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DEBT OBLIGATIONS (AS RESTATED) (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
March 31, 2024
(As Restated)
December 31, 2023
(As Restated)
Collateral
Debt Obligations /Collateral(C)
Outstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements
Warehouse Credit Facilities-Residential Mortgage Loans(D)
$3,087,260 $3,087,196 Apr-24 to Feb-266.9 %0.7$3,514,478 $3,522,074 $3,438,132 28.8$1,940,038 
Warehouse Credit Facilities-Mortgage Loans Receivable(E)
1,457,135 1,457,135 May-24 to Dec-258.1 %1.51,749,029 1,761,010 1,761,010 1.21,337,010 
Agency RMBS or US Treasuries(F)
12,557,569 12,557,569 Apr-24 to May-255.4 %0.412,962,940 12,773,350 12,817,767 6.88,152,469 
Non-Agency RMBS(E)
645,381 645,381 Apr-24 to Oct-287.4 %0.615,812,493 974,002 1,002,578 7.0610,189 
SFR Properties(E)
27,914 27,914 Dec-248.2 %0.7N/A60,054 60,054 N/A20,534 
CLOs(G)
179,858 178,527 Jan-30 to Jul-356.3 %8.7180,890 180,890 178,475 8.7183,947 
Commercial Notes Receivable323,452 317,324 Dec-246.5 %0.7429,240 364,977 364,977 N/A317,096 
Total Secured Financing Agreements$18,278,569 $18,271,046 6.0 %0.6$12,561,283 
Secured Notes and Bonds Payable
Excess MSRs(E)
169,603 169,603  Oct-258.8 %1.458,577,476 226,825 261,420 5.8181,522 
MSRs(H)
4,458,873 4,452,608 Dec-24 to Nov-277.4 %1.7521,148,213 6,480,406 8,657,165 7.64,800,728 
Servicer Advance Investments(I)
270,705 270,705 Jul-24 to Mar-267.3 %1.9313,271 352,275 374,511 8.4278,042 
Servicer Advances(I)
2,154,019 2,153,983 May-24 to Mar-267.2 %1.82,648,186 2,586,079 2,586,079 0.72,254,369 
Residential Mortgage Loans(J)
650,000 650,000 May-246.8 %0.1648,077 665,862 669,238 6.7650,000 
Consumer Loans(K)
971,627 943,821 Jun-28 to Sep 376.8 %4.11,154,642 1,123,851 1,103,799 1.81,106,974 
SFR Properties(L)
832,972 791,612 Mar-26 to Sep-274.1 %3.1N/A946,603 946,603 N/A789,174 
Mortgage Loans Receivable(M)
200,000 200,000 Jul-265.8 %2.3224,165 224,165 225,790 0.6200,000 
Secured Facility- Asset Management75,000 69,652 Nov-258.8 %1.6N/AN/AN/AN/A69,121 
CLOs(G)
19,364 19,331 May-30 to Oct-346.8 %7.323,013 19,541 22,099 7.330,258 
Total Secured Notes and Bonds Payable$9,802,163 $9,721,315 6.9 %2.0$10,360,188 
Notes Payable of Consolidated CFEs(N):
Consolidated funds(O)
$222,250 $218,123 May-375.0 %4.6206,141 N/A204,248 N/A218,157 
Residential Mortgage Loans$3,015,722 2,800,532 Mar-644.2 %26.83,453,537  N/A 3,257,446 26.82,618,082 
Mortgage Loans Receivable$324,062 324,062 Dec-265.6 %2.7342,780 342,780 341,831 0.6318,998 
Total Notes Payable of Consolidated CFEs$3,562,034 $3,342,717 4.4 %23.2$3,155,237 
Total / Weighted Average$31,642,766 $31,335,078 6.1 %3.6$26,076,708 
(A)Net of deferred financing costs.
(B)Debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid.
(C)Associated with accrued interest payable of approximately $134.3 million as of March 31, 2024.
(D)Includes $224.7 million with an average fixed-rate of 5.0% with the remaining based on SOFR interest rates.
(E)SOFR-based floating interest rates. Includes repurchase agreements and related collateral on non-agency securities retained through consolidated securitizations
(F)Repurchase agreements have a fixed-rate. Includes financing on and collateral for US Treasuries purchased to cover short sales. Collateral carrying value includes margin deposits.
(G)Repurchase agreements and loans based on SOFR- or Euro Interbank Offered Rate (EURIBOR) floating interest rate.
