Rithm Capital Q2 Earnings Plunge as Expenses Surge; Book Value Slips to $12.33

summarizeSummary

Rithm Capital reported Q2 2026 net income of $20.2M ($0.04/share), a steep drop from $283.9M a year ago, as surging expenses overwhelmed modest revenue growth. Book value per share fell to $12.33.

check_boxKey Events · Earnings and Guidance · RITM

• Earnings Collapse

  Net income attributable to common stockholders fell to $20.2M ($0.04/share) in Q2 2026 from $283.9M ($0.53) a year earlier, as a 34% jump in operating expenses more than offset a 5% revenue increase.

• Book Value Decline

  Book value per common share slipped to $12.33 as of June 30, 2026, down from $12.66 at December 31, 2025, reflecting the earnings shortfall and preferred dividends.

• Capital Management Inaction

  The company did not repurchase any common or preferred shares under its $200M/$100M buyback program and made no sales under its $750M ATM program during the first half of 2026.

• Legal Officer Transition

  Chief Legal Officer David Zeiden transitioned to a role at Sculptor, with Philip Sivin appointed as his successor effective July 31, 2026.

auto_awesomeAnalysis · RITM · Real Estate & Construction

Rithm Capital's Q2 2026 net income attributable to common stockholders collapsed to $20.2 million, or $0.04 per share, from $283.9 million a year ago. Revenue grew 5% to $1.28 billion, but operating expenses jumped 34% — driven by compensation, interest, and depreciation from recent acquisitions — erasing the top-line gain. Book value per common share dipped to $12.33 from $12.66 at year-end. The company did not repurchase any shares under its $200 million buyback program and made no ATM sales, preserving capital but signaling no immediate defense of the stock price. A Chief Legal Officer transition was also disclosed.