Rithm Capital Corp.
rithmcap.comWhat Do They Do?
Originates and services residential mortgages, provides related property services, and manages real estate and credit investments for borrowers, mortgage-loan owners and investors.
10-K for FY2025, filed Feb 19, 2026Our investments in residential real estate-related assets include equity interests in operating companies and investments across the…View ↗
Our Asset Management business primarily conducts its asset management activities through Rithm Asset Management LLC (“RAM”). RAM operates…View ↗
Historically, a borrower seeking credit for a home purchase would typically have obtained financing from a financial institution, such as a…View ↗
Servicers generally derive income from contractual servicing fees and ancillary revenue (such as late fees and modification incentives).…View ↗
How Do They Make Money?
Mortgage originations bring in money through loan sales, while servicing earns contractual fees and related charges. Asset management earns periodic management fees and performance-based fees; residential transition lending earns interest over a loan’s life and fees when loans are started or changed.
10-K for FY2025, filed Feb 19, 2026Mortgage originators generally generate revenue from the sale of originated loans to the GSEs, Ginnie Mae or other purchasers and from…View ↗
Servicers generally derive income from contractual servicing fees and ancillary revenue (such as late fees and modification incentives).…View ↗
Asset management revenues are typically derived from management fees and performance-based fees or incentive income. Management fees are…View ↗
Residential transition loans are presented net of construction holdbacks and interest reserves on the consolidated balance sheets. The…View ↗
In addition to interest income, the Company generates loan fee income, including loan origination fees, loan renewal fees and inspection…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
$4.6B
-
10-K for FY2025, filed Feb 19, 2026
$4.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Origination and Servicing
|
68%
FY2022: 90%
|
Origination and Servicing, FY2025
$3.1B Sources
|
|
|
Residential Transitional Lending
Recurring
|
6.6%
FY2022: 3.0%
|
Residential Transitional Lending, FY2025
$301.6M Sources
|
Recurring |
|
Asset management
Recurring
10-K for FY2025, filed Feb 19, 2026 |
15%
FY2022: 0.0%
|
Asset management, FY2025
$698.6M Sources
|
Recurring |
|
Investment Portfolio
|
9.7%
FY2022: 6.9%
|
Investment Portfolio, FY2025
$444.5M Sources
|
|
|
Corporate Category
|
0.2%
FY2022: <0.1%
|
Corporate Category, FY2025
$10.5M Sources
|
Who Are Their Customers?
Borrowers obtain residential mortgages, while mortgage-loan owners use Rithm’s servicing. Real estate investors, developers and other sponsors borrow for transitional property projects; investment vehicles and managed accounts receive asset-management services.
10-K for FY2025, filed Feb 19, 2026Historically, a borrower seeking credit for a home purchase would typically have obtained financing from a financial institution, such as a…View ↗
Servicers generally derive income from contractual servicing fees and ancillary revenue (such as late fees and modification incentives).…View ↗
Residential transition lending refers to business-purpose financing typically provided to residential real estate investors, developers and…View ↗
Our Asset Management business primarily conducts its asset management activities through Rithm Asset Management LLC (“RAM”). RAM operates…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
10-K for FY2025, filed Feb 19, 2026
$697.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$56.3MView ↗
- ▼ −82%
- vs $311.7M in Q2 FY2025
Adds office-property ownership
The older report described a portfolio of mortgage and residential assets; the latest report also says Rithm owns and operates Class A office properties in New York City and San Francisco.
10-K for FY2022, filed Feb 17, 2023 10-K for FY2025, filed Feb 19, 2026Our portfolio is currently composed of mortgage servicing rights, mortgage origination and servicing companies (including ancillary…View ↗
Our Asset Management business primarily conducts its asset management activities through Rithm Asset Management LLC (“RAM”). RAM operates…View ↗
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