The Walker Webcast Michael Nierenberg, Chief Executive Officer of Rithm Capital
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Feb 12, 2026 Michael Nierenberg, CEO of Rithm Capital and longtime mortgage and securitized-products veteran, discusses Rithm’s transformation from a REIT into an asset manager. He covers mortgage and housing finance amid rising rates. Conversations touch on single-family rentals, consumer credit, AI-driven data center risks, bank consolidation, and cautious credit positioning for 2026.
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Origin Story In Mortgage Servicing
- Rithm's origin came from buying mortgage servicing rights during a dislocation in 2013 and scaling from there.
- That early MSR strategy enabled later acquisitions and a strong asset-based finance capability.
ABF Is A Differentiator
- Asset-based finance (ABF) currently commands strong LP demand and suits Rithm's expertise.
- Rithm leverages long-tenured teams to deliver outsized ROE in ABF relative to peers.
Control Servicing And Brand
- Combine B2B and B2C strategies where owning servicing and customer relationships improves loan performance.
- Invest in marketing and brand (e.g., Newrez) to strengthen consumer-facing mortgage economics.