XML 61 R49.htm IDEA: XBRL DOCUMENT v3.24.2.u1
OTHER ASSETS AND LIABILITIES (AS RESTATED) (Tables)
 3 Months Ended
Mar. 31, 2024
Other Income Assets And Liabilities [Abstract]  
Schedule of Other Assets and Accrued Expenses and Other Liabilities
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.
Schedule of Activity Related to the Carrying Value of Investments in REO
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.
Schedule of Notes and Loans Receivable
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 Difference Between Aggregate UPB and Aggregate Carrying Value of Notes and Loans Receivable
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.