$RITM-PE

Rithm Capital Corp.

CIK:0001556593|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	$ 1,282,281				$ 1,219,594		$ 2,666,991	$ 2,198,842
Expenses
Interest expense and warehouse line fees	464,114				417,868		914,177	836,922
General, administrative and operating	307,349				215,781		623,950	428,759
Compensation and benefits	410,477				294,407		788,887	565,874
Depreciation and amortization	93,547				23,794		186,191	48,362
Total Operating Expenses	1,275,487				951,850		2,513,205	1,879,917
Other Income
Realized and unrealized gains, net	56,305				22,741		41,151	21,598
Other income, net	23,787				15,923		46,189	22,665
Total Other Income	80,092				38,664		87,340	44,263
Income (Loss) before Income Taxes	86,886				306,408		241,126	363,188
Income tax expense (benefit)	18,973				(11,598)		63,735	(35,528)
Net Income	67,913				318,006		177,391	398,716
Non-controlling interests in income of consolidated subsidiaries	8,032				3,169		7,886	4,255
Redeemable non-controlling interests in income of consolidated subsidiaries	3,590				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	0				0		0	15,611
Dividends on preferred stock	36,098				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 (in dollars per share)	$ 0.04				$ 0.54		$ 0.16	$ 0.61
Diluted (in dollars per share)	$ 0.04				$ 0.53		$ 0.16	$ 0.60
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	558,346,329				530,171,540		557,537,800	527,154,950
Diluted (in shares)	568,262,330				537,347,700		566,316,997	534,011,117
Dividends Declared per Share of Common Stock (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.50
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	$ 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)
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	(392,875)				(155,005)		(597,104)	(488,383)
Servicing revenue, net
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	221,762				419,812		596,821	657,235
Interest income
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	474,595				478,455		936,472	919,715
Gain on originated residential mortgage loans, held-for-sale, net
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	207,006				169,698		415,256	329,487
Asset management revenue
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	142,228				95,008		248,815	182,680
Commercial real estate revenue
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	182,130				0		360,387	0
Other residential-related revenue
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues	$ 54,560				$ 56,621		$ 109,240	$ 109,725

