Rithm Capital

What Rithm Capital does

Rithm Capital is a publicly traded alternative asset manager (NYSE: RITM) headquartered in New York, operating a vertically integrated platform that spans the full real estate and lending lifecycle. As of Q1 2026, the firm managed approximately $59 billion in third-party AUM and held a $53 billion balance sheet, with total investable assets exceeding $100 billion following the acquisitions of Sculptor Capital Management (Nov 2023), Crestline Management (Dec 2025), and Paramount Group (Dec 2025, rebranded Elecor Properties). Its operating subsidiaries include NewRez — the #5 US mortgage originator and #3 servicer with a $864 billion servicing portfolio covering 4 million+ homeowners — Genesis Capital (residential transitional lending), Sculptor Capital Management ($34 billion AUM multi-strategy alternatives), Crestline ($17 billion AUM private credit, insurance, and reinsurance), and Elecor Properties (13.1 million+ square feet of Class A office across NYC and San Francisco).

Name

Rithm Capital

Legal name

Rithm Capital Corp.

Website

https://rithmcap.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

Rithm Capital (NYSE: RITM) is a New York-based alternative asset manager focused on real estate and financial services, operating a vertically integrated platform spanning mortgage origination and servicing, residential transitional lending, private credit, commercial real estate, and asset-based finance with $100B+ in total investable assets.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Nonresidential Property Managers (531312), Funds, Trusts, and Other Financial Vehicles (525), Lessors of Other Real Estate Property (53119)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189), Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industries

Investment Management Advisory (RIA) (FSAEAAAB), Real Estate Debt & Mortgage Strategies (FSAAAKAC), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Alternative asset management
• Mortgage origination
• Mortgage servicing
• Residential transitional lending
• Commercial real estate

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income / Mortgage Servicing Rights: Net interest income from the company's $53B balance sheet, including MSR portfolio generating fee income from servicing activities and fair value changes in MSR investments. MSR portfolio of approximately $10.9 billion benefits from higher-for-longer interest rate environment.
2. Asset Management Fees: Fee-based earnings from managing third-party capital across Sculptor ($34B AUM), Crestline ($17B AUM), and affiliated investment managers. Asset management revenues reached $143.7M in Q1 2026, up 48% year-over-year, growing to $359.5M in Q4 2025 (up 323.6%). Total AUM approximately $59B as of Q1 2026.
3. Mortgage Origination and Servicing (Newrez): Newrez, the largest earnings driver for Rithm, generates revenue through mortgage loan originations ($16B funded volume in Q2 2025, $5.7B in Q1 2026) and mortgage servicing. Pre-tax operating income of $273.7M in Q1 2026, up from $249.1M in Q4 2025. Genesis Capital platform posts 80% year-over-year origination growth.
4. Real Assets / Commercial Real Estate (Elecor Properties): Revenue from commercial real estate operations through Elecor Properties (formerly Paramount Group), owning Class A office properties in New York City and San Francisco totaling 13.1 million+ square feet across 13 owned and 4 managed assets. Approximately $250M in capital improvements planned.
5. Securitization and Structured Credit: Revenue from sponsoring and structuring RMBS and other structured credit transactions. Record $4.0B in non-QM securitizations in 2025. KBRA rates periodic non-prime RMBS transactions including NRMLT 2026-NQM7 ($483.8M), NRMLT 2026-NQM6 ($490.1M), NRMLT 2026-NQM5 ($471.1M).
6. Preferred Stock Dividends: Six series of preferred stock (Series A through F) with floating or fixed rates between 8.75% and 9.72%, providing fixed-cost capital to the company while offering income to preferred shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Rithm Capital is a global alternative asset manager that owns and actively manages a vertically integrated ecosystem of operating companies across the real estate and lending lifecycle. The platform includes NewRez (a top-5 US mortgage originator and top-3 US servicer managing 4+ million homeowners), Genesis Capital (residential transitional lending), Sculptor Capital Management and Crestline Management (alternative asset management firms with $51B combined AUM), Elecor Properties (Class A office portfolio), and Adoor (single-family rental operations). Revenue is generated through net interest income from a $53B balance sheet, mortgage servicing rights, asset management fees, mortgage origination fees, securitization transactions, and commercial real estate operations.

Product overview

Rithm Capital operates as a global alternative asset manager with a diversified ecosystem of operating companies across the real estate and lending lifecycle. The platform is built around three core pillars: (1) Mortgage Origination and Servicing through NewRez (ranked #5 U.S. originator, #3 U.S. servicer), (2) Residential Transitional Lending through Genesis Capital, and (3) Alternative Asset Management through acquired firms Sculptor Capital Management and Crestline Management. Additional operating companies include Adoor (single-family rental), Shellpoint and Specialized Loan Servicing (mortgage servicing), and Elecor Properties (commercial real estate, formerly Paramount Group). The platform has securitized over $63 billion across various asset classes and is expanding into AI-powered products including the Rezi Mortgage Assistant (ChatGPT), HomeVision AI underwriting, and ValonOS servicing automation. Total assets under management reached approximately $59 billion as of Q1 2026, with total investable assets exceeding $100 billion.

