC has an executed a letter of intent, agreement in principle or definitive agreement for its initial business combination within 24 months from the IPO), which is February 27, 2027; however, the SPAC may seek shareholder approval to extend the date by which it must complete an initial business combination. If the SPAC is unable to complete a business combination by such date, it will be required to cease operations and redeem 100% of the outstanding Class A ordinary shares at a per-share price equal to the aggregate amount held in the trust account, including interest earned, divided by the number of then outstanding Class A ordinary shares. As of June 30, 2026, the trust account held approximately $242.9 million of cash, restricted solely for use in completing a business combination or redeeming the Class A ordinary shares and is not available for general corporate purposes.

Consolidated Entities

The assets of the consolidated loan securitizations and of the consolidated funds may only be used to settle obligations of these entities and are not available to creditors of the Company. The investors in these consolidated loan securitizations and consolidated funds have no recourse against the assets of the Company, and there is no recourse to the Company for the consolidated entities’ liabilities.

Loan Securitizations - RTLs

Rithm Capital sponsored securitization trusts, classified as VIEs, that issue securitized debt collateralized by RTLs and for which a wholly owned subsidiary of Rithm Capital serves as asset manager. Rithm Capital acquired all of the most subordinated trust certificates. Rithm Capital concluded that the most subordinate tranche trust certificates absorb a majority of the trusts’ expected losses or receive a majority of the trusts’ expected residual returns. Rithm Capital also concluded that the securitization’s asset manager has the ability to direct activities that could significantly impact the trusts’ economic performance. As a result, Rithm Capital consolidates such trusts.

77

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


As of June 30, 2026, these trusts’ assets consist of pools of performing, adjustable-rate and fixed-rate, interest-only RTLs (construction, renovation and bridge), secured by a first lien or a first and second lien on a non-owner occupied mortgaged property with original terms to maturity of up to 120 months, with an aggregate UPB of approximately $838.8 million and an aggregate principal limit of approximately $1.0 billion. Refer to Note 18 regarding the fair value measurements of consolidated loan securitizations, classified as CFEs.

Loan Securitizations - Residential Mortgage Loans

Rithm Capital sponsors the formation of certain mortgage securitization trusts, considered VIEs, to securitize performing Non-QM loans and seasoned mortgage loans. The Company consolidates certain trusts for which it is the primary beneficiary. The Company acts as the primary servicer for such trusts and therefore has the ability to direct activities that could significantly impact these trusts’ economic performance. Generally, the Company retains a vertical tranche of notes issued by these trusts for risk retention purposes in addition to the most subordinated tranches and “interest only” interests. Such retained interests were eliminated in consolidation. Depending on the type of securitization, the underlying pool of assets may consist of performing, amortizing and interest only, fixed rate and adjustable rate mortgage loans secured by first liens on single family residential properties, planned unit developments and condominiums.

During the first quarter of 2026, the Company sold the majority of its “interest only” securities held in one Non-QM loan securitization trust, and it now holds such securities for risk retention purposes only. The Company is no longer the primary beneficiary as it does not hold a significant interest in this trust. As a result of deconsolidation, the Company derecognized $501.7 million of assets and $451.8 million of liabilities of consolidated CFEs and recognized a loss of $0.6 million presented in realized and unrealized gains (losses), net in the consolidated statements of operations. The Company continues to recognize $23.0 million of notes held at fair value as of June 30, 2026.

During the three and six months ended June 30, 2026, the Company consolidated VIEs with an aggregate UPB of approximately $1.4 billion and $1.9 billion, respectively, as it is the primary beneficiary of such VIEs. As of June 30, 2026, the notes payable, at fair value of consolidated CFEs due to third parties had a fair value of $3.9 billion. Rithm Capital’s retained interest in the consolidated CFEs was $0.6 billion. Refer to Note 18 regarding the fair value measurements of consolidated loan securitizations, classified as CFEs.

Loan Securitizations - Consumer Loans

During the second quarter of 2026, Rithm Capital sponsored a securitization trust, classified as a VIE, that issued approximately $293.5 million of asset-backed notes secured by home improvement loan draws serviced by Upgrade. Rithm Capital, through a wholly owned subsidiary, retained the residual interest issued by the securitization trust and discretion over the significant activities of the trust. As a result, Rithm Capital is the primary beneficiary and consolidates the trust. As of June 30, 2026, the trust's assets had an aggregate unpaid principal balance of approximately $302.4 million.

As of June 30, 2026, the notes payable, at fair value of consolidated CFEs due to third parties had a fair value of $289.1 million. Rithm Capital’s retained interest in the consolidated CFEs was $15.4 million. Refer to Note 18 regarding fair value measurements of consolidated loan securitizations, classified as CFEs.

Funds

In the ordinary course of business, the Company sponsors the formation of consolidated funds that are considered VIEs. The Company consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly through a consolidated entity.

The Company, through Sculptor, consolidates a structured alternative investment solution, which issued notes in the aggregate principal amount of $350.0 million, of which approximately $127.8 million were retained by Sculptor and eliminated in consolidation. The retained notes consist of $20.0 million Class A notes, $20.0 million of Class C notes and $87.8 million of subordinated notes. As of June 30, 2026, the consolidated notes payable due to third parties had a fair value of $192.2 million.

78

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Sculptor’s structured alternative investment solution entered into a credit facility maturing March 18, 2027. This credit facility is capped at $20.0 million of total borrowing capacity per quarter, bearing interest of SOFR plus margin of 3.0%. The facility is also subject to an annual 1.15% unused commitment fee. As of June 30, 2026, the facility has a capacity of $43.5 million, on which the consolidated funds have not drawn.

The Company previously consolidated two CLO funds managed by Sculptor. During the second quarter of 2026, as a result of a repricing and change in interest ownership in one of the CLOs, the Company is no longer the primary beneficiary. As a result, the Company deconsolidated the CLO and derecognized $421.6 million of assets and $405.5 million of liabilities of the consolidated CFE and recognized a $4.3 million gain within realized and unrealized gains (losses), net, on the consolidated statements of operations. As of June 30, 2026, the Company continues to recognize $76.3 million of notes held at fair value issued by such CLO.

As of June 30, 2026, the Company continues to consolidate one CLO fund with a fair value of third-party notes payable of $408.6 million. The Company's CLO investments are generally subordinated to other interests in the entities; investors have no recourse against the Company for CLO losses; and the Company's maximum exposure to loss is limited to its retained interest.

During the third quarter of 2025, the Company entered into a strategic investment partnership with a third party investor to fund the acquisition of RTLs, originated and serviced by the Company’s subsidiary Genesis. The partnership is managed by the Company’s affiliate and is classified as a VIE. The Company is the primary beneficiary of the VIE as it has both (i) the power to direct the activities of a VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. Under certain circumstances, the Company’s interest in the strategic partnership could be subordinated up to a certain amount if the third party’s interest is not fully redeemed including achievement of a specified minimum return upon its redemption. The assets and liabilities of this partnership are presented within assets and liabilities of consolidated entities on the consolidated balance sheets.

See Note 17 and Note 18 regarding the financing and fair value measurements of consolidated funds, respectively.

79

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The tables below present the carrying value and classification of the assets and liabilities of consolidated VIEs on the consolidated balance sheets:
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesCRE, Asset Management and OtherSPAC
Consolidated Entities(A)
Total
Loan SecuritizationsConsolidated Funds
June 30, 2026RTLsResidential Mortgage LoansConsumer Loans
Assets:
Servicer advance investments, at fair value$284,401 $— $— $— $— $— $— $— $— $— $284,401 
Residential mortgage loans, HFS, at fair value— — 545,183 — — — — — — — 545,183 
Consumer loans— — — 147,302 — — — — — — 147,302 
Real estate, net— — — — 3,046,489 — — — — — 3,046,489 
Assets of consolidated entities - investments— — — — — — 853,225 4,460,920 304,569 1,173,037 6,791,751 
Cash and cash equivalents3,001 22,619 — 252 90,128 9 — — — — 116,009 
Restricted cash4,456 — 7,070 9,902 161,734 242,893 15,379 14,050 21,862 32,587 509,933 
Other assets4 393 — 326 635,716 175 10,232 — — 26,808 673,654 
Total Assets$291,862 $23,012 $552,253 $157,782 $3,934,067 $243,077 $878,836 $4,474,970 $326,431 $1,232,432 $12,114,722 
Liabilities:
Secured financing agreements$— $— $479,765 $— $— $— $— $— $— $— $479,765 
Secured notes and bonds payable205,866 — — 126,140 2,325,089 — — — — — 2,657,095 
Notes payable and secured financing of consolidated entities— — — — — — 764,895 3,902,216 289,136 930,179 5,886,426 
Accrued expenses and other liabilities1,477 3,254 — 1,267 115,867 8,073 840 14,384 21,862 107,221 274,245 
Total Liabilities$207,343 $3,254 $479,765 $127,407 $2,440,956 $8,073 $765,735 $3,916,600 $310,998 $1,037,400 $9,297,531 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.

80

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesCRE, Asset Management and OtherSPAC
Consolidated Entities(A)
Total
Loan Securitizations
December 31, 2025RTLsResidential Mortgage LoansConsumer LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$294,323 $— $— $— $— $— $— $— $— $— $294,323 
Residential mortgage loans, HFS, at fair value— — 437,060 — — — — — — — 437,060 
Consumer loans— — — 167,807 — — — — — — 167,807 
Real estate, net— — — — 3,043,729 — — — — — 3,043,729 
Assets of consolidated entities - investments— — — — — — 927,089 3,265,142 — 1,397,209 5,589,440 
Cash and cash equivalents13,164 21,754 — 254 91,926 401 — — — — 127,499 
Restricted cash5,019 — 5,953 10,000 181,383 238,435 12,875 18,084 — 101,516 573,265 
Other assets4 445 — 310 404,314 262 40,796 — — 26,638 472,769 
Total Assets$312,510 $22,199 $443,013 $178,371 $3,721,352 $239,098 $980,760 $3,283,226 $— $1,525,363 $10,705,892 
Liabilities:
Secured financing agreements$— $— $360,140 $— $— $— $— $— $— $— $360,140 
Secured notes and bonds payable229,069 — — 143,442 2,305,842 — — — — — 2,678,353 
Notes payable and secured financing of consolidated entities— — — — — — 867,141 2,820,922 — 1,209,739 4,897,802 
Accrued expenses and other liabilities1,532 2,334 — 1,344 130,085 8,152 1,076 18,418 — 107,255 270,196 
Total Liabilities$230,601 $2,334 $360,140 $144,786 $2,435,927 $8,152 $868,217 $2,839,340 $— $1,316,994 $8,206,491 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.

81

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Non-Consolidated VIEs

The Company transfers residential mortgage loans to securitization trusts, classified as VIEs, and retains the right to service the transferred loans. The Company also retains interests in such VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs, as it is not considered the primary beneficiary. The following table summarizes the carrying value of notes issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. The retained notes are presented as non-Agency securities, at fair value within other assets on the consolidated balance sheets:
June 30, 2026December 31, 2025
Residential mortgage loan UPB and other collateral$10,511,787$9,326,370
Weighted average delinquency(A)
3.8%4.2%
Net credit losses$174,881$173,618
Face amount of debt held by third parties$9,798,798$8,664,576
Carrying value of notes retained by Rithm Capital(B)(C)
$762,955$595,892
Cash flows received by Rithm Capital on these notes$66,384$104,403
(A)Represents the percentage of the UPB that is 60+ days delinquent.
(B)Includes real estate bonds retained pursuant to required risk retention regulations.
(C)Classified within Level 3 of the fair value hierarchy as the valuation is based on certain unobservable inputs including discount rate, prepayment rates and loss severity. See Note 18 for details on unobservable inputs.

The Company’s involvement with other VIEs that are not consolidated is primarily through providing asset management services and, in certain cases, through equity investments. The Company is not the primary beneficiary of these VIEs, because it does not have the power to direct the activities that most significantly affect their economic performance. The Company’s maximum exposure to loss associated with its involvement in non-consolidated VIEs is limited to the carrying value of its investments, income and fees receivable, unearned income subject to potential clawback, unfunded and other contractual commitments, and membership interests, as applicable. The Company does not provide, nor is it required to provide, any non-contractual financial or other support to non-consolidated VIEs beyond its contractual capital and other commitments.
June 30, 2026December 31, 2025
Unearned income and fees$10,462$9,056
Income and fees receivable44,206123,959
Investments in non-consolidated VIEs983,398990,130
Unfunded commitments(A)
280,295215,215
Other commitments25,52125,521
Maximum Exposure to Loss$1,343,882$1,363,881
(A)Unfunded commitments include commitments from certain current and former employees and managing directors of $129.1 million and $131.2 million as of June 30, 2026 and December 31, 2025, respectively.

20. EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER

Other Residential-Related Revenue

The following table summarizes the components of other residential-related revenue:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Property and maintenance$47,514 $49,486 $95,809 $96,957 
Other7,046 7,135 13,431 12,768 
Other Residential-Related Revenue$54,560 $56,621 $109,240 $109,725 

82

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


General, Administrative and Operating

The following table summarizes the components of general, administrative and operating expenses:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Legal and professional$29,209 $24,394 $67,107 $49,032 
Loan origination18,553 17,161 38,439 31,838 
Occupancy17,201 16,348 34,368 30,802 
Subservicing7,234 12,342 19,086 29,098 
Loan servicing37,175 40,737 74,944 82,255 
Property and maintenance101,998 28,921 208,353 56,557 
Information technology35,422 31,239 70,041 62,547 
Other
60,557 44,639 111,612 86,630 
General, Administrative and Operating Expenses$307,349 $215,781 $623,950 $428,759 
Other Income (Loss)

The following table summarizes the components of other income (loss):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Real estate and other securities
$3,808 $4,532 $(23,396)$12,986 
Residential mortgage loans and REO
(3,869)8,281 (7,574)10,825 
Derivative and hedging instruments
8,419 (8,226)11,295 (18,041)
Notes and bonds payable(231)(4,135)(12,501)713 
Consolidated entities(A)
25,372 26,614 44,436 43,056 
Insurance company investments(2,089)— (817)— 
Other(B)
24,895 (4,325)29,708 (27,941)
Realized and unrealized gains, net56,305 22,741 41,151 21,598 
Other income, net23,787 15,923 46,189 22,665 
Other Income, Net$80,092 $38,664 $87,340 $44,263 
(A)Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income.
(B)Includes Excess MSRs, servicer advance investments, consumer loans, RTLs and other.

21. ASSET MANAGEMENT REVENUE

The following table presents the composition of asset management revenue:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Management fees$90,485 $66,177 $181,414 $125,163 
Incentive fees51,743 28,831 67,401 57,517 
Total Asset Management Revenue$142,228 $95,008 $248,815 $182,680 

The following table presents the composition of the Company’s income and fees receivable:
June 30, 2026December 31, 2025
Management fees receivable$40,731 $47,542 
Incentive income receivable48,843 290,170 
Income and Fees Receivable$89,574 $337,712 

83

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The Company recognizes management fees over the period in which the performance obligation is satisfied, and such management fees are generally recognized at the end of each reporting period. The Company records incentive income when it is probable that a significant reversal of income will not occur. The majority of management fees and incentive income receivable at each balance sheet date is generally collected during the following quarter.

The following table presents the Company’s unearned income and fees:
June 30, 2026December 31, 2025
Unearned management fees$2,792 $310 
Unearned incentive income9,675 9,036 
Total Unearned Income and Fees$12,467 $9,346 

A liability for unearned incentive income is generally recognized when the Company receives incentive income distributions from its funds, primarily its real estate funds, whereby the distributions received have not yet met the recognition threshold of it being probable that a significant reversal of cumulative revenue will not occur. A liability for unearned management fees is generally recognized when management fees are paid to the Company on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter.

22. NON-CONTROLLING INTERESTS

Non-controlling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Rithm Capital, and it is presented as a separate component of equity on the Company’s consolidated balance sheets. These interests are related to non-controlling interests in consolidated entities that hold servicer advance investments, the Newrez Joint Ventures, consumer loans (Note 8), Excess MSRs, asset management investments, commercial real estate investments and other investments.

Others’ interests in the equity of consolidated subsidiaries is computed as follows:
June 30, 2026December 31, 2025
Total Consolidated EquityOthers’ Ownership InterestNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers’ Ownership InterestNon-controlling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$84,519 10.7 %$9,037 $81,909 10.7 %$8,759 
Newrez Joint Ventures19,758 49.5 %9,780 19,865 49.5 %9,833 
Excess MSRs114,346 20.0 %22,869 119,931 20.0 %23,986 
Other investments130,460 20.8 %27,114 114,175 22.3 %25,492 
Asset management1,394,207 
n/m(A)(B)
74,834 1,258,317 
n/m(A)(B)
51,802 
Commercial real estate1,609,695 
n/m(A)(C)(D)
390,918 1,617,004 
n/m(A)(C)(D)
390,048 
$534,552 $509,920 
(A)Percentages in the table above deemed “n/m” are not meaningful.
(B)Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in commercial real estate is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. As of June 30, 2026 and December 31, 2025, the Aggregators total consolidated equity was $1.5 billion and $1.6 billion, respectively.
(D)Non-controlling interests related to CRE investments represent the ownership interests in CRE by entities or persons other than the Company.
84

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Others’ interests in the net income of consolidated subsidiaries is computed as follows:     
Three Months Ended June 30,
20262025
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$4,934 10.7 %$527 $1,446 10.7 %$154 
Newrez Joint Ventures2,283 49.5 %1,130 1,982 49.5 %981 
Excess MSRs3,366 20.0 %674 3,441 20.0 %688 
Other investments3,176 20.8 %730 2,550 24.6 %691 
Asset management14,028 
n/m(B)
6,483 (2,783)
n/m(B)
655 
Commercial real estate(34,838)
n/m(A)(C)(D)
(1,512)— — %— 
$8,032 $3,169 
Six Months Ended June 30,
20262025
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$6,560 10.7 %$701 $1,110 10.7 %$118 
Newrez Joint Ventures3,319 49.5 %1,643 2,697 49.5 %1,335 
Excess MSRs6,133 20.0 %1,227 4,764 20.0 %952 
Other investments6,102 20.8 %1,430 4,280 24.6 %1,191 
Asset management(14,701)
n/m(A)(B)
7,438 (64,900)
n/m(A)(B)
659 
Commercial real estate(69,413)
n/m(A)(C)(D)
(4,553)— 
—%
— 
$7,886 $4,255 
(A)Percentages in the tables above deemed “n/m” are not meaningful.
(B)Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in commercial real estate is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. The Aggregators total consolidated net income for the three and six months ended June 30, 2026 was $(29.7) million and $(57.8) million, respectively.
(D)Non-controlling interests related to CRE investments represent the ownership interests in CRE by entities or persons other than the Company.

