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Q4 2025 Quarterly Supplement Rithm Capital Quarterly Supplement Q4 2025 Will/EH reviewed Will reviewed Not reviewed
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Q4 2025 Quarterly Supplement Disclaimers 2 IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” FORWARD-LOOKING STATEMENTS. Certain statements regarding Rithm Capital Corp. (together with its subsidiaries, “Rithm,” “Rithm Capital,” the “Company” o r “we”) in this Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation and in no particular order, st atements (i) regarding the ability of the Company to: successfully integrate and realize the benefits of the acquisitions of Crestline Management, L.P. (“Crestline”) and Paramount Group, Inc. (“Paramount” or “Paramount Group”); capitalize on the acqu isition of Paramount to expand and diversify the Company’s commercial real estate (“CRE”) footprint and asset management capabilities; successfully retain key employees and customers of Crestline and Paramount; create attractive, risk -adjusted returns from the Paramount portfolio; grow FRE through the Paramount and Crestline acquisitions; achieve the strategic rationales underlying the acquisitions of Crestline and Paramount; continue to build fundraising momentum acros s the platform; develop highly recurring revenue streams and transform Rithm’s portfolio; continue our long term strategy to build a global, diversified asset management platform; execute on its partnerships with Valon and HomeVision to create game-changing servicing and underwriting technology and outsized long -term value; execute on its plan to back trailblazing technology; grow Paramount’s portfolio and earnings; leverage Rithm’s integrated ecosystem to efficiently source, finance and manage assets; continue to innovate mortgage and capital markets products; deliver scalable investments across asset classes and return profiles; offer tailored offerings, products and investment structures; create an d maximize strong risk-adjusted returns for shareholders and fund investors; succeed in the current market environment and varying interest rate and economic environments; collaborate and connect across operating companies and implement operati onal efficiencies; opportunistically and efficiently identify and invest in attractive investment opportunities, including through acquisitions; grow our book value and earnings; continue to grow our recapture platform; maintain significa nt, long-term value and strong performance; grow its AUM and FRE; achieve and execute on Newrez’s growth strategies; strengthen the Company’s existing platform; improve the valuation of the Company’s asset management segment throu gh performance, an increased focus on FRE, asset growth and margin expansion; create stable, high quality cash flows; execute on the Company’s growth strategy; effectively use artificial intelligence (“AI”) to accelerate efficiency in customer experience and operations, including in servicing and origination services and through cross -platform intelligent workflows; target excellence and portfolio performance through ReziAI and ValonOS; continue to grow Genesis Capital LLC’s (“Genesis”) loan and high -quality sponsor portfolio and maintain robust credit standards; control or mitigate asset- and sponsor-level risk; maintain robust sourcing engines through Newrez and Genesis; maximize collateral performance and drive down acquisition costs in the Investment Portfolio; execute the Company’s overall MSR strategy; manage risks, including cyber security risks; expand and diversify into other asset classes and investment verticals, drive assets i nto funds, develop new products, leverage Rithm’s integrated ecosystem, and continue to grow a comprehensive alternative asset management business; unlock value by optimizing corporate structure to permit better recognition of intrins ic value; achieve potential valuations; maintain past performance levels; (ii) about the current market and the future market, including: future interest rates, spreads, market volatility and other market conditions; macro outlooks; housing pro posals; return-to-office trends; dynamics favoring Class A office space; whether market trends will support the Company’s strategy, including management’s overall view of market trends, including, but not limited to commercial real estat e markets; whether asset-based financing will act as a haven during economic disruptions; expectations regarding current and future economic environments, including macroeconomic themes; the actions and potential actions of the current governmental administration; and the Company’s positioning in the current market and the future market; (iii) containing estimated yields; forecasted results; illustrative valuations; and estimates or projections; (iv) about the Compan y’s investment pipeline and investment opportunities; (v) including the use of forward -looking terminology, such as “may,” “will,” “plan,” “should,” “potential,” “intend,” “expect,” “endeavor,” “forecast,” “seek,” “anticipate,” “estimate,” “overest imate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions or (vi) are based upon management’s current views, plans or estimates. These statements are not historical facts. They represent management’s c urrent expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward -looking statements. These risks and factors include, but are not limited to, risks relating to (i) the acquisitions of Crestline and Paramount, including the impact of the acquisitions on each company’s business operations (including the threatened or actual loss of employees, clients or suppliers); the inability to obtain, or delays in obtaining cost savings and synergies from the acquisitions and the ability to successfully integrate the companies; the risk related to retention of key employees and clients; and the increased risks from each of the businesses of Paramount and Crestline; (ii) changes in general economic and/or industry specific conditions; (iii) changes in the banking sector; (iv) changes in interest rates and/or cred it spreads; (v) the regulatory requirements of Rithm’s subsidiaries as investment advisers; (vi) changes in financing terms; and (vii) unanticipated difficulties in diversifying beyond residential real estate and management of third -party capital. Forward-looking statements contained herein speak only as of the date of this Presentation, and the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward -looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Accordingly, you should not place undue reliance on any forward -looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statement Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discu ssion and Analysis of Financial Condition and Results of Operations” in the Company’s annual and quarterly reports filed with the SEC, which are available on the Company’s website (www.rithmcap.com). Information on, or accessible th rough, our website is not a part of, and is not incorporated into, this Presentation. PAST PERFORMANCE. Past performance is not a reliable indicator of future results and should not be relied upon for any reason. NO OFFER; NO RELIANCE. This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any reference to potential financing does not constitute, nor should it be construed as, an offer to purchase or se ll any security. There can be no assurance if or when the Company or any of its affiliates will offer any security or the terms of any such offering. Any such offer would only be made by means of formal documents, the terms of which would govern i n all respects. You should not rely on this Presentation as the basis upon which to make any investment decision. NON-GAAP FINANCIAL MEASURES. This Presentation includes non-GAAP financial measures, such as Earnings Available for Distribution. See "Appendix" in this Pres entation for information regarding this non-GAAP financial measure, including a definition, purpose and reconciliation to GAAP net income (loss), the most directly comparable GAAP financial measure. CAUTIONARY NOTE REGARDING ESTIMATED/TARGETED RETURNS AND YIELDS. Targeted returns and yields reflect a variety of estimates and assumptions that could prove to be incorrect, such as an inves tment’s coupon, amortization of premium or discount, costs and fees, and our assumptions regarding prepayments, defaults and loan losses, among other thin gs. Income and cash flows recognized by the Company in future periods may be significantly less than the income and cash flows that would have been recognized had expected returns been realized. As a result, an investment’s lifetime retu rn may differ materially from an IRR (net or gross) to date. In addition, the Company’s calculation of IRR may differ from a calculation by another market participant, as there is no standard method for calculating IRRs. Statements about estimated and targeted returns and targeted yields in this Presentation are forward -looking statements. You should carefully read the cautionary statement above under the caption “Forward-looking Statements,” which directly applies to our discussion of estimated and targeted returns and targeted yields. SUM OF THE PARTS DISCLOSURE. Any information contained in this presentation about sum of the parts and illustrative valuations is "forward -looking" and utilizes hypothetical data and several management assumptions to provide an illustrative sum of the parts analysis and illustrative valuation estimates for Rithm's potential market valuation. It is imp ortant for readers to know that this illustrative analysis is not intended to be a prediction of the performance of Rithm, its subsidiaries, affiliates or segments or its equity securities. Actual events are difficult to predict, and different results are almost assured. In addition, a sum of the parts analysis is only one manner in which a company may be valued, and other parties may choose to value the Company differently. This analysis was internally prepared and there can be no assurance that any consensus value for our Company will be in line with this illustrative analysis (and any such consensus may be materially worse). In addition, this illustrative analysis speaks only as of the date hereof and Rithm does not assume any du ty to update this information in the future for any reason. You are strongly encouraged to read our public filings made with the SEC including our annual and quarterly reports for additional information about Rithm and certain important risks an d other factors that could affect the Company's performance.
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Q4 2025 Quarterly Supplement Rithm Asset Management AUM(4) Rithm Balance Sheet(5) Diversified Alternative Asset Management Platform 3 With over $100 billion in investable assets*(1), Rithm Capital is a global asset manager with an integrated credit and real estate investment platform Executive Summary • Unique owner-operator model: fully aligned from origination to servicing • Provide investable assets and proprietary insights to teams within Rithm Asset Management • Leverage Rithm’s integrated ecosystem to efficiently source, finance and manage assets • Growing asset management and opportunistic investing platform • Offerings represent full suite of strategies across various asset classes and return profiles • Developing highly-recurring revenue streams to transform the financial profile of Rithm See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. $63B Expanding Core Asset-Generating BusinessesGrowing Alternative Asset Manager (“AAM”) $53B $100B+ Investable Assets*(1) #3 US mortgage servicer and #5 US mortgage lender(2) Global AAM providing an array of private credit offerings Owner/operator of Class A offices in NYC & San Francisco Global AAM providing credit, real estate, and multi-strategy investing Second-largest US residential transitional lender(3) Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, including ( i) $53 billion of Total Assets on Rithm’s Balance Sheet, less $10 billion in consolidated fund assets, and (ii) $63 billion of AUM. 2) Source: Inside Mortgage Finance, Top Primary Mortgage Servicers Q3’25 and Top Mortgage Lenders 12M25. 3) Based on Genesis internal estimates. 4) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 5) Represents “Total Assets” on balance sheet. Will reviewed EB Updated *Includes (i) $53 billion of Total Assets on Rithm’s Balance Sheet, less $10 billion in consolidated fund assets, and (ii) $63 billion of AUM.
