On July 22, 2024, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) concluded that the previously issued (i) audited consolidated financial statements and the notes thereto as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 and (ii) unaudited consolidated financial statements and the notes thereto as of and for the three months ended March 31, 2023 and 2022, as of and for the three and six months ended June 30, 2023 and 2022, as of and for the three and nine months ended September 30, 2023 and 2022, and for the three months ended December 31, 2023 and 2022, (collectively the “Affected Financial Statements”) need to be restated and should no longer be relied on. Amounts depicted as “As Restated” throughout the accompanying consolidated financial statements and notes thereto include the impact of the restatement. See Note 28 for further information on the unaudited restated consolidated financial statements for the quarterly periods referred to above in (ii).

(a) an error in accounting treatment of certain private label mortgage securitization trusts (“Trusts”), classified as VIEs, that management concluded should be consolidated subject to ASC 810 - Consolidation, and its various interpretations. The conclusion is based on the determination that the Company should be treated as the primary beneficiary of these VIEs, a determination that involves complex and subjective analyses. As a result, the Company determined it necessary to consolidate the Trusts. To correct the error, adjustments were made to eliminate the Company’s retained interest in the Trusts from Real estate and other securities and to reflect the assets of the Trusts as Investments, at fair value and other assets of consolidated entities presented within Assets of consolidated CFEs and the liabilities of the Trusts as Notes payable, at fair value and other liabilities of consolidated entities presented within Liabilities of consolidated CFEs within the Consolidated Balance Sheets. The Company eliminated interest income on previously recognized retained interest, servicing fees related to the assets of the Trusts and any gain/loss on sale of the assets to the Trusts. The change in fair value of the consolidated assets and liabilities and the related interest are recognized in Realized and unrealized gains (losses), net on the Consolidated Statements of Operations. The related adjustments are reflected within the “Error Adjustments” column within the tables below. See Note 2 which describes the accounting policies of certain consolidated entities and Note 22 for further details on VIEs. These adjustments did not have any impact on the Company’s net income, equity or unrestricted cash position. In addition, there was no effect on retained earnings or other components of stockholders’ equity as of the beginning of the earliest period presented.

(b) an immaterial previously unrecorded adjustment related to incorrect netting of treasury securities payable and related financing. This adjustment requires a gross up of reverse repurchase agreement assets and treasury securities payable in the amount of $1.8 billion, a decrease of Accrued expenses and other liabilities by $46.3 million for the difference in carrying value of reverse repurchase agreements and treasury securities payable and associated accrued interest payable, and an increase of Other assets in the amount of $11.4 million for accrued interest receivable on reverse repurchase agreements as of December 31, 2023 within the Consolidated Balance Sheets. In addition, the Company corrected a second immaterial previously unrecorded adjustment to correct the classification of restricted cash in the amount of $18.0 million which impacted the Consolidated Balance Sheet as of December 31, 2023 and the Consolidated Statement of Cash Flows for the year ended December 31, 2023. The related adjustments are reflected within the “Error Adjustments” column within the tables below. These adjustments did not have any impact on the Company’s net income, equity or unrestricted cash position.


	December 31, 2023
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Assets
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value	$	8,405,938	$	—		$	8,405,938	$	—	$	8,405,938
Real estate and other securities (includes $9,337,159 at fair value)	9,782,217		(420,505)		(a)	9,361,712		—		9,361,712
Residential mortgage loans, held-for-investment, at fair value	379,044		—			379,044		—		379,044
Residential mortgage loans, held-for-sale (includes $2,461,865 at fair value)(A)	2,540,742		—			2,540,742		—		2,540,742
Consumer loans, held-for-investment, at fair value(A)	1,274,005		—			1,274,005		—		1,274,005
Single-family rental properties	1,001,928		—			1,001,928		—		1,001,928
Mortgage loans receivable, at fair value	2,232,913		—			2,232,913		(353,594)		1,879,319
Residential mortgage loans subject to repurchase	1,782,998		—			1,782,998		—		1,782,998
Cash and cash equivalents(A)	1,287,199		—			1,287,199		—		1,287,199
Restricted cash(A)	385,620		18,013		(b)	403,633		(25,585)		378,048
Servicer advances receivable	2,760,250		—			2,760,250		—		2,760,250
Reverse repurchase agreement	—		1,769,601		(b)	1,769,601		—		1,769,601
Other assets (includes $1,167,563 at fair value)(A)	3,478,931		(6,660)		(b)	3,472,271		(327,448)		3,144,823
Assets of consolidated CFEs(A):
Investments, at fair value and other asset	—		3,044,850		(a)	3,044,850		706,627		3,751,477
Total Assets	$	35,311,785	$	4,405,299		$	39,717,084	$	—	$	39,717,084

