The EAD beat and strong operating segment performance (Newrez 24% ROE, Genesis 25% YoY growth) reinforce the investment thesis. Monitor the Q4 earnings call for updates on asset management AUM growth trajectory and the impact of lower origination volumes on Newrez's forward revenue.
Price Chart
Executive Summary
Rithm Capital Corp. reported Q3 2026 GAAP net income of $217.1M ($0.38/diluted share) and Earnings Available for Distribution (EAD) of $315.3M ($0.55/diluted share), beating the $0.49 consensus by 11.3%. The beat was driven by strong Origination & Servicing segment performance (Newrez 24% annualized ROE) and continued scaling of the asset management platform ($61B AUM). The common dividend was maintained at $0.25/share.
Key Financial Metrics
Key Facts
- GAAP net income of $217.1M ($0.38/diluted share) vs $20.2M ($0.04/diluted share) in Q2 2026
- Earnings Available for Distribution (EAD) of $315.3M ($0.55/diluted share) vs consensus $0.49 — an 11.3% beat
- Common dividend maintained at $0.25 per share ($139.6M total)
- Book value per common share of $12.51
- Newrez (Origination & Servicing) generated $329.7M pre-tax operating income, a 24% annualized ROE
- Asset management AUM of ~$61B with $569M in gross new capital inflows in Q3
- Genesis Capital Q3 origination volume of $1.5B, up 25% YoY
- Elecor Properties closed a JV for 1301 Avenue of the Americas and signed 320K sq ft of new leases
- Origination funded production volume declined 19% QoQ and 21% YoY to $12.9B
Financial Impact
EAD of $0.55/share beat consensus $0.49 by 11.3%; GAAP net income surged to $217.1M from $20.2M QoQ
Risk Factors
- Origination volumes declined 19% QoQ and 21% YoY, signaling potential headwinds in the mortgage market
- Asset Management segment posted a pre-tax loss of $68.8M in Q3 vs a $14.0M profit in Q2
- Commercial Real Estate segment remained pre-tax negative at -$5.4M
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001556593-26-000033 |
| Document: 0001556593-26-000033-index.html | 0001556593-26-000033 |
| Document: 0001556593-26-000033.txt | 0001556593-26-000033 |
| 8-K Data (Synthetic) | 0001556593-26-000033 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | Institutional Cluster | $9.27 | awaiting T+60 | — | $9.39 (+1.35%) |
Oct 23, 2026 3d ago | 8-K | $8.77 | awaiting T+60 | — | $9.39 (+7.07%) |
Jul 28, 2026 12w ago | 8-K | $9.78 $8.55 | ▼ −12.58% | ▼ −16.93% | $9.39 (−3.99%) |
May 12, 2026 23w ago | 8-K | $24.89 | awaiting T+60 | — | $9.39 (−62.27%) |
May 11, 2026 23w ago | 8-K | $24.90 | awaiting T+60 | — | $9.39 (−62.29%) |
Apr 28, 2026 25w ago | 8-K | $24.71 $25.19 | ▲ +1.93% | ▼ −2.06% | $9.39 (−62.00%) |
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