Jun 2026 (Q2 FY26) — Jul 28, 2026
Rithm Capital Q2 FY26 — Platform Strength Drives Asset Management and Origination Growth
Read the full callRithm Capital (RITM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Rithm Capital earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,282 | +5.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 56.3 | −81.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Newrez full-year funded origination volume growth | Full-year 2026 origination growth of approximately 10% versus 2025's $63 billion | Dec 2025 | This year, we project to originate about $65 billion in mortgage loans. | Revised Down |
| 1301 Avenue of the Americas JV partner closing | Close a third-party JV partnership on the 1301 Avenue of the Americas asset by the end of Q3 2026 | Jun 2026 | We are currently -- we went out with 13016 Avenue, we have an LOI, we're finalizing some documents. We'll likely have a partner on that asset that will probably close by the end of Q3. | New |
9 of Rithm Capital Corp.'s 15 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 13 more targets are in the full ledger.
Claimed
- The company manages north of $60 billion in third-party assets with over 200+ clients and LPs, and now manages over $100 billion in investable assets including its balance sheet.
- The multi-strat fund achieved an 8% net return year-to-date through Q2 FY26.
- Genesis Capital's quarterly origination volume reached $1.9 billion, up from $1.7 billion annually in 2022, delivering a 17% annualized operating ROE.
- Newrez's pretax income (excluding mark-to-market) was $308 million, up 12% quarter-over-quarter, delivering a 22% ROE.
- Elecor Properties executed leases on over 681,000 square feet year-to-date, with initial rents 21.4% higher than 2025 transactions.
Qualified
- The common stock dividend yield of 10.6% is considered too high by management, indicating a potential disconnect with market valuation.
- MSR pricing is described as 'fairly negatively convexed', implying less room for error despite offering upper single-digit unlevered returns.
- Market competition continues to pressure gain on sale margins in the mortgage origination business.
Price
$8.71 +4.31% · +$0.36
Performance −20.2% 1Y
1Y: $10.91 on 14 Oct 2025 → $8.71. High $12.06 (27 Jan 2026), low $8.35 (14 Oct 2026).
- Previous close
- $8.35
- 52-week range
- $8.35 – $12.06
- One year
- −20.24%
Overview
- Symbol
- RITM
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Newrez full-year funded origination volume growth | Full-year 2026 origination growth of approximately 10% versus 2025's $63 billion | Dec 2025 | This year, we project to originate about $65 billion in mortgage loans. | Revised Down |
| 1301 Avenue of the Americas JV partner closing | Close a third-party JV partnership on the 1301 Avenue of the Americas asset by the end of Q3 2026 | Jun 2026 | We are currently -- we went out with 13016 Avenue, we have an LOI, we're finalizing some documents. We'll likely have a partner on that asset that will probably close by the end of Q3. | New |
Claimed
- The company manages north of $60 billion in third-party assets with over 200+ clients and LPs, and now manages over $100 billion in investable assets including its balance sheet.
- The multi-strat fund achieved an 8% net return year-to-date through Q2 FY26.
- Genesis Capital's quarterly origination volume reached $1.9 billion, up from $1.7 billion annually in 2022, delivering a 17% annualized operating ROE.
- Newrez's pretax income (excluding mark-to-market) was $308 million, up 12% quarter-over-quarter, delivering a 22% ROE.
- Elecor Properties executed leases on over 681,000 square feet year-to-date, with initial rents 21.4% higher than 2025 transactions.
Qualified
- The common stock dividend yield of 10.6% is considered too high by management, indicating a potential disconnect with market valuation.
- MSR pricing is described as 'fairly negatively convexed', implying less room for error despite offering upper single-digit unlevered returns.
- Market competition continues to pressure gain on sale margins in the mortgage origination business.