Redeemable Non-controlling Interests

In the first quarter of 2025, the Company consolidated the SPAC it sponsors. The Class A ordinary shares issued by the consolidated SPAC are redeemable for cash by the SPAC’s public shareholders at the time of a business combination or in the event the SPAC is unable to complete a business combination by a set date. Since the redemption of the Class A ordinary shares is outside the Company’s control, they are not classified as permanent equity and are recognized as redeemable non-controlling interests in consolidated subsidiaries in the consolidated balance sheets.
Additionally, in the first quarter of 2025, a certain interest held by a third-party in a consolidated entity is classified within redeemable non-controlling interests on the consolidated balance sheets due to a redemption feature.

85

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The following table presents activity in redeemable non-controlling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2025$238,435 $75,868 $314,303 
Distributions— (4,417)(4,417)
Contributions— 76,884 76,884 
Comprehensive income4,458 6,078 10,536 
Balance at June 30, 2026$242,893 $154,413 $397,306 

23. EQUITY AND EARNINGS PER SHARE

Equity and Dividends

Rithm Capital’s certificate of incorporation authorizes 2.0 billion shares of common stock, par value $0.01 per share, and 100.0 million shares of preferred stock, par value $0.01 per share.

On January 13, 2026, Rithm Capital priced its underwritten public offering of 10,000,000 shares of its 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series F”), with a liquidation preference of $25.00 per share for net proceeds of approximately $242.1 million. The offering closed on January 21, 2026. In connection with the offering, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,500,000 shares of the Series F, which was not exercised.

On September 18, 2025, Rithm Capital priced its underwritten public offering of 7,600,000 of its 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series E”), with a liquidation preference of $25.00 per share for net proceeds of approximately $183.5 million. The offering closed on September 25, 2025. In connection with the offering, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,140,000 shares of the Series E, which was not exercised.

In March 2026, Rithm Capital’s board of directors renewed the Company’s stock repurchase program, authorizing the repurchase of up to $200.0 million of its common stock and $100.0 million of its preferred stock for the period from January 1, 2026 through December 31, 2026. The objective of the stock repurchase program is to seek flexibility to return capital when deemed accretive to stockholders. Repurchases can be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. During the six months ended June 30, 2026, the Company did not repurchase any shares of its common stock or its preferred stock.

The Company has an “at-the-market” equity offering program (the “ATM Program”) pursuant to which it may sell shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $750.0 million from time to time. During the six months ended June 30, 2026, the Company did not issue any shares of common stock under the ATM Program.

Purchases and sales of Rithm Capital’s securities by the Company’s officers and directors are subject to the Rithm Capital Corp. Insider Trading Compliance Policy.

86

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


The table below summarizes the Company’s outstanding preferred shares:
Number of Shares
Liquidation Preference(A)
Carrying Value(B)
Dividends Declared per Share
June 30,
2026		December 31, 2025June 30,
2026		December 31, 2025Issuance DiscountJune 30,
2026		December 31, 2025Three Months Ended June 30,Six Months Ended June 30,
Series(C)
2026202520262025
Series A, issued July 2019(D)(G)(I)
4,200,068 4,200,068 $105,002 $105,002 3.15 %$99,822 $99,822 $0.62 $0.66 $1.22 $1.31 
Series B, issued August 2019(D)(G)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 272,654 0.61 0.65 1.20 1.29 
Series C, issued February 2020(D)(H)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 385,289 0.57 0.61 1.12 1.20 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 449,489 0.44 0.44 0.88 0.88 
Series E, 8.75% issued September 2025(F)
7,600,000 7,600,000 190,000 190,000 3.15 %183,536 183,536 0.55 — 1.09 — 
Series F, 8.75% issued January 2026(E)
10,000,000 — 250,000 — 3.15 %242,125 — 0.55 — 1.24 — 
Total67,564,122 57,564,122 $1,689,104 $1,439,104 $1,632,915 $1,390,790 $3.34 $2.36 $6.75 $4.68 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Carrying value reflects par value less discount and issuance costs.
(C)Under certain circumstances upon a change of control, the Series A, Series B, Series C, Series D, Series E and Series F (each as defined below) are convertible to shares of the Company’s common stock.
(D)Fixed-to-floating rate cumulative redeemable preferred.
(E)Fixed-rate reset cumulative redeemable preferred.
(F)Fixed-rate cumulative redeemable preferred.
(G)Effective August 15, 2024, dividends on the 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series A”) and the Company’s 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series B”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series A accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series A equal to a three-month Chicago Mercantile Exchange (“CME”) SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.802% and dividends on the Series B accumulated at a percentage of the $25.00 liquidation preference per share of the Series B preferred shares equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.640%.
(H)Effective February 15, 2025, dividends on the Company’s 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series C accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series C equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 4.969%.
(I)The Company redeemed 2.0 million shares on March 28, 2025.

On June 22, 2026, Rithm Capital’s board of directors declared second quarter 2026 preferred dividends of $0.62 per share of Series A, $0.61 per share of Series B, $0.57 per share of Series C, $0.44 per share of the Company’s 7.000% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock (“Series D”), $0.55 per share of the Company’s 8.750% Series E and $0.55 per share of the Company’s Series F, or approximately $2.6 million, $6.9 million, $9.0 million, $8.1 million, $4.2 million and $5.5 million, respectively.

Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amounts Distributed (millions)
March 21, 2025April 2025$0.25 $132.5 
June 18, 2025July 2025$0.25 $132.6 
September 17, 2025October 2025$0.25 $138.5 
December 18, 2025January 2026$0.25 $139.0 
March 24, 2026April 2026$0.25 $139.6 
June 22, 2026July 2026$0.25 $139.6 

87

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Warrants of Consolidated SPAC

At the time of IPO in February 2025, the SPAC issued 220,000 warrants to the Sponsor and 7,666,667 warrants to third parties. The warrants become exercisable 30 days after the consummation of a Business Combination (as defined in the Warrant Agreement) and will expire five years following such consummation, or earlier upon redemption or liquidation. The initial exercise price per share of each warrant is $11.50. The warrants are subject to other customary terms common for instruments of this type. The Company eliminates the SPAC warrants it holds in consolidation. Such warrants are indexed to the SPAC's Class A ordinary shares and meet conditions for equity classification. Accordingly, the SPAC warrants are classified as equity and accounted for as a component of additional paid-in capital at the time of issuance on the Company's consolidated balance sheets.

Earnings Per Share

Rithm Capital is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated using the treasury stock method by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. The effect of dilutive securities is presented net of tax.

The following table summarizes the basic and diluted EPS calculations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Income$67,913 $318,006 $177,391 $398,716 
Non-controlling interests in income of consolidated subsidiaries8,032 3,169 7,886 4,255 
Redeemable non-controlling interests in income of consolidated subsidiaries3,590 3,120 10,536 3,933 
Net Income Attributable to Rithm Capital Corp.56,291 311,717 158,969 390,528 
Change in redemption value of redeemable non-controlling interests— — — 15,611 
Dividends on preferred stock36,098 27,818 70,945 54,495 
Net Income Attributable to Common Stockholders$20,193 $283,899 $88,024 $320,422 
Basic weighted average shares of common stock outstanding558,346,329530,171,540557,537,800527,154,950
Effect of Dilutive Securities(A)(B):
Stock options—10065125
Restricted stock———85,477
Time-based restricted stock unit (“RSU”) awards4,473,5202,961,4923,294,6762,910,569
Performance-based RSU awards565,9462,427,1031,227,1692,245,417
Time-based Class B Profit Units1,210,612587,5181,042,514531,853
Performance-based Class B Profit Units3,665,9231,199,9473,214,7731,082,726
Diluted Weighted Average Shares of Common Stock Outstanding568,262,330537,347,700566,316,997534,011,117
Basic Earnings per Share Attributable to Common Stockholders$0.04 $0.54 $0.16 $0.61 
Diluted Earnings per Share Attributable to Common Stockholders$0.04 $0.53 $0.16 $0.60 
(A)Certain stock options that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS for the periods where they were out-of-the-money or a loss has been recorded, because they would have been anti-dilutive for the period presented.
(B)Awards related to stock-based compensation were included to the extent dilutive and issuable under the relevant time and/or performance measures.

88

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


24. INCOME TAXES

Income tax expense (benefit) consists of the following:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Current:
Federal$1,382 $712 $4,424 $7,267 
State and local598 172 1,486 369 
Foreign3,357 1,371 5,470 11,984 
Total current income tax expense5,337 2,255 11,380 19,620 
Deferred:
Federal3,721 (6,311)31,026 (36,669)
State and local8,990 (7,444)20,417 (16,740)
Foreign925 (98)912 (1,739)
Total deferred income tax expense (benefit)13,636 (13,853)52,355 (55,148)
Total Income Tax Expense (Benefit)$18,973 $(11,598)$63,735 $(35,528)

Rithm Capital intends to qualify as a REIT for each of its tax years through December 31, 2026. A REIT is generally not subject to U.S. federal corporate income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements.

Rithm Capital operates various business segments, including Origination and Servicing, Asset Management and portions of the Investment Portfolio and Commercial Real Estate segments, through TRSs that are subject to regular corporate income taxes, which have been provided for in the provision for income taxes, as applicable.

As of June 30, 2026, Rithm Capital recorded a net deferred tax liability of $899.4 million, primarily composed of deferred tax liabilities generated through the deferral of gains from residential mortgage loans sold by the origination business and changes in fair value of MSRs, offset partially by deferred tax assets related to net operating losses and tax deductible goodwill. The net deferred tax liability is reported within accrued expenses and other liabilities in the consolidated balance sheets. As of June 30, 2026, CL Life recorded a deferred tax asset of $6.2 million, primarily composed of deferred tax assets related to insurance reserves, which is reported within other assets in the consolidated balance sheets.

In assessing the realizability of deferred tax assets, Rithm Capital considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The valuation allowance as of June 30, 2026 was $73.8 million.

25. COMMITMENTS AND CONTINGENCIES

Litigation — Rithm Capital is or may become, from time to time, involved in various disputes, litigation and regulatory inquiry and investigation matters that arise in the ordinary course of business. Given the inherent unpredictability of these types of proceedings, it is possible that future adverse outcomes could have a material adverse effect on its business, financial position or results of operations. Rithm Capital is not aware of any unasserted claims that it believes are material and probable of assertion where the risk of loss is expected to be reasonably possible.

Rithm Capital is, from time to time, subject to inquiries by government entities. Rithm Capital currently does not believe any of these inquiries would result in a material adverse effect on Rithm Capital’s business.

Indemnifications — In the normal course of business, Rithm Capital and its subsidiaries enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. Rithm Capital’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against Rithm Capital that have not yet occurred. However, based on its experience, Rithm Capital expects the risk of material loss to be remote.

89

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Capital Commitments — As of June 30, 2026, Rithm Capital had outstanding capital commitments related to investments in the following investment types:

•MSRs and Servicer Advance Investments — Rithm Capital and, in some cases, third-party co-investors agreed to purchase future servicer advances related to certain non-Agency residential mortgage loans. In addition, Rithm Capital’s subsidiaries, NRM and Newrez, are generally obligated to fund future servicer advances related to the loans they are obligated to service. The actual amount of future advances purchased will be based on (i) the credit and prepayment performance of the underlying loans, (ii) the amount of advances recoverable prior to liquidation of the related collateral and (iii) the percentage of the loans with respect to which no additional advance obligations are made. The actual amount of future advances is subject to significant uncertainty.

•Mortgage Origination Reserves — Newrez currently originates, or has in the past originated, conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. The GSEs or Ginnie Mae guarantee conventional and government insured mortgage securitizations and mortgage investors issue non-conforming PLSs, while Newrez generally retains the right to service the underlying residential mortgage loans. In connection with the transfer of loans to the GSEs or mortgage investors, Newrez makes representations and warranties regarding certain attributes of the loans and, subsequent to the sale, if it is determined that a sold loan is in breach of these representations and warranties, Newrez generally has an obligation to cure the breach. If Newrez is unable to cure the breach, the purchaser may require Newrez to repurchase the loan.

In addition, as issuers of Ginnie Mae guaranteed securitizations, Newrez holds the right to repurchase loans that are at least 90 days’ delinquent from the securitizations at its discretion. Loans in forbearance that are three or more consecutive payments delinquent are included as delinquent loans permitted to be repurchased. While Newrez is not obligated to repurchase the delinquent loans, Newrez generally exercises its option to repurchase loans that will result in an economic benefit. As of June 30, 2026, Rithm Capital’s estimated liability associated with representations and warranties and Ginnie Mae repurchases was $45.6 million and $4.3 billion, respectively. See Note 5 for information regarding the right to repurchase delinquent loans from Ginnie Mae securities and mortgage origination.

•Residential Mortgage Loans — As part of its investment in residential mortgage loans, Rithm Capital may be required to outlay capital. These capital outflows primarily consist of advance escrow and tax payments, residential maintenance and property disposition fees. The actual amount of these outflows is subject to significant uncertainty. See Note 7 for information regarding Rithm Capital’s residential mortgage loans.

•SFR Properties — On February 27, 2024, Viewpoint Murfreesboro Land LLC, a wholly owned subsidiary of Rithm Capital (“Viewpoint”), executed a purchase and sale agreement (the “PSA”) with an affiliate of BTR Group, LLC (“BTR”), BTR VM LLC, to purchase land for a purchase price of $7.0 million. In connection with the PSA, on February 27, 2024, Viewpoint entered into a fixed price design-build construction contract with BTR (the “Construction Contract”) to purchase 171 SFR properties that are scheduled to be built by BTR on the purchased land in accordance with the plans and specifications approved in accordance with entry into the Construction Contract, for an aggregate purchase price of $49.2 million. The aggregate purchase price is payable in installments in accordance with the draw schedule set forth in the Construction Contract, and delivery of the homes began in the third quarter of 2025. As of June 30, 2026, $9.0 million of the aggregate purchase price remains outstanding.

•Residential Transition Loans — Genesis had commitments to fund up to $2.2 billion of additional advances on existing mortgage loans as of June 30, 2026. These commitments are generally subject to loan agreements with covenants regarding the financial performance of the customer and other terms regarding advances that must be met before Genesis funds the commitments.

•Commercial Investments — Rithm Capital has invested in various CRE projects. As part of its investments, Rithm Capital is required to fund its pro rata share of future capital contributions subject to certain limitations. As of June 30, 2026, the Company has an unfunded capital commitment to fund up to $73.4 million on an existing loan to a certain CRE borrower.

90

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


•Fund Commitments — As of June 30, 2026, the Company has unfunded capital commitments of $518.4 million, including certain funds managed by the Company, of which $28.0 million relates to commitments of consolidated funds. Approximately $129.1 million of the commitments will be funded by contributions to the Company from certain current and former employees and executive managing directors. The Company expects to fund these commitments over approximately the next 8 years. The Company has guaranteed these commitments in the event any executive managing director fails to fund any portion when called by the fund. The Company has historically not funded any of these commitments and does not expect to in the future, as these commitments are expected to be funded by the Company’s executive managing directors individually. During the first quarter of 2025, the Company entered into a consolidated joint venture with a third party to acquire an interest in an affiliated fund. As of June 30, 2026, the unfunded capital commitment to the consolidated joint venture was $25.0 million, of which $20.0 million is expected to be funded by the third-party.

Non-Recourse Carve-Out, Construction Completion, Environmental and Carry Guarantees – In connection with investments in two CRE projects, Rithm Capital provided certain limited guarantees to the senior lender on the projects (or entered into reimbursement agreements with the guarantor) related to non-recourse carve outs, completion, environmental and carry costs of the projects. The actual amount that could be called under the guarantees is subject to significant uncertainty.

Environmental Costs — As an investor in and owner of commercial and residential real estate, Rithm Capital is subject to potential environmental costs. At June 30, 2026, Rithm Capital is not aware of any environmental concerns that would have a material adverse effect on its consolidated financial position or results of operations.

Debt Covenants — Certain of the Company’s debt obligations are subject to loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. Refer to Note 17 for further discussion of the Company’s debt obligations.

Other Commitments and Contingencies —

•60 Wall Street Construction Guarantee — Elecor owns a 5.0% interest in 60 Wall Street. In connection with the modification and extension of the mortgage loan at 60 Wall Street, the joint venture committed to redevelop the property and fund the necessary costs to complete the project. On behalf of the joint venture, Elecor has provided the lender with certain guarantees, including a completion guarantee. Elecor has agreements with its joint venture partners that indemnifies it for the partner's share of guarantees that it has provided. In accordance with U.S. GAAP, the Company recorded a liability equal to the fair value of the obligations undertaken in issuing the guarantees and record an asset equal to the fair value of the indemnification it has received. As of June 30, 2026, the Company has a $13.6 million asset and liability, which are included as a component of other assets and accrued expenses and other liabilities, on the consolidated balance sheets.

•718 Fifth Avenue - Put Right — Elecor manages 718 Fifth Avenue, a five-story building containing 19,050 square feet of prime retail space that is located on the southwest corner of 56th Street and Fifth Avenue, in New York, New York. Elecor’s joint venture partner in 712 Fifth Avenue also owns a 50.0% tenancy-in-common interest in 718 Fifth Avenue in addition to its 50.0% interest in 712 Fifth Avenue. The joint venture partner also holds a put right, that, if exercised, would require the 712 Fifth Avenue joint venture to purchase all direct and indirect interests in 718 Fifth Avenue then held by the joint venture partner or its affiliates at the fair market value of those interests. The put right may be exercised at any time with the actual purchase occurring no earlier than 12 months after written notice is provided. If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property held by the joint venture partner, Elecor will own a 25.0% interest in 718 Fifth Avenue based on the current ownership interests.

91

RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


26. RELATED PARTY TRANSACTIONS

A party is considered to be related to the Company if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which Rithm Capital may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Management Agreements

Rithm Capital previously entered into a property management agreement with APM, an entity in which the Company has an ownership interest, to manage certain of the Company’s SFR properties. Rithm Capital’s ownership interest in such entity is accounted for under the equity method and is presented within other assets on the consolidated balance sheets. Refer to Note 19 for additional details on the 2022-SFR2 Securitization.

Management Fees and Incentive Income Earned from Related Parties and Waived Fees

The Company earns substantially all of its management fees and incentive income from the funds and real estate joint ventures, which are considered related parties as the Company manages the operations of and makes investment decisions for these funds and real estate joint ventures.

As of June 30, 2026, approximately $2.7 billion of the Company’s AUM represented investments by the Company, its current executive managing directors, employees and certain other related parties in Company managed funds and real estate joint ventures. As of June 30, 2026, approximately 74.9% of this AUM is not charged management fees or incentive fees.

Due from Related Parties

The Company pays certain expenses on behalf of the funds. Amounts due from related parties relate primarily to reimbursements to the Company for these expenses and amounts due from Rithm Property Trust and R-HOME, to the extent the expenses were incurred by the manager. Due from related parties is presented within other assets on the consolidated balance sheets.

