Eric Hagen

Kenneth Lee

Bose George

Crispin Love

Douglas Harter

Giuliano Anderes-Bologna

Jason Weaver

Jay McCanless

Matthew Order

Randy Binner

Stephen Laws

Trevor Cranston

Doug Harter

Randolph Binner

- Rithm Capital reported strong financial results for Q3 2025, generating approximately **$300 million** in earnings, or **$0.54 per diluted share** (EAD), and an **18% return on equity**.  **[0001556593_2215779_1]** **[0001556593_2215779_3]** 
- The company maintained a robust liquidity position, ending the quarter with **$2.2 billion** in cash and liquidity.  **[0001556593_2215779_1]** **[0001556593_2215779_3]** 
- During Q3 2025, Rithm Capital announced definitive agreements to acquire **Crestline**, an **$18-20 billion** AUM credit manager, and **Paramount**, a real estate office REIT with a **$7 billion** portfolio, which will be funded without raising equity in the capital markets.  **[0001556593_2215779_1]** **[0001556593_2215779_2]** **[0001556593_2215779_5]** 
- Genesis Capital achieved a record third quarter, originating **$1.2 billion** of loans, representing a **60% year-over-year increase**.  **[0001556593_2215779_3]** 
- Management indicated **no desire to increase the dividend** and stated that share buybacks are not expected at this time due to the focus on funding recent acquisitions.  **[0001556593_2215779_13]**

Rithm Capital Reports Strong Q3 2025 Earnings and Announces Key Acquisitions

- Rithm Capital reported **Earnings Available for Distribution (EAD) of $0.54 per diluted share** and **GAAP Net Income of $0.35 per diluted share** for Q3 2025.  **[0001556593_2215329:12]**  The company also maintained a **common stock dividend of $0.25 per share**, reflecting an **8.8% dividend yield**.  **[0001556593_2215329:12]** 
- The company entered into definitive agreements to acquire **Crestline** and **Paramount** in September 2025, with both transactions expected to close in **Q4 2025**.  **[0001556593_2215329:13]** **[0001556593_2215329:14]**  These acquisitions are anticipated to expand Rithm's asset management capabilities and commercial real estate footprint.  **[0001556593_2215329:13]** 
- Rithm's pro forma investable assets are approximately **$109 billion**.  **[0001556593_2215329:11]**  Sculptor, part of Rithm's asset management platform, saw **$1.4 billion** of gross inflows in Q3 2025, bringing its AUM to **$37 billion**.  **[0001556593_2215329:13]** 
- Rithm believes its current valuation of **0.85x Price/Book Value** understates its intrinsic value, with an illustrative sum-of-the-parts valuation suggesting a potential uplift of **50% to 110%**, valuing the company between **$16.04 and $22.94 per share**.  **[0001556593_2215329:16]**

Rithm Capital Reports Strong Q3 2025 Results and Advances Strategic Acquisitions

- Rithm Capital Corp. reported **GAAP net income of $193.7 million**, or **$0.35 per diluted common share**, and **Earnings Available for Distribution of $296.9 million**, or **$0.54 per diluted common share**, for the third quarter ended September 30, 2025.  **[1556593_0001556593-25-000030_ritm-2025930x8xkxexhibit991.htm:0]** 
- The company declared a **common dividend of $0.25 per common share** and reported a **book value per common share of $12.83** as of September 30, 2025.  **[1556593_0001556593-25-000030_ritm-2025930x8xkxexhibit991.htm:0]** 
- Rithm Capital is expanding its asset management platform through pending acquisitions of **Crestline Management, L.P.**, an alternative asset manager with **$18 billion in AUM**, and **Paramount Group, Inc.** for approximately **$1.6 billion** in cash consideration, both targeted for closing in **Q4 2025**.  **[1556593_0001556593-25-000030_ritm-2025930x8xkxexhibit991.htm:1]** 
- Its alternative asset manager, Sculptor Capital Management Inc., grew to approximately **$37 billion of assets under management (AUM)** as of September 30, 2025.  **[1556593_0001556593-25-000030_ritm-2025930x8xkxexhibit991.htm:1]**

Rithm Capital Corp. Announces Third Quarter 2025 Results and Strategic Acquisitions

- Rithm Capital Corp. established an **"at-the-market" (ATM) equity offering program** on **September 22, 2025**, allowing for the issuance and sale of common stock with an aggregate offering price of up to **$750,000,000**.  **[1556593_0001140361-25-035736_ef20055908_ex5-1.htm:0]** **[1556593_0001140361-25-035736_ef20055908_8k.htm:1]** **[1556593_0001140361-25-035736_ef20055908_ex1-1.htm:1]** 
- The program involves a syndicate of sales agents, including **BofA Securities, Inc., Barclays Capital Inc., BTIG, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Nomura Securities International, Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC**.  **[1556593_0001140361-25-035736_ef20055908_ex5-1.htm:0]** **[1556593_0001140361-25-035736_ef20055908_8k.htm:1]** **[1556593_0001140361-25-035736_ef20055908_ex1-1.htm:1]** 
- The common stock issued under this program will be **validly issued, fully paid, and nonassessable**, provided the consideration is not less than $0.01 per share.  **[1556593_0001140361-25-035736_ef20055908_ex5-1.htm:1]** 
- The company intends to continue to meet the requirements for qualification and taxation as a **real estate investment trust (REIT)**.  **[1556593_0001140361-25-035736_ef20055908_ex1-1.htm:20]** **[1556593_0001140361-25-035736_ef20055908_ex1-1.htm:20]** **[1556593_0001140361-25-035736_ef20055908_ex1-1.htm:26]**

