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DEBT OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations:
September 30, 2023December 31, 2022
Collateral
Debt Obligations/Collateral(C)
Outstanding 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
Repurchase Agreements:
Warehouse Credit Facilities-Residential Mortgage Loans(F)
$2,155,544 $2,155,092 Oct-23 to Mar-257.3 %0.7$2,565,299 $2,586,513 $2,482,541 17.8$2,601,327 
Warehouse Credit Facilities-Mortgage Loans Receivable(E)
1,212,156 1,212,156 Dec-23 to May-248.2 %0.31,473,515 1,471,904 1,471,904 1.11,220,662 
Agency RMBS or U.S. Treasury Bills(D)
9,653,355 9,653,355 Oct-23 to Feb-245.4 %0.29,731,596 9,546,319 9,870,841 8.16,821,788 
Non-Agency RMBS(E)
574,346 574,346 Oct-23 to Oct-277.3 %0.813,600,138 882,800 880,999 6.2609,282 
SFR Properties(E)
10,431 10,431 Dec-247.8 %1.2N/A32,899 32,899 N/A4,677 
Total Secured Financing Agreements$13,605,832 $13,605,380 6.0 %0.3$11,257,736 
Secured Notes and Bonds Payable
Excess MSRs(G)
193,432 193,432  Aug-258.8 %1.961,988,328 239,154 278,059 6.3227,596 
MSRs(H)
4,200,200 4,191,504 Nov-23 to Mar-286.9 %1.7523,532,413 6,317,954 8,616,793 7.94,791,543 
Servicer Advance Investments(I)
275,952 275,142 Mar-24 to Aug-247.5 %0.4314,165 361,325 387,669 8.6318,445 
Servicer Advances(I)
2,091,447 2,091,185 Nov-23 to Nov-247.6 %0.52,555,898 2,434,266 2,434,266 0.72,361,259 
Residential Mortgage Loans(J)
650,000 650,000 May-246.5 %0.6654,975 655,576 658,402 29.2769,988 
Consumer Loans(K)
1,303,517 1,269,768 Jun-28 to Sep 377.1 %4.51,475,494 1,422,559 1,436,080 1.7299,498 
SFR Properties(L)
833,387 786,596 Mar-26 to Sep-274.1 %3.6N/A956,118 956,118 N/A817,695 
Mortgage Loans Receivable(M)
524,062 507,228 Jul 26 to Dec-265.7 %3.1567,432 567,432 567,432 0.6512,919 
Total Secured Notes and Bonds Payable$10,071,997 $9,964,855 6.8 %1.9$10,098,943 
Total/ Weighted Average$23,677,829 $23,570,235 6.4 %1.0$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 $199.5 million of associated accrued interest payable as of September 30, 2023.
(D)Includes $974.0 million face amount of repurchase agreements collateralized by U.S. Treasury Bills. All repurchase agreements have a fixed rate. Collateral carrying value includes margin deposits.
(E)All SOFR-based floating interest rates. Collateral carrying value includes margin deposits.
(F)Includes $244.3 million which bear interest at an average fixed rate of 5.1% with the remaining having SOFR-based floating interest rates.
(G)Includes $193.4 million of corporate loans which bear interest at the sum of one-month SOFR plus a margin of 3.4%.
(H)Includes $2.7 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month SOFR, and (ii) a margin ranging from 2.5% to 3.7%; and $1.5 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)Includes debt bearing interest equal to the sum of (i) a floating rate index equal to one-month SOFR, and (ii) a margin ranging from 1.5% to 3.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and the Mortgage Company.
(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 SOFR plus 1.2%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements.
(K)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $220.9 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7% and (ii) $1.0 billion of debt collateralized by the Marcus loans bearing interest at the sum of one-month SOFR plus a margin of 3.0%.
(L)Includes $833.4 million of fixed rate notes which bear interest ranging from 3.5% to 7.1%.
(M)Includes $238.1 million which bear interest at an average fixed rate of 4.7% with the remaining having SOFR-based floating interest rates.
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— — — 34,530,433 28,858,739 — 10,431 1,756,295 65,155,898 
Repayments— — — (31,733,802)(29,306,544)— (4,677)(1,764,800)(62,809,823)
Capitalized deferred financing costs, net of amortization
— — — — 1,570 — — — 1,570 
Secured Notes and Bonds Payable
Borrowings— 1,753,504 1,955,228 — — 1,185,612 — — 4,894,344 
Repayments(34,164)(2,353,301)(2,271,757)— (116,730)(212,867)(35,690)— (5,024,509)
Discount on borrowings, net of amortization
— — — — — — — — — 
Unrealized gain on notes, fair value— — — — (3,258)3,058 — (5,692)(5,892)
Capitalized deferred financing costs, net of amortization
— (242)3,152 — — (5,533)4,591 — 1,968 
Balance at September 30, 2023$193,432 $4,191,504 $2,366,327 $10,227,701 $2,805,092 $1,269,768 $797,027 $1,719,384 $23,570,235 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.
Schedule of Contractual Maturities of Debt Obligations
Contractual maturities of debt obligations as of September 30, 2023 are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
October 1 through December 31, 2023$— $8,934,533 $8,934,533 
20243,054,577 6,241,670 9,296,247 
2025— 1,814,895 1,814,895 
2026— 1,725,498 1,725,498 
2027734,738 245,000 979,738 
2028 and thereafter1,303,518 173,400 1,476,918 
$5,092,833 $19,134,996 $24,227,829 
(A)Includes secured notes and bonds payable of $5.1 billion.
(B)Includes secured financing agreements and secured notes and bonds payable of $13.6 billion and $5.5 billion, respectively. Secured financing agreements with contractual maturities prior to December 31, 2023 includes $9.7 billion collateralized by Agency RMBS or U.S. Treasury Bills.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of September 30, 2023:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO$5,604,816 $2,186,023 $3,418,793 
Loan originations6,827,000 1,192,108 5,634,892 
Secured Notes and Bonds Payable
Excess MSRs286,380 193,432 92,948 
MSRs7,068,200 4,200,200 2,868,000 
Servicer advances3,880,000 2,367,399 1,512,601 
Residential mortgage loans296,762 195,411 101,351 
$23,963,158 $10,334,573 $13,628,585 
(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%