Rithm Capital Corp. has completed NRMLT 2026-RTL1, a $375 million securitization backed exclusively by multifamily loans originated and serviced by its subsidiary, Genesis Capital, LLC. The company noted that this issuance is both Genesis’s first securitization backed solely by multifamily collateral and the largest multifamily-only residential transition loan securitization completed to date.
The transaction is initially supported by a pool of 55 loans that Genesis Capital has originated for real estate investors. These loans are secured by investor-owned multifamily properties and are designed to finance bridge, construction, and renovation projects. According to Rithm, the securitization structure can accommodate individual loans of up to $35 million, providing flexibility for a range of business plans and project scales within the multifamily segment.
Rithm reported that NRMLT 2026-RTL1 was oversubscribed, indicating strong investor demand for this type of collateral and structure. The deal features a two-year reinvestment period, during which principal repayments from the underlying loans can be recycled into newly originated eligible loans or used to fund committed advances under existing facilities. This reinvestment feature is intended to extend the utility of the securitization vehicle over time, while maintaining exposure to a similar risk profile.
Company leadership framed the transaction as a demonstration of the benefits of Rithm’s owner-operator model, which links Genesis Capital’s origination platform directly to capital markets execution. By securitizing its multifamily loan production, Genesis gains additional capacity to continue originating bridge, construction, and renovation loans for experienced multifamily investors.
Sanjeev Khanna, managing director at Rithm Capital, said the structure is designed to align with evolving financing needs among repeat multifamily investors. As borrowers seek capital that can scale with their portfolios and projects, Rithm believes the NRMLT 2026-RTL1 program positions Genesis to continue serving that demand while maintaining an efficient funding channel. The company also highlighted that this milestone builds on Genesis’s existing presence in the investor-focused lending space by adding a dedicated securitization program tied solely to multifamily assets.
The transaction underscores continued activity in the residential transition loan segment of the multifamily market, particularly for bridge and construction strategies. By aggregating a diversified pool of investor-owned multifamily properties into a single capital markets vehicle, Rithm is seeking to connect short- and medium-term project financing needs with institutional fixed-income investors. Pictured with the announcement was Rithm Capital’s headquarters at 799 Broadway.