Investments in Funds

The Company, through Sculptor, consolidates a $350.0 million structured alternative investment solution, a collateralized financing vehicle that invests in various open-ended and closed-ended funds managed by Sculptor. Sculptor invested approximately $127.8 million in the vehicle. See Note 18 and Note 19 for additional details on the structured alternative investment solution.

Additionally, the Company consolidates Sculptor Loan Financing Partners, a CLO equity investment platform that manages investments in the equity tranches of Sculptor managed CLOs in the U.S. and Europe. As of June 30, 2026, the Company invested $148.0 million in the vehicle. See Note 18 and Note 19 for additional details on the Sculptor Loan Financing Partners.

During the first quarter of 2025, the Company acquired interests in certain funds managed by the Company for approximately $74.6 million. See Note 25 for additional details on this investment. Additionally, the Company has an interest in a consolidated joint venture that holds an investment in an affiliated fund. Refer to Notes 19 and 25 for additional details.

During the third quarter of 2025, the Company entered into a strategic investment partnership, managed by the Company, with a third party investor to fund the acquisition of RTLs, originated and serviced by the Company’s subsidiary, Genesis. As of June 30, 2026, the Company invested $6.3 million in the partnership it consolidates. See Note 19 for additional details.

Investments in Loan Securitizations

The Company retains beneficial interests in loan securitization trusts that it sponsors. Refer to Note 19 for additional details.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


Investment in the SPAC

In a private placement concurrent with the IPO of the SPAC, the Sponsor acquired 660,000 units of the SPAC (the “Private Placement Units”) for total gross proceeds of $6.6 million. Each Private Placement Unit consists of one Class A ordinary share and one-third of one non-redeemable warrant. In addition, the Sponsor purchased and owns substantially all of the outstanding Class B ordinary shares of the SPAC. The Private Placement Units and Class B ordinary shares held by the Company are eliminated upon consolidation.

CRE Joint Ventures

In connection with the Elecor Acquisition in the fourth quarter of 2025, the Company consolidates certain real estate joint ventures that hold CRE properties, which the Company manages. These joint ventures are indirectly consolidated through the Aggregators. See Note 19 for additional information.

Transactions with Rithm Property Trust

RCM Manager, a subsidiary of Rithm Capital, entered into a management agreement, dated June 11, 2024 (as amended by that First Amendment, dated as of October 18, 2024, and that Second Amendment, dated as of February 12, 2026, the “Rithm Property Trust Management Agreement”), by and between RCM Manager and Rithm Property Trust, to serve as Rithm Property Trust’s external manager. As of June 30, 2026, Rithm Capital holds 0.8 million shares of Rithm Property Trust common stock with a fair value of $11.2 million, equal to 9.9% of the outstanding shares of Rithm Property Trust common stock. In addition, in the second quarter of 2024, Rithm Property Trust issued five-year warrants to Rithm Capital, exercisable for approximately 0.5 million shares of Rithm Property Trust’s common stock. During the first quarter of 2025, the Company acquired 400,000 shares, or 19.2%, of Rithm Property Trust’s 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock at the public offering price of $25.00 per share for a total of $10.0 million.

Pursuant to the Rithm Property Trust Management Agreement, RCM Manager implements and manages Rithm Property Trust’s business strategy, investment activities and day-to-day operations subject to oversight by Rithm Property Trust’s board of directors. Additionally, the Company’s Chief Executive Officer currently serves as Rithm Property Trust’s Chief Executive Officer and as a member of the board of directors of Rithm Property Trust. The Company’s Chief Executive Officer does not receive any compensation from Rithm Property Trust for his role either as Chief Executive Officer or as a member of the board of directors.

Rithm Property Trust pays all of its costs and expenses and reimburses RCM Manager (to the extent incurred by RCM Manager) on a monthly basis for the costs and expenses of providing services under the Rithm Property Trust Management Agreement, including reimbursing RCM Manager or its affiliates, as applicable, for the Company’s allocable share of the compensation (whether paid in cash, stock or other forms), including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) RCM Manager’s personnel serving as Rithm Property Trust’s chief financial officer based on the percentage of his or her time spent managing the Rithm Property Trust's affairs and (ii) other corporate finance, tax, accounting, middle office, internal audit, legal, risk management, operations, compliance and other non-investment personnel of RCM Manager and its affiliates who spend all or a portion of their time managing Rithm Property Trust's affairs.

The Company, through Newrez, provides servicing for mortgage loans held directly by Rithm Property Trust and holds servicing rights for mortgage loans in certain securitization trusts sponsored by Rithm Property Trust. For loans held directly by Rithm Property Trust, Newrez is entitled to receive an average servicing fee based on UPB of approximately 0.54% for performing loans and non-performing loans and the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by RCM Manager or 1.00% annually of the purchase price of any REO otherwise purchased by Rithm Property Trust for REO assets. For the servicing of the loans in the securitization trusts sponsored by Rithm Property Trust, Newrez is entitled to receive a servicing fee pursuant to the terms of the servicing agreement with each trust. As of June 30, 2026, the fair value of recognized MSRs associated with the loans in securitizations sponsored by Rithm Property Trust was approximately $24.2 million.

During the first quarter of 2025, the Company entered into a consolidated joint venture with Rithm Property Trust to fund a certain mortgage note receivable in the amount of $35.0 million, with each party contributing $17.5 million.

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RITHM CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(dollars in tables in thousands, except share and per share data)


In connection with the Elecor Acquisition, Rithm Property Trust acquired an indirect 3.9% interest in the Company’s subsidiaries, the Aggregators, which indirectly own a portfolio of the CRE properties acquired in the Elecor Acquisition. Rithm Property Trust made an aggregate cash contribution to the Aggregators in the amount of $50.0 million, with the commitment to make, under certain circumstances, additional cash capital contributions of up $7.5 million, in the aggregate, in exchange for additional limited partnership interest in the Aggregators.

Additionally, in the second quarter of 2026, the Company sold approximately $102.1 million of UPB of certain RTLs to Rithm Property Trust, for an aggregate purchase price of approximately $103.0 million. Following the sale, the Company derecognized the loans from the consolidated balance sheet. The Company, through its subsidiary Genesis, continues to service the transferred loans pursuant to a servicing agreement and is entitled to receive an annual servicing fee of 75 bps on the UPB of each RTL (or related REO property), payable monthly in arrears.

Transactions with Rithm Perpetual Life Residential Trust (R-HOME)

Pursuant to an advisory agreement entered into during the fourth quarter of 2025, the Rithm Advisers provide investment management services to R-HOME, including the management of R-HOME’s business strategy, investment activities and day-to-day operations, subject to the oversight of R-HOME’s board of trustees. In exchange, the Rithm Advisers receive management fees and performance fees. In addition, the Company holds a 4.3% interest in R-HOME through Class E common shares. Additionally, the Company’s Chief Executive Officer currently serves as R-HOME’s Chief Executive Officer, Co-Chief Investment Officer and a member of the board of trustees of R-HOME. The Company’s Chief Executive Officer does not receive any compensation from R-HOME for his role as Chief Executive Officer, Co-Chief Investment Officer or a member of the board of trustees.

R-HOME pays all of its costs and expenses and reimburses the Rithm Advisers (to the extent incurred by the Rithm Advisers) on a monthly basis for the costs and expenses of providing services under its advisory agreement, including reimbursing for R-HOME’s allocable share of the compensation (whether paid in cash, stock or other forms), including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) the Rithm Advisers’ personnel serving as R-HOME’s chief financial officer and chief legal officer based on the percentage of such personnel’s time spent managing R-HOME’s affairs and (ii) other corporate finance, tax, accounting, middle office, internal audit, legal, risk management, operations, compliance and other non-investment personnel who spend all or a portion of their time managing R-HOME's affairs.

Additionally, in the six months ended June 30, 2026, the Company sold $356.4 million of UPB of certain RTLs and residential mortgage loans to R-HOME, for an aggregate purchase price of approximately $361.3 million. Following the sale, the Company derecognized the loans from its consolidated balance sheet. The Company, through its subsidiaries Newrez and Genesis, continues to service the transferred loans pursuant to a servicing agreement. For RTLs held by R-HOME, Genesis is entitled to receive an annual servicing fee of 75 bps on the UPB of each RTL (or related REO property), and such fee is payable monthly in arrears. For residential mortgage loans held by R-HOME, Newrez is entitled to receive a flat monthly servicing fee of $7.00 per loan, plus additional fees if the borrower is delinquent with payment.

Other

The Company holds a derivative liability to an affiliate, which is measured at fair value. Refer to Note 16 for additional details.

27. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from June 30, 2026 through the date of issuance of these consolidated financial statements and determined that there were no subsequent events requiring recognition or additional disclosure in the consolidated financial statements, other than as described in these notes.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) should be read in conjunction with the unaudited consolidated financial statements and notes thereto, and with Part II, Item 1A., “Risk Factors” of this report and Part I, Item 1A. “Risk Factors” of the 2025 Form 10-K.

The MD&A is intended to provide information relevant to an assessment of our financial condition and results of operations, including the quality and variability of our earnings and cash flows; discuss material events, trends and uncertainties known to management that are reasonably likely to affect future results or financial condition; and provide context for the financial statements and other data that management believes to be helpful to an understanding of our business from management’s perspective.

COMPANY OVERVIEW

Rithm Capital is a global alternative asset manager focused on real estate, credit and financial services. We are a Delaware corporation and currently operate as an internally managed REIT.

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.

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.

Our Origination and Servicing segment operates through our wholly owned subsidiaries, Newrez and New Residential Mortgage LLC (“NRM”). Our residential mortgage origination business sources and originates loans through four channels: Direct to Consumer, Retail/Joint Venture, Wholesale and Correspondent.

Our servicing platform complements its origination business and provides performing and special servicing capabilities to its subsidiaries and third-party clients. NRM and Newrez are licensed or otherwise eligible to service residential mortgage loans in all states within the U.S. and the District of Columbia. NRM and Newrez are also approved to service mortgage loans on behalf of investors, including Fannie Mae and Freddie Mac, and in the case of Newrez, Government National Mortgage Association (“Ginnie Mae,” collectively with the GSEs, the “Agencies” and each of Fannie Mae, Freddie Mac and Ginnie Mae, an “Agency”). Newrez is also eligible to perform servicing on behalf of other servicers as a subservicer.

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.

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.

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
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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”).

Our Investment Portfolio segment includes investments in real estate-related assets and operating businesses across the residential mortgage and real estate lifecycle. These investments primarily consist of residential mortgage loans, SFR properties, consumer loans, non-Agency securities, Excess MSRs and servicer advance investments, which are held on the Company’s consolidated balance sheets and generate income primarily through interest income, rental revenue and other investment portfolio revenues.

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.

For additional information regarding our investment guidelines, see Part I, Item 1. Business—“Investment Guidelines” of the 2025 Form 10-K.

In executing our strategy, from time to time, we explore, and will continue to explore, various opportunities to create value for our shareholders, which may include acquisitions and dispositions of assets, financing transactions (including equity or debt offerings by one or more of our subsidiaries), business combinations, a change in our tax status, spin-off transactions or other similar transactions. Among other opportunities, we believe there are additional growth opportunities in the direct lending, insurance, private equity and infrastructure spaces. Each of the potential transactions described above is subject to market conditions, regulatory considerations and other factors. There can be no assurances as to the timing of any such transaction or that a transaction will be completed at all.

BOOK VALUE PER COMMON SHARE

The following table summarizes the calculation of book value per common share:

($ in thousands, except per share amounts)June 30,
2026		March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Total equity$9,051,414 $9,144,157 $8,940,407 $8,612,685 $8,059,209 
Less: Preferred Stock Series A, B, C, D, E and F1,632,915 1,632,915 1,390,790 1,390,790 1,207,254 
Less: Non-controlling interests of consolidated subsidiaries534,552 534,080 509,920 114,168 110,826 
Total equity attributable to common stock$6,883,947 $6,977,162 $7,039,697 $7,107,727 $6,741,129 
Common stock outstanding558,407,031557,902,002555,880,947554,196,670530,292,171
Book Value per Common Share$12.33 $12.51 $12.66 $12.83 $12.71 

Refer to Item 3. “Quantitative and Qualitative Disclosures About Market Risk” for a discussion of interest rate risk and its impact on fair value.

MARKET CONSIDERATIONS

Summary

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.

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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.

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.

Inflation

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.

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.

Treasury Yields

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.

Labor Markets

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.

Housing Market

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.

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.

Commercial Real Estate

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,
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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.

The economic conditions discussed above influence our investment strategy and results.

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:
Three Months Ended
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Real GDP1.5 %2.1 %0.5 %4.4 %3.8 %

The following table summarizes the annualized U.S. unemployment rate according to the U.S. Department of Labor:
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
Unemployment rate4.2 %4.3 %4.4 %4.4 %4.1 %

The following table summarizes the annualized 10-year U.S. Treasury rate according to the Federal Reserve and the 30-year fixed mortgage rate according to Freddie Mac:
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
10-year U.S. Treasury rate4.4 %4.3 %4.2 %4.2 %4.2 %
30-year fixed mortgage rate6.3 %6.1 %6.2 %6.3 %6.8 %

We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2026; however, uncertainty related to market volatility, the path of the federal funds rate, various regional conflicts and global trade and fiscal policies makes any estimates and assumptions as of June 30, 2026, inherently less certain than they would be absent the current environment. Actual results may materially differ from those estimates. Market volatility, inflationary pressures and government policies (monetary, fiscal, trade and immigration) and their impact on the current financial, economic and capital markets environment and future developments in these and other areas present uncertainty and risk with respect to our financial condition, results of operations, liquidity and ability to pay distributions.

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OUR PORTFOLIO

Our portfolio, as of June 30, 2026 and December 31, 2025, is separated into the Origination and Servicing, Residential Transitional Lending, Asset Management, Investment Portfolio and Commercial Real Estate segments, as described in more detail below (dollars in thousands).
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
June 30, 2026
Investments(A)
$17,835,593 $3,833,824 $1,119,524 $4,201,808 $5,105,831 $— $32,096,580 
Cash and cash equivalents(A)
1,055,134 59,084 237,477 19,395 170,931 122,477 1,664,498 
Restricted cash(A)
174,481 69,755 10,194 34,186 263,412 238,182 790,210 
Other assets(A)
7,795,668 163,300 1,540,186 2,474,347 343,013 11,754 12,328,268 
Goodwill29,468 55,731 231,444 — — — 316,643 
Assets of consolidated entities(A)
— 878,836 1,232,433 4,801,400 — — 6,912,669 
Total Assets$26,890,344 $5,060,530 $4,371,258 $11,531,136 $5,883,187 $372,413 $54,108,868 
Debt(A)
$15,341,262 $3,219,710 $440,685 $5,191,877 $3,996,761 $1,753,290 $29,943,585 
Other liabilities(A)
6,046,761 57,676 1,401,149 470,385 276,731 489,724 8,742,426 
Liabilities of consolidated entities(A)
— 765,735 980,804 4,227,598 — — 5,974,137 
Total Liabilities21,388,023 4,043,121 2,822,638 9,889,860 4,273,492 2,243,014 44,660,148 
Redeemable Non-controlling Interests of Consolidated Subsidiaries— — 154,413 — — 242,893 397,306 
Total Stockholders’ Equity5,502,321 1,017,409 1,394,207 1,641,276 1,609,695 (2,113,494)9,051,414 
Non-controlling interests in equity of consolidated subsidiaries9,780 — 74,834 59,020 390,918 — 534,552 
Stockholders’ Equity in Rithm Capital Corp.$5,492,541 $1,017,409 $1,319,373 $1,582,256 $1,218,777 $(2,113,494)$8,516,862 
Investments in Equity Method Investees$27,609 $29,135 $246,759 $326,288 $183,082 $— $812,873 
December 31, 2025
Investments(A)
$18,308,310 $2,706,044 $906,454 $4,912,402 $5,156,248 $— $31,989,458 
Debt(A)
$16,843,333 $2,219,808 $425,445 $5,689,351 $3,952,452 $1,258,271 $30,388,660 
(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.

Origination and Servicing

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.

Revenue in the Origination and Servicing segment is generated primarily from residential mortgage loan originations and servicing. Origination revenues include gains on the sale of residential mortgage loans and the value of MSRs retained upon loan transfer. Servicing revenues consist primarily of contractual servicing fees and ancillary servicing income. Profitability varies by origination channel, with Direct to Consumer originations generally generating higher margins and Correspondent originations generally generating lower margins.

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.

We operate a multi-channel residential mortgage origination platform that offers both purchase and refinance loan products. Our origination activities are conducted through several channels, including: (i) a Retail channel, which originates loans through loan officers and joint venture relationships; (ii) a Direct to Consumer channel, which offers purchase, refinance and closed-end second lien loans to eligible new and existing servicing customers; and (iii) Wholesale and Correspondent channels, through which we purchase loans originated by mortgage brokers, community banks, credit unions and other third-party originators that meet our underwriting and eligibility standards.
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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.

