Slides
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Rithm Capital Quarterly Supplement Q3 2026
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2 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Disclaimers 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” or “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 n o particular order, statements (i) regarding the ability of the Company to: grow AUM and fee -related earnings; continue our long term strategy to build a global, diversified asset management platform; create and scale businesses; effect uate Newrez’s revenue growth and expense reduction initiatives; remain nimble through market volatility and as opportunities arise; flexibly deploy capital across its strategies; continue to innovate mortgage and capital markets products; deliver scalable investments across asset classes and return profiles; create and maximize strong risk-adjusted returns for shareholders and fund investors; execute on its partnerships with Valon and HomeVision; succeed in the current market environment and varying interest rate and economic environments; collaborate and connect across operating companies and implement operational efficiencies; opportunistically and efficiently identify and inv est in attractive investment opportunities, including through acquisitions; unlock the Company’s full value; scale the Company’s asset management platform; drive durable earnings growth and long -term shareholder value; grow our book value and earnings; optimize the Company’s corporate structure; bring the Company’s valuation closer to its sum-of-the-parts valuation (“SOTP”); maintain significant, long -term value and strong performance; maint ain performance in a volatile rate environment; 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; realize management’s projected savings for Newrez; Remain vigilant and highly disciplined in approach towards managing intere st rate risk and hedging exposures; achieve AUM growth targets; scale investment strategies; 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; launch Newrez’s technology initiatives; 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 into funds, develop new products, and continue to grow a diversified, integrated origination and asse t management platform; achieve potential valuations; and maintain past performance levels; (ii) about the current market and the future market, including: future interest rates, spreads, market volatility and other market condition s; macro outlooks; commercial real estate and other return -to-office trends; whether market trends will support the Company’s strategy, including management’s overall view of market trends, including, but not limited to commercia l real estate markets; expectations regarding current and future economic environments, including macroeconomic themes; and the Company’s positioning in the current market and the future market; (iii) containing estimated y ields; forecasted results; illustrative valuations; and estimates or projections; (iv) about the Company’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,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or e xpressions or (vi) are based upon management’s current views, plans or estimates. These statements are not historical facts. They represent management’s current 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 t o, risks relating to (i) changes in general economic and/or industry specific conditions; (ii) changes in the banking sector; (iii) changes in interest rates and/or credit spreads; (iv) the regulatory requirements of Rithm’s subsidiari es as investment advisers; (v) changes in financing terms; and (vi) 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 expe ctations 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 t he 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 d iscussion 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 “Manage ment’s Discussion 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 through, 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 pu rchase or sell 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 in 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 Pre sentation for information regarding this non-GAAP financial measure, including a definition, purpose and reconciliation to GAAP net income (loss), the most directly comparable GAAP fina ncial 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, amo ng other things. 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 re sult, an investment’s lifetime return 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 important 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 predi ct, 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 a nd 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 a s of the date hereof and Rithm does not assume any duty 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 f or additional information about Rithm and certain important risks and other factors that could affect the Company's performance. DEFINITIONS. See page 42, Definitions & Abbreviations for definitions of terms used throughout this presentation, including AUM, FPAUM, Long-Term AUM and Investable Assets.
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3 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See page 42, Definitions & Abbreviations for definitions of terms used throughout this presentation, including AUM, FPAUM, Long-Term AUM, and Investable Assets. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Leading global asset manager with a proven track record of creating and scaling complementary businesses Rithm Capital Overview / / E X E C U T I V E S U M M A R Y • A growing alternative investment manager (“AAM”) providing access to a wide array of credit, real estate, and multi -strategy investment offerings • Consists of Sculptor, Crestline, and Rithm Capital-managed funds • ~30 years of performance across our asset management platform(8) • Rithm invests its own capital alongside our partners • Newrez is the #3 US mortgage servicer and the #6 US mortgage lender(3), servicing $879 billion UPB and originating $60+ billion of mortgage loans annually(4), collectively serving over 4 million homeowners • Genesis is the #2 residential transitional lender in the country (5), originating over $6 billion of RTLs annually(6) and serving more than 700 sponsors • Elecor Properties is a premier owner, operator, and manager of 10 core Class A office properties across NYC and San Francisco, totaling 9.9 million square feet (7) Rithm Balance Sheet(2) Rithm AUM$61B $110B+ Investable Assets $9B+ Permanent Capital(1) GROWING ALTERNATIVE ASSET MANAGERPREMIER OPERATING BUSINESSES $57B WR and EB approved Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Represents “Stockholders’ Equity in Rithm Capital Corp.” on balance sheet. 2) Represents “Total Assets” on balance sheet. 3) Source: Inside Mortgage Finance reports: Top Primary Mortgage Servicers 2Q26 and Top Mortgage Lenders 6M26. 4) Newrez LTM Q3’26 originations: $63.1 billion. 5) Based on Genesis internal estimates and market data. 6) Genesis 2026E originations of $6.2 billion. 7) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street. 8) Sculptor and Crestline were founded in 1994 and 1997, respectively.
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4 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Quarter in Review – Financial Highlights / / E X E C U T I V E S U M M A R Y • Strong quarterly results: Q3’26 Earnings Available for Distribution (“EAD”) of $0.55 per share(1)(2) • 28 consecutive quarters for which EAD was greater than common dividends paid • Cumulative $6.8 billion of dividends paid to shareholders since inception GAAP NET INCOME $217.1M $0.38 per Diluted Share(2) Book Value $7.0B $12.51 per Common Share(3) Cash and Liquidity(5) $1.9B Common Stock Dividend 11.2% Dividend Yield(4) $0.25 per Common Share EARNINGS AVAIL ABLE FOR DISTRIBUTION (1) $315.3M $0.55 per Diluted Share(2) Endnotes to Slide 4: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Earnings Available for Distribution and Earnings Available for Distribution 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 and Earnings Available for Distribution are based on 572,817,609 weighted average diluted common shares for the quarter ended September 30, 2026. 3) Book value per share is based on common shares outstanding of 558,407,031 as of September 30, 2026. 4) Dividend yield is based on Rithm common stock closing price of $8.93 on September 30, 2026, the last trading day of the third quarter, and annualized dividend based on a $0.25 per common share quarterly dividend. 5) Cash and liquidity is a non-GAAP measure representing cash and cash equivalents and available undrawn financing. WR and EB approved
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5 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC * Please reference the Illustrative SOTP analysis shown on page 7. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. From an externally managed REIT to a diversified, fully integrated origination and asset management platform The Rithm Capital Story / / E X E C U T I V E S U M M A R Y THE PATH FORWARD , Unlocking the Full Value RITHM CAPITAL, Our Journey • Established in 2013 as New Residential(1), a Fortress sponsored externally managed public REIT, to invest opportunistically in MSRs • Focused on broadening internal capabilities through acquisitions, while working in the Fortress ecosystem • Acquired and scaled our own mortgage platform - Newrez - to become one of the largest mortgage companies in the US • In 2022, leadership internalized the Company’s management from Fortress and rebranded the Company as Rithm Capital with the intent of building a premier asset management business • Significant growth and broadening of asset management platform driven by several milestone acquisitions: Sculptor in 2023 and both Crestline and Elecor in 2025 • Rithm’s originations businesses give us a differentiated sourcing advantage and make us leaders in ABF – allowing us to create products accretive to both Rithm and our fund investors • The Asset Management business now has over 200 institutional investors(2) globally and $61 billion in AUM We believe these factors will drive a revaluing of our Company in the future, bringing it closer to our sum-of- the-parts valuation* Continue scaling the Asset Management platform, alongside our operating companies, to drive durable earnings growth and long-term shareholder value As Asset Management earnings scale, potential to optimize corporate structure to better reflect the underlying value of each business unit Endnotes to Slide 5: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) New Residential refers to New Residential Investment Corp. 2) Includes institutional investors across the entire Rithm Asset Management platform, including at Rithm, Sculptor and Crestline with commitments greater than $20 million, as of June 30, 2026. WR and EB approved
