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DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations:
December 31, 2022December 31, 2021
Collateral
Debt Obligations/CollateralOutstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements(C)
Repurchase Agreements:
Warehouse Credit Facilities-Residential Mortgage Loans(F)
$2,603,833 $2,601,327 Feb-23 to Jan-255.9 %0.8$3,187,716 $3,114,791 $3,020,575 21.3$10,138,297 
Warehouse Credit Facility-
Mortgage Loans Receivable(G)
1,220,662 1,220,662 Mar-23 to Dec-236.9 %0.61,451,279 1,451,279 1,451,279 0.81,252,660 
Agency RMBS(D)
6,821,788 6,821,788 Jan-23 to Feb-234.1 %0.17,213,920 7,082,133 7,123,127 8.58,386,538 
Non-Agency RMBS(E)
609,282 609,282 Jan-23 to Oct-276.5 %1.114,824,678 946,631 946,197 7.1656,874 
SFR Properties(E)
4,677 4,677 Dec-247.1 %2.0N/A7,765 7,765  NA 158,515 
Total Secured Financing Agreements11,260,242 11,257,736 5.0 %0.420,592,884 
Secured Notes and Bonds Payable
Excess MSRs(H)
227,596 227,596  Aug-253.7 %2.667,454,370 260,828 317,146 6.1237,835 
MSRs(I)
4,800,001 4,791,543 Mar-23 to Nov-276.1 %2.4532,218,484 6,811,636 8,833,825 6.94,234,771 
Servicer Advance Investments(J)
319,276 318,445 Aug-23 to Mar-246.5 %1.2341,628 392,749 398,820 8.4355,722 
Servicer Advances(J)
2,364,757 2,361,259 Feb-23 to Nov-264.1 %1.12,847,234 2,825,485 2,825,485 0.72,355,969 
Residential Mortgage Loans(K)
770,897 769,988 May-24 to Jul-435.4 %1.9775,314 791,534 791,534 28.5802,526 
Consumer Loans(L)
330,772 299,498 Sep-372.1 %3.3330,397 343,947 363,725 3.5458,580 
SFR Properties863,029 817,695 Mar-23 to Sep-273.6 %3.8N/A963,547 963,547  N/A 199,407 
Mortgage Loans Receivable524,062 512,919 Jul 26 to Dec-265.4 %3.8569,486 569,486 569,486 0.6— 
Total Secured Notes and Bonds Payable10,200,390 10,098,943 5.2 %2.208,644,810 
Total/Weighted Average$21,460,632 $21,356,679 5.1 %1.2$631,214,506 $25,561,811 $27,612,511 $29,237,694 
(A)Net of deferred financing costs.
(B)All debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid.
(C)Includes approximately $80.5 million of associated interest payable as of December 31, 2022.
(D)All fixed interest rates.
(E)All LIBOR or SOFR-based floating interest rates.
(F)Includes $278.6 million which bear interest at an average fixed interest rate of 5.1% with the remaining having LIBOR or SOFR-based floating interest rates.
(G)All LIBOR or SOFR-based floating interest rates.
(H)Includes $227.6 million of corporate loans which bear interest at a fixed interest rate of 3.7%.
(I)Includes $3.0 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or SOFR, and (ii) a margin ranging from 2.5% to 3.3%; and $1.8 billion of capital market notes with fixed interest rates ranging 3.0% to 5.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR Financing Receivables securing these notes.
(J)$1.2 billion face amount of the notes has a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.2% to 3.3%. Collateral includes Servicer Advance Investments, as well as servicer advances receivable related to the MSRs and MSR Financing Receivables owned by NRM.
(K)Represents (i) $20.9 million of SAFT 2013-1 mortgage-backed securities issued with fixed interest rate of 3.7% and (ii) $750.0 million securitization backed by a revolving warehouse facility to finance newly originated first-lien, fixed- and adjustable-rate residential mortgage loans which bears interest equal to one-month LIBOR plus 1.1%.
(L)Includes the SpringCastle debt, comprising the following classes of asset-backed notes held by third parties: $277.7 million UPB of Class A notes with a coupon of 2.0% and a stated maturity date in September 2037 and $53.0 million UPB of Class B notes with a coupon of 2.7% and a stated maturity date in September 2037 (collectively, “SCFT 2020-A”).
