June 15, 2026

Rithm Insider: Los Angeles, May 2026

On-the-ground perspectives from Rithm team travels

I recently attended the Milken Institute Global Conference in Los Angeles alongside colleagues from our asset management business at Rithm, Sculptor and Crestline, and the conversations reinforced views we have been building on for some time.

Private credit is at an inflection point. The market has grown considerably and with that growth comes a broader opportunity set for managers with the right infrastructure and underwriting discipline. We have been building toward exactly this, scaling our capabilities across credit strategies to meet that demand with the depth and operational rigor it requires.

Asset-based finance continues to generate serious interest, and for good reason. The addressable market is large and the structural tailwinds are well understood. Bespoke, bilateral lending against specific assets requires deep collateral knowledge and continuous verification of what you own. Rithm originates, services, and actively manages the assets we lend against, which means our understanding of the collateral runs through the full lifecycle of the investment.

Real estate sentiment was more constructive than headlines suggest. Capital is finding its way to assets with durable cash flows and genuine supply constraints, and that is consistent with how we think about CRE. The opportunity in office is one we have been building toward with conviction, acquiring assets at a meaningful discount to prior valuations and investing behind them with a long-term view on where the market is headed.

The AI conversation at the conference focused heavily on infrastructure. Energy and compute capacity are the real constraints on AI growth, and for credit investors the more immediate question is what AI does to the businesses we lend against. Consumer-facing borrowers, discretionary retail, and software-heavy credits all carry demand assumptions that deserve fresh scrutiny, and that work is ongoing across our portfolios.

Our conversations in Los Angeles reinforced how we have been positioning our platform. The market is moving in a direction we have been preparing for, and we are putting that conviction to work through our allocations.