Liabilities and Equity
Liabilities
Secured financing agreements(A)	$	12,561,283	—			$	12,561,283	—		$	12,561,283
Secured notes and bonds payable (includes $235,770 at fair value)(A)	10,679,186		—			10,679,186		(318,998)		10,360,188
Residential mortgage loan repurchase liability	1,782,998		—			1,782,998		—		1,782,998
Unsecured notes, net of issuance costs	719,004		—			719,004		—		719,004
Treasury securities payable	—		1,827,281		(b)	1,827,281		—		1,827,281

Dividends payable	135,897		—			135,897				135,897
Accrued expenses and other liabilities (includes $51,765 at fair value)(A)	2,332,379		(46,326)		(b)	2,286,053		(220,292)		2,065,761
Liabilities of consolidated CFEs(A):
Notes payable, at fair value and other liabilities	—		2,624,344		(a)	2,624,344		539,290		3,163,634
Total Liabilities	28,210,747		4,405,299			32,616,046		—		32,616,046



Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference	1,257,254		—			1,257,254		—		1,257,254
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 issued and outstanding)	4,833		—			4,833		—		4,833
Additional paid-in capital	6,074,322		—			6,074,322		—		6,074,322
Retained earnings (accumulated deficit)	(373,141)		—			(373,141)		—		(373,141)
Accumulated other comprehensive income	43,674		—			43,674		—		43,674
Total Rithm Capital stockholders’ equity	7,006,942		—			7,006,942		—		7,006,942
Noncontrolling interests in equity of consolidated subsidiaries	94,096		—			94,096		—		94,096
Total Equity	7,101,038		—			7,101,038		—		7,101,038
Total Liabilities and Equity	$	35,311,785	$	4,405,299		$	39,717,084	$	—	$	39,717,084


	Year Ended December 31, 2023
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Revenues
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	1,860,255	$	(898)	(a)	$	1,859,357	$	—	$	1,859,357
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978))	(565,684)		—			(565,684)		—		(565,684)
Servicing revenue, net	1,294,571		(898)			1,293,673		—		1,293,673
Interest income	1,676,324		(23,982)		(a)	1,652,342		(36,153)		1,616,189
Gain on originated residential mortgage loans, held-for-sale, net	508,434		25,043		(a)	533,477		—		533,477
Other revenues	236,167		—			236,167		—		236,167
	3,715,496		163			3,715,659		(36,153)		3,679,506
Asset Management
Asset management revenues	82,681		—			82,681		—		82,681
	3,798,177		163			3,798,340		(36,153)		3,762,187

Expenses
Interest expense and warehouse line fees	1,421,254		—			1,421,254		(19,927)		1,401,327
General and administrative	730,752		1,717		(a)	732,469		—		732,469
Compensation and benefits	787,092		—			787,092		—		787,092


	2,939,098		1,717			2,940,815		(19,927)		2,920,888

Other Income (Loss)
Realized and unrealized gains (losses), net	(37,236)		1,554		(a)	(35,682)		16,226		(19,456)
Other income (loss), net	(69,010)		—			(69,010)		—		(69,010)
	(106,246)		1,554			(104,692)		16,226		(88,466)
Income (loss) before income taxes	752,833		—			752,833		—		752,833
Income tax expense (benefit)	122,159		—			122,159		—		122,159
Net Income (loss)	$	630,674	$	—		$	630,674	$	—	$	630,674
Noncontrolling interests in income (loss) of consolidated subsidiaries	8,417		—			8,417		—		8,417
Dividends on preferred stock	89,579		—			89,579		—		89,579
Net income (loss) attributable to common stockholders	$	532,678	$	—		$	532,678	$	—	$	532,678

Net Income (loss) per share of common stock
Basic	$	1.11	$	—		$	1.11	$	—	$	1.11
Diluted	$	1.10	$	—		$	1.10	$	—	$	1.10
Weighted average number of shares of common stock outstanding
Basic	481,934,951		—			481,934,951		—		481,934,951
Diluted	483,716,715		—			483,716,715		—		483,716,715