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:
UPB
Three Months EndedSix Months Ended June 30,
(in millions)June 30, 2026% of TotalMarch 31, 2026% of Total2026% of Total2025% of TotalQoQ ChangeYoY Change
Production by Channel:
Direct to Consumer$2,39815%$2,47316%$4,87116%$2,77210%$(75)$2,099 
Retail/Joint Venture8215%7125%1,5335%1,3785%109 155 
Wholesale3,14320%2,56217%5,70518%4,11915%581 1,586 
Correspondent9,54060%9,72662%19,26661%19,85870%(186)(592)
Total Production by Channel$15,902100%$15,473100%$31,375100%$28,127100%$429 $3,248 
Production by Product:
Agency$7,79649%$8,23254%$16,02851%$12,44344%$(436)$3,585 
Government6,31340%5,79637%12,10939%13,77349%517 (1,664)
Non-QM1,2828%1,0767%2,3587%1,0264%206 1,332 
Non-Agency4813%3502%8313%8193%131 12 
Other30—%19—%49—%66—%11 (17)
Total Production by Product$15,902100%$15,473100%$31,375100%$28,127100%$429 $3,248 
% Purchase63 %51 %57 %73 %
% Refinance37 %49 %43 %27 %

We generally service the residential mortgage loans that we originate, which provides ongoing borrower engagement throughout the life of the loan. Our servicing operations are organized into performing and special servicing divisions. The performing servicing division services performing Agency and government-insured loans, while the special servicing division services delinquent Agency, government-insured and non-Agency loans on behalf of loan owners. The special servicing division also provides servicing for third-party portfolios owned by unaffiliated investors.
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The table below provides the mix of Newrez’s serviced assets portfolio between subserviced performing servicing (labeled as “Performing Servicing”) and subserviced non-performing or special servicing (labeled as “Special Servicing”). Third-party servicing includes loan portfolios serviced on behalf of Rithm Capital or its subsidiaries and non-affiliated third parties for the periods presented.
UPB as of
(in millions)June 30,
2026		March 31,
2026		June 30,
2025		QoQ ChangeYoY Change
Performing Servicing:
MSR-owned assets$548,963 $526,731 $523,174 $22,232 $25,789 
Residential whole loans2,233 2,993 2,909 (760)(676)
Total Performing Servicing551,196 529,724 526,083 21,472 25,113 
Special Servicing:
MSR-owned assets19,046 15,805 12,683 3,241 6,363 
Residential whole loans12,436 11,158 7,834 1,278 4,602 
Third-party253,732 242,591 260,722 11,141 (6,990)
Total Special Servicing285,214 269,554 281,239 15,660 3,975 
Total Newrez Servicing836,410 799,278 807,322 37,132 29,088 
Serviced by Third-Parties:
MSR-owned assets28,810 51,093 56,866 (22,283)(28,056)
Total Servicing Portfolio$865,220 $850,371 $864,188 $14,849 $1,032 
Agency Servicing:
MSR-owned assets$375,046 $374,605 $380,863 $441 $(5,817)
Residential whole loans— — 71 — (71)
Third-party29,904 29,638 72,292 266 (42,388)
Total Agency Servicing404,950 404,243 453,226 707 (48,276)
Government-Insured Servicing:
MSR-owned assets154,065 152,626 143,313 1,439 10,752 
Third-party2,754 2,799 3,042 (45)(288)
Total Government-Insured Servicing156,819 155,425 146,355 1,394 10,464 
Non-Agency (Private Label) Servicing:
MSR-owned assets67,708 66,398 68,547 1,310 (839)
Residential whole loans14,669 14,151 10,672 518 3,997 
Third-party221,074 210,154 185,388 10,920 35,686 
Total Non-Agency (Private Label) Servicing303,451 290,703 264,607 12,748 38,844 
Total Servicing Portfolio$865,220 $850,371 $864,188 $14,849 $1,032 

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.

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.

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.
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Our servicing operations also include subservicing activities performed for third-party clients. These services include performing loan servicing, special servicing and recovery services for deeply delinquent loans. Special servicing generally involves higher-touch borrower engagement, more frequent borrower outreach and higher staffing requirements than performing loan servicing, and accordingly results in higher subservicing fees. Subservicing revenues generally consist of tiered servicing fees based on loan delinquency status and performance metrics, as well as ancillary servicing income.

An MSR represents the right to service a pool of residential mortgage loans in exchange for a portion of the interest payments made by borrowers on the underlying loans, together with ancillary servicing income and custodial interest. This servicing right is recognized as an asset on the Company’s consolidated balance sheets. An MSR generally consists of two components: a base servicing fee, which compensates the servicer for performing contractual servicing obligations (including servicing advance obligations), and an Excess MSR, which represents the portion of the servicing fee in excess of the base fee.

We finance our investments in MSRs and MSR financing receivables primarily through short- and medium-term bank facilities and capital markets financings. These borrowings are either recourse or non-recourse obligations and bear interest at either fixed or variable rates based on a specified margin over the Secured Overnight Financing Rate (“SOFR”). Capital markets financings are typically subject to collateral coverage requirements, which are calculated as the ratio of the outstanding note balance to the market value of the underlying collateral. The market value of the collateral is generally updated periodically, and if the collateral coverage ratio exceeds a specified threshold—generally 90%— we may be required to contribute additional collateral, repay a portion of the outstanding debt or post cash to restore compliance. The difference between the applicable collateral coverage ratio and the related trigger level is commonly referred to as a “margin holiday.”

Under applicable servicing agreements, servicers are generally required to advance funds on behalf of borrowers for certain scheduled payments unless the servicer determines in good faith that such advances would not be ultimately recoverable from the proceeds of the related mortgage loan or the underlying property. Servicing advances generally fall into the following categories:
 
•Principal and interest advances, which represent payments advanced by the servicer to cover scheduled principal and interest payments not paid timely by the borrower;

•Escrow advances, which represent payments advanced by the servicer to third parties for real estate taxes and insurance premiums that have not been paid by the borrower; and

•Foreclosure advances, which represent payments made by the servicer for costs incurred in connection with foreclosure proceedings, property preservation and the disposition of mortgaged properties, including legal and professional fees.

Servicer advances are intended to provide liquidity to the underlying securitization structures rather than credit enhancement. These advances are generally senior in the cash flow waterfall and are typically reimbursed from collections on the related mortgage loan pool, borrower payments or proceeds from the liquidation of the underlying property, referred to as loan-level recoveries. The Company’s right to reimbursement for such advances is reflected as an asset on our consolidated balance sheets within servicer advances receivable.

Prepayments made by borrowers on residential mortgage loans underlying securitizations may generally be used to fund principal and interest advance obligations. Servicing agreements with Fannie Mae, Ginnie Mae and certain private-label securitizations (“PLS”) typically provide for payment waterfalls that permit servicers to apply collections received from prepayments to satisfy advance requirements. This ability reflects timing differences between the servicer’s obligation to remit scheduled payments and the timing of remittance of borrower prepayments. As a result, servicers may effectively use prepayment proceeds to fund advance obligations. In certain circumstances, if advances are determined to be non-recoverable or are not recovered upon loan payoff or property liquidation, the servicer may be entitled to reimburse itself from custodial accounts holding collections on serviced loans, commonly referred to as a “general collections backstop.”

We fund servicing advances primarily through a combination of cash on hand, borrower prepayments and secured financing arrangements. Servicer advances are financed primarily through short- and medium-term, non-recourse committed facilities that are generally not subject to margin calls and bear interest at either fixed or variable rates based on a margin over SOFR. These facilities generally have maturities of less than one year.

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The table below summarizes our MSRs and MSR financing receivables as of June 30, 2026:
(dollars in billions)Current UPBWeighted Average MSR (bps)Carrying Value
GSE(A)
$375.0 29 $6.5 
Non-Agency(A)
67.7 41 1.0 
Ginnie Mae154.1 48 3.6 
Total / Weighted Average$596.8 36 $11.1 
(A)Includes GSE and non-Agency MSRs of $20.5 billion and $8.3 billion underlying UPB, respectively, serviced by third-party subservicers.

The following tables summarize the collateral characteristics of the residential mortgage loans underlying our MSRs and MSR financing receivables as of June 30, 2026 (dollars in thousands):
Collateral Characteristics
Current Carrying AmountCurrent Principal BalanceNumber of Loans
WA FICO Score(B)
WA CouponWA Maturity (Months)Average Loan Age (Months)
Adjustable Rate Mortgage %(C)
Three Month Average CPR(D)
Three Month Average CRR(E)
Three Month Average CDR(F)
Three Month Average Recapture Rate
GSE(A)
$6,483,683 $375,046,071 1,895,719 753 4.4 %267 69 0.9 %7.2 %7.2 %— %15.2 %
Non-Agency(A)
981,266 67,707,849 563,277 679 4.6 %270 208 7.3 %9.0 %7.8 %1.4 %3.6 %
Ginnie Mae3,626,534 154,064,973 605,515 683 4.5 %311 47 0.3 %7.6 %7.2 %0.4 %36.7 %
Total$11,091,483 $596,818,893 3,064,511 727 4.5 %279 79 1.5 %7.5 %7.2 %0.3 %19.4 %

Collateral Characteristics
DelinquencyLoans in ForeclosureREOLoans in Bankruptcy
90+ Days(G)
GSE(A)
0.3 %0.2 %— %0.2 %
Non-Agency(A)
2.3 %4.6 %0.6 %2.4 %
Ginnie Mae2.5 %1.5 %0.1 %0.8 %
Weighted Average1.1 %1.0 %0.1 %0.6 %
(A)Includes GSE and non-Agency MSRs of $20.5 billion and $8.3 billion underlying UPB, respectively, serviced by third-party subservicers.
(B)Based on the weighted average (“WA”) of information provided by the loan servicer on a monthly basis. The loan servicer generally updates the Fair Isaac Corporation (“FICO”) score when loans are refinanced or become delinquent.
(C)Represents the percentage of the total principal balance of the pool that corresponds to adjustable rate mortgages.
(D)The conditional prepayment rate (“CPR”) represents the annualized rate of the prepayments during the quarter as a percentage of the total principal balance of the pool.
(E)The conditional repayment rate (“CRR”) represents the annualized rate of the voluntary prepayments during the quarter as a percentage of the total principal balance of the pool.
(F)The conditional default rate (“CDR”) represents the annualized rate of the involuntary prepayments (defaults) during the quarter as a percentage of the total principal balance of the pool.
(G)Represents the percentage of the total principal balance of the pool that corresponds to loans that are delinquent by 90 or more days.

See Note 5 to our consolidated financial statements for additional information regarding our MSRs, MSR financing receivables and servicer advances receivable, and Note 17 for additional information regarding the related financing arrangements.

Hedging Activities

Government and Government-Backed Securities
 
Our Origination and Servicing segment also includes investments in Agency RMBS and U.S. Treasury securities, which are primarily held to hedge interest rate exposure associated with our MSR portfolio and to support REIT asset and income requirements. These investments are financed primarily through short-term repurchase agreements.

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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):
Gross Unrealized
Asset TypeOutstanding Face AmountAmortized Cost BasisGainsLosses
Carrying
Value(A)
CountWeighted Average Life (Years)
3-Month CPR(B)
Outstanding Repurchase Agreements
Agency RMBS$4,950,720 $4,839,269 $61,650 $(12,982)$4,887,937 23 7.39.9 %$4,893,090 
Treasury securities25,000 24,932 — — 24,932 1 0.1 N/A — 
Total / Weighted Average$4,975,720 $4,864,201 $61,650 $(12,982)$4,912,869 24 7.3$4,893,090 
(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.
(B)Represents the annualized rate of the prepayments during the quarter as a percentage of the total amortized cost basis.

The following table summarizes the net interest spread of our government and government-backed securities portfolio as of June 30, 2026:
Net Interest Spread(A)
Weighted average asset yield5.0 %
Weighted average funding cost3.9 %
Net Interest Spread1.1 %
(A)The government and government-backed securities portfolio consists of 100% fixed-rate securities.

To-Be-Announced Forward Contract Positions (“TBAs”)

In addition to holding government and government-backed securities, we use other hedging instruments, primarily TBAs, to economically hedge interest rate exposure associated with our MSR portfolio. The following table summarizes the notional and carrying value amounts of our TBAs:
June 30, 2026December 31, 2025
Notional$18,061,114 $21,568,758 
Carrying Value:
TBAs - asset13,063 6,070 
TBAs - liability31,898 47,001 

Ancillary Mortgage Services

In addition to origination and servicing activities, this segment includes operations conducted through subsidiaries that provide mortgage- and real estate-related services, including Guardian (property preservation and field services), eStreet (appraisal services) and Avenue 365 (title and settlement services).

Residential Transitional Lending

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.

The originated loans are used by real estate investors and developers to finance transitional projects, including:

•Construction — ground-up construction, including mid-construction refinancings and acquisitions of ground-up construction projects;

•Renovation — acquisition or refinance of properties requiring renovation, excluding ground-up construction; and

•Bridge — financing for purchases, refinances of completed projects or rental properties.

We currently fund construction, renovation and bridge originations primarily through a warehouse credit facility and revolving securitization structures.

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
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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.

Credit support. Loans are typically supported by a corporate and/or personal guarantee, which may be further secured by a pledge of the guarantor’s interests in the borrower and/or other real estate or assets owned by the guarantor.

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.

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.

Borrowers and use of proceeds. Borrowers are typically residential real estate investors and developers. Proceeds are generally used to fund construction, renovation, development, acquisition, refinancing and, to a lesser extent, mixed-use projects. Loans are typically structured with partial funding at closing and additional advances disbursed upon completion of agreed construction milestones.

A significant source of new originations has historically been repeat business and referrals. To the extent we originate loans for existing borrowers, these “retention” originations may have lower acquisition costs than originations to new borrowers, which can positively affect profitability.

The following table summarizes certain information related to our portfolio of loans included in the Residential Transitional Lending segment (dollars in thousands):
Three Months EndedSix Months Ended June 30,
June 30, 2026March 31, 202620262025
Loans originated(A)
$1,885,460 $1,607,882 $3,493,342 $2,140,592 
Loans repaid$495,325 $652,248 $1,147,573 $763,515 
Number of loans originated516 487 1,003 777 
As of
June 30, 2026December 31, 2025
Carrying value(B)
$5,071,127 $3,914,674 
UPB(B)
$5,058,908 $3,886,696 
Total commitment$7,391,214 $5,791,861 
Average total commitment(C)
$3,915 $3,571 
Weighted average contractual interest(D)
8.8 %8.9 %
(A)Based on total commitment at origination.
(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.
(C)Represents the calculated amount of total commitment divided by the total number of loans in the Residential Transitional Lending segment.
(D)Excludes loan fees and weighted by current UPB.

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The following table summarizes the loan purpose of our portfolio of loans included in the Residential Transitional Lending segment (dollars in thousands):
June 30, 2026
Number of
Loans		% of LoansTotal Commitment% of Total Commitment
Weighted Average Committed Loan Balance to Value(A)
Construction61032.3 %$3,890,925 52.7 %
73.2% / 62.1%
Bridge60532.0 %2,611,214 35.3 %
68.0%
Renovation67335.7 %889,075 12.0 %
82.0% / 67.2%
Total1,888100.0 %$7,391,214 100.0 %N/A
(A)Weighted by commitment LTV for bridge loans and LTC and LTARV for construction and renovation loans.

See Note 10 to our consolidated financial statements for additional information, including a summary of activity related to residential transition loans from December 31, 2025 to June 30, 2026.

Asset Management

The Asset Management segment provides investment management and advisory services across a range of alternative investment strategies, including private credit, opportunistic credit, fund liquidity solutions, real estate and insurance-related strategies. These activities are conducted primarily through RAM. RAM operates its asset management activities through its wholly owned subsidiaries, including Sculptor, Crestline and the Rithm Advisers, which serve as investment advisers to a range of investment vehicles and managed accounts, including Rithm Property Trust and R-HOME, and generate primarily fee-based revenues.

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.

Revenues

Revenues in the Asset Management segment consist primarily of management fees and incentive fees.

Management fees are generally calculated as a percentage of AUM or invested capital, depending on the structure and governing documents of the applicable investment vehicle, and are typically earned and recognized on a quarterly basis, either in advance or in arrears. Management fees, where applicable, are generally prorated for capital inflows and redemptions during the relevant period.

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.

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.

Expenses

Expenses in the Asset Management segment consist primarily of compensation and benefits for investment professionals and support personnel, general, administrative and operating expenses, technology and infrastructure costs, professional fees and acquisition-related and integration expenses, where applicable.

Compensation expense may fluctuate based on headcount, compensation structure, performance-based incentives and revenue levels. Period-to-period changes in expenses may also reflect changes in AUM, investments in systems, risk management and compliance infrastructure and costs associated with launching new investment products or integrating acquired businesses.

Operating Results

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.
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Operating expenses during the period primarily reflected compensation and benefits, amortization of intangible assets, and office and professional expenses.

Assets Under Management

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.

Growth in AUM and positive investment performance generally support growth in Asset Management revenues and earnings, while adverse investment performance or sustained investor redemptions may reduce AUM and negatively affect revenues and profitability.

Key Operating Metrics

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.

Investment Portfolio

Our Investment Portfolio segment primarily consists of balance sheet investments in residential mortgage loans, SFR properties, consumer loans, non-Agency securities, Excess MSRs and servicer advance investments.

Excess MSRs

Investments in Excess MSRs represent the portion of the mortgage servicing compensation that exceeds the base servicing fee. Our Excess MSR assets include our ownership interests in Excess MSRs and related recapture agreements that were acquired from, and are serviced by, Rocket Companies, Inc., as successor by merger to Mr. Cooper Group Inc.

The following tables summarize the terms of our Excess MSRs:
MSR Component(A)
Excess MSR Carrying Value
(millions)
Direct Excess MSRs
Current UPB (billions)(B)
Weighted Average MSR (bps)Weighted Average Excess MSR (bps)Interest in Excess MSR (%)June 30,
2026		December 31, 2025
Total / Weighted Average$45.5 3220
65.0% – 80.0%
$308.4 $323.6 
(A)The MSR is a weighted average as of June 30, 2026 and the Excess MSR represents the difference between the weighted average MSR and the base fee (which fee remains constant).
(B)Represents Excess MSRs serviced by Rocket. We also invested in related servicer advance investments, including the base fee component of the related MSR on $11.2 billion UPB underlying these Excess MSRs.

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The following tables summarize the collateral characteristics of the loans underlying our direct Excess MSRs and the Excess MSRs held in a joint venture with Sculptor non-consolidated funds as of June 30, 2026 (dollars in thousands):
Collateral Characteristics
Current Carrying AmountCurrent Principal BalanceNumber of Loans
WA FICO Score(A)
WA CouponWA Maturity (Months)Average Loan Age (Months)
Three Month Average CPR(B)
Three Month Average CRR(C)
Three Month Average CDR(D)
Three Month Average Recapture Rate
Total / Weighted Average$308,393 $45,486,823 381,5997204.6 %2171747.3 %7.0 %0.3 %19.2 %
Collateral Characteristics
DelinquencyLoans in ForeclosureREOLoans in Bankruptcy
90+ Days(E)
Weighted Average(F)
0.8 %1.5 %0.2 %0.6 %
(A)Based on the weighted average of information provided by the loan servicer on a monthly basis. The loan servicer generally updates the FICO score when loans are refinanced or become delinquent.
(B)Represents the annualized rate of the prepayments during the quarter as a percentage of the total principal balance of the pool.
(C)Represents the annualized rate of the voluntary prepayments during the quarter as a percentage of the total principal balance of the pool.
(D)Represents the annualized rate of the involuntary prepayments (defaults) during the quarter as a percentage of the total principal balance of the pool.
(E)Represents the percentage of the total principal balance of the pool that corresponds to loans that are delinquent by 90 or more days.
(F)Weighted averages exclude collateral information for which collateral data was not available as of the report date.

Servicer Advance Investments

Our servicer advance investments relate to specified pools of residential mortgage loans for which we have contractually assumed the obligation to fund servicing advances. These investments include (i) the outstanding servicer advances associated with the specified pools, (ii) commitments to purchase future servicer advances and (iii) the right to receive the base servicing fee component of the related MSRs.

The following is a summary of our servicer advance investments, including the right to the base fee component of the related MSRs (dollars in thousands):
June 30, 2026December 31, 2025
Amortized Cost Basis
Carrying Value(A)
UPB of Underlying Residential Mortgage LoansOutstanding Servicer AdvancesServicer Advances to UPB of Underlying Residential Mortgage Loans
Carrying Value(A)
Servicer advance investments$270,494 $284,400 $11,236,200 $249,475 2.2 %$294,322 
(A)Represents the fair value of the servicer advance investments, including the base fee component of the related MSRs.