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Q4 2025 Quarterly Supplement Financial Highlights 4 FY25 EAD of $2.35(1)(2) per diluted share represents ~12% year-over-year growth Executive Summary See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Q4’25 FY25 GAAP Net Income Earnings Available for Distribution(1) Book Value $7.0 Billion $12.66 per Common Share(7) Cash and Liquidity(9) $1.7 Billion Common Stock Dividend 9.2% Dividend Yield(8) $1.00 per Common Share (FY25) $53 Million $0.09 per Diluted Share(2) 3% Return on Equity(3) $567 Million $1.04 per Diluted Share(2) 8% Return on Equity(4) $419 Million $0.74 per Diluted Share(2) 24% Return on Equity(5) $1,282 Million $2.35 per Diluted Share(2) 19% Return on Equity(6) • Strong quarterly results: Q4'25 EAD of $0.74 per share(1) • Stable earnings performance: 25 consecutive quarters for which EAD was greater than common dividends paid • Consistent dividends: cumulative $6.4 billion of common dividends paid to shareholders since inception Endnotes to Slide 4: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Earnings Available for Distribution (“EAD”) and EAD per Diluted Share are non-GAAP measures. See “Reconciliation” in the Appendix to this Presentation for a reconciliation to the most comparable GAAP measures. 2) Per diluted share calculations for both GAAP Net Income (“GAAP NI”) and EAD are based on 564,691,202 and 546,091,491 weighted average diluted common shares for the quarter and year ended December 31, 2025, respectively. 3) GAAP NI Return on Equity for the quarter ended December 31, 2025 is calculated based on annualized GAAP NI for the quarter ended December 31, 2025, divided by the average ending book value for the current and prior periods. 4) GAAP NI Return on Equity for the year ended December 31, 2025 is calculated based on GAAP NI for the year ended December 31, 2025, divided by the average book value for the current year. 5) EAD Return on Equity for the quarter ended December 31, 2025 is calculated based on annualized EAD for the quarter ended December 31, 2025, divided by the average ending book value for the current and prior periods. 6) EAD Return on Equity for the year ended December 31, 2025 is calculated based on EAD for the year ended December 31, 2025, divided by the average book value for the current year. 7) Book value per share is based on common shares outstanding of 555,880,947 as of December 31, 2025. 8) Dividend yield is based on the Rithm common stock closing price of $10.90 on December 31, 2025, the last trading day of the fourth quarter and an annualized dividend based on a $0.25 per common share quarterly dividend. 9) Cash and liquidity includes cash and available undrawn financing. Will/EH reviewed
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Q4 2025 Quarterly Supplement ✓ #3 US mortgage servicer and #5 US mortgage lender(2) ‒ Total servicing portfolio: $852 billion UPB ‒ FY25 funded volume: $63 billion ✓ Generated $1.1 billion of Pre-Tax Income ex-MTM in FY25, up 13% YoY ✓ Strategic partnerships with Valon and HomeVision aimed at creating game- changing servicing and underwriting technology ✓ Fundraising momentum continued to build across the platform ‒ Sculptor had strong gross inflows of $5.8 billion in FY25 as AUM grew from $34 to $38 billion in the year(1) ‒ Rithm closed key ABF focused products in FY25, including first evergreen ABF fund on a leading wealth management platform ✓ Acquired Crestline, a global AAM providing an array of private credit offerings, on December 1, 2025 ‒ Underscores long term strategy to build a global, diversified asset management platform ✓ Acquired Paramount, an owner/operator of Class A offices in NYC & San Francisco, on December 19, 2025 ‒ Expands and diversifies Rithm’s commercial real estate footprint and asset management capabilities ✓ Record origination volume of $4.8 billion in FY25 ✓ Expanding client franchise, 269 new sponsors in 2025 ✓ Credit performance remains strong: high touch model focuses on mitigating sponsor and asset-level risk Year in Review 5 Executive Summary Rithm exhibited disciplined execution and consistent performance across every business segment while enhancing value creation capabilities across real estate and credit ✓ Executed 8 securitizations in FY25, representing a record $4.0 billion UPB ✓ Invested $9.1 billion in residential mortgage assets in FY25 (Non-QM loans and RTLs) ✓ Entered a forward flow agreement with Upgrade, Inc. to purchase up to $1 billion of home improvement loans ($588 million purchased in FY25) Rithm Asset Management Investment Portfolio See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Endnotes to Slide 5: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 2) Source: Inside Mortgage Finance reports: Top Primary Mortgage Servicers Q3’25 and Top Mortgage Lenders 12M25. Will reviewed EB Updated
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Q4 2025 Quarterly Supplement Macro Outlook and Housing Proposals Provide Tailwinds to Rithm 6 Executive Summary See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. 1 Growth Outlook is Robust Monetary and fiscal policies are pro-growth and pro-liquidity with easy financial conditions 2 Steepening Yield Curve Strong growth, ballooning US deficit, and questions over Fed independence all put upward pressure on the long end of the curve 3 Possibility of a K- to V-Shaped Recovery for Consumers 2025’s soft patch may progress to strength behind higher minimum wages(1), lower oil prices, and increased “cash piles” for 80% of households(2) 4 Asset Valuations Revert to Mean Agency MBS and office CRE(3) – two benchmark sectors – finally reverting to higher valuations • Affordability is key to the midterm elections • GSEs expected to purchase $200 billion of Agency MBS bonds(4) • Proposals to extend 401(K) savings for down payments(5) and to exempt residential real estate from capital gains(6) Macroeconomic Outlook What We Know • Agency MBS tighten → residential credit assets reset to higher valuations • Expanding the pool of borrowers → encourages homebuilding • Enhancing the investment value and liquidity of homes → lowers credit risk Impacts We See ✓ Newrez: higher volumes of purchases and refinancings, both markets forecasted to grow 8% and 9% in 2026, respectively(7) ✓ Genesis: continued growth in lending volumes amid the potential for higher home sales ✓ Balance Sheet: technical and fundamental tailwinds for securitized products are creating a favorable backdrop Effects for Rithm Housing Policy is in Focus Endnotes to Slide 6: 1) National Employment Law Project (NELP). 2) J.P Morgan Consumer Cash Pile, December 2025. 3) Bloomberg Finance L.P. CBRE Research on Office Fundamentals. 4) As indicated by FHFA Director Bill Pulte on January 8, 2026. Statements attributed to President Trump and other administration officials, including FHFA Director Bill Pulte, regarding potential directives and policy actions reflect public comments and/or reported intentions at the time referenced. Such directives are not self-executing and may be modified, delayed, superseded, or not implemented. See “Disclaimers” at the front of this presentation. 5) As indicated by White House National Economic Council Director Kevin Hassett on January 16, 2026. Proposals by the current administration have not been finalized and actions by the government, if any, are uncertain. Statements attributed to President Trump and other administration officials, including Kevin Hassett, regarding potential directives and policy actions reflect public comments and/or reported intentions at the time referenced. Such directives are not self-executing and may be modified, delayed, superseded, or not implemented. See “Disclaimers” at the front of this presentation. 6) Trump via oval office exchange, July 2025. Statements attributed to President Trump and other administration officials regarding potential directives and policy actions reflect public comments and/or reported intentions at the time referenced. Such directives are not self-executing and may be modified, delayed, superseded, or not implemented. See “Disclaimers” at the front of this presentation. 7) Mortgage Bankers Association, October 20257 Will reviewed EB Updated 2/2 pls use update
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Q4 2025 Quarterly Supplement Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio
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Q4 2025 Quarterly Supplement Power of the Platform Growing asset management platform delivering scalable investment solutions across asset classes and return profiles CORPORATE CREDIT ✓ Direct Lending ✓ Collateralized Loan Obligations ✓ NAV Lending / Portfolio Finance ✓ Liquid Credit ✓ Corporate Credit ✓ Opportunistic Credit ASSET-BASED FINANCE ✓ Residential Credit ✓ Structured Products ✓ Consumer Loans ✓ Synthetic Risk Transfer REAL ESTATE ✓ Core-Plus / Value Add / Opportunistic Investments ✓ Special Situations & Rescue Capital ✓ Co-GP Development ✓ Bridge / Transitional Lending ✓ Platform Investments MULTI-STRATEGY FUNDS ✓ Multi-Strategy Hedge Fund ✓ Convertibles and Derivatives ✓ Merger Arbitrage ✓ Fundamental Equities $100B+ Investable Assets(1) Asset Management 8See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Endnotes to Slide 8: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, including (i) $53 billion of Total Assets on Rithm’s Balance Sheet, less $10 billion in consolidated fund assets, and (ii) $63 billion of AUM. INSURANCE AND REINSURANCE SOLUTIONS Will/EH reviewed
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Q4 2025 Quarterly Supplement Sculptor Business Overview Strong 2025 results driven by excellent investment performance and substantial fundraising with AUM of $38 billion(1), up over $4 billion since year end 2024 9 Asset Management See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Private Asset & Credit Solutions Credit ✓ Private Credit ✓ Institutional Credit Strategies Multi-Strategy Market Solutions Five core investment strategies: ✓ Corporate Credit ✓ Asset Based Finance ✓ Convertible Arbitrage ✓ Merger Arbitrage ✓ Fundamental Equities Real Estate ✓ Equity ✓ Credit ✓ Stabilized Assets >70% Of Client Partnerships Exceed a Decade(3) $38B Sculptor Total AUM(1) >70% Of AUM is Long Term(2) 30+ year Track Record of Investment Success Key MetricsBusiness Highlights $5.8 billion of gross inflows in 2025 versus $5.0 billion in 2024 • Final closing of Sculptor’s Real Estate Fund V in Q4’25 with $5.5 billion of commitments including co-investment vehicles ‒ Largest fund in Sculptor’s opportunistic real estate fund series’ history, building upon 20+ year track record of non-traditional real estate investing success ‒ Supported by new and existing investors • Held final closing for Sculptor’s Tactical Credit Fund, exceeding its target and bringing total fund AUM to over $900 million • 14 CLO transactions in 2025 added $1.8 billion of AUM ‒ Leading global CLO manager with $13 billion in AUM Strong investment performance in 2025 across the platform builds upon excellent 2024 performance and 30+ year track record • Sculptor Multi-Strategy Composite(4): 15.5% Gross Return and 11.0% Net Return in 2025 • Sculptor Tactical Credit Fund(5): 18.9% Gross IRR and 14.5% Net IRR through 2025 $611 million of asset management revenues in 2025, up $95 million from 2024 Endnotes to Slide 9: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 2) “Long Term AUM“ is defined as AUM from investors that are subject to initial commitment periods of three years or longer. Investors with longer-duration AUM may have less than three years remaining in their commitment period. This excludes AUM that had initial commitment periods of three years or longer and subsequently moved to shorter commitment periods at the end of their initial commitment period. 