Dividends declared per share of common stock	$	1.00	$	—		$	1.00	$	—	$	1.00


Consolidated Statement of Cash Flows:
	Year Ended December 31, 2023
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Cash Flows From Operating Activities
Net income (loss)	$	630,674	$	—		$	630,674	$	—	$	630,674
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in fair value of investments, net	843,878		49,787		(a)	893,665		—		893,665
Change in fair value of equity investments	28,407		—			28,407		—		28,407
Change in fair value of secured notes and bonds payable	17,155		—			17,155		—		17,155
(Gain) loss on settlement of investments, net	(820,238)		—			(820,238)		—		(820,238)
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net	(508,434)		(25,043)		(a)	(533,477)		—		(533,477)
(Gain) loss on transfer of loans to real estate owned ("REO")	(10,224)		—			(10,224)		—		(10,224)
Accretion and other amortization	(120,699)		14,278		(a)	(106,421)		—		(106,421)
Provision (reversal) for credit losses on securities, loans and REO	(478)		—			(478)		—		(478)
Non-cash portions of servicing revenue, net	618,005		—			618,005		—		618,005
Deferred tax provision	90,002		—			90,002		—		90,002
Mortgage loans originated and purchased for sale, net of fees	(39,817,843)		—			(39,817,843)		—		(39,817,843)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	40,420,708		(725,901)		(a)	39,694,807		(353,994)		39,340,813

Residential mortgage loan repayment proceeds of consolidated CFEs	—		278,920		(a)	278,920		—		278,920
Mortgage loans receivable repayment proceeds of consolidated CFEs	—		—			—		353,994		353,994
Interest received from servicer advance investments, loans and other	54,485		—			54,485		—		54,485
Changes in:
Servicer advances receivable, net	15,022		—			15,022		—		15,022
Other assets	(428,763)		—			(428,763)		—		(428,763)

Accrued expenses and other liabilities	89,897		—			89,897		—		89,897
Net cash provided by (used in) operating activities	1,101,554		(407,959)			693,595		—		693,595
Cash Flows From Investing Activities
Business acquisitions, net of cash acquired	(324,783)		18,013		(b)	(306,770)		—		(306,770)
Maturity of U.S. Treasury Bills	1,030,000		—			1,030,000		—		1,030,000
Purchase of U.S. Treasury Bills	(998,148)		—			(998,148)		—		(998,148)
Purchase of servicer advance investments	(852,015)		—			(852,015)		—		(852,015)
Purchase of RMBS	(4,094,934)		—			(4,094,934)		—		(4,094,934)
U.S. Treasury Note short sales	1,765,360		—			1,765,360		—		1,765,360
Reverse repurchase agreements entered	(1,769,601)		—			(1,769,601)		—		(1,769,601)
Purchase of residential mortgage loans	—		—			—		—		—
Purchase of SFR properties, MSRs and other assets	(106,351)		—			(106,351)		—		(106,351)
Purchase of mortgage loans receivable	(146,631)		—			(146,631)		—		(146,631)

Draws on revolving consumer loans	(27,510)		—			(27,510)		—		(27,510)
Net settlement of derivatives and hedges	867,637		—			867,637		—		867,637
Return of investments in Excess MSRs	31,940		—			31,940		—		31,940
Principal repayments from servicer advance investments	880,861		—			880,861		—		880,861
Principal repayments from RMBS	693,546		(53,810)		(a)	639,736		—		639,736
Principal repayments from residential mortgage loans	47,735		—			47,735		—		47,735
Principal repayments from consumer loans	439,540		—			439,540		—		439,540

Proceeds from sale of MSRs and MSR financing receivables	705,300		—			705,300		—		705,300
Proceeds from sale of RMBS	2,087,419		—			2,087,419		—		2,087,419

Proceeds from sale of REO	23,153		—			23,153		—		23,153
Net cash provided by (used in) investing activities	252,518		(35,797)			216,721		—		216,721


Consolidated Statement of Cash Flows (continued):
	Year Ended December 31, 2023
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Cash Flows From Financing Activities
Repayments of secured financing agreements	(48,921,875)		—			(48,921,875)		—		(48,921,875)
Repayments of warehouse credit facilities	(41,096,041)		—			(41,096,041)		—		(41,096,041)
Net settlement of margin deposits under repurchase agreements and derivatives	(862,662)		—			(862,662)		—		(862,662)
Repayments of secured notes and bonds payable	(7,636,954)		—			(7,636,954)		—		(7,636,954)
Deferred financing fees	(7,364)		—			(7,364)		—		(7,364)
Dividends paid on common and preferred stock	(570,878)		—			(570,878)		—		(570,878)
Borrowings under secured financing agreements	50,079,186		—			50,079,186		—		50,079,186
Borrowings under warehouse credit facilities	41,065,479		—			41,065,479		—		41,065,479
Borrowings under secured notes and bonds payable	6,669,483		—			6,669,483		—		6,669,483
Proceeds from issuance of debt obligations of consolidated CFEs	—		725,901		(a)	725,901		—		725,901
Repayments of debt obligations of consolidated CFEs	—		(269,563)		(a)	(269,563)		—		(269,563)