Rithm Capital Corp. Establishes $750 Million At-The-Market Equity Offering Program

- Rithm Capital Corp. entered into an underwriting agreement on **September 18, 2025**, to sell **7,600,000 shares** of its **8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock**.  **[1556593_0001140361-25-035580_ef20055836_8k.htm:1]** **[1556593_0001140361-25-035580_ef20055836_ex1-1.htm:1]** 
- The public offering price for the Series E Preferred Stock is **$25.00 per share**, resulting in total proceeds of **$190,000,000** before the underwriters' over-allotment option.  **[1556593_0001140361-25-035580_ef20055836_ex1-1.htm:38]** 
- The company expects to receive approximately **$184,015,000** in net proceeds (before expenses), which it intends to use for **investments and general corporate purposes**.  **[1556593_0001140361-25-035580_ef20055836_8k.htm:1]** **[1556593_0001140361-25-035580_ef20055836_ex1-1.htm:38]** 
- Dividends on the Series E Preferred Stock will be paid quarterly at an annual rate of **8.750%**, with the first dividend of **$0.85069 per share** expected on **February 15, 2026**.  **[1556593_0001140361-25-035580_ef20055836_ex1-1.htm:39]** 
- The offering is expected to close on **September 25, 2025**, and the shares will be listed on the New York Stock Exchange under the ticker symbol **RITM PR E**.  **[1556593_0001140361-25-035580_ef20055836_8k.htm:1]** **[1556593_0001140361-25-035580_ef20055836_ex1-1.htm:40]**

Rithm Capital Corp. announces offering of Series E Fixed-Rate Cumulative Redeemable Preferred Stock

- Rithm Capital announced the acquisition of **Paramount Group Inc.** for **$1.6 billion**, or **$6.60 per share**, with a target closing in **late Q4**.  **[1556593_2146126_2]** 
- The acquisition includes **13 owned and four managed high-quality Class A office assets** in New York City and San Francisco, totaling over **13 million square feet**, with **85% leased** as of the end of June.  **[1556593_2146126_2]** **[1556593_2146126_3]** 
- The transaction is structured as a balance sheet-light deal, with Rithm's equity check estimated between **$300 million and $500 million**, leveraging **$490 million** of Paramount's cash and liquidity, and involving third-party capital.  **[1556593_2146126_1]** **[1556593_2146126_2]** 
- Rithm views this as an opportunity to acquire assets at a **discount to book value** and **40% below pre-COVID levels**, believing office values troughed in 2024 and are now increasing, with no impact expected on Rithm's dividend.  **[1556593_2146126_1]** **[1556593_2146126_2]** **[1556593_2146126_4]** **[1556593_2146126_6]**

Rithm Capital Announces Acquisition of Paramount Group Inc.

- **Rithm Capital** announced its intent to acquire **Paramount Group, Inc. (NYSE: PGRE)**, a premier office REIT.  **[1556593_2146107:0]** **[1556593_2146107:8]** 
- The acquisition is for **cash consideration of ~$1.6 billion**, valued at **$6.60 per fully diluted share** of Paramount common stock.  **[1556593_2146107:8]** 
- Paramount's portfolio includes **13 owned and 4 managed Class A office properties** in New York City and San Francisco, totaling **more than 13.1 million square feet**, with **85.4% leased** as of June 30, 2025.  **[1556593_2146107:8]** 
- The transaction is targeted to close in **late Q4'25**, subject to customary closing conditions and Paramount shareholder approval.  **[1556593_2146107:8]** 
- Funding is expected to be sourced from excess cash from Paramount's balance sheet, cash and liquidity from Rithm's balance sheet, and potential opportunities from co-investors.  **[1556593_2146107:8]**

Rithm Capital to Acquire Paramount Group, Inc.

- **Rithm Capital Corp.** announced on **September 17, 2025**, a definitive agreement to acquire **Paramount Group, Inc.** for a total cash consideration of approximately **$1.6 billion**.  **[1556593_0001140361-25-035193_ef20055678_ex99-1.htm:0]** **[1556593_0001140361-25-035193_ef20055678_ex2-1.htm:0]** **[1556593_0001140361-25-035193_ef20055678_ex2-1.htm:5]** 
- Under the terms of the agreement, Rithm will acquire all outstanding shares of Paramount common stock for **$6.60 per fully diluted share**.  **[1556593_0001140361-25-035193_ef20055678_ex99-1.htm:0]** 
- The acquisition will expand Rithm's commercial real estate footprint with Paramount's portfolio of **13 owned and 4 managed Class A office assets**, totaling **over 13.1 million square feet**, which were **85.4% leased as of June 30, 2025**.  **[1556593_0001140361-25-035193_ef20055678_ex99-1.htm:0]** 
- The transaction is expected to close in **late Q4 2025**.  **[1556593_0001140361-25-035193_ef20055678_ex99-1.htm:0]**

Rithm Capital (RITM)