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6 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Rithm continues to deliver stable, consistent performance in a volatile rate environment – driven by disciplined execution across our platform Quarter in Review – Business Highlights / / E X E C U T I V E S U M M A R Y SCALING ASSET MANAGEMENT • Raised $569 million of gross new capital and fund commitment inflows in Q3’26, bringing YTD gross inflows to $2.9 billion • FPAUM, equaling $46 billion and 76% of total AUM, is key to developing the platform into a more durable earnings stream • Crestline held a final close for European Capital Solutions Fund II, bringing total fund commitments to $625 million • Healthy capital inflows following quarter-end, including the first close of Sculptor Asset Based Finance Fund III STRONG MOMENTUM IN CORE GROWTH AREAS • Elecor Properties expanded its third-party capital base through a JV with a strategic partner for 1301 Avenue of the Americas, w hile also signing 320K sq ft of new leases in Q3’26 • Genesis achieved $1.5 billion in Q3’26 RTL originations, bringing YTD originations to $5.0 billion and exceeding FY25 totals • Newrez originated $5.1 billion of YTD Q3’26 non-agency loans, a record for Newrez in the product class DELIVERING POSITIVE OPERATING LEVERAGE • Leveraging technology and investments in AI to achieve additional efficiencies; expected to drive ~$125 million in savings for Newrez(1) • Continued focus on expense discipline expected to drive consistent, sustainable earnings growth • Newrez delivered 24% annualized operating ROE in Q3’26 (2), showcasing strong performance in a challenging environment RESILIENCE ACROSS MARKET CONDITIONS • Newrez’s $879 billion UPB servicing portfolio is expected to perform well in tough origination environments • Strong credit performance at Genesis driven by repeat borrowers and high -touch model focused on risk mitigation • Remain vigilant and highly disciplined in approach towards managing interest rate risk and hedging exposures Endnotes to Slide 6: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Planned run rate expense savings reflect management’s view following the servicing platform transition to ValonOS, full rollout of HomeVision automated underwriting, and estimated savings per the implementation roadmap. Savings do not reflect incremental software expense. 2) Q3’26 annualized operating ROE and full year operating ROE are non-GAAP measures. Q3’26 annualized operating ROE is calculated by annualizing pre-tax operating income of $329.7 million (which excludes $275.2 million of MSR MTM gain, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity of $5.5 billion. WR and EB approved
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7 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Current valuation of 69% of book value understates the intrinsic value of Rithm’s core segments Sum-of-the-Parts (“SOTP”) Valuation(1) / / E X E C U T I V E S U M M A R Y CURRENT VALUATION $7.0B Book Value $4.8B Market Cap(2) $8.68 Share Price(2) 0.69x Price/Book Value(3) ILLUSTRATIVE SOTP VALUATION* (1) ($M, except per share) Value Metric(4) Value Range(5) Low High Newrez (Origination & Servicing) $3,072 (Adj. BV) 1.0 – 1.5x $3,072 $4,608 Investment Portfolio $928 (Adj. BV) 1.0x $928 $928 Genesis (Residential Transitional Lending) $580 (Adj. BV) 1.0 – 1.3x $580 $754 Elecor Properties (Commercial Real Estate) $1,178 (Cost Basis) 1.0x $1,178 $1,178 Asset Management $119 (Adj. LTM EAD) 10.0 – 12.0x $1,190 $1,428 Total Rithm Value $6,947 $8,895 Per Share(6) $12.44 $15.93 P/BV (GAAP) 1.0x 1.3x Implied Illustrative Valuation Lift(7) ~40% ~85% * See pages 37 – 40 of the Appendix for additional detail regarding the preparation of the Illustrative SOTP Valuation and adjusted value metrics. WR and EB approved Endnotes to Slide 7: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of September 30, 2026 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 October 22, 2026. 3) Price to Book Value is represented by the Common Stock per Share Price at close of trading on October 22, 2026 and the Book Value as of September 30, 2026. 4) Please refer to Appendix page 39 for a reconciliation of GAAP equity values to adjusted book values. EAD is a non- GAAP measure. Please refer to Appendix pages 37 - 39 for a reconciliation to the most comparable GAAP measure. Please refer to page 39 for definition of cost basis of Elecor. 5) Please refer to Appendix page 40 for relevant, publicly traded peer universe for the respective business segments. 6) Based on common shares outstanding of 558,407,031 as of September 30, 2026. 7) Percentages are rounded and based on the difference between Rithm's market capitalization as of October 22, 2026 ($4.8 billion) and the “Total Rithm Value” under the Illustrative SOTP Valuation.
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Asset Management
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9 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Diversified strategies provide investment solutions for clients around the globe Rithm Asset Management Overview / / A S S E T M A N A G E M E N T CREDIT REAL ESTATE MULTI -STRATEGY Direct Lending Asset-Based Finance Opportunistic Equity Multi-Strategy Capital Solutions CLO Management Real Estate Credit Convertible Arbitrage NAV Lending Residential Lending Core Plus Opportunistic Credit Insurance Solutions $61B AUM RITHM ASSET MANAGEMENT ~200 Institutional Investors(1) 16 Global Offices(2) 220 Investment Professionals(3) 30+ years Performance Across the Platform(4) Endnotes to Slide 9: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Includes institutional investors across the entire Rithm Asset Management platform, including at Rithm, Sculptor and Crestline with commitments greater than $20 million, as of June 30, 2026. 2) Represents office locations for Rithm, Crestline, and Sculptor; city-level presence may consolidate multiple offices within the same market into a single location. 3) Includes investment professionals across the entire Rithm Asset Management platform, including at Rithm, Sculptor, and Crestline, as of June 30, 2026. 4) Sculptor and Crestline were founded in 1994 and 1997, respectively. WR and EB approved
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10 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Powerful combination of investment solutions across strategies and geographies Asset Management Business Overview / / A S S E T M A N A G E M E N T Q3’26 KEY METRICS $61B AUM 76% FPAUM %(1) $569M Gross Capital & Fund Commitments 71% Long-Term AUM %(2) • Strong fundraising momentum continues across the platform • $569 million of gross new capital and fund commitment inflows in Q3’26, bringing YTD gross inflows to $2.9 billion • Crestline held a final close for European Capital Solutions Fund II, bringing total fund commitments to $625 million, which exceeds its predecessor fund by nearly 75% • Healthy capital inflows following quarter-end, including the first close of Sculptor Asset Based Finance Fund III PERFORMANCE FUNDRAISING • Performance-driven organization that puts investors first and delivers on investment mandates – Crestline Direct Lending Fund IV: 15.5% Gross IRR ITD / 10.7% Net IRR ITD (3) – Crestline Portfolio Financing Fund II: 14.1% Gross IRR ITD / 11.0% Net IRR ITD (3) – Crestline Capital Solutions Fund V: 19.8% Gross IRR ITD / 14.4% Net IRR ITD (3) – Sculptor Multi-Strategy Composite Net Returns: 10.4% 3-year annualized and 10.6% ITD (4) • Conservative risk and liquidity positioning are core tenets of the platform Endnotes to Slide 10: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Equal to FPAUM / AUM. See page 42 in the Appendix for definitions of FPAUM and AUM. 2) As of June 30, 2026. Equal to Long-Term AUM / AUM. See page 42 in the Appendix for definitions of Long-Term AUM and AUM. 3) Crestline incorporates the rebalanced approach to report Gross and Net IRRs at both the Fund and LP level. This approach assumes all investors committed at the Fund’s first close as opposed to the traditional approach which calculated investor IRRs based on the time of their specific close. Unlike the traditional approach, the rebalanced approach considers any payments or distributions made from closing investors to existing investors that are required by Fund documents. Crestline believes this provides investors with a more accurate representation of their performance as it gives some consideration to the cash flow dynamics borne by both new and existing investors at the time of any close. This also provides investors with additional benefits including the following: Improves the comparability of individual LP IRRs to the fund’s overall headline IRR Allows investors to assess the impact of any fee discounts more easily Matches the language in the Fund documents that describe the methodology used to calculate incentive fees. As opposed to the traditional approach, this removes certain counter intuitive scenarios such as LPs owing incentive fees despite their reported Net IRR being below the Fund’s incentive hurdle rate. 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. Volatility is a statistical measure that measures the fluctuation of the monthly rates of return against the average return. WR and EB approved
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11 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Scaling Asset Management platform with organic and inorganic strategic growth opportunities Assets Under Management / / A S S E T M A N A G E M E N T HISTORICAL & PROJECTED AUM ($B) $27 $27 $45 $46 $33 $34 $60 $61 $75 – 80 2023 2024 2025 Q3'26 2028 Target FPAUM AUM Rithm acquired Crestline in Q4’25: +$20B AUM • AUM has increased by $28 billion since the initial acquisition of Sculptor in 2023 • FPAUM of $46 billion, representing 76% of total AUM • Organic growth initiatives expected to deliver AUM of $75 - $80 billion by the end of 2028 – Scale core investment strategies across Credit, Real Estate, and Multi-Strategy – Represents ~9% CAGR from 2025 • Rithm remains open to inorganic growth opportunities in complementary investment areas such as Infrastructure • While we lead with performance, AUM growth is key to developing the platform into a larger, more durable earnings stream Endnotes to Slide 11: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. WR and EB approved
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Commercial Real Estate
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13 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC * Key Metrics are representative of Elecor’s Core Assets. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Rithm has a scaled and differentiated real estate platform with debt and equity expertise and robust asset management capabilities Commercial Real Estate Business Overview / / C O M M E R C I A L R E A L E S T A T E Q3’26 KEY METRICS* (1) 9.9M Sq Ft of Class-A Office Space 83.5% Leased Occupancy(2) $91 Annualized Average Rent / Sq Ft(3) 8.2 yr Average Office Lease Term(4) Capital Improvement Strategy Financing Execution Strategic Third- Party Capital • In Q3’26, expanded our third-party capital base by bringing in a strategic partner for 1301 Avenue of the Americas, extending our asset management capabilities • Advanced major amenity programs across key assets, including: ‒ NYC: 1633 Broadway and 712 Fifth Avenue ‒ San Francisco: One Market and One Front Street • Closed on $515 million CMBS financing of 31 West 52nd Street • Continued focus on select refinancings Strong Investment Results(5) • Q3’26 Balance Sheet Investment Realization: DC-Area distressed Class A office ‒ 29% IRR and 1.6x MOIC • YTD Q3’26 Realizations: WA 43% IRR and 1.6x WA MOIC across 3 transactions Opportunistic Across the Capital Stack • Vertically integrated debt and equity platform sources opportunities across dislocated markets • Flexible deployment across the capital stack aims to deliver strong, risk-adjusted returns Endnotes to Slide 13: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street 2) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. 3) Represents our share of the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12. 4) Represents average lease term of our share of assets. NYC average lease term for office leases is 8.5 years; San Francisco is 6.5 years. 5) Reflects Rithm’s share of GP investments, alongside third- party capital, weighted by capital invested. The investments are held on balance sheet and returns shown are on the Rithm’s GP interest only and includes Rithm’s share of promote. WR and EB approved