3) As of January 1, 2025. Excludes all securitized product fund investors as well as current and former affiliate investors. 4) The return information represents, where applicable, the composite performance of all feeder funds that comprise the fund presented. Gross return information is generally calculated using the total return of all feeder funds, net of all fees and expenses except management fees of such feeder funds and incentive income allocated to the general partner of the funds, and the returns of each feeder fund include the reinvestment of all dividends and other income. Net return information is generally calculated as the gross returns less management fees and incentive income allocated to the general partner of the funds. Return information that includes investments in certain funds that Sculptor, as investment manager, determines lack a readily ascertainable fair value, are illiquid or should be held until the resolution of a special event or circumstance ("Special Investments") excludes incentive income allocated to the general partner of the funds on unrealized gains attributable to such investments, which could reduce returns on these investments at the time of realization. Special Investments and initial public offering investments are not allocated to all investors in the funds, and investors that were not allocated Special Investments and initial public offering investments may experience materially different returns. The performance calculation excludes realized and unrealized gains and losses attributable to currency hedging specific to certain investors investing in Sculptor Master Fund in currencies other than the U.S. Dollar. 5) Gross IRR represents estimated, unaudited, annualized pre-tax returns based on the timing of cash inflows and outflows from contributions into and distributions from the Sculptor Tactical Credit Fund to its fee paying investors (excluding management fees incurred by the Sculptor Tactical Credit Fund and incentive income allocated to the general partner of the fund). Net IRR is the gross IRR adjusted to reflect actual management fees incurred by the Sculptor Tactical Credit Fund and incentive income allocated to the general partner of the fund. Will reviewed EB Updated 2/2
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Q4 2025 Quarterly Supplement Crestline Business Overview Rithm acquired Crestline, an alternative investment manager with approximately $18 billion in AUM, on December 1, 2025 10 Asset Management See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. 20+ Years Average Experience of Management Team $18B Crestline Total AUM(1) ~190 Employees 700+ Investors Across All Strategies(2) Business Highlights Crestline is a pioneer in alternative asset management, with long-term investment track records in direct lending, opportunistic, and fund liquidity solutions • Founded in 1997 and headquartered in Fort Worth, with offices in New York, Toronto, London, and Tokyo • One of five direct lending managers awarded PitchBook’s Gold Badge for alpha generation(3) Strong investment performance in 2025 across the platform ‒ Capital Solutions: 14.7% Net IRR since 2022(4) ‒ Direct Lending: 12.8% Net IRR since 2023(4) ‒ Portfolio Finance/NAV Lending: 11.0% Net IRR since 2020(4) $104 million of management fee revenue in FY25, a 15% increase YoY • Committed $4.5 billion to investments in FY25, including $1.6 billion in Q4’25 • $1.1 billion of LP equity commitments in FY25 with limited funds in market; further reflected by total investment capacity (“dry powder) of $4.6 billion at year end • Launched Perpetual BDC in September 2025 ‒ Total equity commitments of approximately $400 million to date Key Metrics Direct Lending Capital Solutions Portfolio Finance Insurance & Reinsurance Senior debt capital solutions to middle and lower-middle market businesses “All weather” strategy focused on underserved middle market corporate and asset-backed opportunities Financing for mature private capital funds to support investments or provide liquidity to investors Long-term annuity liabilities matched with Crestline’s existing credit strategies Endnotes to Slide 10: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents Crestline AUM as of September 30, 2025. AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 2) Includes individual investors. 3) Source: PitchBook's 2024 Annual Global Manager Performance Score. 4) The return information represents net IRR through Q3 2025. The return is net of all expenses and excludes non-fee paying investors. Performance information is unaudited, subject to revision and includes estimates. Per US GAAP, fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the financial instrument. These estimates involve significant uncertainties and judgments and cannot be determined with precision. Because of the inherent uncertainty of valuation, this estimated value may differ from the value that would have been used had a ready market for these investments existed, and the differences could be material. Some of the track records include unrealized investments. The values of unrealized investments are speculative and there is risk that unrealized investments will not be liquidated for their currently held value that is reflected in the track record. Past performance is not a guaranty of future results. See “Disclaimers” at the beginning of this presentation. Will reviewed EH Updated 2/2
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Q4 2025 Quarterly Supplement Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio
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Q4 2025 Quarterly Supplement Paramount Group: Right Time, Right Asset 12 Rithm entered the commercial office market with a high-quality platform in key gateway markets, which we believe will deliver compelling, risk adjusted returns Strategic Rationale • New York City and San Francisco Class A assets are leading the U.S. office market recovery • Entry at or near cyclical trough, at a basis significantly below replacement cost and pre-COVID values(1) • Portfolio provides attractive mix of durable in-place income and numerous value enhancement opportunities Premier Portfolio • Landmark portfolio acquisition of 10 high-quality, core* office properties, totaling 9.9 million square feet in prime submarkets within New York City and San Francisco • Blue-chip tenant profile, with 8+ year weighted average lease term(2) Strong Operating Platform • Leading owner/operator in commercial office with the in-market scale, deep operating expertise and human capital positioned to take platform to next level • Significant growth potential under new-leadership – activity accelerating and leasing/capital improvements Fits the Rithm Model • Fits Rithm framework: acquiring high-quality assets at significant discount to our estimate of intrinsic value • Further diversifies Rithm’s income streams and facilitates the growth of FRE Attractive Financial Profile See “Disclaimers” at the beginning and detailed endnotes at the end of this Presentation. ~7% Going-in Cap Rate(2) $585 /sq ft Acquisition Basis(3) (75%) Est. Discount to Replacement Cost(1) (40%) Est. Discount to Pre- COVID Asset Values(1) 7.7% Target Stabilized Yield-on-Cost (4) Endnotes to Slide 12: Source: Company financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Based on WA appraisals of encumbered assets at time of debt origination (~5 years ago) and other market research. 2) Represents average lease term of our share of core assets. New York average lease term for office leases is 8.9 years; San Francisco is 5.5 years. 3) Rithm estimate based on estimated total capitalization of the acquired portfolio inclusive of transaction costs. Commercial RE *Core assets exclude 55 Second Street (SF), 111 Sutter Street (SF), and 60 Wall Street (NYC) Will reviewed
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Q4 2025 Quarterly Supplement Paramount Business Overview 13 On December 19, 2025, Rithm acquired Paramount (NYSE: PGRE), an owner and operator of high- quality, Class A office properties in New York City and San Francisco Blue Chip Tenant Base(5) 8.4 years Average Lease Term for Office Leases(3) 9.9M Square Feet of Office Space $90/sq ft Annualized Average Rent(2) 86.9% Leased Occupancy(1) Key Metrics (Core Assets)* Paramount Owned Geography (Core Assets)*(4) Business Highlights Commercial RE See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. NYC 7 properties 7.0M sq ft SF 3 properties 2.9M sq ft • FY25 leasing activity of 1.7 million square feet within core assets*, the highest annual total on record • Leasing activity in the San Francisco portfolio core assets* increased 330% YoY as office recovery accelerates in that market • Leased occupancy in core assets* increased 2.2% YoY(2) • Paramount manages 3 non-core* assets in New York on behalf of third parties, totaling 0.6 million square feet • Paramount also owns 3 assets Rithm classified as non-core* as part of the transaction: 55 Second Street (SF), 111 Sutter Street (SF), and 60 Wall Street (NYC) *Core assets exclude 55 Second Street (SF), 111 Sutter Street (SF), and 60 Wall Street (NYC) Endnotes to Slide 13: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. 2) Represents our share of the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12. 3) Represents average lease term of our share of assets. New York average lease term for office leases is 8.9 years; San Francisco is 5.5 years. 4) Represents owned properties only. 5) Represents a subset of current tenant base. All trademarks, logos, and brand names referenced herein are for informational purposes only and are the property of their respective owners. Will reviewed EB Updated 2/2 please use
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Q4 2025 Quarterly Supplement Q4’25 FY25 Leases Signed (#) 11 43 Leases Signed (sq ft) 377K 1.3M Paramount Market Highlights 14 Commercial RE See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Market TailwindsParamount Leasing Results (Core Assets)* New York CitySan Francisco 92.8% Leased Occupancy(1) Q4’25 FY25 Leases Signed (#) 3 16 Leases Signed (sq ft) 131K 411K 16.4% 13.4% Q4'24 Q4'25 Midtown Availability Rate(3) 16.8 M 19.5 M 2024 2025 Midtown Leasing Velocity (sq ft)(3) • Strongest return to office momentum in the country with visits to Manhattan office buildings nearing pre-pandemic levels(2) • Dynamics favoring Class A office space as tenants demand premium space and new deliveries grind to a near halt in 2026 and 2027(3) • Midtown recorded 19.5 million square feet of leasing activity, excluding renewals – the highest total since 2018(3) 62.2% Leased Occupancy(1) 37.3% 34.2% Q4'24 Q4'25 Availability Rate(4) 8.2 M 9.0 M 2024 2025 Leasing Velocity (sq ft)(4) • Tenants-in-the-market demand is approximately 8 million square feet at year-end, exceeding pre-Covid levels(4)(5) • AI companies accelerating the recovery for San Francisco office space, contributing more than 20% of total leasing in 2025(4) • Leased occupancy increased 780 bps YoY • Completed five new deals greater than 100,000 square feet in 2025 *Core assets exclude 55 Second Street (SF), 111 Sutter Street (SF), and 60 Wall Street (NYC) Endnotes to Slide 14: Source: Company financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Represents our share of percentage of square feet that is leased, including signed leases not yet. 2) Source: Placer.ai. 3) Source: CBRE Research. 4) Source: JLL Research, 2025. 5) Tenants-in-the-market demand refers to active tenant leasing requirements currently searching for space (new leases, expansions, or relocations). Will reviewed EH commented & Updated.
