Company: RITM-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001556593-25-000033
Chunk: 408

Company: Rithm Capital Corp.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 408
---
 by commitment LTV for bridge loans and LTC and LTARV for construction and renovation loans.

103 

See Note 10 to our consolidated financial statements for additional information, including a summary of activity related to residential transition loans from December 31, 2024 to September 30, 2025.

Asset Management

Our Asset Management business primarily operates through our wholly-owned subsidiaries, Sculptor, RCM Manager and RCA. Sculptor is a leading global alternative asset manager and a specialist in opportunistic investing. We provide asset management services and investment products across credit, real estate and multi-strategy platforms with approximately $37.5 billion in AUM as of September 30, 2025. Our platform offers a broad suite of products and leverages origination, underwriting and servicing expertise through our operating companies. We believe these capabilities enable us to deliver customized investment solutions that provide investors with flexibility around the pace of growth, investment tenure and overall portfolio size. Sculptor serves its global client base through commingled funds, separate accounts and other alternative investment vehicles. RCM Manager externally manages Rithm Property Trust, and RCA was formed to serve as an investment advisor for funds and managed accounts. 

In the third quarter 2025, we announced a strategic investment partnership with a large institutional investor, which we believe marks the latest milestone in our ongoing strategy to cultivate long-term, value driven asset management collaborations. As part of the agreement, the partnership will fund the near-term acquisition of up to $500 million of residential transition loans, with the potential to acquire up to $1.5 billion. The parties formed a dedicated investment partnership to fund the acquisition of the loans, which will be managed by RCA. The loans will be serviced by Genesis. We believe this partnership underscores our efforts to grow our asset management platform. RCA expects to begin managing additional funds in the fourth quarter of 2025. 

AUM refers to the assets for which we provide investment management, advisory or certain other investment-related services. This is generally equal to the sum of (i) net asset value of the open-ended funds or gross asset value of real estate funds, (ii) uncalled capital commitments and (iii) par value of collateralized loan obligations. 

AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other Sculptor funds or vehicles. Our calculation of AUM may differ from the calculations of other asset managers, and as a result, may not