The following summarizes additional information regarding our servicer advance investments and related financing, as of and for the six months ended June 30, 2026 (dollars in thousands):
Weighted Average Discount Rate
Weighted Average Life (Years)(C)
Face Amount of Secured Notes and Bonds Payable
LTV(A)
Cost of Funds(B)
Gross
Net(D)
GrossNet
Servicer advance investments(E)
6.5 %7.4$205,866 80.8 %79.1 %5.5 %5.0 %
(A)Based on outstanding servicer advances, excluding purchased but unsettled servicer advances.
(B)Represents the annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees.
(C)Represents the weighted average expected timing of the receipt of expected net cash flows for this investment.
(D)Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve.
(E)The following table summarizes the types of advances included in servicer advance investments (dollars in thousands):
June 30, 2026
Principal and interest advances$42,501 
Escrow advances (taxes and insurance advances)112,011 
Foreclosure advances94,963 
Total$249,475 

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Non-Agency Securities
 
Within our non-Agency securities portfolio, we retain and hold certain risk retention bonds from securitizations that we do not consolidate, in compliance with applicable risk retention requirements under the Dodd-Frank Act and the rules promulgated thereunder. We also hold bonds issued in connection with our consolidated PLS, which are eliminated in consolidation. The related equity value is reflected within assets of consolidated entities and liabilities of consolidated entities on our consolidated balance sheets and is excluded from the tables below. As of June 30, 2026, approximately 80.2% of our non-Agency securities portfolio consisted of bonds retained to satisfy risk retention requirements.

The following table summarizes our non-Agency securities portfolio (dollars in thousands):
As of and for the Six Months Ended June 30, 2026
December 31, 2025
Asset Type
Outstanding Face Amount(A)
Amortized Cost BasisGross Unrealized
Carrying Value(B)
Outstanding Repurchase Agreements(C)
Carrying Value(B)
GainsLosses
Non-Agency securities$8,272,017 $759,996 $99,368 $(47,670)$811,694 $1,031,364 $759,633 
(A)The total outstanding face amount includes residual, interest only and servicing strips for which no principal payment is expected.
(B)Carrying value which is equal to the fair value for all securities.
(C)Includes repurchase agreements on non-Agency securities retained through consolidated securitizations.

The following table summarizes the characteristics of our non-Agency securities portfolio and of the collateral underlying our non-Agency securities as of June 30, 2026 (dollars in thousands):
Collateral Characteristics(A)
Outstanding Face AmountAmortized Cost BasisCarrying ValueNumber of SecuritiesWeighted Average Life (Years)
Weighted Average Coupon(B)
Average Loan Age (Years)
Collateral Factor(C)
Three Month CPR(D)
Delinquency(D)
Cumulative Losses to Date
Total / weighted average
$8,272,017 $759,996 $811,694 6594.14.9 %13.20.510.9 %2.8 %0.7 %
(A)Excludes $161.8 million carrying value of non-Agency securities that are backed by assets other than residential mortgages.
(B)Excludes interest only, residual and other bonds with a carrying value of $169.7 million for which no coupon payment is expected.
(C)Represents the ratio of original UPB of loans still outstanding.
(D)Three-month average constant prepayment rate and default rates.

The following table summarizes the net interest spread of our non-Agency securities portfolio as of June 30, 2026:
Net Interest Spread(A)
Weighted average asset yield5.9 %
Weighted average funding cost5.1 %
Net Interest Spread0.8 %
(A)The non-Agency securities portfolio consists of 30.3% floating rate securities and 69.7% fixed-rate securities (accounted for on an amortized cost basis).

We finance a significant portion of our non-Agency securities investments through short-term borrowings under master uncommitted repurchase agreements. These borrowings generally bear interest at rates offered by counterparties for the applicable repurchase term (for example, 30 or 60 days), typically calculated as a specified margin over SOFR. As of June 30, 2026 and December 31, 2025, we had pledged non-Agency securities, including securities retained through consolidated securitizations, with an aggregate carrying value of approximately $1.4 billion and $1.3 billion, respectively, as collateral for repurchase agreement borrowings.

A portion of the collateral securing these borrowings is subject to daily mark-to-market valuation and related margin calls. The remaining collateral generally is not subject to daily margin calls unless the collateral coverage percentage—calculated as the current carrying value of outstanding debt divided by the market value of the underlying collateral—reaches or exceeds a specified collateral trigger. The difference between the collateral coverage percentage and the collateral trigger is commonly referred to as a “margin holiday.” See Note 17 to our consolidated financial statements for additional information regarding our non-Agency securities financing arrangements, including a summary of related activity from December 31, 2025 to June 30, 2026.

Residential Mortgage Loans

We accumulate our residential mortgage loan portfolio through loan originations, open-market and bulk acquisitions, and the exercise of call rights. Substantially all of these loans are serviced by Newrez.
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We account for residential mortgage loans based on our strategy for each loan and whether the loan was performing or non-performing at acquisition. Acquired performing loans are loans for which, at the time of acquisition, we believe the borrower is likely to continue making payments in accordance with the contractual terms. Purchased non-performing loans are loans for which, at the time of acquisition, we believe the borrower is not likely to make payments in accordance with the contractual terms (i.e., credit-impaired).

Residential mortgage loans are reported in the following categories:

•Loans held-for-investment (“HFI”), at fair value;
•Loans held-for-sale (“HFS”), at lower of cost or fair value;
•Loans HFS, at fair value; and
•Investments of consolidated CFEs, which represent mortgage loans held by certain PLS trusts that we consolidate because we are determined to be the primary beneficiary. Under the CFE election, these assets are measured based on the fair value of the more observable liabilities of the consolidated CFEs. The assets of the consolidated CFEs may be used only to settle the obligations of the respective CFEs, and creditors of the CFEs do not have recourse to Rithm Capital Corp.

As of June 30, 2026, we held approximately $4.3 billion of outstanding face amount of residential mortgage loans classified as residential mortgage loans on our consolidated balance sheets (see below). These investments were financed in part through secured financing agreements with an aggregate face amount of approximately $3.8 billion. Our acquisitions during the period included open-market purchases, originations through Newrez, bulk acquisitions and loans acquired through the exercise of call rights.

The following table presents the total residential mortgage loans outstanding by loan type (dollars in thousands):
June 30, 2026December 31, 2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$4,540,407 $4,460,920 10,456 6.2 %27.2$3,265,142 
Residential mortgage loans, HFI, at fair value$325,577 $294,416 6,269 8.0 %3.4$324,688 
Residential Mortgage Loans, HFS:
Acquired performing loans45,622 40,970 1,436 6.7 %3.245,861 
Acquired non-performing loans(C)
13,483 11,278 150 9.2 %2.910,930 
Residential mortgage loans, HFS59,105 52,248 1,586 7.3 %3.156,791 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(D)
1,132,283 1,140,263 2,854 6.3 %9.71,612,154 
Acquired non-performing loans(C)(E)
390,046 358,440 1,616 5.5 %28.5299,413 
Originated loans2,392,735 2,448,125 7,973 6.6 %29.13,515,914 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 12,443 6.4 %23.45,427,481 
Total Residential Mortgage Loans$4,299,746 $4,293,492 20,298$5,808,960 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)Includes $210.7 million UPB of Ginnie Mae EBO options.
(E)Includes $375.6 million UPB of Ginnie Mae EBO options on accrual status as recovery of contractual cash flows are guaranteed by the FHA as of June 30, 2026.

We evaluate the credit quality of our residential mortgage loan portfolio using indicators that include delinquency status, LTV ratios and geographic concentration.

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We finance a significant portion of our residential mortgage loan investments through repurchase agreements. These recourse borrowings generally bear variable interest rates for the term of the applicable repurchase transaction (typically less than one year) at a specified margin over SOFR. As of June 30, 2026 and December 31, 2025, we had pledged residential mortgage loans with a carrying value of approximately $4.2 billion and $5.8 billion, respectively, as collateral for borrowings under repurchase agreements. Certain of these financings are subject to daily mark-to-market adjustments and related margin calls. Other financings are not subject to daily margin calls unless the collateral coverage percentage—calculated as the current carrying value of outstanding debt divided by the market value of the underlying collateral—reaches or exceeds a specified trigger. The difference between the collateral coverage percentage and the applicable trigger is referred to as a “margin holiday.” See Note 17 to our consolidated financial statements for additional information regarding the financing of our residential mortgage loans, including a summary of related activity from December 31, 2025 to June 30, 2026.

See Note 7 to our consolidated financial statements for additional information regarding our residential mortgage loans, including a summary of related activity from December 31, 2025 to June 30, 2026.

Consumer Loans

The tables below summarize the carrying value of our consumer loans and present selected collateral characteristics for our consumer loan portfolio. This portfolio includes (i) consumer loans acquired from Upgrade, Inc. (“Upgrade” and such loans, the “Upgrade loans”), (ii) consumer loans acquired from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) and (iii) consumer loans acquired from SpringCastle (the “SpringCastle loans” or “SpringCastle”).
June 30, 2026December 31, 2025
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)Carrying Value
Investments of consolidated CFEs$302,422 $304,569 13.1 %10.8$— 
Upgrade$479,625 $462,640 15.4 %10.4$450,119 
SpringCastle146,489 147,302 18.0 %3.5167,807 
Marcus204,137 97,169 11.2 %0.5166,473 
Total Consumer Loans, at Fair Value$830,251 $707,111 14.8 %6.8$784,399 

June 30, 2026
Number of LoansAdjustable Rate Loan % Average Loan Age (Months)
Delinquency 90+ Days(A)
12-Month CRR(B)
12-Month CDR(C)
SpringCastle26,08514.8 %2612.0 %13.1 %5.6 %
Marcus97,235— %4958.3 %23.3 %5.6 %
Upgrade51,513— %70.2 %28.1 %2.2 %
Total / Weighted Average174,8332.6 %6214.8 %24.3 %3.6 %
(A)     Represents the percentage of the total principal balance of the pool that corresponds to loans that are delinquent by 90 or more days.
(B)    Represents the annualized rate of the voluntary prepayments during the three months as a percentage of the total principal balance of the pool.
(C)     Represents the annualized rate of the involuntary prepayments (defaults) during the three months as a percentage of the total principal balance of the pool.

We finance our consumer loan investments through a combination of securitization and secured borrowing arrangements. The SpringCastle loans are financed with securitized, non-recourse long-term notes with a stated maturity date of September 2037. The Marcus loans are financed with long-term notes with a stated maturity date of June 2028. The Upgrade loans are financed primarily through a secured revolving credit facility that matures in October 2026. See Note 17 to our consolidated financial statements for further information regarding the financing of our consumer loans, including a summary of activity from December 31, 2025 to June 30, 2026.

See Note 8 to our consolidated financial statements for additional information, including a summary of activity related to consumer loans from December 31, 2025 to June 30, 2026.

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Single-Family Rental Properties

As of June 30, 2026, our SFR portfolio consisted of approximately 3,958 properties with an aggregate carrying value of approximately $1.0 billion. The SFR portfolio generates rental income under lease agreements that typically have initial terms of one to two years. Operating results are influenced by rental rates, occupancy levels, tenant turnover and local market conditions. We incur ongoing operating expenses associated with the portfolio, including property taxes, insurance, maintenance and property management costs. Our SFR property acquisitions were financed through a combination of credit facilities, term loans and securitization structures. See Note 17 to our consolidated financial statements for additional information regarding the financing of our SFR properties.

Our Investment Portfolio segment also includes results from certain wholly owned subsidiaries and minority investments that provide services across the mortgage and real estate sectors. This includes our strategic partnership with Darwin through Adoor Property Management LLC (“APM”), which provides property management services. All of our SFR properties are currently managed by APM.

Commercial Real Estate

Following the Elecor Acquisition in December 2025, we own and operate a portfolio of Class A office properties in New York City and San Francisco, which are managed as part of our broader real estate platform, totaling approximately 12.2 million square feet.

The key metrics related to Elecor CRE properties are included in the tables below.

Quarterly Leasing Information:
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2026
Lease count16925
Sq ft leased (total)234,347103,143337,490
Rithm Capital’s share (sq ft)131,57167,432199,003
Weighted average initial rent ($ per sq ft)$92.90 $96.11 $93.88 
Weighted average lease term (years)8.99.29.0

Same Store Leased Occupancy:

June 30,
2026		December 31,
2025
New York City91.6 %92.8 %
San Francisco64.9 %62.2 %
Total86.5 %86.9 %

Same store leased occupancy (core properties owned by Elecor in a similar manner during both reporting periods) across the Elecor portfolio was 86.5% as of June 30, 2026, compared to 86.9% as of December 31, 2025, a decrease of 40 basis points. This decrease was driven primarily by lease expirations in the three months, partially offset by new leases executed across the portfolio. Year-to-date leasing activity has been executed at rents 14.7% above the full-year 2025 average, reflecting improving tenant demand for premier Class A office space across the Elecor portfolio.

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Lease Expiration Schedule:
Year of Expiration
Expiring Sq Ft(A)
% of Total Sq Ft
Annualized Base Rent (in millions)(A)
% of Total Portfolio Annualized Base Rent
July 1 through December 31, 2026336,8364.9 %$31,517 5.3 %
2027171,2372.5 %16,966 2.8 %
2028178,1992.6 %14,747 2.5 %
2029511,0077.5 %42,964 7.2 %
2030497,1437.3 %49,410 8.3 %
2031 and thereafter5,148,10475.2 %443,193 73.9 %
Total6,842,526100.0 %$598,797 100.0 %
(A)     Amounts are presented at Rithm share.

CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES

Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP” or “U.S. GAAP”). The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that could affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Actual results could differ from these estimates. We believe that the estimates and assumptions utilized in the preparation of the consolidated financial statements are prudent and reasonable. Actual results historically have generally been in line with our estimates and judgments used in applying each of the accounting policies described below, as modified periodically to reflect current market conditions.

The mortgage and financial sectors operate in a challenging and uncertain economic environment. Financial and real estate companies continue to be affected by, among other things, market volatility, heightened interest rates and inflationary pressures. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2026; however, uncertainty over the current macroeconomic conditions makes any estimates and assumptions as of June 30, 2026, inherently less certain than they would be absent the current economic environment. Actual results may materially differ from those estimates. Market volatility and inflationary pressures and their impact on the current financial, economic and capital markets environment and future developments in these and other areas present uncertainty and risk with respect to our financial condition, results of operations, liquidity and ability to pay distributions.

Our critical accounting policies as of June 30, 2026, which represent our accounting policies that are most affected by judgments, estimates and assumptions, included all of the critical accounting policies referred to in the 2025 Form 10-K.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 to our consolidated financial statements in this Quarterly Report on Form 10-Q.
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RESULTS OF OPERATIONS

Factors Impacting Comparability of Our Results of Operations

Our net income is primarily generated from net interest income, servicing fee revenue less cost to service, gain on sale of loans less cost to originate, asset management fees less expenses and property rental revenue less operating costs. Changes in various factors such as market interest rates, prepayment speeds, estimated future cash flows, servicing costs and credit quality could affect the amount of basis premium to be amortized or discount to be accreted into interest income for a given period. Prepayment speeds vary according to the type of investment, conditions in the financial markets, competition and other factors, none of which can be predicted with any certainty. Additionally, changes in these inputs along with other factors such as delinquency rates and recapture rates may significantly impact the fair value of our MSRs and as a result, our earnings. Our operating results may also be affected by credit losses in excess of initial estimates or unanticipated credit events experienced by borrowers whose mortgage loans underlie the MSRs, residential transition loans or the non-Agency securities held in our investment portfolio. Asset management fees are directly related to growth in AUM and investment performance of our funds. Decline in investment performance may slow our AUM growth and increase the potential for redemptions from our funds. Property rental revenue is directly related to occupancy.

During the six months ended June 30, 2026, interest rates remained elevated compared to the six months ended June 30, 2025. Changes in interest rates can inversely impact a borrower’s ability or willingness to enter into mortgage transactions, including residential, business purpose and commercial loans. On the other hand, lower interest rates also decrease our financing costs.

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Summary of Results of Operations

The following table summarizes the changes in our results of operations for the three months ended June 30, 2026 compared to the three months ended March 31, 2026 and the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Our results of operations are not necessarily indicative of our future performance (dollars in thousands).
Three Months EndedSix Months Ended June 30,
June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Revenues
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$614,637 $579,288 $1,193,925 $1,145,618 $35,349 $48,307 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874), $(211,456), $(425,330) and $(323,571), respectively)
(392,875)(204,229)(597,104)(488,383)(188,646)(108,721)
Servicing revenue, net221,762 375,059 596,821 657,235 (153,297)(60,414)
Interest income474,595 461,877 936,472 919,715 12,718 16,757 
Gain on originated residential mortgage loans, HFS, net207,006 208,250 415,256 329,487 (1,244)85,769 
Asset management revenue142,228 106,587 248,815 182,680 35,641 66,135 
Commercial real estate revenue182,130 178,257 360,387 — 3,873 360,387 
Other residential-related revenue54,560 54,680 109,240 109,725 (120)(485)
1,282,281 1,384,710 2,666,991 2,198,842 (102,429)468,149 
Expenses
Interest expense and warehouse line fees464,114 450,063 914,177 836,922 14,051 77,255 
General, administrative and operating307,349 316,601 623,950 428,759 (9,252)195,191 
Compensation and benefits410,477 378,410 788,887 565,874 32,067 223,013 
Depreciation and amortization93,547 92,644 186,191 48,362 903 137,829 
1,275,487 1,237,718 2,513,205 1,879,917 37,769 633,288 
Other Income (Loss)
Realized and unrealized gains (losses), net56,305 (15,154)41,151 21,598 71,459 19,553 
Other income, net23,787 22,402 46,189 22,665 1,385 23,524 
80,092 7,248 87,340 44,263 72,844 43,077 
Income before Income Taxes86,886 154,240 241,126 363,188 (67,354)(122,062)
Income tax expense (benefit)18,973 44,762 63,735 (35,528)(25,789)99,263 
Net Income67,913 109,478 177,391 398,716 (41,565)(221,325)
Non-controlling interests in income (loss) of consolidated subsidiaries8,032 (146)7,886 4,255 8,178 3,631 
Redeemable non-controlling interests in income of consolidated subsidiaries3,590 6,946 10,536 3,933 (3,356)6,603 
Net Income Attributable to Rithm Capital Corp.56,291 102,678 158,969 390,528 (46,387)(231,559)
Change in redemption value of redeemable non-controlling interests— — — 15,611 — (15,611)
Dividends on preferred stock36,098 34,847 70,945 54,495 1,251 16,450 
Net Income Attributable to Common Stockholders$20,193 $67,831 $88,024 $320,422 $(47,638)$(232,398)


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Servicing Revenue, Net

Servicing revenue, net consists of the following:
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$563,771 $530,599 $1,094,370 $1,045,181 $33,172 $49,189 
Ancillary and other fees50,866 48,689 99,555 100,437 2,177 (882)
Servicing fee revenue, net and fees614,637 579,288 1,193,925 1,145,618 35,349 48,307 
Change in Fair Value due to:
Realization of cash flows (213,874)(211,456)(425,330)(323,571)(2,418)(101,759)
Change in valuation inputs and assumptions, net of realized gains (losses)(A)
48,228 361,586 409,814 (403,832)(313,358)813,646 
Gains (losses) on MSR economic hedges(227,229)(354,359)(581,588)239,020 127,130 (820,608)
Servicing Revenue, Net$221,762 $375,059 $596,821 $657,235 $(153,297)$(60,414)
(A)The following table summarizes the components of servicing revenue, net related to changes in valuation inputs and assumptions:
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Changes in interest rates and prepayment speeds$43,555 $258,761 $302,316 $(366,140)$(215,206)$668,456 
Changes in discount rates67,785 140,976 208,761 (4,323)(73,191)213,084 
Changes in other factors(63,112)(38,151)(101,263)(33,369)(24,961)(67,894)
Change in Valuation and Assumptions$48,228 $361,586 $409,814 $(403,832)$(313,358)$813,646 

The table below includes a further breakdown of servicing fee revenue, net and fees for the periods presented:
Three Months EndedSix Months Ended June 30,
(in thousands)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
MSR-owned assets$489,946 $457,617 $947,563 $900,397 $32,329 $47,166 
Residential whole loans2,444 2,877 5,321 4,846 (433)475 
Third-party servicing revenue55,790 56,812 112,602 108,803 (1,022)3,799 
Incentive 13,753 10,931 24,684 27,769 2,822 (3,085)
Boarding 1,838 2,362 4,200 3,366 (524)834 
Ancillary and other fees50,866 48,689 99,555 100,437 2,177 (882)
Servicing Fee Revenue, Net and Fees(A)
$614,637 $579,288 $1,193,925 $1,145,618 $35,349 $48,307 
(A)In addition to third-party servicing revenue, includes other fees earned from third parties of $33.5 million and $30.2 million for the three months ended June 30, 2026 and March 31, 2026, respectively, and $63.7 million and $45.7 million for the six months ended June 30, 2026 and 2025, respectively.