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Q4 2025 Quarterly Supplement Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio
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Q4 2025 Quarterly Supplement Genesis Capital Business Overview 16 Record origination volumes driven by high-performing client franchise and expanding product suite $4,366 $4,558 $5,006 $5,564 $5,772 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Outstanding Commitments(1) ($M) 3% Portfolio UPB 60+ Days Delinquent +32% Q4’25 YoY Outstanding Commitments Growth(1) +41% FY25 YoY Total Sponsor Growth +31% FY25 YoY Funded Volume Growth Key Metrics 140 216 Q4'24 Q4'25 Number of Sponsors $1,221 $1,422 Q4'24 Q4'25 Funded Volume Total Originations Business Highlights 16% YoY +32% YoY Genesis See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. • Origination volume of $1.4 billion in Q4’25 and $4.8 billion in FY25, a record quarter and record year for the business ‒ New originations yielding 10.1% at funding • 96 new sponsors in Q4’25, expanding the product suite and sponsor base • Credit performance remains strong: high-touch model focuses on controlling (or mitigating) both sponsor and asset-level risk Endnotes to Slide 18: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Outstanding Commitments represents the total face amount outstanding that Genesis has agreed to lend under the terms of its lending agreements inclusive of third-party serviced loans originated by Genesis. Outstanding Commitments differs materially from reported Total Commitments, which represents the full amount that Genesis commits to lend at the time it originates the loan. ($M) 54 % YoY Will reviewed
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Q4 2025 Quarterly Supplement Differentiated Model in Residential Transitional Lending 17 Bank retrenchment opens the door to further growth in premier RTL franchise Geographic Distribution Current Genesis Markets Portfolio Detail(1) Endnotes to Slide 19: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Portfolio Detail is represented as a percentage of Assets Under Management as of December 31, 2025. Genesis’s Core Capabilities Differentiated Business Model ✓ Focused on long-term relationships with high-quality sponsors with a track record of success Deep Industry Expertise ✓ Senior leaders have extensive real estate and commercial banking experience Multi-Faceted Underwriting Approach ✓ In-house expertise assessing borrower credit profile, construction capability, and asset valuation Strong Growth ✓ $4.8 billion in originations in the 12 months ending December 31, 2025, representing 124% growth since Rithm’s acquisition in 2021 High-Yielding, High-Quality Portfolio ✓ Strong credit underwriting and ongoing due diligence, generating attractive risk-adjusted returns Genesis Construction Bridge Renovation 56% of portfolio 34% of portfolio 10% of portfolio Loans provided for ground-up construction Loans for initial purchase, refinance of completed projects or rental properties Loans for acquisition or refinance of properties requiring renovations (excluding ground- up construction) See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. MT WI WI MA CT NJ MD/DC HI As of Q4'25, 38% of portfolio is in California Will reviewed
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Q4 2025 Quarterly Supplement Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio
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Q4 2025 Quarterly Supplement Consistent Newrez Performance With 17% ROE in Q4’25(1) Disciplined growth, technology investments, and focus on homeowners driving results ($M) Q3’25 Q4’25 FY24 FY25 Servicing Income $276.4 $167.3 $891.9 $932.3 Originations $80.9 $126.8 $270.3 $360.5 Corporate ($42.4) ($45.0) ($195.8) ($163.6) Pre-Tax Income $314.9 $249.1 $966.4 $1,129.2 MTM: MSR, net of hedge and other non-operating items(3) ($80.8) ($216.5) $146.4 ($467.5) Total Pre-Tax Income $234.1 $32.6 $1,112.8 $661.7 Newrez Financial Results(2) Newrez See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. 19 Endnotes to Slide x: Source: Company SEC filings and current financial information. Financial and market data as December 31, 2025, unless otherwise noted. 1) Q4’25 annualized operating ROE and full year 2025 operating ROE are non-GAAP measures. Q4’25 annualized operating ROE is calculated based on annualized pre-tax operating income of $249.1 million, excluding the net of hedge MSRs MTM and other non- operating items of $(216.5) million, divided by the average Origination and Servicing segment ending equity of $5.9 billion. Operating ROE for the full year 2025 is calculated based on pre-tax operating income of $1.1 billion, excluding the net of hedge MSRs MTM and other non-operating items of $(467.5) million, divided by the average Origination and Servicing segment ending equity of $5.8 billion. 2) Numbers may not sum due to rounding. 3) Beginning in Q4’25, hedge carry is reported as part of the Servicing segment PTI, Q3’25 and FY24 results are updated to reflect this adjustment. Growth Strategy and Highlights 2025 Key Metrics AI-Native Servicing Valon strategic partnership Product Innovation Milestone crypto product launch Leading Brand Making Home Happen Instant Originations HomeVision strategic partnership Homeowner Portal Dynamic HomeHub destination AI Acceleration Cross-platform intelligent workflows Maximize Retention End-to-end products and experiences Partnership Growth Deliver for institutional clients $852B Servicing UPB $1.1B Pre-Tax Income ex-MTM $63B Originations Volume 20% Operating ROE(1) Newrez reviewed
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Q4 2025 Quarterly Supplement AI Investments Aim to Create Outsized Long-Term Value(1) 20 The Rithm Edge: Backing Trailblazing Technology With Early Capital and Platform Commitment to Drive Returns PARTNERSHIPS INTENDED TO CREATE GAME-CHANGING TECHNOLOGY Powered by an $852B servicing portfolio and $63B origination engine Originations Market: $2.2TServicing Market: $13T UPB Investment in AI-native operating system for loan servicing Investment in AI-powered technology to automate loan underwriting PROVIDING: EARLY STRATEGIC CAPITAL | COMMITTED LOAN VOLUME | DEEP INDUSTRY EXPERTISE First-mover technology partnerships coupled with Newrez scale and expertise • Cost-to-Originate/Service • Operational Efficiency • Customer Experience • Speed-to-Decision (2) (3) Newrez Endnotes to Slide x: Source: Company SEC filings and current financial information. Financial and market data as December 31, 2025, unless otherwise noted. 1) “‘Outsized’ reflects management’s objective and internal estimates; actual results may differ materially. No assurance of achieving targeted outcomes. See “Disclaimers” at the beginning of this presentation. 2) Total outstanding mortgage debt as per Federal Reserve Bank of New York Household Debt And Credit Q3’25 Report. 3) Source: MBA Housing Finance Forecast for 2026 Originations Volume. Newrez reviewed – See Emma Comments
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Q4 2025 Quarterly Supplement Disciplined Strategy Driving Originations Performance Funded Volume by Channel Gain on Sale Margins ($B UPB) (1) Newrez Product innovation and non-agency growth Originations HeavyweightOriginations Business Highlights See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. 21 1.31% 1.37% 1.22% 1.14% 1.50% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 $17.3 $11.8 $16.3 $16.4 $18.8 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Consumer Direct Wholesale Correspondent Able to maintain margins but benefitted from timing of completion accruals Why GOS low in Q3 Timing of MSR adds – recognized when MSR is SOLD, timing lag from loans locked in prior periods #5 US Mortgage Lender(2) 6K+ Partners & Clients(4) Wholesale Consumer Direct Non-Agency +47% +24% +147% FY25 Platform Growth(3) Endnotes to Slide x: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Consumer Direct refers to aggregate of previously reported DTC and Retail channels. 2) Source: Inside Mortgage Finance, Top Mortgage Lenders 12M25. 3) Represents year over year volume growth for each channel or product. 4) Includes wholesale broker partners, correspondent clients, and JV partners. Newrez reviewed – EH Updated • Maximizing gain on sale margins despite margin pressures through pricing discipline within each channel • Significant YoY momentum with Non-QM up 198%, Home Equity up 71%, and Co-issue up 181% • First major lender in US to recognize cryptocurrency assets for mortgage qualification • HomeVision integration to begin in H2’26, expected to provide significant operating leverage • Platform delivered FY25 refinance recapture rate of 38%, second lien-adjusted rate of 51%
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Q4 2025 Quarterly Supplement $457 $525 $542 $111 $254 $256 $71 $65 $54 $639 $844 $852 2023 2024 2025 Owned MSRs: Newrez Third-Party Servicing Owned MSRs: SBO ReziAI and ValonOS target operational excellence and portfolio performance Servicing Powerhouse(3) ($B UPB) Newrez Cost-per-Loan: Serviced by Newrez(1) Servicing Business Highlights See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. 22 Servicing Platform Powered by Advanced Technology • Delivering operational excellence in 2025 with 620K+ homeowners boarded and 165K+ homeowners assisted with loss mitigation • Boarded $25B UPB of third-party subservicing Q4’25, offsetting movement of low-margin agency MSR subservicing • Transition to ValonOS expected to begin in 2027 • Onboarding of non-agency portfolio from Onity • 21 new clients boarded in 2025 • High-quality owned MSR portfolio continues to perform well, new FHA modification rule increasing immediate delinquencies to encourage long-term sustainability $213 $151 $145 $140 $223 $233 $232 2022 2023 2024 2025 Newrez Industry Average (2) Endnotes to Slide x: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Presentation updated to reflect industry cost to service of similar delinquent portfolio (4.2% 60+) and internal costs better aligned to industry definition. 2) Source: 2024 MBA Servicing Operations Study and Forum (SOSF). 2025 figure not released, assumes 2024 cost per loan average. 3) “Owned MSRs: Newrez” includes all owned MSRs serviced by Newrez. “Third-Party Servicing” includes all MSRs serviced by Newrez on behalf of third parties, including subservicing, special servicing, and whole loans. “Owned MSRs: SBO” includes all owned MSRs serviced by others (“SBO”). 4) Source: Inside Mortgage Finance, Top Primary Mortgage Servicers 3Q25 5) Reflects client retention since 2015. #3 US Mortgage Servicer(4) 150 Servicing Clients 4M+ Homeowners 98% Client retention rate(5) $235 Newrez reviewed
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Q4 2025 Quarterly Supplement Executive Summary Rithm Asset Management Commercial Real Estate Genesis (Residential Transitional Lending) Newrez (Origination & Servicing) Investment Portfolio
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Q4 2025 Quarterly Supplement 33% 15% 10% 10% 6% 5% 21% Whole Loans SFR RMBS Consumer Excess MSRs SRTs Other Investments Investment Portfolio Business Highlights 24 Our investment and capital markets teams continue to execute on accretive asset acquisitions and innovative capital solutions Investment Portfolio Composition ($M) Business Highlights • Executed 8 securitizations in FY25, totaling $4.0 billion UPB – nearly doubling the previous record from 2019 ‒ In Q4’25, Rithm executed a record $1.5 billion UPB of securitizations across 3 Non-QM transactions • Invested in $9.1 billion of residential mortgage assets in FY25, including $4.3 billion of Non-QM loans and $4.8 billion of RTLs • Entered into a forward flow agreement with Upgrade, Inc. to purchase up to $1 billion of home improvement loans over 15 months ‒ In Q4’25, Rithm purchased $294 million of these loans $1.7B Total Portfolio Equity Securitizations by Quarter Investment Portfolio Endnotes to Slide 25: Source: Company financial information. Financial and market data as of December 31, 2025 unless otherwise noted. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. $733 $1,512 $504 $483 $1,485 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 MSR Non-QM $9.1B FY25 Residential Asset Investments $1.5B UPB of Q4’25 Securitizations 8 FY25 Securitizations $4.0B UPB of FY25 Securitizations Key Metrics Will reviewed