The full ledger
Open Rithm Capital Corp.’s full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Rithm Capital Q1 FY26 — Strong Performance Across Diversified Businesses
Read the full callEvery analysed call
Rithm Capital earnings calls (RITM)
Financials
What the filings say
Net profit, year on year: −82% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 999 | 2,096 | 977 | 1,217 | 1,106 | 1,291 | 1,380 | 1,282 |
| Profit before tax | 45 | 493 | 57 | 306 | 237 | 206 | 154 | 87 |
| Tax rate | −173.7% | 40.7% | −42.1% | −3.8% | 3.4% | 56.1% | 29.0% | 21.8% |
| Net profit | 122 | 290 | 79 | 312 | 222 | 85 | 103 | 56 |
| EPS ($ per share) | 0.20 | — | 0.07 | 0.54 | 0.36 | — | 0.12 | 0.04 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 6 |
| Reserves | 831 | 550 | -1,109 | -813 | -419 | -373 | -47 | -20 |
| Total liabilities | 25,603 | 37,627 | 27,822 | 33,073 | 27,576 | 32,616 | 38,163 | 43,808 |
| Fixed assets | 11 | 18 | 27 | 57 | 38 | 40 | 70 | 83 |
| Total assets | 31,691 | 44,863 | 33,252 | 39,742 | 34,587 | 39,717 | 46,049 | 53,063 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -1,229 | -1,598 | 1,874 | 3,435 | 5,753 | 694 | -2,185 | -1,292 |
| Cash from investing | -5,171 | -10,973 | 8,628 | 2,184 | 133 | 217 | -2,425 | 2,671 |
| Cash from financing | 6,369 | 12,847 | -10,112 | -5,162 | -5,818 | -843 | 4,831 | -508 |
| Net cash flow | -31 | 276 | 390 | 456 | 68 | 68 | 221 | 872 |
RITM revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Origination and Servicing | — | 116% | 65% | 76% | 76% | 58% | 60% | 55% | -23.9% |
| Commercial Real Estate | — | — | — | — | — | — | 13% | 15% | — |
| Asset Management | — | 13% | 13% | 8% | 9% | 27% | 10% | 13% | +64.1% |
| Investment Portfolio | — | -32% | 14% | 9% | 8% | 9% | 10% | 9% | +6.4% |
| Residential Transitional Lending | — | — | 9% | 6% | 7% | 5% | 6% | 8% | +37.4% |
| Corporate | 0% | 0% | <1% | <1% | <1% | <1% | <1% | <1% | -13.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
RITM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Properties Elicor | 10Elior's portfolio consists of 10 core assets totaling 9.9 million square feet.Source: earnings call transcript | 10Our portfolio consists of 10 core assets totaling 9.9 million square feet, approximately 7 million square feet of which are in New York and the balance in San Francisco.Source: earnings call transcript | 0% |
| Square feet Elicor | 9.9M sq ftElior's portfolio consists of 10 core assets totaling 9.9 million square feet.Source: earnings call transcript | 9.9M sq ftOur portfolio consists of 10 core assets totaling 9.9 million square feet, approximately 7 million square feet of which are in New York and the balance in San Francisco.Source: earnings call transcript | 0% |
| Leased rate Elicor | 85.7%The core portfolio is currently 85.7% leased at share with an average in-place rent of $90 per square foot at share and a weighted average lease term of 8.4 years at share.Source: earnings call transcript | 86.5%The core portfolio is currently 86.5% leased with an average in-place rent of $90 per square foot and a weighted average lease term of 8.3 years.Source: earnings call transcript | +0.8 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
23 filings between Oct 31, 2025 and Aug 20, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$4.52M
6 sales by 4 insiders
17% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 13
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 2
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nierenberg Michael | — | $3.32M | Nov 5, 2025 |
