Business Description

Rithm Capital is a global asset manager focused on real estate, credit and financial services. We are a Delaware corporation formed in September 2011, commencing operations in December 2011 and becoming a publicly traded company on May 15, 2013. We have operated as a REIT for U.S. federal income tax purposes since inception and, since June 17, 2022, have been structured as an internally managed REIT. We seek to generate long-term value for our stockholders by leveraging our investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. Our platform integrates operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets. Headquartered in New York City, Rithm Capital has a global presence with offices in London, Hong Kong, Tokyo, Toronto and Abu Dhabi. Our investments in residential real estate-related assets include equity interests in operating companies and investments across the residential mortgage and real estate lifecycle. These include origination and servicing platforms operated through our wholly owned subsidiaries, Newrez and Genesis, as well as investments in SFR properties. We also own businesses providing title, appraisal and property preservation and maintenance services. Our Asset Management business primarily conducts its asset management activities through Rithm Asset Management LLC (“RAM”). RAM operates its asset management activities through its wholly owned subsidiaries, including Sculptor Capital Management, Inc. (“Sculptor”), Crestline and Rithm Capital Advisors LLC (“RCA”), which serves as an investment adviser to a range of investment vehicles and managed accounts and generates primarily fee-based revenues. Additionally, RCM GA Manager LLC (“RCM Manager” and, together with RCA, the “Rithm Advisers”) manages Rithm Property Trust and R-HOME pursuant to applicable management and/or advisory agreements. In addition, following the Paramount Acquisition (as defined below), we own and operate a portfolio of Class A office properties in New York City and San Francisco, which are managed as part of our broader real estate platform. We conduct our business through the following segments: Origination and Servicing, Residential Transitional Lending, Asset Management and Investment Portfolio. Recent Acquisitions On December 1, 2025, we completed the acquisition of Crestline for a purchase price of approximately $324.7 million (the “Crestline Acquisition”), expanding our asset management capabilities across private credit, fund liquidity and insurance strategies. Refer to Note 3 of the consolidated financial statements for further information. On December 19, 2025, we completed the acquisition of Paramount for a purchase price of approximately $1.8 billion (the “Paramount Acquisition”), expanding our commercial real estate platform through the addition of Class A office assets and owner-operator capabilities. Refer to Note 3 of the consolidated financial statements for further information. For more details on our portfolio, see “—Our Portfolio” below, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Our Portfolio.” For information concerning current market trends impacting our portfolio, see “—Residential Real Estate Market,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Market Considerations” and “—Quantitative and Qualitative Disclosures About Market Risk.” Markets in which We Operate Mortgage Originations and Servicing The U.S. residential mortgage origination and servicing market is complex and highly regulated and includes both bank and non-bank participants. Over time, the structure of the market has evolved as originators have increasingly relied on the capital markets, as well as the GSEs and government agencies to finance and distribute mortgage credit. Additionally, non-bank originators and servicers have grown their share of overall origination and servicing activity. 1 Historically, a borrower seeking credit for a home purchase would typically have obtained financing from a financial institution, such as a bank, savings association or credit union.…