• Blackstone for residential mortgages and real estate assets.
• An Apollo Global Management focused on financial services and real estate.

• Mortgage Origination and Servicing: Rithm Capital originates and services residential mortgage loans through its subsidiaries, managing the entire loan lifecycle from application to payment collection.
• Mortgage-Related Investments: The company invests in a diverse portfolio of mortgage-related assets, including Agency mortgage-backed securities (MBS) and mortgage servicing rights (MSRs).
• Real Estate Investments: Rithm Capital makes direct equity investments in various real estate assets, such as single-family rental properties and commercial properties.
• Asset Management: Rithm Capital provides asset management services, managing capital for its own balance sheet and third-party institutional clients across various strategies.
• Consumer and Commercial Finance: The company extends credit and lending solutions to consumers and businesses through its commercial finance platforms.

Rithm Capital Corp. (RITM) is a diversified financial services company primarily focused on real estate and credit. While Rithm Capital itself operates as a real estate investment trust (REIT) and asset manager, it owns and operates several companies, including significant mortgage origination and servicing platforms (such as NewRez and Caliber Home Loans) and a global alternative asset manager (Sculptor Capital Management). Through these operating companies, Rithm Capital primarily serves individuals and institutional clients.

The company serves the following categories of customers:

• Residential Mortgage Borrowers (New Originations): Individuals who are seeking to obtain new residential mortgages for home purchases or refinancing existing loans. Rithm's wholly-owned mortgage lending platforms, like NewRez and Caliber Home Loans, originate a substantial volume of these loans directly to consumers.
• Residential Mortgage Borrowers (Mortgage Servicing): Homeowners whose existing residential mortgages are managed and serviced by Rithm's platforms. These customers make their regular mortgage payments to and interact with Rithm's servicing operations for various mortgage-related needs and inquiries.
• Institutional Investors and High-Net-Worth Individuals: Clients of Sculptor Capital Management, a global alternative asset manager owned by Rithm. These clients invest in various strategies managed by Sculptor, including credit, real estate, and multi-strategy funds, seeking professional investment management services.

• Intercontinental Exchange (ICE)
• Fidelity National Financial (FNF)
• First American Financial Corporation (FAF)

Michael Nierenberg, Chief Executive Officer, Chairman of the Board, and President

Mr. Nierenberg has served as the Chief Executive Officer and President of Rithm Capital since November 2013 and as Chairman of the Board since May 2016. Prior to joining Rithm Capital, he was the Managing Director and Head of Global Mortgages and Securitized Products at Bank of America Merrill Lynch. He also held senior leadership positions at J.P. Morgan, where he was head of Global Securitized Products and a member of the management committee of the investment bank. Earlier in his career, he spent fourteen years at Bear Stearns, including as Head of Interest Rate and Foreign Exchange Trading operations, Co-Head of Structured Products, and Co-Head of Mortgage-Backed Securities Trading, and was a member of their Board of Directors from 2006 to 2008. He also spent seven years at Lehman Brothers, where he was instrumental in building their adjustable-rate mortgage business. Rithm Capital, originally New Residential Investment Corp., was founded in 2013 as an affiliate of Fortress Investment Group, a private equity firm, and Mr. Nierenberg was hired to lead it.

Nick Santoro, Chief Financial Officer and Chief Accounting Officer

Mr. Santoro has served as Chief Financial Officer, Chief Accounting Officer, and Treasurer of Rithm Capital since 2015. Before joining Rithm Capital, he was employed by FXCM, Inc. from 2012 to September 2015, where he served as Chief Accounting Officer. In this role, he was responsible for directing financial reporting, accounting, tax, and financial planning activities. From 2005 to 2012, Mr. Santoro worked at Financial Guaranty Insurance Company, serving as principal financial officer from November 2008. He is a Certified Public Accountant.

David Zeiden, Chief Legal Officer

Mr. Zeiden was appointed Chief Legal Officer for Rithm Capital on April 30, 2024. He previously served as Executive Managing Director, Chief Compliance Officer, and Chief Regulatory Counsel for Sculptor Capital Management, Inc. Prior to joining Sculptor Capital in 2007, Mr. Zeiden spent nearly a decade in private practice within the Corporate Departments at law firms Paul Weiss and Debevoise & Plimpton.

Varun Wadhawan, Managing Director, Corporate Strategy and M&A

Mr. Wadhawan has worked for Rithm Capital since 2016, initially as a Managing Director in the Private Equity division of Fortress Investment Group, the company's former external manager. At Rithm Capital, he leads Corporate Strategy and Mergers & Acquisitions, and has been instrumental in driving the investment and acquisition of various operating businesses. Before joining Rithm Capital, Mr. Wadhawan spent 10 years at Bank of America Merrill Lynch in the Financial Institutions Investment Banking Group, where he executed numerous M&A and capital raising transactions. He also worked at American Express and KPMG. Mr. Wadhawan is also the Chief Financial Officer of Rithm Acquisition Corp.

Charles Sorrentino, Managing Director, Head of Investments

Mr. Sorrentino has worked for Rithm Capital since 2015, initially as a Managing Director in the Private Equity division of Fortress Investment Group, the company's former external manager. At Rithm Capital, he serves as Head of Investments and is responsible for managing all assets under management. Mr. Sorrentino has over 20 years of experience in capital markets, having spent 14 years at Bank of America Merrill Lynch in various senior leadership roles. Prior to Bank of America Merrill Lynch, he worked at Prudential Securities.

Growing legislative and regulatory scrutiny and pushback against institutional ownership of single-family rental homes. This emerging trend, driven by concerns over housing affordability and market access for individual homebuyers, is leading to proposals at municipal and state levels for stricter regulations, higher taxes on corporate landlords, limits on institutional home acquisitions, or even forced divestment, directly impacting Rithm Capital's substantial investments in and operations of residential rental properties.