Noncontrolling interest in equity of consolidated subsidiaries - distributions	(17,261)		—			(17,261)		—		(17,261)
Payment of contingent consideration	—		—					—		—
Net cash provided by (used in) financing activities	(1,298,887)		456,338			(842,549)		—		(842,549)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	55,185		12,582		(a) (b)	67,767		—		67,767

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	1,617,634		11,694		(a)	1,629,328		—		1,629,328

Cash, Cash Equivalents, and Restricted Cash, End of Period	$	1,672,819	$	24,276		$	1,697,095	$	—	$	1,697,095

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	1,361,090		123,004		(a)	1,484,094		—		1,484,094
Cash paid during the period for income taxes	6,524		—			6,524		—		6,524
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock	143,199		—			143,199		—		143,199
Transfer from residential mortgage loans to REO and other assets	21,943		—			21,943		—		21,943
Real estate securities retained from loan securitizations	113,136		(113,136)		(a)	—		—		—
Residential mortgage loans subject to repurchase	1,782,998		—			1,782,998		—		1,782,998

Cashless exercise of 2020 warrants (par)	93		—			93		—		93


Seller financing in Marcus loan acquisition	1,317,347		—			1,317,347		—		1,317,347
Seller financing in acquisition of notes receivable	323,452		—			323,452		—		323,452


Consolidated Balance Sheet:
	December 31, 2022
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Assets
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value	$	8,889,403	$	—		$	8,889,403	$	—	$	8,889,403
Real estate and other securities (includes $7,952,889 at fair value)	8,289,277		(336,388)		(a)	7,952,889		—		7,952,889
Residential mortgage loans, held-for-investment, at fair value	452,519		—			452,519		—		452,519
Residential mortgage loans, held-for-sale (includes $3,297,271 at fair value)(A)	3,398,298		—			3,398,298		—		3,398,298
Consumer loans, held-for-investment, at fair value(A)	363,756		—			363,756		—		363,756
Single-family rental properties	971,313		—			971,313		—		971,313
Mortgage loans receivable, at fair value	2,064,028		—			2,064,028		(349,975)		1,714,053
Residential mortgage loans subject to repurchase	1,219,890		—			1,219,890		—		1,219,890
Cash and cash equivalents(A)	1,336,508		—			1,336,508		—		1,336,508
Restricted cash(A)	281,126		—			281,126		(9,368)		271,758
Servicer advances receivable	2,825,485		—			2,825,485		—		2,825,485
Receivable for investments sold	473,126		—			473,126		—		473,126
Other assets (includes $921,373 at fair value)(A)	1,914,607		—			1,914,607		(235)		1,914,372
Assets of consolidated CFEs(A):
Investments, at fair value and other assets	—		2,443,560		(a)	2,443,560		359,578		2,803,138
Total Assets	$	32,479,336	$	2,107,172		$	34,586,508	$	—	$	34,586,508

Liabilities and Equity
Liabilities
Secured financing agreements(A)	$	11,257,736	$	—		$	11,257,736	$	—	$	11,257,736
Secured notes and bonds payable (includes $319,486 at fair value)(A)	10,098,943		—			10,098,943		(312,918)		9,786,025
Residential mortgage loan repurchase liability	1,219,890		—			1,219,890		—		1,219,890
Unsecured notes, net of issuance costs	545,056		—			545,056		—		545,056
Payable for investments purchased	731,216		—			731,216		—		731,216
Dividends payable	129,760		—			129,760		—		129,760
Accrued expenses and other liabilities (includes $18,064 at fair value)(A)	1,486,667		—			1,486,667		(349)		1,486,318
Liabilities of consolidated CFEs(A):
Notes payable, at fair value and other liabilities	—		2,107,172		(a)	2,107,172		313,267		2,420,439
Total Liabilities	25,469,268		2,107,172			27,576,440		—		27,576,440

Commitments and Contingencies (Note 24)

Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference	1,257,254		—			1,257,254		—		1,257,254
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 issued and outstanding)	4,739		—			4,739		—		4,739
Additional paid-in capital	6,062,019		—			6,062,019		—		6,062,019
Retained earnings (accumulated deficit)	(418,662)		—			(418,662)		—		(418,662)
Accumulated other comprehensive income	37,651		—			37,651		—		37,651
Total Rithm Capital stockholders’ equity	6,943,001		—			6,943,001		—		6,943,001
Noncontrolling interests in equity of consolidated subsidiaries	67,067		—			67,067		—		67,067
Total Equity	7,010,068		—			7,010,068				7,010,068
Total Liabilities and Equity	$	32,479,336	$	2,107,172		$	34,586,508	$	—	$	34,586,508


Consolidated Statement of Operations:
	Year Ended December 31, 2022
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Revenues
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	1,831,964	$	(610)	(a)	$	1,831,354	$	—	$	1,831,354
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(631,120))	727,334		—			727,334		—		727,334
Servicing revenue, net	2,559,298		(610)			2,558,688		—		2,558,688
Interest income	1,075,981		(16,358)		(a)	1,059,623		(21,164)		1,038,459
Gain on originated residential mortgage loans, held-for-sale, net	1,086,232		6,517		(a)	1,092,749		—		1,092,749
Other revenues	230,905		—			230,905		—		230,905
	4,952,416		(10,451)			4,941,965		(21,164)		4,920,801




Expenses
Interest expense and warehouse line fees	791,001		—			791,001		(13,208)		777,793
General and administrative	875,428		1,715		(a)	877,143		—		877,143
Compensation and benefits	1,231,446		—			1,231,446		—		1,231,446
Management fee to affiliate	46,174		—			46,174		—		46,174
Termination fee to affiliate	400,000		—			400,000		—		400,000
	3,344,049		1,715			3,345,764		(13,208)		3,332,556

Other Income (Loss)
Realized and unrealized gains (losses), net	(200,181)		12,166		(a)	(188,015)		7,956		(180,059)
Other income (loss), net	(145,385)		—			(145,385)		—		(145,385)
	(345,566)		12,166			(333,400)		7,956		(325,444)
Income (loss) before income taxes	1,262,801		—			1,262,801		—		1,262,801
Income tax expense (benefit)	279,516		—			279,516		—		279,516
Net Income (loss)	$	983,285	$	—		$	983,285	$	—	$	983,285
Noncontrolling interests in income (loss) of consolidated subsidiaries	28,766		—			28,766		—		28,766
Dividends on preferred stock	89,726		—			89,726		—		89,726
Net income (loss) attributable to common stockholders	$	864,793	$	—		$	864,793	$	—	$	864,793

Net Income (loss) per share of common stock
Basic	$	1.84	$	—		$	1.84	$	—	$	1.84
Diluted	$	1.80	$	—		$	1.80	$	—	$	1.80
Weighted average number of shares of common stock outstanding
Basic	468,836,718		—			468,836,718		—		468,836,718
Diluted	481,636,125		—			481,636,125		—		481,636,125

Dividends declared per share of common stock	$	1.00	$	—		$	1.00	$	—	$	1.00


Consolidated Statement of Cash Flows:
	Year Ended December 31, 2022
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Cash Flows From Operating Activities
Net income (loss)	$	983,285	$	—		$	983,285	$	—	$	983,285
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in fair value of investments, net	(1,108,366)		38,439		(a)	(1,069,927)		—		(1,069,927)
Change in fair value of equity investments	13,265		—			13,265		—		13,265
Change in fair value of secured notes and bonds payable	(45,792)		—			(45,792)		—		(45,792)
(Gain) loss on settlement of investments, net	1,354,263		—			1,354,263		—		1,354,263
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net	(1,086,232)		(6,517)		(a)	(1,092,749)		—		(1,092,749)
(Gain) loss on transfer of loans to real estate owned ("REO")	(7,726)		—			(7,726)		—		(7,726)
Accretion and other amortization	(91,891)		10,934		(a)	(80,957)		—		(80,957)
Provision (reversal) for credit losses on securities, loans and REO	14,962		—			14,962		—		14,962
Non-cash portions of servicing revenue, net	(639,945)		—			(639,945)		—		(639,945)
Deferred tax provision	271,167		—			271,167		—		271,167
Mortgage loans originated and purchased for sale, net of fees	(76,420,262)		—			(76,420,262)		75,406		(76,344,856)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	83,313,008		(1,595,098)		(a)	81,717,910		(170,834)		81,547,076
Loan originations and draws of consolidated CFEs	—		—			—		(75,406)		(75,406)
Residential mortgage loan repayment proceeds of consolidated CFEs	—		431,065		(a)	431,065		—		431,065
Mortgage loans receivable repayment proceeds of consolidated CFEs	—		—			—		170,834		170,834
Interest received from servicer advance investments, RMBS, loans and other	62,375		—			62,375		—		62,375
Changes in:
Servicer advances receivable, net	(36,695)		—			(36,695)		—		(36,695)
Other assets	405,469		—			405,469		—		405,469
Due to affiliates	(17,819)		—			(17,819)		—		(17,819)
Accrued expenses and other liabilities	(89,003)		—			(89,003)		—		(89,003)
Net cash provided by (used in) operating activities	6,874,063		(1,121,177)			5,752,886		—		5,752,886
Cash Flows From Investing Activities