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14 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC * Leasing Highlights are representative of Elecor’s Core Assets. See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Elecor continues to execute on its business plan, driven by excellence in leasing Elecor Properties Leasing Highlights*(1) / / C O M M E R C I A L R E A L E S T A T E ROBUST LEASING LOW UPCOMING LEASE EXPIRATIONS Leases Signed (000s of sq ft) Lease Expirations, at Share(2) (000s of sq ft) LEASED OCCUPANCY INCREASING AVERAGE RENTS Pro Forma Leased Occupancy, at Share(2)(4) Price of New Leases Signed, at Share(2) ($ / sq ft) Strong YTD leasing activity of 1.0 million sq ft, 65% of which is in San Francisco Relative to 2025, rents from leasing activity YTD are 22% higher, led by a 36% increase in NYC(2) Minimal lease expirations through 2028, averaging 150K sq ft, or 2% per annum Leased occupancy has increased 5.9% in San Francisco since Q1’26 $81 $91 $110 $91 NYC San Francisco 2025 YTD Q3'26 365 316 320 Q1'26 Q2'26 Q3'26 NYC San Francisco 801 437 145 155 2025 2026 2027 2028 NYC San Francisco 90.8% 88.6% 59.1% 65.0% 83.9% 83.5% Q1'26 Q2'26 Q3'26 NYC San Francisco Elecor Total Endnotes to Slide 14: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street 2) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods. NYC and Elecor leased occupancy were adjusted in prior periods to reflect the partial sale of 1301 Avenue of the Americas. 3) Q4’26 Lease Expirations: 54K sq ft 4) Historical leased occupancy percentages have been recalculated using Elecor’s ownership interests as of September 30, 2026 for all periods presented. (3) WR and EB approved
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15 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Elecor Properties Core Assets(1) / / C O M M E R C I A L R E A L E S T A T E New York CitySan Francisco 1.6M sq ft 49% Owned 0.7M sq ft 31% Owned 0.6M sq ft 75% Owned One Market One Front St 300 Mission St 26K sq ft 9% Owned 1600 Broadway 0.5M sq ft 50% Owned 712 Fifth Avenue 0.6M sq ft 55% Owned 900 Third Avenue 0.8M sq ft 100% Owned 31 West 52nd St • 2.5M sq ft • 90% Owned 1633 Broadway 0.8M sq ft 100% Owned 1325 Ave of the Americas 1.8M sq ft 51% Owned 1301 Ave of the Americas 88.6% Leased Occupancy(2) 65.0% Leased Occupancy(2) • Midtown’s strong leasing activity continued in Q3’26, outpacing new availability, resulting in the ninth consecutive quarter of positive absorption • Robust demand coupled with declining availability, particularly in Midtown’s premier assets, continues to power rental rate growth • The market in San Francisco is continuing to see a rapid recovery driven by: – Accelerating leasing velocity – Historic levels of VC funding – A robust pipeline of 10 million sq ft of tenants • 2.5M sq ft • 90% Owned Endnotes to Slide 15: Source: Company financial information, CBRE for New York City market data and JLL for San Francisco market data. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street. 2) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. 2.9M sq ft 7 Properties 7.0M sq ft 3 Properties WR and EB approved
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Genesis Capital
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17 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Market-leading originator of single- and multifamily RTLs to institutional sponsors(1) Genesis Capital Business Overview / / G E N E S I S Q3’26 KEY METRICS $33M Pre-Tax Income ex-MTM 14% PTI ex-MTM % Change YoY $1.5B Origination Volume 13% Annualized Operating ROE(2) • Continued Origination Momentum: Q3’26 volume of $1.5 billion and $5.0 billion YTD Q3’26 • Sponsor Focused Expansion: record 125 new sponsors funded in Q3’26; 88% of customers are repeat borrowers • Strong Owner-Operator Model: closed $375 million securitization of multifamily loans originated and serviced by Genesis, the largest multifamily-only RTL deal to date FINANCIAL RESULTS BUSINESS HIGHLIGHTS STRATEGIC ADVANTAGE ($M) Q3’26 Q2’26 Q3’25 % Change YoY Net Interest and Other Income 59.9 67.6 49.5 21% G&A Expenses (26.7) (26.0) (20.5) Pre-Tax Income ex-MTM $33.2 $41.6 $29.1 14% MTM and other non-operating items (8.9) (4.6) (7.8) Total Pre-Tax Income $24.3 $37.0 $21.3 14% Robust origination volumes provide consistent sourcing pipeline for Rithm-managed accounts Differentiated business model focused on long-term relationships with high-quality sponsors Multi-faceted underwriting approach includes in-house expertise assessing borrower credit profile, construction capability, and asset valuation Endnotes to Slide 17: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Based on internal Genesis estimates and market data. 2) Q3’26 annualized operating ROE is a non-GAAP measure calculated based on annualized pre-tax operating income of $33.2 million, excluding MTM and other non-operating items of $(8.9) million, divided by the average of current and prior period Residential Transitional Lending segment ending total stockholders' equity of $1,018.5 million. WR and EB approved
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18 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. National lender providing capital solutions for the entire development lifecycle across asset classes Genesis Portfolio Overview(1) / / G E N E S I S 53% 34% 13% Construction Bridge Renovation 40% 37% 23% Single Family Multifamily Other 59% 41% Adjustable Rate Fixed Rate 63% Loan-to-After Repair Value 66% Loan-to-Value 76% Loan-to-Cost LOAN TYPE STRUCTURE ASSET TYPE KEY PORTFOLIO METRICS Endnotes to Slide 18: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Portfolio Overview is represented as a percentage of Outstanding Commitments as of September 30, 2026. 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. 2) Other includes loans for Land, Mixed-Use, and Manufactured Housing (2) WR and EB approved
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19 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Sustained growth driven by a differentiated lending platform designed to meet the needs of institutional sponsors nationwide Genesis Has Outpaced the Broader RTL Market / / G E N E S I S RTL TOTAL ADDRESSABLE MARKET (1) ($B) • Genesis represented 0.9% of the RTL market in 2025 • Significant white space to grow as Genesis’s value-add lending drives sponsor expansion across markets GENESIS TOTAL ORIGINATIONS ($B) • Genesis’s growth has outpaced that of the broader RTL market • Growth accelerated after Rithm’s acquisition in 2021 26% 28% 32% 31% 31% 34% 31% 36% $405 $420 $641 $693 $427 $432 $529 $632 2019 2020 2021 2022 2023 2024 2025 2026E Non-Bank Bank $1.5 $1.0 $2.1 $2.4 $2.1 $3.7 $4.8 $6.2 2019 2020 2021 2022 2023 2024 2025 2026E $5.0 YTD Q3’26 Q4’26E 22% CAGR Rithm Acquires Genesis Capital 7% CAGR Endnotes to Slide 19: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Industry data is as of June 30, 2026. 2026E represents an annualized run rate calculated using results through mid-May 2026. WR and EB approved
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Newrez
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21 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Platform continues to deliver strong and disciplined performance Newrez Business Overview / / N E W R E Z Q3’26 KEY METRICS FINANCIAL RESULTS (2) MARKET POSITIONING RESULTS -DRIVEN ETHOS ($M) Q3’26 Q2’26 Q3’25 % Change YoY Servicing $306.3 $254.6 $276.5 11% Originations $71.0 $105.0 $80.9 (12%) Corporate ($47.7) ($52.0) ($42.4) Pre-Tax Income ex-MTM $329.7 $307.6 $314.9 5% MTM and other non-operating items $275.2 ($194.5) ($81.4) Total Pre-Tax Income $604.8 $113.1 $233.6 159% 16% 18% 20% 22% 2023 2024 2025 9M26 #6 US Mortgage Lender(5) #3 US Mortgage Servicer(4) 4M+ Homeowners 24% Annualized Operating ROE(1) $330M PTI ex-MTM $13B Origination Volume $879B Servicing UPB Q3 Highlights Baron intro/Aditya WIP • #3 US Mortgage Servicer and #6 US Mortgage Lender(4)(5) • Partnering with eXp, one of the nation’s largest real estate platforms, powering homebuyer transactions, high-intent lead capture, and up-funnel relationships • Continued growth of high-quality servicing portfolio, up net $14B QoQ • $28B subservicing UPB boarded in Q3’26 and 15 new clients added YTD’26 • [Even in a tighter credit market] Continued non-agency production momentum, +30% YoY and 8% QoQ; 9M26 already in line with FY25 production • Homeowner-centric platform delivered refinance recapture gains • Cost-per-loan continues to outperform industry, driven by operating leverage from technology and cross-platform investments • Market-leading special servicer with loan workout ratio outperforming industry average of % • Speeds slower, amort down materially; servicing performance offsetting originations headwinds Endnotes to Slide 21: Source: Company SEC filings and current financial information. Financial and market data as September 30, 2026, unless otherwise noted. 1) Q3’26 annualized operating ROE and full year operating ROE are non-GAAP measures. Q3’26 annualized operating ROE is calculated by annualizing pre- tax operating income of $329.7 million (which excludes $275.2 million of MSR MTM gain, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity of $5.5 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. Full Year ROEs are updated to reflect this adjustment. 4) Source: Inside Mortgage Finance, Top Primary Mortgage Servicers 2Q26. 5) Source: Inside Mortgage Finance, Top Mortgage Lenders 6M26. 6) 9M26 annualized operating ROE is a non-GAAP measures. 9M26 annualized operating ROE is calculated by annualizing pre-tax operating income of $911.0 million (which excludes $57.6 million of MSR MTM gain, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity of $5.6 billion. Annualized Operating ROE(3) (6)
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22 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Diversified strategy has delivered 14+ consecutive quarters of high-teen to low-20s annualized operating ROEs(1) Positioned to Perform Across Market Cycles / / N E W R E Z PLATFORM DIFFERENTIATION MARKET EDGE • Pricing discipline and nimble platform strategy to optimize returns • Servicing and special servicing excellence through cost leadership and client trust DYNAMIC CHANNEL STRATEGY • Digitally-enabled, high-margin DTC channel focused on homeowner experience • Cost-effective local connections via wholesale and joint venture partners • Third-party servicing platform provides operating leverage and favorable ROI for clients PRODUCT ECOSYSTEM • Full suite of products and services for homeowners and clients • Industry-leading Non-QM and alternative credit solutions for customers • Servicing excellence from traditional to high-touch specialty products SCALE -EFFICIENT • AI-native servicing platform redefining workflows, customer experience, and self-service functionalities • Loan origination tech stack delivers flexible capacity in all market environments Endnotes to Slide 22: Source: Company SEC filings and current financial information. Financial and market data as September 30, 2026, unless otherwise noted. 1) Annualized operating ROE is a non- GAAP measure. It is calculated by annualizing pre-tax operating income, (which excludes MSR MTM, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity.
