Rithm Capital reported GAAP net income of $53.1 million for Q4 2025, or $0.09 per diluted common share, compared with $193.7 million, or $0.35 per share, in Q3. Earnings available for distribution (EAD) reached $418.9 million, or $0.74 per share, up from $296.9 million, or $0.54 per share, in the prior quarter. For the full year, GAAP net income totaled $567.2 million, or $1.04 per share, and EAD was approximately $1.28 billion, or $2.35 per share, representing year-over-year increases of 36% and 12%, respectively. The company paid common dividends of $0.25 per share in Q4 and $1.00 per share for the full year, reflecting a 7.8% rise in total dividend outflows to $542.6 million compared with 2024.

Newrez, the firm’s mortgage origination and servicing platform, generated pre-tax operating income of $249.1 million in Q4, excluding mark-to-market adjustments, down from $314.9 million in Q3. Excluding those items, Newrez delivered a 17% annualized operating return on equity (ROE) on $5.9 billion of equity. Full-year pre-tax operating income stood at $1.1 billion, driving a 20% ROE on $5.8 billion of equity. Servicing unpaid principal balance (UPB) rose 1% year-over-year to $852 billion, including $256 billion of third-party UPB, while origination funded volume climbed 15% sequentially to $18.8 billion and 9% year-over-year to $63.3 billion for the year.

Rithm completed three non-qualified mortgage securitizations totaling $1.5 billion UPB in Q4, contributing to a record eight securitizations and $4.0 billion UPB for 2025. Under a forward-flow agreement with Upgrade, Inc., the company acquired $294 million in home improvement loans during the quarter. Genesis Capital, the residential transitional lending platform, originated $1.4 billion in Q4 and $4.8 billion for the year—gains of 17% and 33% year-over-year. Genesis also expanded its sponsor base by 96 new sponsors in the quarter, a 123% increase versus the prior year.

Rithm’s alternative asset management arm, Sculptor Capital, grew to approximately $38 billion of assets under management (AUM) at year end, with gross fundraising inflows of $5.8 billion in 2025, a 16% increase. In Q4, Sculptor closed its Real Estate Fund V with $5.5 billion in commitments. The company completed acquisitions of Crestline Management, adding $18 billion AUM across direct lending and opportunistic credit strategies, and Paramount Group, an owner-operator of Class A office properties in New York and San Francisco, further diversifying its platform.