Purchase of servicer advance investments	(988,847)		—			(988,847)		—		(988,847)
Purchase of RMBS	(15,629,483)		—			(15,629,483)		—		(15,629,483)
U.S. Treasury Note short sales	—		—			—		—		—
Reverse repurchase agreements entered	—		—			—		—		—
Purchase of residential mortgage loans	(7,182)		—			(7,182)		—		(7,182)
Purchase of SFR properties, MSRs and other assets	(416,610)		—			(416,610)		—		(416,610)


Draws on revolving consumer loans	(29,615)		—			(29,615)		—		(29,615)
Net settlement of derivatives and hedges	311,073		—			311,073		—		311,073
Return of investments in Excess MSRs	17,701		—			17,701		—		17,701
Principal repayments from servicer advance investments	1,033,326		—			1,033,326		—		1,033,326
Principal repayments from RMBS	1,091,538		(65,352)		(a)	1,026,186		—		1,026,186
Principal repayments from residential mortgage loans	85,836		—			85,836		—		85,836
Principal repayments from consumer loans	140,574		—			140,574		—		140,574
Principal repayments from mortgage loans receivable	—		—			—		—		—
Proceeds from sale of MSRs and MSR financing receivables	10,698		—			10,698		—		10,698
Proceeds from sale of RMBS	14,565,043		—			14,565,043		—		14,565,043
Proceeds from sale of residential mortgage loans	—		—			—		—		—
Proceeds from sale of REO	14,201		—			14,201		—		14,201
Net cash provided by (used in) investing activities	198,253		(65,352)			132,901		—		132,901


Consolidated Statement of Cash Flows (continued)
	Year Ended December 31, 2022
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Cash Flows From Financing Activities
Repayments of secured financing agreements	(55,998,234)		—			(55,998,234)		—		(55,998,234)
Repayments of warehouse credit facilities	(83,793,352)		—			(83,793,352)		—		(83,793,352)
Net settlement of margin deposits under repurchase agreements and derivatives	1,460,458		—			1,460,458		—		1,460,458
Repayments of secured notes and bonds payable	(4,696,136)		—			(4,696,136)		—		(4,696,136)
Deferred financing fees	(11,062)		—			(11,062)		—		(11,062)
Dividends paid on common and preferred stock	(558,301)		—			(558,301)		—		(558,301)
Borrowings under secured financing agreements	54,385,892		—			54,385,892		—		54,385,892
Borrowings under warehouse credit facilities	76,069,417		—			76,069,417		—		76,069,417
Borrowings under secured notes and bonds payable	6,192,823		—			6,192,823		(324,062)		5,868,761
Proceeds from issuance of debt obligations of consolidated CFEs	—		1,595,098		(a)	1,595,098		324,062		1,919,160
Repayments of debt obligations of consolidated CFEs	—		(430,042)		(a)	(430,042)		—		(430,042)



Repurchase of common and preferred stock	(5,227)		—			(5,227)		—		(5,227)
Noncontrolling interest in equity of consolidated subsidiaries - distributions	(27,047)		—			(27,047)		—		(27,047)
Payment of contingent consideration	(2,355)		—			(2,355)		—		(2,355)
Net cash provided by (used in) financing activities	(6,983,124)		1,165,056			(5,818,068)		—		(5,818,068)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	89,192		(21,473)		(a)	67,719		—		67,719

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	1,528,442		33,167		(a)	1,561,609		—		1,561,609

Cash, Cash Equivalents, and Restricted Cash, End of Period	$	1,617,634	$	11,694		$	1,629,328	$	—	$	1,629,328

