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Rithm

Asset-Based Finance

Our Approach Overview The ABF Opportunity Insights FAQ

Our Approach

The Operator Advantage

Most ABF managers deploy capital and rely on third parties to source and manage what they own. Rithm is different. Through Newrez and Genesis Capital, we understand how millions of Americans experience their mortgages and loans, giving us a real-time understanding of consumer credit behavior that most managers are modeling from the outside. That visibility, combined with deep expertise in structuring, securitization, and active asset management, is what powers our platform across the full ABF investment lifecycle.

Benefits

Built to operate at scale

Origination, servicing and securitization capabilities that span the full ABF lifecycle.

$93B

total securitizations1

#6

US Mortgage Originator2

#3

US Mortgage Servicer2

Our Approach

  • Demonstrated Market Credibility

    A successful track record of structuring, pricing and managing ABF exposures across residential, commercial, consumer and specialty finance.

  • Proven Operational Expertise

    Direct origination through Newrez and Genesis Capital provides aggregate insight into origination quality and borrower performance at scale, informing how we source, underwrite and manage ABF investments across the platform.

  • Innovators in Structuring

    Deep experience in asset-liability management and capital structure optimization, across public securitization markets and bilateral negotiated transactions, gives us the structuring flexibility to execute through varying market conditions.

  • Industry Recognized Team

    Senior leadership averaging over 30 years of investment experience across the credit and real asset markets.3

Overview

What is Asset-Based Finance?

Asset-Based Finance is secured lending backed by identifiable financial, real, or commercial assets that generate contractual cash flow or possess marketable value. Rather than relying on enterprise value or EBITDA, ABF is underwritten to specific collateral – with structural protections and defined recovery mechanisms built in at the asset level. It is one of the largest and longest-standing segments of the credit markets, with an addressable market estimated at over $30 trillion.4

CTA

"Everybody has capital, everybody has a balance sheet. What everybody doesn't have is the operational infrastructure that helps us create the assets we want - and manage them."

Charles Sorrentino

Head of Investments

Rithm Capital

The ABF Opportunity

  1. The Case for Diversification Within Credit

    As institutional credit allocations broaden beyond corporate direct lending, investors are increasingly seeking cash-flowing, collateral-backed assets that behave differently across market cycles.

  2. A New Wave of Origination Opportunities

    The ongoing buildout of infrastructure across energy, manufacturing, and the real economy is generating asset-based financing needs in sectors that have only recently emerged at scale, meaningfully expanding the ABF opportunity set.

  3. Complexity Rewards Specialists

    ABF is operationally complex, spanning origination, servicing, structuring and active asset management. Managers with direct involvement in how assets are created and managed can offer investors a level of visibility and control that purely capital-led approaches cannot.

ABF Benefits5

ROE/Yield Icon for Income Generation

Income Generation

Contractual cash flows from collateral-backed assets generate resilient current income.

Risk Management Icon for Downside Protection

Downside Protection

Asset-level underwriting, structural protections and active servicing are designed to limit losses.

Diversification Icon for Diversification

Diversification

ABF spans a broad range of asset types and sectors, offering exposure to the real economy that behaves differently from traditional credit markets

Liquidity Icon for Liquidity Profile

Liquidity Profile

Regular principal and interest payments throughout the life of an investment may provide more consistent capital return than longer-duration credit alternatives.

Insights

Asset-Based Finance

Collateral Control Failures: What First Brands and Tricolor Reveal about ABF Oversight

Read More

Asset-Based Finance

Asset-Based Finance Goes Mainstream: Long History, Expanding Scope

Read More

Asset-Based Finance

Banks and the Rise of ABF: A Partnership, Not a Displacement

Read More

Asset-Based Finance

A Strategic Approach to Managing Mortgage Servicing Rights

Read More
See All

Frequently Asked Questions

What is asset-based finance?

Asset-Based Finance refers to secured lending backed by identifiable financial, real, or commercial assets that generate contractual cash flow or possess marketable value.

 How does ABF differ from corporate credit?

ABF is underwritten to specific assets and cash flows, rather than enterprise value and EBITDA.

 How is ABF structured?