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Q4 2025 Quarterly Supplement Appendix
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Q4 2025 Quarterly Supplement Condensed Consolidated Balance Sheets 26 Appendix A) Includes assets and liabilities of consolidated VIEs, including funds and collateralized financing entities (“CFEs”). Thes e assets can only be used to settle obligations and liabilities of such VIEs for which creditors do not have recourse to Rithm Capital Corp. (dollars in thousands, except per share data) As of 12/31/2025 (Unaudited) As of 9/30/2025 (Unaudited) ASSETS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,359,141 $ 10,389,766 Government and government-backed securities ($5,230,139 and $8,538,035 at fair value, respectively) 5,254,905 8,562,825 Residential mortgage loans, held-for-sale ($5,427,481 and $5,888,611 at fair value, respectively) 5,484,272 5,947,402 Residential mortgage loans, held-for-investment, at fair value 324,688 334,589 Consumer loans, held-for-investment, at fair value 784,399 598,147 Residential transition loans, at fair value 2,699,864 2,575,354 Residential mortgage loans subject to repurchase 3,952,792 2,700,353 Real estate, net 4,673,886 1,025,496 Insurance company investments, at fair value 906,454 — Cash and cash equivalents 1,847,626 1,610,958 Restricted cash 809,312 550,514 Servicer advances receivable 3,090,613 2,647,041 Intangible assets, net 1,878,196 296,581 Other assets ($2,707,456 and $2,639,938 at fair value, respectively) 5,216,432 4,336,634 Assets of consolidated entities(A) 5,789,349 5,589,734 Total Assets $ 53,071,929 $ 47,165,394 LIABILITIES Secured financing agreements $ 13,763,802 $ 16,538,685 Secured notes and bonds payable ($143,442 and $153,019 at fair value, respectively) 15,203,770 9,545,280 Residential mortgage loan repurchase liability 3,952,792 2,700,353 Unsecured notes, net of issuance costs 1,421,088 1,417,676 Interest sensitive insurance contract liabilities 960,209 — Dividends payable 178,900 169,565 Accrued expenses and other liabilities ($638,090 and $634,225 at fair value, respectively) 3,349,847 3,112,651 Liabilities of consolidated entities(A) 4,978,212 4,771,710 Total Liabilities $ 43,808,620 $ 38,255,920 REDEEMABLE NONCONTROLLING INTERESTS OF CONSOLIDATED SUBSIDIARIES Redeemable noncontrolling interests of consolidated subsidiaries 314,303 296,789 Total Redeemable Noncontrolling Interests of Consolidated Subsidiaries $ 314,303 $ 296,789 STOCKHOLDERS’ EQUITY Preferred stock 1,390,790 1,390,790 Noncontrolling interests in equity of consolidated subsidiaries 518,519 114,168 Book Value $ 7,039,697 $ 7,107,727 Per Share $ 12.66 $ 12.83
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Q4 2025 Quarterly Supplement Book Value per Share Summary 27 Book value per share based on common shares outstanding (555,880,947). Numbers may not add due to rounding. Appendix Per Share Ending Q3’25 Book Value Per Share $12.83 Net Income (Net of Tax and Change in Fair Value) 0.96 MSR Realization of Cash Flows (0.42) Change in Valuation Inputs and Assumptions (0.45) GAAP Net Income 0.09 Common Dividend (0.25) Other Comprehensive Income 0.00 Ending Q4’25 Book Value Per Share $12.66 QoQ % Change (1.3)%
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Q4 2025 Quarterly Supplement Three Months Ended Twelve Months Ended Unaudited (dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2025 December 31, 2024 Revenues Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,070 $ 579,281 $ 2,294,969 $ 1,993,319 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(232,554), $(189,881), $(746,006) and $(602,241), respectively) (421,815) (264,351) (1,174,549) (455,918) Servicing revenue, net 148,255 314,930 1,120,420 1,537,401 Interest income 500,814 453,786 1,874,315 1,949,790 Gain on originated residential mortgage loans, held-for-sale, net 203,731 196,308 729,526 682,535 Other revenues 78,460 55,628 238,927 227,472 Asset management revenues 359,489 84,871 627,040 520,294 1,290,749 1,105,523 4,590,228 4,917,492 Expenses Interest expense and warehouse line fees 422,821 402,690 1,662,433 1,835,325 General and administrative 297,351 237,092 1,011,564 868,484 Compensation and benefits 453,932 299,073 1,318,879 1,134,768 1,174,104 938,855 3,992,876 3,838,577 Other Income (Loss) Realized and unrealized gains (losses), net 50,876 53,393 125,867 72,639 Other income (loss), net 38,804 16,809 83,164 57,255 89,680 70,202 209,031 129,894 Income Before Income Taxes $ 206,325 $ 236,870 $ 806,383 $ 1,208,809 Income tax expense (benefit) 115,747 8,072 88,291 267,317 Net Income $ 90,578 $ 228,798 $ 718,092 $ 941,492 Noncontrolling interests in income of consolidated subsidiaries 1,234 3,331 8,820 9,989 Redeemable noncontrolling interests in income of consolidated subsidiaries 4,353 3,929 12,215 — Net Income Attributable to Rithm Capital Corp. $ 84,991 $ 221,538 $ 697,057 $ 931,503 Change in redemption value of redeemable noncontrolling interests — — 15,611 — Dividends on preferred stock 31,875 27,876 114,246 96,456 Net Income Attributable to Common Stockholders $ 53,116 $ 193,662 $ 567,200 $ 835,047 Consolidated Statements of Operations 28 Appendix
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Q4 2025 Quarterly Supplement Segment Information (Q4’25) 29 ($ in thousands) Appendix Quarter Ended December 31, 2025 Origination and Servicing Residential Transitional Lending Asset Management Investment Portfolio Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 570,070 $ — $ — $ — $ — $ 570,070 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(232,554)) (421,815) — — — — (421,815) Servicing revenue, net 148,255 — — — — 148,255 Interest income 305,075 82,075 16,807 93,696 3,161 500,814 Gain (loss) on originated residential mortgage loans, held-for-sale, net 188,023 — — 15,708 — 203,731 Other revenues 24,556 — 26,933 26,971 — 78,460 Asset management revenues — — 359,489 — — 359,489 Total Revenues 665,909 82,075 403,229 136,375 3,161 1,290,749 Interest expense and warehouse line fees 254,331 34,960 18,878 87,927 26,725 422,821 Other segment expenses 159,952 9,073 61,339 26,661 4,341 261,366 Compensation and benefits 213,425 17,583 201,558 795 20,571 453,932 Depreciation and amortization 6,171 1,939 18,948 8,927 — 35,985 Total Operating Expenses 633,879 63,555 300,723 124,310 51,637 1,174,104 Realized and unrealized gains (losses), net — 6,829 3,583 40,464 — 50,876 Other income (loss), net 527 158 9,257 28,860 2 38,804 Total Other Income (Loss) 527 6,987 12,840 69,324 2 89,680 Income (Loss) before Income Taxes 32,557 25,507 115,346 81,389 (48,474) 206,325 Income tax expense (benefit) 94,114 (59) 24,873 (4,268) 1,087 115,747 Net Income (Loss) (61,557) 25,566 90,473 85,657 (49,561) 90,578 Noncontrolling interests in income (loss) of consolidated subsidiaries 976 — (911) 1,169 — 1,234 Redeemable noncontrolling interests in income of consolidated subsidiaries — — 1,907 — 2,446 4,353 Net Income (Loss) Attributable to Rithm Capital Corp. (62,533) 25,566 89,477 84,488 (52,007) 84,991 Change in redemption value of redeemable noncontrolling interests — — — — — — Dividends on preferred stock — — — — 31,875 31,875 Net Income (Loss) Attributable to Common Stockholders $ (62,533) $ 25,566 $ 89,477 $ 84,488 $ (83,882) $ 53,116 Total Assets $ 27,459,943 $ 4,057,146 $ 10,409,016 $ 10,687,181 $ 458,643 $ 53,071,929 Stockholders' Equity in Rithm Capital Corp. $ 5,566,600 $ 881,484 $ 1,650,474 $ 1,664,739 $ (1,332,810) $ 8,430,487
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Q4 2025 Quarterly Supplement Segment Information (Q3’25) 30 ($ in thousands) Appendix Quarter Ended September 30, 2025 Origination and Servicing Residential Transitional Lending Asset Management Investment Portfolio Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 579,281 $ — $ — $ — $ — $ 579,281 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(189,881)) (264,351) — — — — (264,351) Servicing revenue, net 314,930 — — — — 314,930 Interest income 309,878 77,606 10,601 52,480 3,221 453,786 Gain (loss) on originated residential mortgage loans, held-for-sale, net 182,446 — — 13,862 — 196,308 Other revenues 28,946 — — 26,682 — 55,628 Asset management revenues — — 84,871 — — 84,871 Total Revenues 836,200 77,606 95,472 93,024 3,221 1,105,523 Interest expense and warehouse line fees 254,253 36,785 6,181 78,767 26,704 402,690 Other segment expenses 141,525 5,112 26,926 19,248 21,151 213,962 Compensation and benefits 198,213 15,805 65,590 1,032 18,433 299,073 Depreciation and amortization 6,342 1,936 7,423 7,429 — 23,130 Total Operating Expenses 600,333 59,638 106,120 106,476 66,288 938,855 Realized and unrealized gains (losses), net — 3,145 6,628 43,620 — 53,393 Other income (loss), net (1,756) 138 10,987 7,433 7 16,809 Total Other Income (Loss) (1,756) 3,283 17,615 51,053 7 70,202 Income (Loss) before Income Taxes 234,111 21,251 6,967 37,601 (63,060) 236,870 Income tax expense (benefit) 7,754 (627) 942 3 — 8,072 Net Income (Loss) 226,357 21,878 6,025 37,598 (63,060) 228,798 Noncontrolling interests in income (loss) of consolidated subsidiaries 916 — 961 1,454 — 3,331 Redeemable noncontrolling interests in income of consolidated subsidiaries — — 1,309 — 2,620 3,929 Net Income (Loss) Attributable to Rithm Capital Corp. 225,441 21,878 3,755 36,144 (65,680) 221,538 Change in redemption value of redeemable noncontrolling interests — — — — — — Dividends on preferred stock — — — — 27,876 27,876 Net Income (Loss) Attributable to Common Stockholders $ 225,441 $ 21,878 $ 3,755 $ 36,144 $ (93,556) $ 193,662 Total Assets $ 29,143,691 $ 3,944,081 $ 2,835,646 $ 10,741,474 $ 500,502 $ 47,165,394 Stockholders' Equity in Rithm Capital Corp. $ 6,180,238 $ 941,029 $ 924,367 $ 1,739,359 $(1,286,476) $ 8,498,517
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Q4 2025 Quarterly Supplement Mortgage Servicing Rights 31 (in thousands) Q3’25 Ending MSR Balance $ 10,389,766 Originations & other 450,542 Sales (5,854) Change in fair value due to: Realization of cash flows (233,606) Change in valuation inputs and assumptions (241,707) Q4’25 Ending MSR Balance $ 10,359,141 Q4 2025 - Servicing Servicing fee revenue $ 522,754 Ancillary and other fees 47,316 Servicing revenue and fees 570,070 Change in fair value due to: Realization of cash flows (233,606) Realization of cash flows – MSR financing liability 1,052 Change in valuation inputs and assumptions (241,707) Change in valuation inputs and assumptions – MSR financing liability (8,285) Gains (losses) on MSR economic hedges 60,731 Net Servicing Revenue Total $ 148,255 Appendix