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	734,232		90,992		(a)	825,224		—		825,224
Cash paid during the period for income taxes	4,012		—			4,012		—		4,012
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock	140,984		—			140,984		—		140,984
Transfer from residential mortgage loans to REO and other assets	14,936		—			14,936		—		14,936
Real estate securities retained from loan securitizations	206,082		(206,082)		(a)	—		—		—
Residential mortgage loans subject to repurchase	1,219,890		—			1,219,890		—		1,219,890
Purchase of Agency RMBS, settled after quarter-end	731,216		—			731,216		—		731,216
Cashless exercise of 2020 warrants (par)	69		—			69		—		69


Consolidated Statement of Operations:
	Year Ended December 31, 2021
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Revenues
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	1,559,554	$	(731)	(a)	$	1,558,823	$	—	$	1,558,823
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(1,192,646)	(577,763)		—			(577,763)		—		(577,763)
Servicing revenue, net	981,791		(731)			981,060		—		981,060
Interest income	810,896		(16,725)		(a)	794,171		—		794,171
Gain on originated residential mortgage loans, held-for-sale, net	1,826,909		(39,058)		(a)	1,787,851		—		1,787,851
Other revenues	165,480		—			165,480		—		165,480
	3,785,076		(56,514)			3,728,562		—		3,728,562




Expenses
Interest expense and warehouse line fees	497,308		—			497,308		—		497,308
General and administrative	864,028		1,773		(a)	865,801		—		865,801
Compensation and benefits	1,159,810		—			1,159,810		—		1,159,810
Management fee to affiliate	95,926		—			95,926		—		95,926

	2,617,072		1,773			2,618,845		—		2,618,845

Other Income (Loss)
Realized and unrealized gains (losses), net	(207,437)		58,287		(a)	(149,150)		—		(149,150)
Other income (loss), net	3,241		—			3,241		—		3,241
	(204,196)		58,287			(145,909)		—		(145,909)
Income (loss) before income taxes	963,808		—			963,808		—		963,808
Income tax expense (benefit)	158,226		—			158,226		—		158,226
Net Income (loss)	$	805,582	$	—		$	805,582	$	—	$	805,582
Noncontrolling interests in income (loss) of consolidated subsidiaries	33,356		—			33,356		—		33,356
Dividends on preferred stock	66,744		—			66,744		—		66,744
Net income (loss) attributable to common stockholders	$	705,482	$	—		$	705,482	$	—	$	705,482

Net Income (loss) per share of common stock
Basic	$	1.56	$	—		$	1.56	$	—	$	1.56
Diluted	$	1.51	$	—		$	1.51	$	—	$	1.51
Weighted average number of shares of common stock outstanding
Basic	451,276,742		—			451,276,742		—		451,276,742
Diluted	467,665,006		—			467,665,006		—		467,665,006

Dividends declared per share of common stock	$	0.90	$	—		$	0.90	$	—	$	0.90


Consolidated Statement of Cash Flows:
	Year Ended December 31, 2021
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*	As Restated
Cash Flows From Operating Activities
Net income (loss)	$	805,582	$	—		$	805,582	—	$	805,582
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in fair value of investments, net	(11,723)		(28,853)		(a)	(40,576)		—	(40,576)
Change in fair value of equity investments	(5,986)		—			(5,986)		—	(5,986)
Change in fair value of secured notes and bonds payable	(12,991)		—			(12,991)		—	(12,991)
(Gain) loss on settlement of investments, net	232,151		(26,931)		(a)	205,220		—	205,220
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net	(1,826,909)		39,058		(a)	(1,787,851)		—	(1,787,851)
(Gain) loss on transfer of loans to real estate owned ("REO")	(3,752)		—			(3,752)		—	(3,752)
Accretion and other amortization	(49,382)		3,141		(a)	(46,241)		—	(46,241)
Provision (reversal) for credit losses on securities, loans and REO	(47,744)		—			(47,744)		—	(47,744)
Non-cash portions of servicing revenue, net	577,763		—			577,763		—	577,763
Deferred tax provision	151,200		—			151,200		—	151,200
Mortgage loans originated and purchased for sale, net of fees	(130,737,605)		531,940		(a)	(130,205,665)		—	(130,205,665)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	132,834,967		(720,522)		(a)	132,114,445		—	132,114,445

Residential mortgage loans repayment proceeds of consolidated CFEs	—		753,101		(a)	753,101		—	753,101

