NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2025

Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Rithm Capital, and it is presented as a separate component of equity on the Company’s consolidated balance sheets. These interests are related to noncontrolling interests in consolidated entities that hold servicer advance investments (Note 14), the Newrez Joint Ventures, consumer loans (Note 8), Excess MSRs, asset management investments and other investments.

Others’ interests in the equity of consolidated subsidiaries is computed as follows:


	September 30, 2025						December 31, 2024
	Total Consolidated Equity		Others' Ownership Interest		Noncontrolling Interest in Equity of Consolidated Subsidiaries		Total Consolidated Equity		Others' Ownership Interest		Noncontrolling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser	$	86,123	10.7	%	$	9,209	$	91,384	10.7	%	$	9,770
Newrez Joint Ventures	19,933		49.5	%	9,867		19,621		49.5	%	9,687
Excess MSRs	124,174		20.0	%	24,834		136,645		20.0	%	27,329
Other investments	103,973		23.5	%	24,469		50,778		10.0	%	4,608
Asset management	970,156		n/m(B)		45,789		844,669		n/m(B)		39,942

Others’ interests in the net income (loss) of consolidated subsidiaries is computed as follows:


	Three Months Ended September 30,
	2025						2024
	Net Income (Loss)		Others’ Ownership Interest as a Percent of Total		Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries		Net Income (Loss)		Others’ Ownership Interest as a Percent of Total		Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser	$	2,380	10.7	%	$	254	$	(9,584)	10.7	%	$	(1,026)
Newrez Joint Ventures	1,851		49.5	%	916		1,712		49.5	%	847
Consumer Loan Companies(A)	(883)		—	%	—		2,991		—	%	—
Excess MSRs	2,500		20.0	%	500		(547)		20.0	%	(109)
Other investments	2,580		23.5	%	700		120		N/A		12
Asset management	6,025		n/m(B)		961		(2,538)		n/m(B)		2,115


	Nine Months Ended September 30,
	2025						2024
	Net Income (Loss)		Others’ Ownership Interest as a Percent of Total		Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries		Net Income (Loss)		Others’ Ownership Interest as a Percent of Total		Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser	$	3,490	10.7	%	$	372	$	(1,212)	10.7	%	$	(131)
Newrez Joint Ventures	4,547		49.5	%	2,251		3,874		49.5	%	1,918
Consumer Loan Companies(A)	(1,702)		—	%	—		(2,136)		46.5	%	(2,384)
Excess MSRs	7,264		20.0	%	1,452		22,635		20.0	%	4,527
Other investments	6,860		23.5	%	1,891		120		N/A		12
Asset management	(58,875)		n/m(B)		1,620		(2,551)		n/m(B)		4,310

(A)On June 28, 2024, Rithm Capital purchased the remaining 46.5% interest in the Consumer Loan Companies from the co-investor for a total purchase price of $22.0 million. Following the acquisition, Rithm Capital owns 100% interest in the Consumer Loan Companies.

(B)Percentages in the table above deemed “n/m” are not meaningful. Noncontrolling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of noncontrolling interests.

Redeemable Noncontrolling Interests

In the first quarter of 2025, the Company consolidated the SPAC it sponsors. The Class A ordinary shares issued by the consolidated SPAC are redeemable for cash by the public shareholders at the time of a business combination or in the event the SPAC is unable to complete a business combination by a set date. Since the redemption of the Class A ordinary shares is outside the Company’s control, they are not classified as permanent equity and are recognized as redeemable noncontrolling interests in consolidated subsidiaries in the consolidated balance sheets.

Additionally, in the first quarter of 2025, a certain interest held by a third-party in a consolidated entity is classified within redeemable noncontrolling interests due to a redemption feature.

The following table presents activity in redeemable noncontrolling interests:


	SPAC		Consolidated Entity		Total




Balance at December 31, 2024	$	—	$	—	$	—
Initial carrying value	214,389		59,967		274,356
Distributions	—		(1,040)		(1,040)
Change in redemption value	15,611		—		15,611
Comprehensive income	5,989		1,873		7,862
Balance at September 30, 2025	$	235,989	$	60,800	$	296,789