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23 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Platform Investments to Supercharge Core Business / / N E W R E Z ORIGINATIONS $1,472 $856 $757 Direct Originations Fulfillment CPL $176 $112 $81 Total Direct Servicing CPL H1’26 Industry H1’26 Newrez Newrez Forecast (3) AI-Native Fulfillment Building instant origination engine • Straight-through processing AI capability – expected Q4’26 AI-Native Servicing with Valon OS End-to-end agentic workflows • Phased migration of portfolio expected to begin Q1’27 SERVICING Cost-per-loan Continues to Outperform Industry (1) (2) Endnotes to Slide 23: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Source: MBA Q2 2026 Quarterly Mortgage Bankers Performance Report, reflecting H1’26 fulfillment personnel expenses per loan, weighted average across all channels ex-correspondent. 2) Total Direct Servicing CPL reflects servicing operations and relevant corporate costs. Industry figure sources latest available industry data: MBA Chart of the Week, Components of Direct Servicing Operating Costs, June 26, 2026. Industry MBA figure adjusted to align to Newrez portfolio (6.8% 30+ DQ). Industry also adjusted to remove costs that Newrez considers corporate allocations in order to arrive at direct operating costs. 3) Forecast Cost-per-Loan figures reflect estimates following full implementation of HomeVision underwriting technology and full transition to Valon OS platform. See disclaimers at the start of this presentation. 4) Planned run rate expense savings reflect management’s view following the servicing platform transition to ValonOS, full rollout of HomeVision automated underwriting, and estimated savings per the implementation roadmap. Savings do not reflect incremental software expense. 5) Inquiries resolved by AI chatbot with no need for human transfer. Leading containment rate measure of 88% as of 9M26. 6) Data attributes and real-time insights across transactions properties, customers, and agents (1)(2) $125 M+ Savings expected from AI & Platform investments(4) VELOCITY CAPACITY CUSTOMER EXPERIENCE COST -PER -LOAN ✓ AI copilot for loan officers ✓ DTC engine redesign ✓ Sales assistant AI ✓ 24/7 voice AI ✓ Leading AI chatbot(5) ✓ 10+ billion data attributes & insights(6)
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24 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC $16.4 $18.8 $15.5 $15.9 $12.9 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Consumer Direct Wholesale Correspondent See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Continued focus on efficiency, non-agency growth, and product innovation Disciplined Strategy Driving Origination Performance / / N E W R E Z FUNDED VOLUME BY CHANNEL ($B UPB) ORIGINATIONS BUSINESS HIGHLIGHTS • 9M26 direct lending growth of 27% YoY; higher-margin direct channels (wholesale & consumer direct) comprise 39% of volume • Margin discipline through optimized pricing strategy across channels despite margin pressures • Platform delivered refinance recapture rate of 44% and second lien adjusted rate of 61% in Q3’26(1)(2) • Launching all-digital EasyClick home equity solution(3) • Continue to generate high-quality non-agency assets, production in Q3’26 up 30% YoY, 8% QoQ • Coissue MSR production of $13 billion YTD, up 17% YoY 1.14% 1.50% 1.44% 1.64% 1.63% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 GAIN ON SALE MARGINS $2.1 $5.1 $6.8 2024 2025 9M26 Ann. Non-Agency Production ($B) RECORD NON -AGENCY PRODUCTION (4) Endnotes to Slide 24: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Refinance recapture rate represents (i) new loan amounts for all customers originated through DTC or Retail/JV channels divided by (ii) all paid-in-full loans identified from internal records or public records as refinancings. 2) Second lien adjusted recapture rate represents (i) new loan amounts for all customers originated through DTC or Retail/JV channels, plus closed end seconds balances divided by (ii) all paid-in- full loans identified from internal records or public records as refinancings, plus first lien UPBs of retained closed end seconds customers plus closed end seconds balances. 3) EasyClick home equity solution expected to launch in Q4’26. 4) Consumer Direct refers to aggregate of DTC and Retail/JV channels. 5) 9M26 non-agency production volume of $5.1B annualized at current run rate. (5)
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25 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. High-quality owned MSR portfolio performance and continued growth of third-party franchise Servicing Platform Powered by Advanced Technology / / N E W R E Z COST -PER -LOAN (2) ($B UPB) $209 $176 $162 $133 $130 $248 $229 $222 $240 $242 2022 2023 2024 2025 9M26 Newrez Industry Average $541 $541 $543 $568 $572 $282 $256 $257 $268 $283 $878 $852 $850 $865 $879 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Owned MSRs: Newrez Third-Party Servicing/Other Owned MSRs: SBO SERVICING BUSINESS HIGHLIGHTS • Third-party servicing added $28 billion UPB in Q3, +5% QoQ, with 15 new subservicing clients added YTD • Prepayment activity more than offset by production volumes • Expanded subservicing offering with launch of Recapture-as-a- Service for marquee third-party clients • Market-leading special servicer with loan workout ratio of 76% outperforming industry average of 59% (1) • Owned MSR portfolio delinquencies seasonally impacted QoQ but continue to perform well 98% Client Retention Rate(5) SERVICING POWERHOUSE (4) 71 100 150 165 2023 2024 2025 YTD'26 Third-Party Servicing Client Count $78B+ Subservicing UPB Boarded YTD’26 (3) Endnotes to Slide 25: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Loan workout ratios reflect Current % of Completed Loan Workouts (2020 or After). Industry figure based on Mortgage Bankers Association Monthly Loan Monitoring Survey September 2026. 2) Cost-per-Loan methodology revised to align better to industry and MBA calculation standards. These changes improve benchmark comparability and better reflect current portfolio performance. CPL figures for Newrez and Industry revised versus Q2’26. 3) Source: MBA Research Showcase 2026. Industry CPL figure imputed to reflect delinquency levels aligned to Newrez portfolio (6.8% 30+ DQ). 9M26 industry figure uses 2025 cost per loan average, which is the latest available data. 4) “Owned MSRs: Newrez” includes all owned MSRs serviced by Newrez. “Third-Party Servicing/Other” 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”). 5) Reflects third-party servicing client retention since 2015.
