Rithm Capital Q2: Distributable Earnings Hit $0.60/Share, AUM Climbs to $61B, Genesis Originations Jump 52%

summarizeSummary

Rithm Capital posted Q2 2026 distributable earnings of $0.60 per share, comfortably exceeding the $0.25 dividend, while Genesis achieved record origination volume and AUM expanded to $61 billion.

check_boxKey Events · Earnings and Guidance · RITM

• Earnings Available for Distribution of $0.60/Share

  Non-GAAP earnings available for distribution came in at $338.9 million, or $0.60 per diluted share, easily covering the $0.25 quarterly dividend and improving from $0.51 in Q1 2026.

• Asset Management AUM Reaches $61 Billion

  Driven by $1.9 billion in gross inflows and new fund commitments, AUM grew to $61 billion from $59 billion at the end of Q1. Asset management revenue jumped 34% quarter-over-quarter to $141 million, fueled by higher incentive fees.

• Genesis Capital Record Originations

  The residential transitional lending platform originated $1.9 billion in Q2, a 52% year-over-year increase that marks another record quarter. Genesis also expanded its sponsor base by 125 new sponsors.

• Newrez 22% Annualized Operating ROE

  Excluding MSR MTM and hedges, Newrez generated pre-tax operating income of $307.6 million, translating to a 22% annualized operating return on equity on $5.7 billion of average segment equity.

auto_awesomeAnalysis · RITM · Real Estate & Construction

Second-quarter results reveal a stark gap between GAAP net income of $0.04 per share and earnings available for distribution of $0.60 per share, largely due to non-cash MSR markdowns. The owner-operator model is performing across the board: asset management AUM rose to $61 billion on robust inflows, Newrez delivered a 22% annualized operating ROE, and Genesis Capital set a new origination record. With book value per share at $12.33—well above the current stock price—the market may be underestimating the platform's earnings power.