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OTHER ASSETS AND LIABILITIES (AS RESTATED)
 3 Months Ended
Mar. 31, 2024
Other Income Assets And Liabilities [Abstract]  
OTHER ASSETS AND LIABILITIES (AS RESTATED) OTHER ASSETS AND LIABILITIES (AS RESTATED)
 
Other Assets and Accrued Expenses and Other Liabilities consist of the following:
Other AssetsAccrued Expenses
and Other Liabilities
March 31, 2024
(As Restated)		December 31, 2023 (As Restated)March 31, 2024
(As Restated)		December 31, 2023 (As Restated)
Deferred tax asset284,950279,019Accounts payable117,827 165,144 
Derivative and hedging assets (Note 18)
39,55528,080Accrued compensation and benefits112,002 290,464 
Due from related parties22,14732,319Deferred tax liability898,040 801,857 
Equity investments(A)
201,624173,882
Derivative liabilities (Note 18)
33,586 51,765 
Excess MSRs, at fair value (Note 5)
255,111271,150Escheat payable161,717 169,914 
Goodwill (Note 16)(B)
131,857131,857Interest payable149,332 166,620 
Income and fees receivable49,82959,134
Lease liability (Note 18)
151,493 159,236 
Intangible assets (Note 16)
368,967387,920Unearned income and fees38,993 37,468 
Loans receivable, at fair value(C)
27,99731,323Other liabilities221,537 223,293 
Margin receivable, net(D)
52,31675,947$1,884,527 $2,065,761 
Notes receivable, at fair value(E)
364,977398,227
Operating lease right-of-use assets (Note 17)
96,706104,207
Other receivables144,072152,046
Prepaid expenses65,46362,513
Principal and interest receivable196,667168,517
Property and equipment39,01040,038
Real Estate Owned29,44715,507
Servicer advance investments, at fair value (Note 7)
374,511376,881
Servicing fee receivables145,052156,777
Warrants, at fair value18,07316,599
Other assets203,355182,880
$3,111,686 $3,144,823 
(A)Represents equity investments in (i) commercial redevelopment projects and (ii) operating companies providing services throughout the real estate industry, including investments in Covius Holding Inc., a provider of various technology-enabled services to the mortgage and real estate sectors, preferred stock of Valon, a residential mortgage servicing and technology company, and preferred stock of Covalto Ltd. (formerly known as Credijusto Ltd.), a financial services company and (iii) funds managed by Sculptor.
(B)Includes goodwill derived from the acquisition of Newrez, Guardian, Genesis and Sculptor.
(C)Represents loans made pursuant to a senior credit agreement and a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Former Manager. The loans are accounted for under the fair value option.
(D)Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) real estate securities securing its secured financing agreements and (ii) derivative instruments.
(E)Represents notes receivable secured by commercial properties. The notes are accounted for under the fair value option.

REO — REO assets are individual properties acquired by Rithm Capital or where Rithm Capital receives the property as a result of foreclosure of the underlying loan. Rithm Capital measures REO assets at the lower of cost or fair value, with valuation provision recorded in Other income in the Consolidated Statements of Operations. REO assets are managed for prompt sale and disposition.

The following table presents activity for the period related to the carrying value of investments in REO:
Balance at December 31, 2023$15,507 
Purchases5,763 
Property received in satisfaction of loan14,154 
Sales(A)
(6,254)
Valuation (provision) reversal 277 
Balance at March 31, 2024$29,447 
(A)Recognized when control of the property has transferred to the buyer.

As of March 31, 2024, Rithm Capital had residential mortgage loans and mortgage loans receivable that were in the process of foreclosure with UPBs of $60.7 million and $31.0 million, respectively.

Notes and Loans Receivable — The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023
$398,227 $31,323 $429,550 
Fundings— — — 
Payment in Kind— 1,094 1,094 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair value adjustments due to:
Changes in instrument-specific credit risk— — — 
Other factors— — — 
Balance at March 31, 2024
$364,977 $27,997 $392,974 

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2024December 31, 2023
Days Past DueUPB
Carrying
Value(A)
Carrying Value Over (Under) UPBUPB
Carrying
Value(A)
Carrying Value Over (Under) UPB
Current$531,394 $392,974 $(138,420)$565,786 $429,550 $(136,236)
90+— — — — — — 
(A)Notes and loans receivable are carried at fair value. See Note 20 regarding fair value measurements.

For a discussion of the restatement, refer to Note 3.