Rithm Capital (RITM) Q3 2026 Earnings Report
MX:RITM Q3 2026 EPS Results
- Actual EPS
- MXN 10.34
- Consensus EPS
- MXN 9.38
- Beat/Miss
- Beat by +MXN 0.96
- One Year Ago EPS
- MXN 10.15
MX:RITM Q3 2026 Revenue Results
- Actual Revenue
- MXN 33.38B
- Expected Revenue
- MXN 27.59B
- Beat/Miss
- Beat by +MXN 5.79B
- YoY Revenue Growth
- +33.18%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/23/2026
- Time
- Before Open
- Conference Call
- Friday, October 23, 2026
MX:RITM Upcoming Earnings
Rithm Capital's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:RITM Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Management reported strong third-quarter earnings, sustained dividend coverage, high operating ROEs, record or expanding activity across Genesis, NewRez and asset management, improving New York and San Francisco leasing trends, and substantial technology-driven savings opportunities. The main challenges were the higher-rate and wider-spread environment, lower mortgage origination volumes, wholesale margin pressure, San Francisco occupancy of 65%, a slight increase in certain delinquencies, and the company's continued valuation discount.
Company Guidance
Management expects to deliver AUM of about 75 billion to $80 billion by the end of 2028, drive going forward $125 million in savings for Newrez, see those savings kick in 2027 and continue through 2027, 2028, launch straight through processing of eligible loans in the fourth quarter, and begin phased migration of loans to ValonOS in the first quarter of 2 thousand 27; Genesis production is expected to be something between $6 billion and $6.5 billion, with mid teens returns, while multifamily originations are expected to grow significantly over time, NewRez production from September to October is likely going to see something close to about 25%, and Elecor’s capital improvement strategy is expected to drive significant rent growth in occupancy gains in 2026 and beyond.
- Strong Third-Quarter Earnings and Dividend CoverageThird-quarter earnings available for distribution were $315 million, or $0.55 per diluted share. GAAP net income was $217 million, or $0.08 per diluted share. EAD exceeded dividends paid for 28 consecutive quarters, cumulative dividends paid were approximately $6.8 billion, and the common stock dividend was $0.25 per diluted share, representing an 11.2% dividend yield.
- Stable Book Value and Strong LiquidityBook value was approximately $7 billion and was slightly higher quarter over quarter, attributed in part to hedging activities and the MSR business. Cash and liquidity ended the quarter at $1.9 billion. Management said quarter-to-date book value was roughly unchanged.
- Scale Across the PlatformRithm reported approximately $110 billion of investable assets, including balance-sheet and third-party assets. NewRez had approximately $880 billion of mortgage servicing rights and originates roughly $60 billion of mortgages. Genesis serves well north of 700 sponsors, while the asset-management platform had more than $60 billion of third-party AUM, more than 200 institutional partners and LPs, and 16 global offices.
- Asset-Management Fundraising and InflowsThe asset-management business raised $569 million of new capital during the quarter, with year-to-date inflows slightly below $3 billion. Fee-paid AUM represented approximately 76% of total AUM. Crestline held the final close of a European capital-solutions fund, bringing total commitments to $625 million, and Rithm completed the first close of a new ABS fund.
- Asset-Management Growth StrategyManagement expects organic AUM to reach approximately $75 billion to $80 billion by the end of 2028. The company plans to continue expanding through wealth-channel and wirehouse relationships, new funds, credit, multistrategy, real estate and ABS products, while continuing to evaluate acquisitions and a potential infrastructure platform.
- Elecor Leasing and Portfolio ExecutionElecor executed or had leases pending on approximately 1 million square feet year to date across its New York and San Francisco core portfolio, at a weighted average initial rent of approximately $100 per square foot, which was 22% higher at share than the weighted average initial rent for 2025 transactions. It also signed 320,000 square feet of new leases during the quarter and expanded its third-party capital base through a joint venture for 1.3 thousand Avenue of the Americas.
- New York Portfolio Leasing MomentumNew York core portfolio leased occupancy was 88.6% at share. Year-to-date initial rents were approximately $110 per square foot, and leases pending were approximately 36% higher than 2025 transactions. Approximately 2% at share of leases expire per annum in 2027 and 2028, and a 113,000-square-foot renewal at 1.3 thousand Avenue of the Americas left that building 100% leased.
- San Francisco Leasing Improvement and AI DemandSan Francisco core portfolio leased occupancy was 65% at share, up 590 basis points since the first quarter of 2026. Approximately 65% of the 1 million square feet leased year to date occurred in San Francisco, with 96% involving companies new to the portfolio. Notable third-quarter leases included 76,000 square feet with a Fortune 100 entertainment company and 119,000 square feet with an AI-powered healthcare company.