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Investment Portfolio
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27 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC 34% 13% 11% 10% 5% 5% 22% Whole Loans Consumer RMBS SFR Excess MSRs SRTs Other Investments Key source of strategic differentiation, diversification, and earnings power Investment Portfolio Business Highlights / / I N V E S T M E N T P O R T F O L I O Q3’26 KEY METRICS • Delivering strong, consistent performance with 14% ROE despite a volatile macroeconomic environment • Purchased $521 million of home improvement loans (“HILs”) and completed a $306 million securitization in Q3’26 – Rithm also amended the existing forward flow agreement with Upgrade to allow for the purchase of an additional $1.2 billion HILs • Completed four additional securitizations totaling $1.8 billion in Q3’26, including two Non -QM deals, an RPL deal, and a multifamily RTL deal – Rithm has securitized 9 Non-QM deals YTD Q3’26, totaling $4.4 billion BUSINESS HIGHLIGHTS SECURITIZATIONS BY SECTOR INV. PORTFOLIO COMPOSITION $3.1B Residential Asset Investments $2.1B UPB of Securitizations 14% Annualized Operating ROE(1) ($B) $0.2 $0.7 $1.0 $1.9 $2.0 $2.0 $3.7 $2.1 H1'23 H2'23 H1'24 H2'24 H1'25 H2'25 H1'26 Q3'26 RPL MSR Non-QM RTL HIL +85% YoY $1.6B Total Portfolio Equity See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Endnotes to Slide 27: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Q3’26 annualized operating ROE is a non-GAAP measure calculated based on annualized pre-tax operating income of $57.9 million, excluding MTM and other non-operating items of $(33.8) million, divided by the average of current and prior period Investment Portfolio total stockholders' equity of $1,665.0 million. WR and EB approved
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Appendix
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29 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Condensed Consolidated Balance Sheets / / A P P E N D I X (dollars in thousands, except per share data) September 30, 2026 (Unaudited) June 30, 2026 (Unaudited) AS S E TS Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 12,187,706 $ 11,091,483 Government and government-backed securities ($4,487,253 and $4,887,937 at fair value, respectively) 4,512,203 4,912,869 Residential mortgage loans ($4,660,524 and $4,241,244 at fair value, respectively) 4,707,366 4,293,492 Consumer loans, at fair value 826,960 707,111 Residential transition loans, at fair value 3,890,850 3,832,312 Residential mortgage loans subject to repurchase 4,594,747 4,308,886 Real estate, net 4,900,278 6,139,789 Insurance company investments, at fair value 1,198,971 1,119,524 Cash, cash equivalents and restricted cash 2,449,322 2,454,708 Servicer advances receivable 2,791,248 2,751,593 Other assets ($3,146,478 and $3,037,780 at fair value, respectively) 6,029,271 5,584,432 Assets of consolidated entities 8,572,408 6,912,669 Total Assets $ 56,661,330 $ 54,108,868 LIAB I L IT IE S Secured financing agreements $ 14,235,647 $ 13,677,512 Secured notes and bonds payable ($119,148 and $126,140 at fair value, respectively) 14,011,438 14,363,446 Residential mortgage loan repurchase liability 4,594,747 4,308,886 Unsecured notes, net of issuance costs 1,907,153 1,902,627 Interest sensitive insurance contract liabilities 1,206,009 1,143,797 Dividends payable 190,451 185,032 Accrued expenses and other liabilities ($662,232 and $631,854 at fair value, respectively) 3,484,410 3,104,711 Liabilities of consolidated entities 7,494,519 5,974,137 Total Liabilities $ 47,124,374 $ 44,660,148 R E D E E MA B LE NON-C ONT R O L L I NG INTE R E S TS OF C ONS OL ID A TE D S U BS ID I A R IES Redeemable non-controlling interests of consolidated subsidiaries 395,599 397,306 Total Redeemable Non-controlling Interests of Consolidated Subsidiaries $ 395,599 $ 397,306 STOCKHOLDERS’ EQUITY Preferred stock 1,632,915 1,632,915 Non-controlling interests in equity of consolidated subsidiaries 521,295 534,552 Book Value $ 6,987,147 $ 6,883,947 Per Share $ 12.51 $ 12.33
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30 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Book value per share based on common shares outstanding (558,407,031). Numbers may not add due to rounding. Book Value per Share Summary / / A P P E N D I X Per Share Ending Q2’26 Book Value Per Share $12.33 Net (Loss) Income (Net of Tax and Change in Fair Value) (1.06) MSR Realization of Cash Flows (0.33) Change in Valuation Inputs and Assumptions 1.77 GAAP Net Income 0.38 Common Dividend (0.25) Other Comprehensive Income 0.00 Other (primarily stock compensation) 0.05 Ending Q3’26 Book Value Per Share $12.51 QoQ % Change 1.5%
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31 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Consolidated Statements of Operations / / A P P E N D I X Three Months Ended Unaudited (dollars in thousands) September 30, 2026 June 30, 2026 R E VE NUE S Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 595,372 $ 614,637 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(186,553) and $(213,874), respectively) 121,277 (392,875) Servicing revenue, net 716,649 221,762 Interest income 479,592 474,595 Gain on originated residential mortgage loans, held-for-sale, net 214,157 207,006 Asset management revenue 107,345 142,228 Commercial real estate revenue 187,041 182,130 Other residential-related revenue 51,638 54,560 1,756,422 1,282,281 E X PE NS E S Interest expense and warehouse line fees 480,834 464,114 General, administrative and operating 320,862 307,349 Compensation and benefits 382,366 410,477 Depreciation and amortization 92,428 93,547 1,276,490 1,275,487 OTH E R INC OME (LOS S ) Realized and unrealized gains, net 19,746 56,305 Other income, net 19,415 23,787 39,161 80,092 Income Before Income Taxes $ 519,093 $ 86,886 Income tax expense 257,819 18,973 Net Income $ 261,274 $ 67,913 Non-controlling interests in income of consolidated subsidiaries 3,733 8,032 Redeemable non-controlling interests in income of consolidated subsidiaries 4,256 3,590 Net Income Attributable to Rithm Capital Corp. $ 253,285 $ 56,291 Dividends on preferred stock 36,159 36,098 Net Income Attributable to Common Stockholders $ 217,126 $ 20,193
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32 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Segment Information (Q3’26) / / A P P E N D I X ($ in thousands) Quarter Ended September 30, 2026 Origination and Servicing Residential Transitional Lending Asset Management Investment Portfolio Commercial Real Estate Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 595,372 $ — $ — $ — $ — $ — $ 595,372 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(186,553)) 121,277 — — — — — 121,277 Servicing revenue, net 716,649 — — — — — 716,649 Interest income 259,545 103,594 39,736 71,999 2,065 2,653 479,592 Gain on originated residential mortgage loans, held-for-sale, net 203,793 — — 10,364 — — 214,157 Management fees — — 91,637 — 1,322 — 92,959 Incentive fees — — 14,386 — — — 14,386 Asset management revenue — — 106,023 — 1,322 — 107,345 Commercial real estate revenue — — — — 187,041 — 187,041 Other residential-related revenue 25,865 — — 25,773 — — 51,638 Total Revenue 1,205,852 103,594 145,759 108,136 190,428 2,653 1,756,422 Interest expense and warehouse line fees 230,843 50,134 29,015 65,440 65,751 39,651 480,834 Other segment expenses 148,472 7,256 32,997 32,440 84,960 14,737 320,862 Compensation and benefits 213,618 23,489 123,558 5,054 6,208 10,439 382,366 Depreciation and amortization 4,852 2,078 11,738 5,743 68,097 (80) 92,428 Total Operating Expenses 597,785 82,957 197,308 108,677 225,016 64,747 1,276,490 Realized and unrealized gains (losses), net — 2,581 (23,648) 13,598 27,215 — 19,746 Other income (loss), net (3,251) 1,071 6,414 11,007 1,931 2,243 19,415 Total Other Income (Loss) (3,251) 3,652 (17,234) 24,605 29,146 2,243 39,161 Income (Loss) before Income Taxes $ 604,816 $ 24,289 $ (68,783) $ 24,064 $ (5,442) $ (59,851) $ 519,093 Total Assets $ 29,209,893 $ 5,415,188 $ 4,453,860 $ 12,232,274 $ 4,873,489 $ 476,626 $ 56,661,330 Stockholders' Equity in Rithm Capital Corp. $ 5,405,211 $ 1,019,643 $ 1,278,905 $ 1,632,030 $ 1,128,787 $ (1,844,514) $ 8,620,062