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Q4 2025 Quarterly Supplement Origination and Servicing 32 1) Appendix disclosure in keeping with prior reporting, elsewhere Non-Agency includes Non-QM, Jumbo, CES, and HELOCs 2) Includes impact from ancillary services. Includes MSR revenue on recaptured loan volume reported in the servicing segment Appendix Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Servicing Servicing Portfolio (UPB $B) In-House Servicing $524.8 $532.8 $536.3 $540.6 $541.8 On Behalf of Third-Parties $242.9 $244.2 $260.7 $269.2 $242.8 Serviced by Others 65.4 $58.3 $56.5 $55.5 $53.7 Whole Loan & Other $10.7 $9.6 $10.7 $12.3 $13.4 Total UPB $843.9 $844.9 $864.2 $877.5 $851.7 Origination Funded Volume by Channel (UPB $B) Consumer Direct $2.4 $1.7 $2.4 $2.4 $3.7 Wholesale $2.3 $1.5 $2.6 $2.8 $3.7 Correspondent $12.5 $8.5 $11.3 $11.2 $11.5 Total Funded Volume $17.3 $11.8 $16.3 $16.4 $18.8 Funded Volume by Product (UPB $B) Agency $9.4 $5.5 $6.9 $6.9 $8.0 Government $7.2 $5.5 $8.2 $8.0 $9.0 Non-Agency(1) $0.1 $0.1 $0.1 $0.1 $0.1 Non-QM $0.4 $0.4 $0.7 $1.0 $1.5 Other $0.3 $0.3 $0.3 $0.3 $0.3 Purchase Refinance Funded Volume (UPB $B) Purchase $12.3 $8.6 $11.9 $12.3 $10.8 Refinance $5.0 $3.2 $4.4 $4.1 $8.0 Pull-Through Adjusted Lock Volume (UPB $B) Consumer Direct $1.9 $2.0 $2.3 $3.1 $3.3 Total Pull-Through Adjusted Lock Volume $16.5 $12.5 $16.7 $17.7 $17.3 GOS Revenue Margin(2) Consumer Direct 5.32% 4.20% 4.72% 2.85% 4.14% Wholesale 1.59% 1.33% 1.22% 1.19% 1.53% Correspondent 0.54% 0.55% 0.43% 0.53% 0.58% Total(2) 1.31% 1.37% 1.22% 1.14% 1.50%
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Q4 2025 Quarterly Supplement Owned MSR Portfolio 33 Q4’25 Owned MSR Portfolio Detail Agency GNMA PLS Total MSRs UPB ($B) 377 152 67 596 WAC 4.3% 4.5% 4.6% 4.4% WALA (months) 67 45 204 77 Current LTV 65% 85% 65% 70% Current FICO 772 705 670 744 60+ DQ 0.8% 6.0% 12.6% 3.5% Advance Balances ($B) 0.7 0.6 1.4 2.7 177 173 176 176 175 5.2x 5.0x 5.1x 5.0x 5.0x Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Full MSR Price (bps) Full MSR Multiple Full MSR Price & Multiples Full MSR Portfolio Speeds & Amortization $182 $148 $178 $190 $234 7.6% 6.0% 7.7% 7.8% 10.2% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Total Full MSR Amortization Portfolio Average CPR See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. ($M) Appendix MSR amortization higher QoQ due to faster prepayment speeds, transitory uptick in DQs, seasonal market change, and changes to modifications program 60+ DQ 0.8% 0.8% 0.8% 0.8% 0.8% 5.3% 4.5% 4.4% 4.7% 6.0% 13.9% 13.0% 12.5% 12.4% 12.6% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Agency GNMA PLS
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Q4 2025 Quarterly Supplement Unaudited GAAP Reconciliation of Earnings Available for Distribution 34 Management uses Earnings Available for Distribution, which is a non-GAAP measure, as one measure of operating performance. Please see next slide for the definition of Earnings Available for Distribution and explanation of adjustments. ($000s, except per share data) Q4 2025 Q3 2025 FY 2025 FY 2024 Reconciliation of earnings available for distribution Net income (loss) attributable to common stockholders $ 53,116 $ 193,662 $ 567,200 $ 835,047 Adjustments: Realized and unrealized (gains) losses, net, including MSR change in valuation inputs and assumptions 166,648 44,364 397,845 (181,070) Other (income) loss, net 54,154 43,248 203,037 142,285 Computershare Mortgage Acquisition: Bargain Purchase gain — — — (27,415) Non-recurring acquisition costs — — — 14,936 Non-capitalized transaction-related expenses 33,373 11,735 53,775 12,286 Deferred taxes 111,614 3,883 60,348 254,402 Earnings available for distribution $ 418,905 $ 296,892 $ 1,282,205 $ 1,050,471 Net income per diluted share $ 0.09 $ 0.35 $ 1.04 $ 1.67 Earnings available for distribution per diluted share $ 0.74 $ 0.54 $ 2.35 $ 2.10 Weighted average number of shares of common stock outstanding, diluted 564,691,202 551,295,686 546,091,491 499,597,670 Appendix
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Q4 2025 Quarterly Supplement Reconciliation of Non-GAAP Financial Measures 35 • The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operating companies, including any impairment or reserve for expected credit losses; (iii) income from the Company’s operating company investments; and (iv) the Company’s operating expenses and taxes. • “Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) other net income and losses; (iii) non-capitalized transaction-related expenses; and (iv) deferred taxes. • The Company’s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within net other income and losses, management primarily excludes (i) equity-based compensation expenses, (ii) severance costs, (iii) non-cash deferred interest expense, (iv) depreciation expense related to real estate properties and (v) amortization expense related to intangible assets, as management does not c onsider this non-cash activity to be a component of earnings available for distribution. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses. Management also excludes deferred taxes because the Company believes deferred taxes are not representative of current operations. • Management believes that the adjustments to compute “earnings available for distribution” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such, earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP net income which is inclusive of all of the Company’s activities. • The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. Appendix
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Q4 2025 Quarterly Supplement Compelling Value Proposition 36 We believe a strategy centered on earnings growth and an increased focus on fee-related earnings (“FRE”) will lay a foundation for significant upside Appendix • Grow robust sourcing engines through Newrez and Genesis • Expand investment verticals to grow earnings, drive assets into funds, and develop new products • Leverage Rithm’s integrated ecosystem to efficiently source, finance and manage assets Investable Assets • Demonstrated playbook: successful track record of capital deployment and strategic acquisitions • Grow highly-recurring revenue streams to transform the financial profile of Rithm • Develop into multifaceted AAM that seeks to generate attractive returns to investors and predictable earnings growth Expanding Core Asset-Generating Businesses Growing Alternative Asset Manager Proprietary Insights ✓ Experienced leadership team with average of over 31 years experience(5) ✓ Core businesses drive durable earnings ✓ Seasoned capital markets team and robust risk management expertise ✓ Operate with a “results first” ethos Strong Institutional Foundation Endnotes to Slide 7: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Hybrid Mortgage REIT universe refers to the following peers: PennyMac Financial Services Inc (NYSE: PFSI), Rocket Cos Inc (NYSE: RKT), Annaly Capital Management (NYSE:NLY), PennyMac Mortgage Investment Trust (NYSE:PMT), Chimera Investment Corp (NYSE:CIM), MFA Financial Inc (NYSE:MFA), Ellington Financial Inc (NYSE:EFC), Redwood Trust Inc (NYSE:RWT), Adamas Trust Inc (NASDAQ:ADAM), Angel Oak Mortgage REIT, Inc. (NYSE:AOMR), TPG Mortgage Investment Trust Inc (NYSE:MITT), and Two Harbors Investment Corp (NYSE:TWO). 2) Price to Book Value is represented by the Common Stock per Share Price at close of trading on January 30, 2026 and the Book Value as of December 31, 2025. 3) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 4) Please refer to Appendix page 41 for relevant, publicly traded peer universe for the respective business segments. 5) Represents the average investment experience (in years) of senior leadership at Rithm Capital Corp. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. * See pages 38 & 39 for additional detail regarding the preparation of the Illustrative SOTP Valuation, as well as “Disclaimers” at the beginning of this Presentation. Market values Rithm similar to hybrid mortgage REIT peers(1) (0.9x P/BV)(2) Potential to unlock value by optimizing corporate structure to permit better recognition of intrinsic value (SOTP)(3) (1.3 – 1.8x P/BV)* Grow Rithm Asset Management to increase the proportion of FRE, meriting an earnings- based valuation(4) (10.0 – 18.0x P/E) Significant uplift if valued on par with leading AAMs(4) (18.0 - 25.0x P/E) Will reviewed
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Q4 2025 Quarterly Supplement Rithm Trades Well Below the Intrinsic Value of Its Parts*(1) 37 Current valuation of 86% of book value understates the intrinsic value of Rithm’s core segments Illustrative SOTP Valuation(1)Current Valuation $6.1 Billion CURRENT MARKET CAP(2) $10.94 CURRENT SHARE PRICE(2) $7.0Billion BOOK VALUE 0.86x PRICE/BOOK VALUE (“P/BV”)(3) Current P/BV valuation is in the middle range of the Hybrid Mortgage REIT universe, but it discounts the intrinsic value of Rithm’s differentiated model and operating platforms(1)(4) Sum of the Parts (“SOTP”) Valuation Rationale(1)(5) Genesis Asset Management Newrez • Compares favorably to publicly traded, non-bank mortgage companies • Rocket acquired Mr. Cooper at a 2.0x P/BV implied valuation • Compares favorably to publicly traded, broker-driven peers • Improve valuation through performance, asset growth and margin expansion * See pages 38 & 39 for additional detail regarding the preparation of the Illustrative SOTP Valuation, as well as “Disclaimers” at the beginning of this Presentation. ($M, except per share data) Value Metric(6) Value Range Low High Newrez (Origination & Servicing) $3,698 (Adj. BV) 1.5 – 2.0x $5,547 $7,396 Investment Portfolio $1,106 (Adj. BV) 0.7 – 1.0x $774 $1,106 Genesis (Residential Transitional Lending) $586 (Adj. BV) 1.1 – 1.3x $644 $761 Asset Management $191 (EAD) 8.0 – 19.0x $1,528 $3,630 Total Rithm Value $8,493 $12,893 Per Share(7) $15.28 $23.19 P/BV (GAAP) 1.2x 1.8x Implied Illustrative Valuation Lift(8) ~40% ~110% Appendix See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Endnotes to Slide 8: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 2) Current Market Capitalization (“Market Cap”) and Current Common Stock Share Price as represented by the close of trading on January 30, 2026. 3) Price to Book Value is represented by the Common Stock per Share Price at close of trading on January 30, 2026 and the Book Value as of December 31, 2025. 4) Hybrid Mortgage REIT universe refers to the following peers: PennyMac Financial Services Inc (NYSE: PFSI), Rocket Cos Inc (NYSE: RKT), Annaly Capital Management (NYSE:NLY), PennyMac Mortgage Investment Trust (NYSE:PMT), Chimera Investment Corp (NYSE:CIM), MFA Financial Inc (NYSE:MFA), Ellington Financial Inc (NYSE:EFC), Redwood Trust Inc (NYSE:RWT), Adamas Trust Inc (NASDAQ:ADAM), Angel Oak Mortgage REIT, Inc. (NYSE:AOMR), TPG Mortgage Investment Trust Inc (NYSE:MITT), and Two Harbors Investment Corp (NYSE:TWO). 5) Please refer to Appendix page 41 for relevant, publicly traded peer universe for the respective business segments. 6) Please refer to Appendix page 38 for a reconciliation of GAAP equity values to adjusted book values. EAD is a non- GAAP measure. Please refer to Appendix page 34 for a reconciliation to the most comparable GAAP measure. 7) Based on common shares outstanding of 555,880,947 as of December 31, 2025. 8) Percentages are rounded and based on the difference between Rithm's market capitalization as of January 30, 2026 ($6.1 billion) and the “Total Rithm Value” under the Illustrative SOTP Valuation. Will reviewed EB Commented