(H)Includes $3.5 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR, and (ii) a margin ranging from 2.5% to 3.7%; and $1.0 billion of MSR notes with fixed interest rates ranging 3.0% to 5.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(I)Includes debt with an interest rate equal to the sum of (i) a floating rate index equal to SOFR, and (ii) a margin ranging from 1.5% to 3.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Represents $650.0 million securitization backed by a revolving warehouse facility to finance newly originated first-lien, fixed- and adjustable-rate residential mortgage loans with an interest rate equal to SOFR plus a margin of 1.2%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements.
(K)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $191.7 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7% and (ii) $721.9 billion of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 3.0%.
(L)Includes $833.0 million of fixed-rate notes with an interest rate ranging from 3.5% to 7.1%.
(M)Includes $238.1 million with an interest rate at an average fixed-rate of 4.6% with the remaining having SOFR-based floating interest rates.
(N)See Note 21 for balance sheets of consolidated entities.
(O)Includes $120.0 million UPB of Class A notes with a fixed coupon of 4.3%, $70.0 million UPB of Class B notes with a fixed coupon of 6.0%, $15.0 million UPB of Class C notes with a fixed coupon of 6.8%, and $17.3 million UPB of Subordinated notes, held within consolidated funds (Note 21). Weighted average life is based on expected maturity.
The following table summarizes activities related to the carrying value of debt obligations:
Servicer Advances and Excess MSRs(A)
MSRsCommercial Notes ReceivableReal Estate and Other SecuritiesResidential Mortgage Loans and REOConsumer LoansSFR PropertiesMortgage Loans ReceivableAsset ManagementTotal
Balance at December 31, 2023 (As Restated)$2,713,933 $4,800,728 $317,096 $8,762,658 $5,208,120 $1,106,974 $809,708 $1,856,008 $501,483 $26,076,708 
Secured Financing Agreements
Borrowings— — — 22,495,882 11,289,428 — 7,380 750,500 — 34,543,190 
Repayments— — — (18,055,590)(10,142,463)— — (630,375)(1,579)(28,830,007)
FX remeasurement— — — — — — — — (3,877)(3,877)
Capitalized deferred financing costs, net of amortization— — 228 — 193 — — — 36 457 
Secured Notes and Bonds Payable
Borrowings558,186 200,000 — — — — — — 3,080 761,266 
Repayments(678,740)(548,902)— — — (163,039)(420)— (14,096)(1,405,197)
FX remeasurement— — — — — — — — (48)(48)
Unrealized (gain) loss on notes, fair value— — — — — (411)— — — (411)
Capitalized deferred financing costs, net of amortization912 782 — — — 297 2,858 — 668 5,517 
Notes Payable of Consolidated CFEs
Acquired borrowing, net of discount— — — — — — — — — — 
Borrowings— — — — 241,333 — — — — 241,333 
Repayments— — — — (75,214)— — — — (75,214)
Discount on borrowings, net of amortization— — — — 1,251 — — — — 1,251 
Unrealized (gain) loss on notes, fair value— — — — 15,080 — — 5,064 (34)20,110 
Balance at March 31, 2024 (As Restated)$2,594,291 $4,452,608 $317,324 $13,202,950 $6,537,728 $943,821 $819,526 $1,981,197 $485,633 $31,335,078 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.
Schedule of Contractual Maturities of Debt Obligations
Contractual maturities of debt obligations as of March 31, 2024 are as follows, as restated:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
April 1 through December 31, 2024$1,720,835 $17,491,706 $19,212,541 
2025258,952 2,845,222 3,104,174 
20262,355,033 1,407,583 3,762,616 
2027734,614 420,000 1,154,614 
2028846,839 — 846,839 
2029 and thereafter3,561,982 1,050,000 4,611,982 
$9,478,255 $23,214,511 $32,692,766 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $1.0 billion, $5.0 billion, $0.2 billion and $3.3 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $17.3 billion, $5.3 billion, $0.6 billion and $0.0 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of March 31, 2024:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans, mortgage loans receivable, SFR and commercial notes receivable$6,367,565 $2,430,849 $3,936,716 
Loan originations5,227,000 2,464,912 2,762,088 
CLOs315,790 179,858 135,932 
Secured Notes and Bonds Payable
Excess MSRs286,380 169,603 116,778 
MSRs5,938,911 4,458,873 1,480,038 
Servicer advances3,805,000 2,424,724 1,380,276 
SFR296,639 194,997 101,642 
Liabilities of Consolidated CFEs
Consolidated funds52,500 — 52,500 
$22,289,785 $12,323,816 $9,965,970 
(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption
The notes become redeemable at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):

YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %
Schedule of Maximum Undiscounted Amounts
The table below presents the Company’s estimate as of March 31, 2024, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation
to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.

Year EndingPotential Payments Under TRA
April 1 through December 31, 2024$11,591 
202529,819 
202617,374 
202718,994 
202815,940 
2029 and thereafter174,203 
$267,921