Interest received from servicer advance investments, RMBS, loans and other	153,539		—			153,539		—	153,539
Changes in:
Servicer advances receivable, net	226,173		—			226,173		—	226,173
Other assets	939,953		—			939,953		—	939,953
Due to affiliates	8,369		—			8,369		—	8,369
Accrued expenses and other liabilities	(349,733)		—			(349,733)		—	(349,733)
Net cash provided by (used in) operating activities	2,883,872		550,934			3,434,806		—	3,434,806
Cash Flows From Investing Activities
Business acquisitions, net of cash acquired	(1,173,171)		—			(1,173,171)		—	(1,173,171)


Purchase of servicer advance investments	(1,286,526)		—			(1,286,526)		—	(1,286,526)
Purchase of RMBS	(6,099,550)		—			(6,099,550)		—	(6,099,550)



Purchase of SFR properties, MSRs and other assets	(1,390,317)		—			(1,390,317)		—	(1,390,317)


Draws on revolving consumer loans	(29,002)		—			(29,002)		—	(29,002)
Net settlement of derivatives and hedges	(182,971)		—			(182,971)		—	(182,971)
Return of investments in Excess MSRs	54,037		—			54,037		—	54,037
Principal repayments from servicer advance investments	1,382,344		—			1,382,344		—	1,382,344
Principal repayments from RMBS	2,330,850		(73,152)		(a)	2,257,698		—	2,257,698
Principal repayments from residential mortgage loans	119,841		—			119,841		—	119,841
Principal repayments from consumer loans	214,619		—			214,619		—	214,619

Proceeds from sale of MSRs and MSR financing receivables	62,971		—			62,971		—	62,971
Proceeds from sale of RMBS	8,238,974		(49,389)		(a)	8,189,585		—	8,189,585
Proceeds from sale of residential mortgage loans	9,922		—			9,922		—	9,922
Proceeds from sale of REO	54,232		—			54,232		—	54,232
Net cash provided by (used in) investing activities	2,306,253		(122,541)			2,183,712		—	2,183,712


Consolidated Statement of Cash Flows (continued):
	Year Ended December 31, 2021
	As Reported		Error Adjustments		*	Subtotal		Reclassifications (c)*		As Restated
Cash Flows From Financing Activities
Repayments of secured financing agreements	(69,206,600)		—			(69,206,600)		—		(69,206,600)
Repayments of warehouse credit facilities	(130,744,991)		—			(130,744,991)		—		(130,744,991)
Net settlement of margin deposits under repurchase agreements and derivatives	249,367		—			249,367		—		249,367
Repayments of secured notes and bonds payable	(8,078,073)		—			(8,078,073)		—		(8,078,073)
Deferred financing fees	(8,385)		—			(8,385)		—		(8,385)
Dividends paid on common and preferred stock	(438,544)		—			(438,544)		—		(438,544)
Borrowings under secured financing agreements	64,749,425		—			64,749,425		—		64,749,425
Borrowings under warehouse credit facilities	129,899,057		—			129,899,057		—		129,899,057
Borrowings under secured notes and bonds payable	7,964,077		—			7,964,077		—		7,964,077
Proceeds from issuance of debt obligations of consolidated CFEs	—		725,397		(a)	725,397		—		725,397
Repayments of debt obligations of consolidated CFEs	—		(1,145,324)		(a)	(1,145,324)		—		(1,145,324)
Issuance of common and preferred stock	962,910		—			962,910		—		962,910



Noncontrolling interest in equity of consolidated subsidiaries - distributions	(78,123)		—			(78,123)		—		(78,123)
Payment of contingent consideration	(12,276)		—			(12,276)		—		(12,276)
Net cash provided by (used in) financing activities	(4,742,156)		(419,927)			(5,162,083)		—		(5,162,083)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	447,969		8,466		(a)	456,435		—		456,435

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	1,080,473		24,701		(a)	1,105,174		—		1,105,174

Cash, Cash Equivalents, and Restricted Cash, End of Period	$	1,528,442	$	33,167		$	1,561,609	$	—	$	1,561,609

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	505,978		72,703		(a)	578,681		—		578,681
Cash paid during the period for income taxes	23,506		—			23,506		—		23,506
Supplemental Schedule of Non-Cash Investing and Financing Activities						—
Dividends declared but not paid on common and preferred stock	139,170		—			139,170		—		139,170
Transfer from residential mortgage loans to REO and other assets	30,020		—			30,020		—		30,020
Real estate securities retained from loan securitizations	173,631		(127,664)		(a)	45,967		—		45,967
Residential mortgage loans subject to repurchase	1,787,314		—			1,787,314		—		1,787,314



Seller financing in Genesis Capital LLC acquisition	1,256,279		—			1,256,279		—		1,256,279