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33 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Segment Information (Q2’26) / / A P P E N D I X ($ in thousands) Quarter Ended June 30, 2026 Origination and Servicing Residential Transitional Lending Asset Management Investment Portfolio Commercial Real Estate Corporate Category Total Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 614,637 $ — $ — $ — $ — $ — $ 614,637 Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874)) (392,875) — — — — — (392,875) Servicing revenue, net 221,762 — — — — — 221,762 Interest income 252,496 103,587 28,208 85,428 2,185 2,691 474,595 Gain on originated residential mortgage loans, held-for-sale, net 204,731 — — 2,275 — — 207,006 Management fees — — 88,789 — 1,696 — 90,485 Incentive fees — — 51,743 — — — 51,743 Asset management revenue — — 140,532 — 1,696 — 142,228 Commercial real estate revenue — — — — 182,130 — 182,130 Other residential-related revenue 25,222 — — 29,338 — — 54,560 Total Revenue 704,211 103,587 168,740 117,041 186,011 2,691 1,282,281 Interest expense and warehouse line fees 225,634 43,742 23,231 70,007 61,836 39,664 464,114 Other segment expenses 146,211 5,469 33,082 31,711 78,640 12,236 307,349 Compensation and benefits 214,708 22,740 130,211 6,688 11,474 24,656 410,477 Depreciation and amortization 5,474 1,966 12,040 7,184 66,803 80 93,547 Total Operating Expenses 592,027 73,917 198,564 115,590 218,753 76,636 1,275,487 Realized and unrealized gains, net 57 7,031 26,448 22,751 18 — 56,305 Other income (loss), net 879 314 17,404 7,295 (2,114) 9 23,787 Total Other Income (Loss) 936 7,345 43,852 30,046 (2,096) 9 80,092 Income (Loss) before Income Taxes $ 113,120 $ 37,015 $ 14,028 $ 31,497 $ (34,838) $ (73,936) $ 86,886 Total Assets $ 26,890,344 $ 5,060,530 $ 4,371,258 $ 11,531,136 $ 5,883,187 $ 372,413 $ 54,108,868 Stockholders' Equity in Rithm Capital Corp. $ 5,492,541 $ 1,017,409 $ 1,319,373 $ 1,582,256 $ 1,218,777 $ (2,113,494) $ 8,516,862
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34 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Mortgage Servicing Rights / / A P P E N D I X ($ in thousands) Q2’26 Ending MSR Balance $ 11,091,483 Originations & other 286,683 Change in fair value due to: Realization of cash flows (188,153) Change in valuation inputs and assumptions 997,693 Q3’26 Ending MSR Balance $ 12,187,706 Q3 2026 - Servicing Servicing fee revenue $ 548,178 Ancillary and other fees 47,194 Servicing revenue and fees 595,372 Change in fair value due to: Realization of cash flows (188,153) Realization of cash flows – MSR financing liability 1,600 Change in valuation inputs and assumptions 997,693 Change in valuation inputs and assumptions – MSR financing liability (9,392) Gains (losses) on MSR economic hedges (680,471) Net Servicing Revenue Total $ 716,649
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35 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC (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. Origination and Servicing / / A P P E N D I X Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Servicing Servicing Portfolio (UPB $B) In-House Servicing $540.6 $541.4 $542.5 $568.0 $572.0 On Behalf of Third-Parties $269.2 $242.8 $242.6 $253.7 $266.5 Serviced by Others $55.5 $54.1 $51.1 $28.8 $24.1 Whole Loan & Other $12.3 $13.4 $14.2 $14.7 $16.3 Total UPB $877.5 $851.7 $850.4 $865.2 $878.9 Origination Funded Volume by Channel (UPB $B) Consumer Direct $2.4 $3.7 $3.2 $3.2 $2.3 Wholesale $2.8 $3.7 $2.6 $3.1 $2.7 Correspondent $11.2 $11.5 $9.7 $9.5 $7.9 Total Funded Volume $16.4 $18.8 $15.5 $15.9 $12.9 Funded Volume by Product (UPB $B) Agency $6.9 $8.0 $8.2 $7.8 $5.8 Government $8.0 $9.0 $5.8 $6.3 $5.2 Non-Agency(1) $0.1 $0.1 $0.1 $0.1 $0.2 Non-QM $1.0 $1.5 $1.1 $1.3 $1.4 Other $0.3 $0.3 $0.2 $0.4 $0.4 Purchase Refinance Funded Volume (UPB $B) Purchase $12.3 $10.8 $7.9 $10.1 $9.4 Refinance $4.1 $8.0 $7.5 $5.8 $3.5 Pull-Through Adjusted Lock Volume (UPB $B) Consumer Direct $3.1 $3.3 $3.3 $3.1 $1.9 Total Pull-Through Adjusted Lock Volume $17.7 $17.3 $16.9 $14.5 $12.4 GOS Revenue Margin(2) Consumer Direct 2.85% 4.14% 4.39% 4.70% 5.66% Wholesale 1.19% 1.53% 1.20% 1.11% 1.23% Correspondent 0.53% 0.58% 0.44% 0.50% 0.46% Total(2) 1.14% 1.50% 1.44% 1.64% 1.63%
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36 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC See “Disclaimers” at the beginning of this Presentation and detailed endnotes in the Appendix. Owned MSR Portfolio / / A P P E N D I X FULL MSR PRICE & MULTIPLES FULL MSR PORTFOLIO SPEEDS & AMORT. ($M) Q3’26 OWNED MSR PORTFOLIO DETAIL 60+ DQ ($B) Agency GNMA PLS Total UPB $373 $156 $67 $596 WAC 4.4% 4.6% 4.6% 4.5% WALA (months) 73 50 212 83 Current LTV 61% 84% 52% 66% Current FICO 754 685 682 728 60+ DQ 0.9% 6.1% 12.0% 3.5% Advance Balances $0.5 $0.6 $1.4 $2.5 0.8% 0.8% 0.8% 0.8% 0.8% 0.9% 4.4% 4.7% 6.0% 6.0% 5.8% 6.1% 12.5% 12.4% 12.6% 12.5% 12.4% 12.0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Agency GNMA PLS $190 $234 $213 $215 $188 7.8% 10.2% 10.0% 9.6% 7.8% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Full MSR Amortization Portfolio Average CPR 176 175 184 187 206 5.0x 5.0x 5.2x 5.3x 5.8x Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Full MSR Price (bps) Full MSR Multiple
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37 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Unaudited GAAP Reconciliation of EAD / / A P P E N D I X Management uses Earnings Available for Distribution, which is a non -GAAP financial measure to evaluate operating performance. Please see next slide for the definition of Earnings Available for Distribution and explanation of adjustments. ($000s, except per share data) Q3 2026 Q2 2026 Reconciliation of earnings available for distribution Net income attributable to common stockholders – GAAP $ 217,126 $ 20,193 Adjustments: Realized and unrealized (gains) losses, net, including MSR change in valuation inputs and assumptions (269,759) 181,110 Other (income) loss, net (includes straight-line rent, equity-based compensation, and NCI) 6,623 14,206 Depreciation and amortization 86,284 87,913 Non-capitalized transaction-related expenses 20,302 21,870 Deferred taxes 254,722 13,636 Earnings available for distribution – Non-GAAP $ 315,298 $ 338,928 Net income per diluted share $ 0.38 $ 0.04 Earnings available for distribution per diluted share $ 0.55 $ 0.60 Weighted average number of shares of common stock outstanding, diluted 572,817,609 568,262,330
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38 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Reconciliation of Non-GAAP Financial Measures / / A P P E N D I X 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 f or 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: • Certain realized and unrealized gains and losses on (i) investments other than those that are acquired with the intent to sel l or loans that are originated or acquired with the intent to sell, (ii) changes in valuation inputs and assumptions of MSRs, (iii) MSR economic hedges, other than any interest income associated with such instruments and (iv) extinguishment of debt; • Certain other income and losses, primarily consisting of equity-based or non-recurring compensation expense, straight-line rental revenue, amortization of debt acquired below or above market prices, and certain net income or losses attributable to non-controlling and redeemable non-controlling interests; • Depreciation and amortization on real estate investment properties and intangible assets; • Non-capitalized transaction-related expenses, primarily consisting of legal, valuation and other professional service fees incur red in connection with certain investment acquisitions, as well as costs associated with the acquisition and integration of acquired businesses; and • Deferred taxes. In computing earnings available for distribution, the Company excludes the items listed above because management does not consider them representative of the Company's core operating performance or of cash available for distribution to stockholders. These adjustments generally fall into three categories: items that are non- cash in nature; items that, while a part of the Company's recurring operations, are subject to significant variability and are therefore generally limited to a potential indicator of future economic performance; and items that relate to the acquisition or integration of investments and businesses rather than to ongoing 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 ea rnings available for distribution as an indicator of the results of such decisions. 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 inclus ive 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 divide nds it may pay, as earnings available for distribution excludes certain items that impact its cash needs.