The following table summarizes activities related to the carrying value of debt obligations:
Excess MSRsMSRs
Servicer Advances(A)
Real Estate SecuritiesResidential Mortgage Loans and REOConsumer LoansSFRMortgage Loans ReceivableTotal
Balance at December 31, 2020$275,088 $2,691,791 $3,008,719 $13,499,636 $5,082,296 $628,759 $5,586 $— $25,191,875 
Secured Financing Agreements
Acquired borrowings, net of discount (Note 3)— — — — 7,090,577 — — — 7,090,577 
Borrowings— — — 64,749,425 129,676,976 — 199,713 1,278,647 195,904,761 
Repayments— — — (69,206,600)(130,719,004)— — (25,987)(199,951,591)
Capitalized deferred financing costs, net of amortization— — — 951 812 — (306)— 1,457 
Secured Notes and Bonds Payable
Acquired borrowings, net of discount— 1,045,000 76,772 — — — — — 1,121,772 
Borrowings— 4,042,325 2,971,974 — 796,849 — 152,929 — 7,964,077 
Repayments(37,253)(3,549,148)(3,346,873)— (974,176)(170,623)— — (8,078,073)
Unrealized (gain) loss on notes, fair value— — — — (13,435)444 — — (12,991)
Capitalized deferred financing costs, net of amortization— 4,803 1,099 — (72)— — — 5,830 
Balance at December 31, 2021$237,835 $4,234,771 $2,711,691 $9,043,412 $10,940,823 $458,580 $357,922 $1,252,660 $29,237,694 
Secured Financing Agreements
Borrowings— — — 54,385,892 73,782,327 — 206,595 2,080,495 130,455,309 
Repayments— — — (55,998,234)(81,320,424)— (360,433)(2,112,492)(139,791,583)
Capitalized deferred financing costs, net of amortization— — — — 1,128 — — — 1,128 
Secured Notes and Bonds Payable
Borrowings— 2,027,637 2,804,677 — — — 879,947 524,062 6,236,323 
Repayments(10,239)(1,473,037)(2,839,257)— (33,204)(123,770)(216,631)— (4,696,138)
Discount on borrowings, net of amortization— — — — — — (42,030)— (42,030)
Unrealized (gain) loss on notes, fair value— — — — 665 (35,312)— (11,144)(45,791)
Capitalized deferred financing costs, net of amortization— 2,172 2,593 — — — (2,998)— 1,767 
Balance at December 31, 2022$227,596 $4,791,543 $2,679,704 $7,431,070 $3,371,315 $299,498 $822,372 $1,733,581 $21,356,679 
(A)Rithm Capital net settles daily borrowings and repayments of the Secured Notes and Bonds Payable on its servicer advances.
Schedule of Contractual Maturities of Debt Obligations
Contractual maturities of debt obligations as of December 31, 2022:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
2023$1,359,547 $11,464,276 $12,823,823 
20242,143,523 1,865,962 4,009,485 
2025— 2,017,629 2,017,629 
2026— 1,798,784 1,798,784 
2027 and thereafter1,080,910 280,000 1,360,910 
$4,583,980 $17,426,651 $22,010,631 
(A)Includes secured notes and bonds payable of $4.6 billion.
(B)Includes secured financing agreements and secured notes and bonds payable of $11.2 billion and $6.2 billion, respectively.
Schedule of Borrowing Capacity
The following table summarizes borrowing capacity as of December 31, 2022:
Debt Obligations/ CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO$4,284,838 $1,978,037 $2,306,801 
Loan originations12,461,331 1,851,134 10,610,197 
Secured Notes and Bonds Payable
Excess MSRs286,380 227,596 58,784 
MSRs5,806,207 4,800,001 1,006,207 
Servicer advances3,245,669 2,684,033 561,636 
Residential mortgage loans290,714 224,504 66,210 
$26,375,139 $11,765,305 $14,609,835 
(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption The 2025 Senior Notes mature on October 15, 2025 and the Company may redeem some or all of the 2025 Senior Notes at the Company’s option, at any time from time to time, on or after October 15, 2022 at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2025 Senior Notes to be redeemed):
YearPrice
2022103.125%
2023101.563%
2024 and thereafter100.000%