Rithm Capital (RITM) operates across several key segments within the real estate and financial services industries. The addressable markets for its main products and services are primarily in the U.S. for mortgage-related activities and more broadly global for its asset management functions.

Mortgage Origination and Servicing

Rithm Capital, through its subsidiary Newrez LLC, is a significant player in the U.S. mortgage market. As of Q1 2025, Newrez was ranked as the third-largest mortgage servicer and the fifth-largest mortgage originator in the U.S.. The company's servicing portfolio reached approximately $850 billion in unpaid principal balance. While specific current addressable market sizes for U.S. mortgage origination and servicing in dollar figures were not found, the market is substantial, representing the entirety of residential mortgages in the United States.

Real Estate Investments

Rithm Capital invests in a diverse portfolio of real estate assets. This includes residential real estate loans (Agency, Non-Agency, Non-QM, and Scratch & Dent), mortgage servicing rights (MSRs), residential transitional loans (construction, bridge, and fix-and-flip loans through Genesis Capital LLC), commercial real estate, and single-family rental properties. The company recently made a $1.6 billion investment in commercial office real estate in New York City and San Francisco. While a singular addressable market size for all of Rithm's varied real estate investments was not identified, the U.S. real estate market is multi-trillion dollar, encompassing residential and commercial sectors. For example, the total value of owner-occupied housing in the U.S. was estimated at $37.4 trillion in Q1 2023.

Asset Management

Rithm Capital is a global asset manager, with Sculptor Capital Management, Inc. as a wholly-owned subsidiary. Through its asset management segment, Rithm offers investment products across credit, real estate, and multi-strategy platforms, including private credit and asset-based finance. As of Q3 2025, Rithm's total Assets Under Management (AUM) reached $37 billion. The global alternative asset management market, which includes strategies like those employed by Sculptor Capital Management (credit, real estate, multi-strategy), is a significant and growing market. The global assets under management (AUM) in the alternative investment industry were projected to reach $18.3 trillion by 2027.

Consumer Loans

Rithm Capital also includes consumer loans in its investment portfolio. While a specific addressable market size for their consumer loan investments was not detailed in the provided search results, the U.S. consumer lending market is vast. The total outstanding consumer credit in the U.S. was reported to be $5.06 trillion in September 2023.

1. Diversification and Strategic Acquisitions: Rithm Capital is actively expanding its business lines beyond traditional mortgages through strategic acquisitions and diversification into new asset classes. This includes ventures into credit management, real estate equity, private capital, and direct lending, which are expected to reduce earnings volatility and enhance overall revenue. For example, the company recently announced acquisitions of Crestline and Paramount.

2. Growth in Mortgage Originations and Servicing: The company continues to focus on growing its mortgage origination businesses, specifically highlighting significant gains in recapture and non-agency originations. Expansion of its client base within the mortgage sector is also a key growth strategy. Its servicing portfolio has also been expanding.

3. Technology Investments and AI-driven Efficiencies: Rithm Capital is investing in advanced technology, notably its "ReziAI stack" and other AI-driven process improvements. These investments aim to unlock cost efficiencies and enhance net margins, thereby contributing to increased profitability and revenue growth.

4. Expansion of the Asset Management Platform: The company is focused on expanding its asset management platform, evidenced by strategic moves like establishing new Separately Managed Accounts (SMAs) with institutional investors. This growth in assets under management contributes directly to revenue.

Share Repurchases

• Rithm Capital authorized new stock repurchase programs of up to $200 million for common stock and up to $100 million for preferred stock, valid through December 31, 2025, replacing previous programs.
• Prior to that, the company had authorized share buyback programs of up to $200 million for common shares and up to $100 million for preferred shares through December 31, 2023.
• Between July 1, 2025, and September 30, 2025, Rithm Capital repurchased $0 worth of shares under its 2025 buyback plan.

Share Issuance

• Rithm Capital's shares outstanding increased to 0.5 billion in 2024, a 3.28% rise from 2023.
• Basic shares outstanding for the quarter ending June 30, 2025, were 0.530 billion, marking an 8.93% increase year-over-year.
• The net total equity issued/repurchased for the twelve months ending June 30, 2025, was $1.394 billion, a 1913.33% increase year-over-year.

Inbound Investments

• Virginia Retirement Systems ET Al acquired 2,208,833 shares of Rithm Capital for approximately $24.94 million in the first quarter of 2025.
• Cambridge Investment Research Advisors Inc. increased its stake in Rithm Capital by 1.1% in Q1 2025, holding 257,992 shares valued at $2,954,000.
• In July 2025, Rithm Capital established a strategic partnership with a large institutional investor to fund the acquisition of up to $500 million in residential transitional loans, with a potential to increase to $1.5 billion.

Outbound Investments

• Rithm Capital has completed 5 acquisitions, with two each in 2023 and 2021, focusing on sectors like consumer and SME loans, and asset management.
• Notable acquisitions include Computershare Loan Services in October 2023 and Sculptor Capital Management for $720 million in July 2023.
• The company announced pending acquisitions of Crestline and Paramount to expand its service offerings, asset management capabilities, and commercial real estate expertise.
• Rithm Capital also entered into a forward flow agreement with Upgrade, Inc. to acquire $1 billion in home improvement loans, with $234 million acquired in Q3 2025 and an additional $150 million post-quarter end.

Capital Expenditures

• Rithm Capital's annual capital expenditures were $458.236 million in 2024.
• Annual capital expenditures for 2023 were $106.351 million.
• The trailing twelve months (TTM) annual capital expenditures for RITM stock stood at $496.187 million.