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39 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC * 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 37 & 38 for an explanation of Management's use of EAD. Illustrative SOTP Valuation Detail*(1) / / A P P E N D I X Endnotes to Slide 39: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026 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) Cost basis reflects the cost basis of Elecor Properties at acquisition adjusted for subsequent capital calls, net of distributions. 4) Percentages based on the difference between Rithm's market capitalization as of September 30, 2026 ($4.8 billion) and the Illustrative SOTP Valuation. $M, except per share data Origination & Servicing Investment Portfolio RTL CRE Asset Management Corporate Preferred Stock Total Rithm Book Value GAAP Segment Equity $5,405 $1,632 $1,020 $1,129 $1,279 ($1,845) ($1,633) $6,987 % of Total Equity 67% 20% 13% - - - - - Less: Proportionate Corporate Equity (1,238) (374) (234) - - - - - Less: Proportionate Preferred Stock (1,095) (331) (207) - - - - - Adjusted Book Value(2) $3,072 $928 $580 $1,129 $1,279 - - $6,987 Current SOTP Range Value Metric Low P/BV High P/BV Origination & Servicing $3,072 1.0x 1.5x Implied Valuation Adj. Book Value(2) $3,072 $4,608 Per Share $5.50 $8.25 Investment Portfolio $928 1.0x 1.0x Implied Valuation Adj. Book Value(2) $928 $928 Per Share $1.66 $1.66 Residential Transitional Lending $580 1.0x 1.3x Implied Valuation Adj. Book Value(2) $580 $754 Per Share $1.04 $1.35 Commercial Real Estate $1,178 1.0x 1.0x Implied Valuation Cost Basis (3) $1,178 $1,178 Per Share $2.11 $2.11 Asset Management $119 10.0x 12.0x Implied Valuation Adj. LTM EAD** $1,190 $1,428 Per Share $2.13 $2.56 Total Rithm Value $6,947 $8,895 Per Share $12.44 $15.93 P/BV 1.0x 1.3x Implied Illustrative Valuation Lift(4) 43% 84% Reconciliation of Adj. LTM EAD** Asset Mgmt. Net income (loss) attributable to common stockholders $19 Adjustments: Realized and unrealized (gains), net 5 Other (income) loss, net 58 Deferred taxes 10 Non-capitalized transaction- related expenses 44 Depreciation and amortization 39 Less: One-time earnings (57) Adj. LTM EAD $119 WR and EB approved
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40 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC *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 37 – 38 for an explanation of Management's use of EAD. Illustrative SOTP Detail: Peer Analysis*(1)(2) / / A P P E N D I X MORTGAGE COMPANIES: NEWREZ RTL: GENESIS MREITS : INVESTMENT PORTFOLIO ASSET MANAGEMENT Company Ticker Market Cap ROE P/BV P/E Rocket Cos RKT $33,243 3% 1.4x 19.2x PennyMac Financial PFSI $3,292 9% 0.8x 8.9x Median 6% 1.1x 14.1x Business Segment SOTP Valuation ROE P/BV P/E Newrez $3,072 24% 1.0x N/A Company Ticker Market Cap ROE P/BV P/E Velocity Financial Inc VEL $601 16% 0.8x 5.6x Business Segment SOTP Valuation ROE P/BV P/E Genesis $580 13% 1.0x N/A Company Ticker Market Cap ROE P/BV P/E Annaly Capital Mgmt NLY $14,391 7% 1.0x 5.9x Ellington Financial EFC $1,518 13% 0.9x 6.1x Median 10% 0.9x 6.0x Business Segment SOTP Valuation ROE P/BV P/E Investment Portfolio $928 14% 1.0x N/A Company Ticker Market Cap AUM ($B) Oper. Margin P/E TPG TPG $18,084 $303 14% 15.0x Blue Owl Capital OWL $15,139 $174 16% 10.6x Carlyle Group CG $13,968 $477 30% 10.0x Victory Capital VCTR $6,647 $314 35% 12.9x StepStone Group STEP $5,246 $233 NM 16.6x Hamilton Lane HLNE $4,701 $142 54% 12.2x GCM Grosvenor GCMG $2,559 $91 24% 12.5x Ridgepost Capital RPC $1,145 $25 22% 8.3x Median $204 23% 12.3x Business Segment SOTP Valuation AUM Op. Mar. P/E Asset Management $1,190 $61 N/A 10.0x Endnotes to Slide 41: Source: Bloomberg, Company SEC filings and current financial information. 1) Financials and market data for all public companies as of October 22, 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. WR and EB approved
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Definitions & Endnotes
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42 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Definitions & Abbreviations / / D E F I N I T I O N S & E N D N O T E S • 60+ DQ – Percentage of loans that are delinquent by 60 days or more • ABF – Asset-based Finance • AI -Artificial Intelligence • BV – Book Value • BVPS – Book Value Per Share • CAGR – Compound Annual Growth Rate • CLO – Collateralized Loan Obligation • CMBS – Commercial Mortgage-Backed Securities • CPL – Cost per Loan • CRE – Commercial Real Estate • DQ – Delinquency • DTC – Direct to Consumer Origination Channel • EAD – Earnings Available for Distribution • 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 • GNMA – Ginnie Mae • GOS – Gain on Sale • IRR – Internal Rate of Return • ITD – Inception-to-Date • JV – Joint Venture • LTM – Last twelve months • LTV – Loan to Value • MOIC – Multiple on Invested Capital • MSR – Mortgage Servicing Right • MTM – Mark to Market • NAV – Net Asset Value • NI – Net Income • Non-QM – Non-Qualified Mortgage • P/E – Price to Earnings • PTI – Pre-Tax Income • QoQ – Quarter-over-quarter • REIT – Real estate investment trust • ROE – Return on Equity • RPL – Reperforming Loan • RTL – Residential Transitional Loan • SBO – Serviced by Others • SEC – United States Securities and Exchange Commission • SOTP – Sum-of-the-Parts • UPB – Unpaid Principal Balance • WA – Weighted Average • WAC – Weighted Average Coupon • WALA – Weighted Average Loan Age • YoY – Year-over-year • YTD – Year to date DEFINITIONS ABBREVIATIONS AUM – Assets Under Management AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management, advisory services, or real estate asset management. 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 direct lending, real estate, and real estate funds, (ii) uncalled capital commitments, and (iii) par value of structured credit vehicles (e.g., collateralized loan obligations). AUM includes amounts that are not subject to management fees, incentive income, or other amounts earned on AUM. AUM also includes amounts that are invested in other affiliated funds/vehicles. 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. Effective July 1, 2026, Rithm Capital revised its AUM calculation methodology to include assets subject to real estate asset management services and exclude certain other assets. Prior periods have been conformed, with no impact on reported AUM. FPAUM – Fee-Paying Assets Under Management Fee-Paying Assets Under Management or FPAUM refers to the AUM on which we earn management fees and/or incentive income. The FPAUM attributable to an individual vehicle is driven by the basis on which fees are earned and, accordingly, will vary from vehicle to vehicle. FPAUM generally equals the sum of the following across Rithm firmwide vehicles where we provide discretionary investment management, advisory services, or real estate asset management, in each case as applicable to the individual vehicle: (i) net asset value, (ii) gross asset value, (iii) gross investment value, (iv) invested capital, (v) uncalled capital commitments where we earn management fees, and (vi) fee-earning collateral par value of structured credit vehicles (e.g., collateralized loan obligations). Our calculation of FPAUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Our definition of FPAUM may differ from the definition set forth in the agreements governing the vehicles that we manage or advise. Long-Term AUM – Long-Term Assets Under Management 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. Investable Assets Represents the sum of the investable assets, including investments in operating companies, across the Rithm platform, including (i) $57 billion of Total Assets on Rithm’s Balance Sheet, less $5 billion in consolidated fund assets and third-party interests in consolidated commercial real estate joint ventures, and (ii) $61 billion of AUM.
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43 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Endnotes / / D E F I N I T I O N S & E N D N O T E S Endnotes to Slide 3: Source: Rithm filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Represents “Stockholders’ Equity in Rithm Capital Corp.” on balance sheet. 2) Represents “Total Assets” on balance sheet. 3) Source: Inside Mortgage Finance reports: Top Primary Mortgage Servicers 2Q26 and Top Mortgage Lenders 6M26. 4) Newrez LTM Q3’26 originations: $63.1 billion. 5) Based on Genesis internal estimates and market data. 6) Genesis 2026E originations of $6.2 billion. 7) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street. 8) Sculptor and Crestline were founded in 1994 and 1997, respectively. Endnotes to Slide 4: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Earnings Available for Distribution and Earnings Available for Distribution 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 and Earnings Available for Distribution are based on 572,817,609 weighted average diluted common shares for the quarter ended September 30, 2026. 3) Book value per share is based on common shares outstanding of 558,407,031 as of September 30, 2026. 4) Dividend yield is based on Rithm common stock closing price of $8.93 on September 30, 2026, the last trading day of the third quarter, and annualized dividend based on a $0.25 per common share quarterly dividend. 5) Cash and liquidity is a non-GAAP measure representing cash and cash equivalents and available undrawn financing. Endnotes to Slide 5: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) New Residential refers to New Residential Investment Corp. 2) Includes institutional investors across the entire Rithm Asset Management platform, including at Rithm, Sculptor and Crestline with commitments greater than $20 million, as of June 30, 2026. Endnotes to Slide 6: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Planned run rate expense savings reflect management’s view following the servicing platform transition to ValonOS, full rollout of HomeVision automated underwriting, and estimated savings per the implementation roadmap. Savings do not reflect incremental software expense. 2) Q3’26 annualized operating ROE and full year operating ROE are non-GAAP measures. Q3’26 annualized operating ROE is calculated by annualizing pre-tax operating income of $329.7 million (which excludes $275.2 million of MSR MTM gain, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity of $5.5 billion.
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44 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Endnotes (Cont.) / / D E F I N I T I O N S & E N D N O T E S Endnotes to Slide 7: Source: Bloomberg, Company SEC filings and current financial information. Financial and market data as of September 30, 2026 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 O ctober 22, 2026. 3) Price to Book Value is represented by the Common Stock per Share Price at close of trading on October 22, 2026 and the Book V alue as of September 30, 2026. 4) Please refer to Appendix page 39 for a reconciliation of GAAP equity values to adjusted book values. EAD is a non-GAAP measure. Please refer to Appendix pages 37 - 39 for a reconciliation to the most comparable GAAP measure. Please refer to page 39 for definition of cost basis of Elecor . 5) Please refer to Appendix page 40 for relevant, publicly traded peer universe for the respective business segments. 6) Based on common shares outstanding of 558,407,031 as of September 30, 2026. 7) Percentages are rounded and based on the difference between Rithm's market capitalization as of October 22, 2026 ($4.8 billion) and the “Total Rithm Value” under the Illustrative SOTP Valuation. Endnotes to Slide 9: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Includes institutional investors across the entire Rithm Asset Management platform, including at Rithm, Sculptor and Crestline with commitments greater than $20 million, as of June 30, 2026. 2) Represents office locations for Rithm, Crestline, and Sculptor; city-level presence may consolidate multiple offices within the same market into a single location. 3) Includes investment professionals across the entire Rithm Asset Management platform, including at Rithm, Sculptor, and Crestl ine, as of June 30, 2026. 4) Sculptor and Crestline were founded in 1994 and 1997, respectively.
