Rithm Capital is moving beyond a balance-sheet-heavy mortgage and real estate model by expanding its asset management platform, which had roughly $59 billion of assets under management as of March 31, 2026, up from $35 billion a year earlier. Sculptor and Crestline are central to this push, with combined managed assets of roughly $60 billion and additional fundraising underway. The company aims to build more scalable, fee-based earnings that are less dependent on deploying balance-sheet capital, contrasting with income tied to mortgage assets and fair-value changes. Newrez, Rithm's largest business, generated $273.7 million of pre-tax operating income in the first quarter of 2026, while technology-driven cost efficiencies reduced servicing costs per loan to $51 from $54 in the prior quarter. However, macro exposure remains significant, with nearly 20% of total assets tied to mortgage servicing rights and related financing receivables, and the company reported a $204.2-million negative fair-value change in those assets during the quarter. RITM currently carries a Zacks Rank #3 (Hold), and shares have declined 18.1% over the past year.
Rithm Capital Corp.Shift toward fee-based earnings and asset management growth, reducing balance-sheet risk
Annaly Capital Management, Inc.Central to Rithm's asset management push with $60B managed assets and fundraising