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
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, net	1,254	(7,920)
Change in fair value of secured notes and bonds payable	13,306	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 amortization	186,191	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, net	651,867	508,682
Deferred tax provision	52,355	(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-sale	32,267,859	29,143,670
Interest received from servicer advance investments, RMBS, loans and other	24,413	23,066
Principal repayments and sales proceeds of investments of consolidated entities	437,239	493,817
Loan originations and investment purchases of consolidated entities	(183,980)	(390,045)
Changes in:
Servicer advances receivable	284,316	463,308
Other assets	174,188	116,957
Accrued expenses and other liabilities	(140,347)	(121,677)
Net cash provided by operating activities	274,774	864,187
Cash Flows From Investing Activities
Purchase of servicer advance investments	(332,353)	(350,377)
Purchase of government-backed and other securities	0	(1,478,667)
Proceeds from sale of government-backed and other securities	0	1,291
Purchase of Treasury securities	(24,721)	(49,468)
Treasury sales and Treasury securities payable	0	2,013,706
Reverse repurchase agreements entered and repurchase agreements closed	0	(507,863)
Reverse repurchase agreements closed and repurchase agreements entered	0	503,863
Maturity of Treasury securities	25,000	50,000
Purchase of SFR properties, MSRs and other assets	(226,675)	(190,305)
Purchase of residential transition loans	(14,204)	0
Origination of residential transition loans	(2,586,872)	(1,709,128)
Purchase of consumer loans	(425,081)	0
Draws on revolving consumer loans	(8,585)	(11,669)
Purchase of commercial real estate	(90,616)	0
Purchase of insurance company investments, at fair value	(408,786)	0
Net settlement of derivatives and hedges	(525,559)	(52,075)
Return of investments in Excess MSRs	15,626	22,082
Return of investments in equity method investees	51,615	3,343
Principal repayments from servicer advance investments	346,754	376,142
Principal repayments from government, government-backed and other securities	356,339	361,622
Principal repayments from residential mortgage loans	20,843	22,140
Principal repayments from consumer loans	222,144	198,992
Principal repayments and sales proceeds of residential transition loans	957,870	766,439
Loan originations and investment purchases of consolidated entities	(14,151)	0
Settlement of sale of MSRs and MSR financing receivables	(4,047)	197
Proceeds from sale of REO	20,834	19,032
Net cash provided by (used in) investing activities	(1,973,544)	596,742
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 agreements	18,621,633	31,272,394
Borrowings under warehouse credit facilities	47,696,700	35,362,956
Borrowings under secured notes and bonds payable	3,915,480	3,284,314
Proceeds from issuance of unsecured senior notes	495,000	495,000
Proceeds from issuance of debt obligations of consolidated entities	2,370,082	0
Repayments of debt obligations of consolidated entities	(519,304)	(170,873)
Premiums collected on insurance contract liabilities	190,943	0
Benefits paid, surrenders, and withdrawals on insurance contract liabilities	(31,726)	0
Issuance of common stock	0	107,412
Issuance of preferred stock	242,125	0
Repurchase of preferred stock	0	(50,000)
Net proceeds from issuance of Class A Units of SPAC	0	230,000
Contributions from non-controlling and redeemable non-controlling interests	105,251	49,323
Distributions to non-controlling and redeemable non-controlling interests	(16,038)	(7,058)
Other capital activity	1,022	0
Net cash provided by (used in) financing activities	1,447,943	(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 refunds	6,941	16,582
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock	185,032	160,967
Transfer from residential mortgage loans to REO and other assets	19,369	16,556
Liabilities related to deconsolidated CFEs	857,315	0
Retained interests in CFEs	129,585	59,054
Variable Interest Entity, Not Primary Beneficiary
Cash Flows From Investing Activities
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities	188,748	0
Variable Interest Entity, Primary Beneficiary
Cash Flows From Investing Activities
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities	$ 482,333	$ 607,445

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 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 $5,083,003 and $5,752,169 at fair value, respectively)

^[1]

4,293,492

5,808,960

Consumer loans, at fair value

^[1]

707,111

784,399

Residential transition loans, at fair value

3,832,312

2,699,864

Residential mortgage loans subject to repurchase

4,308,886

3,952,792

Real estate, net

^[1]

6,139,789

6,175,735

Insurance company investments, at fair value

1,119,524

906,454

Cash, cash equivalents and restricted cash

2,538,586

2,789,413

Servicer advances receivable

2,751,593

3,090,613

Other assets

^[1]

5,584,432

5,583,976

Assets of Consolidated Entities

Investments, at fair value and other assets

^[1]

6,912,669

5,789,349

Total Assets

54,108,868

53,063,126

Liabilities

Secured financing agreements

^[1]

13,677,512

13,763,802

Secured notes and bonds payable (includes $134,319 and $143,442 at fair value, respectively)

^[1]

14,363,446

15,203,770

Residential mortgage loan repurchase liability

4,308,886

3,952,792

Unsecured notes, net of issuance costs

1,902,627

1,421,088

Interest sensitive insurance contract liabilities

1,143,797

960,209

Dividends payable

185,032

178,900

Accrued expenses and other liabilities (includes $610,185 and $638,090 at fair value, respectively)

^[1]

3,104,711

3,349,643

Liabilities of Consolidated Entities

Notes payable, at fair value and other liabilities

5,974,137

4,978,212

Total Liabilities

44,660,148

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 capital

7,033,296

6,982,991

Accumulated deficit

(226,449)

(19,945)

Accumulated other comprehensive income

71,516

71,092

Stockholders’ Equity in Rithm Capital Corp.

8,516,862

8,430,487

Non-controlling interests in equity of consolidated subsidiaries

534,552

509,920

Total Stockholders’ Equity

9,051,414

8,940,407

Total Liabilities and Equity

54,108,868

53,063,126

Restricted cash

Assets

Cash, cash equivalents and restricted cash

^[1]

$ 2,454,708

$ 2,656,938

[1]

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.