| Saltzman David | — | $748.3K | May 20, 2026 |
| Zeiden David | — | $307.3K | Feb 27, 2026 |
| Hebard Peggy Hwan | — | $147.7K | Aug 20, 2026 |
Latest filings (41)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 20, 2026 | Hebard Peggy Hwan Director | Sale | 14,520 | $147.7K |
| May 26, 2026 | Kripalani Ranjit M Director | Award | 16,739 | $0 |
| May 26, 2026 | Finnerty Kevin J Director | Award | 16,739 | $0 |
| May 26, 2026 | Saltzman David Director | Award | 17,279 | $0 |
| May 26, 2026 | Addas William Dean Director | Award | 16,199 | $0 |
| May 26, 2026 | Hebard Peggy Hwan Director | Award | 17,279 | $0 |
| May 26, 2026 | Le Melle Patrice M Director | Award | 16,199 | $0 |
| May 20, 2026 | Saltzman David Director | Sale | 14,174 | $130.3K |
| May 20, 2026 | Saltzman David Director | Sale | 66,748 | $618.1K |
| Feb 27, 2026 | Zeiden David Chief Legal Officer | Option exercise 10b5-1 plan | 9,217 | $0 |
| Feb 27, 2026 | Zeiden David Chief Legal Officer | Sale 10b5-1 plan | 9,217 | $93.2K |
| Feb 21, 2026 | SANTORO NICOLA JR Chief Financial Officer | Tax withheld | 100,886 | $1.05M |
| Feb 21, 2026 | Nierenberg Michael Chief Executive Officer | Tax withheld | 771,688 | $8.06M |
| Jan 30, 2026 | SANTORO NICOLA JR Chief Financial Officer | Award | 4,156 | $0 |
| Jan 30, 2026 | Nierenberg Michael Chief Executive Officer | Award | 29,098 | $0 |
| Jan 20, 2026 | SANTORO NICOLA JR Chief Financial Officer | Award | 169,885 | $0 |
| Jan 20, 2026 | Nierenberg Michael Chief Executive Officer | Award | 1,189,241 | $0 |
| Jan 6, 2026 | Addas William Dean Director | Award | 11,486 | $0 |
| Nov 14, 2025 | Zeiden David Chief Legal Officer | Option exercise | 19,285 | $0 |
| Nov 14, 2025 | Zeiden David Chief Legal Officer | Sale | 19,285 | $214.2K |
| Nov 5, 2025 | Nierenberg Michael Chief Executive Officer | Sale | 301,548 | $3.32M |
| Oct 31, 2025 | SANTORO NICOLA JR Chief Financial Officer | Award | 629 | $0 |
| Oct 31, 2025 | Nierenberg Michael Chief Executive Officer | Award | 4,408 | $0 |
| Jul 31, 2025 | SANTORO NICOLA JR Chief Financial Officer | Award | 556 | $0 |
| Jul 31, 2025 | Nierenberg Michael Chief Executive Officer | Award | 3,897 | $0 |
| Jun 17, 2025 | Nierenberg Michael Chief Executive Officer | Tax withheld | 106,546 | $1.20M |
| May 23, 2025 | Kripalani Ranjit M Director | Award | 13,927 | $0 |
| May 23, 2025 | Finnerty Kevin J Director | Award | 13,927 | $0 |
| May 23, 2025 | Saltzman David Director | Award | 14,376 | $0 |
| May 23, 2025 | Addas William Dean Director | Award | 13,478 | $0 |
| May 23, 2025 | Hebard Peggy Hwan Director | Award | 14,376 | $0 |
| May 23, 2025 | Le Melle Patrice M Director | Award | 13,478 | $0 |
| Apr 30, 2025 | SANTORO NICOLA JR Chief Financial Officer | Award | 595 | $0 |
| Apr 30, 2025 | Nierenberg Michael Chief Executive Officer | Award | 4,168 | $0 |
| Feb 21, 2025 | SANTORO NICOLA JR Chief Financial Officer | Tax withheld | 10,109 | $120.2K |
| Feb 21, 2025 | Nierenberg Michael Chief Executive Officer | Tax withheld | 90,304 | $1.07M |
| Jan 31, 2025 | SANTORO NICOLA JR Chief Financial Officer | Award | 1,128 | $0 |
| Jan 31, 2025 | Nierenberg Michael Chief Executive Officer | Award | 7,896 | $0 |
| Jan 3, 2025 | Addas William Dean Director | Award | 3,827 | $0 |
| Nov 1, 2024 | SANTORO NICOLA JR Chief Financial Officer | Award | 1,210 | $0 |
| Nov 1, 2024 | Nierenberg Michael Chief Executive Officer | Award | 8,470 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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