At a glance
Rithm Capital Corp. is worth $5.18B, about 9 times its fiscal 2025 earnings. Revenue fell 6.7% to $4.59B in fiscal 2025, with 15.2% kept as profit; over 3 years it has grown 2.3% a year. It pays a 10.79% dividend yield, and returned $2.43B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −5.1% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Rithm Capital, formerly New Residential Investment Corp., calls itself a global asset manager focused on real estate, credit and financial services. It is a real estate investment trust (REIT), a tax structure that generally requires paying out most taxable income as dividends. Since June 17, 2022, its own executives have run it rather than an outside manager.
Mortgages drive the business. The Origination and Servicing segment produced 68.3% of the $4.59 billion in revenue for the year ended December 31, 2025. Through its subsidiary Newrez, Rithm makes home loans and earns a gain when it sells them. It also services loans, collecting monthly payments for the loans' owners in return for a fee. As of December 31, 2025, Newrez ranked in the top five U.S. lenders and servicers, according to Inside Mortgage Finance.
Asset Management (15.2% of revenue) earns management and performance fees through Sculptor, Crestline, bought in December 2025 for about $324.7 million, and Rithm Capital Advisors. The Investment Portfolio (9.7%) holds mortgage loans, mortgage securities, consumer loans and single-family rental homes. Residential Transitional Lending (6.6%), run through Genesis, makes loans to property investors and builders for renovations and new construction. Also in December 2025, Rithm paid about $1.8 billion for Paramount, adding top-tier office buildings in New York City and San Francisco.
Price history
The interactive chart needs JavaScript.
RITM -5.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Interest income | $1.87B | 40.8% |
| Servicing revenue, net | $1.12B | 24.4% |
| Gain on originated residential mortgage loans, held-for-sale, net | $729.5M | 15.9% |
| Incentive income | $364.2M | 7.9% |
| Management fees | $262.8M | 5.7% |
| Property and maintenance | $109.8M | 2.4% |
| Rental | $102.4M | 2.2% |
| Other | $26.7M | 0.6% |
By business segment
| Origination and Servicing | $3.13B | 68.3% |
| Asset management | $698.6M | 15.2% |
| Investment Portfolio | $444.5M | 9.7% |
| Residential Transitional Lending | $301.6M | 6.6% |
| Corporate Category | $10.5M | 0.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.76B, up 58.5% from a year earlier, and net income was $253.3M (+14.3%).
- For fiscal 2025, revenue was $4.59B (-6.7% year over year; -2.3% a year from FY2022 to FY2025) with a 15.2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | -2.3% weak |
|---|---|
| Return on equity (FY2025) | 8.3% watch |
| Return on assets (FY2025) | 1.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.67B | $-1.46B | — |
| FY2021 | $3.73B | $705.5M | — |
| FY2022 | $4.92B | $864.8M | — |
| FY2023 | $3.73B | $622.3M | — |
| FY2024 | $4.92B | $931.5M | — |
| FY2025 | $4.59B | $697.1M | — |
Valuation snapshot
| Market value | $5.18B |
|---|---|
| P/E ratio | 8.9 |
| Dividend yield | 10.79% |
Rank among 1514 US companies
Market value at each year end
Rithm Capital’s market value went from $3.87B at the end of 2022 to $5.18B on Oct 28, 2026, up 34%; since the end of 2025 it is down 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.18B | -14.3% |
| 2025 | $6.04B | +7.3% |
| 2024 | $5.63B | +9.1% |
| 2023 | $5.16B | +33.3% |
| 2022 | $3.87B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RITM price data to Oct 28, 2026 | -7.8% | -5.1% | +10.4% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.8% |
| 2025 | +9.9% |
| 2024 | +11.1% |
| 2023 | +45.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (22 read): 0 open-market purchases and 4 sales ($989K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | David Saltzman Director | sell | $618K |
| Aug 20, 2026 | Peggy Hwan Hebard Director | sell | $148K |
| May 20, 2026 | David Saltzman Director | sell | $130K |
| Feb 27, 2026 | David Zeiden Chief Legal Officer | sell (plan) | $93K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.4% | Mar 31, 2026 |
| Picton Mahoney Asset Management | 8.31% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.19% | Mar 31, 2026 |
ETFs with the most weight in RITM
| MORT VanEck Mortgage REIT Income ETF | 8.08% |
| DVDN Kingsbarn Dividend Opportunity ETF | 7.45% |
| REM iShares Mortgage Real Estate ETF | 4.52% |
| SCAP Infrastructure Capital Small Cap Income ETF | 2.16% |
| RIET Hoya Capital High Dividend Yield ETF | 1.61% |
| FXO First Trust Financials AlphaDEX Fund | 1.61% |
| MDIV Multi-Asset Diversified Income Index Fund | 1.01% |
| SDIV Global X SuperDividend ETF | 0.92% |
What could go wrong
- Office buildings in just two cities. The Paramount purchase added office buildings located entirely in New York City and San Francisco. Rithm may struggle to renew leases or fill vacant space, and joint-venture partners in three buildings can force sales.