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Q4 2025 Quarterly Supplement Illustrative Sum of the Parts Valuation Detail*(1) 38 Endnotes to Slide 39: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 2) Adjusted Book Value removes Corporate Equity and Preferred Stock proportionally from the GAAP Book Values of Origination & Servicing, Investment Portfolio, and Residential Transitional Lending. 3) Percentages based on the difference between Rithm's market capitalization as of January 30, 2026 ($6.1 billion) and the Illustrative SOTP Valuation. $M, except per share data Origination & Servicing Investment Portfolio Residential Transitional Lending Asset Management Corporate Preferred Stock Total Rithm Book Value GAAP Segment Equity $5,567 $1,665 $881 $1,650 ($1,333) ($1,391) $7,040 % of Total Equity 69% 21% 11% - - - - Less: Proportionate Corporate Equity (915) (273) (145) - - - - Less: Proportionate Preferred Stock (954) (285) (151) - - - - Adjusted Book Value(2) $3,698 $1,106 $586 $1,650 - - $7,040 * See Disclaimers at the beginning of this Presentation for information regarding the preparation of the Illustrative SOTP valuation. ** See "Reconciliation of Non-GAAP Financial Measures" on pages 34 & 35 for an explanation of Management's use of EAD. Current SOTP Range Adjusted Book Value(2) Low P/BV High P/BV Origination & Servicing $3,698 1.5x 2.0x Implied Valuation $5,547 $7,396 Per Share $9.98 $13.30 Investment Portfolio $1,106 0.7x 1.0x Implied Valuation $774 $1,106 Per Share $1.39 $1.99 Residential Transitional Lending $586 1.1x 1.3x Implied Valuation $644 $761 Per Share $1.16 $1.37 EAD Asset Management $191 8.0x 19.0x Implied Valuation $1,528 $3,630 Per Share $2.75 $6.53 Total Rithm Value $8,493 $12,893 Per Share $15.28 $23.19 P/BV 1.2x 1.8x Implied Illustrative Valuation Lift(3) 40% 112% See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Reconciliation of EAD** Asset Mgmt. Net income (loss) attributable to common stockholders $27 Adjustments: Realized and unrealized (gains), net (10) Deal expenses 19 Deferred taxes 56 Stock-based compensation 31 Depreciation & amortization, severance, other 67 EAD $191 Appendix Will reviewed
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Q4 2025 Quarterly Supplement Illustrative Sum of the Parts Valuation Detail: Peer Analysis*(1)(2) 39 Mortgage Companies: Newrez Residential Transitional Lending: Genesis mREITs: Investment Portfolio Asset Management Company Ticker Market Cap ($M) ROE P/BV ’25E P/E PennyMac Financial PFSI $5,202 12% 1.2x 8.3x Rocket Cos RKT $50,489 NM 4.3x 95.9x Median 12% 2.7x 52.1x Business Segment SOTP Valuation ROE P/BV P/E Newrez $5,547 20% 1.5x N/A Company Ticker Market Cap ($M) ROE P/BV ’25E P/E Velocity Financial VEL $789 16% 1.2x 7.5x Business Segment SOTP Valuation ROE P/BV P/E Genesis $644 N/A 1.1x N/A Company Ticker Market Cap ($M) ROE P/BV ’25E P/E Annaly Capital Mgmt NLY $16,267 15% 1.1x 7.6x Ellington Financial EFC $1,602 10% 1.0x 7.0x PennyMac Mortgage PMT $1,029 6% 0.8x 7.2x Chimera Investment CIM $1,027 -2% 0.6x 7.0x MFA Financial MFA $985 7% 0.7x 9.5x Redwood Trust RWT $694 -10% 0.7x 7.1x Median 6% 0.8x 7.2x Business Segment SOTP Valuation ROE P/BV P/E Investment Portfolio $774 N/A 0.7x N/A Company Ticker Market Cap ($M) AUM ($B) Operating Margin ’25E P/E Blue Owl Capital OWL $21,894 $174 26% 16.6x TPG TPG $22,582 $246 -1% 25.2x Carlyle Group CG $21,185 $441 31% 14.7x StepStone Group STEP $8,386 $189 -23% 34.4x Hamilton Lane HLNE $7,930 $138 46% 25.0x Victory Capital VCTR $4,580 $172 44% 11.3x DigitalBridge DBRG $2,811 $80 19% NM GCM Grosvenor GCMG $2,198 $80 14% 14.6x P10 PX $1,187 $25 20% 11.9x Median $172 20% 15.7x Business Segment SOTP Valuation AUM(3) Op. Marg LTM P/E Asset Management $1,528 $63 N/A 8.0x Endnotes to Slide 40: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025 unless otherwise noted. 1) Financials and market data for all public companies as of January 30, 2026. 2) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 3) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. *See “Disclaimers” at the beginning of this Presentation for information regarding the preparation of the Illustrative SOTP valuation. See "Reconciliation of Non-GAAP Financial Measures" on pages 34 & 35 for an explanation of Management's use of EAD. Appendix Will reviewed
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Q4 2025 Quarterly Supplement Endnotes
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Q4 2025 Quarterly Supplement Endnotes 41 Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, includi ng (i) $53 billion of Total Assets on Rithm’s Balance Sheet, less $10 billion in consolidated fund assets, and (ii) $63 billion of AUM. 2) Source: Inside Mortgage Finance, Top Primary Mortgage Servicers Q3’25 and Top Mortgage Lenders 12M25. 3) Based on Genesis internal estimates. 4) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum o f: (i) the net asset value of managed accounts and open -ended funds or gross asset value of real estate and real estate funds, (ii) u ncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rith m Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 5) Represents “Total Assets” on balance sheet. Endnotes to Slide 4: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless othe rwise noted. 1) Earnings Available for Distribution (“EAD”) and EAD per Diluted Share are non -GAAP measures. See “Reconciliation” in the Appendix to this Presentation for a reconciliation to the most comparable GAAP measures. 2) Per diluted share calculations for both GAAP Net Income (“GAAP NI”) and EAD are based on 564,691,202 and 546,091,491 weighted average diluted common shares for the quarter and year ended December 31, 2025, respectively. 3) GAAP NI Return on Equity for the quarter ended December 31, 2025 is calculated based on annualized GAAP NI for the quarter ended December 31, 2025, divided by the average ending book value f or the current and prior periods. 4) GAAP NI Return on Equity for the year ended December 31, 2025 is calculated based on GAAP NI for the year ended December 31, 2025, divided by the average book value for the current year. 5) EAD Return on Equity for the quarter ended December 31, 2025 is calculated based on annualized EAD for the quarter ended December 31, 2025, divided by the average ending book value for t he current and prior periods. 6) EAD Return on Equity for the year ended December 31, 2025 is calculated based on EAD for the year ended December 31, 2025, divided by the average book value for the current year. 7) Book value per share is based on common shares outstanding of 555,880,947 as of December 31, 2025. 8) Dividend yield is based on the Rithm common stock closing price of $10.90 on December 31, 2025, the last trading day of the f ourth quarter and an annualized dividend based on a $0.25 per common share quarterly dividend. 9) Cash and liquidity includes cash and available undrawn financing. Endnotes to Slide 5: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum o f: (i) the net asset value of managed accounts and open -ended funds or gross asset value of real estate and real estate funds, (ii) u ncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rith m Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 2) Source: Inside Mortgage Finance reports: Top Primary Mortgage Servicers Q3’25 and Top Mortgage Lenders 12M25 .
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Q4 2025 Quarterly Supplement Endnotes (Cont.) 42 Endnotes to Slide 6: 1) National Employment Law Project (NELP). 2) J.P Morgan Consumer Cash Pile, December 2025. 3) Bloomberg Finance L.P. CBRE Research on Office Fundamentals. 4) As indicated by FHFA Director Bill Pulte on January 8, 2026. Statements attributed to President Trump and other administratio n officials, including FHFA Director Bill Pulte, regarding potential directives and policy actions reflect public comments and/or reported intentions at the time referenced. Such directives are not self -executing and may be modified, delayed, superseded, or not implemented. See “Disclaimers” at the front of this presentation. 5) As indicated by White House National Economic Council Director Kevin Hassett on January 16, 2026. Proposals by the current ad ministration have not been finalized and actions by the government, if any, are uncertain. Statements attributed to President Trump and other administration officials, including Kevin Hassett, reg arding potential directives and policy actions reflect public comments and/or reported intentions at the time referenced. Such directives are not self -executing and may be modified, delayed, superseded, or not implemented. See “Disclaimers” at the front of this presentation. 6) Trump via oval office exchange, July 2025. Statements attributed to President Trump and other administration officials regard ing potential directives and policy actions reflect public comments and/or reported intentions at the time referenced. Such directives are not self -executing and may be modified, delayed, superseded, or not implemented. See “Disclaimers” at the front of this presentation. 7) Mortgage Bankers Association, October 2025 Endnotes to Slide 8: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, includi ng (i) $53 billion of Total Assets on Rithm’s Balance Sheet, less $10 billion in consolidated fund assets, and (ii) $63 billion of AUM. Endnotes to Slide 9: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum o f: (i) the net asset value of managed accounts and open -ended funds or gross asset value of real estate and real estate funds, (ii) u ncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rith m Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 2) “Long Term AUM“ is defined as AUM from investors that are subject to initial commitment periods of three years or longer. Inv estors with longer-duration AUM may have less than three years remaining in their commitment period. This excludes AUM that had initial commitment periods of three years or longer and subsequently move d to shorter commitment periods at the end of their initial commitment period. 3) As of January 1, 2025. Excludes all securitized product fund investors as well as current and former affiliate investors. 4) The return information represents, where applicable, the composite performance of all feeder funds that comprise the fund pre sented. Gross return information is generally calculated using the total return of all feeder funds, net of all fees and expenses except management fees of such feeder funds and incentive income allocated to the general partner of the funds, and the returns of each feeder fund include the reinvestment of all dividends and other income. Net return information is generally calculated as the gross retur ns less management fees and incentive income allocated to the general partner of the funds. Return information that includes investments in certain funds that Sculptor, as investment manager, determines lack a readily ascertainable fair value, are illiquid or should be held until the resolution of a special event or circumstance ("Special Investments") excludes incentive income allocated to the general partner of the funds on unrealized gains attributable to such investments, which could reduce returns on these investments at the time of realization. Special Investments and initial public offering investm ents are not allocated to all investors in the funds, and investors that were not allocated Special Investments and initial public offering investments may experience materially different returns. The perfor mance calculation excludes realized and unrealized gains and losses attributable to currency hedging specific to certain investors investing in Sculptor Master Fund in currencies other than the U.S. Dollar. 5) Gross IRR represents estimated, unaudited, annualized pre -tax returns based on the timing of cash inflows and outflows from cont ributions into and distributions from the Sculptor Tactical Credit Fund to its fee paying investors (excluding management fees incurred by the Sculptor Tactical Credit Fund and incentive income allocated to the gene ral partner of the fund). Net IRR is the gross IRR adjusted to reflect actual management fees incurred by the Sculptor Tactical Credit Fund and incentive income allocated to the general pa rtner of the fund.
