For the quarter ended December 31, 2025, Rithm Capital reported GAAP net income of $53.1 million, or $0.09 per diluted share, and non-GAAP earnings available for distribution (EAD) of $418.9 million, equivalent to $0.74 per share. These figures exceeded consensus forecasts by over 30% on a per-share EAD basis. The company funded a common dividend of $139.0 million, representing $0.25 per share, marking the tenth consecutive quarterly payout at this level. Compared to the year-ago quarter, EAD rose 23% and GAAP net income improved by 18%, underscoring continued operational leverage despite interest rate volatility.

For the full year 2025, Rithm generated GAAP net income of $567.2 million, or $1.04 per diluted share, alongside EAD of approximately $1.28 billion, or $2.35 per share. The company maintained a $1.00 per-share annual dividend, totaling $542.6 million in distributions, and achieved a 19% economic asset-based (EAD) return on equity. These results reflect the successful integration of the Crestline and Paramount acquisitions completed in December, which added complementary credit and real estate capabilities and contributed to Rithm’s surpassing $100 billion in investable assets by year end.

Rithm’s mortgage origination and servicing platform, Newrez, delivered pre-tax operating income of $249.1 million in Q4, excluding mark-to-market adjustments, and generated a 17% annualized operating return on equity based on $5.9 billion of equity. Servicing unpaid principal balance reached $852 billion at year end, up 1% year-over-year, while origination funded production rose 15% sequentially to $18.8 billion. For the year, Newrez’s operating income climbed to $1.1 billion, producing a 20% operating ROE and underscoring the resilience of its multi-channel distribution model in a rising-rate environment.

Rithm’s alternative asset management segment expanded to $38 billion of assets under management at December 31, 2025, fueled by $5.8 billion of gross fundraising inflows—a 16% increase over 2024. Sculptor Capital closed its largest real estate fund in its series with $5.5 billion in commitments. Meanwhile, the residential transitional lending platform, Genesis Capital, originated $1.4 billion in Q4 and $4.8 billion for the year, up 17% and 33% respectively versus 2024. Genesis also grew its sponsor base by 123% year-over-year in the quarter, laying the groundwork for continued fee income growth in 2026.