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RESIDENTIAL MORTGAGE LOANS (AS RESTATED) (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type
The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2024
(As Restated)
December 31, 2023
(As Restated)
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(E)
$3,453,537 $3,257,446 9,397 5.6 %26.8$3,038,587 
Residential mortgage loans, held-for-investment, at fair value$434,474 $365,398 8,070 8.1 %5.2$379,044 
Acquired performing loans(B)
64,851 54,056 1,841 8.0 %5.357,038 
Acquired non-performing loans(C)
24,609 20,359 302 8.5 %6.021,839 
Total residential mortgage loans, HFS, at lower of cost or market
$89,460 $74,415 2,143 8.1 %5.5$78,877 
Acquired performing loans(B)(D)
$542,335 $490,552 2,979 5.7 %15.8$400,603 
Acquired non-performing loans(C)(D)
294,077 271,316 1,501 4.8 %23.1204,950 
Originated loans2,864,943 2,929,832 9,029 6.8 %29.51,856,312 
Total residential mortgage loans, HFS, at fair value
$3,701,355 $3,691,700 13,509 6.5 %27.0$2,461,865 
Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market$3,790,815 $3,766,115 15,652$2,540,742 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(C)As of March 31, 2024, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (D) below.
(D)Includes $228.6 million and $222.7 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA.
(E)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
The following table summarizes Mortgage loans receivable, at fair value and mortgage loans receivable held by consolidated CFEs by loan type as of March 31, 2024, as restated:
Mortgage Loans Receivable - Carrying
Value(A)
Mortgage Loans Receivable of Consolidated CFEs - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
Construction$882,159 $165,529 $1,047,688 43.9 %36526.1 %10.9 %16.8
73.4% / 62.3%
Bridge890,610 146,446 1,037,056 43.5 %63845.7 %9.9 %27.268.1%
Renovation270,144 29,856 300,000 12.6 %39428.2 %10.3 %12.6
81.2% / 68.4%
$2,042,913 $341,831 $2,384,744 100.0 %1,397100.0 %10.4 %20.5N/A
(A)Mortgage loans receivable are carried at fair value under the fair value option election. Mortgage loans of consolidated CFEs are classified as Level 2, as their value is based on the fair value of the more observable financial liabilities of consolidated CFEs. Mortgage loans of consolidated CFEs are
classified as Level 2, as their value is based on the fair value of the more observable financial liabilities of consolidated CFEs. See Note 20 regarding fair value measurements.
(B)Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.

The following table summarizes the activity for the period of Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
Balance at December 31, 2023 (As Restated)
$1,879,319 
Initial loan advances468,804 
Construction holdbacks and draws180,893 
Paydowns and payoffs(423,269)
Fair value adjustments14,873 
Purchased loans discount amortization588 
Transfer of loans to REO(840)
Transfers from (to) assets of consolidated CFEs(77,455)
Balance at March 31, 2024 (As Restated)
$2,042,913 
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 
Schedule of Geographic Distribution of the Residential Mortgage Loans :
Percentage of Total Outstanding Unpaid Principal Amount
State ConcentrationMarch 31, 2024December 31, 2023
California10.3 %8.3 %
Florida9.8 %9.3 %
Texas8.2 %9.5 %
New York6.3 %8.0 %
Georgia4.8 %4.9 %
North Carolina3.7 %3.2 %
Illinois3.6 %3.5 %
New Jersey3.6 %3.9 %
Virginia3.4 %3.6 %
Maryland3.2 %3.3 %
Other US43.1 %42.5 %
100.0 %100.0 %
Schedule of Difference Between Aggregate UPB and Aggregate Carrying Value of Loans
March 31, 2024December 31, 2023
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
90+$382,646 $344,488 $(38,158)$313,122 $281,556 $(31,566)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
March 31, 2024
(As Restated)
December 31, 2023
(As Restated)
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$1,987,674 $2,003,046 $15,372 $1,838,935 $1,837,513 $(1,422)
90+41,264 39,867 (1,397)41,869 41,806 (63)
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.
Schedule of Activity for Residential Mortgage Loans
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2023 (As Restated)
$379,044 $78,877 $2,461,865 $2,919,786 
Originations — — 10,869,683 10,869,683 
Sales— — (9,849,739)(9,849,739)
Purchases/additional fundings— — 502,625 502,625 
Proceeds from repayments(11,854)(3,330)(10,029)(25,213)
Transfer of loans (to) from other assets(A)
— (364)(285,165)(285,529)
Transfer of loans to REO(994)(561)(2,204)(3,759)
Impairment (loss) reversal— (207)— (207)
Fair value adjustments due to:
Changes in instrument-specific credit risk(3,475)— (390)(3,865)
Other factors2,677 — 5,054 7,731 
Balance at March 31, 2024 (As Restated)
$365,398 $74,415 $3,691,700 $4,131,513 
Schedule of Net Interest Income
Three Months Ended
March 31,
2024
2023
Interest income:
Loans HFI, at fair value$7,857 $9,509 
Loans HFS, at lower of cost or fair value
861 1,504 
Loans HFS, at fair value
36,016 37,286 
Total interest income$44,734 $48,299 
Interest expense:
Loans HFI, at fair value4,224 4,670 
Loans HFS, at lower of cost or fair value
716 907 
Loans HFS, at fair value
37,238 42,779 
Total interest expense$42,178 $48,356 
Net interest income$2,556 $(57)
Schedule of Components of Gain on Originated Residential Mortgage Loans, HFS, Net
The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Three Months Ended
March 31,
2024
(As Restated)
2023
(As Restated)
Gain (loss) on residential mortgage loans originated and sold, net(A)
$(124,113)$(34,314)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
(15,524)9,904 
MSRs retained on transfer of residential mortgage loans(C)
215,939 140,513 
Other(D)
6,493 (5,443)
Realized gain on sale of originated residential mortgage loans, net$82,795 $110,660 
Change in fair value of residential mortgage loans14,268 31,598 
Change in fair value of interest rate lock commitments (Note 18)
7,485 26,240 
Change in fair value of derivative instruments (Note 18)
37,910 (59,230)
Gain on originated residential mortgage loans, HFS, net
$142,458 $109,268 
(A)Includes residential mortgage loan origination fees of $177.7 million and $68.9 million for the three months ended March 31, 2024 and 2023, respectively.
(B)Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments.
(C)Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained.
(D)Includes fees for services associated with the residential mortgage loan origination process.