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Q4 2025 Quarterly Supplement Endnotes (Cont.) 43 Endnotes to Slide 10: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents Crestline AUM as of September 30, 2025. AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: ( i) the net asset value of managed accounts and open -ended funds or gross asset value of real estate and real estate funds, (ii) u ncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to managemen t fees, incentive income or other amounts earned on AUM. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable. 2) Includes individual investors. 3) Source: PitchBook's 2024 Annual Global Manager Performance Score. 4) The return information represents net IRR through Q3 2025. The return is net of all expenses and excludes non -fee paying investors. Performance information is unaudited, subject to revision and includes estimates. Per US GAAP, fair value estimates are made at a point in time, based on relevant market data as well as t he best information available about the financial instrument. These estimates involve significant uncertainties and judgments and cannot be determined with precision. Because of the inherent uncertainty of valuation, this estimated value may differ from the value that would have been used had a ready market for these investments existed, and the differences could be material. Some of the track records include unrealized investments. The values of unrealized investments are speculative and there is risk that unrealized investments will not be liquidated for their currently held value that is refle cted in the track record. Past performance is not a guaranty of future results. See “Disclaimers” at the beginning of this presentation. Endnotes to Slide 12: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Based on WA appraisals of encumbered assets at time of debt origination (~5 years ago) and other market research. 2) Represents average lease term of our share of core assets. New York average lease term for office leases is 8.9 years; San Fr ancisco is 5.5 years. 3) Rithm estimate based on estimated total capitalization of the acquired portfolio inclusive of transaction costs. Endnotes to Slide 13: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. 2) Represents our share of the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied b y 12. 3) Represents average lease term of our share of assets. New York average lease term for office leases is 8.9 years; San Francis co is 5.5 years. 4) Represents owned properties only. 5) Represents a subset of current tenant base. All trademarks, logos, and brand names referenced herein are for informational pu rposes only and are the property of their respective owners. Endnotes to Slide 14: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. 2) Source: Placer.ai. 3) Source: CBRE Research. 4) Source: JLL Research, 2025. 5) Tenants-in-the-market demand refers to active tenant leasing requirements currently searching for space (new leases, expansions, or relocations). Endnotes to Slide 16: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Outstanding Commitments represents the total face amount outstanding that Genesis has agreed to lend under the terms of its l ending agreements inclusive of third-party serviced loans originated by Genesis. Outstanding Commitments differs materially from reported Total Commitments, which represents the full amount that Ge nesis commits to lend at the time it originates the loan. Endnotes to Slide 17: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Portfolio Detail is represented as a percentage of Assets Under Management as of December 31, 2025.
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Q4 2025 Quarterly Supplement Endnotes (Cont.) 44 Endnotes to Slide 19: Source: Company SEC filings and current financial information. Financial and market data as December 31, 2025, unless otherwi se noted. 1) Q4’25 annualized operating ROE and full year 2025 operating ROE are non -GAAP measures. Q4’25 annualized operating ROE is calcula ted based on annualized pre-tax operating income of $249.1 million, excluding the net of hedge MSRs MTM and other non -operating items of $(216.5) million, divided by the average Originati on and Servicing segment ending equity of $5.9 billion. Operating ROE for the full year 2025 is calculated based on pre-tax operating income of $1.1 billion, excluding the net of hedge MSRs MTM and othe r non-operating items of $(467.5) million, divided by the average Origination and Servicing segment ending equity of $5.8 billion. 2) Numbers may not sum due to rounding. 3) Beginning in Q4’25, hedge carry is reported as part of the Servicing segment PTI, Q3’25 and FY24 results are updated to refle ct this adjustment. Endnotes to Slide 20: Source: Company SEC filings and current financial information. Financial and market data as December 31, 2025, unless otherwi se noted. 1) ‘Outsized’ reflects management’s objective and internal estimates; actual results may differ materially. No assurance of achie ving targeted outcomes. See “Disclaimers” at the beginning of this presentation. 2) Total outstanding mortgage debt as per Federal Reserve Bank of New York Household Debt And Credit Q3’25 Report. 3) Source: MBA Housing Finance Forecast for 2026 Originations Volume. Endnotes to Slide 21: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless oth erwise noted. 1) Consumer Direct refers to aggregate of previously reported DTC and Retail channels. 2) Source: Inside Mortgage Finance, Top Mortgage Lenders 12M25. 3) Represents year over year volume growth for each channel or product. 4) Includes wholesale broker partners, correspondent clients, and JV partners. Endnotes to Slide 22: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless othe rwise noted. 1) Presentation updated to reflect industry cost to service of similar delinquent portfolio (4.2% 60+) and internal costs better aligned to industry definition. 2) Source: 2024 MBA Servicing Operations Study and Forum (SOSF). 2025 figure not released, assumes 2024 cost per loan average. 3) “Owned MSRs: Newrez” includes all owned MSRs serviced by Newrez. “Third -Party Servicing” includes all MSRs serviced by Newrez on behalf of third parties, including subservicing, special servicing, and whole loans. “Owned MSRs: SBO” includes all owned MSRs serviced by others (“SBO”). 4) Source: Inside Mortgage Finance, Top Primary Mortgage Servicers 3Q25 5) Reflects client retention since 2015. Endnotes to Slide 24: Source: Company financial information. Financial and market data as of December 31, 2025, unless otherwise noted. Endnotes to Slide 36: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Hybrid Mortgage REIT universe refers to the following peers: PennyMac Financial Services Inc (NYSE: PFSI), Rocket Cos Inc (NY SE: RKT), Annaly Capital Management (NYSE:NLY), PennyMac Mortgage Investment Trust (NYSE:PMT), Chimera Investment Corp (NYSE:CIM), MFA Financial Inc (NYSE:MFA), Ellington Financial I nc (NYSE:EFC), Redwood Trust Inc (NYSE:RWT), Adamas Trust Inc (NASDAQ:ADAM), Angel Oak Mortgage REIT, Inc. (NYSE:AOMR), TPG Mortgage Investment Trust Inc (NYSE:MITT), and Two Harbors Investment Corp (NYSE:TWO). 2) Price to Book Value is represented by the Common Stock per Share Price at close of trading on January 30, 2026 and the Book Value as of December 31, 2025. 3) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 4) Please refer to Appendix page 39 for relevant, publicly traded peer universe for the respective business segments. 5) Represents the average investment experience (in years) of senior leadership at Rithm Capital Corp.
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Q4 2025 Quarterly Supplement Endnotes (Cont.) 45 Endnotes to Slide 37: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 2) Current Market Capitalization (“Market Cap”) and Current Common Stock Share Price as represented by the close of trading on J anuary 30, 2026. 3) Price to Book Value is represented by the Common Stock per Share Price at close of trading on January 30, 2026 and the Book Value as of December 31, 2025. 4) Hybrid Mortgage REIT universe refers to the following peers: PennyMac Financial Services Inc (NYSE: PFSI), Rocket Cos Inc (NY SE: RKT), Annaly Capital Management (NYSE:NLY), PennyMac Mortgage Investment Trust (NYSE:PMT), Chimera Investment Corp (NYSE:CIM), MFA Financial Inc (NYSE:MFA), Ellington Financial I nc (NYSE:EFC), Redwood Trust Inc (NYSE:RWT), Adamas Trust Inc (NASDAQ:ADAM), Angel Oak Mortgage REIT, Inc. (NYSE:AOMR), TPG Mortgage Investment Trust Inc (NYSE:MITT), and Two Harbors Investment Corp (NYSE:TWO). 5) Please refer to Appendix page 39 for relevant, publicly traded peer universe for the respective business segments. 6) Please refer to Appendix page 38 for a reconciliation of GAAP equity values to adjusted book values. EAD is a non -GAAP measure. Please refer to Appendix page 34 for a reconciliation to the most comparable GAAP measure. 7) Based on common shares outstanding of 555,880,947 as of December 31, 2025. 8) Percentages are rounded and based on the difference between Rithm's market capitalization as of January 30, 2026 ($6.1 billio n) and the “Total Rithm Value” under the Illustrative SOTP Valuation. Endnotes to Slide 38: Source: Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 2) Adjusted Book Value removes Corporate Equity and Preferred Stock proportionally from the GAAP Book Values of Origination & Se rvicing, Investment Portfolio, and Residential Transitional Lending. 3) Percentages based on the difference between Rithm's market capitalization as of January 30, 2026 ($6.1 billion) and the Illus trative SOTP Valuation. Endnotes to Slide 39: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of December 31, 2025, unless otherwise noted. 1) Financials and market data for all public companies as of January 30, 2026. 2) Illustrative SOTP Valuation is based on management's current views, estimates, and valuation assumptions. Actual results and valuation of our business segments may vary materially. See “Disclaimers” at the beginning of this Presentation for more information on forward looking statements. 3) AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum o f: (i) the net asset value of managed accounts and open -ended funds or gross asset value of real estate and real estate funds, (ii) u ncalled capital commitments and (iii) par value of structured credit vehicles. AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. Rith m Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable.
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Q4 2025 Quarterly Supplement Abbreviations 46 This Presentation may include abbreviations, which have the following meanings: • 60+ DQ – Percentage of loans that are delinquent by 60 days or more • AAM – Alternative Asset Manager • ABF – Asset-backed Finance • AI -Artificial Intelligence • AUM – Assets Under Management • BDC – Business Development Company • BV – Book Value • BVPS – Book Value Per Share • Cap rate – Capitalization Rate • CLO – Collateralized Loan Obligation • CRE – Commercial Real Estate • DQ – Delinquency • DTC – Direct to Consumer Origination Channel • EAD – Earnings Available for Distribution • FHA – Federal Housing Administration • FICO – A borrower’s credit metric generated by the credit scoring model created by the Fair Isaac Corporation • FRE – Fee-Related Earnings • GAAP – Generally accepted accounting principles • GOS – Gain on Sale • IRR – Internal Rate of Return • LP – Limited Partner • LTARV – Loan to After Repair Value • LTM – Last twelve months • LTV – Loan to Value • MBS – Mortgage-Backed Securities • MSR – Mortgage Servicing Right • MTM – Mark to Market • NAV – Net Asset Value • NI – Net Income • Non-QM – Non-Qualified Mortgage • P/E – Price to Equity • PTI – Pre-Tax Income • QoQ – Quarter-over-quarter • RE – Real estate • Refi – Refinance • REIT – Real estate investment trust • RMBS – Residential Mortgage-Backed Securities • ROE – Return on Equity • RTL – Residential Transitional Loan • SBO – Serviced by Others • SEC – United States Securities and Exchange Commission • SOTP – Sum of the Parts • SRTs – Synthetic Risk Transfers • UPB – Unpaid Principal Balance • WAC – Weighted Average Coupon • WALA – Weighted Average Loan Age • YoY – Year-over-year
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Q4 2025 Quarterly Supplement