Rithm Capital (RITM) Q4 2025 earnings summary

Executive summary

• Ended 2025 with over $100 billion in investable assets, driven by disciplined execution, targeted acquisitions of Crestline and Paramount, and platform expansion across credit, real estate, and multi-strategy investing.

• Achieved record earnings available for distribution (EAD) in 2025, with EAD up 12% year-over-year to $2.35 per diluted share and a 19% EAD return on equity.

• Newrez delivered 13% year-over-year earnings growth, ranked as a top U.S. mortgage servicer and lender, and Genesis Capital saw originations rise to $4.8 billion with significant sponsor growth.

• Significant investments in technology and leadership, including partnerships with Valon and HomeVision, to enhance customer experience and operational efficiency.

• Closed key transactions, expanded client franchise, and maintained solid earnings, positioning for growth in 2026.

Financial highlights

• Full-year 2025 EAD: $2.35 per diluted share, up 12% year-over-year; Q4 2025 EAD: $0.74 per diluted share, 24% return on equity.

• GAAP net income for 2025: $567 million ($1.04 per share); Q4 2025 GAAP net income: $53 million ($0.09 per share).

• Book value per share at year-end: $12.66; ended year with $1.7 billion in cash and liquidity.

• Paid $1.00 per share in common dividends for 2025, totaling over $542 million; cumulative dividends since inception exceed $6 billion.

• 25 consecutive quarters of EAD exceeding common dividends paid; dividend yield at year-end: 9.2%.

Outlook and guidance

• Entering 2026 well-positioned for growth, leveraging scale, diversity, and proprietary insight to capture strategic opportunities.

• Expect origination volumes to rise about 10% in 2026, with supportive macro environment and housing policy tailwinds.

• Continued focus on disciplined growth, technology investment, and expanding asset management and real estate platforms.

• Anticipate further growth in non-agency and asset-based finance (ABF) products.