Rithm Capital is a hybrid mortgage and alternative asset management company structured as a REIT. Its core operating business is Newrez, one of the largest residential mortgage companies in the U.S., which originates conventional, government-backed, and non-QM loans through four channels: direct to consumer, retail/joint venture, wholesale, and correspondent. Newrez services approximately $850B in mortgage unpaid principal balance, making it the third largest servicer in the U.S. Newrez earns gain-on-sale revenue on originations, contractual servicing fees on its MSR portfolio, and fee-based subservicing income from third-party clients. The second major business is Rithm Asset Management (RAM), which manages approximately $63B in AUM across alternative strategies including opportunistic credit, private credit, real estate, CLOs, and asset-based finance through subsidiaries Sculptor Capital Management and Crestline. RAM earns management fees and incentive income. Rithm also owns Genesis Capital, a large non-bank residential transitional lender that originates short-term construction, renovation, and bridge loans to real estate investors. Rithm's long-term strategy is to shift capital off-balance sheet into third-party funds, converting spread income into capital-light fee income, and to grow fee-related earnings enough to justify converting from a REIT into a C-Corp structure. Rithm argues it has a sourcing edge in asset-based finance because Newrez and Genesis originate non-QM loans and transitional loans that feed directly into its funds.