Differentiator

Problem solved

Functional benefit

Brands

• NewRez: Multichannel mortgage lender and servicer, #5 US mortgage originator and #3 US mortgage servicer
• Genesis Capital
• Sculptor
• Crestline
• Elecor Properties
• Adoor
• HomeVision
• ValonOS
• Rezi

Products and services

• NewRez Mortgage Origination and Servicing Multichannel mortgage lender and servicer that is Rithm's flagship mortgage origination and servicing platform. It offers mortgage loans across various channels (retail, wholesale/correspondent) and services over 4 million homeowners. Ranked #5 among U.S. mortgage originators and #3 among U.S. mortgage servicers. Generates $273.7 million in pre-tax operating income (Q1 2026).
• Genesis Capital Residential Transitional Lending Residential transitional lending platform providing loans to borrowers for renovation, repositioning, or bridge financing. Achieved record $1.25 billion in RTL production and 80% year-over-year origination growth in Q1 2026, supporting the broader asset-based finance strategy.
• Sculptor Capital Management Alternative asset manager managing approximately $37 billion in assets under management. Sculptor provides multi-strategy investment capabilities across credit, real estate, and other alternative strategies, enhancing Rithm's diversified asset management platform.
• Crestline Management Private credit manager with approximately $17 billion in assets under management. Crestline extends Rithm's capabilities across direct lending, insurance, and reinsurance sectors, contributing to the platform's expansion past $100 billion in total investable assets.
• Elecor Properties Rebranded commercial real estate operating platform (formerly Paramount Group). Owns and operates Class A office properties in New York City and San Francisco, totaling over 13.1 million square feet across 13 owned and 4 managed assets. Approximately $250 million in capital improvements are planned across the trophy office portfolio.
• Adoor Single-Family Rental Platform Single-family rental operating platform that manages residential rental properties. Adoor represents Rithm's expansion into the growing build-to-rent and single-family rental market, reflecting higher renter income profiles and extended tenant tenures compared to multifamily.
• Rithm Property Trust (RPT) Publicly traded REIT externally managed by Rithm Capital, focused on commercial real estate investments including CMBS, commercial real property, and mortgage loans. Undergoing strategic repositioning and trading at a significant discount to book value.
• Rezi Mortgage Assistant AI-powered consumer-facing mortgage guide deployed directly in ChatGPT, making NewRez the first major mortgage lender to offer an AI chatbot in the AI platform. Provides instant, lender-specific answers grounded in NewRez's actual underwriting guidelines and lending policies, available for free to prospective borrowers.