The table below summarizes the UPB of our MSRs, MSR financing receivables and third-party servicing:
UPB
(dollars in millions)June 30,
2026		March 31,
2026		June 30,
2025		QoQ ChangeYoY Change
GSE$404,950 $404,243 $453,226 $707 $(48,276)
Non-Agency303,451 290,703 264,607 12,748 38,844 
Ginnie Mae156,819 155,425 146,355 1,394 10,464 
Total$865,220 $850,371 $864,188 $14,849 $1,032 

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The table below summarizes the total UPB of our servicing portfolio (owned MSRs and third-party servicing) by Performing Servicing, Special Servicing and serviced by third-parties:
UPB
(dollars in millions)June 30,
2026		March 31,
2026		June 30,
2025		QoQ ChangeYoY Change
Performing Servicing$551,196 $529,724 $526,083 $21,472 $25,113 
Special Servicing285,214 269,554 281,239 15,660 3,975 
Serviced by third-parties28,810 51,093 56,866 (22,283)(28,056)
Total Servicing Portfolio$865,220 $850,371 $864,188 $14,849 $1,032 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Servicing revenue, net was $596.8 million for the six months ended June 30, 2026, a decrease of $60.4 million, compared to $657.2 million for the six months ended June 30, 2025. The decrease was primarily attributable to a $101.8 million increase in the realization of cash flows, driven by higher prepayment speeds year-over-year, and a $7.0 million decrease in hedged MSR mark-to-market, driven by changes in interest rates. Servicing fee revenue, net and fees increased $48.3 million, driven by portfolio growth and higher servicing fees collected during the six months ended June 30, 2026.

Interest Income

The following table includes the breakdown of interest income by segment for the periods presented:

(dollars in thousands)Three Months EndedSix Months Ended June 30,
SegmentJune 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Origination and Servicing$252,496 $234,877 $487,373 $602,501 $17,619 $(115,128)
Residential Transitional Lending103,587 87,659 191,246 141,913 15,928 49,333 
Asset Management28,208 38,897 67,105 17,254 (10,689)49,851 
Investment Portfolio85,428 95,967 181,395 153,933 (10,539)27,462 
Commercial Real Estate2,185 1,832 4,017 — 353 4,017 
Corporate Category2,691 2,645 5,336 4,114 46 1,222 
Total Interest Income$474,595 $461,877 $936,472 $919,715 $12,718 $16,757 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

Interest income was $474.6 million for the three months ended June 30, 2026, an increase of $12.7 million, compared to $461.9 million for the three months ended March 31, 2026. The increase was primarily attributable to (i) higher interest income from Origination and Servicing, driven by seasonally higher custodial balances and an increase in the average earnings rate, and (ii) higher interest income from growth in the RTL portfolio. This was partially offset by (i) lower interest income from on-balance sheet Non-QM and consumer loans due to securitizations during the three months ended June 30, 2026, and (ii) a yield adjustment reflecting the actual performance of certain collateralized loan obligation fund investments during the three months ended June 30, 2026.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Interest income was $936.5 million for the six months ended June 30, 2026, an increase of $16.8 million, compared to $919.7 million for the six months ended June 30, 2025. The increase was primarily attributable to (i) growth in the Non-QM, RTL and consumer portfolios, and (ii) six months of interest income earned from insurance company investments acquired in December 2025, as compared to none in the prior year period. The increase was partially offset by net securities sales, securitizations, and lower average earnings rate on custodial balances in Origination and Servicing.
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Gain on Originated Residential Mortgage Loans, HFS, Net

The following table provides information regarding gain on originated residential mortgage loans, HFS, net as a percentage of pull through adjusted lock volume, by channel:
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Pull through adjusted lock volume$14,493,879$16,959,017$31,452,896$29,108,214$(2,465,138)$2,344,682
Gain on Originated Residential Mortgage Loans, as a Percentage of Pull Through Adjusted Lock Volume, by Channel:
Direct to Consumer2.85 %2.52 %2.68 %3.30 %
Retail/Joint Venture3.34 %2.88 %3.15 %3.49 %
Wholesale1.11 %1.20 %1.16 %1.27 %
Correspondent0.50 %0.44 %0.47 %0.48 %
Total Gain on Originated Residential Mortgage Loans, as a Percentage of Pull Through Adjusted Lock Volume1.27 %1.09 %1.17 %1.12 %

The following table summarizes funded loan production by channel:
UPB
Three Months EndedSix Months Ended June 30,
(dollars in millions)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Production by Channel:
Direct to Consumer $2,398$2,473$4,871$2,772$(75)$2,099
Retail/Joint Venture8217121,5331,378109155
Wholesale3,1432,5625,7054,1195811,586
Correspondent9,5409,72619,26619,858(186)(592)
Total Production by Channel$15,902$15,473$31,375$28,127$429$3,248
% Purchase63 %51 %57 %73 %
% Refinance37 %49 %43 %27 %
Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

For the three months ended June 30, 2026, funded loan origination volume was $15.9 billion, up from $15.5 billion in the three months ended March 31, 2026. Refinance activity represented 37% of total funded origination volume, a decrease from 49% in the three months ended March 31, 2026, as mortgage rates remained elevated. Gain on sale margin for the three months ended June 30, 2026 was 1.27%, 18 bps higher than 1.09% for the three months ended March 31, 2026, primarily due to improved gain on sale margins in the Direct to Consumer and Correspondent channels.

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Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Gain on originated residential mortgage loans, HFS, net was $415.3 million for the six months ended June 30, 2026, an increase of $85.8 million, compared to $329.5 million for the six months ended June 30, 2025. The increase was primarily attributable to an increase in pull through adjusted lock volume and improved gain on sale margins driven by channel mix.

For the six months ended June 30, 2026, funded loan origination volume was $31.4 billion, up from $28.1 billion in the six months ended June 30, 2025. Refinance activity represented 43% of total funded origination volume, an increase from 27% in the six months ended June 30, 2025, driven by a decline in mortgage rates year-over-year. Gain on sale margin for the six months ended June 30, 2026 was 1.17%, 5 bps higher than 1.12% for the six months ended June 30, 2025, primarily due to channel mix.

Asset Management Revenue

The following table presents the composition of asset management revenue:

(dollars in thousands)Three Months EndedSix Months Ended June 30,
June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Management fees$90,485 $90,929 $181,414 $125,163 $(444)$56,251
Incentive fees51,743 15,658 67,401 57,517 36,0859,884
Total Asset Management Revenue$142,228 $106,587 $248,815 $182,680 $35,641 $66,135 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Asset management revenue was $248.8 million for the six months ended June 30, 2026, an increase of $66.1 million, compared to $182.7 million for the six months ended June 30, 2025. The increase was primarily attributable to $52.0 million of management fees and $6.5 million of incentive fees from Crestline, which was acquired in December 2025, and reflected for a full six months in the current period, as well as an increase in fee earning AUM year-over-year.

Commercial Real Estate Revenue

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

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.

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Other Residential-Related Revenue

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

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.

Interest Expense and Warehouse Line Fees

The following table includes the breakdown of interest expense and warehouse line fees by segment for the periods presented:

(dollars in thousands)Three Months EndedSix Months Ended June 30,
SegmentJune 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Origination and Servicing$225,634 $215,797 $441,431 $576,564 $9,837 $(135,133)
Residential Transitional Lending43,742 35,659 79,401 65,321 8,083 14,080 
Asset Management23,231 25,574 48,805 22,799 (2,343)26,006 
Investment Portfolio70,007 76,555 146,562 129,540 (6,548)17,022 
Commercial Real Estate61,836 58,462 120,298 — 3,374 120,298 
Corporate Category39,664 38,016 77,680 42,698 1,648 34,982 
Total Interest Expense and Warehouse Line Fees$464,114 $450,063 $914,177 $836,922 $14,051 $77,255 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

Interest expense and warehouse line fees were $464.1 million for the three months ended June 30, 2026, an increase of $14.1 million, compared to $450.1 million for the three months ended March 31, 2026. The increase was primarily attributable to (i) an increase in mortgage loan production volume and (ii) an increase in borrowing to support growth of the RTL portfolio, partially offset by (iii) Non-QM and consumer loan securitizations during the three months ended June 30, 2026.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Interest expense and warehouse line fees were $914.2 million for the six months ended June 30, 2026, an increase of $77.3 million, compared to $836.9 million for the six months ended June 30, 2025. The increase was primarily attributable to (i) six months of interest expense incurred by Elecor, which was acquired in December 2025, (ii) an increase in average borrowing on MSRs and (iii) an increase in borrowing to support growth of the RTL portfolio, partially offset by (iv) lower Agency securities held during the six months ended June 30, 2026.

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General, Administrative and Operating

General, administrative and operating expense consists of the following:
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Legal and professional$29,209 $37,898 $67,107 $49,032 $(8,689)$18,075 
Loan origination18,553 19,886 38,439 31,838 (1,333)6,601 
Occupancy17,201 17,167 34,368 30,802 34 3,566 
Subservicing7,234 11,852 19,086 29,098 (4,618)(10,012)
Loan servicing37,175 37,769 74,944 82,255 (594)(7,311)
Property and maintenance101,998 106,355 208,353 56,557 (4,357)151,796 
Information technology35,422 34,619 70,041 62,547 803 7,494 
Other
60,557 51,055 111,612 86,630 9,502 24,982 
General, Administrative and Operating Expense$307,349 $316,601 $623,950 $428,759 $(9,252)$195,191 

The following table includes the breakdown of general, administrative and operating expense by segment for the periods presented:

(dollars in thousands)Three Months EndedSix Months Ended June 30,
SegmentJune 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Origination and Servicing$146,211 $151,269 $297,480 $290,756 $(5,058)$6,724 
Residential Transitional Lending5,469 6,537 12,006 10,065 (1,068)1,941 
Asset Management33,082 30,410 63,492 58,078 2,672 5,414 
Investment Portfolio31,711 25,109 56,820 45,154 6,602 11,666 
Commercial Real Estate78,640 84,000 162,640 — (5,360)162,640 
Corporate Category12,236 19,276 31,512 24,706 (7,040)6,806 
Total General, Administrative and Operating Expense$307,349 $316,601 $623,950 $428,759 $(9,252)$195,191 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

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.

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Compensation and Benefits

The following table includes the breakdown of compensation and benefits expense by segment for the periods presented:

(dollars in thousands)Three Months EndedSix Months Ended June 30,
SegmentJune 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Origination and Servicing$214,708 $207,074 $421,782 $362,871 $7,634 $58,911 
Residential Transitional Lending22,740 20,822 43,562 29,699 1,918 13,863 
Asset Management130,211 113,016 243,227 132,731 17,195 110,496 
Investment Portfolio6,688 5,115 11,803 2,166 1,573 9,637 
Commercial Real Estate11,474 11,282 22,756 — 192 22,756 
Corporate Category24,656 21,101 45,757 38,407 3,555 7,350 
Total Compensation and Benefits Expense$410,477 $378,410 $788,887 $565,874 $32,067 $223,013 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Compensation and benefits expenses were $788.9 million for the six months ended June 30, 2026, an increase of $223.0 million, compared to $565.9 million for the six months ended June 30, 2025. The increase was primarily attributable to increased headcount following the acquisitions of Elecor and Crestline in December 2025, reflecting six months of expenses in the current period compared to none in the prior year period.

Depreciation and Amortization

The following table includes the breakdown of depreciation and amortization expense by segment for the periods presented:

(dollars in thousands)Three Months EndedSix Months Ended June 30,
SegmentJune 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Origination and Servicing$5,474 $6,088 $11,562 $13,940 $(614)$(2,378)
Residential Transitional Lending1,966 1,943 3,909 3,856 23 53 
Asset Management12,040 11,526 23,566 14,732 514 8,834 
Investment Portfolio7,184 8,482 15,666 15,803 (1,298)(137)
Commercial Real Estate66,803 64,605 131,408 — 2,198 131,408 
Corporate Category80 — 80 31 80 49 
Total Depreciation and Amortization Expense$93,547 $92,644 $186,191 $48,362 $903 $137,829 

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

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.

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Other Income (Loss)

The following table summarizes the components of other income (loss):
Three Months EndedSix Months Ended June 30,
(dollars in thousands)June 30,
2026		March 31,
2026		20262025QoQ ChangeYoY Change
Real estate and other securities
$3,808 $(27,204)$(23,396)$12,986 $31,012 $(36,382)
Residential mortgage loans and REO
(3,869)(3,705)(7,574)10,825 (164)(18,399)
Derivative and hedging instruments
8,419 2,876 11,295 (18,041)5,543 29,336 
Notes and bonds payable(231)(12,270)(12,501)713 12,039 (13,214)
Consolidated entities(A)
25,372 19,064 44,436 43,056 6,308 1,380 
Insurance company investments(2,089)1,272 (817)— (3,361)(817)
Other gains (losses)(B)
24,895 4,813 29,708 (27,941)20,082 57,649 
Realized and unrealized gains (losses), net56,305 (15,154)41,151 21,598 71,459 19,553 
Other income, net23,787 22,402 46,189 22,665 1,385 23,524 
Other Income, Net$80,092 $7,248 $87,340 $44,263 $72,844 $43,077 
(A)Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income.
(B)Includes Excess MSRs, servicer advance investments, consumer loans, residential transition loans and other.

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

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.

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.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

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.

Income Tax Expense (Benefit)

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

Income tax expense decreased $25.8 million, which represents a $0.7 million current tax expense decrease and $25.1 million deferred tax expense decrease. The change in deferred tax expense was primarily driven by changes in the fair value of MSRs and swaps held within taxable entities. Current tax expense is driven primarily by income from foreign operations.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Income tax expense increased $99.3 million, which represents the net of a $8.2 million decrease in current tax expense and $107.5 million increase in deferred tax expense. The change in deferred tax expense was primarily driven by changes in the fair value of MSRs and swaps held within taxable entities. The change in current tax expense is driven primarily by income from foreign operations.

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Non-Controlling Interests in Income (Loss) of Consolidated Subsidiaries

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

Non-controlling interests in income (loss) of consolidated subsidiaries was $8.0 million for the three months ended June 30, 2026, an increase of $8.2 million, compared to $(0.1) million for the three months ended March 31, 2026. The increase was driven by gains attributable to non-controlling interests in our Asset Management segment and reduced losses attributable to non-controlling interests in our Commercial Real Estate segment.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Non-controlling interests in income (loss) of consolidated subsidiaries was $7.9 million for the six months ended June 30, 2026, an increase of $3.6 million, compared to $4.3 million for the six months ended June 30, 2025. The increase was driven by gains attributable to non-controlling interests in our Asset Management segment, partially offset by losses attributable to non-controlling interests in our Commercial Real Estate segment.

Redeemable Non-Controlling Interests in Income of Consolidated Subsidiaries

Three months ended June 30, 2026 compared to the three months ended March 31, 2026

Redeemable non-controlling interests in income of consolidated subsidiaries was $3.6 million for the three months ended June 30, 2026, a decrease of $3.4 million, compared to $6.9 million for the three months ended March 31, 2026. The decrease was primarily driven by lower income attributable to redeemable non-controlling interests in a consolidated joint venture during the current period.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Redeemable non-controlling interests in income of consolidated subsidiaries was $10.5 million for the six months ended June 30, 2026, an increase of $6.6 million, compared to $3.9 million for the six months ended June 30, 2025. The increase was primarily driven by higher income attributable to redeemable non-controlling interests in a consolidated joint venture, including interests that were newly established during the first quarter of 2025.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Liquidity is a measurement of our ability to meet potential cash requirements, including ongoing commitments to repay borrowings, fund and maintain investments and other general business needs.
 
We must distribute annually at least 90% of our REIT taxable income to maintain our status as a REIT under the Internal Revenue Code. A portion of this requirement may be able to be met through stock dividends, rather than cash, subject to limitations based on the value of our stock. Our ability to utilize funds generated by the MSRs held in our servicer subsidiaries, NRM and Newrez, is subject to and limited by regulatory requirements established by the Federal Housing Finance Agency (the “FHFA”), Fannie Mae and Freddie Mac private label servicing and Ginnie Mae for Ginnie Mae servicing, as summarized below. Moreover, our ability to access and utilize cash generated from our regulated entities is an important part of our dividend paying ability. As of June 30, 2026, approximately $1.7 billion of available liquidity was held at NRM and Newrez, of which $1.1 billion was in excess of the regulatory liquidity requirements. NRM and Newrez are expected to maintain compliance with applicable liquidity and net worth requirements.

