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BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Allocation
The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of companies acquired:
2021
($ in millions)CaliberGenesisTotal
Total Consideration $1,318.5 $1,634.6 $2,953.1 
Assets
Mortgage servicing rights, at fair value$1,507.5 $— $1,507.5 
Residential mortgage loans, held-for-sale, at fair value7,685.7 — 7,685.7 
Mortgage loans receivable, at fair value— 1,505.6 1,505.6 
Residential mortgage loans subject to repurchase666.8 — 666.8 
Cash and cash equivalents472.7 16.4 489.1 
Restricted cash30.6 — 30.6 
Servicer advance receivable108.3 — 108.3 
Intangible assets(A)(B)
41.0 56.8 97.8 
Other assets609.7 14.5 624.2 
Total Assets Acquired$11,122.3 $1,593.3 $12,715.6 
Liabilities
Secured financing agreements$7,090.6 $— $7,090.6 
Secured notes and bonds payable1,121.8 — 1,121.8 
Residential mortgage loans repurchase liability666.8 — 666.8 
Accrued expenses and other liabilities918.6 14.4 933.0 
Total Liabilities Assumed$9,797.8 $14.4 $9,812.2 
Net Assets$1,324.5 $1,578.9 $2,903.4 
Goodwill (bargain purchase gain)$(6.0)$55.7 $49.7 
(A)Includes intangible assets acquired as part of the Caliber acquisition in the form of purchased technology and trade name/trademarks. These intangibles are being amortized over a finite life of up to seven years.
(B)Includes intangible assets acquired as part of the Genesis acquisition in the form of customer relationships, trade name and a license. Customer relationships and the trade name are being amortized over a finite life of nine years and five years, respectively. Rithm Capital has determined that the license has an indefinite useful life.
The following table summarizes the provisional amounts recognized related to the Caliber acquisition as of September 30, 2021, as well as the measurement period adjustments made in the fourth quarter of 2021:
($ in millions)Acquisition Date Amounts Recognized as of September 30, 2021Subsequent Adjustments to Fair ValueAcquisition Date Amounts Recognized as of December 31, 2021
(As Adjusted)
Total Consideration$1,318.5 $— $1,318.5 
Assets
Mortgage servicing rights, at fair value$1,507.5 $— $1,507.5 
Residential mortgage loans, held-for-sale, at fair value7,685.7 — 7,685.7 
Residential mortgage loans subject to repurchase666.8 — 666.8 
Cash and cash equivalents472.7 — 472.7 
Restricted cash30.6 — 30.6 
Servicer advance receivable108.3 — 108.3 
Intangible assets41.0 — 41.0 
Other assets(A)
605.4 4.3 609.7 
Total Assets Acquired$11,118.0 $4.3 $11,122.3 
Liabilities
Secured financing agreements$7,090.6 $— $7,090.6 
Secured notes and bonds payable1,121.8 — 1,121.8 
Residential mortgage loans repurchase liability666.8 — 666.8 
Accrued expenses and other liabilities(A)
917.0 1.6 918.6 
Total Liabilities Assumed$9,796.2 $1.6 $9,797.8 
Net Assets$1,321.8 $2.7 $1,324.5 
Goodwill (bargain purchase gain)$(3.3)$(2.7)$(6.0)
(A)The adjustments to Other assets and Accrued expenses and other liabilities primarily reflect the impact on deferred tax assets and related liabilities attributable to certain return to provision adjustments.
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Purchased technology7$38,545 
Trademarks/trade names12,483 
Total identifiable intangible assets$41,028 
The following table presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Customer relationships9$44,700 
Trade name55,900 
LicenseIndefinite5,500 
Total identifiable intangible assets$56,100 
The following table summarizes the acquired identifiable intangible assets:
As of December 31,
Estimated Useful Lives (Years)20222021
Gross Intangible Assets
Customer relationships
3 to 9
$57,949 $57,949 
Purchased technology
3 to 7
120,787 93,241 
Trademarks / Trade names
1 to 5
10,259 10,259 
188,995 161,449 
Accumulated Amortization
Customer relationships12,960 6,574 
Purchased technology30,959 10,578 
Trademarks / Trade names3,663 1,164 
47,582 18,316 
Intangible Assets, Net
Customer relationships44,989 51,375 
Purchased technology(A)
89,828 82,663 
Trademarks / Trade names(B)
6,596 9,095 
$141,413 $143,133 
(A)Includes indefinite-lived intangible assets of $21.4 million and $21.4 million, respectively.
(B)Includes indefinite-lived intangible assets of $1.9 million and $1.9 million, respectively.
Schedule of Unaudited Supplemental Pro Forma Financial Information The following table presents unaudited pro forma combined revenues and income before income taxes for the year ended December 31, 2021 and 2020 prepared as if the Caliber acquisition had been consummated on January 1, 2020:
Year Ended December 31,
Pro Forma (in millions)20212020
Revenues$5,422.7 $4,453.4 
Income (loss) before income taxes1,258.6 (529.9)
The following table presents unaudited pro forma combined revenues and income before income taxes for the year ended December 31, 2021 and 2020 prepared as if the Genesis acquisition had been consummated on January 1, 2020:
Year Ended December 31,
Pro Forma (in millions)20212020
Revenues$3,643.4 $1,693.0 
Income (loss) before income taxes981.8 (1,316.1)