Q1 2026 Rithm Capital Corp Earnings Call Transcript
Key Points
- Rithm Capital Corp (RITM) reported a solid quarter with $289.6 million in earnings and a 17% return on equity.
- The company successfully completed $2 billion in securitizations, indicating strong demand in the securitization markets.
- Genesis Capital had its best quarter in history, with $1.6 billion in loans and strong credit performance.
- Newrez, the mortgage company, achieved a 19% annualized operating ROE and increased its servicing portfolio to approximately $850 billion.
- Rithm Capital Corp (RITM) has a diversified business model with strong performance across its core operating businesses, including asset management, real estate, and mortgage lending.
- The company faces challenges in simplifying its business model, which some investors find complex.
- Gain on sale margins in the wholesale and correspondent channels were pressured by competitive factors.
- The real estate market, particularly in San Francisco, faces occupancy challenges, with some properties having lower leased occupancy rates.
- There is concern about potential stress in construction loans due to rising labor and material costs.
- The company is cautious about the broader economic environment, including consumer sentiment and geopolitical risks, which could impact future performance.
Good day, and welcome to the Rithm Capital first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Emma Hoelke, Deputy General Counsel. Please go ahead.
Thank you, and good morning, everyone. I'd like to thank you for joining us today for Rithm Capital's first-quarter 2026 earnings call. Joining me today are Michael Nierenberg, Chairman, CEO, and President of Rithm Capital; Nick Santoro, Chief Financial Officer of Rithm Capital; and Baron Silverstein, President of Newrez.
Throughout the call, we are going to reference the earnings supplement that was posted this morning to the Rithm Capital website, www.rithmcap.com. If you've not already done so, I'd encourage you to download the presentation now. I would like to point out that certain statements made today will be forward-looking statements. These
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