Quantifiable outcome

• Assets under management grew from $35 billion to approximately $59 billion year-over-year as of Q1 2026, driven by acquisitions of Sculptor ($34B AUM) and Crestline ($17B AUM)
• +7 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Fortress Investment Group, Benefit Street Partners, Goldman Sachs, BlackRock (Non-Traded Mortgage REITs Competitors/Peers)minorOthers · 18 May 2026Major Wall Street firms including Fortress, Benefit Street Partners, Goldman Sachs, and BlackRock have launched non-traded mortgage REITs to capitalize on demand for private credit in real estate. Rithm Capital has similarly entered this space. These firms represent both competitive peers and potential partners in a broader ecosystem of private credit capital allocation.
• Fannie Mae, Freddie Mac, Federal Housing AdministrationcoreOthers · 30 April 2026NewRez is testing VantageScore 4.0 as an alternative credit scoring model to Classic FICO at government-sponsored enterprises Fannie Mae and Freddie Mac, as well as the Federal Housing Administration. NewRez completed a $10 million test loan sale to Freddie Mac using the new scoring model as part of industry-wide modernization efforts to lower credit scoring costs and expand borrower access. Coalition of 21 major lenders working to expand the practice.
• Valon TechnologiescoreTechnology or Integration · 2 February 2026Rithm Capital deepened its strategic partnership with Valon Technologies to deploy Valon's AI-native platform (ValonOS) across NewRez's portfolio of more than 4 million homeowners. The transition is expected to begin in 2027, with the companies positioning this as a move to modernize the $13 trillion mortgage servicing industry through improved customer experience and reduced servicing costs. Rithm Capital is an early investor in Valon, and this represents validation of Valon's technology at scale in a highly regulated industry. The expanded partnership builds on an existing relationship.
• Wells FargominorChannel Partner/ Reseller/ Distributor · 30 October 2025NewRez, subsidiary of Rithm Capital, announced a partnership with Wells Fargo involving the purchase of a PLS (mortgage servicing) portfolio. The transaction expands NewRez's servicing footprint and further integrates Wells Fargo as a distribution partner for Rithm's servicing assets.
• HomeVisioncoreTechnology or Integration · 30 September 2025NewRez LLC, a Rithm Capital subsidiary, made a strategic investment in HomeVision to develop an AI-powered mortgage underwriting platform covering all underwriting components including collateral, income, assets, and credit. The partnership aims to create an end-to-end underwriting platform that could reduce origination costs and improve processing times. HomeVision's existing MIRA technology has reportedly doubled operational efficiency in collateral underwriting. NewRez expects to begin implementing the expanded technology as early as 2026, with financial terms not disclosed.
• Paramount Group Inc. (now Elecor Properties)coreStrategic or Co-development Partner · 19 September 2025Rithm Capital agreed to acquire Paramount Group Inc. for approximately $1.6 billion in cash ($6.60 per share), completed December 19, 2025. Paramount owns Class A office properties in NYC and San Francisco totaling 13.1 million square feet across 17 assets. The acquisition enhances Rithm's diversified asset management platform and extends its commercial real estate footprint. Paramount was rebranded as Elecor Properties, with approximately $250 million in capital improvements planned across the trophy office portfolio.
• Crestline InvestorscoreStrategic or Co-development Partner · 5 September 2025Rithm Capital announced the acquisition of Crestline Management, a firm with approximately $17 billion in assets under management. The acquisition, completed December 1, 2025, expands Rithm's capabilities across multiple asset classes including direct lending, insurance, and reinsurance, increasing total investable assets to $98 billion pre-close and over $100 billion post-close. Crestline operates as a subsidiary under the Rithm umbrella, continuing with its existing leadership.
• Sculptor Capital ManagementcoreStrategic or Co-development Partner · 24 July 2023Rithm Capital acquired Sculptor Capital Management in a transaction valued at approximately $639 million (later revised to approximately $719.8 million at close), with cash considerations of $11.15 per Sculptor share. The deal closed November 17, 2023, resulting in Sculptor's delisting from NYSE. Sculptor operates as a subsidiary with existing leadership intact, managing $34 billion AUM across multi-strategy alternative investments. The merger aims to expand Rithm's capabilities in alternative asset management, creating a diversified platform across real estate, credit, and multi-strategy investments.

Scale indicators17 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Annaly Capital Management: Largest US mortgage REIT with a multi-channel strategy spanning agency MBS, private credit, and MSR investments. Directly comparable to Rithm's mortgage REIT roots and MSR-heavy balance-sheet strategy.
• AGNC Investment: Pure-play agency mortgage REIT that, like Rithm's NewRez/MSR platform, derives earnings from mortgage credit, spread, and prepayment dynamics across agency MBS and hedging programs.
• Starwood Property Trust: Diversified mortgage and real estate finance REIT managed by Starwood Capital, with overlapping exposure to residential transition lending, CRE lending, and securitization analogous to Rithm's Genesis and NewRez franchises.
• Blackstone Mortgage Trust: CRE-focused mortgage REIT externally managed by Blackstone, with comparable senior loan origination, CRE CLO execution, and asset-based finance capabilities to Rithm's commercial credit operations.
• Ares Management: Large alternative asset manager with material US direct lending, CRE debt, and asset-based finance franchises that overlap Rithm's Crestline and Sculptor platforms, alongside similar institutional distribution to insurance and pension capital.
• Two Harbors Investment: Mortgage REIT with an active MSR portfolio and non-QM securitization program (Roundpoint), directly comparable to Rithm's MSR strategy and NRMLT non-QM securitization franchise.
• Pretium Partners: Major residential transition lender and single-family rental operator, directly comparable to Rithm's Genesis Capital RTL franchise and Adoor single-family rental platform.
• Chimera Investment Corporation: Mortgage REIT focused on RMBS, non-QM securitization, and MSR investing, with an investment mandate and capital structure that closely parallels Rithm's structured credit and MSR strategies.

Broad incumbents

• Apollo Global Management: Large incumbent alternative asset manager with overlapping real estate credit, asset-based finance, and structured credit capabilities (including Athene), serving as a broader comp for Rithm's diversified alt AM ambitions.
• KKR: Diversified alternative asset manager with significant real estate credit, private credit, and asset-based finance operations, providing a broad-scale comp for Rithm's integrated investment platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rithm-capital-corp
• Xx.com/newresidential

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds11 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rithm Capital