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BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2023
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, as restated:
2023
($ in millions)Sculptor
Total Consideration(A)
$630.3 
Assets
Real estate and other securities$246.1 
Cash and cash equivalents267.5 
Restricted cash26.4 
Other assets(B)
1,102.4 
Total Assets Acquired$1,642.4 
Liabilities
Secured financing agreements177.6 
Secured notes and bonds payable99.2 
Accrued expenses and other liabilities 746.1 
Total Liabilities Assumed$1,022.9 
Noncontrolling interest$35.9 
Net Assets$583.6 
Goodwill$46.7 
(A)The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million.
(B)Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years.
The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of companies acquired:
2021
($ 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
Management contracts10$275.0 
Total identifiable intangible assets$275.0 
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)20232022
Gross Intangible Assets
Management contracts10$275,000 $— 
Customer relationships
3 to 9
57,949 57,949 
Purchased technology
3 to 7
137,922 120,787 
Trademarks / Trade names
1 to 5
10,259 10,259 
481,130 188,995 
Accumulated Amortization
Management contracts3,388 — 
Customer relationships17,834 12,960 
Purchased technology67,145 30,959 
Trademarks / Trade names4,843 3,663 
93,210 47,582 
Intangible Assets, Net
Management contracts271,612 — 
Customer relationships40,115 44,989 
Purchased technology(A)
70,777 89,828 
Trademarks / Trade names(B)
5,416 6,596 
$387,920 $141,413 
(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 years ended December 31, 2023 and 2022 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022:
Year Ended December 31,
Pro Forma (in millions)20232022
Revenues$4,110.0 $5,371.4 
Income (loss) before income taxes591.1 1,223.2 
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)