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DEBT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations:
March 31, 2023December 31, 2022
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)
$2,274,109 $2,273,246 Apr 23 to Jan-256.3 %0.7$2,838,143 $2,788,884 $2,703,201 18.2$2,606,004 
Warehouse Credit Facilities-Mortgage Loans Receivable(E)
1,143,848 1,143,848 May-23 to Dec-237.7 %0.31,312,922 1,312,922 1,312,922 0.81,220,662 
Agency RMBS(D)
7,747,387 7,747,387 Apr-23 to Sep-235.0 %0.18,039,219 7,876,322 8,039,499 8.16,821,788 
Non-Agency RMBS(E)
596,449 596,449 Apr-23 to Oct-276.8 %1.014,498,547 909,331 923,708 5.6609,282 
Total Secured Financing Agreements11,761,793 11,760,930 5.6 %0.311,257,736 
Secured Notes and Bonds Payable
Excess MSRs(G)
218,089 218,089  Aug-253.7 %2.465,506,301 250,605 294,477 5.9227,596 
MSRs(H)
4,768,188 4,760,490 Jan-24 to Mar-286.5 %2.3528,508,705 6,844,455 8,830,147 7.34,791,543 
Servicer Advance Investments(I)
304,688 303,864 Aug-23 to Mar-246.9 %0.9339,309 384,342 389,905 8.4318,445 
Servicer Advances(I)
2,218,498 2,215,705 May-23 to Nov-264.3 %0.82,664,251 2,594,271 2,594,271 0.72,361,259 
Residential Mortgage Loans(J)
650,000 650,000 May-245.8 %1.1575,874 591,010 668,774 29.0769,988 
Consumer Loans(K)
310,664 286,653 Sep-372.1 %3.3310,845 323,669 340,494 3.4299,498 
SFR Properties827,889 782,391 Mar-26 to Sep-274.2 %4.2 N/A 959,232 959,232  N/A 817,695 
Mortgage Loans Receivable524,062 511,413 Jul 26 to Dec-265.5 %3.6575,479 575,479 575,479 0.6512,919 
Total Secured Notes and Bonds Payable9,822,078 9,728,605 5.5 %2.110,098,943 
Total/ Weighted Average$21,583,871 $21,489,535 5.6 %1.1$21,356,679 
(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 $94.7 million of associated accrued interest payable as of March 31, 2023.
(D)All fixed interest rates.
(E)All LIBOR or SOFR-based floating interest rates.
(F)Includes $267.2 million which bear interest at a fixed rate of 5.1% with the remaining having LIBOR or SOFR-based floating interest rates.
(G)Includes $218.1 million of corporate loans which bear interest at a fixed rate of 3.7%.
(H)Includes $3.1 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 $1.7 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.
(I)$1.2 billion face amount of the notes have 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 1.5% to 3.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the mortgage servicing rights and MSR financing receivables owned by NRM.
(J)Represents $650.0 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%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements.
(K)Includes the SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $257.6 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 LoansSFR PropertiesMortgage Loans ReceivableTotal
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 
Secured Financing Agreements
Borrowings— — — 12,240,027 7,415,913 — — 646,507 20,302,447 
Repayments— — — (11,327,261)(7,745,152)— (4,677)(723,320)(19,800,410)
Capitalized deferred financing costs, net of amortization
— — — — 1,158 — — — 1,158 
Secured Notes and Bonds Payable
Borrowings— 667,185 636,611 — — — — — 1,303,796 
Repayments(9,507)(698,816)(797,233)— (116,730)(20,108)(35,140)— (1,677,534)
Discount on borrowings, net of amortization
— — — — — — — — — 
Unrealized gain on notes, fair value— — — — (3,258)7,263 — (1,507)2,498 
Capitalized deferred financing costs, net of amortization
— 578 487 — — — (164)— 901 
Balance at March 31, 2023$218,089 $4,760,490 $2,519,569 $8,343,836 $2,923,246 $286,653 $782,391 $1,655,261 $21,489,535 
(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 March 31, 2023 are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
April 1 through December 31, 2023$1,315,513 $10,890,358 $12,205,871 
20241,938,260 3,088,584 5,026,844 
2025— 1,947,623 1,947,623 
2026— 1,633,630 1,633,630 
2027729,239 280,000 1,009,239 
2028 and thereafter310,664 — 310,664 
$4,293,676 $17,840,195 $22,133,871 
(A)Includes secured notes and bonds payable of $4.3 billion.
(B)Includes secured financing agreements and secured notes and bonds payable of $11.8 billion and $6.0 billion, respectively. Secured financing agreements with contractual maturities prior to December 31, 2023 includes $7.7 billion collateralized by Agency RMBS.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of March 31, 2023:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO$4,810,993 $2,019,391 $2,791,602 
Loan originations8,350,090 1,398,567 6,951,523 
Secured Notes and Bonds Payable
Excess MSRs286,380 218,089 68,291 
MSRs6,864,109 4,768,188 2,095,921 
Servicer advances3,569,481 2,523,186 1,046,295 
Residential mortgage loans290,714 189,364 101,350 
$24,171,767 $11,116,785 $13,054,982 
(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
2023101.563%
2024 and thereafter100.000%