13F-HR: Rithm Capital Discloses Q3 2025 Investment Holdings

Rithm Capital Corp. filed its Q3 2025 Form 13F-HR, revealing $49.4 million in discretionary equity holdings across 32 positions.

Summary

• Rithm Capital Corp. filed a Form 13F-HR for the calendar quarter ended September 30, 2025.
• The report is a 13F Combination Report, indicating that a portion of holdings are reported in this filing, and a portion are reported by other managers.
• Sculptor Capital LP and its subsidiary, Sculptor Capital II LP, are identified as other managers reporting holdings for Rithm Capital Corp.
• The total value of the holdings reported in this specific filing is $49,446,723.
• The filing lists 32 distinct equity positions over which Rithm Capital Corp. and its non-Sculptor subsidiaries exercise investment discretion.
• Significant holdings include Rithm Property Trust Inc. (common stock and fixed-to-float preferred stock) and Rithm Acquisition Corp. units, which are related entities.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of holdings, providing transparency without inherently positive or negative performance implications for the reporting entity itself.

Positives

• The filing provides transparency into Rithm Capital Corp.'s equity investment strategy and portfolio composition for the reported quarter.
• Disclosure of information barriers and procedures between Rithm Capital Corp. and its Sculptor entities ensures independent investment discretion, promoting good governance.

Negatives

• The filing does not provide performance metrics or commentary on the profitability of the disclosed holdings, limiting direct financial analysis from this document alone.
• As a snapshot of past holdings, the information may not reflect current portfolio adjustments or market conditions.

Risks

• The filing itself does not detail specific risks related to Rithm Capital Corp.'s operations or financial health, but rather discloses its investment holdings.
• Investment in related entities like Rithm Property Trust Inc. and Rithm Acquisition Corp. could introduce potential conflicts of interest or concentration risk, though the filing does not elaborate on these.

Future Outlook

The Form 13F-HR is a historical disclosure of investment holdings and does not contain forward-looking statements or guidance regarding Rithm Capital Corp.'s future performance or strategy.

Management Comments

• "Rithm Capital Corp. (the 'Reporting Person') ultimately owns a number of subsidiaries that exercise investment discretion over Section 13(f) Securities, including Sculptor Capital LP and its subsidiary, Sculptor Capital II LP (collectively, 'Sculptor')."
• "There are information barriers and procedures in place to ensure that investment discretion by the Sculptor entities is exercised independently from the Reporting Person and its non-Sculptor subsidiaries."
• "As such, the Reporting Person reports the Section 13(f) positions over which it and its non-Sculptor subsidiaries exercise investment discretion on a separate Form 13F from the Sculptor entities."

Industry Context

This 13F-HR filing provides a quarterly snapshot of Rithm Capital Corp.'s equity portfolio, offering insights into its investment allocation across various sectors such as utilities, industrials, energy, and technology. Such filings are standard for institutional investment managers and are closely watched by the market to understand investment trends and portfolio shifts of major players.

Comparison to Industry Standards

• The portfolio includes a diverse range of companies across various sectors (e.g., AECOM, American Electric Power, Cheniere Energy, Eaton Corp, NextEra Energy), which is typical for a diversified institutional investor.
• The significant holdings in Rithm Property Trust Inc. and Rithm Acquisition Corp. indicate a strategic investment in related entities, which is a common practice for holding companies or those with affiliated business lines, though it warrants closer scrutiny for potential conflicts of interest compared to purely third-party investments.

Corporate Governance

Related Party Transactions

• Rithm Capital Corp. reported significant holdings in Rithm Property Trust Inc. (common stock and 9.875% Fixed-to-Float Cumulative Redeemable Preferred Stock) and Rithm Acquisition Corp. UNIT. These are entities related to the reporting manager, Rithm Capital Corp.

Stakeholder Impact

• Shareholders: Provides transparency into the company's investment strategy and portfolio composition, allowing for better informed investment decisions.
• Investment Professionals: Offers insights into Rithm Capital's market positions and potential investment trends.
• Regulatory Authorities: Fulfills SEC disclosure requirements, ensuring compliance and market transparency.

Next Steps

• Rithm Capital Corp. will continue to file Form 13F-HR reports quarterly, disclosing its discretionary equity holdings.

Key Dates

Keywords

Rithm Capital Corp, 13F-HR, Institutional Holdings, Equity Investments, Portfolio Disclosure, Sculptor Capital, Investment Management, SEC Filing, Q3 2025