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The FHFA and Ginnie Mae capital and liquidity standards require all loan sellers and servicers to maintain a minimum tangible net worth of $2.5 million plus 25 bps for Fannie Mae, Freddie Mac and private label servicing UPB plus 35 bps for Ginnie Mae servicing UPB, a tangible net worth to tangible asset ratio of 6% or greater and a base liquidity of 3.5 bps of Fannie Mae, Freddie Mac and private label servicing UPB plus 10 bps for Ginnie Mae servicing UPB. Furthermore, specific to the FHFA, all non-banks have to hold additional origination liquidity of 50 bps times loans HFS plus pipeline loans. Large non-banks with greater than $50 billion UPB in servicing will have to hold an additional liquidity buffer of 2 bps on Fannie Mae and Freddie Mac servicing UPB and 5 bps on Ginnie Mae servicing UPB. As of June 30, 2026, Rithm Capital maintained compliance with the required capital and liquidity standards. Non-compliance with the capital and liquidity requirements can result in the FHFA and Ginnie Mae taking various remedial actions up to and including removing our ability to sell loans to and service loans on behalf of the FHFA and Ginnie Mae. Additionally, Ginnie Mae introduced Risk Based Capital Ratio (“RBCR”) requirements for institutions seeking approval as Ginnie Mae single-family issuers (including those that are non-depository mortgage companies). These institutions are required to maintain a RBCR of at least 6% in addition to continuing to maintain a leverage ratio of at least 6%. In connection with the implementation of this requirement, Ginnie Mae also introduced risk-based capital relief for hedging of MSRs, whereby issuers who have a track record of managing their interest rate exposure through MSRs hedging and who meet prescribed eligibility requirements may qualify for RBCR requirement relief. Compliance with these capital and liquidity requirements may require us to maintain elevated levels of capital and liquidity, which could constrain our operations and adversely affect our returns.

If the regulatory capital requirements imposed on our lenders change, they may be required to significantly increase the cost of the financing that they provide to us. Our lenders also have revised and may continue to revise their eligibility requirements for the types of assets they are willing to finance or the terms of such financings, including haircuts and requiring additional collateral in the form of cash, based on, among other factors, the regulatory environment and their management of actual and perceived risk. Moreover, the amount of financing we receive under our secured financing agreements will be directly related to our lenders’ valuation of our assets that cover the outstanding borrowings.

Use of Funds

Our primary uses of funds are originating and acquiring investments and related costs, the payment of interest, compensation expense, servicing and subservicing expenses, payment of outstanding commitments (including margins and loan originations), payment of other operating expenses, repayment of borrowings and hedge obligations, payment of dividends and funding of future servicer advances.

As of June 30, 2026, our total outstanding debt obligations amounted to $36.3 billion and are comprised of secured financing agreements, secured notes and bonds payable, Senior Unsecured Notes (as defined below) and notes payable of consolidated entities. Certain debt obligations are the obligations of our consolidated subsidiaries, which own the related collateral. In some cases, such collateral is not available to other creditors of ours. In particular, the obligations and liabilities of CFEs may only be satisfied with the assets of the respective CFE, and creditors do not have recourse to Rithm Capital Corp.

We have margin exposure on $13.7 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines below the collateral margin trigger, we may be required to post margin, which could significantly impact our liquidity.

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Short-Term Borrowings

The following tables provide additional information regarding our short-term borrowings (dollars in thousands):
Six Months Ended June 30, 2026
Outstanding
Balance at June 30, 2026
Average Daily Amount Outstanding(A)
Maximum Amount OutstandingWeighted Average Daily Interest Rate
Secured Financing Agreements:
Government and government-backed securities$4,893,090 $5,008,392 $5,130,519 4.1 %
Non-Agency securities1,031,364 974,766 1,033,972 5.3 %
Residential mortgage loans3,087,611 3,920,973 5,676,795 5.1 %
Residential transition loans
1,309,811 1,084,736 1,309,811 5.9 %
Secured Notes and Bonds Payable:
MSRs2,311,706 2,555,560 2,629,627 6.9 %
Servicer advances331,889 589,015 816,898 5.2 %
Total / Weighted Average$12,965,471 $14,133,442 $16,597,622 5.1 %
(A)Represents the average for the period the debt was outstanding.

Average Daily Amount Outstanding(A)
Three Months Ended
June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Secured Financing Agreements:
Government and government-backed securities$4,937,530 $5,080,041 $7,486,216 $7,635,112 
Non-Agency securities995,719 953,581 908,897 889,135 
Residential mortgage loans and REO3,639,578 4,205,495 4,816,525 3,567,661 
Residential transition loans
1,243,970 923,732 524,960 537,259 
(A)Represents the average for the period the debt was outstanding.

Unsecured Notes

On May 14, 2026, the Company issued $500.0 million aggregate principal amount of its 8.500% senior unsecured notes due 2031 (the “2031 Senior Notes”) due June 1, 2031, with interest payable semi-annually in arrears on each of June 1st and December 1st, commencing on December 1, 2026. Net proceeds from the issuance of the 2031 Senior Notes were approximately $493.7 million, net of commissions and estimated offering expenses payable by the Company. The 2031 Senior Notes mature on June 1, 2031 and are redeemable at any time and from time to time on or after June 1, 2028, at prices ranging from 104.25% to 100% of the principal amount.

On June 20, 2025, the Company issued $500.0 million aggregate principal amount of its 8.000% senior unsecured notes due 2030 (the “2030 Senior Notes”) due July 15, 2030, with interest payable semi-annually in arrears on each of January 15th and July 15th, commencing on January 15, 2026. Net proceeds from the issuance of the 2030 Senior Notes were approximately $495.0 million, net of commissions and estimated offering expenses payable by the Company. The 2030 Senior Notes mature on July 15, 2030 and are redeemable at any time from time to time on or after July 15, 2027, at prices ranging from 104% to 100% of the principal amount.

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.

The Company’s senior unsecured notes due October 15, 2025 were fully redeemed during the second quarter of 2025.

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The Indenture, dated May 14, 2026, pursuant to which the 2031 Senior Notes were issued (the “2031 Notes Indenture”), the Indenture, dated March 19, 2024, pursuant to which the 2029 Senior Notes were issued (the “2029 Notes Indenture”) and the Indenture, dated June 20, 2025, pursuant to which the 2030 Senior Notes were issued (the “2030 Notes Indenture”), each contain a requirement that the Company maintain Total Unencumbered Assets (as defined in each of the 2031 Notes Indenture, the 2030 Notes Indenture and the 2029 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company. For more information regarding our indebtedness, refer to Note 17 of the consolidated financial statements.

Maturities

Our debt obligations as of June 30, 2026, as summarized in Note 17 to our consolidated financial statements, had contractual maturities as follows (dollars in thousands):
Year Ending
Non-recourse(A)
Recourse(B)
Total
July 1 through December 31, 2026$2,720,141 $10,414,435 $13,134,576 
20272,778,615 2,247,356 5,025,971 
20281,311,985 1,544,992 2,856,977 
20291,444,506 2,387,784 3,832,290 
20301,990,422 559,281 2,549,703 
2031 and thereafter6,843,874 1,771,627 8,615,501 
$17,089,543 $18,925,475 $36,015,018 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $2.6 billion, $8.5 billion, $0.0 billion and $6.0 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $11.3 billion, $5.8 billion, $1.8 billion and $0.0 billion, respectively.

Covenants

Certain of the debt obligations are subject to customary loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in our equity or failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. We were in compliance with all of our debt covenants as of June 30, 2026.

Source of Funds

Our primary sources of funds are cash provided by operating activities (primarily income from loan originations and servicing, as well as management fees and incentive income), sales of and repayments from our investments, potential debt financing sources, including securitizations, and the issuance of equity securities, when feasible and appropriate. Our total cash and cash equivalents at June 30, 2026 was $1.7 billion.

Currently, our primary sources of financing are secured financing agreements and secured notes and bonds payable, although we have in the past and may in the future also pursue one or more other sources of financing such as securitizations and other secured and unsecured forms of borrowing. As of June 30, 2026, we had outstanding secured financing agreements with an aggregate face amount of approximately $13.7 billion to finance our investments. The financing of our entire Agency RMBS portfolio, which generally has 30- to 90-day terms, is subject to margin calls. Under secured financing agreements, we sell a security to a counterparty and concurrently agree to repurchase the same security at a later date for a higher specified price. The sale price represents financing proceeds and the difference between the sale and repurchase prices represents interest on the financing. The price at which the security is sold generally represents the market value of the security less a discount or “haircut,” which can range broadly. During the term of the secured financing agreement, the counterparty holds the security as collateral. If the agreement is subject to margin calls, the counterparty monitors and calculates what it estimates to be the value of the collateral during the term of the agreement. If this value declines by more than a de minimis threshold, the counterparty could require us to post additional collateral, or margin, in order to maintain the initial haircut on the collateral. This margin is typically required to be posted in the form of cash and cash equivalents. Furthermore, we may, from time to time, be a party to derivative agreements or financing arrangements that may be subject to margin calls based on the value of such instruments. In addition, $6.6 billion face amount of our MSR financing is subject to mandatory monthly repayment to the extent that the outstanding balance exceeds the market value (as defined in the related agreement) of the financed asset multiplied by the contractual maximum LTV ratio. We seek to maintain adequate cash reserves and other sources of available liquidity to meet any margin calls or related requirements resulting from decreases in value related to a reasonably possible (in our opinion) change in interest rates.

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Our ability to obtain borrowings and to raise future equity capital is dependent on our ability to access borrowings and the capital markets on attractive terms. We continually monitor market conditions for financing opportunities and at any given time may be entering or pursuing one or more of the transactions described above. Our senior management team has extensive long-term relationships with investment banks, brokerage firms and commercial banks, which we believe enhance our ability to source and finance asset acquisitions on attractive terms and access borrowings and the capital markets at attractive levels.

Our ability to fund our operations, meet financial obligations and finance acquisitions may be impacted by our ability to secure and maintain our secured financing agreements, credit facilities and other financing arrangements. Because secured financing agreements and credit facilities are short-term commitments of capital, lender responses to market conditions may make it more difficult for us to renew or replace, on a continuous basis, our maturing short-term borrowings and have imposed, and may continue to impose, more onerous conditions when rolling such financings. If we are not able to renew our existing facilities or arrange for new financing on terms acceptable to us, if we default on our covenants or are otherwise unable to access funds under our financing facilities or if we are required to post more collateral or face larger haircuts, we may have to curtail our asset acquisition activities and/or dispose of assets. As of June 30, 2026, our total borrowing capacity under our secured financing arrangements was $28.9 billion with $11.8 billion of available financing under these arrangements. Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if Rithm Capital has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.

The use of TBA dollar roll transactions generally increases our funding diversification, expands our available pool of assets and increases our overall liquidity position, as TBA contracts typically have lower implied haircuts relative to Agency RMBS pools funded with repurchase financing. TBA dollar roll transactions may also have a lower implied cost of funds than comparable repurchase funded transactions offering incremental return potential. However, if it were to become uneconomical to roll our TBA contracts into future months it may be necessary to take physical delivery of the underlying securities and fund those assets with cash or other financing sources, which could reduce our liquidity position.

With respect to the next 12 months, we expect that our cash on hand, combined with our cash flow provided by operations and our ability to extend or refinance our secured financing agreements and servicer advance financings will be sufficient to satisfy our anticipated liquidity needs with respect to our current investment portfolio, including related financings, potential margin calls, loan origination and operating expenses. Our ability to extend or refinance short-term borrowings is critical to our liquidity outlook. We have a significant amount of near-term maturities, which we expect to be able to refinance. If we cannot repay or refinance our debt on favorable terms, we will need to seek out other sources of liquidity. While it is inherently more difficult to forecast beyond the next 12 months, we currently expect to meet our long-term liquidity requirements through our cash on hand and, if needed, additional borrowings, proceeds received from secured financing agreements and other financings, proceeds from equity offerings and the liquidation or refinancing of our assets.

These short-term and long-term expectations are forward-looking and subject to a number of uncertainties and assumptions, including those described under “—Market Considerations” as well as Part I, Item 1A. “Risk Factors” of the 2025 Form 10-K. If our assumptions about our liquidity prove to be incorrect, we could be subject to a shortfall in liquidity in the future, and such a shortfall may occur rapidly and with little or no notice, which could limit our ability to address the shortfall on a timely basis and could have a material adverse effect on our business.

Stockholders’ Equity

Preferred Stock

Pursuant to our certificate of incorporation, we are authorized to designate and issue up to 100.0 million shares of preferred stock, par value of $0.01 per share, in one or more classes or series.

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The following table summarizes our preferred shares outstanding (dollars in thousands, except share and per share amounts):
Number of Shares
Liquidation Preference(A)
Carrying Value(C)
Dividends Declared
per Share
June 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025Three Months Ended June 30,Six Months Ended June 30,
Series(B)
Issuance Discount2026202520262025
Series A, issued July 2019(D)(G)(I)
4,200,068 4,200,068 $105,002 $105,002 3.15 %$99,822 $99,822 $0.62 $0.66 $1.22 $1.31 
Series B, issued August 2019(D)(G)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 272,654 0.61 0.65 1.20 1.29 
Series C, issued February 2020(D)(H)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 385,289 0.57 0.61 1.12 1.20 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 449,489 0.44 0.44 0.88 0.88 
Series E, 8.75% issued September 2025(F)
7,600,000 7,600,000 190,000 190,000 3.15 %183,536 183,536 0.55 — 1.09 — 
Series F, 8.75% issued January 2026(E)
10,000,000 — 250,000 — 3.15 %242,125 — 0.55 — 1.24 — 
Total67,564,122 57,564,122 $1,689,104 $1,439,104 $1,632,915 $1,390,790 $3.34 $2.36 $6.75 $4.68 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Under certain circumstances upon a change of control, our Series A, Series B, Series C, Series D, Series E and Series F (each as defined below) are convertible to shares of our common stock.
(C)Carrying value reflects par value less discount and issuance costs.
(D)Fixed-to-floating rate cumulative redeemable preferred.
(E)Fixed-rate reset cumulative redeemable preferred.
(F)Fixed-rate cumulative redeemable preferred.
(G)Effective August 15, 2024, dividends on each of the Company’s 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series A”) and the Company’s 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series B”) accrue at a floating rate. For the second quarter 2026 dividends, the Series A accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series A equal to a three-month Chicago Mercantile Exchange (“CME”) SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.802%, respectively, and dividends on the Series B accumulated at a percentage of the $25.00 liquidation preference per share of the Series B preferred shares equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.640%, respectively.
(H)Effective February 15, 2025, dividends on the 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series C accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series C equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 4.969%.
(I)The Company redeemed 2.0 million shares on March 28, 2025.

From and including the date of original issue (July 2, 2019 for the Series A, August 15, 2019 for the Series B and February 14, 2020 for the Series C) but excluding August 15, 2024 (with respect to Series A and Series B) and February 15, 2025 (with respect to Series C), holders of shares of our Series A, Series B and Series C were entitled to receive cumulative cash dividends at a rate of 7.50%, 7.125% and 6.375%, respectively, per annum of the $25.00 liquidation preference per share (equivalent to $1.875, $1.781 and $1.594, respectively, per annum per share). From and including August 15, 2024 (with respect to the Series A and Series B) and February 15, 2025 (with respect to the Series C), holders of our Series A, Series B and Series C are entitled to receive cumulative cash dividends at a floating rate per annum which is determined pursuant to the USD-London Interbank Offered Rate cessation fallback language in the Certificate of Designations for each of our Series A, Series B and Series C. From and including the date of original issue (September 17, 2021) but excluding November 15, 2026, holders of shares of our 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock (“Series D”) are entitled to receive cumulative cash dividends at a rate of 7.00% per annum of the $25.00 liquidation preference per share (equivalent to $1.750 per annum per share). Holders of shares of our Series D, from and including November 15, 2026, are entitled to receive cumulative cash dividends based on the five-year Treasury rate plus a spread of 6.223%. From and including the date of original issue (September 25, 2025), holders of shares of our 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock (“Series E”) are entitled to receive cash dividends at a rate of 8.750% per annum of the $25.00 liquidation preference per share (equal to $2.1875 per annum per share). From and including the date of original issue (January 21, 2026) but excluding February 15, 2031, holders of shares of our 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series F”) are entitled to receive cumulative cash dividends at a rate of 8.750% per annum of the $25.00 liquidation preference per share (equivalent to $2.1875 per annum per share). Holders of shares of our Series F, from and including February 15, 2031, are entitled to receive cumulative cash dividends based on the five-year Treasury rate plus a spread of 5.009%. Dividends for the Series A, Series B, Series C, Series D, Series E and Series F are payable quarterly in arrears on or about the 15th day of each February, May, August and November.

Preferred dividends declared for the quarter ended June 30, 2026 were $36.3 million.

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Common Stock

Our certificate of incorporation authorizes 2.0 billion shares of common stock, par value $0.01 per share.

The Company has an “at-the-market” equity offering program (the “ATM Program”) pursuant to which we may sell shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $750.0 million, from time to time. During the six months ended June 30, 2026, the Company did not issue any shares of common stock under the ATM Program.

Additionally, Rithm Capital’s stock repurchase program provides flexibility to return capital when deemed accretive to shareholders. During the six months ended June 30, 2026, we did not repurchase any shares of our common stock or our preferred stock.

Common Dividends

We generally need to distribute at least 90% of our taxable income each year (subject to certain adjustments) to our shareholders to qualify as a REIT under the Internal Revenue Code. This distribution requirement limits our ability to retain earnings and thereby replenish or increase capital to support our activities. Dividends declared for the six months ended June 30, 2026 were $279.2 million.

We will continue to monitor market conditions and the potential impact the ongoing volatility and uncertainty may have on our business. Our board of directors will continue to evaluate the payment of dividends as market conditions evolve, and no definitive determination has been made at this time. While the terms and timing of the approval and declaration of cash dividends, if any, on shares of our capital stock is at the sole discretion of our board of directors and we cannot predict how market conditions may evolve, we intend to distribute to our stockholders an amount equal to at least 90% of our REIT taxable income determined before applying the deduction for dividends paid and by excluding net capital gains consistent with our intention to maintain our qualification as a REIT under the Internal Revenue Code.

Cash Flows

The following table summarizes changes to our cash, cash equivalents and restricted cash for the periods presented:
Six Months Ended June 30,
20262025Change
Beginning of period — cash, cash equivalents and restricted cash
$2,789,413 $1,917,809 $871,604 
Net cash provided by operating activities274,774 864,187 (589,413)
Net cash provided by (used in) investing activities(1,973,544)596,742 (2,570,286)
Net cash provided by (used in) financing activities1,447,943 (1,227,854)2,675,797 
Net increase (decrease) in cash, cash equivalents and restricted cash(250,827)233,075 (483,902)
End of Period — Cash, Cash Equivalents and Restricted Cash
$2,538,586 $2,150,884 $387,702 

Operating Activities

Net cash provided by operating activities was approximately $0.3 billion and $0.9 billion for the six months ended June 30, 2026 and 2025, respectively. The year-over-year decrease was primarily driven by lower net cash receipts from mortgage loans in the 2026 period.