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45 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Endnotes (Cont.) / / D E F I N I T I O N S & E N D N O T E S Endnotes to Slide 10: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Equal to FPAUM / AUM. See page 42 in the Appendix for definitions of FPAUM and AUM. 2) As of June 30, 2026. Equal to Long-Term AUM / AUM. See page 42 in the Appendix for definitions of Long-Term AUM and AUM. 3) Crestline incorporates the rebalanced approach to report Gross and Net IRRs at both the Fund and LP level. This approach assu mes all investors committed at the Fund’s first close as opposed to the traditional approach which calculated investor IRRs based on the time of their specific close. Unlike the traditional approach, the rebalanced approach considers any payments or distributions made from closing investors to existing investors that are required by Fund documents. Crestline believes this provides investors with a more accurate representation of their performance as it gives some consideration to the cash flow dynamics borne by both new and existing investors at the time of any close. This also provides investors with additional benefits incl uding the following: Improves the comparability of individual LP IRRs to the fund’s overall headline IRR Allows investors to assess the impact of any fee disco unts more easily Matches the language in the Fund documents that describe the methodology used to calculate incentive fees. As opposed to the traditional approach, this removes certain counter intuitive scenarios such as LPs owing incentive fees despite their reported Net IRR being below the Fund’s incentive hurdle r ate. 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 p artner 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 allo cated 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 re alization. Special Investments and initial public offering investments are not allocated to all investors in the funds, and investors that were not allocated Sp ecial 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. Volatility is a statistical measure that measures the fluctuation of the monthly rates of return against the average return. Endnotes to Slide 11: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. Endnotes to Slide 13: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street. 2) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. 3) Represents our share of the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied b y 12. 4) Represents average lease term of our share of assets. NYC average lease term for office leases is 8.5 years; San Francisco is 6.5 years. 5) Reflects Rithm’s share of GP investments, alongside third-party capital, weighted by capital invested. The investments are held on balance sheet and returns shown are on the Rithm’s GP interest only and includes Rithm’s share of promote.
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46 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Endnotes (Cont.) / / D E F I N I T I O N S & E N D N O T E S Endnotes to Slide 14: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street. 2) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced, for properties t hat were owned by us in a similar manner during both the current period and prior reporting periods. NYC and Elecor leased occupancy were adjusted in prior periods to reflect the partial sale of 1301 Avenue of the Americas. 3) Q4’26 Lease Expirations: 54K sq ft. 4) Historical leased occupancy percentages have been recalculated using Elecor’s ownership interests as of September 30, 2026 for all periods presented. Endnotes to Slide 15: Source: Company financial information, CBRE for New York City market data and JLL for San Francisco market data. Financial an d market data as of September 30, 2026, unless otherwise noted. 1) Core assets are defined as properties which, at the time of Rithm’s acquisition of Elecor, carried allocated equity value. The assets consist of 1633 Broadway, 1301 Avenue of the Americas, 1325 Avenue of the Americas, 31 West 52nd Street, 900 Third Avenue, 712 Fifth Avenue, 1600 Broadway, One Market Plaza, One Front Street, and 300 Mission Street. 2) Represents our share of percentage of square feet that is leased, including signed leases not yet commenced. Endnotes to Slide 17: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Based on internal Genesis estimates and market data. 2) Q3’26 annualized operating ROE is a non-GAAP measure calculated based on annualized pre-tax operating income of $33.2 million, excluding MTM and other non- operating items of $(8.9) million, divided by the average of current and prior period Residential Transitional Lending segment ending total stockholders' equity of $1,018.5 million. Endnotes to Slide 18: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Portfolio Overview is represented as a percentage of Outstanding Commitments as of September 30, 2026. 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. 2) Other includes loans for Land, Mixed-Use, and Manufactured Housing. Endnotes to Slide 19: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Industry data is as of June 30, 2026. 2026E represents an annualized run rate calculated using results through mid-May 2026.
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47 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Endnotes (Cont.) / / D E F I N I T I O N S & E N D N O T E S Endnotes to Slide 21: Source: Company SEC filings and current financial information. Financial and market data as September 30, 2026, unless otherwise noted. 1) Q3’26 annualized operating ROE and full year operating ROE are non-GAAP measures. Q3’26 annualized operating ROE is calculated by annualizing pre-tax operating income of $329.7 million (which excludes $275.2 million of MSR MTM gain, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity of $5.5 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. Full Year ROEs are updated to reflect this adjustment. 4) Source: Inside Mortgage Finance, Top Primary Mortgage Servicers 2Q26. 5) Source: Inside Mortgage Finance, Top Mortgage Lenders 6M26. 6) 9M26 annualized operating ROE is a non-GAAP measures. 9M26 annualized operating ROE is calculated by annualizing pre-tax operating income of $911.0 million (which excludes $57.6 million of MSR MTM gain, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity of $5.6 billion. Endnotes to Slide 22: Source: Company SEC filings and current financial information. Financial and market data as September 30, 2026, unless otherwise noted. 1) Annualized operating ROE is a non-GAAP measure. It is calculated by annualizing pre-tax operating income, (which excludes MSR MTM, net of hedges, and other non-operating items) and dividing by average Origination and Servicing segment ending equity. Endnotes to Slide 23: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Source: MBA Q2 2026 Quarterly Mortgage Bankers Performance Report, reflecting H1’26 fulfillment personnel expenses per loan, weighted average across all channels ex-correspondent. 2) Total Direct Servicing CPL reflects servicing operations and relevant corporate costs. Industry figure sources latest availab le industry data: MBA Chart of the Week, Components of Direct Servicing Operating Costs, June 26, 2026. Industry MBA figure adjusted to align to Newrez portfolio (6.8% 30+ DQ). Industry also adjusted to remove costs that Newrez considers corporate allocations in order to arrive at direct operating costs. 3) Forecast Cost-per-Loan figures reflect estimates following full implementation of HomeVision underwriting technology and full transition to Valon OS platform. See disclaimers at the start of this presentation. 4) Planned run rate expense savings reflect management’s view following the servicing platform transition to ValonOS, full rollout of HomeVision automated underwriting, and estimated savings per the implementation roadmap. Savings do not reflect incremental software expense. 5) Inquiries resolved by AI chatbot with no need for human transfer. Leading containment rate measure of 88% as of 9M26. 6) Data attributes and real-time insights across transactions properties, customers, and agents.
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48 Steel | #4E4B61 White | #FFFFFF Mist | #C1C0CF Cloud | #EEEEF1 Signal Blue | #0D8ECE Sky | #93DBFF Ice | #D3F0FF Violet | #8B5BB5 Lilac | #D7AFF9 Wisteria | #EDD7FF Lime | #CCFF70 Pale Lime | #EDFFCC Endnotes (Cont.) / / D E F I N I T I O N S & E N D N O T E S Endnotes to Slide 24: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Refinance recapture rate represents (i) new loan amounts for all customers originated through DTC or Retail/JV channels divided by (ii) all paid-in-full loans identified from internal records or public records as refinancings. 2) Second lien adjusted recapture rate represents (i) new loan amounts for all customers originated through DTC or Retail/JV channels, plus closed end seconds balances divided by (ii) all paid-in-full loans identified from internal records or public records as refinancings, plus first lien UPBs of retained closed end seconds customers plus closed end seconds balances. 3) EasyClick home equity solution expected to launch in Q4’26. 4) Consumer Direct refers to aggregate of DTC and Retail/JV channels. 5) 9M26 non-agency production volume of $5.1B annualized at current run rate. Endnotes to Slide 25: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Loan workout ratios reflect Current % of Completed Loan Workouts (2020 or After). Industry figure based on Mortgage Bankers Association Monthly Loan Monitoring Survey September 2026. 2) Cost-per-Loan methodology revised to align better to industry and MBA calculation standards. These changes improve benchmark comparability and better reflect current portfolio performance. CPL figures for Newrez and Industry revised versus Q2’26. 3) Source: MBA Research Showcase 2026. Industry CPL figure imputed to reflect delinquency levels aligned to Newrez portfolio (6. 8% 30+ DQ). 9M26 industry figure uses 2025 cost per loan average, which is the latest available data. 4) “Owned MSRs: Newrez” includes all owned MSRs serviced by Newrez. “Third -Party Servicing/Other” 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”). 5) Reflects third-party servicing client retention since 2015. Endnotes to Slide 27: Source: Company financial information. Financial and market data as of September 30, 2026, unless otherwise noted. 1) Q3’26 annualized operating ROE is a non-GAAP measure calculated based on annualized pre-tax operating income of $57.9 million, excluding MTM and other non- operating items of $(33.8) million, divided by the average of current and prior period Investment Portfolio total stockholders' equity of $1,665.0 million. Endnotes to Slide 39: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2026, 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 statemen ts. 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) Cost basis reflects the cost basis of Elecor Properties at acquisition adjusted for subsequent capital calls, net of distributions. 4) Percentages based on the difference between Rithm's market capitalization as of October 22, 2026 ($4.8 billion) and the Illustrative SOTP Valuation. Endnotes to Slide 40: Source: Bloomberg, Company SEC filings and current financial information. 1) Financials and market data for all public companies as of October 22, 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 statemen ts.