- San Francisco Market ActivitySan Francisco market-wide leasing activity was 2.7 million square feet in the third quarter and approximately 9.7 million square feet year to date, on pace for the strongest year-end total since 2018. The market recorded its fifth consecutive quarter of positive absorption, while San Francisco-based companies raised a reported $270 billion of venture capital.
- Successful Real-Estate MonetizationRithm monetized an office building outside Washington, D.C. that it said was purchased for approximately $26 million or $27 million and sold for a price in the $50 million range. The transaction generated a 30% IRR and a 1.6x MOIC. Across three balance-sheet transactions, third-quarter realizations produced a 43% IRR and a 1.6x MOIC.
- Genesis Origination Growth and Credit PerformanceGenesis originated $1.5 billion of residential transition loans in the quarter, bringing year-to-date originations to $5 billion and exceeding all of 2025. Genesis reported approximately 3% delinquency percentages, pretax income of $33 million, 14% year-over-year growth, and an annualized ROE of approximately 13%.
- Genesis Return and Multifamily OpportunityManagement said Genesis loans to high-quality sponsors are expected to generate mid-teens returns for third-party partners and Rithm's balance sheet. The company expects approximately $6 billion to $6.5 billion of production and identified multifamily lending as a significant growth opportunity, with potential production flowing into SMAs or funds.
- NewRez Profitability and Operating ROENewRez third-quarter pretax income excluding mark-to-market was approximately $330 million, up 7% quarter over quarter. The company delivered a 24% annualized operating ROE and reported 15 consecutive quarters of high-teens to low-twenties annualized operating ROEs. Results were driven by the origination strategy, subservicing growth, higher servicing fees and lower amortization.
- Non-Agency Origination GrowthNewRez funded volume was $12.9 billion in the quarter. Although total funded volume declined quarter over quarter, non-agency volume increased 8% quarter over quarter and 30% year over year. Year-to-date non-agency originations were approximately $5.1 billion, described as a record for NewRez in the product class.
- NewRez Servicing ExpansionNewRez added 15 new third-party servicing clients and approximately $80 billion of new loan boardings during the year. Its owned MSR portfolio continued to perform well across products, while the company said delinquencies remained low from a historical perspective.
- Technology and AI InvestmentRithm expects approximately $125 million of annualized savings from technology and AI investments at NewRez. Co-development with HomeVision was ahead of schedule, with straight-through processing of eligible loans expected to launch in the fourth quarter. The partnership with Valon remained on track for phased migration of loans to ValonOS in the first quarter of 2027.
- Strategic Capital Deployment and RecyclingManagement plans to use the balance sheet strategically to support origination businesses, recycle capital, pursue market dislocations and bring third-party capital alongside larger opportunities. The company said the investment portfolio is expected to grow over time on an opportunistic basis and that recurring asset-management earnings can provide a higher-multiple alternative to retaining certain mortgage loans on the balance sheet.
- Supportive MSR and Escrow EconomicsManagement said the approximately $880 billion MSR portfolio should continue to produce a strong earnings stream in a higher-rate environment. The servicing book includes approximately $15 billion of escrow deposits, and management said a 25-basis-point increase in Federal Reserve rates would provide a significant lift to net interest income.
- Support for Housing-Policy InitiativesRithm said it supported the FHFA director's initiatives, including changes involving Vantage Scores and mortgage insurance premiums. NewRez participated in Freddie Mac's Vantage Score pilot program, and management said it would incorporate any insurance-premium changes and deliver the savings directly to homeowners.
MX:RITM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 13.14- | 13.91 | ― | ― |
| Oct 23, 2026 | 2026 (Q3) | 9.3810.34 | 10.15 | 1.85% (+0.19) | |
| Jul 28, 2026 | 2026 (Q2) | 9.3411.28 | 10.15 | 11.11% (+1.13) | |
| Apr 28, 2026 | 2026 (Q1) | 9.369.58 | 9.77 | -1.92% (-0.19) | |
| Feb 03, 2026 | 2025 (Q4) | 10.8613.91 | 11.28 | 23.33% (+2.63) | |
| Oct 30, 2025 | 2025 (Q3) | 9.9010.15 | 10.15 | 0.00% (+0.00) | |
| Jul 28, 2025 | 2025 (Q2) | 9.8310.15 | 8.83 | 14.89% (+1.32) | |
| Apr 25, 2025 | 2025 (Q1) | 8.789.77 | 9.02 | 8.33% (+0.75) | |
| Feb 06, 2025 | 2024 (Q4) | 8.2711.28 | 9.58 | 17.65% (+1.69) | |
| Oct 29, 2024 | 2024 (Q3) | 7.8710.15 | 10.9 | -6.90% (-0.75) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
