SEGMENT REPORTING (AS RESTATED) (Tables)

3 Months Ended

Mar. 31, 2024

The following tables summarize segment financial information, which in total reconciles to the same data for Rithm Capital on a consolidated basis:



	Origination and Servicing		Investment Portfolio		Mortgage Loans Receivable		Asset Management		Corporate		Total
Three Months Ended March 31, 2024 (As Restated)
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	397,478	$	72,413	$	—	$	—	$	—	$	469,891
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(116,839))	93,361		(9,186)		—		—		—		84,175
Servicing revenue, net	490,839		63,227		—		—		—		554,066
Interest income	140,021		225,143		64,720		—		2		429,886
Gain on originated residential mortgage loans, HFS, net	145,869		(3,411)		—		—		—		142,458
Other investment portfolio revenues	—		58,348		—		—		—		58,348
Asset management revenues(A)	—		—		—		75,860		—		75,860
Total revenues	776,729		343,307		64,720		75,860		2		1,260,618
Interest expense and warehouse line fees	131,174		228,074		32,414		7,621		10,544		409,827
General and administrative	83,564		66,997		4,754		31,935		9,944		197,194
Compensation and benefits	153,806		4,743		11,303		63,112		2,814		235,778
Total operating expenses	368,544		299,814		48,471		102,668		23,302		842,799
Realized and unrealized gains (losses), net	—		(62,570)		24,566		(6,842)		—		(44,846)
Other income (loss), net	(36)		3,682		274		3,969		37		7,926
Total other income (loss)	(36)		(58,888)		24,840		(2,873)		37		(36,920)
Income (loss) before income taxes	408,149		(15,395)		41,089		(29,681)		(23,263)		380,899
Income tax expense (benefit)	96,201		1,248		(333)		(3,704)		—		93,412
Net income (loss)	311,948		(16,643)		41,422		(25,977)		(23,263)		287,487
Noncontrolling interests in income (loss) of consolidated subsidiaries	55		2,037		—		1,360		—		3,452
Dividends on preferred stock	—		—		—		—		22,395		22,395
Net income (loss) attributable to common stockholders	$	311,893	$	(18,680)	$	41,422	$	(27,337)	$	(45,658)	$	261,640

(A)Includes $4.9 million of asset management related interest income (Note 26).



	Origination and Servicing		Investment Portfolio		Mortgage Loans Receivable		Asset Management		Corporate		Total
March 31, 2024 (As Restated)
Investments	$	10,844,061	$	18,750,436	$	2,042,913	$	211,996	$	—	$	31,849,406
Cash and cash equivalents	468,355		505,162		60,713		82,460		19,747		1,136,437
Restricted cash	237,186		93,654		43,851		8,248		—		382,939
Other assets	3,427,033		6,044,513		128,310		829,427		23,600		10,452,883
Goodwill	24,376		5,092		55,731		46,658		—		131,857
Assets of consolidated CFEs	—		3,273,690		358,326		350,043		—		3,982,059
Total assets	$	15,001,011	$	28,672,547	$	2,689,844	$	1,528,832	$	43,347	$	47,935,581
Debt	$	7,621,241	$	18,446,477	$	1,657,136	$	442,350	$	1,030,566	$	29,197,770
Other liabilities	3,294,952		4,415,974		20,064		214,043		185,097		8,130,130
Liabilities of consolidated CFEs	—		2,816,688		324,433		223,188		—		3,364,309
Total liabilities	10,916,193		25,679,139		2,001,633		879,581		1,215,663		40,692,209
Total equity	4,084,818		2,993,408		688,211		649,251		(1,172,316)		7,243,372
Noncontrolling interests in equity of consolidated subsidiaries	8,051		43,426		—		42,343		—		93,820
Total Rithm Capital stockholders’ equity	$	4,076,767	$	2,949,982	$	688,211	$	606,908	$	(1,172,316)	$	7,149,552
Investments in equity method investees	$	—	$	117,146	$	—	$	102,000	$	—	$	219,146



	Origination and Servicing		Investment Portfolio		Mortgage Loans Receivable		Asset Management		Corporate		Total
Three Months Ended March 31, 2023 (As Restated)
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$	349,424	$	120,233	$	—	$	—	$	—	$	469,657
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(105,691))	(37,526)		(104,778)		—		—		—		(142,304)
Servicing revenue, net	311,898		15,455		—		—		—		327,353
Interest income	109,766		170,586		49,671		—		—		330,023
Gain on originated residential mortgage loans, HFS, net	108,221		1,047		—		—		—		109,268
Other investment portfolio revenues	—		58,144		—		—		—		58,144
Asset management revenues	—		—		—		—		—		—
Total revenues	529,885		245,232		49,671		—		—		824,788
Interest expense and warehouse line fees	111,069		157,910		25,839		—		9,397		304,215
General and administrative	80,832		74,693		4,129		—		7,825		167,479
Compensation and benefits	160,514		7,136		12,102		—		9,128		188,880
Total operating expenses	352,415		239,739		42,070		—		26,350		660,574
Realized and unrealized gains (losses), net	(23)		(64,883)		(999)		—		—		(65,905)
Other income (loss), net	(13,427)		(5,270)		1,713		—		(8,182)		(25,166)
Total other income (loss)	(13,450)		(70,153)		714		—		(8,182)		(91,071)
Income (loss) before income taxes	164,020		(64,660)		8,315				(34,532)		73,143
Income tax expense (benefit)	(3,672)		(11,040)		(2,094)		—		—		(16,806)
Net income (loss)	167,692		(53,620)		10,409		—		(34,532)		89,949
Noncontrolling interests in income (loss) of consolidated subsidiaries	(42)		(1,258)		—		—		—		(1,300)
Dividends on preferred stock	—		—		—		—		22,395		22,395
Net income (loss) attributable to common stockholders	$	167,734	$	(52,362)	$	10,409	$	—	$	(56,927)	68,854