- Asset values rest on models. Many of Rithm's assets, such as mortgage servicing rights (rights to earn fees for handling loan payments), are valued with models, not market prices. Faster refinancing or wrong assumptions could force write-downs.
- Defaults and servicer advances tie up cash. When borrowers miss payments, servicers may have to advance money for items like taxes and insurance, and repayment can be slow. A recession or falling home prices could raise defaults and losses.
- Debt far exceeds shareholder equity. As of June 30, 2026, Rithm had about $29.9 billion of debt against $8.5 billion of equity. A significant portion of its investments aren't funded with debt of matching length, adding refinancing risk.
- Two big deals to absorb. Rithm closed the Crestline and Paramount acquisitions in December 2025. It may fail to integrate them or realize expected benefits, and pre-deal checks may have missed liabilities that surface later.
- Government changes to mortgage markets. Mortgage servicing is regulated at federal, state and local levels. Changes to government control (conservatorship) of Fannie Mae and Freddie Mac, or other intervention in mortgage markets, could hurt volumes and liquidity.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Quarterly results released
- Change to shareholder rights; Bylaws or fiscal year changed
- Major agreement signed
- Acquisition or sale of assets completed; Investor presentation or announcement
For income and retirement investors
Rithm pays a large dividend but has no streak of annual increases. Dividends per share were $0.50 in 2020, a year with a $1.46 billion net loss, then $0.90 in 2021 and $1.00 in each year from 2022 through 2025. The yield was 10.79% as of October 28, 2026. Dividends paid equaled about 78% of 2025 net income, and net income for the quarter ended June 30, 2026 fell 81.9% from a year earlier. Buybacks were small, $55 million over 2021–2025 versus $2.38 billion in dividends, and the share count rose about 20% from October 2021 to July 2026, diluting existing owners.
Rithm listed in May 2013, after the 2008 crisis, and the price history shown here covers only about 4.2 years, missing the 2020 COVID crash and the 2022 bear market. Its deepest fall over that span was 29.7%, as of October 28, 2026. As a single stock, Rithm carries more risk than a diversified fund.
Questions investors ask
How does Rithm Capital make money?
Mainly from mortgages. Its Origination and Servicing segment, led by subsidiary Newrez, produced 68.3% of Rithm's $4.59 billion in revenue for 2025 by making home loans, selling them and collecting fees to service loans. By type, interest income was 40.8% of revenue, servicing revenue 24.4% and gains on loans sold 15.9%. Its asset management arm, including Sculptor, earned incentive income (7.9%) and management fees (5.7%), and rental income added 2.2%.
Does Rithm Capital raise its dividend every year?
No. Rithm has no streak of annual dividend increases. It paid $1.00 per share in each year from 2022 through 2025, after $0.50 in 2020 and $0.90 in 2021. The yield was 10.79% as of October 28, 2026, and dividends paid equaled about 78% of 2025 net income. A yield that high often reflects market worries about risk or how long the payout can last, so it is worth comparing with earnings trends.
Is Rithm Capital a REIT?
Yes. Rithm Capital has operated as a real estate investment trust (REIT) for U.S. federal income tax purposes since it began, and since June 17, 2022 it has been internally managed by its own staff. REITs generally pay out most of their taxable income as dividends to avoid corporate income tax. Rithm's business centers on mortgages and asset management rather than just owning buildings, though it does own single-family rental homes and, since December 2025, office buildings.
What is Rithm Capital's P/E ratio?
About 8.9 based on 2025 earnings, as of October 28, 2026. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. Diluted earnings per share were $1.04 for 2025, down from $1.67 in 2024, as net income fell 25.2%. A low P/E can reflect doubts about how steady profits are. Rithm's earnings swing with interest rates and asset valuations, and it lost $1.46 billion in 2020.
How much debt does Rithm Capital have?
About $29.9 billion as of June 30, 2026, compared with $8.5 billion of shareholders' equity and $54.1 billion of total assets. Borrowing is central to how Rithm funds mortgage loans and other investments, and it magnifies both gains and losses. The company says a significant portion of its investments aren't match funded, meaning the debt's terms don't line up with the assets it finances. Return on equity, profit as a share of shareholders' money, was 8.3% for 2025.