ABF transactions are typically structured with collateral protections, defined cash-flow waterfalls and documentation designed to support recovery outcomes in various scenarios.

 Why does servicing capability matter in ABF?

Collateral performance, monitoring, and resolution processes are central to recovery outcomes.

 Where does Rithm focus within ABF?

Rithm invests across the full spectrum of ABF, including residential credit, residential transitional lending, commercial real estate, consumer finance, specialty finance and structured credit. Our approach combines direct origination through Newrez and Genesis Capital with third-party sourcing, secondary acquisitions and bilateral capital solutions, allowing us to allocate dynamically across sectors and market conditions.

 What makes Rithm different from other ABF managers?

Rithm's platform includes direct asset origination through Newrez and Genesis Capital, providing aggregate insight into how assets are created and how they perform. Combined with deep structuring and securitization expertise, reflected in over $63bn in securitizations since inception 3, and an experienced investment management team, Rithm spans the full ABF lifecycle from sourcing through active management and resolution.

 What is the difference between asset-based finance and asset-backed securities?

Asset-backed securities (ABS) are structured debt instruments distributed in public markets, typically backed by homogeneous, standardized collateral with rating agency oversight. Asset-based finance is broader: it encompasses a wider range of collateral types, is often more bespoke in structure, and is dynamically managed rather than statically pooled. ABF can be structured across term loans, revolving facilities, private placements, or securitizations, tailored to the specific needs of issuers and investors.

1Source: Bloomberg, as of October 6, 2026.

2The Top 100 Mortgage Originators third-party ranking (i.e., the “US Mortgage Originator” ranking presented herein) was published by Inside Mortgage Finance (“IMF”) on October 1, 2026, and covers the first half of 2026. The Top Primary Mortgage Servicers third-party ranking (i.e., the “US Mortgage Servicer” ranking presented herein) was published by IMF on August 6, 2026, and covers the second quarter of 2026. Rithm paid no direct fees to IMF in exchange for receiving the third-party rankings but pays for a data subscription to access IMF’s standard reports, including the reports that contain these rankings. These rankings should not be viewed as representative of any client’s experience and should not be taken as an indication of performance by Rithm or any of its clients.

3Represents the average investment experience (in years) of senior leadership at Rithm Capital Corp.

4Source: McKinsey & Company, The next era of private credit.

5The above statements represent management's current views of the market and are not guaranteed. These potential benefits are not guaranteed. All investments involve risk, and actual results may vary materially.

This page is intended for institutional investors only and is provided for informational and educational purposes. Nothing contained herein, including any related content accessible through hyperlinks, constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or investment product, nor does it constitute investment, legal, tax or accounting advice. The information presented reflects the views of Rithm Capital Corp. ("Rithm") as of the date indicated and is subject to change without notice. Past performance is not indicative of future results. Any references to specific investment strategies, capabilities or market conditions are intended to illustrate Rithm's general approach to asset-based finance and should not be construed as a guarantee of future performance or results. Any references to specific investment strategies, capabilities or market conditions are intended to illustrate Rithm's general approach to strategies and should not be construed as a guarantee of future performance or results. All statistics and figures are sourced as noted and are subject to the assumptions and limitations described in the applicable footnotes.

The strategies described on this page represent a selection of the strategies currently offered, managed, or advised across the Rithm platform and do not constitute a complete list of all products, funds, or strategies. Inclusion of a strategy does not constitute an offer to sell or a solicitation of an offer to buy any security.

This page contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, estimates of future results, the value of assets and market conditions at the time of acquisition or disposition and the timing and manner of realization or other events. Forward-looking statements are not historical in nature and can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may,” “seek,” or similar expressions or their negative forms. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Rithm does not assume any duty or obligation to update or supplement any forward-looking statements. Because forward-looking statements are, by their nature, uncertain and subject to numerous assumptions, risks and uncertainties, actual results or future events, circumstances or developments could differ materially from those anticipated. Factors that could cause such differences include those set forth in the section entitled “Risk Factors” in Rithm’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC, available at www.sec.gov. The list of factors is not exhaustive and additional risks may affect future results.