Investing Activities

Net cash provided by (used in) investing activities was approximately $(2.0) billion and $0.6 billion for the six months ended June 30, 2026 and 2025, respectively. The change in cash flows from investing activities was primarily driven by increased net originations of RTLs and net cash used for insurance company investments during the six months ended June 30, 2026. In addition, the prior-year period included approximately $0.5 billion of net proceeds from sales of Treasury securities and purchases of government-backed securities.

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Financing Activities

Net cash provided by (used in) financing activities was approximately $1.4 billion and $(1.2) billion for the six months ended June 30, 2026 and 2025, respectively. The increase was primarily driven by higher net borrowings relating to consumer and residential loans in consolidated entities, partially offset by lower net borrowings on secured notes and bonds during the 2026 period.

INTEREST RATE, CREDIT AND SPREAD RISK

We are subject to interest rate, credit and spread risk with respect to our investments. These risks are further described under “Quantitative and Qualitative Disclosures About Market Risk.”

OFF-BALANCE SHEET ARRANGEMENTS

We have material off-balance sheet arrangements related to our non-consolidated securitizations of residential mortgage loans treated as sales in which we retained certain interests. We believe that these off-balance sheet structures presented the most efficient and least expensive form of financing for these assets at the time they were entered and represented the most common market-accepted method for financing such assets. Our exposure to credit losses related to these non-recourse, off-balance sheet financings is limited to $0.8 billion. As of June 30, 2026 there was $10.5 billion in total outstanding UPB of residential mortgage loans underlying such securitization trusts that represent off-balance sheet financings.

We have material off-balance sheet arrangements related to our involvement with funds and other vehicles, primarily related to providing asset management services and, in certain cases, investments in such non-consolidated entities. As of June 30, 2026, our maximum exposure to loss of $1.3 billion represents the potential loss of current investments or income and fees receivable from these entities, as well as the obligation to repay unearned revenues, primarily incentive income subject to clawback, in the event of any future fund losses, as well as unfunded commitments to certain funds. The Company does not provide, nor is it required to provide, any type of non-contractual financial or other support beyond its share of capital commitments.

We are party to mortgage loan participation purchase and sale agreements, pursuant to which we have access to uncommitted facilities that provide liquidity for recently sold mortgage-backed securities (“MBS”) up to the MBS settlement date. These facilities, which we refer to as gestation facilities, are a component of our financing strategy and are off-balance sheet arrangements.

TBA dollar roll transactions represent a form of off-balance sheet financing accounted for as derivative instruments. In a TBA dollar roll transaction, we do not intend to take physical delivery of the underlying agency MBS and will generally enter into an offsetting position and net settle the paired-off positions in cash. However, under certain market conditions, it may be uneconomical for us to roll our TBA contracts into future months and we may need to take or make physical delivery of the underlying securities. If we were required to take physical delivery to settle a long TBA contract, we would have to fund our total purchase commitment with cash or other financing sources and our liquidity position could be negatively impacted.

As of June 30, 2026, we did not have any other commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources.

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CONTRACTUAL OBLIGATIONS

As of June 30, 2026, we had the following material contractual obligations:
ContractTerms
Debt Obligations:
Secured Financing Agreements
Described under Note 17 to our consolidated financial statements.
Secured Notes and Bonds Payable
Described under Note 17 to our consolidated financial statements.
Unsecured Senior Notes
Described under Note 17 to our consolidated financial statements.
Other Contractual Obligations:
Lease Liability
Described under Note 15 to our consolidated financial statements.
Interest Rate Swaps
Described under Note 16 to our consolidated financial statements.
See Note 25 and Note 27 to our consolidated financial statements for information regarding commitments and material contracts entered into subsequent to June 30, 2026, if any. As described in Note 25, we have committed to purchase certain future servicer advances. The actual amount of future advances is subject to significant uncertainty. However, we currently expect that net recoveries of servicer advances will exceed net fundings for the foreseeable future. This expectation is based on judgments, estimates and assumptions, all of which are subject to significant uncertainty. In addition, those certain limited liability companies which hold certain of our consumer loan portfolios have invested in loans with an aggregate of $125.6 million of unfunded and available revolving credit privileges as of June 30, 2026. However, under the terms of these loans, requests for draws may be denied and unfunded availability may be terminated at management’s discretion. Genesis had commitments to fund up to $2.2 billion of additional advances on existing mortgage loans as of June 30, 2026. These commitments are generally subject to loan agreements with covenants regarding the financial performance of the customer and other terms regarding advances that must be met before Genesis funds the commitment. Rithm Capital has invested in various CRE projects. As part of its investments, Rithm Capital is required to fund its pro rata share of future capital contributions subject to certain limitations. As of June 30, 2026, the Company has an unfunded capital commitment to fund up to $73.4 million on an existing loan to a certain CRE borrower. As of June 30, 2026, the Company has unfunded capital commitments of $518.4 million, of which $28.0 million relates to commitments of consolidated funds. Approximately $129.1 million of the commitments will be funded by contributions to the Company from certain current and former employees and executive managing directors. The Company expects to fund these commitments over approximately the next 8 years. The Company has guaranteed these commitments in the event any executive managing director fails to fund any portion when called by the fund. The Company has historically not funded any of these commitments and does not expect to in the future, as these commitments are expected to be funded by the Company’s executive managing directors individually. Additionally, the Company, through a consolidated subsidiary, entered into a joint venture which the Company consolidates, with a third party to acquire an interest in an affiliated fund. As of June 30, 2026, the unfunded capital commitment to the consolidated joint venture was $25.0 million, of which $20.0 million is expected to be funded by the third-party.

INFLATION

Substantially all of our assets and liabilities are financial in nature. As a result, interest rates and other factors affect our performance more so than inflation, although inflation rates can often have a meaningful influence over the direction of interest rates. Furthermore, our financial statements are prepared in accordance with GAAP and our distributions are determined by our board of directors primarily based on our taxable income, and, in each case, our activities and balance sheet are measured with reference to historical cost and/or fair market value without considering inflation. See “Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk.”

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the exposure to loss resulting from changes in interest rates, credit spreads, foreign currency exchange rates, commodity prices, equity prices and other market-based risks. The primary market risks that we are exposed to are interest rate risk, mortgage basis spread risk, prepayment rate risk and credit risk. These risks are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control. All of our market risk sensitive assets, liabilities and derivative positions (other than TBAs) are for non-trading purposes only. For a further discussion of how market risk may affect our financial position or results of operations, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Use of Estimates.”
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Interest Rate Risk

Changes in interest rates, including changes in expected interest rates or “yield curves,” affect our investments in various ways, the most significant of which are discussed below.

Fair Value Impact

Changes in the level of interest rates also affect the yields required by the marketplace on interest rate instruments. Increasing interest rates would decrease the value of the fixed-rate assets we hold at the time because higher required yields result in lower prices on existing fixed-rate assets in order to adjust their yield upward to meet the market.

Changes in unrealized gains or losses resulting from changes in market interest rates do not directly affect our cash flows, or our ability to pay a dividend, to the extent the related assets are expected to be held and continue to perform as expected, as their fair value is not relevant to their underlying cash flows. Changes in unrealized gains or losses would impact our ability to realize gains on existing investments if they were sold. Furthermore, with respect to changes in unrealized gains or losses on investments which are carried at fair value, changes in unrealized gains or losses would impact our net book value and, in certain cases, our net income.

Changes in interest rates can also have ancillary impacts on our investments. Generally, in a declining interest rate environment, residential mortgage loan prepayment rates increase which in turn would cause the value of MSRs, MSR financing receivables, Excess MSRs and the rights to the base fee components of MSRs to decrease, because the duration of the cash flows we are entitled to receive becomes shortened, and the value of loans and non-Agency securities to increase, because we generally acquired these investments at a discount whose recovery would be accelerated. With respect to a significant portion of our MSRs and Excess MSRs, we have recapture agreements, as described in Note 5 to our consolidated financial statements. These recapture agreements help to protect these investments from the impact of increasing prepayment rates. In addition, to the extent that the loans underlying our MSRs, MSR financing receivables, Excess MSRs and the rights to the base fee components of MSRs are well-seasoned with credit-impaired borrowers who may have limited refinancing options, we believe the impact of interest rates on prepayments would be reduced. Conversely, in an increasing interest rate environment, prepayment rates decrease which in turn would cause the value of MSRs, MSR financing receivables, Excess MSRs and the rights to the base fee components of MSRs to increase and the value of loans and non-Agency securities to decrease. To the extent we do not hedge against changes in interest rates, our balance sheet, results of operations and cash flows would be susceptible to significant volatility due to changes in the fair value of, or cash flows from, our investments as interest rates change. However, rising interest rates could result from more robust market conditions, which could reduce the credit risk associated with our investments. The effects of such a decrease in values on our financial position, results of operations and liquidity are discussed below under “—Prepayment Rate Exposure.”

Changes in the value of our assets could affect our ability to borrow and access capital. Also, if the value of our assets subject to short-term financing were to decline, it could cause us to fund margin, or repay debt, and affect our ability to refinance such assets upon the maturity of the related financings, adversely impacting our rate of return on such investments.

We are subject to margin calls on our secured financing agreements. Furthermore, we may, from time to time, be a party to derivative agreements or financing arrangements that are subject to margin calls, or mandatory repayment, based on the value of such instruments. We seek to maintain adequate cash reserves and other sources of available liquidity to meet any margin calls, or required repayments, resulting from decreases in value related to a reasonably possible (in our opinion) change in interest rates but there can be no assurance that our cash reserves will be sufficient.

In addition, changes in interest rates may impact our ability to exercise our call rights and to realize or maximize potential profits from them. A significant portion of the residential mortgage loans underlying our call rights bear fixed-rates and may decline in value during a period of rising market interest rates. Furthermore, rising rates could cause prepayment rates on these loans to decline, which would delay our ability to exercise our call rights. These impacts could be at least partially offset by potential declines in the value of non-Agency securities related to the call rights, which could then be acquired more cheaply, and in credit spreads, which could offset the impact of rising market interest rates on the value of fixed-rate loans to some degree. Conversely, declining interest rates could increase the value of our call rights by increasing the value of the underlying loans.

We believe our consumer loan investments generally have limited interest rate sensitivity given that our portfolio is mostly composed of seasoned loans with credit-impaired borrowers who are paying fixed-rates, who we believe are relatively unlikely to change their prepayment patterns based on changes in interest rates.

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Interest rates are highly sensitive to many factors, including fiscal and monetary policies and domestic and international economic and political considerations, as well as other factors beyond our control.

The interest rates on our secured financing agreements, as well as adjustable-rate mortgage loans in our securitizations, are generally based on SOFR, which is subject to national, international and other regulatory guidance for reform.

The table below provides comparative estimated changes in our book value based on a parallel shift in the yield curve (assuming an unchanged mortgage basis), including changes in our book value resulting from potential related changes in discount rates:
Estimated Change in Book Value (in $ millions)(A)
Interest Rate Change (bps)June 30, 2026December 31, 2025
+50bps+197.4-41.2
+25bps+115.8+7.7
-25bps-150.0-64.5
-50bps-334.3-185.6
(A)Amounts shown are pre-tax.

Mortgage Basis Spread Risk

Mortgage basis measures the spread between the yield on current coupon MBS and benchmark rates including treasuries and swaps. The level of mortgage basis is driven by demand and supply of mortgage-backed instruments relative to other rate-sensitive assets. Changes in the mortgage basis have an impact on prepayment rates driven by the ability of borrowers underlying our portfolio to refinance. A lower mortgage basis would imply a lower mortgage rate which would increase prepayment speeds due to higher refinance activity and, therefore, lower fair value of our mortgage portfolio. The mortgage basis is also correlated with other spread products such as corporate credit.

The table below provides comparative estimated changes in our book value based on changes in mortgage basis:
Estimated Change in Book Value (in $ millions)(A)
Mortgage Basis Change (bps)June 30, 2026December 31, 2025
+20bps+103.9+66.8
+10bps+51.9+33.4
-10bps-51.9-33.4
-20bps-103.9-66.8
(A)Amounts shown are pre-tax.

Prepayment Rate Exposure

Prepayment rates significantly affect the value of MSRs and MSR financing receivables, Excess MSRs, the base fee component of MSRs (which we own as part of our servicer advance investments), non-Agency securities and loans, including consumer loans. Prepayment rate is the measurement of how quickly borrowers pay down the UPB of their loans or how quickly loans are otherwise brought current, modified, liquidated or charged off. The price we pay to acquire certain investments will be based on, among other things, our projection of the cash flows from the related pool of loans. Our expectation of prepayment rates is a significant assumption underlying those cash flow projections. If the fair value of MSRs and MSR financing receivables, Excess MSRs or the base fee component of MSRs decreases, we would be required to record a non-cash charge, which would have a negative impact on our financial results. Furthermore, a significant increase in prepayment rates could materially reduce the ultimate cash flows we receive from MSRs and MSR financing receivables, Excess MSRs or our right to the base fee component of MSRs, and we could ultimately receive substantially less than what we paid for such assets. Conversely, a significant decrease in prepayment rates with respect to our loans or RMBS could delay our expected cash flows and reduce the yield on these investments.

We seek to reduce our exposure to prepayment through the structuring of our investments. For example, in our MSR and Excess MSR investments, we seek to enter into “recapture agreements” whereby our MSR or Excess MSR is retained if the applicable servicer or subservicer originates a new loan the proceeds of which are used to repay a loan underlying an MSR or Excess MSR in our portfolio. We seek to enter into such recapture agreements in order to protect our returns in the event of a rise in voluntary prepayment rates.

134

Credit Risk

We are subject to varying degrees of credit risk in connection with our assets. Credit risk refers to the ability of each individual borrower underlying our MSRs, MSR financing receivables, Excess MSRs, servicer advance investments, securities and loans to make required interest and principal payments on the scheduled due dates. If delinquencies increase, then the amount of servicer advances we are required to make will also increase, as would our financing cost thereof. We may also invest in loans and non-Agency securities which represent “first loss” pieces; in other words, they do not benefit from credit support although we believe they predominantly benefit from underlying collateral value in excess of their carrying amounts. We do not expect to encounter credit risk in our Agency RMBS, and we do anticipate credit risk related to non-Agency securities, residential mortgage loans and consumer loans.

We seek to reduce credit risk through prudent asset selection, actively monitoring our asset portfolio and the underlying credit quality of our holdings and, where appropriate and achievable, repositioning our investments to upgrade their credit quality. Our pre-acquisition due diligence and processes for monitoring performance include the evaluation of, among other things, credit and risk ratings, principal subordination, prepayment rates, delinquency and default rates, and vintage of collateral.

For our MSRs, MSR financing receivables and Excess MSRs on Agency collateral and our Agency RMBS, delinquency and default rates have an effect similar to prepayment rates. Our Excess MSRs on non-Agency portfolios are not directly affected by delinquency rates, because the servicer continues to advance principal and interest until a default occurs on the applicable loan, so delinquencies decrease prepayments therefore having a positive impact on fair value, while increased defaults have an effect similar to increased prepayments. For our non-Agency securities and loans, higher default rates can lead to greater loss of principal. For our call rights, higher delinquencies and defaults could reduce the value of the underlying loans, therefore reducing or eliminating the related potential profit.

Market factors that could influence the degree of the impact of credit risk on our investments include (i) unemployment levels and the general economy, which impact borrowers’ ability to make payments on their loans, (ii) home prices, which impact the value of collateral underlying residential mortgage loans, (iii) the availability of credit, which impacts borrowers’ ability to refinance and (iv) other factors, all of which are beyond our control.

Liquidity Risk

The assets that comprise our asset portfolio are generally not publicly traded. A portion of these assets may be subject to legal and other restrictions on resale or otherwise be less liquid than publicly-traded securities. The illiquidity of our assets may make it difficult for us to sell such assets if the need or desire arises, including in response to changes in economic and other conditions. See Note 18 to our consolidated financial statements for a sensitivity analysis for MSRs and MSR financing receivables.

Real Estate Risk

Residential and commercial property values are subject to volatility and may be affected adversely by a number of factors, including, but not limited to, national, regional and local economic conditions (which may be adversely affected by industry slowdowns, public health crises and other factors); local real estate conditions (such as an oversupply of housing and commercial and residential vacancies and corresponding impacts on market rents); construction quality, age and design; demographic factors; and retroactive changes to building or similar codes. Increases in interest rates will result in lower refinancing volume and home price increases will slow. Decreases in property values may cause us to suffer losses.

ITEM 4. CONTROLS AND PROCEDURES
 
Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that information is recorded, processed, summarized and reported accurately and on a timely basis. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective.

135

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are or may become, from time to time, involved in various disputes, litigation and regulatory inquiry and investigation matters that arise in the ordinary course of business. Given the inherent unpredictability of these types of proceedings, it is possible that future adverse outcomes could have a material adverse effect on our business, financial position or results of operations.

Rithm Capital is, from time to time, subject to inquiries by government entities. Rithm Capital currently does not believe any of these inquiries would result in a material adverse effect on Rithm Capital’s business.

ITEM 1A. RISK FACTORS

For the quarter ended June 30, 2026, there were no material changes to the risk factors disclosed under Part I, Item 1A. “Risk Factors” of our 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
 
None.
 
ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Chief Legal Officer Transition

Effective July 31, 2026, David Zeiden transitioned from his role as Chief Legal Officer of the Company to become Executive Managing Director, General Counsel and Chief Compliance Officer of Sculptor and certain of its subsidiaries. In connection with the foregoing, the Board of Directors appointed Philip Sivin to serve as Chief Legal Officer and Secretary of the Company, effective July 31, 2026.


136

ITEM 6. EXHIBITS
Exhibit NumberExhibit Description
4.1
Indenture, dated May 14, 2026, between Rithm Capital Corp. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on May 14, 2026).
4.2
Form of Rithm Capital Corp.’s 8.500% senior unsecured notes due 2031 (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 14, 2026).
10.1+
First Amendment to the Rithm Capital Corp. 2023 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 21, 2026).
10.2+
Rithm Capital Corp. 2023 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed May 30, 2023).
31.1*
Certification of Chief Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*
Certification of Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Changes in Stockholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Exhibit filed herewith.
**
Exhibit furnished herewith.
+Indicates a management contract or compensatory plan or arrangement.

137

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized:

RITHM CAPITAL CORP.
By:/s/ Michael Nierenberg
Michael Nierenberg
Chairman of the Board, Chief Executive Officer and President
(Principal Executive Officer)
August 4, 2026
By:/s/ Nicola Santoro, Jr.
Nicola Santoro, Jr.
Chief Financial Officer, Chief Accounting Officer and Treasurer
(Principal Financial Officer)
August 4, 2026

138

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