Rithm Capital (RITM) shares surged 5.09% in intraday trading Tuesday, as investors cheered the company's second-quarter earnings report that showcased robust non-GAAP earnings available for distribution and broad-based strength across its business platforms.

While GAAP net income attributable to common stockholders declined to $20.2 million, or $0.04 per diluted share, from $67.8 million, or $0.12 per share, a year earlier, the company's closely watched earnings available for distribution — a non-GAAP metric — climbed to $338.9 million, or $0.60 per diluted share, up from $289.6 million, or $0.51 per share, in the first quarter. The company also declared a quarterly common dividend of $0.25 per share.

CEO Michael Nierenberg highlighted the platform's momentum, noting that asset management AUM reached $61 billion on $1.9 billion of gross inflows, asset management revenue rose 34% quarter-over-quarter to $141 million, and Newrez posted a 22% annualized operating return on equity. Genesis Capital delivered its strongest origination quarter ever with volume up 52% year-over-year. The positive operational results and strong non-GAAP earnings eclipsed the GAAP net income decline and a slight revenue miss versus analyst estimates, driving the stock sharply higher.